NORWEST ADVANTAGE FUNDS /ME/, 485APOS, 1999-09-16

NORWEST ADVANTAGE FUNDS /ME/
485APOS, 1999-09-16

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As filed with the Securities and Exchange Commission on September 16, 1999

File Nos. 33-9645 and 811-4881

SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549

FORM N-1A

REGISTRATION STATEMENT UNDER THE
SECURITIES ACT OF 1933

Post-Effective Amendment No. 59

AND

REGISTRATION STATEMENT UNDER THE
INVESTMENT COMPANY ACT OF 1940

Amendment No. 60

NORWEST ADVANTAGE FUNDS
(Formerly "Norwest Funds" and "Prime Value Funds, Inc.")

Two Portland Square
Portland, Maine 04101
(207) 879-1900

Don L. Evans, Esq.
Forum Administrative Services, LLC
Two Portland Square
Portland, Maine 04101

Copies to:

Anthony C. J. Nuland, Esq.
Seward & Kissel, LLP
1200 G Street, N.W.
Washington, D.C. 20005

- --------------------------------------------------------------------------------
It is proposed that this filing will become effective:

[ ] immediately upon filing pursuant to Rule 485, paragraph (b)
[ ] on_________________ pursuant to Rule 485, paragraph (b)
[X] 60 days after filing pursuant to Rule 485, paragraph (a)(1)
[ ] on _________________ pursuant to Rule 485, paragraph (a)(1)
[ ] 75 days after filing pursuant to Rule 485, paragraph (a)(2)
[ ] on _________________ pursuant to Rule 485, paragraph (a)(2)
[ ] this post-effective amendment designates a new effective date for a
previously filed post-effective amendment.

Title of Securities Being Registered: Cash Investment Fund, Ready Cash
Investment Fund, U.S. Government Fund, Treasury Plus Fund, Treasury Fund,
Municipal Money Market Fund, Stable Income Fund, Limited Term Government Income
Fund, Intermediate Government Income Fund, Diversified Bond Fund, Income Fund,
Total Return Bond Fund, Strategic Income Fund, Limited Term Tax-Free Fund,
Tax-Free Income Fund, Colorado Tax-Free Fund, Minnesota Intermediate Tax-Free
Fund, Minnesota Tax-Free Fund, Moderate Balanced Fund, Growth Balanced Fund,
Aggressive Balanced Equity Fund, Index Fund, Income Equity Fund, ValuGrowthSM
Stock Fund, Diversified Equity Fund, Growth Equity Fund, Large Company Growth
Fund, Diversified Small Cap Fund, Small Company Stock Fund, Small Cap
Opportunities Fund, Small Company Growth Fund, International Fund, Performa
Strategic Value Bond Fund, Performa Disciplined Growth Fund, Performa Small Cap
Value Fund, Performa Global Growth Fund, Norwest WealthBuilder II Growth
Balanced Portfolio, Norwest WealthBuilder II Growth and Income Portfolio and
Norwest WealthBuilder II Growth Portfolio.

Ready Cash Investment Fund, Stable Income Fund, Total Return Bond Fund, Index
Fund, Income Equity Fund, Large Company Growth Fund, Small Company Growth Fund,
Performa Strategic Value Bond Fund, Performa Disciplined Growth Fund and
Performa Small Cap Value Fund of Registrant are structured as master-feeder
funds and this amendment is also executed by Core Trust (Delaware).

<PAGE>

PROSPECTUS
October 1, 1999

CASH INVESTMENT FUND

READY CASH
INVESTMENT FUND

U.S. GOVERNMENT FUND

TREASURY PLUS FUND

TREASURY FUND

MUNICIPAL
MONEY MARKET FUND

AN INVESTMENT IN A FUND IS NOT A DEPOSIT OF NORWEST BANK MINNESOTA, N.A. OR ANY
OTHER BANK AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY OTHER GOVERNMENT AGENCY.

The U.S. Securities and Exchange Commission has not approved or disapproved
these securities or determined if this prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.

<PAGE>

TABLE OF CONTENTS

1. RISK/RETURN SUMMARY..........................
FEES AND EXPENSES OF THE FUNDS................
2. GLOSSARY.....................................
3. INVESTMENT OBJECTIVES, STRATEGIES AND RISK
CONSIDERATIONS................................
Investment Objectives and Strategies..........
Cash Investment Fund and Ready Cash
Investment Fund...............................
U.S. Government Fund..........................
Treasury Plus Fund............................
Treasury Fund.................................
Municipal Money Market Fund...................
4. Risk Considerations...........................
5. OTHER CONSIDERATIONS..........................
6. MANAGEMENT OF THE FUNDS......................
7. HOW TO BUY AND SELL SHARES...................
Classes of Shares.............................
Determination of Net Asset Value..............
General Purchase Information..................
General Redemption Information................
Exchanges.....................................
8. DISTRIBUTIONS AND TAX MATTERS................
9. OTHER INFORMATION............................
10. FINANCIAL HIGHLIGHTS.........................

<PAGE>

RISK/RETURN SUMMARY

The following is a summary of certain key information about the Funds. You will
find additional information about the Funds after this summary.

OBJECTIVES. The investment objectives of the Funds are high current income to
the extent consistent with preservation of capital and liquidity. The Municipal
Money Market Fund seeks current income that is exempt from federal income taxes.

PRINCIPAL INVESTMENT STRATEGY. The Funds are "money market funds" that seek to
maintain a stable net asset value of $1.00 per share. Each Fund pursues its
objectives by maintaining a portfolio of high-quality money market securities.
Each Fund primarily invests in:

o Cash Investment Fund and Ready Cash Investment Fund: Money market
instruments of U.S. and foreign issuers.

o U.S. Government Fund: Securities issued or guaranteed by the U.S.
Government, its agencies or instrumentalities.

o Treasury Plus Fund: Securities issued or guaranteed by the U.S.
Treasury and repurchase agreements on those obligations.

o Treasury Fund: Securities issued or guaranteed by the U.S. Treasury.

o Municipal Money Market Fund: Tax-exempt municipal securities.

PRINCIPAL RISKS. The principal risks of investing in the Funds are:

o Interest Rate Risk: This is the risk that changes in interest rates
will affect the value of a Fund's investments, particularly those
investments in debt or income-producing securities. Increases in
interest rates may cause the value of a Fund's investments to decline.

o Credit Risk: This is the risk that the issuer of a security will be
unable to make timely payments of interest or principal or to
otherwise honor its obligations.

Another Important Thing For You To Note. Although the Funds seek to preserve the
value of your investment at $1.00 per share it is possible to lose money by
investing in the Funds.

BAR CHART AND PERFORMANCE INFORMATION

For each Fund, the bar chart shows the Fund's annual total returns and the
performance table shows the Fund's average annual total returns. The bar
chart and performance table provide an indication of the historical risk of
an investment in each Fund by showing:

o changes in the Fund's performance from year to year over 10 years or,
if less, the life of the Fund; and

o the Fund's average annual total returns for one, five and ten years,
or, if less, the life of the Fund.

1
<PAGE>

CASH INVESTMENT FUND

[EDGAR Representation of Bar Chart]

1989 9.20%
1990 8.18%
1991 6.06%
1992 3.79%
1993 3.18%
1994 3.84%
1995 5.75%
1996 5.21%
1997 5.36%
1998 5.32%

The calendar year-to-date total return as of June 30, 1999 was 2.32%.

During the periods shown in the chart, the highest quarterly return was
2.37% (for the quarter ended June 30, 1989) and the lowest quarterly return
was 0.74% (for the quarter ended March 31, 1991).

The following table lists the Fund's average annual total returns as of
December 31, 1998.

Cash Investment
Year(s) Fund
1 Year 5.32%
5 Year 5.09%
10 Year 5.57%
Since Inception (10/14/87) 5.77%

READY CASH INVESTMENT FUND

[EDGAR Representation of Bar Chart]

1989 8.84%
1990 7.78%
1991 5.75%
1992 3.52%
1993 2.79%
1994 3.49%
1995 5.42%
1996 4.87%
1997 5.02%
1998 4.96%

The calendar year-to-date total return as of June 30, 1999 was
2.14%.

During the periods shown in the chart, the highest quarterly return was 2.29%
(for the quarter ended June 30, 1989) and the lowest quarterly return was 0.64%
(for the quarter ended March 31, 1994).

The following table lists the Fund's average annual total returns as of December
31, 1998.

2
<PAGE>

Ready Cash
Year(s) Investment Fund
1 Year 4.96%
5 Year 4.75%
10 Year 5.23%
Since Inception (12/20/88) 5.39%

U.S. GOVERNMENT FUND

[EDGAR Representation of Bar Chart]

1989 8.86%
1990 7.87%
1991 5.78%
1992 3.49%
1993 2.98%
1994 3.80%
1995 5.51%
1996 5.01%
1997 5.16%
1998 5.07%

The calendar year-to-date total return as of June 30, 1999 was
2.22%.

During the periods shown in the chart, the highest quarterly return was 2.27%
(for the quarter ended June 30, 1989) and the lowest quarterly return was 0.72%
(for the quarter ended June 30, 1993).

The following table lists the Fund's average annual total returns as of December
31, 1998.

U.S. Government
Year(s) Fund
1 Year 5.07%
5 Year 4.91%
10 Year 5.34%
Since Inception (11/16/87) 5.53%

3
<PAGE>

TREASURY FUND

[EDGAR Representation of Bar Chart]

1991 5.79%
1992 3.45%
1993 2.78%
1994 3.63%
1995 5.29%
1996 4.83%
1997 4.95%
1998 4.80%

The calendar year-to-date total return as of June 30, 1999 was
2.10%.

During the periods shown in the chart, the highest quarterly return was 1.60%
(for the quarter ended March 31, 1991) and the lowest quarterly return was 0.68%
(for the quarter ended March 31, 1994).

The following table lists the Fund's average annual total returns as of December
31, 1998.

Treasury
Year(s) Fund
1 Year 4.80%
5 Year 4.70%
Since Inception (12/3/90) 4.47%

MUNICIPAL MONEY MARKET FUND

[EDGAR Representation of Bar Chart]

1989 5.93%
1990 5.48%
1991 4.07%
1992 2.51%
1993 2.00%
1994 2.51%
1995 3.53%
1996 3.07%
1997 3.20%
1998 2.99%

The calendar year-to-date total return as of June 30, 1999 was
1.27%.

During the periods shown in the chart, the highest quarterly return was 1.58%
(for the quarter ended June 30, 1989) and the lowest quarterly return was 0.47%
(for the quarter ended March 31, 1993).

4
<PAGE>

The following table lists the Fund's average annual total returns as of December
31, 1998.

Municipal Money
Year(s) Market Fund
1 Year 2.99%
5 Year 3.06%
10 Year 3.52%
Since Inception (1/7/88) 3.64%

5
<PAGE>

FEES AND EXPENSES OF THE FUNDS

The following tables describe the fees and expenses that you will pay if you
invest in the Funds.

SHAREHOLDER TRANSACTION EXPENSES
(fees paid directly from your investment)

None

ANNUAL FUND OPERATING EXPENSES (1)
(expenses that are deducted from Fund assets)
Cash Ready Cash U.S. Treasury
Investment Investment Government Plus
Fund Fund Fund Fund
Investor
Shares
------------- -- --------------- -- --------------- -- -------------
Investment Advisory Fees 0.23% 0.33% 0.13% 0.20%
Other Expenses(2) 0.33% 0.49% 0.39% 0.64%
Total Annual Fund Operating Expenses(3) 0.56% 0.82% 0.52% 0.84%

Treasury Municipal Money
Fund Market Fund
Institutional Investor Shares
Shares
------------- -- --------------- ------------------
Investment Advisory Fees 0.14% 0.33% 0.33%
Other Expenses(2) 0.39% 0.24% 0.53%
Total Annual Fund Operating Expenses(3) 0.53% 0.57% 0.86%

</TABLE>

(1) Based on amounts incurred during each Fund's fiscal year ended May 31, 1999
stated as a percentage of net assets.

(2) Other expenses are based on estimated amounts for the current fiscal year.

(3) The Funds are subject to voluntary fee waivers and expense reimbursements
that reduce the operating expenses of the Funds. See the Financial
Highlights table for information about fund expenses net of fee waivers and
expense reimbursements.

EXAMPLES OF EXPENSES

These examples are intended to help you compare the cost of investing in a Fund
with the cost of investing in other mutual funds. The examples assume that you
invest $10,000 in a Fund for the time periods indicated, that your investment
has a 5% annual return, that the Fund's operating expenses remain the same, and
that distributions are reinvested. Your actual costs may be higher or lower than
those shown.

YOU WOULD PAY THE FOLLOWING EXPENSES ASSUMING THAT YOU REDEEM YOUR SHARES AT THE
END OF EACH PERIOD:

- ----------------------- ----------------------- ------------------------ --------------------

Cash Investment Ready Cash Investment U.S. Government
Fund Fund Fund
- ----------------------- ----------------------- ------------------------ --------------------
- ----------------------- ----------------------- ------------------------ --------------------
Investor Shares
- -----------------------
----------------------- ------------------------ --------------------
1 YEAR 57 84 53
- ----------------------- ----------------------- ------------------------ --------------------
3 YEARS 179 262 167
- ----------------------- ----------------------- ------------------------ --------------------
5 YEARS 313 455 291
- ----------------------- ----------------------- ------------------------ --------------------
10 YEARS 701 1,014 653
- ----------------------- ----------------------- ------------------------ --------------------

6
<PAGE>

- ----------------------- ----------------------- ------------------------ ----------------------------------

Treasury Plus Treasury Municipal Money
Fund Fund Market Fund
- ----------------------- ----------------------- ------------------------ ----------------------------------
- ----------------------- ----------------------- ------------------------ ---------------- -----------------
Institutional Investor
Shares Shares
- -----------------------
----------------------- ------------------------ ---------------- -----------------
1 YEAR 86 54 58 88
- ----------------------- ----------------------- ------------------------ ---------------- -----------------
3 YEARS 268 170 183 274
- ----------------------- ----------------------- ------------------------ ---------------- -----------------
5 YEARS 466 296 318 477
- ----------------------- ----------------------- ------------------------ ---------------- -----------------
10 YEARS 1,037 665 714 1,061
- ----------------------- ----------------------- ------------------------ ---------------- -----------------

You would pay the following expenses assuming that you do NOT redeem your shares
at the end of the periods shown:

- ----------------------- ----------------------- ------------------------ --------------------

- ----------------------- ----------------------- ------------------------ ----------------------------------

Treasury Plus Treasury Municipal Money
Fund Fund Market Fund

- ----------------------- ----------------------- ------------------------ ----------------------------------
- ----------------------- ----------------------- ------------------------ ---------------- -----------------

Institutional Investor
Shares Shares

- -----------------------
----------------------- ------------------------ ---------------- -----------------

1 YEAR 86 54 58 88

- ----------------------- ----------------------- ------------------------ ---------------- -----------------

3 YEARS 268 170 183 274

- ----------------------- ----------------------- ------------------------ ---------------- -----------------

5 YEARS 466 296 318 477

- ----------------------- ----------------------- ------------------------ ---------------- -----------------

10 YEARS 1,037 665 714 1,061

- ----------------------- ----------------------- ------------------------ ---------------- -----------------

</TABLE>

7
<PAGE>

GLOSSARY

This Glossary of frequently used terms will help you understand the discussion
of the Funds' objectives, strategies and risks.

TERM DEFINITION

AMT Alternative minimum tax.

Board The Board of Trustees of Norwest Advantage
Funds.

Municipal Security A debt security issued by or on
behalf of the states, territories, or
possessions of the United States, the
District of Columbia, and their
subdivisions, authorities,
instrumentalities, and corporations, with
interest exempt from federal income tax.

NRSRO A nationally recognized statistical rating
organization, such as Standard & Poor's
Corporation, that rates fixed income
securities and money market funds by
relative credit risk.

SEC The U. S. Securities and Exchange
Commission.

U.S. Government Security A security issued or guaranteed as to
principal and interest by the U. S.
Government, its agencies, or its
instrumentalities.

U.S. Treasury Security A security issued or guaranteed by the
U.S. Treasury.

8
<PAGE>

INVESTMENT OBJECTIVES, STRATEGIES AND RISK CONSIDERATIONS

This section of the prospectus provides a more complete description of
each Fund's investment objective and principal strategies and risks.
Except as otherwise indicated, the Board may change the Funds'
investment policies without shareholder approval. The Funds' investment
objectives are fundamental. There can, of course, be no assurance that
any Fund will achieve its investment objective.

INVESTMENT OBJECTIVES AND STRATEGIES

The investment objectives of the Funds are high current income to the
extent consistent with preservation of capital and liquidity. The
Municipal Money Market Fund seeks current income that is exempt from
federal income taxes.

The Funds' investments are made under the requirements of a SEC rule
governing money market funds. Each Fund invests only in high-quality,
U.S. dollar-denominated short-term money market instruments that are
determined by the Adviser, under procedures adopted by the Board, to be
eligible for purchase and to present minimal credit risks. The Funds
may invest in securities with fixed, variable, or floating rates of
interest.

High-quality instruments include those that: (1) are rated (or, if
unrated, are issued by an issuer with comparable outstanding short-term
debt that is rated) in 1 of the 2 highest rating categories by 2 NRSROs
or, if only 1 NRSRO has issued a rating, by that NRSRO; or (2) are
otherwise unrated and determined by the Adviser to be of comparable
quality. Each Fund, other than Municipal Money Market Fund, invests at
least 95% of its total assets in securities in the highest rating
category.

CASH INVESTMENT FUND and READY CASH INVESTMENT FUND

The Funds are "gateway" funds in a "core/gateway" structure. In this
structure a "gateway" fund invests some or all of it assets in one or
more "core portfolios" that have a substantially identical investment
objective and substantially similar policies as the gateway fund.
Gateway funds investing in the same core portfolio, or Portfolio, can
enhance their investment opportunities and reduce their expense ratios
through sharing the costs of managing a large pool of assets. Except
when necessary to describe a Fund's investment in a core portfolio,
references to the gateway Fund also include the Portfolio.

CASH INVESTMENT FUND invests equally in 2 Portfolios - Money
Market Portfolio and Prime Money Market Portfolio. Cash Investment
Fund, Money Market Portfolio, and Prime Money Market Portfolio
generally have the same investment objectives and investment
policies. Because Prime Money Market Portfolio seeks to maintain a
rating within the 2 highest short-term categories assigned by at
least 1 NRSRO, it is more limited in the type and amount of
securities it may purchase.

READY CASH INVESTMENT FUND invests its assets in Prime Money
Market Portfolio. The Fund seeks to maintain a rating within the
two highest categories assigned by an NRSRO.

The Funds invest in a broad spectrum of high-quality money market
instruments of U.S. and foreign issuers, including U.S. Government
securities, municipal securities, and corporate debt securities.

The Funds may invest in obligations of financial institutions. These
include negotiable certificates of deposit, bank notes, bankers'
acceptances, and time deposits of U.S. banks (including savings banks
and savings associations), foreign branches of U.S. banks, foreign
banks and their non-U.S. branches, U.S. branches and agencies of
foreign banks, and wholly-owned banking-related subsidiaries of foreign
banks. The Funds limit their investments in obligations of financial
institutions to institutions that at the time of investment have total
assets in excess of $1 billion, or the equivalent in other currencies.

Each Fund normally will invest more than 25% of its total assets in the
obligations of domestic and foreign financial institutions, their
holding companies, and their subsidiaries. Neither Fund may invest more
than 25% of its total assets in any other single industry.

U.S. GOVERNMENT FUND

The Fund invests primarily in U.S. Government securities and repurchase
agreements for U.S. Government securities. Under normal circumstances,
the Fund invests at least 65% of its total assets in these securities.
The Fund may invest in zero coupon U.S. Government securities.

9
<PAGE>

TREASURY PLUS FUND

Under normal circumstances, the Fund invests at least 80% of its total
assets in U.S. Treasury securities and in repurchase agreements for
U.S. Treasury securities. The Fund also may invest in U.S. Government
securities and in repurchase agreements for U.S. Government securities.
The Fund may invest in zero coupon securities.

TREASURY FUND

The Fund invests solely in U.S. Treasury securities, including
zero-coupon securities.

MUNICIPAL MONEY MARKET FUND

The Fund expects to invest 100% of its assets in municipal securities,
including short-term municipal bonds and municipal notes and leases.
These investments may have fixed, variable or floating rates of
interest and may be zero-coupon securities. As part of its objective,
the Fund normally will invest at least 80% of its total assets in
federally tax-exempt instruments whose income may be subject to the
federal AMT. The Fund may invest up to 20% of its total assets in
securities that pay interest income subject to federal income tax.

The Fund may invest more than 25% but, under normal circumstances, will
not invest more than 35% of its assets in issuers located in a single
state. The Fund may invest more than 25% of its assets in industrial
development bonds and in participation interests in these types of
bonds issued by banks.

RISK CONSIDERATIONS

The Funds' principal risks are interest rate risk and credit risk.
Because the Funds invest in short-term securities, a decline in
interest rates will affect the Funds' yields as these securities mature
or are sold and the Funds purchase new short-term securities with lower
yields. Generally, an increase in interest rates causes the value of a
debt instrument to decrease. The change in value for short-term
securities is usually smaller than for securities with longer
maturities. Because the Funds invest in securities with short
maturities and seek to maintain a stable net asset value of $1.00 per
share, it is possible, though unlikely, that an increase in interest
rates would change the value of your investment.

Credit risk is the possibility that a security's credit rating will be
downgraded or that the issuer of a security will default (fail to make
scheduled interest and principal payments). The Funds invest in
highly-rated securities to minimize credit risk.

The Cash Investment and Ready Cash Investment Funds' foreign
investments may be subject to foreign risk. Foreign securities issuers
usually are not subject to the same degree of regulation as U.S.
issuers. Reporting, accounting and auditing standards of foreign
countries differ, in some cases, significantly from U.S. standards.
Foreign risk includes nationalization, expropriation or confiscatory
taxation, political changes or diplomatic developments that could
adversely affect a Fund's investments.

The Municipal Money Market Fund faces municipal market risk and
geographic concentration risk. Municipal market risk is the risk that
special factors may adversely affect the value of municipal securities
and have a significant effect on the yield or value of the Fund's
investments. These factors include political or legislative changes,
uncertainties related to the tax status of municipal securities, or the
rights of investors in these securities. The Fund's investments in
certain municipal securities with principal and interest payments that
are made from the revenues of a specific project or facility, and not
general tax revenues, may have increased risks. Factors affecting the
project or facility, such as local business or economic conditions,
could have a significant effect on the project's ability to make
payments of principal and interest on those securities.

Geographic concentration risk is the risk that factors adversely
affecting the Fund's investments in issuers located in a state, country
or region will affect the Fund's net asset value more than would be the
case if the Fund had made more geographically diverse investments.

10
<PAGE>

OTHER CONSIDERATIONS

YEAR 2000

Certain computer systems may not process date-related information
properly on and after January 1, 2000. The Adviser is addressing this
matter for its systems. The Funds' other service providers have
informed the Funds that they are taking similar measures. Investments
in foreign companies are particularly vulnerable to Year 2000 risk
because these companies may not have the financial resources,
technology, or personnel needed to address Year 2000 readiness
concerns. This matter, if not corrected, could adversely affect the
services provided to the Funds or the issuers in which the Funds invest
and could, therefore, lower the value of your Fund shares.

MANAGEMENT OF THE FUNDS

INVESTMENT ADVISORY SERVICES

Norwest Investment Management, Inc. is the investment adviser for each
Fund and each Portfolio. In this capacity, Norwest makes investment
decisions for and administers the Funds' and Portfolios' investment
programs. Norwest Investment Management, Inc.'s address is Norwest
Center, Sixth Street and Marquette, Minneapolis, MN 55479.

Listed below, for each Fund, are the portfolio managers primarily
responsible for the day-to-day management of the Fund's investments.
The year a portfolio manager began managing a Fund's or Portfolio's
portfolio follows the manager's name in parenthesis. The list includes
the investment advisory fees payable to Norwest by the Fund and by any
Portfolios in which it invests. The list states the investment
advisory fees on an annualized basis as a percentage of a Fund's or
Portfolio's average daily net assets. Descriptions of the portfolio
managers' recent experience follow the list of portfolio managers and
advisory fees.

How investment advisory fees are paid depends on whether or not a Fund
invests in Portfolios.

o If a Fund invests directly in a portfolio of securities,
Norwest receives an investment advisory fee directly from
the Fund.

o If a Fund invests in one or more Portfolios, Norwest
receives an investment advisory fee from the Portfolio or
Portfolios.

Cash Investment Fund
Portfolio: Prime Money Market Portfolio
Portfolio Managers: David D. Sylvester (1987), Laurie R. White (1991), and Robert G. Leuty
(1998)
Advisory Fee: 0.40% - first $300 million; 0.36% - next $400 million, and 0.32% - balance.

Portfolio: Money Market Portfolio
Portfolio Managers: David D. Sylvester (1987), Laurie R. White (1991), and Robert G. Leuty
(1998)
Advisory Fee: 0.20% - first $300 million; 0.16% - next $400 million, and
0.12% - balance.

Ready Cash Investment Fund
Portfolio: Prime Money Market Portfolio
Portfolio Managers: David D. Sylvester (1987), Laurie R. White (1991), and Robert G. Leuty
(1998)
Advisory Fee: 0.40% - first $300 million; 0.36% - next $400 million, and
0.32% - balance.

U.S. Government Fund
Treasury Fund
Treasury Plus Fund
Portfolio Managers: David D. Sylvester (1987, 1990, 1998), Laurie R. White (1991, 1991, 1998)
and Robert G. Leuty (1998)
Advisory Fee: for each Fund: 0.20% - first $300 million; 0.16% - next $400 million; and
0.12% - balance.

11
<PAGE>

Municipal Money Market Fund
Portfolio Manager: David D. Sylvester (1995), Laurie R. White (1998), and Robert G. Leuty
(1998).
Advisory Fee: 0.35% - first $500 million; 0.325% - next $500 million; and 0.30% -
balance.

</TABLE>

PORTFOLIO MANAGERS

ROBERT G. LEUTY, associated with Norwest and its affiliates since 1992. Mr.
Leuty is a senior portfolio manager.

DAVID D. SYLVESTEr, associated with Norwest and its affiliates since 1979. Mr.
Sylvester currently is a Managing Director - Reserve Asset Management.

LAURIE R. WHITE, associated with Norwest and its affiliates since 1991. Ms.
White is a Director-Reserve Asset Management.

DORMANT INVESTMENT ADVISORY ARRANGEMENTS

Norwest has been retained as a "dormant" or "back-up" investment adviser to
manage any assets redeemed and invested directly by a Fund that invests in 1 or
more Portfolios. Norwest does not receive any compensation under this
arrangement as long as a Fund invests entirely in Portfolios. If a Fund redeems
assets from a Portfolio and invests them directly, Norwest receives an
investment advisory fee from the Fund for the management of those assets.

OTHER FUND SERVICES

The FORUM FINANCIAL GROUP of companies provide managerial, administrative, and
underwriting services to the Funds. NORWEST BANK acts as the Funds' transfer
agent, distribution disbursing agent, and custodian.

HOW TO BUY AND SELL SHARES

CLASSES OF SHARES

This prospectus offers certain classes of shares of the Funds. Each class is
designed for a different type of investor and may have different fees or
investment minimums.

o All of the Funds, except Ready Cash Investment Fund, offer
Institutional Shares. Institutional Shares are designed for
institutional investors.

o Ready Cash Investment Fund and Municipal Money Market Fund offer
Investor Shares. Investor Shares are designed for retail investors.

DETERMINATION OF NET ASSET VALUE

Each Fund determines its net asset value or NAV on each Fund business day, which
is any day the New York Stock Exchange is open, by dividing the value of its net
assets (i.e.,. the value of its securities and other assets less its
liabilities) by the number of shares outstanding at the time the determination
is made. The Funds determine their NAVs at the following times:

------------------------------------------------------------ ------------------------------------------------------

Municipal Money Market Fund 12:00 p.m., Eastern Time

------------------------------------------------------------ ------------------------------------------------------
------------------------------------------------------------ ------------------------------------------------------

Treasury Fund 1:00 p.m., Eastern Time

------------------------------------------------------------ ------------------------------------------------------
------------------------------------------------------------ ------------------------------------------------------

U.S. Government Fund 2:00 p.m., Eastern Time

------------------------------------------------------------ ------------------------------------------------------
------------------------------------------------------------ ------------------------------------------------------

Cash Investment Fund and 3:00 p.m., Eastern Time
Ready Cash Investment Fund

------------------------------------------------------------ ------------------------------------------------------
------------------------------------------------------------ ------------------------------------------------------

Treasury Plus Fund 5:00 p.m., Eastern Time

------------------------------------------------------------ ------------------------------------------------------

</TABLE>

12
<PAGE>

In order to maintain NAVs per share at $1.00, the Funds (and Portfolios) value
their portfolio securities at amortized cost. Amortized cost valuation involves
valuing an instrument at its cost and then assuming a constant amortization to
maturity of any discount or premium.

You may purchase or sell (redeem) shares at a price equal to their NAV next
determined after receipt of your purchase order or redemption request in proper
form on Fund business days.

GENERAL PURCHASE INFORMATION

You may purchase shares directly or through a financial institution. The Funds'
transfer agent processes all transactions in Fund shares.

You may purchase and redeem Fund shares without a sales or redemption charge.
Investor Shares require a minimum initial investment of $1,000 and minimum
subsequent investments of $100. Institutional Shares require a minimum initial
investment of $100,000 and have no minimum for subsequent investments. Your
shares become eligible to receive distributions on the day that your purchase
order is received in proper form.

The Funds reserve the right to reject any subscription for the purchase of
shares, including subscriptions by market timers. You will receive share
certificates for your shares only if you request them in writing. No
certificates are issued for fractional shares.

Your order to purchase shares will not be complete until the Fund receives
immediately available funds. The Funds must receive purchase and redemption
orders before the times indicated below.

Times indicated are Eastern Time.

Fund Order Must Be Payment Must
Received By Be
Received By
Cash Investment Fund 3:00 p.m. 4:00 p.m.
Ready Cash Investment Fund 3:00 p.m. 4:00 p.m.
U.S. Government Fund 2:00 p.m. 4:00 p.m.
Treasury Plus Fund 5:00 p.m. 5:00 p.m.
Treasury Fund 1:00 p.m. 4:00 p.m.
Municipal Money Market Fund Noon 4:00 p.m.

The Funds may advance the time by which purchase or redemption orders and
payments must be received on days that the New York Stock Exchange or
Minneapolis Federal Reserve Bank closes early, the Public Securities Association
recommends that the government securities markets close early or other
circumstances affect a Fund's trading hours.

DIRECT PURCHASES

You may obtain an account application by writing Norwest Advantage Funds at the
following address:

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

13
<PAGE>

When you sign an application for a new Fund account, you are certifying that
your Social Security number or other taxpayer identification number is correct
and that you are not subject to backup withholding. Under certain circumstances
as noted in the account application, the Internal Revenue Service can require
the Funds to withhold 31% of your distributions and redemptions.

You must pay for your shares in U.S. dollars by check or money order drawn on a
U.S. bank, by bank or federal funds wire transfer, or by electronic bank
transfer. Cash cannot be accepted.

Call or write the transfer agent if you wish to participate in shareholder
services not offered on the account application or change information on your
account (such as addresses). Norwest Advantage Funds may in the future modify,
limit, or terminate any shareholder privilege upon appropriate notice and may
charge a fee for certain shareholder services, although no such fees are
currently contemplated. You may terminate your participation in any shareholder
program by writing to Norwest Advantage Funds.

PURCHASES BY MAIL

You may send a check or money order along with a completed account application
to Norwest Advantage Funds at the address listed above. Checks and money orders
are accepted at full value subject to collection. Payment by a check drawn on
any member of the Federal Reserve System can normally be converted into federal
funds within 2 business days after receipt of the check. Checks drawn on some
non-member banks may take longer. If your check does not clear, the purchase
order will be canceled and you will be liable for any losses or fees incurred by
Norwest Advantage Funds, the transfer agent or the distributor.

To purchase shares for individual or Uniform Gift to Minors Act accounts, you
must write a check or purchase a money order payable to Norwest Advantage Funds
or endorse a check made out to you to Norwest Advantage Funds. For corporation,
partnership, trust, 401(k) plan or other non-individual type accounts, make the
check used to purchase shares payable to Norwest Advantage Funds. No other
methods of payment by check will be accepted for these types of accounts.

PURCHASES BY BANK WIRE

You must first telephone the Funds' transfer agent at 1-612-667-8833 or
1-800-338-1348 to obtain an account number before making an initial investment
in a Fund by bank wire. Then instruct your bank to wire your money immediately
to:

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)

Complete and mail the account application promptly. Your bank may charge for
transmitting the money by wire. The Funds do not charge for the receipt of wire
transfers. The Funds treat payment by bank wire as a federal funds payment when
received.

PURCHASES THROUGH FINANCIAL INSTITUTIONS

You may purchase and redeem shares through certain broker-dealers, banks, and
other financial institutions. When you purchase a Fund's shares through a
financial institution, the shares may be held in your name or in the name of the
financial institution. Subject to your institution's procedures, you may have
Fund shares held in the name of your financial institution transferred into your
name. If your shares are held in the name of your financial institution, you
must contact the financial institution on matters involving your shares. Your
financial institution may charge you for purchasing, redeeming, or exchanging
shares.

14
<PAGE>

Subsequent Purchases of Shares

You can make subsequent purchases by mailing a check, by sending a bank wire, or
through a financial institution as indicated above. All payments should clearly
indicate your name and account number.

GENERAL REDEMPTION INFORMATION

You may redeem Fund shares at their NAV on any Fund business day. There is no
minimum period of investment and no restriction on the frequency of redemptions.

Fund shares are redeemed as of the next determination of the Fund's NAV
following receipt by the transfer agent of the redemption order in proper form
(and any supporting documentation that the transfer agent may require). Redeemed
shares are not entitled to receive distributions on the day on which the
redemption is effective.

Redemption orders for shares are accepted up to the times indicated above for
acceptance of purchase orders. As described above, the Funds may advance the
times for receipt of redemption orders.

Normally, redemption proceeds are paid immediately following receipt of a
redemption order in proper form. In any event, you will be paid within 7 days,
unless: (1) your bank has not cleared the check to purchase the shares (which
may take up to 15 days); (2) the New York Stock Exchange is closed (or trading
is restricted) for any reason other than normal weekend or holiday closings; (3)
there is an emergency in which it is not practical for the Fund to sell its
portfolio securities or for the Fund to determine its NAV; or (4) the SEC deems
it inappropriate for redemption proceeds to be paid. You can avoid the delay of
waiting for your bank to clear your check by paying for shares with wire
transfers. Unless otherwise indicated, redemption proceeds normally are paid by
check mailed to your record address.

To protect against fraud, the following must be in writing with a signature
guarantee: (1) endorsement on a share certificate; (2) instruction to change
your record name; (3) modification of a designated bank account for wire
redemptions; (4) instruction regarding an Automatic Investment Plan or Automatic
Withdrawal Plan; (5) distribution elections; (6) election of telephone
redemption privileges; (7) election of exchange or other privileges in
connection with your account; (8) written instruction to redeem shares whose
value exceeds $50,000; (9) redemption in an account when the account address has
changed within the last 30 days; (10) redemption when the proceeds are deposited
in a Norwest Advantage Funds account under a different account registration; and
(11) the payment of redemption proceeds to any address, person, or account for
which there are not established standing instructions.

You may obtain signature guarantees at any of the following types of
organizations: authorized banks, broker-dealers, national securities exchanges,
credit unions, savings associations, or other eligible institutions. The
specific institution must be acceptable to the transfer agent. Whenever a
signature guarantee is required, the signature of each person required to sign
for the account must be guaranteed.

The Funds and the transfer agent will use reasonable procedures to verify that
telephone requests are genuine, including recording telephone instructions and
sending written confirmations of the transactions. Such procedures are necessary
because the Funds and transfer agent could be liable for losses due to
unauthorized or fraudulent telephone instructions. You should verify the
accuracy of a telephone instruction as soon as you receive the confirmation
statement. Telephone redemption and exchanges may be difficult to implement in
times of drastic economic or market changes. If you cannot reach the transfer
agent by telephone, you may mail or hand-deliver requests to the transfer agent.

Because of the cost of maintaining smaller accounts, Norwest Advantage Funds may
redeem, upon not less than 60 days' written notice, any account with a NAV of
less than $100,000 immediately following any redemption, in the case of
Institutional Shares, and $1,000 immediately following any redemption, in the
case of Investor Shares.

REDEMPTION PROCEDURES

If you have invested directly in a Fund you may redeem your shares as described
below. If you have invested through a financial institution you may redeem
shares through the financial institution. If you wish to redeem shares by
telephone or receive redemption proceeds by bank wire you should complete the
appropriate sections of the account application. These privileges may not be
available until several weeks after the application is received. You may not
redeem shares by telephone if you have certificates for those shares.

15
<PAGE>

REDEMPTION BY MAIL. You may redeem shares by sending a written request to the
transfer agent accompanied by any share certificate you have been issued. Sign
all requests and endorse all certificates with signatures guaranteed.

REDEMPTION BY TELEPHONE. If you have elected telephone redemption privileges,
you may redeem shares by telephoning the transfer agent at 1-800-338-1348 or
1-612-667-8833 and providing your shareholder account number, the exact name in
which the shares are registered and your Social Security number or other
taxpayer identification number. Norwest Advantage Funds will mail a check to
your record address or, if you have chosen wire redemption privileges, wire the
proceeds.

REDEMPTION BY BANK WIRE. If you have elected wire redemption privileges, you may
request a Fund to transmit redemption proceeds of more than $5,000 by federal
funds wire to a bank account you have designated in writing. You must have
chosen the telephone redemption privilege to request bank redemptions by
telephone. Redemption proceeds are transmitted by wire on the Fund business day
the transfer agent receives a redemption request in proper form.

EXCHANGES

If you hold Institutional Shares, you may exchange those shares for
Institutional Shares of other Funds offering those shares. If you hold Investor
Shares, you may exchange those shares for Investor Shares of the Funds offering
Investor Shares. You may also exchange your shares for shares of other funds of
Norwest Advantage Funds not offered by this prospectus. Call or write the
transfer agent for both a list of funds that offer shares exchangeable with
those of the Funds and prospectuses of those funds.

The Funds do not charge for exchanges, and there is currently no limit on the
number of exchanges you may make. The Funds, however, may limit your ability to
exchange shares if you exchange too often. Exchanges are subject to the fees
charged by, and the limitations (including minimum investment restrictions) of
the Fund into which you are exchanging.

You may only exchange shares into a pre-existing account if that account is
identically registered. You must submit a new account application if you wish to
exchange shares into an account registered differently or with different
shareholder privileges. You may exchange into a Fund only if that Fund's shares
legally may be sold in your state of residence.

The Funds and federal tax law treat an exchange as a redemption and a purchase
of shares. The Funds may amend or terminate exchange procedures on 60 days'
notice.

EXCHANGES BY MAIL. You may make an exchange by sending a written request to the
transfer agent accompanied by any share certificates for the shares to be
exchanged. Sign all written requests and endorse all certificates with signature
guaranteed.

EXCHANGES BY TELEPHONE. If you have telephone exchange privileges, you may make
a telephone exchange by calling the transfer agent at 1-800-338-1348 or
1-612-667-8833 and giving your account number, the exact name in which the
shares are registered, and your Social Security number, or other taxpayer
identification number.

DISTRIBUTIONS AND TAX MATTERS

DISTRIBUTIONS

Distributions of net investment income are declared daily and paid monthly. Net
capital gain, if any, is distributed at least annually.

You have 3 choices for receiving distributions: the Reinvestment Option, the
Cash Option, and the Directed Dividend Option.

o Under the Reinvestment Option, all distributions of a Fund are
automatically invested in additional shares of that Fund. You are
automatically assigned this option unless you select another option.

16
<PAGE>

o Under the Cash Option, you are paid all distributions in cash.

o Under the Directed Dividend Option, if you own $10,000 or more of a Fund's
shares in a single account, you can have that Fund's distributions
reinvested in shares of another fund of Norwest Advantage Funds. Call or
write the transfer agent for more information about the Directed Dividend
Option.

All distributions are treated in the same manner for federal income tax purposes
whether received in cash or reinvested in shares of a fund. All distributions
reinvested in a fund are reinvested at the fund's NAV as of the payment date of
the distribution.

TAX MATTERS

The Funds are managed so that they do not owe federal income or excise taxes.
Distributions paid by a Fund out of its net investment income (including net
short-term capital gain) are taxable as ordinary income. Distributions of net
capital gain (i.e., the excess of net long-term capital gain over net short-term
capital loss), if any, are taxable as long-term capital gain, regardless of how
long a shareholder has held shares in the Fund. If a Fund receives investment
income from sources within foreign countries, that income may be subject to
foreign income or other taxes.

TAX-EXEMPT DISTRIBUTIONS

Generally, you will not be subject to federal income tax on distributions paid
by Municipal Money Market Fund out of tax-exempt interest income earned by the
Fund ("exempt-interest distributions"). If you use, or are related to someone
who uses, facilities financed by private activity bonds held by the Fund, you
may be subject to federal income tax on your pro rata share of the interest
income from those securities and should consult your tax adviser before
purchasing shares. Interest on certain private activity bonds is treated as an
item of tax preference for purposes of the federal AMT imposed on individuals
and corporations. As noted above, Municipal Money Market Fund may invest a
portion of its assets in securities that generate income that is not exempt from
federal income tax. Further, capital gains, if any, distributed by Municipal
Money Market Fund are subject to tax. In addition, exempt-interest distributions
are included in the "adjusted current earnings" of corporations for AMT
purposes. If you borrow money to purchase or carry the Fund's shares, the
interest on your debt generally is not deductible for federal income tax
purposes.

The federal income tax exemption on distributions of municipal securities
interest does not necessarily result in an exemption under the income or other
tax laws of any state or local taxing authority. You may be exempt from state
and local taxes on distributions of tax-exempt interest income derived from
obligations of the state and/or municipalities of the state in which you reside.
You may, however, be subject to tax on income derived from the municipal
securities of other jurisdictions. Consult your tax adviser concerning the
application of state and local taxes to investments in the Fund that may differ
from the federal income tax consequences described above.

OTHER INFORMATION

FUND REORGANIZATIONS

On March 25, 1999, the Board 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 the November 1998 merger of Wells Fargo &
Company and Norwest Corporation. Norwest Advantage Funds presented each proposed
fund reorganization to the fund's shareholders for their approval at a special
shareholders' meeting that was held in August 1999.

The shareholders of each of the Norwest Advantage Funds approved the fund
reorganizations and each of the Norwest Advantage Funds will reorganize into a
corresponding Wells Fargo Funds Trust portfolio as approved by the funds'
shareholders.

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.

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.

If you have any questions you should call 1-800-394-0736.

17
<PAGE>

Financial Highlights

The financial highlights table is intended to help you understand each
Fund's financial performance for 10 years or, if shorter, the Fund's
operating history. Certain information reflects financial results for a
single Fund share. The total returns in the table represent the rate that
an investor would have earned on an investment in a Fund, assuming
reinvestment of all distributions. The information from June 1, 1994
through May 31, 1999 has been audited by _____________________, independent
auditors, whose report dated July 16, 1999 about a Fund, along with the
Fund's financial statements, are included in the Fund's Annual Report,
which is available at no charge upon request. These financial statements
are incorporated by reference into the SAI. Other independent auditors
audited information for prior periods.

Distributions Ending
Beginning Net Net from Net Net Asset
Asset Value Investment Investment Value Per
Per Share Income Income Share

- ----------------------------------------------------------------------------------------------------------

Cash Investment Fund
Year Ended May 31, 1999 $1.00 $0.049 ($0.049) $1.00
Year Ended May 31, 1998 $1.00 $0.053 ($0.053) $1.00
Year Ended May 31, 1997 $1.00 $0.051 ($0.051) $1.00
Year Ended May 31, 1996 $1.00 $0.054 ($0.054) $1.00
Year Ended May 31, 1995 $1.00 $0.049 ($0.049) $1.00
Year Ended May 31, 1994 $1.00 $0.031 ($0.031) $1.00
Year Ended May 31, 1993 $1.00 $0.033 ($0.033) $1.00
December 1, 1991 to May 31, 1992 $1.00 $0.021 ($0.021) $1.00
Year Ended November 30, 1991 $1.00 $0.061 ($0.061) $1.00
Year Ended November 30, 1990 $1.00 $0.079 ($0.079) $1.00
Year Ended November 30, 1989 $1.00 $0.088 ($0.088) $1.00
Year Ended November 30, 1988 $1.00 $0.071 ($0.071) $1.00

- ----------------------------------------------------------------------------------------------

Ratio to Average Net Assets
-------------------------------------------------

Net Net Assets at
Investment Net Gross Total End of Period
Income Expenses Expenses(a) Return (000's Omitted)

- ------------------------------------------------------------------------------------------------------------------------------
Cash Investment Fund
Year Ended May 31, 1999 1.91%(b) 0.48%(b) 0.57%(b) 5.04% $5,481,802
Year Ended May 31, 1998 5.29%(b) 0.48%(b) 0.57% (b) 5.42% $4,685,818
Year Ended May 31, 1997 5.07% 0.48% 0.49% 5.21% $2,147,894
Year Ended May 31, 1996 5.36% 0.48% 0.49% 5.50% $1,739,549
Year Ended May 31, 1995 4.87% 0.48% 0.50% 4.96% $1,464,304
Year Ended May 31, 1994 3.11% 0.49% 0.49% 3.16% $1,381,402
Year Ended May 31, 1993 3.29% 0.50% 0.51% 3.36% $1,944,948
December 1, 1991 to May 31, 1992 4.23%(c) 0.50%(c) 0.56%(c) 4.29%(c) $1,292,196
Year Ended November 30, 1991 6.11% 0.51% 0.54% 6.31% $1,004,979
Year Ended November 30, 1990 7.92% 0.45% 0.57% 8.22% $747,744
Year Ended November 30, 1989 8.81% 0.45% 0.64% 9.22% $662,698
Year Ended November 30, 1988 7.00% 0.43% 0.74% 7.32% $316,349

- ----------------------------------------------------------------------------------------------
</TABLE>

(a) The ratio of Gross Expenses to Average Net Assets does not reflect fee
waivers or expense reimbursements.
(b) Includes expenses allocated from the Portfolio(s) in which the Fund
invests.
(c) Annualized.

18
<PAGE>

Distributions Ending
Beginning Net Net from Net Net Asset
Asset Value Investment Investment Value Per
Per Share Income Income Share

- --------------------------------------------------------------------------------------------------------------

Ready Cash Investment Fund
Investor Shares
Year Ended May 31, 1999 $1.00 $0.046 ($0.046) $1.00
Year Ended May 31, 1998 $1.00 $0.050 ($0.050) $1.00
Year Ended May 31, 1997 $1.00 $0.047 ($0.047) $1.00
Year Ended May 31, 1996 $1.00 $0.051 ($0.051) $1.00
Year Ended May 31, 1995 $1.00 $0.045 ($0.045) $1.00
Year Ended May 31, 1994 $1.00 $0.027 ($0.027) $1.00
Year Ended May 31, 1993 $1.00 $0.030 ($0.030) $1.00
December 1, 1991 to May 31, 1992 $1.00 $0.020 ($0.020) $1.00
Year Ended November 30, 1991 $1.00 $0.058 ($0.058) $1.00
Year Ended November 30, 1990 $1.00 $0.076 ($0.076) $1.00
Year Ended November 30, 1989 $1.00 $0.085 ($0.085) $1.00
January 20, 1988 to November 30, 1988(d) $1.00 $0.059 ($0.059) $1.00

- ------------------------------------------------------------------------------------------------

Ratio to Average Net Assets

--------------------------------------------------

Net Net Assets at
Investment Net Gross Total End of Period
Income Expenses Expenses(a) Return (000's Omitted)

- ----------------------------------------------------------------------------------------------------------------------------

Ready Cash Investment Fund
Investor Shares
Year Ended May 31, 1999 4.56%(b) 0.82%(b) 0.82%(B) 4.68% $953,175
Year Ended May 31, 1998 4.95%(b) 0.82%(b) 0.82%(b) 5.07% $789,380
Year Ended May 31, 1997 4.75% 0.82% 0.83% 4.87% $576,011
Year Ended May 31, 1996 5.02% 0.82% 0.87% 5.17% $473,879
Year Ended May 31, 1995 4.64% 0.82% 0.91% 4.62% $268,603
Year Ended May 31, 1994 2.70% 0.82% 0.92% 2.74% $164,138
Year Ended May 31, 1993 3.04% 0.82% 0.94% 3.08% $162,585
December 1, 1991 to May 31, 1992 4.01%(c) 0.82%(c) 0.93%(c) 4.05%(c) $176,378
Year Ended November 30, 1991 5.81% 0.82% 0.96% 5.98% $183,775
Year Ended November 30, 1990 7.56% 0.82% 0.97% 7.83% $166,911
Year Ended November 30, 1989 8.51% 0.81% 0.99% 8.86% $144,117
January 20, 1988 to November 30, 1988(d) 7.11%(c) 0.77%(c) 1.13%(c) 6.97%(c) $46,736

- ------------------------------------------------------------------------------------------------
</TABLE>

(a) The ratio of Gross Expenses to Average Net Assets does not reflect fee
waivers or expense reimbursements.
(b) Includes expenses allocated from Portfolio(s) in which the Fund invests.
(c) Annualized.
(d) Commencement of operations; the initial class of shares became Investor
Shares.

19
<PAGE>

Distributions Ending
Beginning Net Net from Net Net Asset
Asset Value Investment Investment Value Per
Per Share Income Income Share

- ------------------------------------------------------------------------------------------------------------

U.S. Government Fund
Year Ended May 31, 1999 $1.00 $0.047 ($0.047) $1.00
Year Ended May 31, 1998 $1.00 $0.051 ($0.051) $1.00
Year Ended May 31, 1997 $1.00 $0.049 ($0.049) $1.00
Year Ended May 31, 1996 $1.00 $0.052 ($0.052) $1.00
Year Ended May 31, 1995 $1.00 $0.047 ($0.047) $1.00
Year Ended May 31, 1994 $1.00 $0.030 ($0.030) $1.00
Year Ended May 31, 1993 $1.00 $0.030 ($0.030) $1.00
December 1, 1991 to May 31, 1992 $1.00 $0.020 ($0.020) $1.00
Year Ended November 30, 1991 $1.00 $0.058 ($0.058) $1.00
Year Ended November 30, 1990 $1.00 $0.077 ($0.077) $1.00
Year Ended November 30, 1989 $1.00 $0.085 ($0.085) $1.00
Year Ended November 30, 1988 $1.00 $0.069 ($0.069) $1.00

- ------------------------------------------------------------------------------------------------

Ratio to Average Net Assets

-------------------------------------------------

Net Net Assets at
Investment Net Gross Total End of Period
Income Expenses Expenses(a) Return (000's Omitted)

- -----------------------------------------------------------------------------------------------------------------

U.S. Government Fund
Year Ended May 31, 1999 4.69% 0.50% 0.52% 4.81% $3,368,534
Year Ended May 31, 1998 5.08% 0.50% 0.51% 5.20% $2,260,208
Year Ended May 31, 1997 4.91% 0.49% 0.49% 5.04% $1,912,574
Year Ended May 31, 1996 5.13% 0.50% 0.51% 5.27% $1,649,721
Year Ended May 31, 1995 4.68% 0.50% 0.52% 4.81% $1,159,421
Year Ended May 31, 1994 3.02% 0.47% 0.53% 3.07% $1,091,141
Year Ended May 31, 1993 3.00% 0.45% 0.57% 3.06% $903,274
December 1, 1991 to May 31, 1992 3.99%(b) 0.45%(b) 0.61%(b) 4.07%(b) $623,685
Year Ended November 30, 1991 5.84% 0.45% 0.60% 6.00% $469,487
Year Ended November 30, 1990 7.66% 0.45% 0.61% 7.94% $500,794
Year Ended November 30, 1989 8.51% 0.45% 0.65% 8.87% $394,137
Year Ended November 30, 1988 6.87% 0.42% 0.73% 7.13% $254,104

- ------------------------------------------------------------------------------------------------
</TABLE>

(a) The ratio of Gross Expenses to Average Net Assets does not reflect fee
waivers or expense reimbursements.
(b) Annualized.

20
<PAGE>

Distributions Ending
Beginning Net Net from Net Net Asset
Asset Value Investment Investment Value Per
Per Share Income Income Share

- ----------------------------------------------------------------------------------------------------------------

Treasury Plus Fund
July 6, 1998(b) to May 31, 1999 $1.00 $0.033 ($0.033) $1.00
Treasury Fund
Year Ended May 31, 1999 $1.00 $0.044 ($0.044) $1.00
Year Ended May 31, 1998 $1.00 $0.049 ($0.049) $1.00
Year Ended May 31, 1997 $1.00 $0.047 ($0.047) $1.00
Year Ended May 31, 1996 $1.00 $0.050 ($0.050) $1.00
Year Ended May 31, 1995 $1.00 $0.046 ($0.046) $1.00
Year Ended May 31, 1994 $1.00 $0.028 ($0.028) $1.00
Year Ended May 31, 1993 $1.00 $0.029 ($0.029) $1.00
December 1, 1991 to May 31, 1992 $1.00 $0.020 ($0.020) $1.00
December 3, 1990(b) to November 30, 1991 $1.00 $0.058 ($0.058) $1.00

- ------------------------------------------------------------------------------------------------

Ratio to Average Net Assets

--------------------------------------------------

Net Net Assets at
Investment Net Gross Total End of Period
Income Expenses Expenses(a) Return (000's Omitted)

- ---------------------------------------------------------------------------------------------------------------------

Treasury Plus Fund
July 6, 1998(b) to May 31, 1999 4.25%(c) 0.50%(c) 0.84%(c) 3.30% $92,139
Treasury Fund
Year Ended May 31, 1999 4.34% 0.46% 0.53% 4.49% $1,548,549
Year Ended May 31, 1998 4.89% 0.46% 0.54% 5.00% $1,440,515
Year Ended May 31, 1997 4.74% 0.46% 0.53% 4.87% $1,003,697
Year Ended May 31, 1996 4.91% 0.46% 0.56% 5.04% $802,270
Year Ended May 31, 1995 4.62% 0.46% 0.57% 4.65% $661,098
Year Ended May 31, 1994 2.81% 0.46% 0.58% 2.83% $526,483
Year Ended May 31, 1993 2.93% 0.47% 0.58% 2.98% $384,751
December 1, 1991 to May 31, 1992 4.01%(c) 0.47%(c) 0.59%(c) 4.07%(c) $374,492
December 3, 1990(b) to November 30, 1991 5.62%(c) 0.31%(c) 0.66%(c) 6.02%(c) $354,200

- ------------------------------------------------------------------------------------------------
</TABLE>

(a) The ratio of Gross Expenses to Average Net Assets does not reflect fee
waivers or expense reimbursements.
(b) Commencement of operations.
(c) Annualized.

21
<PAGE>

Net Realized Distributions Ending
Beginning Net Net and Unrealized from Net Capital Net Asset
Asset Value Investment Gain (Loss) Investment Contribution Value Per
Per Share Income on Investments Income from Adviser Share

- -----------------------------------------------------------------------------------------------------------------------------------

Municipal Money Market Fund
Investor Shares
Year Ended May 31, 1999 $1.00 $0.027 -- ($0.027) -- $1.00
Year Ended May 31, 1998 $1.00 $0.031 -- ($0.031) -- $1.00
Year Ended May 31, 1997 $1.00 $0.030 -- ($0.030) -- $1.00
Year Ended May 31, 1996 $1.00 $0.033 -- ($0.033) -- $1.00
Year Ended May 31, 1995 $1.00 $0.031 ($0.004) ($0.031) $0.004 $1.00
Year Ended May 31, 1994 $1.00 $0.021 -- ($0.021) -- $1.00
Year Ended May 31, 1993 $1.00 $0.021 -- ($0.021) -- $1.00
December 1, 1991 to May 31, 1992 $1.00 $0.014 -- ($0.014) -- $1.00
Year Ended November 30, 1991 $1.00 $0.042 -- ($0.042) -- $1.00
Year Ended November 30, 1990 $1.00 $0.053 -- ($0.053) -- $1.00
Year Ended November 30, 1989 $1.00 $0.058 -- ($0.058) -- $1.00
January 7, 1988 to November 30, 1988(d) $1.00 $0.042 -- ($0.042) -- $1.00
Institutional Shares
Year Ended May 31, 1999 $1.00 $0.029 -- ($0.029) -- $1.00
Year Ended May 31, 1998 $1.00 $0.033 -- ($0.033) -- $1.00
Year Ended May 31, 1997 $1.00 $0.032 -- ($0.032) -- $1.00
Year Ended May 31, 1996 $1.00 $0.035 -- ($0.035) -- $1.00
Year Ended May 31, 1995 $1.00 $0.033 ($0.004) ($0.033) $0.004 $1.00
August 3, 1993 to May 31, 1994(d) $1.00 $0.019 -- ($0.019) -- $1.00

- -------------------------------------------------------------------------------------------------
Ratio to Average Net Assets

--------------------------------------------------

Net Net Assets at
Investment Net Gross Total End of Period
Income Expenses Expenses(a) Return (000's Omitted)

- ---------------------------------------------------------------------------------------------------------------------------------

Municipal Money Market Fund
Investor Shares
Year Ended May 31, 1999 2.72% 0.65% 0.86% 2.76% $41,174
Year Ended May 31, 1998 3.13% 0.65% 0.83% 3.18% $44,070
Year Ended May 31, 1997 3.01% 0.65% 0.87% 3.08% $54,616
Year Ended May 31, 1996 3.25% 0.65% 0.88% 3.31% $57,021
Year Ended May 31, 1995 3.10% 0.65% 0.93% 3.13%(b) $47,424
Year Ended May 31, 1994 2.03% 0.65% 0.99% 2.09% $33,554
Year Ended May 31, 1993 2.13% 0.65% 0.97% 2.18% $75,521
December 1, 1991 to May 31, 1992 2.81%(c) 0.63%(c) 0.96%(c) 2.89%(c) $82,678
Year Ended November 30, 1991 4.10% 0.64% 1.08% 4.26% $66,327
Year Ended November 30, 1990 5.34% 0.64% 1.16% 5.48% $29,801
Year Ended November 30, 1989 5.78% 0.62% 1.15% 5.94% $18,639
January 7, 1988 to November 30, 1988(d) 4.64%(c) 0.60%(c) 1.20%(c) 4.76%(c) $8,963
Institutional Shares
Year Ended May 31, 1999 2.91% 0.45% 0.57% 2.97% $1,019,589
Year Ended May 31, 1998 3.32% 0.45% 0.59% 3.39% $977,693
Year Ended May 31, 1997 3.21% 0.45% 0.70% 3.28% $635,655
Year Ended May 31, 1996 3.41% 0.45% 0.72% 3.52% $592,436
Year Ended May 31, 1995 3.37% 0.45% 0.74% 3.33%(b) $278,953
August 3, 1993 to May 31, 1994(d) 2.33%(c) 0.45%(c) 0.77%(c) 2.34%(c) $190,356

- -------------------------------------------------------------------------------------------------
</TABLE>

(a) The ratio of Gross Expenses to Average Net Assets does not reflect fee
waivers or expense reimbursements.
(b) Total Return for 1995 includes the effect of a capital contribution from
the Adviser. Without the capital contribution, Total Return wold have been
2.59% for Investor Shares and 2.79% for Institutional Shares.
(c) Annualized.
(d) Commencement of operations; the initial class of shares became Investor
Shares..

22
<PAGE>

If you would like more information about the Funds and their investments, you
may want to read the following documents:

Statement of Additional Information. A Fund's statement of additional
information, or "SAI," contains detailed information about the Funds, such as
its investments, management, and organization. It is incorporated into this
prospectus by reference.

Annual and Semi-Annual Reports. Additional Information about each Fund's
investments is available in its annual and semi-annual reports to shareholders.
In the annual report, each Fund's portfolio manager discusses the market
conditions and investment strategies that significantly affected the Fund's
performance during its last fiscal year.

You may obtain free copies of the SAI, annual report, and semi-annual report, or
make inquiries concerning the Funds, by contacting your investment
representative or by contacting Norwest Advantage Funds, 733 Marquette Avenue,
Minneapolis, Minnesota 55479, or by calling 1-800- 338-1348 or 1-612-667-8833.

The Funds' reports and SAI are available from the Securities and Exchange
Commission in Washington, D.C. You may obtain copies of these documents, upon
payment of a duplicating fee, by writing the Public Reference Section of the
SEC, Washington D.C. 20549-6009. The scheduled hours of operation of the Public
Reference Room may be obtained by calling the SEC at 1-800-SEC-0330. Free copies
of the reports and SAIs are available from the SEC's Internet website at
http://www.sec.com.

The SEC's Investment Company Act file number for the Funds is 811-4881.

<PAGE>

PROSPECTUS
October 1, 1999

READY CASH INVESTMENT FUND
Exchange Shares

AN INVESTMENT IN THE FUND IS NOT A DEPOSIT OF NORWEST BANK MINNESOTA, N.A. OR
ANY OTHER BANK AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION OR ANY OTHER GOVERNMENT AGENCY.

<PAGE>

TABLE OF CONTENTS

1. RISK/RETURN SUMMARY......................................................
2. FEES AND EXPENSES OF THE FUND............................................
3. INVESTMENT OBJECTIVE, STRATEGIES AND RISK CONSIDERATIONS.................
Investment Objectives and Strategies.....................................
Risk Considerations......................................................
4. MANAGEMENT OF THE FUND...................................................
5. CHARACTERISTICS OF EXCHANGE SHARES.......................................
6. HOW TO BUY AND SELL SHARES...............................................
Determination of Net Asset Value.........................................
General Purchase Information.............................................
Purchasing Shares Directly...............................................
Exchanges Through Financial Institutions.................................
General Redemption Information...........................................
Redemption Procedures....................................................
Exchanges................................................................
7. DISTRIBUTIONS AND TAX MATTERS............................................
8. OTHER INFORMATION........................................................
9. FINANCIAL HIGHLIGHTS.....................................................

<PAGE>

RISK/RETURN SUMMARY

The following is a summary of certain key information about the Fund. You will
find additional information about the Fund after this summary.

OBJECTIVE. The Fund's investment objective is to provide high current income to
the extent consistent with the preservation of capital and the maintenance of
liquidity.

PRINCIPAL INVESTMENT STRATEGY. The Fund is a "money market fund" that seeks to
maintain a stable net asset value of $1.00 per share. The Fund pursues its
objectives by maintaining a portfolio of high-quality money market securities.
The Fund primarily invests in money market instruments of U.S. and foreign
issuers.

PRINCIPAL RISKS. The principal risks of investing in the Fund are:

o Interest Rate Risk: This is the risk that changes in interest rates
will affect the value of the Fund's investments, particularly those
investments in debt or income-producing securities. Increases in
interest rates may cause the value of the Fund's investments to
decline.

o Credit Risk: This is the risk that the issuer of a security will be
unable to make timely payments of interest or principal or to
otherwise honor its obligations.

Another Important Thing For You To Note. Although the Fund seeks to preserve the
value of your investment at $1.00 per share it is possible to lose money by
investing in the Fund.

BAR CHART AND PERFORMANCE INFORMATION

The bar chart shows the Fund's annual total returns and the performance table
shows the Fund's average annual total returns. The bar chart and performance
table provide an indication of the historical risk of an investment in the Fund
by showing:

o changes in the Fund's performance from year to year over the life of
the Fund; and

o the Fund's average annual total returns for one year and the life of
the Fund.

[EDGAR Representation of Bar Chart]

1995 4.64%
1996 4.09%
1997 4.23%
1998 4.18%

The calendar year-to-date total return as of June 30, 1999 was 1.76%.

During the periods shown in the chart, the highest quarterly return was 1.17%
(for the quarter ended June 30, 1995) and the lowest quarterly return was 0.98%
(for the quarter ended June 30, 1996).

1
<PAGE>

The following table lists the Fund's average annual total returns as of December
31, 1998.

Ready Cash
Year(s) Investment Fund
1 Year 4.18%
Since Inception (5/9/94) 4.13%

2
<PAGE>

FEES AND EXPENSES OF THE FUND

The following tables describe the fees and expenses that you will pay if you
invest in the Fund.

SHAREHOLDER TRANSACTION EXPENSES
(fees paid directly from your investment)
Exchange
Shares
- ------------------------------------------------------- --------------------
- ------------------------------------------------------- --------------------
Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price) Zero

Maximum Deferred Sales Charge (Load)
(as percentage of the lower of the Net Asset
Value ("NAV") at purchase or the NAV at 5.0%
redemption)

ANNUAL FUND OPERATING EXPENSES (1)
(expenses that are deducted from the fund's assets)

Investment Advisory Fees 0.33%
Distribution (12b-1) Fees 1.00%
Other Expenses(2) 1.91%
Total Annual Fund Operating Expenses(3) 3.24%

(1) Based on amounts incurred during the Fund's fiscal year ended May 31, 1999
stated as a percentage of net assets.

(2) Other expenses are based on estimated amounts for the current fiscal year.

(3) The Fund is subject to voluntary fee waivers and expense reimbursements
that reduce the operating expenses of the Fund. See the Financial
Highlights table for information about Fund expenses net of fee waivers and
expense reimbursements

EXAMPLES OF EXPENSES

These examples are intended to help you compare the cost of investing in the
Fund with the cost of investing in other mutual funds. The examples assume that
you invest $10,000 in the Fund for the time periods indicated, that your
investment has a 5% annual return, that the Fund's operating expenses remain the
same, and that distributions are reinvested. Your actual costs may be higher or
lower than those shown.

You would pay the following expenses assuming that you redeem your shares at the
end of each period:

- ----------------------- -----------------------

Ready Cash
Investment Fund
- ----------------------- -----------------------
- ----------------------- -----------------------
Exchange Shares
- -----------------------
-----------------------
1 YEAR 727
- ----------------------- -----------------------
3 YEARS 1,298
- ----------------------- -----------------------
5 YEARS 1,893
- ----------------------- -----------------------
10 YEARS 3,540
- ----------------------- -----------------------

3
<PAGE>

You would pay the following expenses assuming that you do NOT redeem your shares
at the end of the periods shown:

- ----------------------- -----------------------

Ready Cash
Investment Fund
- ----------------------- -----------------------
- ----------------------- -----------------------
Exchange Shares
- -----------------------
-----------------------
1 YEAR 327
- ----------------------- -----------------------
3 YEARS 998
- ----------------------- -----------------------
5 YEARS 1,693
- ----------------------- -----------------------
10 YEARS 3,540
- ----------------------- -----------------------

4
<PAGE>

INVESTMENT OBJECTIVE, STRATEGIES
AND RISK CONSIDERATIONS

This section of the prospectus provides a more complete description of the
Fund's investment objective and principal strategies and risks. Except as
otherwise indicated, the Board of Trustees of Norwest Advantage Funds, or the
Board, may change the Fund's investment policies without shareholder approval.
The Fund's investment objective is fundamental. There can, of course, be no
assurance that the Fund will achieve its investment objective.

The Fund is "gateway" fund in a "core/gateway" structure. In this structure
"gateway" funds invest some or all of their assets in one or more "core
portfolios" that have a substantially identical investment objective and
substantially similar policies as the gateway fund. Gateway funds investing in
the same core portfolio, or Portfolio, can enhance their investment
opportunities and reduce their expense ratios through sharing the costs of
managing a large pool of assets. Except when necessary to describe the Fund's
investment in the Portfolio, references to the Fund also include the Portfolio.

INVESTMENT OBJECTIVE AND STRATEGIES

The Fund's investment objective is to provide high current income to the extent
consistent with the preservation of capital and the maintenance of liquidity.

The Fund's investments are made under the requirements of a SEC rule governing
money market funds. The Fund invests only in high-quality, U.S.
dollar-denominated short-term money market instruments that are determined by
the Adviser, under procedures adopted by the Board, to be eligible for purchase
and to present minimal credit risks. The Fund may invest in securities with
fixed, variable, or floating rates of interest.

High-quality instruments include those that: (1) are rated (or, if unrated, are
issued by an issuer with comparable outstanding short-term debt that is rated)
in 1 of the 2 highest rating categories by 2 nationally recognized statistical
rating organizations, or NRSROs, or, if only 1 NRSRO has issued a rating, by
that NRSRO; or (2) are otherwise unrated and determined by the Adviser to be of
comparable quality. The Fund invests at least 95% of its total assets in
securities in the highest rating category.

The Fund invests in a broad spectrum of high-quality money market instruments of
U.S. and foreign issuers, including securities issued or guaranteed as to
principal and interest by the U.S. Government, its agencies or its
instrumentalities, municipal securities and corporate debt securities. The Fund
seeks to maintain a rating within the 2 highest short-term categories assigned
by at least 1 NRSRO.

The Fund may invest in obligations of financial institutions. These include
negotiable certificates of deposit, bank notes, bankers' acceptances and time
deposits of U.S. banks (including savings banks and savings associations),
foreign branches of U.S. banks, foreign banks and their non-U.S. branches, U.S.
branches and agencies of foreign banks and wholly-owned banking-related
subsidiaries of foreign banks. The Fund limits its investments in obligations of
financial institutions to institutions that at the time of investment have total
assets in excess of $1 billion, or the equivalent in other currencies.

The Fund normally will invest more than 25% of its total assets in the
obligations of domestic and foreign financial institutions, their holding
companies and their subsidiaries. The Fund may not invest more than 25% of its
total assets in any other single industry.

RISK CONSIDERATIONS

The Fund's principal risks are interest rate risk and credit risk. Because the
Fund invests in short-term securities, a decline in interest rates will affect
the Fund's yields as these securities mature or are sold and the Fund purchases
new short-term securities with lower yields. Generally, an increase in interest
rates causes the value of a debt instrument to decrease. The change in value for
short-term securities is usually smaller than for securities with longer
maturities. Because the Fund invests in securities with short maturities and
seeks to maintain a stable net asset value of $1.00 per share, it is possible,
though unlikely, that an increase in interest rates would change the value of
your investment.

Credit risk is the possibility that a security's credit rating will be
downgraded or that the issuer of a security will default (fail to make scheduled
interest and principal payments). The Fund invests in highly-rated securities to
minimize credit risk.

5
<PAGE>

The Fund's foreign investments may be subject to foreign risk. Foreign
securities issuers usually are not subject to the same degree of regulation as
U.S. issuers. Reporting, accounting and auditing standards of foreign countries
differ, in some cases, significantly from U.S. standards. Foreign risk includes
nationalization, expropriation or confiscatory taxation, political changes or
diplomatic developments that could adversely affect the Fund's investments.

MANAGEMENT OF THE FUND

INVESTMENT ADVISORY SERVICES

NORWEST INVESTMENT MANAGEMENT, INC. is the investment adviser for the Portfolio.
In this capacity, Norwest makes investment decisions for and administers the
Portfolio's investment programs. Norwest receives an investment advisory fee
from the Portfolio. Norwest Investment Management, Inc.'s address is Norwest
Center, Sixth Street and Marquette, Minneapolis, MN 55479.

PORTFOLIO MANAGERS: David D. Sylvester, Laurie R. White and Robert G. Leuty are
primarily responsible for the day-to-day management of the Fund's investments.
They became portfolio managers for the Portfolio in 1987, 1991 and 1998,
respectively. Mr. Sylvester has been associated with Norwest and Norwest Bank
since 1979, and currently is a Managing Director - Reserve Asset Management. Ms.
White is a Director-Reserve Asset Management and has been associated with
Norwest or Norwest Bank since 1991. Mr. Leuty has been associated with Norwest
or Norwest Bank since 1992, has been associated in various investment management
capacities since 1993 and has been in his present capacity of Senior Portfolio
Manager since 1998.

ADVISORY FEE: The Adviser receives 0.40% annually of the Portfolio's first $300
million of average daily net assets; 0.36% annually for the next $400 million of
average daily net assets; and 0.32% annually for the remaining average daily net
assets.

DORMANT INVESTMENT ADVISORY ARRANGEMENTS

Norwest has been retained as a "dormant" or "back-up" investment adviser to
manage any assets redeemed and invested directly by the Fund. Norwest does not
receive any compensation under this arrangement as long as the Fund invests
entirely in a Portfolio or Portfolios. If the Fund redeems its assets from the
Portfolio and invests them directly, Norwest receives an investment advisory fee
from the Fund for the management of those assets.

OTHER FUND SERVICES

The FORUM FINANCIAL GROUP of companies provide managerial, administrative and
underwriting services to the Fund. NORWEST BANK acts as the Fund's transfer
agent, distribution disbursing agent and custodian.

CHARACTERISTICS OF EXCHANGE SHARES

This prospectus offers Exchange Shares of the Fund. You may purchase Exchange
Shares only through exchanges of B Shares of other funds of Norwest Advantage
Funds. Exchange Shares are offered at net asset value.

Exchange Shares have distribution and shareholder servicing fees of 1.00% of the
average daily net assets of the class under a Rule 12b-1 distribution plan.
Because distribution fees are paid out of the Fund's assets on an on-going
basis, over time these fees will increase the cost of your investment and may
cost more than paying a front-end sales charge.

If you redeem Exchange Shares, there will be a contingent deferred sales charge,
or CDSC, on the redemption to the extent that there would be a CDSC if you were
redeeming the B Shares you originally purchased. The amount of the CDSC will
vary depending which fund's shares you originally purchased and the number of
years between the purchase of those shares and the redemption of the Exchange
Shares. You will pay the CDSC on the lesser of the cost of the B Shares
originally purchased and the net asset value of the Exchange Shares upon
redemption. There is no CDSC on Exchange Shares purchased through reinvestments
of distributions.

6
<PAGE>

The Fund will redeem shares so that you pay the lowest possible CDSC.
Redemptions will automatically be made first from any Investor Shares in the
Fund, second from Exchange Shares acquired pursuant to reinvestment of
distributions, third from Exchange Shares which have been held for long enough
so that there is no applicable CDSC and fourth from the longest outstanding
remaining Exchange Shares.

CONVERSION FEATURE. Exchange Shares will automatically convert to Investor
Shares of the Fund (a class of the Fund's shares that does not have CDSC or
distribution fees) when the B Shares you originally purchased would have
converted to A Shares had they not been exchanged. The conversion will be on the
basis of the relative net asset values of the shares, without the imposition of
any sales load, fee or other charge. For purposes of conversion, the Fund will
consider Exchange Shares purchased through the reinvestment of distributions to
be held in a separate sub-account. Each time any Exchange Shares in your account
(other than those in the sub-account) convert, a corresponding pro rata portion
of the shares in the sub-account will also convert. The Funds may suspend the
conversion feature in the future; in that event, Exchange Shares might continue
to pay their distribution fee indefinitely.

HOW TO BUY AND SELL SHARES

DETERMINATION OF NET ASSET VALUE The Fund determines its net asset value or NAV
at 3:00 p.m., Eastern Time, on each Fund business day, which is any day the New
York Stock Exchange is open, by dividing the value of its net assets (i.e., the
value of its securities and other assets less its liabilities) by the number of
shares outstanding at the time the determination is made.

In order to maintain NAV per share at $1.00, the Fund values its portfolio
securities at amortized cost. Amortized cost valuation involves valuing an
instrument at its cost and then assuming a constant amortization to maturity of
any discount or premium.

You may exchange for or redeem shares at a price equal to their NAV next
determined, subject in the case of redemptions to a CDSC, after receipt of your
exchange order or redemption request in proper form on Fund business days.

GENERAL PURCHASE INFORMATION

You may exchange for Exchange Shares directly or through a financial
institution. The Fund's transfer agent processes all transactions in Fund
shares. Exchange Shares require a minimum initial investment of $1,000 and
minimum subsequent investments of $100. Your shares become eligible to receive
distributions on the day that your exchange order is received in proper form.

The Fund reserves the right to reject any subscription for the purchase of
shares, including subscriptions by market timers. You will receive share
certificates for your shares only if you request them in writing. No
certificates are issued for fractional shares.

The Fund must receive purchase and redemption orders before the times indicated
below. Times indicated are Eastern Time.

order must be payment must be
received by received by
3:00 p.m. 4:00 p.m.

The Fund may advance the time by which purchase or redemption orders and
payments must be received on days that the New York Stock Exchange or
Minneapolis Federal Reserve Bank closes early, the Public Securities Association
recommends that the government securities markets close early or other
circumstances affect the Fund's trading hours.

PURCHASING SHARES DIRECTLY

If you exchange B Shares for Exchange Shares, you will have an account opened
automatically. Call or write the transfer agent if you wish to participate in
shareholder services not offered on the account application or change

7
<PAGE>

information on your account (such as addresses). Norwest Advantage Funds may in
the future modify, limit or terminate any shareholder privilege upon appropriate
notice and may charge a fee for certain shareholder services, although no such
fees are currently contemplated. You may terminate your participation in any
shareholder program by writing to Norwest Advantage Funds.

Exchanges by Mail. You may exchange B Shares for the Fund's Exchange Shares by
sending a written request accompanied by any share certificates you have been
issued to Norwest Advantage Funds at the following address:

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

Sign all requests and endorse all certificates with signature guaranteed.

EXCHANGES BY TELEPHONE. If you have elected telephone exchange privileges, you
may exchange B Shares for Exchange Shares by telephoning the transfer agent at
1-800-338-1348 or 1-612-667-8833 and providing your shareholder account number,
the exact name in which the shares are registered and your Social Security
number or other taxpayer identification number.

EXCHANGES THROUGH FINANCIAL INSTITUTIONS

You may exchange and redeem shares through certain broker-dealers, banks and
other financial institutions. When you exchange for the Fund's shares through a
financial institution, the shares may be held in your name or in the name of the
financial institution. Subject to your institution's procedures, you may have
Fund shares held in the name of your financial institution transferred into your
name. If your shares are held in the name of your financial institution, you
must contact the financial institution on matters involving your shares. Your
financial institution may charge you for redeeming or exchanging shares.

SUBSEQUENT PURCHASES OF SHARES

You can make subsequent exchanges in writing, by telephone or through a
financial institution as indicated above. All payments should clearly indicate
your name and account number.

GENERAL REDEMPTION INFORMATION

You may redeem Exchange Shares on any Fund business day at their NAV subject to
a CDSC in the amount you would have had to pay if you had not exchanged your
original B Shares. There is no minimum period of investment and no restriction
on the frequency of redemptions.

Redemption orders are accepted up to the times indicated above for acceptance of
exchange orders. As described above, the Fund may advance the times for receipt
of redemption orders.

Normally, redemption proceeds are paid immediately following receipt of a
redemption order in proper form. In any event, you will be paid within 7 days,
unless (1) your bank has not cleared the check originally used to purchase
shares (which may take up to 15 days), (2) the New York Stock Exchange is closed
(or trading is restricted) for any reason other than normal weekend or holiday
closings, (3) there is an emergency in which it is not practical for the Fund to
sell its portfolio securities or for the Fund to determine its NAV or (4) the
SEC deems it inappropriate for redemption proceeds to be paid. You can avoid the
delay of waiting for your bank to clear your check by paying for shares with
wire transfers. Unless otherwise indicated, redemption proceeds normally are
paid by check mailed to your record address.

8
<PAGE>

To protect against fraud, the following must be in writing with a signature
guarantee: (1) endorsement on a share certificate; (2) instruction to change
your record name; (3) modification of a designated bank account for wire
redemptions; (4) instruction regarding an Automatic Investment Plan or Automatic
Withdrawal Plan; (5) distribution elections; (6) election of telephone
redemption privileges; (7) election of exchange or other privileges in
connection with your account; (8) written instruction to redeem shares whose
value exceeds $50,000; (9) redemption in an account when the account address has
changed within the last 30 days; (10) redemption when the proceeds are deposited
in a Norwest Advantage Funds account under a different account registration; and
(11) the payment of redemption proceeds to any address, person or account for
which there are not established standing instructions.

You may obtain signature guarantees at any of the following types of
organizations: authorized banks, broker-dealers, national securities exchanges,
credit unions, savings associations or other eligible institutions. The specific
institution must be acceptable to the transfer agent. Whenever a signature
guarantee is required, the signature of each person required to sign for the
account must be guaranteed.

The Fund and the transfer agent will use reasonable procedures to verify that
telephone requests are genuine, including recording telephone instructions and
sending written confirmations of the transactions. Such procedures are necessary
because the Fund and transfer agent could be liable for losses due to
unauthorized or fraudulent telephone instructions. You should verify the
accuracy of a telephone instruction as soon as you receive the confirmation
statement. Telephone redemption and exchanges may be difficult to implement in
times of drastic economic or market changes. If you cannot reach the transfer
agent by telephone, you may mail or hand-deliver requests to the transfer agent.

Because of the cost of maintaining smaller accounts, the Fund may redeem, upon
not less than 60 days' written notice, any account with a NAV of less than
$1,000 immediately following any redemption.

REDEMPTION PROCEDURES

If you have invested directly in the Fund you may redeem your shares as
described below. If you have invested through a financial institution you may
redeem shares through the financial institution. If you wish to redeem shares by
telephone or receive redemption proceeds by bank wire you should contact the
transfer agent to elect those features. These privileges may not be available
until several weeks after the application is received. You may not redeem shares
by telephone if you have certificates for those shares.

REDEMPTION BY BANK WIRE. If you have elected wire redemption privileges, you may
request the Fund to transmit redemption proceeds of more than $5,000 by federal
funds wire to a bank account you have designated in writing. You must have
chosen the telephone redemption privilege to request bank wire redemptions by
telephone. Redemption proceeds are transmitted by wire on the Fund business day
the transfer agent receives a redemption request in proper form.

EXCHANGES

You may exchange Exchange Shares for B Shares of the funds of Norwest Advantage
Funds that offer B Shares. Call or write the transfer agent for more
information.

The Fund does not charge for exchanges, and there is currently no limit on the
number of exchanges you may make. The Fund, however, may limit your ability to
exchange shares if you exchange too often. Exchanges are subject to the fees
charged by, and the limitations (including minimum investment restrictions) of
the fund into which you are exchanging.

9
<PAGE>

You may exchange Fund shares without paying a CDSC. If you redeem shares you
received in an exchange, the CDSC will be calculated as if you never exchanged
the shares you originally purchased.

You may only exchange shares into a pre-existing account if that account is
identically registered. You must submit a new account application if you wish to
exchange shares into an account registered differently or with different
shareholder privileges. You may exchange into a fund only if that fund's shares
may legally be sold in your state of residence.

The Fund and federal tax law treat an exchange as a redemption and a purchase of
shares. The Fund may amend or terminate exchange procedures on 60 days' notice.

EXCHANGES BY TELEPHONE. If you have telephone exchange privileges, you may make
a telephone exchange by calling the transfer agent at 1-800-338-1348 or
1-612-667-8833 and giving your account number, the exact name in which the
shares are registered and your Social Security number or other taxpayer
identification number.

DISTRIBUTIONS AND TAX MATTERS

DISTRIBUTIONS

The Fund declares distributions of net investment income daily and pays
distributions monthly. The Fund distributes net capital gain, if any, at least
annually.

You have 3 choices for receiving distributions: the Reinvestment Option, the
Cash Option and the Directed Dividend Option.

o Under the Reinvestment Option, all distributions are automatically invested
in additional shares of the Fund. You are automatically assigned this
option unless you select another option.

o Under the Cash Option, you are paid all distributions in cash.

o Under the Directed Dividend Option, if you own $10,000 or more of the
Fund's shares in a single account, you can have the Fund's distributions
reinvested in shares of another fund of Norwest Advantage Funds. Call or
write the transfer agent for more information about the Directed Dividend
Option.

TAX MATTERS

The Funds are managed so that they do not owe federal income or excise taxes.
The Fund's distributions of net investment income (including net short-term
capital gain) are taxable as ordinary income. Distributions of net capital gain
(i.e., the excess of net long-term capital gain over net short-term capital
loss), if any, are taxable as long-term capital gain, regardless of how long a
shareholder has held shares in the Fund. The Fund's income from foreign
investments may be subject to foreign income or other taxes.

10
<PAGE>

OTHER INFORMATION

FUND REORGANIZATIONS

If you have any questions you should call 1-800-394-0736.

YEAR 2000

Certain computer systems may not process date-related information properly on
and after January 1, 2000. The Adviser is addressing this matter for its
systems. The Fund's other service providers have informed the Fund that they are
taking similar measures. Investments in foreign companies are particularly
vulnerable to Year 2000 risk because these companies may not have the financial
resources, technology, or personnel needed to address Year 2000 readiness
concerns. This matter, if not corrected, could adversely affect the services
provided to the Fund or the issuers in which the Fund invests and could,
therefore, lower the value of your Fund shares.

11
<PAGE>

Financial Highlights

The financial highlights table is intended to help you understand the Fund's
financial performance for 10 years or, if shorter, the Fund's operating history.
Certain information reflects financial results for a single Fund share. The
total returns in the table represent the rate that an investor would have earned
on an investment in the Fund, assuming reinvestment of all distributions. The
information from June 1, 1994 through May 31, 1999 has been audited by
____________________________, independent auditors, whose report dated July 16,
1999 about the Fund, along with the Fund's financial statements, are included in
the Fund's Annual Report, which is available at no charge upon request. These
financial statements are incorporated by reference into the SAI. Other
independent auditors audited information for prior periods.

Net Realized

Ratio to Average Net Assets
------------------------------------

Net Portfolio Net Assets at
Investment Net Gross Total Turnover End of Period
Income Expenses Expenses(a) Return Rate (000's Omitted)
- ---------------------------------------------------------------------------------------------------------------------
Ready Cash Investment Fund
Exchange Shares
Year Ended May 31, 1999 3.76%(b) 1.57%(b) 3.24%(b) 3.90% 105.53% $1,205
Year Ended May 31, 1998 4.21%(b) 1.56%(b) 5.57%(b) 4.29% 142.81% $337
Year Ended May 31, 1997 4.03% 1.57% 5.66% 4.09% 152.33% $655
Year Ended May 31, 1996 4.32% 1.57% 8.24% 4.38% 126.20% $129
Year Ended May 31, 1995 3.62% 1.57% 6.32% 3.69% 130.90% $160

</TABLE>

(a) The ratio of Gross Expenses to Average Net Assets does not reflect fee
waivers or expense reimbursements.
(b) Includes expenses allocated from the Portfolio(s) in which the Fund
invests.

12
<PAGE>

If you would like more information about the Fund and its investments, you may
want to read the following documents:

Statement of Additional Information. The Fund's statement of additional
information, or "SAI," contains detailed information about the Fund, such as its
investments, management and organization. It is incorporated into this
prospectus by reference.

Annual and Semi-Annual Reports. Additional Information about the Fund's
investments is available in its annual and semi-annual reports to shareholders.
In the annual report, the Fund's portfolio manager discusses the market
conditions and investment strategies that significantly affected the Fund's
performance during its last fiscal year.

You may obtain free copies of the SAI, annual report, and semi-annual report, or
make inquiries concerning the Fund, by contacting your broker or trust officer,
by contacting Norwest Advantage Funds, 733 Marquette Avenue, Minneapolis,
Minnesota 55479 or by calling 1-800-338-1348 or 1-612-667-8833.

The Fund's reports and SAI are available from the Securities and Exchange
Commission in Washington, D.C. You may obtain copies of these documents, upon
payment of a duplicating fee, by writing the Public Reference Section of the
SEC, Washington D.C. 20549-6009. The scheduled hours of operation of the Public
Reference Room may be obtained by calling the SEC at 1-800-SEC-0330. Free copies
of the reports and SAI are available from the SEC's Internet website at
http://www.sec.com.

The SEC's Investment Company Act file number for the Fund is 811-4881.

<PAGE>

PROSPECTUS
October 1, 1999

READY CASH INVESTMENT FUND
Public Entities Shares

<PAGE>

TABLE OF CONTENTS

1. RISK/RETURN SUMMARY......................................................
2. FEES AND EXPENSES OF THE FUND............................................
3. INVESTMENT OBJECTIVE, STRATEGIES AND RISK CONSIDERATIONS.................
Investment Objective and Strategies......................................
Risk Considerations......................................................
4. MANAGEMENT OF THE FUND...................................................
5. HOW TO BUY AND SELL SHARES...............................................
Determination of Net Asset Value.........................................
General Purchase Information.............................................
Purchase Procedures......................................................
General Redemption Information...........................................
Redemption Procedures....................................................
Exchanges................................................................
6. DISTRIBUTIONS AND TAX MATTERS............................................
7. OTHER INFORMATION........................................................
8. FINANCIAL HIGHLIGHTS.....................................................

ii
<PAGE>

RISK/RETURN SUMMARY

The following is a summary of certain key information about the Fund. You will
find additional information about the Fund after the summary.

OBJECTIVE. The Fund's investment objective is to provide high current income to
the extent consistent with the preservation of capital and the maintenance of
liquidity.

PRINCIPAL RISKS. The principal risks of investing in the Fund are:

o Credit Risk: This is the risk that the issuer of a security will be
unable to make timely payments of interest or principal or to
otherwise honor its obligations.

Another Important Thing For You To Note. Although the
Fund seeks to preserve the value of your investment at $1.00 per share it is
possible to lose money by investing in the Fund.

BAR CHART AND PERFORMANCE INFORMATION

o changes in the Fund's performance from year to
year over 10 years; and

o the Fund's average annual total returns for one, five and ten years.

[EDGAR Representation of Bar Chart]

1989 8.84
1990 7.78%
1991 5.75%
1992 3.52%
1993 2.79%
1994 3.49%
1995 5.42%
1996 4.87%
1997 5.02%
1998 4.96%

The calendar year-to-date total return as of June 30, 1999 was
2.14%.

1
<PAGE>

During the periods shown in the chart, the highest quarterly return was 2.29%
(for the quarter ended June 30, 1989) and the lowest quarterly return was 0.64%
(for the quarter ended March 31, 1994).

The following table lists the Fund's average annual total returns as of December
31, 1998.

Ready Cash
Year(s) Investment Fund
1 Year 4.96%
5 Year 4.75%
10 Year 5.23%
Since Inception (12/20/88) 5.39%

2
<PAGE>

FEES AND EXPENSES OF THE FUND

The following tables describe the fees and expenses that you will pay if you
invest in the Fund.

SHAREHOLDER TRANSACTION EXPENSES
(fees paid directly from your investment)

None

ANNUAL FUND OPERATING EXPENSES (1)
(expenses that are deducted from Fund assets)

Investment Advisory Fees 0.33%
Other Expenses(2) 0.41%
Total Annual Fund Operating Expenses(3) 0.74%

(1) Based on amounts incurred during the Fund's fiscal year ended May 31, 1999
stated as a percentage of net assets.

(2) Other expenses are based on estimated amounts for the current fiscal year.

(3) The Fund is subject to voluntary fee waivers and expense reimbursements
that reduce the operating expenses of the Funds. See the Financial
Highlights table for information about fund expenses net of fee waivers and
expense reimbursements.

EXAMPLES OF EXPENSES

You would pay the following expenses assuming that you redeem your shares at the
end of each period:

- ----------------------- -----------------------

Ready Cash
Investment Fund
- ----------------------- -----------------------
- ----------------------- -----------------------
Public Entities Shares
- -----------------------
-----------------------
1 YEAR 76
- ----------------------- -----------------------
3 YEARS 237
- ----------------------- -----------------------
5 YEARS 411
- ----------------------- -----------------------
10 YEARS 918
- ----------------------- -----------------------

You would pay the following expenses assuming that you do NOT redeem your shares
at the end of the periods shown:

- ----------------------- -----------------------

3
<PAGE>

INVESTMENT OBJECTIVE, STRATEGIES
AND RISK CONSIDERATIONS

INVESTMENT OBJECTIVE AND STRATEGIES

The Fund's investment objective is to provide high current income to the extent
consistent with the preservation of capital and the maintenance of liquidity.

High-quality instruments include those that: (1) are rated (or, if unrated, are
issued by an issuer with comparable outstanding short-term debt that is rated)
in 1 of the 2 highest rating categories by 2 nationally recognized statistical
rating organizations, or NRSROs, or, if only 1 NRSRO has issued a rating, by
that NRSRO; or (2) are otherwise unrated and determined by the Adviser to be of
comparable quality. The Fund invests at least 95% of its total assets in
securities in the highest rating category.

RISK CONSIDERATIONS

4
<PAGE>

Credit risk is the possibility that a security's credit rating will be
downgraded or that the issuer of a security will default (fail to make scheduled
interest and principal payments). The Fund invests in highly-rated securities to
minimize credit risk.

MANAGEMENT OF THE FUND

INVESTMENT ADVISORY SERVICES

PORTFOLIO MANAGERS: David D. Sylvester, Laurie R. White and Robert G. Leuty are
primarily responsible for the day-to-day management of the Fund's investments.
They became portfolio managers for the Portfolio in 1998. Mr. Sylvester has been
associated with Norwest and Norwest Bank since 1979, and currently is a Managing
Director-Reserve Asset Management. Ms. White is a Director-Reserve Asset
Management and has been associated with Norwest or Norwest Bank since 1991. Mr.
Leuty has been associated with Norwest or Norwest Bank since 1992, has been
associated in various investment management capacities since 1993 and has been
in his present capacity of Senior Portfolio Manager since 1998.

DORMANT INVESTMENT ADVISORY
ARRANGEMENTS

OTHER FUND SERVICES

PURCHASES AND REDEMPTIONS OF SHARES

DETERMINATION OF NET ASSET VALUE

The Fund determines its net asset value or NAV at 3:00p.m., Eastern Time, on
each Fund business day, which is any day the New York Stock Exchange is open, by
dividing the value of its net assets (i.e., the value of its securities and
other assets less its liabilities) by the number of shares outstanding at the
time the determination is made.

You may purchase or redeem shares at a price equal to their NAV next determined
after receipt of your purchase order or redemption request in proper form on
Fund business days.

5
<PAGE>

GENERAL PURCHASE INFORMATION

You may purchase shares directly or through a financial institution. The Fund's
transfer agent processes all transactions in Fund shares.

You may purchase and redeem Fund shares without a sales or redemption charge.
Public Entities Shares require a minimum initial investment of $100,000 and have
no minimum for subsequent investments. Your shares become eligible to receive
distributions on the day that your purchase order is received in proper form.

Your order will not be complete until the Fund receives immediately available
funds. The Fund must receive purchase and redemption orders before the times
indicated below. Times indicated are Eastern Time.

order must be payment must be
received by received by

3:00 p.m. 4:00 p.m.

PURCHASE PROCEDURES

PURCHASING SHARES DIRECTLY

You may obtain an account application by writing Norwest Advantage Funds at the
following address:

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

When you sign an application for a new Fund account, you are certifying that
your Social Security number or other taxpayer identification number is correct
and that you are not subject to backup withholding. If you violate certain
federal income tax provisions, the Internal Revenue Service can require the Fund
to withhold 31% of your distributions and redemptions.

You must pay for your shares in U.S. dollars by check or money order drawn on a
U.S. bank, by bank or federal funds wire transfer or by electronic bank
transfer. Cash cannot be accepted.

Call or write the transfer agent if you wish to participate in shareholder
services not offered on the account application or change information on your
account (such as addresses). Norwest Advantage Funds may in the future modify,
limit or terminate any shareholder privilege upon appropriate notice and may
charge a fee for certain shareholder services, although no such fees are
currently contemplated. You may terminate your participation in any shareholder
program by writing to Norwest Advantage Funds.

Purchases by Mail. You may send a check or money order along with a completed
account application to Norwest Advantage Funds at the address listed above.
Checks and money orders are accepted at full value subject to collection.
Payment by a check drawn on any member of the Federal Reserve System can
normally be converted into federal funds within 2 business days after receipt of

6
<PAGE>

the check. Checks drawn on some non-member banks may take longer. If your check
does not clear, the purchase order will be canceled and you will be liable for
any losses or fees incurred by Norwest Advantage Funds, the transfer agent or
the Fund's distributor.

PURCHASES BY BANK WIRE. You must first telephone the Fund's transfer agent at
1-612-667-8833 or 1-800-338-1348 to obtain an account number before making an
initial investment by bank wire. Then instruct your bank to wire your money
immediately to:

Complete and mail the account application promptly. Your bank may charge for
transmitting the money by wire. The Fund does not charge for the receipt of wire
transfers. The Fund treats payment by bank wire as a federal funds payment when
received.

PURCHASES THROUGH FINANCIAL INSTITUTIONS

You may purchase and redeem shares through certain broker-dealers, banks and
other financial institutions. When you purchase the Fund's shares through a
financial institution, the shares may be held in your name or in the name of the
financial institution. Subject to your institution's procedures, you may have
Fund shares held in the name of your financial institution transferred into your
name. If your shares are held in the name of your financial institution, you
must contact the financial institution on matters involving your shares. Your
financial institution may charge you for purchasing, redeeming or exchanging
shares.

SUBSEQUENT PURCHASES OF SHARES

You can make subsequent purchases by mailing a check, by sending a bank wire or
through a financial institution as indicated above. All payments should clearly
indicate your name and account number.

GENERAL REDEMPTION INFORMATION

You may redeem Fund shares at their NAV on any Fund business day. There is no
minimum period of investment and no restriction on the frequency of redemptions.

Redemption orders are accepted up to the times indicated above for acceptance of
purchase orders. As described above, the Fund may advance the times for receipt
of redemption orders.

7
<PAGE>

Normally, redemption proceeds are paid immediately following receipt of a
redemption order in proper form. In any event, you will be paid within 7 days,
unless (1) your bank has not cleared the check to purchase the shares (which may
take up to 15 days), (2) the New York Stock Exchange is closed (or trading is
restricted) for any reason other than normal weekend or holiday closings, (3)
there is an emergency in which it is not practical for the Fund to sell its
portfolio securities or for the Fund to determine its NAV or (4) the SEC deems
it inappropriate for redemption proceeds to be paid. You can avoid the delay of
waiting for your bank to clear your check by paying for shares with wire
transfers. Unless otherwise indicated, redemption proceeds normally are paid by
check mailed to your record address.

To protect against fraud, the following must be in writing with a signature
guarantee: (1) endorsement on a share certificate; (2) instruction to change
your record name; (3) modification of a designated bank account for wire
redemptions; (4) instruction regarding an Automatic Investment Plan or Automatic
Withdrawal Plan; (5) distribution elections; (6) election of telephone
redemption privileges; (7) election of exchange or other privileges in
connection with your account; (8) written instruction to redeem shares whose
value exceeds $50,000; (9) redemption in an account when the account address has
changed within the last 30 days; (10) redemption when the proceeds are deposited
in a Norwest Advantage Funds account under a different account registration; and
(11) the payment of redemption proceeds to any address, person or account for
which there are not established standing instructions.

You may obtain signature guarantees at any of the following types of
organizations: authorized banks, broker-dealers, national securities exchanges,
credit unions, savings associations or other eligible institutions. The specific
institution must be acceptable to the transfer agent. Whenever a signature
guarantee is required, the signature of each person required to sign for the
account must be guaranteed.

Because of the cost of maintaining smaller accounts, the Fund may redeem, upon
not less than 60 days' written notice, any account with a NAV of less than
$100,000 immediately following any redemption.

REDEMPTION PROCEDURES

If you have invested directly in the Fund you may redeem your shares as
described below. If you have invested through a financial institution you may
redeem shares through the financial institution. If you wish to redeem shares by
telephone or receive redemption proceeds by bank wire you should complete the
appropriate sections of the account application. These privileges may not be
available until several weeks after the application is received. You may not
redeem shares by telephone if you have certificates for those shares.

REDEMPTION BY BANK WIRE. If you have elected wire redemption privileges, you may
request the Fund to transmit redemption proceeds of more than $5,000 by federal
funds wire to a bank account you have designated in writing. You must have
chosen the telephone redemption privilege to request bank redemptions by
telephone. Redemption proceeds are transmitted by wire on the Fund business day
the transfer agent receives a redemption request in proper form.

EXCHANGES

You may exchange Public Entities Shares for shares of other funds of Norwest
Advantage Funds. Call or write the transfer agent for more information.

8
<PAGE>

You may only exchange shares into a pre-existing account if that account is
identically registered. You must submit a new account application if you wish to
exchange shares into an account registered differently or with different
shareholder privileges. You may exchange into a fund only if that fund's shares
may legally be sold in your state of residence.

The Fund and federal tax law treat an exchange as a redemption and a purchase of
shares. The Fund may amend or terminate exchange procedures on 60 days' notice.

EXCHANGES BY TELEPHONE. If you have telephone exchange privileges, you may make
a telephone exchange by calling the transfer agent at 1-800-338-1348 or
1-612-667-8833 and giving your account number, the exact name in which the
shares are registered and your Social Security number or other taxpayer
identification number.

Distributions And Tax Matters

DISTRIBUTIONS

The Fund declares distributions of net investment income daily and pays
distributions monthly. The Fund distributes net capital gain, if any, at least
annually.

You have 3 choices for receiving distributions: the Reinvestment Option, the
Cash Option and the Directed Dividend Option.

o Under the Reinvestment Option, all distributions are automatically invested
in additional shares of the Fund. You are automatically assigned this
option unless you select another option.

o Under the Cash Option, you are paid all distributions in cash.

TAX MATTERS

The Funds are managed so that they do not owe Federal income or excise taxes.
The Fund's distributions of net investment income (including net short-term
capital gain) are taxable as ordinary income. Distributions of net capital gain
(i.e., the excess of net long-term capital gain over net short-term capital
loss), if any, are taxable as long-term capital gain, regardless of how long a
shareholder has held shares in the Fund. The Fund's income from foreign
investments may be subject to foreign income or other taxes.

9
<PAGE>

OTHER INFORMATION

FUND REORGANIZATIONS

If you have any questions you should call 1-800-394-0736.

DOWNGRADED SECURITIES

The Fund may retain a security whose rating has been lowered (or a security of
comparable quality to a security whose rating has been lowered) below the Fund's
lowest permissible rating category if the Fund's Adviser determines that
retaining the security is in the best interests of the Fund.

YEAR 2000

10
<PAGE>

FINANCIAL HIGHLIGHTS

The financial highlights table is intended to help you understand each Fund's
financial performance for 10 years or, if shorter, the Fund's operating history.
Certain information reflects financial results for a single Fund share. The
total returns in the table represent the rate that an investor would have earned
on an investment in a Fund, assuming reinvestment of all distributions. The
information from June 1, 1994 through May 31, 1999 has been audited by
_____________________, independent auditors, whose report dated July 16, 1999
about a Fund, along with the Fund's financial statements, are included in the
Fund's Annual Report, which is available at no charge upon request. These
financial statements are incorporated by reference into the SAI. Other
independent auditors audited information for prior periods.

Period Ended
Ready Cash Investment Fund May 31, 1999(a)
Public Entities Shares
Net Asset Value, Beginning of Period $1.00
Investment Operations
Net Investment Income (Loss) 0.035
Net Realized and Unrealized Gain (Loss) on Investments -
Total from Investment Operations (0.035)
Distributions From:
Net Investment Income (0.60)
----------------
Net Asset Value, End of Period $1.00
Total Return 3.59%
Supplementary Data:
Net Assets at End of Period (000's omitted) $68,771
Ratios to Average Net Assets(b)(c):
Net Investment Income (Loss) 4.69%
Net Expenses 0.54%
(Expenses excluding reimbursement/waiver of fees) 0.74%
- --------------------------------------------------------------- ----------------

(a) The class commenced operations on September 1, 1998.
(b) Includes expenses allocated from the Portfolio(s) in which the Fund
invests.
(c) Annualized.

11
<PAGE>

If you would like more information about the Fund and its investments, you may
want to read the following documents:

The SEC's Investment Company Act file number for the Fund is 811-4881.

12
<PAGE>

P R O S P E C T U S

October 1, 1999

STABLE INCOME FUND
INTERMEDIATE GOVERNMENT INCOME FUND
INCOME FUND
TOTAL RETURN BOND FUND

AN INVESTMENT IN A FUND IS NOT A DEPOSIT OF NORWEST BANK MINNESOTA, N.A. OR ANY
OTHER BANK AND IS NOT INSURED OR GUARANTEED BY THE U.S. GOVERNMENT, THE FEDERAL
DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY.

<PAGE>

Table of Contents

1. RISK/RETURN SUMMARY.............................................
2. FEES AND EXPENSES OF THE FUNDS..................................
3. GLOSSARY.........................................................
4. INVESTMENT OBJECTIVES, STRATEGIES AND RISK CONSIDERATIONS.......
Stable Income Fund...............................................
Intermediate Government Income Fund..............................
Income Fund......................................................
Total Return Bond Fund...........................................
5. OTHER CONSIDERATIONS.............................................
6. MANAGEMENT OF THE FUNDS.........................................
7. CHOOSING A SHARE CLASS..........................................
8. HOW TO BUY AND SELL SHARES......................................
Determination of Net Asset Value
General Purchase Information.....................................
Purchasing Shares Directly.......................................
Purchases Through Financial Institutions.........................
General Redemption Information...................................
Redemption Procedures............................................
Exchanges........................................................
9. DISTRIBUTIONS AND TAX MATTERS...................................
10. OTHER INFORMATION...............................................
11. FINANCIAL HIGHLIGHTS.............................................

<PAGE>

RISK/RETURN SUMMARY

The following is a summary of certain key information about the Funds. You will
find additional information about the Funds after this summary.

In this summary, we will identify certain kind of risks that apply to one or
more of the Funds. These risks are:

o Interest Rate Risk. This is the risk that changes in interest rates
will affect the value of a Fund's investments, particularly those
investments in debt or income-producing securities. Increases in
interest rates may cause the value of a Fund's investments to decline.

o Credit Risk. This is the risk that the issuer of a security will be
unable to make timely payments of interest or principal or to
otherwise honor its obligations.

o Management Risk. This is the risk that a Fund's manager will make poor
choices in selected securities. All actively managed Funds have
management risk.

The Risk/Return Summary includes a bar chart for each Fund showing its annual
returns and a table showing its average annual returns. The bar chart and table
provide an indication of the historical risk of an investment in each Fund by
showing:

o changes in the Fund's performance from year to year over 10 years or,
if less, the life of a Fund; and

o how the Fund's average annual returns for one, five and 10 years, or,
if less, the life of the Fund, compare to those of a broad-based
securities market index.

Another important thing for you to note: You may lose money by investing in a
Fund.

3
<PAGE>

STABLE INCOME FUND

OBJECTIVE. The investment objective of the Fund is to maintain safety of
principal while providing low volatility total return.

PRINCIPAL INVESTMENT STRATEGY. The Fund invests in a diversified portfolio of,
primarily, short-term investment grade securities. The Fund invests in fixed and
variable rate U.S. dollar-denominated debt securities of a broad spectrum of
U.S. and foreign issuers, including U.S. Government securities. The Fund's
investments may include mortgage-related and asset-backed securities. The Fund
seeks to maintain average dollar-weighted maturity of between 2 and 5 years.

PRINCIPAL RISKS. The principal risks of investing in the Fund are interest rate
risk and credit risk. The Fund's investments in mortgage-related and
asset-backed securities have prepayment risk, which is the risk that mortgage
loans or other obligations will be prepaid when interest rates decline, forcing
the Fund to reinvest in securities with lower interest rates. For this and other
reasons, mortgage-related and asset-backed securities may have significantly
greater price and yield volatility than traditional debt securities.

BAR CHART AND PERFORMANCE INFORMATION

The bar chart and performance information provide an indication of the
historical risk of an investment in the Fund. The annual returns in the bar
chart are for the Fund's Class A shares and do not reflect sales charges. If
sales loads were reflected, the returns would be less than those shown.

[EDGAR Representation of Bar Chart]

1995 7.93%
1996 5.46%
1997 6.46%
1998 5.87%

The calendar year-to-date total return as of June 30, 1999 was
1.46%.

During the periods shown in the chart, the highest quarterly return was 2.24%
(for the quarter ended June 30, 1995) and the lowest quarterly return was 0.89%
(for the quarter ended December 31, 1998).

The following table compares the Fund's average annual total returns as of
December 31, 1998 to the Merrill Lynch 1-Year U.S. Treasury Bill Index.

Stable Stable Merrill Lynch
Income Fund Income Fund 1-Year U.S. Treasury Bill
Year(s) A Shares B Shares Index
1 Year 4.28% 3.48% 5.89%
Since Inception 5.99%(1) 5.55%(1) 5.93%(2)

</TABLE>

(1) For the period 11/9/94 - 12/31/98.
(2) For the period 10/31/94 - 12/31/98.

4
<PAGE>

The Merrill Lynch 1-Year U.S. Treasury Bill Index is _________________.

May 2, 1996 was the inception date of Class A Shares of the Fund. Returns prior
to that date are for Class I Shares. May 17, 1996 was the inception date of
Class B Shares of the Fund. Returns prior to that date are for Class I Shares,
adjusted for Class B Share expenses.

INTERMEDIATE GOVERNMENT INCOME FUND

OBJECTIVE. The investment objective of the Fund is to provide income and safety
of principal by investing primarily in U.S.
Government securities.

PRINCIPAL INVESTMENT STRATEGY. The Fund normally invests at least 65% of its
total assets in fixed and variable rate U.S. Government securities and may
invest up to 35% of its total assets in debt securities that are not U.S.
Government obligations. The Fund's investments include mortgage-backed and
asset-backed securities. In selecting investments, the Fund emphasizes the use
of intermediate maturity securities to lessen interest rate risk and uses
mortgage-backed securities to enhance yield. The Fund seeks to maintain average
dollar-weighted maturity of between 3 to 10 years.

PRINCIPAL RISKS. The principal risks of investing in the Fund are interest rate
risk and credit risk. The Fund's investments in mortgage-backed and asset-backed
securities have prepayment risk, which is the risk that mortgage loans or other
obligations will be prepaid when interest rates decline, forcing the Fund to
reinvest in securities with lower interest rates. For this and other reasons,
mortgage-related and asset-backed securities may have significantly greater
price and yield volatility than traditional debt securities.

BAR CHART AND PERFORMANCE INFORMATION

[EDGAR Representation of Bar Chart]

1989 9.72%
1990 8.78%
1991 14.00%
1992 6.00%
1993 13.75%
1994 -6.16%
1995 13.75%
1996 3.13%
1997 8.72%
1998 10.06%

The calendar year-to-date total return as of June 30, 1999 was
- -2.71%.

During the periods shown in the chart, the highest quarterly return was 5.91%
(for the quarter ended September 30, 1998) and the lowest quarterly return was
- -3.73% (for the quarter ended June 30, 1994).

The following table compares the Fund's average annual total returns as of
December 31, 1998 to the Lehman Intermediate Government Index.

5
<PAGE>

Intermediate Government Intermediate Government Lehman
Income Fund Income Fund Intermediate Government
A Shares B Shares Index
Year(s)
1 Year 4.72% 3.73% 8.47%
5 Year 4.62% 4.47% 7.15%
10 Year 7.01% 6.70% 8.69%
Since Inception 7.61%(1) 5.55%(1) 7.81%(2)

</TABLE>

(1) For the period 12/31/82 - 12/31/98.
(2) For the period 04/30/86 - 12/31/98.

The Lehman Intermediate Government Index is _______________________.

May 2, 1996 was the inception date of Class A Shares of the Fund. Returns prior
to that date are for Class I Shares. Performance shown for Class A Shares for
the period prior to November 11, 1994 reflects performance of the shares of the
predecessor collective investment fund (see note + below) adjusted to reflect
the Fund's 1994 estimate of its expense ratio for the first year of operations
as a mutual fund, including any applicable sales load (without giving effect to
any fee waivers or expense reimbursements).

May 17, 1996 was the inception date of Class B Shares of the Fund. Returns prior
to that date are for Class I Shares, adjusted for Class B Share expenses.
Performance shown for Class B Shares for the period prior to November 11, 1994
reflects performance of the shares of the predecessor collective investment fund
(see note + below) adjusted to reflect Class B Share expenses (before waivers
and reimbursements).

+ Prior to November 11, 1994, Norwest Investment Management managed a collective
investment fund with investment objectives and policies that were, in all
material respects, equivalent to the Fund. The performance of the Fund includes
the performance of the predecessor collective investment fund for the periods
before it became a mutual fund on November 11, 1994. The collective investment
fund was not registered under the 1940 Act nor subject to certain investment
limitations, diversification requirements and other restrictions imposed by the
1940 Act and the Internal Revenue Code, which, if applicable, may have adversely
affected the performance results.

6
<PAGE>

INCOME FUND

OBJECTIVE. The investment objective of the Fund is to provide total return
consistent with current income.

PRINCIPAL INVESTMENT STRATEGY. The Fund invests in a diversified portfolio of
fixed and variable rate debt securities issued by domestic and foreign issuers.
The Fund's investments include corporate, mortgage-backed, asset-backed, and
U.S. Government debt securities primarily of investment grade quality or better.
In selecting investments, the Fund applies fundamental economic, credit, and
market analysis to increase portfolio performance. The Fund seeks to maintain an
average dollar-weighted portfolio maturity between 3 and 15 years.

PRINCIPAL RISKS. The principal risks of investing in the Fund are interest rate
risk and credit risk. The Fund's investments in foreign securities have foreign
risk. This is the risk of investments located in foreign countries, which may
have greater price volatility and less liquidity. Investments in foreign
securities also are subject to political, regulatory, and diplomatic risks.
Foreign risk includes currency risk, which may occur due to fluctuations in the
exchange rates between the U.S. dollar and foreign currencies. This risk could
negatively affect the value of a Fund's investments. The Fund's investments in
mortgage-backed and asset-backed securities have prepayment risk, which is the
risk that mortgage loans or other obligations will be prepaid when interest
rates decline, forcing the Fund to reinvest in securities with lower interest
rates. For this and other reasons, mortgage-related and asset-backed securities
may have significantly greater price and yield volatility than traditional debt
securities.

BAR CHART AND PERFORMANCE INFORMATION

[EDGAR Representation of Bar Chart]

1989 9.73%
1990 9.20%
1991 18.87%
1992 7.96%
1993 8.90%
1994 -7.00%
1995 17.34%
1996 1.91%
1997 10.26%
1998 8.98%

The calendar year-to-date total return as of June 30, 1999 was
- -3.52%.

During the periods shown in the chart, the highest quarterly return was 6.21%
(for the quarter ended September 30, 1991) and the lowest quarterly return was
- -3.39% (for the quarter ended June 30, 1994).

7
<PAGE>

The following table compares the Fund's average annual total returns as of
December 31, 1998 to the Lehman Intermediate Government/Corporate Index.

Lehman Intermediate
Income Fund Income Fund Government/Corporate
Year(s) A Shares B Shares Index
1 Year 4.07% 3.28% 8.42%
5 Year 5.00% 4.88% 6.59%
10 Year 7.89% 7.57% 8.51%
Since Inception 7.77%(1) 7.39%(1) 7.95%(2)

(1) For the period 1/9/87 - 12/31/98.
(2) For the period 5/31/87 - 12/31/98.

The Lehman Intermediate Government/Corporate Index is __________________________

August 5, 1993 was the inception date of Class B Shares of the Fund. Returns
prior to that date are for Class A Shares, adjusted for Class B Share expenses.

TOTAL RETURN BOND FUND

OBJECTIVE. The investment objective of the Fund is to seek total return.

PRINCIPAL INVESTMENT STRATEGY. The Fund invests in a broad range of fixed
fixed-income securities to create a strategically diversified portfolio of
fixed-income investments. The Fund's investments include corporate,
mortgage-backed, asset-backed, and U.S. Government debt securities, preferred
stock, convertible bonds, and foreign bonds. In selecting investments, the Fund
focuses on relative value as opposed to predicting the direction of interest
rates. The Fund uses fundamental economic, credit, and market analysis to
identify the best relative economic value. The Fund seeks to maintain an average
dollar-weighted portfolio maturity between 5 and 15 years.

BAR CHART AND PERFORMANCE INFORMATION

8
<PAGE>

[EDGAR Representation of Bar Chart]

1994 -0.67%
1995 13.78%
1996 2.78%
1997 8.91%
1998 9.30%

The calendar year-to-date total return as of June 30, 1999 was
- -1.73%.

During the periods shown in the chart, the highest quarterly return was 4.65%
(for the quarter ended June 30, 1995) and the lowest quarterly return was -1.41%
(for the quarter ended March 31, 1994).

The following table compares the Fund's average annual total returns as of
December 31, 1998 to the Lehman Intermediate Government/Corporate Index.

Total Return Total Return Lehman Intermediate
Bond Fund Bond Fund Government/Corporate Index
Year(s) A Shares B Shares
1 Year 2.29% 1.27% 8.42%
5 Year 5.29% 5.20% 6.59%
Since Inception 5.29%(1) 5.20%(1) 5.94%(2)

(1) For the period 12/31/93 - 12/31/98.
(2) For the period 11/30/93 - 12/31/98.

The Lehman Intermediate Government/Corporate Index is ________________________.

9
<PAGE>

FEES AND EXPENSES OF THE FUNDS

This table describes the fees and expenses that you pay if you buy and hold
shares of the Funds.

Shareholder Fees
(fees paid directly from your investment)

Intermediate
Government Income Fund,
Stable Income Fund and
Income Fund Total Return Bond Fund
A Shares B Shares A Shares B Shares
------------ -- ------------ ------------ -- ------------
Maximum Sales Charge (Load) Imposed on
Purchases (as a percentage of offering price) 1.5% Zero 4.50% Zero

Maximum Deferred Sales Charge (Load)
(as percentage of the lower of the Net Asset Zero 1.5% Zero 5.0%
Value ("NAV") at purchase or the NAV at
redemption)

Annual Fund Operating Expenses (1)
(expenses that are deducted from Fund assets)
Stable Intermediate
Income Fund Government Income Fund
A Shares B Shares A Shares B Shares
------------ -- ------------ ------------ -- ------------
Investment Advisory Fees 0.50% 0.50% 0.33% 0.33%
Distribution (12b-1) Fees 0.00% 1.00% 0.00% 1.00%
Other Expenses (2) 0.58% 0.63% 0.54% 0.58%
Total Annual Fund Operating Expenses(3) 1.08% 2.13% 0.87% 1.91%

Income Fund Total Return Bond Fund
A Shares B Shares A Shares B Shares
------------ -- ------------ ------------ -- ------------
Investment Advisory Fees 0.30% 0.30% 0.50% 0.50%
Distribution (12b-1) Fees 0.00% 1.00% 0.00% 1.00%
Other Expenses (2) 0.65% 0.85% 0.88% 0.81%
Total Annual Fund Operating Expenses(3) 0.95% 2.15% 1.38% 2.31%

</TABLE>

(1) Based on amounts incurred during each Fund's fiscal year ended May 31, 1999
stated as a percentage of net assets.

(2) Other expenses are based on estimated amounts for the current fiscal year.

(3) The Funds are subject to voluntary fee waivers and expense reimbursements
that reduce the operating expenses of the Funds. See the Financial
Highlights Table for information about fund expenses net of fee waivers and
expense reimbursements

10
<PAGE>

EXAMPLE OF EXPENSES

These examples are intended to help you compare the cost of investing in a Fund
with the cost of investing in other mutual funds. The examples assume that you
invest $10,000 in a Fund for the time periods indicated and then redeem all of
your shares at the end of those periods. The examples also assume that your
investment has a 5% annual return, that a Fund's operating expenses remain the
same, and that distributions are reinvested. Your actual costs may be higher or
lower than those shown.

- --------------- ------------------------- ------------------------- -------------------------- -------------------------

Stable Income Intermediate Government Income Total Return Bond
Fund Income Fund Fund Fund
- --------------- ------------------------- ------------------------- -------------------------- -------------------------
------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------
Class Class Class Class Class Class Class Class
A B A B A B A B
- ---------------
------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------
1 YEAR 245 368 535 694 555 716 584 734
- --------------- ------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------
3 YEARS 448 673 715 900 778 967 867 1,121
- --------------- ------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------
5 YEARS 668 1,154 911 1,232 1,019 1,344 1,171 1,435
- --------------- ------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------
10 YEARS 1,299 2,483 1,474 2,233 1,708 2,462 2,033 2,646
- --------------- ------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------

You would pay the following expenses assuming that you do NOT redeem your shares
at the end of the periods shown:

- --------------- ------------------------- ------------------------- -------------------------- -------------------------

Stable Income Intermediate Government Income Total Return Bond
Fund Income Fund Fund Fund
- --------------- ------------------------- ------------------------- -------------------------- -------------------------
------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------
Class Class Class Class Class Class Class Class
A B A B A B A B
- ---------------
------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------
1 YEAR 245 218 535 194 555 216 584 234
- --------------- ------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------
3 YEARS 448 673 715 600 778 667 867 721
- --------------- ------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------
5 YEARS 668 1,154 911 1,032 1,019 1,144 1,171 1,235
- --------------- ------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------
10 YEARS 1,299 2,483 1,474 2,233 1,708 2,462 2,033 2,646
- --------------- ------------ ------------ ------------ ------------ ------------- ------------ ------------ ------------

</TABLE>

11
<PAGE>

GLOSSARY

This Glossary of frequently used terms will help you understand the discussion
of the Funds' objectives, policies, and risks.

TERM DEFINITION

AMT Alternative minimum tax.

Board The Board of Trustees of Norwest Advantage
Funds.

CDSC Contingent deferred sales charge.

Duration A measure of a debt security's average
life that reflects the present value of
the security's cash flow. Prices of
securities with longer durations generally
are more volatile.

Fundamental Requiring shareholder approval to change.

Investment Grade Rated at the time of purchase in 1
of the 4 highest long-term or 2 highest
short-term ratings categories by an NRSRO
or unrated and determined by the Adviser
to be of comparable quality.

NRSRO A nationally recognized statistical rating
organization, such as S&P, that rates
fixed income securities and preferred
stock by relative credit risk.

Non-Investment Grade Neither rated at the time of
purchase in 1 of the 4 highest long-term
or 2 highest short-term ratings categories
by an NRSRO nor unrated and determined by
the Adviser to be of comparable quality.

SAI Statement of Additional Information.

SEC The U. S. Securities and Exchange
Commission.

STRIPS Separately traded principal or interest
components of securities issued or
guaranteed by the U.S. Treasury under the
Treasury's Separate Trading of Registered
Interest and Principal of Securities
program.

U.S. Government Security A security issued or guaranteed as to
principal and interest by the U.S.
Government, its agencies or its
instrumentalities.

12
<PAGE>

INVESTMENT OBJECTIVES, STRATEGIES AND RISK CONSIDERATIONS

This section of the Prospectus provides a more complete description of each
Fund's investment objectives and principal strategies and risks. Except as
otherwise indicated, the Board may change the Funds' investment policies without
shareholder approval. The Funds' investment objectives are fundamental. There
can, of course, be no assurance that any Fund will achieve its investment
objective.

Some of the Funds invest directly in a portfolio of securities. Other Funds are
"gateway" funds in a "core/gateway" structure. In this structure a "gateway"
fund invests some of all of its assets in one or more "core portfolios" that
have a substantially identical investment objective and substantially similar
policies as the gateway fund. Gateway funds investing in the same core portfolio
can enhance their investment opportunities and reduce their expense rations
through sharing the costs of managing a large pool of assets. Except when
necessary to describe a Fund's investment in a core portfolio, references to the
gateway fund also include the core portfolio.

This section describes risks that affect the Funds' portfolios as a whole.
Certain of these risks may apply to one or more of the Funds. These risks are:

o Credit Risk. This is the risk that the issuer of a security will be
unable to make timely payments of interest or principal or to
otherwise honor its obligations.

o Management Risk. This is the risk that a Fund's manager will make poor
choices in selected securities. All actively managed Funds have
management risk.

STABLE INCOME FUND

INVESTMENT OBJECTIVE AND STRATEGIES. The Fund's investment objective is
to maintain safety of principal while providing low volatility total
return. The Fund invests in a diversified portfolio of, primarily,
short-term investment grade securities. The Fund invests in fixed and
variable rate U.S. dollar-denominated fixed income securities of a
broad spectrum of U.S. and foreign issuers, including U.S. Government
securities and the debt securities of financial institutions,
corporations, and others.

The Fund investments include:

o up to 65% of its total assets in mortgage-backed securities;

o up to 25% of its total assets in other types of asset-backed
securities;

o up to 25% of its total assets in mortgage-backed securities that
are not U.S. Government securities to not more than 25% of its
total assets; and

o up to 50% of its total assets in U.S. Government securities.

The Fund limits its investments in the securities issued or guaranteed
by any single agency or instrumentality of the U.S. Government, except
the U.S. Treasury to 30% of its total assets and does not invest more
than 10% of its total assets in the securities of any other issuer.

13
<PAGE>

The Fund invests in debt obligations with maturities (or average life
in the case of mortgage-backed and similar securities) ranging from
overnight to 12 years and seeks to maintain an average dollar-weighted
portfolio maturity of between 2 and 5 years.

Risk Considerations. The principal risks of investing in the Fund are
interest rate risk and credit risk. The Fund's investments in
mortgage-related and asset-backed securities have prepayment risk,
which is the risk that mortgage loans or other obligations will be
prepaid when interest rates decline, forcing the Fund to reinvest in
securities with lower interest rates. For this and other reasons,
mortgage-related and asset-backed securities may have significantly
greater price and yield volatility than traditional debt securities.

INTERMEDIATE GOVERNMENT INCOME FUND

INVESTMENT OBJECTIVE AND STRATEGIES. The Fund's investment objective
is to provide income and safety of principal by investing primarily in
U.S. Government securities.

The Fund normally invests at least 65% of its total assets in fixed and
variable rate U.S. Government securities and may invest up to 35% of
its assets in fixed income securities that are not U.S. Government
securities. In selecting investments, the Fund emphasizes the use of
intermediate maturity securities to lessen interest rate risk and uses
mortgage-backed securities to enhance yield.

The Fund's investments include:

o up to 50% of its total assets in mortgage-backed securities

o up to 25% of its total assets in other types of asset-backed
securities; and

o up to 10% of its total assets in zero-coupon securities, except
in STRIPS.

As part of its mortgage-backed securities investments, the Fund may
enter into dollar rolls. The Fund limits its investments in securities
issued or guaranteed by any single agency or instrumentality of the
U.S. Government to 25% of its total assets, except the U.S. Treasury.
The Fund may enter into short sales.

The Fund will purchase only securities that are rated, at the time of
purchase, within the 2 highest rating categories assigned by an NRSRO,
or which are unrated and determined by the Adviser to be of comparable
quality.

The Fund will invest primarily in debt obligations with maturities (or
average life in the case of mortgage-backed and similar securities)
ranging from overnight to 30 years. Under normal circumstances, the
Fund's portfolio securities will have an average dollar-weighted
maturity of between 3 and 10 years and a duration of between 70% and
130% of the duration of a 5 year Treasury Note.

INCOME FUND

INVESTMENT OBJECTIVE AND STRATEGIES. The Fund's investment objective is
to provide total return consistent with current income. The Fund
invests in a diversified portfolio of fixed and variable rate fixed
income securities issued by domestic and foreign issuers. The Fund
invests in a broad spectrum of U.S. issuers, including U.S. Government
securities, mortgageand other asset-backed securities, and the debt

14
<PAGE>

securities of financial institutions, corporations, and others. In
selecting investments, the Fund attempts to increase the Fund's
performance by applying various fixed income management techniques. The
Fund combines these techniques with fundamental economic, credit, and
market analysis while at the same time controlling total return
volatility by targeting the Fund's duration within a narrow band around
the duration of the Lipper Corporate A-Rated Debt Average.

The Fund normally invests at least 30% of its total assets in U.S.
Government securities. The Fund limits its investments in
mortgage-backed securities to not more than 50% of its total assets and
its investments in other asset-backed securities to not more than 25%
of its total assets.

The Fund may invest up to 70% of its total assets in corporate
securities, such as bonds, debentures and notes, and fixed income
securities that can be converted into or exchanged for common stocks.
The Fund also may invest in zero coupon securities and enter into
dollar rolls.

The Fund may invest in debt securities registered and sold in the
United States by foreign issuers and debt securities sold outside the
United States by foreign or U.S. issuers. The Fund restricts its
purchases of debt securities to those denominated and payable in U. S.
dollars.

Normally, the Fund will invest at least 80% of its total assets in
investment grade securities. The Fund also may invest up to 20% of its
total assets in below investment grade securities (also known as "junk
bonds") rated at the time of purchase, in the fifth highest long-term
rating category assigned by an NRSRO or unrated and determined by the
Adviser to be of comparable quality.

The Fund invests primarily in securities with maturities (or average
life in the case of mortgage-backed and similar securities) ranging
from overnight to 40 years. The Fund expects to maintain an average
dollar-weighted portfolio maturity of between 3 and 15 years. The
Fund's portfolio of securities will normally have a duration of between
70% and 130% of the duration of the Lipper Corporate A-Rated Debt
Average.

RISK CONSIDERATIONS. The principal risks of investing in the Fund are
interest rate risk and credit risk. The Fund's investments in
lower-rated securities involve greater credit risk than higher-rated
securities. The Fund's investments in mortgage-backed and asset-backed
securities have prepayment risk, which is the risk that mortgage loans
or other obligations will be prepaid when interest rates decline,
forcing the Fund to reinvest in securities with lower interest rates.
For this and other reasons, mortgage-related and asset-backed
securities may have significantly greater price and yield volatility
than traditional debt securities. The Fund's investments in foreign
securities have foreign risk. This is the risk of investments located
in foreign countries, which may have greater price volatility and less
liquidity. Investments in foreign securities also are subject to
political, regulatory, and diplomatic risks. Foreign risk includes
currency risk, which may occur due to fluctuations in the exchange
rates between the U.S. dollar and foreign currencies. This risk could
negatively affect the value of a Fund's investments.

TOTAL RETURN BOND FUND

INVESTMENT OBJECTIVE AND STRATEGIES. The Fund's investment objective is
to seek total return. The Fund invests in a broad range of fixed
-income instruments in order to create a strategically diversified
portfolio of fixed-income investments. These investments include
corporate bonds, mortgage- and other asset-backed securities, U.S.
Government securities, preferred stock, convertible bonds, and foreign
bonds.

15
<PAGE>

In selecting investments, the Fund focuses on relative value as opposed
to predicting the direction of interest rates. In general, the Fund
seeks higher current income instruments such as corporate bonds and
mortgage- and other asset-backed securities in order to enhance
returns. The Fund believes that this exposure enhances performance in
varying economic and interest rate cycles and avoids excessive risk
concentrations. The Fund's investment process involves rigorous
evaluation of each security, including identifying and valuing cash
flows, embedded options, credit quality, structure, liquidity,
marketability, current versus historical trading relationships, supply
and demand for the instrument, and expected returns in varying
economic/interest rate environments. The Fund uses this process to seek
to identify securities, which represent the best relative economic
value. The Fund then evaluates the results of the investment process
against the Fund's objective and purchases those securities that are
consistent with the Fund's investment objective.

The Fund particularly seeks strategic diversification. The Fund
investments include:

o up to 75% of its total assets in corporate bonds;

o up to 65% of its total assets in mortgage-backed securities; and

o up to 50% of its total assets in asset-backed securities.

The Fund may invest in U.S. Government securities without restriction
and the Fund generally limits its investments in the corporate bonds of
any single issuer to no more than 5% of its total assets..

The Fund will invest 65% of its total assets in fixed-income securities
rated, at the time of purchase, within the 3 highest rating categories
assigned by at least 1 NRSRO, or which are unrated and determined by
the Adviser to be of comparable quality. The Fund may invest up to 20%
of its total assets in non-investment grade securities.

The Fund expects to maintain an average dollar-weighted portfolio
maturity of between 5 and 15 years. The Fund's duration normally will
vary between 3 and 8 years.

RISK CONSIDERATIONS. The principal risks of investing in the Fund are
interest rate risk and credit risk. The Fund's investments in
mortgage-backed and asset-backed securities have prepayment risk, which
is the risk that mortgage loans or other obligations will be prepaid
when interest rates decline, forcing the Fund to reinvest in securities
with lower interest rates. For this and other reasons, mortgage-related
and asset-backed securities may have significantly greater price and
yield volatility than traditional debt securities. The Fund's
investments in foreign securities have foreign risk. This is the risk
of investments located in foreign countries, which may have greater
price volatility and less liquidity. Investments in foreign securities
also are subject to political, regulatory, and diplomatic risks.
Foreign risk includes currency risk, which may occur due to
fluctuations in the exchange rates between the U.S. dollar and foreign
currencies. This risk could negatively affect the value of a Fund's
investments.

OTHER CONSIDERATIONS

DERIVATIVES

The Funds may use certain derivative instruments, such as options, swap
agreements, interest rate caps, collars, and floors, and futures contracts to
manage risk. Derivatives are financial contracts whose value depends on, or is
derived from, the value of an underlying assets, reference rate, or index. In
addition to other risks, derivatives involve the risk of difficulties in pricing
and valuation and the risk that changes in the value of a derivative may not
correlate perfectly with relevant assets, rates, or indices.

16
<PAGE>

DOWNGRADED SECURITIES

Each Fund may retain a security whose rating has been lowered (or a security of
comparable quality to a security whose rating has been lowered) below the Fund's
lowest permissible rating category if the Fund's Adviser determines that
retaining the security is in the best interests of the Fund. Because a downgrade
often results in a reduction in the market price of the security, sale of a
downgraded security may result in a loss.

TEMPORARY DEFENSIVE POSITION

To respond to adverse market, economic, political, or other conditions, each
Fund may assume a temporary defensive position and invest without limit in cash
or cash equivalents. When a Fund makes temporary defensive investments, it may
not achieve its investment objective and is likely that its shareholders may be
subject to Federal and applicable state income taxes on a greater portion of the
fund's income distributions.

PORTFOLIO TURNOVER

From time to time, a Fund may engage in active short-term trading to take
advantage of price movements affecting individual issues, groups of issues, or
markets. Higher portfolio turnover rates may result in increased brokerage costs
and a possible increase in short-term capital gains or losses. The Financial
Highlights table lists the Funds' portfolio turnover rate.

YEAR 2000

Certain computer systems may not process date-related information properly on
and after January 1. 2000. The Adviser is addressing this matter for its
systems. The Funds' other service providers have informed the Fund that they are
taking similar measures. Investments in foreign companies are particularly
vulnerable to Year 2000 risk because these companies may not have the financial
resources, technology, or personnel needed to address Year 2000 readiness
concerns. This matter, if not corrected, could adversely affect the services
provided to the Fund or the issues in which the Fund invests and could
therefore, lower the value of your Fund shares.

MANAGEMENT OF THE FUNDS

INVESTMENT ADVISORY SERVICES

NORWEST INVESTMENT MANAGEMENT, INC. is the investment adviser for each Fund and
each Portfolio. In this capacity, Norwest makes investment decisions for and
administers the Funds' and Portfolios' investment programs. Norwest Investment
Management, Inc.'s address is Norwest Center, Sixth Street and Marquette,
Minneapolis, MN 55479.

Norwest, Stable Income Portfolio and Strategic Value Bond Portfolio have
retained GALLIARD CAPITAL MANAGEMENT, INC. or GALLIARD as an investment
subadviser to make investment decisions for and administer the investment
programs of those Portfolios. Norwest decides which portion of the Portfolios'
assets Galliard should manage and supervises Galliard's performance of its
duties. Galliard is an investment advisory subsidiary of Norwest Bank that
provides investment advisory services to bank and thrift institutions, pension
and profit sharing plans, trusts and charitable organizations, and corporate and
other business entities. Galliard Capital Management, Inc.'s address is 800
LaSalle Ave. Suite 2060, Minneapolis, MN 55479.

Listed below, for each Fund, are the portfolio managers primarily responsible
for the day-to-day management of the Fund's investments. The year a portfolio
manager began managing a Fund's portfolio follows the manager's name in
parenthesis. The list includes the investment advisory fees payable to Norwest
by the Fund or the Portfolio in which it invests. The list states the investment
advisory fees on an annualized basis as a percentage of a Fund's or Portfolio's
average daily net assets. Descriptions of the portfolio managers' recent
experience follow the list of portfolio managers and advisory fees.

17
<PAGE>

How investment advisory fees are paid depends on whether or not a Fund invests
in a Portfolio.

o If a Fund invests directly in a portfolio of securities, Norwest receives
an investment advisory fee directly from the Fund.

o If a Fund invests in a Portfolio, Norwest receives an investment advisory
fee from the Portfolio.

Norwest (and not the Funds or Portfolios) pays the subadviser's investment
subadvisory fee. The investment subadvisory fee does not increase the amount of
the investment advisory fees paid to Norwest by the Funds or Portfolios.

Stable Income Fund
Portfolio: Stable Income Portfolio
Subadviser: Galliard
Portfolio Manager: John Huber (1998).
Advisory Fee: 0.30%

Intermediate Government Income Fund
Portfolio Manager: Marjorie H. Grace, CFA (1995).
Advisory Fee: 0.33%

Income Fund
Portfolio Manager: Marjorie H. Grace, CFA (1996).
Advisory Fee: 0.50%

Total Return Bond Fund
Portfolio: Strategic Value Bond Portfolio
Subadviser: Galliard
Portfolio Managers: Richard Merriam, CFA (1997), John
Huber (1998), and David Yim (1998)
Advisory Fee: 0.50%

PORTFOLIO MANAGERS

MARJORIE H. GRACE, associated with Norwest or its affiliates since 1992. Ms.
Grace is a Director, Taxable Fixed Income of Norwest.

JOHN HUBER, associated with Norwest or its affiliates since 1990. Mr. Huber has
been a portfolio manager and Corporate Trading Specialist at Galliard since 1995
and has been in investment management since 1990.

RICHARD MERRIAM, associated with Norwest or its affiliates since 1995. Mr.
Merriam has been a managing partner of Galliard since 1995 and is responsible
for investment process and strategy. Mr. Merriam was previously Chief Investment
Officer of Insight Investment Management.

DAVID YIM, associated with Norwest or its affiliates since 1995. Mr. Yim has
been a portfolio manager and Credit Research Specialist of Investment Research
of Galliard since 1995 and previously worked for American Express Financial
Advisors as a Research Analyst.

18
<PAGE>

DORMANT INVESTMENT ADVISORY ARRANGEMENTS

Norwest has been retained as a "dormant" or "back-up" investment adviser to
manage any assets redeemed and invested directly by a Fund that invests in a
Portfolio. Norwest does not receive any compensation under this arrangement as
long as a Fund invests entirely in a Portfolio. If a Fund redeems assets from a
Portfolio and invests them directly, Norwest receives an investment advisory fee
from the Fund for the management of those assets.

OTHER FUND SERVICES

CHOOSING A SHARE CLASS

CLASSES OF SHARES

This Prospectus offers 2 classes of shares of the Funds. The classes, which have
different fee structures, are:

o A Shares: offered at their net asset value plus an initial sales
charge. A Shares do not pay distribution or shareholder servicing
fees.

o B Shares: offered at their net asset value. B Shares pay distribution
and shareholder servicing fees and convert to A Shares within 8 years
after purchase. If you redeem your B Shares within 6 years of
purchase, you may pay a contingent deferred sales charge. The amount
of the charge depends on the length of time you hold the shares.

Sales charges and fees vary considerably between a Fund's A Shares and B Shares.
After a set number of years, B Shares, which have higher fees, convert to A
Shares, which have lower fees. Consider the differences in the classes' fee
structures carefully before choosing which class to purchase. In particular,
consider how long you intend to invest in the Fund and whether during that
period the accumulated fees and applicable CDSCs on B Shares would be less than
the initial sales charge on A Shares. Also, consider whether you might qualify
for a reduced sales charge on A Shares and whether any difference in total
expenses between classes would be offset by A Shares' higher yield. The SAI has
more information about ways to qualify for reduced sales charges and how reduced
sales charge alternatives operate.

A Shares

The Funds offer A Shares at their next-determined net asset value plus the
following initial sales charge (no sales charge applies to reinvestments of
distributions):

STABLE INCOME FUND

Sales Charge
As a Percentage of
-------------------------------------------------
Amount of Purchase Offering Price+ Net Amount Invested
- ----------------------------------------------------------------------------------------------------------------

Less than $50,000........................... 1.50% 1.52%
$50,000 to $99,999.......................... 1.00% 1.01%
$100,000 to $499,000........................ 0.75% 0.76%
$500,000 to $999,000........................ 0.50% 0.50%
$1,000,000 and over......................... None None
*Rounded to the nearest one-hundredth percent
+The amount of the initial sales charge is included in the
offering price

19
<PAGE>

Intermediate Government Income Fund,
Income Fund, and Total Return Bond Fund

Sales Charge
As a Percentage of
------------------------------------------------
Amount of Purchase Offering Price+ Net Amount Invested
- ---------------------------------------------------------------------------------------------------------------

Less than $50,000........................... 4.50% 4.71%
$50,000 to $99,999.......................... 4.00% 4.17%
$100,000 to $249,000........................ 3.50% 3.63%
$250,000 to $499,999.............................. 2.50% 2.56%
$500,000 to $999,000............................. 2.00% 2.04%
over $1,000,000................................... None None
*Rounded to the nearest one-hundredth percent
+The amount of the initial sales charge is included in the
offering price

</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

The Funds offer B Shares at their net asset value per share. The Funds' B Shares
have distribution and shareholder servicing fees of 1.00% of the average daily
net assets of the class under a Rule 12b-1 distribution plan. Because
distribution fees are paid out of the Funds' assets on an on-going basis, over
time these fees will increase the cost of your investment and may cost more than
paying a front-end sales charge.

Contingent Deferred Sales Charge. If you redeem B Shares within 8 years of
purchase (2 years in the case of the Stable Income Fund), there will be a CDSC
on the redemption in the amount indicated below. The amount of the CDSC will
vary depending on the number of years between the payment for the purchase of
the shares and their redemption. You will pay the CDSC on the lesser of the cost
of the B Shares redeemed and their net asset value upon redemption. The Funds do
not impose a CDSC on B Shares purchased through reinvestments of dividends and
distributions.

Year Since Purchase Charge for Stable Income Fund
First................................................ 1.5%
Second............................................... 0.75%
Third and subsequent................................. None

Charge for Intermediate Government
Income Fund, Income Fund, and Total
Return Bond Fund
Year Since Purchase
First................................................ 5.0%
Second............................................... 4.0%
Third................................................ 3.0%
Fourth............................................... 3.0%
Fifth................................................ 2.0%
Sixth................................................ 1.0%
Seventh.............................................. None

20
<PAGE>

The Funds will redeem shares in the manner that results in the imposition of the
lowest CDSC. The Funds will automatically redeem shares first from any A Shares
of the Fund, second from B Shares of the Fund acquired pursuant to reinvestment
of distributions, third from B Shares of the Fund held for more than 6 years (2
years in the case of the Stable Income Fund), and fourth from the
longest-outstanding B Shares of the Fund held for less than 6 years (2 years in
the case of the Stable Income Fund).

CONVERSION FEATURE. B Shares will automatically convert to A Shares 8 years (4
years in the case of Stable Income Fund) from the end of the calendar month in
which the Fund accepted your purchase. The conversion will be on the basis of
the relative net asset values of the shares, without the imposition of any sales
load, fee, or other charge. For purposes of conversion, the Funds will consider
B Shares purchased through the reinvestment of dividends and distributions to be
held in a separate sub-account. Each time any B Shares in your account (other
than those in the sub-account) convert, a corresponding pro rata portion of the
shares in the sub-account will also convert. The Funds may suspend the
conversion feature in the future; in that event, B Shares might continue to pay
their distribution fee indefinitely.

SALES CHARGE REDUCTION PROGRAM ENHANCEMENTS:

A SHARES

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 available. 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. 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

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.

HOW TO BUY AND SELL SHARES

DETERMINATION OF NET ASSET VALUE

European, Far Eastern, and other international securities exchanges and
over-the-counter markets normally complete trading well before the close of
business on each Fund business day. Trading in foreign securities, however, may
not take place on all Fund business days or may take place on days that are not
Fund business days. The determination of the prices of foreign securities may be
based on the latest market quotations for the securities. If events occur that
affect the securities' value after the close of the markets on which they trade,
the Funds may make an adjustment to the value of the securities for purposes of
determining net asset value.

21
<PAGE>

For purposes of determining net asset value, the Funds convert all assets and
liabilities denominated in foreign currencies into U.S. dollars at the mean of
the bid and asked prices of such currencies against the U.S. dollar last quoted
by a major bank prior to the time of conversion.

You may purchase or redeem shares at a price equal to their NAV next determined
after receipt of your purchase order, or redemption request in proper form on a
fund business day.

GENERAL PURCHASE INFORMATION

You may purchase shares directly or through a financial institution. The Funds'
transfer agent processes all transactions in Fund shares.

All of the Funds except Stable Income Fund require a minimum initial investment
of $1,000. Stable Income Fund requires a minimum initial investment of $5,000.
All of the Funds require minimum subsequent investments of $100. Your shares
become eligible to receive distributions the Fund business day after your
purchase order is received in proper form.

PURCHASE PROCEDURES
DIRECT PURCHASES

You may obtain an account application by writing Norwest Advantage Funds at the
following address:

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

When you sign an application for a new Fund account, you are certifying that
your Social Security number or other taxpayer identification number is correct
and that you are not subject to backup withholding. If you violate certain
federal income tax provisions, the Internal Revenue Service can require the
Funds to withhold 31% of your distributions and redemptions.

You must pay for your shares in U.S. dollars by check or money order drawn on a
U.S. bank, by bank or federal funds wire transfer, or by electronic bank
transfer. Cash cannot be accepted.

Call or write the transfer agent if you wish to participate in shareholder
services not offered on the account application or change information on your
account (such as addresses). Norwest Advantage Funds may in the future modify,
limit or terminate any shareholder privilege upon appropriate notice and may
charge a fee for certain shareholder services, although no such fees are
currently contemplated. You may terminate your participation in any shareholder
program by writing to Norwest Advantage Funds.

22
<PAGE>

normally be converted into federal funds within 2 business days after receipt of
the check. Checks drawn on some non-member banks may take longer. If your check
does not clear, the purchase order will be canceled and you will be liable for
any losses or fees incurred by Norwest Advantage Funds, the transfer agent or
the distributor.

To purchase shares for individual or Uniform Gift to Minors Act accounts, you
must write a check or purchase a money order payable to Norwest Advantage Funds,
or endorse a check made out to you to Norwest Advantage Funds. For corporation,
partnership, trust, 401(k) plan, or other non-individual type accounts, make the
check used to purchase shares payable to Norwest Advantage Funds. No other
methods of payment by check will be accepted for these types of accounts.

PURCHASES BY BANK WIRE. You must first telephone the Funds' transfer agent at
1-612-667-8833 or 1-800-338-1348 to obtain an account number before making an
initial investment in a Fund by bank wire. Then instruct your bank to wire your
money immediately to:

PURCHASES THROUGH FINANCIAL INSTITUTIONS

SUBSEQUENT PURCHASES OF SHARES

You may make subsequent purchases by mailing a check, by sending a bank wire, or
through a financial institution as indicated above. All payments should clearly
indicate your name and account number.

GENERAL REDEMPTION INFORMATION

You may redeem Fund shares as of the next determination of the Fund's net asset
value following receipt by the transfer agent of your redemption order in proper
form subject to, in the case of B Shares, a CDSC imposed on most redemptions
made within 8 years of purchase (two in the case of Stable Income Fund).
Redeemed shares are not entitled to receive distributions after the day on which
the redemption is effective.

Normally, redemption proceeds are paid immediately following receipt of a
redemption order in proper form. In any event, you will be paid within 7 days,
unless: (1) your bank has not cleared the check to purchase the shares (which
may take up to 15 days); (2) the New York Stock Exchange is closed (or trading
is restricted) for any reason other than normal weekend or holiday closings; (3)
there is an emergency in which it is not practical for the Fund to sell its
portfolio securities or for the Fund to determine its net asset value; or (4)
the SEC deems it inappropriate for redemption proceeds to be paid. You can avoid
the delay of waiting for your bank to clear your check by paying for shares with
wire transfers. Unless otherwise indicated, redemption proceeds normally are
paid by check mailed to your record address.

23
<PAGE>

You may obtain signature guarantees at any of the following types of
organizations: authorized banks, broker-dealers, national securities exchanges,
credit unions, savings associations, or other eligible institutions. The
specific institution providing the guarantee must be acceptable to the transfer
agent. Whenever a signature guarantee is required, the signature of each person
required to sign for the account must be guaranteed.

Because of the cost of maintaining smaller accounts, Norwest Advantage Funds may
redeem, upon not less than 60 days' written notice, any account with a net asset
value of less than $1,000 ($5,000 in the case of Stable Income Fund) immediately
following any redemption.

REDEMPTION PROCEDURES

REDEMPTION BY TELEPHONE. If you have elected telephone redemption privileges,
you may redeem shares by telephoning the transfer agent at 1-800-338-1348 or
1-612-667-8833 and providing your shareholder account number, the exact name in
which the shares are registered, and your Social Security number or other
taxpayer identification number. Norwest Advantage Funds will mail a check to
your record address or, if you have chosen wire redemption privileges, wire the
proceeds.

REDEMPTION BY BANK WIRE. If you have elected wire redemption privileges, you may
request a Fund to transmit redemption proceeds of more than $5,000 by federal
funds wire to a bank account you have designated in writing. You must have
chosen the telephone redemption privilege to request bank redemptions by
telephone. Redemption proceeds are wired on the Fund business day after the
transfer agent receives a redemption request in proper form.

24
<PAGE>

EXCHANGES

You may exchange A Shares and B Shares for A Shares and B Shares, respectively,
of the Funds and of other funds of Norwest Advantage Funds that offer those
classes of shares. You may also exchange A Shares and B Shares for some classes
of certain money market funds of Norwest Advantage Funds. Call or write the
transfer agent for both a list of funds that offer shares exchangeable with
those of the Funds and prospectuses of those funds.

The Funds do not charge for exchanges, and there is currently no limit on the
number of exchanges you may make. The Funds, however, may limit your ability to
exchange shares if you exchange too often. Exchanges are subject to the fees
(other than CDSCs) charged by, and the limitations (including minimum investment
restrictions) of, the Fund into which you are exchanging.

The Funds and federal tax law treat an exchange as a redemption and a purchase
of shares. The Funds may amend or terminate exchange procedures on 60 days'
notice.

SALES CHARGES. 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.

You may exchange B Shares without paying a CDSC. If you redeem shares you
received in an exchange, the CDSC will be calculated as if you never exchanged
the B Shares you originally purchased. B Shares acquired through an exchange
will convert to A Shares when the B Shares originally purchased would convert to
A Shares.

EXCHANGES BY TELEPHONE. If you have telephone exchange privileges, you may make
a telephone exchange by calling the transfer agent at 1-800-338-1348 or
1-612-667-8833 and giving your account number, the exact name in which the
shares are registered and your Social Security number or other taxpayer
identification number.

DISTRIBUTIONS AND TAX MATTERS

DISTRIBUTIONS

Stable Income Fund, Intermediate Government Income Fund, and Total Return Bond
Fund declare and distribute net investment income monthly. Income Fund declares
distributions of net investment income daily and pays those distributions
monthly. Each Fund's net capital gain, if any, is distributed at least annually.
Distributions on B Shares will be lower than those on A Shares per share because
of the distribution and other fees applicable to B Shares.

You have 3 choices for receiving distributions: the Reinvestment Option, the
Cash Option, and the Directed Dividend Option.

o Under the Reinvestment Option, all distributions of a Fund are
automatically invested in additional shares of that Fund. You are
automatically assigned this option unless you select another option.

o Under the Cash Option, you are paid all distributions in cash.

25
<PAGE>

TAX MATTERS

The Funds are managed so that they do not owe federal income or excise tax.
Distributions paid by a Fund out of its net investment income (including net
short-term capital gain) are taxable as ordinary income. Distributions of net
capital gain (i.e., the excess of net long-term capital gain over net short-term
capital loss) are taxable as long-term capital gain, regardless of how long a
shareholder has held shares in the Fund. If shares are sold at a loss after
being held for six months or less, the loss will be treated as long-term capital
loss to the extent of any distribution of net capital gain received on those
shares.

Distributions (other than distributions of net investment income of Income Fund)
reduce the net asset value of the Fund paying the distribution by the amount of
the distribution. Furthermore, a distribution made shortly after you purchase
shares, although in effect a return of capital to you, is taxable.

If a Fund receives investment income from sources within foreign countries, that
income may be subject to foreign income or other taxes.

OTHER INFORMATION

FUND REORGANIZATION

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 the November 1998
merger of Wells Fargo & Company and Norwest Corporation. Norwest Advantage Funds
presented each proposed fund reorganization to the fund's shareholders for their
approval at a special shareholders' meeting that was held in August 1999.

The funds' reorganizations are expected to be tax-free transactions. The
reorganizations will not trigger any sales charges.

If you have any questions you should call 1-800-394-0736.

26
<PAGE>

Financial Highlights

The financial highlights table is intended to help you understand each Fund's
financial performance for 10 years or, if shorter, the Fund's operating history.
Certain information reflects financial results for a single Fund share. The
total returns in the table represent the rate that an investor would have earned
on an investment in the Fund, assuming reinvestment of all distributions. The
information from June 1, 1994 through May 31, 1999 has been audited by
________________________, independent auditors, whose report dated July 16, 1999
about a Fund, along with the Fund's financial statements, are included in the
Fund's Annual Report, which is available at no charge upon request. These
financial statements are incorporated by reference into the SAI. Other
independent auditors audited information for prior periods.

Net Realized

and Distributions Ending
Beginning Net Net Unrealized from Net Net Asset
Asset Value Investment Gain (Loss) Investment Value Per
Per Share Income on Investments Income Share
- --------------------------------------------------------------------------------------------------------------------
Stable Income Fund
A Shares
Year Ended May 31, 1999 $10.31 $0.54 ($0.06) ($0.53) $10.26
Year Ended May 31, 1998 $10.24 $0.58 $0.06 ($0.57) $10.31
Year Ended May 31, 1997 $10.20 $0.58 $0.04 ($0.58) $10.24
May 2, 1996(e) to May 31, 1996 $10.22 $0.02 -- ($0.04) $10.20
B Shares
Year Ended May 31, 1999 $10.34 $0.54 ($0.02) ($0.53) $10.27
Year Ended May 31, 1998 $10.24 $0.51 $0.04 ($0.49) $10.30
Year Ended May 31, 1997 $10.20 $0.52 $0.02 ($0.50) $10.24
May 17, 1996(e) to May 31, 1996 $10.23 $0.02 ($0.01) ($0.04) $10.20
- ---------------------------------------------------------------------------------------

Ratio to Average Net Assets
--------------------------------------

</TABLE>

(a) The ratio of Gross Expenses to Average Net Assets does not reflect fee
waivers or expense reimbursements.
(b) Total Return does not include the effects of sales charges. Total Return
would have been lower absent expense reimbursements and/or fee waivers.
(c) Includes expenses allocated from the Portfolio(s) in which the Fund
invests.
(d) The Portfolio Turnover Rate reflects the activity of the Portfolio in which
the Fund invests.
(e) Commencement of operations.
(f) Annualized.

27
<PAGE>

Net Realized

and Distributions Ending
Beginning Net Net Unrealized from Net Net Asset
Asset Value Investment Gain (Loss) Investment Value Per
Per Share Income on Investments Income Share
- --------------------------------------------------------------------------------------------------------------------
Intermediate Government Income Fund
A Shares
Year Ended May 31, 1999 $11.22 $0.64 ($0.17) ($0.65) $11.04
Year Ended May 31, 1998 $10.84 $0.77 $0.31 ($0.70) $11.22
Year Ended May 31, 1997 $10.89 $0.73 ($0.05) ($0.73) $10.84
May 2, 1996(c) to May 31, 1996 $10.89 $0.03 -- ($0.03) $10.89
B Shares
Year Ended May 31, 1999 $11.21 $0.53 ($0.13) ($0.57) $11.04
Year Ended May 31, 1998 $10.83 $0.69 $0.31 ($0.62) $11.21
Year Ended May 31, 1997 $10.89 $0.64 ($0.05) ($0.65) $10.83
May 17, 1996(c) to May 31, 1996 $10.97 $0.03 ($0.08) ($0.03) $10.89
- ----------------------------------------------------------------------------------------

Ratio to Average Net Assets
-----------------------------------

</TABLE>

28
<PAGE>

Net Realized

and Dividends Distributions Ending
Beginning Net Net Unrealized from Net from Net Net Asset
Asset Value Investment Gain (Loss) Investment Realized Value Per
Per Share Income on Investments Income Gain Share
- -------------------------------------------------------------------------------------------------------------------------------
Income Fund
A Shares
Year Ended May 31, 1999 $9.79 $0.59 ($0.31) ($0.59) -- $9.48
Year Ended May 31, 1998 $9.27 $0.61 $0.52 ($0.61) -- $9.79
Year Ended May 31, 1997 $9.27 $0.62 -- ($0.62) -- $9.27
Year Ended May 31, 1996 $9.63 $0.61 ($0.36) ($0.61) -- $9.27
Year Ended May 31, 1995 $9.52 $0.65 $0.11 ($0.65) -- $9.63
Year Ended May 31, 1994 $10.61 $0.70 ($0.83) ($0.70) ($0.26) $9.52
Year Ended May 31, 1993 $10.52 $0.77 $0.39 ($0.77) ($0.30) $10.61
Year Ended May 31, 1992 $10.23 $0.82 $0.53 ($0.82) ($0.24) $10.52
Year Ended May 31, 1991 $9.94 $0.89 $0.29 ($0.89) -- $10.23
Year Ended May 31, 1990 $10.00 $0.90 ($0.06) ($0.90) -- $9.94
Year Ended May 31, 1989 $9.95 $0.79 $0.05 ($0.79) -- $10.00
B Shares
Year Ended May 31, 1999 $9.77 $0.52 ($0.31) ($0.52) -- $9.46
Year Ended May 31, 1998 $9.26 $0.54 $0.51 ($0.54) -- $9.77
Year Ended May 31, 1997 $9.26 $0.55 -- ($0.55) -- $9.26
Year Ended May 31, 1996 $9.61 $0.54 ($0.35) ($0.54) -- $9.26
Year Ended May 31, 1995 $9.51 $0.58 $0.10 ($0.58) -- $9.61
August 5, 1993(c) to May 31, 1994 $10.67 $0.50 ($0.90) ($0.50) ($0.26) $9.51
- ---------------------------------------------------------------------------------------

Ratio to Average Net Assets
-----------------------------------------

Net Portfolio Net Assets at
Investment Net Gross Total Turnover End of Period
Income Expenses Expenses(a) Return(b) Rate (000's Omitted)
- ------------------------------------------------------------------------------------------------------------------------------
Income Fund
A Shares
Year Ended May 31, 1999 5.98% 0.75% 1.08% 2.81% 202.22% $13,731
Year Ended May 31, 1998 6.29% 0.75% 1.14% 12.47% 167.09% $7,661
Year Ended May 31, 1997 6.59% 0.75% 1.17% 6.79% 231.00% $5,142
Year Ended May 31, 1996 6.33% 0.75% 1.16% 2.58% 270.17% $5,521
Year Ended May 31, 1995 7.02% 0.75% 1.24% 8.49% 98.83% $6,231
Year Ended May 31, 1994 6.72% 0.60% 1.16% (1.58%) 26.67% $6,177
Year Ended May 31, 1993 7.18% 0.60% 1.10% 11.46% 87.98% $85,252
Year Ended May 31, 1992 7.80% 0.31% 1.08% 13.58% 84.24% $63,973
Year Ended May 31, 1991 8.82% 0.16% 1.11% 12.38% 61.33% $50,138
Year Ended May 31, 1990 8.98% 0.19% 1.13% 8.71% 43.81% $37,932
Year Ended May 31, 1989 8.62% 0.07% 1.10% 8.78% 48.08% $27,939
B Shares
Year Ended May 31, 1999 5.22% 1.50% 2.13% 2.03% 202.22% $7,726
Year Ended May 31, 1998 5.54% 1.50% 2.19% 11.52% 167.09% $4,855
Year Ended May 31, 1997 5.87% 1.50% 2.25% 6.03% 231.00% $3,349
Year Ended May 31, 1996 5.57% 1.50% 2.27% 1.92% 270.17% $3,292
Year Ended May 31, 1995 6.24% 1.50% 2.21% 7.57% 98.83% $3,296
August 5, 1993(c) to May 31, 1994 5.82%(d) 1.33%(d) 2.08%(d) (4.82%)(d) 26.67% $2,605
- ---------------------------------------------------------------------------------------

</TABLE>

29
<PAGE>

Net Realized

And Dividends Distributions Ending
Beginning Net Net Unrealized from Net from Net Net Asset
Asset Value Investment Gain (Loss) Investment Realized Value Per
Per Share Income on Investments Income Gain Share
- ----------------------------------------------------------------------------------------------------------------------------------
Total Return Bond Fund

$9.63 $0.56 ($0.24) ($0.65) ($0.22) $9.17
$9.40 $0.59 $0.28 ($0.59) ($0.05) $9.63
$9.40 $0.60 $0.03 ($0.60) ($0.03) $9.40
$9.73 $0.64 ($0.31) ($0.64) ($0.02) $9.40
$9.54 $0.67 $0.19 ($0.67) -- $9.73
$10.00 $0.27 ($0.46) ($0.27) -- $9.54

$9.65 $0.49 ($0.24) ($0.49) ($0.22) $9.19
$9.42 $0.52 $0.28 ($0.52) ($0.05) $9.65
$9.40 $0.53 $0.05 ($0.53) ($0.03) $9.42
$9.73 $0.57 ($0.31) ($0.57) ($0.02) $9.40
$9.54 $0.59 $0.19 ($0.59) -- $9.73
$10.00 $0.24 ($0.46) ($0.24) -- $9.54
- ---------------------------------------------------------------------------------------

Ratio to Average Net Assets
-------------------------------------

5.85%(c) 0.75%(c) 1.38%(c) 3.26% 48.43%(d) $1,304
6.14%(c) 0.75%(c) 1.13%(c) 9.46% 134.56%(d) $3,030
6.37% 0.75% 1.31% 6.84% 55.07% $3,086
6.48% 0.76% 1.57% 3.41% 77.49% $2,010
6.94% 0.64% 2.38% 9.42% 35.19% $599
6.04%(f) 0.37%(f) 13.29%(f) (4.64%)(f) 37.50% $150

5.13%(c) 1.50%(c) 2.31%(c) 2.49% 48.43% $2,757
5.37%(c) 1.50%(c) 2.22%(c) 8.64% 134.56%(d) $2,648
5.61% 1.49% 2.37% 6.27% 55.07% $2,254
5.75% 1.51% 2.48% 2.63% 77.49% $2,098
6.17% 1.41% 3.09% 8.59% 35.19% $919
5.40%(f) 1.11%(f) 8.29%(f) (5.23%)(f) 37.50% $186
- ---------------------------------------------------------------------------------------

</TABLE>

30
<PAGE>

If you would like more information about the Funds and their investments, you
may want to read the following documents:

Annual and Semi-Annual Reports. Additional Information about each Fund's
investments is available in its annual and semi-annual reports to shareholders.
In the annual report, the Fund's portfolio manager discusses the market
conditions and investment strategies that significantly affected the Fund's
performance during its last fiscal year.

You may obtain free copies of the SAI, annual report and semi-annual report by
contacting your investment representative or by contacting Norwest Advantage
Funds at 733 Marquette Avenue, Minneapolis, Minnesota 55479, or by calling
1-800- 338-1348 or 1-612-667-8833.

The Funds' reports and statement of additional information are available from
the Securities and Exchange Commission in Washington, D.C. You may obtain copies
of these documents, upon payment of a duplicating fee, by writing the Public
Reference Section of the SEC, Washington D.C. 20549-6009. The scheduled hours of
operation of the Public Reference Room may be obtained by calling the SEC at
1-800-SEC-0330. Free copies of the reports and SAIs are available from the SEC's
Internet website at http:// www.sec.gov.

The SEC's Investment Company Act file number for the Funds is 811-4881.

<PAGE>

Prospectus

October 1, 1999

TAX-FREE INCOME FUND

COLORADO TAX-FREE FUND

MINNESOTA TAX-FREE FUND

The U.S. Securities and Exchange Commission, has not approved or disapproved
these securities or determined whether or not this prospectus is truthful or
complete. Any representation to the contrary is a criminal offense.

<PAGE>

Table of Contents
1. RISK/RETURN SUMMARY......................................................
2. FEES AND EXPENSES OF THE FUNDS...........................................
3. GLOSSARY.................................................................
4. INVESTMENT OBJECTIVES, STRATEGIES AND RISK CONSIDERATIONS................
Tax-Free Income Fund.....................................................
Colorado Tax-Free Fund...................................................
Minnesota Tax-Free Fund..................................................
5. OTHER CONSIDERATIONS.....................................................
6. MANAGEMENT OF THE FUNDS..................................................
7. CHOOSING A SHARE CLASS...................................................
8. HOW TO BUY AND SELL SHARES...............................................
Determination of Net Asset Value.........................................
General Purchase Information.............................................
Purchase Procedures......................................................
General Redemption Information...........................................
Redemption Procedures....................................................
Exchanges................................................................
9. DISTRIBUTIONS AND TAX MATTERS............................................
10. OTHER INFORMATION........................................................
11. FINANCIAL HIGHLIGHTS.....................................................

<PAGE>

RISK/RETURN SUMMARY

The following is a summary of certain key information about the Funds. You will
find additional information about the Funds after this summary.

In this summary, we will identify certain kinds of risks that apply to one or
more of the Funds. These risks are:

o Market Risk. This is the risk that the value of a Fund's investments
will fluctuate as the stock or bond markets fluctuate and that prices
overall will decline or short or longer-term periods.

o Credit Risk. This is the risk that the issuer of a security will be
unable to make timely payments of interest or principal or to
otherwise honor its obligations.

o Management Risk. This is the risk that a Fund's manager will make poor
choices in selected securities. All actively managed Funds have
management risk.

o changes in the Fund's performance from year to year over 10 years or,
if less, the life of a Fund; and

o how the Fund's average annual returns for one, five and 10 years, or,
if less, the life of the Fund, compare to those of a broad-based
securities market index.

Another important thing for you to note: You may lose money by investing in a
Fund.

3
<PAGE>

TAX-FREE INCOME FUND

OBJECTIVE. The Fund's investment objective is to produce current income exempt
from federal income taxes.

PRINCIPAL INVESTMENT STRATEGIES. The Fund invests primarily in investment grade
municipal securities. The Fund normally invests at least 80% of its total assets
in municipal securities paying interest exempt from federal income taxes,
including AMT. The Fund seeks to maintain an average dollar-weighted portfolio
maturity of between 10 and 20 years.

BAR CHART AND PERFORMANCE INFORMATION

The bar chart and performance information provide an indication of the
historical risk of an investment in the Fund.

[EDGAR Representation of Bar Chart]

1990 5.88%
1991 9.41%
1992 7.33%
1993 9.48%
1994 -4.86%
1995 16.87%
1996 4.74%
1997 10.26%
1998 6.44%

The calendar year-to-date total return as of June 30, 1999 was
- -1.79%.

During the periods shown in the chart, the highest quarterly return was 5.85%
(for the quarter ended March 31, 1995) and the lowest quarterly return was
- -5.50% (for the quarter ended March 31, 1994).

The following table compares the Fund's average annual total returns as of
December 31, 1998 to the Lehman Brothers 10-Year Municipal Index.

Tax-Free Tax-Free Lehman Brothers
Income Fund Income Fund 10-Year Municipal
Year(s) A Shares B Shares Index
1 Year 1.65% 0.64% 6.76%
5 Year 5.47% 5.33% 6.63%
Since Inception (8/1/89) 6.53% 6.28% 7.96%(1)

(1) For the period 7/31/89 - 12/31/98.

The Lehman Brothers 10-Year Municipal Index is ________________________.

August 6, 1993 was the inception date of Class B Shares of the Fund. Returns
prior to that date are for Class A Shares, adjusted for Class B Share expenses.

4
<PAGE>

COLORADO TAX-FREE FUND

OBJECTIVE. The Fund's investment objective is to provide shareholders with a
high level of current income exempt from both federal (including the AMT) and
Colorado state income taxes consistent with the preservation of capital. The
Fund offers shares only to residents of Colorado.

PRINCIPAL INVESTMENT STRATEGIES. The Fund normally invests substantially all its
assets in investment grade municipal securities issued by (1) the state of
Colorado and its subdivisions, authorities, instrumentalities, and corporations,
and (2) territories and possessions of the United States. The Fund invests at
least 80% of its total assets in municipal securities paying interest exempt
from both federal (including AMT) and Colorado state income taxes. Normally, the
Fund expects to have an average dollar-weighted portfolio maturity of greater
than 10 years.

PRINCIPAL RISKS. The principal risks of investing in the Fund are interest rate
risk and credit risk. The Fund's investments in municipal securities have the
risk that special factors may adversely affect the value of municipal securities
and have a significant effect on the value of the Fund's investments. These
factors include political or legislative changes and uncertainties related to
the tax status of municipal securities or the rights of investors in these
securities. Because the Fund invests a large portion of its assets in a
particular state's municipal securities, it is more vulnerable to events
adversely affecting that state, including economic, political, or regulatory
occurrences.

Bar Chart and Performance Information

The bar chart and performance information provide an indication of the
historical risk of an investment in the Fund.

[EDGAR Representation of Bar Chart]

1994 -5.93%
1995 17.00%
1996 4.88%
1997 10.29%
1998 6.14%

The calendar year-to-date total return as of June 30, 1999 was
- -2.17%.

During the periods shown in the chart, the highest quarterly return was 5.64%
(for the quarter ended March 31, 1995) and the lowest quarterly return was
- --5.49% (for the quarter ended March 31, 1994).

The following table compares the Fund's average annual total returns as of
December 31, 1998 to the Lehman Brothers 10-Year Municipal Index.

Colorado Colorado Lehman Brothers
Tax-Free Fund Tax-Free Fund 10-Year Municipal
Year(s) A Shares B Shares Index
1 Year 1.36% 0.25% 6.76%
5 Year 5.23% 5.08% 6.63%
Since Inception (6/1/93) 5.87% 5.83% 6.74%(1)

(1) For the period 5/31/93 - 12/31/98.

The Lehman Brothers 10-Year Municipal Index is _____________________________.

August 2, 1993 was the inception date of Class B Shares of the Fund. Returns
prior to that date are for Class A Shares, adjusted for Class B Share expenses.

5
<PAGE>

MINNESOTA TAX-FREE FUND

OBJECTIVE. The Fund's investment objective is to provide shareholders with a
high level of current income exempt from both federal (including AMT) and
Minnesota state income taxes without assuming undue risk. The Fund offers shares
only to residents of Minnesota.

PRINCIPAL INVESTMENT STRATEGIES. The Fund normally invests substantially all
(and always at least 75% of) its assets in investment grade municipal securities
issued by (1) the state of Minnesota and its subdivisions, authorities,
instrumentalities, and corporations and (2) territories and possessions of the
United States. The Fund invests at least 80% of its total assets in securities
paying interest exempt from both federal and Minnesota state income taxes
(including AMT). Normally, the Fund expects to have an average dollar-weighted
portfolio maturity of greater than 10 years.

BAR CHART AND PERFORMANCE INFORMATION

The bar chart and performance information provide an indication of the
historical risk of an investment in the Fund.

[EDGAR Representation of Bar Chart]

1989 9.37%
1990 6.35%
1991 8.53%
1992 7.55%
1993 11.24%
1994 -6.00%
1995 17.21%
1996 3.78%
1997 9.16%
1998 6.22%

The calendar year-to-date total return as of June 30, 1999 was
- -1.45%.

During the periods shown in the chart, the highest quarterly return was 6.84%
(for the quarter ended March 31, 1995) and the lowest quarterly return was
- --5.57% (for the quarter ended March 31, 1994).

The following table compares the Fund's average annual total returns as of
December 31, 1998 to the Lehman Brothers 10-Year Municipal Index.

Minnesota Minnesota Lehman Brothers
Tax-Free Fund Tax-Free Fund 10-Year Municipal
Year(s) A Shares B Shares Index
1 Year 1.44% 0.33% 6.76%
5 Year 4.83% 4.68% 6.63%
10 Year 6.70% 6.36% N/A
Since Inception (1/12/88) 6.56% 6.18% 8.22%(1)

(1) For the period 12/31/87 - 12/31/98.

The Lehman Brothers 10-Year Municipal Index is ______________________.

August 6, 1993 was the inception date of Class B Shares of the Fund. Returns
prior to that date are for Class A Shares, adjusted for Class B Share expenses.

6
<PAGE>

FEES AND EXPENSES OF THE FUNDS

This table describes the fees and expenses that you pay if you buy and hold
shares of the Funds.

Shareholder Transaction Expenses
(fees paid directly from your investment)

A B
Shares Shares
- ------------------------------------------------------- ---------------- -------------
- ------------------------------------------------------- ---------------- -------------
Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price) 4.5% Zero

Maximum Deferred Sales Charge (Load)
(as percentage of the lower of the Net Asset Zero 5.0%
Value ("NAV") at purchase or the NAV at
redemption)

ANNUAL FUND OPERATING EXPENSES (1)
(expenses that are deducted from Fund assets)
TAX-FREE INCOME FUND
A B
Shares Shares
------------ -- ------------
Investment Advisory Fees 0.50% 0.50%
Distribution (12b-1) Fees 0.00% 1.00%
Other Expenses(2) 0.48% 0.51%
Total Annual Fund Operating Expenses(3) 0.98% 2.01%

COLORADO TAX-FREE FUND MINNESOTA TAX-FREE FUND
A B A B
Shares Shares Shares Shares
------------ -- ------------ ------------ -- ---------------
Investment Advisory Fees 0.50% 0.50% 0.50% 0.50%
Distribution (12b-1) Fees 0.00% 1.00% 0.00% 1.00%
Other Expenses(2) 0.52% 0.53% 0.53% 0.54%
Total Annual Fund Operating Expenses(3) 1.02% 2.03% 1.03% 2.04%

</TABLE>

(1) Based on amounts incurred during each Fund's fiscal year ended May 31, 1999
stated as a percentage of net assets.

(2) Other expenses are based on estimated amounts for the current fiscal year.

(3) The Funds are subject to voluntary fee waivers and expense reimbursements
that reduce the operating expenses of the Funds. See the Financial
Highlights Table for information about Fund expenses, net of fee waivers
and expense reimbursements.

7
<PAGE>

EXAMPLE OF EXPENSES

These examples are intended to help you compare the cost of investing in a Fund
with the cost of investing in other mutual funds. The examples assume that you
invest $10,000 in a Fund for the time periods indicated and then redeem all of
your shares at the end of these periods. The example also assumes that your
investment has a 5% annual return, that the fund's operating expenses remain the
same, and that distributions are reinvested. Your actual costs may be higher or
lower than those shown.

- ---------------- ------------------------- ------------------------- --------------------------

Tax-Free Income Colorado Tax-Free Fund Minnesota Tax-Free Fund
Fund
- ---------------- ------------------------- ------------------------- --------------------------
------------ ------------ ------------ ------------ ------------- ------------
Class A Class B Class A Class B Class A Class B
- ----------------
------------ ------------ ------------ ------------ ------------- ------------
1 YEAR $545 $704 $549 $706 $550 $707
- ---------------- ------------ ------------ ------------ ------------ ------------- ------------
3 YEARS 748 930 760 937 763 940
- ---------------- ------------ ------------ ------------ ------------ ------------- ------------
5 YEARS 967 1,283 988 1,293 993 1,298
- ---------------- ------------ ------------ ------------ ------------ ------------- ------------
10 YEARS 1,597 2,338 1,642 2,358 1,653 2,369
- ---------------- ------------ ------------ ------------ ------------ ------------- ------------

You would pay the following expenses if you do NOT redeem your shares at the end
of the periods shown:

- ---------------- ------------------------- ------------------------- --------------------------

Tax-Free Income Colorado Tax-Free Fund Minnesota Tax-Free Fund
Fund
- ---------------- ------------------------- ------------------------- --------------------------
------------ ------------ ------------ ------------ ------------- ------------
Class A Class B Class A Class B Class A Class B
- ----------------
------------ ------------ ------------ ------------ ------------- ------------
1 YEAR $545 $204 $549 $206 $550 $207
- ---------------- ------------ ------------ ------------ ------------ ------------- ------------
3 YEARS 748 630 760 637 763 640
- ---------------- ------------ ------------ ------------ ------------ ------------- ------------
5 YEARS 967 1,083 988 1,093 993 1,098
- ---------------- ------------ ------------ ------------ ------------ ------------- ------------
10 YEARS 1,597 2,338 1,642 2,358 1,653 2,369
- ---------------- ------------ ------------ ------------ ------------ ------------- ------------

</TABLE>

8
<PAGE>

GLOSSARY

This Glossary of frequently used terms will help you understand the discussion
of the Funds' objectives, policies, and risks.

TERM DEFINITION

AMT Alternative minimum tax.

Board The Board of Trustees of Norwest Advantage
Funds.

CDSC Contingent deferred sales charge.

Fundamental Requiring shareholder approval to change.

Municipal Security A debt security issued by or on
behalf of the states, territories, or
possessions of the United States, the
District of Columbia and their
subdivisions, authorities,
instrumentalities, and corporations, with
interest exempt from federal income tax.

NRSRO A nationally recognized statistical rating
organization, such as Standard & Poor's
Corporation that rates fixed-income
securities by relative credit risk.

Related Issuers Issuers of municipal securities
that economic, business, or political
developments affect in similar ways.

SEC The U. S. Securities and Exchange
Commission.

9
<PAGE>

INVESTMENT OBJECTIVES, STRATEGIES AND RISK CONSIDERATIONS

This section of the Prospectus provides a more complete description of each
Fund's investment objectives and principal strategies and risks. Each Fund
invests at least 80% of its total assets in municipal securities paying interest
that is exempt from federal income tax. There can, of course, be no assurance
that any Fund will achieve its investment objective.

This section describes risks that affect the Funds' portfolios as a whole.
Certain of these risks may apply to one or more of the Funds. These risks are:

o Credit Risk. This is the risk that the issuer of a security will be
unable to make timely payments of interest or principal or to
otherwise honor its obligations.

TAX-FREE INCOME FUND

INVESTMENT OBJECTIVE AND STRATEGIES. The Fund's investment objective is
to produce current income exempt from federal income taxes. The Fund
invests primarily in a portfolio of investment grade municipal
securities. The Fund normally invests at least 80% of its total assets
in municipal securities paying interest exempt from federal income
taxes, including AMT.

The Fund expects to maintain an average dollar-weighted portfolio
maturity of between 10 and 20 years, but portfolio maturity may vary
depending on market conditions. The Fund emphasizes investments in
municipal securities with interest income rather than stability of the
Fund's net asset value.

COLORADO TAX-FREE FUND

INVESTMENT OBJECTIVE AND STRATEGIES. The Fund's investment objective is
to provide shareholders with a high level of current income exempt from
both federal and Colorado state income taxes (including AMT) consistent
with the preservation of capital. The Fund offers shares only to
residents of Colorado. The Fund normally invests substantially all its
assets in investment grade municipal securities issued by (1) the state
of Colorado and its subdivisions, authorities, instrumentalities, and
corporations and (2) territories and possessions of the United States.
The Fund invests at least 80% of its total assets in municipal
securities paying interest exempt from both federal (including AMT) and
Colorado state income taxes. The Fund invests in securities of a
comparatively small number of issuers.

The Fund expects that its average dollar-weighted portfolio maturity
normally will be greater than 10 years, but portfolio maturity may
reach or exceed 20 years. While the Fund emphasizes investments in
municipal securities paying interest income rather than maintaining the
Fund's stability of net asset value, the Fund also attempts to limit
net asset value fluctuations.

RISK CONSIDERATIONS. The principal risks of investing in the Fund are
interest rate risk and credit risk. The Fund's investments in municipal
securities have the risk that special factors may adversely affect the
value of municipal securities and have a significant effect on the
value of the Fund's investments. These factors include political or
legislative changes and uncertainties related to the tax status of
municipal securities or the rights of investors in these securities.
Because the Fund invests a large portion of its assets in a smaller
number of issuers and in a particular state's municipal securities, it
is more vulnerable to events adversely affecting these issuers or that
state, including economic, political, or regulatory occurrences.

10
<PAGE>

MINNESOTA TAX-FREE FUND

INVESTMENT OBJECTIVES AND STRATEGIES. The Fund's investment objective
is to provide shareholders with a high level of current income exempt
from both federal and Minnesota state income taxes (including AMT)
without assuming undue risk. The Fund offers shares only to residents
of Minnesota. The Fund normally invests substantially all (and always
at least 75% of) its assets in investment grade municipal securities
issued by (1) the state of Minnesota and its subdivisions, authorities,
instrumentalities, and corporations and (2) territories and possessions
of the United States. The Fund invests at least 80% of its total assets
in securities paying interest exempt from both federal (including AMT)
and Minnesota state income taxes. The Fund may invest in securities of
a comparatively small number of issuers.

Normally, the Fund maintains an average dollar-weighted maturity of
greater than 10 years, but the portfolio maturity may reach or exceed
20 years. The Fund may invest up to 25% of its total assets in
non-investment grade municipal securities rated in the fifth highest
long-term rating category assigned by an NRSRO or unrated and
determined by the Adviser to be of comparable quality.

RISK CONSIDERATIONS. The principal risks of investing in the Fund are
interest rate risk and credit risk. The Fund's investments in
lower-rated securities could involve more credit risk than higher-rated
securities. The Fund's investments in municipal securities have the
risk that special factors may adversely affect the value of municipal
securities and have a significant effect on the value of the Fund's
investments. These factors include political or legislative changes and
uncertainties related to the tax status of municipal securities or the
rights of investors in these securities. Because the Fund invests a
large portion of its assets in a smaller number of issuers and in a
particular state's municipal securities, it is more vulnerable to
events adversely affecting these issuers or that state, including
economic, political, or regulatory occurrences.

OTHER CONSIDERATIONS

DOWNGRADED SECURITIES

TEMPORARY DEFENSIVE POSITION

To respond to adverse market, economic, political, or other conditions, each
Fund may assume a temporary defensive position and invest without limit in cash
or cash equivalents. When a Fund makes temporary defensive investments, it may
not achieve its investment objective and is likely that its shareholders may be
subject to federal and applicable state income taxes on a greater portion of the
Fund's income distributions.

PORTFOLIO TURNOVER

YEAR 2000

Certain computer systems may not process date-related information properly on
and after January 1, 2000. The Adviser is addressing this matter for its
systems. The Funds' other service providers have informed the Fund that they are
taking similar measures. Investments in foreign companies are particularly
vulnerable to Year 2000 risk because these companies may not have the financial
resources, technology, or personnel needed to address Year 2000 readiness
concerns. This matter, if not corrected, could adversely affect the services
provided to the Fund or the issues in which the Fund invests and could
therefore, lower the value of your Fund shares.

11
<PAGE>

MANAGEMENT OF THE FUNDS

INVESTMENT ADVISORY SERVICES

NORWEST INVESTMENT MANAGEMENT, INC. is the investment adviser for each Fund. In
this capacity, Norwest makes investment decisions for and administers the Funds'
investment programs. Norwest Investment Management, Inc.'s address is Norwest
Center, Sixth Street and Marquette, Minneapolis, MN 55479.

Listed below, for each Fund, are the portfolio managers primarily responsible
for the day-to-day management of the Fund's investments. The year a portfolio
manager began managing a Fund's portfolio follows the manager's name in
parenthesis. The list states the investment advisory fees payable to Norwest by
the Fund on an annualized basis as a percentage of a Fund's average daily net
assets. Descriptions of the portfolio managers' recent experience follow the
list of portfolio managers and advisory fees.

TAX-FREE FIXED INCOME FUNDS

Tax-Free Income Fund
Portfolio Manager: William T. Jackson, CFA (1993).
Advisory Fee: 0.50%

Colorado Tax-Free Fund
Portfolio Manager: William T. Jackson, CFA (1993).
Advisory Fee: 0.50% - first $300 million; 0.46% -
next $400 million; and 0.42% -balance.

Minnesota Tax-Free Fund
Portfolio Manager: Patricia D. Hovanetz, CFA (1991).
Advisory Fee: 0.50% - first $300 million; 0.46% -
next $400 million; and 0.42% -balance.

PORTFOLIO MANAGERS

PATRICIA D. HOVANETZ, associated with Norwest or its affiliates since 1966. Ms.
Hovanetz is a Director-Tax-Exempt Fixed Income of Norwest. and has been
associated with Norwest or Norwest Bank for more than 25 years in capacities
related to municipal bond investments.

WILLIAM T. JACKSON, associated with Norwest or its affiliates since 1993. Mr.
Jackson is a Managing Director, Tax-Exempt Fixed Income of Norwest.

OTHER FUND SERVICES

12
<PAGE>

CHOOSING A SHARE CLASS

CLASSES OF SHARES

This Prospectus offers 2 classes of shares of the Funds. The classes, which have
different fee structures, are:

o A Shares: offered at their net asset value plus an initial sales
charge. A Shares do not pay distribution or shareholder servicing
fees.

o B Shares: offered at their net asset value. B Shares pay distribution
and shareholder servicing fees and convert to A Shares 6 years after
purchase. If you redeem your B Shares within 4 years of purchase, you
may pay a contingent deferred sales charge. The amount of the charge
depends on the length of time you hold the shares.

Sales charges and fees vary considerably between a Fund's A Shares and B Shares.
After 7 years, B Shares, which have higher fees, convert to A Shares, which have
lower fees. Consider the differences in the classes' fee structures carefully
before choosing which class to purchase. In particular, consider how long you
intend to invest in the Fund and whether during that period the accumulated fees
and applicable CDSCs on B Shares would be less than the initial sales charge on
A Shares. Also, consider whether you might qualify for a reduced sales charge on
A Shares and whether any difference in total expenses between classes would be
offset by A Shares' higher yield. The SAI has more information about ways to
qualify for reduced sales charges and how reduced sales charge alternatives
operate.

A SHARES

The Funds offer A Shares at their next-determined net asset value plus the
following initial sales charge (no sales charge applies to reinvestments of
distributions):
*
Sales Charge
As a Percentage of*
Amount of Purchase Offering Price+ Net Amount Invested
Less than $50,000.................... 4.50% 4.71%
$50,000 to $99,999................... 4.00% 4.17%
$100,000 to $249,000................. 3.50% 3.63%
$250,000 to $499,999................. 2.50% 2.56%
$500,000 to $999,000................. 2.00% 2.04%
Over $1,000,000...................... None None

*Rounded to the nearest one-hundredth percent.
+The amount of the initial sales charge is included in the
offering price.

B SHARES

YEAR SINCE PURCHASE CHARGE FOR EACH FUND

First................................................ 5.0%
Second............................................... 4.0%
Third................................................ 3.0%
Fourth............................................... 3.0%
Fifth................................................ 2.0%
Sixth................................................ 1.0%
Seventh.............................................. None

The Funds will redeem shares in the manner that results in the imposition of the
lowest CDSC. The Funds will automatically redeem shares first from any A Shares
of the Fund, second from B Shares of the Fund acquired pursuant to reinvestment
of distributions, third from B Shares of the Fund held for more than 6 years,
and fourth from the longest outstanding B Shares of the Fund held for less than
6 years.

CONVERSION FEATURE. B Shares will not convert into A Shares until the beginning
of the eighth year after your purchase.

13
<PAGE>

HOW TO BUY AND SELL SHARES

DETERMINATION OF NET ASSET VALUE

Each Fund determines its net asset value or NAV on each Fund business day, which
is any day that the New York Stock Exchange is open, by dividing the value of
its net assets (i.e.,. the value of its securities and other assets less its
liabilities) by the number of shares outstanding at the time the determination
is made. The Funds determine their net asset values at 4:00 p.m., Eastern time.
You may purchase or redeem shares at a price equal to their NAV next determined
after receipt of your purchase order, or redemption request in proper form plus
in the case of A Shares, any applicable sales charge, on a fund business day.

GENERAL PURCHASE INFORMATION

You may purchase shares directly or through a financial institution. The Funds'
transfer agent processes all transactions in Fund shares.

The Funds require a minimum initial investment of $1,000 and minimum subsequent
investments of $100. Your shares become eligible to receive distributions the
Fund business day after your purchase order is received in proper form.

PURCHASE PROCEDURES

PURCHASING SHARES DIRECTLY

You may obtain an account application by writing Norwest Advantage Funds at the
following address:

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

When you sign an application for a new Fund account, you are certifying that
your Social Security number or other taxpayer identification number is correct
and that you are not subject to backup withholding. If you violate certain
federal income tax provisions, the Internal Revenue Service can require the
Funds to withhold 31% of your distributions and redemptions.

You must pay for your shares in U.S. dollars by check or money order drawn on an
U.S. bank, by bank or federal funds wire transfer, or by electronic bank
transfer. Cash cannot be accepted.

PURCHASES BY MAIL. You may send a check or money order along with a completed
account application to Norwest Advantage Funds at the address listed above.
Checks and money orders are accepted at full value subject to collection.
Payment by a check drawn on any member of the Federal Reserve System can
normally be converted into federal funds within 2 business days after receipt of
the check. Checks drawn on some non-member banks may take longer. If your check
does not clear, the purchase order will be canceled and you will be liable for
any losses or fees incurred by Norwest Advantage Funds, the transfer agent, or
the distributor.

14
<PAGE>

PURCHASES THROUGH FINANCIAL INSTITUTIONS

SUBSEQUENT PURCHASES OF SHARES

You may make subsequent purchases by mailing a check, by sending a bank wire, or
through a financial institution as indicated above. All payments should clearly
indicate your name and account number.

GENERAL REDEMPTION INFORMATION

You may redeem Fund shares as of the next determination of the Fund's net asset
value following receipt by the transfer agent of your redemption order in proper
form subject to, in the case of B Shares, a CDSC imposed on most redemptions
made within 4 years of purchase. Redeemed shares are not entitled to receive
distributions after the day on which the redemption is effective.

Normally, redemption proceeds are paid immediately following receipt of a
redemption order in proper form. In any event, you will be paid within 7 days,
unless: (1) your bank has not cleared the check to purchase the shares (which
may take up to 15 days); (2) the New York Stock Exchange is closed (or trading
is restricted) for any reason other than normal weekend or holiday closings; (3)
there is an emergency in which it is not practical for the Fund to sell its
portfolio securities or for the Fund to determine its net asset value; or (4)
the SEC deems it inappropriate for redemption proceeds to be paid. You can avoid
the delay of waiting for your bank to clear your check by paying for shares with
wire transfers. Unless otherwise indicated, redemption proceeds normally are
paid by check mailed to your record address.

15
<PAGE>

You may obtain signature guarantees at any of the following types of
organizations: authorized banks, broker-dealers, national securities exchanges,
credit unions, savings associations, or other eligible institutions. The
specific institution providing the guarantee must be acceptable to the transfer
agent. Whenever a signature guarantee is required, the signature of each person
required to sign for the account must be guaranteed.

REDEMPTION PROCEDURES

REDEMPTION BY TELEPHONE. If you have elected telephone redemption privileges,
you may redeem shares by telephoning the transfer agent at 1-800-338-1348 or
1-612-667-8833 and providing your shareholder account number, the exact name in
which the shares are registered, and your Social Security number or other
taxpayer identification number. Norwest Advantage Funds will mail a check to
your record address or, if you have chosen wire redemption privileges, wire the
proceeds.

REDEMPTION BY BANK WIRE. If you have elected wire redemption privileges, you may
request a Fund to transmit redemption proceeds of more than $5,000 by federal
funds wire to a bank account you have designated in writing. You must have
chosen the telephone redemption privilege to request bank redemptions by
telephone. Redemption proceeds are wired on the Fund business day after the
transfer agent receives a redemption request in proper form.

EXCHANGES

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.

The Funds do not charge for exchanges, and there is currently no limit on the
number of exchanges you may make. The Funds, however, may limit your ability to
exchange shares if you exchange too often. Exchanges are subject to the fees
(other than CDSCs) charged by, and the limitations (including minimum investment
restrictions) of, the fund into which you are exchanging.

You may only exchange shares into a pre-existing account if that account is
identically registered. You must submit a new account application if you wish to
exchange shares into an account registered differently or with different
shareholder privileges. You may exchange into a fund only if that fund's shares
legally may be sold in your state of residence.

The Funds and federal tax law treat an exchange as a redemption and a purchase
of shares. The Funds may amend or terminate exchange procedures on 60 days'
notice.

SALES CHARGES. The Funds deem A Shares acquired through the reinvestment of
distributions to have been acquired with a sales charge equal to the maximum
sales charge of the Fund.

16
<PAGE>

SALES CHARGE REDUCTION PROGRAM ENHANCEMENTS:

A SHARES
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 available. 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. 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
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.

DISTRIBUTIONS AND TAX MATTERS

DISTRIBUTIONS

Distributions of net investment income are declared daily and paid monthly. Each
Fund's net capital gain, if any, is distributed at least annually.

You have 3 choices for receiving distributions: the Reinvestment Option, the
Cash Option, and the Directed Dividend Option.

o Under the Reinvestment Option, all distributions of a Fund are
automatically invested in additional shares of that Fund. You are
automatically assigned this option unless you select another option.

o Under the Cash Option, you are paid all distributions in cash.

All distributions are treated in the same manner for federal income tax purposes
whether received in cash or reinvested in shares of a Fund. All distributions
reinvested in a Fund are reinvested at the Fund's net asset value as of the
payment date of the distribution.

TAX MATTERS

The Funds are managed so that they do not owe federal income or excise tax.
Generally, you will not be subject to federal income tax on distributions paid
by a Fund out of tax-exempt interest income earned by the Fund ("exempt-interest
distributions"). If you use, or are related to someone who uses, facilities
financed by private activity securities held by a Fund, you may be subject to
federal income tax on your pro rata share of the interest income from those
securities and should consult your tax adviser before purchasing shares.
Interest on certain private activity bonds is treated as an item of tax
preference for purpose of the federal AMT imposed on individuals and
corporations. In addition, exempt-interest distributions are included in the
"adjusted current earnings" of corporations for AMT purposes.

17
<PAGE>

As noted above, the Funds may invest a portion of their assets in securities
that generate income that is not exempt from federal income tax. Further,
capital gains, if any, distributed by the Funds are subject to tax.
Distributions of net capital gain (i.e., the excess of net long-term capital
gain over net short-term capital loss) are taxable as long-term capital gain.
Distributions paid by a Fund out of its interest income that is not tax-exempt
and its net short-term capital gain are taxable as ordinary income.
Distributions reduce the net asset value of a Fund by the amount of the
distribution paid by the Fund. Further, a distribution made shortly after you
purchase shares, although in effect a return of capital to you, is taxable. If
shares are sold at a loss after being held for 6 months or less, the loss will
be disallowed to the extent of any exempt-interest dividends received on those
shares and then treated as long-term capital loss to the extent of any
distribution of net capital gain received on those shares. If you borrow money
to purchase or carry shares of a Fund, the interest on your debt generally is
not deductible for federal income tax purposes.

TAX-FREE INCOME FUND. The federal income tax exemption on exempt-interest
distributions does not necessarily result in an exemption under the income or
other tax laws of any state or local taxing authority. You may be exempt from
state and local taxes on distributions of tax-exempt interest income derived
from obligations of the state and/or municipalities of the state in which you
reside. You may, however, be subject to tax on income derived from the municipal
securities of other jurisdictions. Consult your tax adviser concerning the
application of state and local taxes to investments in the Fund that may differ
from the federal income tax consequences described above.

COLORADO TAX-FREE FUND. It is anticipated that substantially all of the exempt
interest distributions paid by the Fund to individuals will be exempt from
Colorado personal income tax. Distributions made by the Fund to Colorado
individuals, trusts, estates, and corporations subject to the Colorado income
tax generally will be treated for Colorado income tax purposes in the same
manner as they are treated for federal income tax purposes. Some differences may
arise for taxpayers subject to the AMT because interest on Colorado private
activity bonds is not a preference item for Colorado income tax purposes.
Furthermore, Colorado has no corporate AMT. Because the Fund may, except as
indicated, purchase only Colorado municipal securities, none of the
exempt-interest distributions paid by the Fund will be subject to Colorado
income tax.

MINNESOTA TAX-FREE FUND. It is anticipated that substantially all of the exempt
interest distributions paid by the Fund to individuals will be exempt from
Minnesota personal income tax. Interest earned on Minnesota municipal securities
is generally excluded from gross income for Minnesota state income tax purposes,
while interest earned on securities issued by municipal issuers from other
states is not excluded. At least 95% of the exempt-interest distributions paid
by the Fund must be derived from Minnesota municipal securities in order for any
portion of the exempt-interest distributions paid by the Fund to be exempt from
the Minnesota personal income tax. Exempt-interest distributions paid by the
Fund to shareholders that are corporations are subject to Minnesota franchise
tax.

Under Minnesota law, if the difference in state income tax treatment between
Minnesota municipal securities and the municipal securities of issuers in other
states should be judicially determined to discriminate against interstate
commerce, the Minnesota legislature has expressed its intention that the
discrimination be remedied by adding interest on Minnesota municipal securities
to the taxable income of Minnesota residents. This treatment would begin with
the taxable years that begin during the calendar year in which the court's
decision is final. If the interest on Minnesota municipal securities is
determined in general to be taxable income for Minnesota income tax, the Fund
will consider what actions are to be taken in light of its current investment
objectives and investment policies.

The Minnesota AMT on resident individuals is based in part on their income for
purposes of the federal AMT. Accordingly, individual shareholders of the Fund
may be subject to the Minnesota AMT on exempt-interest distributions paid by the
Fund which are attributable to interest received by the Fund on certain private
activity securities, even though those distributions are exempt from the regular
Minnesota personal income tax.

18
<PAGE>

OTHER INFORMATION

Fund Reorganizations

The funds' reorganizations are expected to be tax-free transactions. The
reorganizations will not trigger any sales charges.

If you have any questions you should call 1-800-394-0736.

19
<PAGE>

FINANCIAL HIGHLIGHTS

The financial highlights table is intended to help you understand each Fund's
financial performance for the Fund's operating history. Certain information
reflects financial results for a single Fund share. The total returns in the
table represent the rate that an investor would have earned on an investment in
the Fund, assuming reinvestment of all distributions. The information from June
1, 1994 through May 31, 1999 has been audited by __________________, independent
auditors, whose report dated July 16, 1999 about a Fund, along with the Fund's
financial statements, are included in the Fund's Annual Report, which is
available at no charge upon request. These financial statements are incorporated
by reference into the SAI. Other independent auditors audited information for
prior periods.

<TABLE>
<S> <C> <C> <C> <C> <C> <C>
Net Realized

and Distributions Distributions Ending
Beginning Net Net Unrealized from Net from Net Net Asse
Asset Value Investment Gain (Loss) Investment Realized Value Per
Per Share Income on Investments Income Gain Share
- ------------------------------------------------------------------------------------------------------------------------------------
Tax-Free Income Fund
A Shares
Year Ended May 31, 1999 $10.54 $0.52 ($0.10) ($0.51) ($0.01) $10.44
Year Ended May 31, 1998 $10.05 $0.53 $0.49 ($0.53) -- $10.54
Year Ended May 31, 1997 $9.78 $0.54 $0.27 ($0.54) -- $10.05
Year Ended May 31, 1996 $9.82 $0.55 ($0.04) ($0.55) -- $9.78
Year Ended May 31, 1995 $9.60 $0.55 $0.22 ($0.55) -- $9.82
Year Ended May 31, 1994 $10.06 $0.58 ($0.39) ($0.58) ($0.07) $9.60
Year Ended May 31, 1993 $9.98 $0.66 $0.11 ($0.66) ($0.03) $10.06
Year Ended May 31, 1992 $9.95 $0.70 $0.04 ($0.70) ($0.01) $9.98
Year Ended May 31, 1991 $9.78 $0.70 $0.17 ($0.70) -- $9.95
August 1, 1989 to May 31, 1990(c) $10.00 $0.57 ($0.22) ($0.57) -- $9.78
B Shares
Year Ended May 31, 1999 $10.54 $0.44 ($0.10) ($0.43) ($0.01) $10.44
Year Ended May 31, 1998 $10.05 $0.46 $0.48 ($0.45) -- $10.54
Year Ended May 31, 1997 $9.78 $0.46 $0.27 ($0.46) -- $10.05
Year Ended May 31, 1996 $9.82 $0.48 ($0.04) ($0.48) -- $9.78
Year Ended May 31, 1995 $9.60 $0.48 $0.22 ($0.48) -- $9.82
August 6, 1993 to May 31, 1994(c) $10.17 $0.39 ($0.50) ($0.39) ($0.07) $9.60
- -----------------------------------------------------------------------------------------

Ratio to Average Net Assets
------------------------------------

Net Portfolio Net Assets at
Investment Net Gross Total Turnover End of Period
Income Expenses Expenses(a) Return(b) Rate (000's Omitted)
- ------------------------------------------------------------------------------------------------------------------------
Tax-Free Income Fund
A Shares
Year Ended May 31, 1999 4.81% 0.60% 0.98% 4.04% 105.53% $43,388
Year Ended May 31, 1998 5.09% 0.60% 0.99% 10.33% 142.81% $35,121
Year Ended May 31, 1997 5.41% 0.50% 1.06% 8.43% 152.33% $29,217
Year Ended May 31, 1996 5.54% 0.40% 1.06% 5.29% 126.20% $33,914
Year Ended May 31, 1995 5.87% 0.60% 1.12% 8.42% 130.90% $30,786
Year Ended May 31, 1994 5.77% 0.60% 1.14% 1.74% 116.54% $34,426
Year Ended May 31, 1993 6.47% 0.60% 1.12% 7.86% 42.81% $109,983
Year Ended May 31, 1992 7.03% 0.34% 1.14% 7.65% 73.66% $56,250
Year Ended May 31, 1991 7.09% 0.14% 1.08% 9.16% 101.11% $35,215
August 1, 1989 to May 31, 1990(c) 6.96%(d) 0.03%(d) 0.97%(d) 4.34%(d) 41.16% $17,439
B Shares
Year Ended May 31, 1999 4.05% 1.35% 2.01% 3.26% 105.53% $17,973
Year Ended May 31, 1998 4.31% 1.35% 2.05% 9.52% 142.81% $11,070
Year Ended May 31, 1997 4.64% 1.26% 2.15% 7.63% 152.33% $7,329
Year Ended May 31, 1996 4.77% 1.14% 2.21% 4.50% 126.20% $5,897
Year Ended May 31, 1995 5.05% 1.35% 2.21% 7.61% 130.90% $3,729
August 6, 1993 to May 31, 1994(c) 4.76%(d) 1.31%(d) 2.24%(d) (0.98%) 116.54% $2,674
- -----------------------------------------------------------------------------------------
</TABLE>

(a) The ratio of Gross Expenses to Average Net Assets does not reflect fee
waivers or expense reimbursements.
(b) Total Return does not include the effects of sales charges. Total Return
would have been lower absent expense reimbursement sand fee waivers.
(c) Commencement of operations; the original class of shares became A Shares.
became A Shares. The Fund commenced the offering of B Shares on August 6,
1993.
(d) Annualized.

20
<PAGE>

Net Realized

and Distributions Distributions Ending
Beginning Net Net Unrealized from Net from Net Net Asset
Asset Value Investment Gain (Loss) Investment Realized Value Per
Per Share Income on Investments Income Gain Share
- ------------------------------------------------------------------------------------------------------------------------------------
Colorado Tax-Free Fund
A Shares
Year Ended May 31, 1999 $10.69 $0.51 ($0.10) ($0.51) ($0.04) $10.55
Year Ended May 31, 1998 $10.22 $0.53 $0.47 ($0.53) -- $10.69
Year Ended May 31, 1997 $9.89 $0.54 $0.33 ($0.54) -- $10.22
Year Ended May 31, 1996 $9.90 $0.53 ($0.01) ($0.53) -- $9.89
Year Ended May 31, 1995 $9.69 $0.48 $0.21 ($0.48) -- $9.90
Year Ended May 31, 1994(c) $10.00 $0.51 ($0.30) ($0.51) ($0.01) $9.69
B Shares
Year Ended May 31, 1999 $10.71 $0.43 ($0.11) ($0.43) ($0.04) $10.56
Year Ended May 31, 1998 $10.23 $0.45 $0.48 ($0.45) -- $10.71
Year Ended May 31, 1997 $9.90 $0.47 $0.33 ($0.47) -- $10.23
Year Ended May 31, 1996 $9.91 $0.46 ($0.01) ($0.46) -- $9.90
Year Ended May 31, 1995 $9.70 $0.41 $0.21 ($0.41) -- $9.91
August 6, 1993 to May 31, 1994(c) $10.04 $0.35 ($0.33) ($0.35) ($0.01) $9.70
- -----------------------------------------------------------------------------------------

Ratio to Average Net Assets
------------------------------------

Net Portfolio Net Assets at
Investment Net Gross Total Turnover End of Period
Income Expenses Expenses(a) Return(b) Rate (000's Omitted)
- -------------------------------------------------------------------------------------------------------------------
Colorado Tax-Free Fund
A Shares
Year Ended May 31, 1999 4.71% 0.60% 1.02% 3.79% 76.62% $39,958
Year Ended May 31, 1998 5.00% 0.60% 1.04% 9.96% 69.87% $34,254
Year Ended May 31, 1997 5.36% 0.45% 1.14% 9.00% 129.26% $27,806
Year Ended May 31, 1996 5.30% 0.30% 1.13% 5.35% 171.41% $26,991
Year Ended May 31, 1995 5.10% 0.30% 1.15% 7.47% 47.88% $25,997
Year Ended May 31, 1994(c) 4.94% 0.07% 1.23% 2.02% 40.92% $31,724
B Shares
Year Ended May 31, 1999 3.96% 1.35% 2.03% 2.92% 76.62% $10,909
Year Ended May 31, 1998 4.24% 1.35% 2.04% 9.25% 69.87% $9,156
Year Ended May 31, 1997 4.60% 1.20% 2.15% 8.19% 129.26% $7,218
Year Ended May 31, 1996 4.64% 1.05% 2.16% 4.56% 171.41% $6,400
Year Ended May 31, 1995 4.32% 1.05% 2.16% 6.67% 47.88% $5,198
August 6, 1993 to May 31, 1994(c) 4.08%(d) 0.85%(d) 2.24%(d) 0.27% 40.92% $4,494
- -----------------------------------------------------------------------------------------
</TABLE>

(a) The ratio of Gross Expenses to Average Net Assets does not reflect fee
waivers or expense reimbursements.
(b) Total Return does not include the effects of sales charges. Total Return
would have been lower absent expense reimbursement and/or fee waivers.
(c) Commencement of operations; the original class of shares became A Shares.
(d) Annualized.

21
<PAGE>

Net Realized

and Distributions Distributions Ending
Beginning Net Net Unrealized from Net from Net Net Asset
Asset Value Investment Gain (Loss) Investment Realized Value Per
Per Share Income on Investments Income Gain Share
- ------------------------------------------------------------------------------------------------------------------------------------
Minnesota Tax-Free Fund
A Shares
Year Ended May 31, 1999 $11.05 $0.51 ($0.08) ($0.51) ($0.01) $10.96
Year Ended May 31, 1998 $10.57 $0.53 $0.48 ($0.53) -- $11.05
Year Ended May 31, 1997 $10.30 $0.54 $0.27 ($0.54) -- $10.57
Year Ended May 31, 1996 $10.45 $0.56 ($0.15) ($0.56) -- $10.30
Year Ended May 31, 1995 $10.15 $0.53 $0.30 ($0.53) -- $10.45
Year Ended May 31, 1994 $10.65 $0.53 ($0.31) ($0.53) ($0.19) $10.15
Year Ended May 31, 1993 $10.27 $0.55 $0.39 ($0.55) ($0.01) $10.65
December 1, 1991 to May 31, 1992 $10.20 $0.30 $0.11 ($0.30) ($0.04) $10.27
Year Ended November 30, 1991 $10.15 $0.61 $0.12 ($0.61) ($0.07) $10.20
Year Ended November 30, 1990 $10.14 $0.62 $0.02 ($0.62) ($0.01) $10.15
Year Ended November 30, 1989 $9.78 $0.62 $0.36 ($0.62) -- $10.14
January 12, 1988 to November 30, 1988(d) $10.00 $0.55 ($0.22) ($0.55) -- $9.78
B Shares
Year Ended May 31, 1999 $11.05 $0.43 ($0.08) ($0.43) ($0.01) $10.96
Year Ended May 31, 1998 $10.57 $0.45 $0.48 ($0.45) -- $11.05
Year Ended May 31, 1997 $10.30 $0.46 $0.27 ($0.46) -- $10.57
Year Ended May 31, 1996 $10.44 $0.48 ($0.14) ($0.48) -- $10.30
Year Ended May 31, 1995 $10.15 $0.45 $0.29 ($0.45) -- $10.44
August 6, 1993 to May 31, 1994(d) $10.77 $0.35 ($0.43) ($0.35) ($0.19) $10.15

- --------------------------------------------------------------------------------------------

Ratio to Average Net Assets
------------------------------------

Net Portfolio Net Assets at
Investment Net Gross Total Turnover End of Period
Income Expenses Expenses(a) Return(b) Rate (000's Omitted)
- ----------------------------------------------------------------------------------------------------------------------------
Minnesota Tax-Free Fund
A Shares
Year Ended May 31, 1999 4.61% 0.60% 1.03% 3.96% 24.84% $38,255
Year Ended May 31, 1998 4.83% 0.60% 1.07% 9.71% 68.27% $33,597
Year Ended May 31, 1997 5.11% 0.60% 1.21% 7.98% 96.68% $25,739
Year Ended May 31, 1996 5.26% 0.48% 1.26% 3.97% 77.10% $26,610
Year Ended May 31, 1995 5.25% 0.49% 1.61% 8.55% 139.33% $15,559
Year Ended May 31, 1994 4.92% 0.61% 1.52% 1.94% 84.23% $10,008
Year Ended May 31, 1993 5.13% 0.75% 1.79% 9.35% 44.29% $10,852
December 1, 1991 to May 31, 1992 5.86%(c) 0.90%(c) 2.38%(c) 8.10%(c) 6.70% $4,896
Year Ended November 30, 1991 6.01% 0.90% 2.63% 7.40% 37.32% $4,575
Year Ended November 30, 1990 6.21% 0.90% 2.37% 6.50% 30.86% $4,243
Year Ended November 30, 1989 6.21% 0.90% 1.70% 10.30% 26.31% $5,309
January 12, 1988 to November 30, 1988(d) 6.51%(c) 0.76%(c) 1.47%(c) 4.03%(c) 32.34% $5,904
B Shares
Year Ended May 31, 1999 3.85% 1.35% 2.04% 3.18% 24.84% $21,493
Year Ended May 31, 1998 4.07% 1.35% 2.08% 8.89% 68.27% $16,549
Year Ended May 31, 1997 4.35% 1.34% 2.21% 7.18% 96.68% $11,128
Year Ended May 31, 1996 4.51% 1.23% 2.29% 3.28% 77.10% $8,825
Year Ended May 31, 1995 4.52% 1.21% 2.62% 7.63% 139.33% $5,090
August 6, 1993 to May 31, 1994(d) 3.99%(c) 1.31%(c) 2.45%(c) 84.23% $2,485

- --------------------------------------------------------------------------------------------
</TABLE>

(a) The ratio of Gross Expenses to Average Net Assets does not reflect fee
waivers or expense reimbursements.
(b) Total Return does not reflect the effects of sales charges. Total Return
would have been lower absent expense reimbursement and fee waivers.
(c) Annualized.
(d) Commencement of operations; the original class of shares became A Shares.

22
<PAGE>

If you would like more information about the Funds and their investments, you
may want to read the following documents:

Annual and Semi-Annual Reports. Additional information about each Fund's
investments is available in its annual and semi-annual reports to shareholders.
In the annual report, the Fund's portfolio manager discusses the market
conditions and investment strategies that significantly affected the Fund's
performance during its last fiscal year.

You may obtain free copies of the SAI, annual report, and semi-annual report, or
make inquiries concerning the Funds, by contacting your investment
representative or by contacting Norwest Advantage Funds at 733 Marquette Avenue,
Minneapolis, Minnesota 55479 or by calling 1-800- 338-1348 or 1-612-667-8833.

The SEC's Investment Company Act file number for the Funds is 811-4881.

<PAGE>

PROSPECTUS

October 1, 1999

GROWTH BALANCED FUND

INCOME EQUITY FUND

VALUGROWTH (SM) STOCK FUND

DIVERSIFIED EQUITY FUND

GROWTH EQUITY FUND

LARGE COMPANY GROWTH FUND

DIVERSIFIED SMALL CAP FUND

SMALL COMPANY STOCK FUND

SMALL CAP OPPORTUNITIES FUND

INTERNATIONAL FUND

AN INVESTMENT IN A FUND IS NOT A DEPOSIT OF NORWEST BANK MINNESOTA, N.A. OR ANY
OTHER BANK AND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE
CORPORATION, OR ANY OTHER GOVERNMENT AGENCY.

The Securities and Exchange Commission, has not approved or disapproved these
securities or determined whether or not this prospectus is truthful or complete.
Any representation to the contrary is a criminal offense.

Table of Contents

1. RISK/RETURN SUMMARY........................................
2. FEES AND EXPENSES OF THE FUNDS.............................
3. GLOSSARY...................................................
4. INVESTMENT OBJECTIVES, STRATEGIES AND RISK CONSIDERATIONS
Growth Balanced Fund.......................................
Income Equity Fund.........................................
ValuGrowth Stock Fund......................................
Diversified Equity Fund....................................
Growth Equity Fund.........................................
Large Company Growth Fund..................................
Diversified Small Cap Fund.................................
Small Company Stock Fund...................................
Small Cap Opportunities Fund...............................
International Fund.........................................
Portfolio Descriptions.....................................
5. OTHER CONSIDERATIONS.......................................
6. MANAGEMENT OF THE FUNDS....................................
7. CHOOSING A SHARE CLASS.....................................
8. HOW TO BUY AND SELL SHARES.................................
Determination of Net Asset Value
General Purchase Information...............................
Purchasing Shares Directly.................................
Purchasing Shares Through Financial Institutions...........
General Redemption Information.............................
Redemption Procedures......................................
Exchanges..................................................
9. DISTRIBUTIONS AND TAX MATTERS..............................
10. OTHER INFORMATION..........................................
11. FINANCIAL HIGHLIGHTS.......................................