NORWEST SELECT FUNDS

                             VALUGROWTH(SM) STOCK FUND


                        Supplement Dated December 1, 1998
                         to Prospectus Dated May 1, 1998


PORTFOLIO MANAGERS

     The following replaces, in its entirety, the paragraph entitled "ValuGrowth
Stock  Fund"  under the section  entitled  Portfolio  Managers on Page 11 of the
Prospectus.

     ValuGrowth Stock Fund - CHARLES J. MEYER,  CFA,  associated with Norwest or
its  affiliates  since 1998. Mr. Meyer is a Director -  Institutional  Portfolio
Management.  From 1992 to 1998 Mr.  Meyer was a  portfolio  manager  for Montana
Board of Investments.



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