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NORWEST ADVANTAGE FUNDS
CASH INVESTMENT FUND
READY CASH INVESTMENT FUND
Supplement Dated June 1, 1997 to
Prospectus Dated June 1, 1997
Cash Investment Fund and Ready Cash Investment Fund (the "Funds") currently
invest directly in portfolio securities. Pursuant to a shareholder vote, the
Funds will convert to the structure described on page 1 of the
prospectus and in "Prospectus Summary - Highlights of the Funds - Fund
Structure" on pages 2 and 3 of the prospectus on June 27th.
Accordingly, until that time (i) Ready Cash Investment Fund does not anticipate
obtaining a rating from an NRSRO (see "Investment Objectives and Policies -
Investment Policies" on pages 18 and 19 of the prospectus) and (ii) the "Annual
Fund Operating Expenses" table on page 6 of the prospectus is replaced in its
entirety with the following:
ANNUAL FUND OPERATING EXPENSES(1)
(as a percentage of average daily net assets)
Cash Ready Cash
Investment Investment
Fund Fund
---- ----
Investment Advisory Fees
(after fee waivers) 0.14% 0.34%
Rule 12b-1 Fees None None
Other Expenses (2)
(after reimbursements) 0.34% 0.48%
----- -----
Total Operating Expenses 0.48% 0.82%
(1) For a further description of the various expenses associated with investing
in the Funds, see "Management." The table is based on expenses incurred during
the Funds' most recent fiscal year ended May 31, 1996. Absent fee waivers and
expense reimbursements, the respective expenses of Cash Investment Fund and
Ready Cash Investment Fund would be: Investment Advisory Fees, 0.14% and 0.36%;
Other Expenses, 0.35% and 0.51%; and Total Operating Expenses, 0.49% and 0.87%.
Expense reimbursements and fee waivers are voluntary and may be reduced or
eliminated at any time.
(2) Other Expenses includes transfer agency fees payable to Norwest Bank at an
annual rate of 0.25%.
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NORWEST ADVANTAGE FUNDS
CASH INVESTMENT FUND
READY CASH INVESTMENT FUND
Supplement Dated June 1, 1997 to
Prospectus Dated June 1, 1997
Cash Investment Fund and Ready Cash Investment Fund (the "Funds") currently
invest directly in portfolio securities. Pursuant to a shareholder vote, the
Funds will convert to the structure described on page 1 of the
prospectus and in "Summary - Fund Structure" on page 5 of the prospectus on
June 27th. Accordingly, until that time (i) Ready Cash Investment Fund
does not anticipate obtaining a rating from an NRSRO (see "Investment Objectives
and Policies - Money Market Funds" on page 24 of the prospectus) and (ii) the
"Annual Fund Operating Expenses" table on pages 10 - 12 of the prospectus is
replaced in its entirety with the following:
ANNUAL FUND OPERATING EXPENSES(1)
(as a percentage of average daily net assets)
Ready Cash
Cash Investment
Investment Fund
Fund Institutional Investor
---- ------------- --------
Investment Advisory Fees
(after fee waivers) 0.14% 0.35% 0.35%
Rule 12b-1 Fees None None None
Other Expenses (2)
(after reimbursements) 0.34% 0.13% 0.47%
----- ----- -----
Total Operating Expenses 0.48% 0.48% 0.82%
(1) For a further description of the various expenses associated with investing
in the Funds, see "Management." The table is based on expenses incurred during
the Funds' most recent fiscal year ended May 31, 1996. Absent fee waivers and
expense reimbursements, the respective expenses of Cash Investment Fund and
Ready Cash Investment Fund Institutional Shares and Investor Shares would be:
Investment Advisory Fees, 0.14%, 0.36% and 0.36%; Other Expenses, 0.35%, 0.36%
and 0.51%; and Total Operating Expenses, 0.49%, 0.72% and 0.87%. Expense
reimbursements and fee waivers are voluntary and may be reduced or eliminated
at any time.
(2) Other Expenses includes transfer agency fees for Cash Investment Fund and
Ready Cash Investment Fund payable to Norwest Bank at an annual rate of 0.25%
(0.10% plus expenses in the case of Ready Cash Investment Fund--Institutional
Shares).
