<PAGE>
NORWEST ADVANTAGE FUNDS
SEMI-ANNUAL REPORT
April 30, 1996
<PAGE>
- --------------------------------------------------------------------------------
TABLE OF CONTENTS APRIL 30, 1996
- --------------------------------------------------------------------------------
FINANCIAL STATEMENTS OF NORWEST ADVANTAGE FUNDS
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Notes to Financial Statements
Financial Highlights
Portfolios of Investments:
Small Company Growth Fund
Large Company Growth Fund
Index Fund
Income Equity Fund
International Fund
Growth Equity Fund
Diversified Equity
Diversified Bond Fund
Intermediate U.S. Government Fund
Conservative Balanced Fund
Moderate Balanced Fund
Growth Balanced Fund
Stable Income Fund Fund
[LOGO]
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LARGE SMALL
DIVERSIFIED GROWTH COMPANY COMPANY INCOME
EQUITY EQUITY GROWTH GROWTH INTERNATIONAL EQUITY
FUND FUND FUND FUND FUND FUND
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investment in International
Portfolio of Core Trust
(Delaware) $ - $ - $ - $ - $139,500,068 $ -
Investments in affiliated
Funds 435,923,647 461,692,334 - - - -
Portfolio Investments at
value 437,481,635 250,921,182 79,344,595 358,999,445 - 75,817,488
Cash 0 0 0 0 4,642 0
Interest, dividends and other
receivables 197,813 44,932 14,331 75,968 1,439 55,863
Receivable for securities
sold 0 0 0 1,498,701 0 0
Receivable for fund shares
issued 0 0 0 0 4,239 0
Receivable for principal
paydowns 0 0 0 0 0 0
Receivable from manager 0 0 0 0 0 0
Organization costs, net of
amortization (Note 1) 42,151 42,150 42,151 42,151 42,151 42,151
------------ ------------ ------------ ------------ ------------ ------------
TOTAL ASSETS 873,645,246 712,700,598 79,401,077 360,616,265 139,552,539 75,915,502
------------ ------------ ------------ ------------ ------------ ------------
LIABILITIES
Payable for securities
purchased 0 0 0 1,462,316 0 0
Payable for fund shares
redeemed 0 0 0 0 2,885 0
Payable for daily variation
margin on futures contracts 0 0 0 0 0 0
Accrued advisory and
management fees 453,833 507,560 41,028 250,760 29,572 30,139
Accrued transfer agency fees 174,551 140,989 15,781 69,655 29,572 15,070
Accrued Custodian 0 0 0 0 0 1,527
Accrued management fees 133,425 106,563 1,893 35,369 36,326 0
Accrued expenses and other
payables 41,734 54,352 11,632 42,013 29,931 9,509
Dividends payable 0 0 0 0 37 0
------------ ------------ ------------ ------------ ------------ ------------
TOTAL LIABILITIES 803,543 809,464 70,334 1,860,113 128,323 56,245
------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS $872,841,703 $711,891,134 $ 79,330,743 $358,756,152 $139,424,216 $ 75,859,257
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
COMPONENTS OF NET ASSETS
Capital paid in $680,111,177 $585,242,942 $ 58,332,111 $262,492,388 $124,382,794 $ 60,137,382
Accumulated undistributed net
investment income (deficit) (613,784) (1,162,266) (107,878) (568,793) 529,182 (4,947)
Accumulated undistributed net
realized gain (loss) from
investments 2,073,804 3,763,677 875,121 15,078,743 (29,452) 7
Net unrealized appreciation
(depreciation) from
investments 191,270,506 124,046,781 20,231,389 81,753,814 - 15,726,815
Net unrealized appreciation
of investments of
International Portfolio of
Core Trust (Delaware) - - - - 14,541,692 -
------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS $872,841,703 $711,891,134 $ 79,330,743 $358,756,152 $139,424,216 $ 75,859,257
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS BY SHARE CLASS
A Shares $ - $ - $ - $ - $ 955,711 $ -
B Shares - - - - 896,192 -
I Shares 872,841,703 711,891,134 79,330,743 358,756,152 137,572,313 75,859,257
------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS $872,841,703 $711,891,134 $ 79,330,743 $358,756,152 $139,424,216 $ 5,859,257
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
SHARES OF BENEFICIAL INTEREST,
NO PAR VALUE
A Shares - - - - 48,314 -
B Shares - - - - 45,531 -
I Shares 29,225,668 25,001,213 3,035,137 11,211,240 6,949,102 2,818,446
NET ASSET VALUE PER SHARE
A Shares - - - - $19.78 -
B Shares - - - - $19.68 -
I Shares $29.87 $28.47 $26.14 $32.00 $19.80 $26.92
(a) Investments at cost $682,134,776 $588,566,735 $ 59,113,206 $277,245,631 $124,958,376 $ 60,090,673
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
<CAPTION>
INTERMEDIATE
CONSERVATIVE MODERATE GROWTH U.S. DIVERSIFIED STABLE
INDEX BALANCED BALANCED BALANCED GOVERNMENT BOND INCOME
FUND FUND FUND FUND FUND FUND FUND
------------ ------------ ------------ ------------ ------------ ------------ ------------
<C> <C> <C> <C> <C> <C> <C> <C>
ASSETS
Investment in International
Portfolio of Core Trust
(Delaware) $ - $ - $ - $ - $ - $ - $ -
Investments in affiliated
Funds - 21,431,358 83,710,129 194,724,160 - - -
Portfolio Investments at
value 241,658,353 126,015,003 307,188,340 271,225,414 45,962,814 165,111,771 65,796,294
Cash 0 0 0 0 150,848 0 0
Interest, dividends and other
receivables 281,120 970,228 2,278,427 1,891,325 720,278 1,963,209 345,829
Receivable for securities
sold 0 0 0 0 0 0 0
Receivable for fund shares
issued 0 0 0 0 0 0 0
Receivable for principal
paydowns 0 0 0 0 0 0 0
Receivable from manager 0 0 0 0 0 0 0
Organization costs, net of
amortization (Note 1) 42,152 42,151 42,151 42,151 42,151 42,151 42,151
------------ ------------ ------------ ------------ ------------ ------------ ------------
TOTAL ASSETS 241,981,625 148,458,740 393,219,047 467,883,050 46,876,091 167,117,131 66,184,274
------------ ------------ ------------ ------------ ------------ ------------ ------------
LIABILITIES
Payable for securities
purchased 147,613 0 0 0 0 0 0
Payable for fund shares
redeemed 0 0 0 0 0 0 0
Payable for daily variation
margin on futures contracts 12,275 0 0 0 0 0 0
Accrued advisory and
management fees 0 54,308 170,517 211,616 12,717 47,849 16,213
Accrued transfer agency fees 29,120 30,171 80,433 91,214 9,634 34,179 13,510
Accrued Custodian 0 0 0 0 2,479 0 315
Accrued management fees 5,824 3,621 52,271 51,104 0 4,101 0
Accrued expenses and other
payables 27,048 13,541 21,310 32,533 450 14,341 4,183
Dividends payable 0 0 0 0 0 0 0
------------ ------------ ------------ ------------ ------------ ------------ ------------
TOTAL LIABILITIES 221,880 101,641 324,531 386,467 25,280 100,470 34,221
------------ ------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS $241,759,745 $148,357,099 $392,894,516 $467,496,583 $ 46,850,811 $167,016,661 $ 66,150,053
------------ ------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------ ------------
COMPONENTS OF NET ASSETS
Capital paid in $184,876,637 $135,128,796 $340,889,088 $386,798,615 $ 47,341,893 $159,634,686 $ 66,112,964
Accumulated undistributed net
investment income (deficit) 2,259,926 3,358,354 7,722,509 5,285,202 50,731 5,495,883 49,252
Accumulated undistributed net
realized gain (loss) from
investments 3,516,352 1,083,166 6,279,635 13,063,338 (226,013) 2,403,167 (3,614)
Net unrealized appreciation
(depreciation) from
investments 51,106,830 8,786,783 38,003,284 62,349,428 (315,800) (517,075) (8,549)
Net unrealized appreciation
of investments of
International Portfolio of
Core Trust (Delaware) - - - - - - -
------------ ------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS $241,759,745 $148,357,099 $392,894,516 $467,496,583 $ 46,850,811 $167,016,661 $ 66,150,053
------------ ------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS BY SHARE CLASS
A Shares $ - $ - $ - $ - $ - $ - $ -
B Shares - - - - - - -
I Shares 241,759,745 148,357,099 392,894,516 467,496,583 46,850,811 167,016,661 66,150,053
------------ ------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS $241,759,745 $148,357,099 $392,894,516 $467,496,583 $ 46,850,811 $167,016,661 $ 66,150,053
------------ ------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------ ------------
SHARES OF BENEFICIAL INTEREST,
NO PAR VALUE
A Shares - - - - - - -
B Shares - - - - - - -
I Shares 7,870,702 8,252,266 19,584,570 20,790,319 4,284,324 6,430,552 6,477,368
NET ASSET VALUE PER SHARE
A Shares - - - - - - -
B Shares - - - - - - -
I Shares $30.72 $17.98 $20.06 $22.49 $10.94 $25.97 $10.21
(a) Investments at cost $190,551,523 $138,659,578 $352,895,185 $403,600,146 $ 51,526,610 $165,628,846 $ 66,129,874
------------ ------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------ ------------
</TABLE>
See notes to financial statements
<PAGE>
STATEMENTS OF OPERATIONS
FOR THE PERIOD ENDED APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LARGE SMALL
DIVERSIFIED GROWTH COMPANY COMPANY INCOME
EQUITY EQUITY GROWTH GROWTH INTERNATIONAL EQUITY
FUND FUND FUND FUND FUND FUND
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Interest income $ 685,463 $ 676,474 $ 48,537 $ 609,224 $ - $ 100,225
Dividend income 6,722,895 3,230,376 195,066 701,630 - 817,024
Securities lending income 18,843 29,356 2,614 28,987 - 441
Net investment income from
International Portfolio
of Core Trust (Delaware)
(Note ) - - - - 1,065,291 -
----------- ----------- ----------- ----------- ----------- -----------
TOTAL INCOME 7,427,201 3,936,206 246,217 1,339,841 1,065,291 917,690
----------- ----------- ----------- ----------- ----------- -----------
EXPENSES
Advisory 2,547,414 2,790,773 229,741 1,371,577 - 155,634
Administration - - - - 145,633 -
Management 391,910 310,086 35,345 152,397 58,253 31,127
Transfer agent 979,775 775,215 88,362 380,993 145,633 77,817
Custodian 0 0 0 0 0 0
Accounting 24,000 24,000 18,000 25,000 20,000 18,000
Legal 30,020 23,365 1,517 10,009 6,614 7,003
Filing 40,353 34,226 5,947 17,496 21,016 5,910
Auditing 11,876 11,432 9,411 12,557 6,991 3,881
Trustees 3,878 3,052 344 1,510 606 305
Shareholder reporting 0 0 0 0 0 0
Distribution 0 0 0 0 2,363 0
Amortization of organization
costs 5,960 5,960 5,959 5,960 5,960 5,960
Other 40,592 31,973 1,711 15,369 6,109 1,685
----------- ----------- ----------- ----------- ----------- -----------
TOTAL EXPENSES 4,075,778 4,010,082 396,337 1,992,868 419,178 307,322
EXPENSES REIMBURSED AND FEES
WAIVED (NOTE 3) (148,289) (126,128) (42,242) (84,234) (8,287) (42,139)
----------- ----------- ----------- ----------- ----------- -----------
NET EXPENSES 3,927,489 3,883,954 354,095 1,908,634 410,891 265,183
----------- ----------- ----------- ----------- ----------- -----------
NET INVESTMENT INCOME 3,499,712 52,252 (107,878) (568,793) 654,400 652,507
----------- ----------- ----------- ----------- ----------- -----------
NET REALIZED AND UNREALIZED
GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from
Securities 17,739,908 23,507,135 934,596 15,126,841 - 239,083
Investments of
International Portfolio
of Core Trust (Delaware) - - - - 1,845,591 -
Foreign currency
transactions 875,249 1,375,551 - - - -
Foreign currency
transactions from
investment in
International
Portfolio of Core Trust
(Delaware) - - - - (16,513) -
Futures transactions 523,039 - - - - -
----------- ----------- ----------- ----------- ----------- -----------
Net Realized Gain (Loss) from
Investments 19,138,196 24,882,686 934,596 15,126,841 1,829,078 239,083
----------- ----------- ----------- ----------- ----------- -----------
Net change in unrealized
appreciation (depreciation)
from
Securities 78,813,067 56,947,651 7,459,909 38,158,737 10,868,026 7,457,147
Investments of International
Portfolio of Core Trust
(Delaware)
Foreign currency transactions 1,171 21,618 - - - -
Foreign currency transactions
from investment in
International Portfolio of
Core Trust (Delaware) - - - - (5,340) -
Futures transactions 166,027 - - - - -
----------- ----------- ----------- ----------- ----------- -----------
NET CHANGE IN UNREALIZED
APPRECIATION (DEPRECIATION)
OF INVESTMENTS 78,980,265 56,969,269 7,459,909 38,158,737 10,862,686 7,457,147
----------- ----------- ----------- ----------- ----------- -----------
NET REALIZED AND UNREALIZED
GAIN (LOSS)FROM INVESTMENTS 98,118,461 81,851,955 8,394,505 53,285,578 12,691,764 7,696,230
----------- ----------- ----------- ----------- ----------- -----------
INCREASE IN NET ASSETS FROM
OPERATIONS $101,618,173 $ 81,904,207 $ 8,286,627 $ 52,716,785 $ 13,346,164 $ 8,348,737
----------- ----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- ----------- -----------
INTERMEDIATE DIVERSIFIED STABLE CONSERVATIVE MODERATE GROWTH
INDEX GOV'T INCOME BOND INCOME BALANCED BALANCED BALANCED
FUND FUND FUND FUND FUND FUND FUND
----------- ----------- ----------- ----------- ----------- ----------- -----------
INVESTMENT INCOME
Interest income $ 337,436 $ 1,690,221 $ 5,972,534 $ 1,811,204 $ 3,597,060 $ 8,064,959 $ 4,881,182
Dividend income 2,277,569 0 - - 336,194 1,375,536 2,366,317
Securities lending income 0 1,115 115,231 3,663 4,278 36,863 13,012
Net investment income from
International Portfolio
of Core Trust (Delaware)
(Note ) - - - - - - -
----------- ----------- ----------- ----------- ----------- ----------- -----------
TOTAL INCOME 2,615,005 1,691,336 6,087,765 1,814,867 3,937,532 9,477,358 7,260,511
----------- ----------- ----------- ----------- ----------- ----------- -----------
EXPENSES
Advisory 162,173 80,657 295,055 85,514 319,915 1,032,213 1,189,474
Administration - - - - - - -
Management 108,116 24,441 84,302 28,505 71,092 194,757 205,082
Transfer agent 270,289 61,103 210,754 71,262 177,731 486,893 512,704
Custodian 0 0 0 0 0 0 0
Accounting 26,000 24,000 25,000 31,000 27,000 30,000 28,000
Legal 7,937 6,236 9,687 6,377 3,184 16,775 17,943
Filing 18,255 5,910 6,218 5,906 6,130 12,730 21,741
Auditing 15,262 963 13,224 976 11,101 13,331 13,348
Trustees 1,067 257 872 289 727 1,984 2,046
Shareholder reporting 0 0 0 0 0 0 0
Distribution 0 0 0 0 0 0 0
Amortization of organization
costs 5,960 5,960 5,960 5,960 5,960 5,960 5,960
Other 10,688 1,545 8,436 1,320 5,862 22,740 23,599
----------- ----------- ----------- ----------- ----------- ----------- -----------
TOTAL EXPENSES 625,747 211,072 659,508 237,109 628,702 1,817,383 2,019,897
EXPENSES REIMBURSED AND FEES
WAIVED (NOTE 3) (270,668) (44,329) (67,628) (51,304) (58,439) (99,147) (108,321)
----------- ----------- ----------- ----------- ----------- ----------- -----------
NET EXPENSES 355,079 166,743 591,880 185,805 570,263 1,718,236 1,911,576
----------- ----------- ----------- ----------- ----------- ----------- -----------
NET INVESTMENT INCOME 2,259,926 1,524,593 5,495,885 1,629,062 3,367,269 7,759,122 5,348,935
----------- ----------- ----------- ----------- ----------- ----------- -----------
NET REALIZED AND UNREALIZED
GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from
Securities 3,059,145 3,180 2,403,167 103,579 1,131,512 6,378,805 12,786,214
Investments of International
Portfolio of Core Trust
(Delaware) - - - - - - -
Foreign currency transactions - - - - 43,743 194,730 321,487
Foreign currency transactions
from investment in
International Portfolio
of Core Trust (Delaware) - - - - - - -
Futures transactions 490,651 - - - 28,332 111,751 204,763
----------- ----------- ----------- ----------- ----------- ----------- -----------
Net Realized Gain (Loss) from
Investments 3,549,796 3,180 2,403,167 103,579 1,203,587 6,685,286 13,312,464
----------- ----------- ----------- ----------- ----------- ----------- -----------
Net change in unrealized
appreciation (depreciation) from
Securities 20,382,572 (1,090,897) (7,830,695) (287,858) 1,381,142 7,866,840 17,635,293
Investments of International
Portfolio of Core Trust
(Delaware)
Foreign currency transactions - - - - (358) (17,080) (20,200)
Foreign currency transactions
from investment in
International Portfolio of
Core Trust (Delaware) - - - - - - -
Futures transactions 226,975 - - - 8,165 32,192 59,015
----------- ----------- ----------- ----------- ----------- ----------- -----------
NET CHANGE IN UNREALIZED
APPRECIATION (DEPRECIATION)
OF INVESTMENTS 20,609,547 (1,090,897) (7,830,695) (287,858) 1,388,949 7,881,952 17,674,108
----------- ----------- ----------- ----------- ----------- ----------- -----------
NET REALIZED AND UNREALIZED
GAIN (LOSS) FROM INVESTMENTS 24,159,343 (1,087,717) (5,427,528) (184,279) 2,592,536 14,567,238 30,986,572
----------- ----------- ----------- ----------- ----------- ----------- -----------
INCREASE IN NET ASSETS FROM
OPERATIONS $ 26,419,269 $ 436,876 $ 68,357 $ 1,444,783 $ 5,959,805 $ 22,326,360 $ 36,335,507
----------- ----------- ----------- ----------- ----------- ----------- -----------
----------- ----------- ----------- ----------- ----------- ----------- -----------
</TABLE>
See notes to financial statements
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS
FOR THE PERIOD ENDE APRIL 30, 1996
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
LARGE SMALL
DIVERSIFIED GROWTH COMPANY COMPANY INCOME
EQUITY EQUITY GROWTH GROWTH INTERNATIONAL EQUITY
FUND FUND FUND FUND FUND FUND
------------ ------------ ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSETS BEGINNING OF PERIOD $ - - - - - -
OPERATIONS
Net investment income 5,807,642 (470,845) (127,770) (1,033,557) 442,752 940,343
Realized Gain (loss) from investments 10,899,023 22,944,720 680,905 27,823,268 (722,933) (25,794)
Change in unrealized appreciation
(depreciation) from investments 112,290,241 67,077,512 12,771,480 43,595,077 3,679,006 8,269,668
------------ ------------ ------------ ------------ ------------ ------------
128,996,906 89,551,387 13,324,615 70,384,788 3,398,825 9,184,217
------------ ------------ ------------ ------------ ------------ ------------
DISTRIBUTION TO SHAREHOLDERS
Net investment income, A Shares - - - - - -
Net investment income, B Shares - - - - - -
Net investment income, I Shares - - - - - -
Realized gain on investments, A Shares - - - - - -
Realized gain on investments, B Shares - - - - - -
Realized gain on investments, I Shares - - - - - -
------------ ------------ ------------ ------------ ------------ ------------
- - - - - -
------------ ------------ ------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS
Sale of A Shares - - - - 218,716 -
Sale of B Shares - - - - 395,763 -
Sale of I Shares 496,787,751 346,892,541 59,880,621 207,281,383 86,709,689 32,004,647
Sale of Shares issued in conversion (Note 1) 188,578,327 187,721,674 9,419,837 44,901,924 17,857,644 16,330,430
Reinvestment of dividends, A Shares - - - - - -
Reinvestment of dividends, B Shares - - - - - -
Reinvestment of dividends, I Shares - - - - - -
Cost of repurchasing A Shares - - - - (3,261) -
Cost of repurchasing B Shares - - - - (2,647) -
Cost of repurchasing I Shares (103,252,075) (60,161,325) (19,058,149) (44,510,221) (16,562,251) (8,519,290)
------------ ------------ ------------ ------------ ------------ ------------
582,114,003 474,452,890 50,242,309 207,673,086 88,613,653 39,815,787
------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS END OF PERIOD $711,110,909 $564,004,277 $ 63,566,924 $278,057,874 $ 92,012,478 $ 49,000,004
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
OPERATIONS
Net investment income 3,499,712 52,252 (107,878) (568,793) 654,400 652,507
Realized Gain (loss) from investments 19,138,196 24,882,686 934,596 15,126,841 1,829,078 239,083
Change in unrealized appreciation
(depreciation) from investments 78,980,265 56,969,269 7,459,909 38,158,737 10,862,686 7,457,147
------------ ------------ ------------ ------------ ------------ ------------
101,618,173 81,904,207 8,286,627 52,716,785 13,346,164 8,348,737
------------ ------------ ------------ ------------ ------------ ------------
DISTRIBUTION TO SHAREHOLDERS
Net investment income, A Shares - - - - (6,180) -
Net investment income, B Shares - - - - (7,672) -
Net investment income, I Shares (11,170,188) (2,687,991) 0 0 (1,689,715) (1,597,797)
Realized gain on investments, A Shares 0 0 0 0 0 0
Realized gain on investments, B Shares 0 0 0 0 0 0
Realized gain on investments, I Shares (26,714,365) (42,119,411) (612,610) (26,837,809) 0 (213,282)
------------ ------------ ------------ ------------ ------------ ------------
(37,884,553) (44,807,402) (612,610) (26,837,809) (1,703,567) (1,811,079)
------------ ------------ ------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS
Sale of A Shares 0 0 0 0 729,655 0
Sale of B Shares 0 0 0 0 434,123 0
Sale of I Shares 131,338,827 111,521,964 10,510,395 43,958,852 38,689,362 22,537,645
Reinvestment of dividends, A Shares 0 0 0 0 6,176 0
Reinvestment of dividends, B Shares 0 0 0 0 7,632 0
Reinvestment of dividends, I Shares 37,884,552 44,807,402 612,610 26,837,810 1,627,705 1,811,078
Cost of repurchasing A Shares 0 0 0 0 (53,447) 0
Cost of repurchasing B Shares 0 0 0 0 (4,128) 0
Cost of repurchasing I Shares (71,226,205) (45,539,314) (3,033,203) (15,977,360) (5,667,937) (4,027,128)
------------ ------------ ------------ ------------ ------------ ------------
97,997,174 110,790,052 8,089,802 54,819,302 35,769,141 20,321,595
------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS
April 30,1996 $872,841,703 $711,891,134 $ 79,330,743 $358,756,152 $139,424,216 $ 75,859,257
------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------
<CAPTION>
INTERMEDIATE
GOVERNMENT DIVERSIFIED STABLE CONSERVATIVE MODERATE GROWTH
INDEX INCOME BOND INCOME BALANCED BALANCED BALANCED
FUND FUND FUND FUND FUND FUND FUND
------------ ------------ ------------ ------------ ------------ ------------ ------------
<C> <C> <C> <C> <C> <C> <C> <C>
NET ASSETS BEGINNING OF PERIOD - - - - - - -
OPERATIONS
Net investment income 3,001,143 3,785,503 10,159,007 2,247,375 5,659,746 12,180,822 8,360,471
Realized Gain (loss) from
investments 1,288,749 849,868 1,828,032 186,598 1,684,960 4,970,239 3,457,351
Change in unrealized appreciation
(depreciation) from investments 30,497,283 775,097 7,313,620 279,309 7,397,834 30,121,332 44,675,320
------------ ------------ ------------ ------------ ------------ ------------ ------------
34,787,175 5,410,468 19,300,659 2,713,282 14,742,540 47,272,393 56,493,142
------------ ------------ ------------ ------------ ------------ ------------ ------------
DISTRIBUTION TO SHAREHOLDERS
Net investment income, A Shares - - - - - - -
Net investment income, B Shares - - - - - - -
Net investment income, I Shares - - - - - - -
Realized gain on investments,
A Shares - - - - - - -
Realized gain on investments,
B Shares - - - - - - -
Realized gain on investments,
I Shares - - - - - - -
------------ ------------ ------------ ------------ ------------ ------------ ------------
- - - - - - -
------------ ------------ ------------ ------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS
Sale of A Shares - - - - - - -
Sale of B Shares - - - - - - -
Sale of I Shares 124,576,780 57,693,187 165,471,906 19,314,379 121,670,509 306,233,476 281,218,952
Sale of Shares issued in
conversion (Note 1) 48,078,887 12,232,271 49,356,217 54,013,693 34,871,159 100,309,597 111,127,105
Reinvestment of dividends,
A Shares - - - - - - -
Reinvestment of dividends,
B Shares - - - - - - -
Reinvestment of dividends,
I Shares - - - - - - -
Cost of repurchasing A Shares - - - - - - -
Cost of repurchasing B Shares - - - - - - -
Cost of repurchasing I Shares (21,246,270) (25,122,913) (62,675,817) (27,954,786) (34,574,397) (79,817,235) (73,947,039)
------------ ------------ ------------ ------------ ------------ ------------ ------------
151,409,397 44,802,545 152,152,306 45,373,286 121,967,271 326,725,838 318,399,018
------------ ------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS END OF PERIOD $186,196,572 $ 50,213,013 $171,452,965 $ 48,086,568 $136,709,811 $373,998,231 $374,892,160
------------ ------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------ ------------
OPERATIONS
Net investment income 2,259,926 1,524,593 5,495,885 1,629,062 3,367,269 7,759,122 5,348,935
Realized Gain (loss) from
investments 3,549,796 3,180 2,403,167 103,579 1,203,587 6,685,286 13,312,464
Change in unrealized
appreciation (depreciation)
from investments 20,609,547 (1,090,897) (7,830,695) (287,858) 1,388,949 7,881,952 17,674,108
------------ ------------ ------------ ------------ ------------ ------------ ------------
26,419,269 436,876 68,357 1,444,783 5,959,805 22,326,360 36,335,507
------------ ------------ ------------ ------------ ------------ ------------ ------------
DISTRIBUTION TO SHAREHOLDERS
Net investment income,
A Shares - 0 - 0 - - -
Net investment income,
B Shares - 0 - 0 - - -
Net investment income,
I Shares (3,001,143) (5,259,365) (10,159,009) (3,827,185) (5,731,263) (12,519,924) (9,048,079)
Realized gain on investments,
A Shares 0 0 0 0 0 0 0
Realized gain on investments,
B Shares 0 0 0 0 0 0 0
Realized gain on investments,
I Shares (1,322,193) (1,079,061) (1,828,032) (293,791) (1,742,779) (5,073,401) (3,082,602)
------------ ------------ ------------ ------------ ------------ ------------ ------------
(4,323,336) (6,338,426) (11,987,041) (4,120,976) (7,474,042) (17,593,325) (12,130,681)
------------ ------------ ------------ ------------ ------------ ------------ ------------
CAPITAL SHARE TRANSACTIONS
Sale of A Shares 0 0 0 0 0 0 0
Sale of B Shares 0 0 0 0 0 0 0
Sale of I Shares 39,955,375 5,726,407 22,070,940 30,388,445 22,826,540 63,127,459 97,885,087
Reinvestment of dividends,
A Shares 0 0 0 0 0 0 0
Reinvestment of dividends,
B Shares 0 0 0 0 0 0 0
Reinvestment of dividends,
I Shares 4,323,406 6,338,426 11,987,041 4,120,976 7,474,042 17,593,325 12,130,682
Cost of repurchasing A Shares 0 0 0 0 0 0 0
Cost of repurchasing B Shares 0 0 0 0 0 0 0
Cost of repurchasing I Shares (10,811,541) (9,525,485) (26,575,601) (13,769,743) (17,139,057) (66,557,534) (41,616,172)
------------ ------------ ------------ ------------ ------------ ------------ ------------
33,467,240 2,539,348 7,482,380 20,739,678 13,161,525 14,163,250 68,399,597
------------ ------------ ------------ ------------ ------------ ------------ ------------
NET ASSETS
April 30,1996 $241,759,745 $ 46,850,811 $167,016,661 $ 66,150,053 $148,357,099 $392,894,516 $467,496,583
------------ ------------ ------------ ------------ ------------ ------------ ------------
------------ ------------ ------------ ------------ ------------ ------------ ------------
</TABLE>
See notes to financial statements
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED) APRIL 30, 1996
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 April 30, 1996, 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 expenses. A Shares are sold with a front-end sales
charge to the general public but do not incur distribution expenses. 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 Fund 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 October 1, 1995 the Trust changed its
name from Norwest Funds to Norwest Advantage Funds. Advantage (Trust) Shares,
Investor A Shares , and Investor B Shares 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 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 as partnership investments and record their share of each
portfolio's income, expense and realized and unrealized gains and losses daily.
FINANCIAL STATEMENT PERIODS AND CHANGE OF FISCAL YEAR-For certain Funds and
classes of shares, the earliest period presented in the financial highlights
reflects operations for the period beginning with the commencement date above
through the date of its then fiscal year end, as noted. Otherwise a full year
is presented.
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.
STOCK SPLIT-Intermediate U.S. Government Fund declared a stock split as of the
close of business on March 22, 1996 to the record holders of shares of
beneficial interest of the Fund as of close of business on March 22, 1996
("Record Date"), of four shares of benefical interest of the Fund for each
outstanding share of benefical interest of the Fund identified on the
shareholder records of the Fund on the Record Date.
NAME CHANGE-The Managed Fixed Income Fund was renamed Diversified Bond Fund on
April 1, 1996, consistent with modifications in the Fund's investment
objectives.
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.
EXPENSE ALLOCATION-Expenses are allocated in accordance with procedures adopted
by the Board of Trustees (the "Board"). Certain expenses are allocated to the
various share classes on the basis of usage of services or contractual
differences. The Funds' class specific expenses include distribution expenses,
if any, transfer agent fees and expenses, and certain other expenses that can be
solely attributable to a class.
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, each Fund is not subject to Federal income tax.
FORWARD COMMITMENTS-Delivery and payment for securities which have been
purchased by the Funds on a forward commitment or when-issued basis can take
place after the typical date for the settlement of transactions in the security.
During this period, the Funds are subject to market fluctuations in the price of
the purchased securities.
[LOGO]
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED) APRIL 30, 1996
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)
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, Diversified Bond 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 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. Net capital gain, if any, is distributed at least annually to
shareholders. Dividends to shareholders of net investment income, if any, are
declared monthly and paid monthly by Intermediate U.S. Government Fund and
Stable Income Fund; declared quarterly and paid quarterly by Income Equity Fund;
and declared and paid annually by Diversified Equity Fund, Growth Equity Fund,
Large Company Growth Fund, Small Company Growth Fund, International Fund, Index
Fund, Conservative Balanced Fund, Moderate Balanced Fund, Growth Balanced Fund,
and Diversified Bond Fund.
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 deferral of post-October losses, wash sales, utilization of
capital loss carryovers, and foreign currency transactions.
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, Diversified Bond Fund, and Stable Income Fund
may enter into interest rate swap agreements and the purchase or sale 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 and unrealized gain or loss, 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.
ORGANIZATIONAL COSTS-The costs incurred by each Fund in connection with its
organization and registration of shares, 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. Certain of
these costs were paid by Forum Financial Services, Inc. and will be reimbursed
by the respective Funds.
PREMIUM AMORTIZATION AND DISCOUNT ACCRETION-Fixed income investments purchased
at a premium or with market discount (other than original issued discount
("OID"), are not amortized or accreted. Upon disposition market discount
accretion is calculated using the straight line method and reclassified to
investment income to the extent of any realized gain. Original issue discount
on fixed income investments is accreted daily using the yield to maturity
method.
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.
[LOGO]
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED) APRIL 30, 1996
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
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. If the value of the underlying securities falls below the value of
the repurchase price plus accrued interest, the Funds require the seller to
deposit additional collateral by the next business day. In the event that the
seller under the agreement defaults on its repurchase obligation or fails to
deposit sufficient collateral, the Funds have the contractual right, subject to
the requirements of applicable bankruptcy and insolvency laws, to sell the
underlying securities at market value and may claim any resulting loss from the
seller. For certain demand agreements, there is no agreed upon repurchase date
and interest payments are calculated daily, often based upon the prevailing
overnight repurchase rate.
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.
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 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. Interest rate swap, cap, and floor valuations are based
on values quoted by independent brokers.
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.
NOTE 3. FINANCIAL INSTRUMENTS
FINANCIAL FUTURES CONTRACTS-As of April 30, 1996, Index Fund had open futures
contracts. The contractual amount of a futures contract represents the
investment the Fund has in a particular contract and does not necessarily
represent the amounts potentially subject to risk. The measurement of futures
contracts is meaningful only when all related and offsetting transactions are
considered. A summary of obligations under open futures contracts at April 30,
1996 is as follows:
UNREALIZED
POSITION CONTRACTS INDEX APPRECIATION
-------- --------- ----- ------------
Long 81 S&P 500 Futures, Expiring June 21,1996 $226,975
As of April 30, 1996, the Fund had segregrated sufficient cash and/or securities
to cover margin requirements on open futures contracts.
INTEREST RATE SWAP TRANSACTIONS-As of April 30, 1996, Stable Income Fund had
entered into an interest rate index swap agreement, exchanging floating rates
for floating rates with Merrill Lynch Capital Services, Inc. In accordance with
the agreement, the Fund exchanges interest payments based on the one month
LIBOR, for interest payments based on the monthly change in the index value of
the Merrill Lynch 1 Year Treasury Index. The notional amount of the contract is
$12,000,000. Interest rate and index return differentials are settled monthly,
and the contract will terminate November 1, 1996. As of April 30, 1996 there
was no unrealized gain or loss related to the agreement.
[LOGO]
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED) APRIL 30, 1996
NOTE 4. 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%;
Diversified Bond 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,
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. Pursuant to an agreement with the Adviser, the Trust and
Crestone Capital Management, Inc. (the "Subadviser"), the Adviser may delegate
certain of its advisory responsibilities to the Subadviser and pay the
Subadviser a fee.
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 Schroder to
act as 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 subadvisor 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.
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. 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
April 30, 1996. The distribution payments are used to reimburse the distributor
for (i) sales commissions at levels set from time to time by the Board not to
exceed 6.25% of the amount received by the Fund for each B Share sold (excluding
reinvestment of dividends and distributions) and (ii) interest calculated by
applying the rate of 1% over the prime rate to the outstanding balance of
unreimbursed distribution charges. The current sales commission rate is 4.50%
for International Fund. In the event that the Plan is terminated or not
continued, the Fund will continue to pay distribution service fees to Forum (but
only with respect to sales that occurred prior to the termination or
discontinuance of the Plan) until the earlier of (a) four years after the date
of termination or discontinuance or (b) such time as there exists no
unreimbursed distribution charges attributable to the Fund under the Plan as
calculated pursuant to the Plan.
[LOGO]
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED) APRIL 30, 1996
NOTE 4. ADVISORY, SERVICING FEES AND OTHER TRANSACTIONS WITH AFFILIATES
(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. 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, Norwest receives an advisory fee from
Core Trust at annual rates of 0.90% and 0.15%, respectively, of the average
daily net assets of each Portfolio. With respect to International Portfolio II,
Schroder receives an advisory fee from Core Trust at an annual rate of 0.45% of
the Portfolio's average daily net assets. In accordance with the exemptive
order, Norwest 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 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
1, 1995 to April 30, 1996, the ratio of net expenses to average net assets for
Small Company Portfolio, Index Portfolio, and International Portfolio II of
Core Trust was 0.16%, 0.17%, and 0.25%, respectively. Total net expenses
incurred by each Blended Fund, for the period from November 1, 1995 to April 30,
1996, attributable to each Blended Funds' investment in the Blended Portfolios
of Core Trust were as follows: Diversified Equity Fund, $435,114; Growth Equity
Fund, $461,271; Conservative Balanced Fund, $21,685; Moderate Balanced Fund,
$88,155; and Growth Balanced Fund, $154,654.
WAIVERS AND REIMBURSEMENTS-For the period ended April 30, 1996, fees waived and
expenses reimbursed by the Trust's service providers were as follows:
EXPENSES EXPENSES
FEES WAIVED REIMBURSED REIMBURSED
BY FORUM BY FORUM BY NORWEST
-------- -------- ----------
Diversified Equity Fund. . . . . . . . $143,826 $ - $ -
Growth Equity Fund . . . . . . . . . . 121,665 - -
Large Company Growth Fund. . . . . . . 28,876 10,444 -
Small Company Growth Fund. . . . . . . 79,866 - -
International Fund . . . . . . . . . . 1,015 4,153 -
Income Equity Fund . . . . . . . . . . 28,109 11,109 -
Index Fund . . . . . . . . . . . . . . 78,602 - -
Conservative Balanced Fund . . . . . . 53,913 - -
Moderate Balanced Fund . . . . . . . . 93,710 - -
Growth Balanced Fund . . . . . . . . . 103,399 - -
Intermediate U.S. Government Fund. . . 28,670 11,852 -
Diversified Bond Fund. . . . . . . . . 63,318 - -
Stable Income Fund . . . . . . . . . . 32,033 13,929 -
[LOGO]
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED) APRIL 30, 1996
NOTE 5. SECURITIES TRANSACTIONS
Cost of purchases and proceeds from sales (including maturities) of securities
(excluding short-term investments) during the period ended April 30, 1996 were
as follows. The cost of purchases and proceeds from sales for the Blended Funds
and International Fund reflect additions and reductions in the Funds' investment
in Small Company Portfolio, Index Portfolio, International Portfolio, and
International Portfolio II of Core Trust.
COST OF PROCEEDS FROM
PURCHASES SALES
--------- -----
Diversified Equity Fund. . . . . . . . . . $103,404,918 $43,420,220
Growth Equity Fund . . . . . . . . . . . . . 109,542,190 42,498,924
Large Company Growth Fund. . . . . . . . . . 20,431,899 11,393,658
Small Company Growth Fund. . . . . . . . . . 190,178,312 162,070,669
International Fund . . . . . . . . . . . . . 37,375,104 3,942,195
Income Equity Fund . . . . . . . . . . . . . 15,549,165 584,832
Index Fund . . . . . . . . . . . . . . . . . 25,058,463 18,613,439
Conservative Balanced Fund . . . . . . . . . 71,933,808 63,443,998
Moderate Balanced Fund . . . . . . . . . . . 183,683,449 171,317,055
Growth Balanced Fund . . . . . . . . . . . . 176,942,824 140,258,337
Intermediate U.S. Government Fund. . . . . . 24,239,123 28,940,201
Diversified Bond Fund. . . . . . . . . . . . 148,521,303 179,455,346
Stable Income Fund . . . . . . . . . . . . . 71,023,701 52,969,681
Gross unrealized appreciation and depreciation based on identified tax cost as
of April 30, 1996 were as follows:
UNREALIZED UNREALIZED TAX
APPRECIATION DEPRECIATION COST BASIS
------------ ------------ ----------
Diversified Equity Fund. . . . . . . $225,392,083 $3,299,740 $82,134,776
Growth Equity Fund . . . . . . . . . 175,868,691 2,765,020 588,566,735
Large Company Growth Fund. . . . . . 21,168,186 936,796 59,113,206
Small Company Growth Fund. . . . . . 84,315,807 2,561,993 277,245,631
International Fund . . . . . . . . . 18,197,777 890 124,958,376
Income Equity Fund . . . . . . . . . 16,151,060 424,244 60,090,673
Index Fund . . . . . . . . . . . . . 52,662,245 1,555,629 190,551,523
Conservative Balanced Fund . . . . . 11,660,720 1,331,710 138,659,578
Moderate Balanced Fund . . . . . . . 46,612,435 3,100,675 352,895,185
Growth Balanced Fund . . . . . . . . 77,361,610 3,464,667 403,600,146
Intermediate U.S. Government Fund. . 292,721 608,521 51,526,610
Diversified Bond Fund. . . . . . . . 922,631 1,439,706 165,628,846
Stable Income Fund . . . . . . . . . 245,425 253,974 66,129,874
[LOGO]
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED) APRIL 30, 1996
NOTE 6. 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 from commencement of operations (see Note 1.) were as follows:
<TABLE>
<CAPTION>
YEAR/PERIOD SHARES CONVERSION SHARES SHARES INCREASE
END SOLD SHARES REINVESTED REPURCHASED (DECREASE)
--- ---- ------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Diversified Equity Fund
I Shares . . . . . . . . October 31, 1995 7,672,804 22,368,531 - (4,207,813) 25,833,522
I Shares . . . . . . . . April 30, 1996 4,577,172 - 1,313,210 (2,498,236) 3,392,146
Growth Equity Fund
I Shares . . . . . . . . October 31, 1995 7,804,338 15,568,747 - (2,460,406) 20,912,679
I Shares . . . . . . . . April 30, 1996 4,107,029 - 1,651,658 (1,670,153) 4,088,534
Large Company Growth Fund
I Shares . . . . . . . . October 31, 1995 442,993 3,236,987 - (985,065) 2,694,915
I Shares . . . . . . . . April 30, 1996 436,658 - 26,577 (123,013) 340,222
Small Company Growth Fund
I Shares . . . . . . . . October 31, 1995 1,653,407 9,475,352 - (1,856,289) 9,272,470
I Shares . . . . . . . . April 30, 1996 1,519,732 - 972,032 (552,994) 1,938,770
International Fund
I Shares . . . . . . . . October 31, 1995 1,065,477 5,018,364 - (1,001,990) 5,081,851
I Shares . . . . . . . . April 30, 1996 2,082,739 - 90,228 (305,716) 1,867,251
A Shares . . . . . . . . October 31, 1995 12,219 - - (187) 12,032
A Shares . . . . . . . . April 30, 1996 38,758 - 344 (2,820) 36,282
B Shares . . . . . . . . October 31, 1995 22,197 - - (146) 22,051
B Shares . . . . . . . . April 30, 1996 23,283 - 426 (229) 23,480
Income Equity Fund
I Shares . . . . . . . . October 31, 1995 763,606 1,693,544 - (417,088) 2,040,062
I Shares . . . . . . . . April 30, 1996 863,242 - 69,338 (154,196) 778,384
Index Fund
I Shares . . . . . . . . October 31, 1995 1,918,980 5,714,937 - (904,812) 6,729,105
I Shares . . . . . . . . April 30, 1996 1,353,577 - 150,066 (362,046) 1,141,597
Conservative Balanced Fund
I Shares . . . . . . . . October 31, 1995 2,035,455 7,514,366 - (2,043,785) 7,506,036
I Shares . . . . . . . . April 30, 1996 1,288,205 - 425,387 (967,362) 746,230
Moderate Balanced Fund
I Shares . . . . . . . . October 31, 1995 5,463,069 17,749,616 - (4,361,300) 18,851,385
I Shares . . . . . . . . April 30, 1996 3,218,695 - 907,808 (3,393,318) 733,185
Growth Balanced Fund
I Shares . . . . . . . . October 31, 1995 5,817,900 15,667,089 - (3,838,878) 17,646,020
I Shares . . . . . . . . April 30, 1996 4,442,167 - 571,663 (1,869,531) 3,144,299
Intermediate U.S. Government Fund
I Shares . . . . . . . . October 31, 1995 208,300 1,038,496 - (436,614) 810,182
I Shares . . . . . . . . April 30, 1996 3,616,301 - 247,498 (389,657) 3,474,142
Diversified Bond Fund
I Shares . . . . . . . . October 31, 1995 1,885,663 6,596,859 - (2,341,438) 6,141,084
I Shares . . . . . . . . April 30, 1996 828,280 - 456,475 (995,287) 289,468
</TABLE>
[LOGO]
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED) APRIL 30, 1996
NOTE 6. CAPITAL SHARE TRANSACTIONS (CONTINUED)
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 from commencement of operations (see Note 1.) were as follows:
<TABLE>
<CAPTION>
YEAR/PERIOD SHARES CONVERSION SHARES SHARES INCREASE
END SOLD SHARES REINVESTED REPURCHASED (DECREASE)
--- ---- ------ ---------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
Stable Income Fund
I Shares . . . . . . . . October 31, 1995 7,185,816 - - (2,699,855) 4,485,961
I Shares . . . . . . . . April 30, 1996 2,904,670 - 401,539 (1,314,802) 1,991,407
</TABLE>
[LOGO]
<PAGE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
NET REALIZED
BEGINNING NET AND DIVIDENDS DISTRIBUTIONS ENDING
NET ASSET INVESTMENT UNREALIZED FROM NET FROM NET NET ASSET
VALUE PER INCOME GAIN (LOSS) ON INVESTMENT INVESTMENT VALUE PER
SHARE (DEFICIT) INVESTMENTS INCOME GAINS SHARE
----- -------- ----------- ------ ----- -----
<S> <C> <C> <C> <C> <C> <C>
STABLE INCOME FUND
I SHARES
November 1, 1995 to April 30, 1996 10.72 0.23 0.04 (0.72) (0.06) 10.21
November 11, 1994 to October 31, 1995 10.00 0.50 0.22 - - 10.72
INTERMEDIATE GOVERNMENT INCOME FUND
I SHARES
November 1, 1995 to Apil 30, 1996 12.40(c) 0.37 0.58 (1.29) (1.12) 10.94
November 11, 1994 to October 31, 1995 55.55 4.67 1.76 - - 61.98
DIVERSIFIED BOND FUND
I SHARES
November 1, 1995 to Apil 30, 1996 27.92 0.86 (1.85) (1.66) (0.30) 24.97
November 11, 1994 to October 31, 1995 25.08 1.65 1.19 - - 27.92
CONSERVATIVE BALANCED FUND
I SHARES
November 1, 1995 to Apil 30, 1996 18.21 0.41 0.35 (0.76) (0.23) 17.98
November 11, 1994 to October 31, 1995 16.19 0.75 1.27 - - 18.21
MODERATE BALANCED FUND
I SHARES
November 1, 1995 to Apil 30, 1996 19.84 0.39 0.75 (0.66) (0.26) 20.06
November 11, 1994 to October 31, 1995 17.25 0.65 1.94 - - 19.84
GROWTH BALANCED FUND
I SHARES
November 1, 1995 to Apil 30, 1996 21.25 0.25 1.66 (0.50) (0.17) 22.49
November 11, 1994 to October 31, 1995 17.95 0.47 2.83 - - 21.25
INCOME EQUITY FUND
I SHARES
November 1, 1995 to Apil 30, 1996 24.02 0.23 3.44 (0.69) (0.08) 26.92
November 11, 1994 to October 31, 1995 18.90 0.46 4.66 - - 24.02
INDEX FUND
I SHARES
November 1, 1995 to Apil 30, 1996 $27.67 $0.27 $3.40 ($0.43) ($0.19) $30.72
November 11, 1994 to October 31, 1995 21.80 0.45 5.42 - - 27.67
DIVERSIFIED EQUITY FUND
I SHARES
November 1, 1995 to Apil 30, 1996 27.53 0.12 3.61 (0.42) (0.97) 29.87
November 11, 1994 to October 31, 1995 22.21 0.22 5.10 - - 27.53
GROWTH EQUITY FUND
I SHARES
November 1, 1995 to Apil 30, 1996 26.97 0.00 3.48 (0.12) (1.86) 28.47
November 11, 1994 to October 31, 1995 22.28 (0.02) 4.71 - - 26.97
LARGE COMPANY GROWTH
I SHARES
November 1, 1995 to Apil 30, 1996 23.59 (0.04) 2.81 - (0.22) 26.14
November 11, 1994 to October 31, 1995 18.50 (0.05) 5.14 - - 23.59
SMALL COMPANY GROWTH FUND
I SHARES
November 1, 1995 to Apil 30, 1996 29.99 (0.05) 4.92 - (2.86) 32.00
November 11, 1994 to October 31, 1995 21.88 (0.11) 8.22 - - 29.99
INTERNATIONAL FUND
A SHARES
November 1, 1995 to Apil 30, 1996 17.97 0.29 1.85 (0.33) - 19.78
April 12, 1995 to October 31, 1995 16.50 0.01 1.46 - - 17.97
B SHARES
November 1, 1995 to Apil 30, 1996 17.91 0.25 1.80 (0.28) - 19.68
May 12, 1995 to October 31, 1995 16.50 0.01 1.40 - - 17.91
I SHARES
November 1, 1995 to Apil 30, 1996 17.99 0.09 2.05 (0.33) - 19.80
November 11, 1994 to October 31, 1995 17.28 0.09 0.62 - - 17.99
SELECTED DATA FOR A SHARE OUTSTANDING DURING EACH PERIOD (a)
RATIO TO AVERAGE
NET ASSETS
--------------------------------------------
NET PORTFOLIO NET ASSETS AT
INVESTMENT NET GROSS TOTAL TURNOVER END OF PERIOD
INCOME (DEFICIT) EXPENSES EXPENSES(c) RETURN RATE (000'S OMITTED)
---------------- -------- ----------- ------ ---- ---------------
STABLE INCOME FUND
I SHARES
November 1, 1995 to April 30, 1996 5.68% (b) 0.06% (b) 0.83% (b) 2.63% 111.71% 66,150
November 11, 1994 to October 31, 1995 5.91% (b) 0.65% (b) 0.98% (b) 7.20% 115.85% 48,087
INTERMEDIATE GOVERNMENT INCOME FUND
I SHARES
November 1, 1995 to Apil 30, 1996 6.20% (b) 0.68% (b) 0.86% (b) 0.80% 51.54% 46,851
November 11, 1994 to October 31, 1995 7.79% (b) 0.68% (b) 0.93% (b) 11.58% 240.90% 50,213
DIVERSIFIED BOND FUND
I SHARES
November 1, 1995 to Apil 30, 1996 6.48% (b) 0.70% (b) 7.80% (b) (0.01%) 95.06% 167,017
November 11, 1994 to October 31, 1995 5.87% (b) 0.67% (b) 0.82% (b) 11.32% 58.90% 171,453
CONSERVATIVE BALANCED FUND
I SHARES
November 1, 1995 to Apil 30, 1996 4.71% (b) 0.80% (b) 0.88% (b) 4.33% 55.23% 148,357
November 11, 1994 to October 31, 1995 4.67% (b) 0.82% (b) 1.03% (b) 12.48% 65.53% 136,710
MODERATE BALANCED FUND
I SHARES
November 1, 1995 to Apil 30, 1996 3.96% (b) 0.88% (b) 0.93% (b) 5.92% 50.28% 392,895
November 11, 1994 to October 31, 1995 3.76% (b) 0.92% (b) 1.11% (b) 15.01% 62.08% 373,998
GROWTH BALANCED FUND
I SHARES
November 1, 1995 to Apil 30, 1996 2.59% (b) 0.93% (b) 0.98% (b) 9.22% 39.42% 467,497
November 11, 1994 to October 31, 1995 2.63% (b) 0.99% (b) 1.23% (b) 18.38% 41.04% 374,892
INCOME EQUITY FUND
I SHARES
November 1, 1995 to Apil 30, 1996 2.08% (b) 0.85% (b) 0.98% (b) 15.40% 1.15% 75,859
November 11, 1994 to October 31, 1995 2.51% (b) 0.85% (b) 1.12% (b) 27.09% 7.03% 49,000
INDEX FUND
I SHARES
November 1, 1995 to Apil 30, 1996 2.08% (b) 0.33% (b) 0.58% (b) 13.43% 10.23% $241,760
November 11, 1994 to October 31, 1995 2.12% (b) 0.50% (b) 0.64% (b) 26.93% 14.48% 186,197
DIVERSIFIED EQUITY FUND
I SHARES
November 1, 1995 to Apil 30, 1996 8.60% (b) 1.00% (b) 1.03% (b) 13.79% 6.08% 872,842
November 11, 1994 to October 31, 1995 1.01% (b) 1.09% (b) 1.37% (b) 23.95% 10.33% 711,111
GROWTH EQUITY FUND
I SHARES
November 1, 1995 to Apil 30, 1996 0.02% (b) 1.25% (b) 1.29% (b) 13.40% 7.49% 711,891
November 11, 1994 to October 31, 1995 (0.11%)(b) 1.38% (b) 1.92% (b) 21.10% 8.90% 564,004
LARGE COMPANY GROWTH
I SHARES
November 1, 1995 to Apil 30, 1996 (0.30%)(b) 1.00% (b) 1.12% (b) 11.85% 17.81% 79,331
November 11, 1994 to October 31, 1995 (0.23%)(b) 1.00% (b) 1.20% (b) 27.51% 31.60% 63,567
SMALL COMPANY GROWTH FUND
I SHARES
November 1, 1995 to Apil 30, 1996 (-0.37%)(b) 1.25% (b) 1.30% (b) 17.75% 62.03% 358,756
November 11, 1994 to October 31, 1995 (0.47%)(b) 1.25% (b) 1.35% (b) 37.07% 106.55% 278,058
INTERNATIONAL FUND
A SHARES
November 1, 1995 to Apil 30, 1996 0.92% (b) 1.50% (b) 2.51% (b) 12.12% N/A 955
April 12, 1995 to October 31, 1995 0.26% (b) 1.32% (b) 20.95% (b) 8.91% N/A 216
B SHARES
November 1, 1995 to Apil 30, 1996 (0.02%)(b) 2.25% (b) 3.11% (b) 11.60% N/A 896
May 12, 1995 to October 31, 1995 0.17% (b) 1.27% (b) 14.57% (b) 8.55% N/A 395
I SHARES
November 1, 1995 to Apil 30, 1996 0.60% (b) 1.50% (b) 1.52% (b) 12.17% N/A 137,572
November 11, 1994 to October 31, 1995 0.54% (b) 1.50% (b) 1.66% (b) 4.11% N/A 91,401
</TABLE>
(a) See Note 1 of notes to financial statements regarding periods covered.
(b) Annualized.
(c) Adjusted for stock split. See note 1 of notes to financial statements.
<PAGE>
Small Company Growth Fund (13103500) ACCT DATE 05/1/96
PRELIMINARY MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
SMALL COMPANY GROWTH; NOT ASSIGNED
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
===> Common Stock
Adaptec Inc. 00651F108 ADPT 116,900 3,566,774 6,721,750 3,154,975 58.3750 57.5000 (1.50)
Albemarle 12653101 ALB 231,700 4,279,660 5,415,987 1,136,327 22.7500 23.3750 2.75
American Homestar 26651109 HSTR 260,000 5,020,195 5,850,000 829,805 21.3750 22.5000 5.26
American Mgmt Sys 27352103 AMSY 99,925 1,115,829 2,660,503 1,544,673 26.6250 26.6250 0.00
AmeriSource Health 03071P102 ASHC 96,300 2,100,859 3,466,800 1,365,940 34.7500 36.0000 3.60
Amvestors Financial 32343303 AMV 164,700 1,502,887 2,449,912 947,025 15.0000 14.8750 (0.83)
Anixter 35290105 AXE 347,300 6,473,444 6,077,750 (395,694) 17.2500 17.5000 1.45
Applied Magnetics 38213104 APM 264,300 4,008,379 5,451,187 1,442,807 20.2500 20.6250 1.85
Authentic Fitness 52661105 ASM 79,700 1,220,476 1,902,837 682,361 23.6250 23.8750 1.06
BMC Software 55921100 BMCS 74,000 2,595,090 4,504,750 1,909,659 60.2500 60.8750 1.04
Baybanks Inc 72723109 BBNK 57,600 3,312,000 6,033,600 2,721,600 104.2500 104.7500 0.48
Biovail 09067K106 BVF 173,400 4,921,323 4,898,550 (22,773) 28.1250 28.2500 0.44
Blount, Inc. Class A 95177101 BLT/A 96,000 2,977,024 2,976,000 (1,024) 31.0000 31.0000 0.00
Borders Group, Inc. 99709107 BGP 123,900 1,817,075 3,964,800 2,147,724 32.7500 32.0000 (2.29)
Box Energy 103168209 BOXXB 77,700 716,262 747,862 31,600 9.7500 9.6250 (1.28)
California Fed. 128026101 CAL 242,100 3,922,428 4,327,537 405,109 18.0000 17.8750 (0.69)
Carbide/Graphite 140777103 CGGI 70,000 1,060,000 1,242,500 182,500 17.5000 17.7500 1.43
Case Corporation 14743R103 CSE 71,500 1,659,423 3,610,750 1,951,326 51.1250 50.5000 (1.22)
Commercial Federal 201647104 CFB 71,800 1,453,950 2,755,325 1,301,375 38.2500 38.3750 0.33
Commnet Cellular Inc 202604104 CELS 55,900 1,522,612 1,844,700 322,087 33.0000 33.0000 0.00
Computervision 20557T101 CVN 335,800 3,807,921 4,071,575 263,653 12.3750 12.1250 (2.02)
Consolidated Stores 210149100 CNS 234,700 4,912,305 8,449,200 3,536,894 36.3750 36.0000 (1.03)
Credit Acceptance 225310101 CACC 164,200 2,535,412 3,078,750 543,337 18.6875 18.7500 0.33
Dawson Production 239423106 DPSI 90,000 900,000 1,282,500 382,500 14.0000 14.2500 1.79
DecisionOne 243456100 DOCI 82,000 1,476,000 2,070,500 594,500 25.0000 25.2500 1.00
Dime Bancorp, Inc. 25429Q102 DME 569,000 6,155,695 6,970,250 814,554 12.2500 12.2500 0.00
Elan Plc Adr 284131208 ELN 77,883 2,579,874 5,150,013 2,570,139 66.8750 66.1250 (1.12)
Gateway 2000, Inc. 367833100 GATE 92,200 2,249,680 3,215,475 965,795 35.3750 34.8750 (1.41)
Genesis Health 371912106 GHV 62,500 1,288,946 1,851,562 562,616 30.0000 29.6250 (1.25)
Genzyme Corp 372917104 GENZ 92,400 4,290,583 5,197,500 906,916 57.1250 56.2500 (1.53)
Gilead Sciences, 375558103 GILD 100,900 2,367,162 3,077,450 710,287 30.5000 30.5000 0.00
Glendale Federal 378507503 GLN 268,800 3,129,147 4,704,000 1,574,853 17.8750 17.5000 (2.10)
Greenfield 395058100 GFII 96,600 2,283,225 3,670,800 1,387,575 36.2500 38.0000 4.83
Healthsource, Inc. 42221E108 HS 87,100 1,947,975 2,972,287 1,024,311 34.3750 34.1250 (0.73)
Hollywood 436141105 HLYW 289,500 3,446,011 4,776,750 1,330,738 16.0000 16.5000 3.13
ITI Technologies, 450564109 ITII 196,300 4,793,827 5,422,787 628,959 27.3750 27.6250 0.91
Input/Output Inc. 457652105 IO 183,200 2,195,910 6,366,200 4,170,290 35.2500 34.7500 (1.42)
Komag Inc 500453105 KMAG 173,700 3,079,141 5,818,950 2,739,808 31.1250 33.5000 7.63
Lattice 518415104 LSCC 131,700 3,785,365 4,313,175 527,809 32.5000 32.7500 0.77
Lear Seating 521893107 LEA 207,100 6,117,240 6,834,300 717,059 33.1250 33.0000 (0.38)
Lexmark 529771107 LXK 196,900 4,273,143 4,257,962 (15,180) 21.6250 21.6250 0.00
Mariner Health Group 56845J109 MRNR 233,400 4,447,523 3,967,800 (479,723) 15.7500 17.0000 7.94
Martek Biosciences 572901106 MATK 150,100 4,925,862 5,197,212 271,350 34.5000 34.6250 0.36
Natural Microsystems 638882100 NMSS 53,300 1,399,125 2,012,075 612,950 37.2500 37.7500 1.34
NeoPath, Inc. 640517108 NPTH 152,600 3,498,317 3,509,800 11,482 23.3750 23.0000 (1.60)
Oakwood Homes 674098108 OH 90,900 2,497,170 4,056,412 1,559,242 44.7500 44.6250 (0.28)
Office Max Inc. 67622M108 OMX 124,350 2,062,137 3,264,187 1,202,050 26.1250 26.2500 0.48
</TABLE>
Page 1
<PAGE>
Small Company Growth Fund (13103500) ACCT DATE 05/1/96
PRELIMINARY MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
SMALL COMPANY GROWTH; NOT ASSIGNED
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
===> Common Stock
Olympic Financial, 681593109 OYM 256,500 4,937,625 5,707,125 769,500 22.7500 22.2500 (2.20)
Oncogene Science, 682305107 ONCS 500,000 4,562,500 5,062,500 500,000 10.2500 10.1250 (1.22)
OrNda Healthcorp 686857103 ORND 258,600 4,636,583 7,111,500 2,474,916 27.7500 27.5000 (0.90)
PMI Group, Inc. 69344M101 PMA 112,700 4,240,983 4,789,750 548,766 41.7500 42.5000 1.80
Parker & Parsley 701018103 PDP 145,200 3,529,485 3,575,550 46,064 24.7500 24.6250 (0.51)
Petsmart Inc 716768106 PETM 115,250 2,977,054 5,114,218 2,137,164 42.7500 44.3750 3.80
Possis Medical, Inc. 737407106 POSS 202,100 2,985,201 3,738,850 753,649 18.5000 18.5000 0.00
Prudential 74435W109 RE 250,400 4,978,092 5,696,600 718,507 22.0000 22.7500 3.41
RFS Hotel Investors 74955J108 RFSI 198,800 3,055,841 3,429,300 373,458 17.5000 17.2500 (1.43)
Rayonier, Inc. 754907103 RYN 182,000 6,303,892 6,529,250 225,357 36.2500 35.8750 (1.03)
Reading & Bates 755281805 RB 214,900 2,728,605 5,265,050 2,536,444 24.6250 24.5000 (0.51)
Red Roof, Inc. 757005103 RRI 290,300 4,661,148 4,354,500 (306,648) 15.0000 15.0000 0.00
Rent-Way, Inc. 76009U104 RWAY 56,000 476,000 710,500 234,500 12.3750 12.6875 2.53
Sepracor, Inc. 817315104 SEPR 239,500 3,516,235 3,353,000 (163,235) 14.0000 14.0000 0.00
Silicon Valley Group 827066101 SVGI 156,800 3,897,381 4,194,400 297,018 26.8750 26.7500 (0.47)
Sonat Offshore 835420100 RIG 150,300 5,007,557 8,247,712 3,240,154 57.1250 54.8750 (3.94)
Sotheby's Holdings, 835898107 BID 82,200 1,133,516 1,161,075 27,558 13.7500 14.1250 2.73
Tech Data Corp 878237106 TECD 302,200 4,169,479 5,892,900 1,723,420 19.0000 19.5000 2.63
Teva Pharmaceutical 881624209 TEVIY 109,800 3,544,383 4,927,275 1,382,891 45.7500 44.8750 (1.91)
Texas Industries Inc 882491103 TXI 56,100 1,793,697 3,590,400 1,796,703 63.8750 64.0000 0.20
USA Waste Services, 902917103 UW 246,000 4,315,953 6,396,000 2,080,046 25.7500 26.0000 0.97
United Waste Systems 913174108 UWST 32,500 747,500 1,787,500 1,040,000 55.0000 55.0000 0.00
Vanguard Cellular 922022108 VCELA 121,550 3,290,127 2,613,325 (676,802) 21.8750 21.5000 (1.71)
Vanstar Corporation 92208M108 VST 352,000 3,520,000 4,796,000 1,276,000 13.7500 13.6250 (0.91)
Vesta Group, Inc. 925391104 VTA 68,550 1,283,362 2,202,168 918,805 31.8750 32.1250 0.78
Warnaco Group, Inc. 934390105 WAC 188,400 4,310,830 4,945,500 634,669 26.7500 26.2500 (1.87)
Watson 942683103 WATS 92,722 2,105,854 4,404,295 2,298,440 47.3750 47.5000 0.26
Del Webb Corporation 947423109 WBB 272,500 5,052,753 4,870,937 (181,815) 18.6250 17.8750 (4.03)
York International 986670107 YRK 67,700 2,867,206 3,249,600 382,393 48.6250 48.0000 (1.29)
Zilog, Inc. 989524103 ZLG 92,000 3,271,520 3,461,500 189,980 37.1250 37.6250 1.35
Advanced Therapeutic G0099P109 ATH 8,762 164,370 281,479 117,108 32.1250 32.1250 0.00
Central European G20045103 CETV 141,500 3,254,500 4,050,437 795,937 30.0000 28.6250 (4.58)
Gemstar Intl Group G3788V106 GMSTF 72,000 1,818,000 2,385,000 567,000 35.5000 33.1250 (6.69)
Partners Re Holdings G6852T105 PTREF 151,200 3,061,800 4,271,400 1,209,600 27.6250 28.2500 2.26
Sun International P8797T133 SIH 132,000 4,628,920 5,643,000 1,014,079 42.5000 42.7500 0.59
Subtotals 13,230,892 258,518,364 340,272,178 81,753,814
Segment Totals Shares 13,230,892
Face Amt 0 258,518,364 340,272,178 81,753,814
Fund Totals Share 13,230,892
Face Amt 0 258,518,364 340,272,178 81,753,814
<CAPTION>
Today Yesterday Unit Change % Change
<S> <C> <C> <C> <C>
Dow Jones Industrial Average 999.99 999.99 0 0.000
</TABLE>
Page 2
<PAGE>
Large Company Growth Fund (13103400) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
LARGE COMPANY GROWTH; NOT ASSIGNED
===> Cash Management Accounts
Not Applicable $$CASH$$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Airtouch 00949T100 ATI 24,800 702,311 775,000 72,688 31.8750 31.2500 (1.96)
Alco Standard 013788104 ASN 14,250 545,455 824,718 279,263 57.3750 57.8750 0.87
American Int'l Group 026874107 AIG 43,050 2,862,404 3,933,693 1,071,288 91.0000 91.3750 0.41
Amgen, Inc. 031162100 AMGN 22,900 1,422,991 1,316,750 (106,241) 56.8750 57.5000 1.10
Autozone Inc. 053332102 AZO 69,900 1,794,356 2,551,350 756,993 36.5000 36.5000 0.00
Cisco Systems, Inc. 17275R102 CSCO 42,900 1,651,354 2,225,437 574,082 52.0000 51.8750 (0.24)
Cintas 172908105 CTAS 20,100 729,688 1,080,375 350,686 53.5000 53.7500 0.47
Coca Cola Co 191216100 KO 34,400 1,845,158 2,803,600 958,442 81.1250 81.5000 0.46
Columbia/HCA 197677107 COL 48,300 2,491,802 2,565,937 74,135 52.6250 53.1250 0.95
Corporate Express 219888104 CEXP 36,600 1,012,120 1,367,925 355,804 36.7500 37.3750 1.70
DST Systems, Inc. 233326107 DST 26,400 648,185 970,200 322,014 37.7500 36.7500 (2.65)
Danka Business 236277109 DANKY 32,300 816,935 1,550,400 733,464 48.9375 48.0000 (1.92)
Disney Walt Co 254687106 DIS 25,700 1,229,259 1,593,400 364,140 61.8750 62.0000 0.20
Donaldson,Lufkin,Jen 257661108 DLJ 29,100 903,242 982,125 78,882 34.1250 33.7500 (1.10)
Ericsson (l.m.) 294821400 ERICY 120,100 1,815,384 2,447,037 631,653 20.3125 20.3750 0.31
First Data Corp. 319963104 FDC 57,100 3,174,221 4,339,600 1,165,378 76.1250 76.0000 (0.16)
Fiserv, Inc. 337738108 FISV US 37,500 893,463 1,143,750 250,286 30.7500 30.5000 (0.81)
Franklin Resources, 354613101 BEN 50,500 2,172,340 2,891,125 718,784 57.3750 57.2500 (0.22)
General Mtrs Corp Cl 370442402 GME 39,800 1,480,351 2,243,725 763,373 56.2500 56.3750 0.22
General Re Corp 370563108 GRN 4,300 666,203 614,362 (51,840) 143.1250 142.8750 (0.17)
HBO & Company 404100109 HBOC 14,300 1,089,266 1,698,125 608,858 117.5000 118.7500 1.06
Hewlett-Packard 428236103 HWP 27,500 2,291,486 2,911,562 620,075 107.2500 105.8750 (1.28)
Home Depot Inc 437076102 HD 44,900 2,091,963 2,127,137 35,174 47.3750 47.3750 0.00
Intel 458140100 INTC 54,900 2,006,542 3,719,475 1,712,932 68.1250 67.7500 (0.55)
Lowes Companies, Inc 548661107 LOW 41,400 1,601,608 1,340,325 (261,283) 32.1250 32.3750 0.78
Medaphis Corp 584028104 MEDA 65,700 1,857,924 3,030,412 1,172,488 46.7500 46.1250 (1.34)
Microsoft Corp 594918104 MSFT 41,400 2,785,668 4,693,725 1,908,056 112.6250 113.3750 0.67
Molex Inc. Cl A 608554200 MOLXA 49,443 1,314,267 1,483,290 169,022 30.2500 30.0000 (0.83)
Motorola 620076109 MOT 20,300 1,228,493 1,243,375 14,881 61.7500 61.2500 (0.81)
Office Depot Inc 676220106 ODP 135,000 3,409,092 3,020,625 (388,467) 22.2500 22.3750 0.56
Paychex, Inc. 704326107 PAYX 17,150 491,129 1,161,912 670,783 68.5000 67.7500 (1.09)
Petsmart Inc 716768106 PETM 37,900 947,912 1,681,812 733,899 42.7500 44.3750 3.80
Pfizer Inc. 717081103 PFE 29,900 1,800,646 2,059,362 258,715 68.1250 68.8750 1.10
Philip Morris Cos., 718154107 MO 19,300 1,375,776 1,739,412 363,636 89.5000 90.1250 0.70
T. Rowe Price 741477103 TROW 27,500 983,326 1,533,125 549,798 56.5000 55.7500 (1.33)
Schwab Charles Corp 808513105 SCH 147,900 1,887,050 3,623,550 1,736,499 25.1250 24.5000 (2.49)
Solectron Corp 834182107 SLR 31,400 964,125 1,397,300 433,174 45.0000 44.5000 (1.11)
Sungard Data 867363103 SNDT 20,800 559,087 691,600 132,512 34.2500 33.2500 (2.92)
Viking Office 926913104 VKNG 15,600 528,900 926,250 397,350 60.1250 59.3750 (1.25)
Subtotals 1,622,293 58,071,500 78,302,890 20,231,389
</TABLE>
Page 1
<PAGE>
Large Company Growth Fund (13103400) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
LARGE COMPANY GROWTH; NOT ASSIGNED
===> Repurchase Agreements
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Bear, Stearns & Co., BS 1,041,705 1,041,705 1,041,705 0 N/A N/A N/A
Subtotals 1,041,705 1,041,705 1,041,705 0
Segment Totals Shares 1,622,293
Face Amt 1,041,705 59,113,205 79,344,595 20,231,389
Fund Totals Shares 1,622,293
Face Amt 1,041,705 59,113,205 79,344,595 20,231,389
Today Yesterday Unit Change % Change
Dow Jones Industrial Average 999.99 999.99 0.00 0.000
</TABLE>
Page 2
<PAGE>
Index Fund (13103300) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INCOME EQUITY; NOT ASSIGNED
===> Common Stock
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AMR Corporation 001765106 AMR 3,300 182,260 294,525 112,265 88.3750 89.2500 0.99
AT&T Corporation 001957109 T 69,700 3,713,877 4,269,125 555,247 61.5000 61.2500 (0.41)
Abbott Laboratories 002824100 ABT 34,500 1,168,315 1,401,562 233,247 41.1250 40.6250 (1.22)
Advanced Micro 007903107 AMD 5,700 126,195 106,875 (19,320) 18.1250 18.7500 3.45
Aetna Life & 008140105 AET 5,000 290,000 356,250 66,249 71.2500 71.2500 0.00
H. F. Ahmanson & 008677106 AHM 5,100 92,852 121,125 28,272 23.7500 23.7500 0.00
Air Products & 009158106 APD 4,900 235,587 279,912 44,325 57.0000 57.1250 0.22
Airtouch 00949T100 ATI 21,600 624,769 675,000 50,230 31.8750 31.2500 (1.96)
Alberto Culver 013068101 ACV 1,200 37,422 45,450 8,028 37.7500 37.8750 0.33
Albertson's, Inc. 013104104 ABS 11,000 340,674 423,500 82,826 38.5000 38.5000 0.00
Alcan Aluminum, Ltd. 013716105 AL 9,775 251,457 311,578 60,120 32.3750 31.8750 (1.54)
Alco Standard 013788104 ASN 5,600 176,128 324,100 147,971 57.3750 57.8750 0.87
Alexander & 014476105 AAL 1,900 38,000 35,862 (2,137) 18.7500 18.8750 0.67
Allergan Inc. 018490102 AGN 2,800 76,468 99,050 22,582 35.5000 35.3750 (0.35)
Allied-Signal Inc. 019512102 ALD 12,300 445,754 714,937 269,183 58.1250 58.1250 0.00
Allstate Corporation 020002101 ALL 19,500 613,147 758,062 144,914 39.0000 38.8750 (0.32)
Alltel Corp 020039103 AT 8,300 249,911 272,862 22,951 32.6250 32.8750 0.77
Aluminum Co. of 022249106 AA 7,700 329,388 480,287 150,899 63.1250 62.3750 (1.19)
Alza Corporation 022615108 AZA 3,600 86,616 102,600 15,984 28.5000 28.5000 0.00
Amerada Hess 023551104 AHC 4,100 197,145 232,162 35,017 57.1250 56.6250 (0.88)
Amdahl Corporation 023905102 AMH 5,200 50,037 66,300 16,263 12.7500 12.7500 0.00
American Brands Inc. 024703100 AMB 7,900 297,156 328,837 31,681 41.7500 41.6250 (0.30)
American Electric 025537101 AEP 8,100 274,147 329,062 54,915 40.6250 40.6250 0.00
American Express 025816109 AXP 21,100 681,198 1,023,350 342,152 48.2500 48.5000 0.52
American General 026351106 AGC 8,900 260,080 312,612 52,532 34.7500 35.1250 1.08
American Greetings 026375105 AGREA 3,300 95,667 91,162 (4,505) 27.7500 27.6250 (0.45)
American Home 026609107 AHP 13,600 961,489 1,434,800 473,310 106.8750 105.5000 (1.29)
American Int'l Group 026874107 AIG 20,693 1,348,217 1,890,822 542,605 91.0000 91.3750 0.41
American Stores 030096101 ASC 6,400 170,575 213,600 43,025 33.6250 33.3750 (0.74)
Ameritech 030954101 AIT 24,200 1,063,484 1,412,675 349,190 58.5000 58.3750 (0.21)
Amgen, Inc. 031162100 AMGN 11,600 380,825 667,000 286,175 56.8750 57.5000 1.10
AMP Inc. 031897101 AMP 9,500 359,649 425,125 65,476 44.8750 44.7500 (0.28)
Amoco Corporation 031905102 AN 21,700 1,361,477 1,584,100 222,622 73.2500 73.0000 (0.34)
Andrew Corporation 034425108 ANDW 2,550 82,450 122,400 39,950 46.2500 48.0000 3.78
Anheuser-Busch Cos. 035229103 BUD 11,100 578,345 745,087 166,742 67.5000 67.1250 (0.56)
Aon Corporation 037389103 AOC 4,800 261,840 257,400 (4,440) 54.1250 53.6250 (0.92)
Apple Computer, Inc 037833100 AAPL 5,400 208,581 131,625 (76,956) 24.7500 24.3750 (1.52)
Applied Materials, 038222105 AMAT 7,800 252,800 312,000 59,200 40.5000 40.0000 (1.23)
Archer Daniels 039483102 ADM 22,677 398,012 428,028 30,016 19.1250 18.8750 (1.31)
Armco Inc. 042170100 AS 4,600 27,255 25,875 (1,380) 5.6250 5.6250 0.00
Armstrong World Ind. 042476101 ACK 1,600 89,296 91,200 1,904 57.2500 57.0000 (0.44)
Asarco Inc. 043413103 AR 1,900 52,880 62,937 10,057 33.5000 33.1250 (1.12)
Ashland, Inc. 044204105 ASH 2,800 105,587 115,150 9,562 41.5000 41.1250 (0.90)
Atlantic Richfield 048825103 ARC 7,000 740,534 824,250 83,715 118.5000 117.7500 (0.63)
Autodesk, Inc. 052769106 ACAD 2,000 83,500 81,500 (2,000) 42.0000 40.7500 (2.98)
Automatic Data 053015103 AUD 12,700 446,662 493,712 47,050 38.1250 38.8750 1.97
Avery Dennison Corp. 053611109 AVY 2,300 97,888 131,100 33,212 56.8750 57.0000 0.22
</TABLE>
Page 1
<PAGE>
Index Fund (13103300) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INCOME EQUITY; NOT ASSIGNED
===> Common Stock
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Avon Products, Inc. 054303102 AVP 3,000 191,145 266,625 75,480 88.7500 88.8750 0.14
Baker Hughes, Inc. 057224107 BHI 6,200 128,252 196,850 68,597 32.1250 31.7500 (1.17)
Ball Corp. 058498106 BLL 1,300 34,027 40,462 6,435 31.1250 31.1250 0.00
Bally Entertainment 05873C106 BLY 2,100 27,405 43,837 16,432 21.1250 20.8750 (1.18)
Baltimore Gas & 059165100 BGE 6,400 155,925 168,800 12,875 26.2500 26.3750 0.48
Banc One Corp. 059438101 ONE 19,790 531,188 687,702 156,513 34.6250 34.7500 0.36
Bank of Boston Corp. 060716107 BKB 4,900 137,812 237,037 99,225 48.0000 48.3750 0.78
Bank of New York 064057102 BK 8,700 330,313 421,950 91,636 47.7500 48.5000 1.57
BankAmerica 066050105 BAC 16,100 720,571 1,219,575 499,004 75.1250 75.7500 0.83
Bankers Trust New 066365107 BT 3,400 213,335 235,875 22,540 69.6250 69.3750 (0.36)
Bard (C.R.), Inc. 067383109 BCR 2,500 73,900 91,250 17,350 36.7500 36.5000 (0.68)
Barrick Gold 067901108 ABX 15,400 370,148 471,625 101,477 30.2500 30.6250 1.24
Barnett Banks, Inc. 068055102 BBI 4,100 212,487 259,837 47,350 63.2500 63.3750 0.20
Bausch & Lomb, Inc. 071707103 BOL 2,500 88,007 99,687 11,680 39.8750 39.8750 0.00
Baxter International 071813109 BAX 11,800 359,393 522,150 162,757 43.7500 44.2500 1.14
Bay Networks 072510100 BAY 8,000 383,000 252,000 (131,000) 32.0000 31.5000 (1.56)
Becton Dickinson & 075887109 BDX 2,800 152,029 225,750 73,720 78.3750 80.6250 2.87
Bell Atlantic 077853109 BEL 19,100 998,827 1,241,500 242,672 65.1250 65.0000 (0.19)
BellSouth 079860102 BLS 43,400 1,207,954 1,736,000 528,046 40.5000 40.0000 (1.23)
Bemis Co. 081437105 BMS 2,300 59,372 74,462 15,090 31.7500 32.3750 1.97
Beneficial Finance 081721102 BNL 2,300 103,638 127,075 23,437 55.7500 55.2500 (0.90)
Bethlehem Steel 087509105 BS 4,900 79,306 66,762 (12,544) 13.6250 13.6250 0.00
Beverly Enterprises, 087851101 BEV 4,300 52,933 52,137 (795) 12.3750 12.1250 (2.02)
Biomet, Inc. 090613100 BMET 5,000 75,000 73,750 (1,250) 15.0000 14.7500 (1.67)
Black & Decker Corp 091797100 BDK 3,800 92,539 152,950 60,410 40.0000 40.2500 0.63
H & R Block, Inc. 093671105 HRB 4,500 177,832 158,062 (19,770) 35.7500 35.1250 (1.75)
Boatmen's 096650106 BOAT 6,900 223,260 267,375 44,115 39.5000 38.7500 (1.90)
Boeing Co. 097023105 BA 15,025 719,308 1,233,928 514,619 80.7500 82.1250 1.70
Boise Cascade Corp 097383103 BCC 2,100 84,651 97,650 12,999 46.5000 46.5000 0.00
Boston Scientific 101137107 BSX 7,600 258,494 327,750 69,255 43.6250 43.1250 (1.15)
Briggs & Straton 109043109 BGG 1,300 40,634 58,987 18,353 44.8750 45.3750 1.11
Bristol-Myers Squibb 110122108 BMY 22,000 1,347,643 1,809,500 461,856 83.0000 82.2500 (0.90)
Brown-Forman 115637209 BF/B 3,000 85,500 118,500 33,000 38.7500 39.5000 1.94
Brown Group, Inc. 115657108 BG 800 10,740 12,800 2,060 15.8750 16.0000 0.79
Browning-Ferris 115885105 BFI 9,300 288,155 299,925 11,770 29.8750 32.2500 7.95
Brunswick 117043109 BC 4,200 87,402 92,400 4,998 22.3750 22.0000 (1.68)
Burlington No Santa 12189T104 BNI 6,200 377,931 542,500 164,568 87.0000 87.5000 0.57
Burlington 122014103 BR 5,500 214,142 204,875 (9,267) 38.0000 37.2500 (1.97)
CIGNA Corp. 125509109 CI 3,300 261,272 374,137 112,865 108.8750 113.3750 4.13
CPC International 126149103 CPC 6,400 357,487 442,400 84,912 68.2500 69.1250 1.28
Csx Corporation 126408103 CSX 9,200 333,951 471,500 137,548 51.2500 51.2500 0.00
C.U.C. 126545102 CU 8,000 225,637 263,000 37,362 32.8750 32.8750 0.00
Cabletron Systems, 126920107 CS 3,100 172,844 233,662 60,818 74.7500 75.3750 0.84
Caliber System, Inc. 129894101 CBB 3,100 127,017 124,387 (2,629) 40.2500 40.1250 (0.31)
Campbell Soup 134429109 CPB 10,900 483,979 681,250 197,270 62.0000 62.5000 0.81
Carolina Power & 144141108 CPL 6,700 184,842 241,200 56,357 35.8750 36.0000 0.35
Case Corporation 14743R103 CSE 3,100 137,330 156,550 19,220 51.1250 50.5000 (1.22)
</TABLE>
Page 2
<PAGE>
Index Fund (13103300) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INCOME EQUITY; NOT ASSIGNED
===> Common Stock
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Caterpillar Inc. 149123101 CAT 8,600 500,505 550,400 49,895 64.1250 64.0000 (0.19)
Centex 152312104 CTX 1,200 25,200 32,400 7,200 27.0000 27.0000 0.00
Central & Southwest 152357109 CSR 9,000 204,472 245,250 40,777 27.1250 27.2500 0.46
Ceridian Corporation 15677T106 CEN 2,900 106,024 138,475 32,451 48.0000 47.7500 (0.52)
Champion 158525105 CHA 4,200 156,307 202,650 46,342 49.5000 48.2500 (2.53)
Charming Shoppes, 161133103 CHRS 4,500 22,972 28,968 5,996 6.4375 6.4375 0.00
Chase Manhattan Corp 16161A108 CMB 19,016 743,128 1,309,727 566,598 68.8750 68.8750 0.00
Chevron Corporation 166751107 CHV 28,500 1,341,016 1,653,000 311,983 58.5000 58.0000 (0.85)
Chrysler Corporation 171196108 C 16,450 784,111 1,032,237 248,126 62.2500 62.7500 0.80
Chubb Corp. 171232101 CB 3,800 308,902 359,575 50,672 95.1250 94.6250 (0.53)
Cincinnati Milacron, 172172108 CMZ 1,500 46,590 39,562 (7,027) 26.3750 26.3750 0.00
CINergy Corporation 172474108 CIN 6,882 172,381 199,578 27,197 28.8750 29.0000 0.43
Circuit City Stores 172737108 CC 4,200 111,070 133,350 22,280 32.3750 31.7500 (1.93)
Cisco Systems, Inc. 17275R102 CSCO 24,100 481,162 1,250,187 769,025 52.0000 51.8750 (0.24)
Citicorp 173034109 CCI 21,200 1,133,906 1,669,500 535,594 78.6250 78.7500 0.16
Clorox Company 189054109 CX 2,300 129,192 190,037 60,845 81.8750 82.6250 0.92
Coastal Corporation 190441105 CGP 4,600 139,600 182,275 42,675 39.7500 39.6250 (0.31)
Coca-Cola Co 191216100 KO 54,700 2,961,159 4,458,050 1,496,891 81.1250 81.5000 0.46
Colgate-Palmolive 194162103 CL 6,400 409,077 490,400 81,323 75.7500 76.6250 1.16
Columbia Gas System 197648108 CG 2,100 54,600 102,112 47,512 48.7500 48.6250 (0.26)
Columbia/HCA 197677107 COL 19,400 820,849 1,030,625 209,775 52.6250 53.1250 0.95
Comcast Corp 200300200 CMCSK 10,500 191,330 183,750 (7,580) 17.3750 17.5000 0.72
Comerica, 200340107 CMA 5,200 186,535 226,200 39,665 43.3750 43.5000 0.29
Community 204015101 CMY 1,900 22,655 17,575 (5,080) 8.2500 9.2500 12.12
Compaq Computer 204493100 CPQ 11,600 475,957 540,850 64,892 46.8750 46.6250 (0.53)
Computer Associates 204912109 CA 10,600 399,035 777,775 378,740 72.7500 73.3750 0.86
Computer Sciences 205363104 CSC 2,400 130,540 177,600 47,060 75.2500 74.0000 (1.66)
Conagra, Inc. 205887102 CAG 10,775 360,896 416,184 55,287 38.5000 38.6250 0.32
Conrail, Inc. 208368100 CRR 3,400 192,890 237,150 44,260 69.8750 69.7500 (0.18)
Consolidated Edison 209111103 ED 10,200 280,338 299,625 19,287 29.2500 29.3750 0.43
Consolidated 209237106 CNF 1,900 47,832 49,637 1,805 25.1250 26.1250 3.98
Consolidated Natural 209615103 CNG 4,100 153,937 191,675 37,737 46.5000 46.7500 0.54
Cooper Industries, 216669101 CBE 4,700 172,710 199,750 27,040 42.0000 42.5000 1.19
Cooper Tire & Rubber 216831107 CTB 3,600 88,030 88,200 170 24.5000 24.5000 0.00
Adolph Coors Company 217016104 ACCOB 1,700 29,925 32,300 2,375 19.3750 19.0000 (1.94)
Corestates Financial 218695104 CFL 6,100 167,737 237,900 70,162 39.1250 39.0000 (0.32)
Corning Inc. 219350105 GLW 10,000 321,449 347,500 26,050 34.8750 34.7500 (0.36)
Crane Co. 224399105 CR 1,300 34,937 53,950 19,012 42.0000 41.5000 (1.19)
Cray Research, Inc 225224104 CYR 1,100 28,242 32,450 4,207 29.1250 29.5000 1.29
Crown Cork & Seal 228255105 CCK 5,500 233,807 259,187 25,380 46.6250 47.1250 1.07
Cummins Engine Co. 231021106 CUM 1,700 60,157 79,475 19,317 46.2500 46.7500 1.08
Cyprus Amax Minerals 232809103 CYM 4,100 117,845 111,212 (6,632) 27.3750 27.1250 (0.91)
DSC Communications 233311109 DIGI 5,000 150,100 157,500 7,400 32.1250 31.5000 (1.95)
DTE Energy Company 233331107 DTE 6,300 175,090 195,300 20,209 31.2500 31.0000 (0.80)
Dana Corporation 235811106 DCN 4,400 123,462 146,300 22,838 32.8750 33.2500 1.14
Darden Restaurants 237194105 DRI 6,900 78,039 94,875 16,836 13.2500 13.7500 3.77
Data General 237688106 DGN 1,700 18,680 26,137 7,457 15.8750 15.3750 (3.15)
</TABLE>
Page 3
<PAGE>
Index Fund (13103300) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INCOME EQUITY; NOT ASSIGNED
===> Common Stock
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Dayton Hudson Corp. 239753106 DH 3,100 249,455 296,050 46,595 93.5000 95.5000 2.14
Dean Witter Discover 24240V101 DWD 7,431 299,775 404,989 105,213 54.6250 54.5000 (0.23)
Deere & Company 244199105 DE 11,500 284,286 447,062 162,776 39.3750 38.8750 (1.27)
Delta Airlines, Inc. 247361108 DAL 2,200 140,989 176,825 35,835 79.7500 80.3750 0.78
Deluxe Corp. 248019101 DLX 3,600 106,866 126,000 19,134 34.7500 35.0000 0.72
Dial Corporation 252470109 DL 4,100 103,771 115,312 11,541 28.1250 28.1250 0.00
Digital Equipment 253849103 DEC 6,700 254,753 400,325 145,571 60.3750 59.7500 (1.04)
Dillard Department 254063100 DDS 4,900 141,140 196,612 55,472 39.1250 40.1250 2.56
Disney Walt Co 254687106 DIS 29,500 1,511,012 1,829,000 317,987 61.8750 62.0000 0.20
Dominion Resources, 257470104 D 7,700 297,850 296,450 (1,400) 38.2500 38.5000 0.65
RR Donnelley & Sons 257867101 DNY 6,700 209,882 241,200 31,317 36.1250 36.0000 (0.35)
Dover Corporation 260003108 DOV 5,000 151,325 257,500 106,175 50.6250 51.5000 1.73
Dow Chemical Company 260543103 DOW 11,450 786,111 1,017,618 231,507 88.0000 88.8750 0.99
Dow Jones & Company, 260561105 DJ 4,200 133,385 156,975 23,590 37.3750 37.3750 0.00
Dresser Industries 261597108 DI 7,900 174,695 251,812 77,117 32.1250 31.8750 (0.78)
Du Pont (E.I.) de 263534109 DD 24,200 1,408,060 1,945,075 537,014 79.8750 80.3750 0.63
Duke Power Company 264399106 DUK 8,900 367,741 418,300 50,558 46.6250 47.0000 0.80
Dun & Bradstreet 264830100 DNB 7,400 431,409 450,475 19,066 61.1250 60.8750 (0.41)
EG&G, Inc. 268457108 EGG 2,100 41,338 46,200 4,861 22.2500 22.0000 (1.12)
EMC Corporation 268648102 EMC 9,800 213,640 200,900 (12,740) 20.1250 20.5000 1.86
Earthgrains Company 270319106 EGR 444 10,448 14,374 3,925 32.3750 32.3750 0.00
Eastern Enterprises 27637F100 EFU 900 23,737 32,287 8,550 36.0000 35.8750 (0.35)
Eastman Chemical 277432100 EMN 3,500 183,522 235,375 51,852 67.2500 67.2500 0.00
Eastman Kodak 277461109 EK 14,900 744,615 1,139,850 395,234 76.7500 76.5000 (0.33)
Eaton Corporation 278058102 ETN 3,400 170,700 205,700 35,000 61.2500 60.5000 (1.22)
Echlin Inc. 278749106 ECH 2,700 85,692 92,812 7,120 34.3750 34.3750 0.00
Echo Bay Mines, Ltd. 278751102 ECO 5,500 59,427 72,187 12,760 13.0000 13.1250 0.96
Ecolab, Inc. 278865100 ECL 2,800 59,500 91,000 31,500 32.5000 32.5000 0.00
Edison International 281020107 EIX 19,400 276,452 310,400 33,948 15.8750 16.0000 0.79
Emerson Electric Co 291011104 EMR 9,800 643,061 819,525 176,463 83.3750 83.6250 0.30
Engelhard 292845104 EC 6,300 92,925 158,287 65,362 25.1250 25.1250 0.00
Enron Corporation 293561106 ENE 11,000 360,752 442,750 81,997 41.0000 40.2500 (1.83)
ENSERCH Corporation 293567103 ENS 3,000 51,180 64,500 13,320 21.6250 21.5000 (0.58)
Entergy Corp. 29364G103 ETR-W 9,900 240,312 262,350 22,037 26.2500 26.5000 0.95
Exxon Corporation 302290101 XON 54,200 3,394,498 4,607,000 1,212,502 85.8750 85.0000 (1.02)
FMC Corporation 302491303 FMC 1,600 120,436 111,000 (9,436) 69.6250 69.3750 (0.36)
FPL Group, Inc. 302571104 FPL 8,100 295,965 349,312 53,347 42.8750 43.1250 0.58
Federal Express Corp 313309106 FDX 2,500 182,350 201,875 19,524 81.0000 80.7500 (0.31)
FHLMC 313400301 FRE 7,900 439,607 658,662 219,055 83.7500 83.3750 (0.45)
FNMA 313586109 FNM 47,600 1,392,181 1,457,750 65,568 31.1250 30.6250 (1.61)
Federated Dept. 31410H101 FD 8,800 252,554 293,700 41,145 33.2500 33.3750 0.38
Fifth Third Bancorp 316773100 FITB 4,400 249,150 243,100 (6,050) 55.5000 55.2500 (0.45)
First Bank System 319279105 FBS 6,400 330,876 385,600 54,724 60.5000 60.2500 (0.41)
First Chicago NBD 31945A100 FCN 14,000 496,618 577,500 80,881 41.5000 41.2500 (0.60)
First Data Corp. 319963104 FDC 9,700 592,567 737,200 144,632 76.1250 76.0000 (0.16)
First Union 337358105 FTU 12,415 507,480 763,522 256,042 60.7500 61.5000 1.23
Fleet Financial 338915101 FLT 11,600 398,315 498,800 100,485 43.2500 43.0000 (0.58)
</TABLE>
Page 4
<PAGE>
Index Fund (13103300) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INCOME EQUITY; NOT ASSIGNED
===> Common Stock
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Fleetwood 339099103 FLE 2,000 39,370 52,500 13,130 26.1250 26.2500 0.48
Fleming Companies, 339130106 FLM 1,600 45,696 22,000 (23,696) 13.3750 13.7500 2.80
Fluor Corp. 343861100 FLR 3,600 183,390 238,050 54,660 64.8750 66.1250 1.93
Ford Motor Company 345370100 F 46,900 1,349,104 1,682,537 333,433 36.0000 35.8750 (0.35)
Foster Wheeler Corp. 350244109 FWC 1,700 59,602 78,625 19,023 44.8750 46.2500 3.06
Freeport McMoran 35671D857 FCX/B 8,800 221,176 289,300 68,124 33.3750 32.8750 (1.50)
Fruit of the Loom 359416104 FTL 3,300 78,952 87,037 8,085 26.3750 26.3750 0.00
GTE Corporation 362320103 GTE 42,300 1,362,327 1,834,762 472,435 43.7500 43.3750 (0.86)
Gannett Company, 364730101 GCI 6,100 310,550 417,087 106,537 68.7500 68.3750 (0.55)
Gap, Inc. 364760108 GPS 12,600 246,340 379,575 133,235 29.0000 30.1250 3.88
General Dynamics 369550108 GD 2,700 113,860 170,437 56,577 61.1250 63.1250 3.27
General Electric 369604103 GE 72,900 3,758,409 5,649,750 1,891,340 77.6250 77.5000 (0.16)
General Instrument 370121105 GIC 5,300 145,352 173,575 28,222 32.7500 32.7500 0.00
General Mills 370334104 GIS 6,900 349,749 382,950 33,200 55.0000 55.5000 0.91
General Motors Corp. 370442105 GM 32,700 1,337,324 1,773,975 436,650 54.7500 54.2500 (0.91)
General Public 370550105 GPU 5,200 162,950 165,100 2,150 31.7500 31.7500 0.00
General Re Corp 370563108 GRN 3,600 445,016 514,350 69,333 143.1250 142.8750 (0.17)
General Signal Corp. 370838104 GSX 2,100 75,862 79,800 3,937 38.2500 38.0000 (0.65)
Genuine Parts 372460105 GPC 5,400 197,092 238,950 41,857 44.2500 44.2500 0.00
Georgia Pacific 373298108 GP 4,000 278,557 311,000 32,442 78.2500 77.7500 (0.64)
Giant Food, Inc. 374478105 GFS.A 2,600 78,969 82,875 3,905 31.8750 31.8750 0.00
Giddings & Lewis, 375048105 GIDL 1,500 23,437 27,843 4,406 18.5000 18.5625 0.34
Gillette Company 375766102 G 19,360 749,958 1,045,440 295,481 53.6250 54.0000 0.70
Golden West 381317106 GDW 2,600 103,820 136,825 33,005 52.5000 52.6250 0.24
Goodrich (B.F.) 382388106 GR 2,200 51,628 87,450 35,821 39.7500 39.7500 0.00
Goodyear Tire & 382550101 GT 6,600 252,114 344,025 91,911 51.7500 52.1250 0.72
W.R. Grace & Co. 383883105 GRA 4,200 181,545 325,500 143,955 77.1250 77.5000 0.49
Grainger (W.W.), 384802104 GWW 2,200 125,470 151,800 26,330 68.2500 69.0000 1.10
Great Atlntc & 390064103 GAP 1,700 43,027 59,287 16,260 35.2500 34.8750 (1.06)
Great Lakes Chemical 390568103 GLK 2,800 182,232 191,100 8,868 68.5000 68.2500 (0.36)
Great Western 391442100 GWF 6,000 105,687 138,000 32,312 23.1250 23.0000 (0.54)
Green Tree Financial 393505102 GNT 5,900 200,157 199,125 (1,032) 34.3750 33.7500 (1.82)
Halliburton Company 406216101 HAL 5,000 181,791 286,875 105,083 57.5000 57.3750 (0.22)
Harcourt General, 41163G101 HUS 3,200 117,237 140,800 23,562 43.5000 44.0000 1.15
John H. Harland 412693103 JH 1,300 28,490 34,125 5,634 25.8750 26.2500 1.45
Harnischfeger 413345109 HPH 2,000 69,620 81,000 11,380 41.2500 40.5000 (1.82)
Harrah's 413619107 HET 4,500 117,732 155,250 37,517 34.8750 34.5000 (1.08)
Harris Corporation 413875105 HRS 1,700 73,100 104,975 31,875 61.5000 61.7500 0.41
Hasbro, Inc. 418056107 HAS 3,800 121,600 139,650 18,050 36.6250 36.7500 0.34
Heinz (H.J.) Co. 423074103 HNZ 16,100 438,225 545,387 107,162 33.7500 33.8750 0.37
Helmerich & Payne, 423452101 HP 1,100 29,766 40,562 10,796 37.7500 36.8750 (2.32)
Hercules, Inc. 427056106 HPC 4,800 192,465 290,400 97,935 60.3750 60.5000 0.21
Hershey Foods 427866108 HSY 3,400 166,652 257,975 91,322 75.2500 75.8750 0.83
Hewlett-Packard 428236103 HWP 22,200 1,217,624 2,350,425 1,132,800 107.2500 105.8750 (1.28)
Hilton Hotels 432848109 HLT 2,100 129,400 221,550 92,150 102.6250 105.5000 2.80
Home Depot Inc 437076102 HD 20,766 946,065 983,789 37,724 47.3750 47.3750 0.00
Homestake Mining 437614100 HM 6,000 110,415 120,750 10,335 19.6250 20.1250 2.55
</TABLE>
Page 5
<PAGE>
Index Fund (13103300) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INCOME EQUITY; NOT ASSIGNED
===> Common Stock
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Honeywell Inc. 438506107 HON 5,500 185,770 289,437 103,667 51.8750 52.6250 1.45
Household 441815107 HI 4,300 160,890 297,237 136,347 69.8750 69.1250 (1.07)
Houston Industries, 442161105 HOU 11,500 218,207 245,812 27,605 21.1250 21.3750 1.18
Humana Inc. 444859102 HUM 7,100 191,850 174,837 (17,012) 24.5000 24.6250 0.51
ITT Hartford Group, 45068H106 HIG 5,200 199,594 254,150 54,555 47.1250 48.8750 3.71
ITT Industries, Inc. 450911102 IIN 5,200 89,470 143,000 53,529 28.1250 27.5000 (2.22)
ITT Corporation 450912100 ITT 5,200 207,320 316,550 109,229 61.5000 60.8750 (1.02)
Illinois Tool Works 452308109 ITW 5,100 244,263 342,975 98,712 67.6250 67.2500 (0.55)
Inco, Ltd. 453258402 N 5,200 150,405 174,850 24,445 34.0000 33.6250 (1.10)
Ingersoll-Rand 456866102 IR 4,800 167,055 186,000 18,945 37.7500 38.7500 2.65
Inland Steel 457472108 IAD 2,100 53,655 51,712 (1,942) 24.7500 24.6250 (0.51)
Intel 458140100 INTC 35,800 1,262,500 2,425,450 1,162,950 68.1250 67.7500 (0.55)
Intergraph 458683109 INGR 2,000 17,000 25,375 8,375 12.8750 12.6875 (1.46)
IBM 459200101 IBM 24,800 1,906,845 2,666,000 759,155 108.6250 107.5000 (1.04)
Int'l Flavors & 459506101 IFF 4,800 226,062 235,800 9,738 48.5000 49.1250 1.29
International Paper 460146103 IP 11,400 432,606 454,575 21,968 40.6250 39.8750 (1.85)
Interpublic Group 460690100 IPG 3,400 121,977 158,950 36,972 46.8750 46.7500 (0.27)
James River 470349101 JR 3,700 78,944 98,975 20,030 27.0000 26.7500 (0.93)
Jefferson-Pilot 475070108 JP 3,100 115,845 163,525 47,680 52.7500 52.7500 0.00
Johnson & Johnson 478160104 JNJ 29,100 1,715,919 2,691,750 975,831 91.8750 92.5000 0.68
Johnson Controls, 478366107 JCI 1,800 94,614 128,700 34,085 70.1250 71.5000 1.96
Jostens, Inc. 481088102 JOS 1,700 42,389 38,250 (4,139) 22.3750 22.5000 0.56
K mart Corporation 482584109 KM 20,000 311,445 202,500 (108,945) 10.3750 10.1250 (2.41)
Kaufman & Broad Home 486168107 KBH 1,400 20,195 19,775 (420) 14.3750 14.1250 (1.74)
Kellogg Company 487836108 K 9,500 582,794 678,062 95,268 71.2500 71.3750 0.18
Kerr-Mcgee 492386107 KMG 2,300 122,627 146,912 24,285 64.3750 63.8750 (0.78)
KeyCorp 493267108 KEY 10,300 322,170 397,837 75,667 38.6250 38.6250 0.00
Kimberly-Clark Corp. 494368103 KMB 12,200 780,031 886,025 105,993 72.6250 72.6250 0.00
King World 495667107 KWP 1,600 64,296 69,600 5,304 43.0000 43.5000 1.16
Knight Ridder Inc. 499040103 KRI 2,100 121,606 151,987 30,380 73.1250 72.3750 (1.03)
Kroger Corporation 501044101 KR 5,400 155,550 222,075 66,525 41.3750 41.1250 (0.60)
LSI Logic 502161102 LSI 5,600 184,436 201,600 17,164 36.0000 36.0000 0.00
Laidlaw, Inc. 50730K206 LDW/B 12,800 111,168 134,400 23,232 10.1250 10.5000 3.70
Eli Lilly & Co. 532457108 LLY 24,100 805,744 1,421,900 616,155 58.7500 59.0000 0.43
Limited Inc 532716107 LTD 11,900 234,220 246,925 12,705 20.5000 20.7500 1.22
Lincoln National 534187109 LNC 4,500 184,785 217,125 32,340 48.5000 48.2500 (0.52)
Liz Claiborne, Inc. 539320101 LIZ 3,200 66,992 116,400 49,408 35.7500 36.3750 1.75
Lockheed Martin Corp 539830109 LMT 8,700 508,996 701,437 192,441 78.7500 80.6250 2.38
Loews Corporation 540424108 LTR 5,100 327,844 388,875 61,030 75.2500 76.2500 1.33
Longs Drug Stores, 543162101 LDG 900 33,251 40,725 7,473 44.8750 45.2500 0.84
Louisiana Land & 546268103 LLX 1,500 56,902 81,187 24,285 54.6250 54.1250 (0.92)
Louisiana-Pacific 546347105 LPX 4,700 131,077 118,087 ( 12,990) 24.7500 25.1250 1.52
Lowes Companies, Inc 548661107 LOW 7,000 257,200 226,625 ( 30,575) 32.1250 32.3750 0.78
Luby's Cafeterias, 549282101 LUB 1,000 21,537 24,000 2,462 23.5000 24.0000 2.13
MBNA Corporation 55262L100 KRB 9,675 181,052 274,528 93,475 28.6250 28.3750 (0.87)
MCI Communications 552673105 MCIC 29,700 660,737 874,293 213,556 29.1250 29.4375 1.07
Mallinckrodt Group, 561226101 MKG 3,200 103,647 126,000 22,352 38.7500 39.3750 1.61
</TABLE>
Page 6
<PAGE>
Index Fund (13103300) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INCOME EQUITY; NOT ASSIGNED
===> Common Stock
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Manor Care, Inc. 564054104 MNR 2,700 84,609 108,337 23,727 39.3750 40.1250 1.90
Marsh & McLennan 571748102 MMC 3,200 248,402 300,800 52,398 94.1250 94.0000 (0.13)
Marriott 571900109 MAR 5,500 178,370 268,125 89,754 48.7500 48.7500 0.00
Masco Corporation 574599106 MAS 7,000 175,735 190,750 15,015 27.5000 27.2500 (0.91)
Mattel, Inc. 577081102 MAT 12,037 235,420 312,975 77,555 26.0000 26.0000 0.00
May Department 577778103 MA 10,900 433,007 555,900 122,893 50.0000 51.0000 2.00
Maytag Corporation 578592107 MYG 4,700 75,200 101,050 25,850 21.0000 21.5000 2.38
McDermott Int'l, 580037109 MDR 2,400 45,720 50,400 4,680 21.3750 21.0000 (1.75)
McDonald's 580135101 MCD 30,400 931,575 1,455,400 523,824 48.2500 47.8750 (0.78)
McDonnell Douglas 580169100 MD 4,900 264,046 472,850 208,803 94.7500 96.5000 1.85
McGraw Hill Inc. 580645109 MHP 4,400 170,260 194,150 23,890 44.1250 44.1250 0.00
Mead Corporation 582834107 MEA 2,300 110,792 127,937 17,145 56.3750 55.6250 (1.33)
Medtronic, Inc. 585055106 MDT 10,100 314,614 536,562 221,948 51.2500 53.1250 3.66
Mellon Bank 585509102 MEL 5,800 252,468 311,750 59,282 53.7500 53.7500 0.00
Melville Corporation 585745102 MES 4,600 149,182 178,825 29,642 39.5000 38.8750 (1.58)
Mercantile Stores 587533100 MST 1,600 67,200 99,800 32,600 62.2500 62.3750 0.20
Merck & Company Inc 589331107 MRK 53,700 2,190,013 3,248,850 1,058,836 60.7500 60.5000 (0.41)
Meredith Corporation 589433101 MDP 1,200 28,200 54,450 26,250 45.2500 45.3750 0.28
Merrill Lynch & Co., 590188108 MER 7,700 319,707 464,887 145,179 60.6250 60.3750 (0.41)
Microsoft Corp 594918104 MSFT 25,900 1,788,275 2,936,412 1,148,137 112.6250 113.3750 0.67
Micron Technology, 595112103 MU 9,000 252,335 327,375 75,040 36.5000 36.3750 (0.34)
Millipore Corp. 601073109 MIL 1,900 47,856 79,562 31,706 41.7500 41.8750 0.30
Minnesota Mining & 604059105 MMM 18,300 989,358 1,203,225 213,867 66.0000 65.7500 (0.38)
Mobil Corporation 607059102 MOB 17,200 1,464,033 1,978,000 513,967 117.3750 115.0000 (2.02)
Monsanto Company 611662107 MTC 5,100 417,451 772,650 355,198 151.3750 151.5000 0.08
Moore Corporation 615785102 MCL 4,400 77,655 80,300 2,645 18.3750 18.2500 (0.68)
Morgan (J.P.) & Co. 616880100 JPM 8,200 516,251 689,825 173,573 84.1250 84.1250 0.00
Morgan Stanley Group 617446109 MS 6,800 323,701 341,700 17,999 49.5000 50.2500 1.52
Morton Int'l 619331101 MII 6,400 188,574 226,400 37,825 35.2500 35.3750 0.35
Motorola 620076109 MOT 25,800 1,518,369 1,580,250 61,880 61.7500 61.2500 (0.81)
NACCO Industries, 629579103 NC 400 21,120 25,250 4,130 63.1250 63.1250 0.00
Nalco Chemical 629853102 NLC 2,900 96,961 88,450 (8,511) 31.1250 30.5000 (2.01)
National City 635405103 NCC 6,300 165,725 232,312 66,587 36.8750 36.8750 0.00
National 637640103 NSM 5,900 105,757 92,925 (12,832) 15.7500 15.7500 0.00
National Service 637657107 NSI 2,100 55,650 77,700 22,050 37.7500 37.0000 (1.99)
NationsBank Corp. 638585109 NB 12,900 680,373 1,028,775 348,401 79.0000 79.7500 0.95
Navistar Int'l Corp. 63934E108 NAV 3,200 31,360 38,400 7,040 12.0000 12.0000 0.00
New York Times 650111107 NYT/A 4,200 102,405 136,500 34,095 32.5000 32.5000 0.00
Newell Company 651192106 NWL 6,900 158,062 196,650 38,587 28.1250 28.5000 1.33
Newmont Mining Corp. 651639106 NEM 4,087 178,955 236,535 57,580 56.7500 57.8750 1.98
Niagara Mohawk Power 653522102 NMK 6,300 93,303 47,250 (46,053) 7.5000 7.5000 0.00
Nicor, Inc. 654086107 GAS 2,200 50,600 61,325 10,725 28.0000 27.8750 (0.45)
Nike, Inc. 654106103 NKE 6,200 228,150 542,500 314,350 88.7500 87.5000 (1.41)
Noram Energy 655419109 NAE 5,400 38,070 59,400 21,330 11.0000 11.0000 0.00
Nordstrom, Inc. 655664100 NOBE 3,500 157,150 178,062 20,912 49.5000 50.8750 2.78
Norfolk Southern 655844108 NSC 5,700 363,400 478,800 115,399 84.7500 84.0000 (0.88)
Northern States 665772109 NSP 3,000 139,517 140,250 732 46.6250 46.7500 0.27
</TABLE>
Page 7
<PAGE>
Index Fund (13103300) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INCOME EQUITY; NOT ASSIGNED
===> Common Stock
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Northern Telecom 665815106 NT 11,100 395,981 571,650 175,669 51.3750 51.5000 0.24
Northrop Corporation 666807102 NOC 2,200 107,356 136,125 28,769 62.0000 61.8750 (0.20)
Norwest Corp. 669380107 NOB 15,400 494,595 556,325 61,729 36.3750 36.1250 (0.69)
Novell Inc. 670006105 NOVL 16,000 286,162 232,000 ( 54,162) 13.7500 14.5000 5.45
Nucor Corporation 670346105 NUE 3,800 219,640 213,750 ( 5,890) 56.6250 56.2500 (0.66)
Nynex Corp 670768100 NYN 18,800 753,090 923,550 170,459 49.6250 49.1250 (1.01)
Occidental Petroleum 674599105 OXY 13,900 288,276 357,925 69,649 26.1250 25.7500 (1.44)
Ogden Corporation 676346109 OG 2,100 47,376 42,525 ( 4,851) 20.2500 20.2500 0.00
Ohio Edison Company 677347106 OEC 6,700 124,172 139,862 15,690 20.6250 20.8750 1.21
Oneok, Inc. 682678107 OKE 1,200 20,550 30,900 10,350 26.0000 25.7500 (0.96)
Oracle Systems Corp. 68389X105 ORCL 28,500 607,920 961,875 353,954 34.2500 33.7500 (1.46)
Oryx Energy 68763F100 ORX 4,600 61,455 73,600 12,145 16.2500 16.0000 (1.54)
Outboard Marine 690020102 OM 900 18,720 17,775 ( 945) 19.3750 19.7500 1.94
Owens-Corning 69073F103 OCF 2,200 66,825 88,550 21,725 39.3750 40.2500 2.22
Peco Energy Company 693304107 PE 9,700 250,449 241,287 ( 9,161) 24.8750 24.8750 0.00
PNC Financial 693475105 PNC 14,900 363,235 450,725 87,490 30.0000 30.2500 0.83
PP&L Resources, Inc. 693499105 PPL 6,900 173,776 156,112 ( 17,664) 22.3750 22.6250 1.12
PPG Industries Inc. 693506107 PPG 8,400 342,054 425,250 83,196 50.7500 50.6250 (0.25)
Paccar, Inc. 693718108 PCAR 1,700 74,375 84,150 9,775 50.2500 49.5000 (1.49)
Pacific Enterprises 694232109 PET 3,700 95,034 95,275 240 25.6250 25.7500 0.49
Pacific Gas & 694308107 PCG 18,300 431,932 416,325 ( 15,607) 22.6250 22.7500 0.55
Pacific Telesis 694890104 PAC 18,700 576,015 640,475 64,459 34.1250 34.2500 0.37
PacifiCorp 695114108 PPW 12,800 234,605 256,000 21,395 20.1250 20.0000 (0.62)
Pall Corp. 696429307 PLL 5,000 97,500 140,000 42,500 28.1250 28.0000 (0.44)
PanEnergy 697926103 PEL 6,465 158,527 210,920 52,393 33.5000 32.6250 (2.61)
Parker Hannifin 701094104 PH 3,200 97,660 135,200 37,540 42.2500 42.2500 0.00
J.C. Penney Company 708160106 JCP 9,800 472,058 485,100 13,042 49.3750 49.5000 0.25
Pennzoil Company 709903108 PZL 2,000 90,370 88,500 ( 1,870) 44.2500 44.2500 0.00
People's Energy Corp 711030106 PGL 1,500 38,437 47,250 8,812 31.6250 31.5000 (0.40)
Pep Boys - 713278109 PBY 2,700 62,599 90,112 27,513 33.8750 33.3750 (1.48)
PepsiCo, Inc. 713448108 PEP 34,400 1,292,720 2,184,400 891,679 61.3750 63.5000 3.46
Perkin-Elmer 714041100 PKN 1,900 57,467 104,262 46,795 55.0000 54.8750 (0.23)
Pharmacia & Upjohn 716941109 PNU 22,000 859,669 841,500 ( 18,169) 38.1250 38.2500 0.33
Pfizer Inc. 717081103 PFE 27,800 1,145,569 1,914,725 769,155 68.1250 68.8750 1.10
Phelps Dodge 717265102 PD 3,000 171,212 220,500 49,287 75.2500 73.5000 (2.33)
Philip Morris Cos., 718154107 MO 36,400 2,361,596 3,280,550 918,954 89.5000 90.1250 0.70
Phillips Petroleum 718507106 P 11,400 384,222 473,100 88,877 41.6250 41.5000 (0.30)
Pioneer Hi-bred 723686101 PHB 3,600 127,550 200,700 73,150 55.2500 55.7500 0.90
Pitney Bowes Inc. 724479100 PBI 6,600 246,633 321,750 75,117 48.7500 48.7500 0.00
Placer Dome, Inc. 725906101 PDG 10,404 233,412 288,711 55,299 27.3750 27.7500 1.37
Polaroid Corporation 731095105 PRD 2,000 65,500 90,000 24,500 44.7500 45.0000 0.56
Potlatch Corporation 737628107 PCH 1,300 53,540 55,412 1,872 42.5000 42.6250 0.29
Praxair, Inc. 74005P104 PX 6,100 147,082 235,612 88,530 39.2500 38.6250 (1.59)
Premark 740459102 PMI 2,700 123,645 138,712 15,067 51.7500 51.3750 (0.72)
Price/Costco, Inc. 74143W102 PCCW 8,505 131,265 161,595 30,330 18.7500 19.0000 1.33
Procter & Gamble Co. 742718109 PG 29,874 1,933,847 2,524,353 590,506 84.2500 84.5000 0.30
Providian 744061102 PVN 4,200 141,012 193,725 52,712 46.3750 46.1250 (0.54)
</TABLE>
Page 8
<PAGE>
Index Fund (13103300) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INDEX; NOT ASSIGNED
===> Common Stock
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Public Service 744573106 PEG 10,700 283,047 279,537 (3,510) 26.1250 26.1250 0.00
Pulte Corporation 745867101 PHM 1,200 37,747 31,800 (5,947) 26.5000 26.5000 0.00
Quaker Oats Company 747402105 OAT 5,900 196,367 202,812 6,445 34.1250 34.3750 0.73
RJR Nabisco Holdings 74960K876 RN 0 11 11 0 30.0000 29.8750 (0.42)
Ralston Purina 751277302 RAL 4,600 237,262 268,525 31,262 57.2500 58.3750 1.97
Raychem Corporation 754603108 RYC 1,900 68,637 147,962 79,325 76.8750 77.8750 1.30
Raytheon Company 755111101 RTN 10,600 354,474 536,625 182,150 49.8750 50.6250 1.50
Reebok International 758110100 RBK 3,300 124,560 95,700 (28,860) 29.0000 29.0000 0.00
Republic New York 760719104 RNB 2,500 140,049 148,437 8,388 59.3750 59.3750 0.00
Reynolds Metals 761763101 RLM 2,800 141,535 150,500 8,965 54.6250 53.7500 (1.60)
Rite Aid Corporation 767754104 RAD 3,700 87,671 109,612 21,941 29.7500 29.6250 (0.42)
Rockwell 774347108 ROK 9,500 371,403 555,750 184,347 58.5000 58.5000 0.00
Rohm & Haas Company 775371107 ROH 2,900 171,062 192,487 21,425 66.6250 66.3750 (0.38)
Rowan Companies Inc. 779382100 RDC 3,700 34,410 54,575 20,165 15.3750 14.7500 (4.07)
Royal Dutch 780257705 RD 23,400 2,627,654 3,352,050 724,395 144.0000 143.2500 (0.52)
Rubbermaid Inc. 781088109 RBD 6,900 192,072 194,925 2,852 28.5000 28.2500 (0.88)
Russell Corporation 782352108 RML 1,700 52,062 44,200 (7,862) 25.8750 26.0000 0.48
Ryan's Family Stk 783519101 RYAN 2,300 16,100 22,137 6,037 9.8750 9.6250 (2.53)
Ryder System, Inc. 783549108 R 3,500 83,005 101,937 18,932 28.8750 29.1250 0.87
SBC Communications 78387G103 SBC 26,600 1,154,783 1,330,000 175,216 50.1250 50.0000 (0.25)
Safeco Corporation 786429100 SAFC 5,500 147,375 181,500 34,125 33.7500 33.0000 (2.22)
Safety Kleen 786484105 SK 2,500 33,750 37,500 3,750 15.1250 15.0000 (0.83)
St. Jude Medical, 790849103 STJM 3,100 120,592 113,150 (7,442) 37.0000 36.5000 (1.35)
St. Paul Companies 792860108 SPC 3,700 187,356 196,562 9,206 54.0000 53.1250 (1.62)
Salomon, Inc. 79549B107 SB 4,600 173,370 186,875 13,505 40.3750 40.6250 0.62
Santa Fe Energy 802012104 SFR 3,900 37,771 46,800 9,028 12.2500 12.0000 (2.04)
Santa Fe Pacific 802176107 GLD 5,700 73,587 84,787 11,200 15.0000 14.8750 (0.83)
Sara Lee Corporation 803111103 SLE 21,100 554,512 654,100 99,587 30.8750 31.0000 0.40
Schering-Plough 806605101 SGP 15,900 616,455 912,262 295,807 58.1250 57.3750 (1.29)
Schlumberger Ltd. 806857108 SLB 10,600 611,023 935,450 324,426 88.5000 88.2500 (0.28)
Scientific-Atlanta, 808655104 SFA 3,300 76,793 61,050 (15,743) 18.8750 18.5000 (1.99)
Seagram Company Ltd. 811850106 VO 16,300 484,470 552,162 67,692 34.1250 33.8750 (0.73)
Sears Roebuck & Co. 812387108 S 17,000 504,654 847,875 343,220 49.5000 49.8750 0.76
Service Corp 817565104 SRV 5,075 158,370 269,609 111,238 52.7500 53.1250 0.71
Shared Medical 819486101 SMED 1,000 55,125 68,500 13,375 69.2500 68.5000 (1.08)
Sherwin-Williams 824348106 SHW 3,700 130,184 172,975 42,790 46.8750 46.7500 (0.27)
Shoney's, Inc. 825039100 SHN 1,800 25,875 20,025 (5,850) 11.5000 11.1250 (3.26)
Sigma-Aldrich 826552101 SIAL 2,200 105,050 118,800 13,750 55.5000 54.0000 (2.70)
Silicon Graphics 827056102 SGI 7,100 207,181 210,337 3,156 29.2500 29.6250 1.28
Snap-On Tools 833034101 SNA 1,800 56,925 86,400 29,475 48.1250 48.0000 (0.26)
Sonat, Inc. 835415100 SNT 3,800 116,735 165,775 49,040 44.5000 43.6250 (1.97)
Southern Company, 842587107 SO 29,100 603,810 640,200 36,389 22.1250 22.0000 (0.56)
Southwest Airlines 844741108 LUV 6,300 137,185 187,425 50,240 29.5000 29.7500 0.85
Springs Industries, 851783100 SMI 900 36,382 41,400 5,017 45.5000 46.0000 1.10
Sprint Corporation 852061100 FON 18,700 553,078 787,737 234,659 42.6250 42.1250 (1.17)
Stanley Works 854616109 SWK 1,900 74,100 119,225 45,125 62.5000 62.7500 0.40
Stone Container 861589109 STO 4,300 65,405 73,100 7,695 17.1250 17.0000 (0.73)
</TABLE>
Page 9
<PAGE>
Index Fund (13103300) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INDEX; NOT ASSIGNED
===> Common Stock
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Stride Rite 863314100 SRR 2,200 29,667 21,175 (8,492) 9.8750 9.6250 (2.53)
Sun Company, Inc. 866762107 SUN 3,300 84,315 102,300 17,985 31.1250 31.0000 (0.40)
Sun Microsystems, 866810104 SUNW 8,000 171,578 434,000 262,421 54.3750 54.2500 (0.23)
Suntrust Banks, Inc. 867914103 STI 4,900 253,610 345,450 91,840 70.2500 70.5000 0.36
Super Valu Stores 868536103 SVU 3,000 80,430 96,000 15,570 32.0000 32.0000 0.00
Sysco Corp. 871829107 SYY 8,000 215,825 257,000 41,175 32.5000 32.1250 (1.15)
TJX Companies, Inc. 872540109 TJX 3,200 48,191 94,400 46,209 30.2500 29.5000 (2.48)
TRW Inc. 872649108 TRW 2,900 204,805 272,237 67,432 93.2500 93.8750 0.67
Tandem Computers, 875370108 TDM 5,100 56,406 65,025 8,619 12.5000 12.7500 2.00
Tandy Corporation 875382103 TAN 2,800 118,312 145,250 26,937 52.1250 51.8750 (0.48)
Tektronix, Inc. 879131100 TEK 1,500 65,137 59,437 (5,700) 40.1250 39.6250 (1.25)
Tele-Communications, 87924V101 TCOMA 28,500 513,493 545,062 31,568 18.7500 19.1250 2.00
Teledyne, Inc. 879335107 TDY 2,400 59,462 89,100 29,637 36.8750 37.1250 0.68
Tellabs, Inc. 879664100 TLAB 3,900 156,750 215,475 58,725 56.5000 55.2500 (2.21)
Temple-Inland, Inc. 879868107 TIN 2,400 110,544 116,400 5,856 49.0000 48.5000 (1.02)
Tenet Healthcare 88033G100 THC 9,100 151,635 186,550 34,915 20.5000 20.5000 0.00
Tenneco Inc 880370101 TEN 7,600 334,034 417,050 83,016 55.6250 54.8750 (1.35)
Texaco Inc. 881694103 TX 11,500 746,152 983,250 237,097 86.8750 85.5000 (1.58)
Texas Instruments, 882508104 TXN 8,200 377,419 463,300 85,881 56.2500 56.5000 0.44
Texas Utilities 882848104 TXU 9,900 332,963 398,475 65,511 39.6250 40.2500 1.58
Textron Inc. 883203101 TXT 3,700 207,952 317,275 109,322 86.1250 85.7500 (0.44)
Thomas & Betts Corp. 884315102 TNB 1,800 58,329 70,875 12,546 39.5000 39.3750 (0.32)
3Com Corporation 885535104 COMS 7,200 304,750 332,100 27,350 45.2500 46.1250 1.93
360 Communications 885571109 XO 5,066 86,650 119,051 32,400 23.5000 23.5000 0.00
Time Warner, Inc. 887315109 TWX 16,900 617,317 690,787 73,470 40.5000 40.8750 0.93
Times Mirror Company 887364107 TMC 4,700 105,147 200,337 95,190 41.8750 42.6250 1.79
Timken Company 887389104 TKR 1,400 45,759 55,475 9,716 40.0000 39.6250 (0.94)
Torchmark 891027104 TMK 3,150 121,622 135,450 13,827 43.0000 43.0000 0.00
Toys "R" Us, Inc. 892335100 TOY 11,950 426,171 333,106 (93,065) 27.7500 27.8750 0.45
Transamerica 893485102 TA 3,000 161,920 228,000 66,080 76.0000 76.0000 0.00
Travelers, Inc. 894190107 TRV 13,800 531,319 848,700 317,380 61.6250 61.5000 (0.20)
Tribune Company 896047107 TRB 2,800 149,662 195,300 45,637 69.7500 69.7500 0.00
Trinova Corporation 896678109 TNV 1,300 38,038 45,825 7,787 35.7500 35.2500 (1.40)
Tyco International 902120104 TYC 6,700 176,958 258,787 81,829 38.6250 38.6250 0.00
USX-Marathon Group 902905827 MRO 12,500 235,448 275,000 39,552 22.0000 22.0000 0.00
UST, Inc. 902911106 UST 8,400 231,210 268,800 37,590 32.6250 32.0000 (1.92)
Unum Corporation 903192102 UNM 3,200 133,820 190,400 56,580 59.7500 59.5000 (0.42)
USF & G Corporation 903290104 FG 4,900 68,894 77,787 8,893 15.8750 15.8750 0.00
USX-US Steel Group, 90337T101 X 3,600 124,357 118,800 (5,557) 33.1250 33.0000 (0.38)
Unilever N.V. 904784501 UN 7,000 837,020 955,500 118,479 136.6250 136.5000 (0.09)
Unicom Corporation 904911104 UCM 9,400 236,012 258,500 22,487 27.1250 27.5000 1.38
Union Camp 905530101 UCC 3,100 141,485 168,562 27,077 54.8750 54.3750 (0.91)
Union Carbide 905581104 UK 6,000 216,878 273,000 56,122 45.6250 45.5000 (0.27)
Union Electric 906548102 UEP 4,500 165,245 173,812 8,567 38.6250 38.6250 0.00
Union Pacific 907818108 UNP 9,000 455,393 613,125 157,731 68.1250 68.1250 0.00
Unisys Corp. 909214108 UIS 7,500 43,586 45,000 1,413 6.1250 6.0000 (2.04)
United Healthcare 910581107 UNH 7,600 382,031 444,600 62,569 58.1250 58.5000 0.65
</TABLE>
Page 10
<PAGE>
Index Fund (13103300) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INDEX; NOT ASSIGNED
===> Common Stock
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
US Bancorp 911596104 USBC 6,600 188,225 213,675 25,450 32.2500 32.3750 0.39
Usair Group Inc 911905107 U 2,700 11,475 47,925 36,450 17.3750 17.7500 2.16
U.S. Healthcare, 911910107 USHC 6,700 304,850 349,237 44,387 51.8750 52.1250 0.48
U.S. Surgical Corp. 912707106 USS 2,500 58,900 92,500 33,600 36.3750 37.0000 1.72
US West 912889102 USW 20,500 478,027 671,375 193,347 32.6250 32.7500 0.38
US West Media Group 912889201 UMG 20,600 369,380 401,700 32,320 19.7500 19.5000 (1.27)
United Technologies 913017109 UTX 5,300 360,558 585,650 225,091 108.3750 110.5000 1.96
Unocal Corporation 915289102 UCL 10,800 298,640 346,950 48,309 33.0000 32.1250 (2.65)
US Life Corporation 917318107 USH 1,500 43,781 42,187 (1,593) 28.0000 28.1250 0.45
V F Corporation 918204108 VFC 2,800 142,910 159,600 16,690 56.8750 57.0000 0.22
Varity Corporation 92224R602 VAT 1,800 65,700 76,725 11,025 42.6250 42.6250 0.00
Viacom, Inc., Class 925524308 VIA/B 16,105 642,751 660,305 17,553 41.3750 41.0000 (0.91)
WMX Technologies, 92929Q107 WMX 21,200 607,407 736,700 129,293 34.1250 34.7500 1.83
Wachovia Corp. 929771103 WB 7,400 263,229 325,600 62,371 43.7500 44.0000 0.57
Wal-Mart Stores, 931142103 WMT 100,100 2,408,199 2,389,887 (18,312) 23.3750 23.8750 2.14
Walgreen 931422109 WAG 10,700 248,780 342,400 93,619 32.2500 32.0000 (0.78)
Warner Lambert 934488107 WLA 5,900 478,093 659,325 181,232 112.5000 111.7500 (0.67)
Wells Fargo & 949740104 WFC 4,200 572,620 1,019,025 446,405 244.5000 242.6250 (0.77)
Wendy's 950590109 WEN 5,200 78,650 99,450 20,800 19.0000 19.1250 0.66
Western Atlas, Inc. 957674104 WAI 2,300 101,050 138,000 36,949 59.7500 60.0000 0.42
Westinghouse 960402105 WX 18,100 277,927 341,637 63,710 19.0000 18.8750 (0.66)
Westvaco Corporation 961548104 W 4,400 103,970 136,400 32,430 30.8750 31.0000 0.40
Weyerhaeuser Company 962166104 WY 8,800 338,980 435,600 96,620 49.7500 49.5000 (0.50)
Whirlpool 963320106 WHR 3,200 164,797 192,400 27,602 60.6250 60.1250 (0.82)
Whitman Copr 96647K102 WH 4,600 87,542 116,150 28,607 25.1250 25.2500 0.50
Willamette 969133107 WMTT 2,400 156,350 147,600 (8,750) 62.5000 61.5000 (1.60)
Williams Companies, 969457100 WMB 4,400 140,240 224,950 84,710 51.0000 51.1250 0.25
Winn-Dixie Stores, 974280109 WIN 6,700 202,092 221,100 19,007 33.0000 33.0000 0.00
Woolworth 980883102 Z 5,800 82,998 110,925 27,927 19.2500 19.1250 (0.65)
WorldCom, Inc. 98155K102 WCOM 8,300 381,800 390,100 8,300 47.5000 47.0000 (1.05)
Worthington 981811102 WTHG 4,000 86,937 81,500 (5,437) 20.6250 20.3750 (1.21)
Wrigley (Wm) Jr 982526105 WWY 5,100 241,152 268,387 27,235 52.1250 52.6250 0.96
Xerox Corp. 984121103 XRX 4,700 508,336 688,550 180,214 149.3750 146.5000 (1.92)
Yellow Corporation 985509108 YELL 1,200 14,550 14,700 150 12.1250 12.2500 1.03
Subtotals 4,289,592 164,170,684 215,050,579 50,879,894
===> Futures Contracts Asset (Liability)
SPM6 S&P 500 Future OFS004447 KEY:650.0 -500 -325,025 -325,025 0 650.0500 650.0500 0.00
SPM6 S&P 500 Future OFS004451 KEY:652.1 -3,000 -1,956,300 -1,956,300 0 652.1000 652.1000 0.00
SPM6 S&P 500 Future OSF004195 KEY:648.4 -2,000 -1,296,800 -1,296,800 0 648.4000 648.4000 0.00
SPM6 S&P 500 Future OSF004199 KEY:653.9 -500 -326,950 -326,950 0 653.9000 653.9000 0.00
SPM6 S&P 500 Future OSF004201 KEY:653.8 -1,000 -653,850 -653,850 0 653.8500 653.8500 0.00
SPM6 S&P 500 Future OSF004216 KEY:649 -25,500 -16,549,500 -16,549,500 0 649.0000 649.0000 0.00
SPM6 S&P 500 Future OSF004380 KEY:640.3 -500 -320,175 -320,175 0 640.3500 640.3500 0.00
SPM6 S&P 500 Future OSF004382 KEY:640.4 -1,000 -640,400 -640,400 0 640.4000 640.4000 0.00
SPM6 S&P 500 Future OSF004396 KEY:654.9 -1,500 -982,350 -982,350 0 654.9000 654.9000 0.00
</TABLE>
Page 11
<PAGE>
Index Fund (13103300) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INDEX; NOT ASSIGNED
===> Futures Contracts Asset (Liability)
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SPM6 S&P 500 Future OSF004414 KEY:653.7 -1,000 -653,700 -653,700 0 653.7000 653.7000 0.00
SPM6 S&P 500 Future OSF004430 KEY:647.8 -500 -323,900 -323,900 0 647.8000 647.8000 0.00
SPM6 S&P 500 Future OSF004434 KEY:645.2 -500 -322,625 -322,625 0 645.2500 645.2500 0.00
SPM6 S&P 500 Future OSF004439 KEY:643.7 -500 -321,850 -321,850 0 643.7000 643.7000 0.00
SPM6 S&P 500 Future OSF004442 KEY:644.9 -1,500 -967,350 -967,350 0 644.9000 644.9000 0.00
SPM6 S&P 500 Future OSF004455 KEY:651.9 -500 -325,975 -325,975 0 651.9500 651.9500 0.00
SPM6 S&P 500 Future OSF004465 KEY:655.4 -500 -327,700 -327,700 0 N/A 655.4000 N/A
SPM6 S&P 500 Future SPM606216 SPM6 40,500 26,294,450 26,521,425 226,975 655.1500 654.8500 (0.05)
Subtotals 0 0 226,975 226,975
===> Margin Account (Asset)/Liability
Goldman Sachs MARGINACT -239,250 -239,250 -239,250 0 N/A N/A N/A
Subtotals -239,250 -239,250 -239,250 0
===> Preferred Stock
Teledyne, 879335602 TDY 24 0 348 348 14.3750 14.5000 0.87
Subtotals 24 0 348 348
===> Repurchase Agreements
Lehman Brothers, LB 25,572,883 25,572,883 25,572,883 0 N/A N/A N/A
Subtotals 25,572,883 25,572,883 25,572,883 0
===> T-Bills Collateral on Futures Contracts
UST Bill, due 3/6/97 9127942M5 411,000 393,062 392,690 (372) 95.5566 95.5451 (0.01)
UST Bill, due 6/6/96 912794Z23 645,000 641,868 641,851 (16) 99.4963 99.5119 0.02
Subtotals 1,056,000 1,034,930 1,034,542 (388)
Segment Totals Shares 4,289,616
Face Amt 26,389,633 190,539,248 241,646,078 51,106,829
Fund Totals Shares 4,289,616
Face Amt 26,389,633 190,539,248 241,646,078 51,106,829
Today Yesterday Unit Change % Change
Dow Jones Industrial Average 999.99 999.99 0.00 0.000
</TABLE>
Page 12
<PAGE>
Income Equity Fund (13103200) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INCOME EQUITY; NOT ASSIGNED
===> Common Stock
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AT&T Corporation 001957109 T 43,500 2,401,085 2,664,375 263,290 61.5000 61.2500 (0.41)
American Brands Inc. 024703100 AMB 44,500 1,723,250 1,852,312 129,062 41.7500 41.6250 (0.30)
American Express 025816109 AXP 30,800 979,895 1,493,800 513,905 48.2500 48.5000 0.52
American General 026351106 AGC 40,000 1,261,056 1,405,000 143,944 34.7500 35.1250 1.08
American Home 026609107 AHP 14,000 1,062,335 1,477,000 414,665 106.8750 105.5000 (1.29)
Atlantic Richfield 048825103 ARC 16,000 1,785,512 1,884,000 98,487 118.5000 117.7500 (0.63)
Chevron Corporation 166751107 CHV 31,900 1,503,082 1,850,200 347,118 58.5000 58.0000 (0.85)
Consolidated Natural 209615103 CNG 31,900 1,181,554 1,491,325 309,771 46.5000 46.7500 0.54
Dayton Hudson Corp. 239753106 DH 10,800 881,860 1,031,400 149,540 93.5000 95.5000 2.14
Deluxe Corp. 248019101 DLX 37,400 1,068,204 1,309,000 240,795 34.7500 35.0000 0.72
Du Pont (E.I.) de 263534109 DD 27,000 1,648,330 2,170,125 521,795 79.8750 80.3750 0.63
Dun & Bradstreet 264830100 DNB 38,000 2,170,457 2,313,250 142,792 61.1250 60.8750 (0.41)
Eastman Kodak 277461109 EK 27,200 1,460,704 2,080,800 620,095 76.7500 76.5000 (0.33)
Emerson Electric Co 291011104 EMR 16,500 1,100,717 1,379,812 279,095 83.3750 83.6250 0.30
Exxon Corporation 302290101 XON 17,100 1,091,080 1,453,500 362,420 85.8750 85.0000 (1.02)
FPL Group, Inc. 302571104 FPL 11,500 403,560 495,937 92,377 42.8750 43.1250 0.58
First Bank System 319279105 FBS 27,200 1,026,575 1,638,800 612,225 60.5000 60.2500 (0.41)
GTE Corporation 362320103 GTE 40,000 1,384,047 1,735,000 350,952 43.7500 43.3750 (0.86)
General Electric 369604103 GE 24,300 1,270,949 1,883,250 612,300 77.6250 77.5000 (0.16)
Hewlett-Packard 428236103 HWP 30,500 1,669,177 3,229,187 1,560,010 107.2500 105.8750 (1.28)
Honeywell Inc. 438506107 HON 43,500 1,547,152 2,289,187 742,034 51.8750 52.6250 1.45
Johnson & Johnson 478160104 JNJ 16,000 1,027,682 1,480,000 452,317 91.8750 92.5000 0.68
May Department 577778103 MA 21,400 886,665 1,091,400 204,735 50.0000 51.0000 2.00
McDonald's 580135101 MCD 20,700 634,566 991,012 356,445 48.2500 47.8750 (0.78)
Merck & Company Inc 589331107 MRK 17,500 730,112 1,058,750 328,637 60.7500 60.5000 (0.41)
Minnesota Mining & 604059105 MMM 35,000 2,034,639 2,301,250 266,610 66.0000 65.7500 (0.38)
Mobil Corporation 607059102 MOB 11,000 1,005,747 1,265,000 259,252 117.3750 115.0000 (2.02)
Morgan (J.P.) & Co. 616880100 JPM 24,500 1,675,553 2,061,062 385,508 84.1250 84.1250 0.00
Morton Int'l 619331101 MII 46,500 1,361,491 1,644,937 283,445 35.2500 35.3750 0.35
Pacific Gas & 694308107 PCG 40,000 1,097,681 910,000 (187,681) 22.6250 22.7500 0.55
J.C. Penney Company, 708160106 JCP 22,200 983,370 1,098,900 115,530 49.3750 49.5000 0.25
PepsiCo, Inc. 713448108 PEP 22,600 895,520 1,435,100 539,580 61.3750 63.5000 3.46
Pfizer Inc. 717081103 PFE 20,200 824,550 1,391,275 566,725 68.1250 68.8750 1.10
Philip Morris Cos., 718154107 MO 16,500 1,081,713 1,487,062 405,348 89.5000 90.1250 0.70
Procter & Gamble Co. 742718109 PG 21,000 1,419,126 1,774,500 355,373 84.2500 84.5000 0.30
Public Service 744573106 PEG 40,000 1,121,629 1,045,000 (76,629) 26.1250 26.1250 0.00
Royal Dutch 780257705 RD 7,700 883,250 1,103,025 219,775 144.0000 143.2500 (0.52)
Sara Lee Corporation 803111103 SLE 47,000 1,392,450 1,457,000 64,550 30.8750 31.0000 0.40
Schlumberger Ltd. 806857108 SLB 23,400 1,370,037 2,065,050 695,012 88.5000 88.2500 (0.28)
Sears Roebuck & Co. 812387108 S 15,900 460,459 793,012 332,553 49.5000 49.8750 0.76
Texas Utilities 882848104 TXU 18,600 661,125 748,650 87,525 39.6250 40.2500 1.58
Transamerica 893485102 TA 22,100 1,251,102 1,679,600 428,497 76.0000 76.0000 0.00
United Technologies 913017109 UTX 20,100 1,467,122 2,221,050 753,927 108.3750 110.5000 1.96
WMX Technologies, 92929Q107 WMX 60,000 1,701,902 2,085,000 383,098 34.1250 34.7500 1.83
Subtotals 1,193,500 54,588,084 70,314,900 15,726,815
</TABLE>
Page 1
<PAGE>
Income Equity Fund (13103200) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INCOME EQUITY; NOT ASSIGNED
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
===> Repurchase Agreements
Bear, Stearns & Co., BS 5,502,588 5,502,588 5,502,588 0 N/A N/A N/A
Subtotals 5,502,588 5,502,588 5,502,588 0
Segment Totals Shares 1,193,500
Face Amt 5,502,588 60,090,672 75,817,488 15,726,815
Fund Totals Shares 1,193,500
Face Amt 5,502,588 60,090,672 75,817,488 15,726,815
Today Yesterday Unit Change % Change
Dow Jones Industrial Average 999.99 999.99 0.00 0.000
</TABLE>
Page 2
<PAGE>
International Fund ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INTERNATIONAL; NOT ASSIGNED
===> Common Stock
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
International Core CFIN16001 IIF 5,858,762 121,303,180 139,500,067 18,196,887 23.8723 23.8105 (0.26)
Subtotals 5,858,762 121,303,180 139,500,067 18,196,887
Segment Totals Shares 5,858,762
Face Amt 0 121,303,180 139,500,067 18,196,887
Fund Totals Shares 5,858,762
Face Amt 0 121,303,180 139,500,067 18,196,887
Today Yesterday Unit Change % Change
Dow Jones Industrial Average 999.99 999.99 0.00 0.000
</TABLE>
Page 1
<PAGE>
Growth Equity Fund (131037..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
LARGE COMPANY GROWTH; NOT ASSIGNED
===> Cash Account
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Airtouch 00949T100 ATI 74,000 2,112,633 2,312,500 199,866 31.8750 31.2500 (1.96)
Alco Standard 013788104 ASN 39,400 1,549,920 2,280,275 730,354 57.3750 57.8750 0.87
American Int'l Group 026874107 AIG 131,150 8,751,763 11,983,831 3,232,067 91.0000 91.3750 0.41
Amgen, Inc. 031162100 AMGN 71,600 4,442,178 4,117,000 (325,178) 56.8750 57.5000 1.10
Autozone Inc. 053332102 AZO 214,600 5,485,220 7,832,900 2,347,679 36.5000 36.5000 0.00
Cisco Systems, Inc. 17275R102 CSCO 152,800 5,907,629 7,926,500 2,018,870 52.0000 51.8750 (0.24)
Cintas 172908105 CTAS 70,200 2,592,346 3,773,250 1,180,903 53.5000 53.7500 0.47
Coca Cola Co 191216100 KO 111,200 6,002,306 9,062,800 3,060,493 81.1250 81.5000 0.46
Columbia/HCA 197677107 COL 152,900 7,903,057 8,122,812 219,754 52.6250 53.1250 0.95
Corporate Express 219888104 CEXP 117,000 3,238,846 4,372,875 1,134,028 36.7500 37.3750 1.70
DST Systems, Inc. 233326107 DST 83,900 2,082,442 3,083,325 1,000,882 37.7500 36.7500 (2.65)
Danka Business 236277109 DANKY 103,400 2,696,891 4,963,200 2,266,308 48.9375 48.0000 (1.92)
Disney Walt Co 254687106 DIS 78,600 3,782,190 4,873,200 1,091,010 61.8750 62.0000 0.20
Donaldson,Lufkin,Jen 257661108 DLJ 78,400 2,399,011 2,646,000 246,988 34.1250 33.7500 (1.10)
Ericsson(l.m.) 294821400 ERICY 405,600 6,201,964 8,264,100 2,062,135 20.3125 20.3750 0.31
First Data Corp. 319963104 FDC 174,700 9,595,824 13,277,200 3,681,375 76.1250 76.0000 (0.16)
Fiserv, Inc. 337738108 FISV US 104,400 2,499,387 3,184,200 684,813 30.7500 30.5000 (0.81)
Franklin Resources, 354613101 BEN 159,000 6,807,802 9,102,750 2,294,947 57.3750 57.2500 (0.22)
General Mtrs Corp Cl 370442402 GME 125,200 4,826,918 7,058,150 2,231,231 56.2500 56.3750 0.22
General Re Corp 370563108 GRN 13,500 2,084,702 1,928,812 (155,889) 143.1250 142.8750 (0.17)
HBO & Company 404100109 HBOC 43,200 3,284,976 5,130,000 1,845,023 117.5000 118.7500 1.06
Hewlett-Packard 428236103 HWP 91,800 7,662,005 9,719,325 2,057,319 107.2500 105.8750 (1.28)
Home Depot Inc 437076102 HD 148,600 6,878,000 7,039,925 161,924 47.3750 47.3750 0.00
Intel 458140100 INTC 176,400 6,754,108 11,951,100 5,196,991 68.1250 67.7500 (0.55)
Lowes Companies, Inc 548661107 LOW 131,700 4,989,240 4,263,787 (725,453) 32.1250 32.3750 0.78
Medaphis Corp 584028104 MEDA 208,000 6,043,196 9,594,000 3,550,803 46.7500 46.1250 (1.34)
Microsoft Corp 594918104 MSFT 131,500 9,041,340 14,908,812 5,867,471 112.6250 113.3750 0.67
Molex Inc. Cl A 608554200 MOLXA 145,843 3,898,073 4,375,290 477,216 30.2500 30.0000 (0.83)
Motorola 620076109 MOT 63,000 3,856,566 3,858,750 2,183 61.7500 61.2500 (0.81)
Office Depot Inc 676220106 ODP 427,400 10,642,345 9,563,075 (1,079,270) 22.2500 22.3750 0.56
Paychex, Inc. 704326107 PAYX 55,150 1,668,152 3,736,412 2,068,260 68.5000 67.7500 (1.09)
Petsmart Inc 716768106 PETM 111,450 2,815,323 4,945,593 2,130,270 42.7500 44.3750 3.80
Pfizer Inc. 717081103 PFE 91,000 5,498,139 6,267,625 769,485 68.1250 68.8750 1.10
Philip Morris Cos., 718154107 MO 61,900 4,349,735 5,578,737 1,229,002 89.5000 90.1250 0.70
T. Rowe Price 741477103 TROW 85,600 3,169,801 4,772,200 1,602,398 56.5000 55.7500 (1.33)
Schwab Charles Corp 808513105 SCH 461,300 5,985,018 11,301,850 5,316,831 25.1250 24.5000 (2.49)
Solectron Corp 834182107 SLR 97,100 2,862,850 4,320,950 1,458,099 45.0000 44.5000 (1.11)
Sungard Data 867363103 SNDT 65,500 1,770,734 2,177,875 407,140 34.2500 33.2500 (2.92)
Viking Office 926913104 VKNG 42,600 1,469,797 2,529,375 1,059,577 60.1250 59.3750 (1.25)
Subtotals 5,100,593 183,602,444 246,200,365 62,597,920
</TABLE>
Page 1
<PAGE>
Growth Equity Fund (131037..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
LARGE COMPANY GROWTH; NOT ASSIGNED
===> Repurchase Agreements
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Bear, Stearns & Co., BS 2,938,614 2,938,614 2,938,614 0 N/A N/A N/A
Subtotals 2,938,614 2,938,614 2,938,614 0
Segment Totals Shares 5,100,593
Face Amt 2,938,614 186,541,059 249,138,979 62,597,920
</TABLE>
Page 2
<PAGE>
Growth Equity Fund (131037..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
SMALL COMPANY GROWTH; NOT ASSIGNED
===> Cash Account
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
Small Company NP CFSC16003 SCGF 7,474,847 173,415,206 251,373,131 77,957,924 33.6482 33.6292 (0.06)
Subtotals 7,474,847 173,415,206 251,373,131 77,957,924
Segment Totals Shares 7,474,847
Face Amt 0 173,415,206 251,373,131 77,957,924
</TABLE>
Page 3
<PAGE>
Growth Equity Fund (131037..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INTERNATIONAL; NOT ASSIGNED
===> Cash Account
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
International Core CFI216002 IIF 8,692,708 177,771,377 210,319,203 32,547,826 24.2469 24.1949 (0.21)
Subtotals 8,692,708 177,771,377 210,319,203 32,547,826
Segment Totals Shares 8,692,708
Face Amt 0 177,771,377 210,319,203 32,547,826
</TABLE>
Page 4
<PAGE>
Growth Equity Fund (131037..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
SHORT MATURITY INVESTMENT FUND; NOT ASSIGNED
===> Cash Account
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Repurchase Agreements
Bear, Stearns & Co., BS 1,782,201 1,782,201 1,782,201 0 N/A N/A N/A
Subtotals 1,782,201 1,782,201 1,782,201 0
Segment Totals Shares 0
Face Amt 1,782,201 1,782,201 1,782,201 0
Fund Totals Shares 21,268,148
Face Amt 4,720,815 539,509,843 712,613,515 173,103,671
Today Yesterday Unit Change % Change
Dow Jones Industrial Average 999.99 999.99 0.00 0.000
</TABLE>
Page 5
<PAGE>
Diversified Equity Fund (131036..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INCOME EQUITY; Norwest Capital Mgt Trust & Co. - DR/JH
<S> <C> <C> <C> <C> <C> <C> <C>
===> Cash Account
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
AT&T Corporation 001957109 T 125,000 6,719,600 7,656,250 936,650 61.5000 61.2500 (0.41)
American Brands Inc. 024703100 AMB 119,500 4,277,536 4,974,187 696,651 41.7500 41.6250 (0.30)
American Express 025816109 AXP 90,000 2,767,500 4,365,000 1,597,500 48.2500 48.5000 0.52
American General 026351106 AGC 119,000 3,576,284 4,179,875 603,590 34.7500 35.1250 1.08
American Home 026609107 AHP 38,200 2,478,225 4,030,100 1,551,875 106.8750 105.5000 (1.29)
Atlantic Richfield 048825103 ARC 45,000 4,948,013 5,298,750 350,736 118.5000 117.7500 (0.63)
Chevron Corporation 166751107 CHV 80,000 3,528,930 4,640,000 1,111,070 58.5000 58.0000 (0.85)
Consolidated Natural 209615103 CNG 104,600 3,717,946 4,890,050 1,172,104 46.5000 46.7500 0.54
Dayton Hudson Corp. 239753106 DH 38,700 3,190,275 3,695,850 505,575 93.5000 95.5000 2.14
Deluxe Corp. 248019101 DLX 119,200 3,409,325 4,172,000 762,675 34.7500 35.0000 0.72
Du Pont (E.I.) de 263534109 DD 82,600 4,576,825 6,638,975 2,062,150 79.8750 80.3750 0.63
Dun & Bradstreet 264830100 DNB 100,000 5,646,736 6,087,500 440,763 61.1250 60.8750 (0.41)
Eastman Kodak 277461109 EK 77,900 3,871,062 5,959,350 2,088,287 76.7500 76.5000 (0.33)
Emerson Electric Co 291011104 EMR 50,900 3,225,787 4,256,512 1,030,725 83.3750 83.6250 0.30
Exxon Corporation 302290101 XON 74,800 4,912,052 6,358,000 1,445,947 85.8750 85.0000 (1.02)
FPL Group, Inc. 302571104 FPL 38,200 1,270,150 1,647,375 377,225 42.8750 43.1250 0.58
First Bank System 319279105 FBS 80,000 2,890,000 4,820,000 1,930,000 60.5000 60.2500 (0.41)
GTE Corporation 362320103 GTE 122,200 3,755,840 5,300,425 1,544,585 43.7500 43.3750 (0.86)
General Electric 369604103 GE 76,100 3,703,330 5,897,750 2,194,420 77.6250 77.5000 (0.16)
Hewlett-Packard 428236103 HWP 90,000 4,362,495 9,528,750 5,166,255 107.2500 105.8750 (1.28)
Honeywell Inc. 438506107 HON 145,000 4,638,551 7,630,625 2,992,074 51.8750 52.6250 1.45
Johnson & Johnson 478160104 JNJ 45,900 2,507,287 4,245,750 1,738,462 91.8750 92.5000 0.68
May Department 577778103 MA 56,100 2,145,825 2,861,100 715,275 50.0000 51.0000 2.00
McDonald's 580135101 MCD 71,500 2,055,625 3,423,062 1,367,437 48.2500 47.8750 (0.78)
Merck & Company Inc 589331107 MRK 56,100 2,082,712 3,394,050 1,311,337 60.7500 60.5000 (0.41)
Minnesota Mining & 604059105 MMM 91,300 5,013,776 6,002,975 989,198 66.0000 65.7500 (0.38)
Mobil Corporation 607059102 MOB 35,600 2,938,525 4,094,000 1,155,475 117.3750 115.0000 (2.02)
Morgan (J.P.) & Co. 616880100 JPM 72,000 4,535,268 6,057,000 1,521,731 84.1250 84.1250 0.00
Morton Int'l 619331101 MII 139,000 3,952,938 4,917,125 964,187 35.2500 35.3750 0.35
Pacific Gas & 694308107 PCG 110,000 3,110,164 2,502,500 (607,664) 22.6250 22.7500 0.55
J.C. Penney Company, 708160106 JCP 60,000 2,796,000 2,970,000 174,000 49.3750 49.5000 0.25
PepsiCo, Inc. 713448108 PEP 71,500 2,529,225 4,540,250 2,011,025 61.3750 63.5000 3.46
Pfizer Inc. 717081103 PFE 65,000 2,476,790 4,476,875 2,000,085 68.1250 68.8750 1.10
Philip Morris Cos., 718154107 MO 50,300 3,145,628 4,533,287 1,387,658 89.5000 90.1250 0.70
Procter & Gamble Co. 742718109 PG 64,000 4,024,672 5,408,000 1,383,327 84.2500 84.5000 0.30
Public Service 744573106 PEG 128,000 3,523,218 3,344,000 (179,218) 26.1250 26.1250 0.00
Royal Dutch 780257705 RD 26,800 3,105,950 3,839,100 733,150 144.0000 143.2500 (0.52)
Sara Lee Corporation 803111103 SLE 120,000 3,517,300 3,720,000 202,700 30.8750 31.0000 0.40
Schlumberger Ltd. 806857108 SLB 70,000 3,892,899 6,177,500 2,284,600 88.5000 88.2500 (0.28)
Sears Roebuck & Co. 812387108 S 56,100 1,558,445 2,797,987 1,239,541 49.5000 49.8750 0.76
Texas Utilities 882848104 TXU 53,500 1,751,350 2,153,375 402,025 39.6250 40.2500 1.58
Transamerica 893485102 TA 64,000 3,207,115 4,864,000 1,656,885 76.0000 76.0000 0.00
</TABLE>
Page 1
<PAGE>
Diversified Equity Fund (131036..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INCOME EQUITY; Norwest Capital Mgt Trust & Co. - DR/JH
<S> <C> <C> <C> <C> <C> <C> <C>
===> Common Stock
United Technologies 913017109 UTX 48,400 2,910,050 5,348,200 2,438,150 108.3750 110.5000 1.96
WMX Technologies, 92929Q107 WMX 160,000 4,414,806 5,560,000 1,145,194 34.1250 34.7500 1.83
Subtotals 3,532,000 152,662,039 209,257,462 56,595,423
===> Repurchase Agreements
Bear, Stearns & Co., BS 6,080,721 6,080,721 6,080,721 0 N/A N/A N/A
Subtotals 6,080,721 6,080,721 6,080,721 0
Segment Totals Shares 3,532,000
Face Amt 6,080,721 158,742,761 215,338,184 56,595,423
</TABLE>
Page 2
<PAGE>
Diversified Equity Fund (131036..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INDEX; Portfolio of Core Trust(Delaware)
<S> <C> <C> <C> <C> <C> <C> <C>
===> Cash Account
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
Index NP Fund CFIX16004 INDX 6,799,326 155,384,292 215,704,562 60,320,269 31.7213 31.7244 0.01
Subtotals 6,799,326 155,384,292 215,704,562 60,320,269
Segment Totals Shares 6,799,326
Face Amt 0 155,384,292 215,704,562 60,320,269
</TABLE>
Page 3
<PAGE>
Diversified Equity Fund (131036..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
LARGE COMPANY GROWTH; Peregrine Capital Management - JD/DK
<S> <C> <C> <C> <C> <C> <C> <C>
===> Cash Account
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
Airtouch 00949T100 ATI 64,600 1,816,961 2,018,750 201,788 31.8750 31.2500 (1.96)
Alco Standard 013788104 ASN 35,600 1,378,500 2,060,350 681,849 57.3750 57.8750 0.87
American Int'l Group 026874107 AIG 111,225 7,304,361 10,163,184 2,858,822 91.0000 91.3750 0.41
Amgen, Inc. 031162100 AMGN 63,600 3,952,202 3,657,000 (295,202) 56.8750 57.5000 1.10
Autozone Inc. 053332102 AZO 204,800 5,205,141 7,475,200 2,270,059 36.5000 36.5000 0.00
Cisco Systems, Inc. 17275R102 CSCO 134,500 5,184,464 6,977,187 1,792,723 52.0000 51.8750 (0.24)
Cintas 172908105 CTAS 53,500 1,951,216 2,875,625 924,408 53.5000 53.7500 0.47
Coca-Cola Co 191216100 KO 93,150 4,938,971 7,591,725 2,652,753 81.1250 81.5000 0.46
Columbia/HCA 197677107 COL 134,500 6,952,877 7,145,312 192,434 52.6250 53.1250 0.95
Corporate Express 219888104 CEXP 104,000 2,861,949 3,887,000 1,025,050 36.7500 37.3750 1.70
DST Systems, Inc. 233326107 DST 74,400 1,841,732 2,734,200 892,467 37.7500 36.7500 (2.65)
Danka Business 236277109 DANKY 89,100 2,280,846 4,276,800 1,995,953 48.9375 48.0000 (1.92)
Disney Walt Co 254687106 DIS 71,980 3,397,813 4,462,760 1,064,947 61.8750 62.0000 0.20
Donaldson,Lufkin,Jen 257661108 DLJ 69,600 2,125,431 2,349,000 223,568 34.1250 33.7500 (1.10)
Ericsson (l.m.) 294821400 ERICY 358,400 5,413,461 7,302,400 1,888,938 20.3125 20.3750 0.31
First Data Corp. 319963104 FDC 149,000 8,156,889 11,324,000 3,167,110 76.1250 76.0000 (0.16)
Fiserv, Inc. 337738108 FISV US 96,650 2,292,475 2,947,825 655,349 30.7500 30.5000 (0.81)
Franklin Resources, 354613101 BEN 140,400 5,956,859 8,037,900 2,081,040 57.3750 57.2500 (0.22)
General Mtrs Corp Cl 370442402 GME 109,950 4,103,991 6,198,431 2,094,439 56.2500 56.3750 0.22
General Re Corp 370563108 GRN 11,800 1,823,758 1,685,925 (137,833) 143.1250 142.8750 (0.17)
HBO & Company 404100109 HBOC 37,900 2,859,150 4,500,625 1,641,474 117.5000 118.7500 1.06
Hewlett-Packard 428236103 HWP 81,800 6,799,089 8,660,575 1,861,485 107.2500 105.8750 (1.28)
Home Depot Inc 437076102 HD 134,693 6,277,961 6,381,080 103,119 47.3750 47.3750 0.00
Intel 458140100 INTC 154,700 5,691,988 10,480,925 4,788,936 68.1250 67.7500 (0.55)
Lowes Companies, Inc 548661107 LOW 124,700 4,785,351 4,037,162 (748,188) 32.1250 32.3750 0.78
Medaphis Corp 584028104 MEDA 184,400 5,315,380 8,505,450 3,190,069 46.7500 46.1250 (1.34)
Microsoft Corp 594918104 MSFT 115,920 7,813,773 13,142,430 5,328,656 112.6250 113.3750 0.67
Molex Inc. Cl A 608554200 MOLXA 134,306 3,567,945 4,029,180 461,234 30.2500 30.0000 (0.83)
Motorola 620076109 MOT 55,360 3,294,921 3,390,800 95,878 61.7500 61.2500 (0.81)
Office Depot Inc 676220106 ODP 376,460 9,352,528 8,423,292 (929,236) 22.2500 22.3750 0.56
Paychex, Inc. 704326107 PAYX 45,600 1,333,232 3,089,400 1,756,167 68.5000 67.7500 (1.09)
Petsmart Inc 716768106 PETM 102,400 2,544,785 4,544,000 1,999,214 42.7500 44.3750 3.80
Pfizer Inc. 717081103 PFE 80,500 4,856,943 5,544,437 687,493 68.1250 68.8750 1.10
Philip Morris Cos., 718154107 MO 54,800 3,825,055 4,938,850 1,113,794 89.5000 90.1250 0.70
T. Rowe Price 741477103 TROW 78,600 2,869,118 4,381,950 1,512,831 56.5000 55.7500 (1.33)
Schwab Charles Corp 808513105 SCH 411,200 5,101,156 10,074,400 4,973,243 25.1250 24.5000 (2.49)
Solectron Corp 834182107 SLR 86,200 2,492,593 3,835,900 1,343,306 45.0000 44.5000 (1.11)
Sungard Data 867363103 SNDT 58,400 1,570,593 1,941,800 371,206 34.2500 33.2500 (2.92)
Viking Office 926913104 VKNG 40,400 1,379,060 2,398,750 1,019,690 60.1250 59.3750 (1.25)
Subtotals 4,529,094 160,670,535 217,471,584 56,801,048
</TABLE>
Page 4
<PAGE>
Diversified Equity Fund (131036..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
LARGE COMPANY GROWTH; Peregrine Capital Management - JD/DK
===> Repurchase Agreements
<S> <C> <C> <C> <C> <C> <C> <C>
Bear, Stearns & Co., BS 2,488,997 2,488,997 2,488,997 0 N/A N/A N/A
Subtotals 2,488,997 2,488,997 2,488,997 0
Segment Totals Shares 4,529,094
Face Amt 2,488,997 163,159,533 219,960,581 56,801,048
</TABLE>
Page 5
<PAGE>
Diversified Equity Fund (131036..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
SMALL COMPANY GROWTH; Portfolio of Core Trust (Delaware)
===> Cash Account
<S> <C> <C> <C> <C> <C> <C> <C>
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
Small Company NP CFSC16003 SCGF 2,680,282 62,246,224 90,135,760 27,889,535 33.6482 33.6292 (0.06)
Subtotals 2,680,282 62,246,224 90,135,760 27,889,535
Segment Totals Shares 2,680,282
Face Amt 0 62,246,224 90,135,760 27,889,535
</TABLE>
Page 6
<PAGE>
Diversified Equity Fund (131036..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INTERNATIONAL; Portfolio of Core Trust (Delaware)
===> Cash Account
<S> <C> <C> <C> <C> <C> <C> <C>
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
International Core CFI216002 IIF 5,376,477 109,597,260 130,083,325 20,486,065 24.2469 24.1949 (0.21)
Subtotals 5,376,477 109,597,260 130,083,325 20,486,065
Segment Totals Shares 5,376,477
Face Amt 0 109,597,260 130,083,325 20,486,065
</TABLE>
Page 7
<PAGE>
Diversified Equity Fund (131036..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
SHORT MATURITY INVESTMENT FUND; Norwest Investment Management - DS/LW
===> Cash Account
<S> <C> <C> <C> <C> <C> <C> <C>
Not Applicable $$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Repurchase Agreements
Bear, Stearns & Co., BS 2,182,868 2,182,868 2,182,868 0 N/A N/A N/A
Subtotals 2,182,868 2,182,868 2,182,868 0
Segment Totals Shares 0
Face Amt 2,182,868 2,182,868 2,182,868 0
Fund Totals Shares 22,917,180
Face Amt 10,752,587 651,312,939 873,405,282 222,092,342
Today Yesterday Unit Change % Change
Dow Jones Industrial Average 999.99 999.99 0.00 0.000
</TABLE>
Page 8
<PAGE>
Diversified Bond Fund (131031..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MANAGED FIXED INCOME; Galliard Capital Management - KT/JH
===> Asset Backed Securities
Green Tree, 94-1 A4, 393505BX9 1,100,000 1,119,593 1,090,736 (28,856) 99.5409 99.1579 (0.38)
Subtotals 1,100,000 1,119,593 1,090,736 (28,856)
===> Cash Account
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Collateralized Mortgage Obligations
CMC2 1993-2I A2 125714CD5 848,321 855,612 854,834 (777) 100.8076 100.7677 (0.04)
FHLMC 7.0 061520 3129053H3 655,281 625,885 654,049 28,164 99.8430 99.8120 (0.03)
FHLMC 7.0% 071506 312911UK4 900,000 834,741 894,933 60,192 99.6560 99.4370 (0.22)
FHLMC 6.50% 061515 312912CL0 900,000 840,798 891,135 50,337 99.1590 99.0150 (0.15)
FNMA REMIC PASS 31358GUF2 512,693 502,691 513,626 10,935 100.2880 100.1820 (0.11)
RES FUND 6.70% 760944JA7 2,800,000 2,554,468 2,758,000 203,532 98.6870 98.5000 (0.19)
Subtotals 6,616,297 6,214,195 6,566,579 352,383
===> FRN - Corp. Restricted Security
Reinsurance Group, 759351AA7 1,000,000 1,012,400 980,000 (32,400) 98.5000 98.0000 (0.51)
Subtotals 1,000,000 1,012,400 980,000 (32,400)
===> Fixed Rate Notes - Corporate
Applied Materials, 03822VAD3 900,000 898,758 882,431 (16,326) 98.4459 98.0479 (0.40)
CIT Group Holdings, 12560QAH2 1,000,000 996,650 955,963 (40,687) 95.9009 95.5963 (0.32)
Cargill Inc., 8.35%, 14178#AD5 1,000,000 1,062,000 1,070,925 8,925 107.4315 107.0925 (0.32)
CHRYSLER 5.375% 171205DB0 1,000,000 910,340 975,000 64,660 97.6250 97.5000 (0.13)
Citicorp, 9.50%, 173034FK0 1,000,000 1,123,250 1,112,405 (10,845) 111.5940 111.2405 (0.32)
Coca Cola Bottling 191098AB8 500,000 479,285 475,619 (3,666) 95.7229 95.1238 (0.63)
CONTL BK CHICAGO 211134XL0 1,000,000 1,091,280 1,085,000 (6,280) 108.6250 108.5000 (0.12)
Corestates Captl 218693AH2 675,000 630,936 625,435 (5,500) 93.1253 92.6571 (0.50)
DEAN WITTER 6.25% 24240VAB7 1,000,000 911,580 983,750 72,170 98.6250 98.3750 (0.25)
FED EXPRESS 6.25% 313309AK2 1,000,000 943,970 995,000 51,030 99.6250 99.5000 (0.13)
First Data Corp, 319963AB0 1,000,000 1,002,590 967,475 (35,115) 97.2747 96.7475 (0.54)
Ford Mtr Cr 6.25%, 345397NJ8 1,300,000 1,233,492 1,204,148 (29,343) 93.1521 92.6268 (0.56)
Heller Financial 423328BA0 1,000,000 984,870 1,033,750 48,880 103.5000 103.3750 (0.12)
Intl Lease Finance, 45974VNP9 625,000 616,125 618,136 2,011 99.1002 98.9019 (0.20)
Lehman Brothers 524908AA8 1,000,000 999,070 1,086,207 87,137 109.4526 108.6207 (0.76)
PAINE WEBBER 7.0% 695629AM7 1,000,000 914,990 998,780 83,790 100.0670 99.8780 (0.19)
Whitman 7.5%, 2/1/03 96647KAA0 750,000 764,152 759,125 (5,027) 101.6681 101.2167 (0.44)
Subtotals 15,750,000 15,563,338 15,829,151 265,812
===> Floating Rate Notes - Agency
FNMA VAR RT 072397 31364AVB5 1,800,000 1,692,756 1,830,148 137,392 101.8402 101.6749 (0.16)
</TABLE>
Page 1
<PAGE>
Diversified Bond Fund (131031..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MANAGED FIXED INCOME; Galliard Capital Management - KT/JH
Subtotals 1,800,000 1,692,756 1,830,148 137,392
===> Mortgage Backed Securities
GNMA 7.5 051501 #665 362025W20 160 158 161 3 100.6240 100.4550 (0.17)
GNMA 6.5 121502 362027PB4 2,159 2,000 2,119 119 98.8430 98.1510 (0.70)
GNR 94-7 PG, 3837H0GE7 1,000,000 976,406 964,949 (11,457) 96.8869 96.4949 (0.40)
Subtotals 1,002,320 978,564 967,229 (11,335)
===> Receivables Backed Securities
Keystone, 7.45%, 525177AT8 1,000,000 999,531 991,933 (7,598) 99.6133 99.1933 (0.42)
Subtotals 1,000,000 999,531 991,933 (7,598)
===> Repurchase Agreements
Bear, Stearns & Co., BS 1,578,188 1,578,188 1,578,188 0 N/A N/A N/A
Subtotals 1,578,188 1,578,188 1,578,188 0
===> U.S. Treasury Obligations
UST Note, 6.375%, 912827G55 500,000 504,609 496,093 (8,516) 99.6875 99.2186 (0.47)
UST Note, 5.00%, 912827N65 8,000,000 7,817,500 7,760,000 (57,500) 97.1875 97.0000 (0.19)
UST Note, 6.25%, 912827V25 5,750,000 5,792,226 5,721,250 (70,976) 99.7500 99.5000 (0.25)
UST Note, 912827W24 5,000,000 4,903,125 4,846,875 (56,250) 97.3125 96.9375 (0.39)
UST Note, 5.00%, 912827W57 5,500,000 5,424,375 5,410,625 (13,750) 98.5000 98.3750 (0.13)
UST Note, 5.25%, 912827W65 1,000,000 959,140 954,375 (4,765) 95.8125 95.4375 (0.39)
Subtotals 25,750,000 25,400,976 25,189,218 (211,758)
Segment Totals Shares 0
Face Amt 55,596,805 54,559,545 55,023,184 463,639
</TABLE>
Page 2
<PAGE>
Diversified Bond Fund (131031..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN BOND; United Capital Managment - DK/MB
===> Cash Account
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Fixed Rate Bonds - Agency
FNMA, 5.92%, due 31364CAC2 1,000,000 999,687 993,330 (6,357) 99.4392 99.3330 (0.11)
Subtotals 1,000,000 999,687 993,330 (6,357)
===> Fixed Rate Notes - Corporate
Boston Edison Co., 100599BG3 1,000,000 997,010 993,423 (3,587) 99.3891 99.3423 (0.05)
Houston Industries, 442161AC9 1,250,000 1,260,725 1,258,648 (2,076) 100.7412 100.6919 (0.05)
USX Corporation, 902905AJ7 1,150,000 1,188,582 1,185,954 (2,627) 103.2075 103.1265 (0.08)
Subtotals 3,400,000 3,446,317 3,438,026 (8,291)
===> Repurchase Agreements
Bear, Stearns & Co., BS 4,040,597 4,040,597 4,040,597 0 N/A N/A N/A
Subtotals 4,040,597 4,040,597 4,040,597 0
===> U.S. Treasury Obligations
UST 912810DM7 2,400,000 3,208,500 3,161,246 (47,253) 132.3436 131.7186 (0.47)
UST Bond, 9.375%, 912810DU9 2,700,000 3,271,218 3,214,687 (56,531) 119.5625 119.0625 (0.42)
UST Bond, 8.125%, 912810ED6 2,175,000 2,473,722 2,427,160 (46,561) 112.3436 111.5936 (0.67)
UST Note, 8.25%, 912827B50 1,800,000 1,887,187 1,879,309 (7,877) 104.5625 104.4061 (0.15)
UST Note, 6.75%, 912827F64 4,100,000 4,148,687 4,143,562 (5,125) 101.1250 101.0625 (0.06)
UST Note, 7.25%, 912827Q88 3,200,000 3,364,000 3,314,995 (49,004) 104.0625 103.5936 (0.45)
UST Note, 912827R79 4,375,000 4,476,513 4,466,595 (9,918) 102.1875 102.0936 (0.09)
UST Note, 7.125%, 912827T28 4,325,000 4,473,333 4,437,173 (36,160) 102.9061 102.5936 (0.30)
UST Note, 6.875%, 912827T44 3,600,000 3,693,937 3,664,123 (29,814) 102.0625 101.7812 (0.28)
UST Note, 6.25%, 912827U26 4,000,000 4,013,750 3,982,500 (31,250) 99.8125 99.5625 (0.25)
UST Note, 6.125%, 912827U67 5,800,000 5,790,031 5,747,428 (42,602) 99.3750 99.0936 (0.28)
UST Note, 5.875%, 912827U75 1,900,000 1,896,437 1,889,903 (6,534) 99.6250 99.4686 (0.16)
UST Note, 912827WW8 2,450,000 2,618,820 2,603,125 (15,695) 106.4375 106.2500 (0.18)
UST Note, 8.50%, 912827ZB1 1,625,000 1,679,843 1,675,781 (4,062) 103.2186 103.1250 (0.09)
Subtotals 44,450,000 46,995,984 46,607,592 (388,392)
Segment Totals Shares 0
Face Amt 52,890,597 55,482,586 55,079,545 (403,040)
</TABLE>
Page 3
<PAGE>
Diversified Bond Fund (131031..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
POSITIVE RETURN; Peregrine Capital Managment - PB/BG/KV
===> Asset Backed Securities
ML ASSET BK 5.5% 55305RAT3 173,121 171,404 173,066 1,661 99.9680 99.9680 0.00
Subtotals 173,121 171,404 173,066 1,661
===> Cash Account
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Floating Rate Notes - Agency
SLMA, due 7/1/96 86387RRL8 5,000,000 4,999,419 4,999,575 155 99.9928 99.9915 (0.00)
Subtotals 5,000,000 4,999,419 4,999,575 155
===> Receivables Backed Securities
Bombardier Rec 09775PAA6 2,720,000 2,737,299 2,722,448 (14,851) 100.0900 100.0900 0.00
Carco Auto Loan 141389AJ5 2,700,000 2,708,859 2,700,240 (8,619) 100.0079 100.0089 0.00
Discover Card 92-A A 25466LAS6 216,666 213,873 216,192 2,318 99.7810 99.7810 0.00
First USA Credit 337435AK7 2,700,000 2,695,518 2,703,048 7,530 100.1129 100.1129 0.00
Peoples Bank Credit 710318AC0 2,700,000 2,701,687 2,703,375 1,687 100.1250 100.1250 0.00
Subtotals 11,036,666 11,057,237 11,045,303 (11,934)
===> Repurchase Agreements
Bear, Stearns & Co., BS 18,396,789 18,396,789 18,396,789 0 N/A N/A N/A
Subtotals 18,396,789 18,396,789 18,396,789 0
===> U.S. Treasury Obligations
UST Bond, 7.125%, 912810EP9 6,175,000 6,390,300 6,217,453 (172,847) 101.1561 100.6875 (0.46)
UST Bond, 6.25%, 912810EQ7 4,000,000 3,726,250 3,611,244 (115,006) 90.8436 90.2811 (0.62)
UST Bond, 7.5%, 912810ES3 10,000,000 10,845,312 10,565,610 (279,702) 106.2811 105.6561 (0.59)
Subtotals 20,175,000 20,961,863 20,394,307 (567,556)
Segment Totals Shares 0
Face Amt 54,781,577 55,586,714 55,009,041 (577,672)
Fund Totals Shares 0
Face Amt 163,268,980 165,628,846 165,111,771 (517,074)
Today Yesterday Unit Change % Change
Dow Jones Industrial Average 999.99 999.99 0.00 0.000
</TABLE>
Page 4
<PAGE>
Intermediate Government Income Fund ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INTERMEDIATE GOVERNMENT INCOME; NOT ASSIGNED
===> Cash Management Accounts
Federated Treasury FD5000001 942,676 942,676 942,676 0 N/A N/A N/A
Dreyfus Treasury FD9970001 1,691,638 1,691,638 1,691,638 0 N/A N/A N/A
Subtotals 2,634,314 2,634,314 2,634,314 0
===> Fixed Rate Notes - Agency
FHLB 6.41% due 3133926E7 1,000,000 1,003,125 961,650 (41,475) 96.6330 96.1650 (0.48)
FNMA, 6.18%, due 31364BZG8 1,500,000 1,497,810 1,475,160 (22,650) 98.5900 98.3440 (0.25)
SLMA, 6.05%, 9/14/00 863871UP2 2,000,000 2,002,812 1,963,060 (39,752) 98.3750 98.1530 (0.23)
TVA, 8.375%, due 880591BA9 2,000,000 2,041,140 2,122,500 81,360 106.3750 106.1250 (0.24)
TVA, 6.00%, due 880591CH3 3,000,000 2,998,170 2,943,750 (54,420) 98.3750 98.1250 (0.25)
Subtotals 9,500,000 9,543,057 9,466,120 (76,937)
===> Mortgage Backed Securities
FNMA 160159, 7.516%, 31366VZY3 2,500,000 2,589,843 2,550,700 (39,143) 102.1990 102.0280 (0.17)
FNMA Pool 160337 31366WBE1 2,977,331 3,015,362 2,980,100 (35,261) 100.2490 100.0930 (0.16)
FNMA 7 Yr Balloon 31373UNF0 1,989,755 2,004,367 1,925,307 (79,060) 96.9790 96.7610 (0.22)
Subtotals 7,467,087 7,609,574 7,456,107 (153,466)
===> U.S. Treasury Obligations
UST Bond, 10.75%, 912810DD7 3,000,000 3,557,343 3,691,800 134,456 123.6400 123.0600 (0.47)
UST Bond, 13.75%, 912810DK1 1,700,000 2,462,875 2,453,746 (9,129) 145.0730 144.3380 (0.51)
UST Note, 8.25%, 912827B50 5,950,000 6,259,945 6,210,550 (49,394) 104.5520 104.3790 (0.17)
UST Note, 5.75%, 912827H47 3,000,000 3,007,285 2,993,160 (14,125) 99.8710 99.7720 (0.10)
UST Note, 7.50%, 912827S86 3,000,000 3,174,062 3,156,990 (17,072) 105.7800 105.2330 (0.52)
UST Note, 8.0%, 912827YK2 2,500,000 2,577,031 2,542,175 (34,856) 101.7280 101.6870 (0.04)
UST Note, 8.5%, 912827YN6 5,000,000 5,453,125 5,357,850 (95,275) 107.4400 107.1570 (0.26)
Subtotals 24,150,000 26,491,667 26,406,271 (85,396)
Segment Totals Shares 0
Face Amt 43,751,401 46,278,613 45,962,813 (315,800)
Fund Totals Shares 0
Face Amt 43,751,401 46,278,613 45,962,813 (315,800)
Today Yesterday Unit Change % Change
Dow Jones Industrial Average N/A 999.99 N/A N/A
</TABLE>
Page 1
<PAGE>
Conservative Balanced Fund (131038..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MANAGED FIXED INCOME; Galliard Capital Management - KT/JH
===> Cash Account
Not Applicable - CMA |$$CASH$$ 736,843 736,843 736,843 0 N/A N/A N/A
Subtotals 736,843 736,843 736,843 0
===> Collateralized Mortgage Obligations
CMC2 1993-2I A2 125714CD5 363,566 366,690 366,357 (333) 100.8076 100.7677 (0.04)
FHLMC Ser 1338 H, 312911UK4 435,000 431,873 432,550 677 99.6560 99.4370 (0.22)
FHLMC Ser 1374 B, 312912CL0 350,000 345,843 346,552 708 99.1590 99.0150 (0.15)
FNMA REMIC PASS 31358GUF2 170,897 167,563 171,208 3,645 100.2880 100.1820 (0.11)
RES FUND 6.70% 760944JA7 1,000,000 912,310 985,000 72,690 98.6870 98.5000 (0.19)
Subtotals 2,319,464 2,224,281 2,301,669 77,388
===> FRN-Corp. Restricted Security
Reinsurance Group, 759351AA7 500,000 495,895 490,000 (5,895) 98.5000 98.0000 (0.51)
Subtotals 500,000 495,895 490,000 (5,895)
===> Fixed Rate Bonds - Corporate
Heller Financial, 423328BA0 400,000 417,792 413,500 (4,292) 103.5000 103.3750 (0.12)
Subtotals 400,000 417,792 413,500 (4,292)
===> Fixed Rate Notes - Corporate
Applied Materials, 03822VAD3 400,000 399,448 392,191 (7,256) 98.4459 98.0479 (0.40)
Citi Grp 12560QAH2 400,000 388,756 382,385 (6,370) 95.9009 95.5963 (0.32)
Cargill Inc., 8.35%, 14178#AD5 500,000 531,000 535,462 4,462 107.4315 107.0925 (0.32)
CHRYSLER 5.375% 171205DB0 500,000 455,170 487,500 32,330 97.6250 97.5000 (0.13)
Citicorp, 9.50%, 173034FK0 400,000 449,300 444,962 (4,338) 111.5940 111.2405 (0.32)
Coca Cola Bottling 191098AB8 100,000 95,857 95,123 (733) 95.7229 95.1238 (0.63)
CONTL BK CHICAGO 211134XL0 400,000 436,512 434,000 (2,512) 108.6250 108.5000 (0.12)
Corestates Captl 218693AH2 250,000 233,680 231,642 (2,037) 93.1253 92.6571 (0.50)
Dean Wittr Disc 24240VAB7 300,000 298,233 294,759 (3,474) 98.5449 98.2530 (0.30)
Federal Exp 313309AK2 200,000 200,164 198,790 (1,373) 99.5171 99.3951 (0.12)
Ford Motor Credit, 345397NJ8 500,000 497,765 463,134 (34,631) 93.1521 92.6268 (0.56)
Intl Lease Finance 45974VNP9 250,000 246,450 247,254 804 99.1002 98.9019 (0.20)
PAINE WEBBER 7.0% 695629AM7 500,000 457,495 499,390 41,895 100.0670 99.8780 (0.19)
Subtotals 4,700,000 4,689,830 4,706,595 16,765
===> Floating Rate Notes - Agency
FNMA VAR RT 072397 31364AVB5 700,000 658,294 711,724 53,430 101.8402 101.6749 (0.16)
Subtotals 700,000 658,294 711,724 53,430
===> Mortgage Backed Securities
GNR 94-7 PG, 3837H0GE7 500,000 488,203 482,474 (5,728) 96.8869 96.4949 (0.40)
</TABLE>
Page 1
<PAGE>
Conservative Balanced Fund (131038..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MANAGED FIXED INCOME; Galliard Capital Management - KT/JH
Subtotals 500,000 488,203 482,474 (5,728)
===> Receivables Backed Securities
Keystone, 7.45%, 525177AT8 300,000 299,859 297,579 (2,279) 99.6133 99.1933 (0.42)
Subtotals 300,000 299,859 297,579 (2,279)
===> Stripped Securities
RESOL FDG STRIP 76116EAW0 500,000 342,653 388,950 46,296 78.0460 77.7900 (0.33)
Subtotals 500,000 342,653 388,950 46,296
===> U.S. Treasury Obligations
UST Note, 7.50%, 912827F49 2,500,000 2,662,500 2,624,215 (38,285) 105.3125 104.9686 (0.33)
UST Note, 5.00%, 912827N65 3,000,000 2,931,562 2,910,000 (21,562) 97.1875 97.0000 (0.19)
UST Note, 6.50%, 912827U83 1,500,000 1,512,656 1,480,779 (31,877) 99.0625 98.7186 (0.35)
UST Note, 6.25%, 912827V25 500,000 503,671 497,500 (6,171) 99.7500 99.5000 (0.25)
UST Note, 5.00%, 912827W57 4,500,000 4,438,125 4,426,875 (11,250) 98.5000 98.3750 (0.13)
Subtotals 12,000,000 12,048,515 11,939,369 (109,146)
Segment Totals Shares 0
Face Amt 22,656,308 22,402,168 22,468,707 66,538
</TABLE>
Page 2
<PAGE>
Conservative Balanced Fund (131038..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INCOME EQUITY; Norwest Capital Mgt Trust & Co. - DR/JH
===> Cash Account
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
American Tel & 001957109 T 5,300 282,370 324,625 42,255 61.5000 61.2500 (0.41)
American Brands Inc 024703100 AMB 4,100 137,350 170,662 33,312 41.7500 41.6250 (0.30)
American Express Co 025816109 AXP 4,700 144,525 227,950 83,425 48.2500 48.5000 0.52
American General 026351106 AGC 4,300 119,664 151,037 31,373 34.7500 35.1250 1.08
American Home 026609107 AHP 2,100 136,237 221,550 85,312 106.8750 105.5000 (1.29)
Atlantic Richfield 048825103 ARC 1,500 158,218 176,625 18,406 118.5000 117.7500 (0.63)
Chevron Corporation 166751107 CHV 4,100 175,411 237,800 62,388 58.5000 58.0000 (0.85)
Consolidated Natural 209615103 CNG 5,100 182,853 238,425 55,571 46.5000 46.7500 0.54
Dayton Hudson Corp 239753106 DH 2,100 174,300 200,550 26,250 93.5000 95.5000 2.14
Deluxe Corp 248019101 DLX 6,500 186,875 227,500 40,625 34.7500 35.0000 0.72
Du Pont E I De 263534109 DD 4,100 227,037 329,537 102,500 79.8750 80.3750 0.63
Dun & Bradstreet 264830100 DNB 5,000 281,901 304,375 22,473 61.1250 60.8750 (0.41)
Eastman Kodak Co 277461109 EK 3,500 167,175 267,750 100,575 76.7500 76.5000 (0.33)
Emerson Electric 291011104 EMR 3,000 190,125 250,875 60,750 83.3750 83.6250 0.30
Exxon Corporation 302290101 XON 3,300 197,910 280,500 82,590 85.8750 85.0000 (1.02)
FPL Group Inc 302571104 FPL 2,200 73,150 94,875 21,725 42.8750 43.1250 0.58
First Bank System 319279105 FBS 4,300 155,337 259,075 103,737 60.5000 60.2500 (0.41)
GTE Corp 362320103 GTE 6,500 199,875 281,937 82,062 43.7500 43.3750 (0.86)
General Electric Co 369604103 GE 4,000 193,862 310,000 116,137 77.6250 77.5000 (0.16)
Hewlett-Packard 428236103 HWP 4,700 227,373 497,612 270,238 107.2500 105.8750 (1.28)
Honeywell Inc 438506107 HON 7,700 245,812 405,212 159,399 51.8750 52.6250 1.45
Johnson & Johnson 478160104 JNJ 2,400 131,100 222,000 90,900 91.8750 92.5000 0.68
May Dept Stores 577778103 MA 3,300 126,225 168,300 42,075 50.0000 51.0000 2.00
Macdonalds Corp 580135101 MCD 4,100 117,875 196,287 78,412 48.2500 47.8750 (0.78)
Merck & Company Inc 589331107 MRK 3,100 115,087 187,550 72,462 60.7500 60.5000 (0.41)
Minnesota Mining & 604059105 MMM 4,000 215,432 263,000 47,567 66.0000 65.7500 (0.38)
Mobil Corp 607059102 MOB 1,800 147,825 207,000 59,175 117.3750 115.0000 (2.02)
J P Morgan & Company 616880100 JPM 3,500 210,963 294,437 83,474 84.1250 84.1250 0.00
Morton International 619331101 MII 6,900 195,052 244,087 49,035 35.2500 35.3750 0.35
Pacific Gas & 694308107 PCG 3,600 103,411 81,900 (21,511) 22.6250 22.7500 0.55
J.C. Penney Company, 708160106 JCP 400 17,640 19,800 2,160 49.3750 49.5000 0.25
Pepsico 713448108 PEP 3,500 123,375 222,250 98,875 61.3750 63.5000 3.46
Pfizer Inc. 717081103 PFE 3,400 129,458 234,175 104,716 68.1250 68.8750 1.10
Philip Morris Cos., 718154107 MO 3,000 184,125 270,375 86,250 89.5000 90.1250 0.70
Procter & Gamble 742718109 PG 2,500 155,625 211,250 55,625 84.2500 84.5000 0.30
Public Svc 744573106 PEG 6,200 171,799 161,975 (9,824) 26.1250 26.1250 0.00
Royal Dutch 780257705 RD 1,300 142,512 186,225 43,712 144.0000 143.2500 (0.52)
Sara Lee Corporation 803111103 SLE 3,500 100,507 108,500 7,992 30.8750 31.0000 0.40
Schlumberger Ltd 806857108 SLB 4,100 232,110 361,825 129,714 88.5000 88.2500 (0.28)
Sears Roebuck & Co 812387108 S 3,000 83,339 149,625 66,285 49.5000 49.8750 0.76
Texas Utilities 882848104 TXU 2,500 81,715 100,625 18,910 39.6250 40.2500 1.58
Transamerica 893485102 TA 3,800 190,325 288,800 98,475 76.0000 76.0000 0.00
</TABLE>
Page 3
<PAGE>
Conservative Balanced Fund (131038..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INCOME EQUITY; Norwest Capital Mgt Trust & Co. - DR/JH
===> Common Stock
United Technologies 913017109 UTX 2,800 168,350 309,400 141,050 108.3750 110.5000 1.96
WMX Tech Inc 92929Q107 WMX 6,500 179,859 225,875 46,016 34.1250 34.7500 1.83
Subtotals 167,300 7,181,081 10,173,737 2,992,656
===> Repurchase Agreements
Bear, Stearns & Co., BS 402,492 402,492 402,492 0 N/A N/A N/A
Subtotals 402,492 402,492 402,492 0
Segment Totals Shares 167,300
Face Amt 402,492 7,583,573 10,576,230 2,992,656
</TABLE>
Page 4
<PAGE>
Conservative Balanced Fund (131038..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INDEX; Portfolio of Core Trust(Delaware)
===> Cash Account
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
Index NP Fund CFIX16004 INDX 334,395 7,578,454 10,608,482 3,030,028 31.7213 31.7244 0.01
Subtotals 334,395 7,578,454 10,608,482 3,030,028
Segment Totals Shares 334,395
Face Amt 0 7,578,454 10,608,482 3,030,028
</TABLE>
Page 5
<PAGE>
Conservative Balanced Fund (131038..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
LARGE COMPANY GROWTH; Peregrine Capital Management - JD/DK
===> Cash Account
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
Airtouch 00949T100 ATI 3,400 98,132 106,250 8,117 31.8750 31.2500 (1.96)
Alco Standard 013788104 ASN 1,750 66,884 101,281 34,396 57.3750 57.8750 0.87
American Int'l Group 026874107 AIG 5,550 367,884 507,131 139,247 91.0000 91.3750 0.41
Amgen, Inc. 031162100 AMGN 3,200 198,492 184,000 (14,492) 56.8750 57.5000 1.10
Autozone Inc. 053332102 AZO 9,900 253,829 361,350 107,521 36.5000 36.5000 0.00
Cisco Systems, Inc. 17275R102 CSCO 6,200 241,625 321,625 79,999 52.0000 51.8750 (0.24)
Cintas 172908105 CTAS 3,700 136,131 198,875 62,743 53.5000 53.7500 0.47
Coca Cola Co 191216100 KO 4,500 239,878 366,750 126,871 81.1250 81.5000 0.46
Columbia/HCA 197677107 COL 6,800 350,773 361,250 10,476 52.6250 53.1250 0.95
Corporate Express 219888104 CEXP 4,700 130,905 175,662 44,757 36.7500 37.3750 1.70
DST Systems, Inc. 233326107 DST 3,800 94,008 139,650 45,641 37.7500 36.7500 (2.65)
Danka Business 236277109 DANKY 4,400 113,567 211,200 97,632 48.9375 48.0000 (1.92)
Disney Walt Co 254687106 DIS 3,600 171,801 223,200 51,398 61.8750 62.0000 0.20
Donaldson,Lufkin,Jen 257661108 DLJ 3,600 110,549 121,500 10,950 34.1250 33.7500 (1.10)
Ericsson (l.m.) 294821400 ERICY 18,000 272,616 366,750 94,133 20.3125 20.3750 0.31
First Data Corp. 319963104 FDC 7,200 391,351 547,200 155,848 76.1250 76.0000 (0.16)
Fiserv, Inc. 337738108 FISV US 4,700 110,136 143,350 33,213 30.7500 30.5000 (0.81)
Franklin Resources, 354613101 BEN 6,700 287,025 383,575 96,549 57.3750 57.2500 (0.22)
General Mtrs Corp Cl 370442402 GME 5,400 201,091 304,425 103,333 56.2500 56.3750 0.22
General Re Corp 370563108 GRN 400 61,972 57,150 (4,822) 143.1250 142.8750 (0.17)
HBO & Company 404100109 HBOC 1,600 119,542 190,000 70,457 117.5000 118.7500 1.06
Hewlett-Packard 428236103 HWP 4,100 342,054 434,087 92,032 107.2500 105.8750 (1.28)
Home Depot Inc 437076102 HD 5,900 275,660 279,512 3,852 47.3750 47.3750 0.00
Intel 458140100 INTC 7,200 258,186 487,800 229,613 68.1250 67.7500 (0.55)
Lowes Companies, Inc 548661107 LOW 5,800 226,333 187,775 (38,558) 32.1250 32.3750 0.78
Medaphis Corp 584028104 MEDA 9,100 257,332 419,737 162,405 46.7500 46.1250 (1.34)
Microsoft Corp 594918104 MSFT 5,700 389,778 646,237 256,459 112.6250 113.3750 0.67
Molex Inc. Cl A 608554200 MOLXA 6,656 175,424 199,680 24,255 30.2500 30.0000 (0.83)
Motorola 620076109 MOT 2,900 171,513 177,625 6,111 61.7500 61.2500 (0.81)
Office Depot Inc 676220106 ODP 17,800 446,577 398,275 (48,302) 22.2500 22.3750 0.56
Paychex, Inc. 704326107 PAYX 2,400 66,916 162,600 95,683 68.5000 67.7500 (1.09)
Petsmart Inc 716768106 PETM 5,650 144,975 250,718 105,742 42.7500 44.3750 3.80
Pfizer Inc. 717081103 PFE 3,800 234,745 261,725 26,979 68.1250 68.8750 1.10
Philip Morris Cos., 718154107 MO 2,600 179,873 234,325 54,451 89.5000 90.1250 0.70
T. Rowe Price 741477103 TROW 3,900 141,986 217,425 75,438 56.5000 55.7500 (1.33)
Schwab Charles Corp 808513105 SCH 20,600 254,685 504,700 250,014 25.1250 24.5000 (2.49)
Solectron Corp 834182107 SLR 4,600 142,317 204,700 62,382 45.0000 44.5000 (1.11)
Sungard Data 867363103 SNDT 2,800 74,551 93,100 18,549 34.2500 33.2500 (2.92)
Viking Office 926913104 VKNG 2,400 79,962 142,500 62,537 60.1250 59.3750 (1.25)
Subtotals 223,006 7,881,075 10,674,698 2,793,623
</TABLE>
Page 6
<PAGE>
Conservative Balanced Fund (131038..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
LARGE COMPANY GROWTH; Peregrine Capital Management - JD/DK
===> Repurchase Agreements
Bear, Stearns & Co., BS 161,378 161,378 161,378 0 N/A N/A N/A
Subtotals 161,378 161,378 161,378 0
Segment Totals Shares 223,006
Face Amt 161,378 8,042,453 10,836,077 2,793,623
</TABLE>
Page 7
<PAGE>
Conservative Balanced Fund (131038..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SMALL COMPANY GROWTH; Portfolio of Core Trust (Delaware)
===> Cash Account
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
Small Company NP CFSC16003 SCGF 131,036 3,062,802 4,406,636 1,343,834 33.6482 33.6292 (0.06)
Subtotals 131,036 3,062,802 4,406,636 1,343,834
Segment Totals Shares 131,036
Face Amt 0 3,062,802 4,406,636 1,343,834
</TABLE>
Page 8
<PAGE>
Conservative Balanced Fund (131038..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INTERNATIONAL; Portfolio of Core Trust (Delaware)
===> Cash Account
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
International Core CFI216002 IIF 265,189 5,439,479 6,416,240 976,761 24.2469 24.1949 (0.21)
Subtotals 265,189 5,439,479 6,416,240 976,761
Segment Totals Shares 265,189
Face Amt 0 5,439,479 6,416,240 976,761
</TABLE>
Page 9
<PAGE>
Conservative Balanced Fund (131038..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
STABLE INCOME FUND; Norwest Investment Management - MG/HH
===> Asset Backed Securities
AFC Mortgage ABS 00105HAT3 528,418 531,142 528,910 (2,232) 100.1354 100.0932 (0.04)
GMAC Trust 4.50%, 36187TAA3 361,853 360,609 360,897 288 99.7409 99.7359 (0.01)
GMAC Trust 4.00%, 36187WAA6 426,256 422,193 423,237 1,044 99.3099 99.2919 (0.02)
Green Tree Fin 393505BE1 661,635 652,227 656,480 4,252 99.2399 99.2209 (0.02)
Green Tree Fin 94-1 393505BU5 669,786 654,506 667,956 13,450 99.7589 99.7269 (0.03)
Green Tree Fin 393505EK4 188,348 188,289 188,913 623 100.3099 100.2999 (0.01)
Sasco 1995 C3 863572FV0 459,145 459,145 459,140 (5) 99.9993 99.9989 (0.00)
Subtotals 3,295,442 3,268,115 3,285,537 17,422
===> Cash Account
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Collateralized Mortgage Obligations
FHLMC Ser 1096 D 3129053H3 546,068 551,230 546,712 (4,518) 100.1699 100.1179 (0.05)
FHLB DU-98 1 313389QM3 900,000 829,125 882,295 53,170 98.1461 98.0328 (0.12)
FHLMC-GNMA Ser 24 ZC 3133T2JY7 679,339 655,350 655,766 415 96.6579 96.5299 (0.13)
FHLMC 1694 PL 3133T4NF9 1,000,000 990,312 988,439 (1,873) 98.9039 98.8439 (0.06)
FNMA Swap Trust 31359LKJ3 1,384,567 1,384,567 1,381,500 (3,066) 99.7795 99.7785 (0.00)
MNB 1990-1 A 574112AA6 374,895 375,833 375,832 (0) 100.2479 100.2500 0.00
MLCC 94 B A1 59020QAG9 450,458 450,775 450,458 (316) 100.0000 100.0000 0.00
RTC 1992-C2 A2 76116NHF0 1,668,251 1,683,891 1,670,462 (13,429) 100.2121 100.1325 (0.08)
RTC 92 M3 A4, due 76116NHY9 954,178 969,683 957,159 (12,524) 100.3740 100.3124 (0.06)
RTC 1992 C3 A3 76116NJY7 1,000,236 1,012,739 1,008,350 (4,389) 100.8117 100.8112 (0.00)
RTC 1992-7 A2D, 76116NLD0 736,270 746,854 741,990 (4,863) 100.8225 100.7769 (0.05)
RTC 1992 18P-A4 76116NTA8 606,003 606,003 605,428 (574) 99.9056 99.9052 (0.00)
Sears Mortgage 812373HG6 140,347 140,347 140,014 (332) 99.7759 99.7629 (0.01)
Subtotals 10,440,617 10,396,715 10,404,410 7,695
===> Fixed Rate Notes - Corporate
BankAmerica 066050BU8 250,000 251,982 249,742 (2,240) 99.9574 99.8968 (0.06)
Chrysler Fin Corp., 17120QPY1 300,000 304,278 298,835 (5,442) 99.7339 99.6117 (0.12)
First Bank N.A. 31925EAB2 200,000 186,592 185,986 (606) 93.4550 92.9930 (0.49)
Subtotals 750,000 742,852 734,563 (8,289)
===> Mortgage Backed Securities
FNMA ARM Pool 318464 31374MWZ3 543,341 547,331 553,596 6,265 102.1375 101.8875 (0.24)
FNMA ARM Pool 321051 31374QTG0 869,183 883,850 883,491 (358) 101.8965 101.6462 (0.25)
FNMA ARM Pool 331866 31375DTX1 557,327 562,378 564,146 1,767 101.4755 101.2234 (0.25)
Subtotals 1,969,852 1,993,560 2,001,234 7,673
===> Municipal Bonds
</TABLE>
Page 10
<PAGE>
Conservative Balanced Fund (131038..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
STABLE INCOME FUND; Norwest Investment Management - MG/HH
===> Municipal Bonds
LA County Pension 54474CCJ4 330,000 330,000 330,412 412 100.1250 100.1250 0.00
Utah School Rmktd 917556DP4 500,000 517,830 496,421 (21,408) 99.7219 99.2843 (0.44)
Subtotals 830,000 847,830 826,834 (20,996)
===> Receivables Backed Securities
Daimler-Benz Auto, 233832AA2 525,947 520,482 522,696 2,214 99.3889 99.3819 (0.01)
Ford Cr Grantor Tr 34527KAA6 402,547 400,786 401,867 1,080 99.8439 99.8309 (0.01)
Subtotals 928,495 921,269 924,563 3,294
===> Repurchase Agreements
Bear, Stearns & Co., BS 2,107,271 2,107,271 2,107,271 0 N/A N/A N/A
Subtotals 2,107,271 2,107,271 2,107,271 0
===> U.S. Treasury Obligations
UST Note, 6.125%, 912827V41 1,900,000 1,945,507 1,881,590 (63,916) 99.2811 99.0311 (0.25)
Subtotals 1,900,000 1,945,507 1,881,590 (63,916)
Segment Totals Shares 0
Face Amt 22,221,679 22,223,121 22,166,004 (57,116)
</TABLE>
Page 11
<PAGE>
Conservative Balanced Fund (131038..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SHORT MATURITY INVESTMENT FUND; Norwest Investment Management - DS/LW
===> Cash Account
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Commercial Paper
Atlas Funding Corp. 04932LEF1 500,000 498,930 498,930 0 N/A N/A N/A
Jet Funding Corp. 47712AEX1 500,000 497,771 497,771 0 N/A N/A N/A
Southland Corp, 84443JGX9 500,000 493,478 493,228 (250) 98.6308 98.6456 0.02
Sydney Capital Corp. 87123LEV0 500,000 497,892 497,892 0 N/A N/A N/A
Working Capital Mgt 91837RF54 500,000 497,044 497,044 0 N/A N/A N/A
Subtotals 2,500,000 2,485,117 2,484,866 (250)
===> Fixed Rate Notes - Corporate
Ford Motor Credit, 345402LS8 500,000 499,600 499,495 (105) 99.8973 99.8990 0.00
Subtotals 500,000 499,600 499,495 (105)
===> Floating Rate Notes - Corporate
Bear, Stearns & Co., 073908LQ6 500,000 500,350 500,107 (242) 100.0256 100.0215 (0.00)
Ford Motor Credit, 345402KT7 500,000 498,840 499,679 839 99.9324 99.9359 0.00
Sigma Finance, SIGMA5396 500,000 500,055 500,000 (55) 99.9986 100.0000 0.00
Subtotals 1,500,000 1,499,245 1,499,787 542
===> Repurchase Agreements
Bear, Stearns & Co., BS 10,342,462 10,342,462 10,342,462 0 N/A N/A N/A
Subtotals 10,342,462 10,342,462 10,342,462 0
Segment Totals Shares 0
Face Amt 14,842,462 14,826,425 14,826,611 186
</TABLE>
Page 12
<PAGE>
Conservative Balanced Fund (131038..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN BOND; United Capital Managment - DK/MB
===> Cash Account
Not Applicable $$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Fixed Rate Notes - Agency
Federal Farm Credit 31331NUR3 175,000 175,298 173,858 (1,440) 99.4188 99.3477 (0.07)
FNMA, 5.375%, due 31359CCC7 225,000 224,947 222,155 (2,791) 98.8335 98.7358 (0.10)
FNMA, 6.06%, due 31364BLX6 225,000 225,210 224,835 (375) 99.9800 99.9269 (0.05)
FNMA, 5.92%, due 31364CAC2 225,000 225,000 223,499 (1,500) 99.4392 99.3330 (0.11)
Subtotals 850,000 850,456 844,348 (6,107)
===> Fixed Rate Notes - Corporate
AMR Corp., 7.47%, 00176LDS7 500,000 507,085 505,676 (1,408) 101.1682 101.1353 (0.03)
Cigna Corp 8.00% 125509AC3 200,000 203,486 201,294 (2,192) 100.6863 100.6470 (0.04)
Chrysler Fin Corp 171205DE4 425,000 436,490 430,938 (5,552) 101.4512 101.3973 (0.05)
General Motors Acc. 37042M5C3 550,000 544,395 548,560 4,164 99.7739 99.7382 (0.04)
Houston Industries, 442161AC9 500,000 504,290 503,459 (830) 100.7412 100.6919 (0.05)
McDermott 58003QAD9 275,000 282,326 279,125 (3,201) 101.5000 101.5000 0.00
National Rural 637432BC8 200,000 210,548 207,211 (3,336) 103.6457 103.6056 (0.04)
Ohio Edison, 8.50%, 677347BH8 375,000 382,278 375,022 (7,255) 100.0061 100.0061 0.00
Salomon Inc., MTN 79549KD20 500,000 491,285 497,177 5,892 99.4696 99.4355 (0.03)
USX Corporation, 902905AJ7 280,000 292,420 288,754 (3,666) 103.2075 103.1265 (0.08)
Subtotals 3,805,000 3,854,606 3,837,219 (17,386)
===> Repurchase Agreements
Bear, Stearns & Co., BS 569,455 569,455 569,455 0 N/A N/A N/A
Subtotals 569,455 569,455 569,455 0
===> U.S. Treasury Obligations
UST Bond 9.375% due 912810DU9 1,200,000 1,499,625 1,428,750 (70,875) 119.5625 119.0625 (0.42)
UST Bond, 8.125%,due 912810ED6 975,000 1,151,566 1,088,037 (63,528) 112.3436 111.5936 (0.67)
UST Note, 8.00%, 912827A85 250,000 268,515 266,875 (1,640) 107.0625 106.7500 (0.29)
UST Note, 8.25%, 912827B50 525,000 560,355 548,132 (12,223) 104.5625 104.4061 (0.15)
UST Note, 7.25%, due 912827Q88 1,375,000 1,460,351 1,424,412 (35,939) 104.0625 103.5936 (0.45)
UST Note, 912827R79 250,000 259,089 255,234 (3,855) 102.1875 102.0936 (0.09)
UST Note, 7.50%,due 912827S37 1,225,000 1,256,677 1,241,078 (15,599) 101.3436 101.3125 (0.03)
UST Note, 6.875%, 912827S94 500,000 506,171 505,155 (1,016) 101.1250 101.0311 (0.09)
UST Note, 7.125%, 912827T28 1,025,000 1,092,417 1,051,584 (40,833) 102.9061 102.5936 (0.30)
UST Note, 6.875%, 912827T44 1,375,000 1,453,750 1,399,491 (54,258) 102.0625 101.7812 (0.28)
UST Note, 6.25%, 912827U26 1,350,000 1,394,609 1,344,093 (50,515) 99.8125 99.5625 (0.25)
UST Note, 6.125%, 912827U67 1,150,000 1,192,425 1,139,576 (52,849) 99.3750 99.0936 (0.28)
UST Note, 5.875%, 912827U75 575,000 583,714 571,944 (11,770) 99.6250 99.4686 (0.16)
UST Note, 912827WW8 2,400,000 2,627,250 2,550,000 (77,250) 106.4375 106.2500 (0.18)
UST Note, 8.5%, 912827YN6 650,000 725,308 696,312 (28,996) 107.4686 107.1250 (0.32)
</TABLE>
Page 13
<PAGE>
Conservative Balanced Fund (131038..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN BOND; United Capital Managment - DK/MB
===> U.S. Treasury Obligations
UST Note, 8.5%, 912827YT3 100,000 104,171 102,625 (1,546) 102.6875 102.6250 (0.06)
UST Note, 8.875%, 912827YW6 400,000 454,812 435,250 (19,562) 109.1250 108.8125 (0.29)
UST Note, 8.75%, 912827ZE5 975,000 1,110,859 1,060,616 (50,242) 109.0625 108.7812 (0.26)
Subtotals 16,300,000 17,701,673 17,109,168 (592,504)
Segment Totals Shares 0
Face Amt 21,524,455 22,976,192 22,360,193 (615,999)
</TABLE>
Page 14
<PAGE>
Conservative Balanced Fund (131038..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
POSITIVE RETURN; Peregrine Capital Managment - PB/BG/KV
===> Cash Account
Not Applicable $$CASH$$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Receivable Backed Securities
CVYMT 1994-2 A 16678KAC6 1,000,000 1,001,093 1,001,789 695 100.1789 100.1789 0.00
Subtotals 1,000,000 1,001,093 1,001,789 695
===> Receivables Backed Securities
Bombardier Rec 09775PAA6 1,700,000 1,710,812 1,701,530 (9,282) 100.0900 100.0900 0.00
Carco Auto Loan Mstr 141389AJ5 1,000,000 1,003,593 1,000,089 (3,504) 100.0079 100.0089 0.00
Discover Card 92-A A 25466LAS6 83,333 82,259 83,150 891 99.7810 99.7810 0.00
IBMMT 1993-1 A 44922GAA5 515,885 495,250 510,668 15,418 99.0199 98.9887 (0.03)
Signet Credit Card 826908AL9 1,000,000 1,000,937 999,239 (1,698) 99.9219 99.9239 0.00
Subtotals 4,299,219 4,292,852 4,294,677 1,824
===> Repurchase Agreements
Bear, Stearns & Co., BS 15,996,455 15,996,455 15,996,455 0 N/A N/A N/A
Subtotals 15,996,455 15,996,455 15,996,455 0
===> U.S. Treasury Obligations
UST Bond, 6.25%, 912810EQ7 800,000 823,750 722,248 (101,501) 90.8436 90.2811 (0.62)
UST Bond, 7.5%, 912810ES3 725,000 868,527 766,006 (102,520) 106.2811 105.6561 (0.59)
Subtotals 1,525,000 1,692,277 1,488,255 (204,021)
Segment Totals Shares 0
Face Amt 22,820,674 22,982,679 22,781,177 (201,501)
Fund Totals Shares 1,120,926
Face Amt 104,629,451 137,117,350 147,446,361 10,329,010
Today Yesterday Unit Change % Change
Dow Jones Industrial Average 999.99 999.99 0.00 0.000
</TABLE>
Page 15
<PAGE>
Moderate Balanced Fund (131039..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
MANAGED FIXED INCOME; NOT ASSIGNED
===> Cash Account
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Not Applicable - CMA |$$CASH$$ 214,799 214,799 214,799 0 N/A N/A N/A
Subtotals 214,799 214,799 214,799 0
===> Collateralized Mortgage Obligations
CMC2 1993-2I A2 125714CD5 848,321 855,612 854,834 (777) 100.8076 100.7677 (0.04)
FHLMC Ser 1338 H, 312911UK4 900,000 893,531 894,933 1,401 99.6560 99.4370 (0.22)
FHLMC Ser 1374 B, 312912CL0 900,000 889,312 891,135 1,822 99.1590 99.0150 (0.15)
FNMA REMIC PASS 31358GUF2 341,795 335,127 342,417 7,290 100.2880 100.1820 (0.11)
RES FUND 6.70% 760944JA7 2,100,000 1,915,851 2,068,500 152,649 98.6870 98.5000 (0.19)
Subtotals 5,090,117 4,889,434 5,051,820 162,386
===> FRN-Corp. Restricted Security
Reinsurance Group, 759351AA7 1,000,000 991,790 980,000 (11,790) 98.5000 98.0000 (0.51)
Subtotals 1,000,000 991,790 980,000 (11,790)
===> Fixed Rate Notes - Corporate
Applied Materials, 03822VAD3 850,000 848,827 833,407 (15,419) 98.4459 98.0479 (0.40)
Citi Grp 12560QAH2 800,000 777,512 764,770 (12,741) 95.9009 95.5963 (0.32)
Cargill Inc., 8.35%, 14178#AD5 1,100,000 1,168,200 1,178,017 9,817 107.4315 107.0925 (0.32)
CHRYSLER 5.375% 171205DB0 1,100,000 1,001,374 1,072,500 71,126 97.6250 97.5000 (0.13)
Citicorp, 9.50%, 173034FK0 1,000,000 1,123,250 1,112,405 (10,845) 111.5940 111.2405 (0.32)
Coca Cola Bottling 191098AB8 500,000 479,285 475,619 (3,666) 95.7229 95.1238 (0.63)
CONTL BK CHICAGO 211134XL0 800,000 873,024 868,000 (5,024) 108.6250 108.5000 (0.12)
Corestates Captl 218693AH2 650,000 607,568 602,271 (5,296) 93.1253 92.6571 (0.50)
Dean Wittr Disc 24240VAB7 650,000 646,171 638,644 (7,527) 98.5449 98.2530 (0.30)
Federal Exp 313309AK2 450,000 450,369 447,277 (3,091) 99.5171 99.3951 (0.12)
Ford Motor Credit, 345397NJ8 1,100,000 1,095,083 1,018,894 (76,188) 93.1521 92.6268 (0.56)
Heller Financial, 423328BA0 800,000 835,584 827,000 (8,584) 103.5000 103.3750 (0.12)
Intl Lease Finance, 45974VNP9 625,000 616,125 618,136 2,011 99.1002 98.9019 (0.20)
Lehman Brths Hldgs 524908AA8 750,000 839,025 814,655 (24,369) 109.4526 108.6207 (0.76)
PAINE WEBBER 7.0% 695629AM7 1,100,000 1,006,489 1,098,658 92,169 100.0670 99.8780 (0.19)
Subtotals 12,275,000 12,367,886 12,370,257 2,371
===> Floating Rate Notes - Agency
FNMA VAR RT 072397 31364AVB5 1,400,000 1,316,588 1,423,448 106,860 101.8402 101.6749 (0.16)
Subtotals 1,400,000 1,316,588 1,423,448 106,860
===> Mortgage Backed Securities
GNR 94-7 PG, 3837H0GE7 1,000,000 976,406 964,949 (11,457) 96.8869 96.4949 (0.40)
Subtotals 1,000,000 976,406 964,949 (11,457)
</TABLE>
Page 1
<PAGE>
Moderate Balanced Fund (131039..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
MANAGED FIXED INCOME; NOT ASSIGNED
===> Receivables Backed Securities
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Keystone, 7.45%, 525177AT8 500,000 499,765 495,966 (3,799) 99.6133 99.1933 (0.42)
Subtotals 500,000 499,765 495,966 (3,799)
===> Stripped Securities
RESOL FDG STRIP 76116EAW0 1,000,000 685,307 777,900 92,592 78.0460 77.7900 (0.33)
Subtotals 1,000,000 685,307 777,900 92,592
===> U.S. Treasury Obligations
UST Note, 7.50%, 912827F49 3,000,000 3,195,000 3,149,058 (45,942) 105.3125 104.9686 (0.33)
UST Note, 5.75%, 912827L83 4,000,000 3,866,250 3,803,744 (62,506) 95.5625 95.0936 (0.49)
UST Notes, 5.0%, 912827N65 6,000,000 5,863,125 5,820,000 (43,125) 97.1875 97.0000 (0.19)
UST Note, 6.5%, 912827T85 950,000 957,718 937,531 (20,187) 99.1561 98.6875 (0.47)
UST Note, 5.875%, 912827U75 7,000,000 6,995,625 6,962,802 (32,823) 99.6250 99.4686 (0.16)
UST Note, 6.25%, 912827V25 3,500,000 3,525,468 3,482,500 (42,968) 99.7500 99.5000 (0.25)
UST Note, 5.00%, 912827W57 8,000,000 7,890,000 7,870,000 (20,000) 98.5000 98.3750 (0.13)
Subtotals 32,450,000 32,293,187 32,025,635 (267,552)
Segment Totals Shares 0
Face Amt 54,929,916 54,235,164 54,304,776 69,611
</TABLE>
Page 2
<PAGE>
Moderate Balanced Fund (131039..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INCOME EQUITY; NOT ASSIGNED
===> Cash Account
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
American Tel & 001957109 T 25,200 1,331,910 1,543,500 211,590 61.5000 61.2500 (0.41)
American Brands Inc 024703100 AMB 17,400 582,900 724,275 141,375 41.7500 41.6250 (0.30)
American Express Co 025816109 AXP 21,000 645,750 1,018,500 372,750 48.2500 48.5000 0.52
American General 026351106 AGC 18,000 500,872 632,250 131,378 34.7500 35.1250 1.08
American Home 026609107 AHP 8,000 519,000 844,000 325,000 106.8750 105.5000 (1.29)
Atlantic Richfield 048825103 ARC 4,900 516,337 576,975 60,637 118.5000 117.7500 (0.63)
Chevron Corp 166751107 CHV 14,900 622,075 864,200 242,125 58.5000 58.0000 (0.85)
Consolidated Nat Gas 209615103 CNG 18,700 656,837 874,225 217,387 46.5000 46.7500 0.54
Dayton Hudson Corp 239753106 DH 8,700 722,100 830,850 108,750 93.5000 95.5000 2.14
Deluxe Corp 248019101 DLX 27,400 787,750 959,000 171,250 34.7500 35.0000 0.72
Du Pont E I De 263534109 DD 18,700 1,035,512 1,503,012 467,500 79.8750 80.3750 0.63
Dun & Bradstreet 264830100 DNB 18,800 1,054,140 1,144,450 90,310 61.1250 60.8750 (0.41)
Eastman Kodak Co 277461109 EK 15,200 714,150 1,162,800 448,650 76.7500 76.5000 (0.33)
Emerson Electric 291011104 EMR 11,500 728,812 961,687 232,875 83.3750 83.6250 0.30
Exxon Corporation 302290101 XON 13,500 809,687 1,147,500 337,812 85.8750 85.0000 (1.02)
FPL Group Inc 302571104 FPL 9,400 312,550 405,375 92,825 42.8750 43.1250 0.58
First Bank System 319279105 FBS 17,000 614,125 1,024,250 410,125 60.5000 60.2500 (0.41)
GTE Corp 362320103 GTE 27,400 842,550 1,188,475 345,925 43.7500 43.3750 (0.86)
General Electric Co 369604103 GE 15,800 765,472 1,224,500 459,027 77.6250 77.5000 (0.16)
Hewlett-Packard 428236103 HWP 19,000 917,697 2,011,625 1,093,927 107.2500 105.8750 (1.28)
Honeywell Inc 438506107 HON 27,000 836,011 1,420,875 584,863 51.8750 52.6250 1.45
Johnson & Johnson 478160104 JNJ 9,000 491,625 832,500 340,875 91.8750 92.5000 0.68
May Dept Stores 577778103 MA 13,700 524,025 698,700 174,675 50.0000 51.0000 2.00
Macdonalds Corp 580135101 MCD 17,400 500,250 833,025 332,775 48.2500 47.8750 (0.78)
Merck & Company Inc 589331107 MRK 12,000 445,500 726,000 280,500 60.7500 60.5000 (0.41)
Minnesota Mining & 604059105 MMM 18,000 960,365 1,183,500 223,135 66.0000 65.7500 (0.38)
Mobil Corp 607059102 MOB 7,400 607,725 851,000 243,275 117.3750 115.0000 (2.02)
J P Morgan & Company 616880100 JPM 14,200 855,795 1,194,575 338,779 84.1250 84.1250 0.00
Morton Int'l. 619331101 MII 24,900 694,087 880,837 186,750 35.2500 35.3750 0.35
Pacific Gas & 694308107 PCG 17,000 472,720 386,750 (85,970) 22.6250 22.7500 0.55
J.C. Penney Company, 708160106 JCP 5,400 238,140 267,300 29,160 49.3750 49.5000 0.25
Pepsico 713448108 PEP 15,000 528,750 952,500 423,750 61.3750 63.5000 3.46
Pfizer Inc. 717081103 PFE 13,000 494,670 895,375 400,705 68.1250 68.8750 1.10
Philip Morris Cos., 718154107 MO 12,500 767,187 1,126,562 359,375 89.5000 90.1250 0.70
Procter & Gamble 742718109 PG 11,900 740,775 1,005,550 264,775 84.2500 84.5000 0.30
Public Svc 744573106 PEG 21,000 574,233 548,625 (25,608) 26.1250 26.1250 0.00
Royal Dutch 780257705 RD 5,400 591,975 773,550 181,575 144.0000 143.2500 (0.52)
Sara Lee Corporation 803111103 SLE 9,000 244,895 279,000 34,105 30.8750 31.0000 0.40
Schlumberger Ltd 806857108 SLB 14,750 815,646 1,301,687 486,041 88.5000 88.2500 (0.28)
Sears Roebuck & Co 812387108 S 13,680 380,027 682,290 302,262 49.5000 49.8750 0.76
Texas Utilities 882848104 TXU 10,200 353,660 410,550 56,890 39.6250 40.2500 1.58
Transamerica Corp 893485102 TA 15,600 781,185 1,185,600 404,415 76.0000 76.0000 0.00
</TABLE>
Page 3
<PAGE>
Moderate Balanced Fund (131039..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INCOME EQUITY; NOT ASSIGNED
===> Common Stock
<S> <C> <C> <C> <C> <C> <C> <C> <C>
United Technologies 913017109 UTX 11,900 715,487 1,314,950 599,462 108.3750 110.5000 1.96
WMX Tech Inc 92929Q107 WMX 28,800 789,420 1,000,800 211,380 34.1250 34.7500 1.83
Subtotals 679,230 29,084,387 41,393,552 12,309,165
===> Repurchase Agreements
Bear, Stearns & Co., BS 330,985 330,985 330,985 0 N/A N/A N/A
Subtotals 330,985 330,985 330,985 0
Segment Totals Shares 679,230
Face Amt 330,985 29,415,372 41,724,537 12,309,165
</TABLE>
Page 4
<PAGE>
Moderate Balanced Fund (131039..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INDEX; NOT ASSIGNED
===> Cash Account
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Not Applicable - CMA |$$CASH$$ 0 0 0 0
N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
Index NP Fund CFIX16004 INDX 1,318,379 29,419,203 41,824,794 12,405,590 31.7213 31.7244 0.01
Subtotals 1,318,379 29,419,203 41,824,794 12,405,590
Segment Totals Shares 1,318,379
Face Amt 0 29,419,203 41,824,794 12,405,590
</TABLE>
Page 5
<PAGE>
Moderate Balanced Fund (131039..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
LARGE COMPANY GROWTH; NOT ASSIGNED
===> Cash Account
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
Airtouch 00949T100 ATI 13,800 386,352 431,250 44,897 31.8750 31.2500 (1.96)
Alco Standard 013788104 ASN 7,200 275,102 416,700 141,597 57.3750 57.8750 0.87
American Int'l Group 026874107 AIG 22,000 1,434,239 2,010,250 576,010 91.0000 91.3750 0.41
Amgen, Inc. 031162100 AMGN 12,600 783,818 724,500 (59,318) 56.8750 57.5000 1.10
Autozone Inc. 053332102 AZO 39,700 1,011,222 1,449,050 437,827 36.5000 36.5000 0.00
Cisco Systems, Inc. 17275R102 CSCO 24,100 919,191 1,250,187 330,996 52.0000 51.8750 (0.24)
Cintas 172908105 CTAS 12,400 449,230 666,500 217,269 53.5000 53.7500 0.47
Coca Cola Co 191216100 KO 19,100 1,001,071 1,556,650 555,579 81.1250 81.5000 0.46
Columbia/HCA 197677107 COL 25,600 1,324,324 1,360,000 35,675 52.6250 53.1250 0.95
Corporate Express 219888104 CEXP 20,300 556,224 758,712 202,488 36.7500 37.3750 1.70
DST Systems, Inc. 233326107 DST 14,800 362,901 543,900 180,998 37.7500 36.7500 (2.65)
Danka Business 236277109 DANKY 17,900 442,760 859,200 416,439 48.9375 48.0000 (1.92)
Disney Walt Co 254687106 DIS 13,200 635,743 818,400 182,657 61.8750 62.0000 0.20
Donaldson,Lufkin,Jen 257661108 DLJ 13,900 424,483 469,125 44,641 34.1250 33.7500 (1.10)
Ericsson (l.m.) 294821400 ERICY 66,200 1,001,410 1,348,825 347,414 20.3125 20.3750 0.31
First Data Corp. 319963104 FDC 29,400 1,563,107 2,234,400 671,292 76.1250 76.0000 (0.16)
Fiserv, Inc. 337738108 FISV US 19,200 446,991 585,600 138,608 30.7500 30.5000 (0.81)
Franklin Resources, 354613101 BEN 26,800 1,162,316 1,534,300 371,983 57.3750 57.2500 (0.22)
General Mtrs Corp Cl 370442402 GME 20,300 754,632 1,144,412 389,780 56.2500 56.3750 0.22
General Re Corp 370563108 GRN 1,700 262,654 242,887 (19,767) 143.1250 142.8750 (0.17)
HBO & Company 404100109 HBOC 6,100 447,121 724,375 277,253 117.5000 118.7500 1.06
Hewlett-Packard 428236103 HWP 15,000 1,246,011 1,588,125 342,113 107.2500 105.8750 (1.28)
Home Depot Inc 437076102 HD 25,400 1,179,778 1,203,325 23,546 47.3750 47.3750 0.00
Intel 458140100 INTC 29,500 1,075,273 1,998,625 923,351 68.1250 67.7500 (0.55)
Lowes Companies, Inc 548661107 LOW 20,700 797,419 670,162 (127,256) 32.1250 32.3750 0.78
Medaphis Corp 584028104 MEDA 36,800 1,028,567 1,697,400 668,832 46.7500 46.1250 (1.34)
Microsoft Corp 594918104 MSFT 23,400 1,540,387 2,652,975 1,112,587 112.6250 113.3750 0.67
Molex Inc. Cl A 608554200 MOLXA 27,443 725,968 823,290 97,321 30.2500 30.0000 (0.83)
Motorola 620076109 MOT 11,200 666,462 686,000 19,537 61.7500 61.2500 (0.81)
Office Depot Inc 676220106 ODP 72,000 1,795,278 1,611,000 (184,278) 22.2500 22.3750 0.56
Paychex, Inc. 704326107 PAYX 10,350 290,720 701,212 410,491 68.5000 67.7500 (1.09)
Petsmart Inc 716768106 PETM 20,250 495,285 898,593 403,308 42.7500 44.3750 3.80
Pfizer Inc. 717081103 PFE 16,500 998,170 1,136,437 138,267 68.1250 68.8750 1.10
Philip Morris Cos., 718154107 MO 10,700 769,311 964,337 195,026 89.5000 90.1250 0.70
T. Rowe Price 741477103 TROW 14,600 525,534 813,950 288,415 56.5000 55.7500 (1.33)
Schwab Charles Corp 808513105 SCH 83,100 1,007,237 2,035,950 1,028,712 25.1250 24.5000 (2.49)
Solectron Corp 834182107 SLR 16,800 493,644 747,600 253,955 45.0000 44.5000 (1.11)
Sungard Data 867363103 SNDT 12,000 323,160 399,000 75,839 34.2500 33.2500 (2.92)
Viking Office 926913104 VKNG 8,400 279,425 498,750 219,325 60.1250 59.3750 (1.25)
Subtotals 880,443 30,882,536 42,255,958 11,373,422
</TABLE>
Page 6
<PAGE>
Moderate Balanced Fund (131039..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
LARGE COMPANY GROWTH; NOT ASSIGNED
===> Repurchase Agreements
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Bear, Stearns & Co., BS 298,515 298,515 298,515 0 N/A N/A N/A
Subtotals 298,515 298,515 298,515 0
Segment Totals Shares 880,443
Face Amt 298,515 31,181,051 42,554,474 11,373,422
</TABLE>
Page 7
<PAGE>
Moderate Balanced Fund (131039..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
SMALL COMPANY GROWTH; NOT ASSIGNED
===> Cash Account
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
Small Company NP CFSC16003 SCGF 506,870 11,824,917 17,045,650 5,220,732 33.6482 33.6292 (0.06)
Subtotals 506,870 11,824,917 17,045,650 5,220,732
Segment Totals Shares 506,870
Face Amt 0 11,824,917 17,045,650 5,220,732
</TABLE>
Page 8
<PAGE>
Moderate Balanced Fund (131039..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
INTERNATIONAL; NOT ASSIGNED
===> Cash Account
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
International Core CFI216002 IIF 1,026,649 20,910,796 24,839,685 3,928,888 24.2469 24.1949 (0.21)
Subtotals 1,026,649 20,910,796 24,839,685 3,928,888
Segment Totals Shares 1,026,649
Face Amt 0 20,910,796 24,839,685 3,928,888
</TABLE>
Page 9
<PAGE>
Moderate Balanced Fund (131039..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
STABLE INCOME FUND; NOT ASSIGNED
===> Asset Backed Securities
<S> <C> <C> <C> <C> <C> <C> <C> <C>
AFC Mortgage ABS 00105HAT3 1,238,480 1,244,865 1,239,634 (5,231) 100.1354 100.0932 (0.04)
GMAC Trust 4.50%, 36187TAA3 725,564 722,997 723,647 650 99.7409 99.7359 (0.01)
GMAC Trust 4.00%, 36187WAA6 888,033 879,569 881,745 2,175 99.3099 99.2919 (0.02)
Green Tree Fin 393505BE1 1,837,875 1,811,743 1,823,556 11,813 99.2399 99.2209 (0.02)
Green Tree Fin 94-1 393505BU5 1,694,164 1,655,516 1,689,537 34,021 99.7589 99.7269 (0.03)
Green Tree Fin 393505EK4 470,870 470,723 472,282 1,559 100.3099 100.2999 (0.01)
Sasco 1995 C3 863572FV0 1,377,436 1,377,436 1,377,421 ( 15) 99.9993 99.9989 (0.00)
Subtotals 8,232,425 8,162,853 8,207,826 44,973
===> Cash Account
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Collateralized Mortgage Obligations
FHLMC Ser 1096 D 3129053H3 1,365,170 1,378,075 1,366,780 (11,295) 100.1699 100.1179 (0.05)
FHLB DU-98 1 313389QM3 2,350,000 2,164,937 2,303,770 138,833 98.1461 98.0328 (0.12)
FHLMC-GNMA Ser 24 ZC 3133T2JY7 1,811,573 1,749,110 1,748,709 (400) 96.6579 96.5299 (0.13)
FHLMC 1694 PL 3133T4NF9 3,000,000 2,970,937 2,965,317 (5,620) 98.9039 98.8439 (0.06)
FNMA Swap Trust 31359LKJ3 FNMA12294 3,692,180 3,692,180 3,684,001 (8,178) 99.7795 99.7785 (0.00)
MNB 1990-1 A 574112AA6 1,339,371 1,342,719 1,342,719 0 100.2479 100.2500 0.00
MLCC 94 B A1 59020QAG9 975,993 976,680 975,993 (686) 100.0000 100.0000 0.00
RTC 1992-C2 A2 76116NHF0 3,892,587 3,929,080 3,897,745 (31,335) 100.2121 100.1325 (0.08)
RTC 92 M3 A4, due 76116NHY9 2,491,466 2,531,952 2,499,249 (32,702) 100.3740 100.3124 (0.06)
RTC 1992 C3 A3 76116NJY7 3,000,710 3,038,219 3,025,052 (13,167) 100.8117 100.8112 (0.00)
RTC 1992-7 A2D, 76116NLD0 1,963,388 1,991,612 1,978,642 (12,970) 100.8225 100.7769 (0.05)
RTC 1992-CHF A2 76116NRF9 810,376 814,682 812,394 (2,288) 100.2493 100.2489 (0.00)
RTC 1992 18P-A4 76116NTA8 1,478,214 1,478,214 1,476,813 (1,401) 99.9056 99.9052 (0.00)
Sears Mortgage 812373HG6 421,041 421,041 420,042 (998) 99.7759 99.7629 (0.01)
Subtotals 28,592,074 28,479,443 28,497,232 17,789
===> Fixed Rate Notes - Agency
FHLB 7.11% due 313390NY8 2,000,000 2,041,250 2,036,578 (4,672) 102.0671 101.8289 (0.23)
Subtotals 2,000,000 2,041,250 2,036,578 (4,672)
===> Fixed Rate Notes - Corporate
Chrysler Fin Corp., 17120QPY1 850,000 862,121 846,699 (15,421) 99.7339 99.6117 (0.12)
Lehman Bros Hldg, 524908AL4 1,043,000 1,101,334 1,095,508 (5,826) 105.2168 105.0344 (0.17)
Subtotals 1,893,000 1,963,455 1,942,208 (21,247)
===> Mortgage Backed Securities
FNMA ARM Pool 318464 31374MWZ3 1,474,284 1,485,111 1,502,111 17,000 102.1375 101.8875 (0.24)
FNMA ARM Pool 331866 31375DTX1 557,327 562,378 564,146 1,767 101.4755 101.2234 (0.25)
</TABLE>
Page 10
<PAGE>
Moderate Balanced Fund (131039..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
STABLE INCOME FUND; NOT ASSIGNED
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Subtotals 2,031,612 2,047,489 2,066,257 18,767
===> Municipal Bonds
LA County Pension 54474CCJ4 885,000 885,000 886,106 1,106 100.1250 100.1250 0.00
Utah School Rmktd 917556DP4 1,100,000 1,139,226 1,092,127 (47,098) 99.7219 99.2843 (0.44)
Subtotals 1,985,000 2,024,226 1,978,233 (45,992)
===> Receivable Backed Securities
Daimler-Benz Auto, 233832AA2 899,824 890,474 894,262 3,787 99.3889 99.3819 (0.01)
Subtotals 899,824 890,474 894,262 3,787
===> Receivables Backed Securities
Ford Cr Grantor Tr 34527KAA6 948,020 943,873 946,417 2,544 99.8439 99.8309 (0.01)
Subtotals 948,020 943,873 946,417 2,544
===> Repurchase Agreements
Bear, Stearns & Co., BS 3,739,660 3,739,660 3,739,660 0 N/A N/A N/A
Subtotals 3,739,660 3,739,660 3,739,660 0
===> U.S. Treasury Obligations
UST Note, 4.75%, 912827M66 8,500,000 8,418,984 8,231,706 (187,278) 97.0311 96.8436 (0.19)
Subtotals 8,500,000 8,418,984 8,231,706 (187,278)
Segment Totals Shares 0
Face Amt 58,821,618 58,711,711 58,540,383 (171,327)
</TABLE>
Page 11
<PAGE>
Moderate Balanced Fund (131039..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
SHORT MATURITY INVESTMENT FUND; NOT ASSIGNED
===> Cash Account
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Not Applicable - CMA $$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Repurchase Agreements
Bear, Stearns & Co., BS 983,107 983,107 983,107 0 N/A N/A N/A
Subtotals 983,107 983,107 983,107 0
Segment Totals Shares 0
Face Amt 983,107 983,107 983,107 0
</TABLE>
Page 12
<PAGE>
Moderate Balanced Fund (131039..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
TOTAL RETURN BOND; NOT ASSIGNED
===> Cash Account
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Fixed Rate Notes - Agency
Federal Farm Credit 31331NUR3 500,000 500,853 496,738 (4,114) 99.4188 99.3477 (0.07)
FNMA, 5.375%, due 31359CCC7 600,000 599,859 592,414 (7,444) 98.8335 98.7358 (0.10)
FNMA, 6.06%, due 31364BLX6 1,550,000 1,551,453 1,548,866 (2,586) 99.9800 99.9269 (0.05)
FNMA, 5.92%, due 31364CAC2 575,000 575,000 571,164 (3,835) 99.4392 99.3330 (0.11)
Subtotals 3,225,000 3,227,165 3,209,185 (17,980)
===> Fixed Rate Notes - Corporate
AMR Corp., 7.47%, 00176LDS7 1,000,000 1,014,170 1,011,353 (2,817) 101.1682 101.1353 (0.03)
Cigna Corp 8.00% 125509AC3 475,000 483,279 478,073 (5,206) 100.6863 100.6470 (0.04)
Chrysler Fin Corp 171205DE4 1,025,000 1,052,762 1,039,322 (13,440) 101.4512 101.3973 (0.05)
General Motors MTN 37042M5C3 1,350,000 1,336,243 1,346,465 10,222 99.7739 99.7382 (0.04)
Houston Industries, 442161AC9 1,250,000 1,260,725 1,258,648 (2,076) 100.7412 100.6919 (0.05)
Limited, Inc., 532716AC1 250,000 260,842 259,275 (1,567) 103.9540 103.7100 (0.23)
McDermott 58003QAD9 750,000 769,975 761,250 (8,725) 101.5000 101.5000 0.00
National Rural 637432BC8 500,000 526,370 518,028 (8,342) 103.6457 103.6056 (0.04)
Ohio Edison, 8.50%, 677347BH8 900,000 917,469 900,054 (17,414) 100.0061 100.0061 0.00
Salomon Inc., MTN 79549KD53 900,000 884,691 895,083 10,392 99.4880 99.4537 (0.03)
USX Corporation, 902905AJ7 675,000 704,943 696,103 (8,839) 103.2075 103.1265 (0.08)
Subtotals 9,075,000 9,211,471 9,163,658 (47,812)
===> Repurchase Agreements
Bear, Stearns & Co., BS 594,885 594,885 594,885 0 N/A N/A N/A
Subtotals 594,885 594,885 594,885 0
===> U.S. Treasury Obligations
UST Bond, 9.375% due 912810DU9 3,025,000 3,761,929 3,601,640 (160,289) 119.5625 119.0625 (0.42)
UST Bond, 7.5%, 912810DX3 1,175,000 1,237,238 1,228,240 (8,997) 105.3125 104.5311 (0.74)
UST Bond, 8.125%,due 912810ED6 1,725,000 2,037,386 1,924,989 (112,397) 112.3436 111.5936 (0.67)
UST Note, 7.875%, 912827A44 500,000 524,609 516,718 (7,891) 103.4686 103.3436 (0.12)
UST Note, 8.25%, 912827B50 1,325,000 1,414,230 1,383,380 (30,849) 104.5625 104.4061 (0.15)
UST Note, 6.875%, 912827Q62 675,000 689,554 686,600 (2,954) 101.9061 101.7186 (0.18)
UST Note, 7.25%, due 912827Q88 3,150,000 3,344,953 3,263,198 (81,754) 104.0625 103.5936 (0.45)
UST Note, 912827R79 375,000 389,033 382,851 (6,182) 102.1875 102.0936 (0.09)
UST Note, 6.875%, 912827S94 1,525,000 1,543,824 1,540,724 (3,099) 101.1250 101.0311 (0.09)
UST Note, 7.125%, 912827T28 2,550,000 2,717,732 2,616,136 (101,595) 102.9061 102.5936 (0.30)
UST Note, 6.875%, 912827T44 3,475,000 3,674,072 3,536,896 (137,175) 102.0625 101.7812 (0.28)
UST Note, 6.25%, 912827U26 2,875,000 2,975,281 2,862,421 (112,859) 99.8125 99.5625 (0.25)
UST Note, 6.125%, 912827U67 2,900,000 3,006,796 2,873,714 (133,082) 99.3750 99.0936 (0.28)
UST Note, 5.875%, 912827U75 1,425,000 1,446,597 1,417,427 (29,170) 99.6250 99.4686 (0.16)
</TABLE>
Page 13
<PAGE>
Moderate Balanced Fund (131039..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
TOTAL RETURN BOND; NOT ASSIGNED
===> U.S. Treasury Obligations
<S> <C> <C> <C> <C> <C> <C> <C> <C>
UST Note, 8.875%, 912827VN9 500,000 530,703 521,250 (9,453) 104.4061 104.2500 (0.15)
UST Note, 912827WW8 6,500,000 7,115,468 6,906,250 (209,218) 106.4375 106.2500 (0.18)
UST Note, 8.50%, 912827YN6 1,700,000 1,896,960 1,821,125 (75,835) 107.4686 107.1250 (0.32)
UST Note, 8.5%, 912827YT3 200,000 208,343 205,250 (3,093) 102.6875 102.6250 (0.06)
UST Note, 8.875%, 912827YW6 1,000,000 1,137,031 1,088,125 (48,906) 109.1250 108.8125 (0.29)
UST Note, 8.75%, 912827ZE5 2,425,000 2,763,203 2,637,944 (125,259) 109.0625 108.7812 (0.26)
Subtotals 39,025,000 42,414,951 41,014,885 (1,400,066)
Segment Totals Shares 0
Face Amt 51,919,885 55,448,473 53,982,614 (1,465,859)
</TABLE>
Page 14
<PAGE>
Moderate Balanced Fund (131039..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
POSITIVE RETURN; NOT ASSIGNED
===> Asset Backed Securities
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Navistar Financial 63934PAB9 2,250,000 2,249,962 2,250,398 435 100.0576 100.0177 (0.04)
Subtotals 2,250,000 2,249,962 2,250,398 435
===> Cash Account
Not Applicable - CMA $$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Receivable Backed Securities
Discover Card 92-A A 25466LAS6 158,333 156,292 157,986 1,694 99.7810 99.7810 0.00
IBMMT 1993-1 A 44922GAA5 1,083,360 1,040,025 1,072,404 32,378 99.0199 98.9887 (0.03)
Subtotals 1,241,693 1,196,318 1,230,390 34,072
===> Receivables Backed Securities
Bombardier Rec 09775PAA6 3,400,000 3,421,624 3,403,060 (18,564) 100.0900 100.0900 0.00
Carco Auto Loan Mstr 141389AJ5 1,750,000 1,756,289 1,750,155 (6,133) 100.0079 100.0089 0.00
CVYMT 1994-2 A 16678KAC6 1,500,000 1,501,640 1,502,683 1,042 100.1789 100.1789 0.00
First USA Credit 337435AK7 1,750,000 1,750,820 1,751,975 1,155 100.1129 100.1129 0.00
Signet Credit Card 826908AL9 1,750,000 1,751,640 1,748,668 (2,972) 99.9219 99.9239 0.00
Subtotals 10,150,000 10,182,014 10,156,543 (25,471)
===> Repurchase Agreements
Bear, Stearns & Co., BS 39,397,677 39,397,677 39,397,677 0 N/A N/A N/A
Subtotals 39,397,677 39,397,677 39,397,677 0
===> U.S. Treasury Obligations
UST Bond, 7.125%, 912810EP9 1,000,000 1,032,968 1,006,875 (26,093) 101.1561 100.6875 (0.46)
UST Bond, 7.5%, 912810ES3 1,000,000 1,197,968 1,056,561 (141,407) 106.2811 105.6561 (0.59)
Subtotals 2,000,000 2,230,937 2,063,436 (167,501)
Segment Totals Shares 0
Face Amt 55,039,371 55,256,910 55,098,446 (158,464)
</TABLE>
Page 15
<PAGE>
Moderate Balanced Fund (131039..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
COMMON ASSETS; NOT ASSIGNED
===> Cash Account
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Not Applicable - CMA $$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
Segment Totals Shares 0
Face Amt 0 0 0 0
Fund Totals Shares 4,411,572
Face Amt 222,323,400 347,386,709 390,898,469 43,511,759
Today Yesterday Unit Change % Change
Dow Jones Industrial Average 5,506.21 999.99 4,506.21 450.622
</TABLE>
Page 16
<PAGE>
Growth Balanced Fund (131034..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MANAGED FIXED INCOME; Galliard Capital Management - KT/JH
===> Asset Backed Securities
Green Tree, 94-1 A4, 393505BX9 1,200,000 1,221,375 1,189,894 (31,480) 99.5409 99.1579 (0.38)
Subtotals 1,200,000 1,221,375 1,189,894 (31,480)
===> Cash Account
Not Applicable $$$CASH$$ 1,597,011 1,597,011 1,597,011 0 N/A N/A N/A
Subtotals 1,597,011 1,597,011 1,597,011 0
===> Collateralized Mortgage Obligation
FHLMC Ser 1096 D, 3129053H3 1,092,136 1,094,184 1,090,083 (4,100) 99.8430 99.8120 (0.03)
Subtotals 1,092,136 1,094,184 1,090,083 (4,100)
===> Collateralized Mortgage Obligations
CMC2 1993-2I A2 125714CD5 848,321 855,612 854,834 (777) 100.8076 100.7677 (0.04)
FHLMC Ser 1338 H, 312911UK4 900,000 893,531 894,933 1,401 99.6560 99.4370 (0.22)
FHLMC Ser 1374 B, 312912CL0 900,000 889,312 891,135 1,822 99.1590 99.0150 (0.15)
FNMA REMIC PASS 31358GUF2 256,346 251,345 256,813 5,467 100.2880 100.1820 (0.11)
RES FUND 6.70% 760944JA7 1,600,000 1,459,696 1,576,000 116,304 98.6870 98.5000 (0.19)
Subtotals 4,504,668 4,349,497 4,473,715 124,218
===> FRN - Corp. Restriceted Security
Reinsurance Group, 759351AA7 1,000,000 991,790 980,000 (11,790) 98.5000 98.0000 (0.51)
Subtotals 1,000,000 991,790 980,000 (11,790)
===> Fixed Rate Notes - Corporate
Applied Materials, 03822VAD3 850,000 848,827 833,407 (15,419) 98.4459 98.0479 (0.40)
Citi Grp 12560QAH2 800,000 777,512 764,770 (12,741) 95.9009 95.5963 (0.32)
Cargill Inc., 8.35%, 14178#AD5 1,000,000 1,062,000 1,070,925 8,925 107.4315 107.0925 (0.32)
CHRYSLER 5.375% 171205DB0 1,100,000 1,001,374 1,072,500 71,126 97.6250 97.5000 (0.13)
Citicorp, 9.50%, 173034FK0 1,000,000 1,123,250 1,112,405 (10,845) 111.5940 111.2405 (0.32)
Coca Cola Bottling 191098AB8 400,000 383,428 380,495 (2,932) 95.7229 95.1238 (0.63)
Continental Bank, 211134XL0 800,000 875,192 868,000 (7,192) 108.6250 108.5000 (0.12)
Corestates Captl 218693AH2 600,000 560,832 555,942 (4,889) 93.1253 92.6571 (0.50)
Dean Wittr Disc 24240VAB7 650,000 646,171 638,644 (7,527) 98.5449 98.2530 (0.30)
Federal Exp 313309AK2 450,000 450,369 447,277 (3,091) 99.5171 99.3951 (0.12)
Ford Motor Credit, 345397NJ8 1,100,000 1,095,083 1,018,894 (76,188) 93.1521 92.6268 (0.56)
Heller Financial, 423328BA0 800,000 835,584 827,000 (8,584) 103.5000 103.3750 (0.12)
Intl Lease Finance, 45974VNP9 500,000 492,900 494,509 1,609 99.1002 98.9019 (0.20)
Lehman Brths Hldgs 524908AA8 750,000 839,025 814,655 (24,369) 109.4526 108.6207 (0.76)
PAINE WEBBER 7.0% 695629AM7 1,000,000 914,990 998,780 83,790 100.0670 99.8780 (0.19)
Subtotals 11,800,000 11,906,537 11,898,207 (8,330)
</TABLE>
Page 1
<PAGE>
Growth Balanced Fund (131034..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MANAGED FIXED INCOME; Galliard Capital Management - KT/JH
===> Floating Rate Notes - Agency
FNMA VAR RT 072397 31364AVB5 1,100,000 1,034,462 1,118,423 83,961 101.8402 101.6749 (0.16)
Subtotals 1,100,000 1,034,462 1,118,423 83,961
===> Mortgage Backed Securities
GNR 94-7 PG, 3837H0GE7 1,000,000 976,406 964,949 (11,457) 96.8869 96.4949 (0.40)
Subtotals 1,000,000 976,406 964,949 (11,457)
===> Receivables Backed Securities
Keystone, 7.45%, 525177AT8 500,000 499,765 495,966 (3,799) 99.6133 99.1933 (0.42)
Subtotals 500,000 499,765 495,966 (3,799)
===> Stripped Securities
RESOL FDG STRIP 76116EAW0 800,000 548,248 622,320 74,071 78.0460 77.7900 (0.33)
Subtotals 800,000 548,248 622,320 74,071
===> U.S. Treasury Obligations
UST Note, 6.375%, 912827G55 1,000,000 1,009,218 992,186 (17,032) 99.6875 99.2186 (0.47)
UST Note, 5.00%, 912827N65 10,000,000 9,758,437 9,700,000 (58,437) 97.1875 97.0000 (0.19)
UST Note, 6.25%, 912827V25 6,000,000 6,043,867 5,970,000 (73,867) 99.7500 99.5000 (0.25)
UST Note, 5.50%, 912827W40 4,000,000 3,876,250 3,857,500 (18,750) 96.7500 96.4375 (0.32)
UST Note, 5.00%, 912827W57 6,000,000 5,917,500 5,902,500 (15,000) 98.5000 98.3750 (0.13)
UST Note, 5.625%, 912827W81 1,000,000 953,125 927,186 (25,939) 93.2186 92.7186 (0.54)
Subtotals 28,000,000 27,558,398 27,349,372 (209,026)
Segment Totals Shares 0
Face Amt 52,593,816 51,777,676 51,779,944 2,267
</TABLE>
Page 2
<PAGE>
Growth Balanced Fund (131034..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INCOME EQUITY; Norwest Capital Mgt Trust & Co. - DR/JH
===> Cash Account
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
American Tel & 001957109 T 36,500 1,926,370 2,235,625 309,255 61.5000 61.2500 (0.41)
American Brands Inc. 024703100 AMB 26,900 909,600 1,119,712 210,112 41.7500 41.6250 (0.30)
American Express 025816109 AXP 34,800 1,069,800 1,687,800 618,000 48.2500 48.5000 0.52
American General 026351106 AGC 27,800 778,026 976,475 198,449 34.7500 35.1250 1.08
American Home 026609107 AHP 13,200 856,575 1,392,600 536,025 106.8750 105.5000 (1.29)
Atlantic Richfield 048825103 ARC 11,900 1,260,727 1,401,225 140,497 118.5000 117.7500 (0.63)
Chevron Corporation 166751107 CHV 25,200 1,073,172 1,461,600 388,428 58.5000 58.0000 (0.85)
Consolidated Natural 209615103 CNG 31,500 1,120,564 1,472,625 352,060 46.5000 46.7500 0.54
Dayton Hudson Corp. 239753106 DH 13,500 1,107,350 1,289,250 181,900 93.5000 95.5000 2.14
Deluxe Corp. 248019101 DLX 43,100 1,232,025 1,508,500 276,475 34.7500 35.0000 0.72
Du Pont (E.I.) de 263534109 DD 28,700 1,593,712 2,306,762 713,050 79.8750 80.3750 0.63
Dun & Bradstreet 264830100 DNB 33,500 1,887,364 2,039,312 151,948 61.1250 60.8750 (0.41)
Eastman Kodak 277461109 EK 22,400 1,064,280 1,713,600 649,320 76.7500 76.5000 (0.33)
Emerson Electric Co 291011104 EMR 18,800 1,193,175 1,572,150 378,975 83.3750 83.6250 0.30
Exxon Corporation 302290101 XON 21,200 1,275,315 1,802,000 526,685 85.8750 85.0000 (1.02)
FPL Group Inc 302571104 FPL 13,500 448,875 582,187 133,312 42.8750 43.1250 0.58
First Bank System 319279105 FBS 28,500 1,028,262 1,717,125 688,862 60.5000 60.2500 (0.41)
GTE Corporation 362320103 GTE 41,300 1,270,925 1,791,387 520,462 43.7500 43.3750 (0.86)
General Electric 369604103 GE 26,000 1,267,602 2,015,000 747,397 77.6250 77.5000 (0.16)
Hewlett-Packard 428236103 HWP 32,000 1,550,277 3,388,000 1,837,722 107.2500 105.8750 (1.28)
Honeywell Inc. 438506107 HON 49,600 1,593,079 2,610,200 1,017,120 51.8750 52.6250 1.45
Johnson & Johnson 478160104 JNJ 15,800 863,300 1,461,500 598,200 91.8750 92.5000 0.68
May Department 577778103 MA 21,600 818,400 1,101,600 283,200 50.0000 51.0000 2.00
McDonalds 580135101 MCD 26,900 774,075 1,287,837 513,762 48.2500 47.8750 (0.78)
Merck & Co 589331107 MRK 20,100 747,562 1,216,050 468,487 60.7500 60.5000 (0.41)
Minnesota Mining & 604059105 MMM 28,200 1,514,040 1,854,150 340,109 66.0000 65.7500 (0.38)
Mobil Corporation 607059102 MOB 11,700 962,712 1,345,500 382,787 117.3750 115.0000 (2.02)
J.P. Morgan & 616880100 JPM 21,300 1,283,603 1,791,862 508,259 84.1250 84.1250 0.00
Morton International 619331101 MII 40,500 1,141,532 1,432,687 291,155 35.2500 35.3750 0.35
Pacific Gas & 694308107 PCG 32,900 928,276 748,475 (179,801) 22.6250 22.7500 0.55
J.C. Penney Company, 708160106 JCP 9,400 414,540 465,300 50,760 49.3750 49.5000 0.25
PepsiCo, Inc. 713448108 PEP 26,900 947,925 1,708,150 760,225 61.3750 63.5000 3.46
Pfizer Inc. 717081103 PFE 21,600 824,860 1,487,700 662,840 68.1250 68.8750 1.10
Philip Morris Cos., 718154107 MO 22,600 1,386,325 2,036,825 650,500 89.5000 90.1250 0.70
Procter & Gamble 742718109 PG 21,600 1,344,050 1,825,200 481,150 84.2500 84.5000 0.30
Public Service 744573106 PEG 36,400 1,011,964 950,950 (61,014) 26.1250 26.1250 0.00
Royal Dutch 780257705 RD 8,650 948,106 1,239,112 291,006 144.0000 143.2500 (0.52)
Sara Lee Corporation 803111103 SLE 25,400 717,527 787,400 69,873 30.8750 31.0000 0.40
Schlumberger Ltd 806857108 SLB 23,900 1,326,348 2,109,175 782,826 88.5000 88.2500 (0.28)
Sears Roebuck & Co. 812387108 S 21,500 591,722 1,072,312 480,589 49.5000 49.8750 0.76
Texas Utilities 882848104 TXU 19,300 665,575 776,825 111,250 39.6250 40.2500 1.58
Transamerica 893485102 TA 23,400 1,174,165 1,778,400 604,235 76.0000 76.0000 0.00
Page 3
</TABLE>
Page 3
<PAGE>
Growth Balanced Fund (131034..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INCOME EQUITY; Norwest Capital Mgt Trust & Co. - DR/JH
===> Common Stock
United Technologies 913017109 UTX 18,900 1,145,062 2,088,450 943,387 108.3750 110.5000 1.96
WMX Technologies, 92929Q107 WMX 44,200 1,216,897 1,535,950 319,053 34.1250 34.7500 1.83
Subtotals 1,122,650 48,255,649 68,184,550 19,928,900
===> Repurchase Agreements
Bear, Stearns & Co., BS 8,467,821 8,467,821 8,467,821 0 N/A N/A N/A
Subtotals 8,467,821 8,467,821 8,467,821 0
Segment Totals Shares 1,122,650
Face Amt 8,467,821 56,723,470 76,652,371 19,928,900
</TABLE>
Page 4
<PAGE>
Growth Balanced Fund (131034..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INDEX; Portfolio of Core Trust(Delaware)
===> Cash Account
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
Index NP Fund CFIX16004 INDX 2,416,866 56,317,498 76,673,636 20,356,137 31.7213 31.7244 0.01
Subtotals 2,416,866 56,317,498 76,673,636 20,356,137
Segment Totals Shares 2,416,866
Face Amt 0 56,317,498 76,673,636 20,356,137
</TABLE>
Page 5
<PAGE>
Growth Balanced Fund (131034..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
LARGE COMPANY GROWTH; Peregrine Capital Management - JD/DK
===> Cash Account
Not Applicable $$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
Airtouch 00949T100 ATI 22,400 634,774 700,000 65,225 31.8750 31.2500 (1.96)
Alco Standard 013788104 ASN 12,200 489,993 706,075 216,081 57.3750 57.8750 0.87
American Int'l Group 026874107 AIG 39,500 2,688,605 3,609,312 920,707 91.0000 91.3750 0.41
Amgen, Inc. 031162100 AMGN 22,600 1,398,205 1,299,500 (98,705) 56.8750 57.5000 1.10
Autozone Inc. 053332102 AZO 63,400 1,642,670 2,314,100 671,429 36.5000 36.5000 0.00
Cisco Systems, Inc. 17275R102 CSCO 47,200 1,853,971 2,448,500 594,528 52.0000 51.8750 (0.24)
Cintas 172908105 CTAS 22,400 840,579 1,204,000 363,420 53.5000 53.7500 0.47
Coca Cola Co 191216100 KO 33,700 1,854,039 2,746,550 892,510 81.1250 81.5000 0.46
Columbia/HCA 197677107 COL 47,400 2,462,125 2,518,125 56,000 52.6250 53.1250 0.95
Corporate Express 219888104 CEXP 36,100 1,011,368 1,349,237 337,869 36.7500 37.3750 1.70
DST Systems, Inc. 233326107 DST 26,200 668,540 962,850 294,309 37.7500 36.7500 (2.65)
Danka Business 236277109 DANKY 33,200 895,858 1,593,600 697,741 48.9375 48.0000 (1.92)
Disney Walt Co 254687106 DIS 23,700 1,153,677 1,469,400 315,722 61.8750 62.0000 0.20
Donaldson,Lufkin,Jen 257661108 DLJ 24,600 762,804 830,250 67,445 34.1250 33.7500 (1.10)
Ericsson (LM) - ADR 294821400 ERICY 125,700 1,943,562 2,561,137 617,575 20.3125 20.3750 0.31
First Data Corp. 319963104 FDC 53,100 2,946,377 4,035,600 1,089,222 76.1250 76.0000 (0.16)
Fiserv, Inc. 337738108 FISV US 30,700 732,892 936,350 203,457 30.7500 30.5000 (0.81)
Franklin Resources, 354613101 BEN 49,700 2,158,819 2,845,325 686,505 57.3750 57.2500 (0.22)
General Mtrs Corp Cl 370442402 GME 38,900 1,514,012 2,192,987 678,974 56.2500 56.3750 0.22
General Re Corp 370563108 GRN 4,300 661,731 614,362 (47,368) 143.1250 142.8750 (0.17)
HBO & Company 404100109 HBOC 13,100 1,019,143 1,555,625 536,481 117.5000 118.7500 1.06
Hewlett-Packard 428236103 HWP 29,000 2,433,821 3,070,375 636,553 107.2500 105.8750 (1.28)
Home Depot Inc 437076102 HD 46,200 2,149,723 2,188,725 39,001 47.3750 47.3750 0.00
Intel 458140100 INTC 55,800 2,147,724 3,780,450 1,632,725 68.1250 67.7500 (0.55)
Lowes Companies, Inc 548661107 LOW 39,000 1,482,526 1,262,625 (219,901) 32.1250 32.3750 0.78
Medaphis Corp 584028104 MEDA 64,800 1,959,269 2,988,900 1,029,630 46.7500 46.1250 (1.34)
Microsoft Corp 594918104 MSFT 39,900 2,775,544 4,523,662 1,748,118 112.6250 113.3750 0.67
Molex Inc. Cl A 608554200 MOLXA 50,731 1,359,195 1,521,930 162,734 30.2500 30.0000 (0.83)
Motorola 620076109 MOT 19,500 1,165,666 1,194,375 28,708 61.7500 61.2500 (0.81)
Office Depot Inc 676220106 ODP 132,900 3,274,316 2,973,637 (300,678) 22.2500 22.3750 0.56
Paychex, Inc. 704326107 PAYX 19,600 623,220 1,327,900 704,679 68.5000 67.7500 (1.09)
Petsmart Inc 716768106 PETM 40,500 1,037,776 1,797,187 759,410 42.7500 44.3750 3.80
Pfizer Inc. 717081103 PFE 28,500 1,783,037 1,962,937 179,899 68.1250 68.8750 1.10
Philip Morris Cos., 718154107 MO 19,100 1,353,050 1,721,387 368,337 89.5000 90.1250 0.70
T. Rowe Price 741477103 TROW 29,300 1,075,677 1,633,475 557,797 56.5000 55.7500 (1.33)
Schwab Charles Corp 808513105 SCH 145,700 1,905,089 3,569,650 1,664,560 25.1250 24.5000 (2.49)
Solectron Corp 834182107 SLR 28,900 836,029 1,286,050 450,020 45.0000 44.5000 (1.11)
Sungard Data 867363103 SNDT 20,400 559,520 678,300 118,779 34.2500 33.2500 (2.92)
Viking Office 926913104 VKNG 17,800 628,062 1,056,875 428,812 60.1250 59.3750 (1.25)
Subtotals 1,597,731 57,883,008 77,031,330 19,148,321
</TABLE>
Page 6
<PAGE>
Growth Balanced Fund (131034..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
LARGE COMPANY GROWTH; Peregrine Capital Management - JD/DK
===> Repurchase Agreements
Bear, Stearns & Co., BS 823,896 823,896 823,896 0 N/A N/A N/A
Subtotals 823,896 823,896 823,896 0
Segment Totals Shares 1,597,731
Face Amt 823,896 58,706,905 77,855,226 19,148,321
</TABLE>
Page 7
<PAGE>
Growth Balanced Fund (131034..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SMALL COMPANY GROWTH; Portfolio of Core Trust (Delaware)
===> Cash Account
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
Small Company NP CFSC16003 SCGF 947,247 22,379,381 31,855,168 9,475,786 33.6482 33.6292 (0.06)
Subtotals 947,247 22,379,381 31,855,168 9,475,786
Segment Totals Shares 947,247
Face Amt 0 22,379,381 31,855,168 9,475,786
</TABLE>
Page 8
<PAGE>
Growth Balanced Fund (131034..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INTERNATIONAL; Portfolio of Core Trust (Delaware)
===> Cash Account
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Common Stock
International Core CFI216002 IIF 1,909,301 39,304,558 46,195,356 6,890,798 24.2469 24.1949 (0.21)
Subtotals 1,909,301 39,304,558 46,195,356 6,890,798
Segment Totals Shares 1,909,301
Face Amt 0 39,304,558 46,195,356 6,890,798
</TABLE>
Page 9
<PAGE>
Growth Balanced Fund (131034..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
SHORT MATURITY INVESTMENT FUND; Norwest Investment Management - DS/LW
===> Cash Account
Not Applicable $$$CASH$$ 0 0 0 0 N/A N/A N/A
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Repurchase Agreements
Bear, Stearns & Co., BS 1,169,618 1,169,618 1,169,618 0 N/A N/A N/A
Subtotals 1,169,618 1,169,618 1,169,618 0
Segment Totals Shares 0
Face Amt 1,169,618 1,169,618 1,169,618 0
</TABLE>
Page 10
<PAGE>
Growth Balanced Fund (131034..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN BOND; United Capital Managment - DK/MB
===> Cash Account
Not Applicable $$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Fixed Rate Notes - Agency
Federal Farm Credit 31331NUR3 350,000 350,597 347,716 (2,880) 99.4188 99.3477 (0.07)
FNMA, 5.375%, due 31359CCC7 400,000 399,906 394,943 (4,963) 98.8335 98.7358 (0.10)
FNMA, 6.06%, due 31364BLX6 375,000 375,351 374,725 (625) 99.9800 99.9269 (0.05)
FNMA, 5.92%, due 31364CAC2 500,000 500,000 496,665 (3,335) 99.4392 99.3330 (0.11)
Subtotals 1,625,000 1,625,854 1,614,051 (11,803)
===> Fixed Rate Notes - Corporate
AMR Corp., 7.47%, 00176LDS7 800,000 811,336 809,082 (2,253) 101.1682 101.1353 (0.03)
Cigna Corp 8.00% 125509AC3 325,000 330,664 327,102 (3,562) 100.6863 100.6470 (0.04)
Chrysler Fin Corp 171205DE4 850,000 872,981 861,877 (11,104) 101.4512 101.3973 (0.05)
General Motors MTN 37042M5C3 1,100,000 1,088,791 1,097,120 8,329 99.7739 99.7382 (0.04)
Houston Industries, 442161AC9 1,000,000 1,008,580 1,006,919 (1,661) 100.7412 100.6919 (0.05)
Limited, Inc., 532716AC1 750,000 782,527 777,825 (4,702) 103.9540 103.7100 (0.23)
McDermott Int'l, 58003QAD9 475,000 487,648 482,125 (5,523) 101.5000 101.5000 0.00
National Rural 637432BC8 300,000 315,822 310,816 (5,005) 103.6457 103.6056 (0.04)
Ohio Edison, 8.50%, 677347BH8 725,000 739,072 725,044 (14,028) 100.0061 100.0061 0.00
Salomon Inc., MTN 79549KD20 500,000 491,285 497,177 5,892 99.4696 99.4355 (0.03)
USX Corporation, 902905AJ7 475,000 496,071 489,850 (6,220) 103.2075 103.1265 (0.08)
Subtotals 7,300,000 7,424,779 7,384,940 (39,838)
===> Repurchase Agreements
Bear, Stearns & Co., BS 1,181,112 1,181,112 1,181,112 0 N/A N/A N/A
Subtotals 1,181,112 1,181,112 1,181,112 0
===> U.S. Treasury Obligations
UST Bond, 9.375%, 912810DU9 3,150,000 3,961,984 3,750,468 (211,515) 119.5625 119.0625 (0.42)
UST Bond, 8.125%,due 912810ED6 2,125,000 2,527,402 2,371,364 (156,038) 112.3436 111.5936 (0.67)
UST Note, 7.875%, 912827A44 500,000 524,609 516,718 (7,891) 103.4686 103.3436 (0.12)
UST Note, 8.00%, 912827A85 2,500,000 2,677,343 2,668,750 (8,593) 107.0625 106.7500 (0.29)
UST Note, 8.25%, 912827B50 1,150,000 1,227,445 1,200,670 (26,775) 104.5625 104.4061 (0.15)
UST Note, 7.25%, due 912827Q88 2,450,000 2,601,421 2,538,043 (63,378) 104.0625 103.5936 (0.45)
UST Note, 912827R79 650,000 673,261 663,608 (9,653) 102.1875 102.0936 (0.09)
UST Note, 7.50%,due 912827S37 1,675,000 1,718,314 1,696,984 (21,330) 101.3436 101.3125 (0.03)
UST Note, 6.875%, 912827S94 500,000 506,171 505,155 (1,016) 101.1250 101.0311 (0.09)
UST Note, 7.125%, 912827T28 1,800,000 1,918,359 1,846,684 (71,674) 102.9061 102.5936 (0.30)
UST Note, 6.875%, 912827T44 2,500,000 2,643,121 2,544,530 (98,591) 102.0625 101.7812 (0.28)
UST Note, 6.25%, 912827U26 2,650,000 2,723,765 2,638,406 (85,359) 99.8125 99.5625 (0.25)
UST Note, 6.125%, 912827U67 5,075,000 5,255,558 5,029,000 (226,558) 99.3750 99.0936 (0.28)
UST Note, 5.875%, 912827U75 1,200,000 1,218,187 1,193,623 (24,564) 99.6250 99.4686 (0.16)
</TABLE>
Page 11
<PAGE>
Growth Balanced Fund (131034..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
TOTAL RETURN BOND; United Capital Managment - DK/MB
===> U.S. Treasury Obligations
UST Note, 912827VN9 2,800,000 2,982,000 2,919,000 (63,000) 104.4061 104.2500 (0.15)
UST Note, 912827WW8 4,500,000 4,926,093 4,781,250 (144,843) 106.4375 106.2500 (0.18)
UST Note, 8.5%, 912827YN6 1,200,000 1,339,031 1,285,500 (53,531) 107.4686 107.1250 (0.32)
UST Note, 8.5%, 912827YT3 300,000 312,515 307,875 (4,640) 102.6875 102.6250 (0.06)
UST Note, 8.875%, 912827YW6 725,000 824,347 788,890 (35,457) 109.1250 108.8125 (0.29)
UST Note, 8.75%, 912827ZE5 1,750,000 1,994,257 1,903,671 (90,586) 109.0625 108.7812 (0.26)
Subtotals 39,200,000 42,555,193 41,150,193 (1,404,999)
Segment Totals Shares 0
Face Amt 49,306,112 52,786,941 51,330,298 (1,456,642)
</TABLE>
Page 12
<PAGE>
Growth Balanced Fund (131034..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
POSITIVE RETURN; Peregrine Capital Managment - PB/BG/KV
===> Cash Account
Not Applicable $$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Receivable Backed Securities
CVYMT 1994-2 A 16678KAC6 2,000,000 2,002,187 2,003,578 1,390 100.1789 100.1789 0.00
Subtotals 2,000,000 2,002,187 2,003,578 1,390
===> Receivables Backed Securities
Bombardier Rec 09775PAA6 2,600,000 2,616,536 2,602,340 (14,196) 100.0900 100.0900 0.00
Carco Auto Loan Mstr 141389AJ5 1,750,000 1,756,289 1,750,155 (6,133) 100.0079 100.0089 0.00
Discover Card 92-A A 25466LAS6 125,000 123,388 124,726 1,337 99.7810 99.7810 0.00
IBMMT 1993-1 A 44922GAA5 825,417 792,400 817,069 24,669 99.0199 98.9887 (0.03)
Peoples Bank Credit 710318AC0 1,500,000 1,501,171 1,501,875 703 100.1250 100.1250 0.00
Signet Credit Card 826908AL9 1,750,000 1,751,640 1,748,668 (2,972) 99.9219 99.9239 0.00
Subtotals 8,550,417 8,541,426 8,544,835 3,408
===> Repurchase Agreements
Bear, Stearns & Co., BS 37,768,106 37,768,106 37,768,106 0 N/A N/A N/A
Subtotals 37,768,106 37,768,106 37,768,106 0
===> U.S. Treasury Obligations
UST Bond, 7.125%,due 912810EP9 2,300,000 2,515,484 2,315,812 (199,671) 101.1561 100.6875 (0.46)
UST Bond, 6.25%, 912810EQ7 2,000,000 2,059,375 1,805,622 (253,753) 90.8436 90.2811 (0.62)
Subtotals 4,300,000 4,574,859 4,121,434 (453,424)
Segment Totals Shares 0
Face Amt 52,618,523 52,886,580 52,437,954 (448,626)
</TABLE>
Page 13
<PAGE>
Growth Balanced Fund (131034..) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
COMMON ASSETS; NOT ASSIGNED
===> Cash Account
Not Applicable - CMA |$$CASH$$ 0 0 0 0 N/A N/A N/A
Subtotals 0 0 0 0
===> Cash Management Accounts
Margin Account 0 0 0 0 0.0350 0.0000 (100.00)
Subtotals 0 0 0 0
Segment Totals Shares 0
Face Amt 0 0 0 0
Fund Totals Shares 7,993,796
Face Amt 164,979,789 392,052,631 465,949,574 73,896,943
Today Yesterday Unit Change % Change
Dow Jones Industrial Average 999.99 999.99 0.00 0.000
</TABLE>
Page 14
<PAGE>
Stable Income Fund (13102900) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
STABLE INCOME FUND; NOT ASSIGNED
<S> <C> <C> <C> <C> <C> <C> <C> <C>
===> Asset Backed Securities
AFC Mortgage ABS 00105HAT3 963,262 968,229 964,160 (4,069) 100.1354 100.0932 (0.04)
GMAC Trust 4.50%, 36187TAA3 721,584 718,991 719,679 687 99.7409 99.7359 (0.01)
GMAC Trust 4.00%, 36187WAA6 888,033 879,569 881,745 2,175 99.3099 99.2919 (0.02)
Green Tree Fin 393505BE1 1,543,815 1,521,864 1,531,787 9,923 99.2399 99.2209 (0.02)
Green Tree Fin 94-1 393505BU5 1,181,975 1,155,011 1,178,747 23,735 99.7589 99.7269 (0.03)
Green Tree Fin 393505EK4 349,789 349,680 350,838 1,158 100.3099 100.2999 (0.01)
Sasco 1995 C3 863572FV0 1,033,077 1,033,077 1,033,066 (11) 99.9993 99.9989 (0.00)
Subtotals 6,681,538 6,626,424 6,660,024 33,600
===> Collateralized Mortgage Obligations
FHLMC Ser 1096 D 3129053H3 1,365,170 1,378,075 1,366,780 (11,295) 100.1699 100.1179 (0.05)
FHLB DU-98 1 313389QM3 1,750,000 1,612,187 1,715,574 103,386 98.1461 98.0328 (0.12)
FHLMC-GNMA Ser 24 ZC 3133T2JY7 1,585,126 1,530,471 1,530,121 (350) 96.6579 96.5299 (0.13)
FHLMC 1694 PL 3133T4NF9 2,500,000 2,475,781 2,471,097 (4,683) 98.9039 98.8439 (0.06)
FNMA Swap Trust 31359LKJ3 FNMA12294 2,769,135 2,769,135 2,763,001 (6,133) 99.7795 99.7785 (0.00)
MNB 1990-1 A 574112AA6 1,339,371 1,342,719 1,342,719 0 100.2479 100.2500 0.00
MLCC 94 B A1 59020QAG9 975,993 976,680 975,993 (686) 100.0000 100.0000 0.00
RTC Ser 1991-6 E 76116NCK4 614,138 650,602 650,986 383 105.8650 106.0000 0.13
RTC 1992-C2 A2 76116NHF0 2,780,419 2,806,486 2,784,103 (22,382) 100.2121 100.1325 (0.08)
RTC 92 M3 A4, due 76116NHY9 1,855,347 1,885,496 1,861,143 (24,353) 100.3740 100.3124 (0.06)
RTC 1992 C3 A3 76116NJY7 2,000,473 2,025,479 2,016,701 (8,778) 100.8117 100.8112 (0.00)
RTC 1992-7 A2D, 76116NLD0 1,717,965 1,742,660 1,731,312 (11,348) 100.8225 100.7769 (0.05)
RTC 1992-CHF A2 76116NRF9 810,376 814,682 812,394 (2,288) 100.2493 100.2489 (0.00)
RTC 1992 18P-A4 76116NTA8 1,298,577 1,298,577 1,297,346 (1,231) 99.9056 99.9052 (0.00)
RTC 1993-3 A2B, 76116NUK4 1,396,008 1,403,861 1,399,582 (4,278) 100.3000 100.2560 (0.04)
RTC 1995-1 A3 76116NXL9 1,275,234 1,304,724 1,302,263 (2,461) 102.1663 102.1195 (0.05)
Subtotals 26,033,339 26,017,622 26,021,121 3,499
===> Fixed Rate Notes - Corporate
Chrysler Fin Corp., 17120QPY1 850,000 862,121 846,699 (15,421) 99.7339 99.6117 (0.12)
Conrail, 5.71%, 20986HAV0 750,000 749,602 748,535 (1,067) 99.8389 99.8047 (0.03)
Lehman Bros Hldg, 524908AL4 1,000,000 1,055,930 1,050,344 (5,586) 105.2168 105.0344 (0.17)
USAA Capital, 4.76%, 90327QAJ8 1,300,000 1,290,484 1,289,600 (884) 99.1947 99.2000 0.01
Subtotals 3,900,000 3,958,137 3,935,178 (22,958)
===> Floating Rate Notes - Agency
FHLB, due 3/2/98 313389CX4 2,000,000 1,944,875 1,966,070 21,195 98.3422 98.3035 (0.04)
FHLB, due 3/4/98 313389DK1 500,000 489,750 489,100 (650) 97.9170 97.8200 (0.10)
FHLB, due 3/16/98 313389DT2 1,790,000 1,738,483 1,742,949 4,466 97.4197 97.3715 (0.05)
FHLB, Series AP98 313389GG7 950,000 937,175 929,549 (7,625) 97.9467 97.8473 (0.10)
FNMA StrNt, due 31364AXW7 1,300,000 1,276,782 1,275,657 (1,124) 98.1778 98.1275 (0.05)
SLMA, due 10/22/96 863871NH8 500,000 500,312 500,500 187 100.0573 100.1000 0.04
Subtotals 7,040,000 6,887,378 6,903,826 16,448
</TABLE>
Page 1
<PAGE>
Stable Income Fund (13102900) ACCT DATE 04/30/96
FINAL MARKET VALUATION Format D
Cost and Tax Lot Summary (Internal Use)
<TABLE>
<CAPTION>
# SHARES/ MARKET PRIOR DAY TODAY %
NAME CUSIP TICKER FACE AMOUNT COST VALUE APPR/DEPR PRICE PRICE CHANGE
STABLE INCOME FUND; NOT ASSIGNED
<S> <C> <C> <C> <C> <C> <C> <C> <C>
===> Index SWAP
ML SWAP-Index Flux ML110196F FLUX 12,000,000 0 41,843 41,843 0.3604 0.3486 (3.26)
ML SWAP-Libor Set ML110196L LIBOR -12,000,000 0 0 0 0.0000 0.0000 0.00
Subtotals 0 0 41,843 41,843
===> Mortgage Backed Securities
FNMA Pool 155506, 31366QU78 1,326,487 1,356,333 1,364,141 7,807 103.0712 102.8386 (0.23)
FNMA ARM Pool 318464 31374MWZ3 1,474,283 1,485,110 1,502,110 17,000 102.1375 101.8875 (0.24)
FNMA ARM Pool 331866 31375DTX1 857,427 865,197 867,917 2,719 101.4755 101.2234 (0.25)
Subtotals 3,658,198 3,706,641 3,734,169 27,527
===> Municipal Bonds
LA County Pension 54474CCJ4 745,000 745,000 745,931 931 100.1250 100.1250 0.00
Utah School Rmktd 917556DP4 1,000,000 1,035,660 992,843 (42,817) 99.7219 99.2843 (0.44)
Subtotals 1,745,000 1,780,660 1,738,774 (41,885)
===> Receivables Backed Securities
Daimler-Benz Auto, 233832AA2 899,824 890,474 894,262 3,787 99.3889 99.3819 (0.01)
Ford Cr Grantor Tr 34527KAA6 969,670 965,428 968,031 2,602 99.8439 99.8309 (0.01)
NBCMT 1993-1 A, 638586AC1 870,000 867,281 865,388 (1,893) 99.4969 99.4699 (0.03)
Confederate Life 863572HS5 978,550 998,943 987,094 (11,849) 100.9251 100.8731 (0.05)
World Omni Auto, 98150RAA0 1,072,858 1,090,962 1,092,394 1,432 101.8760 101.8210 (0.05)
Subtotals 4,790,904 4,813,091 4,807,171 (5,919)
===> Repurchase Agreements
Bear, Stearns & Co., BS 6,976,373 6,976,373 6,976,373 0 N/A N/A N/A
Subtotals 6,976,373 6,976,373 6,976,373 0
===> U.S. Treasury Obligations
UST Note, 5.25%, 912827L67 1,000,000 997,890 982,811 (15,079) 98.4061 98.2811 (0.13)
UST Note, 5.625%, 912827U34 4,000,000 4,040,625 3,995,000 (45,625) 99.9061 99.8750 (0.03)
Subtotals 5,000,000 5,038,515 4,977,811 (60,704)
Segment Totals Shares 0
Face Amt 65,825,354 65,804,843 65,796,294 (8,549)
Fund Totals Shares 0
Face Amt 65,825,354 65,804,843 65,796,294 (8,549)
Today Yesterday Unit Change % Change
Dow Jones Industrial Average 999.99 999.99 0.00 0.000
</TABLE>
Page 2
