U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
Read instructions at end of Form before preparing Form.
Please print or type.
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1. Name and address of issuer:
Norwest Funds
Two Portland Square
Portland, Maine 04101
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2. Name of each series or class of funds for which this notice is filed:
Cash Investment Fund - A Shares
Colorado Tax-Free Fund - A Shares
Colorado Tax-Free Fund - B Shares
Colorado Tax-Free Fund - I Shares
Conservative Balanced Fund - I Shares
Contrarian Stock Fund - A Shares
Contrarian Stock Fund - B Shares
Contrarian Stock Fund - I Shares
Diversified Bond Fund - I Shares
Diversified Equity Fund - A Shares
Diversified Equity Fund - B Shares
Diversified Equity Fund - I Shares
Growth Balanced Fund - I Shares
Growth Equity Fund - A Shares
Growth Equity Fund - B Shares
Growth Equity Fund - I Shares
Income Equity Fund - A Shares
Income Equity Fund - B Shares
Income Equity Fund - I Shares
Income Fund - A Shares
Income Fund - B Shares
Income Fund - I Shares
Index Fund - I Shares
Intermediate Gov't Income Fund - A Shares
Intermediate Gov't Income Fund - B Shares
Intermediate Gov't Income Fund - I Shares
International Fund - A Shares
International Fund - B Shares
International Fund - I Shares
Limited Term Tax-Free Fund - I Shares
Large Company Growth Fund - I Shares
<PAGE>
Minnesota Tax-Free Fund - A Shares
Minnesota Tax-Free Fund - B Shares
Minnesota Tax-Free Fund - I Shares
Moderate Balanced Fund - I Shares
Municipal Money Market Fund - Investor Shares
Municipal Money Market Fund - Institutional Shares
Ready Cash Investment Fund - Investor Shares
Ready Cash Investment Fund - Exchange Shares
Ready Cash Investment Fund - Institutional Shares
Small Cap Opportunities Fund - A Shares
Small Cap Opportunities - B Shares
Small Cap Opportunities Fund - I Shares
Small Company Growth Fund - I Shares
Small Company Stock Fund - A Shares
Small Company Stock Fund - B Shares
Small Company Stock Fund - I Shares
Stable Income Fund - A Shares
Stable Income Fund - B Shares
Stable Income Fund - I Shares
Tax-Free Income Fund - A Shares
Tax-Free Income Fund - B Shares
Tax-Free Income Fund - I Shares
Total Return Bond Fund - A Shares
Total Return Bond Fund - B Shares
Total Return Bond Fund - I Shares
Treasury Fund - A Shares
U.S. Government Fund - A Shares
Value Growth Stock Fund - A Shares
Value Growth Stock Fund - B Shares
Value Growth Stock Fund - I Shares
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3. Investment Company Act File Number: 811-4881
Securities Act File Number: 33-9645
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4. Last day of fiscal year for which this notice is filed:
May 31, 1997
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5. Check box if this notice is being filed more than 180 days after the close
of the issuer's fiscal year for purposes of reporting securities sold after
the close of the fiscal year but before termination of the issuer's 24f-2
declaration:
[ ]
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6. Date of termination of issuer's declaration under Rule 24f-2(a)(1), if
applicable (see Instruction A.6):
N/A
<PAGE>
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7. Number and amount of securities of the same class or series which had been
registered under the Securities Act of 1933 other than pursuant to Rule
24f-2 in a prior fiscal year, but which remained unsold at the beginning of
the fiscal year:
0 (zero) Shares
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8. Number and amount of securities registered during the fiscal year other than
pursuant to Rule 24f-2:
0 (zero) Shares
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9. Number and aggregate sale price of securities sold during the fiscal year:
<TABLE>
Dollars Shares
------- ------
<S> <C> <C>
Cash Investment Fund - A Shares $10,245,808,710 10,245,808,710
Colorado Tax-Free Fund - A Shares $2,987,453 288,701
Colorado Tax-Free Fund - B Shares $1,230,497 121,763
Colorado Tax-Free Fund - I Shares $6,002,260 593,346
Conservative Balanced Fund - I Shares $44,793,295 2,476,687
Contrarian Stock Fund - A Shares $336,609 32,809
Contrarian Stock Fund - B Shares $136,856 14,691
Contrarian Stock Fund - I Shares $4,984,251 517,775
Diversified Bond Fund - I Shares $69,870,339 2,697,330
Diversified Equity Fund - A Shares $23,091,261 693,725
Diversified Equity Fund - B Shares $28,436,386 879,712
Diversified Equity Fund - I Shares $317,281,641 9,865,395
Growth Balanced Fund - I Shares $172,629,416 7,432,395
Growth Equity Fund - A Shares $14,521,136 476,581
Growth Equity Fund - B Shares $7,492,713 256,491
Growth Equity Fund - I Shares $278,531,734 9,537,318
Income Equity Fund - A Shares $14,849,287 485,636
Income Equity Fund - B Shares $14,867,966 495,732
Income Equity Fund - I Shares $181,887,478 6,150,091
Income Fund - A Shares $1,501,626 156,322
Income Fund - B Shares $1,182,590 127,058
Income Fund - I Shares $34,608,202 3,714,034
Index Fund - I Shares $310,203,185 8,940,812
Intermediate Gov't Income Fund - A Shares $1,860,389 166,489
Intermediate Gov't Income Fund - B Shares $1,933,727 176,799
Intermediate Gov't Income Fund - I Shares $50,359,355 4,606,195
International Fund - A Shares $1,381,442 65,751
International Fund - B Shares $698,862 35,264
International Fund - I Shares $91,446,168 4,576,938
Limited Term Tax-Free Fund - I Shares $41,626,870 4,016,867
Large Company Growth Fund - I Shares $47,260,989 1,652,358
Minnesota Tax-Free Fund - A Shares $4,723,287 437,730
Minnesota Tax-Free Fund - B Shares $3,224,579 308,025
Minnesota Tax-Free Fund - I Shares $8,627,109 824,410
<PAGE>
Moderate Balanced Fund - I Shares $137,898,190 6,698,624
Municipal Money Market Fund - Investor Shares $122,977,685 122,977,685
Municipal Money Market Fund - Institutional Shares $1,797,176,190 1,797,176,190
Ready Cash Investment Fund - Investor Shares $646,237,916 646,237,916
Ready Cash Investment Fund - Exchange Shares $1,276,740 1,276,740
Ready Cash Investment Fund - Institutional Shares $3,780,362,462 3,780,362,462
Small Cap Opportunities Fund - A Shares $512,152 26,610
Small Cap Opportunities Fund - B Shares $145,750 7,999
Small Cap Opportunities Fund - I Shares $75,046,327 4,194,586
Small Company Growth Fund - I Shares $165,305,849 5,498,650
Small Company Stock Fund - A Shares $3,020,761 223,066
Small Company Stock Fund - B Shares $1,495,469 117,745
Small Company Stock Fund - I Shares $61,805,751 4,772,740
Stable Income Fund - A Shares $1,469,683 141,888
Stable Income Fund - B Shares $727,995 71,114
Stable Income Fund - I Shares $66,513,759 6,495,612
Tax-Free Income Fund - A Shares $8,019,088 779,835
Tax-Free Income Fund - B Shares $2,128,436 214,775
Tax-Free Income Fund - I Shares $41,425,099 4,155,393
Total Return Bond Fund - A Shares $1,837,513 188,923
Total Return Bond Fund - B Shares $777,527 82,507
Total Return Bond Fund - I Shares $47,163,306 5,004,304
Treasury Fund - A Shares $3,723,982,963 3,723,982,963
U.S. Government Fund - A Shares $7,077,298,371 7,077,298,371
Value Growth Stock Fund - A Shares $4,874,531 205,765
Value Growth Stock Fund - B Shares $1,677,673 73,731
Value Growth Stock Fund - I Shares $30,968,552 1,332,971
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$29,832,503,406 27,508,229,105
</TABLE>
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10. Number and aggregate sale price of securities sold during the fiscal year
in reliance upon registration pursuant to Rule 24f-2:
<TABLE>
Dollars Shares
------- ------
<S> <C> <C>
Cash Investment Fund - A Shares $10,245,808,710 10,245,808,710
Colorado Tax-Free Fund - A Shares $2,987,453 288,701
Colorado Tax-Free Fund - B Shares $1,230,497 121,763
Colorado Tax-Free Fund - I Shares $6,002,260 593,346
Conservative Balanced Fund - I Shares $44,793,295 2,476,687
Contrarian Stock Fund - A Shares $336,609 32,809
Contrarian Stock Fund - B Shares $136,856 14,691
Contrarian Stock Fund - I Shares $4,984,251 517,775
Diversified Bond Fund - I Shares $69,870,339 2,697,330
Diversified Equity Fund - A Shares $23,091,261 693,725
Diversified Equity Fund - B Shares $28,436,386 879,712
Diversified Equity Fund - I Shares $317,281,641 9,865,395
Growth Balanced Fund - I Shares $172,629,416 7,432,395
Growth Equity Fund - A Shares $14,521,136 476,581
Growth Equity Fund - B Shares $7,492,713 256,491
Growth Equity Fund - I Shares $278,531,734 9,537,318
<PAGE>
Income Equity Fund - A Shares $14,849,287 485,636
Income Equity Fund - B Shares $14,867,966 495,732
Income Equity Fund - I Shares $181,887,478 6,150,091
Income Fund - A Shares $1,501,626 156,322
Income Fund - B Shares $1,182,590 127,058
Income Fund - I Shares $34,608,202 3,714,034
Index Fund - I Shares $310,203,185 8,940,812
Intermediate Gov't Income Fund - A Shares $1,860,389 166,489
Intermediate Gov't Income Fund - B Shares $1,933,727 176,799
Intermediate Gov't Income Fund - I Shares $50,359,355 4,606,195
International Fund - A Shares $1,381,442 65,751
International Fund - B Shares $698,862 35,264
International Fund - I Shares $91,446,168 4,576,938
Limited Term Tax-Free Fund - I Shares $41,626,870 4,016,867
Large Company Growth Fund - I Shares $47,260,989 1,652,358
Minnesota Tax-Free Fund - A Shares $4,723,287 437,730
Minnesota Tax-Free Fund - B Shares $3,224,579 308,025
Minnesota Tax-Free Fund - I Shares $8,627,109 824,410
Moderate Balanced Fund - I Shares $137,898,190 6,698,624
Municipal Money Market Fund - Investor Shares $122,977,685 122,977,685
Municipal Money Market Fund - Institutional Shares $1,797,176,190 1,797,176,190
Ready Cash Investment Fund - Investor Shares $646,237,916 646,237,916
Ready Cash Investment Fund - Exchange Shares $1,276,740 1,276,740
Ready Cash Investment Fund - Institutional Shares $3,780,362,462 3,780,362,462
Small Cap Opportunities Fund - A Shares $512,152 26,610
Small Cap Opportunities Fund - B Shares $145,750 7,999
Small Cap Opportunities Fund - I Shares $75,046,327 4,194,586
Small Company Growth Fund - I Shares $165,305,849 5,498,650
Small Company Stock Fund - A Shares $3,020,761 223,066
Small Company Stock Fund - B Shares $1,495,469 117,745
Small Company Stock Fund - I Shares $61,805,751 4,772,740
Stable Income Fund - A Shares $1,469,683 141,888
Stable Income Fund - B Shares $727,995 71,114
Stable Income Fund - I Shares $66,513,759 6,495,612
Tax-Free Income Fund - A Shares $8,019,088 779,835
Tax-Free Income Fund - B Shares $2,128,436 214,775
Tax-Free Income Fund - I Shares $41,425,099 4,155,393
Total Return Bond Fund - A Shares $1,837,513 188,923
Total Return Bond Fund - B Shares $777,527 82,507
Total Return Bond Fund - I Shares $47,163,306 5,004,304
Treasury Fund - A Shares $3,723,982,963 3,723,982,963
U.S. Government Fund - A Shares $7,077,298,371 7,077,298,371
Value Growth Stock Fund - A Shares $4,874,531 205,765
Value Growth Stock Fund - B Shares $1,677,673 73,731
Value Growth Stock Fund - I Shares $30,968,552 1,332,971
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$29,832,503,406 27,508,229,105
</TABLE>
<PAGE>
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11. Number and aggregate sale price of securities issued during the fiscal
year in connection with dividend reinvestment plans, if applicable (see
Instruction B.7):
Securities issued during the fiscal year in connection with dividend
reinvestment plans are included in the securities reported in Item 9.
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12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during
the fiscal year in reliance on Rule 24f-2
(from Item 10): $29,832,503,406
(ii) Aggregate price of shares issued in connection
with dividend reinvestment plans (from Item 11,
if applicable): 0*
(iii)Aggregate price of shares redeemed or repurchased
during the fiscal year (if applicable): ($27,755,077,449)
(iv) Aggregate price of shares redeemed or repurchased
and previously applied as a reduction to filing fees
pursuant to Rule 24e-2 (if applicable): 0
(v) Net aggregate price of securities sold and issued
during the fiscal year in reliance on Rule 24f-2
[line (i), plus line (ii), less line (iii),
plus line (iv)] (if applicable): $2,077,425,957
-------------------
(vi) Multiplier prescribed by Section 6(b) of the
Securities Act of 1933 or other applicable law
or regulation (see Instruction C.6): 1/3300
(vii)Fee due [line (i) or line (v) multiplied by line (vi)]: $629,523.02
===================
* SHARES ISSUED IN CONNECTION WITH DIVIDEND REINVESTMENT PLANS ARE INCLUDED IN
THE SECURITIES REPORTED IN ITEM 9.
INSTRUCTION: ISSUERS SHOULD COMPLETE LINES (II), (III), (IV), AND (V) ONLY IF
THE FORM IS BEING FILED WITHIN 60 DAYS AFTER THE CLOSE OF THE ISSUER'S
FISCAL YEAR. SEE INSTRUCTION C.3.
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13. Check box if fees are being remitted to the Commission's lockbox
depository as described in Section 3a of the Commission's Rules of
Informal and Other Procedures (17 CFR 202.3a).
[X]
Date of mailing or wire transfer of filing fees to the Commission's lockbox
depository:
July 28, 1997
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<PAGE>
SIGNATURES
This report has been signed by the following persons on behalf of the issuer and
in the capacities an on the dates indicated.
By (Signature and Title)* /s/ David I. Goldstein, Vice President
and Secretary
-------------------------------------
David I. Goldstein, Vice President
and Secretary
Date: July 28, 1997
* Please print the name and title of the signing officer below the signature.
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<PAGE>
SEWARD & KISSEL
1200 G Street, N.W.
Washington, D.C.
Telephone: (202) 737-8833
Facsimile: (202) 737-5184
July 28, 1997
Norwest Funds
Two Portland Square
Portland, Maine 04101
Dear Sir or Madam:
We have acted as counsel for Norwest Funds (formerly Norwest Advantage
Funds), a Delaware business trust (the "Trust"), in connection with the Trust's
Rule 24f-2 Notice to be filed pursuant to Rule 24f-2 (the "Rule") under the
Investment Company Act of 1940, as amended, to report the sale of 27,508,229,105
shares of beneficial interest of the Trust (the "Shares"), during the Trust's
fiscal year ended May 31, 1997 in reliance upon the Rule pursuant to the
indefinite registration of such shares under the Securities Act of 1933, as
amended. The Shares so sold consist of the following:
10,245,808,710 Cash Investment Fund - A Shares
288,701 Colorado Tax-Free Fund - A Shares
121,763 Colorado Tax-Free Fund - B Shares
593,346 Colorado Tax-Free Fund - I Shares
2,476,687 Conservative Balanced Fund - I Shares
32,809 Contrarian Stock Fund - A Shares
14,691 Contrarian Stock Fund - B Shares
517,775 Contrarian Stock Fund - I Shares
2,697,330 Diversified Bond Fund - I Shares
693,725 Diversified Equity Fund - A Shares
879,712 Diversified Equity Fund - B Shares
9,865,395 Diversified Equity Fund - I Shares
7,432,395 Growth Balanced Fund - I Shares
476,581 Growth Equity Fund - A Shares
256,491 Growth Equity Fund - B Shares
9,537,318 Growth Equity Fund - I Shares
485,636 Income Equity Fund - A Shares
495,732 Income Equity Fund - B Shares
6,150,091 Income Equity Fund - I Shares
156,322 Income Fund - A Shares
127,058 Income Fund - B Shares
3,714,034 Income Fund - I Shares
8,940,812 Index Fund - I Shares
166,489 Intermediate Gov't Income Fund - A Shares
176,799 Intermediate Gov't Income Fund - B Shares
4,606,195 Intermediate Gov't Income Fund - I Shares
<PAGE>
Norwest Funds 2 July 28, 1997
65,751 International Fund - A Shares
35,264 International Fund - B Shares
4,576,938 International Fund - I Shares
4,016,867 Limited Term Tax-Free Fund - I Shares
1,652,358 Large Company Growth Fund -I Shares
437,730 Minnesota Tax-Free Fund - A Shares
308,025 Minnesota Tax-Free Fund - B Shares
824,410 Minnesota Tax-Free Fund - I Shares
6,698,624 Moderate Balanced Fund - I Shares
122,977,685 Municipal Money Market Fund - Investor Shares
1,797,176,190 Municipal Money Market Fund - Institutional Shares
646,237,916 Ready Cash Investment Fund - Investor Shares
1,276,740 Ready Cash Investment Fund - Exchange Shares
3,780,362,462 Ready Cash Investment Fund - Institutional Shares
26,610 Small Cap Opportunities Fund - A Shares
7,999 Small Cap Opportunities Fund - B Shares
4,194,586 Small Cap Opportunities Fund - I Shares
5,498,650 Small Company Growth Fund - I Shares
223,066 Small Company Stock Fund - A Shares
117,745 Small Company Stock Fund - B Shares
4,772,740 Small Company Stock Fund - I Shares
141,888 Stable Income Fund - A Shares
71,114 Stable Income Fund - B Shares
6,495,612 Stable Income Fund - I Shares
779,835 Tax-Free Income Fund - A Shares
214,775 Tax-Free Income Fund - B Shares
4,155,393 Tax-Free Income Fund - I Shares
188,923 Total Return Bond Fund - A Shares
82,507 Total Return Bond Fund - B Shares
5,004,304 Total Return Bond Fund - I Shares
3,723,982,963 Treasury Fund - A Shares
7,077,298,371 U.S. Government Fund - A Shares
205,765 Value Growth Stock Fund - A Shares
73,731 Value Growth Stock Fund - B Shares
1,332,971 Value Growth Stock Fund - I Shares
As counsel for the Trust, we have examined and relied upon such records of
the Trust and other documents and certificates as to factual matters as we have
deemed to be necessary to render the opinion expressed herein.
<PAGE>
Norwest Funds 3 July 28, 1997
Based upon such examination, we are of the opinion that the Shares so sold
in reliance upon the Rule were duly authorized and legally issued and, upon
their issuance, were fully paid and non-assessable shares of beneficial interest
of the Trust under the laws of the State of Delaware.
Our opinion above stated is expressed as members of the bars of the
District of Columbia and the State of New York.
We hereby consent to the filing of this opinion with the Securities and
Exchange Commission as an exhibit to the Trust's Rule 24f-2 Notice.
Very truly yours,
/s/ Seward & Kissel
---------------------------
