Institutional Money Market Funds

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1 Prospectus June 1, 2016 Institutional Money Market Funds Wells Fargo Fund Wells Fargo Cash Investment Money Market Fund Wells Fargo Heritage Money Market Fund Wells Fargo Municipal Cash Management Money Market Fund Institutional Class WFIXX SHIXX EMMXX As with all mutual funds, the U.S. Securities and Exchange Commission ("SEC") has not approved or disapproved these securities or passed upon the accuracy or adequacy of this Prospectus. Anyone who tells you otherwise is committing a crime. Fund shares are NOT deposits or other obligations of, or guaranteed by, Wells Fargo Bank, N.A., its affiliates or any other depository institution. Fund shares are not insured or guaranteed by the U.S. Government, the Federal Deposit Insurance Corporation or any other government agency and may lose value.

2 SUPPLEMENT TO PROSPECTUSES OF WELLS FARGO MONEY MARKET FUNDS Wells Fargo Cash Investment Money Market Fund Wells Fargo Heritage Money Market Fund Wells Fargo Municipal Cash Management Money Market Fund (each a Fund, together the Funds ) I. On or about October 5, 2016 (the Effective Date ), the Funds will begin to transact at their market-based net asset value ( NAV ) and the Funds intraday NAV calculation times will change to the times outlined below: Cash Investment Money Market Fund and Heritage Money Market Fund In the section entitled Pricing Fund Shares the table is amended as follows: Cash Investment Money Market Fund and Heritage Money Market Fund 9:00 a.m., 12:00 p.m., 3:00 p.m. and 5:00 p.m. (ET) Municipal Cash Management Money Market Fund In the section entitled Pricing Fund Shares the table is amended as follows: Municipal Cash Management Money Market Fund 9:00 a.m., 12:00 p.m. and 5:00 p.m. (ET) As of the Effective Date, investors who wish to purchase or redeem shares in Cash Investment Money Market Fund or Heritage Money Market Fund will need to submit a purchase or redemption request in Proper Order by 3:00 p.m. (ET) in order for dividends to begin to accrue on that day with respect to purchases, or in order to receive their redemption proceeds on that day with respect to redemptions. Shareholders in Municipal Cash Management Money Market Fund will need to submit a purchase or redemption request in Proper Order by 12:00 p.m. (ET) in order for dividends to begin to accrue on that day with respect to purchases, or in order to receive their redemption proceeds on that day with respect to redemptions. Purchase or redemption requests received after these cut-off times will be settled the following day. II. As of the Effective Date, shareholders of the Funds will no longer be eligible to exchange their shares for shares of another class of the same Fund or for shares of another Wells Fargo Fund. III. As of the Effective Date, the Funds will no longer process purchase and redemption requests as of the time that such requests are received by an authorized intermediary. Purchase and redemption requests will be processed at the next NAV calculated only after the Funds transfer agent receives such request in good order. May 26, 2016 MMD056/P1214SP

3 SUPPLEMENT TO THE SUMMARY PROSPECTUSES, PROSPECTUSES AND STATEMENTS OF ADDITIONAL INFORMATION OF WELLS FARGO ADVANTAGE MONEY MARKET FUNDS (Each, a Fund and together, the Funds ) At a meeting held on May 19-20, 2015, the Board of Trustees of the Funds (the Board ) approved the following changes in response to the Securities and Exchange Commission s 2014 amendments to rules governing money market funds, to become effective on or prior to October 14, 2016: Retail Money Market Funds The Board has preliminarily designated the following Funds as retail money market funds, within the meaning of amended Rule 2a-7 under the Investment Company Act of 1940 (the Retail Money Market Funds ): Wells Fargo Advantage Money Market Fund Wells Fargo Advantage California Municipal Money Market Fund Wells Fargo Advantage Municipal Money Market Fund Wells Fargo Advantage National Tax-Free Money Market Fund The Board has approved preliminary policies and procedures that are reasonably designed to limit all beneficial owners of the Retail Money Market Funds to natural persons and that will be implemented on or prior to October 14, The Retail Money Market Funds will continue to use amortized cost to transact at a stable $1.00 net asset value ( NAV ). The Retail Money Market Funds will be required to adopt policies and procedures to authorize the imposition of a fee on redemptions ( liquidity fee ) and/or a suspension of redemptions ( redemption gate ) in the event that a Fund s weekly liquid assets fall below designated thresholds, subject to the discretion of the Board. Institutional Money Market Funds The Board has not designated the following Funds as retail money market funds (the Institutional Money Market Funds ): Wells Fargo Advantage Heritage Money Market Fund Wells Fargo Advantage Cash Investment Money Market Fund Wells Fargo Advantage Municipal Cash Management Money Market Fund The Institutional Money Market Funds will be required to transact at their market-based NAV, rounded to four decimal places. The Institutional Money Market Funds will also be required to adopt policies and procedures to authorize the imposition a liquidity fee and/or redemption gate in the event that a Fund s weekly liquid assets fall below designated thresholds, subject to the discretion of the Board. The Institutional Money Market Funds will not be limited to institutional investors, but will continue to be available to retail investors as well. Government Money Market Funds The following Funds will continue to be government money market funds, within the meaning of amended Rule 2a-7 under the Investment Company Act of 1940 (the Government Money Market Funds ): Wells Fargo Advantage Government Money Market Fund Wells Fargo Advantage Treasury Plus Money Market Fund Wells Fargo Advantage 100% Treasury Money Market Fund The Government Money Market Funds will continue to use amortized cost to transact at a stable $1.00 NAV. The Board has determined that it has no current intention of voluntarily adopting liquidity fees or redemption gates for the Government Money Market Funds. May 21, 2015 MMAM055/P1203SP

4 Table of Contents Fund Summaries Cash Investment Money Market Fund Summary Heritage Money Market Fund Summary Municipal Cash Management Money Market Fund Summary Detail About the Funds Key Fund Information Cash Investment Money Market Fund Heritage Money Market Fund Municipal Cash Management Money Market Fund Description of Principal Investment Risks Portfolio Holdings Information Pricing Fund Shares Management of the Funds The Manager The Sub-Advisers Multi-Manager Arrangement Account Information Share Class Eligibility Compensation to Financial Professionals and Intermediaries Buy and Selling Fund Shares Exchanging Fund Shares Frequent Purchases and Redemptions of Fund Shares Account Policies Distributions Other Information Taxes Additional Performance Information Financial Highlights

5 Cash Investment Money Market Fund Summary Investment Objective The Fund seeks current income, while preserving capital and liquidity. Fees and Expenses These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment) Maximum sales charge (load) imposed on purchases (as a percentage of offering price) Maximum deferred sales charge (load) (as a percentage of offering price) None None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fees 0.14% Distribution (12b-1) Fees 0.00% Other Expenses 0.09% Total Annual Fund Operating Expenses 0.23% Fee Waivers (0.03)% Total Annual Fund Operating Expenses After Fee Waiver % 1. The Manager has contractually committed through May 31, 2017, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown above. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Example of Expenses The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that fees and expenses remain the same as in the tables above. To the extent that the Manager is waiving fees or reimbursing expenses, the example assumes that such waiver or reimbursement will only be in place through the date noted above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: After: 1 Year $20 3 Years $71 5 Years $ Years $290 Wells Fargo Funds - Money Market Funds 2

6 Principal Investment Strategies Under normal circumstances, we invest: exclusively in high-quality, short-term, U.S. dollar-denominated money market instruments of domestic and foreign issuers. These instruments include, but are not limited to, bank obligations such as time deposits and certificates of deposit, government securities, asset-backed securities, commercial paper, corporate bonds, municipal securities and repurchase agreements. These investments may have fixed, floating, or variable rates of interest and may be obligations of U.S. or foreign issuers. We may invest more than 25% of the Fund's total assets in U.S. dollar-denominated obligations of U.S. banks. Our security selection is based on several factors, including credit quality, yield and maturity, while taking into account the Fund's overall level of liquidity and weighted average maturity. We will only purchase securities that we have determined present minimal credit risk. Principal Investment Risks An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below. Credit Risk. The issuer or guarantor of a debt security may be unable or perceived to be unable to pay interest or repay principal when they become due, which could cause the value of an investment to decline and a Fund to lose money. Foreign Investment Risk. Foreign investments may be subject to lower liquidity, greater price volatility and risks related to adverse political, regulatory, market or economic developments. Foreign investments may involve exposure to changes in foreign currency exchange rates and may be subject to higher withholding and other taxes. Industry Concentration Risk. A Fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly. Interest Rate Risk. When interest rates rise, the value of debt securities tends to fall. When interest rates decline, interest that a Fund is able to earn on its investments in debt securities may also decline, but the value of those securities may increase. Management Risk. Investment decisions, techniques, analyses or models implemented by a Fund's manager or subadviser in seeking to achieve the Fund's investment objective may not produce the returns expected, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives. Market Risk. The values of, and/or the income generated by, securities held by a Fund may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Security markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Money Market Fund Risk. Although a Fund seeks to maintain the value of your investment at $1.00 per share, there is no assurance that it will be able to do so, and it is possible to lose money by investing in the Fund. Mortgage- and Asset-Backed Securities Risk. Mortgage- and asset-backed securities may decline in value and become less liquid when defaults on the underlying mortgages or assets occur and may exhibit additional volatility in periods of rising interest rates. Rising interest rates tend to extend the duration of these securities, making them more sensitive to changes in interest rates than instruments with fixed payment schedules. When interest rates decline or are low, the prepayment of mortgages or assets underlying such securities can reduce a Fund's returns. Municipal Securities Risk. Municipal securities may be fully or partially backed or enhanced by the taxing authority of a local government, by the current or anticipated revenues from a specific project or specific assets, or by the credit of, or liquidity enhancement provided by, a private issuer. Various types of municipal securities are often related in such a way that political, economic or business developments affecting one obligation could affect other municipal securities held by a Fund. Regulatory Risk. On July 23, 2014, the Securities and Exchange Commission voted to amend various rules related to money market funds, including Rule 2a-7. There are various compliance dates for these amendments, with the latest being October 14, In order to comply, the Fund may be required to take certain steps that could affect money 3 Wells Fargo Funds - Money Market Funds

7 market fund investments and operations. The precise nature of these changes and their impact on the Fund and its shareholders has not yet been determined. Repurchase Agreement Risk. In the event that the counterparty to a repurchase agreement is unwilling or unable to fulfill its contractual obligations to repurchase the underlying security, a Fund may lose money, suffer delays, or incur costs arising from holding or selling the underlying security. U.S. Government Obligations Risk. U.S. Government obligations may be adversely impacted by changes in interest rates, and securities issued or guaranteed by U.S. Government agencies or government-sponsored entities may not be backed by the full faith and credit of the U.S. Government. Performance The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. Past performance is no guarantee of future results. Current month-end performance is available on the Fund's Web site at wellsfargofunds.com. To obtain a current 7-day yield for the Fund call toll-free Calendar Year Total Returns as of 12/31 each year Institutional Class 7% Highest Quarter: 3rd Quarter % 6% 5% 4% 3% Lowest Quarter: 1st Quarter % Year-to-date total return as of 3/31/2016 is +0.09% 2% 1% 0% Average Annual Total Returns for the periods ended 12/31/2015 Inception Date of Share Class 1 Year 5 Year 10 Year Institutional Class 10/14/ % 0.05% 1.37% Wells Fargo Funds - Money Market Funds 4

8 Fund Management Manager Wells Fargo Funds Management, LLC Sub-Adviser Wells Capital Management Incorporated Wells Capital Management Singapore Purchase and Sale of Fund Shares Institutional Class shares are generally available through intermediaries for the accounts of their customers and directly to institutional investors and individuals. Institutional investors may include corporations; private banks and trust companies; endowments and foundations; defined contribution, defined benefit and other employer sponsored retirement plans; institutional retirement plan platforms; insurance companies; registered investment advisor firms; bank trusts; 529 college savings plans; family offices; and fund of funds including those managed by Funds Management. In general, you can buy or sell shares of the Fund online or by mail, phone or wire on any day the New York Stock Exchange is open for regular trading. You also may buy and sell shares through a financial professional. Minimum Investments Minimum Initial Investment Institutional Class: $10 million (certain eligible investors may not be subject to a minimum initial investment) Minimum Additional Investment Institutional Class: None To Buy or Sell Shares Mail: Wells Fargo Funds P.O. Box 8266 Boston, MA Online: wellsfargofunds.com Phone or Wire: Contact your investment representative. Tax Information Any distributions you receive from the Fund may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax advantaged investment plan. However, subsequent withdrawals from such a tax advantaged investment plan may be subject to federal income tax. You should consult your tax adviser about your specific tax situation. Payments to Intermediaries If you purchase a Fund through an intermediary, the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the intermediary and your financial professional to recommend the Fund over another investment. Consult your financial professional or visit your intermediary's website for more information. 5 Wells Fargo Funds - Money Market Funds

9 Heritage Money Market Fund Summary Investment Objective The Fund seeks current income, while preserving capital and liquidity. Fees and Expenses These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment) Maximum sales charge (load) imposed on purchases (as a percentage of offering price) Maximum deferred sales charge (load) (as a percentage of offering price) None None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Management Fees 0.13% Distribution (12b-1) Fees 0.00% Other Expenses 0.09% Total Annual Fund Operating Expenses 0.22% Fee Waivers (0.02)% Total Annual Fund Operating Expenses After Fee Waiver % 1. The Manager has contractually committed through May 31, 2017, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown above. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Example of Expenses The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that fees and expenses remain the same as in the tables above. To the extent that the Manager is waiving fees or reimbursing expenses, the example assumes that such waiver or reimbursement will only be in place through the date noted above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: After: 1 Year $20 3 Years $69 5 Years $ Years $278 Wells Fargo Funds - Money Market Funds 6

10 Principal Investment Strategies Under normal circumstances, we invest: exclusively in high-quality, short-term, U.S. dollar-denominated money market instruments of domestic and foreign issuers. These instruments include, but are not limited to, bank obligations such as time deposits and certificates of deposit, government securities, asset-backed securities, commercial paper, corporate bonds, municipal securities and repurchase agreements. These investments may have fixed, floating, or variable rates of interest and may be obligations of U.S. or foreign issuers. We may invest more than 25% of the Fund's total assets in U.S. dollar-denominated obligations of U.S. banks. Our security selection is based on several factors, including credit quality, yield and maturity, while taking into account the Fund's overall level of liquidity and weighted average maturity. We will only purchase securities that we have determined present minimal credit risk. Principal Investment Risks An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below. Credit Risk. The issuer or guarantor of a debt security may be unable or perceived to be unable to pay interest or repay principal when they become due, which could cause the value of an investment to decline and a Fund to lose money. Foreign Investment Risk. Foreign investments may be subject to lower liquidity, greater price volatility and risks related to adverse political, regulatory, market or economic developments. Foreign investments may involve exposure to changes in foreign currency exchange rates and may be subject to higher withholding and other taxes. Industry Concentration Risk. A Fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly. Interest Rate Risk. When interest rates rise, the value of debt securities tends to fall. When interest rates decline, interest that a Fund is able to earn on its investments in debt securities may also decline, but the value of those securities may increase. Management Risk. Investment decisions, techniques, analyses or models implemented by a Fund's manager or subadviser in seeking to achieve the Fund's investment objective may not produce the returns expected, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives. Market Risk. The values of, and/or the income generated by, securities held by a Fund may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Security markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Money Market Fund Risk. Although a Fund seeks to maintain the value of your investment at $1.00 per share, there is no assurance that it will be able to do so, and it is possible to lose money by investing in the Fund. Mortgage- and Asset-Backed Securities Risk. Mortgage- and asset-backed securities may decline in value and become less liquid when defaults on the underlying mortgages or assets occur and may exhibit additional volatility in periods of rising interest rates. Rising interest rates tend to extend the duration of these securities, making them more sensitive to changes in interest rates than instruments with fixed payment schedules. When interest rates decline or are low, the prepayment of mortgages or assets underlying such securities can reduce a Fund's returns. Municipal Securities Risk. Municipal securities may be fully or partially backed or enhanced by the taxing authority of a local government, by the current or anticipated revenues from a specific project or specific assets, or by the credit of, or liquidity enhancement provided by, a private issuer. Various types of municipal securities are often related in such a way that political, economic or business developments affecting one obligation could affect other municipal securities held by a Fund. Regulatory Risk. On July 23, 2014, the Securities and Exchange Commission voted to amend various rules related to money market funds, including Rule 2a-7. There are various compliance dates for these amendments, with the latest being October 14, In order to comply, the Fund may be required to take certain steps that could affect money 7 Wells Fargo Funds - Money Market Funds

11 market fund investments and operations. The precise nature of these changes and their impact on the Fund and its shareholders has not yet been determined. Repurchase Agreement Risk. In the event that the counterparty to a repurchase agreement is unwilling or unable to fulfill its contractual obligations to repurchase the underlying security, a Fund may lose money, suffer delays, or incur costs arising from holding or selling the underlying security. U.S. Government Obligations Risk. U.S. Government obligations may be adversely impacted by changes in interest rates, and securities issued or guaranteed by U.S. Government agencies or government-sponsored entities may not be backed by the full faith and credit of the U.S. Government. Performance The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. Past performance is no guarantee of future results. Current month-end performance is available on the Fund's Web site at wellsfargofunds.com. To obtain a current 7-day yield for the Fund call toll-free Calendar Year Total Returns as of 12/31 each year Institutional Class 7% Highest Quarter: 3rd Quarter % 6% 5% 4% 3% Lowest Quarter: 1st Quarter % Year-to-date total return as of 3/31/2016 is +0.08% 2% 1% 0% Average Annual Total Returns for the periods ended 12/31/2015 Inception Date of Share Class 1 Year 5 Year 10 Year Institutional Class 3/31/ % 0.04% 1.37% Wells Fargo Funds - Money Market Funds 8

12 Fund Management Manager Wells Fargo Funds Management, LLC Sub-Adviser Wells Capital Management Incorporated Wells Capital Management Singapore Purchase and Sale of Fund Shares Institutional Class shares are generally available through intermediaries for the accounts of their customers and directly to institutional investors and individuals. Institutional investors may include corporations; private banks and trust companies; endowments and foundations; defined contribution, defined benefit and other employer sponsored retirement plans; institutional retirement plan platforms; insurance companies; registered investment advisor firms; bank trusts; 529 college savings plans; family offices; and fund of funds including those managed by Funds Management. In general, you can buy or sell shares of the Fund online or by mail, phone or wire on any day the New York Stock Exchange is open for regular trading. You also may buy and sell shares through a financial professional. Minimum Investments Minimum Initial Investment Institutional Class: $10 million (certain eligible investors may not be subject to a minimum initial investment) Minimum Additional Investment Institutional Class: None To Buy or Sell Shares Mail: Wells Fargo Funds P.O. Box 8266 Boston, MA Online: wellsfargofunds.com Phone or Wire: Contact your investment representative. Tax Information Any distributions you receive from the Fund may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax advantaged investment plan. However, subsequent withdrawals from such a tax advantaged investment plan may be subject to federal income tax. You should consult your tax adviser about your specific tax situation. Payments to Intermediaries If you purchase a Fund through an intermediary, the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the intermediary and your financial professional to recommend the Fund over another investment. Consult your financial professional or visit your intermediary's website for more information. 9 Wells Fargo Funds - Money Market Funds

13 Municipal Cash Management Money Market Fund Summary Investment Objective The Fund seeks current income exempt from regular federal income tax, while preserving capital and liquidity. Fees and Expenses These tables are intended to help you understand the various costs and expenses you will pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment) Maximum sales charge (load) imposed on purchases (as a percentage of offering price) Maximum deferred sales charge (load) (as a percentage of offering price) None None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 1 Management Fees 0.15% Distribution (12b-1) Fees 0.00% Other Expenses 0.10% Total Annual Fund Operating Expenses 0.25% Fee Waivers (0.05)% Total Annual Fund Operating Expenses After Fee Waiver % 1. Expenses have been adjusted as necessary from amounts incurred during the Fund's most recent fiscal year to reflect current fees and expenses. 2. The Manager has contractually committed through May 31, 2017, to waive fees and/or reimburse expenses to the extent necessary to cap the Fund's Total Annual Fund Operating Expenses After Fee Waiver at the amounts shown above. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses and extraordinary expenses are excluded from the cap. After this time, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. Example of Expenses The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other mutual funds. The example assumes a $10,000 initial investment, 5% annual total return, and that fees and expenses remain the same as in the tables above. To the extent that the Manager is waiving fees or reimbursing expenses, the example assumes that such waiver or reimbursement will only be in place through the date noted above. Although your actual costs may be higher or lower, based on these assumptions your costs would be: After: 1 Year $20 3 Years $75 5 Years $ Years $313 Wells Fargo Funds - Money Market Funds 10

14 Principal Investment Strategies Under normal circumstances, we invest: exclusively in high-quality, short-term, U.S. dollar-denominated money market instruments; and at least 80% of the Fund s net assets are invested in municipal obligations that pay interest exempt from regular federal income tax, but not necessarily the federal alternative minimum tax ( AMT ). We may also invest: any amount in securities that pay interest subject to federal AMT. We actively manage a portfolio of high-quality, short-term municipal obligations that are issued by or on behalf of states, territories and possessions of the U.S. or their political subdivisions and financing authorities. These investments may have fixed, floating, or variable rates of interest. We invest principally in municipal obligations that pay interest exempt from regular federal income tax, but not necessarily federal AMT. The Fund attempts to invest exclusively in these securities. However, the Fund may invest up to 20% of its net assets in high-quality, short-term money market instruments that pay interest subject to regular federal income tax. Our security selection is based on several factors, including credit quality, yield and maturity, while taking into account the Fund's overall level of liquidity and weighted average maturity. We will only purchase securities that we have determined present minimal credit risk. Principal Investment Risks An investment in the Fund may lose money, is not a deposit of Wells Fargo Bank, N.A. or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below. Credit Risk. The issuer or guarantor of a debt security may be unable or perceived to be unable to pay interest or repay principal when they become due, which could cause the value of an investment to decline and a Fund to lose money. Interest Rate Risk. When interest rates rise, the value of debt securities tends to fall. When interest rates decline, interest that a Fund is able to earn on its investments in debt securities may also decline, but the value of those securities may increase. Management Risk. Investment decisions, techniques, analyses or models implemented by a Fund's manager or subadviser in seeking to achieve the Fund's investment objective may not produce the returns expected, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives. Market Risk. The values of, and/or the income generated by, securities held by a Fund may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Security markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Money Market Fund Risk. Although a Fund seeks to maintain the value of your investment at $1.00 per share, there is no assurance that it will be able to do so, and it is possible to lose money by investing in the Fund. Municipal Securities Risk. Municipal securities may be fully or partially backed or enhanced by the taxing authority of a local government, by the current or anticipated revenues from a specific project or specific assets, or by the credit of, or liquidity enhancement provided by, a private issuer. Various types of municipal securities are often related in such a way that political, economic or business developments affecting one obligation could affect other municipal securities held by a Fund. Regulatory Risk. On July 23, 2014, the Securities and Exchange Commission voted to amend various rules related to money market funds, including Rule 2a-7. There are various compliance dates for these amendments, with the latest being October 14, In order to comply, the Fund may be required to take certain steps that could affect money market fund investments and operations. The precise nature of these changes and their impact on the Fund and its shareholders has not yet been determined. 11 Wells Fargo Funds - Money Market Funds

15 Performance The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund's performance from year to year. Past performance is no guarantee of future results. Current month-end performance is available on the Fund's Web site at wellsfargofunds.com. To obtain a current 7-day yield for the Fund call toll-free Calendar Year Total Returns as of 12/31 each year Institutional Class 5% Highest Quarter: 3rd Quarter % 4% 3% Lowest Quarter: 1st Quarter % Year-to-date total return as of 3/31/2016 is +0.01% 2% 1% % Average Annual Total Returns for the periods ended 12/31/2015 Inception Date of Share Class 1 Year 5 Year 10 Year Institutional Class 11/20/ % 0.04% 1.03% Wells Fargo Funds - Money Market Funds 12

16 Fund Management Manager Wells Fargo Funds Management, LLC Sub-Adviser Wells Capital Management Incorporated Purchase and Sale of Fund Shares Institutional Class shares are generally available through intermediaries for the accounts of their customers and directly to institutional investors and individuals. Institutional investors may include corporations; private banks and trust companies; endowments and foundations; defined contribution, defined benefit and other employer sponsored retirement plans; institutional retirement plan platforms; insurance companies; registered investment advisor firms; bank trusts; 529 college savings plans; family offices; and fund of funds including those managed by Funds Management. In general, you can buy or sell shares of the Fund online or by mail, phone or wire on any day the New York Stock Exchange is open for regular trading. You also may buy and sell shares through a financial professional. Minimum Investments Minimum Initial Investment Institutional Class: $10 million (certain eligible investors may not be subject to a minimum initial investment) Minimum Additional Investment Institutional Class: None To Buy or Sell Shares Mail: Wells Fargo Funds P.O. Box 8266 Boston, MA Online: wellsfargofunds.com Phone or Wire: Contact your investment representative. Tax Information The Fund's distributions normally consist of exempt-interest dividends, which are generally not taxable to you for federal income tax purposes, but may be subject to federal AMT. A portion of the Fund's distributions may not qualify as exemptinterest dividends; such distributions will generally be taxable to you as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. However, subsequent withdrawals from such a tax advantaged investment plan may be subject to federal income tax. You should consult your tax adviser about your specific situation. Payments to Intermediaries If you purchase a Fund through an intermediary, the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the intermediary and your financial professional to recommend the Fund over another investment. Consult your financial professional or visit your intermediary's website for more information. 13 Wells Fargo Funds - Money Market Funds

17 Key Fund Information This Prospectus contains information about one or more Funds within the Wells Fargo Funds family and is designed to provide you with important information to help you with your investment decisions. Please read it carefully and keep it for future reference. In this Prospectus, "we" generally refers to Wells Fargo Funds Management, LLC ("Funds Management"), the relevant subadviser(s), if applicable, or the portfolio manager(s). "We" may also refer to a Fund's other service providers. "You" refers to the shareholder or potential investor. Investment Objective and Principal Investment Strategies The investment objective of each Fund in this Prospectus is non-fundamental; that is, it can be changed by a vote of the Board of Trustees ("Board") alone. The objective and strategies description for each Fund tells you: what the Fund is trying to achieve; how we intend to invest your money; and what makes the Fund different from the other Funds offered in this Prospectus. This section also provides a summary of each Fund's principal investment policies and practices. Unless otherwise indicated, these investment policies and practices apply on an ongoing basis. Percentages of "the Fund's net assets" are measured as percentages of net assets plus borrowings for investment purposes. The investment policies of the Municipal Cash Management Money Market Fund concerning "80% of the Fund's net assets" may only be changed with shareholder approval. Principal Investment Risks This section lists the principal investment risks for each Fund. A complete description of these and other risks is found in the "Description of Principal Investment Risks" section. It is possible to lose money by investing in a Fund. About Wells Fargo Money Market Funds All Wells Fargo Money Market Funds seek to provide current income, while preserving capital and liquidity by investing in a portfolio of money market instruments. A Fund may have additional investment objectives or restrictions. Money market instruments are high quality, short-term investments that present minimal credit risk and may include securities such as U.S. Government obligations, bank obligations, corporate bonds, commercial paper, municipal securities, asset- and mortgage-backed securities, and repurchase agreements. All Wells Fargo Money Market Funds are managed to meet the requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended ("1940 Act"), which provides that: Each Fund will seek to maintain a net asset value of $1.00 per share. Each Fund will only buy securities that have remaining maturities of 397 days or less as determined under Rule 2a-7. The dollar-weighted average maturity of each Fund will be 60 days or less. The dollar-weighted average life of each Fund will be 120 days or less. Each Fund will invest only in U.S. dollar-denominated securities. Each Fund will value its assets based on the total market value of all of the securities it holds using the amortized cost method. In order to obtain a rating from a rating organization, some Funds may observe additional investment restrictions. Wells Fargo Funds - Money Market Funds 14

18 Cash Investment Money Market Fund Investment Objective The Fund seeks current income, while preserving capital and liquidity. The Fund's Board of Trustees can change this investment objective without a shareholder vote. Principal Investment Strategies Under normal circumstances, we invest: exclusively in high-quality, short-term, U.S. dollar-denominated money market instruments of domestic and foreign issuers. These instruments include, but are not limited to, bank obligations such as time deposits and certificates of deposit, government securities, asset-backed securities, commercial paper, corporate bonds, municipal securities and repurchase agreements. These investments may have fixed, floating, or variable rates of interest and may be obligations of U.S. or foreign issuers. We may invest more than 25% of the Fund's total assets in U.S. dollar-denominated obligations of U.S. banks. Our security selection is based on several factors, including credit quality, yield and maturity, while taking into account the Fund's overall level of liquidity and weighted average maturity. We will only purchase securities that we have determined present minimal credit risk. The Fund may temporarily hold a greater portion of assets in uninvested cash for purposes of maintaining liquidity or for short-term defensive purposes when we believe it is in the best interest of shareholders to do so. During these periods, the Fund may not achieve its objective. Principal Investment Risks The Fund is primarily subject to the risks mentioned below. Credit Risk Foreign Investment Risk Industry Concentration Risk Interest Rate Risk Management Risk Market Risk Money Market Fund Risk Mortgage- and Asset-Backed Securities Risk Municipal Securities Risk Regulatory Risk Repurchase Agreement Risk U.S. Government Obligations Risk These and other risks could cause you to lose money in your investment in the Fund and could adversely affect the Fund's net asset value, yield and total return. These risks are described in the "Description of Principal Investment Risks" section. 15 Wells Fargo Funds - Money Market Funds

19 Heritage Money Market Fund Investment Objective The Fund seeks current income, while preserving capital and liquidity. The Fund's Board of Trustees can change this investment objective without a shareholder vote. Principal Investment Strategies Under normal circumstances, we invest: exclusively in high-quality, short-term, U.S. dollar-denominated money market instruments of domestic and foreign issuers. These instruments include, but are not limited to, bank obligations such as time deposits and certificates of deposit, government securities, asset-backed securities, commercial paper, corporate bonds, municipal securities and repurchase agreements. These investments may have fixed, floating, or variable rates of interest and may be obligations of U.S. or foreign issuers. We may invest more than 25% of the Fund's total assets in U.S. dollar-denominated obligations of U.S. banks. Our security selection is based on several factors, including credit quality, yield and maturity, while taking into account the Fund's overall level of liquidity and weighted average maturity. We will only purchase securities that we have determined present minimal credit risk. The Fund may temporarily hold a greater portion of assets in uninvested cash for purposes of maintaining liquidity or for short-term defensive purposes when we believe it is in the best interest of shareholders to do so. During these periods, the Fund may not achieve its objective. Principal Investment Risks The Fund is primarily subject to the risks mentioned below. Credit Risk Foreign Investment Risk Industry Concentration Risk Interest Rate Risk Management Risk Market Risk Money Market Fund Risk Mortgage- and Asset-Backed Securities Risk Municipal Securities Risk Regulatory Risk Repurchase Agreement Risk U.S. Government Obligations Risk These and other risks could cause you to lose money in your investment in the Fund and could adversely affect the Fund's net asset value, yield and total return. These risks are described in the "Description of Principal Investment Risks" section. Wells Fargo Funds - Money Market Funds 16

20 Municipal Cash Management Money Market Fund Investment Objective The Fund seeks current income exempt from regular federal income tax, while preserving capital and liquidity. The Fund's Board of Trustees can change this investment objective without a shareholder vote. Principal Investment Strategies Under normal circumstances, we invest: exclusively in high-quality, short-term, U.S. dollar-denominated money market instruments; and at least 80% of the Fund s net assets are invested in municipal obligations that pay interest exempt from regular federal income tax, but not necessarily the federal alternative minimum tax ( AMT ). We may also invest: any amount in securities that pay interest subject to federal AMT. We actively manage a portfolio of high-quality, short-term municipal obligations that are issued by or on behalf of states, territories and possessions of the U.S. or their political subdivisions and financing authorities. These investments may have fixed, floating, or variable rates of interest. We invest principally in municipal obligations that pay interest exempt from regular federal income tax, but not necessarily federal AMT. The Fund attempts to invest exclusively in these securities. However, the Fund may invest up to 20% of its net assets in high-quality, short-term money market instruments that pay interest subject to regular federal income tax. Our security selection is based on several factors, including credit quality, yield and maturity, while taking into account the Fund's overall level of liquidity and weighted average maturity. We will only purchase securities that we have determined present minimal credit risk. The Fund may temporarily invest a greater portion of assets in high-quality, short-term money market instruments that pay interest subject to regular federal income tax or by holding a greater portion of assets in uninvested cash. Circumstances in which the Fund may invest or hold a greater portion of its assets in these securities or uninvested cash include, but are not limited to, periods of low or no availability of eligible municipal obligations or in order to manage liquidity. During these periods, the Fund may not achieve its objective. To the extent that the Fund invests in taxable securities, it may distribute taxable income. Principal Investment Risks The Fund is primarily subject to the risks mentioned below. Credit Risk Interest Rate Risk Management Risk Market Risk Money Market Fund Risk Municipal Securities Risk Regulatory Risk These and other risks could cause you to lose money in your investment in the Fund and could adversely affect the Fund's net asset value, yield and total return. These risks are described in the "Description of Principal Investment Risks" section. 17 Wells Fargo Funds - Money Market Funds

21 Description of Principal Investment Risks Understanding the risks involved in mutual fund investing will help you make an informed decision that takes into account your risk tolerance and preferences. The risks that are most likely to have a material effect on a particular Fund as a whole are called "principal risks." The principal risks for each Fund have been previously identified and are described below. Additional information about the principal risks is included in the Statement of Additional Information. Credit Risk. The issuer or guarantor of a debt security may be unable or perceived to be unable to pay interest or repay principal when they become due. In these instances, the value of an investment could decline and the Fund could lose money. Credit risk increases as an issuer's credit quality declines. Foreign Investment Risk. Foreign investments may be subject to lower liquidity, greater price volatility and risks related to adverse political, regulatory, market or economic developments. Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Foreign investments may involve exposure to changes in foreign currency exchange rates. Such changes may reduce the U.S. dollar value of the investments. Foreign investments may be subject to additional risks such as potentially higher withholding and other taxes, and may also be subject to greater trade settlement, custodial, and other operational risks than domestic investments. Certain foreign markets may also be characterized by less stringent investor protection and disclosure standards. Industry Concentration Risk. A Fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly. Interest Rate Risk. When interest rates rise, the value of debt securities tends to fall. The longer the terms of the debt securities held by a Fund, the more the Fund is subject to this risk. If interest rates decline, interest that the Fund is able to earn on its investments in debt securities may also decline, which could cause the Fund to reduce the dividends it pays to shareholders, but the value of those securities may increase. Some debt securities give the issuers the option to call, redeem or prepay the securities before their maturity dates. If an issuer calls, redeems or prepays a debt security during a time of declining interest rates, the Fund might have to reinvest the proceeds in a security offering a lower yield, and therefore might not benefit from any increase in value as a result of declining interest rates. Changes in market conditions and government policies may lead to periods of heightened volatility in the debt securities market, reduced liquidity for certain Fund investments and an increase in Fund redemptions. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Management Risk. Investment decisions, techniques, analyses or models implemented by a Fund's manager or subadviser in seeking to achieve the Fund's investment objective may not produce the returns expected, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives. Market Risk. The values of, and/or the income generated by, securities held by a Fund may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Security markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Money Market Fund Risk. Although a Fund seeks to maintain the value of your investment at $1.00 per share, there is no assurance that it will be able to do so, and it is possible to lose money by investing in the Fund. The Fund's yield will change based on changes in interest rates and other market conditions. Because the Fund invests in short-term instruments, the Fund's dividend yields are expected to be low when short-term market interest rates are low. Mortgage- and Asset-Backed Securities Risk. Mortgage- and asset-backed securities are subject to risk of default on the underlying mortgages or assets, particularly during periods of economic downturn. Defaults on the underlying mortgages or assets may cause such securities to decline in value and become less liquid. Rising interest rates tend to extend the duration of these securities, making them more sensitive to changes in interest rates than instruments with fixed payment schedules. As a result, in a period of rising interest rates, these securities may exhibit additional volatility. When interest rates decline or are low, borrowers may pay off their mortgage or other debts sooner than expected, which can reduce the returns of a Fund. Funds that may enter into mortgage dollar roll transactions are subject to the risk that the market value of the securities that are required to be repurchased in the future may decline below the agreed upon repurchase price. They also involve the risk that the party to whom the securities are sold may become insolvent, limiting a Fund's ability to repurchase securities at the agreed upon price. Municipal Securities Risk. Municipal securities may be fully or partially backed or enhanced by the taxing authority of a local government, by the current or anticipated revenues from a specific project or specific assets, or by the credit of, or Wells Fargo Funds - Money Market Funds 18

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