NORWEST ADVANTAGE FUNDS
STOCK FUNDS
Supplement Dated July 20, 1999
to Prospectus Dated October 1, 1998 as Amended March 1, 1999
I. FUND REORGANIZATIONS
On March 25, 1999, the Board of Trustees of Norwest Advantage Funds
approved the reorganization of each Norwest Advantage Fund into a new
portfolio of Wells Fargo Funds Trust. The reorganizations are part of a
plan to consolidate the Stagecoach and Norwest Advantage fund families
following last November's merger of Wells Fargo & Company and Norwest
Corporation. Norwest Advantage Funds will present each proposed fund
reorganization to the fund's shareholders for their approval at a special
shareholders' meeting that is planned for August 1999.
If shareholders approve the reorganizations, each Norwest Advantage Fund
will reorganize into a corresponding Wells Fargo Funds Trust portfolio
that has substantially similar investment objectives and, except as noted
below, investment policies. In general, the Wells Fargo Funds Trust
portfolios will not combine with other funds of the Stagecoach or Norwest
Advantage fund families.
The reorganizations contemplate, however, that each of the following
funds or classes of funds of Norwest Advantage Funds will reorganize into
a portfolio of Wells Fargo Funds Trust that may have somewhat different
investment policies from those of the fund and may combine with other
Stagecoach or Norwest Advantage funds:
Norwest Advantage Funds Wells Fargo Funds Trust
Valugrowth Stock Fund -- Growth Fund
Small Company Stock Fund -- Small Cap Fund
You may not purchase shares of the Wells Fargo Funds Trust portfolios
until after the reorganizations occur, but you currently may purchase
shares of substantially similar funds within the Stagecoach or Norwest
Advantage fund families.
You need not act with respect to the reorganizations at this time or make
any changes to your investments. Norwest Advantage Funds and Wells Fargo
Funds Trust mailed proxy materials to you in June if you were a
shareholder as of May 6, 1999. These materials describe the
reorganizations in detail, including any effect on expense ratios. If you
buy fund shares after that date, you will not be entitled to vote those
shares on the fund's reorganization, but you may request a copy of the
proxy materials.
You should be aware that, for certain Share Classes of certain Funds,
expense ratio increases of up to 0.28% are contemplated. In other cases,
expense ratios are expected to remain unchanged. THE FUNDS'
REORGANIZATIONS ARE EXPECTED TO BE TAX-FREE TRANSACTIONS. THE
REORGANIZATIONS WILL NOT TRIGGER ANY SALES CHARGES.
If you have any questions or, if you want to request a copy of the proxy
materials, you should call 1-800-394-0736.
<PAGE>
II. CHANGES IN SALES CHARGES
Beginning May 17, 1999, the sales load structure for A Shares and B
Shares will change to the structure set forth below. This information
about the funds' sales charge structure replaces all corresponding
information about sales charges in your current Prospectus.
<TABLE>
<S> <C> <C>
A SHARES*
BROKER-DEALER
BREAKPOINT LOAD REALLOWANCE
- -----------------------------------------------------------------------------------------
[Greater than symbol] $50,000 5.75% 5.00%
$50,000-99,999 4.75% 4.00%
$100,000-249,999 3.75% 3.00%
$250,000-499,999 2.75% 2.25%
$500,000-999,999 2.00% 1.75%
>$1,000,000 0.00% 1.00%
</TABLE>
*If you redeem A Shares purchased without a sales charge within one year
of the date of purchase, the funds may impose a 1.00% charge. This charge
is based on the lower of the NAV of the shares redeemed on the date of
purchase or the date of redemption.
B SHARES
If you purchase B Shares of any fund after May 17, 1999, those shares
will not convert into A Shares until the beginning of the eighth year
after your purchase. You will pay a CDSC on these B Shares as follows if
you redeem them before they convert:
<TABLE>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
--------------- ---------- --------- ---------- --------- ---------- --------- ---------- ---------
BROKER
PAYOUT YEAR 1 YEAR 2 YEAR 3 YEAR 4 YEAR 5 YEAR 6 YEAR 7
--------------- ---------- --------- ---------- --------- ---------- --------- ---------- ---------
--------------- ---------- --------- ---------- --------- ---------- --------- ---------- ---------
CDSC 4% 5% 4% 3% 3% 2% 1% 0%
--------------- ---------- --------- ---------- --------- ---------- --------- ---------- ---------
</TABLE>
EXCHANGES
Beginning May 17, 1999, if you exchange A Shares of a fund for A Shares
of another fund with a higher sales load, you will not be required to pay
the difference in the sales load.
SALES CHARGE REDUCTION PROGRAM ENHANCEMENTS:
A SHARES
Beginning May 17, 1999, if you purchase A Shares of a Norwest Advantage
Fund, that purchase may count towards reductions of sales charges for
purchases of Class A shares of funds in the Stagecoach fund family.
Currently, through Rights of Accumulation, you may reduce the sales
charges you pay on A Shares of Norwest Advantage Funds by accumulating
purchases of different Norwest Advantage Funds to reach one of the
breakpoints listed in this Supplement. You also may pay a lower sales
charge by signing a Statement of Intention to invest a specific amount
over a certain period of time. Beginning May 17, 1999, you may use your
Norwest Advantage Funds Right of Accumulation or Statement of Intention
to accumulate purchases of different Norwest Advantage Funds AND
STAGECOACH FUNDS to reach a breakpoint in the sales charges for A Shares.
B SHARES
For Class B shares purchased after May 17, 1999, a fund will not charge
any CDSC for your withdrawal of B Shares under an Automatic Withdrawal
Plan, provided that your aggregate withdrawal of the fund's shares under
the Plan does not exceed 10% (including dividend and capital gain
distributions) annually of your B Shares shareholdings of the fund, based
on the anniversary date of the Plan.
III. CHANGES TO PURCHASES, REDEMPTIONS AND EXCHANGES OF FUND SHARES
You should use the following new addresses when mailing or wiring funds
to your Norwest Advantage Funds account or sending written requests to
the transfer agent:
BY REGULAR MAIL: Norwest Advantage Funds
P.O. Box 8265
Boston, MA 02266-8265
BY OVERNIGHT MAIL ONLY TO: Norwest Advantage Funds
Attn: CCSU
Boston Financial
66 Brooks Drive
Braintree, MA 02184
BY WIRE TO: State Street Bank & Trust
Boston, MA
ABA 011000028
FNF: (Norwest Advantage Fund name)
AC: 9905-434-8
For Further Credit: _____________
(Name on Norwest Advantage Fund Account
and Fund Account Number)
You should use these addresses instead of those currently set forth in
the section of your current Prospectus describing how to buy and sell
fund shares. All other information in that section remains unchanged.
YOUR CURRENT SHAREHOLDER SERVICES TELEPHONE NUMBER WILL REMAIN THE SAME.
FOR INFORMATION ON YOUR ACCOUNT, YOU SHOULD CONTINUE TO CALL
1-612-667-8833 (MINNEAPOLIS/ST. PAUL) OR 1-800-338-1348 (ELSEWHERE) AND
PRESS OPTION 3.
IV. SMALL CAP OPPORTUNITIES FUND
Small Cap Opportunities Fund formerly invested all of its assets in Schroder
U.S. Smaller Companies Portfolio. The Fund currently invests all of its assets
directly in a portfolio of securities. References in the Prospectus to "Schroder
U.S. Smaller Companies Portfolio" are deleted. The Fund's investment adviser is
Norwest Investment Management, Inc. ("Norwest") and the Fund's investment
subadviser is Schroder Capital Management International Inc. ("Schroder"). The
Fund's portfolio manager, investment objective and policies did not change.
Norwest is entitled to receive an annual fee of 0.60% of the Fund's average
daily net assets. The Fund does not compensate Schroder directly for subadvisory
services; rather, Norwest compensates Schroder out of Norwest's advisory fee.
The Fund's annual operating expense ratio net of fee waivers and expense
reimbursements will remain the same. The Fund's total annual operating expenses
and other expenses absent fee waivers and expense reimbursements are estimated
to be 1.46% and 0.86% for A shares and 2.47% and 1.87% for B shares,
respectively.
V. VALUGROWTH STOCK FUND
Ms. Kelli K. Hill became the portfolio manager for ValuGrowth Stock Fund (as
described on page 43) on July 1, 1999. All references in the prospectus to
Charles J. Meyer, the portfolio manager of the Fund prior to July 1, 1999, are
deleted. The following replaces, in its entirety, the subparagraph entitled
"ValuGrowth Stock Fund" under the section entitled "Management of the Funds" on
Page 43:
PORTFOLIO MANAGER: Kelli K. Hill (1999)
ADVISORY FEE: 0.80%- 1st $300 million, 0.76%- next
$400 million, 0.72%- remaining
The following replaces the section entitled "Portfolio Managers-Norwest
Portfolio Managers" on Page 46:
KELLI K. HILL, associated with Norwest since 1999. Ms. Hill is also a
portfolio manager at WCM, with whom she has been associated since
1989. Ms. Hill is also the Treasurer for the San Francisco Ballet
Association Encore!, and a board member for Las Casa de les Madres,
the largest women's shelter in the San Francisco area.
VI. SMALL COMPANY STOCK PORTFOLIO
Growth Balanced Fund, Diversified Equity Fund, Growth Equity Fund, Diversified
Small Cap Fund and Small Company Stock Fund invest in Small Company Stock
Portfolio. All references in the prospectus to Kenneth Lee, a portfolio manager
of the Portfolio prior to July 20, 1999, are deleted.
The portfolio manager for Small Company Stock Portfolio (as described on page
46) has been changed. The following replaces, in its entirety, the subsection
beginning "Portfolio: Small Company Stock Portfolio" under the sections entitled
"Growth Balanced Fund", "Diversified Equity Fund, Growth Equity Fund,"
"Diversified Small Cap Fund" and "Small Company Stock Fund" in the tables on
Pages 42 to 45:
PORTFOLIO: SMALL COMPANY STOCK PORTFOLIO
PORTFOLIO MANAGERS: Thomas Zeifang (1999)
ADVISORY FEE: 0.90%
VII. ANNUAL FUND OPERATING EXPENSES
As indicated in footnote 7 on page 7, Other Expenses and Total Operating
Expenses, absent estimated expense reimbursements and waivers, have increased
for the A share class of Growth Balanced Fund, Large Company Growth Fund and
Diversified Small Cap Fund. Absent estimated expense reimbursements and waivers,
Other Expenses and Total Operating Expenses would be 0.58% and 1.50% for Growth
Balanced Fund, 0.60% and 1.43% for Large Company Growth Fund and 1.72% and 3.05%
for Diversified Small Cap Fund. Because each Fund's Other Expenses and Total
Operating Expenses, after estimated expense reimbursements and waivers, will not
change, the fees that you pay will not increase.
<PAGE>
NORWEST ADVANTAGE FUNDS
INSTITUTIONAL FUNDS
Supplement Dated July 20, 1999
to Prospectus Dated October 1, 1998 as Amended December 1, 1998
I. FUND REORGANIZATIONS
On March 25, 1999, the Board of Trustees of Norwest Advantage Funds approved the
reorganization of each Norwest Advantage Fund into a new portfolio of Wells
Fargo Funds Trust. The reorganizations are part of a plan to consolidate the
Stagecoach and Norwest Advantage fund families following last November's merger
of Wells Fargo & Company and Norwest Corporation. Norwest Advantage Funds will
present each proposed fund reorganization to the fund's shareholders for their
approval at a special shareholders' meeting that is planned for August 1999.
If shareholders approve the reorganizations, each Norwest Advantage Fund will
reorganize into a corresponding Wells Fargo Funds Trust portfolio that has
substantially similar investment objectives and, except as noted below,
investment policies. In general, the Wells Fargo Funds Trust portfolios will not
combine with other funds of the Stagecoach or Norwest Advantage fund families.
The reorganizations contemplate, however, that each of the following funds or
classes of funds of Norwest Advantage Funds will reorganize into a portfolio of
Wells Fargo Funds Trust that may have somewhat different investment policies
from those of the fund and may combine with other Stagecoach or Norwest
Advantage funds:
<TABLE>
<S> <C>
Norwest Advantage Funds Wells Fargo Funds Trust
Valugrowth Stock Fund -- Growth Fund
Small Company Stock Fund -- Small Cap Fund
Limited-Term Government Income Fund -- Limited-Term Government Income Fund
Total Return Bond Fund -- Income Fund
Treasury Plus Fund -- Treasury Plus Money Market Fund
Investor Shares of -- Money Market Fund
Ready Cash Investment Fund
</TABLE>
You may not purchase shares of the Wells Fargo Funds Trust portfolios until
after the reorganizations occur, but you currently may purchase shares of
substantially similar funds within the Stagecoach or Norwest Advantage fund
families.
You need not act with respect to the reorganizations at this time or make any
changes to your investments. Norwest Advantage Funds and Wells Fargo Funds Trust
mailed proxy materials to you in June if you were a shareholder as of May 6,
1999. These materials describe the reorganizations in detail, including any
effect on expense ratios. If you buy fund shares after that date, you will not
be entitled to vote those shares on the fund's reorganization, but you may
request a copy of the proxy materials.
The funds' reorganizations (except for those of Ready Cash Investment Fund and
Municipal Money Market Fund) are expected to be tax-free transactions. Ready
Cash Investment Fund's and Municipal Money Market Fund's reorganizations will
not be tax-free transactions, but are not expected to result in tax consequences
to shareholders. THE REORGANIZATIONS WILL NOT TRIGGER ANY SALES CHARGES.
If you have any questions or, if you want to request a copy of the proxy
materials, you should call 1-800-394-0736.
<PAGE>
II. CHANGES TO PURCHASES, REDEMPTIONS AND EXCHANGES OF FUND SHARES
The following table replaces the table in the section entitled "General Purchase
Information" on page 73 of the prospectus:
<TABLE>
<S> <C> <C>
Fund Orders Must Be Received By Payment Must Be Received By
Cash Investment Fund 3:00 p.m., Eastern Time 4:00 p.m., Eastern Time
Ready Cash Investment Fund 3:00 p.m., Eastern Time 4:00 p.m., Eastern Time
U.S. Government Fund 2:00 p.m., Eastern Time 4:00 p.m., Eastern Time
Treasury Plus Fund 5:00 p.m., Eastern Time 5:00 p.m., Eastern Time
Treasury Fund 1:00 p.m., Eastern Time 4:00 p.m., Eastern Time
Municipal Money Market Fund Noon, Eastern Time 4:00 p.m., Eastern Time
</TABLE>
You should use the following new addresses when mailing or wiring funds to your
Norwest Advantage Funds account or sending written requests to the transfer
agent:
BY REGULAR MAIL: Norwest Advantage Funds
P.O. Box 8265
Boston, MA 02266-8265
BY OVERNIGHT MAIL ONLY TO: Norwest Advantage Funds
Attn: CCSU
Boston Financial
66 Brooks Drive
Braintree, MA 02184
BY WIRE TO: State Street Bank & Trust
Boston, MA
ABA 011000028
FNF: (Norwest Advantage Fund name)
AC: 9905-434-8
For Further Credit: _____________
(Name on Norwest Advantage Fund Account
and Fund Account Number)
You should use these addresses instead of those currently set forth in the
section of your current Prospectus describing how to buy and sell fund shares.
All other information in that section remains unchanged. YOUR CURRENT
SHAREHOLDER SERVICES TELEPHONE NUMBER WILL REMAIN THE SAME. FOR INFORMATION ON
YOUR ACCOUNT, YOU SHOULD CONTINUE TO CALL 1-612-667-8833 (MINNEAPOLIS/ST. PAUL)
OR 1-800-338-1348 (ELSEWHERE) AND PRESS OPTION 3.
III. INTERNATIONAL EQUITY PORTFOLIO
Strategic Income Fund, Moderate Balanced Fund, Growth Balanced Fund, Aggressive
Balanced-Equity Fund, Diversified Equity Fund and Growth Equity Fund invest in
Portfolios (as defined in the Prospectus). Each of the Funds now invests in
International Equity Portfolio in addition to the Portfolios in the Prospectus.
This Portfolio is advised by Wells Fargo Bank ("WFB") and subadvised by Wells
Capital Management Incorporated ("WCM"), affiliates of Norwest. References in
the Prospectus to the "Adviser" include, as applicable, references to WFB and
references to "Subadviser" include, as applicable, references to WCM.
A. INVESTMENT OBJECTIVE AND POLICY. The following is inserted
immediately preceding the section entitled "Schroder EM Core Portfolio" on Page
55:
INTERNATIONAL EQUITY PORTFOLIO. The Portfolio seeks long-term total
return, with an emphasis on capital appreciation, by investing
primarily in equity securities of foreign companies. The Portfolio
invests at least 80% of its assets in a diversified portfolio of common
stock of companies located or operating in developed and emerging
markets. It is expected that the securities held by the Portfolio will
be traded on a stock exchange or other market in the country in which
the issuer is based, but they also may be traded in other countries,
including the United States. The Portfolio must invest its assets in
the securities of at least five different countries other than the
United States. The Portfolio may also invest in American Depositary
Receipts, European Depositary Receipts, or other similar instruments
convertible into securities of foreign issuers.
The Adviser uses a fundamentals-driven, value-oriented analysis to
identify companies with above-average potential for long-term growth.
The Adviser considers a company's historical performance and its
projected future earnings. The Adviser also considers other key
criteria such as a company's local, regional or global franchise;
history of effective management demonstrated by expanding revenues and
earnings growth; prudent financial and accounting policies and ability
to take advantage of a changing business environment. In allocating
among countries, regions and industry sectors, the Adviser considers
economic growth prospects, monetary and fiscal policies, political
stability, currency trends, market liquidity and investor sentiment.
<TABLE>
<S> <C> <C>
Currency Rate Risk Foreign Risk Geographic Concentration Risk
Leverage Risk Market Risk
</TABLE>
B. ADVISER, SUBADVISER AND PORTFOLIO MANAGERS. The following is
inserted immediately following the paragraph entitled "Schroder Capital
Management International Inc." on Page 60:
WELLS FARGO BANK, or WFB, is the investment adviser for International
Equity Portfolio. In this capacity, WFB makes investment decisions for
and administers the Portfolio's investment program. WFB's address is
525 Market Street, San Francisco, CA 94105.
The following is inserted immediately following the paragraph entitled "Smith
Asset Management Group, L.P." on page 60:
WELLS CAPITAL MANAGEMENT INCORPORATED, or WCM, a wholly-owned
subsidiary of WFB, is the investment Subadviser for International
Equity Portfolio. WCM provides investment advisory services to various
bank and thrift institutions, investment companies, pension and profit
sharing plans, trusts, estates, corporations and other business
entities. WCM's address is 525 Market Street, 10th Floor, San
Francisco, CA 94105.
The following is inserted immediately preceding the subsection entitled
"Schroder EM Core Portfolio" on Pages 64, 66 and 68:
<TABLE>
<S> <C>
PORTFOLIO: INTERNATIONAL EQUITY PORTFOLIO
SUBADVISER: WCM
PORTFOLIO MANAGERS: Katherine Schapiro, CFA (1999) and Stacey Ho, CFA (1999)
ADVISORY FEE: 1.20%
</TABLE>
The following is inserted immediately preceding the section entitled "Dormant
Investment Advisory Arrangements" on Page 72:
Wells Fargo Portfolio Managers:
STACEY HO, CFA, associated with WCM since 1997. Ms. Ho is co-manager
for the international equity portfolios and funds. Prior thereto, she
was a senior portfolio manager at Clemente Capital Management and
prior thereto, managed Japanese and U.S. equity portfolios at Edison
International.
KATHERINE SCHAPIRO, CFA, associated with WFB since 1992. Prior to her
association with WFB, she was a vice president and fund manager for
Newport Pacific Management, an international investment advisory firm
based in San Francisco. Ms. Schapiro is President of the Security
Analysts of San Francisco.
C. ALLOCATION OF ASSETS TO INTERNATIONAL EQUITY PORTFOLIO. The following table
sets forth the current allocations of each Fund in the International style and
in the international Portfolios. The table also lists the applicable page number
in the Prospectus and the number of Portfolios in which the Fund invests.
<TABLE>
<S> <C> <C> <C> <C> <C>
- ----------------------------------------- ------------ ---------------- ---------------- --------------- ---------------
INTERNATIONAL SCHRODER EM
INTERNATIONAL INTERNATIONAL EQUITY CORE PORTFOLIO
STYLE PORTFOLIO PORTFOLIO
---------------- ---------------- --------------- ---------------
------ --------- ------ --------- ----- --------- ----- ---------
FUND NAME (PAGE NUMBERS) PORTFOLIOS % % RANGE % % RANGE % % RANGE % % RANGE
- ----------------------------------------- ------------ ------ --------- ------ --------- ----- --------- ----- ---------
Strategic Income 17 3 1.5-4.5 2.2 0.9-3.5 0.7 0.3-1.0 0.1 0-0.7
(35) 16 6 3.8-8.3 4.4 2.3-6.4 1.4 0.8-1.9 0.2 0-1.3
Moderate Balanced
(39-40)
Growth Balanced 15 9.8 6.8-12.8 7.2 4.2-9.9 2.2 1.5-2.9 0.4 0-2
(40-41)
Aggressive Balanced-Equity (41-42) 15 12 9-15 8.8 5.6-11.6 2.7 2-3.4 0.5 0-2.3
Diversified Equity 12 15 13.5-16.5 11.0 8.1-13.1 3.4 1.9-4.9 0.6 0-2.6
(44-45)
Growth Equity 9 30 28-32 22.1 17-25.3 6.8 4.8-8.8 1.2 0-5.1
(45-46)
- ----------------------------------------- ------------ ------ --------- ------ --------- ----- --------- ----- ---------
</TABLE>
IV. SMALL COMPANY STOCK PORTFOLIO
Strategic Income Fund, Moderate Balanced Fund, Growth Balanced Fund, Aggressive
Balanced-Equity Fund, Diversified Equity Fund, Growth Equity Fund, Diversified
Small Cap Fund and Small Company Stock Fund invest in Small Company Stock
Portfolio. All references in the prospectus to Crestone Capital Management, Inc.
(subadviser of Small Company Stock Portfolio) and to Kirk McCown of Crestone,
the portfolio manager of the Portfolio, are deleted.
The portfolio manager for Small Company Stock Portfolio (as described on page
70) has been changed. The following replaces, in its entirety, the subsection
beginning "Portfolio: Small Company Stock Portfolio" under the sections entitled
"Strategic Income Fund," "Moderate Balanced Fund, Growth Balanced Fund,
Aggressive Balanced-Equity Fund," "Diversified Equity Fund, Growth Equity Fund,"
"Diversified Small Cap Fund" and "Small Company Stock Fund" in the tables on
Pages 64 to 69:
PORTFOLIO: SMALL COMPANY STOCK PORTFOLIO
PORTFOLIO MANAGERS: Thomas Zeifang (1999)
ADVISORY FEE: 0.90%
The following is inserted in the section entitled "Portfolio Managers-Norwest
Portfolio Managers" on Page 70:
THOMAS ZEIFANG, associated with Norwest or its affiliates since 1999.
Mr. Zeifang also is a portfolio manager at WCM, with whom he has been
associated since 1995. Prior to 1995, he served as an analyst at Fleet
Investment Advisors.
V. SMALL CAP OPPORTUNITIES FUND
Small Cap Opportunities Fund formerly invested all of its assets in Schroder
U.S. Smaller Companies Portfolio. The Fund currently invests all of its assets
directly in a portfolio of securities. References in the Prospectus to "Schroder
U.S. Smaller Companies Portfolio" are deleted. The Fund's investment adviser is
Norwest Investment Management, Inc. ("Norwest") and the Fund's investment
subadviser is Schroder Capital Management International Inc. ("Schroder"). The
Fund's portfolio manager, investment objective and policies did not change.
Norwest is entitled to receive an annual fee of 0.60% of the Fund's average
daily net assets. The Fund does not compensate Schroder directly for subadvisory
services; rather, Norwest compensates Schroder out of Norwest's advisory fee.
The Fund's annual operating expense ratio net of fee waivers and expense
reimbursements will remain the same. The Fund's total annual operating expenses
and other expenses absent fee waivers and expense reimbursements are estimated
to be 1.28% and 0.68%, respectively.
VI. STABLE INCOME PORTFOLIO
Stable Income Fund, Strategic Income Fund and Moderate Balanced Fund invest in
Stable Income Portfolio. Effective July 19, 1999, John Huber is the sole
portfolio manager of the Portfolio. All references to Karl P. Tourville are
deleted. The following replaces, in its entirety, the subsection beginning
"Portfolio: Stable Income Portfolio" under the sections entitled "Stable Income
Fund," "Strategic Income Fund," and "Moderate Balanced Fund, Growth Balanced
Fund, Aggressive Balanced-Equity Fund," in the tables on Pages 62 to 65:
PORTFOLIO: STABLE INCOME PORTFOLIO
PORTFOLIO MANAGER: John Huber (1998)
ADVISORY FEE: 0.30%
VII. VALUGROWTH STOCK FUND
Ms. Kelli K. Hill became the portfolio manager for ValuGrowth Stock Fund (as
described on page 67) on July 1, 1999. All references in the prospectus to
Charles J. Meyer, the portfolio manager of the Fund prior to July 1, 1999 are
deleted. The following replaces, in its entirety, the subparagraph entitled
"ValuGrowth Stock Fund" under the section entitled "Equity Funds" on Page 67:
PORTFOLIO MANAGER: Kelli K. Hill (1999)
ADVISORY FEE: 0.80%- 1st $300 million, 0.76%- next $400
million, 0.72%- remaining
The following is inserted in the section entitled "Portfolio Managers-Norwest
Portfolio Managers" on Page 70:
KELLI K. HILL, associated with Norwest since 1999. Ms. Hill is also a
portfolio manager at WCM, with whom she has been associated since
1989. Ms. Hill is also the Treasurer for the San Francisco Ballet
Association Encore!, and a board member for Las Casa de les Madres,
the largest women's shelter in the San Francisco area.
VIII. DETERMINATION OF NET ASSET VALUE
The following table replaces the table in the section entitled "Determination of
Net Asset Value" on page 82 of the prospectus:
<TABLE>
<S> <C>
Municipal Money Market Fund Noon, Eastern Time
Treasury Fund 1:00 p.m., Eastern Time
U.S. Government Fund 2:00 p.m., Eastern Time
Cash Investment Fund and Ready Cash Investment Fund 3:00 p.m., Eastern Time
Each Other Fund 4:00 p.m., Eastern Time
Treasury Plus Fund 5:00 p.m., Eastern Time
</TABLE>
