NORWEST SELECT FUNDS
INCOME FUND
INCOME EQUITY FUND
VALUGROWTHSM STOCK FUND
SMALL COMPANY STOCK FUND
Supplement Dated March 1, 1999
to Prospectus Dated May 1, 1998
I. SMALL COMPANY STOCK FUND
The portfolio manager for Small Company Stock Fund (as described on
page 11) has been changed. All references in the prospectus to Crestone Capital
Management, Inc. (subadviser of Small Company Stock Fund) and to Kirk McCown of
Crestone, the portfolio manager of the Fund, are deleted. The following
replaces, in its entirety, the subparagraph entitled "Small Company Stock Fund",
under the section entitled "Portfolio Managers" on Page 11:
SMALL COMPANY STOCK FUND - Kenneth Lee and Thomas Zeifang. Mr. Lee has
been affiliated with Norwest since 1999. Mr. Lee also provides
fundamental security analysis and portfolio management at Wells
Capital Management Incorporated ("WCM"). He has been associated with
WCM and its affiliates since 1993. Mr. Zeifang has been associated
with Norwest since 1999. Mr. Zeifang also is a portfolio manager at
WCM, with whom he has been associated since 1995. Prior to 1995, he
served as an analyst at Fleet Investment Advisors.
II. VALUGROWTH STOCK FUND
The portfolio manager for ValuGrowth Stock Fund (as described on page
11) was changed effective December 1, 1998. All references in the prospectus to
David S. Lunt, the portfolio manager of the Fund, are deleted. The following
replaces, in its entirety, the subparagraph entitled "ValuGrowth Stock Fund"
under the section entitled "Portfolio Managers" on Page 11:
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.
III. MANAGEMENT FEE
The following replaces, in its entirety, the first sentence of the
second paragraph of the section entitled "Management and Distribution Services"
on Page 11:
For its management services and facilities, Forum is entitled to
receive a monthly fee at an annual rate of 0.10% of the average daily
net assets of each Fund.
