NORWEST SELECT FUNDS
PROSPECTUS
MAY 1, 1999
-INCOME FUND
-INCOME EQUITY FUND
-VALUGROWTH (SM) STOCK FUND
-SMALL COMPANY STOCK FUND
The Securities and Exchange Commission has not approved or disapproved these
securities or passed upon the adequacy of this Prospectus. Any representation to
the contrary is a criminal offense.
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TABLE OF CONTENTS
RISK/RETURN SUMMARY............................................................3
DESCRIPTION OF THE FUNDS.......................................................7
MANAGEMENT OF THE FUNDS.......................................................10
PURCHASE AND SALE OF SHARES...................................................11
DIVIDENDS AND DISTRIBUTIONS...................................................12
OTHER INFORMATION.............................................................12
FINANCIAL HIGHLIGHTS..........................................................13
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RISK/RETURN SUMMARY
The following is a summary of certain key information about the Funds. You will
find additional information about the Funds, including a detailed description of
the risks of an investment in a Fund, after this summary.
In this summary, we will describe 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 market value of a Fund's
investments will fluctuate as the stock or bond markets fluctuate and
that prices overall will decline over longer or shorter periods.
o INTEREST RATE RISk This is the risk that changes in interest rates may
affect the value of a Fund's investments in income-producing
securities or fixed-income debt securities. Increases in interest
rates may cause the value of a Fund's investments in these securities
to fall.
o CREDIT RISK This is the risk that the issuer of a security, or the
counterparty to a contract, will default or otherwise be unable to
honor a financial obligation.
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 the
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 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.
If the Funds' returns reflected fees charged by your variable life insurance
contract/annuity certificate or contract, the returns shown in the bar chart and
table for each Fund would be lower.
A Fund's past performance, of course, does not necessarily indicate how it will
perform in the future.
Other important things for you to note:
o You may lose money by investing in the Funds.
o An investment in the Fund is not a deposit in a bank and is not
insured or guaranteed by the Federal Deposit Insurance Corporation or
any other government agency.
INCOME FUND
o Objective: The Fund's investment objective is stable current income
and competitive total return over an interest-rate cycle.
o Principal Investment Strategies: The Fund primarily invests in a
portfolio of investment-grade, intermediate-maturity debt securities.
o Principal Risks: The principal risks of investing in the Fund are
market risk, interest rate risk and credit risk.
3
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BAR CHART AND PERFORMANCE INFORMATION
The bar chart and table provide an indication of the historical risk of an
investment in the Fund.
[EDGAR Representation of bar graph]
1995 1996 1997 1998
- ---- ---- ---- ----
17.08% 2.37% 9.08% 9.12%
During the period shown in the bar chart, the Fund's:
BEST QUARTER was 5.99%, second quarter, 1995; and
WORST QUARTER was -2.19%, first quarter, 1996.
PERFORMANCE TABLE
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SINCE INCEPTION
YEAR(S) 1 YEAR 5 YEARS 10 YEARS (6/1/94)
- -----------------------------------------------------------------------------------------------------------
INCOME FUND 9.12% N/A N/A 7.94%
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LEHMAN INTERMEDIATE 8.42% N/A N/A 7.83%
GOVERNMENT/CORPORATE INDEX
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</TABLE>
INCOME EQUITY FUND
o Objective: The Fund's investment objective is long-term capital
appreciation, consistent with that of the overall equity securities
markets, and above-average dividend income.
o Principal Investment Strategies: The Fund primarily invests in the
common stock of large, income-producing domestic companies.
o Principal Risks: The principal risks of investing in the Fund are
market risk, interest rate risk and credit risk.
4
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The bar chart and table provide an indication of the historical risk of an
investment in the Fund.
[EDGAR Representation of bar graph]
1997 1997
- ---- ----
26.90% 18.42%
During the period shown in the bar chart, the Fund's:
BEST QUARTER was 15.63%, fourth quarter, 1998; and
WORST QUARTER was -9.73%, third quarter, 1998.
PERFORMANCE TABLE
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SINCE INCEPTION
YEAR(S) 1 YEAR 5 YEARS 10 YEARS (5/6/96)
- -----------------------------------------------------------------------------------------------------------
INCOME EQUITY FUND 18.42% N/A N/A 20.71%
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S&P 500 INDEX 28.58% N/A N/A 28.94%
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</TABLE>
VALUGROWTH STOCK FUND
o Objective: The Fund's investment objective is long-term capital
appreciation.
o Principal Investment Strategies: The Fund primarily invests in a
diversified portfolio of common stock and convertible securities.
o Principal Risks: The principal risk of investing in the Fund is market
risk.
5
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BAR CHART AND PERFORMANCE INFORMATION
The bar chart and table provide an indication of the historical risk of an
investment in the Fund.
[EDGAR representation of bar graph]
1995 1996 1997 1998
- ---- ---- ---- ----
24.15% 20.21% 23.56% 16.18%
During the period shown in the bar chart, the Fund's:
BEST QUARTER was 19.08%, fourth quarter, 1998; and
WORST QUARTER was -14.04%, third quarter, 1998.
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PERFORMANCE TABLE
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SINCE INCEPTION
YEAR(S) 1 YEAR 5 YEARS 10 YEARS (6/1/94)
- -----------------------------------------------------------------------------------------------------------
VALUGROWTH STOCK FUND 16.18% N/A N/A 17.57%
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S&P 500 INDEX 28.58% N/A N/A 26.73%
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</TABLE>
SMALL COMPANY STOCK FUND
o Objective: The Fund's investment objective is capital appreciation.
o Principal Investment Strategies: The Fund primarily invests in the
common stock of small and medium-size domestic companies that have a
market capitalization well below that of the average company in the S
& P 500 Index.
o Principal Risks: The principal risk of investing in the Fund is market
risk. The Fund's investments in small or medium size companies may be
more volatile, and differ, sometimes significantly, from the overall
U.S. market. The Fund's investments in smaller capitalization stocks
may have additional risks because these companies often have limited
product lines, markets, or financial resources.
6
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BAR CHART AND PERFORMANCE INFORMATION
The bar chart and table provide an indication of the historical risk of an
investment in the Fund.
[EDGAR representation of bar graph]
1996 1997 1998
- ---- ---- ----
31.47% 9.87% -14.47%
During the period shown in the bar chart, the Fund's:
BEST QUARTER was 18.76%, second quarter, 1997; and
WORST QUARTER was -27.93%, third quarter, 1998.
PERFORMANCE TABLE
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SINCE INCEPTION
YEAR(S) 1 YEAR 5 YEARS 10 YEARS (5/17/95)
- -----------------------------------------------------------------------------------------------------------
SMALL COMPANY STOCK FUND -14.47% N/A N/A 10.26%
- -----------------------------------------------------------------------------------------------------------
RUSSELL 2000 INDEX -2.24% N/A N/A 14.96%
- -----------------------------------------------------------------------------------------------------------
</TABLE>
DESCRIPTION OF THE FUNDS
This section of the Prospectus provides a more complete description of the
Funds' investment objectives and principal strategies and risks. There can be,
of course, no assurance that any Fund will achieve its investment objective.
INCOME FUND
The Fund's investment objective is to provide stable current income and
competitive total return over an interest rate cycle. The Fund invests in a
diversified portfolio of fixed and variable rate U.S. Dollar denominated debt
securities. These securities cover a broad spectrum of U.S. issuers, including
U.S. Government securities, mortgage- and asset-backed securities and the debt
securities of financial institutions, corporations, and others.
The Adviser attempts to increase the Fund's performance by applying various
fixed income management techniques combined 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 Lipper
Corporate A-Rated Debt Average. Duration is a measure of a debt security's
average life that reflects the present value of the security's cash flow and
generally is less than the security's maturity date. The Fund expects to
maintain an average dollar-weighted maturity (or average life in the case of
mortgage-backed and similar securities) of between 3 and 15 years. Normally, the
Fund's investments will have a duration of between 70% and 130% of the duration
of the Lipper Corporate A-Rated Debt Average.
The Fund normally invests:
o at least 80% of its assets in investment-grade debt securities, which
are those securities rated within four highest rating categories, or,
if unrated, of comparable quality;
o up to 70% of its total assets in corporate securities, bonds, notes,
and convertible securities; and
o at least 30% of its total assets in U.S. Government securities.
7
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The Fund limits its investments in mortgage-backed securities to 50% of its
total assets and in other asset-backed securities to 25% of its total assets.
RISK CONSIDERATIONS
The principal risks of the Fund are:
o Market Risk - the risk that the value of the Fund's investments will
change, and possibly decrease, in response to fluctuations in the stock
markets generally;
o Interest Rate Risk - the risk that changes in interest rates will affect
the value of the Fund's investments, in particular, that an increase in
interest rates could cause the Fund's net asset value to decline;
o Credit Risk - the risk that the issuer of a security will be unable to pay
principal or interest; and
o Management Risk - the risk that the Fund's manager may make poor choices in
selecting securities and that the Fund will not perform as well as other
bond funds.
The Income Fund invests a significant portion of its assets in mortgage-related
securities, which tend to be more volatile than other types of debt securities.
The value of these securities is affected more by changes in interest rates
because when interest rates rise, the maturities of these types of securities
tend to lengthen and the value of the securities decreases more significantly.
In addition, these types of securities are subject to prepayment when interest
rates fall, which generally results in lower returns because the Fund must
reinvest its assets in debt securities with lower interest rates.
The Fund may invest up to 20% of its assets in debt securities rated in the
fifth highest rating category, which are considered below investment grade
securities (commonly known as "junk bonds"). The Fund's investments in
lower-rated debt securities have more interest rate risk and credit risk than
investments in higher-rated debt securities.
INCOME EQUITY FUND
The Fund's investment objective is long-term capital appreciation consistent
with above-average dividend income. The Fund primarily invests in the common
stock of large, high-quality domestic companies that have above-average return
potential based on current market valuations. In selecting securities for the
Fund, the Adviser uses various valuation measures, including above-average
dividend yields and below industry average price to earnings, price to book and
price to sales ratios. The Adviser considers large companies to be those whose
market capitalization is greater than the median of the Russell 1000 Index or
approximately $3.7 billion. The Fund normally limits its investments in a single
company to less than 10% of its total assets.
RISK CONSIDERATIONS
The principal risks of the Fund are:
o Market Risk - the risk that the value of the Fund's investments will
change, and possibly decrease, in response to fluctuations in the stock
markets generally;
o Credit Risk - the risk that the issue of a security will be unable to pay
dividends;
o Interest Rate Risk - the risk that changes in interest rates will affect
the value of the Fund's investments, in particular, that an increase in
interest rates could cause the Fund's net asset value to decline; and
o Management Risk - the risk that the Fund's manager may make poor choices in
selecting securities and that the Fund will not perform as well as other
equity funds.
8
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VALUGROWTH STOCK FUND
The Fund's investment objective is long-term capital appreciation. The Fund
primarily invests in medium- and large-capitalization companies (companies with
a market capitalization of greater than $500 million) that, in the view of the
Adviser, possess above average growth characteristics and appear to be
undervalued.
The Fund identifies and invests in companies with earnings and dividends growth
that is faster than inflation and faster than the economy in general. The Fund
invests in companies with growth potential that, in the opinion of the Adviser,
has not yet been fully reflected in the market price of the companies' shares.
In seeking these investments, the Adviser primarily relies on a company by
company analysis (rather than on a broader analysis of industry or economic
sector trends). The Adviser considers such matters as the quality of a company's
management, the existence of a leading or dominant position in a major product
line or market, the soundness of the company's financial position, and the
maintenance of a relatively high rate of return on invested capital and
shareholder's equity. Once the Adviser identifies companies as possible
investments, it applies a number of valuation measures to determine the relative
attractiveness of each company and selects those companies whose shares are most
attractively priced.
The Fund may invest in companies that the Adviser considers to be "special
situations." Special situation companies often have the potential for
significant future earnings growth but have not performed well in the recent
past. These situations may include management turnarounds, corporate or asset
restructurings, or significantly undervalued assets. These investments form a
comparatively small portion of the Fund's portfolio.
RISK CONSIDERATIONS
The principal risks of the Fund are:
o Market Risk - the risk that the value of the Fund's investments will
change, and possibly decrease, in response as to fluctuations in the stock
or bond markets generally;
o Capitalization Risk - the risk of investments in mid-capitalization
companies, which tend to be more volatile than investments in large-cap
companies; and
o Management Risk - the risk that the Fund's manager may make poor choices in
selecting securities and that the Fund will not perform as well as other
equity funds.
SMALL COMPANY STOCK FUND
The Fund's investment objective is capital appreciation. The Fund primarily
invests in the common stock of small- and medium-size domestic companies that
have a market capitalization well below that of the average company in the S&P
500 Index. The Adviser considers small- and medium-size companies to have a
market capitalization of less than $8 billion.
In selecting securities for the Fund, the Adviser seeks securities with
significant price appreciation potential and attempts to identify companies that
show above-average growth, as compared to long-term overall market growth. The
Fund invests in companies that may be in a relatively early stage of development
or may produce goods and services that have favorable prospects for growth due
to increasing demand or developing markets. Frequently, these companies have a
small management group and single product or product-line expertise that the
Adviser believes may result in an enhanced entrepreneurial spirit and greater
focus. The Adviser believes that these companies may develop into significant
business enterprises and that an investment in these companies offers a greater
opportunity for capital appreciation than an investment in larger, more
established companies.
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RISK CONSIDERATIONS
The principal risks of the Fund are:
o Market Risk - the risk that the value of the Fund's investments will
change, and possibly decrease, in response as to fluctuations in the stock
or bond markets generally;
o Capitalization Risk - the risk of investments in small- to
mid-capitalization companies, which tend to be more volatile than
investments in large-cap companies, and also the additional risks of
small-cap companies, which often have limited product lines, markets, or
financial resources; and
o Management Risk - the risk that the Fund's manager may make poor choices in
selecting securities and that the Fund will not perform as well as other
equity funds.
Other Investment Information
TEMPORARY DEFENSIVE POSITION
When business or financial conditions warrant, each Fund may assume a temporary
defensive position and invest all or any portion of its assets in cash or in
cash equivalents. When a Fund has assumed a temporary defensive position, it may
not achieve its investment objective.
PORTFOLIO TURNOVER
The portfolio turnover rate for each Fund is included in the "Financial
Highlights" section of this prospectus. The Funds are actively managed and in
some cases, in response to market conditions, a Fund's portfolio turnover rate
may exceed 100%. A higher rate of portfolio turnover increases brokerage and
other expenses, which must be borne by the Fund and its shareholders. High
portfolio turnover also may result in the realization of substantial net
short-term capital gains, which, when distributed, are taxable to shareholders.
YEAR 2000
Certain computer systems may not process date-related information properly on
and after January 1, 2000. The Funds' Adviser and manager are addressing this
matter for their systems. The Funds' other service providers have informed the
Funds that they are taking similar measures. This matter, if not corrected,
could adversely affect the services provided to the Funds or the companies in
which the Funds invest and, therefore, could lower the value of your shares.
MANAGEMENT OF THE FUNDS
INVESTMENT ADVISER
The Funds' investment adviser is Norwest Investment Management, Inc.
("Norwest"), a subsidiary of Norwest Bank Minnesota, N.A., located at Norwest
Center, Sixth Street and Marquette, Minneapolis, Minnesota 55479. As of March
31, 1999, Norwest managed over $25.6 billion in assets.
Norwest provides investment advisory services and order placement facilities for
the Funds. For its services under the investment advisory agreement, for the
fiscal year ended December 31, 1998, the Funds paid Norwest the following fees:
FEE AS A PERCENTAGE
OF AVERAGE
FUND DAILY NET ASSETS
- -------------------------------------------------------------------------------
INCOME FUND 0.60%
INCOME EQUITY FUND 0.80%
VALUGROWTH STOCK FUND 0.80%
SMALL COMPANY STOCK FUND 0.80%
PORTFOLIO MANAGERS
10
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The following individuals serve as portfolio managers for the Funds and are
primarily responsible for the day-to-day management of the Funds' portfolios:
o INCOME FUND - Ms. Marjorie H. Grace, CFA. Ms. Grace has been a Vice
President of Norwest since 1997 and a Vice President of Norwest Bank since
1992. She has served as a portfolio manager for the Fund since January 1996
and has been a portfolio manager for other funds at Norwest Bank since
1992.
o INCOME EQUITY FUND - Mr. David L. Roberts, CFA. Mr. Roberts has been a
Senior Vice President of Norwest Bank since 1991 and has served as the
portfolio manager for the Fund since its inception. He has been associated
with Norwest and its affiliates for more than 20 years in various
investment-related capacities.
o VALUGROWTH STOCK FUND - Charles J. Meyer, CFA. Mr. Meyer has been
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.
o SMALL COMPANY STOCK FUND - Mr. Kenneth Lee and Mr. Thomas Zeifang. Mr. Lee
has been associated with Norwest or its affiliates since 1999. Mr. Lee also
provides fundamental security analysis and portfolio management at Wells
Capital Management Incorporated. Mr. Zeifang has been associated with
Norwest or its affiliates since 1999. Mr. Zeifang is also a portfolio
manager at Wells Capital Management Incorporated with whom he has been
associated since 1995. Prior to 1995, he served as an analyst at Fleet
Investment Advisors.
OTHER SERVICE PROVIDERS
The Forum Financial Group of companies provides various services to the Funds.
As of December 31, 1998, Forum provided administrative and distribution services
to investment companies and collective investment funds with assets of
approximately $66.2 billion.
PURCHASE AND SALE OF SHARES
HOW THE FUNDS VALUE THEIR SHARES
The Funds' net asset value or NAV is calculated at 4:00 p.m. Eastern time each
day the New York Stock Exchange is open for business. To calculate the NAV, a
Fund's assets are valued and totaled, liabilities are subtracted, and the
balance, called net assets, is divided by the number of shares outstanding. The
Funds' value their securities at their current market value determined on the
basis of market quotations or, if quotations are not readily available, such
other methods as the Fund's Trustees believe accurately reflect fair market
value.
Your order for purchase or sale of shares is priced at the next NAV calculated
after your order is received by the Fund.
HOW TO PURCHASE AND SELL SHARES
The Funds offer their shares through the separate accounts of life insurance
companies. You may only purchase and sell shares through these separate
accounts. See the Prospectus of the separate account of the participating
insurance company for information on the purchase and sale of the Funds' shares.
11
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DIVIDENDS AND DISTRIBUTIONS
The Funds distribute net investment income annually. Each Fund distributes its
net capital gain, if any, at least annually. Distributions are automatically
reinvested in additional Fund shares at the net asset value next determined
unless you elect to have all distributions paid in cash.
OTHER INFORMATION
FUND REORGANIZATIONS
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. Norwest Select Funds will present each
proposed fund reorganization to the fund's shareholders for their approval at a
special meeting that is planned for August 1999.
If shareholders 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. Norwest
Select Funds and Wells Fargo Variable Trust will mail proxy materials to you in
June if you are a shareholder as of May 6, 1999. These materials will describe
the reorganizations in detail, including any effect on expense ratios. If you
become a shareholder 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 ARE EXPECTED TO BE TAX-FREE
TRANSACTIONS. THE REORGANIZATIONS 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.
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FINANCIAL HIGHLIGHTS
The Financial highlights table is intended to help you understand the Fund's
financial performance for the past 5 years. Certain information reflects
financial results for a single Fund share. The total returns in the table
represents the rate that an investor would have earned on an investment in the
Fund (assuming reinvestment of dividends and distributions). This information
has been audited by KPMG Peat Marwick LLP, whose report, along with the Fund's
financial statements, is included in the annual report, which is available upon
request.
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NET REALIZED DISTRIBUTIONS
NET AND DISTRIBUTIONS FROM NET
NORWEST SELECT FUNDS BEGINNING INVESTMENT UNREALIZED FROM NET REALIZED ENDING
NET INCOME GAIN (LOSS) INVESTMENT GAIN NET ASSET RETURN OF
ASSET VALUE (LOSS) ON INCOME ON VALUE CAPITAL
INVESTMENTS INVESTMENTS
INCOME FUND
January 1, 1998 to December 31, 1998 $11.06 $0.48 $0.53 ($0.47) ($0.13) $11.47 --
January 1, 1997 to December 31, 1997 $10.72 $0.56 $0.41 ($0.56) ($0.07) $11.06 --
January 1, 1996 to December 31, 1996 $10.98 $0.50 ($0.24) ($0.50) ($0.02) $10.72 --
January 1, 1995 to December 31, 1995 $9.95 $0.33 $1.36 ($0.66) -- $10.98 --
June 1, 1994 to December 31, 1994 $10.00 $0.33 ($0.38) -- -- $9.95 --
INCOME EQUITY FUND
January 1, 1998 to December 31, 1998 $13.68 $0.18 $2.34 ($0.18) ($0.02) $16.00 --
January 1, 1997 to December 31, 1997 $10.91 $0.14 $2.79 ($0.14) ($0.02) $13.68 --
May 6, 1996 to December 31, 1996 $10.00 $0.08 $0.92 ($0.08) ($0.01) $10.91 --
VALUGROWTH STOCK FUND
January 1, 1998 to December 31, 1998 $17.26 $0.13 $2.66 ($0.13) -- $19.92 --
January 1, 1997 to December 31, 1997 $14.36 $0.11 $3.26 ($0.11) ($0.32) $17.26 ($0.04)
January 1, 1996 to December 31, 1996 $12.04 $0.11 $2.32 ($0.11) -- $14.36 --
January 1, 1995 to December 31, 1995 $9.81 $0.07 $2.30 ($0.14) -- $12.04 --
June 1, 1994 to December 31, 1994 $10.00 $0.07 ($0.26) -- -- $9.81 --
SMALL COMPANY STOCK FUND
January 1, 1998 to December 31, 1998 $12.77 $0.03 ($1.89) ($0.03) -- $10.88 --
January 1, 1997 to December 31, 1997 $13.50 $0.01 $1.24 ($0.01) ($1.59) $12.77 ($0.38)
January 1, 1996 to December 31, 1996 $11.21 $0.02 $3.51 ($0.02) ($1.22) $13.50 --
May 1, 1995 to December 31, 1995 $10.00 $0.06 $1.54 ($0.06) ($0.33) $11.21 --
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</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 any separate account charges under variable
annuity contracts or life policies.
(c) Annualized.
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)
5.83% 0.60% 1.33% 9.12% 122.86% $22,199
6.00% 0.60% 1.97% 9.08% 179.37% $9,229
6.05% 0.60% 2.52% 2.37% 125.23% $5,959
6.33% 0.60% 4.67% 17.08% 54.04% $3,090
6.45%(c) 0.60%(c) 9.31%(c) (0.50%) 52.61% $1,255
1.47% 0.80% 1.10% 18.42% 1.58% $86,069
1.85% 0.80% 1.34% 26.90% 2.85% $39,888
2.31%(c) 0.80%(c) 2.51%(c) 9.95% 4.20% $9,415
0.81% 0.80% 1.25% 16.18% 16.94% $35,816
0.87% 0.80% 1.50% 23.56% 34.58% $21,764
1.08% 0.80% 2.02% 20.21% 37.57% $10,583
1.24% 0.80% 3.81% 24.15% 25.44% $4,793
1.67%(c) 0.80%(c) 8.00%(c) (1.09%) 16.77% $1,910
0.31% 0.80% 1.51% (14.47%) 135.30% $13,295
0.07% 0.80% 1.88% 9.87% 208.95% $11,482
0.16% 0.80% 2.82% 31.47% 194.87% $6,091
1.02%(c) 0.80%(c) 5.38%(c) 15.95% 51.16% $2,027
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You may request the following documents for more information about the Funds:
ANNUAL/SEMI-ANNUAL REPORTS TO SHAREHOLDERS
The Funds' annual and semi-annual reports to shareholders contain additional
information on the Funds' investments. In the annual report, you will find a
discussion of the market conditions and investment strategies that significantly
affected a Fund's performance during its last fiscal year.
STATEMENT OF ADDITIONAL INFORMATION (SAI)
Each Fund has an SAI, which contains more detailed information about the Fund,
including its operations and investment policies. The Funds' SAIs are
incorporated by reference into (and is legally part of) this prospectus.
You may request a free copy of the current annual/semi-annual report or the SAI,
by contacting your broker or other financial intermediary, or by contacting
1-207-879-1900.
BY PHONE: For Information: 1-800-338-1348
For Literature: 1-800-338-1348
Or you may view or obtain these documents from the SEC:
IN PERSON: at the SEC's Public Reference Room in Washington, D.C.
BY PHONE: 1-800-SEC-0330
BY MAIL: Public Reference Section
Securities and Exchange Commission
Washington, DC 20549-6009
(duplicating fee required)
ON THE INTERNET: www.sec.gov
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