MUTUAL FUND FAMILY NOW CALLED 'NORWEST FUNDS'
MINNEAPOLIS, Aug. 2 /PRNewswire/ -- Prime Value Funds, Inc., advised by Norwest Investment Management, a part of Norwest Bank Minnesota, has been renamed Norwest Funds starting today. "As part of the array of investment products available through Norwest Investment Services, Inc., our broker-dealer subsidiary, Norwest Funds help us to meet 100 percent of our customers' financial needs," said Richard Kovacevich, Norwest Corporation's president and chief executive officer. "We're also making it clear to prospective customers that these funds are not bank products and are not insured by the FDIC." Several U.S. national financial publications have cited Norwest Funds among the nation's best-performing mutual funds. The funds have been listed in the Wall Street Journal's "Mutual Fund Scorecard" of top- performing funds 18 times during 1992 and 1993. MorningStar, an independent rating service, gave the Income Fund its highest honor, a "5-Star Rating," in April 1993. Norwest Funds also have been cited as top-performers in Consumer Reports, Financial World, Money, Forbes, Lipper, IBC/Donoghue's Money Fund Report and IBC's Money Market Insight. Along with the name change, the mutual fund family now offers "back- end" sales charges. Customers have a choice of paying either an up- front sales charge, some times referred to as "load," or instead incurring a "back-end" charge if they withdraw funds within the first few years. The new alternative is designed to appeal to customers who want all of their money to go to work for them immediately. Prime Value shareholders approved the changes, which were reviewed by the federal Securities Exchange Commission. "Norwest obviously was a key player in Prime Value with Norwest Investment Management as the investment adviser," said Lee Chase, vice president of mutual fund products for Norwest Investment Management and Trust, explaining the name change. "The Prime Value board of directors felt it was time to more clearly indicate the role of Norwest entities in the funds." Forum Financial Services, Inc., continues as the sponsor and distributor of the funds. Introduced in 1987, the mutual fund family has grown to include 13 different stock, bond, money market, and tax-free funds with total assets of more than $4 billion. Funds requiring a minimum investment of $1,000 include the ValuGrowth stock fund and Income Stock fund, the Government Income and Income bond funds, the Tax-Free Income, Minnesota Tax-Free and Colorado Tax-Free funds and the Ready Cash Investment and Municipal Money Market money market funds. A minimum investment of $5,000 is required for the Adjustable U.S. Government Reserve bond fund, while a minimum investment of $100,000 is required for the Cash Investment, U.S.Government and Treasury money market funds. Norwest Bank Minnesota is the largest banking affiliate of Norwest Corporation (NYSE: NOB), a $47.8 billion company providing banking, insurance, investments and other financial services through 2,116 offices in all 50 states, all 10 Canadian provinces and other international locations. -0- 8/2/93 /CONTACT: Majorie Silverman, Forum Financial Services, 800-237-3113; or Patrice Vick of Norwest, 612-667-0148/ (NOB)
CO: Norwest Funds, Norwest Corporation, Forum Financial Services ST: Minnesota IN: FIN SU:
TJ -- MN013 -- 8385 08/02/93 12:55 EDT