SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
Smartflex Systems, Inc.
(Name of Issuer)
Common Stock
(Title of Class of Securities)
83169K 10 8
(CUSIP Number)
Check the following box if a fee is being paid with this statement [X].
(A fee is not required only if the filing person: (1) has a previous
statement on file reporting beneficial ownership of more than five
percent of the class of securities described in Item 1; and (2) has
filed no amendment subsequent thereto reporting beneficial ownership of
five percent or less of such class.) (See Rule 13d-7).
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information
which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the Securities
Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of
that section of the Act but shall be subject to all other provisions of
the Act (however, see the Notes).
13G
CUSIP NO. 83169K 10 8
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Norwest Corporation
Tax Identification No. 41-0449260
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
3) SEC USE ONLY
4) CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
NUMBER OF (5) SOLE VOTING POWER
SHARES 336,400
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY 0
EACH (7) SOLE DISPOSITIVE POWER
REPORTING 399,400
PERSON (8) SHARED DISPOSITIVE POWER
WITH 124,000
9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
574,700
10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
9.2%
12) TYPE OF REPORTING PERSON*
HC
13G
CUSIP NO. 83169K 10 8
1) NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Norwest Bank Minnesota, National Association
Tax Identification No. 41-0451159
2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [ ]
(b) [ ]
3) SEC USE ONLY
4) CITIZENSHIP OR PLACE OF ORGANIZATION
United States of America
NUMBER OF (5) SOLE VOTING POWER
SHARES 336,400
BENEFICIALLY (6) SHARED VOTING POWER
OWNED BY 0
EACH (7) SOLE DISPOSITIVE POWER
REPORTING 399,400
PERSON (8) SHARED DISPOSITIVE POWER
WITH 0
9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
450,700
10) CHECK IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN
SHARES*
11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
7.2%
12) TYPE OF REPORTING PERSON*
BK
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
DISCLAIMER: Information in this Schedule 13G is provided solely for
the purpose of complying with Sections 13(d) and 13(g) of the Act and
regulations promulgated thereunder, and is not to be construed as an
admission that Norwest Corporation or any of its subsidiaries is the
beneficial owner of the securities covered by this Schedule 13G for any
purpose whatsoever.
Item 1(a) Name of Issuer:
Smartflex Systems, Inc.
Item 1(b) Address of Issuer's Principal Executive Offices:
14312 Franklin Avenue
Tustin, CA 92680-7028
Item 2(a) Name of Person Filing:
1. Norwest Corporation
2. Norwest Bank Minnesota, National Association ("NBM")
Item 2(b) Address of Principal Business Office:
1. Norwest Corporation
Norwest Center
Sixth and Marquette
Minneapolis, MN 55479-1026
2. Norwest Bank Minnesota, National Association
Norwest Center
Sixth and Marquette
Minneapolis, MN 55479-0001
Item 2(c) Citizenship:
1. Norwest Corporation: Delaware
2. NBM: United States
Item 2(d) Title of Class of Securities:
Common Stock
Item 2(e) CUSIP Number:
83169K 10 8
Item 3 The person filing is a:
1. Norwest Corporation: Parent Holding Company in
accordance with 240.13d-1(b)(1)(ii)(G)
2. NBM: Bank as defined in Section 3(a)(6) of the Act
Item 4 Ownership:
(a) Amount beneficially owned: 574,700 shares (includes
450,700 shares deemed to be beneficially owned by
NBM).
(b) Percent of class: 9.2%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 336,400
(ii) Shared power to vote or direct the vote: 0
(iii) Sole power to dispose or to direct the
disposition of: 399,400
(iv) Shared power to dispose or direct the disposition
of: 124,000
Item 5 Ownership of Five Percent or Less of a Class:
Not Applicable
Item 6 Ownership of More than Five Percent on Behalf of Another
Person:
Persons other than Norwest Corporation and its subsidiaries
have the right to receive, or the power to direct the
receipt of, dividends from, or the proceeds from the sale
of, such securities. To the knowledge of Norwest
Corporation, no interest of any such person represents more
than 5% of the class.
Item 7 Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent
Holding Company:
See Attachment A
Item 8 Identification and Classification of Members of the Group:
Not Applicable
Item 9 Notice of Dissolution of Group:
Not Applicable
Item 10 Certification:
By signing below, I certify that, to the best of my
knowledge and belief, the securities referred to above were
acquired in the ordinary course of business and were not
acquired for the purpose of and do not have the effect of
changing or influencing the control of the issuer of such
securities and were not acquired in connection with or as a
participant in any transaction having such purposes or
effect.
Signature.
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true,
complete, and correct.
Date: February 6, 1996
NORWEST CORPORATION
By: /s/ Laurel A. Holschuh
Laurel A. Holschuh, Senior Vice President
and Secretary
ATTACHMENT A
The Schedule 13G to which this attachment is appended is filed on
behalf of the subsidiaries listed below. Norwest Bank Minnesota,
National Association (NBM) and Norwest Bank Nebraska, National
Association are classified as banks in accordance with Regulation 13d-
1(b)(1)(ii)(B). Lindeberg Financial Corporation and Norwest Holding
Company (together, the "Intermediate Holding Companies") are classified
as parent holding companies in accordance with Regulation 240.13d-
(b)(1)(ii)(G) and are wholly owned subsidiaries of Norwest Corporation.
Norwest Corporation owns 80% of NBM. The remaining 20% of NBM is owned
by the Intermediate Holding Companies. Peregrine Capital Management,
Inc. is an investment advisor pursuant to 13d-1(b)(1)(ii)(E).
Lindeberg Financial Corporation
Norwest Bank Minnesota, National Association
Norwest Bank Nebraska, National Association
Norwest Holding Company
Peregrine Capital Management, Inc.
AGREEMENT
The undersigned hereby agree that the statement on Schedule 13G to
which this Agreement is attached and any amendments to such Schedule
13G shall be filed on behalf of Norwest Corporation, which owns 80% of
Norwest Bank Minnesota, National Association ("NBM"). The remaining
20% of NBM is owned by Lindeberg Financial Corporation and Norwest
Holding Company, both of which are wholly owned subsidiaries of Norwest
Corporation.
Dated: February 6, 1996
NORWEST CORPORATION
By: /s/ Laurel A. Holschuh
Laurel A. Holschuh, Senior Vice President
and Secretary
NORWEST BANK MINNESOTA, NATIONAL ASSOCIATION
By: /s/ P. Jay Kiedrowski
P. Jay Kiedrowski, President,Norwest Investment
Management
