NORWEST SELECT FUNDS
SUPPLEMENT DATED APRIL 23, 1999
TO CURRENT PROSPECTUS
On March 25, 1999, the Board of Trustees of Norwest Select Funds approved
the reorganization of each Norwest Select Fund into a new portfolio of
Wells Fargo Variable Trust. The reorganizations are part of a plan to
consolidate the Stagecoach and Norwest fund families following last
November's merger of Wells Fargo & Company and Norwest Corporation.
Fortis Benefits Insurance Company, the variable annuity insurance
provider through which the Norwest Select Funds are sold, will present
the reorganizations to contractholders for their approval and will vote
all shares in accordance with procedures described in the product
prospectuses at a special meeting that is planned for August 1999.
If contractholders approve the reorganizations, each Norwest Select Fund
will reorganize into a corresponding Wells Fargo Variable Trust portfolio
that has substantially similar investment objectives. The Wells Fargo
Variable Trust portfolios, with the exception of the portfolio combining
with Income Equity Fund, may have somewhat different investment policies
and may combine with other Stagecoach or Norwest Select funds.
You may not purchase contracts with respect to the Wells Fargo Variable
Trust portfolios until after the reorganizations occur, which is
anticipated to be in September 1999.
You need not act with respect to the reorganizations at this time. You
will receive proxy materials in June if you are a contractholder as of
May 6, 1999. These materials will describe the reorganizations in detail,
including any effect on expense ratios. If you become a contractholder
with respect to fund shares after that date, you will not be entitled to
vote those shares on the fund's reorganization, but you may request a
copy of the proxy materials.
You should be aware that, for certain Funds, expense ratio increases of
up to 0.40% are contemplated. THE REORGANIZATIONS WILL NOT TRIGGER ANY
TAX CONSEQUENCES FOR CONTRACTHOLDERS. THE REORGANIZATIONS ALSO WILL NOT
TRIGGER ANY SALES CHARGES.
If you have any questions or, after early June, if you want to request a
copy of the proxy materials, you should call 1-800-394-0736.
