<PAGE>
[Logo]
ANNUAL REPORT
OCTOBER 31, 1995
NORWEST ADVANTAGE FUNDS
NORWEST BANK MINNESOTA, N.A.
Investment Adviser
Transfer Agent
Custodian
FORUM FINANCIAL SERVICES, INC.
Manager and Distributor
NOT FDIC INSURED
I SHARES
EQUITY FUNDS
Diversified Equity Fund
Growth Equity Fund
COMPONENT EQUITY FUNDS
Large Company Growth Fund
Small Company Growth Fund
International Fund
Income Equity Fund
Index Fund
BALANCED FUNDS
Conservative Balanced Fund
Moderate Balanced Fund
Growth Balanced Fund
FIXED INCOME FUNDS
Intermediate U.S. Government Fund
Managed Fixed Income Fund
Stable Income Fund
A SHARES AND B SHARES
International Fund
<PAGE>
NORWEST ADVANTAGE FUNDS
ANNUAL REPORT
OCTOBER 31, 1995
<TABLE>
<CAPTION>
PAGE
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<S> <C>
A MESSAGE TO OUR SHAREHOLDERS. . . . . . . . . . . . . . . . . . . . . . 1
INVESTMENT ADVISER'S REPORT AND PERFORMANCE DATA
Equity Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2
Component Equity Funds . . . . . . . . . . . . . . . . . . . . . . . . 4
Balanced Funds . . . . . . . . . . . . . . . . . . . . . . . . . . . . 9
Fixed Income Funds . . . . . . . . . . . . . . . . . . . . . . . . . . 12
FINANCIAL STATEMENTS OF NORWEST ADVANTAGE FUNDS
Statements of Assets and Liabilities . . . . . . . . . . . . . . . . . 16
Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . 18
Statements of Changes in Net Assets. . . . . . . . . . . . . . . . . . 20
Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . 22
Supplementary Unaudited Information. . . . . . . . . . . . . . . . . . 30
Financial Highlights . . . . . . . . . . . . . . . . . . . . . . . . . 31
Schedules of Investments
Equity Funds:
Diversified Equity Fund . . . . . . . . . . . . . . . . . . . . . 33
Growth Equity Fund. . . . . . . . . . . . . . . . . . . . . . . . 36
Component Equity Funds:
Large Company Growth Fund . . . . . . . . . . . . . . . . . . . . 38
Small Company Growth Fund . . . . . . . . . . . . . . . . . . . . 40
International Fund. . . . . . . . . . . . . . . . . . . . . . . . 42
Income Equity Fund. . . . . . . . . . . . . . . . . . . . . . . . 43
Index Fund. . . . . . . . . . . . . . . . . . . . . . . . . . . . 45
Balanced Funds:
Conservative Balanced Fund. . . . . . . . . . . . . . . . . . . . 52
Moderate Balanced Fund. . . . . . . . . . . . . . . . . . . . . . 59
Growth Balanced Fund. . . . . . . . . . . . . . . . . . . . . . . 66
Fixed Income Funds:
Intermediate U.S. Government Fund . . . . . . . . . . . . . . . . 72
Managed Fixed Income Fund . . . . . . . . . . . . . . . . . . . . 73
Stable Income Fund. . . . . . . . . . . . . . . . . . . . . . . . 75
Independent Auditors' Report (Norwest Advantage Funds). . . . . . . 77
FINANCIAL STATEMENTS OF CORE TRUST (DELAWARE)
Statements of Assets and Liabilities . . . . . . . . . . . . . . . . . 80
Statements of Operations . . . . . . . . . . . . . . . . . . . . . . . 81
Statements of Changes in Net Assets. . . . . . . . . . . . . . . . . . 82
Notes to Financial Statements. . . . . . . . . . . . . . . . . . . . . 83
Portfolios of Core Trust (Delaware) Small Company Portfolio. . . . . . 87
International Portfolio II. . . . . . . . . . . . . . . . . . . . . 91
International Portfolio . . . . . . . . . . . . . . . . . . . . . . 94
Index Portfolio . . . . . . . . . . . . . . . . . . . . . . . . . . 97
Independent Auditors' Report (Core Trust (Delaware)) . . . . . . . . . 104
</TABLE>
<PAGE>
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A MESSAGE TO OUR SHAREHOLDERS
- --------------------------------------------------------------------------------
January 2, 1996
Dear Shareholders:
We are pleased to present the annual report for the Norwest Advantage Funds
('Advantage Funds') for the period ending October 31, 1995. This report contains
important information about the composition of the funds, pertinent financial
information, and management summaries.
Following a difficult year in 1994, financial assets resumed the advance that
began in the fall of 1990. The S&P 500 Index gained 26.4% from November 11,
1994 (commencement of operations) through the end of October 31, 1995
('year-to-date'), and many bond market indices were up 12% or more. Slowing
economic momentum and minimal inflationary pressure, the so called 'soft
landing,' was the driving force behind these significant increases. For equity
investors, this strong gain was a welcome reprieve following three years of
sub-10% returns for the S&P 500 Index. For bond investors, 1995 was also a
welcome change after a sharp reversal in the direction of interest rates had
triggered one of the worst years on record.
The Advantage Funds delivered solid results during this period as well. The
Small Company Growth Fund and the Large Company Growth Fund produced the best
year-to-date equity results, gaining 37.1% and 27.5%, respectively.
International stocks lagged, with the International Fund up 7.5% year-to-date.
The Diversified Equity Fund and the Growth Equity Fund, which minimize these
wide style differences by investing a fixed amount in several different equity
styles, have gained 24.0% and 21.1%, respectively, for the fiscal year ended
October 31, 1995. Each of the fixed income funds is up between 7% and 12% on a
year-to-date basis.
Asset growth has been quite strong this year due to both significant investor
inflows and market appreciation. Advantage Fund assets are up over $760 million
so far this year to approximately $3.1 billion. Drawn by the potential for
higher returns, investors diverted cash flows away from lower risk, fixed income
investments toward higher risk, equity products. The Growth Equity Fund led all
others with new cash inflows of approximately $133 million. There were also
substantial cash inflows into Diversified Equity Fund, Index Fund, Moderate
Balanced Fund, Growth Balanced Fund and Stable Income Fund.
As we conclude 1995 and move into 1996, there will be many factors both
positively and negatively influencing the markets. We have never believed, nor
do we believe now, that we can foresee what direction the markets will take over
the next six to twelve months. Forecasting market peaks and market troughs is a
difficult, if not impossible, endeavor. As a result, our approach to investing
will remain unchanged during the coming months and years as we continue to focus
on earning your business with each and every investment decision.
Thank you for choosing the Norwest Advantage Funds. We appreciate your
continued confidence in our investment process and products, and we look forward
to serving you for many years to come.
Sincerely
JOHN Y. KEFFER
John Y. Keffer
Chairman
Norwest Advantage Funds
<PAGE>
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INVESTMENT ADVISER'S REPORT
EQUITY FUNDS OCTOBER 31, 1995
- --------------------------------------------------------------------------------
DIVERSIFIED EQUITY FUND
MANAGED BY: NORWEST INVESTMENT MANAGEMENT, MULTIPLE
MANAGERS
The period since November 10, 1994, the inception date of the Fund, has
generally been very rewarding to equity investors. During this period, the Fund
experienced a 24.0% gain. Widely held, large capitalization issues started a
rally early in January that persisted through May. At that point, the S&P 500
Index had outpaced over 90% of all equity mutual funds with its 17.4% return in
comparison to the 9.8% gain for the average equity mutual fund. However, the
tide turned in June with small company stocks, and growth oriented stocks in
general, taking over the reins. The Russell 2000 Index gained 11.3% during June
and July alone. This rally centered primarily around technology and finance
issues early on and then began to broaden during August and September. October,
the final month of the fiscal period, produced a minor correction for most
equity investors with technology stocks taking the hardest hit.
The small company portfolio style utilized in the Diversified Equity Fund has
shown the strongest gains on the heels of the mid year rally in small stocks
with a 35.4% return. Not far behind, the large company growth portfolio style
and the income equity portfolio style have performed very solidly as well each
gaining more than 26%. The index portfolio style followed the Standard & Poor's
500 Index pace, returning 24.6% since November 10, 1994. International investors
experienced significantly lower returns during this same period. Despite this,
the international equity portfolio style, with its period return of 4.2%, has
outpaced the EAFE (Europe, Australia, Far East) Index, which returned -0.4% for
the year ended October 31, 1995.
GROWTH EQUITY FUND
MANAGED BY: NORWEST INVESTMENT MANAGEMENT, MULTIPLE
MANAGERS
This globally diversified equity fund posted a strong gain of 21.1% for the
period beginning with the inception date of November 10, 1994 and ending October
31, 1995. Small capitalization stocks, especially growth oriented issues,
accelerated past the S&P 500 Index during June and July. Much of these gains
were attributable to investors' increased attraction to technology companies.
For the year ended October 31, 1995, the Russell 2000 Index of small stocks
returned 18.3%. While very strong, the mid year burst was not enough to surpass
the year-long gains of the S&P 500 Index of widely held issues which had
returned 26.4% as of October. Similar to the rise in small company issues, more
established growth companies with larger capitalization characteristics also
began to pick up speed as the year progressed. However, in October, investors
were forced to give back a small portion of the gains as the stock market
experienced a very broad based correction. Despite this minor setback, 1995 has
been a very good year for U.S. stocks. International stocks, in which this Fund
invests roughly 30% of its assets, have not performed as well over this
relatively short period of time. Concerns over the economic conditions in Japan
and Latin America have been the major factors on dragging down this investment
group. For the year ended October 31, the EAFE (Europe, Australia, Far East)
Index has shown a return of -0.4%.
The small company portfolio style utilized in the Growth Equity Fund has shown
the strongest gains on the heels of the mid-year rally in small stocks with a
35.4% return. Not far behind, the large company growth portfolio style performed
very solidly as well, gaining more than 26%. International investors experienced
significantly lower returns during this same period. Despite this, the
international equity portfolio style, with its period return of 4.2%,
significantly outpaced its EAFE Index.
2
NORWEST ADVANTAGE FUNDS
<PAGE>
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PERFORMANCE DATA
EQUITY FUNDS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
INVESTMENT ADVISER'S REPORT--COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
The following chart reflects a comparison of a change in value of a $10,000
investment in DIVERSIFIED EQUITY FUND and GROWTH EQUITY FUND, including
reinvested dividends and distributions, and the performance of the Standard &
Poor's 500 Index. Investment return and principal value of an investment in the
Fund will fluctuate so that an investor's shares, when redeemed, may be worth
more or less than their original cost. Past performance is not predictive nor a
guarantee of future results.
DIVERSIFIED EQUITY FUND
VS.
STANDARD & POOR'S 500 INDEX
<TABLE>
<CAPTION>
VALUE ON 10/31/95
Diversified Equity Fund $26,242
Standard & Poor's 500 Index $25,795
AVERAGE ANNUAL TOTAL RETURN
-------------------------------
DIVERSIFIED S&P 500
EQUITY FUND INDEX
--------------- -------------
<S> <C> <C> <C>
One Year 22.55% 26.41%
Five Year 17.49% 17.22% [GRAPH]
Since Inception 15.14% 14.87%
on 1/1/89
</TABLE>
GROWTH EQUITY FUND
VS.
STANDARD & POOR'S 500 INDEX
<TABLE>
<CAPTION>
VALUE ON 10/31/95
Growth Equity Fund $25,675
Standard & Poor's 500 Index $22,900
AVERAGE ANNUAL TOTAL RETURN
-------------------------------
GROWTH S&P 500
EQUITY FUND INDEX
--------------- -------------
<S> <C> <C> <C>
One Year 19.67% 26.41%
Five Year 19.97% 17.22% [GRAPH]
Since Inception 15.57% 13.60%
on 5/1/89
</TABLE>
PERFORMANCE INFORMATION INCLUDES THE PERFORMANCE OF THE FUND'S PREDECESSOR
COLLECTIVE TRUST FUND FOR PERIODS BEFORE THE FUND'S REGISTRATION STATEMENT
BECAME EFFECTIVE ON NOVEMBER 11, 1994. PERFORMANCE FOR THE COLLECTIVE TRUST FUND
HAS BEEN ADJUSTED TO INCLUDE THE EFFECT OF ESTIMATED EXPENSES BASED UPON THE
MUTUAL FUND EXPENSE RATIO AS STATED IN THE FUND'S CURRENT PROSPECTUS. INDEX
RETURNS DO NOT REFLECT EXPENSES, WHICH HAVE BEEN DEDUCTED FROM THE FUNDS'
RETURN. THE COLLECTIVE TRUST FUND WAS NOT REGISTERED UNDER THE INVESTMENT
COMPANY ACT OF 1940 (THE '1940 ACT') OR SUBJECT TO CERTAIN INVESTMENT
RESTRICTIONS THAT ARE IMPOSED BY THE 1940 ACT. IF THE COLLECTIVE TRUST FUND HAD
BEEN REGISTERED UNDER THE 1940 ACT, ITS PERFORMANCE MAY HAVE BEEN ADVERSELY
AFFECTED.
3
NORWEST ADVANTAGE FUNDS
<PAGE>
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INVESTMENT ADVISER'S REPORT
COMPONENT EQUITY FUNDS OCTOBER 31, 1995
- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND
MANAGED BY: JOHN S. DALE
The Large Company Growth Fund has benefited over the past year with a return of
27.5%, as investors returned to high quality growth stocks. After a two year
period of market neglect, growth stocks at the beginning of 1994 were selling at
extremely attractive valuations. Investors returned first to defensive oriented
growth stocks, then to more dynamic growth issues. The Fund was aided further
over the past year as it is focused exclusively on dynamic, high quality
companies. These companies are growing long term earnings in excess of 22% on
average.
Strong performance has been spread across a broad base of holdings. Particularly
strong stocks included Intel and Microsoft in technology, Charles Schwab and T.
Rowe Price in financial services, First Data and Danka in business services, and
Coca Cola in consumer products. Portfolio turnover has been relatively low as
the Fund's holdings continue to meet or exceed our fundamental expectations. In
addition, due to their outstanding earnings growth, these companies continue to
offer very attractive relative valuations.
We are in the early stages of a growth stock revival. Near term as the average
U.S. company's earnings growth rate moderates to a 6%-7% trend line rate, the
22% average growth rate we expect for the Fund's holdings bodes well for future
investment performance. Long term, fewer high return reinvestment opportunities
dictate that investors must assume higher levels of risk to obtain higher levels
of return. The Fund is well positioned in rapidly growing companies, with
outstanding high quality fundamental characteristics and attractive valuations.
We believe that this combination should provide superior investment returns with
reasonable levels of risk.
SMALL COMPANY GROWTH FUND
MANAGED BY: ROBERT B. MERSKY
In fiscal 1995, the Small Company Growth Fund rose 37.1%, comparing favorably
with increases of 18.3% in the Russell 2000 small stock index, 34.2% for the
NASDAQ OTC Composite and 26.4% in the S&P 500.
Boosting full-year returns:
Rapidly growing 'discovery phase' stocks outpaced the good results turned
in by 'overlooked' stocks, attracting support from investors seeking bright
earnings growth prospects during a period when a slowing economy appears
likely to retard corporate profits in general.
Technology, business service, health care and financial stocks were the
Fund's top performers.
After pausing in 1994, small stocks have resumed their upward trend:
Equity investors are responding to a favorable investment environment,
shifting their focus toward companies whose sustainable growth is
independent of macroeconomic forces.
1995's strong results reflect, in part, a rebound from a lackluster 1994
when 80% of all stocks retreated 20% from their highs.
As the year has progressed, early-year distress for international investors
has given way to a strong domestic equity investment climate with falling
interest rates, moderate economic growth and subdued inflation.
The Fund's recent performance and current characteristics confirm that the cycle
favoring small cap investments is intact:
Even after their 200% rise from 1991 to 1995, following a 7 1/2 year period
of underperformance in the 1980's, small stocks are positioned for
continued strong performance.
The continuing appeal of small cap investments is clear based on the Fund's
23% long-term earnings growth prospects which dramatically exceed 7% growth
for the general market.
Valuations on forward-twelve-months' earnings are nearly identical to the
market's, leaving substantial appreciation potential yet to be realized.
4
NORWEST ADVANTAGE FUNDS
<PAGE>
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PERFORMANCE DATA
COMPONENT EQUITY FUNDS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
INVESTMENT ADVISER'S REPORT--COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
The following chart reflects a comparison of a change in value of a $10,000
investment in LARGE COMPANY GROWTH FUND and SMALL COMPANY GROWTH FUND, including
reinvested dividends and distributions, and the performance of the Standard &
Poor's 500 Index and Russell 2000 Index. Investment return and principal value
of an investment in the Fund will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost. Past performance
is not predictive nor a guarantee of future results.
LARGE COMPANY GROWTH FUND
VS.
STANDARD & POOR'S 500 INDEX
<TABLE>
<CAPTION>
VALUE ON 10/31/95
Large Company Growth Fund $39,888
Standard & Poor's 500 Index $42,070
AVERAGE ANNUAL TOTAL RETURN
---------------------------------------
S&P 500
LARGE COMPANY GROWTH FUND INDEX
------------------------- ----------
<S> <C> <C> <C>
One Year 26.52% 26.41%
Five Year 19.68% 17.22% [GRAPH]
Ten Year 14.84% 15.45%
</TABLE>
SMALL COMPANY GROWTH FUND
VS.
RUSSELL 2000 INDEX
<TABLE>
<CAPTION>
VALUE ON 10/31/95
Small Company Growth Fund $66,138
Russell 2000 Index $30,601
AVERAGE ANNUAL TOTAL RETURN
-----------------------------------------
RUSSELL 2000
SMALL COMPANY GROWTH FUND INDEX
------------------------- ------------
<S> <C> <C> <C>
One Year 35.35% 18.35%
Five Year 31.26% 22.09% [GRAPH]
Ten Year 20.79% 11.83%
</TABLE>
PERFORMANCE INFORMATION INCLUDES THE PERFORMANCE OF THE FUND'S PREDECESSOR
COLLECTIVE TRUST FUND FOR PERIODS BEFORE THE FUND'S REGISTRATION STATEMENT
BECAME EFFECTIVE ON NOVEMBER 11, 1994. PERFORMANCE FOR THE COLLECTIVE TRUST FUND
HAS BEEN ADJUSTED TO INCLUDE THE EFFECT OF ESTIMATED EXPENSES BASED UPON THE
MUTUAL FUND EXPENSE RATIO AS STATED IN THE FUND'S CURRENT PROSPECTUS. INDEX
RETURNS DO NOT REFLECT EXPENSES, WHICH HAVE BEEN DEDUCTED FROM THE FUNDS'
RETURN. THE COLLECTIVE TRUST FUND WAS NOT REGISTERED UNDER THE INVESTMENT
COMPANY ACT OF 1940 (THE '1940 ACT') OR SUBJECT TO CERTAIN INVESTMENT
RESTRICTIONS THAT ARE IMPOSED BY THE 1940 ACT. IF THE COLLECTIVE TRUST FUND HAD
BEEN REGISTERED UNDER THE 1940 ACT, ITS PERFORMANCE MAY HAVE BEEN ADVERSELY
AFFECTED.
5
NORWEST ADVANTAGE FUNDS
<PAGE>
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PERFORMANCE DATA
COMPONENT EQUITY FUNDS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
INTERNATIONAL FUND
MANAGED BY: SCHRODER CAPITAL MANAGEMENT INTERNATIONAL INC.
International markets were dominated by three factors over the past six months:
(i) a recovery in the U.S. dollar against the Japanese yen since August, (ii)
evidence of weaker than expected economic growth in Japan and Europe, and (iii)
visible attempts by the Japanese authorities to address some of the problems
affecting their economy. These were positive factors for equity returns measured
in local currency terms but the dollar recovery reduced the returns when
translated into U.S. dollars.
The Japanese stock market bottomed in July. Since then, we have added
significantly to our Japanese holdings. The turning point came when the
government admitted that the economy had problems requiring action. Subsequently
announced measures so far have addressed the easy issues; resolution of the bad
debt problems of the financial sector and much needed de-regulation of the
economy have not yet been attained. Sector performance was led by manufacturing
companies (where we have a heavy bias) and other domestic cyclical sectors;
defensive sectors and financials (where we are void of any position) lagged.
In Europe, markets are beginning to emerge from the consolidation pattern that
has prevailed since January 1994. The worst performing markets (of those we
invest in) over the quarter and year-to-date were France and Italy, both of
which have weak governments. Where markets have confidence in governments
(Germany, Netherlands, Switzerland) or economies are benefiting from cheap
currencies (UK, Spain, Scandinavia), markets are moving to all-time highs.
Hong Kong continued to strengthen as pessimism with respect to the local real
estate market and China's hard economic landing eased. Elsewhere, Southeast
Asian markets all reflected, to varying degrees, concern about overheating of
local economies. Still, the continued overweight position in the developed and
emerging markets of Asia reflects our belief in the long term growth potential
of these countries' economies. Having reached excessively high levels twenty
months ago, stock prices have returned to levels where, by historical standards,
they are cheap. Although there are clearly apparent economic risks, we believe
these to be fully reflected in prices.
The portfolio has a hedge totaling 9% of total assets out of yen into U.S.
dollars. We anticipate a sharp fall in the next 12 months in the Japanese
balance of payments as the economy recovers and the 'J-curve' effect exaggerates
the deterioration as the yen weakens. At such times in the past, the yen has
been weak and our partial hedge is designed to address the risk of this
happening again.
INCOME EQUITY FUND
MANAGED BY: DAVID L. ROBERTS
The Fund's performance was in line with the general market (as measured by the
S&P 500 Index), advancing 27.1% over the last year. The technology sector was
the most significant contributor to Fund performance. The Fund's largest
technology holding virtually doubled over the past year. Other sectors that
helped performance included health care, consumer staples and finance. Health
care is a good example of our taking advantage of out-of-favor companies and
industries over a market cycle as a means to add value. The finance sector is
another example of an overweight that performed well.
The Fund's emphasis is on high-quality, mid-to-large cap stocks and the Fund is
positioned to take advantage of economic recovery in foreign economies, as well
as trends in the U.S. economy. Many of the Fund's companies derive substantial
revenues and profits from non-U.S. sources. Capital goods companies should
benefit not only from recovering foreign economies but also from general
demographic trends as companies emphasize capital investments to improve overall
productivity. The Fund has close to a maximum overweight position in capital
goods to take advantage of these trends. The energy sector is also heavily-
weighted in the portfolio to take advantage of the higher dividend yields and
the improving fundamentals in that sector.
As of the end of the Fund's fiscal year, the Fund's five largest common stock
holdings were AT&T, Hewlett Packard, Dun & Bradstreet, Eastman Kodak and
Honeywell.
6
NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
PERFORMANCE DATA
COMPONENT EQUITY FUNDS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
INVESTMENT ADVISER'S REPORT--COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
The following chart reflects a comparison of a change in value of a $10,000
investment in INTERNATIONAL FUND and INCOME EQUITY FUND, including reinvested
dividends and distributions, and the performance of the Morgan Stanley MSCI EAFE
Index and Standard & Poor's 500 Index. Investment return and principal value of
an investment in the Fund will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost. Past performance
is not predictive nor a guarantee of future results.
INTERNATIONAL FUND*
VS.
MORGAN STANLEY MSCI EAFE INDEX
<TABLE>
<CAPTION>
VALUE ON 10/31/95
International Fund $17,819
MSCI EAFE Index $14,522
AVERAGE ANNUAL TOTAL RETURN
-------------------------------------------
INTERNATIONAL INTERNATIONAL
FUND FUND
I SHARES A SHARES MSCI EAFE
------------- ------------- ---------
<S> <C> <C> <C> <C>
One Year 2.55% N.A. -0.37%
Five Year 8.28% N.A. 6.95%
[GRAPH]
Since Inception 7.10% 11.58%* 4.53%
on 6/1/87
</TABLE>
INCOME EQUITY FUND
VS.
STANDARD & POOR'S 500 INDEX
<TABLE>
<CAPTION>
VALUE ON 10/31/95
Income Equity Fund $40,624
Standard & Poor's 500 Index $42,070
AVERAGE ANNUAL TOTAL RETURN
----------------------------------
S&P 500
INCOME EQUITY FUND INDEX
------------------ ------------
<S> <C> <C> <C>
One Year 25.99% 26.41%
Five Year 16.23% 17.22% [GRAPH]
Ten Year 15.05% 15.45%
</TABLE>
* INFORMATION PRESENTED IS FOR THE INTERNATIONAL FUND'S I SHARES. PERFORMANCE OF
OTHER CLASSES OF SHARES MAY BE GREATER OR LESS THAN THE PERFORMANCE SHOWN BASED
ON DIFFERENCES IN SALES CHARGES AND EXPENSES PAID BY SHAREHOLDERS INVESTING IN
THE DIFFERENT CLASSES. INCEPTION DATE FOR THE FUND'S A SHARES IS 4/1/95.
PERFORMANCE INFORMATION INCLUDES THE PERFORMANCE OF THE FUND'S PREDECESSOR
COLLECTIVE TRUST FUND FOR PERIODS BEFORE THE FUND'S REGISTRATION STATEMENT
BECAME EFFECTIVE ON NOVEMBER 11, 1994. PERFORMANCE FOR THE COLLECTIVE TRUST
FUND, IN THE CASE OF INTERNATIONAL FUND, HAS BEEN ADJUSTED TO INCLUDE THE EFFECT
OF ESTIMATED EXPENSES BASED UPON THE MUTUAL FUND EXPENSE RATIO AS STATED IN THE
FUND'S CURRENT PROSPECTUS. PERFORMANCE FOR THE COLLECTIVE TRUST FUND, IN THE
CASE OF INTERNATIONAL FUND, REFLECTS THE HISTORIC EXPENSE RATIO OF THE MUTUAL
FUND IN WHICH THE COLLECTIVE TRUST FUND INVESTED, WHICH IS MANAGED BY SCHRODER
CAPITAL MANAGEMENT INC. INDEX RETURNS DO NOT REFLECT EXPENSES, WHICH HAVE BEEN
DEDUCTED FROM THE FUNDS' RETURN. THE COLLECTIVE TRUST FUND WAS NOT REGISTERED
UNDER THE INVESTMENT COMPANY ACT OF 1940 (THE '1940 ACT') OR SUBJECT TO CERTAIN
INVESTMENT RESTRICTIONS THAT ARE IMPOSED BY THE 1940 ACT. IF THE COLLECTIVE
TRUST FUND HAD BEEN REGISTERED UNDER THE 1940 ACT, ITS PERFORMANCE MAY HAVE BEEN
ADVERSELY AFFECTED.
7
NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
PERFORMANCE DATA
COMPONENT EQUITY FUNDS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
INDEX FUND
MANAGED BY: NORWEST INVESTMENT MANAGEMENT, MULTIPLE
MANAGERS
This Fund, which seeks to duplicate the return of the Standard & Poor's 500
Index, participated in the market's year-long rally to produce a return of 26.9%
as of October 31. This group of stocks outperformed a majority of the equity
funds available to investors through the middle of the year, and managed to
retain its superiority over most actively managed funds through October.
Technology stocks were the biggest winners this year with financial services and
health care issues not far behind. Toward the end of this fiscal period,
consumer related stocks began to show signs of strengthening in anticipation of
the holiday season.
We have experienced a wider than anticipated margin between the Fund and the
Index during this year's very strong equity market. The S&P 500 Index has
returned 26.4% for the period from November 10, 1994 to October 31, 1995. In
light of this, Norwest Investment Management has taken steps to improve the
tracking error. Beginning in 1996 the expense ratio for the Fund will be
decreased from its current level of 0.50% or 50 basis points to 0.25% or 25
basis points. We will be employing the services of a third party index software
system that will bring our current portfolio composition from 96% of the market
capitalization of the index to 100%. Furthermore, we will be managing the
liquidity, or cash position, of the portfolio through the widely used practice
of purchasing near-term S&P 500 Index futures contracts. The end result of these
changes should result in lower fees and improved performance for investors.
INVESTMENT ADVISER'S REPORT--COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
The following chart reflects a comparison of a change in value of a $10,000
investment in INDEX FUND including reinvested dividends and distributions, and
the performance of the Standard & Poor's 500 Index and Lehman Intermediate
Government/Corporate Index. Investment return and principal value of an
investment in the Fund will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost. Past performance
is not predictive nor a guarantee of future results.
INDEX FUND
VS.
STANDARD & POOR'S 500 INDEX
<TABLE>
<CAPTION>
VALUE ON 10/31/95
Index Fund $26,629
Standard & Poor's 500 Index $27,890
AVERAGE ANNUAL TOTAL RETURN
------------------------------
S&P 500
INDEX FUND INDEX
-------------- ------------
<S> <C> <C> <C>
One Year 25.02% 26.41%
Five Year 16.68% 17.22% [GRAPH]
Since Inception 11.84% 12.44%
on 2/1/87
</TABLE>
PERFORMANCE INFORMATION INCLUDES THE PERFORMANCE OF THE FUND'S PREDECESSOR
COLLECTIVE TRUST FUND FOR PERIODS BEFORE THE FUND'S REGISTRATION STATEMENT
BECAME EFFECTIVE ON NOVEMBER 11, 1994. PERFORMANCE FOR THE COLLECTIVE TRUST FUND
HAS BEEN ADJUSTED TO INCLUDE THE EFFECT OF ESTIMATED EXPENSES BASED UPON THE
MUTUAL FUND EXPENSE RATIO AS STATED IN THE FUND'S CURRENT PROSPECTUS. INDEX
RETURNS DO NOT REFLECT EXPENSES, WHICH HAVE BEEN DEDUCTED FROM THE FUNDS'
RETURN. THE COLLECTIVE TRUST FUND WAS NOT REGISTERED UNDER THE INVESTMENT
COMPANY ACT OF (THE '1940 ACT') OR SUBJECT TO CERTAIN INVESTMENT RESTRICTIONS
THAT ARE IMPOSED BY THE 1940 ACT. IF THE COLLECTIVE TRUST FUND HAD BEEN
REGISTERED UNDER THE 1940 ACT, ITS PERFORMANCE MAY HAVE BEEN ADVERSELY AFFECTED.
8
NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
PERFORMANCE DATA
BALANCED FUNDS OCTOBER 31, 1995
- --------------------------------------------------------------------------------
CONSERVATIVE BALANCED FUND
MANAGED BY: NORWEST INVESTMENT MANAGEMENT, MULTIPLE
MANAGERS
This portfolio, which as a 25%/75% stock and bond mix, has returned 12.5% from
its inception date of November 11, 1994 through October 31, 1995. Fixed income
investors have been rewarded this past year as interest rates have declined
since January, which has an uplifting effect on bond prices. Inflation, bond
investors' worst enemy, has remained in check throughout the year as the Federal
Reserve's 'soft landing' economic scenario continues to unfold. This is all
great news to the fixed income markets and they have responded accordingly. The
Lehman Brothers Intermediate Government/Corporate Bond
Index has gained about 12.5% over the past year. Likewise, equity investors have
experienced an exceptional year. Technology stocks have been attracting the
greatest attention with financial services and health care stocks not far
behind. The Standard & Poor's 500 Index has returned 26.4% over the past year.
The diversified bond portfolio style, which makes up 50% of this Fund's assets,
has turned in solid results since its November 10, 1994 inception date with a
return of 10.9% through October 31, 1995. This style was composed solely of the
managed fixed income portfolio until May of this year when assets were divided
evenly between the three portfolios that currently comprise the diversified bond
style: managed fixed income, positive return bond and total return bond. The
stable income style that contains 15% of the Fund's assets contributed a 7.2%
return for the period, and the short maturity investment portfolio, 10% of the
Fund, returned 5.8%. The diversified equity portfolio style, which is 25% of the
Fund's assets, had a very good year, returning 24% through October.
INVESTMENT ADVISER'S REPORT--COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
The following chart reflects a comparison of a change in value of a $10,000
investment in CONSERVATIVE BALANCED FUND including reinvested dividends and
distributions, and the performance of the Standard & Poor's 500 Index and Lehman
Intermediate Government/Corporate Index. Investment return and principal value
of an investment in the Fund will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost. Past performance
is not predictive nor a guarantee of future results.
CONSERVATIVE BALANCED FUND
VS.
STANDARD & POOR'S 500 AND
LEHMAN INTERMEDIATE GOVERNMENT/CORPORATE INDEX
<TABLE>
<CAPTION>
VALUE ON 10/31/95
Conservative Balanced Fund $17,425
Standard & Poor's 500 Index $22,900
Lehman Intermediate Government/Corporate Index $17,629
AVERAGE ANNUAL TOTAL RETURN
----------------------------------------
LEHMAN
CONSERVATIVE INTERMEDIATE
BALANCED S&P 500 GOVERNMENT/
FUND INDEX CORPORATE INDEX
------------ ------- ---------------
<S> <C> <C> <C> <C>
One Year 12.04% 26.41% 12.54%
Five Year 9.35% 17.22% 8.73% [GRAPH]
Since Inception 8.90% 13.60% 9.11%
on 5/1/89
</TABLE>
PERFORMANCE INFORMATION INCLUDES THE PERFORMANCE OF THE FUND'S PREDECESSOR
COLLECTIVE TRUST FUND FOR PERIODS BEFORE THE FUND'S REGISTRATION STATEMENT
BECAME EFFECTIVE ON NOVEMBER 11, 1994. PERFORMANCE FOR THE COLLECTIVE TRUST FUND
HAS BEEN ADJUSTED TO INCLUDE THE EFFECT OF ESTIMATED EXPENSES BASED UPON THE
MUTUAL FUND EXPENSE RATIO AS STATED IN THE FUND'S CURRENT PROSPECTUS. INDEX
RETURNS DO NOT REFLECT EXPENSES, WHICH HAVE BEEN DEDUCTED FROM THE FUNDS'
RETURN. THE COLLECTIVE TRUST FUND WAS NOT REGISTERED UNDER THE INVESTMENT
COMPANY ACT OF (THE '1940 ACT') OR SUBJECT TO CERTAIN INVESTMENT RESTRICTIONS
THAT ARE IMPOSED BY THE 1940 ACT. IF THE COLLECTIVE TRUST FUND HAD BEEN
REGISTERED UNDER THE 1940 ACT, ITS PERFORMANCE MAY HAVE BEEN ADVERSELY AFFECTED.
9
NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
INVESTMENT ADVISER'S REPORT
BALANCED FUNDS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
MODERATE BALANCED FUND
MANAGED BY: NORWEST INVESTMENT MANAGEMENT, MULTIPLE
MANAGERS
This portfolio, which as a 40%/60% stock and bond mix, has returned 15.0% from
its November 10, 1994 inception date through October 31, 1995. Fixed income
investors have been rewarded this past year as interest rates have declined
since January, which has an uplifting effect on bond prices. Inflation, bond
investors' worst enemy, has remained in check throughout the year as the Federal
Reserve's 'soft landing' economic scenario continues to unfold. This is all
great news to the fixed income markets and they have responded accordingly. The
Lehman Brothers Intermediate Government/Corporate Bond Index has gained about
12.5% over the past year. Likewise, equity investors have experienced an
exceptional year. Technology stocks have been attracting the greatest attention
with financial services and health care stocks not far behind. The Standard &
Poor's 500 Index has returned 26.4% over the past year.
The diversified bond portfolio style, which makes up 45% of this Fund's assets,
has turned in solid results since its November 10, 1994 inception date with a
return of 10.9% through October 31, 1995. This style was composed solely of the
managed fixed income portfolio until May of this year when assets were divided
evenly between the three portfolios that currently comprise the diversified bond
style: managed fixed income, positive return bond and total return bond. The
stable income style that contains 15% of the Fund's assets contributed a 7.2%
return for the period. The diversified equity portfolio style, which is 40% of
the Fund's assets, has had a very good year as well, returning 24% through
October.
GROWTH BALANCED FUND
MANAGED BY: NORWEST INVESTMENT MANAGEMENT, MULTIPLE
MANAGERS
This portfolio, which as a 65%/35% stock and bond mix, has returned 18.4% from
its inception date of November 10, 1994 through October 31, 1995. Equity
investors have experienced an exceptional year so far in 1995. Widely-held,
large capitalization issues started a rally early in January that persisted
through May. However, the tide turned in June as small company and growth
oriented stocks took over the reins. October, the final month of the fiscal
period, produced a minor correction for most equity investors with technology
stocks taking the hardest hit, forcing many investors to give back a small
portion of their year-to-date gains. Technology stocks were clearly in the
spotlight throughout most of this fiscal year with financial services and health
care stocks not far behind. For the year ended October 31, 1995, the Standard &
Poor's 500 Index has returned 26.4% and the Russell 2000 Index of small stocks
has gained 18.3%. Fixed income investors have also been rewarded so far this
year as declining interest rates have produced higher bond prices. Inflation,
bond investors' worst enemy, has remained in check throughout the year as the
Federal Reserve's 'soft landing' economic scenario continues to unfold. The
Lehman Brothers Intermediate Government/Corporate Bond Index has gained about
12.5% over the past year.
The diversified bond portfolio style, which makes up 35% of this Fund's assets,
has turned in solid results since its November 10, 1994 inception date with a
return of 10.9% through October 31, 1995. This style was composed solely of the
managed fixed income portfolio until May of this year when assets were divided
evenly between the three portfolios that currently comprise the diversified bond
style: managed fixed income, positive return bond and total return bond. The
diversified equity portfolio style, which is 65% of the Fund's assets, has had a
very strong year as well, returning 24% through October.
10
NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
PERFORMANCE DATA
BALANCED FUNDS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
INVESTMENT ADVISER'S REPORT--COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
The following chart reflects a comparison of a change in value of a $10,000
investment in MODERATE BALANCED FUND and GROWTH BALANCED FUND, including
reinvested dividends and distributions, and the performance of the Standard &
Poor's 500 and Lehman Intermediate Government/Corporate Index. Investment return
and principal value of an investment in the Fund will fluctuate so that an
investor's shares, when redeemed, may be worth more or less than their original
cost. Past performance is not predictive nor a guarantee of future results.
MODERATE BALANCED FUND
VS.
STANDARD & POOR'S 500 AND
LEHMAN INTERMEDIATE GOVERNMENT/CORPORATE INDEX
<TABLE>
<CAPTION>
VALUE ON 10/31/95
Moderate Balanced Fund $18,907
Standard & Poor's 500 Index $22,900
Lehman Government/Corporate Index $17,629
AVERAGE ANNUAL TOTAL RETURN
------------------------------------
MODERATE LEHMAN
BALANCED S&P 500 GOVERNMENT/
FUND INDEX CORPORATE INDEX
-------- ------- ---------------
<S> <C> <C> <C> <C>
One Year 14.46% 26.41% 12.54%
Five Year 11.03% 17.22% 8.73% [GRAPH]
Since Inception 10.28% 13.60% 9.11%
on 5/1/89
</TABLE>
GROWTH BALANCED FUND
VS.
STANDARD & POOR'S 500 AND
LEHMAN INTERMEDIATE GOVERNMENT/CORPORATE INDEX
<TABLE>
<CAPTION>
VALUE ON 10/31/95
Growth Balanced Fund $20,188
Standard & Poor's 500 Index $22,900
Lehman Intermediate Government/Corporate Index $17,629
AVERAGE ANNUAL TOTAL RETURN
------------------------------------
LEHMAN
INTERMEDIATE
GROWTH INTERMEDIATE
BALANCED S&P 500 GOVERNMENT/
FUND INDEX CORPORATE INDEX
-------- ------- ---------------
<S> <C> <C> <C> <C>
One Year 17.51% 26.41% 12.54%
Five Year 13.48% 17.22% 8.73% [GRAPH]
Since Inception 11.39% 13.60% 9.11%
on 5/1/89
</TABLE>
PERFORMANCE INFORMATION INCLUDES THE PERFORMANCE OF THE FUND'S PREDECESSOR
COLLECTIVE TRUST FUND FOR PERIODS BEFORE THE FUND'S REGISTRATION STATEMENT
BECAME EFFECTIVE ON NOVEMBER 11, 1994. PERFORMANCE FOR THE COLLECTIVE TRUST FUND
HAS BEEN ADJUSTED TO INCLUDE THE EFFECT OF ESTIMATED EXPENSES BASED UPON THE
MUTUAL FUND EXPENSE RATIO AS STATED IN THE FUND'S CURRENT PROSPECTUS. INDEX
RETURNS DO NOT REFLECT EXPENSES, WHICH HAVE BEEN DEDUCTED FROM THE FUNDS'
RETURN. THE COLLECTIVE TRUST FUND WAS NOT REGISTERED UNDER THE INVESTMENT
COMPANY ACT OF 1940 (THE '1940 ACT') OR SUBJECT TO CERTAIN INVESTMENT
RESTRICTIONS THAT ARE IMPOSED BY THE 1940 ACT. IF THE COLLECTIVE TRUST FUND HAD
BEEN REGISTERED UNDER THE 1940 ACT, ITS PERFORMANCE MAY HAVE BEEN ADVERSELY
AFFECTED.
11
NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
INVESTMENT ADVISER'S REPORT
FIXED INCOME FUNDS OCTOBER 31, 1995
- --------------------------------------------------------------------------------
INTERMEDIATE U. S. GOVERNMENT FUND
MANAGED BY: MARJORIE H. GRACE
The fiscal year ended October 31, 1995, with yields significantly lower across
the Treasury curve, as economic data began to show that the economy was losing
steam. The largest move of the 1995 bond rally began in mid-January and ended in
the first part of June. In early July, the market was disappointed when the Fed
lowered rates by only 0.25%, causing yields to spike half of a point upward in
one week alone. For the remainder of the summer, the bulls and bears fought it
out before either view emerged as dominant. The market continued its volatile
trading range, with the bulls winning out, pushing yields even lower by the end
of October.
We expect positive market returns for the remainder of 1995 and into 1996. We
are focusing on a low volatility style that provides returns consistent with the
market. We will manage our maturity close to our benchmark, with a core
portfolio of U. S. Treasury notes supplemented with higher yielding U.S. Agency
notes and mortgage backed securities. We have implemented a team management
approach during 1995 to add additional portfolio management depth. Our goal is
to provide improved and consistent positive total returns for our shareholders.
MANAGED FIXED INCOME FUND
MANAGED BY: WILLIAM D. GIESE
The fixed income markets experienced two distinctly different environments
during the Fund's fiscal year. Yields fell sharply across all maturities from
November of 1994 to May of 1995, as investors became convinced that the economy
had successfully completed a 'soft landing' and was on a path to grow at a
sustainable, low inflation pace that would allow the Federal Reserve to reduce
interest rates. With lower rates translating into higher bond prices, total
returns were generous.
From the end of May until the end of October, the market moved sideways in a
series of brief rallies and sell-offs, as signs of a rebound in economic
activity as well as uncertainty surrounding the upcoming budget negotiations
offset continuing good news on inflation. In the environment, current income was
more important than price changes as a contributor to total returns.
The Fund trailed its benchmark as the market rallied in the first half of the
year, then outperformed its benchmark since May. The Fund returned 11.3% for the
period from the November 10, 1994 inception through October 31, 1995. Portfolio
duration (a measure of Fund volatility), versus the benchmark explains much of
that pattern. Coming into the year, the Fund's duration was shorter than the
benchmark. While that lower volatility structure had benefited the Fund by
controlling losses as bond prices fell in 1994's bear market, it muted the
Fund's price appreciation in this year's rally. The Fund's duration was steadily
increased during fiscal 1995 to better track its benchmark.
Turning to sectors, with the yield advantage of corporate bonds over governments
becoming very narrow, the Fund's allocation to corporates was cut back during
the year and the proceeds reinvested in Treasury and agency issues. This had the
effect of increasing the average credit quality of the portfolio. Allocations to
asset-backed and mortgage-backed securities remained relatively constant.
12
NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
PERFORMANCE DATA
FIXED INCOME FUNDS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
INVESTMENT ADVISER'S REPORT--COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
The following chart reflects a comparison of a change in value of a $10,000
investment in INTERMEDIATE U.S. GOVERNMENT FUND and MANAGED FIXED INCOME FUND,
including reinvested dividends and distributions, and the performance of the
Lehman Intermediate Government Index and Lehman Intermediate
Government/Corporate Index. Investment return and principal value of an
investment in the Fund will fluctuate so that an investor's shares, when
redeemed, may be worth more or less than their original cost. Past performance
is not predictive nor a guarantee of future results.
INTERMEDIATE U.S. GOVERNMENT FUND
VS.
LEHMAN INTERMEDIATE GOVERNMENT INDEX
<TABLE>
<CAPTION>
VALUE ON 10/31/95
Intermediate U.S. Government Fund $20,289
Lehman Intermediate Government Index $23,264
AVERAGE ANNUAL TOTAL RETURN
-------------------------------
INTERMEDIATE LEHMAN
GOVERNMENT INTERMEDIATE
FUND GOVERNMENT INDEX
------------ ----------------
<S> <C> <C> <C>
One Year 11.31% 11.79%
Five Year 7.21% 8.36% [GRAPH]
Ten Year 7.33% 8.81%
</TABLE>
MANAGED FIXED INCOME FUND
VS.
LEHMAN INTERMEDIATE GOVERNMENT/CORPORATE INDEX
<TABLE>
<CAPTION>
VALUE ON 10/31/95
Managed Fixed Income Fund $21,582
Lehman Intermediate Government/Corporate Index $23,666
AVERAGE ANNUAL TOTAL RETURN
--------------------------------------------
MANAGED FIXED LEHMAN INTERMEDIATE
INCOME FUND GOVERNMENT/CORPORATE INDEX
-------------- ---------------------------
<S> <C> <C> <C>
One Year 10.59% 12.54%
Five Year 7.28% 8.73% [GRAPH]
Ten Year 8.00% 9.00%
</TABLE>
PERFORMANCE INFORMATION INCLUDES THE PERFORMANCE OF THE FUND'S PREDECESSOR
COLLECTIVE TRUST FUND FOR PERIODS BEFORE THE FUND'S REGISTRATION STATEMENT
BECAME EFFECTIVE ON NOVEMBER 11, 1994. PERFORMANCE FOR THE COLLECTIVE TRUST FUND
HAS BEEN ADJUSTED TO INCLUDE THE EFFECT OF ESTIMATED EXPENSES BASED UPON THE
MUTUAL FUND EXPENSE RATIO AS STATED IN THE FUND'S CURRENT PROSPECTUS. INDEX
RETURNS DO NOT REFLECT EXPENSES, WHICH HAVE BEEN DEDUCTED FROM THE FUNDS'
RETURN. THE COLLECTIVE TRUST FUND WAS NOT REGISTERED UNDER THE INVESTMENT
COMPANY ACT OF 1940 (THE '1940 ACT') OR SUBJECT TO CERTAIN INVESTMENT
RESTRICTIONS THAT ARE IMPOSED BY THE 1940 ACT. IF THE COLLECTIVE TRUST FUND HAD
BEEN REGISTERED UNDER THE 1940 ACT, ITS PERFORMANCE MAY HAVE BEEN ADVERSELY
AFFECTED.
13
NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
INVESTMENT ADVISER'S REPORT
FIXED INCOME FUNDS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
STABLE INCOME FUND
MANAGED BY: KARL P. TOURVILLE
The last year has been a profitable one for bond market investors as slowing
economic momentum fueled one of the largest bond market rallies in history. The
fiscal year ended October 31, 1995 saw a considerable flattening in the yield
curve as long treasury yields declined approximately 1.75% throughout the course
of the year. Economic fundamentals continued to strengthen through the latter
half of 1994 as strong gross domestic product (GDP) and capacity utilization
levels exacerbated bond market inflationary fears. However, the bulls charged
through the gate as the economy dramatically slowed through a holiday season
that was expected to be brisk. It has taken the better part of 1995 to correct
an inventory build-up which constrained GDP numbers through the first half of
1995. In addition, slowing consumer spending levels and a lack of inflationary
pressure has further supported the rally in interest rates.
Yields on the 1-year Treasury Bills fell from 6.22% on November 1, 1994 to 5.54%
on October 31, 1995, while the benchmark 30-year bond yields declined from 8.06%
to 6.33% over the same time period. This rally resulted in investors more than
recouping losses experienced during the 1994 bear market. Investors in the short
end of the yield curve benefited from the favorable interest rate environment
and tightening spread levels.
The Stable Income Fund's continued emphasis on a diversified portfolio of
quality mortgage backed, asset backed and corporate securities resulted in
significant outperformance over the last year. The Fund returned 7.20% versus
6.18% for the One Year Treasury Bill Index during this time period. We continue
to pay close attention to any pick-up in prepayment expectations and spread
widening pressure while maintaining a yield higher than that of the benchmark.
As we look ahead to 1996, we feel the Fund is well positioned versus its index.
14
NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
PERFORMANCE DATA
FIXED INCOME FUNDS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
INVESTMENT ADVISER'S REPORT--COMPARISON OF CHANGE IN VALUE OF $10,000 INVESTMENT
The following chart reflects a comparison of a change in value of a $10,000
investment in STABLE INCOME FUND, including reinvested dividends and
distributions, and the performance of the U.S. Treasury Bills Index. Investment
return and principal value of an investment in the Fund will fluctuate so that
an investor's shares, when redeemed, may be worth more or less than their
original cost. Past performance is not predictive nor a guarantee of future
results.
STABLE INCOME FUND
VS.
ONE YEAR U.S. TREASURY BILLS INDEX
<TABLE>
<CAPTION>
VALUE ON 10/31/95
Stable Income Fund $10,720
One Year U.S. Treasury Bills Index $10,597
AVERAGE ANNUAL
TOTAL RETURN
------------------
ONE YEAR
U.S.
STABLE TREASURY
INCOME BILLS
FUND INDEX
------ --------
<S> <C> <C> <C>
Since Inception 7.39% 5.97% [GRAPH]
on 10/31/94
</TABLE>
PERFORMANCE INFORMATION INCLUDES THE PERFORMANCE OF THE FUND'S PREDECESSOR
COLLECTIVE TRUST FUND FOR PERIODS BEFORE THE FUND'S REGISTRATION STATEMENT
BECAME EFFECTIVE ON NOVEMBER 11, 1994. PERFORMANCE FOR THE COLLECTIVE TRUST FUND
HAS BEEN ADJUSTED TO INCLUDE THE EFFECT OF ESTIMATED EXPENSES BASED UPON THE
MUTUAL FUND EXPENSE RATIO AS STATED IN THE FUND'S CURRENT PROSPECTUS. INDEX
RETURNS DO NOT REFLECT EXPENSES, WHICH HAVE BEEN DEDUCTED FROM THE FUNDS'
RETURN. THE COLLECTIVE TRUST FUND WAS NOT REGISTERED UNDER THE INVESTMENT
COMPANY ACT OF (THE '1940 ACT') OR SUBJECT TO CERTAIN INVESTMENT RESTRICTIONS
THAT ARE IMPOSED BY THE 1940 ACT. IF THE COLLECTIVE TRUST FUND HAD BEEN
REGISTERED UNDER THE 1940 ACT, ITS PERFORMANCE MAY HAVE BEEN ADVERSELY AFFECTED.
15
NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
NORWEST ADVANTAGE FUNDS
STATEMENTS OF ASSETS AND LIABILITIES
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LARGE SMALL
DIVERSIFIED GROWTH COMPANY COMPANY
EQUITY EQUITY GROWTH GROWTH
FUND FUND FUND FUND
------------ ------------ ----------- ------------
<S> <C> <C> <C> <C>
Assets
Investment in International Portfolio of Core
Trust (Delaware) (Note 2)*..................... $ -- $ -- $ -- $ --
Investments in affiliated funds (Note 2)*........ 354,451,019 365,723,592 -- --
Portfolio investments, at value (Note 2)*........ 359,500,414 201,570,870 64,050,007 274,933,053
Collateral for securities loaned (Note 6)........ 41,220,563 50,214,081 15,912,416 35,559,725
Interest, dividends and other receivables........ 186,529 39,409 12,518 5,170
Receivable for securities sold................... -- -- -- 3,622,698
Receivable for fund shares sold.................. 891,539 523,439 29,764 441,225
Receivable from manager.......................... -- -- 4,243 52,516
Organization costs, net of amortization (Note
2)............................................. 48,111 48,111 48,111 48,111
------------ ------------ ----------- ------------
Total assets......................................... 756,298,175 618,119,502 80,057,059 314,662,498
------------ ------------ ----------- ------------
Liabilities
Payable for securities purchased................. 2,360,202 2,523,408 88,200 610,986
Payable for securities loaned (Note 6)........... 41,220,563 50,214,081 15,912,416 35,559,725
Payable for fund shares redeemed................. 759,705 596,957 428,711 54,668
Accrued advisory or administration fees.......... 393,042 433,082 35,387 213,992
Accrued transfer agency fees..................... 151,170 120,301 13,611 59,442
Accrued management fees.......................... 126,808 36,446 -- --
Other accrued expenses........................... 175,776 190,950 11,810 105,811
------------ ------------ ----------- ------------
Total liabilities.................................... 45,187,266 54,115,225 16,490,135 36,604,624
------------ ------------ ----------- ------------
Net assets........................................... $711,110,909 $564,004,277 $63,566,924 $278,057,874
------------ ------------ ----------- ------------
------------ ------------ ----------- ------------
Components of net assets
Capital paid in.................................. $582,114,003 $474,452,890 $50,242,309 $207,673,086
Accumulated undistributed net investment
income......................................... 7,056,692 1,473,473 -- --
Accumulated undistributed net realized gain
(loss) from investments........................ 9,649,973 21,000,402 553,135 26,789,711
Net unrealized appreciation from investments..... 112,290,241 67,077,512 12,771,480 43,595,077
Net unrealized appreciation of investments of
International Portfolio of Core Trust
(Delaware)..................................... -- -- -- --
------------ ------------ ----------- ------------
Net assets........................................... $711,110,909 $564,004,277 $63,566,924 $278,057,874
------------ ------------ ----------- ------------
------------ ------------ ----------- ------------
Net assets by class of shares
I Shares......................................... $711,110,909 $564,004,277 $63,566,924 $278,057,874
A Shares......................................... -- -- -- --
B Shares......................................... -- -- -- --
------------ ------------ ----------- ------------
Net assets........................................... $711,110,909 $564,004,277 $63,566,924 $278,057,874
------------ ------------ ----------- ------------
------------ ------------ ----------- ------------
Shares of beneficial interest, no par value
I Shares......................................... 25,833,522 20,912,679 2,694,915 9,272,470
A Shares......................................... -- -- -- --
B Shares......................................... -- -- -- --
Net asset value per share
I Shares......................................... $27.53 $26.97 $23.59 $29.99
A Shares (maximum offering price per share
$18.82)........................................ -- -- -- --
B Shares......................................... -- -- -- --
*Investments at cost................................. $601,661,192 $500,216,950 $51,278,527 $231,337,976
------------ ------------ ----------- ------------
------------ ------------ ----------- ------------
<CAPTION>
INTERNATIONAL
FUND
-------------
Assets
Investment in International Portfolio of Core
Trust (Delaware) (Note 2)*..................... $92,310,228
Investments in affiliated funds (Note 2)*........ --
Portfolio investments, at value (Note 2)*........ --
Collateral for securities loaned (Note 6)........ --
Interest, dividends and other receivables........ 1,560
Receivable for securities sold................... --
Receivable for fund shares sold.................. 17,489
Receivable from manager.......................... --
Organization costs, net of amortization (Note
2)............................................. 48,111
-------------
Total assets......................................... 92,377,388
-------------
Liabilities
Payable for securities purchased................. --
Payable for securities loaned (Note 6)........... --
Payable for fund shares redeemed................. 265,797
Accrued advisory or administration fees.......... 20,050
Accrued transfer agency fees..................... 20,050
Accrued management fees.......................... 42,941
Other accrued expenses........................... 16,072
-------------
Total liabilities.................................... 364,910
-------------
Net assets........................................... $92,012,478
-------------
-------------
Components of net assets
Capital paid in.................................. $88,613,653
Accumulated undistributed net investment
income......................................... 1,578,349
Accumulated undistributed net realized gain
(loss) from investments........................ (1,858,530)
Net unrealized appreciation from investments..... --
Net unrealized appreciation of investments of
International Portfolio of Core Trust
(Delaware)..................................... 3,679,006
-------------
Net assets........................................... $92,012,478
-------------
-------------
Net assets by class of shares
I Shares......................................... $91,401,370
A Shares......................................... 216,242
B Shares......................................... 394,866
-------------
Net assets........................................... $92,012,478
-------------
-------------
Shares of beneficial interest, no par value
I Shares......................................... 5,081,851
A Shares......................................... 12,032
B Shares......................................... 22,051
Net asset value per share
I Shares......................................... $17.99
A Shares (maximum offering price per share
$18.82)........................................ $17.97
B Shares......................................... $17.91
*Investments at cost................................. $88,631,222
-------------
-------------
</TABLE>
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
16
<PAGE>
- --------------------------------------------------------------------------------
OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERMEDIATE MANAGED
INCOME CONSERVATIVE MODERATE GROWTH U.S. FIXED STABLE
EQUITY INDEX BALANCED BALANCED BALANCED GOVERNMENT INCOME INCOME
FUND FUND FUND FUND FUND FUND FUND FUND
- ----------- ------------ ------------ ------------ ------------ ------------ ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
$ -- $ -- $ -- $ -- $ -- $ -- $ -- $ --
-- -- 18,154,224 74,705,837 129,476,132 -- -- --
49,014,761 185,413,364 117,531,079 300,324,698 246,682,367 50,428,205 169,695,897 48,021,487
6,259,531 15,747,410 2,649,115 26,615,642 25,261,556 2,483,213 38,367,059 5,948,625
48,303 259,103 975,332 2,462,469 1,390,416 706,202 1,815,013 375,269
-- -- -- -- -- 2,056,978 -- --
15,658 629,299 139,519 526,401 161,427 11,458 43,522 45,491
2,427 31,786 23,503 -- -- 2,308 24,387 1,227
48,111 48,111 48,111 48,111 48,111 48,111 48,111 48,111
- ----------- ------------ ------------ ------------ ------------ ------------ ------------ -----------
55,388,791 202,129,073 139,520,883 404,683,158 403,020,009 55,736,475 209,993,989 54,440,210
- ----------- ------------ ------------ ------------ ------------ ------------ ------------ -----------
-- -- 12,600 3,192,897 899,788 2,999,856 -- --
6,259,531 15,747,410 2,649,115 26,615,642 25,261,556 2,483,213 38,367,059 5,948,625
90,865 65,655 28,769 501,414 1,574,636 10,084 46,702 378,345
20,687 23,201 52,215 166,784 184,788 14,091 28,151 12,219
10,343 38,667 29,008 78,672 79,650 10,674 36,438 10,182
-- -- -- 23,977 23,383 -- -- --
7,361 57,568 39,365 105,541 104,048 5,544 62,674 4,271
- ----------- ------------ ------------ ------------ ------------ ------------ ------------ -----------
6,388,787 15,932,501 2,811,072 30,684,927 28,127,849 5,523,462 38,541,024 6,353,642
- ----------- ------------ ------------ ------------ ------------ ------------ ------------ -----------
$49,000,004 $186,196,572 $136,709,811 $373,998,231 $374,892,160 $ 50,213,013 $171,452,965 $48,086,568
- ----------- ------------ ------------ ------------ ------------ ------------ ------------ -----------
- ----------- ------------ ------------ ------------ ------------ ------------ ------------ -----------
$39,815,787 $151,409,397 $121,967,271 $326,725,838 $318,399,018 $ 44,802,545 $152,152,306 $45,373,286
940,343 3,001,143 5,722,348 12,483,311 8,984,346 3,785,503 10,159,007 2,247,375
(25,794) 1,288,749 1,622,358 4,667,750 2,833,476 849,868 1,828,032 186,598
8,269,668 30,497,283 7,397,834 30,121,332 44,675,320 775,097 7,313,620 279,309
-- -- -- -- -- -- -- --
- ----------- ------------ ------------ ------------ ------------ ------------ ------------ -----------
$49,000,004 $186,196,572 $136,709,811 $373,998,231 $374,892,160 $ 50,213,013 $171,452,965 $48,086,568
- ----------- ------------ ------------ ------------ ------------ ------------ ------------ -----------
- ----------- ------------ ------------ ------------ ------------ ------------ ------------ -----------
$49,000,004 $186,196,572 $136,709,811 $373,998,231 $374,892,160 $ 50,213,013 $171,452,965 $48,086,568
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
- ----------- ------------ ------------ ------------ ------------ ------------ ------------ -----------
$49,000,004 $186,196,572 $136,709,811 $373,998,231 $374,892,160 $ 50,213,013 $171,452,965 $48,086,568
- ----------- ------------ ------------ ------------ ------------ ------------ ------------ -----------
- ----------- ------------ ------------ ------------ ------------ ------------ ------------ -----------
2,040,062 6,729,105 7,506,036 18,851,385 17,646,020 810,182 6,141,084 4,485,961
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
$24.02 $27.67 $18.21 $19.84 $21.25 $61.98 $27.92 $10.72
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
$40,745,093 $154,916,081 $128,287,469 $344,909,203 $331,483,179 $ 49,653,108 $162,382,277 $47,742,178
- ----------- ------------ ------------ ------------ ------------ ------------ ------------ -----------
- ----------- ------------ ------------ ------------ ------------ ------------ ------------ -----------
</TABLE>
NORWEST ADVANTAGE FUNDS
17
<PAGE>
- --------------------------------------------------------------------------------
NORWEST ADVANTAGE FUNDS
STATEMENTS OF OPERATIONS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LARGE SMALL
DIVERSIFIED GROWTH COMPANY COMPANY
EQUITY EQUITY GROWTH GROWTH INTERNATIONAL
FUND FUND FUND FUND FUND
------------ ----------- ----------- ----------- -------------
<S> <C> <C> <C> <C> <C>
Investment income
Interest income.......................... $ 1,212,227 $ 1,300,105 $ 71,892 $ 771,311 $ 533
Dividend income.......................... 10,345,112 3,732,158 358,029 951,456 --
Net investment income from International
Portfolio of Core Trust (Delaware)
(Note 2)............................... -- -- -- -- 1,016,917`D'
------------ ----------- ----------- ----------- -------------
Total income................................. 11,557,339 5,032,263 429,921 1,722,767 1,017,450
------------ ----------- ----------- ----------- -------------
Expenses
Advisory................................. 3,737,147 3,961,897 362,480 1,984,348 --
Administration........................... -- -- -- -- 205,150
Management............................... 574,946 440,211 55,766 220,483 82,060
Transfer agent........................... 1,437,364 1,100,527 139,415 551,208 205,150
Accounting............................... 34,700 34,700 34,700 36,700 51,766
Legal.................................... 44,420 33,572 3,540 13,908 13,323
Filing................................... 210,697 172,888 25,055 80,068 49,881
Auditing................................. 16,689 14,549 14,062 14,271 8,090
Trustees................................. 8,839 6,959 1,185 3,615 1,566
Amortization of organization costs....... 11,490 11,490 11,490 11,490 11,490
Other.................................... 49,617 38,671 7,113 22,250 15,739
------------ ----------- ----------- ----------- -------------
Total expenses............................... 6,125,909 5,815,464 654,806 2,938,341 644,215
Expenses reimbursed and fees waived (Note
3)..................................... (376,212) (312,356) (97,115) (182,017) (69,517)
------------ ----------- ----------- ----------- -------------
Net expenses................................. 5,749,697 5,503,108 557,691 2,756,324 574,698
------------ ----------- ----------- ----------- -------------
Net investment income (loss)................. 5,807,642 (470,845) (127,770) (1,033,557) 442,752
------------ ----------- ----------- ----------- -------------
Net realized and unrealized gain (loss) from
investments
Net realized gain (loss) from
Securities........................... 9,649,973 21,000,402 680,905 27,823,268 --
Investments of International
Portfolio of Core Trust
(Delaware)......................... -- -- -- -- (1,858,530)
Foreign currency transactions........ 1,249,050 1,944,318 -- -- --
Foreign currency transactions from
investment in International
Portfolio of Core Trust
(Delaware)......................... -- -- -- -- 1,135,597
Futures transactions................. -- -- -- -- --
------------ ----------- ----------- ----------- -------------
Net realized gain (loss) from
investments............................ 10,899,023 22,944,720 680,905 27,823,268 (722,933)
------------ ----------- ----------- ----------- -------------
Net change in unrealized appreciation
(depreciation) from
Securities........................... 112,282,613 67,089,871 12,771,480 43,595,077 --
Investments of International
Portfolio of Core Trust
(Delaware)......................... -- -- -- -- 3,679,006
Foreign currency transactions........ 7,628 (12,359) -- -- --
------------ ----------- ----------- ----------- -------------
Net change in unrealized appreciation
from investments....................... 112,290,241 67,077,512 12,771,480 43,595,077 3,679,006
------------ ----------- ----------- ----------- -------------
Net realized and unrealized gain from
investments................................ 123,189,264 90,022,232 13,452,385 71,418,345 2,956,073
------------ ----------- ----------- ----------- -------------
Increase in net assets from operations....... $128,996,906 $89,551,387 $13,324,615 $70,384,788 $ 3,398,825
------------ ----------- ----------- ----------- -------------
------------ ----------- ----------- ----------- -------------
</TABLE>
`D' Net of portfolio expenses of $653,702.
* See Note 1 of notes to financial statements for dates
of each Fund's commencement of operations.
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
18
<PAGE>
- --------------------------------------------------------------------------------
FOR THE PERIOD ENDED OCTOBER 31, 1995*
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERMEDIATE MANAGED
INCOME CONSERVATIVE MODERATE GROWTH U.S. FIXED
EQUITY INDEX BALANCED BALANCED BALANCED GOVERNMENT INCOME
FUND FUND FUND FUND FUND FUND FUND
---------- ----------- ------------ ----------- ----------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 97,233 $ 116,289 $ 6,076,035 $12,451,104 $ 7,446,004 $4,116,759 $11,321,853
1,162,013 3,594,444 556,754 2,589,123 3,880,336 -- --
-- -- -- -- -- -- --
---------- ----------- ------------ ----------- ----------- ------------ -----------
1,259,246 3,710,733 6,632,789 15,040,227 11,326,340 4,116,759 11,321,853
---------- ----------- ------------ ----------- ----------- ------------ -----------
187,584 212,875 547,353 1,722,174 1,849,672 160,764 607,061
-- -- -- -- -- -- --
37,517 141,917 121,634 324,938 318,909 48,716 173,446
93,792 354,791 304,085 812,346 797,273 121,791 433,615
34,700 46,266 54,266 52,266 50,833 52,700 46,700
2,384 9,054 9,382 25,183 25,100 3,268 13,791
21,346 60,283 50,092 121,625 118,670 23,162 60,739
14,047 16,176 14,132 14,359 14,363 13,049 15,166
954 2,473 2,117 5,029 4,989 1,055 2,871
11,490 11,490 11,490 11,490 11,490 11,490 11,490
6,212 29,261 21,723 37,045 36,730 6,191 22,708
---------- ----------- ------------ ----------- ----------- ------------ -----------
410,026 884,586 1,136,274 3,126,455 3,228,029 442,186 1,387,587
(91,123) (174,996) (163,231 ) (267,050) (262,160) (110,930) (224,741)
---------- ----------- ------------ ----------- ----------- ------------ -----------
318,903 709,590 973,043 2,859,405 2,965,869 331,256 1,162,846
---------- ----------- ------------ ----------- ----------- ------------ -----------
940,343 3,001,143 5,659,746 12,180,822 8,360,471 3,785,503 10,159,007
---------- ----------- ------------ ----------- ----------- ------------ -----------
(25,794) 1,288,749 2,074,585 7,801,548 6,064,209 849,868 1,828,032
-- -- -- -- -- -- --
-- -- 62,602 302,489 623,875 -- --
-- -- -- -- -- -- --
-- -- (452,227 ) (3,133,798) (3,230,733) -- --
---------- ----------- ------------ ----------- ----------- ------------ -----------
(25,794) 1,288,749 1,684,960 4,970,239 3,457,351 849,868 1,828,032
---------- ----------- ------------ ----------- ----------- ------------ -----------
8,269,668 30,497,283 7,396,784 30,114,974 44,676,415 775,097 7,313,620
-- -- -- -- -- -- --
-- -- 1,050 6,358 (1,095) -- --
---------- ----------- ------------ ----------- ----------- ------------ -----------
8,269,668 30,497,283 7,397,834 30,121,332 44,675,320 775,097 7,313,620
---------- ----------- ------------ ----------- ----------- ------------ -----------
8,243,874 31,786,032 9,082,794 35,091,571 48,132,671 1,624,965 9,141,652
---------- ----------- ------------ ----------- ----------- ------------ -----------
$9,184,217 $34,787,175 $14,742,540 $47,272,393 $56,493,142 $5,410,468 $19,300,659
---------- ----------- ------------ ----------- ----------- ------------ -----------
---------- ----------- ------------ ----------- ----------- ------------ -----------
<CAPTION>
STABLE
INCOME
FUND
----------
$2,495,297
--
--
----------
2,495,297
----------
114,429
--
38,143
95,358
51,700
2,799
23,256
14,046
963
11,490
14,670
----------
366,854
(118,932)
----------
247,922
----------
2,247,375
----------
186,598
--
--
--
--
----------
186,598
----------
279,309
--
--
----------
279,309
----------
465,907
----------
$2,713,282
----------
----------
</TABLE>
NORWEST ADVANTAGE FUNDS
19
<PAGE>
- --------------------------------------------------------------------------------
NORWEST ADVANTAGE FUNDS
STATEMENTS OF CHANGES IN NET ASSETS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LARGE SMALL
DIVERSIFIED GROWTH COMPANY COMPANY
EQUITY EQUITY GROWTH GROWTH INTERNATIONAL
FUND FUND FUND FUND FUND
------------- ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
Net assets -- November 11, 1994*.... $ -- $ -- $ -- $ -- $ --
------------- ------------ ------------ ------------ -------------
Operations
Net investment income
(deficit)..................... 5,807,642 (470,845) (127,770) (1,033,557) 442,752
Net realized gain (loss) from
securities, foreign currency
transactions and futures
transactions.................. 10,899,023 22,944,720 680,905 27,823,268 (722,933)
Net change in unrealized
appreciation from securities
and foreign currency
transactions.................. 112,290,241 67,077,512 12,771,480 43,595,077 3,679,006
------------- ------------ ------------ ------------ -------------
128,996,906 89,551,387 13,324,615 70,384,788 3,398,825
------------- ------------ ------------ ------------ -------------
Capital share transactions
Sale of shares.................. 496,787,751 346,892,541 59,880,621 207,281,383 87,324,168
Sale of shares issued in
conversion of collective trust
funds (Note 1)................ 188,578,327 187,721,674 9,419,837 44,901,924 17,857,644
Cost of shares repurchased...... (103,252,075) (60,161,325) (19,058,149) (44,510,221) (16,568,159)
------------- ------------ ------------ ------------ -------------
582,114,003 474,452,890 50,242,309 207,673,086 88,613,653
------------- ------------ ------------ ------------ -------------
Net assets -- October 31, 1995...... $ 711,110,909 $564,004,277 $ 63,566,924 $278,057,874 $ 92,012,478
------------- ------------ ------------ ------------ -------------
------------- ------------ ------------ ------------ -------------
Net assets include undistributed net
investment income of.............. $ 7,056,692 $ 1,473,473 $ -- $ -- $ 1,578,349
------------- ------------ ------------ ------------ -------------
------------- ------------ ------------ ------------ -------------
</TABLE>
* See Note 1 of notes to financial statements for dates
of each Fund's commencement of operations.
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
20
<PAGE>
- --------------------------------------------------------------------------------
FOR THE PERIOD ENDED OCTOBER 31, 1995*
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
INTERMEDIATE MANAGED
INCOME CONSERVATIVE MODERATE GROWTH U.S. FIXED
EQUITY INDEX BALANCED BALANCED BALANCED GOVERNMENT INCOME
FUND FUND FUND FUND FUND FUND FUND
------------ ------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ -- $ -- $ -- $ -- $ -- $ -- $ --
------------ ------------ ------------ ------------ ------------ ------------ ------------
940,343 3,001,143 5,659,746 12,180,822 8,360,471 3,785,503 10,159,007
(25,794) 1,288,749 1,684,960 4,970,239 3,457,351 849,868 1,828,032
8,269,668 30,497,283 7,397,834 30,121,332 44,675,320 775,097 7,313,620
------------ ------------ ------------ ------------ ------------ ------------ ------------
9,184,217 34,787,175 14,742,540 47,272,393 56,493,142 5,410,468 19,300,659
------------ ------------ ------------ ------------ ------------ ------------ ------------
32,004,647 124,576,780 121,670,509 306,233,476 281,218,952 57,693,187 165,471,906
16,330,430 48,078,887 34,871,159 100,309,597 111,127,105 12,232,271 49,356,217
(8,519,290) (21,246,270) (34,574,397) (79,817,235) (73,947,039) (25,122,913) (62,675,817)
------------ ------------ ------------ ------------ ------------ ------------ ------------
39,815,787 151,409,397 121,967,271 326,725,838 318,399,018 44,802,545 152,152,306
------------ ------------ ------------ ------------ ------------ ------------ ------------
$ 49,000,004 $186,196,572 $136,709,811 $373,998,231 $374,892,160 $ 50,213,013 $171,452,965
------------ ------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------ ------------
$ 940,343 $ 3,001,143 $ 5,722,348 $ 12,483,311 $ 8,984,346 $ 3,785,503 $ 10,159,007
------------ ------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------ ------------
<CAPTION>
STABLE
INCOME
FUND
------------
<S> <C>
$ --
------------
2,247,375
186,598
279,309
------------
2,713,282
------------
19,314,379
54,013,693
(27,954,786)
------------
45,373,286
------------
$ 48,086,568
------------
------------
$ 2,247,375
------------
------------
</TABLE>
NORWEST ADVANTAGE FUNDS
21
<PAGE>
- --------------------------------------------------------------------------------
NORWEST ADVANTAGE FUNDS
NOTES TO FINANCIAL STATEMENTS OCTOBER 31, 1995
- --------------------------------------------------------------------------------
NOTE 1. ORGANIZATION
Norwest Advantage Funds (the 'Trust') is registered as an open-end management
investment company. The Trust currently has thirty separate investment
portfolios. These financial statements relate to thirteen of those portfolios
(each a 'Fund' and collectively the 'Funds'), each of which is a diversified
portfolio. As of October 31, 1995, each Fund other than International Fund
offered one class of shares of beneficial interest ('I shares'). As of this
date, International Fund offered three classes of shares of beneficial interest,
I shares, A shares, and B shares. Each share of each class represents an
undivided proportionate interest in the Fund. I shares are offered solely to
fiduciary, agency, and custodial clients of bank trust departments, trust
companies and their affiliates; they are sold without a sales charge and they do
not incur any distribution expense. A shares are sold with a front-end sales
charge to the general public but do not incur distribution expense. B shares are
sold, with a contingent deferred sales charge imposed on most redemptions made
within six years of purchase, to the general public, and incur distribution
expenses. I shares of each Fund commenced operations on November 11, 1994. A
shares and B shares of International became available to the public on April 1,
1995.
Prior to July 31, 1993, the Trust's operation was conducted as Prime Value
Funds, Inc., a Maryland corporation. On November 1, 1995 the Trust changed its
name from Norwest Funds to Norwest Advantage Funds and Advantage Shares,
Investor A Shares, and Investor B Shares of each Fund were renamed I Shares, A
Shares, and B Shares, respectively, and the Trust adopted its current name. Each
Fund's fiscal year end is October 31.
International Fund seeks to achieve its investment objective by investing all of
its assets in International Portfolio, a separate diversified portfolio of Core
Trust (Delaware) ('Core Trust'), which is registered as an open-end management
investment company. This is commonly referred to as a master-feeder arrangement.
Diversified Equity Fund, Growth Equity Fund, Conservative Balanced Fund,
Moderate Balanced Fund, and Growth Balanced Fund (the 'Blended Funds') invest a
portion of their assets in affiliated portfolios of Core Trust (Delaware)
pursuant to the conditions of an exemptive order issued by the Securities and
Exchange Commission. The Blended Funds account for their investments in the
portfolios of Core Trust (Delaware) as partnership investments and record their
share of each portfolio's income, expense and realized and unrealized gains and
losses daily.
FINANCIAL STATEMENT PERIODS - The Funds and classes of shares commenced
operations during the fiscal year ended October 31, 1995 and have had less than
a full year of operations. As a result, the financial highlights and amounts
reflected in the statements of changes in net assets and notes to financial
statements present results of operations from the commencement dates shown above
through October 31, 1995.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Funds' financial statements are prepared in accordance with generally
accepted accounting principles based upon the following significant accounting
policies.
USE OF ESTIMATES - The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increase and decrease in net assets from
operations during the period. Actual results could differ from those estimates.
SECURITY VALUATION - Securities which mature in 60 days or less are valued at
amortized cost. Securities, for which market quotations are readily available,
are valued using the last reported sales price provided by independent pricing
services. If no sales are reported, the mean of the last bid and ask prices is
used. Other securities traded on an exchange for which market quotations are
readily available, are valued using the mean of the bid and ask prices provided
by independent
22 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
NORWEST ADVANTAGE FUNDS
NOTES TO FINANCIAL STATEMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
NOTE 2. (continued)
pricing services. If no mean price is available, the last bid price is used. In
the absence of readily available market quotations, securities are valued at
fair value determined in accordance with procedures adopted by the Board of
Trustees (the 'Board'). Interest rate swap, cap, and floor valuations are based
on values quoted by independent brokers.
REPURCHASE AGREEMENTS - Each Fund may purchase portfolio securities from
financial institutions deemed to be creditworthy by the Fund's investment
adviser subject to the seller's agreement to repurchase and the Fund's agreement
to resell such securities. Securities received as collateral in connection with
the repurchase agreements are maintained by the Trust and must have, at all
times, an aggregate market value greater than or equal to the repurchase price
plus accrued interest.
FUTURES CONTRACTS - To hedge against anticipated future changes in interest
rates or securities prices, Conservative Balanced Fund, Moderate Balanced Fund,
Growth Balanced Fund, Intermediate U.S. Government Fund, Managed Fixed Income
Fund and Stable Income Fund may enter into financial futures contracts for the
delayed delivery of securities or contracts based on financial indices at a
fixed price on a future date. A Fund is required to deposit either in cash or
securities an amount equal to a certain percentage of the contract amount.
Subsequent payments are made or received by the Fund each day, dependent on the
daily fluctuations in the value of the underlying security or securities or
index, and are recorded for financial statement purposes as unrealized gains or
losses by the Fund. A Fund recognizes a realized gain or loss when the contract
is closed or expires. Should interest rates or securities prices move
unexpectedly, a Fund may not achieve the anticipated benefits of the financial
futures contracts and may realize a loss.
INTEREST RATE TRANSACTIONS - To preserve a return or spread on a particular
investment or portion of its portfolio or for other non-speculative purposes,
Conservative Balanced Fund, Moderate Balanced Fund, Growth Balanced Fund,
Intermediate U.S. Government Fund, Managed Fixed Income Fund and Stable Income
Fund may enter into interest rate swap agreements and the purchase of interest
rate caps and floors. Interest rate swaps involve the exchange of commitments to
pay or receive interest, i.e., an exchange of floating rate payments for fixed
rate payments. The purchase of an interest rate cap entitles the purchaser, to
the extent that a specified index exceeds a predetermined interest rate, to
receive payments of interest on a contractually based notional principal amount
from the party selling such an interest rate cap. The purchase of an interest
rate floor entitles the purchaser, and to the extent that a specified index
falls below a predetermined interest rate, to receive payments of interest on a
contractually based notional principal amount from the party selling such an
interest rate floor.
If forecasts of interest rates and other market factors are incorrect,
investment performance will diminish compared to what performance would have
been if these investment techniques were not used. Even if the forecasts are
correct, there is risk that the positions may correlate imperfectly with the
asset or liability being hedged. Other risks of entering into these transactions
are that a liquid secondary market may not always exist, or that another party
to a transaction may not perform.
For interest rate swaps, the Funds accrue daily, as an adjustment to interest
income, the amount owed or due by the Funds. These valuations represent the net
present value of all future cash settlement amounts based on interest rates on
the date of valuation.
REALIZED GAINS AND LOSSES - Security transactions are recorded on a trade date
basis, and realized gains and losses on investments sold are recorded on the
basis of identified cost.
INTEREST AND DIVIDEND INCOME AND DIVIDENDS TO SHAREHOLDERS - Interest income is
accrued as earned. Dividends on securities held by Funds are accrued on the
ex-dividend date. Dividends to shareholders of net investment income are
declared and paid at least annually by each Fund. Net capital gain, if any, is
distributed at least annually to shareholders.
23 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
NORWEST ADVANTAGE FUNDS
NOTES TO FINANCIAL STATEMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
NOTE 2. (continued)
Distributions from net investment income and realized capital gain are based on
amounts calculated in accordance with applicable income tax regulations. Any
differences between financial statement amounts available for distribution and
distributions made in accordance with income tax regulations are primarily
attributable to wash sales and foreign currency transactions.
PREMIUM AMORTIZATION AND DISCOUNT ACCRETION - If a fixed income investment is
purchased at a premium, the premium is not amortized. If a fixed income
investment is purchased at a discount (other than original issue discount), the
discount is not accreted. Upon disposition, if appropriate, market discount
accretion is calculated on a straight line method and reclassified to investment
income. Original issue discount on fixed income investments is accreted daily
using yield to maturity method.
SECURITY LOANS - The Funds receive compensation for lending securities in the
form of fees or by retaining a portion of interest on the investment securities
or any cash received as collateral. A Fund also continues to receive interest or
dividends on the securities loaned. Security loans are secured by collateral
equal to at least 102%, at all times, of the market value of the securities
loaned plus accrued interest. Gain or loss in the market price of the securities
loaned that may occur during the term of the loan will be reflected in the value
of the Fund.
ORGANIZATIONAL COSTS - The costs incurred by each Fund in connection with its
organization, in the amount of $59,601, have been capitalized and are being
amortized using the straight line method over a five year period beginning on
the commencement of the Funds' operations.
EXPENSE ALLOCATION - Certain expenses are allocated to the various share classes
on the basis of usage of services or contractual differences. Expenses are
allocated in accordance with procedures adopted by the Board of Trustees.
FEDERAL INCOME TAX - Each Fund intends to qualify and continue to qualify as a
regulated investment company and distribute all of its taxable income.
Therefore, no Federal income tax provision is required. Distribution
requirements of the Funds for the period ended October 31, 1995 were determined
subsequent to October 31, 1995 and retroactively applied to that period as
allowed by income tax regulations.
COLLECTIVE TRUST FUND CONVERSION - Upon commencement of operations, in exchange
for the portfolio securities of certain Collective Trust Funds managed by
Norwest Bank Minnesota, N.A. ('Norwest'), each Fund (other than Stable Income
Fund) issued I shares to the Collective Trust Funds. Immediately after this
conversion, the Collective Trust Funds distributed Fund shares to the investors
of the Collective Trust Funds and ceased operations.
NOTE 3. ADVISORY, SERVICING FEES AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISERS - The investment adviser of each Fund is Norwest Investment
Management (the 'Adviser'), a part of Norwest. Norwest is a subsidiary of
Norwest Corporation. The Adviser receives an annual advisory fee from the Funds
at the following annual rates of average daily net assets of each Fund:
Diversified Equity Fund, 0.65%; Growth Equity Fund, 0.90%; Large Company Growth
Fund, 0.65%; Small Company Growth Fund, 0.90%; Income Equity Fund, 0.50%; Index
Fund, 0.15%; Conservative Balanced Fund, 0.45%; Moderate Balanced Fund, 0.53%;
Growth Balanced Fund, 0.58:%; Intermediate U.S. Government Fund, 0.33%; Managed
Fixed Income Fund, 0.35%; and Stable Income Fund, 0.30%.
Pursuant to its investment advisory agreements with each Fund and its
administrative services agreement with International Fund, Norwest is obligated
to reimburse each Fund for certain operating expenses (exclusive of interest,
24 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
NORWEST ADVANTAGE FUNDS
NOTES TO FINANCIAL STATEMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
NOTE 3. (continued)
taxes, brokerage fees, fees and other expenses paid pursuant to any distribution
plan and organization expenses, all to the extent permitted by applicable state
law or regulation) which in any year exceed the limits prescribed by any state
in which the Fund's shares are qualified for sale. The Funds' annual expenses
are estimated and accrued daily, and any related reimbursements are made monthly
by the Adviser.
The investment adviser of International Portfolio of Core Trust is Schroder
Capital Management International Inc. ('Schroder'). Schroder is a wholly-owned
U.S. subsidiary of Schroders Incorporated, the wholly-owned U.S. holding company
subsidiary of Schroders plc. International Fund may withdraw its investment from
International Portfolio at any time if the Board determines that it is in the
best interest of the Fund and its shareholders to do so. Should International
Fund make such a withdrawal, the Trust has retained the Adviser and Schroder to
act as investment adviser and investment subadviser. Neither the Adviser nor
Schroder will receive any advisory or subadvisory fees with respect to
International Fund as long as the Fund remains completely invested in
International Portfolio.
The investment subadviser of each Blended Fund is Schroder. Schroder advises
that portion of each of these Funds' investment portfolios that the Adviser
believes should be invested using Schroder's investment philosophy. Schroder
receives a fee from the Adviser for its subadvisory services; however, that
compensation does not increase the amount paid by any Fund.
ADMINISTRATIVE AND OTHER SERVICES - As manager of the Trust, Forum Financial
Services, Inc. ('Forum'), a registered broker-dealer and a member of the
National Association of Securities Dealers, Inc., provides administrative
services to the Funds. For its services Forum receives a management fee from
each Fund at an annual rate of 0.10% of the average daily net assets of the
Fund. In addition, certain legal expenses were charged to the Trust by Forum.
The respective amounts for Diversified Equity Fund, Growth Equity Fund, Large
Company Growth Fund, Small Company Growth Fund, International Fund, Income
Equity Fund, Index Fund, Conservative Balanced Fund, Moderate Balanced Fund,
Growth Balanced Fund, Intermediate U.S. Government Fund, Managed Fixed Income
Fund and Stable Income Fund were: $14,223, $10,832, $1,411, $5,425, $2,083,
$911, $3,498, $3,091, $8,222, $8,067, $1,238, $4,462, and $957, respectively for
the period ended October 31, 1995.
Forum Financial Corp. ('FFC'), an affiliate of Forum, provides fund accounting
services to the Funds. For these services, FFC receives a fee of $36,000 per
year per Fund plus certain amounts based upon the number of classes and number
and types of portfolio transactions within each Fund.
Norwest serves as the Trust's transfer agent and dividend disbursing agent and
is compensated for those services at an annual rate of 0.25% of the average
daily net assets of each Fund. Norwest also serves as custodian of each Fund's
assets but receives no compensation for its custodial services. In addition, on
behalf of International Fund, the Trust has entered into an administrative
services agreement with Norwest under which Norwest receives a fee at an annual
rate of 0.25% of the average daily net assets of the Fund. Under this agreement,
Norwest is responsible for compiling data for and preparing communications
between the Fund and its shareholders, maintaining requisite information flows
between the Fund and Schroder as the investment adviser to International
Portfolio of Core Trust and monitoring and reporting to the Board on the
performance of International Portfolio. No fees are payable under this agreement
in the event that the Fund is not completely invested in International Portfolio
or another investment company.
The Trust has adopted a Distribution Plan (the 'Plan') with respect to B shares
of International Fund pursuant to Rule 12b-1 under the Investment Company Act of
1940. The Plan authorizes the payment to Forum of an annual distribution service
fee of 0.75% of the average daily net assets, and a maintenance fee of 0.25% of
the average daily net assets, of International Fund attributable to B shares. No
payments were made pursuant to the plan during the period ended October 31,
1995.
25 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
NORWEST ADVANTAGE FUNDS
NOTES TO FINANCIAL STATEMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
NOTE 3. (continued)
BLENDED FUNDS - The Trust has received an exemptive order from the Securities
and Exchange Commission that permits the Blended Funds to invest their assets, a
portion of which are managed by using small company, index and international
investment styles, in Small Company Portfolio, Index Portfolio and International
Portfolio II (the 'Blended Portfolios'), respectively. The Blended Portfolios
are diversified portfolios of Core Trust (Delaware). By pooling a portion of
their assets in the Blended Portfolios, the Blended Funds attempt to achieve
benefits that they could not achieve by investing directly in securities similar
to those held by the Blended Portfolios. Investments in the Blended Portfolios
are made in accordance with the conditions set forth in the Trust's exemptive
order. Additional information concerning each Blended Fund is contained in the
financial statements relating to the Blended Portfolios, and should be read in
conjunction with these statements. With respect to Small Company Portfolio and
Index Portfolio, the Adviser receives an advisory fee from Core Trust (Delaware)
at the annual rates of 0.90% and 0.15% of the average daily net assets of each
Portfolio. With respect to International Portfolio II, Schroder receives an
advisory fee from Core Trust (Delaware) at the annual rate of 0.45% of the
Portfolio's average daily net assets. In accordance with the exemptive order,
the Adviser waives all advisory fees payable with respect to Small Company
Portfolio and Index Portfolio and reimburses International Portfolio II the
amount of the advisory fee the Portfolio pays to Schroder.
Forum serves as administrator of Core Trust (Delaware) and provides
administrative services for each Blended Portfolio that are similar in nature to
those provided to the Funds. In accordance with the exemptive order, Forum
waives the amount of its management fee that it would otherwise be entitled to
receive from a Blended Fund for that portion of the assets of the Blended Fund
invested in a Blended Portfolio.
Each Blended Fund incurs certain other expenses. For the period from November
11, 1994 to October 31, 1995, the ratio of net expenses to average net assets
for Small Company Portfolio, Index Portfolio, and International Portfolio II of
Core Trust (Delaware) was 0.15%, 0.17%, and 0.25%, respectively. Total net
expenses incurred by each Blended Fund for the period from November 11, 1994 to
October 31, 1995 attributable to each Blended Funds' investment in Small Company
Portfolio, Index Portfolio, and International Portfolio II of Core Trust
(Delaware) were $546,209, $562,054, $29,544, $136,375, and $205,153, for
Diversified Equity Fund, Growth Equity Fund, Conservative Balanced Fund,
Moderate Balanced Fund, and Growth Balanced Fund, respectively.
WAIVERS AND REIMBURSEMENTS - For the period ended October 31, 1995, the fees
waived by Forum and Fund expenses reimbursed by Forum and Norwest were as
follows:
<TABLE>
<CAPTION>
EXPENSES EXPENSES
FEES WAIVED REIMBURSED REIMBURSED
BY FORUM BY FORUM BY NORWEST
----------- ----------- -----------
<S> <C> <C> <C>
Diversified Equity Fund............................................. $ 287,473 $88,739 $ --
Growth Equity Fund.................................................. 286,137 26,219 --
Large Company Growth Fund........................................... 55,766 35,036 6,313
Small Company Growth Fund........................................... 177,287 4,730 --
International Fund.................................................. 41,566 27,951 --
Income Equity Fund.................................................. 37,517 45,002 8,604
Index Fund.......................................................... 141,917 33,079 --
Conservative Balanced Fund.......................................... 121,634 41,597 --
Moderate Balanced Fund.............................................. 212,921 54,129 --
Growth Balanced Fund................................................ 209,411 52,749 --
Intermediate U.S. Government Fund................................... 48,717 55,600 6,613
Managed Fixed Income Fund........................................... 147,461 26,073 --
Stable Income Fund.................................................. 38,143 72,111 8,678
</TABLE>
26 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
NORWEST ADVANTAGE FUNDS
NOTES TO FINANCIAL STATEMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
Additionally, Forum waived $868 of International Fund's distribution expense and
Norwest waived $51,207 of Managed Fixed Income Fund's investment advisory fee.
NOTE 4. SECURITIES TRANSACTIONS
Cost of purchases and proceeds from sales (including maturities) of securities
(excluding short-term investments) during the period are shown below. The cost
of purchases and proceeds from sales for the Blended Funds and International
Fund reflect additions and reductions in the Funds' investment in Portfolios of
Core Trust.
<TABLE>
<CAPTION>
COST OF PROCEEDS
PURCHASES FROM SALES
------------ ------------
<S> <C> <C>
Diversified Equity Fund.......................................................... $152,534,660 $ 59,996,284
Growth Equity Fund............................................................... 169,160,229 39,615,418
Large Company Growth Fund........................................................ 17,936,691 29,574,486
Small Company Growth Fund........................................................ 228,324,354 233,337,807
International Fund............................................................... 25,623,403 14,450,220
Income Equity Fund............................................................... 10,835,113 2,612,032
Index Fund....................................................................... 50,417,321 20,971,876
Conservative Balanced Fund....................................................... 102,981,972 67,668,680
Moderate Balanced Fund........................................................... 269,245,223 189,140,934
Growth Balanced Fund............................................................. 877,692,247 126,119,264
Intermediate U.S. Government Fund................................................ 115,584,612 119,842,742
Managed Fixed Income Fund........................................................ 127,941,351 94,114,250
Stable Income Fund............................................................... 88,658,327 36,145,717
</TABLE>
Gross unrealized appreciation and depreciation based on identified tax cost as
of October 31, 1995 for the Funds were as follows:
<TABLE>
<CAPTION>
UNREALIZED UNREALIZED TAX
APPRECIATION DEPRECIATION COST BASIS
------------ ------------ ------------
<S> <C> <C> <C>
Diversified Equity Fund........................................... $117,291,299 $5,426,432 $602,086,566
Growth Equity Fund................................................ 71,961,023 5,010,722 500,344,161
Large Company Growth Fund......................................... 14,133,492 1,421,486 51,338,001
Small Company Growth Fund......................................... 51,294,122 7,747,145 231,386,076
International Fund................................................ 3,679,006 -- 88,631,222
Income Equity Fund................................................ 8,587,600 317,932 40,745,093
Index Fund........................................................ 33,415,902 2,952,063 154,949,525
Conservative Balanced Fund........................................ 7,666,370 382,403 128,401,336
Moderate Balanced Fund............................................ 31,067,691 1,321,146 345,283,990
Growth Balanced Fund.............................................. 46,411,720 1,941,474 331,688,253
Intermediate U.S. Government Fund................................. 816,370 47,430 49,659,265
Managed Fixed Income Fund......................................... 7,385,329 71,709 162,382,277
Stable Income Fund................................................ 370,575 91,266 47,742,178
</TABLE>
As of October 31, 1995, International Fund and Income Equity Fund had available
for federal income tax purposes unused capital loss carryovers of $1,858,530 and
$25,794, respectively, which will expire in 2003.
27 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
NORWEST ADVANTAGE FUNDS
NOTES TO FINANCIAL STATEMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
NOTE 5. CAPITAL SHARE TRANSACTIONS
The Trust Instrument authorizes the issuance of an unlimited number of shares of
beneficial interest without par value. Transactions of Trust shares for the
period ended October 31, 1995 were as follows:
<TABLE>
<CAPTION>
SHARES SHARES ISSUED SHARES NET
SOLD UPON CONVERSION REDEEMED INCREASE
---------- --------------- --------- ----------
<S> <C> <C> <C> <C>
Diversified Equity Fund............................... 7,672,804 22,368,531 4,207,813 25,833,522
Growth Equity Fund.................................... 7,804,338 15,568,747 2,460,406 20,912,679
Large Company Growth Fund............................. 442,993 3,236,987 985,065 2,694,915
Small Company Growth Fund............................. 1,653,407 9,475,352 1,856,289 9,272,470
International Fund-I Shares........................... 1,065,477 5,018,364 1,001,990 5,081,851
International Fund-A Shares........................... 12,219 -- 187 12,032
International Fund-B Shares........................... 22,197 -- 146 22,051
Income Equity Fund.................................... 763,606 1,693,544 417,088 2,040,062
Index Fund............................................ 1,918,980 5,714,937 904,812 6,729,105
Conservative Balanced Fund............................ 2,035,455 7,514,366 2,043,785 7,506,036
Moderate Balanced Fund................................ 5,463,069 17,749,616 4,361,300 18,851,385
Growth Balanced Fund.................................. 5,817,900 15,667,089 3,838,878 17,646,020
Intermediate U.S. Government Fund..................... 208,300 1,038,496 436,614 810,182
Managed Fixed Income.................................. 1,885,663 6,596,859 2,341,438 6,141,084
Stable Income Fund.................................... 7,185,816 -- 2,699,855 4,485,961
</TABLE>
NOTE 6. PORTFOLIO SECURITIES LOANED
The following funds had loaned securities as of October 31, 1995:
<TABLE>
<CAPTION>
VALUE OF COLLATERAL
SECURITIES LOANED VALUE
----------------- ------------
<S> <C> <C>
Diversified Equity Fund...................................................... $ 39,898,998 $ 41,220,563
Growth Equity Fund........................................................... 48,685,002 50,214,081
Large Company Growth Fund.................................................... 15,409,325 15,912,416
Small Company Growth Fund.................................................... 35,559,504 35,559,725
Income Equity Fund........................................................... 6,083,413 6,259,531
Index Fund................................................................... 15,294,693 15,747,410
Conservative Balanced Fund................................................... 2,547,159 2,649,115
Moderate Balanced Fund....................................................... 25,341,188 26,615,642
Growth Balanced Fund......................................................... 24,562,688 25,261,556
Intermediate U.S. Government Fund............................................ 2,437,500 2,483,213
Managed Fixed Income Fund.................................................... 36,778,912 38,367,059
Stable Income Fund........................................................... 5,544,688 5,948,625
----------------- ------------
Net Total.................................................................... $ 258,143,070 $266,238,936
----------------- ------------
----------------- ------------
</TABLE>
Collateral is comprised of various securities, including time deposits,
commercial paper, corporate bonds and repurchase agreements.
The following Funds received security loan fee income for the period ended
October 31, 1995: Small Company Growth Fund, $8,268; Conservative Balanced Fund,
$421; Moderate Balanced Fund, $7,916; Growth Balanced Fund, $1,053; and Managed
Fixed Income Fund, $47,586.
28 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
NORWEST ADVANTAGE FUNDS
NOTES TO FINANCIAL STATEMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
NOTE 7. DISTRIBUTIONS TO SHAREHOLDERS
On December 14, 1995 net investment income and short-term capital gain dividends
were declared to shareholders of record on December 13, 1995, and paid in cash
or reinvested on December 15, 1995. Short-term capital gain is taxable to
shareholders as ordinary income. The dividends were as follows:
<TABLE>
<CAPTION>
NET INVESTMENT SHORT-TERM CAPITAL
INCOME DIVIDEND GAIN DIVIDEND PER SHARE
--------------- ------------------ ------------
<S> <C> <C> <C>
Diversified Equity Fund.................................. $ 7,230,722 $ 10,190,122 $0.668595325
Growth Equity Fund....................................... 1,751,744 21,357,796 1.086951562
Large Company Growth Fund................................ -- 612,610 0.216722891
Small Company Growth Fund................................ -- 26,837,810 2.858344513
International Fund-I Shares.............................. 1,689,715 -- 0.329132360
International Fund-A Shares.............................. 6,180 -- 0.329132360
International Fund-B Shares.............................. 7,672 -- 0.284649846
Income Equity Fund....................................... 940,344 -- 0.452782689
Index Fund............................................... 3,001,143 1,322,193 0.623349189
Conservative Balanced Fund............................... 5,731,263 1,742,779 0.994577023
Moderate Balanced Fund................................... 12,519,924 5,073,401 0.921500529
Growth Balanced Fund..................................... 9,048,079 3,082,602 0.678512045
Intermediate U.S. Government Fund........................ 3,785,503 856,025 5.763010134
Managed Fixed Income Fund................................ 10,159,009 1,828,032 1.968021678
Stable Income Fund....................................... 2,247,376 186,598 0.516190261
</TABLE>
29 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
NORWEST ADVANTAGE FUNDS
SUPPLEMENTARY UNAUDITED INFORMATION OCTOBER 31, 1995
- --------------------------------------------------------------------------------
On December 14, 1995, International Fund declared dividends of net investment
income and short-term capital gain to shareholders of record on December 13,
1995. Dividends declared by International Fund did not qualify for the dividends
received deduction.
International Fund intends to pass through credits for taxes paid in foreign
countries during its fiscal year ended October 31, 1995. The foreign income and
foreign tax per share (for a share outstanding on October 31, 1995) is as
follows:
<TABLE>
<CAPTION>
COUNTRY DIVIDENDS FOREIGN TAX
- ------------------------------------------------------------------------------- ------------ ------------
<S> <C> <C>
Argentina...................................................................... $ 0.0004 $ 0.0000
Brazil......................................................................... 0.0033 0.0012
Chile.......................................................................... 0.0038 0.0005
France......................................................................... 0.0158 0.0005
Germany........................................................................ 0.0163 0.0025
Hong Kong...................................................................... 0.0210 0.0000
Indonesia...................................................................... 0.0070 0.0008
Italy.......................................................................... 0.0066 0.0020
Japan.......................................................................... 0.0213 0.0060
Malaysia....................................................................... 0.0023 0.0016
Mexico......................................................................... 0.0027 0.0000
Netherlands.................................................................... 0.0265 0.0069
Norway......................................................................... 0.0023 0.0006
Philippines.................................................................... 0.0006 0.0003
Singapore...................................................................... 0.0026 0.0017
Sweden......................................................................... 0.0033 0.0011
Switzerland.................................................................... 0.0128 0.0038
Thailand....................................................................... 0.0043 0.0008
United Kingdom................................................................. 0.0631 0.0540
Venezuela...................................................................... 0.0002 0.0000
</TABLE>
The pass through of foreign tax credits will affect only those shareholders of
International Fund who owned shares on December 13, 1995. More detailed
information will be delivered to shareholders in January 1996.
NORWEST ADVANTAGE FUNDS
30
<PAGE>
- --------------------------------------------------------------------------------
NORWEST ADVANTAGE FUNDS
FINANCIAL HIGHLIGHTS SELECTED DATA FOR A SHARE OUTSTANDING DURING EACH
PERIOD(A)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATIOS TO AVERAGE
ENDING NET ASSETS(D)
BEGINNING NET NET REALIZED NET -----------------------------------
NET ASSET INVESTMENT AND UNREALIZED ASSET NET
VALUE PER INCOME GAIN (LOSS) ON VALUE INVESTMENT
SHARE (DEFICIT) INVESTMENTS PER SHARE INCOME (DEFICIT) EXPENSES(B)
--------- ---------- -------------- ---------- ------------------- --------------
<S> <C> <C> <C> <C> <C> <C>
DIVERSIFIED EQUITY FUND
I Shares
November 11, 1994 to
October 31, 1995........ $ 22.21 $ 0.22 $ 5.10 $27.53 1.01% 1.00%(e)
GROWTH EQUITY FUND
I Shares
November 11, 1994 to
October 31, 1995........ 22.28 (0.02) 4.71 26.97 (0.11%) 1.25%(e)
LARGE COMPANY GROWTH FUND
I Shares
November 11, 1994 to
October 31, 1995........ 18.50 (0.05) 5.14 23.59 (0.23%) 1.00%
SMALL COMPANY GROWTH FUND
I Shares
November 11, 1994 to
October 31, 1995........ 21.88 (0.11) 8.22 29.99 (0.47%) 1.25%
INTERNATIONAL FUND
I Shares
November 11, 1994 to
October 31, 1995........ 17.28 0.09 0.62 17.99 0.54% 1.50%(c)
A Shares
April 1, 1995 to October
31, 1995................ 16.50 0.01 1.46 17.97 0.26% 1.32%(c)
B Shares
April 1, 1995 to October
31, 1995................ 16.50 0.01 1.40 17.91 0.17% 1.27%(c)
INCOME EQUITY FUND
I Shares
November 11, 1994 to
October 31, 1995........ 18.90 0.46 4.66 24.02 2.51% 0.85%
INDEX FUND
I Shares
November 11, 1994 to
October 31, 1995........ 21.80 0.45 5.42 27.67 2.12% 0.50%
CONSERVATIVE BALANCED FUND
I Shares
November 11, 1994 to
October 31, 1995........ 16.19 0.75 1.27 18.21 4.67% 0.80%(e)
MODERATE BALANCED FUND
I Shares
November 11, 1994 to
October 31, 1995........ 17.25 0.65 1.94 19.84 3.76% 0.88%(e)
GROWTH BALANCED FUND
I Shares
November 11, 1994 to
October 31, 1995........ 17.95 0.47 2.83 21.25 2.63% 0.93%(e)
INTERMEDIATE U.S. GOVERNMENT
FUND
I Shares
November 11, 1994 to
October 31, 1995........ 55.55 4.67 1.76 61.98 7.79% 0.68%
<CAPTION>
NET ASSETS
AT END OF
PORTFOLIO PERIOD
GROSS TOTAL TURNOVER (000'S
EXPENSES(B) RETURN RATE OMITTED)
-------------- ------- -------- ----------
<S> <C> <C> <C> <C>
DIVERSIFIED EQUITY FUND
I Shares
November 11, 1994 to
October 31, 1995........ 1.08%(e) 23.95% 10.33% $711,111
GROWTH EQUITY FUND
I Shares
November 11, 1994 to
October 31, 1995........ 1.34%(e) 21.10% 8.90% 564,004
LARGE COMPANY GROWTH FUND
I Shares
November 11, 1994 to
October 31, 1995........ 1.20% 27.51% 31.60% 63,567
SMALL COMPANY GROWTH FUND
I Shares
November 11, 1994 to
October 31, 1995........ 1.35% 37.07% 106.55% 278,058
INTERNATIONAL FUND
I Shares
November 11, 1994 to
October 31, 1995........ 1.66% 4.11% N/A 91,401
A Shares
April 1, 1995 to October
31, 1995................ 20.95% 8.91% N/A 216
B Shares
April 1, 1995 to October
31, 1995................ 14.57% 8.55% N/A 395
INCOME EQUITY FUND
I Shares
November 11, 1994 to
October 31, 1995........ 1.12% 27.09% 7.03% 49,000
INDEX FUND
I Shares
November 11, 1994 to
October 31, 1995........ 0.64% 26.93% 14.48% 186,197
CONSERVATIVE BALANCED FUND
I Shares
November 11, 1994 to
October 31, 1995........ 0.96%(e) 12.48% 65.53% 136,710
MODERATE BALANCED FUND
I Shares
November 11, 1994 to
October 31, 1995........ 0.98%(e) 15.01% 62.08% 373,998
GROWTH BALANCED FUND
I Shares
November 11, 1994 to
October 31, 1995........ 1.03%(e) 18.38% 41.04% 374,892
INTERMEDIATE U.S. GOVERNMENT
FUND
I Shares
November 11, 1994 to
October 31, 1995........ 0.93% 11.58% 240.90% 50,213
</TABLE>
See Notes to Financial Highlights at page 28.
The accompanying notes are an integral part
of the financial statements. 31 NORWEST ADVANTAGE FUNDS
<PAGE>
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------
NORWEST ADVANTAGE FUNDS
FINANCIAL HIGHLIGHTS (continued) SELECTED DATA FOR A SHARE OUTSTANDING DURING EACH PERIOD(A)
- -----------------------------------------------------------------------------------------------
RATIOS TO AVERAGE
ENDING NET ASSETS(D)
BEGINNING NET NET REALIZED NET -----------------------------------
NET ASSET INVESTMENT AND UNREALIZED ASSET NET
VALUE PER INCOME GAIN (LOSS) ON VALUE INVESTMENT
SHARE (DEFICIT) INVESTMENTS PER SHARE INCOME (DEFICIT) EXPENSES(B)
--------- ---------- -------------- ---------- ------------------- --------------
<S> <C> <C> <C> <C> <C> <C>
MANAGED FIXED INCOME FUND
I Shares
November 11, 1994 to
October 31, 1995........ $ 25.08 $1.65 $ 1.19 $27.92 5.87% 0.67%
STABLE INCOME FUND
I Shares
November 11, 1994 to
October 31, 1995........ 10.00 0.50 0.22 10.72 5.91% 0.65%
<CAPTION>
NET ASSETS
AT END OF
PORTFOLIO PERIOD
GROSS TOTAL TURNOVER (000'S
EXPENSES(B) RETURN RATE OMITTED)
-------------- ------- -------- ----------
<S> <C> <C> <C> <C>
MANAGED FIXED INCOME FUND
I Shares
November 11, 1994 to
October 31, 1995........ 0.82% 11.32% 58.90% $171,453
STABLE INCOME FUND
I Shares
November 11, 1994 to
October 31, 1995........ 0.98% 7.20% 115.85% 48,087
</TABLE>
(a) See Note 1 of notes to financial statements for commencement of operations.
(b) During each period, various fees and expenses were waived and reimbursed.
The ratio of Gross Expenses to Average Net Assets reflects the expense ratio
in the absence of any waivers and reimbursements and in the case of
International Fund, the absence of waivers and reimbursements in
International Portfolio of Core Trust (Delaware).
(c) Includes expenses allocated from International Portfolio of Core Trust
(Delaware) of 0.80%, net of waivers of 0.10%, and reflects International
Fund fee waivers for I Shares, A Shares, and B Shares of 0.06%, 19.53%, and
13.20%, respectively.
(d) Annualized.
(e) Excludes expenses related to investment in Portfolios of Core Trust
(Delaware).
The accompanying notes are an integral part
of the financial statements. 32 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
DIVERSIFIED EQUITY FUND
SCHEDULE OF INVESTMENTS OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<S> <C> <C>
LARGE COMPANY GROWTH INVESTMENT
STYLE (25.3%):
COMMON STOCKS (24.0%):
AMUSEMENT & RECREATION SERVICES (0.7%):
81,280 The Walt Disney Company[DEL]... $ 4,683,762
------------
APPAREL & OTHER FINISHED PRODUCTS MADE
FROM FABRICS & SIMILAR MATERIALS (0.3%):
48,900 Cintas Corporation[DEL]........ 2,053,800
------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY,
& MOBILE HOME DEALERS (1.3%):
135,393 Home Depot, Inc. .............. 5,043,389
157,900 Lowe's Companies, Inc. ........ 4,263,300
------------
9,306,689
------------
BUSINESS SERVICES (3.9%):
25,550 Automatic Data Processing,
Inc. ........................ 1,826,825
11,700 DST Systems, Inc. ............. 245,700
108,700 First Data Corporation[DEL].... 7,187,789
86,550 Fiserv, Inc.*.................. 2,228,663
100,750 General Motors Corporation,
Class E...................... 4,747,844
106,120 Microsoft Corporation*......... 10,612,000
40,700 Sungard Data Systems, Inc.*.... 1,119,250
------------
27,968,071
------------
COMMUNICATIONS (0.6%):
154,900 Airtouch Communications,
Inc.*........................ 4,414,650
------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER
EQUIPMENT (6.0%):
164,200 Intel Corporation.............. 11,473,475
399,200 L.M. Ericsson Telephone
Company, ADR[DEL]............ 8,526,634
123,006 Molex, Inc., Class A........... 3,782,435
141,160 Motorola, Inc. ................ 9,263,626
121,900 Nokia Corporation, ADR, Class
A............................ 6,795,925
78,900 Solectron Corporation*......... 3,175,725
------------
43,017,820
------------
ENGINEERING, ACCOUNTING, RESEARCH,
MANAGEMENT, & RELATED SERVICES (0.7%):
116,200 Medaphis Corporation*[DEL]..... 3,689,350
37,700 Paychex, Inc. ................. 1,635,239
------------
5,324,589
------------
FOOD & KINDRED PRODUCTS (0.9%):
88,050 The Coca-Cola Company.......... 6,328,594
------------
GENERAL MERCHANDISE STORES (0.4%):
135,340 Wal-Mart Stores, Inc. ......... 2,926,728
------------
HEALTH SERVICES (0.3%):
49,700 Columbia HCA Healthcare
Corporation.................. 2,441,513
------------
HOLDING & OTHER INVESTMENT OFFICES (1.5%):
135,200 Franklin Resources, Inc. ...... 6,861,400
<CAPTION>
SHARES/ SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<S> <C> <C>
HOLDING & OTHER INVESTMENT OFFICES, CONTINUED:
70,200 T. Rowe Price.................. $ 3,492,450
------------
10,353,850
------------
INSURANCE CARRIERS (1.3%):
109,325 American International Group... 9,224,299
------------
MISCELLANEOUS RETAIL (1.3%):
200,500 Autozone, Inc.*[DEL]........... 4,962,366
93,700 Petsmart, Inc.*................ 3,138,940
33,100 Viking Office Products*........ 1,472,950
------------
9,574,256
------------
OIL & GAS EXTRACTION (0.1%):
9,900 Schlumberger, Ltd. ............ 616,275
------------
PHARMACEUTICAL PREPARATIONS (0.5%):
56,300 Pfizer, Inc.[DEL].............. 3,230,212
------------
SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES, & SERVICE (1.5%):
388,400 Charles Schwab Corporation..... 8,884,652
51,400 Donaldson, Lufkin & Jenrette,
Inc.*[DEL]................... 1,529,150
------------
10,413,802
------------
TOBACCO PRODUCTS (0.5%):
44,500 Philip Morris Companies,
Inc. ........................ 3,760,250
------------
WHOLESALE TRADE-DURABLE GOODS (0.4%):
81,500 Danka Business Systems[DEL].... 2,730,250
------------
WHOLESALE TRADE-NONDURABLE GOODS (1.8%):
28,800 Alco Standard Corporation...... 2,548,800
53,400 Corporate Express, Inc.*....... 1,395,076
309,560 Office Depot, Inc.*[DEL]....... 8,861,156
------------
12,805,032
------------
Total Common Stocks
(cost $135,330,844) 171,174,442
------------
REPURCHASE AGREEMENTS (1.3%):
$ 9,329,671 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $9,331,194.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000 Federal
National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost $9,329,671).... 9,329,671
------------
Total Large Company Growth Investment Style
(cost $144,660,515)........................ 180,504,113
------------
</TABLE>
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
33
<PAGE>
- --------------------------------------------------------------------------------
DIVERSIFIED EQUITY FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<S> <C> <C>
SMALL COMPANY GROWTH INVESTMENT
STYLE (9.9%):
2,451,409 Small Company Portfolio of Core
Trust (Delaware)`D'.......... $ 70,510,584
------------
Total Small Company Growth Investment Style
(cost $62,282,254) 70,510,584
------------
INTERNATIONAL INVESTMENT STYLE (14.9%):
4,947,202 International Portfolio II of
Core Trust (Delaware)`D'.... 106,186,601
------------
Total International Investment Style
(cost $101,920,754) 106,186,601
------------
INCOME EQUITY INVESTMENT STYLE (24.8%):
COMMON STOCKS (24.5%):
CHEMICALS & ALLIED PRODUCTS (3.5%):
38,200 American Home Products
Corporation.................... 3,385,475
82,600 Du Pont (E.I.) De Nemours &
Company........................ 5,152,175
45,900 Johnson & Johnson................ 3,740,850
56,100 Merck & Company, Inc. ........... 3,225,750
139,000 Morton International, Inc. ...... 4,239,500
67,600 Procter & Gamble Company......... 5,475,600
------------
25,219,350
------------
COMMUNICATIONS (1.7%):
115,000 AT&T Corporation................. 7,360,000
122,200 GTE Corporation.................. 5,040,750
------------
12,400,750
------------
DOMESTIC DEPOSITORY INSTITUTIONS (1.3%):
91,800 First Bank System, Inc.[DEL]..... 4,567,050
62,000 J.P. Morgan & Company, Inc. ..... 4,781,751
------------
9,348,801
------------
EATING & DRINKING PLACES (0.4%):
71,500 McDonald's Corporation........... 2,931,500
------------
ELECTRIC, GAS, & SANITARY SERVICES (2.3%):
104,600 Consolidated Natural Gas
Company[DEL]................... 3,974,800
38,200 FPL Group, Inc. ................. 1,599,625
80,000 Pacific Gas and Electric
Company......................... 2,350,000
83,000 Public Service Enterprise
Group, Inc. ................... 2,438,126
53,500 Texas Utilities Company.......... 1,966,125
150,000 WMX Technologies, Inc. .......... 4,218,750
------------
16,547,426
------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER
EQUIPMENT (1.2%):
50,900 Emerson Electric Company......... 3,626,625
<CAPTION>
SHARES/ SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<S> <C> <C>
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER
EQUIPMENT, CONTINUED:
76,100 General Electric Company....... $ 4,813,325
------------
8,439,950
------------
ENGINEERING, ACCOUNTING, RESEARCH,
MANAGEMENT, & RELATED SERVICES (0.8%):
100,000 Dun & Bradstreet Corporation... 5,975,000
------------
FOOD & KINDRED PRODUCTS (0.9%):
77,500 PepsiCo, Inc. ................. 4,088,125
70,000 Sara Lee Corporation........... 2,056,250
------------
6,144,375
------------
GENERAL MERCHANDISE STORES (1.1%):
38,700 Dayton Hudson Corporation...... 2,660,625
30,000 J.C. Penney Company, Inc. ..... 1,263,750
56,100 May Department Stores Company.. 2,201,925
56,100 Sears, Roebuck and Company..... 1,907,400
------------
8,033,700
------------
INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT (1.2%):
90,000 Hewlett-Packard Company........ 8,336,250
------------
INSURANCE CARRIERS (0.7%):
52,006 Allstate Corporation........... 1,911,221
99,000 American General Corporation... 3,254,626
------------
5,165,847
------------
MEASURING, ANALYZING, & CONTROLLING
INSTRUMENTS; PHOTOGRAPHIC, MEDICAL &
OPTICAL GOODS (1.6%):
77,900 Eastman Kodak Company.......... 4,878,488
145,000 Honeywell, Inc. ............... 6,090,000
------------
10,968,488
------------
NONDEPOSITORY CREDIT INSTITUTIONS (1.1%):
90,000 American Express Company....... 3,656,250
64,000 Transamerica Corporation....... 4,336,000
------------
7,992,250
------------
OIL & GAS EXTRACTION (0.6%):
70,000 Schlumberger, Ltd. ............ 4,357,500
------------
PAPER & ALLIED PRODUCTS (0.7%):
91,300 Minnesota Mining & Manufacturing
Company...................... 5,192,688
------------
PETROLEUM REFINING & RELATED
INDUSTRIES (2.4%):
33,500 Atlantic Richfield Company..... 3,576,125
71,300 Chevron Corporation............ 3,333,275
55,000 Exxon Corporation.............. 4,200,626
35,600 Mobil Corporation.............. 3,586,700
21,800 Royal Dutch Petroleum
Company[DEL]................. 2,678,675
------------
17,375,401
------------
PHARMACEUTICAL PREPARATIONS (0.6%):
70,000 Pfizer, Inc.[DEL].............. 4,016,250
------------
</TABLE>
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
34
<PAGE>
- --------------------------------------------------------------------------------
DIVERSIFIED EQUITY FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<S> <C> <C>
PRINTING, PUBLISHING, & ALLIED
INDUSTRIES (0.5%):
119,200 Deluxe Corporation............. $ 3,203,500
------------
TOBACCO PRODUCTS (1.3%):
119,500 American Brands, Inc. ......... 5,123,563
50,300 Philip Morris Companies, Inc. 4,250,350
------------
9,373,913
------------
TRANSPORTATION EQUIPMENT (0.6%):
48,400 United Technologies Corporation 4,295,500
------------
Total Common Stocks
(cost $143,332,862) 175,318,439
------------
REPURCHASE AGREEMENTS (0.3%):
$ 1,896,468 BA Securities, Inc., 5.875%,
due 11/1/95, to be repurchased
at $1,896,778. Collateralized
by $16,300 Federal Home Loan
Mortgage Corporation, 5.875%,
due 11/13/95; $46,000,000
Federal National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage Association,
5.875%, due 3/29/96;
$75,000,000 Federal National
Mortgage Association, 5.875%,
due 5/2/96; $45,000,000
Federal Home Loan Bank, 5.875%,
due 1/30/96, $22,000,000
Federal Home Loan Bank, 5.875%, due 2/29/96 (cost
$1,896,468).... 1,896,468
------------
Total Income Equity Investment Style
(cost $145,229,330) 177,214,907
------------
<CAPTION>
SHARES/ SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<S> <C> <C>
INDEX INVESTMENT STYLE (24.9%):
6,371,515 Index Portfolio of Core Trust
(Delaware)`D'.................. $177,753,834
------------
Total Index Investment Style
(cost $145,786,945) 177,753,834
OTHER INVESTMENTS (0.2%):
REPURCHASE AGREEMENTS (0.2%):
$ 1,781,394 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $1,781,685.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000 Federal
National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96...................... 1,781,394
------------
Total Other Investments
(cost $1,781,394) 1,781,394
------------
Total Investments (100.0%)
(cost $601,661,192) $713,951,433
------------
------------
</TABLE>
`D' As of October 31, 1995,
Diversified Equity Fund's
investment in Small Company
Portfolio, International
Portfolio II, and Index Portfolio of
Core Trust (Delaware)
represented 22.70%, 30.99%, and
61.46%, respectively, of
those portfolios' outstanding
interests. Accordingly, the
Fund may be deemed to own 22.70%,
30.99%, and 61.46%
of each security and other assets of
the respective
portfolios. The Portfolio of
Investments of Small Company
Portfolio, International Portfolio
II, and Index Portfolio of
Core Trust (Delaware) are presented
beginning at page 87.
* Non-income producing security.
[DEL] Part or all of this investment
on loan, see Note 6 of notes
to the financial statements.
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
35
<PAGE>
- --------------------------------------------------------------------------------
GROWTH EQUITY FUND
SCHEDULE OF INVESTMENTS OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------ ------------
<S> <C> <C>
LARGE COMPANY GROWTH INVESTMENT
STYLE (35.2%)
COMMON STOCKS (33.5%):
AMUSEMENT & RECREATION SERVICES (0.9%):
87,000 The Walt Disney
Company[DEL]................ $ 5,013,377
------------
APPAREL & OTHER FINISHED PRODUCTS MADE
FROM FABRICS & SIMILAR
MATERIALS (0.5%):
63,300 Cintas Corporation[DEL]....... 2,658,600
------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY,
& MOBILE HOME DEALERS (1.8%):
150,000 Home Depot, Inc............... 5,587,500
165,400 Lowe's Companies, Inc......... 4,465,800
------------
10,053,300
------------
BUSINESS SERVICES (5.5%):
28,400 Automatic Data Processing,
Inc......................... 2,030,600
12,900 DST Systems, Inc.............. 270,900
126,700 First Data Corporation[DEL]... 8,378,030
92,100 Fiserv, Inc.*................. 2,371,575
112,800 General Motors Corporation,
Class E[DEL]................ 5,315,703
118,400 Microsoft Corporation*........ 11,840,000
44,900 Sungard Data Systems, Inc..... 1,234,750
------------
31,441,558
------------
COMMUNICATIONS (0.8%):
168,700 Airtouch Communications,
Inc.*....................... 4,807,950
------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER
EQUIPMENT (8.4%):
182,700 Intel Corporation............. 12,766,153
444,100 L.M. Ericsson Telephone
Company, ADR[DEL]........... 9,485,665
131,343 Molex, Inc., Class A.......... 4,038,798
157,200 Motorola, Inc................. 10,316,252
140,100 Nokia Corporation, ADR, Class
A........................... 7,810,575
87,400 Solectron Corporation*........ 3,517,850
------------
47,935,293
------------
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------ ------------
<S> <C> <C>
ENGINEERING, ACCOUNTING, RESEARCH,
MANAGEMENT, & RELATED SERVICES (1.1%):
131,600 Medaphis Corporation*[DEL].... $ 4,178,300
45,050 Paychex, Inc.................. 1,954,045
------------
6,132,345
------------
FOOD & KINDRED PRODUCTS (1.3%):
103,300 The Coca-Cola Company......... 7,424,690
------------
GENERAL MERCHANDISE STORES (0.5%):
140,500 Wal-Mart Stores, Inc.......... 3,038,315
------------
HEALTH SERVICES (0.5%):
55,100 Columbia HCA Healthcare
Corporation[DEL]............ 2,706,788
------------
HOLDING & OTHER INVESTMENT OFFICES (2.0%):
150,900 Franklin Resources, Inc....... 7,658,175
75,300 T. Rowe Price................. 3,746,175
------------
11,404,350
------------
INSURANCE CARRIERS (1.9%):
126,250 American International Group.. 10,652,346
------------
MISCELLANEOUS RETAIL (1.8%):
204,800 Autozone, Inc.*[DEL].......... 5,068,800
100,450 Petsmart, Inc.*............... 3,365,075
34,200 Viking Office
Products*[DEL].............. 1,521,900
------------
9,955,775
------------
OIL & GAS EXTRACTION (0.1%):
9,400 Schlumberger, Ltd............. 585,150
------------
PHARMACEUTICAL PREPARATIONS (0.6%):
62,400 Pfizer, Inc.*................. 3,580,200
------------
SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES, & SERVICE (2.0%):
428,300 Charles Schwab Corporation.... 9,797,364
57,000 Donaldson, Lufkin & Jenrette,
Inc.*[DEL].................. 1,695,750
------------
11,493,114
------------
TOBACCO PRODUCTS (0.7%):
49,600 Philip Morris Companies,
Inc......................... 4,191,200
------------
WHOLESALE TRADE-DURABLE GOODS (0.6%):
93,200 Danka Business Systems[DEL]... 3,122,200
------------
WHOLESALE TRADE-NONDURABLE GOODS (2.5%):
31,100 Alco Standard
Corporation[DEL]............ 2,752,350
59,600 Corporate Express, Inc.*...... 1,557,051
345,900 Office Depot, Inc.*[DEL]...... 9,901,390
------------
14,210,791
------------
Total Common Stocks
(cost $151,738,605) 190,407,342
------------
</TABLE>
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
36
<PAGE>
- --------------------------------------------------------------------------------
GROWTH EQUITY FUND
SCHEDULE OF INVESTMENTS (CONTINUED) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/ SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ----------- ------------------------------ ------------
<S> <C> <C>
REPURCHASE AGREEMENTS (1.7%):
$9,752,064 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $9,753,656.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000
Federal National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875% due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost
$9,752,064). ............... $ 9,752,064
------------
Total Large Company Growth Investment
Style (cost $161,490,669) 200,159,406
------------
SMALL COMPANY GROWTH INVESTMENT
STYLE (34.5%)
6,811,907 Small Company Portfolio of
Core Trust (Delaware)`D'.... 195,932,903
Total Small Company Growth Investment
Style (cost $174,172,593) 195,932,903
------------
INTERNATIONAL INVESTMENT STYLE (30.0%):
7,910,497 International Portfolio II of
Core Trust (Delaware)`D'.... 169,790,689
------------
Total International Investment
Style (cost $163,142,224) 169,790,689
------------
<CAPTION>
SHARES/ SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ----------- ------------------------------ ------------
<S> <C> <C>
OTHER INVESTMENTS (0.3%):
REPURCHASE AGREEMENTS (0.3%):
$1,411,464 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $1,411,694.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000
Federal National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875% due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96..................... $ 1,411,464
------------
Total Other Investments
(cost $1,411,464) 1,411,464
------------
Total Investments (100.0%)
(cost $500,216,950) $ 567,294,462
------------
------------
</TABLE>
`D' As of October 31, 1995, Growth Equity Fund's investment in Small Company
Portfolio and International Portfolio II of Core Trust (Delaware)
represented 63.07% and 49.55%, respectively of those portfolios' outstanding
interests. Accordingly, the Fund may be deemed to own 63.07% and 49.55% of
each security and other assets of the respective portfolios. The Portfolio
of Investments of Small Company Portfolio and International Portfolio II of
Core Trust (Delaware) are presented beginning at page 87.
[DEL] Part or all of this investment on loan, see Note 6 of notes to the
financial statements.
* Non-income producing security.
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
37
<PAGE>
- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND
SCHEDULE OF INVESTMENTS OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- -------------------------------- -----------
<S> <C> <C>
COMMON STOCKS (95.2%):
AMUSEMENT & RECREATION SERVICES (2.5%):
27,800 The Walt Disney Company[DEL].... $ 1,601,976
-----------
APPAREL & OTHER FINISHED PRODUCTS MADE
FROM FABRICS & SIMILAR MATERIALS (1.2%):
18,500 Cintas Corporation.............. 777,000
-----------
BUILDING MATERIALS, HARDWARE, GARDEN
SUPPLY, & MOBILE HOME DEALERS (4.8%):
45,100 Home Depot, Inc................. 1,679,975
51,900 Lowe's Companies, Inc........... 1,401,300
-----------
3,081,275
-----------
BUSINESS SERVICES (15.8%):
9,600 Automatic Data Processing,
Inc........................... 686,400
4,200 DST Systems, Inc................ 88,200
39,400 First Data Corporation[DEL]..... 2,605,325
32,500 Fiserv, Inc.*................... 836,875
36,400 General Motors Corporation,
Class E[DEL].................. 1,715,351
37,900 Microsoft Corporation*.......... 3,790,000
14,600 Sungard Data Systems, Inc.*..... 401,500
-----------
10,123,651
-----------
COMMUNICATIONS (2.1%):
46,700 Airtouch Communications,
Inc.*......................... 1,330,950
-----------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT
& COMPONENTS, EXCEPT COMPUTER
EQUIPMENT (24.0%):
58,500 Intel Corporation............... 4,087,688
135,000 L.M. Ericsson Telephone Company,
ADR........................... 2,883,506
45,243 Molex, Inc., Class A............ 1,391,212
51,300 Motorola, Inc................... 3,366,564
44,300 Nokia Corporation, ADR, Class
A............................. 2,469,725
28,800 Solectron Corporation*.......... 1,159,200
-----------
15,357,895
-----------
ENGINEERING, ACCOUNTING, RESEARCH,
MANAGEMENT, & RELATED SERVICES (3.1%):
43,700 Medaphis Corporation*[DEL]...... 1,387,475
14,250 Paychex, Inc.................... 618,094
-----------
2,005,569
-----------
FOOD & KINDRED PRODUCTS (3.6%):
31,600 The Coca-Cola Company........... 2,271,251
-----------
GENERAL MERCHANDISE STORES (1.4%):
42,900 Wal-Mart Stores, Inc............ 927,713
-----------
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- -------------------------------- -----------
<S> <C> <C>
HEALTH SERVICES (1.3%):
17,600 Columbia HCA Healthcare
Corporation[DEL].............. $ 864,600
-----------
HOLDING & OTHER INVESTMENT OFFICES (5.9%):
48,800 Franklin Resources, Inc......... 2,476,600
25,200 T. Rowe Price................... 1,253,700
-----------
3,730,300
-----------
INSURANCE CARRIERS (5.5%):
42,050 American International Group.... 3,547,970
-----------
MISCELLANEOUS RETAIL (5.3%):
68,500 Autozone, Inc.*[DEL]............ 1,695,375
34,600 Petsmart, Inc.*................. 1,159,100
12,800 Viking Office Products*[DEL].... 569,600
-----------
3,424,075
-----------
OIL & GAS EXTRACTION (0.3%):
3,000 Schlumberger, Ltd............... 186,750
-----------
PHARMACEUTICAL PREPARATIONS (1.8%):
20,000 Pfizer, Inc..................... 1,147,501
-----------
SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES, & SERVICE (5.7%):
135,400 Charles Schwab Corporation...... 3,097,275
18,300 Donaldson, Lufkin & Jenrette,
Inc.*[DEL].................... 544,425
-----------
3,641,700
-----------
TOBACCO PRODUCTS (2.0%):
14,800 Philip Morris Companies, Inc.... 1,250,600
-----------
WHOLESALE TRADE -- DURABLE GOODS (1.6%):
29,500 Danka Business Systems[DEL]..... 988,250
-----------
WHOLESALE TRADE -- NONDURABLE GOODS (7.3%):
11,700 Alco Standard
Corporation[DEL].............. 1,035,450
18,800 Corporate Express, Inc.*........ 491,151
110,900 Office Depot, Inc.*[DEL]........ 3,174,514
-----------
4,701,115
-----------
Total Common Stocks
(cost $48,188,661) 60,960,141
-----------
WARRANTS (0.0%):
MISCELLANEOUS MANUFACTURING
INDUSTRIES (0.0%):
640 Jan Bell Marketing, Inc., due
12/13/95...................... 0
-----------
Total Warrants
(cost $0) 0
-----------
</TABLE>
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
38
<PAGE>
- --------------------------------------------------------------------------------
LARGE COMPANY GROWTH FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ----------- -------------------------------- -----------
<S> <C> <C>
REPURCHASE AGREEMENTS (4.8%):
$3,089,866 BA Securities, Inc., 5.875%, due
11/1/95, to be repurchased at
$3,090,370. Collateralized by
$16,300 Federal Home Loan
Mortgage Corporation, 5.875%,
due 11/13/95; $46,000,000
Federal National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage Association,
5.875%, due 3/29/96;
$75,000,000 Federal National
Mortgage Association, 5.875%,
due 5/2/96; $45,000,000
Federal Home Loan Bank,
5.875%, due 1/30/96;
$22,000,000 Federal Home Loan
Bank, 5.875%, due 2/29/96
(cost $3,089,866)............. $ 3,089,866
-----------
Total Investments (100.0%)
(cost $51,278,527) $64,050,007
-----------
-----------
</TABLE>
* Non-income producing security.
[DEL] Part or all of this investment on loan, see Note 6
of notes to the financial statements.
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
39
<PAGE>
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH FUND
SCHEDULE OF INVESTMENTS OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<S> <C> <C>
COMMON STOCKS (94.1%):
APPAREL & OTHER FINISHED PRODUCTS MADE
FROM FABRICS & SIMILAR MATERIALS (3.0%):
117,700 Authentic Fitness
Corporation.................. $ 2,412,850
252,400 Warnaco Group, Inc., Class A... 5,868,300
------------
8,281,150
------------
BUILDING CONSTRUCTION -- GENERAL CONTRACTORS
& OPERATIVE BUILDERS (1.7%):
228,300 Del Webb Corporation........... 4,737,225
------------
BUSINESS SERVICES (9.3%):
160,950 American Management Systems,
Inc.*........................ 4,647,431
76,200 BMC Software, Inc.*[DEL]....... 2,714,626
133,300 ITI Technologies, Inc.*........ 3,365,825
67,400 McAfee Associates, Inc.*....... 3,926,050
176,100 Platinum Technology, Inc.*..... 3,213,820
238,000 Possis Medical, Inc.*.......... 3,361,750
318,500 Sotheby's Holdings, Inc........ 4,419,184
------------
25,648,686
------------
CHEMICALS & ALLIED PRODUCTS (9.4%):
8,762 Advanced Therapeutic Systems*.. 242,050
150,100 Arcadian Corporation*.......... 3,095,813
81,604 Elan Corporation, plc,
ADR*[DEL].................... 3,274,361
61,000 Genzyme Corporation*[DEL]...... 3,553,250
158,900 Gilead Sciences, Inc.*......... 3,098,550
239,500 Sepracor, Inc.*................ 4,041,564
106,300 Teva Pharmaceutical Industries,
Ltd., ADR.................... 4,172,275
94,822 Watson Pharmaceuticals,
Inc.*........................ 4,243,285
------------
25,721,148
------------
COMMUNICATIONS (3.6%):
110,600 Comcast UK Cable Partners,
Ltd.*........................ 1,423,975
55,900 CommNet Cellular, Inc.*........ 1,404,488
118,300 Mobile Telecommunication
Technologies Corporation*.... 3,356,764
38,000 TCA Cable TV, Inc.[DEL]........ 1,125,750
118,650 Vanguard Cellular Systems,
Inc., Class A*............... 2,654,794
------------
9,965,771
------------
CONSTRUCTION -- SPECIAL TRADE CONTRACTORS
(1.5%):
112,300 Oakwood Homes Corporation...... 4,211,250
------------
DOMESTIC DEPOSITORY INSTITUTIONS (5.3%):
64,100 BayBanks, Inc.................. 5,192,100
71,800 Commercial Federal
Corporation.................. 2,360,425
276,700 Dime Bancorp, Inc.*............ 2,939,939
220,300 Glendale Federal Bank FSB*..... 3,524,800
31,343 Roosevelt Financial Group,
Inc.[DEL].................... 505,406
------------
14,522,670
------------
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<S> <C> <C>
EATING & DRINKING PLACES (1.0%):
74,000 Lone Star Steakhouse &
Saloon*...................... $ 2,858,251
------------
ELECTRIC, GAS, & SANITARY SERVICES (1.5%):
133,000 U.S.A. Waste Services, Inc.*... 2,793,000
36,000 United Waste Systems, Inc.*.... 1,422,000
------------
4,215,000
------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT (11.7%):
138,100 Alliance Semiconductor
Corporation*[DEL]............ 4,246,575
130,300 Burr-Brown Corporation*........ 4,234,750
119,400 Cidco, Inc.*[DEL].............. 3,537,226
66,000 Cypress Semiconductor
Corporation*[DEL]............ 2,326,500
13,800 Harman International
Industries, Inc.............. 636,526
98,000 Integrated Process Equipment
Corporation*................. 3,638,251
76,200 International Rectifier
Corporation*................. 3,438,525
65,500 Komag, Inc.*................... 3,733,500
48,300 Lattice Semiconductor
Corporation*................. 1,895,770
135,500 Smartflex Systems, Inc.*....... 1,981,680
103,700 VLSI Technology, Inc.*[DEL].... 2,436,950
------------
32,106,253
------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY &
TRANSPORTATION EQUIPMENT (1.4%):
64,000 Blount, Inc., Class A.......... 2,776,001
70,800 CasTech Aluminum Group, Inc.*.. 991,200
------------
3,767,201
------------
GENERAL MERCHANDISE STORES (1.3%):
157,700 Consolidated Stores
Corporation*................. 3,646,815
------------
HEALTH SERVICES (1.9%):
71,500 Community Health Systems,
Inc.*........................ 2,270,125
38,000 Genesis Health Ventures,
Inc.*[DEL]................... 1,097,250
62,850 Vencor, Inc.*[DEL]............. 1,744,088
------------
5,111,463
------------
HOLDING & OTHER INVESTMENT OFFICES (0.8%):
143,400 RFS Hotel Investors, Inc....... 2,168,925
------------
HOME FURNITURE, FURNISHINGS, & EQUIPMENT
STORES (1.0%):
127,500 Best Buy Company, Inc.*[DEL]... 2,645,625
------------
INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT (9.1%):
123,500 Adaptec, Inc.*................. 5,495,750
118,300 Case Corporation............... 4,510,188
95,500 Diamond Multimedia Systems,
Inc.*[DEL]................... 2,817,250
141,100 ESS Technology, Inc.*.......... 4,233,000
</TABLE>
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
40
<PAGE>
- --------------------------------------------------------------------------------
SMALL COMPANY GROWTH FUND
SCHEDULE OF INVESTMENTS (continued)
OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT, CONTINUED:
96,600 Greenfield Industries, Inc..... $ 2,898,000
60,300 Read-Rite Corporation*......... 2,102,963
67,700 York International
Corporation.................. 2,961,875
-----------
25,019,026
-----------
INSURANCE AGENTS, BROKERS, & SERVICE (2.0%):
112,700 The PMI Group, Inc.[DEL]....... 5,409,600
-----------
INSURANCE CARRIERS (5.7%):
164,700 AmVestors Financial
Corporation.................. 1,852,875
22,600 Capital RE Corporation......... 638,450
54,800 Healthsource, Inc.*[DEL]....... 2,904,400
151,200 PartnerRe, Ltd................. 4,025,700
210,400 Prudential Reinsurance
Holdings, Inc.*.............. 4,286,901
51,000 Vesta Insurance Group, Inc..... 2,059,125
-----------
15,767,451
-----------
LUMBER & WOOD PRODUCTS, EXCEPT
FURNITURE (2.1%):
155,000 Rayonier, Inc.................. 5,812,500
-----------
MEASURING, ANALYZING, & CONTROLLING
INSTRUMENTS; PHOTOGRAPHIC, MEDICAL, &
OPTICAL GOODS (2.8%):
92,600 Input/Output, Inc.*............ 3,460,925
333,800 LTX Corporation*............... 4,130,775
-----------
7,591,700
-----------
MISCELLANEOUS MANUFACTURING INDUSTRIES (1.8%):
178,500 Lear Seating Corporation*...... 4,953,375
-----------
MISCELLANEOUS RETAIL (4.2%):
59,700 Barnes & Noble, Inc.*.......... 2,179,050
190,900 Borders Group, Inc.*........... 3,269,163
124,350 Office Max, Inc.*.............. 3,077,663
90,450 Petsmart, Inc.*................ 3,030,075
-----------
11,555,951
-----------
NONDEPOSITORY CREDIT INSTITUTIONS (0.5%):
82,500 Olympic Financial, Ltd.*[DEL].. 1,505,625
-----------
OIL & GAS EXTRACTION (4.4%):
131,300 Box Energy Corporation, Class
B*[DEL]...................... 1,247,350
368,700 Reading & Bates Corporation*... 4,240,050
208,100 Sonat Offshore Drilling
Company...................... 6,607,175
-----------
12,094,575
-----------
PRIMARY METAL INDUSTRIES (1.5%):
76,800 Texas Industries, Inc.......... 4,041,601
-----------
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<S> <C> <C>
PRINTING, PUBLISHING, & ALLIED
INDUSTRIES (0.5%):
38,900 Softkey International,
Inc.*[DEL]................... $ 1,225,350
-----------
TEXTILE MILL PRODUCTS (1.0%):
137,500 Albany International
Corporation, Class A......... 2,853,125
-----------
WHOLESALE TRADE -- DURABLE GOODS (4.1%):
108,100 AmeriSource Health
Corporation*................. 2,945,725
257,600 Anixter International, Inc.*... 4,926,600
273,900 Tech Data Corporation*......... 3,321,039
-----------
11,193,364
-----------
Total Common Stocks
(cost $215,132,815) 258,630,676
-----------
WARRANTS (0.1%):
CHEMICALS & ALLIED PRODUCTS (0.1%):
4,979 Elan Corporation, plc,
ADR 11/14/95*................. 123,230
8,762 Elan Corporation, plc,
ADR 8/12/98*.................. 127,049
-----------
250,279
-----------
Total Warrants
(cost $153,063) 250,279
-----------
REPURCHASE AGREEMENTS (5.8%):
$ 16,052,098 BA Securities, Inc., 5.875%,
due 11/1/95, to be repurchased
at $16,054,718. Collateralized
by $16,300 Federal Home Loan
Mortgage Corporation, 5.875%,
due 11/13/95; $46,000,000 Federal
National Mortgage Association,
5.875%, due 2/27/96; $48,000,000
Federal National Mortgage
Association, 5.875%, due 3/29/96;
$75,000,000 Federal National
Mortgage Association, 5.875%,
due 5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost $16,052,098)... 16,052,098
-----------
Total Investments (100.0%)
(cost $231,337,976) $274,933,053
-----------
-----------
</TABLE>
* Non-income producing security.
[DEL] Part or all of this investment on loan, see Note 6
of notes to the financial statements.
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
41
<PAGE>
- --------------------------------------------------------------------------------
INTERNATIONAL FUND
SCHEDULE OF INVESTMENTS OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------- ------------------------------------- -----------
<S> <C> <C>
INTERNATIONAL INVESTMENT STYLE (100%):
International Portfolio of Core Trust
(Delaware)`D'...................... $92,309,942
-----------
Total Investments (100.0%)
(cost $88,631,222) $92,309,942
-----------
-----------
</TABLE>
`D' As of October 31, 1995 International Fund's investment in International
Portfolio of Core Trust (Delaware) represented substantially all of the
Portfolio's outstanding interests. Accordingly, the Fund may be deemed to
own substantially all of the securities and other assets of the Portfolio.
The Portfolio of Investments of International Portfolio of Core Trust
(Delaware) is presented beginning at page 94.
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
42
<PAGE>
- --------------------------------------------------------------------------------
INCOME EQUITY FUND
SCHEDULE OF INVESTMENTS OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ -------------------------------- -----------
<S> <C> <C>
COMMON STOCKS (97.2%):
CHEMICALS & ALLIED PRODUCTS (13.3%):
9,900 American Home Products
Corporation................... $ 877,388
19,700 Du Pont (E.I.) De Nemours &
Company....................... 1,228,788
11,800 Johnson & Johnson............... 961,700
14,500 Merck & Company, Inc............ 833,750
41,000 Morton International, Inc....... 1,250,500
17,000 Procter & Gamble Company[DEL]... 1,377,000
-----------
6,529,126
-----------
COMMUNICATIONS (7.0%):
35,000 AT&T Corporation................ 2,240,000
28,900 GTE Corporation................. 1,192,125
-----------
3,432,125
-----------
DOMESTIC DEPOSITORY INSTITUTIONS (4.7%):
23,700 First Bank System, Inc.[DEL].... 1,179,075
15,000 J.P. Morgan & Company, Inc...... 1,156,875
-----------
2,335,950
-----------
EATING & DRINKING PLACES (1.5%):
18,400 McDonald's Corporation.......... 754,400
-----------
ELECTRIC, GAS & SANITARY SERVICES (9.1%):
28,700 Consolidated Natural Gas
Company[DEL].................. 1,090,600
9,900 FPL Group, Inc.................. 414,563
25,000 Pacific Gas and Electric
Company....................... 734,370
23,700 Public Service Enterprise Group,
Inc.[DEL]..................... 696,186
11,600 Texas Utilities Company......... 426,300
39,000 WMX Technologies, Inc........... 1,096,876
-----------
4,458,895
-----------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER
EQUIPMENT (4.7%):
13,200 Emerson Electric Company........ 940,500
22,000 General Electric Company........ 1,391,500
-----------
2,332,000
-----------
ENGINEERING, ACCOUNTING, RESEARCH, MANAGEMENT,
& RELATED SERVICES (3.7%):
30,000 Dun & Bradstreet Corporation.... 1,792,500
-----------
FOOD & KINDRED PRODUCTS (3.7%):
18,400 PepsiCo, Inc.................... 970,600
28,000 Sara Lee Corporation............ 822,500
-----------
1,793,100
-----------
GENERAL MERCHANDISE STORES (5.2%):
9,200 Dayton Hudson Corporation....... 632,500
20,000 J.C. Penney Company, Inc........ 842,500
14,500 May Department Stores Company... 569,125
14,500 Sears, Roebuck and Company...... 493,000
-----------
2,537,125
-----------
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ -------------------------------- -----------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT (4.5%):
24,000 Hewlett-Packard Company......... $ 2,223,000
-----------
INSURANCE CARRIERS (2.8%):
13,442 Allstate Corporation............ 493,994
27,000 American General Corporation.... 887,626
-----------
1,381,620
-----------
MEASURING, ANALYZING, & CONTROLLING
INSTRUMENTS; PHOTOGRAPHIC, MEDICAL,
& OPTICAL GOODS (6.1%):
24,000 Eastman Kodak Company........... 1,503,000
35,000 Honeywell, Inc.................. 1,470,000
-----------
2,973,000
-----------
NONDEPOSITORY CREDIT INSTITUTIONS (4.6%):
27,600 American Express Company........ 1,121,250
16,600 Transamerica Corporation........ 1,124,650
-----------
2,245,900
-----------
OIL & GAS EXTRACTION (2.6%):
20,600 Schlumberger, Ltd............... 1,282,350
-----------
PAPER & ALLIED PRODUCTS (2.9%):
25,000 Minnesota Mining & Manufacturing
Company....................... 1,421,875
-----------
PETROLEUM REFINING & RELATED INDUSTRIES
(9.6%):
9,000 Atlantic Richfield Company...... 960,750
21,000 Chevron Corporation............. 981,750
14,200 Exxon Corporation............... 1,084,525
7,900 Mobil Corporation............... 795,925
7,000 Royal Dutch Petroleum
Company[DEL].................. 860,126
-----------
4,683,076
-----------
PHARMACEUTICAL PREPARATIONS (2.1%):
18,100 Pfizer, Inc.[DEL]............... 1,038,488
-----------
PRINTING, PUBLISHING, & ALLIED INDUSTRIES
(1.6%):
28,900 Deluxe Corporation.............. 776,688
-----------
TOBACCO PRODUCTS (5.2%):
30,000 American Brands, Inc............ 1,286,250
15,000 Philip Morris Companies, Inc.... 1,267,500
-----------
2,553,750
-----------
TRANSPORTATION EQUIPMENT (2.3%):
12,500 United Technologies
Corporation................... 1,109,375
-----------
Total Common Stocks
(cost $39,384,675) 47,654,343
-----------
</TABLE>
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
43
<PAGE>
- --------------------------------------------------------------------------------
INCOME EQUITY FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ------------ -------------------------------- -----------
REPURCHASE AGREEMENTS (2.8%):
<S> <C> <C>
$ 1,360,418 BA Securities, Inc., 5.875%, due
11/1/95, to be repurchased at
$1,360,640. Collateralized by
$16,300 Federal Home Loan
Mortgage Corporation, 5.875%,
due 11/13/95; $46,000,000
Federal National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage Association,
5.875%, due 3/29/96;
$75,000,000 Federal National
Mortgage Association, 5.875%,
due 5/2/96; $45,000,000
Federal Home Loan Bank,
5.875%, due 1/30/96;
$22,000,000 Federal Home Loan
Bank, 5.875%, due 2/29/96
(cost $1,360,418)............. $ 1,360,418
-----------
Total Investments (100.0%)
(cost $40,745,093) $49,014,761
-----------
-----------
</TABLE>
[DEL] Part or all of this investment on loan, see Note 6
of notes to the financial statements.
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
44
<PAGE>
- --------------------------------------------------------------------------------
INDEX FUND
SCHEDULE OF INVESTMENTS OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<C> <S> <C>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
COMMON STOCKS (99.4%):
AGRICULTURAL PRODUCTION -- CROPS (0.1%):
3,100 Pioneer Hi-Bred International,
Inc.......................... $ 153,838
------------
AMUSEMENT & RECREATION SERVICES (0.8%):
8,950 Harrah's Entertainment,
Inc.*........................ 221,513
22,100 The Walt Disney Company[DEL] 1,273,513
------------
1,495,026
------------
APPAREL & ACCESSORY STORES (0.5%):
23,800 Charming Shoppes, Inc.......... 68,425
5,000 Gap, Inc....................... 196,875
3,700 Melville Corporation........... 118,400
2,800 Nordstrom, Inc................. 103,775
7,000 TJX Companies, Inc............. 94,500
18,100 The Limited, Inc............... 332,588
------------
914,563
------------
APPAREL & OTHER FINISHED PRODUCTS MADE
FROM FABRICS & SIMILAR MATERIALS (0.2%):
5,900 Liz Claiborne, Inc............. 167,413
2,600 V.F. Corporation............... 124,475
------------
291,888
------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE
STATIONS (0.1%):
9,400 Pep Boys -- Manny, Moe & Jack.. 205,625
------------
AUTOMOTIVE REPAIR, SERVICES,
& PARKING (0.1%):
5,300 Ryder System, Inc.............. 127,863
------------
BUILDING CONSTRUCTION -- GENERAL CONTRACTORS
& OPERATIVE BUILDERS (0.0%):
2,100 Centex Corporation............. 68,775
------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY,
& MOBILE HOME DEALERS (0.5%):
20,366 Home Depot, Inc................ 758,634
6,300 Lowe's Companies, Inc.......... 170,100
------------
928,734
------------
BUSINESS SERVICES (3.4%):
2,600 Autodesk, Inc.................. 88,400
5,700 Automatic Data Processing,
Inc.......................... 407,550
6,300 C.U.C. International,
Inc.*[DEL]................... 218,138
2,700 Cabletron Systems, Inc.*....... 212,288
3,400 Ceridian Corporation*.......... 147,900
8,400 Computer Associates
International, Inc........... 462,000
2,000 Computer Sciences
Corporation*................. 133,750
4,100 First Data Corporation[DEL].... 271,113
3,100 Interpublic Group of Companies,
Inc.......................... 120,125
25,100 Microsoft Corporation*......... 2,510,000
13,700 Novell, Inc.*.................. 226,050
5,600 Ogden Corporation.............. 127,400
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
BUSINESS SERVICES, CONTINUED:
17,050 Oracle Systems Corporation*.... $ 743,807
5,850 Safety Kleen Corporation....... 89,944
3,400 Sun Microsystems, Inc.*........ 265,200
7,200 UST, Inc....................... 216,000
------------
6,239,665
------------
CHEMICALS & ALLIED PRODUCTS (12.3%):
32,460 Abbott Laboratories............ 1,290,285
3,900 Air Products & Chemicals,
Inc.......................... 201,338
3,600 Alberto Culver Company......... 112,950
4,200 Allergan, Inc.................. 123,375
5,500 Alza Corporation*.............. 121,000
12,700 American Home Products
Corporation.................. 1,125,539
10,800 Amgen, Inc.*................... 518,400
2,600 Avon Products, Inc............. 184,925
11,300 Baxter International, Inc...... 436,463
21,700 Bristol-Myers Squibb Company... 1,654,625
2,200 Clorox Company................. 157,850
5,200 Colgate-Palmolive Company...... 360,100
4,300 Dial Corporation............... 104,813
11,150 Dow Chemical Company........... 765,169
23,100 DuPont (E.I.) De Nemours &
Company...................... 1,440,863
2,800 Eastman Chemical Company....... 166,600
4,300 Ecolab, Inc.................... 124,700
12,400 Eli Lilly & Company............ 1,198,151
1,700 FMC Corporation*............... 121,763
2,400 Goodrich (B.F.) Company........ 158,100
4,200 Great Lakes Chemical
Corporation[DEL]............. 281,925
4,500 Hercules, Inc.................. 240,188
5,900 International Flavors &
Fragrances, Inc.............. 284,675
27,600 Johnson & Johnson.............. 2,249,400
2,600 Mallinckrodt Group, Inc........ 90,350
53,000 Merck & Company, Inc........... 3,047,500
5,600 Monsanto Company............... 586,600
4,900 Morton International, Inc...... 149,450
3,200 Nalco Chemical Company......... 96,000
10,800 PPG Industries, Inc............ 459,000
4,700 Praxair, Inc................... 126,900
29,474 Procter & Gamble Company....... 2,387,394
2,400 Rohm & Haas Company............ 132,600
15,900 Schering-Plough
Corporation[DEL]............. 852,638
3,700 Sherwin-Williams Company....... 139,213
8,100 Union Carbide Corporation...... 306,788
5,800 Upjohn Company[DEL]............ 294,350
3,300 W.R. Grace & Company........... 183,975
</TABLE>
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
45
<PAGE>
- --------------------------------------------------------------------------------
INDEX FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
CHEMICALS & ALLIED PRODUCTS, CONTINUED:
5,500 Warner-Lambert Company......... $ 468,188
------------
22,744,143
------------
COMMUNICATIONS (10.0%):
67,989 AT&T Corporation............... 4,351,296
22,001 Airtouch Communications,
Inc.*........................ 627,029
7,100 Alltel Corporation............. 217,438
23,700 Ameritech Corporation.......... 1,279,800
19,000 Bell Atlantic
Corporation[DEL]............. 1,208,876
20,650 BellSouth Corporation.......... 1,579,725
2,400 CBS, Inc....................... 193,800
6,400 Capital Cities/ABC, Inc........ 759,200
7,800 Comcast Corporation, Class A... 139,425
41,600 GTE Corporation................ 1,716,000
3,000 King World Productions,
Inc.*........................ 104,625
32,800 MCI Communications
Corporation.................. 817,950
18,300 NYNEX Corporation.............. 860,100
17,101 Pacific Telesis Group.......... 519,443
27,600 SBC Communications, Inc........ 1,542,152
15,700 Sprint Corporation............. 604,450
24,948 Tele-Communications, Inc.*..... 424,116
19,200 U.S. West, Inc................. 914,400
14,705 Viacom, Inc., Class B*[DEL].... 735,250
------------
18,595,075
------------
DOMESTIC DEPOSITORY INSTITUTIONS (6.5%):
18,603 Banc One Corporation........... 627,851
4,900 Bank of Boston Corporation..... 218,050
10,100 Bank of New York Company,
Inc.[DEL].................... 424,200
16,284 BankAmerica Corporation........ 936,330
2,700 Bankers Trust New York
Corporation.................. 172,125
5,900 Barnett Banks, Inc............. 325,975
4,900 Boatmen's Bancshares, Inc...... 186,200
8,300 Chase Manhattan Corporation.... 473,100
10,504 Chemical Banking Corporation... 597,416
16,900 Citicorp....................... 1,096,388
5,100 Corestates Financial
Corporation.................. 185,513
6,100 First Bank System, Inc......... 303,475
3,400 First Chicago Corporation...... 230,775
2,900 First Fidelity
Bancorporation............... 189,588
4,200 First Interstate Bancorp....... 541,800
8,400 First Union Corporation[DEL]... 416,850
6,300 Fleet Financial Group,
Inc.[DEL].................... 244,125
2,200 Golden West Financial
Corporation.................. 110,275
5,500 Great Western Financial
Corporation.................. 124,438
4,800 H.F. Ahmanson & Company........ 120,000
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
DOMESTIC DEPOSITORY INSTITUTIONS, CONTINUED:
8,400 J.P. Morgan & Company, Inc..... $ 647,851
8,500 KeyCorp........................ 286,875
8,050 Mellon Bank Corporation........ 403,506
5,750 NBD Bancorp, Inc............... 218,500
5,900 National City Corporation...... 182,163
12,960 NationsBank Corporation[DEL]... 852,120
10,700 PNC Bank Corporation[DEL]...... 280,875
2,400 Republic New York Corporation.. 140,700
4,600 Shawmut National Corporation... 155,825
4,300 Suntrust Banks, Inc............ 277,350
4,300 U.S. Bancorp................... 127,388
9,200 Wachovia Corporation........... 405,950
2,000 Wells Fargo & Company.......... 420,250
------------
11,923,827
------------
EATING & DRINKING PLACES (1.0%):
16,700 Darden Restaurants, Inc........ 189,963
4,100 Marriott International, Inc.... 151,188
29,800 McDonald's Corporation......... 1,221,800
10,600 Shoney's, Inc.*................ 117,925
5,200 Wendy's International, Inc..... 103,350
------------
1,784,226
------------
ELECTRIC, GAS, & SANITARY SERVICES (4.9%):
6,400 American Electric Power
Company...................... 244,000
4,400 Baltimore Gas & Electric
Company...................... 117,700
8,100 Browning-Ferris Industries,
Inc.......................... 235,913
4,682 CINergy Corporation............ 132,852
5,600 Carolina Power & Light
Company...................... 183,400
6,300 Central & Southwest
Corporation.................. 168,525
3,600 Coastal Corporation............ 116,550
3,400 Columbia Gas System, Inc.*..... 130,900
12,800 Consolidated Edison Company of
New York, Inc................ 388,800
3,100 Consolidated Natural Gas
Company...................... 117,800
5,400 Detroit Edison Company......... 182,250
5,900 Dominion Resources, Inc........ 234,525
10,700 Duke Power Company............. 478,825
6,700 ENSERCH Corporation............ 97,150
3,000 Eastern Enterprises............ 89,625
11,500 Enron Corporation.............. 395,313
7,900 Entergy Corporation............ 225,150
9,600 FPL Group, Inc................. 402,001
4,000 General Public Utilities....... 125,000
4,300 Houston Industries, Inc........ 199,413
18,900 Laidlaw, Inc., Class B......... 170,100
</TABLE>
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
46
<PAGE>
- --------------------------------------------------------------------------------
INDEX FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
ELECTRIC, GAS, & SANITARY SERVICES,
CONTINUED:
14,300 Niagara Mohawk Power
Corporation.................. $ 153,725
3,700 Nicor, Inc..................... 99,438
18,900 NorAm Energy Corporation....... 146,475
1,900 Northern States Power Company.. 89,775
6,500 Ohio Edison Company............ 148,688
5,100 Oneok, Inc..................... 124,313
9,700 PacifiCorp..................... 183,088
4,400 Pacific Enterprises............ 108,900
17,000 Pacific Gas and Electric
Company...................... 499,376
4,565 Panhandle Eastern
Corporation.................. 115,266
11,700 Peco Energy Company............ 342,225
3,800 People's Energy Corporation.... 109,250
8,500 Public Service Enterprise
Group, Inc................... 249,688
20,300 Scecorp........................ 345,100
3,100 Sonat, Inc..................... 89,125
27,200 Southern Company............... 649,401
12,000 Texas Utilities Company........ 441,000
3,600 Union Electric Company......... 140,400
19,800 WMX Technologies, Inc.......... 556,876
3,600 Williams Companies, Inc........ 139,050
------------
9,166,951
------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER
EQUIPMENT (6.8%):
9,300 AMP, Inc....................... 365,025
3,300 Advanced Micro Devices,
Inc.*........................ 78,788
2,300 Andrew Corporation*............ 97,175
4,000 Cooper Industries, Inc......... 135,000
3,800 DSC Communications
Corporation*................. 140,600
8,900 Emerson Electric Company....... 634,125
72,600 General Electric Company....... 4,591,950
2,200 Harris Corporation............. 127,875
35,300 Intel Corporation.............. 2,466,588
8,300 Maytag Corporation............. 157,700
8,800 Micron Technology, Inc......... 621,500
25,300 Motorola, Inc.................. 1,660,313
3,500 National Service Industries.... 104,125
9,100 Northern Telecom, Ltd.......... 327,600
2,400 Raychem Corporation............ 111,300
4,800 Scientific-Atlanta, Inc........ 59,400
3,300 Tellabs, Inc.*[DEL]............ 112,200
8,000 Texas Instruments, Inc......... 546,000
2,200 Thomas & Betts Corporation..... 142,175
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER
EQUIPMENT, CONTINUED:
2,500 Whirlpool Corporation.......... $ 132,500
------------
12,611,939
------------
ENGINEERING, ACCOUNTING, RESEARCH,
MANAGEMENT, & RELATED SERVICES (0.3%):
6,100 Dun & Bradstreet Corporation... 364,475
7,200 EG&G, Inc...................... 134,100
------------
498,575
------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY
& TRANSPORTATION EQUIPMENT (0.8%):
3,400 Crane Company.................. 120,275
3,100 Crown Cork & Seal Company,
Inc.*........................ 108,113
18,160 Gillette Company............... 878,491
3,000 Parker-Hannifin Corporation.... 101,250
2,200 Snap-On, Inc................... 93,225
2,200 Stanley Works.................. 105,050
------------
1,406,404
------------
FOOD STORES (0.6%):
10,900 Albertson's, Inc............... 362,425
4,900 American Stores Company........ 146,388
4,400 Giant Food, Inc., Class A...... 141,350
4,500 Great Atlantic & Pacific Tea
Company, Inc................. 91,125
3,900 Kroger Company*................ 130,163
2,300 Winn-Dixie Stores, Inc......... 149,500
------------
1,020,951
------------
FOOD & KINDRED PRODUCTS (7.0%):
7,500 Adolph Coors Company........... 134,063
10,400 Anheuser-Busch Companies,
Inc.......................... 686,400
22,577 Archer Daniels Midland
Company...................... 364,054
3,550 Brown-Forman Corporation....... 135,344
6,600 CPC International, Inc......... 438,075
11,600 Campbell Soup Company.......... 607,551
9,375 Conagra, Inc................... 362,109
5,800 General Mills, Inc............. 332,775
12,300 Heinz (H.J.) Company........... 571,950
3,100 Hershey Foods Corporation...... 185,225
10,000 Kellogg Company................ 722,500
33,700 PepsiCo, Inc................... 1,777,675
4,800 Quaker Oats Company............ 163,800
3,500 Ralston-Ralston Purina Group... 207,813
19,600 Sara Lee Corporation........... 575,751
15,900 Seagram Company, Ltd........... 572,400
54,000 The Coca-Cola Company.......... 3,881,251
6,900 Unilever N.V.[DEL]............. 903,900
</TABLE>
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
47
<PAGE>
- --------------------------------------------------------------------------------
INDEX FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
FOOD & KINDRED PRODUCTS, CONTINUED:
5,600 Whitman Corporation............ $ 119,000
4,300 Wrigley (Wm) Jr. Company....... 199,950
------------
12,941,586
------------
FURNITURE & FIXTURES (0.1%):
5,300 Masco Corporation.............. 149,063
------------
GENERAL MERCHANDISE STORES (2.3%):
2,500 Dayton Hudson Corporation...... 171,875
4,100 Dillard Department Stores,
Inc.......................... 111,213
2,700 Harcourt General, Inc.......... 106,988
8,200 J.C. Penney Company, Inc....... 345,425
23,800 Kmart Corporation.............. 193,376
9,800 May Department Stores
Company...................... 384,650
2,400 Mercantile Stores Company,
Inc.......................... 107,700
7,605 Price/Costco, Inc.*............ 129,285
15,900 Sears, Roebuck and Company..... 540,600
98,400 Wal-Mart Stores, Inc........... 2,127,901
5,500 Woolworth Corporation.......... 80,438
------------
4,299,451
------------
HEALTH SERVICES (0.7%):
10,200 Beverly Enterprises*........... 119,850
18,100 Columbia HCA Healthcare
Corporation.................. 889,164
6,900 Community Psychiatric
Centers...................... 75,038
3,300 Manor Care, Inc................ 108,075
5,900 Tenet Healthcare
Corporation*................. 105,463
------------
1,297,590
------------
HEAVY CONSTRUCTION OTHER THAN BUILDING
CONSTRUCTION -- CONTRACTORS (0.2%):
2,800 Fluor Corporation.............. 158,200
3,800 Foster Wheeler Corporation..... 142,500
3,900 Halliburton Company............ 161,850
------------
462,550
------------
HOME FURNITURE, FURNISHINGS, & EQUIPMENT
STORES (0.1%):
3,800 Circuit City Stores............ 126,825
------------
HOTELS, ROOMING HOUSES, CAMPS, & OTHER
LODGING PLACES (0.1%):
1,600 Hilton Hotels Corporation...... 107,200
------------
INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT (6.0%):
14,400 Amdahl Corporation*............ 133,200
4,100 Apple Computer, Inc............ 148,881
7,600 Applied Materials, Inc.*....... 380,950
4,900 Baker Hughes, Inc.............. 96,163
4,100 Black & Decker Corporation..... 138,888
2,900 Briggs & Stratton
Corporation.................. 117,088
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT, CONTINUED:
5,200 Brunswick Corporation.......... $ 101,400
7,500 Caterpillar, Inc............... 420,938
4,600 Cincinnati Milacron, Inc....... 118,450
11,100 Cisco Systems, Inc.*[DEL]...... 860,250
10,000 Compaq Computer Corporation*... 557,500
6,300 Cummins Engine Company, Inc.... 221,288
11,700 Data General Corporation*...... 134,550
3,700 Deer & Company................. 330,688
6,300 Digital Equipment
Corporation*................. 340,988
4,000 Dover Corporation.............. 158,000
6,000 Dresser Industries, Inc........ 124,500
2,800 General Signal Corporation..... 89,250
3,500 Harnischfeger Industries,
Inc.......................... 110,250
21,900 Hewlett-Packard Company........ 2,028,488
3,700 Ingersoll-Rand Company......... 130,888
9,300 Intergraph Corporation*........ 112,763
24,400 International Business Machines
Corporation.................. 2,372,900
8,300 McDermott International,
Inc.......................... 131,763
5,200 Pall Corporation............... 126,750
4,900 Pitney Bowes, Inc.............. 213,763
5,100 Silicon Graphics, Inc.*[DEL]... 169,575
20,000 Tandem Computers, Inc.*........ 225,000
2,300 Tandy Corporation.............. 113,563
6,800 Tenneco, Inc................... 298,350
3,000 Timken Company................. 120,750
3,300 Tyco International, Ltd........ 200,475
9,400 Unisys Corporation*............ 52,875
2,100 Varity Corporation*............ 76,125
12,300 Westinghouse Electric
Corporation.................. 173,738
------------
11,130,988
------------
INSURANCE AGENTS, BROKERS, & SERVICE (0.2%):
4,900 Alexander & Alexander Services,
Inc.......................... 109,638
3,900 Marsh & McLennan Companies,
Inc.......................... 319,313
------------
428,951
------------
INSURANCE CARRIERS (3.9%):
3,900 Aetna Life & Casualty Company.. 274,463
17,685 Allstate Corporation........... 649,924
7,300 American General Corporation... 239,988
20,293 American International Group... 1,712,223
2,600 CIGNA Corporation.............. 257,725
4,400 Chubb Corporation.............. 395,451
3,800 General Re Corporation......... 550,526
1,800 Jefferson-Pilot Corporation.... 118,800
</TABLE>
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
48
<PAGE>
- --------------------------------------------------------------------------------
INDEX FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
INSURANCE CARRIERS, CONTINUED:
3,300 Lincoln National Corporation... $ 147,263
3,200 Loews Corporation.............. 469,200
3,700 Providian Corporation.......... 145,225
2,000 Safeco Corporation............. 128,375
5,000 St. Paul Companies, Inc........ 253,750
2,450 Torchmark Corporation.......... 101,675
63 Transport Holdings, Inc., Class
A*........................... 2,473
15,600 Travelers, Inc................. 787,800
5,900 U.S. Healthcare, Inc........... 227,150
4,500 USLife Corporation............. 128,250
7,500 USF&G Corporation.............. 125,625
8,400 United Healthcare
Corporation.................. 446,250
2,800 Unum Corporation............... 147,350
------------
7,309,486
------------
LEATHER & LEATHER PRODUCTS (0.0%):
6,100 Stride Rite Corporation........ 68,625
------------
LUMBER & WOOD PRODUCTS, EXCEPT
FURNITURE (0.1%):
3,900 Louisiana-Pacific
Corporation.................. 93,113
------------
MEASURING, ANALYZING, & CONTROLLING
INSTRUMENTS; PHOTOGRAPHIC, MEDICAL
& OPTICAL GOODS (2.3%):
4,200 Bard (C.R.), Inc............... 118,650
2,100 Bausch & Lomb, Inc............. 72,713
2,300 Becton, Dickinson & Company.... 149,500
7,500 Biomet, Inc.*[DEL]............. 124,688
5,400 Boston Scientific
Corporation*................. 227,475
15,850 Eastman Kodak Company.......... 992,606
4,600 Honeywell, Inc................. 193,200
1,500 Johnson Controls, Inc.......... 87,375
5,800 Loral Corporation.............. 171,825
9,400 Medtronic, Inc................. 542,850
3,400 Millipore Corporation.......... 120,275
3,100 Perkin-Elmer Corporation....... 108,888
2,728 Polaroid Corporation........... 116,622
9,600 Raytheon Company............... 418,800
2,500 St. Jude Medical, Inc.*........ 133,125
5,600 U.S. Surgical
Corporation[DEL]............. 137,200
4,200 Xerox Corporation[DEL]......... 544,950
------------
4,260,742
------------
METAL MINING (0.9%):
12,900 Barrick Gold Corporation....... 298,313
4,400 Cyprus Amax Minerals Company... 114,950
13,200 Echo Bay Mines, Ltd............ 118,800
2,692 Firstmiss Gold, Inc.*[DEL]..... 48,456
24,200 Freeport-McMoran Copper & Gold,
Inc.......................... 550,550
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
METAL MINING, CONTINUED:
4,700 Homestake Mining Company....... $ 72,263
2,987 Newmont Mining Corporation..... 112,759
8,104 Placer Dome, Inc............... 177,275
13,980 Santa Fe Pacific Gold
Corporation.................. 138,053
------------
1,631,419
------------
MISCELLANEOUS MANUFACTURING
INDUSTRIES (0.2%):
4,100 Hasbro, Inc.................... 125,050
7,250 Mattel, Inc.................... 208,438
------------
333,488
------------
MISCELLANEOUS RETAIL (0.4%):
3,300 Longs Drug Stores, Inc......... 132,000
4,400 Rite Aid Corporation........... 118,800
10,150 Toys 'R' Us, Inc.*............. 222,031
8,600 Walgreen Company............... 245,100
------------
717,931
------------
MOTION PICTURES (0.1%):
7,400 Unicom Corporation............. 242,350
------------
MOTOR FREIGHT TRANSPORTATION &
WAREHOUSING (0.0%):
1,400 Roadway Services, Inc.......... 62,650
------------
NONDEPOSITORY CREDIT INSTITUTIONS (2.3%):
21,500 American Express Company....... 873,438
2,500 Beneficial Corporation......... 122,500
7,231 Dean Witter Discover &
Company...................... 359,742
8,200 Federal Home Loan Mortgage
Corporation.................. 567,850
11,200 Federal National Mortgage
Association.................. 1,174,601
4,000 Household International,
Inc.......................... 225,000
4,700 ITT Corporation................ 575,750
5,150 MBNA Corporation............... 189,906
2,600 Transamerica Corporation....... 176,150
------------
4,264,937
------------
OIL & GAS EXTRACTION (0.8%):
4,400 Burlington Resources, Inc...... 158,400
5,500 Helmerich & Payne, Inc......... 142,313
10,100 Occidental Petroleum
Corporation.................. 217,150
6,100 Oryx Energy Company*........... 70,150
20,657 Santa Fe Energy Resources,
Inc.*........................ 183,331
9,200 Schlumberger, Ltd.............. 572,700
3,000 Western Atlas, Inc.*........... 131,625
------------
1,475,669
------------
</TABLE>
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
49
<PAGE>
- --------------------------------------------------------------------------------
INDEX FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
PAPER & ALLIED PRODUCTS (2.3%):
2,700 Avery Dennison Corporation..... $ 120,825
3,200 Boise Cascade Corporation...... 116,000
3,300 Champion International
Corporation.................. 176,550
3,100 Federal Paper Board Company.... 130,200
3,100 Georgia Pacific Corporation.... 255,750
12,200 International Paper Company.... 451,400
5,600 James River Corporation of
Virginia[DEL]................ 179,900
6,900 Kimberly-Clark
Corporation[DEL]............. 501,113
1,700 Mead Corporation............... 97,963
18,000 Minnesota Mining &
Manufacturing Company........ 1,023,750
5,200 Scott Paper Company............ 276,900
6,000 Stone Container Corporation.... 99,000
2,500 Temple-Inland, Inc............. 113,750
2,400 Union Camp Corporation......... 122,100
3,000 Westvaco Corporation........... 83,250
7,200 Weyerhaeuser Company........... 317,700
2,300 Willamette Industries, Inc..... 133,400
------------
4,199,551
------------
PERSONAL SERVICES (0.1%):
3,100 H & R Block, Inc............... 127,875
3,475 Service Corporation
International................ 139,434
------------
267,309
------------
PETROLEUM REFINING & RELATED
INDUSTRIES (7.6%):
3,200 Amerada Hess Corporation....... 144,400
20,300 Amoco Corporation.............. 1,296,653
2,300 Ashland, Inc................... 72,728
6,200 Atlantic Richfield Company..... 661,840
27,900 Chevron Corporation............ 1,304,315
53,200 Exxon Corporation.............. 4,063,140
1,500 Kerr-McGee Corporation......... 82,683
2,900 Louisiana Land & Exploration
Company...................... 102,578
16,900 Mobil Corporation.............. 1,702,675
3,000 Pennzoil Company............... 113,250
11,200 Phillips Petroleum Company..... 361,200
23,000 Royal Dutch Petroleum
Company[DEL]................. 2,826,116
5,500 Sun Company, Inc............... 157,433
10,600 Texaco, Inc.................... 722,121
13,900 USX-Marathon Group, Inc........ 246,725
10,600 Unocal Corporation............. 278,250
------------
14,136,107
------------
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
PHARMACEUTICAL PREPARATIONS (0.8%):
27,100 Pfizer, Inc.................... $ 1,554,863
------------
PRIMARY METAL INDUSTRIES (1.0%):
7,875 Alcan Aluminum, Ltd.[DEL]...... 249,047
7,600 Aluminum Company of America.... 387,600
3,100 Asarco, Inc.................... 99,975
7,600 Bethlehem Steel
Corporation*[DEL]............ 99,750
9,000 Engelhard Corporation.......... 223,875
4,100 Inco, Ltd...................... 140,938
3,000 Nucor Corporation.............. 144,375
2,500 Phelps Dodge Corporation....... 158,438
2,300 Reynolds Metals Company........ 115,863
2,700 USX-US Steel Group, Inc........ 80,663
8,025 Worthington Industries, Inc.... 133,416
------------
1,833,940
------------
PRINTING, PUBLISHING, & ALLIED
INDUSTRIES (1.3%):
4,200 American Greetings
Corporation.................. 132,300
3,600 Deluxe Corporation............. 96,750
3,500 Dow Jones & Company, Inc....... 123,375
7,600 Gannett Company, Inc........... 413,251
2,300 Knight-Ridder, Inc............. 127,650
1,500 McGraw-Hill Companies, Inc..... 122,813
4,200 Meredith Corporation........... 150,150
5,300 Moore Corporation, Ltd......... 101,363
3,600 New York Times Company......... 99,900
5,300 R.R. Donnelley & Sons
Company...................... 193,450
17,980 Time Warner, Inc............... 656,270
4,400 Times Mirror Company........... 127,600
2,300 Tribune Company................ 145,188
------------
2,490,060
------------
RAILROAD TRANSPORTATION (1.3%):
8,562 Burlington Northern Santa Fe
Corporation[DEL]............. 718,139
4,500 CSX Corporation................ 376,875
2,600 Conrail, Inc................... 178,750
5,900 Norfolk Southern Corporation... 455,775
9,300 Union Pacific
Corporation[DEL]............. 607,988
------------
2,337,527
------------
RUBBER & MISCELLANEOUS PLASTICS
PRODUCTS (0.7%):
2,700 Armstrong World Industries,
Inc.......................... 160,313
3,500 Cooper Tire & Rubber Company... 80,938
4,800 Goodyear Tire & Rubber
Company...................... 182,400
4,400 Illinois Tool Works, Inc....... 255,751
5,200 Nike, Inc...................... 295,100
</TABLE>
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
50
<PAGE>
- --------------------------------------------------------------------------------
INDEX FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
RUBBER & MISCELLANEOUS PLASTICS
PRODUCTS, CONTINUED:
2,300 Premark International, Inc..... $ 106,375
3,100 Reebok International, Ltd...... 105,400
5,700 Rubbermaid, Inc................ 148,913
------------
1,335,190
------------
SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES, & SERVICE (0.4%):
6,800 Merrill Lynch & Company,
Inc.......................... 377,400
3,100 Morgan Stanley Group,
Inc.[DEL].................... 269,700
3,700 Salomon, Inc................... 133,663
------------
780,763
------------
STONE, CLAY, GLASS, & CONCRETE
PRODUCTS (0.2%):
7,400 Corning, Inc................... 193,325
4,900 Newell Company................. 118,213
2,500 Owens-Corning Fiberglas
Corporation*................. 105,938
------------
417,476
------------
TEXTILE MILL PRODUCTS (0.0%):
3,300 Russell Corporation............ 81,675
------------
TOBACCO PRODUCTS (1.9%):
7,400 American Brands, Inc........... 317,276
36,000 Philip Morris Companies,
Inc.......................... 3,042,000
3,070 RJR Nabisco Holdings
Corporation.................. 94,415
------------
3,453,691
------------
TRANSPORTATION BY AIR (0.3%):
2,600 AMR Corporation*............... 171,600
1,800 Delta Airlines, Inc............ 118,125
1,600 Federal Express Corporation*... 131,400
5,100 Southwest Airlines Company..... 102,000
8,700 U.S. Air Group, Inc.*.......... 118,538
------------
641,663
------------
TRANSPORTATION EQUIPMENT (4.3%):
10,600 Allied-Signal, Inc............. 450,500
14,625 Boeing Company................. 959,766
15,650 Chrysler Corporation........... 807,932
4,200 Dana Corporation............... 107,625
2,400 Eaton Corporation.............. 123,000
3,100 Echlin, Inc.................... 110,825
6,200 Fleetwood Enterprises, Inc..... 127,100
43,900 Ford Motor Company............. 1,262,125
2,500 General Dynamics Corporation... 138,438
30,600 General Motors Corporation..... 1,338,750
7,860 Lockheed Martin Corporation.... 535,463
4,800 McDonnell Douglas Corporation.. 392,400
<CAPTION>
SHARES/ SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
TRANSPORTATION EQUIPMENT, CONTINUED:
2,400 Northrop Grumman Corporation... $ 137,400
1,700 Paccar, Inc.................... 70,975
11,000 Rockwell International
Corporation.................. 489,500
2,300 TRW, Inc....................... 151,225
4,900 Teledyne, Inc.................. 121,888
2,900 Textron, Inc................... 199,375
5,900 United Technologies
Corporation.................. 523,625
------------
8,047,912
------------
WHOLESALE TRADE -- DURABLE GOODS (0.2%):
4,300 Genuine Parts Company.......... 170,388
1,800 Grainger (W.W.), Inc........... 112,500
3,200 Potlatch Corporation........... 134,800
------------
417,688
------------
</TABLE>
<TABLE>
<C> <S> <C>
WHOLESALE TRADE -- NONDURABLE GOODS (0.4%):
2,500 Alco Standard
Corporation[DEL]............. 221,250
4,600 Fleming Companies, Inc......... 104,075
2,400 Sigma-Aldrich Corporation...... 114,000
3,900 Supervalu, Inc................. 119,925
6,500 Sysco Corporation.............. 197,438
------------
756,688
------------
Total Common Stocks
(cost $153,837,502) 184,334,785
------------
REPURCHASE AGREEMENTS (0.6%):
$1,078,579 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $1,078,755.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000 Federal
National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost $1,078,579).... 1,078,579
------------
Total Investments (100.0%)
(cost $154,916,081) $185,413,364
------------
------------
</TABLE>
* Non-income producing security.
[DEL] Part or all of this investment on loan, see Note 6
of notes to the financial statements.
The accompanying notes are an integral part
of the financial statements. 51 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
CONSERVATIVE BALANCED FUND
SCHEDULE OF INVESTMENTS OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ---------- ------------------------------ ------------
<C> <S> <C>
LARGE COMPANY GROWTH INVESTMENT
STYLE (6.7%)
COMMON STOCKS (6.4%):
AMUSEMENT & RECREATION SERVICES (0.1%):
4,100 The Walt Disney Company....... $ 236,263
------------
APPAREL & OTHER FINISHED PRODUCTS MADE
FROM FABRICS & SIMILAR MATERIALS (0.1%):
3,300 Cintas Corporation[DEL]....... 138,600
------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY,
& MOBILE HOME DEALERS (0.3%):
6,700 Home Depot, Inc............... 249,575
7,700 Lowe's Companies, Inc......... 207,900
------------
457,475
------------
BUSINESS SERVICES (1.1%):
1,300 Automatic Data Processing,
Inc......................... 92,950
600 DST Systems, Inc.............. 12,600
5,700 First Data Corporation[DEL]... 376,912
4,400 Fiserv, Inc.*................. 113,300
5,100 General Motors Corporation,
Class E..................... 240,337
5,300 Microsoft Corporation*........ 530,000
2,000 Sungard Data Systems, Inc.*... 55,000
------------
1,421,099
------------
COMMUNICATIONS (0.2%):
7,900 Airtouch Communications,
Inc.*....................... 225,150
------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER
EQUIPMENT (1.6%):
8,300 Intel Corporation............. 579,962
19,800 L.M. Ericsson Telephone
Company, ADR[DEL]........... 422,914
6,256 Molex, Inc., Class A.......... 192,372
7,100 Motorola, Inc................. 465,937
6,400 Nokia Corporation, ADR, Class
A........................... 356,800
4,200 Solectron Corporation*........ 169,050
------------
2,187,035
------------
ENGINEERING, ACCOUNTING, RESEARCH,
MANAGEMENT, & RELATED SERVICES (0.2%):
6,300 Medaphis Corporation[DEL]*.... 200,025
2,000 Paychex, Inc.................. 86,750
------------
286,775
------------
FOOD & KINDRED PRODUCTS (0.2%):
4,500 The Coca-Cola Company......... 323,437
------------
GENERAL MERCHANDISE STORES (0.1%):
5,500 Wal-Mart Stores, Inc.......... 118,938
------------
HEALTH SERVICES (0.1%):
2,600 Columbia HCA Healthcare
Corporation[DEL]............ 127,727
------------
HOLDING & OTHER INVESTMENT OFFICES (0.4%):
6,700 Franklin Resources, Inc....... 340,025
<CAPTION>
SHARES/ SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ----------- ------------------------------ ------------
<C> <S> <C>
HOLDING & OTHER INVESTMENT
OFFICES, CONTINUED:
3,500 T. Rowe Price................. $ 174,125
------------
514,150
------------
INSURANCE CARRIERS (0.4%):
5,650 American International
Group....................... 476,718
------------
MISCELLANEOUS RETAIL (0.4%):
9,300 Autozone, Inc.*............... 230,175
5,250 Petsmart, Inc.*............... 175,875
2,000 Viking Office
Products*[DEL].............. 89,000
------------
495,050
------------
OIL & GAS EXTRACTION (0.0%):
600 Schlumberger, Ltd............. 37,350
------------
PHARMACEUTICAL PREPARATIONS (0.1%):
2,900 Pfizer, Inc................... 166,388
------------
SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES, & SERVICE (0.4%):
19,100 Charles Schwab Corporation.... 436,912
2,600 Donaldson, Lufkin & Jenrette,
Inc.*[DEL].................. 77,350
------------
514,262
------------
TOBACCO PRODUCTS (0.1%):
2,100 Philip Morris Companies,
Inc......................... 177,450
------------
WHOLESALE TRADE -- DURABLE GOODS (0.1%):
4,100 Danka Business Systems........ 137,350
------------
WHOLESALE TRADE -- NONDURABLE GOODS (0.5%):
1,400 Alco Standard Corporation..... 123,900
2,200 Corporate Express, Inc.*...... 57,474
15,600 Office Depot, Inc.*........... 446,550
------------
627,924
------------
Total Common Stocks
(cost $6,845,200) 8,669,141
------------
REPURCHASE AGREEMENTS (0.3%):
$ 383,043 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $383,106.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000
Federal National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost $383,043)..... 383,043
------------
Total Large Company Growth Investment
Style (cost $7,228,243) 9,052,184
------------
</TABLE>
The accompanying notes are an integral part
of the financial statements. 52 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
CONSERVATIVE BALANCED FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
SECURITY
SHARES DESCRIPTION VALUE
- ---------- ------------------------------ ------------
<C> <S> <C>
SMALL COMPANY GROWTH INVESTMENT
STYLE (2.7%)
124,548 Small Company Portfolio of
Core Trust (Delaware)`D'.... $ 3,582,420
------------
Total Small Company Growth
Investment Style (cost $3,141,917) 3,582,420
------------
INTERNATIONAL INVESTMENT STYLE (4.0%):
253,467 International Portfolio II of
Core Trust (Delaware)`D'.... 5,440,428
------------
Total International Investment Style
(cost $5,230,584) 5,440,428
------------
INCOME EQUITY INVESTMENT STYLE (6.7%):
COMMON STOCKS (6.7%):
CHEMICALS & ALLIED PRODUCTS (1.0%):
2,100 American Home Products
Corporation................. 186,112
CHEMICALS & ALLIED PRODUCTS, CONTINUED:
4,100 Du Pont (E.I.) De Nemours &
Company..................... 255,737
2,600 Johnson & Johnson............. 211,900
3,100 Merck & Company, Inc.......... 178,250
6,900 Morton International, Inc..... 210,450
3,300 Procter & Gamble
Company[DEL]................ 267,300
------------
1,309,749
------------
COMMUNICATIONS (0.4%):
5,300 AT&T Corporation.............. 339,200
6,500 GTE Corporation............... 268,125
------------
607,325
------------
DOMESTIC DEPOSITORY INSTITUTIONS (0.4%):
5,300 First Bank System,
Inc.[DEL]................... 263,675
3,500 J.P. Morgan & Company, Inc.... 269,938
------------
533,613
------------
EATING & DRINKING PLACES (0.1%):
4,100 McDonald's Corporation........ 168,100
------------
ELECTRIC, GAS, & SANITARY SERVICES (0.6%):
5,100 Consolidated Natural Gas
Company[DEL]................ 193,800
2,200 FPL Group, Inc................ 92,125
1,600 Pacific Gas and Electric
Company..................... 47,000
4,200 Public Service Enterprise
Group, Inc.................. 123,376
2,500 Texas Utilities Company....... 91,875
6,500 WMX Technologies, Inc......... 182,813
------------
730,989
------------
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ---------- ------------------------------ ------------
<C> <S> <C>
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER
EQUIPMENT (0.4%):
3,000 Emerson Electric Company...... $ 213,750
4,000 General Electric Company...... 253,000
------------
466,750
------------
ENGINEERING, ACCOUNTING, RESEARCH,
MANAGEMENT, & RELATED SERVICES (0.2%):
5,000 Dun & Bradstreet
Corporation................. 298,751
------------
FOOD & KINDRED PRODUCTS (0.2%):
4,100 PepsiCo, Inc.................. 216,275
3,500 Sara Lee Corporation.......... 102,813
------------
319,088
------------
GENERAL MERCHANDISE STORES (0.3%):
2,100 Dayton Hudson Corporation..... 144,375
400 J.C. Penney Company, Inc...... 16,850
3,300 May Department Stores
Company..................... 129,525
3,000 Sears, Roebuck and Company.... 102,000
------------
392,750
------------
INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT (0.3%):
4,700 Hewlett-Packard Company....... 435,338
------------
INSURANCE CARRIERS (0.2%):
2,781 Allstate Corporation.......... 102,202
4,300 American General
Corporation................. 141,362
------------
243,564
------------
MEASURING, ANALYZING, & CONTROLLING
INSTRUMENTS; PHOTOGRAPHIC, MEDICAL, &
OPTICAL GOODS (0.4%):
3,500 Eastman Kodak Company......... 219,187
7,700 Honeywell, Inc................ 323,400
------------
542,587
------------
NONDEPOSITORY CREDIT INSTITUTIONS (0.4%):
6,200 American Express Company...... 251,875
3,800 Transamerica Corporation...... 257,450
------------
509,325
------------
OIL & GAS EXTRACTION (0.2%):
4,100 Schlumberger, Ltd............. 255,225
------------
PAPER & ALLIED PRODUCTS (0.2%):
4,000 Minnesota Mining &
Manufacturing Company....... 227,500
------------
PETROLEUM REFINING & RELATED INDUSTRIES
(0.7%):
1,500 Atlantic Richfield Company.... 160,125
4,100 Chevron Corporation........... 191,675
3,300 Exxon Corporation............. 252,037
1,800 Mobil Corporation............. 181,350
1,300 Royal Dutch Petroleum
Company..................... 159,737
------------
944,924
------------
</TABLE>
The accompanying notes are an integral part
of the financial statements. 53 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
CONSERVATIVE BALANCED FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/
FACE SECURITY
AMOUNT DESCRIPTION VALUE
- ---------- ------------------------------ ------------
<C> <S> <C>
PHARMACEUTICAL PREPARATIONS (0.1%):
3,400 Pfizer, Inc................... $ 195,075
------------
PRINTING, PUBLISHING, & ALLIED INDUSTRIES
(0.1%):
6,500 Deluxe Corporation............ 174,687
------------
TOBACCO PRODUCTS (0.3%):
4,100 American Brands, Inc.......... 175,787
3,000 Philip Morris Companies,
Inc......................... 253,500
------------
429,287
------------
TRANSPORTATION EQUIPMENT (0.2%):
2,800 United Technologies
Corporation................. 248,500
------------
Total Common Stocks
(cost $7,299,434) 9,033,127
------------
REPURCHASE AGREEMENTS (0.0%):
$ 64,898 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $64,909.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000
Federal National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875% due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost $64,898)...... 64,898
------------
Total Income Equity Investment Style
(cost $7,364,332) 9,098,025
------------
INDEX INVESTMENT STYLE (6.7%):
327,310 Index Portfolio of Core Trust
(Delaware)`D'............... 9,131,376
------------
Total Index Investment Style
(cost $7,413,909) 9,131,376
------------
MANAGED FIXED INCOME INVESTMENT
STYLE (16.1%)
ASSET BACKED SECURITIES (2.0%):
324,843 Case Equipment Loan Trust,
Series 1993-B A, 4.30%, due
5/15/99..................... 322,407
391,345 John Deere Owner Trust, Series
1993-B A2, 4.10%, due
10/15/00.................... 386,962
174,785 ML Asset Backed Corporation,
Series 1992-1 A2, 5.50%, due
5/15/98..................... 174,457
682,920 Premier Auto Trust, Series
1993-6 A2, 4.65%, due
11/2/99..................... 674,287
ASSET BACKED SECURITIES, CONTINUED:
327,388 Security Pacific Acceptance
Corporation, Series 1991-2
B, 8.55%, due 9/15/11....... 337,970
<CAPTION>
FACE SECURITY
AMOUNT DESCRIPTION VALUE
- ---------- ------------------------------ ------------
<C> <S> <C>
ASSET BACKED SECURITIES,
CONTINUED:
$ 252,352 Security Pacific Home Equity
Loan, 1991-2 B, 8.15%, due
6/15/20..................... $ 257,477
500,000 U.S. Home Equity Loan
Certificates, Series 1991-2
B, 9.125%, due 4/15/21...... 512,030
------------
Total Asset Backed Securities
(cost $2,611,369) 2,665,590
------------
COLLATERALIZED MORTGAGE OBLIGATIONS (4.4%):
167,290 Citicorp Mortgage Securities,
Inc., Series 1992-3 A3,
7.50%, due 7/25/06.......... 167,290
419,700 Federal Home Loan Mortgage
Corporation, Series 1438 F,
4.6875% variable rate, due
12/15/97.................... 400,943
1,000,000 Federal Home Loan Mortgage
Corporation, Series 1550 S,
1.57266% variable rate, due
7/15/00..................... 872,810
198,879 Federal National Mortgage
Association, Series 1991-45
Z, 8.00%, due 5/25/98....... 200,907
1,600,000 Federal National Mortgage
Association, Series 1994-75
OE, 7.00%, due 11/25/09..... 1,618,750
1,000,000 Federal National Mortgage
Association, Series 1994-102
B, 7.00%, due 6/25/10....... 990,000
700,000 GE Capital Mortgage Services,
Inc., Series 1993-1 C,
7.30%, due 3/25/19.......... 703,500
1,000,000 Residential Funding Mortgage
Securities I, Series
1993-S15 A5, 6.70%, due
4/25/08..................... 995,620
------------
Total Collateralized Mortgage Obligations
(cost $5,399,631) 5,949,820
------------
CORPORATE BONDS & NOTES (3.5%):
750,000 Associates Corporation, 6.25%,
due 9/15/00................. 750,198
700,000 Chrysler Financial
Corporation, 5.375%, due
10/15/98.................... 683,375
400,000 Continental Bank, N.A.,
11.25%, due 7/1/01.......... 446,500
400,000 First Bank System, 6.0625%
variable rate, due 11/29/96,
Callable 11/30/95 at 100.... 399,000
400,000 Meridian Bancorp, 6.00%
variable rate, due
12/1/96..................... 398,948
1,000,000 Paine Webber Group, Inc.,
7.00%, due 3/1/00........... 1,004,850
1,000,000 Salomon Brothers, 7.25%, due
1/15/00..................... 1,004,940
------------
Total Corporate Bonds & Notes
(cost $4,459,440) 4,687,811
------------
</TABLE>
The accompanying notes are an integral part
of the financial statements. 54 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
CONSERVATIVE BALANCED FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE SECURITY
AMOUNT DESCRIPTION VALUE
- ---------- ------------------------------ ------------
<C> <S> <C>
GOVERNMENT AGENCY BONDS & NOTES (1.2%):
$1,000,000 Federal Home Loan Bank, Series
HT97, 3.00%, due 3/28/97.... $ 962,081
700,000 Federal National Mortgage
Association, 6.43455%
variable rate, due
7/23/97..................... 717,150
------------
Total Government Agency Bonds & Notes
(cost $1,578,924) 1,679,231
------------
RECEIVABLES BACKED SECURITIES (1.4%):
700,000 Capital Auto Receivables Asset
Trust, Series 1993-1 A7,
5.35%, due 2/15/98.......... 697,620
400,000 Carco Auto Master Trust
1992-2A, 6.2875% variable
rate, due 9/15/99........... 400,500
400,000 First USA Credit Card Master
Trust, Series 1994-5 A,
6.015% variable rate, due
4/17/00..................... 400,772
400,000 Peoples Bank Credit Card
Master Trust, Series 1994-2
A, 6.025% variable rate, due
3/15/01..................... 400,868
------------
Total Receivables Backed Securities
(cost $1,886,107) 1,899,760
------------
ZERO COUPON SECURITIES (0.9%):
900,000 Resolution Funding Corporation
STRIP, due 1/15/96.......... 889,974
500,000 Resolution Funding Corporation
STRIP, due 4/15/00.......... 387,265
------------
Total Zero Coupon Securities
(cost $1,198,464) 1,277,239
------------
U.S. TREASURY OBLIGATIONS (1.3%):
1,250,000 U.S. Treasury Notes, 6.25%,
due 8/31/00................. 1,271,875
500,000 U.S. Treasury Notes, 6.50%,
due 5/15/05[DEL]............ 517,813
------------
Total U.S. Treasury Obligations
(cost $1,759,258) 1,789,688
------------
<CAPTION>
FACE SECURITY
AMOUNT DESCRIPTION VALUE
- ---------- ------------------------------ ------------
<C> <S> <C>
REPURCHASE AGREEMENTS (1.4%):
$1,910,274 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $1,910, 586.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000
Federal National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost $1,910,274)... $ 1,910,274
------------
Total Managed Fixed Income
Investment Style (cost $20,803,467) 21,859,413
------------
STABLE INCOME INVESTMENT STYLE (15.0%):
ASSET BACKED SECURITIES (3.0%):
772,239 AFC Home Equity Loan Trust,
Series 1995-2 A1, 7.556%
variable rate, due
7/25/26..................... 778,754
900,000 Green Tree Financial
Corporation, Series 1993-3
A2, 4.90%, due 10/15/18..... 890,522
964,914 Green Tree Financial
Corporation, Series 1994-1
A1, 5.60%, due 4/15/19...... 960,310
741,883 Green Tree Financial
Corporation, Series 1994-8
A1, 7.75%, due 4/15/20...... 748,834
743,476 Structured Asset Securities
Corporation, Series 1995-C3
A, 6.475% variable rate, due
1/25/10**................... 742,547
------------
Total Asset Backed Securities
(cost $4,091,452) 4,120,967
------------
COLLATERALIZED MORTGAGE OBLIGATIONS (6.4%):
900,000 Federal Home Loan Bank, Series
DU-98, 4.597%, due 8/3/98... 868,410
662,107 Federal Home Loan Mortgage
Corporation-Government
National Mortgage
Association, Series 24 ZC,
5.15% due 8/25/12........... 638,217
1,450,390 Federal National Mortgage
Association Swap Trust,
Series 1994-1 A1, 6.325%
variable rate, due
10/1/04..................... 1,447,217
419,359 Maryland National Bank
Mortgage Passthru
Certificates, Series 1990-1
A, 9.50%, due 10/15/20...... 420,408
750,060 Resolution Trust Corporation,
Series 1992-7 A2D, 8.35%,
due 6/25/29................. 758,731
</TABLE>
The accompanying notes are an integral part
of the financial statements. 55 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
CONSERVATIVE BALANCED FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE SECURITY
AMOUNT DESCRIPTION VALUE
- ---------- ------------------------------ ------------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 653,356 Resolution Trust Corporation,
Series 1992-18P A4, 6.825%
variable rate, due
4/25/28**................... $ 651,520
1,819,156 Resolution Trust Corporation,
Series 1992-C2 A2, 6.9375%
variable rate, due
10/25/21.................... 1,828,925
1,000,236 Resolution Trust Corporation,
Series 1992-C3 A3, 7.0875%
variable rate, due
8/25/23..................... 1,010,738
1,059,321 Resolution Trust Corporation,
Series 1992-M3 A4, 8.46%
variable rate, 7/25/30...... 1,070,576
------------
Total Collateralized Mortgage Obligations
(cost $8,678,330) 8,694,742
------------
CORPORATE BONDS & NOTES (1.5%):
1,000,000 J.C. Penney & Company, 10.00%,
due 10/15/97................ 1,073,575
900,000 Lehman Brothers Holdings,
9.75%, due 4/1/96........... 913,003
------------
Total Corporate Bonds & Notes
(cost $1,998,078) 1,986,578
------------
GOVERNMENT AGENCY BONDS & NOTES (1.5%):
2,000,000 Federal Home Loan Mortgage
Corporation, 4.875%, due
6/23/98 (cost $1,865,641)... 2,002,024
------------
MORTGAGE BACKED SECURITIES (1.2%):
765,241 Federal National Mortgage
Association Adjustable Rate
Mortgage, Pool 318464,
5.866%, due 4/1/25.......... 772,091
892,544 Federal National Mortgage
Association Adjustable Rate
Mortgage, Pool 321051,
6.242%, due 8/1/25.......... 910,615
------------
Total Mortgage Backed Securities
(cost $1,678,467) 1,682,706
------------
MUNICIPAL BONDS (0.2%):
330,000 LA County California Taxable
Pension Obligation Bonds,
Series D, MBIA County
Guaranteed, 6.02%, due
6/30/97 (cost $330,000)..... 330,122
------------
U.S. TREASURY OBLIGATIONS (1.0%):
1,250,000 U.S. Treasury Notes, 6.875%,
due 8/31/99 (cost
$1,288,865)................. 1,296,483
------------
<CAPTION>
FACE SECURITY
AMOUNT DESCRIPTION VALUE
- ---------- ------------------------------ ------------
<C> <S> <C>
REPURCHASE AGREEMENTS (0.2%):
266,450 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $266,494.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000
Federal National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost $266,450)..... $ 266,450
------------
Total Stable Income Investment Style
(cost $20,197,283) 20,380,072
------------
POSITIVE RETURN INVESTMENT STYLE (16.2%):
GOVERNMENT AGENCY BONDS & NOTES (1.5%):
$2,000,000 Student Loan Marketing
Association, 5.705% variable
rate, due 12/1/95 (cost
$1,997,574)................. 1,998,780
------------
RECEIVABLES BACKED SECURITIES (2.2%):
1,700,000 Bombardier Receivables Master
Trust I, Series 1994-1 A,
6.1375% variable rate, due
3/15/99..................... 1,702,550
583,333 Discover Card Trust, Series
1992-A A, 5.50%, due
5/16/98..................... 581,327
764,167 IBM Credit Receivables Lease
Asset Master Trust, Series
1993-1 A, 4.55%, due
11/15/00.................... 755,491
------------
Total Receivables Backed Securities
(cost $3,020,225) 3,039,368
------------
U.S. TREASURY OBLIGATIONS (8.5%):
1,750,000 U.S. Treasury Bills, 5.50%
yield, due 1/4/96........... 1,733,666
1,750,000 U.S. Treasury Bills, 5.55%
yield, due 1/11/96.......... 1,731,844
1,750,000 U.S. Treasury Bills, 5.51%
yield, due 4/4/96........... 1,710,216
3,000,000 U.S. Treasury Bonds, 7.125%,
due 2/15/23................. 3,270,932
2,625,000 U.S. Treasury Bonds, 7.50%,
due 11/15/24................ 3,004,800
------------
Total U.S. Treasury Obligations
(cost $11,288,847) 11,451,458
------------
</TABLE>
The accompanying notes are an integral part
of the financial statements. 56 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
CONSERVATIVE BALANCED FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE SECURITY
AMOUNT DESCRIPTION VALUE
- ---------- ------------------------------ ------------
<C> <S> <C>
REPURCHASE AGREEMENTS (4.0%):
$5,432,312 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $5,433,199.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000
Federal National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost $5,432,312)... $ 5,432,312
------------
Total Positive Return Investment Style
(cost $21,738,958) 21,921,918
------------
TOTAL RETURN BOND INVESTMENT
STYLE (15.9%)
CORPORATE BONDS & NOTES (2.1%):
500,000 AMR Corporation, 7.47%, due
1/28/97..................... 506,716
425,000 Chrysler Financial
Corporation, 8.125%, due
12/15/96.................... 434,195
200,000 CIGNA Corporation, 8.00%, due
9/1/96...................... 202,994
550,000 General Motors Acceptance
Corporation, 5.25%, due
11/15/96.................... 545,822
375,000 Ohio Edison Company, 8.50%,
due 5/1/96.................. 379,424
500,000 Salomon, Inc., 5.34%, due
12/17/96.................... 492,067
280,000 Westinghouse Electric Company,
7.75%, due 4/15/96.......... 280,727
------------
Total Corporate Bonds & Notes
(cost $2,848,056) 2,841,945
------------
GOVERNMENT AGENCY BONDS & NOTES (0.1%):
225,000 Federal National Mortgage
Association, 6.06%, due
10/2/97 (cost $225,210)..... 225,551
------------
U.S. TREASURY OBLIGATIONS (13.4%):
4,875,000 U.S. Treasury Notes, 7.875%,
due 6/30/96................. 4,946,594
7,000,000 U.S. Treasury Notes, 7.50%,
due 12/31/96................ 7,150,928
500,000 U.S. Treasury Notes, 6.875%,
due 2/28/97................. 508,125
100,000 U.S. Treasury Notes, 8.50%,
due 4/15/97................. 104,000
U.S. TREASURY OBLIGATIONS, CONTINUED:
1,375,000 U.S. Treasury Notes, 7.25%,
due 8/15/04................. 1,489,297
<CAPTION>
FACE SECURITY
AMOUNT DESCRIPTION VALUE
- ---------- ------------------------------ ------------
<C> <S> <C>
U.S. TREASURY
OBLIGATIONS, CONTINUED:
$1,200,000 U.S. Treasury Bonds, 9.375%,
due 2/15/06................. $ 1,500,373
2,075,000 U.S. Treasury Bonds, 8.125%,
due 8/15/19................. 2,497,782
------------
Total U.S. Treasury Obligations
(cost $18,149,147) 18,197,099
------------
REPURCHASE AGREEMENTS (0.3%):
346,750 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $346,807.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000
Federal National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost $346,750). ... 346,750
------------
Total Total Return Bond Investment Style
(cost $21,569,163) 21,611,345
------------
SHORT MATURITY INVESTMENT STYLE (10.0%):
COMMERCIAL PAPER (1.5%):
500,000 Dynamic Funding Corporation,
Series B, 5.909% yield, due
11/6/95..................... 499,593
500,000 Industrial Funding
Corporation, 6.102% yield,
due 1/25/96................. 492,797
500,000 Sumitomo Bank Ltd., Fundex
Corporation, LOC, 5.909%
yield, due 11/9/95.......... 499,347
500,000 Tri-Lateral Capital Inc.,
5.979% yield, due
11/1/95**................... 500,000
------------
Total Commercial Paper
(cost $1,991,845) 1,991,737
------------
CORPORATE BONDS & NOTES (2.7%):
500,000 Abbey National Treasury
Services, PLC, 7.05%, due
3/1/96...................... 502,085
500,000 Bear Stearns Company, 6.09062%
variable rate, due
8/12/96..................... 500,627
250,000 Credit Local De France,
5.9625% variable rate, due
1/21/96..................... 250,132
500,000 Ford Motor Credit Medium Term
Note, 5.73% variable rate,
due 6/13/97................. 498,712
500,000 Hanson Overseas, B.V. GTD
Senior Notes, 5.50%, due
1/15/96..................... 499,408
</TABLE>
The accompanying notes are an integral part
of the financial statements. 57 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
CONSERVATIVE BALANCED FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE SECURITY
AMOUNT DESCRIPTION VALUE
- ---------- ------------------------------ ------------
<C> <S> <C>
CORPORATE BONDS & NOTES, CONTINUED:
$ 500,000 ISIS Limited Series I Secured
Euronotes, 6.00% variable
rate, due 12/15/95.......... $ 500,025
500,000 Merrill Lynch & Company, Inc.,
6.876%, due 3/18/96......... 501,983
500,000 Wachovia Bank, 5.75% variable
rate, due 2/2/96............ 499,930
------------
Total Corporate Bonds & Notes
(cost $3,744,285) 3,752,902
------------
REPURCHASE AGREEMENTS (5.8%):
2,863,482 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $2,863,949.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000
Federal National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96..................... 2,863,483
<CAPTION>
FACE SECURITY
AMOUNT DESCRIPTION VALUE
- ---------- ------------------------------ ------------
<C> <S> <C>
REPURCHASE AGREEMENTS, CONTINUED:
$5,000,000 Bear, Stearns & Company, Inc.,
5.72%, due 11/1/95, to be
repurchased at $5,005,561.
Collateralized by
$50,000,000 U.S Treasury
STRIP-Bonds, due 8/15/96;
$29,555,000 U.S. Treasury
STRIP-Bonds, due 5/15/96.... $ 5,000,000
------------
Total Repurchase Agreements
(cost $7,863,483) 7,863,483
------------
Total Short Maturity Investment Style
(cost $13,599,613) 13,608,122
------------
Total Investments (100.0%)
(cost $128,287,469) $135,685,303
------------
------------
</TABLE>
`D' As of October 31, 1995,
Conservative Balanced Fund's
investment in Small Company
Portfolio, International
Portfolio II, and Index Portfolio of
Core Trust (Delaware)
represented 1.15%, 1.59%, and
3.165%, respectively, of those
portfolios' outstanding interests.
Accordingly, the Fund may be
deemed to own 1.15%, 1.59%, and
3.16% of each security and
other assets of the respective
portfolios. The Portfolio of
Investments of Small Company
Portfolio, International
Portfolio II, and Index Portfolio of
Core Trust (Delaware) are
presented beginning at page 87.
* Non-income producing security.
[DEL] Part or all of this investment
on loan, see Note 6
of notes to the financial
statements.
** Securities that may be resold to
'qualified institutional buyers'
under Rule 144A or securities
offered pursuant to section 4(2)
of the Securities Act of 1933, as
amended. These securities have
been determined to be liquid under
guidelines established by
the Board of Trustees.
The accompanying notes are an integral part
of the financial statements. 58 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
MODERATE BALANCED FUND
SCHEDULE OF INVESTMENTS OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<C> <S> <C>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
LARGE COMPANY GROWTH INVESTMENT
STYLE (10.2%):
COMMON STOCKS (9.6%):
AMUSEMENT & RECREATION SERVICES (0.3%):
16,400 The Walt Disney Company........ $ 945,051
------------
APPAREL & OTHER FINISHED PRODUCTS MADE
FROM FABRICS & SIMILAR MATERIALS (0.1%):
11,800 Cintas Corporation[DEL]........ 495,600
------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY,
& MOBILE HOME DEALERS (0.5%):
28,000 Home Depot, Inc................ 1,043,000
32,800 Lowe's Companies, Inc.......... 885,600
------------
1,928,600
------------
BUSINESS SERVICES (1.6%):
5,800 Automatic Data Processing,
Inc.......................... 414,700
2,500 DST Systems, Inc............... 52,500
23,000 First Data Corporation[DEL].... 1,520,875
18,600 Fiserv, Inc.*.................. 478,950
21,500 General Motors Corporation,
Class E...................... 1,013,187
22,700 Microsoft Corporation*......... 2,270,000
8,600 Sungard Data Systems, Inc.*.... 236,500
------------
5,986,712
------------
COMMUNICATIONS (0.2%):
29,100 Airtouch Communications,
Inc.*........................ 829,350
------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER
EQUIPMENT (2.4%):
35,000 Intel Corporation.............. 2,445,625
85,900 L.M. Ericsson Telephone
Company, ADR[DEL]............ 1,834,762
26,543 Molex, Inc., Class A........... 816,198
30,200 Motorola, Inc.................. 1,981,875
26,100 Nokia Corporation, ADR, Class
A............................ 1,455,075
16,000 Solectron Corporation*......... 644,000
------------
9,177,535
------------
ENGINEERING, ACCOUNTING, RESEARCH,
MANAGEMENT, & RELATED SERVICES (0.3%):
27,500 Medaphis Corporation*[DEL]..... 873,125
9,050 Paychex, Inc................... 392,544
------------
1,265,669
------------
FOOD & KINDRED PRODUCTS (0.3%):
18,800 The Coca-Cola Company.......... 1,351,250
------------
GENERAL MERCHANDISE STORES (0.2%):
27,000 Wal-Mart Stores, Inc........... 583,876
------------
HEALTH SERVICES (0.1%):
10,500 Columbia HCA Healthcare
Corporation[DEL]............. 515,813
------------
HOLDING & OTHER INVESTMENT OFFICES (0.6%):
28,800 Franklin Resources, Inc........ 1,461,600
13,800 T. Rowe Price.................. 686,550
------------
2,148,150
------------
<CAPTION>
SHARES/ SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
INSURANCE CARRIERS (0.5%):
22,600 American International Group... $ 1,906,875
------------
MISCELLANEOUS RETAIL (0.5%):
41,200 Autozone, Inc.*................ 1,019,700
20,050 Petsmart, Inc.*................ 671,674
7,300 Viking Office Products*........ 324,850
------------
2,016,224
------------
OIL & GAS EXTRACTION (0.1%):
2,700 Schlumberger, Ltd.............. 168,075
------------
PHARMACEUTICAL PREPARATIONS (0.2%):
11,900 Pfizer, Inc.[DEL].............. 682,762
------------
SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES, & SERVICE (0.6%):
82,300 Charles Schwab Corporation..... 1,882,613
10,900 Donaldson, Lufkin & Jenrette,
Inc.*[DEL]................... 324,275
------------
2,206,888
------------
TOBACCO PRODUCTS (0.2%):
9,600 Philip Morris Companies,
Inc.......................... 811,200
------------
WHOLESALE TRADE-DURABLE GOODS (0.2%):
17,400 Danka Business Systems[DEL].... 582,900
------------
WHOLESALE TRADE-NONDURABLE GOODS (0.7%):
6,200 Alco Standard Corporation...... 548,700
10,800 Corporate Express, Inc.*....... 282,151
63,700 Office Depot, Inc.*............ 1,823,413
------------
2,654,264
------------
Total Common Stocks
(cost $28,494,994) 36,256,794
------------
REPURCHASE AGREEMENTS (0.6%):
$ 2,227,377 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $2,227,741.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000 Federal
National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost
$2,227,377). ................ 2,227,377
------------
Total Large Company Growth Investment Style
(cost $30,722,371)......................... 38,484,171
------------
</TABLE>
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
59
<PAGE>
- --------------------------------------------------------------------------------
MODERATE BALANCED FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
SMALL COMPANY GROWTH INVESTMENT
STYLE (4.0%):
519,541 Small Company Portfolio of Core
Trust (Delaware)`D'.......... $ 14,943,722
------------
Total Small Company Growth Investment Style
(cost $12,750,145) 14,943,722
------------
INTERNATIONAL INVESTMENT STYLE (6.0%):
1,040,857 International Portfolio II of
Core Trust (Delaware)`D'..... 22,340,927
------------
International Investment Style
(cost $21,261,905) 22,340,927
------------
INCOME EQUITY INVESTMENT STYLE (10.0%):
COMMON STOCKS (9.9%):
CHEMICALS & ALLIED PRODUCTS (1.5%):
9,400 American Home Products
Corporation.................. 833,075
18,700 Du Pont (E.I.) De Nemours &
Company...................... 1,166,412
11,200 Johnson & Johnson.............. 912,800
13,600 Merck & Company, Inc........... 782,000
24,900 Morton International, Inc...... 759,450
13,700 Procter & Gamble
Company[DEL]................. 1,109,700
------------
5,563,437
------------
COMMUNICATIONS (0.7%):
25,200 AT&T Corporation............... 1,612,800
27,400 GTE Corporation................ 1,130,250
------------
2,743,050
------------
DOMESTIC DEPOSITORY INSTITUTIONS (0.6%):
20,000 First Bank System, Inc.[DEL]... 995,000
14,200 J.P. Morgan & Company, Inc..... 1,095,175
------------
2,090,175
------------
EATING & DRINKING PLACES (0.2%):
17,400 McDonald's Corporation......... 713,400
------------
ELECTRIC, GAS, & SANITARY SERVICES (0.7%):
18,700 Consolidated Natural Gas
Company[DEL]................. 710,600
9,400 FPL Group, Inc................. 393,625
9,000 Pacific Gas and Electric
Company...................... 264,375
13,000 Public Service Enterprise
Group, Inc.[DEL]............. 381,875
6,200 Texas Utilities Company........ 227,850
28,800 WMX Technologies, Inc.......... 810,000
------------
2,788,325
------------
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER
EQUIPMENT (0.5%):
11,500 Emerson Electric Company....... $ 819,375
16,800 General Electric Company....... 1,062,600
------------
1,881,975
------------
ENGINEERING, ACCOUNTING, RESEARCH,
MANAGEMENT, & RELATED SERVICES (0.3%):
18,800 Dun & Bradstreet Corporation... 1,123,300
------------
FOOD & KINDRED PRODUCTS (0.3%):
15,000 PepsiCo, Inc................... 791,250
9,000 Sara Lee Corporation........... 264,375
------------
1,055,625
------------
GENERAL MERCHANDISE STORES (0.5%):
8,700 Dayton Hudson Corporation...... 598,125
5,400 J.C. Penney Company, Inc....... 227,475
13,700 May Department Stores
Company...................... 537,725
13,680 Sears, Roebuck and Company..... 465,120
------------
1,828,445
------------
INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT (0.5%):
20,600 Hewlett-Packard Company........ 1,908,075
------------
INSURANCE CARRIERS (0.3%):
12,690 Allstate Corporation........... 466,357
18,000 American General Corporation... 591,750
------------
1,058,107
------------
MEASURING, ANALYZING, & CONTROLLING
INSTRUMENTS; PHOTOGRAPHIC, MEDICAL &
OPTICAL GOODS (0.6%):
15,200 Eastman Kodak Company.......... 951,900
29,400 Honeywell, Inc................. 1,234,800
------------
2,186,700
------------
NONDEPOSITORY CREDIT INSTITUTIONS (0.5%):
23,000 American Express Company....... 934,375
15,600 Transamerica Corporation....... 1,056,900
------------
1,991,275
------------
OIL & GAS EXTRACTION (0.2%):
14,750 Schlumberger, Ltd.............. 918,187
------------
PAPER & ALLIED PRODUCTS (0.3%):
18,000 Minnesota Mining &
Manufacturing Company........ 1,023,750
------------
PETROLEUM REFINING & RELATED
INDUSTRIES (1.0%):
4,900 Atlantic Richfield Company..... 523,075
14,900 Chevron Corporation............ 696,575
13,500 Exxon Corporation.............. 1,031,063
7,400 Mobil Corporation.............. 745,550
</TABLE>
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
60
<PAGE>
- --------------------------------------------------------------------------------
MODERATE BALANCED FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/ SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
PETROLEUM REFINING & RELATED
INDUSTRIES, CONTINUED:
5,400 Royal Dutch Petroleum
Company[DEL]................. $ 663,525
------------
3,659,788
------------
PHARMACEUTICAL PREPARATIONS (0.2%):
15,000 Pfizer, Inc.[DEL].............. 860,625
------------
PRINTING, PUBLISHING, & ALLIED
INDUSTRIES (0.2%):
27,400 Deluxe Corporation............. 736,375
------------
TOBACCO PRODUCTS (0.5%):
17,400 American Brands, Inc........... 746,025
12,500 Philip Morris Companies,
Inc.......................... 1,056,250
------------
1,802,275
------------
TRANSPORTATION EQUIPMENT (0.3%):
11,900 United Technologies
Corporation.................. 1,056,125
------------
Total Common Stocks
(cost $29,614,609) 36,989,014
------------
REPURCHASE AGREEMENTS (0.1%):
$ 365,668 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $365,728.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000 Federal
National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost $365,668)...... 365,668
------------
Total Income Equity Investment Style
(cost $29,980,277) 37,354,682
------------
INDEX INVESTMENT STYLE (10.0%):
1,341,348 Index Portfolio of Core Trust
(Delaware)`D'................ 37,421,188
------------
Total Index Investment Style
(cost $29,329,239) 37,421,188
------------
MANAGED FIXED INCOME INVESTMENT
STYLE (14.8%):
ASSET BACKED SECURITIES (1.5%):
679,218 Case Equipment Loan Trust,
Series 1993-B A, 4.30%, due
5/15/99...................... 674,124
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
ASSET BACKED SECURITIES, CONTINUED:
$ 818,267 John Deere Owner Trust, Series
1993-B A2, 4.10%, due
10/15/00..................... $ 809,103
349,571 ML Asset Backed Corporation,
Series 1992-1 A2, 5.50%, due
5/15/98...................... 348,913
1,365,839 Premier Auto Trust, Series
1993-6 A2, 4.65%, due
11/2/99...................... 1,348,575
654,777 Security Pacific Acceptance
Corporation, Series 1991-2 B,
8.55%, due 9/15/11........... 675,939
555,174 Security Pacific Home Equity
Loan, 1991-2 B, 8.15%, due
6/15/20...................... 566,449
1,000,000 U.S. Home Equity Loan
Certificates, Series 1991-2
B, 9.125%, due 4/15/21....... 1,024,060
------------
Total Asset Backed Securities
(cost $5,336,658) 5,447,163
------------
COLLATERALIZED MORTGAGE OBLIGATIONS (3.4%):
358,479 Citicorp Mortgage Securities,
Inc., Series 1992-3 A3,
7.50%, due 7/25/06........... 358,479
839,399 Federal Home Loan Mortgage
Corporation, Series 1438 F,
4.6875% variable rate, due
12/15/97..................... 801,887
2,000,000 Federal Home Loan Mortgage
Corporation, Series 1550 S,
1.57266% variable rate, due
7/15/00...................... 1,745,620
397,759 Federal National Mortgage
Association, Series 1991-45
Z, 8.00%, due 5/25/98........ 401,816
3,300,000 Federal National Mortgage
Association, Series 1994-75
OE, 7.00%, due 11/25/09...... 3,338,673
2,500,000 Federal National Mortgage
Association, Series 1994-102
B, 7.00%, due 6/25/10........ 2,475,000
1,400,000 GE Capital Mortgage Services,
Inc., Series 1993-1 C, 7.30%,
due 3/25/19.................. 1,407,000
2,100,000 Residential Funding Mortgage
Securities I, Series 1993-S15
A5, 6.70%, due 4/25/08....... 2,090,802
------------
Total Collateralized Mortgage Obligations
(cost $11,466,929) 12,619,277
------------
CORPORATE BONDS & NOTES (2.6%):
2,000,000 Associates Corporation, 6.25%,
due 9/15/00.................. 2,000,528
1,400,000 Chrysler Financial Corporation,
5.375%, due 10/15/98......... 1,366,750
800,000 Continental Bank, N.A., 11.25%,
due 7/1/01................... 893,000
</TABLE>
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
61
<PAGE>
- --------------------------------------------------------------------------------
MODERATE BALANCED FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
CORPORATE BONDS & NOTES, CONTINUED:
$ 800,000 First Bank System, 6.0625%
variable rate, due 11/29/96,
Callable 11/30/95 at 100..... $ 798,000
800,000 Meridian Bancorp, 6.00%
variable rate, due 12/1/96... 797,896
2,000,000 Paine Webber Group, Inc.,
7.00%, due 3/1/00............ 2,009,700
1,900,000 Salomon Brothers, 7.25%, due
1/15/00...................... 1,909,386
Total Corporate Bonds & Notes
(cost $9,325,332) 9,775,260
------------
GOVERNMENT AGENCY BONDS & NOTES (0.9%):
2,100,000 Federal Home Loan Bank, Series
HT97, 3.00%, due 3/28/97..... 2,020,370
1,400,000 Federal National Mortgage
Association, 6.43455%
variable rate, due 7/23/97... 1,434,300
------------
Total Government Agency Bonds & Notes
(cost $3,249,911) 3,454,670
------------
RECEIVABLES BACKED SECURITIES (0.9%):
1,400,000 Capital Auto Receivables Asset
Trust, Series 1993-1 A7,
5.35%, due 2/15/98........... 1,395,240
1,000,000 First USA Credit Card Master
Trust, Series 1994-5 A,
6.015% variable rate, due
4/17/00...................... 1,001,929
1,000,000 Peoples Bank Credit Card Master
Trust, Series 1994-2 A,
6.025% variable rate, due
3/15/01...................... 1,002,169
------------
Total Receivables Backed Securities
(cost $3,368,557) 3,399,338
------------
ZERO COUPON SECURITIES (0.7%):
1,900,000 Resolution Funding Corporation
STRIP, due 1/15/96........... 1,878,834
1,000,000 Resolution Funding Corporation
STRIP, due 4/15/00........... 774,530
------------
Total Zero Coupon Securities
(cost $2,492,834) 2,653,364
------------
U.S. TREASURY OBLIGATIONS (2.7%):
5,000,000 U.S. Treasury Notes, 6.25%, due
8/31/00[DEL]................. 5,087,500
4,950,000 U.S. Treasury Notes, 6.50%, due
5/15/05[DEL]................. 5,126,344
------------
Total U.S. Treasury Obligations
(cost $9,997,643) 10,213,844
------------
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
REPURCHASE AGREEMENTS (2.1%):
$ 7,870,679 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $7,871,964.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000 Federal
National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875% due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost
$7,870,679). ................ $ 7,870,679
------------
Total Managed Fixed Income Investment Style
(cost $53,108,543) 55,433,595
------------
STABLE INCOME INVESTMENT STYLE (14.8%):
ASSET BACKED SECURITIES (2.9%):
1,809,934 AFC Home Equity Loan Trust,
Series 1995-2 A1, 7.556%
variable rate, due 7/25/26... 1,825,206
2,500,000 Green Tree Financial
Corporation, Series 1993-3
A2, 4.90%, due 10/15/18...... 2,473,673
2,440,665 Green Tree Financial
Corporation, Series 1994-1
A1, 5.60%, due 4/15/19....... 2,429,021
1,854,707 Green Tree Financial
Corporation, Series 1994-8
A1, 7.75%, due 4/15/25....... 1,872,086
2,230,427 Structured Asset Securities
Corporation, Series 1995-C3
A, 6.475% variable rate, due
1/25/10**.................... 2,227,639
------------
Total Asset Backed Securities
(cost $10,753,261) 10,827,625
------------
COLLATERALIZED MORTGAGE OBLIGATIONS (6.1%):
2,350,000 Federal Home Loan Bank, Series
DU-98, 4.597%, due 8/3/98.... 2,267,515
1,765,618 Federal Home Loan Mortgage
Corporation-Government
National Mortgage
Association, Series 24 ZC,
5.15% due 8/25/12............ 1,701,913
3,867,705 Federal National Mortgage
Association Swap Trust,
Series 1994-1 A1, 6.325%
variable rate, due 10/1/04... 3,859,245
</TABLE>
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
62
<PAGE>
- --------------------------------------------------------------------------------
MODERATE BALANCED FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS, CONTINUED:
$ 1,498,226 Maryland National Bank Mortgage
Passthru Certificates, Series
1990-1 A, 9.50%, due
10/15/20..................... $ 1,501,971
2,000,159 Resolution Trust Corporation,
Series 1992-7 A2D, 8.35%, due
6/25/29...................... 2,023,281
1,593,721 Resolution Trust Corporation,
Series 1992-18P A4, 6.825%
variable rate, due
4/25/28**.................... 1,589,243
4,244,697 Resolution Trust Corporation,
Series 1992-C2 A2, 6.9375%
variable rate, due
10/25/21..................... 4,267,491
3,000,707 Resolution Trust Corporation,
Series 1992-C3 A3, 7.0875%
variable rate, due 8/25/23... 3,032,214
2,766,005 Resolution Trust Corporation,
Series 1992-M3 A4, 8.46%
variable rate, 7/25/30....... 2,795,394
------------
Total Collateralized Mortgage Obligations
(cost $22,995,645) 23,038,267
------------
CORPORATE BONDS & NOTES (1.2%):
2,000,000 J.C. Penney & Company, 10.00%,
due 10/15/97................. 2,147,148
2,350,000 Lehman Brothers Holdings,
9.75%, due 4/1/96............ 2,383,953
------------
Total Corporate Bonds & Notes
(cost $4,559,422) 4,531,101
------------
GOVERNMENT AGENCY BONDS & NOTES (1.3%):
4,800,000 Federal Home Loan Mortgage
Corporation, 4.875%, due
6/23/98 (cost $4,477,536).... 4,804,858
------------
MORTGAGE BACKED SECURITIES (0.6%):
2,076,381 Federal National Mortgage
Association Adjustable Rate
Mortgage, Pool 318464,
5.866%, due 4/1/25 (cost
$2,091,629).................. 2,094,966
------------
MUNICIPAL BONDS (0.2%):
885,000 LA County California Taxable
Pension Obligation Bonds,
Series D, MBIA County
Guaranteed, 6.02%, due
6/30/97 (cost $885,000)...... 885,327
------------
U.S. TREASURY OBLIGATIONS (2.2%):
400,000 U.S. Treasury Notes, 7.75%, due
3/31/96...................... 403,500
4,500,000 U.S. Treasury Notes, 6.25%, due
1/31/97[DEL]................. 4,536,563
2,500,000 U.S. Treasury Notes, 5.375%,
due 5/31/98[DEL]............. 2,482,028
1,000,000 U.S. Treasury Notes, 4.75%, due
10/31/98[DEL]................ 974,061
------------
Total U.S. Treasury Obligations
(cost $8,378,102) 8,396,152
------------
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
REPURCHASE AGREEMENTS (0.3%):
$ 1,061,325 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $1,061,498.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000 Federal
National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost $1,061,325).... $ 1,061,325
------------
Total Stable Income Investment Style
(cost $55,201,920) 55,639,621
------------
POSITIVE RETURN INVESTMENT STYLE (15.4%):
ASSET BACKED SECURITIES (0.6%):
2,250,000 Navistar Financial Corporation
Owner Trust, Series 1995-B
A2, 5.94%, due 10/15/98 (cost
$2,249,962).................. 2,260,553
------------
GOVERNMENT AGENCY BONDS & NOTES (0.7%):
2,500,000 Student Loan Marketing
Association, 5.705% variable
rate, due 12/1/95 (cost
$2,496,967).................. 2,498,475
------------
RECEIVABLES BACKED SECURITIES (2.1%):
3,400,000 Bombardier Receivables Master
Trust I Series 1994-1 A,
6.1375% variable rate, due
3/15/99...................... 3,405,100
1,108,333 Discover Card Trust, Series
1992-A A, 5.50%, due
5/16/98...................... 1,104,521
1,750,000 First USA Credit Card Master
Trust, Series 1994-5 A,
6.015% variable rate, due
4/17/00...................... 1,753,376
1,604,750 IBM Credit Receivables Lease
Asset Master Trust, Series
1993-1 A, 4.55%, due
11/15/00..................... 1,586,533
------------
Total Receivables Backed Securities
(cost $7,807,050) 7,849,530
------------
U.S. TREASURY OBLIGATIONS (8.5%):
5,000,000 U.S. Treasury Bills, 5.50%
yield, due 1/4/96............ 4,953,330
5,000,000 U.S. Treasury Bills, 5.55%
yield, due 1/11/96........... 4,948,125
4,250,000 U.S. Treasury Bills, 5.51%
yield, due 4/4/96............ 4,153,381
</TABLE>
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
63
<PAGE>
- --------------------------------------------------------------------------------
MODERATE BALANCED FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
U.S. TREASURY OBLIGATIONS, CONTINUED:
$ 8,400,000 U.S. Treasury Bonds, 7.125%,
due 2/15/23.................. $ 9,158,612
7,775,000 U.S. Treasury Bonds, 7.50%, due
11/15/24..................... 8,899,934
------------
Total U.S. Treasury Obligations
(cost $31,525,772) 32,113,382
------------
REPURCHASE AGREEMENTS (3.5%):
13,004,439 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $13,006,561.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000 Federal
National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost
$13,004,439). ............... 13,004,439
------------
Total Positive Return Investment Style
(cost $57,084,190) 57,726,379
------------
TOTAL RETURN BOND INVESTMENT STYLE (14.6%):
CORPORATE BONDS & NOTES (1.7%):
1,000,000 AMR Corporation, 7.47%, due
1/28/97...................... 1,013,434
1,025,000 Chrysler Financial Corporation,
8.125%, due 12/15/96......... 1,047,177
475,000 CIGNA Corporation, 8.00%, due
9/1/96....................... 482,111
1,350,000 General Motors Acceptance
Corporation, 5.25%, due
11/15/96..................... 1,339,744
900,000 Ohio Edison Company, 8.50%, due
5/1/96....................... 910,616
900,000 Salomon, Inc., 5.37%, due
12/17/96..................... 886,009
700,000 Westinghouse Electric Company,
7.75%, due 4/15/96........... 701,819
------------
Total Corporate Bonds & Notes
(cost $6,396,203) 6,380,910
------------
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
GOVERNMENT AGENCY BONDS & NOTES (0.4%):
$ 1,550,000 Federal National Mortgage
Association, 6.06%, due
10/2/97 (cost $1,551,453).... $ 1,553,805
U.S. TREASURY OBLIGATIONS (12.5%):
10,500,000 U.S. Treasury Notes, 7.875%,
due 6/30/96.................. 10,654,203
2,875,000 U.S. Treasury Notes, 7.25%, due
8/31/96...................... 2,913,629
15,175,000 U.S. Treasury Notes, 7.50%, due
12/31/96..................... 15,502,188
3,400,000 U.S. Treasury Notes, 6.875%,
due 2/28/97.................. 3,455,250
200,000 U.S. Treasury Notes, 8.50%, due
4/15/97...................... 208,000
3,150,000 U.S. Treasury Notes, 7.25%, due
8/15/04...................... 3,411,844
3,025,000 U.S. Treasury Bonds, 9.375%,
due 2/15/06.................. 3,782,191
1,175,000 U.S. Treasury Bonds, 7.50%, due
11/15/16..................... 1,323,709
4,575,000 U.S. Treasury Bonds, 8.125%,
due 8/15/19.................. 5,507,156
------------
Total U.S. Treasury Obligations
(cost $46,529,592) 46,758,170
------------
REPURCHASE AGREEMENTS (0.0%):
57,998 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $58,008.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000 Federal
National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost $57,998). ..... 57,998
------------
Total Total Return Bond Investment Style
(cost $54,535,246) 54,750,883
------------
</TABLE>
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
64
<PAGE>
- --------------------------------------------------------------------------------
MODERATE BALANCED FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
OTHER INVESTMENTS (0.2%):
REPURCHASE AGREEMENTS (0.2%):
$ 935,367 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $935,520.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000 Federal
National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96. .................... $ 935,367
------------
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
Total Other Investments
(cost $935,367) $ 935,367
------------
Total Investments (100.0%)
(cost $344,909,203) $375,030,535
------------
------------
</TABLE>
`D' As of October 31, 1995 Moderate
Balanced Fund's investment in
Small Company Portfolio,
International Portfolio II, and
Index Portfolio of Core Trust
(Delaware) represented 4.81%,
6.52%, and 12.94%, respectively,
of those portfolios' outstanding
interests. Accordingly, the Fund
may be deemed to own 4.81%, 6.52%
and 12.94% of each security and
other assets of the respective
portfolios. The Portfolio of the
Investments of Small Company
Portfolio, International
Portfolio II, and Index Portfolio
of Core Trust (Delaware) are
presented beginning at page 87.
* Non-income producing security.
[DEL] Part or all of this investment
on loan, see Note 6 of notes to
the financial statements.
** Securities that may be resold to
'qualified institutional buyers'
under Rule 144A or securities
offered pursuant to section 4(2) of
the Securities Act of 1933, as
amended. These securities have been
determined to be liquid under
guidelines established by the Board
of Trustees.
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
65
<PAGE>
- --------------------------------------------------------------------------------
GROWTH BALANCED FUND
SCHEDULE OF INVESTMENTS OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<C> <S> <C>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
LARGE COMPANY GROWTH INVESTMENT
STYLE (17.5%)
COMMON STOCKS (16.6%):
AMUSEMENT & RECREATION SERVICES (0.4%):
27,400 The Walt Disney Company[DEL]... $ 1,578,926
------------
APPAREL & OTHER FINISHED PRODUCTS MADE
FROM FABRICS & SIMILAR
MATERIALS (0.2%):
21,100 Cintas Corporation[DEL]........ 886,200
------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY,
& MOBILE HOME DEALERS (0.9%):
49,300 Home Depot, Inc................ 1,836,425
53,700 Lowe's Companies, Inc.......... 1,449,900
------------
3,286,325
------------
BUSINESS SERVICES (2.7%):
8,900 Automatic Data Processing,
Inc.......................... 636,350
4,200 DST Systems, Inc............... 88,200
40,600 First Data Corporation[DEL].... 2,684,676
28,900 Fiserv, Inc.*.................. 744,175
36,700 General Motors Corporation,
Class E[DEL]................. 1,729,489
37,700 Microsoft Corporation*......... 3,770,000
14,800 Sungard Data Systems, Inc.*.... 407,000
------------
10,059,890
------------
COMMUNICATIONS (0.4%):
53,800 Airtouch Communications,
Inc.*........................ 1,533,300
------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT
& COMPONENTS, EXCEPT COMPUTER
EQUIPMENT (4.1%):
59,900 Intel Corporation.............. 4,185,514
143,100 L.M. Ericsson Telephone
Company, ADR[DEL]............ 3,056,517
47,931 Molex, Inc., Class A........... 1,473,880
51,500 Motorola, Inc.................. 3,379,688
44,600 Nokia Corporation, ADR, Class
A............................ 2,486,450
27,300 Solectron Corporation*......... 1,098,825
------------
15,680,874
------------
ENGINEERING, ACCOUNTING, RESEARCH,
MANAGEMENT, & RELATED SERVICES (0.6%):
45,400 Medaphis Corporation*[DEL]..... 1,441,450
17,100 Paychex, Inc................... 741,713
------------
2,183,163
------------
32,500 The Coca-Cola Company.......... 2,335,939
------------
GENERAL MERCHANDISE STORES (0.3%):
44,100 Wal-Mart Stores, Inc........... 953,663
------------
HEALTH SERVICES (0.2%):
18,000 Columbia HCA Healthcare
Corporation.................. 884,251
------------
HOLDING & OTHER INVESTMENT OFFICES (1.0%):
49,300 Franklin Resources, Inc........ 2,501,975
27,700 T. Rowe Price.................. 1,378,075
------------
3,880,050
------------
<CAPTION>
SHARES/ SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
INSURANCE CARRIERS (0.9%):
39,600 American International Group... $ 3,341,250
------------
MISCELLANEOUS RETAIL (1.0%):
65,000 Autozone, Inc.*[DEL]........... 1,608,750
38,200 Petsmart, Inc.*................ 1,279,700
15,300 Viking Office Products*........ 680,850
------------
3,569,300
------------
OIL & GAS EXTRACTION (0.1%):
3,400 Schlumberger, Ltd.............. 211,650
------------
PHARMACEUTICAL PREPARATIONS (0.3%):
20,400 Pfizer, Inc.[DEL].............. 1,170,450
------------
SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES, & SERVICE (1.0%):
140,400 Charles Schwab Corporation..... 3,211,651
18,700 Donaldson, Lufkin & Jenrette,
Inc.*[DEL]................... 556,325
------------
3,767,976
------------
TOBACCO PRODUCTS (0.4%):
16,000 Philip Morris Companies,
Inc.......................... 1,352,000
------------
WHOLESALE TRADE-DURABLE GOODS (0.3%):
31,400 Danka Business Systems[DEL].... 1,051,900
------------
WHOLESALE TRADE-NONDURABLE GOODS (1.2%):
10,100 Alco Standard Corporation...... 893,850
19,100 Corporate Express, Inc.*....... 498,989
112,800 Office Depot, Inc.*............ 3,228,901
------------
4,621,740
------------
Total Common Stocks
(cost $48,906,706) 62,348,847
------------
REPURCHASE AGREEMENTS (0.9%):
$3,461,727 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $3,462,292.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000 Federal
National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost $3,461,727).... 3,461,727
------------
Total Large Company Growth
Investment Style (cost $52,368,433)........ 65,810,574
------------
</TABLE>
The accompanying notes are an integral part
of the financial statements. 66 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
GROWTH BALANCED FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
SMALL COMPANY GROWTH INVESTMENT
STYLE (6.8%)
893,146 Small Company Portfolio of Core
Trust (Delaware)`D'.......... $ 25,689,840
------------
Total Small Company Growth
Investment Style (cost $22,574,751)........ 25,689,840
------------
INTERNATIONAL INVESTMENT STYLE (10.3%):
1,811,724 International Portfolio II of
Core Trust (Delaware)`D'..... 38,886,694
------------
Total International Investment
Style (cost $37,365,902)................... 38,886,694
------------
INCOME EQUITY INVESTMENT STYLE (17.2%):
COMMON STOCKS (17.0%):
CHEMICALS & ALLIED PRODUCTS (2.5%):
15,000 American Home Products
Corporation.................. 1,329,375
30,500 Du Pont (E.I.) De Nemours &
Company...................... 1,902,438
17,800 Johnson & Johnson.............. 1,450,700
21,400 Merck & Company, Inc........... 1,230,500
43,100 Morton International, Inc...... 1,314,550
22,900 Procter & Gamble
Company[DEL]................. 1,854,900
------------
9,082,463
------------
COMMUNICATIONS (1.1%):
38,800 AT&T Corporation............... 2,483,200
43,900 GTE Corporation................ 1,810,875
------------
4,294,075
------------
DOMESTIC DEPOSITORY INSTITUTIONS (0.9%):
36,300 First Bank System, Inc.[DEL]... 1,805,925
22,600 J.P. Morgan & Company, Inc..... 1,743,026
------------
3,548,951
------------
EATING & DRINKING PLACES (0.3%):
28,600 McDonald's Corporation......... 1,172,600
------------
ELECTRIC, GAS, & SANITARY SERVICES (1.4%):
33,500 Consolidated Natural Gas
Company[DEL]................. 1,273,000
14,300 FPL Group, Inc................. 598,813
20,000 Pacific Gas and Electric
Company...................... 587,500
26,700 Public Service Enterprise
Group, Inc................... 784,313
15,500 Texas Utilities Company........ 569,625
47,000 WMX Technologies, Inc.......... 1,321,876
------------
5,135,127
------------
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT
& COMPONENTS, EXCEPT COMPUTER
EQUIPMENT (0.8%):
20,000 Emerson Electric Company....... $ 1,425,000
27,700 General Electric Company....... 1,752,025
------------
3,177,025
------------
ENGINEERING, ACCOUNTING, RESEARCH,
MANAGEMENT,& RELATED SERVICES (0.6%):
35,600 Dun & Bradstreet Corporation... 2,127,100
------------
FOOD & KINDRED PRODUCTS (0.6%):
28,600 PepsiCo, Inc................... 1,508,650
27,000 Sara Lee Corporation........... 793,125
------------
2,301,775
------------
GENERAL MERCHANDISE STORES (0.8%):
14,300 Dayton Hudson Corporation...... 983,125
10,000 J.C. Penney Company, Inc....... 421,250
22,900 May Department Stores
Company...................... 898,825
22,900 Sears, Roebuck and Company..... 778,600
------------
3,081,800
------------
INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT (0.8%):
34,000 Hewlett-Packard Company........ 3,149,250
------------
INSURANCE CARRIERS (0.5%):
21,229 Allstate Corporation........... 780,166
29,500 American General Corporation... 969,813
------------
1,749,979
------------
MEASURING, ANALYZING, & CONTROLLING
INSTRUMENTS; PHOTOGRAPHIC, MEDICAL
& OPTICAL GOODS (1.0%):
23,800 Eastman Kodak Company.......... 1,490,475
52,800 Honeywell, Inc................. 2,217,600
------------
3,708,075
------------
NONDEPOSITORY CREDIT INSTITUTIONS (0.9%):
42,000 American Express Company....... 1,706,250
24,800 Transamerica Corporation....... 1,680,200
------------
3,386,450
------------
OIL & GAS EXTRACTION (0.4%):
25,400 Schlumberger, Ltd.............. 1,581,150
------------
PAPER & ALLIED PRODUCTS (0.5%):
30,000 Minnesota Mining &
Manufacturing Company........ 1,706,250
------------
PETROLEUM REFINING & RELATED INDUSTRIES
(1.8%):
12,600 Atlantic Richfield Company..... 1,345,050
26,800 Chevron Corporation............ 1,252,900
22,500 Exxon Corporation.............. 1,718,438
12,400 Mobil Corporation.............. 1,249,300
</TABLE>
The accompanying notes are an integral part
of the financial statements. 67 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
GROWTH BALANCED FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES/ SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
PETROLEUM REFINING & RELATED INDUSTRIES,
CONTINUED:
9,200 Royal Dutch Petroleum
Company[DEL]................. $ 1,130,450
------------
6,696,138
------------
PHARMACEUTICAL PREPARATIONS (0.4%):
28,000 Pfizer, Inc.[DEL].............. 1,606,500
------------
PRINTING, PUBLISHING, & ALLIED
INDUSTRIES (0.3%):
45,900 Deluxe Corporation............. 1,233,563
------------
TOBACCO PRODUCTS (0.9%):
28,600 American Brands, Inc........... 1,226,225
24,000 Philip Morris Companies,
Inc.......................... 2,028,000
------------
3,254,225
------------
TRANSPORTATION EQUIPMENT (0.5%):
20,100 United Technologies
Corporation.................. 1,783,875
------------
Total Common Stocks
(cost $51,502,011) 63,776,371
------------
REPURCHASE AGREEMENTS (0.2%):
$ 902,815 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $902,962.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000 Federal
National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost $902,815)...... 902,815
------------
Total Income Equity Investment
Style (cost $52,404,826) 64,679,186
------------
INDEX INVESTMENT STYLE (17.3%):
2,326,300 Index Portfolio of Core Trust
(Delaware)`D'................ 64,899,598
------------
Total Index Investment
Style (cost $52,785,321)................... 64,899,598
------------
MANAGED FIXED INCOME INVESTMENT
STYLE (10.3%)
ASSET BACKED SECURITIES (1.1%):
531,562 Case Equipment Loan Trust,
Series 1993-B A, 4.30%, due
5/15/99...................... 527,575
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
ASSET BACKED SECURITIES, CONTINUED:
$ 640,383 John Deere Owner Trust, Series
1993-B A2, 4.10%, due
10/15/00..................... $ 633,210
262,178 ML Asset Backed Corporation,
Series 1992-1 A2, 5.50%, due
5/15/98...................... 261,685
1,024,379 Premier Auto Trust, Series
1993-6 A2, 4.65%, due
11/2/99...................... 1,011,431
458,344 Security Pacific Acceptance
Corporation, Series 1991-2 B,
8.55%, due 9/15/11........... 473,157
403,763 Security Pacific Home Equity
Loan, Series 1991-2 B, 8.15%,
due 6/15/20.................. 411,963
700,000 U.S. Home Equity Loan
Certificates, Series 1991-2
B, 9.125%, due 4/15/21....... 716,842
------------
Total Asset Backed Securities
(cost $3,954,546) 4,035,863
------------
COLLATERALIZED MORTGAGE OBLIGATIONS (3.2%):
262,885 Citicorp Mortgage Securities,
Inc., Series 1992-3 A3,
7.50%, due 7/25/06........... 262,884
659,528 Federal Home Loan Mortgage
Corporation, Series 1438 F,
4.6875% variable rate, due
12/15/97..................... 630,053
1,600,000 Federal Home Loan Mortgage
Corporation, Series 1550 S,
1.57266% variable rate, due
7/15/00...................... 1,396,496
2,000,000 Federal Home Loan Mortgage
Corporation, Series 1720 E,
7.50%, due 12/15/09.......... 2,050,097
298,319 Federal National Mortgage
Association, Series 1991-45
Z, 8.00%, due 5/25/98........ 301,362
2,500,000 Federal National Mortgage
Association, Series 1994-75
OE, 7.00%, due 11/25/09...... 2,529,298
2,000,000 Federal National Mortgage
Association, Series 1994-102
B, 7.00%, due 6/25/10........ 1,980,000
1,100,000 GE Capital Mortgage Services,
Inc., Series 1993-1 C, 7.30%,
due 3/25/19.................. 1,105,500
1,600,000 Residential Funding Mortgage
Securities I, Series 1993-S15
A5, 6.70%, due 4/25/08....... 1,592,992
------------
Total Collateralized Mortgage Obligations
(cost $10,853,758)......................... 11,848,682
------------
CORPORATE BONDS & NOTES (2.0%):
1,500,000 Associates Corporation, 6.25%,
due 9/15/00.................. 1,500,396
</TABLE>
The accompanying notes are an integral part
of the financial statements. 68 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
GROWTH BALANCED FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
CORPORATE BONDS & NOTES, CONTINUED:
$1,100,000 Chrysler Financial Corporation,
5.375%, due 10/15/98......... $ 1,073,875
600,000 Continental Bank, N.A., 11.25%,
due 7/1/01................... 669,750
600,000 First Bank System, 6.0625%
variable rate, due 11/29/96,
Callable 11/30/95 at 100..... 598,500
600,000 Meridian Bancorp, 6.00%
variable rate, due 12/1/96... 598,422
1,600,000 Paine Webber Group, Inc.,
7.00%, due 3/1/00............ 1,607,760
1,500,000 Salomon Brothers, 7.25%, due
1/15/00...................... 1,507,410
------------
Total Corporate Bonds & Notes
(cost $7,201,176).......................... 7,556,113
------------
GOVERNMENT AGENCY BONDS & NOTES (0.7%):
1,600,000 Federal Home Loan Bank, Series
HT97, 3.00%, due 3/28/97..... 1,539,329
1,100,000 Federal National Mortgage
Association, 6.43455%
variable rate, due 7/23/97... 1,126,950
------------
Total Government Agency Bonds & Notes
(cost $2,507,470).......................... 2,666,279
------------
RECEIVABLES BACKED SECURITIES (0.7%):
1,100,000 Capital Auto Receivables Asset
Trust, Series 1993-1 A7,
5.35%, due 2/15/98[DEL]...... 1,096,260
750,000 First USA Credit Card Master
Trust, Series 1994-5 A,
6.015% variable rate, due
4/17/00...................... 751,447
750,000 Peoples Bank Credit Card Master
Trust, Series 1994-2 A,
6.025% variable rate, due
3/15/01...................... 751,627
------------
Total Receivables Backed Securities
(cost $2,575,256).......................... 2,599,334
------------
ZERO COUPON SECURITIES (0.5%):
1,400,000 Resolution Funding Corporation
STRIP, due 1/15/96........... 1,384,404
800,000 Resolution Funding Corporation
STRIP, due 4/15/00........... 619,624
------------
Total Zero Coupon Securities (cost
$1,879,451).................................. 2,004,028
------------
U.S. TREASURY OBLIGATIONS (0.8%):
2,250,000 U.S. Treasury Notes, 6.25%, due
8/31/00[DEL]................. 2,289,375
750,000 U.S. Treasury Notes, 6.50%, due
5/15/05[DEL]................. 776,718
------------
Total U.S. Treasury Obligations
(cost $3,018,281).......................... 3,066,093
------------
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
REPURCHASE AGREEMENTS (1.3%):
$4,843,226 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $4,844,016.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000 Federal
National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost $4,843,226).... $ 4,843,226
------------
Total Managed Fixed Income Investment
Style (cost $36,833,164)................... 38,619,618
------------
POSITIVE RETURN INVESTMENT STYLE (10.2%):
GOVERNMENT AGENCY BONDS & NOTES (0.5%):
2,000,000 Student Loan Marketing
Association, 5.705% variable
rate, due 12/1/95 (cost
$1,997,574).................. 1,998,780
------------
RECEIVABLES BACKED SECURITIES (1.2%):
2,600,000 Bombardier Receivables Master
Trust, Series 1994-1 A,
6.1375% variable rate, due
3/15/99...................... 2,603,900
875,000 Discover Card Trust, Series
1992-A A, 5.50%, due
5/16/98...................... 871,990
1,222,666 IBM Credit Receivables Lease
Asset Master Trust, Series
1993-1 A, 4.55%, due
11/15/00..................... 1,208,787
------------
Total Receivables Backed Securities
(cost $4,654,016) 4,684,677
------------
U.S. TREASURY OBLIGATIONS (5.5%):
3,250,000 U.S. Treasury Bills, 5.50%
yield, due 1/4/96............ 3,219,664
3,250,000 U.S. Treasury Bills, 5.55%
yield, due 1/11/96........... 3,216,281
4,000,000 U.S. Treasury Bills, 5.51%
yield, due 4/4/96............ 3,909,064
5,150,000 U.S. Treasury Bonds, 7.125%,
due 2/15/23.................. 5,615,102
4,075,000 U.S. Treasury Bonds, 7.5%, due
11/15/24..................... 4,664,595
------------
Total U.S. Treasury Obligations
(cost $20,306,539)......................... 20,624,706
------------
</TABLE>
The accompanying notes are an integral part
of the financial statements. 69 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
GROWTH BALANCED FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
REPURCHASE AGREEMENTS (3.0%):
$11,286,351 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $11,288,193.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000 Federal
National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost $11,286,351)... $ 11,286,351
------------
Total Positive Return Investment Style
(cost $38,244,480)......................... 38,594,514
------------
TOTAL RETURN BOND INVESTMENT
STYLE (10.1%)
CORPORATE BONDS & NOTES (1.3%):
800,000 AMR Corporation, 7.47%, due
1/28/97...................... 810,747
325,000 CIGNA Corporation, 8.00%, due
9/1/96....................... 329,865
850,000 Chrysler Financial Corporation,
8.125%, due 12/15/96......... 868,390
1,100,000 General Motors Acceptance
Corporation, 5.25%, due
11/15/96..................... 1,091,643
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
CORPORATE BONDS & NOTES, CONTINUED:
$ 725,000 Ohio Edison Company, 8.50%, due
5/1/96....................... $ 733,552
500,000 Salomon, Inc., 5.34%, due
12/17/96..................... 492,067
550,000 Westinghouse Electric Company,
7.75%, due 4/15/96........... 551,428
------------
Total Corporate Bonds & Notes
(cost $4,890,092) 4,877,692
------------
GOVERNMENT AGENCY BONDS & NOTES (0.1%):
375,000 Federal National Mortgage
Association, 6.06%, due
10/2/97 (cost $375,351)...... 375,920
------------
U.S. TREASURY OBLIGATIONS (8.5%):
8,775,000 U.S. Treasury Notes, 7.875%,
due 6/30/96.................. 8,903,869
12,450,000 U.S. Treasury Notes, 7.50%, due
12/31/96..................... 12,718,434
500,000 U.S. Treasury Notes, 6.875%,
due 2/28/97.................. 508,125
300,000 U.S. Treasury Notes, 8.50%, due
4/15/97...................... 312,000
2,450,000 U.S. Treasury Notes, 7.25%, due
8/15/04...................... 2,653,656
2,150,000 U.S. Treasury Bonds, 9.375%,
due 2/15/06.................. 2,688,168
3,625,000 U.S. Treasury Bonds, 8.125%,
due 8/15/19.................. 4,363,595
------------
Total U.S. Treasury Obligations
(cost $32,063,843) $32,147,847
------------
</TABLE>
The accompanying notes are an integral part
of the financial statements. 70 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
GROWTH BALANCED FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
REPURCHASE AGREEMENTS (0.2%):
$ 634,979 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $635,083.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000 Federal
National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost $634,979)...... $ 634,979
------------
Total Total Return Bond Investment Style
(cost $37,964,265) 38,036,438
------------
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<C> <S> <C>
OTHER INVESTMENTS (0.3%):
REPURCHASE AGREEMENTS (0.3%):
$ 942,037 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $942,191.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000 Federal
National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96...................... $ 942,037
------------
Total Other Investments
(cost $942,037) 942,037
------------
Total Investments (100.0%)
(cost $331,483,179) $376,158,499
------------
------------
</TABLE>
`D' As of October 31, 1995, Growth
Balanced Fund's
investment in Small Company
Portfolio, International
Portfolio II, and Index Portfolio of
Core Trust (Delaware)
represented 8.27%, 11.35%, and
22.44%, respectively, of
those portfolios' outstanding
interests. Accordingly, the
Fund may be deemed to own 8.27%,
11.35% and 22.44%
of each security and other assets of
the respective
portfolios. The Portfolio of
Investments of Small Company
Portfolio, International Portfolio
II, and Index Portfolio of
Core Trust (Delaware) are presented
beginning at page 87.
* Non-income producing security.
[DEL] Part or all of this investment
on loan, see Note 6
of notes to the financial statements.
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
71
<PAGE>
- --------------------------------------------------------------------------------
INTERMEDIATE U.S. GOVERNMENT FUND
SCHEDULE OF INVESTMENTS OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ------------ -------------------------------- -----------
<S> <C> <C>
GOVERNMENT AGENCY BONDS & NOTES (23.2%):
$ 3,000,000 Federal Home Loan Bank, 6.41%,
due 10/11/05.................. $ 3,029,766
1,500,000 Federal Home Loan Mortgage
Corporation, 5.905%,
due 6/13/00................... 1,499,589
2,000,000 Student Loan Marketing
Association, 6.05%, due
9/14/00....................... 2,003,140
2,000,000 Tennessee Valley Authority,
Series D, 8.375%, due
10/1/99....................... 2,165,000
3,000,000 Tennessee Valley Authority,
Series D, 6.00%, due
11/1/00....................... 2,998,170
-----------
Total Government Agency Bonds & Notes
(cost $11,547,279) 11,695,665
-----------
MORTGAGE BACKED SECURITIES (11.1%):
2,500,000 Federal National Mortgage
Association, Pool 160159,
7.516%, due 7/1/99............ 2,559,450
2,996,822 Federal National Mortgage
Association, Pool 160337,
7.025%, due 6/1/97............ 3,030,506
-----------
Total Mortgage Backed Securities
(cost $5,624,945) 5,589,956
-----------
U.S. TREASURY OBLIGATIONS (63.4%):
6,000,000 U.S. Treasury Notes, 5.75%,
due 10/31/97.................. 6,016,866
3,000,000 U.S. Treasury Notes, 8.00%,
due 1/15/97................... 3,084,375
3,000,000 U.S. Treasury Notes, 5.625%,
due 1/31/98................... 2,998,125
5,950,000 U.S. Treasury Notes, 8.25%,
due 7/15/98................... 6,327,444
2,500,000 U.S. Treasury Notes, 4.75%,
due 9/30/98[DEL].............. 2,437,500
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ------------ -------------------------------- -----------
<S> <C> <C>
U.S. TREASURY OBLIGATIONS, CONTINUED:
$ 2,000,000 U.S. Treasury Notes, 7.75%,
due 1/31/00................... $ 2,144,372
2,000,000 U.S. Treasury Notes, 8.50%,
due 2/15/00................... 2,201,872
1,500,000 U.S. Treasury Notes, 7.50%,
due 11/15/01.................. 1,623,279
4,000,000 U.S. Treasury Bonds, 10.75%,
due 5/15/03................... 5,145,000
-----------
Total U.S. Treasury Obligations
(cost $31,317,133) 31,978,833
-----------
REPURCHASE AGREEMENTS (2.3%):
1,163,751 BA Securities, Inc., 5.875%, due
11/1/95, to be repurchased at
$1,163,941. Collateralized by
$16,300 Federal Home Loan
Mortgage Corporation, 5.875%,
due 11/13/95; $46,000,000
Federal National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage Association,
5.875%, due 3/29/96;
$75,000,000 Federal National
Mortgage Association, 5.875%,
due 5/2/96; $45,000,000
Federal Home Loan Bank,
5.875%, due 1/30/96;
$22,000,000 Federal Home Loan
Bank, 5.875%, due 2/29/96
(cost $1,163,751)............. 1,163,751
-----------
Total Investments (100.0%)
(cost $49,653,108) $50,428,205
-----------
-----------
</TABLE>
[DEL] Part or all of this investment on loan, see Note 6
of notes to the financial statements.
The accompanying notes are an integral part
of the financial statements. 72 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
MANAGED FIXED INCOME FUND
SCHEDULE OF INVESTMENTS OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<S> <C> <C>
ASSET BACKED SECURITIES (7.3%):
$ 944,999 Case Equipment Loan Trust,
Series 1993-B A, 4.30%, due
5/15/99...................... $ 937,911
1,085,094 John Deere Owner Trust, Series
1993-B A2, 4.10%, due
10/15/00..................... 1,072,941
445,702 ML Asset Backed Corporation,
Series 1992-1 A2, 5.50%, due
5/15/98...................... 444,865
1,806,891 Premier Auto Trust, Series
1993-6 A2, 4.65%, due
11/2/99...................... 1,784,052
3,000,000 Premier Auto Trust, Series
1994-1 A3, 4.75%, due
2/2/00....................... 2,965,290
851,210 Security Pacific Acceptance
Corporation, Series 1991-2 B,
8.55%, due 9/15/11........... 878,721
807,525 Security Pacific Home Equity
Loan, Series 1991-2 B, 8.15%,
due 6/15/20.................. 823,926
1,300,000 U.S. Home Equity Loan
Certificates, Series 1991-2
B, 9.125%, due 4/15/21....... 1,331,278
2,145,371 Union Federal Savings Bank
Trust, Series 1993-B A,
4.45%, due 11/15/99.......... 2,101,112
------------
Total Asset Backed Securities
(cost $12,027,281) 12,340,096
------------
COLLATERALIZED MORTGAGE OBLIGATIONS (19.4%):
466,023 Citicorp Mortgage Securities,
Inc., Series 1992-3 A3,
7.50%, due 7/25/06........... 466,023
2,165,076 Federal Home Loan Mortgage
Corporation, Series 1096 D,
7.00%, due 6/15/20........... 2,161,006
3,135,000 Federal Home Loan Mortgage
Corporation, Series 1338 H,
7.00%, due 7/15/06........... 3,182,025
3,050,000 Federal Home Loan Mortgage
Corporation, Series 1374 B,
6.50%, due 6/15/15........... 3,043,931
1,079,228 Federal Home Loan Mortgage
Corporation, Series 1438 F,
4.6875% variable rate, due
12/15/97..................... 1,030,997
2,780,495 Federal Home Loan Mortgage
Corporation, Series 1550 S,
1.57266% variable rate, due
7/15/00...................... 2,426,844
5,277,000 Federal Home Loan Mortgage
Corporation, Series 1702-A H,
6.50%, due 11/15/11.......... 5,149,508
596,638 Federal National Mortgage
Association, Series 1991-45
Z, 8.00%, due 5/25/98........ 602,724
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<S> <C> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS,
CONTINUED:
$2,627,436 Federal National Mortgage
Association, Series 1993-49
Z, 7.50%, due 4/25/13........ $ 2,600,161
4,475,537 Federal National Mortgage
Association, Series 1994-75
OE, 7.00%, due 11/25/09...... 4,527,986
3,220,000 Federal National Mortgage
Association, Series 1994-102
B, 7.00%, due 6/25/10........ 3,187,800
1,800,000 GE Capital Mortgage Services,
Inc., Series 1993-1 C, 7.30%,
due 3/25/19.................. 1,809,000
2,800,000 Residential Funding Mortgage
Securities I, Series 1993-S15
A5, 6.70%, due 4/25/08....... 2,787,736
------------
Total Collateralized Mortgage Obligations
(cost $29,935,037) 32,975,741
------------
CORPORATE BONDS & NOTES (20.0%):
1,800,000 Chrysler Financial Corporation,
5.375%, due 10/15/98......... 1,757,250
3,400,000 Citicorp, 5.70%, due 2/12/96... 3,398,518
1,200,000 Continental Bank, N.A., 11.25%,
due 7/1/01................... 1,339,500
2,600,000 Dean Witter Discover, 6.25%,
due 3/15/00.................. 2,600,000
2,100,000 Federal Express, 6.25%, due
4/15/98...................... 2,100,000
1,200,000 First Bank System, 6.0625%
variable rate, due 11/29/96,
Callable 11/30/95 at 100..... 1,197,000
3,000,000 Ford Motor Credit, 6.75%, due
5/15/05...................... 3,003,300
3,400,000 General Motors Acceptance
Corporation, 5.75%, due
4/8/96....................... 3,394,628
3,000,000 Heller Financial, 7.875%, due
11/1/99...................... 3,157,500
2,500,000 Lehman Brothers Holdings,
8.80%, due 3/1/15............ 2,788,578
1,200,000 Meridian Bancorp, 6.00%
variable rate, due 12/1/96... 1,196,844
2,750,000 Nationsbank Corporation, 5.875%
variable rate, due
11/18/96..................... 2,752,052
2,700,000 Paine Webber Group, Inc.,
7.00%, due 3/1/00............ 2,713,095
2,600,000 Salomon Brothers, 7.25%, due
1/15/00...................... 2,612,844
------------
Total Corporate Bonds & Notes
(cost $32,062,072) 34,011,109
------------
</TABLE>
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
73
<PAGE>
- --------------------------------------------------------------------------------
MANAGED FIXED INCOME FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<S> <C> <C>
GOVERNMENT AGENCY BONDS & NOTES (5.6%):
$2,800,000 Federal Home Loan Bank, Series
HT97, 3.00%, due 3/28/97....... $ 2,693,827
1,800,000 Federal National Mortgage
Association, 6.43455% variable
rate, due 7/23/97.............. 1,844,100
5,000,000 Student Loan Marketing
Association, 5.705% variable
rate, due 12/1/95.............. 4,996,950
------------
Total Government Agency Bonds & Notes
(cost $9,264,455) 9,534,877
------------
MORTGAGE BACKED SECURITIES (0.0%):
2,386 Government National Mortgage
Association, Pool 2218, 6.50%,
due 12/15/02.................. 2,383
189 Government National Mortgage
Association, Pool 665, 7.50%,
due 5/15/01................... 193
------------
Total Mortgage Backed Securities
(cost $2,396) 2,576
------------
RECEIVABLES BACKED SECURITIES (12.5%):
4,720,000 Bombardier Receivables Master
Trust I, Series 1994-1 A,
6.1375% variable rate, due
3/15/99....................... 4,727,080
1,800,000 Capital Auto Receivables Asset
Trust, Series 1993-1 A7,
5.35%, due 2/15/98............ 1,793,880
3,500,000 Chase Manhattan Credit Card
Master Trust, 6.005% variable
rate, due 5/15/01............. 3,506,647
1,516,667 Discover Card Trust, Series
1992-A A, 5.50%, due 5/16/98.. 1,511,449
3,700,000 First USA Credit Card Master
Trust, Series 1994-5 A, 6.015%
variable rate, due 4/17/00.... 3,707,137
2,139,666 IBM Credit Receivables Lease
Asset Master Trust, Series
1993-1 A, 4.55%, due
11/15/00...................... 2,115,377
3,850,000 Peoples Bank Credit Card Master
Trust, Series 1994-2 A, 6.025%
variable rate, due 3/15/01.... 3,858,351
------------
Total Receivables Backed Securities
(cost $21,105,648) 21,219,921
------------
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<S> <C> <C>
ZERO COUPON SECURITIES (6.3%):
$2,550,000 Resolution Funding Corporation
STRIP, due 1/15/96............. $ 2,521,593
4,600,000 Resolution Funding Corporation
STRIP, due 4/15/98............. 4,001,723
1,268,000 Resolution Funding Corporation
STRIP, due 4/15/00............. 982,104
4,400,000 U.S. Treasury STRIP, due
2/15/01[DEL]................... 3,249,441
------------
Total Zero Coupon Securities
(cost $9,791,040) 10,754,861
------------
U.S. TREASURY OBLIGATIONS (22.7%):
24,100,000 U.S. Treasury Notes, 6.50%,
due 5/15/05[DEL].............. 24,958,560
13,000,000 U.S. Treasury Notes, 6.50%,
due 8/15/05[DEL].............. 13,467,171
------------
Total U.S. Treasury Obligations
(cost $37,763,363) 38,425,731
------------
REPURCHASE AGREEMENTS (6.2%):
10,430,985 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $10,432,687.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%,
due 11/13/95; $46,000,000
Federal National Mortgage
Association, 5.875%,
due 2/27/96; $48,000,000
Federal National Mortgage
Association, 5.875%,
due 3/29/96; $75,000,000
Federal National Mortgage
Association, 5.875%,
due 5/2/96; $45,000,000
Federal Home Loan Bank,
5.875%, due 1/30/96;
$22,000,000 Federal Home
Loan Bank, 5.875%,
due 2/29/96
(cost $10,430,985)............ 10,430,985
------------
Total Investments (100.00%)
(cost $162,382,277) $169,695,897
------------
------------
</TABLE>
[DEL] Part or all of this investment on loan, see Note 6
of notes to the financial statements.
The accompanying notes are an integral part
of the financial statements. NORWEST ADVANTAGE FUNDS
74
<PAGE>
- --------------------------------------------------------------------------------
STABLE INCOME FUND
SCHEDULE OF INVESTMENTS OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ----------- -------------------------------- -----------
<S> <C> <C>
ASSET BACKED SECURITIES (17.2%):
$1,407,727 AFC Home Equity Loan Trust,
Series 1995-2 A1, 7.556%
variable rate, due 7/25/26.... $ 1,419,604
2,100,000 Green Tree Financial
Corporation, Series 1993-3 A2,
4.90%, due 10/15/18........... 2,077,885
1,702,790 Green Tree Financial
Corporation, Series 1994-1 A1,
5.60%, due 4/15/19............ 1,694,665
1,377,782 Green Tree Financial
Corporation, Series 1994-8 A1,
7.75%, due 4/15/25............ 1,390,692
1,672,821 Structured Asset Securities
Corporation, Series 1995-C3 A,
6.475% variable rate, due
1/25/10**..................... 1,670,730
-----------
Total Asset Backed Securities
(cost $8,199,243)........................... 8,253,576
-----------
COLLATERALIZED MORTGAGE OBLIGATIONS (37.3%):
1,750,000 Federal Home Loan Bank, Series
DU-98, 4.597%, due 8/3/98..... 1,688,575
1,544,916 Federal Home Loan Mortgage
Corporation-Government
National Mortgage Association,
Series 24 ZC, 5.15%, due
8/25/12....................... 1,489,174
2,900,779 Federal National Mortgage
Association Swap Trust, Series
1994-1 A1, 6.325% variable
rate, due 10/1/04............. 2,894,434
1,498,226 Maryland National Bank Mortgage
Passthru Certificates, Series
1990-1A, 9.50%, due
10/15/20...................... 1,501,971
1,750,139 Resolution Trust Corporation,
Series 1992-7 A2D, 8.35%, due
6/25/29....................... 1,770,371
1,400,048 Resolution Trust Corporation,
Series 1992-18P A4, 6.825%
variable rate, due
4/25/28**..................... 1,396,114
3,031,926 Resolution Trust Corporation,
Series 1992-C2 A2, 6.9375%
variable rate, due 10/25/21... 3,048,208
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ----------- -------------------------------- -----------
<S> <C> <C>
COLLATERALIZED MORTGAGE OBLIGATIONS,
CONTINUED:
$2,000,471 Resolution Trust Corporation,
Series 1992-C3 A3, 7.0875%
variable rate, due 8/25/23.... $ 2,021,476
2,059,791 Resolution Trust Corporation,
Series 1992-M3 A4, 8.46%
variable rate, 7/25/30........ 2,081,676
-----------
Total Collateralized Mortgage Obligations
(cost $17,861,020) 17,891,999
-----------
CORPORATE BONDS & NOTES (8.7%):
2,000,000 J.C. Penney & Company, 10.00%,
due 10/15/97.................. 2,147,148
2,000,000 Lehman Brothers Holdings, 9.75%,
due 4/1/96.................... 2,028,896
-----------
Total Corporate Bonds & Notes
(cost $4,200,980) 4,176,044
-----------
GOVERNMENT AGENCY BONDS & NOTES (6.7%):
3,200,000 Federal Home Loan Mortgage
Corporation, 6.10%, due
6/23/98 (cost $2,985,024)..... 3,203,238
-----------
MORTGAGE BACKED SECURITIES (4.3%):
2,076,380 Federal National Mortgage
Association Adjustable Rate
Mortgage, Pool 318464, 5.866%,
due 4/1/25 (cost
$2,091,628)................... 2,094,965
-----------
MUNICIPAL BONDS (1.6%):
745,000 LA County California Taxable
Pension Obligation Bonds,
Series D, MBIA County
Guaranteed, 6.02%, due 6/30/97
(cost $745,000)............... 745,276
-----------
U.S. TREASURY OBLIGATIONS (21.9%):
2,750,000 U.S. Treasury Notes, 6.50%, due
11/30/96...................... 2,775,781
5,500,000 U.S. Treasury Notes, 6.25%, due
1/31/97[DEL].................. 5,544,689
750,000 U.S. Treasury Notes, 6.625%, due
3/31/97....................... 760,546
1,500,000 U.S. Treasury Notes, 4.75%, due
10/31/98...................... 1,461,090
-----------
Total U.S. Treasury Obligations
(cost $10,545,000) 10,542,106
-----------
</TABLE>
75 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
STABLE INCOME FUND
SCHEDULE OF INVESTMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
FACE AMOUNT DESCRIPTION VALUE
- ----------- -------------------------------- -----------
<S> <C> <C>
REPURCHASE AGREEMENTS (2.3%):
1,114,283 BA Securities, Inc., 5.875%,
due 11/1/95, to be repurchased
at $1,114,465. Collateralized
by $16,300 Federal Home Loan
Mortgage Corporation, 5.875%,
due 11/13/95; $46,000,000
Federal National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000
Federal National Mortgage
Association, 5.875%,
due 3/29/96; $75,000,000
Federal National Mortgage
Association, 5.875%,
due 5/2/96; $45,000,000
Federal Home Loan Bank,
5.875%, due 1/30/96;
$22,000,000 Federal Home
Loan Bank, 5.875%, due
2/29/96 (cost $1,114,283)..... $ 1,114,283
------------
Total Investments (100.0%)
(cost $47,742,178) $48,021,487
------------
------------
</TABLE>
[DEL] Part or all of this investment on loan, see Note 6
of notes to the financial statements.
** Securities that may be resold to 'qualified institutional buyers'
nder Rule 144A or securities offered pursuant to section 4(2)
of the Securities Act of 1933, as amended. These securities have
been determined to be liquid under guidelines established by
the Board of Trustees.
The accompanying notes are an integral part
of the financial statements.
76 NORWEST ADVANTAGE FUNDS
<PAGE>
- --------------------------------------------------------------------------------
INDEPENDENT AUDITORS' REPORT
- --------------------------------------------------------------------------------
The Trustees and Shareholders of
Norwest Advantage Funds
We have audited the accompanying statements of assets and liabilities of
Diversified Equity Fund, Growth Equity Fund, Large Company Growth Fund, Small
Company Growth Fund, International Fund, Income Equity Fund, Index Fund,
Conservative Balanced Fund, Moderate Balanced Fund, Growth Balanced Fund,
Intermediate U.S. Government Fund, Managed Fixed Income Fund and Stable Income
Fund, portfolios of Norwest Advantage Funds (collectively the Norwest Advantage
Funds or Funds), including the schedules of investments, as of October 31, 1995,
the related statements of operations, statements of changes in net assets and
financial highlights for the period from November 11, 1994 (commencement of
operations) to October 31, 1995. These financial statements and financial
highlights are the responsibility of the Funds' management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
October 31, 1995 by correspondence with the custodian and brokers. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
Norwest Advantage Funds as of October 31, 1995, the results of their operations,
the changes in their net assets and the financial highlights for the period from
November 11, 1994 (commencement of operations) to October 31, 1995 in conformity
with generally accepted accounting principles.
KPMG Peat Marwick LLP
Boston, Massachusetts
December 29, 1995
NORWEST ADVANTAGE FUNDS
77
<PAGE>
78
<PAGE>
CORE TRUST (DELAWARE)
ANNUAL REPORT
OCTOBER 31, 1995
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
STATEMENTS OF ASSETS & LIABILITIES OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL
COMPANY INTERNATIONAL INTERNATIONAL INDEX
PORTFOLIO PORTFOLIO II PORTFOLIO PORTFOLIO
------------ ------------- ------------- ------------
<S> <C> <C> <C> <C>
Assets
Investments, at value (Note 2)*.............................. $312,759,864 $ 324,011,657 $90,021,476 $288,809,210
Collateral for securities loaned (Note 5).................... 54,148,027 -- -- 20,719,156
Cash......................................................... -- 17,176,646 1,523,383 --
Interest, dividends and other receivables.................... 16,982 807,787 234,867 414,009
Receivable for securities sold............................... 3,425,654 821,113 611,180 --
Organization costs, net of amortization (Note 2)............. 24,507 24,507 24,507 24,507
------------ ------------- ------------- ------------
Total assets..................................................... 370,375,034 342,841,710 92,415,413 309,966,882
------------ ------------- ------------- ------------
Liabilities
Payable for securities purchased............................. 5,538,730 -- -- --
Payable for securities loaned (Note 5)....................... 54,148,027 -- -- 20,719,156
Payable for forward foreign currency contracts............... -- 105,707 38,373 --
Accrued advisory fees (Note 3)............................... -- -- 35,686 --
Accrued administration fees (Note 3)......................... 22,502 29,239 -- 24,566
Other accrued expenses....................................... 6,039 59,934 31,126 16,688
------------ ------------- ------------- ------------
Total liabilities................................................ 59,715,298 194,880 105,185 20,760,410
------------ ------------- ------------- ------------
Net assets....................................................... $310,659,736 $ 342,646,830 $92,310,228 $289,206,472
------------ ------------- ------------- ------------
------------ ------------- ------------- ------------
Components of net assets
Investors' capital........................................... $274,921,534 $ 328,922,859 $88,631,222 $235,314,094
Accumulated net unrealized appreciation on investments and
foreign currency........................................... 35,738,202 13,723,971 3,679,006 53,892,378
------------ ------------- ------------- ------------
Net assets....................................................... $310,659,736 $ 342,646,830 $92,310,228 $289,206,472
------------ ------------- ------------- ------------
------------ ------------- ------------- ------------
*Investments at cost............................................. $277,021,662 $ 310,183,561 $86,305,054 $234,916,832
------------ ------------- ------------- ------------
------------ ------------- ------------- ------------
</TABLE>
The accompanying notes are an integral part
of the financial statements. CORE TRUST (DELAWARE)
80
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
STATEMENTS OF OPERATIONS FOR THE PERIOD ENDED OCTOBER 31, 1995*
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL
COMPANY INTERNATIONAL INTERNATIONAL INDEX
PORTFOLIO PORTFOLIO II PORTFOLIO PORTFOLIO
----------- ------------- ------------- -----------
<S> <C> <C> <C> <C>
Investment income
Interest income.................................................. $ 1,033,273 $ 872,188 $ 101,349 $ 124,028
Dividend income[DEL]............................................. 1,194,253 5,110,224 1,569,270 6,080,927
----------- ------------- ------------- -----------
Total income......................................................... 2,227,526 5,982,412 1,670,619 6,204,955
----------- ------------- ------------- -----------
Expenses
Advisory (Note 3)................................................ 2,260,342 1,231,536 368,007 359,914
Administration (Note 3).......................................... 251,149 273,675 122,669 239,943
Custodian........................................................ -- 211,856 66,902 --
Accounting (Note 3).............................................. 54,267 83,967 89,534 92,534
Legal (Note 3)................................................... 14,824 16,163 4,819 14,150
Auditing......................................................... 25,000 32,500 30,500 26,000
Trustees......................................................... 5,411 5,906 1,759 5,176
Amortization of organization costs (Note 2)...................... 5,853 5,853 5,853 5,853
Other............................................................ 31,627 54,244 42,269 40,171
----------- ------------- ------------- -----------
Total expenses....................................................... 2,648,473 1,915,700 732,312 783,741
Expenses reimbursed and fees waived (Note 3)..................... (2,260,342) (1,232,140) (78,610)
(376,096)
----------- ------------- ------------- -----------
Net expenses......................................................... 388,131 683,560 653,702 407,645
----------- ------------- ------------- -----------
Net investment income................................................ 1,839,395 5,298,852 1,016,917 5,797,310
----------- ------------- ------------- -----------
Net realized and unrealized gain (loss) on investments
Net realized gain (loss) on
Securities................................................... 33,935,810 (1,940,307) (1,858,530) 1,948,912
Foreign currency transactions................................ -- 4,182,334 1,135,597 --
----------- ------------- ------------- -----------
Net realized gain (loss) on investments.............................. 33,935,810 2,242,027 (722,933) 1,948,912
----------- ------------- ------------- -----------
Net change in unrealized appreciation (depreciation) on
Securities................................................... 35,738,202 13,828,096 3,716,422 53,892,378
Foreign currency transactions................................ -- (104,125) (37,416) --
----------- ------------- ------------- -----------
Net change in unrealized appreciation from investments............... 35,738,202 13,723,971 3,679,006 53,892,378
----------- ------------- ------------- -----------
Net realized and unrealized gain from investments.................... 69,674,012 15,965,998 2,956,073 55,841,290
----------- ------------- ------------- -----------
Increase in net assets from operations............................... $71,513,407 $21,264,850 $ 3,972,990 $61,638,600
----------- ------------- ------------- -----------
----------- ------------- ------------- -----------
[DEL] Net of foreign withholding taxes of -- $ 755,343 $ 390,068 --
</TABLE>
*See Note 1 for commencement of operations.
The accompanying notes are an integral part
of the financial statements. CORE TRUST (DELAWARE)
81
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
STATEMENTS OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED OCTOBER 31, 1995*
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SMALL
COMPANY INTERNATIONAL INTERNATIONAL INDEX
PORTFOLIO PORTFOLIO II PORTFOLIO PORTFOLIO
------------ ------------- ------------- ------------
<S> <C> <C> <C> <C>
Net assets -- 11/11/94.......................................... -- -- -- --
------------ ------------- ------------- ------------
Operations
Net investment income....................................... $ 1,839,395 $ 5,298,852 $ 1,016,917 $ 5,797,310
Net realized gain (loss) on securities and foreign currency
transactions.............................................. 33,935,810 2,242,027 (722,933) 1,948,912
Net change in unrealized appreciation on securities and
foreign currency transactions............................. 35,738,202 13,723,971 3,679,006 53,892,378
------------ ------------- ------------- ------------
71,513,407 21,264,850 3,972,990 61,638,600
------------ ------------- ------------- ------------
Transactions in investors' beneficial interests
Contributions............................................... 262,830,339 342,127,908 102,787,458 254,124,900
Withdrawals................................................. (23,684,010) (20,745,928) (14,450,220) (26,557,028)
------------ ------------- ------------- ------------
239,146,329 321,381,980 88,337,238 227,567,872
------------ ------------- ------------- ------------
Net assets -- 10/31/95.......................................... $310,659,736 $ 342,646,830 $ 92,310,228 $289,206,472
------------ ------------- ------------- ------------
------------ ------------- ------------- ------------
</TABLE>
*See Note 1 for commencement of operations.
The accompanying notes are an integral part
of the financial statements. CORE TRUST (DELAWARE)
82
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
NOTES TO FINANCIAL STATEMENTS OCTOBER 31, 1995
- --------------------------------------------------------------------------------
NOTE 1. ORGANIZATION
Core Trust (Delaware) ('Core Trust') is registered as an open-end management
investment company and currently has four separate investment portfolios. These
financial statements relate to Small Company Portfolio, International Portfolio
II, International Portfolio and Index Portfolio (each a 'Portfolio' and
collectively the 'Portfolios'), diversified portfolios, which commenced
operations on November 11, 1994. Interests in the Portfolios are sold without
any sales charge in private placement transactions to institutional clients,
including open-end management investment companies. The Portfolios' financial
statements are prepared in accordance with generally accepted accounting
principles and the Portfolios' fiscal year end is October 31.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
SECURITIES VALUATION - Short-term securities which mature in 60 days or less are
valued at amortized cost. Equity securities, for which market quotations are
readily available, are valued using the last reported sales price provided by
independent pricing services. If no sales are reported, the last mean of the bid
and ask price is used. Fixed income and other securities, for which market
quotations are readily available, are valued using the mean of the bid and ask
prices provided by independent pricing services. If no mean price is available,
the last bid is used. In the absence of readily available market quotations,
securities are valued at fair value determined by the Board of Trustees (the
'Board').
FOREIGN CURRENCY - Amounts are translated into U.S. dollars at the mean of the
bid and asked prices of such currencies against U.S. dollars as follows: assets
and liabilities at the rate of exchange at the end of the respective period,
purchases and sales of securities and income and expenses at the rate of
exchange prevailing on the dates of such transactions. It is not practical to
isolate that portion of the results of operations arising from changes in the
exchange rates from the portion arising from changes in the market prices of
securities.
International Portfolio II and International Portfolio may enter into forward
contracts to purchase or sell foreign currencies to protect against the effect
on the U.S. dollar value of the underlying portfolio of possible adverse
movements in foreign exchange rates. Risk associated with such contracts include
the movement in value of the foreign currency relative to the U.S. dollar and
the ability of the counterparty to perform. Fluctuations in the value of such
contracts are recorded as unrealized gains or losses; realized gains or losses
include net gains or losses on contracts which have terminated by settlement or
by the fund entering into offsetting commitments. At October 31, 1995 the
Portfolios were obligated to deliver (sell) foreign currencies in exchange for
U.S. dollars as follows:
<TABLE>
<CAPTION>
CONTRACT UNREALIZED
DATE CURRENCY UNITS U.S. DOLLARS LOSS
--------- ------------ ------------- ------------ ----------
<S> <C> <C> <C> <C> <C>
International Portfolio II.............. 12/21/95 Japanese Yen 3,240,000,000 31,940,820 ($105,707)
International Portfolio................. 12/21/95 Japanese Yen 868,000,000 8,546,932 ($38,373)
</TABLE>
REALIZED GAINS AND LOSSES - Security transactions are recorded on a trade date
basis, and realized gains and losses on investments sold are recorded on the
basis of identified cost.
REPURCHASE AGREEMENTS - The Portfolios may purchase portfolio securities from
financial institutions deemed to be creditworthy by the investment adviser
subject to the seller's agreement to repurchase and the Portfolio's agreement to
resell such securities. Securities purchased subject to repurchase agreements
are maintained by Core Trust and must have, at all times, an aggregate market
value greater than or equal to the repurchase price plus accrued interest.
INTEREST AND DIVIDEND INCOME - Interest income is accrued as earned. Dividends
on securities held by the Portfolios are accrued on the ex-dividend date.
83 CORE TRUST (DELAWARE)
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
NOTES TO FINANCIAL STATEMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
NOTE 2. (continued)
SECURITY LOANS - The Portfolios receive compensation for lending securities in
the form of fees or retain a portion of interest on the investment securities or
any cash received as collateral. A Portfolio also continues to receive interest
or dividends on the securities loaned. The loans are secured by collateral equal
to at least 102%, at all times, of the market value of the securities loaned
plus accrued interest. Gain or loss in the market price of the securities loaned
that may occur during the term of the loan will be reflected in the value of the
Portfolio.
ORGANIZATIONAL COSTS - The costs incurred by each Portfolio in connection with
its organization, in the amount of $30,360, have been capitalized and are being
amortized using the straight-line method over a five year period beginning on
the commencement of the Portfolios' operations. Certain of these costs were paid
by Forum Financial Services, Inc. and will be reimbursed by the Portfolios.
EXPENSE ALLOCATION - Expenses incurred with respect to any two or more
Portfolios are allocated in proportion to the net assets of such Portfolios
except where another more appropriate allocation of expenses can be made.
Expenses directly attributable to a Portfolio are charged to that Portfolio.
FEDERAL INCOME TAX - The Portfolios are treated as a partnership for Federal
income tax purposes. Any interest, dividends, gains or losses of the Portfolios
are deemed to be passed through to the Portfolio's interestholders. As a
partnership, no Federal income tax provision is required.
NOTE 3. ADVISORY, SERVICING FEES AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISER - The investment adviser of Small Company Portfolio and Index
Portfolio is Norwest Investment Management, a part of Norwest Bank Minnesota,
N.A. (the 'Adviser'). Norwest Bank Minnesota, N.A. is a subsidiary of Norwest
Corporation. The investment adviser of International Portfolio II and
International Portfolio is Schroder Capital Management International Inc.
('Schroder'). Schroder is a wholly-owned U.S. subsidiary of Schroders
Incorporated, the wholly-owned U.S. holding company subsidiary of Schroders plc.
The investment advisers receive advisory fees from Core Trust with respect to
Small Company Portfolio, International Portfolio II, International Portfolio and
Index Portfolio at annual rates of .90%, .45%, .45% and .15%, respectively, of
the average daily net assets of each Portfolio.
ADMINISTRATIVE AND OTHER SERVICES - The administrator of Core Trust is Forum
Financial Services, Inc. ('Forum'), a registered broker-dealer and a member of
the National Association of Securities Dealers, Inc. Forum receives an
administration fee from each Portfolio at an annual rate of .10% of the average
daily net assets of each Portfolio. In addition, for the period ending October
31, 1995, certain legal expenses were charged to the Portfolios by Forum. The
respective amounts for such legal fees for Small Company Portfolio,
International Portfolio II, International Portfolio and Index Portfolio were:
$5,924, $6,453, $1,969 and $5,701.
Forum Financial Corp. ('FFC'), an affiliate of Forum, provides fund accounting
services to the Portfolios. For these services, FFC receives a fee of $36,000
per year for each Portfolio, plus certain amounts based upon the type of
Portfolio, and number and types of portfolio transactions within each Portfolio.
For its interestholder recordkeeping services, FFC receives a fee of $12,000 per
year for each Portfolio.
84 CORE TRUST (DELAWARE)
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
NOTES TO FINANCIAL STATEMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
NOTE 3. (continued)
WAIVERS AND REIMBURSEMENTS - For the period ending October 31, 1995, fees waived
by the Portfolio's service providers and Portfolio expenses reimbursed by Forum
and the Adviser were as follows:
<TABLE>
<CAPTION>
EXPENSES EXPENSES
REIMBURSED REIMBURSED FEES WAIVED FEES WAIVED
BY FORUM BY NORWEST BY FORUM BY NORWEST
---------- ---------- ----------- -----------
<S> <C> <C> <C> <C>
Small Company Portfolio................................ $ -- $ -- $ -- $2,260,342
International Portfolio II............................. 605 1,231,535 -- --
International Portfolio................................ 8,567 -- 70,043 --
Index Portfolio........................................ 16,182 -- -- 359,914
</TABLE>
NOTE 4. PURCHASES AND SALES OF SECURITIES
Cost of purchases and proceeds from sales (including maturities) of securities
(excluding short-term investments) during the period ending October 31, 1995
were as follows:
<TABLE>
<CAPTION>
COST OF PROCEEDS
PURCHASES FROM SALES
------------ ------------
<S> <C> <C>
Small Company Portfolio.......................................................... $541,745,523 $309,468,270
International Portfolio II....................................................... 378,158,460 72,070,202
International Portfolio.......................................................... 111,352,670 23,284,342
Index Portfolio.................................................................. 253,901,503 19,149,744
</TABLE>
Gross unrealized appreciation and depreciation based on identified tax cost as
of October 31, 1995 were as follows:
<TABLE>
<CAPTION>
UNREALIZED UNREALIZED TAX
APPRECIATION DEPRECIATION COST BASIS
------------ ------------ ------------
<S> <C> <C> <C>
Small Company Portfolio............................................ $46,538,812 $11,180,513 $277,401,565
International Portfolio II......................................... 30,893,307 17,065,206 310,183,556
International Portfolio............................................ 8,613,689 4,897,264 86,305,051
Index Portfolio.................................................... 57,939,915 4,093,763 234,963,058
</TABLE>
NOTE 5. PORTFOLIO SECURITIES LOANED
The following Portfolios had loaned securities as of October 31, 1995:
<TABLE>
<CAPTION>
VALUE OF COLLATERAL
SECURITIES LOANED VALUE
----------------- ------------
<S> <C> <C>
Small Company Portfolio...................................................... $49,466,470 $ 54,148,027
Index Portfolio.............................................................. 19,793,527 20,719,156
</TABLE>
Collateral is comprised of various securities including time deposits,
commercial paper, corporate bonds and repurchase agreements. Fee income related
to security loans for the period ended October 31, 1995 for
<TABLE>
<S> <C> <C>
Small Company Portfolio...................................................... $5,324
Index Portfolio.............................................................. --
</TABLE>
85 CORE TRUST (DELAWARE)
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
NOTES TO FINANCIAL STATEMENTS (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
NOTE 6. FINANCIAL HIGHLIGHTS
Portfolios' performance for the period ended October 31, 1995.*
<TABLE>
<CAPTION>
SMALL
COMPANY INTERNATIONAL II INTERNATIONAL INDEX
------- ---------------- ------------- ------
<S> <C> <C> <C> <C>
Ratio of expenses to average net assets(a)(b)............... 0.15 % 0.25% 0.80% 0.17%
Ratio of net investment income to average net assets(a)..... 0.73 % 1.94% 1.24% 2.42%
Portfolio turnover rate..................................... 126.01 % 28.19% 29.41% 7.73%
* See Note 1. for commencement of operations.
(a) Annualized.
(b) During the period certain fees and expenses were waived
and reimbursed. Had this waiver and reimbursement not
occurred, the ratio of expenses to average net assets
would have been: 1.05 % 0.70% 0.90% 0.33%
</TABLE>
86 CORE TRUST (DELAWARE)
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
SMALL COMPANY PORTFOLIO OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
SMALL COMPANY VALUE INVESTMENT
STYLE (30.7%)
COMMON STOCKS (28.9%):
AMUSEMENT & RECREATION SERVICES (0.6%):
172,700 Players International, Inc..... $ 1,856,525
------------
BUSINESS SERVICES (0.8%):
111,800 Landmark Graphics
Corporation*................. 2,431,650
------------
CHEMICALS & ALLIED PRODUCTS (0.6%):
61,800 OM Group, Inc.................. 1,792,200
------------
CONSTRUCTION-SPECIAL TRADE CONTRACTORS
(0.4%):
108,000 Insituform Technologies, Class
A*[DEL]...................... 1,350,000
------------
DOMESTIC DEPOSITORY INSTITUTIONS (1.6%):
33,500 Cullen/Frost Bankers, Inc...... 1,708,500
48,750 Mountain Parks Financial
Corporation*................. 1,133,438
125,400 Roosevelt Financial Group,
Inc.[DEL].................... 2,022,075
------------
4,864,013
------------
ELECTRIC, GAS, & SANITARY SERVICES (0.3%):
99,300 Tejas Power Corporation*....... 844,050
------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT (4.5%):
24,250 BMC Industries, Inc............ 936,656
109,350 Baldor Electric Company........ 2,624,400
32,900 Benchmark Electronics, Inc.*... 847,175
96,600 Colonial Data Technologies
Corporation*[DEL]............ 1,328,250
59,000 IPC Information Systems,
Inc.*........................ 885,000
71,300 InterVoice, Inc.*.............. 1,301,225
119,500 Sheldahl, Inc.*................ 1,882,125
126,700 Smartflex Systems, Inc.*....... 1,852,988
72,000 Zilog, Inc.*................... 2,556,000
------------
14,213,819
------------
HEALTH SERVICES (1.2%):
89,700 Coventry Corporation*.......... 1,760,363
81,400 Lincare Holdings, Inc.*[DEL]... 2,024,825
------------
3,785,188
------------
HOLDING & OTHER INVESTMENT OFFICES (1.6%):
80,600 Felcor Suite Hotels, Inc....... 2,327,325
120,700 RFS Hotel Investors, Inc....... 1,825,588
101,300 Sunstone Hotel Investors,
Inc.......................... 911,700
------------
5,064,613
------------
HOME FURNITURE, FURNISHINGS, & EQUIPMENT
STORES (0.5%):
290,600 Sun Television and Appliances,
Inc.......................... 1,598,300
------------
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT (3.7%):
66,500 AGCO Corporation[DEL].......... $ 2,975,875
71,200 Astec Industries, Inc.*........ 845,500
90,300 Dynatech Corporation........... 1,354,500
60,500 Gasonics International
Corporation*................. 1,996,500
153,875 Paxar Corporation.............. 1,942,671
90,000 Verifone, Inc.*................ 2,430,000
------------
11,545,046
------------
INSURANCE CARRIERS (0.5%):
56,800 Sierra Health Services,
Inc.*........................ 1,625,900
------------
MEASURING, ANALYZING, & CONTROLLING
INSTRUMENTS; PHOTOGRAPHIC, MEDICAL &
OPTICAL GOODS (1.9%):
207,700 LTX Corporation*............... 2,570,288
56,300 SCI Systems, Inc.*............. 1,977,537
47,300 Tech-Sym Corporation*.......... 1,401,262
------------
5,949,087
------------
MISCELLANEOUS RETAIL (1.2%):
100,400 Big B, Inc.[DEL]............... 1,480,900
116,200 Friedman's, Inc., Class A*..... 2,353,050
------------
3,833,950
------------
MOTOR FREIGHT TRANSPORTATION &
WAREHOUSING (1.9%):
164,900 Covenant Transportation,
Inc.*........................ 2,102,475
95,600 M.S. Carriers, Inc.*........... 1,481,800
151,200 Swift Transportation, Inc...... 2,494,800
------------
6,079,075
------------
OIL & GAS EXTRACTION (2.8%):
107,900 Cairn Energy USA, Inc.*........ 1,294,800
99,200 Neuvo Energy Company*.......... 2,194,800
129,100 Parker & Parsley Petroleum
Company, Delaware............ 2,388,350
111,200 Tetra Technologies, Inc.*...... 1,473,400
86,200 United Meridian Corporation*... 1,454,625
------------
8,805,975
------------
PRIMARY METAL INDUSTRIES (1.4%):
131,200 Quanex Corporation............. 2,591,200
84,350 Synalloy Corporation........... 1,729,175
------------
4,320,375
------------
PRINTING, PUBLISHING, & ALLIED INDUSTRIES (0.5%):
74,400 Consolidated Graphics, Inc.*... 1,599,600
------------
REAL ESTATE (0.3%):
73,900 NHP, Inc.*..................... 1,053,075
------------
SERVICES, NOT ELSEWHERE CLASSIFIED (1.0%):
85,300 Chemed Corporation............. 2,985,500
------------
WATER TRANSPORTATION (0.5%):
89,350 Kirby Corporation*............. 1,474,275
------------
</TABLE>
The accompanying notes are an integral part
of the financial statements. 87 CORE TRUST (DELAWARE)
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
SMALL COMPANY PORTFOLIO (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
WHOLESALE TRADE-DURABLE GOODS (1.1%):
46,200 Kent Electronics Corporation... $ 2,252,250
63,400 Sodak Gaming, Inc.*............ 1,157,050
------------
3,409,300
------------
Total Common Stocks
(cost $88,239,981) 90,481,516
------------
REPURCHASE AGREEMENTS (1.8%):
5,565,107 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $5,566,015.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000 Federal
National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost $5,565,107).... 5,565,107
------------
Total Small Company Value Investment Style
(cost $93,805,088) 96,046,623
------------
SMALL COMPANY GROWTH INVESTMENT
STYLE (69.3%)
COMMON STOCKS (64.8%):
APPAREL & OTHER FINISHED PRODUCTS MADE
FROM FABRICS & SIMILAR MATERIALS (1.7%):
96,800 Authentic Fitness
Corporation.................. 1,984,400
146,400 Warnaco Group, Inc., Class A... 3,403,800
------------
5,388,200
------------
BUILDING CONSTRUCTION-GENERAL CONTRACTORS &
OPERATIVE BUILDERS (1.2%):
173,900 Del Webb Corporation........... 3,608,425
------------
BUSINESS SERVICES (6.1%):
127,300 American Management Systems,
Inc.*[DEL]................... 3,675,788
61,400 BMC Software, Inc.*[DEL]....... 2,187,375
107,300 ITI Technologies, Inc.*........ 2,709,325
50,900 McAfee Associates, Inc.*....... 2,964,925
136,900 Platinum Technology, Inc.*..... 2,498,425
179,200 Possis Medical, Inc.*.......... 2,531,200
174,300 Sotheby's Holdings, Inc........ 2,418,412
------------
18,985,450
------------
CHEMICALS & ALLIED PRODUCTS (7.0%):
8,700 Advanced Therapeutic Systems*.. 240,337
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
CHEMICALS & ALLIED PRODUCTS, CONTINUED:
123,400 Arcadian Corporation*.......... $ 2,545,125
69,200 Elan Corporation plc,
ADR*[DEL].................... 2,776,651
48,600 Genzyme Corporation*[DEL]...... 2,830,950
157,700 Gilead Sciences, Inc.*......... 3,075,150
17,900 Minerals Technologies, Inc..... 713,762
190,000 Sepracor, Inc.*................ 3,206,250
88,200 Teva Pharmaceutical Industries,
Ltd., ADR.................... 3,461,850
70,876 Watson Pharmaceuticals,
Inc.*[DEL]................... 3,171,701
------------
22,021,776
------------
COMMUNICATIONS (2.5%):
72,600 Comcast UK Cable Partners,
Ltd.*........................ 934,725
36,800 CommNet Cellular, Inc.*........ 924,600
111,200 Mobile Telecommunication
Technologies Corporation*.... 3,155,300
25,000 TCA Cable TV, Inc.[DEL]........ 740,625
88,200 Vanguard Cellular Systems,
Inc., Class A*............... 1,973,475
------------
7,728,725
------------
CONSTRUCTION-SPECIAL TRADE
CONTRACTORS (0.8%):
62,700 Oakwood Homes Corporation...... 2,351,250
------------
DOMESTIC DEPOSITORY INSTITUTIONS (3.8%):
51,800 BayBanks, Inc.................. 4,195,800
57,700 Commercial Federal
Corporation.................. 1,896,888
225,900 Dime Bancorp, Inc.*............ 2,400,188
190,600 Glendale Federal Bank FSB*..... 3,049,600
24,800 Roosevelt Financial Group,
Inc.[DEL].................... 399,900
------------
11,942,376
------------
EATING & DRINKING PLACES (0.7%):
59,500 Lone Star Steakhouse &
Saloon*[DEL]................. 2,298,188
------------
ELECTRIC, GAS, & SANITARY SERVICES (1.0%):
110,800 U.S.A. Waste Services, Inc.*... 2,326,800
23,500 United Waste Systems, Inc.*.... 928,250
------------
3,255,050
------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT (7.3%):
100,800 Alliance Semiconductor
Corporation*[DEL]............ 3,099,600
77,800 Burr-Brown Corporation*........ 2,528,500
91,400 Cidco, Inc.*[DEL].............. 2,707,725
56,900 Cypress Semiconductor
Corporation*[DEL]............ 2,005,725
11,045 Harman International
Industries, Inc.............. 509,450
76,200 Integrated Process Equipment
Corporation*................. 2,828,925
</TABLE>
The accompanying notes are an integral part
of the financial statements. 88 CORE TRUST (DELAWARE)
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
SMALL COMPANY PORTFOLIO (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
ELECTRIC, GAS, & SANITARY SERVICES,
CONTINUED:
62,500 International Rectifier
Corporation*................. $ 2,820,313
60,000 Komag, Inc.*................... 3,420,000
35,900 Lattice Semiconductor
Corporation*................. 1,409,075
67,800 VLSI Technology, Inc.*[DEL].... 1,593,300
------------
22,922,613
------------
ENGINEERING, ACCOUNTING, RESEARCH,
MANAGEMENT, & RELATED SERVICES (1.1%):
208,200 Cygnus, Inc.*.................. 3,409,275
------------
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY
& TRANSPORTATION EQUIPMENT (1.0%):
54,600 Blount, Inc., Class A.......... 2,368,275
56,400 CasTech Aluminum Group, Inc.*.. 789,600
------------
3,157,875
------------
GENERAL MERCHANDISE STORES (0.9%):
124,000 Consolidated Stores
Corporation*................. 2,867,500
------------
HEALTH SERVICES (2.4%):
58,600 Community Health Systems,
Inc.*........................ 1,860,550
24,900 Genesis Health Ventures,
Inc.*[DEL]................... 718,987
204,000 ORNda Healthcorp............... 3,595,500
51,705 Vencor, Inc.*[DEL]............. 1,434,813
------------
7,609,850
------------
HOLDING & OTHER INVESTMENT OFFICES (0.5%):
112,300 RFS Hotel Investors, Inc....... 1,698,538
------------
HOME FURNITURE, FURNISHINGS, & EQUIPMENT
STORES (0.7%):
98,100 Best Buy Company, Inc.*[DEL]... 2,035,575
------------
INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT (5.4%):
98,600 Adaptec, Inc.*................. 4,387,700
95,400 Case Corporation............... 3,637,125
86,800 Diamond Multimedia Systems,
Inc.*[DEL]................... 2,560,600
73,600 Greenfield Industries, Inc..... 2,208,000
54,400 Read-Rite Corporation*......... 1,897,200
51,500 York International
Corporation.................. 2,253,125
------------
16,943,750
------------
INSURANCE AGENTS, BROKERS, & SERVICE (1.5%):
95,200 The PMI Group, Inc.[DEL]....... 4,569,600
------------
INSURANCE CARRIERS (3.9%):
132,900 AmVestors Financial
Corporation.................. 1,495,125
14,800 Capital RE Corporation......... 418,100
37,700 Healthsource, Inc.*[DEL]....... 1,998,100
121,900 PartnerRe, Ltd.,............... 3,245,588
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
INSURANCE CARRIERS, CONTINUED:
154,100 Prudential Reinsurance
Holdings, Inc.*.............. $ 3,139,788
43,800 Vesta Insurance Group, Inc..... 1,768,425
------------
12,065,126
------------
LUMBER & WOOD PRODUCTS, EXCEPT
FURNITURE (1.5%):
127,200 Rayonier, Inc.................. 4,770,000
------------
MEASURING, ANALYZING, & CONTROLLING
INSTRUMENTS; PHOTOGRAPHIC, MEDICAL &
OPTICAL
GOODS (1.8%):
66,100 Input/Output, Inc.*............ 2,470,488
253,000 LTX Corporation*............... 3,130,875
------------
5,601,363
------------
MISCELLANEOUS MANUFACTURING INDUSTRIES
(1.0%):
107,400 Lear Seating Corporation*...... 2,980,350
------------
MISCELLANEOUS RETAIL (3.9%):
45,600 Barnes & Noble, Inc.*.......... 1,664,400
153,500 Borders Group, Inc.*........... 2,628,687
100,650 Office Max, Inc.*.............. 2,491,087
70,100 Petsmart, Inc.*[DEL]........... 2,348,350
263,500 Tech Data Corporation*......... 3,194,937
------------
12,327,461
------------
NONDEPOSITORY CREDIT INSTITUTIONS (0.4%):
68,500 Olympic Financial,
Ltd.*[DEL]................... 1,250,125
------------
OIL & GAS EXTRACTION (2.4%):
86,800 Box Energy Corporation, Class
B*[DEL]...................... 824,600
222,100 Reading & Bates Corporation*... 2,554,150
128,100 Sonat Offshore Drilling
Company...................... 4,067,175
------------
7,445,925
------------
PRIMARY METAL INDUSTRIES (1.1%):
63,600 Texas Industries, Inc.......... 3,346,950
------------
PRINTING, PUBLISHING, & ALLIED INDUSTRIES (0.3%):
32,900 Softkey International,
Inc.*[DEL]................... 1,036,350
------------
TEXTILE MILL PRODUCTS (0.7%):
106,300 Albany International
Corporation, Class A......... 2,205,725
------------
WHOLESALE TRADE-DURABLE GOODS (2.2%):
87,900 AmeriSource Health
Corporation*[DEL]............ 2,395,275
237,800 Anixter International, Inc.*... 4,547,925
------------
6,943,200
------------
Total Common Stocks
(cost $169,367,503) 202,766,591
------------
</TABLE>
The accompanying notes are an integral part
of the financial statements. 89 CORE TRUST (DELAWARE)
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
SMALL COMPANY PORTFOLIO (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
REPURCHASE AGREEMENTS (4.4%):
13,694,275 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $13,696,510.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000 Federal
National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost $13,694,275)... $ 13,694,275
------------
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
WARRANTS (0.1%):
CHEMICALS & ALLIED PRODUCTS (0.1%):
5,100 Elan Corporation, plc, ADR
11/14/95*.................... $ 126,225
8,700 Elan Corporation, plc, ADR
8/12/98*..................... 126,150
------------
Total Warrants
(cost $154,796) 252,375
------------
Total Small Company Growth Investment
Style (cost $183,216,574) 216,713,241
------------
Total Investments (100.0%)
(cost $277,021,662) $312,759,864
------------
------------
</TABLE>
* Non-income producing security.
[DEL] Part or all of this investment on loan, see Note 5.
The accompanying notes are an integral part
of the financial statements. 90 CORE TRUST (DELAWARE)
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
INTERNATIONAL PORTFOLIO II OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<C> <S> <C>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
ARGENTINA (0.1%):
COMMON STOCKS:
81,400 Compania Naviera Perez Companc
SA........................... $ 356,603
------------
BRAZIL (1.0%):
COMMON STOCKS:
21,827 Cia Ener De Minas Gerais,
ADR*......................... 472,037
12,200 Cia Siderurgica Nacional,
ADR.......................... 260,671
39,560 Telecomunicacoes Brasileiras
S/A-Telebras*................ 1,593,854
104,200 Usiminas Siderurg Minas, ADR*.. 985,889
------------
3,312,451
------------
CHILE (0.2%):
COMMON STOCKS:
9,300 Compania Telecomunicacion
Chile........................ 669,600
------------
FRANCE (4.6%):
COMMON STOCKS:
845 Cardif SA*..................... 78,580
26,463 Compagnie Generale des Eaux*... 2,458,191
2,900 Degremont (Soc Gen D'epur
D'Assain).................... 243,602
3,700 Docks de France, SA............ 562,622
78,962 Elf Aquitaine*................. 5,374,090
8,373 Guilbert SA*................... 1,004,527
10,000 LVMH (Louis Vuitton Moet-
Hennessy).................... 1,988,636
16,830 Primagaz (Cie Des Gaz
Petrole)..................... 1,306,417
45,000 Valeo*......................... 2,031,658
WARRANTS:
1,530 Primagaz (Cie Des Gaz Petrole)
Warrants 95*................. 12,195
------------
15,060,518
------------
GERMANY (7.3%):
COMMON STOCKS:
2,608 Allianz AG Holding............. 4,793,002
1,500 Buderus AG..................... 643,907
7,000 Mannesmann AG.................. 2,296,549
300 Muenchener Rueckversicherungs
Gesellschaft................. 623,136
10,000 Otto Reichelt AG............... 177,531
5,000 Siemens AG..................... 2,609,715
185,000 Veba........................... 7,571,048
200 Wella AG....................... 110,708
PREFERRED STOCKS:
1,800 Friedrich Grohe AG............. 433,320
17,000 SAP AG......................... 2,601,548
3,400 Wella AG....................... 1,868,769
------------
23,729,233
------------
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
HONG KONG (7.0%):
COMMON STOCKS:
469,200 Cheung Kong (Holdings) Ltd..... $ 2,645,876
618,000 Citic Pacific, Ltd............. 1,930,327
255,200 HSBC Holdings plc*............. 3,713,286
562,700 Hongkong Electric Holdings
Ltd.......................... 1,914,070
737,200 Hutchison Whampoa Ltd.......... 4,061,813
333,100 Mandarin Oriental
International, Ltd.*......... 373,072
469,900 Sun Hung Kai Properties Ltd.... 3,752,903
389,200 Swire Pacific Ltd.............. 2,919,618
371,000 Wharf (Holdings) Ltd........... 1,252,390
------------
22,563,355
------------
INDONESIA (1.8%):
COMMON STOCKS:
309,500 Indocement Tunggal Prakarsa.... 1,144,781
375,700 PT Indofoods Sukses Makmur..... 1,737,054
640,000 PT Indosat..................... 2,169,969
54,700 Unilever Indonesia............. 770,761
------------
5,822,565
------------
ITALY (1.4%):
COMMON STOCKS:
1,029,000 Telecom Italia Mobile SpA*..... 1,726,672
1,807,100 Telecom Italia SpA*............ 2,743,268
WARRANTS:
183,500 Parmalat Finanziaria*.......... 89,785
------------
4,559,725
------------
JAPAN (27.3%):
COMMON STOCKS:
24,000 Advantest Corporation.......... 1,361,435
80,000 Amada Metrics Co. Ltd.......... 1,079,760
160,000 Bridgestone Corporation........ 2,222,113
670 DDI Corporation................ 5,432,344
116,000 Dai Nippon Printing Company
Ltd.......................... 1,849,283
116,000 Dai-Tokyo Fire & Marine
Insurance Company............ 745,385
350 East Japan Railway Company..... 1,653,381
40,000 Fanuc Company.................. 1,733,092
120,000 Fuji Photo Film Company........ 2,969,337
150,000 Fujitsu Ltd.................... 1,789,819
31,500 Hirose Electric Company........ 2,011,786
440,000 Hitachi Ltd.................... 4,518,559
41,000 Hoya Corporation............... 1,202,992
168,000 Ito-Yokado Company Ltd......... 9,184,989
37,000 Japan Airport Terminal
Company...................... 423,394
163,000 Kuraray Company Ltd............ 1,610,153
36,000 Kyocera Corporation............ 2,950,560
</TABLE>
The accompanying notes are an integral part
of the financial statements. 91 CORE TRUST (DELAWARE)
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
INTERNATIONAL PORTFOLIO II (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
JAPAN, CONTINUED:
37,000 Mabuchi Motor Company.......... $ 2,240,013
49,000 Makita Corporation............. 761,993
226,000 Matsushita Electric Industrial
Company Ltd.................. 3,205,046
93,000 Mitsubishi Corporation......... 1,027,826
186,000 Murata Manufacturing Company,
Ltd.......................... 6,530,784
105,000 NEC Corporation................ 1,386,376
4,000 Nippon Television Network
Corporation.................. 954,569
100,000 Omron Corporation.............. 2,337,522
9,000 Ryoyo Electro Corporation...... 210,377
63,000 Sankyo Company Ltd............. 1,386,376
33,000 Seino Transportation Company... 509,951
93,000 Sharp Corporation.............. 1,291,603
112,000 Shin-Etsu Chemical Company..... 2,289,403
175,000 Showa Shell Sekiyu KK.......... 1,396,645
340,000 Takeda Chemical Industries..... 4,788,499
11,000 Toho Company................... 1,549,220
320,000 Tokio Marine & Fire Insurance
Company...................... 3,286,224
90,000 Tokyo Electron Ltd............. 3,908,260
125,000 Toppan Printing Company,
Ltd.......................... 1,650,448
81,000 Tokyo Style.................... 1,227,933
23,000 Toyo Information Systems
Company...................... 229,448
190,000 Toyota Motor Corporation....... 3,530,735
------------
88,437,633
------------
KOREA, REPUBLIC OF (0.8%):
COMMON STOCKS:
32,000 Korea Electric Power
Corporation.................. 1,429,367
12,000 Pohang Iron & Steel Company
Ltd.......................... 1,227,289
------------
2,656,656
------------
MALAYSIA (3.1%):
COMMON STOCKS:
349,000 Genting Berhad`D'.............. 2,957,573
460,000 Malayan Banking Berhad......... 3,708,365
850,000 Renong Berhad.................. 1,296,944
287,000 Telekom Malaysia Berhad........ 2,054,112
------------
10,016,994
------------
MEXICO (0.6%):
COMMON STOCKS:
8,000 ALFA SA de CV.................. 92,997
106,200 Apasco SA de CV................ 392,673
497,700 Cifra SA de CV................. 515,824
19,100 Grupo Carso SA de CV ADR*...... 201,696
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
MEXICO, CONTINUED:
31,600 Grupo Carso SA de CV `A1'*..... $ 166,851
160,600 Grupo Financiero Banamex
Accivl, SA de CV `B'......... 274,415
16,430 Grupo Financiero Banamex
Accivl, SA de CV `L'......... 26,785
42,600 Tolmex SA de CV*............... 161,689
------------
1,832,930
------------
NETHERLANDS (11.1%):
COMMON STOCKS:
52,000 Cap Volmac Group NV............ 598,949
9,129 Ceteco Holdings NV*............ 297,540
50,293 Getronics NV*.................. 2,396,724
28,200 Hagemeyer NV*.................. 1,402,773
54,000 Heineken NV.................... 9,569,008
77,779 Internationale Nederlanden
Group NV*.................... 4,631,988
56,341 KLM Royal Dutch Air Lines
NV*.......................... 1,857,709
44,900 NV Koninklijke Sphinx*......... 1,244,618
9,180 Nedcon Group NV*............... 229,486
37,000 Oce-Van Der Grinten NV......... 2,119,170
3,500 Otra NV........................ 719,891
200,000 Philips Electronics NV......... 7,721,031
26,290 Samas-Groep NV*................ 1,148,035
12,750 VNU-Verenigde Nederlandse
Utigevbedri Verigd Bezit..... 1,784,887
PREFERRED STOCKS:
6,100 Internationale Nederlanden
Group NV..................... 31,657
WARRANTS:
1,500 Borsumij Wehry Kon NV*......... 48,415
------------
35,801,881
------------
NORWAY (1.0%):
COMMON STOCKS:
80,000 Norsk Hydro AS................. 3,185,102
------------
PHILIPPINES (1.8%):
COMMON STOCKS:
1,113,000 Ayala Land Inc................. 1,283,737
30,300 Manila Electric Company GDR.... 1,151,400
141,000 Manila Electric Company `B'.... 1,051,672
15,000 Philippine Long Distance
Telephone Company............ 836,217
6,800 Philippine Long Distance
Telephone Company ADR........ 381,651
382,980 San Miguel Corporation......... 1,266,293
------------
5,970,970
------------
</TABLE>
The accompanying notes are an integral part
of the financial statements. 92 CORE TRUST (DELAWARE)
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
INTERNATIONAL PORTFOLIO II (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
SINGAPORE (2.5%):
COMMON STOCKS:
252,000 City Developments, Ltd......... $ 1,558,744
189,000 Development Bank of Singapore
Ltd.......................... 2,164,428
65,000 Jurong Shipyard, Ltd........... 431,924
263,000 Keppel Corporation Ltd......... 2,156,653
104,400 Singapore Press Holdings
Ltd.......................... 1,631,018
------------
7,942,767
------------
SWEDEN (3.0%):
COMMON STOCKS:
150,000 Astra AB....................... 5,418,831
162,500 Stora Kopparbergs `B'.......... 1,969,030
105,000 Telefonaktiebolaget LM Ericsson
`B'.......................... 2,228,494
10,500 Telefonaktiebolaget LM Ericsson
`B New'...................... 222,849
------------
9,839,204
------------
SWITZERLAND (6.8%):
COMMON STOCKS:
1,800 Alusuisse-Lonza Holding AG..... 1,369,996
7,300 BBC Brown Boveri AG............ 8,459,392
1,300 Ciba-Geigy AG.................. 1,124,417
5,000 Nestle SA...................... 5,235,372
500 Roche Holding AG............... 3,629,565
2,800 Sandoz AG...................... 2,308,490
------------
22,127,232
------------
THAILAND (2.4%):
COMMON STOCKS:
105,000 Land & House Company Ltd....... 1,694,356
22,300 Siam Cement Company Ltd........ 1,216,041
1,085,000 Siam City Bank................. 1,379,968
425,000 TelecomAsia Corporation*....... 1,300,676
270,700 Thai Farmers Bank Ltd.......... 2,237,901
------------
7,828,942
------------
UNITED KINGDOM (16.1%):
COMMON STOCKS:
180,900 Airtours plc................... 939,184
449,700 Allied Colloids Group plc...... 943,823
1,107,600 Asda Group plc................. 1,791,526
118,100 BOC Group plc.................. 1,619,518
115,900 Barclays plc*.................. 1,358,904
367,200 Barratt Developments plc....... 1,124,141
113,600 Blenheim Group plc............. 462,503
295,700 Blue Circle Industries plc*.... 1,357,876
175,600 British Airways plc............ 1,260,818
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ ------------------------------- ------------
<C> <S> <C>
UNITED KINGDOM, CONTINUED:
300,360 British Land Company plc....... $ 1,715,802
648,000 British Steel plc.............. 1,671,895
278,300 Burton Group plc............... 443,559
249,700 Cable & Wireless plc*.......... 1,631,305
118,609 Cadbury Schweppes plc*......... 978,894
206,700 Christies International plc.... 671,931
128,000 Courtaulds plc................. 781,695
103,000 David S. Smith (Holdings)
plc.......................... 939,467
252,800 English China Clays plc*....... 1,364,332
220,600 Enterprise Oil plc............. 1,166,185
196,840 Glaxo Wellcome plc............. 2,651,144
258,700 Guardian Royal Exchange plc.... 934,863
175,000 Guinness plc................... 1,400,110
150,750 Hogg Robinson plc.............. 478,157
135,000 Johnson Matthey plc............ 1,290,989
119,600 Kingfisher plc*................ 896,482
696,300 LASMO plc...................... 1,692,128
166,920 Laird Group plc................ 1,098,401
129,800 London & Manchester Group plc.. 807,026
235,600 MAI plc........................ 1,223,173
546,900 MFI Furniture plc.............. 1,225,497
415,600 Midland Independent Newspapers
plc.......................... 813,231
126,500 National Westminster Bank
plc*......................... 1,261,605
248,000 Prudential Corporation plc..... 1,549,756
187,000 Rank Organisation plc.......... 1,242,339
320,000 Rolls-Royce plc*............... 777,655
122,800 Scottish Power plc............. 676,299
226,300 Sedgwick Group plc............. 378,536
55,600 Thorn EMI plc.................. 1,292,390
343,700 TSB Group plc.................. 2,023,041
128,300 The Peninsular & Orient Steam
Navigational Company......... 975,865
179,800 United News & Media plc........ 1,469,724
431,900 Vickers plc.................... 1,710,698
217,800 Vodafone Group plc............. 897,046
60,500 Zeneca Group plc............... 1,125,127
------------
52,114,640
------------
VENEZUELA (0.1%):
COMMON STOCKS:
44,280 Mavesa, SA..................... 182,656
------------
Total Investments (100.0%)
(cost $310,183,561) $324,011,657
------------
------------
</TABLE>
* Non-income producing security.
`D' Board valued security (cost $2,997,813)
representing 0.9% of net assets.
The accompanying notes are an integral part
of the financial statements. 93 CORE TRUST (DELAWARE)
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
INTERNATIONAL PORTFOLIO OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<C> <S> <C>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ -------------------------------- -----------
ARGENTINA (0.2%):
COMMON STOCKS:
40,700 Compania Naviera Perez Companc
SA............................ $ 178,302
-----------
BRAZIL (1.0%):
COMMON STOCKS:
14,990 Telecomunicacoes Brasileiras
S/A-Telebras*................. 603,940
35,000 Usiminas Siderurg Minas, ADR*... 331,153
-----------
935,093
-----------
CHILE (0.3%):
COMMON STOCKS:
3,500 Compania Telecomunicacion
Chile......................... 252,000
-----------
FRANCE (5.2%):
COMMON STOCKS:
320 Cardif SA*...................... 29,758
7,139 Compagnie Generale des Eaux*.... 663,154
1,100 Degremont (Soc Gen D'epur
D'Assain)..................... 92,401
1,400 Docks de France, SA............. 212,884
26,574 Elf Aquitaine*.................. 1,808,606
3,166 Guilbert SA*.................... 379,832
2,000 LVMH (Louis Vuitton Moet-
Hennessy)..................... 397,727
6,765 Primagaz (Cie Des Gaz
Petrole)...................... 525,129
12,000 Valeo*.......................... 541,776
WARRANTS:
615 Primagaz (Cie Des Gaz Petrole)
Warrants 95*.................. 4,902
-----------
4,656,169
-----------
GERMANY (6.2%):
COMMON STOCKS:
483 Allianz AG Holding.............. 887,661
600 Buderus AG...................... 257,563
4,000 Otto Reichelt AG................ 71,013
1,000 Siemens AG...................... 521,943
53,000 Veba............................ 2,169,003
100 Wella AG........................ 55,354
PREFERRED STOCKS:
700 Friedrich Grohe AG.............. 168,513
5,000 SAP AG.......................... 765,161
1,300 Wella AG........................ 714,529
-----------
5,610,740
-----------
HONG KONG (6.5%):
COMMON STOCKS:
129,700 Cheung Kong (Holdings) Ltd. .... 731,394
78,100 HSBC Holdings plc*.............. 1,136,393
122,700 Hongkong Electric Holdings
Ltd. ......................... 417,374
211,400 Hutchison Whampoa Ltd. ......... 1,164,769
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ -------------------------------- -----------
<C> <S> <C>
HONG KONG, CONTINUED:
125,900 Mandarin Oriental International,
Ltd.* ........................ $ 141,008
128,700 Sun Hung Kai Properties Ltd. ... 1,027,875
106,400 Swire Pacific Ltd. ............. 798,169
140,300 Wharf (Holdings) Ltd. .......... 473,613
-----------
5,890,595
-----------
INDONESIA (1.9%):
COMMON STOCKS:
115,900 Indocement Tunggal Prakarsa..... 428,692
113,850 PT Indofoods Sukses Makmur...... 526,387
140,000 PT Indosat...................... 474,680
20,700 Unilever Indonesia.............. 291,678
-----------
1,721,437
-----------
ITALY (1.4%):
COMMON STOCKS:
278,700 Telecom Italia Mobile SpA*...... 467,661
496,700 Telecom Italia SpA*............. 754,016
-----------
1,221,677
-----------
JAPAN (27.2%):
COMMON STOCKS:
7,000 Advantest Corporation........... 397,085
23,000 Amada Metrics Co. Ltd. ......... 310,431
60,000 Bridgestone Corporation......... 833,292
200 DDI Corporation................. 1,621,596
44,000 Dai Nippon Printing Company
Ltd. ......................... 701,452
44,000 Dai-Tokyo Fire & Marine
Insurance Company............. 282,733
70 East Japan Railway Company...... 330,676
11,000 Fanuc Company................... 476,600
20,000 Fuji Photo Film Company......... 494,890
23,000 Fujitsu Ltd. ................... 274,439
9,450 Hirose Electric Company......... 603,536
125,000 Hitachi Ltd. ................... 1,283,681
12,000 Hoya Corporation................ 352,095
45,000 Ito-Yokado Company Ltd. ........ 2,460,267
11,000 Japan Airport Terminal
Company....................... 125,874
61,000 Kuraray Company Ltd. ........... 602,572
10,000 Kyocera Corporation............. 819,600
11,000 Mabuchi Motor Company........... 665,949
11,000 Makita Corporation.............. 171,060
70,000 Matsushita Electric Industrial
Company Ltd. ................. 992,714
35,000 Mitsubishi Corporation.......... 386,816
52,000 Murata Manufacturing Company,
Ltd. ......................... 1,825,811
30,000 NEC Corporation................. 396,107
</TABLE>
The accompanying notes are an integral part
of the financial statements. CORE TRUST (DELAWARE)
94
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
INTERNATIONAL PORTFOLIO (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ -------------------------------- -----------
<C> <S> <C>
JAPAN, CONTINUED:
1,000 Nippon Television Network
Corporation................... $ 238,642
30,000 Omron Corporation............... 701,257
4,000 Ryoyo Electro Corporation....... 93,501
24,000 Sankyo Company Ltd. ............ 528,143
12,000 Seino Transportation Company.... 185,437
35,000 Sharp Corporation............... 486,087
43,000 Showa Shell Sekiyu KK........... 343,176
90,000 Takeda Chemical Industries...... 1,267,544
3,000 Toho Company.................... 422,514
85,000 Tokio Marine & Fire Insurance
Company....................... 872,903
24,000 Tokyo Electron Ltd. ............ 1,042,203
30,000 Toppan Printing Company,
Ltd. ......................... 396,107
31,000 Tokyo Style..................... 469,950
9,000 Toyo Information Systems
Company....................... 89,784
52,000 Toyota Motor Corporation........ 966,305
-----------
24,512,829
-----------
KOREA, REPUBLIC OF (1.2%):
COMMON STOCKS:
7,000 Korea Electric Power
Corporation................... 312,674
500 Korea Mobile
Telecommunications............ 459,077
3,000 Pohang Iron & Steel Company
Ltd. ......................... 306,822
-----------
1,078,573
-----------
MALAYSIA (3.2%):
COMMON STOCKS:
131,000 Genting Berhad`D'............... 1,110,149
143,000 Malayan Banking Berhad.......... 1,152,818
141,000 Renong Berhad................... 215,141
56,000 Telekom Malysia Berhad.......... 400,803
-----------
2,878,911
-----------
MEXICO (0.4%):
COMMON STOCKS:
40,100 Apasco SA de CV................. 148,269
188,100 Cifra SA de CV.................. 194,950
-----------
343,219
-----------
NETHERLANDS (11.6%):
COMMON STOCKS:
13,000 Cap Volmac Group NV............. 149,737
3,449 Ceteco Holdings NV*............. 112,413
15,224 Getronics NV*................... 725,503
7,447 Hagemeyer NV*................... 370,441
15,000 Heineken NV..................... 2,658,060
26,485 Internationale Nederlanden Group
NV*........................... 1,577,266
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ -------------------------------- -----------
<C> <S> <C>
NETHERLANDS, CONTINUED:
15,365 KLM Royal Dutch Air Lines NV*... $ 506,624
17,000 NV Koninklijke Sphinx*.......... 471,236
3,366 Nedcon Group NV*................ 84,145
10,000 Oce-Van Der Grinten NV.......... 572,749
1,300 Otra NV......................... 267,388
54,000 Philips Electronics NV.......... 2,084,679
8,000 Samas-Groep NV*................. 349,345
3,500 VNU-Verenigde Nederlandse
Utigevbedri Verigd Bezit...... 489,969
PREFERRED STOCKS:
2,300 Internationale Nederlanden Group
NV............................ 11,936
WARRANTS:
600 Borsumij Wehry Kon NV*.......... 19,366
-----------
10,450,857
-----------
NORWAY (1.2%):
COMMON STOCKS:
27,000 Norsk Hydro AS.................. 1,074,972
-----------
PHILIPPINES (1.6%):
COMMON STOCKS:
259,375 Ayala Land Inc. ................ 299,164
11,550 Manila Electric Company GDR..... 438,900
5,000 Philippine Long Distance
Telephone Company............. 278,739
2,600 Philippine Long Distance
Telephone Company ADR......... 145,925
74,190 San Miguel Corporation.......... 245,304
-----------
1,408,032
-----------
SINGAPORE (2.6%):
COMMON STOCKS:
65,000 City Developments, Ltd. ........ 402,057
57,000 Development Bank of Singapore
Ltd. ......................... 652,764
40,000 Jurong Shipyard, Ltd. .......... 265,800
71,000 Keppel Corporation Ltd. ........ 582,214
30,000 Singapore Press Holdings
Ltd. ......................... 468,684
-----------
2,371,519
-----------
SWEDEN (3.2%):
COMMON STOCKS:
38,000 Astra AB........................ 1,372,770
61,500 Stora Kopparbergs `B'........... 745,202
31,000 Telefonaktiebolaget LM Ericsson
`B'........................... 657,937
3,100 Telefonaktiebolaget LM Ericsson
`B New'....................... 65,794
-----------
2,841,703
-----------
</TABLE>
The accompanying notes are an integral part
of the financial statements. CORE TRUST (DELAWARE)
95
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
INTERNATIONAL PORTFOLIO (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ -------------------------------- -----------
<C> <S> <C>
SWITZERLAND (6.8%):
COMMON STOCKS:
2,000 BBC Brown Boveri AG............. $ 2,317,641
500 Ciba-Geigy AG................... 432,468
1,500 Nestle SA....................... 1,570,611
150 Roche Holding AG................ 1,088,869
900 Sandoz AG....................... 742,015
-----------
6,151,604
-----------
THAILAND (2.5%):
COMMON STOCKS:
26,000 Land & House Company Ltd. ...... 419,555
9,400 Siam Cement Company Ltd. ....... 512,591
290,000 Siam City Bank.................. 368,841
130,000 TelecomAsia Corporation*........ 397,854
62,900 Thai Farmers Bank Ltd. ......... 520,000
-----------
2,218,841
-----------
UNITED KINGDOM (15.7%):
COMMON STOCKS:
58,400 Airtours plc.................... 303,197
122,700 Allied Colloids Group plc....... 257,521
315,600 Asda Group plc.................. 510,478
23,300 BOC Group plc................... 319,516
33,800 Barclays plc*................... 396,298
110,500 Barratt Developments plc........ 338,283
43,000 Blenheim Group plc.............. 175,067
81,500 Blue Circle Industries plc*..... 374,254
45,600 British Airways plc............. 327,410
77,280 British Land Company plc........ 441,461
188,300 British Steel plc............... 485,830
105,200 Burton Group plc................ 167,669
76,700 Cable & Wireless plc*........... 501,085
38,000 Cadbury Schweppes plc*.......... 313,618
40,300 Christies International plc..... 131,005
35,000 Courtaulds plc.................. 213,745
29,300 David S. Smith (Holdings) plc... 267,246
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ------------ -------------------------------- -----------
<C> <S> <C>
UNITED KINGDOM, CONTINUED:
72,100 English China Clays plc*........ $ 389,115
64,400 Enterprise Oil plc.............. 340,445
58,600 Glaxo Wellcome plc.............. 789,256
78,900 Guardian Royal Exchange plc..... 285,121
20,000 Guinness plc.................... 160,013
57,000 Hogg Robinson plc............... 180,795
35,000 Johnson Matthey plc............. 334,701
26,300 Kingfisher plc*................. 197,136
167,000 LASMO plc....................... 405,839
63,120 Laird Group plc................. 415,355
49,100 London & Manchester Group plc... 305,277
115,000 Lucas Industries, Inc. ......... 348,430
70,100 MAI plc......................... 363,940
152,700 MFI Furniture plc............... 342,171
70,100 Midland Independent Newspapers
plc........................... 137,169
48,900 National Westminster Bank
plc*.......................... 487,688
40,000 Rank Organisation plc........... 265,740
90,000 Rolls-Royce plc*................ 218,715
35,100 Scottish Power plc.............. 193,307
66,600 Sedgwick Group plc.............. 111,402
17,900 Thorn EMI plc................... 416,074
118,900 TSB Group plc................... 699,853
35,300 The Peninsular & Orient Steam
Navigational Company.......... 268,495
36,100 United News & Media plc......... 295,088
87,700 Vickers plc..................... 347,367
17,900 Zeneca Group plc................ 332,888
-----------
14,155,063
-----------
VENEZUELA (0.1%):
COMMON STOCKS:
16,810 Mavesa, SA...................... 69,340
-----------
Total Investments (100.0%)
(cost $86,305,054) $90,021,476
-----------
-----------
</TABLE>
* Non-income producing security.
`D' Board valued security (cost $1,125,253)
representing 1.2% of net assets.
The accompanying notes are an integral part
of the financial statements. 96 CORE TRUST (DELAWARE)
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
INDEX PORTFOLIO OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<S> <C> <C>
COMMON STOCKS (99.4%):
AGRICULTURAL PRODUCTION-CROPS (0.1%):
5,300 Pioneer Hi-Bred International,
Inc.......................... $ 263,013
------------
AMUSEMENT & RECREATION SERVICES (0.8%):
5,800 Harrah's Entertainment,
Inc.*........................ 143,550
35,800 The Walt Disney Company[DEL]... 2,062,971
------------
2,206,521
------------
APPAREL & ACCESSORY STORES (0.5%):
12,900 Charming Shoppes, Inc.......... 37,088
8,600 Gap, Inc....................... 338,626
6,300 Melville Corporation........... 201,600
5,000 Nordstrom, Inc................. 185,313
19,300 TJX Companies, Inc............. 260,550
23,000 The Limited, Inc............... 422,626
------------
1,445,803
------------
APPAREL & OTHER FINISHED PRODUCTS MADE
FROM FABRICS & SIMILAR MATERIALS (0.1%):
4,600 V.F. Corporation............... 220,226
------------
AUTOMOTIVE DEALERS & GASOLINE SERVICE
STATIONS (0.0%):
5,100 Pep Boys-Manny, Moe & Jack..... 111,563
------------
AUTOMOTIVE REPAIR, SERVICES, & PARKING
(0.1%):
8,900 Ryder System, Inc.............. 214,713
------------
BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY,
& MOBILE HOME DEALERS (0.5%):
32,000 Home Depot, Inc................ 1,192,000
10,700 Lowe's Companies, Inc.......... 288,900
------------
1,480,900
------------
BUSINESS SERVICES (3.4%):
4,900 Autodesk, Inc.................. 166,600
8,100 Automatic Data Processing,
Inc.......................... 579,150
11,100 C.U.C. International,
Inc.*[DEL]................... 384,338
4,800 Cabletron Systems, Inc.*....... 377,400
14,100 Computer Associates
International, Inc........... 775,500
3,500 Computer Sciences
Corporation*................. 234,063
6,900 First Data Corporation[DEL].... 456,263
5,300 Interpublic Group of Companies,
Inc.......................... 205,375
37,900 Microsoft Corporation*......... 3,790,000
23,300 Novell, Inc.*.................. 384,450
9,600 Ogden Corporation.............. 218,400
29,000 Oracle Systems Corporation*.... 1,265,121
10,000 Safety Kleen Corporation....... 153,751
5,800 Sun Microsystems, Inc.*........ 452,400
12,200 UST, Inc....................... 366,000
------------
9,808,811
------------
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<S> <C> <C>
CHEMICALS & ALLIED PRODUCTS (12.3%):
51,600 Abbott Laboratories............ $ 2,051,100
6,800 Air Products & Chemicals,
Inc.......................... 351,051
6,300 Alberto Culver Company......... 197,663
8,200 Alza Corporation*.............. 180,400
19,900 American Home Products
Corporation.................. 1,763,634
16,200 Amgen, Inc.*................... 777,600
4,400 Avon Products, Inc............. 312,951
16,400 Baxter International, Inc...... 633,450
34,000 Bristol-Myers Squibb Company... 2,592,500
3,600 Clorox Company................. 258,300
8,700 Colgate-Palmolive Company...... 602,475
8,900 Dial Corporation............... 216,938
18,800 Dow Chemical Company........... 1,290,147
37,100 DuPont (E.I.) De Nemours &
Company...................... 2,314,108
4,900 Eastman Chemical Company....... 291,550
6,900 Ecolab, Inc.................... 200,100
19,600 Eli Lilly & Company............ 1,893,846
3,300 FMC Corporation*............... 236,364
10,800 First Mississippi
Corporation.................. 221,400
3,700 Goodrich (B.F.) Company........ 243,738
6,700 Great Lakes Chemical
Corporation[DEL]............. 449,739
7,200 Hercules, Inc.................. 384,301
5,500 International Flavors &
Fragrances, Inc.............. 265,375
43,300 Johnson & Johnson.............. 3,528,950
4,300 Mallinckrodt Group, Inc........ 149,425
82,100 Merck & Company, Inc........... 4,720,750
7,100 Monsanto Company............... 743,725
8,600 Morton International, Inc...... 262,300
4,600 Nalco Chemical Company......... 138,000
12,400 PPG Industries, Inc............ 527,000
8,200 Praxair, Inc................... 221,400
45,900 Procter & Gamble Company....... 3,717,900
3,900 Rohm & Haas Company............ 215,475
24,200 Schering-Plough
Corporation[DEL]............. 1,297,720
5,500 Sherwin-Williams Company....... 206,938
7,500 Union Carbide Corporation...... 284,063
9,900 Upjohn Company[DEL]............ 502,425
5,500 W.R. Grace & Company........... 306,625
10,600 Warner-Lambert Company......... 902,322
------------
35,453,748
------------
COMMUNICATIONS (10.1%):
106,200 AT&T Corporation............... 6,796,800
30,100 Airtouch Communications,
Inc.*........................ 857,850
12,000 Alltel Corporation............. 367,500
39,900 Ameritech Corporation.......... 2,154,600
</TABLE>
The accompanying notes are an integral part
of the financial statements. 97 CORE TRUST (DELAWARE)
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
INDEX PORTFOLIO (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<S> <C> <C>
COMMUNICATIONS, CONTINUED:
29,700 Bell Atlantic
Corporation[DEL]............. $ 1,889,659
33,300 BellSouth Corporation.......... 2,547,450
4,100 CBS, Inc....................... 331,075
10,800 Capital Cities/ABC, Inc........ 1,281,146
13,100 Comcast Corporation, Class A... 234,164
65,100 GTE Corporation................ 2,685,370
4,100 King World Productions,
Inc.*........................ 142,989
45,600 MCI Communications
Corporation.................. 1,137,146
26,500 NYNEX Corporation.............. 1,245,500
28,400 Pacific Telesis Group.......... 862,651
39,900 SBC Communications, Inc........ 2,229,409
26,600 Sprint Corporation............. 1,024,100
43,800 Tele-Communications, Inc.*..... 744,600
29,600 U.S. West, Inc................. 1,409,696
21,900 Viacom, Inc., Class B*[DEL].... 1,095,000
------------
29,036,705
------------
DOMESTIC DEPOSITORY INSTITUTIONS (6.3%):
31,200 Banc One Corporation........... 1,053,000
8,600 Bank of Boston Corporation..... 382,700
12,600 Bank of New York Company,
Inc.[DEL].................... 529,200
27,900 BankAmerica Corporation........ 1,604,250
4,800 Bankers Trust New York
Corporation.................. 306,000
5,800 Barnett Banks, Inc............. 320,450
8,200 Boatmen's Bancshares, Inc...... 311,600
14,800 Chase Manhattan Corporation.... 843,600
17,200 Chemical Banking Corporation... 978,252
25,600 Citicorp....................... 1,660,796
8,300 Corestates Financial
Corporation.................. 301,914
5,600 First Chicago Corporation...... 380,101
5,000 First Fidelity
Bancorporation............... 326,876
4,600 First Interstate Bancorp....... 593,400
13,600 First Union Corporation[DEL]... 674,902
10,700 Fleet Financial Group,
Inc.[DEL].................... 414,625
3,600 Golden West Financial
Corporation.................. 180,451
9,200 Great Western Financial
Corporation.................. 208,151
8,200 H. F. Ahmanson & Company....... 205,000
14,300 J.P. Morgan & Company, Inc..... 1,102,883
14,300 KeyCorp........................ 482,625
8,700 Mellon Bank Corporation........ 436,089
9,500 NBD Bancorp, Inc............... 361,000
10,000 National City Corporation...... 308,750
19,900 NationsBank Corporation[DEL]... 1,308,420
18,100 PNC Bank Corporation[DEL]...... 475,125
4,300 Republic New York Corporation.. 252,088
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<S> <C> <C>
DOMESTIC DEPOSITORY INSTITUTIONS, CONTINUED:
7,100 Shawmut National Corporation... $ 240,513
7,500 Suntrust Banks, Inc............ 483,750
8,900 U.S. Bancorp................... 263,663
14,900 Wachovia Corporation........... 657,465
3,200 Wells Fargo & Company.......... 672,402
------------
18,320,041
------------
EATING & DRINKING PLACES (0.9%):
9,900 Darden Restaurants, Inc........ 112,613
6,800 Marriott International, Inc.... 250,751
46,600 McDonald's Corporation......... 1,910,600
18,000 Shoney's, Inc.*................ 200,251
8,800 Wendy's International, Inc..... 174,901
------------
2,649,116
------------
ELECTRIC, GAS, & SANITARY SERVICES (5.0%):
10,900 American Electric Power
Company...................... 415,563
7,600 Baltimore Gas & Electric
Company...................... 203,300
14,300 Browning-Ferris Industries,
Inc.......................... 416,488
7,900 CINergy Corporation............ 224,164
9,500 Carolina Power & Light
Company...................... 311,125
10,700 Central & Southwest
Corporation.................. 286,225
6,300 Coastal Corporation............ 203,963
5,800 Columbia Gas System, Inc.*..... 223,300
13,400 Consolidated Edison Company of
New York, Inc................ 407,027
5,300 Consolidated Natural Gas
Company...................... 201,400
9,300 Detroit Edison Company......... 313,875
9,900 Dominion Resources, Inc........ 393,525
12,300 Duke Power Company............. 550,425
10,800 ENSERCH Corporation............ 156,600
5,100 Eastern Enterprises............ 152,363
19,100 Enron Corporation.............. 656,565
13,300 Entergy Corporation............ 379,050
10,600 FPL Group, Inc................. 443,876
7,400 General Public Utilities....... 231,250
7,400 Houston Industries, Inc........ 343,176
47,700 Laidlaw, Inc., Class B......... 429,300
26,800 Niagara Mohawk Power
Corporation.................. 288,100
6,300 Nicor, Inc..................... 169,313
30,700 NorAm Energy Corporation....... 237,925
3,200 Northern States Power Company.. 151,200
11,300 Ohio Edison Company............ 258,488
8,300 Oneok, Inc..................... 202,314
16,400 PacifiCorp..................... 309,550
10,100 Pacific Enterprises............ 249,975
</TABLE>
The accompanying notes are an integral part
of the financial statements. 98 CORE TRUST (DELAWARE)
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
INDEX PORTFOLIO (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<S> <C> <C>
ELECTRIC, GAS, & SANITARY SERVICES,
CONTINUED:
28,900 Pacific Gas & Electric
Company...................... $ 848,933
7,900 Panhandle Eastern
Corporation.................. 199,475
11,400 Peco Energy Company............ 333,450
6,400 People's Energy Corporation.... 184,000
14,300 Public Service Enterprise
Group, Inc................... 420,064
28,700 Scecorp........................ 487,900
5,200 Sonat, Inc..................... 149,500
40,900 Southern Company............... 976,483
13,700 Texas Utilities Company........ 503,475
6,000 Union Electric Company......... 234,000
29,100 WMX Technologies, Inc.......... 818,438
8,410 Williams Companies, Inc........ 324,837
------------
14,289,980
------------
ELECTRONIC & OTHER ELECTRICAL EQUIPMENT &
COMPONENTS, EXCEPT COMPUTER EQUIPMENT
(6.9%):
12,200 AMP, Inc....................... 478,850
5,600 Advanced Micro Devices,
Inc.*........................ 133,701
6,800 Cooper Industries, Inc......... 229,500
6,400 DSC Communications
Corporation*................. 236,800
15,700 Emerson Electric Company....... 1,118,620
113,700 General Electric Company....... 7,191,520
3,600 Harris Corporation............. 209,251
55,000 Intel Corporation.............. 3,843,121
14,200 Maytag Corporation............. 269,800
12,800 Micron Technology, Inc......... 904,000
39,500 Motorola, Inc.................. 2,592,184
8,300 National Semiconductor
Corporation*................. 202,313
6,000 National Service Industries.... 178,500
15,100 Northern Telecom, Ltd.......... 543,600
4,000 Raychem Corporation............ 185,501
8,600 Scientific-Atlanta, Inc........ 106,426
5,800 Tellabs, Inc.*[DEL]............ 197,200
12,600 Texas Instruments, Inc......... 859,950
2,700 Thomas & Betts Corporation..... 174,488
4,100 Whirlpool Corporation.......... 217,300
------------
19,872,625
------------
ENGINEERING, ACCOUNTING, RESEARCH,
MANAGEMENT, & RELATED SERVICES (0.2%):
10,000 Dun & Bradstreet Corporation... 597,500
------------
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<S> <C> <C>
FABRICATED METAL PRODUCTS, EXCEPT MACHINERY
& TRANSPORTATION EQUIPMENT (0.8%):
6,000 Crane Company.................. $ 212,250
5,200 Crown Cork & Seal Company,
Inc.*........................ 181,351
29,600 Gillette Company............... 1,431,900
5,250 Parker-Hannifin Corporation.... 177,188
3,600 Snap-On, Inc................... 152,551
3,600 Stanley Works.................. 171,900
------------
2,327,140
------------
FOOD STORES (0.6%):
14,300 Albertson's, Inc............... 475,475
8,300 American Stores Company........ 247,964
7,100 Giant Food, Inc., Class A...... 228,088
10,500 Great Atlantic & Pacific Tea
Company, Inc................. 212,625
6,600 Kroger Company*................ 220,276
3,900 Winn-Dixie Stores, Inc......... 253,500
------------
1,637,928
------------
FOOD & KINDRED PRODUCTS (7.0%):
5,100 Adolph Coors Company........... 91,163
16,900 Anheuser-Busch Companies,
Inc.......................... 1,115,400
38,272 Archer Daniels Midland
Company...................... 617,137
5,900 Brown-Forman Corporation....... 224,939
9,500 CPC International, Inc......... 630,564
15,000 Campbell Soup Company.......... 785,626
17,700 Conagra, Inc................... 683,663
9,900 General Mills, Inc............. 568,013
15,500 Heinz (H.J.) Company........... 720,750
5,200 Hershey Foods Corporation...... 310,700
13,800 Kellogg Company................ 997,050
52,900 PepsiCo, Inc................... 2,790,470
7,800 Quaker Oats Company............ 266,175
5,900 Ralston-Ralston Purina Group... 350,314
36,700 Sara Lee Corporation........... 1,078,058
23,200 Seagram Company, Ltd........... 835,200
85,100 The Coca-Cola Company.......... 6,116,559
10,200 Unilever NV[DEL]............... 1,336,200
10,200 Whitman Corporation............ 216,750
7,400 Wrigley (Wm) Jr. Company....... 344,100
------------
20,078,831
------------
FURNITURE & FIXTURES (0.1%):
9,000 Masco Corporation.............. 253,126
------------
GENERAL MERCHANDISE STORES (2.3%):
4,200 Dayton Hudson Corporation...... 288,750
6,800 Dillard Department Stores,
Inc.......................... 184,451
4,600 Harcourt General, Inc.......... 182,276
13,900 J.C. Penney Company, Inc....... 585,538
</TABLE>
The accompanying notes are an integral part
of the financial statements. 99 CORE TRUST (DELAWARE)
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
INDEX PORTFOLIO (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<S> <C> <C>
GENERAL MERCHANDISE STORES, CONTINUED:
24,200 Kmart Corporation.............. $ 196,626
16,600 May Department Stores Company.. 651,550
3,900 Mercantile Stores Company,
Inc.......................... 175,014
12,700 Price/Costco, Inc.*............ 215,900
24,900 Sears, Roebuck and Company..... 846,600
154,300 Wal-Mart Stores, Inc........... 3,336,734
7,800 Woolworth Corporation.......... 114,076
------------
6,777,515
------------
HEALTH SERVICES (0.7%):
11,300 Beverly Enterprises*........... 132,775
28,800 Columbia HCA Healthcare
Corporation.................. 1,414,801
11,500 Community Psychiatric
Centers...................... 125,063
5,800 Manor Care, Inc................ 189,950
10,000 Tenet Healthcare
Corporation*................. 178,751
------------
2,041,340
------------
HEAVY CONSTRUCTION OTHER THAN BUILDING
CONSTRUCTION-CONTRACTORS (0.2%):
5,000 Fluor Corporation.............. 282,500
3,900 Foster Wheeler Corporation..... 146,250
6,700 Halliburton Company............ 278,050
------------
706,800
------------
HOME FURNITURE, FURNISHINGS, & EQUIPMENT
STORES (0.1%):
6,400 Circuit City Stores............ 213,600
------------
HOTELS, ROOMING HOUSES, CAMPS, & OTHER
LODGING PLACES (0.1%):
2,900 Hilton Hotels Corporation...... 194,300
------------
INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT (5.8%):
21,300 Amdahl Corporation*............ 197,025
6,800 Apple Computer, Inc............ 246,926
10,800 Applied Materials, Inc.*....... 541,350
8,200 Baker Hughes, Inc.............. 160,926
7,100 Black & Decker Corporation..... 240,513
4,800 Briggs & Stratton
Corporation.................. 193,800
6,300 Brunswick Corporation.......... 122,850
12,600 Caterpillar, Inc............... 707,175
17,300 Cisco Systems, Inc.*[DEL]...... 1,340,750
16,500 Compaq Computer Corporation*... 919,870
5,500 Cummins Engine Company, Inc.... 193,188
20,000 Data General Corporation*...... 230,000
4,900 Deer & Company................. 437,938
8,100 Digital Equipment
Corporation*................. 438,414
6,600 Dover Corporation.............. 260,700
10,400 Dresser Industries, Inc........ 215,800
4,800 General Signal Corporation..... 153,000
6,500 Harnischfeger Industries,
Inc.......................... 204,750
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<S> <C> <C>
INDUSTRIAL & COMMERCIAL MACHINERY &
COMPUTER EQUIPMENT, CONTINUED:
34,300 Hewlett-Packard Company........ $ 3,177,033
6,100 Ingersoll-Rand Company......... 215,788
15,800 Intergraph Corporation*........ 191,577
38,300 International Business Machines
Corporation.................. 3,724,670
4,200 McDermott International,
Inc.......................... 66,677
8,600 Pitney Bowes, Inc.............. 375,176
9,000 Silicon Graphics, Inc.*[DEL]... 299,250
10,900 Tandem Computers, Inc.*........ 122,625
3,700 Tandy Corporation.............. 182,688
11,500 Tenneco, Inc................... 504,564
4,900 Timken Company................. 197,225
5,100 Tyco International, Ltd........ 309,825
15,600 Unisys Corporation*............ 87,751
3,600 Varity Corporation*............ 130,500
20,600 Westinghouse Electric
Corporation.................. 290,977
------------
16,681,301
------------
INSURANCE AGENTS, BROKERS, & SERVICE (0.2%):
8,200 Alexander & Alexander Services,
Inc.......................... 183,476
6,300 Marsh & McLennan Companies,
Inc.......................... 515,813
------------
699,289
------------
INSURANCE CARRIERS (3.8%):
6,600 Aetna Life & Casualty Company.. 464,476
35,598 Allstate Corporation........... 1,308,222
12,300 American General Corporation... 404,363
31,850 American International Group... 2,687,341
4,200 CIGNA Corporation.............. 416,327
5,000 Chubb Corporation.............. 449,376
5,100 General Re Corporation......... 738,863
3,100 Jefferson-Pilot Corporation.... 204,600
5,500 Lincoln National Corporation... 245,438
3,800 Loews Corporation.............. 557,175
6,200 Providian Corporation.......... 243,350
3,200 Safeco Corporation............. 205,400
4,000 St. Paul Companies, Inc........ 203,000
3,900 Torchmark Corporation.......... 161,850
118 Transport Holdings, Inc., Class
A*........................... 4,633
23,600 Travelers, Inc................. 1,191,800
9,900 U.S. Healthcare, Inc........... 381,150
6,450 USLife Corporation............. 183,825
12,400 USF&G Corporation.............. 207,700
9,900 United Healthcare
Corporation.................. 525,938
4,600 Unum Corporation............... 242,076
------------
11,026,903
------------
</TABLE>
The accompanying notes are an integral part
of the financial statements. 100 CORE TRUST (DELAWARE)
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
INDEX PORTFOLIO (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<S> <C> <C>
LEATHER & LEATHER PRODUCTS (0.0%):
10,600 Stride Rite Corporation........ $ 119,250
------------
LUMBER & WOOD PRODUCTS, EXCEPT FURNITURE
(0.1%):
6,400 Louisiana-Pacific
Corporation.................. 152,800
------------
MEASURING, ANALYZING, & CONTROLLING
INSTRUMENTS;
PHOTOGRAPHIC, MEDICAL & OPTICAL
GOODS (2.4%):
5,600 Bard (C.R.), Inc............... 158,200
3,300 Bausch & Lomb, Inc............. 114,264
3,800 Becton, Dickinson & Company.... 247,000
14,000 Biomet, Inc.*[DEL]............. 232,751
9,600 Boston Scientific
Corporation*................. 404,400
22,900 Eastman Kodak Company.......... 1,434,110
7,900 Honeywell, Inc................. 331,800
2,700 Johnson Controls, Inc.......... 157,275
10,000 Loral Corporation.............. 296,250
13,600 Medtronic, Inc................. 785,400
6,200 Millipore Corporation.......... 219,325
4,800 Polaroid Corporation........... 205,200
16,400 Raytheon Company............... 715,450
4,500 St. Jude Medical, Inc.*........ 239,625
5,400 Tektronix, Inc................. 319,950
7,200 U.S. Surgical
Corporation[DEL]............. 176,400
7,200 Xerox Corporation[DEL]......... 934,200
------------
6,971,600
------------
METAL MINING (0.7%):
22,000 Barrick Gold Corporation....... 508,750
5,500 Cyprus Amax Minerals Company... 143,688
9,700 Echo Bay Mines, Ltd............ 87,300
7,651 Firstmiss Gold, Inc.*[DEL]..... 137,718
13,800 Freeport-McMoran Cooper & Gold,
Inc.......................... 313,950
8,100 Homestake Mining Company....... 124,539
5,000 Newmont Mining Corporation..... 188,750
13,700 Placer Dome, Inc............... 299,688
22,500 Santa Fe Pacific Gold
Corporation.................. 222,188
------------
2,026,571
------------
MISCELLANEOUS MANUFACTURING INDUSTRIES
(0.3%):
6,900 Hasbro, Inc.................... 210,450
9,700 Jostens, Inc................... 219,463
12,375 Mattel, Inc.................... 355,782
------------
785,695
------------
MISCELLANEOUS RETAIL (0.4%):
5,600 Longs Drug Stores, Inc......... 224,000
7,400 Rite Aid Corporation........... 199,800
17,200 Toys 'R' Us, Inc.*............. 376,251
14,800 Walgreen Company............... 421,800
------------
1,221,851
------------
MOTION PICTURES (0.2%):
10,950 Liberty Media Group*........... 269,644
12,600 Unicom Corporation............. 412,650
------------
682,294
------------
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<S> <C> <C>
MOTOR FREIGHT TRANSPORTATION & WAREHOUSING
(0.0%):
2,400 Roadway Services, Inc.......... $ 107,400
------------
NONDEPOSITORY CREDIT INSTITUTIONS (2.3%):
36,400 American Express Company....... 1,478,747
4,800 Beneficial Corporation......... 235,200
9,600 Dean Witter Discover &
Company...................... 477,600
10,600 Federal Home Loan Mortgage
Corporation.................. 734,050
17,800 Federal National Mortgage
Association.................. 1,866,771
6,800 Household International,
Inc.......................... 382,500
7,700 ITT Corporation................ 943,250
8,800 MBNA Corporation............... 324,501
4,500 Transamerica Corporation....... 304,875
------------
6,747,494
------------
OIL & GAS EXTRACTION (0.8%):
7,500 Burlington Resources, Inc...... 270,000
6,700 Helmerich & Payne, Inc......... 173,363
17,400 Occidental Petroleum
Corporation.................. 374,100
10,600 Oryx Energy Company*........... 121,900
10,300 Santa Fe Energy Resources,
Inc.*........................ 91,413
15,300 Schlumberger, Ltd.............. 952,420
4,800 Western Atlas, Inc.*........... 210,600
------------
2,193,796
------------
PAPER & ALLIED PRODUCTS (2.3%):
5,200 Avery Dennison Corporation..... 232,700
7,800 Boise Cascade Corporation...... 282,750
5,500 Champion International
Corporation.................. 294,250
940 Crown Vantage, Inc.*........... 18,683
5,100 Federal Paper Board Company.... 214,200
5,300 Georgia Pacific Corporation.... 437,250
15,000 International Paper Company.... 555,000
9,400 James River Corporation of
Virginia[DEL]................ 301,977
9,500 Kimberly-Clark
Corporation[DEL]............. 689,939
2,700 Mead Corporation............... 155,588
27,400 Minnesota Mining &
Manufacturing Company........ 1,558,372
8,600 Scott Paper Company............ 457,950
10,500 Stone Container Corporation.... 173,250
6,200 Temple-Inland, Inc............. 282,100
4,100 Union Camp Corporation......... 208,589
4,800 Westvaco Corporation........... 133,202
12,200 Weyerhaeuser Company........... 538,326
3,700 Willamette Industries, Inc..... 214,600
------------
6,748,726
------------
</TABLE>
The accompanying notes are an integral part
of the financial statements. 101 CORE TRUST (DELAWARE)
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
INDEX PORTFOLIO (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<S> <C> <C>
PERSONAL SERVICES (0.2%):
5,300 H & R Block, Inc............... $ 218,625
6,000 Service Corporation
International................ 240,751
------------
459,376
------------
PETROLEUM REFINING & RELATED INDUSTRIES
(7.7%):
5,500 Amerada Hess Corporation....... 248,188
32,400 Amoco Corporation.............. 2,069,547
3,700 Ashland, Inc................... 117,013
10,600 Atlantic Richfield Company..... 1,131,550
43,800 Chevron Corporation............ 2,047,650
83,400 Exxon Corporation.............. 6,369,670
2,700 Kerr-McGee Corporation......... 148,838
2,900 Louisiana Land & Exploration
Company...................... 102,589
26,400 Mobil Corporation.............. 2,659,800
5,900 Pennzoil Company............... 222,725
14,800 Phillips Petroleum Company..... 477,300
36,000 Royal Dutch Petroleum
Company[DEL]................. 4,423,498
9,300 Sun Company, Inc............... 266,214
16,800 Texaco, Inc.................... 1,144,501
22,600 USX-Marathon Group, Inc........ 401,150
13,100 Unocal Corporation............. 343,875
------------
22,174,108
------------
PHARMACEUTICAL PREPARATIONS (0.8%):
41,000 Pfizer, Inc.................... 2,352,370
------------
PRIMARY METAL INDUSTRIES (1.0%):
13,100 Alcan Aluminum, Ltd.[DEL]...... 414,289
10,200 Aluminum Company of America.... 520,200
5,300 Asarco, Inc.................... 170,925
8,200 Bethlehem Steel
Corporation*[DEL]............ 107,626
15,000 Engelhard Corporation.......... 373,126
6,800 Inco, Ltd.*.................... 233,751
5,100 Nucor Corporation.............. 245,438
4,200 Phelps Dodge Corporation....... 266,177
4,200 Reynolds Metals Company........ 211,576
4,800 USX-US Steel Group, Inc........ 143,400
13,800 Worthington Industries, Inc.... 229,426
------------
2,915,934
------------
PRINTING, PUBLISHING, & ALLIED INDUSTRIES
(1.3%):
5,100 American Greetings
Corporation.................. 160,650
4,900 Deluxe Corporation............. 131,688
5,800 Dow Jones & Company, Inc....... 204,450
8,200 Gannett Company, Inc........... 445,876
3,200 Knight-Ridder, Inc............. 177,600
2,700 McGraw-Hill Companies, Inc..... 221,063
7,200 Meredith Corporation........... 257,400
9,200 Moore Corporation, Ltd......... 175,951
6,300 New York Times Company......... 174,825
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<S> <C> <C>
PRINTING, PUBLISHING, & ALLIED INDUSTRIES,
CONTINUED:
9,200 R.R. Donnelley & Sons
Company...................... $ 335,800
27,500 Time Warner, Inc............... 1,003,750
7,600 Times Mirror Company........... 220,400
3,900 Tribune Company................ 246,189
------------
3,755,642
------------
RAILROAD TRANSPORTATION (1.2%):
11,452 Burlington Northern Santa Fe
Corporation[DEL]............. 960,537
6,100 CSX Corporation................ 510,875
7,500 Conrail, Inc................... 515,625
9,500 Norfolk Southern Corporation... 733,875
12,300 Union Pacific
Corporation[DEL]............. 804,113
------------
3,525,025
------------
RUBBER & MISCELLANEOUS PLASTICS PRODUCTS
(0.7%):
2,700 Armstrong World Industries,
Inc.......................... 160,313
6,000 Cooper Tire & Rubber
Company...................... 138,751
8,200 Goodyear Tire & Rubber
Company...................... 311,600
7,100 Illinois Tool Works, Inc....... 412,688
9,200 Nike, Inc...................... 522,100
3,700 Premark International, Inc..... 171,125
5,300 Reebok International, Ltd...... 180,200
9,500 Rubbermaid, Inc................ 248,189
------------
2,144,966
------------
SECURITY & COMMODITY BROKERS, DEALERS,
EXCHANGES, & SERVICE (0.5%):
11,800 Merrill Lynch & Company,
Inc.......................... 654,900
5,100 Morgan Stanley Group, Inc...... 443,700
6,300 Salomon, Inc................... 227,588
------------
1,326,188
------------
STONE, CLAY, GLASS, & CONCRETE PRODUCTS
(0.3%):
12,600 Corning, Inc................... 329,175
14,800 Newell Company................. 357,052
4,100 Owens-Corning Fiberglas
Corporation*................. 173,739
------------
859,966
------------
TEXTILE MILL PRODUCTS (0.1%):
9,500 Fruit of the Loom, Inc., Class
A*........................... 165,063
5,800 Russell Corporation............ 143,550
------------
308,613
------------
TOBACCO PRODUCTS (1.8%):
10,700 American Brands, Inc........... 458,763
56,700 Philip Morris Companies,
Inc.......................... 4,791,150
------------
5,249,913
------------
TRANSPORTATION BY AIR (0.5%):
4,600 AMR Corporation*............... 303,600
1,900 Delta Airlines, Inc............ 124,689
</TABLE>
The accompanying notes are an integral part
of the financial statements. 102 CORE TRUST (DELAWARE)
<PAGE>
- --------------------------------------------------------------------------------
CORE TRUST (DELAWARE)
INDEX PORTFOLIO (continued) OCTOBER 31, 1995
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<S> <C> <C>
TRANSPORTATION BY AIR, CONTINUED:
2,700 Federal Express Corporation*... $ 221,738
6,300 Pittston Services Group........ 173,250
8,700 Southwest Airlines Company..... 174,000
33,200 U.S. Air Group, Inc.*.......... 452,352
------------
1,449,629
------------
TRANSPORTATION EQUIPMENT (4.4%):
18,100 Allied-Signal, Inc............. 769,250
24,800 Boeing Company................. 1,627,501
25,600 Chrysler Corporation........... 1,321,602
5,800 Dana Corporation............... 148,626
4,100 Eaton Corporation.............. 210,125
5,300 Echlin, Inc.................... 189,475
5,300 Fleetwood Enterprises, Inc..... 108,650
69,000 Ford Motor Company............. 1,983,750
4,100 General Dynamics Corporation... 227,039
49,100 General Motors Corporation..... 2,148,120
13,405 Lockheed Martin Corporation.... 913,216
7,200 McDonnell Douglas Corporation.. 588,600
5,400 Northrop Grumman Corporation... 309,150
2,700 Paccar, Inc.................... 112,725
12,900 Rockwell International
Corporation.................. 574,050
3,700 TRW, Inc....................... 243,275
8,200 Teledyne, Inc.................. 203,975
5,000 Textron, Inc................... 343,750
7,300 United Technologies
Corporation.................. 647,875
------------
12,670,754
------------
<CAPTION>
SECURITY
SHARES DESCRIPTION VALUE
- ----------- ------------------------------- ------------
<S> <C> <C>
WHOLESALE TRADE-DURABLE GOODS (0.2%):
7,200 Genuine Parts Company.......... $ 285,300
2,900 Grainger (W.W.), Inc........... 181,250
3,200 Potlatch Corporation........... 134,802
------------
601,352
------------
WHOLESALE TRADE-NONDURABLE GOODS (0.3%):
4,200 Alco Standard
Corporation[DEL]............. 371,700
8,400 Fleming Companies, Inc......... 190,050
10,900 Sysco Corporation.............. 331,088
------------
892,838
------------
Total Common Stocks
(cost $233,161,111) 287,053,489
------------
</TABLE>
REPURCHASE AGREEMENTS (0.6%):
1,755,721 BA Securities, Inc., 5.875%,
due 11/1/95, to be
repurchased at $1,756,008.
Collateralized by $16,300
Federal Home Loan Mortgage
Corporation, 5.875%, due
11/13/95; $46,000,000 Federal
National Mortgage
Association, 5.875%, due
2/27/96; $48,000,000 Federal
National Mortgage
Association, 5.875%, due
3/29/96; $75,000,000 Federal
National Mortgage
Association, 5.875%, due
5/2/96; $45,000,000 Federal
Home Loan Bank, 5.875%, due
1/30/96; $22,000,000 Federal
Home Loan Bank, 5.875%, due
2/29/96 (cost $1,755,721).... 1,755,721
------------
Total Investments (100.0%)
(cost $234,916,832) $288,809,210
------------
------------
* Non-income producing security.
[DEL] Part or all of this investment on loan, see Note 5.
The accompanying notes are an integral part
of the financial statements. CORE TRUST (DELAWARE)
103
<PAGE>
- --------------------------------------------------------------------------------
INDEPENDENT AUDITOR'S REPORT
- --------------------------------------------------------------------------------
To the Trustees and Partners of
Core Trust (Delaware)
We have audited the accompanying statements of assets and liabilities of four
portfolios of Core Trust (Delaware), Small Company Portfolio, International
Portfolio II, International Portfolio and Index Portfolio, (collectively the
'Portfolios') including the schedules of investments as of October 31, 1995, and
the related statements of operations, the statements of changes in net assets
and financial highlights for the period November 11, 1994 (commencement of
operations) to October 31, 1995. These financial statements and financial
highlights are the responsibility of the Portfolios' management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included confirmation of securities owned as of
October 31, 1995, by correspondence with the custodians and brokers. An audit
also includes assessing the accounting principles used and significant estimates
made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Portfolios as of October 31, 1995, the results of their operations, changes in
their net assets and the financial highlights for the period November 11, 1994
(commencement of operations) to October 31, 1995 in conformity with generally
accepted accounting principles.
Coopers & Lybrand L.L.P.
Boston, Massachusetts
December 27, 1995
104 CORE TRUST (DELAWARE)
STATEMENT OF DIFFERENCES
------------------------
The dagger symbol shall be expressed as `D'
The delta symbol shall be expressed as [DEL]
