<PAGE>
NORWEST ADVANTAGE FUNDS-Registered Trademark-
SEMI-ANNUAL REPORT
NOVEMBER 30, 1997
MONEY MARKET FUNDS
------------------
CASH INVESTMENT FUND
READY CASH INVESTMENT FUND
U.S. GOVERNMENT FUND
TREASURY FUND
MUNICIPAL MONEY MARKET FUND
[LOGO]
NOT FDIC INSURED
<PAGE>
TABLE OF CONTENTS NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<S> <C>
A MESSAGE TO OUR SHAREHOLDERS.......................................................................... 1
FINANCIAL STATEMENTS OF NORWEST ADVANTAGE FUNDS
Statements of Assets and Liabilities............................................................ 2
Statements of Operations........................................................................ 3
Statements of Changes in Net Assets............................................................. 4
Financial Highlights............................................................................ 5
Notes to Financial Statements................................................................... 6
Schedules of Investments........................................................................ 9
Cash Investment Fund..................................................................... 9
U.S. Government Fund..................................................................... 9
Treasury Fund............................................................................ 10
Ready Cash Investment Fund............................................................... 11
Municipal Money Market Fund.............................................................. 11
Notes to Schedules of Investments............................................................... 22
FINANCIAL STATEMENTS OF CORE TRUST (DELAWARE)
Statements of Assets and Liabilities............................................................ 24
Statements of Operations........................................................................ 25
Statements of Changes in Net Assets............................................................. 26
Financial Highlights............................................................................ 27
Notes to Financial Statements................................................................... 28
Schedules of Investments........................................................................ 30
Money Market Portfolio................................................................... 30
Prime Money Market Portfolio............................................................. 33
Notes to Schedules of Investments............................................................... 37
</TABLE>
[LOGO]
<PAGE>
A MESSAGE TO OUR SHAREHOLDERS
- --------------------------------------------------------------------------------
January 21,
1998
Dear Shareholders,
We are pleased to present the Semi-Annual Report for
Norwest Advantage Funds. This report includes five of the
thirty-five Norwest Advantage Funds portfolios. The thirty
Norwest Advantage Funds bond and equity portfolios are
reported separately.
Norwest Advantage Funds experienced substantial asset
growth during this period, with net assets increasing from
one year ago by 23% to more than $18 billion as of
November 30, 1997. This continues a long period of growth
due, in part, to our funds' performance. We pledge to
continue to provide the prudent management and results
that earn your trust and support.
The big news during this period was, of course, the
financial turmoil that emerged from Asian markets.
Eventually, the damage spread until markets around the
globe experienced significant declines. Despite the
downturn, both the U.S. economy and the financial markets
remained on relatively solid footing. Inflation remained
under control. Interest rates fell substantially. And the
federal deficit continued to decline appreciably. We
believe that these trends are likely to continue and,
overall, may bode well for the U.S. financial markets.
In the money markets, short-term interest rates were
remarkably stable, reflecting that the Federal Reserve
took no action to either raise or lower interest rates. In
the bond markets, a healthy rally occurred. Interest rates
on the 30-year Treasury yield fell from almost seven
percent to nearly six percent. As the impact of Asia hit
America, a "decoupling" of the bond and stock markets
began to occur as the bond rally continued while stocks
corrected. We expect bond market conditions to remain
favorable for some time.
Despite the correction, the U.S. stock market produced
solid returns, with the S&P 500 gaining 28.1% for the past
year. Smaller stocks also performed well, yet continued to
trail large stocks. A rally that began last spring ended
abruptly in October, leaving the Russell 2000 with a
one-year gain of 23.4%. Volatility increased greatly, due
primarily to worries about Asia. We expect volatility with
occasional corrections to continue, even while our long-
term outlook for stocks remains positive.
We recognize that such volatility amid increased
uncertainty can be stressful for investors. That's why we
offer a variety of mutual funds appropriate for your
risk-tolerance and time-frames, along with personalized
service to aid you in achieving your financial goals. If
you have questions or need information, please call us at
(800) 338-1348 or (612) 667-8833. We are grateful that you
have chosen Norwest Advantage Funds, and look forward to
continuing to earn your confidence.
Sincerely,
/s/ John Y. Keffer
John Y. Keffer
CHAIRMAN, NORWEST ADVANTAGE
FUNDS
[LOGO]
1
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES (unaudited) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MUNICIPAL
CASH U.S. READY CASH MONEY
INVESTMENT GOVERNMENT TREASURY INVESTMENT MARKET
FUND FUND FUND FUND FUND
--------------- --------------- --------------- --------------- -------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments (Note 2):
Investments at amortized cost....... $4,063,189,309 $1,825,962,371 $ 922,372,135 $ 623,299,603 $768,010,100
Repurchase agreements at cost....... - 323,833,391 - - -
--------------- --------------- --------------- --------------- -------------
Total investments at value........ 4,063,189,309(a) 2,149,795,762 922,372,135 623,299,603(a) 768,010,100
Cash.................................. - 14,310 5,293 - 199,625
Interest and other receivables........ 2,454 11,351,823 9,222,148 - 7,459,812
Receivable from other related parties
(Note 3)............................ 116,620 - - - -
Receivable for securities sold........ - - 435,381,371 - 2,569,115
--------------- --------------- --------------- --------------- -------------
TOTAL ASSETS............................ 4,063,308,383 2,161,161,895 1,366,980,947 623,299,603 778,238,652
--------------- --------------- --------------- --------------- -------------
LIABILITIES:
Payable for securities purchased...... - - 110,144,240 - -
Payable to Norwest and affiliates
(Note 3)............................ 647,598 719,581 412,069 126,653 247,077
Payable to other related parties (Note
3).................................. 3,238 185,577 72,423 87,397 3,952
Accrued expenses and other
liabilities......................... 4,450 12,266 11,117 71,668 14,270
Dividends payable..................... 7,993,816 7,838,941 3,231,757 21,202 1,621,617
--------------- --------------- --------------- --------------- -------------
TOTAL LIABILITIES....................... 8,649,102 8,756,365 113,871,606 306,920 1,886,916
--------------- --------------- --------------- --------------- -------------
NET ASSETS.............................. $4,054,659,281 $2,152,405,530 $ 1,253,109,341 $ 622,992,683 $776,351,736
--------------- --------------- --------------- --------------- -------------
--------------- --------------- --------------- --------------- -------------
COMPONENTS OF NET ASSETS:
Paid in Capital....................... $4,056,544,932 $2,152,718,099 $ 1,252,975,832 $ 623,006,539 $776,423,487
Undistributed (distribution in excess)
net investment income............... (147,522) (56,270) 102,005 (3,100) (136,840)
Accumulated net realized gain
(loss).............................. (1,738,129) (256,299) 31,504 (10,756) 65,089
--------------- --------------- --------------- --------------- -------------
NET ASSETS.............................. $4,054,659,281 $2,152,405,530 $ 1,253,109,341 $ 622,992,683 $776,351,736
--------------- --------------- --------------- --------------- -------------
--------------- --------------- --------------- --------------- -------------
NET ASSETS BY SHARE CLASS:
Single class funds.................... $4,054,659,281 $2,152,405,530 $ 1,253,109,341 $ - $ -
Investor Shares....................... - - - 622,533,462 47,481,560
Exchange Shares....................... - - - 326,063 -
Institutional Shares.................. - - - 133,158 728,870,176
--------------- --------------- --------------- --------------- -------------
NET ASSETS.............................. $4,054,659,281 $2,152,405,530 $ 1,253,109,341 $ 622,992,683 $776,351,736
--------------- --------------- --------------- --------------- -------------
--------------- --------------- --------------- --------------- -------------
SHARES OF BENEFICIAL INTEREST:
Single class funds.................... 4,056,470,093 2,152,761,611 1,252,974,547 - -
--------------- --------------- --------------- --------------- -------------
--------------- --------------- --------------- --------------- -------------
Investor Shares....................... - - - 622,556,543 47,486,308
--------------- --------------- --------------- --------------- -------------
--------------- --------------- --------------- --------------- -------------
Exchange Shares....................... - - - 326,074 -
--------------- --------------- --------------- --------------- -------------
--------------- --------------- --------------- --------------- -------------
Institutional Shares.................. - - - 133,151 728,814,050
--------------- --------------- --------------- --------------- -------------
--------------- --------------- --------------- --------------- -------------
NET ASSET VALUE PER SHARE (OFFERING AND
REDEMPTION PRICE PER SHARE):
All share classes..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------------- --------------- --------------- --------------- -------------
--------------- --------------- --------------- --------------- -------------
</TABLE>
(a) Represents the investment in respective portfolio of Core Trust (Delaware)
[LOGO]
See Notes to Financial Statements.
2
<PAGE>
STATEMENTS OF OPERATIONS (unaudited) FOR THE SIX MONTHS ENDED NOVEMBER 30,
1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MUNICIPAL
CASH U.S. READY CASH MONEY
INVESTMENT GOVERNMENT TREASURY INVESTMENT MARKET
FUND FUND FUND FUND FUND
------------- ------------ ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest income............................ $ 29,667,379 $61,323,405 $29,772,360 $26,917,243 $14,478,235
------------- ------------ ------------ ------------ ------------
NET INVESTMENT INCOME ALLOCATED FROM THE
PORTFOLIO:
Interest income............................ 62,011,191 - - 9,681,653 -
Net expenses from Core Trust Portfolio..... (2,947,956) - - (720,046) -
------------- ------------ ------------ ------------ ------------
Net Investment Income allocated from the
Portfolio................................ 59,063,235 - - 8,961,607 -
------------- ------------ ------------ ------------ ------------
Total Investment Income:..................... 88,730,614 61,323,405 29,772,360 35,878,850 14,478,235
------------- ------------ ------------ ------------ ------------
EXPENSES:
Advisory (Note 3).......................... 709,326 1,518,330 870,088 1,591,095 1,290,854
Management and Administration (Note 3)..... 908,362 970,914 515,492 730,042 376,158
Transfer agent (Note 3):
Single class funds....................... 3,440,631 2,745,380 1,394,874 - -
Investor Shares.......................... - - - 755,420 63,141
Exchange Shares.......................... - - - 528 -
Institutional Shares..................... - - - 334,224 352,646
Custody (Note 3)........................... 54,942 117,336 63,316 50,290 45,311
Legal...................................... 22,314 17,171 8,672 28,110 6,465
Registration............................... 59,689 39,326 33,471 78,543 38,301
Accounting (Note 3)........................ 20,000 30,000 30,000 46,000 45,000
Audit...................................... 3,703 7,561 6,275 3,659 6,880
Trustees................................... 18,043 14,690 7,343 12,743 5,196
12b-1 Distribution fees -- Exchange Shares
(Note 3)................................. - - - 1,583 -
Miscellaneous.............................. 72,857 65,680 32,679 65,586 49,797
------------- ------------ ------------ ------------ ------------
Total expenses............................... 5,309,867 5,526,388 2,962,210 3,697,823 2,279,749
Fees waived and expenses reimbursed (Note
4)....................................... (666,780) (118,063) (397,170) (371,284) (528,649)
------------- ------------ ------------ ------------ ------------
Net expenses................................. 4,643,087 5,408,325 2,565,040 3,326,539 1,751,100
------------- ------------ ------------ ------------ ------------
NET INVESTMENT INCOME (LOSS)................. 84,087,527 55,915,080 27,207,320 32,552,311 12,727,135
------------- ------------ ------------ ------------ ------------
NET REALIZED GAIN (LOSS) ON INVESTMENTS:
Net realized gain (loss) on investments
sold..................................... 1,150 (21,281) 211,361 58,609 158,883
Net realized gain (loss) on investments
from the Portfolio....................... (33,803) - - (5,026) -
------------- ------------ ------------ ------------ ------------
NET REALIZED GAIN (LOSS) ON INVESTMENTS...... (32,653) (21,281) 211,361 53,583 158,883
------------- ------------ ------------ ------------ ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS.................. $ 84,054,874 $55,893,799 $27,418,681 $32,605,894 $12,886,018
------------- ------------ ------------ ------------ ------------
------------- ------------ ------------ ------------ ------------
</TABLE>
[LOGO]
See Notes to Financial Statements.
3
<PAGE>
FOR THE SIX MONTHS ENDED NOVEMBER 30, 1997
STATEMENTS OF CHANGES IN NET ASSETS AND THE YEAR ENDED MAY 31, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MUNICIPAL
CASH U.S. READY CASH MONEY
INVESTMENT GOVERNMENT TREASURY INVESTMENT MARKET
FUND FUND FUND FUND FUND
---------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
NET ASSETS -- MAY 31, 1996......... $ 1,739,548,936 $1,649,720,751 $ 802,270,237 $ 1,554,262,679 $ 649,456,831
---------------- --------------- --------------- --------------- ---------------
OPERATIONS:
Net investment income (loss)..... 101,667,555 87,458,129 45,372,947 91,424,632 22,325,144
Net realized gain (loss) on
investments sold............... (28,706) 37,429 (179,063) 2,559 (1,206,040)
Net change in unrealized
appreciation (depreciation) on
investments.................... - - - - 1,200,000
---------------- --------------- --------------- --------------- ---------------
Net increase (decrease) in net
assets resulting from
operations..................... 101,638,849 87,495,558 45,193,884 91,427,191 22,319,104
---------------- --------------- --------------- --------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
Single class funds............. (101,667,555) (87,458,129) (45,269,658) - -
Investor Shares................ - - - (25,410,929) (1,828,190)
Exchange Shares................ - - - (17,107) -
Institutional Shares........... - - - (65,996,596) (20,496,954)
Net capital gains --
Single class funds............. - - (103,289) - -
---------------- --------------- --------------- --------------- ---------------
Total distributions to
shareholders................... (101,667,555) (87,458,129) (45,372,947) (91,424,632) (22,325,144)
---------------- --------------- --------------- --------------- ---------------
CAPITAL SHARE TRANSACTIONS (AT
$1.00 PER SHARE):
Sale of shares --
Single class funds............. 10,161,636,220 7,060,636,868 3,708,986,665 - -
Investor Shares................ - - - 620,857,448 121,151,683
Exchange Shares................ - - - 1,259,541 -
Institutional Shares........... - - - 3,780,214,447 1,793,226,504
Reinvestment of distributions --
Single class funds............. 84,172,490 16,661,503 14,996,298 - -
Investor Shares................ - - - 25,380,468 1,826,002
Exchange Shares................ - - - 17,199 -
Institutional Shares........... - - - 148,015 3,949,686
Redemption of shares --
Single class funds............. (9,837,435,300) (6,814,482,545) (3,522,377,627) - -
Investor Shares................ - - - (544,106,362) (125,382,243)
Exchange Shares................ - - - (750,549) -
Institutional Shares........... - - - (3,510,169,837) (1,753,951,812)
---------------- --------------- --------------- --------------- ---------------
Net increase (decrease) from
capital share transactions..... 408,373,410 262,815,826 201,605,336 372,850,370 40,819,820
---------------- --------------- --------------- --------------- ---------------
Net increase (decrease) in net
assets......................... 408,344,704 262,853,255 201,426,273 372,852,929 40,813,780
---------------- --------------- --------------- --------------- ---------------
NET ASSETS -- MAY 31, 1997......... 2,147,893,640 1,912,574,006 1,003,696,510 1,927,115,608 690,270,611
---------------- --------------- --------------- --------------- ---------------
OPERATIONS:
Net investment income (loss)..... 84,087,527 55,915,080 27,207,320 32,552,311 12,727,135
Net realized gain (loss) on
investments sold............... (32,653) (21,281) 211,361 53,583 158,883
---------------- --------------- --------------- --------------- ---------------
Net increase (decrease) in net
assets resulting from
operations..................... 84,054,874 55,893,799 27,418,681 32,605,894 12,886,018
---------------- --------------- --------------- --------------- ---------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income --
Single class funds............. (84,087,527) (55,915,080) (27,207,320) - -
Investor Shares................ - - - (14,957,615) (803,827)
Exchange Shares................ - - - (8,848) -
Institutional Shares........... - - - (17,585,848) (11,923,308)
---------------- --------------- --------------- --------------- ---------------
Total distributions to
shareholders................... (84,087,527) (55,915,080) (27,207,320) (32,552,311) (12,727,135)
---------------- --------------- --------------- --------------- ---------------
CAPITAL SHARE TRANSACTIONS (AT
$1.00 PER SHARE):
Sale of shares --
Single class funds............. 5,797,728,152 3,534,913,654 2,067,621,599 - -
Investor Shares................ - - - 362,014,912 45,505,521
Exchange Shares................ - - - 768,392 -
Institutional Shares........... - - - 1,297,000,820 936,885,968
Reinvestment of distributions --
Single class funds............. 52,546,150 9,080,533 8,922,192 - -
Investor Shares................ - - - 14,956,978 803,698
Exchange Shares................ - - - 8,955 -
Institutional Shares........... - - - 40,243 2,348,379
Redemption of shares --
Single class funds............. (3,943,476,008) (3,304,141,382) (1,827,342,321) - -
Investor Shares................ - - - (330,446,337) (53,454,029)
Exchange Shares................ - - - (1,106,386) -
Institutional Shares........... - - - (2,647,414,085) (846,167,295)
---------------- --------------- --------------- --------------- ---------------
Net increase (decrease) from
capital share transactions..... 1,906,798,294 239,852,805 249,201,470 (1,304,176,508) 85,922,242
---------------- --------------- --------------- --------------- ---------------
Net increase (decrease) in net
assets......................... 1,906,765,641 239,831,524 249,412,831 (1,304,122,925) 86,081,125
---------------- --------------- --------------- --------------- ---------------
NET ASSETS -- NOVEMBER 30, 1997
(UNAUDITED)...................... $ 4,054,659,281 $2,152,405,530 $ 1,253,109,341 $ 622,992,683 $ 776,351,736
---------------- --------------- --------------- --------------- ---------------
---------------- --------------- --------------- --------------- ---------------
</TABLE>
[LOGO]
See Notes to Financial Statements.
4
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SELECTED DATA FOR A SHARE OUTSTANDING DURING THE PERIODS
<TABLE>
<CAPTION>
BEGINNING NET REALIZED DIVIDENDS CAPITAL
NET ASSET NET AND UNREALIZED FROM NET CONTRIBUTION ENDING NET
VALUE PER INVESTMENT GAIN (LOSS) ON INVESTMENT FROM ASSET VALUE
SHARE INCOME INVESTMENTS INCOME ADVISER PER SHARE
--------- ---------- -------------- ---------- ------------- ------------
<S> <C> <C> <C> <C> <C> <C>
CASH INVESTMENT FUND
Period Ended November 30,
1997+................... $1.00 $0.026 $ - $(0.026) $ - $1.00
Year Ended May 31,
1997...................... 1.00 0.051 - (0.051) - 1.00
1996...................... 1.00 0.054 - (0.054) - 1.00
1995...................... 1.00 0.049 - (0.049) - 1.00
1994...................... 1.00 0.031 - (0.031) - 1.00
1993...................... 1.00 0.033 - (0.033) - 1.00
U.S. GOVERNMENT FUND
Period Ended November 30,
1997+................... 1.00 0.026 - (0.026) - 1.00
Year Ended May 31,
1997...................... 1.00 0.049 - (0.049) - 1.00
1996...................... 1.00 0.052 - (0.052) - 1.00
1995...................... 1.00 0.047 - (0.047) - 1.00
1994...................... 1.00 0.030 - (0.030) - 1.00
1993...................... 1.00 0.030 - (0.030) - 1.00
TREASURY FUND
Period Ended November 30,
1997+................... 1.00 0.024 - (0.024) - 1.00
Year Ended May 31,
1997...................... 1.00 0.047 - (0.047) - 1.00
1996...................... 1.00 0.050 - (0.050) - 1.00
1995...................... 1.00 0.046 - (0.046) - 1.00
1994...................... 1.00 0.028 - (0.028) - 1.00
1993...................... 1.00 0.029 - (0.029) - 1.00
READY CASH INVESTMENT FUND
INVESTOR SHARES
Period Ended November 30,
1997+................... 1.00 0.025 - (0.025) - 1.00
Year Ended May 31,
1997...................... 1.00 0.047 - (0.047) - 1.00
1996...................... 1.00 0.051 - (0.051) - 1.00
1995...................... 1.00 0.045 - (0.045) - 1.00
1994...................... 1.00 0.027 - (0.027) - 1.00
1993...................... 1.00 0.030 - (0.030) - 1.00
EXCHANGE SHARES
Period Ended November 30,
1997+................... 1.00 0.021 - (0.021) - 1.00
Year Ended May 31,
1997...................... 1.00 0.040 - (0.040) - 1.00
1996...................... 1.00 0.043 - (0.043) - 1.00
1995...................... 1.00 0.038 - (0.038) - 1.00
Period Ended May 31,
1994(d)................. 1.00 0.001 - (0.001) - 1.00
INSTITUTIONAL SHARES
Period Ended November 30,
1997+................... 1.00 0.026 - (0.026) - 1.00
Year Ended May 31,
1997...................... 1.00 0.051 - (0.051) - 1.00
1996...................... 1.00 0.054 - (0.054) - 1.00
1995...................... 1.00 0.049 - (0.049) - 1.00
Period Ended May 31,
1994(d)................. 1.00 0.013 - (0.013) - 1.00
MUNICIPAL MONEY MARKET FUND
INVESTOR SHARES
Period Ended November 30,
1997+................... 1.00 0.016 - (0.016) - 1.00
Year Ended May 31,
1997...................... 1.00 0.030 - (0.030) - 1.00
1996...................... 1.00 0.033 - (0.033) - 1.00
1995...................... 1.00 0.031 (0.004) (0.031) 0.004 1.00
1994...................... 1.00 0.021 - (0.021) - 1.00
1993...................... 1.00 0.021 - (0.021) - 1.00
INSTITUTIONAL SHARES
Period Ended November 30,
1997+................... 1.00 0.017 - (0.017) - 1.00
Year Ended May 31,
1997...................... 1.00 0.032 - (0.032) - 1.00
1996...................... 1.00 0.035 - (0.035) - 1.00
1995...................... 1.00 0.033 (0.004) (0.033) 0.004 1.00
Period Ended May 31,
1994(d)................. 1.00 0.019 - (0.019) - 1.00
<CAPTION>
RATIOS TO AVERAGE
NET ASSETS NET ASSETS
----------------------------------------- AT END OF
NET PERIOD
NET GROSS INVESTMENT TOTAL (000'S
EXPENSES EXPENSES(a) INCOME RETURN(b) OMITTED)
----------- ------------- ----------- ------ -------------
<S> <C> <C> <C> <C> <C>
CASH INVESTMENT FUND
Period Ended November 30,
1997+................... 0.48%(c) 0.55%(c) 5.28% 5.33%(c) $4,054,659
Year Ended May 31,
1997...................... 0.48% 0.49% 5.07% 5.21% 2,147,894
1996...................... 0.48% 0.49% 5.36% 5.50% 1,739,549
1995...................... 0.48% 0.50% 4.87% 4.96% 1,464,304
1994...................... 0.49% 0.49% 3.11% 3.16% 1,381,402
1993...................... 0.50% 0.51% 3.29% 3.36% 1,944,948
U.S. GOVERNMENT FUND
Period Ended November 30,
1997+................... 0.49%(c) 0.50%(c) 5.09% 5.14%(c) 2,152,406
Year Ended May 31,
1997...................... 0.49% 0.49% 4.91% 5.04% 1,912,574
1996...................... 0.50% 0.51% 5.13% 5.27% 1,649,721
1995...................... 0.50% 0.52% 4.68% 4.81% 1,159,421
1994...................... 0.47% 0.53% 3.02% 3.07% 1,091,141
1993...................... 0.45% 0.57% 3.00% 3.06% 903,274
TREASURY FUND
Period Ended November 30,
1997+................... 0.46%(c) 0.53%(c) 4.88% 4.93%(c) 1,253,109
Year Ended May 31,
1997...................... 0.46% 0.53% 4.74% 4.87% 1,003,697
1996...................... 0.46% 0.56% 4.91% 5.04% 802,270
1995...................... 0.46% 0.57% 4.62% 4.65% 661,098
1994...................... 0.46% 0.58% 2.81% 2.83% 526,483
1993...................... 0.47% 0.58% 2.93% 2.98% 384,751
READY CASH INVESTMENT FUND
INVESTOR SHARES
Period Ended November 30,
1997+................... 0.81%(c) 0.81%(c) 4.95% 4.98%(c) 622,533
Year Ended May 31,
1997...................... 0.82% 0.83% 4.75% 4.87% 576,011
1996...................... 0.82% 0.87% 5.02% 5.17% 473,879
1995...................... 0.82% 0.91% 4.64% 4.62% 268,603
1994...................... 0.82% 0.92% 2.70% 2.74% 164,138
1993...................... 0.82% 0.94% 3.04% 3.08% 162,585
EXCHANGE SHARES
Period Ended November 30,
1997+................... 1.56%(c) 7.27%(c) 4.20% 4.20%(c) 326
Year Ended May 31,
1997...................... 1.57% 5.66% 4.03% 4.09% 655
1996...................... 1.57% 8.24% 4.32% 4.38% 129
1995...................... 1.57% 6.32% 3.62% 3.69% 160
Period Ended May 31,
1994(d)................. 1.53%(c) 1.85%(c) 2.48%(c) 2.51%(c) 151
INSTITUTIONAL SHARES
Period Ended November 30,
1997+................... 0.48%(c) 0.58%(c) 5.26% 5.29%(c) 133
Year Ended May 31,
1997...................... 0.48% 0.68% 5.09% 5.23% 1,350,449
1996...................... 0.48% 0.72% 5.59% 5.53% 1,080,255
1995...................... 0.48% 0.73% 4.97% 4.98% 506,243
Period Ended May 31,
1994(d)................. 0.43%(c) 0.81%(c) 3.12%(c) 3.17%(c) 333,464
MUNICIPAL MONEY MARKET FUND
INVESTOR SHARES
Period Ended November 30,
1997+................... 0.65%(c) 0.83%(c) 3.18% 3.18%(c) 47,482
Year Ended May 31,
1997...................... 0.65% 0.87% 3.01% 3.08% 54,616
1996...................... 0.65% 0.88% 3.25% 3.31% 57,021
1995...................... 0.65% 0.93% 3.10% 3.13%(e) 47,424
1994...................... 0.65% 0.99% 2.03% 2.09% 33,554
1993...................... 0.65% 0.97% 2.13% 2.18% 75,521
INSTITUTIONAL SHARES
Period Ended November 30,
1997+................... 0.45%(c) 0.59%(c) 3.38% 3.38%(c) 728,870
Year Ended May 31,
1997...................... 0.45% 0.70% 3.21% 3.28% 635,655
1996...................... 0.45% 0.72% 3.41% 3.52% 592,436
1995...................... 0.45% 0.74% 3.37% 3.33%(e) 278,953
Period Ended May 31,
1994(d)................. 0.45%(c) 0.77%(c) 2.33%(c) 2.34%(c) 190,356
</TABLE>
- ----------------------------------
(a) The ratio of Gross Expenses to Average Net Assets does not reflect fees
waived or expenses reimbursed.
(b) Total return would have been lower had certain expenses not been reduced
during the periods shown. (Note 4)
(c) Annualized.
(d) See Note 1 of notes to financial statements for periods covered.
(e) The total return for 1995 includes the effect of a capital contribution from
the Adviser. Without the capital contribution, the total return would have
been 2.59% for Investor shares and 2.79% for Institutional shares.
+ Unaudited
[LOGO]
See Notes to Financial Statements.
5
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
NOTE 1. ORGANIZATION
Norwest Advantage Funds ("the Trust") is organized as a Delaware business trust
and is registered as an open-end management investment company. The Trust
currently has thirty-nine separate investment portfolios. These financial
statements relate to the five money market investment portfolios of the Trust
(each a "Fund"), each of which is a diversified portfolio. The Funds (and
classes thereof) commenced operations on the following dates:
<TABLE>
<S> <C>
Cash Investment Fund.................................................................. October 14, 1987
U.S. Government Fund.................................................................. November 16, 1987
Treasury Fund......................................................................... December 3, 1990
Ready Cash Investment Fund (Investor Shares).......................................... January 20, 1988
Ready Cash Investment Fund (Exchange Shares).......................................... May 9, 1994
Ready Cash Investment Fund (Institutional Shares)..................................... January 4, 1994
Municipal Money Market Fund (Investor Shares)......................................... January 7, 1988
Municipal Money Market Fund (Institutional Shares).................................... August 3, 1993
</TABLE>
Each share of each class represents an undivided, proportionate interest in a
Fund. The Trust Instrument authorizes the issuance, by each Fund, of an
unlimited number of shares of beneficial interest without par value. Exchange
Shares are sold only through the exchange privilege available to shareholders of
B Shares of the various fixed income and equity funds of the Trust and are
subject to a contingent deferred sales charge upon redemption. Shareholders of
Institutional Shares and Investor Shares incur no sales charge. The difference
between these two classes is the minimum investment required and the level of
transfer agent expenses.
MASTER-FEEDER ARRANGEMENT - Effective August 23, 1997, Cash Investment Fund
seeks to achieve its investment objective by investing all of its investable
assets evenly in two portfolios (each a "Core Portfolio") of Core Trust
(Delaware) ("Core Trust"), a registered, open-end management investment company.
These Portfolios, Money Market Portfolio and Prime Money Market Portfolio, have
identical investment objectives and investment policies except that Prime Money
Market Portfolio seeks to maintain a rating from a nationally recognized
statistical rating organization ("NRSRO"). Ready Cash Investment Fund seeks to
achieve its investment objective by investing all of its investable assets in
Prime Money Market Portfolio. The Funds account for their investment in a
Portfolio as partnership investments. This is commonly referred to as a
master-feeder arrangement. The financial statements of the Portfolios are in
this report and should be read in conjunction with the Fund's financial
statements. As of November 30, 1997, the percentage of Money Market Portfolio
and Prime Money Market Portfolio owned by Cash Investment Fund were 99.3% and
76.5%, respectively. The percentage of Prime Money Market Portfolio owned by
Ready Cash Investment Fund was 23.5%.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
These financial statements are prepared in accordance with generally accepted
accounting principles, which require management to make estimates and
assumptions that affect the reported amounts of assets and liabilities,
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 fiscal period. Actual results could differ from those
estimates.
The following represents significant accounting policies of the Fund:
SECURITY VALUATION - Each Fund determines its net asset value as of 1:00 p.m.,
Pacific time, on each Fund business day. Cash Investment Fund and Ready Cash
Investment Fund records their investment in the Portfolios at value. Valuation
of securities held in the Portfolios is discussed in Note 2 of the Core Trust
Notes to Financial Statements. Securities held by the other Funds value
securities utilizing the amortized cost method pursuant to Rule 2a-7 under the
Investment Company Act of 1940. Under this method all investments purchased at a
discount or premium are valued by accreting or amortizing, respectively, the
difference between the purchase price and maturity value of the issue over the
period to maturity.
INTEREST INCOME AND EXPENSES - Each Fund accrues its own expenses. Cash
Investment Fund and Ready Cash Investment Fund records daily their prorata share
of their Portfolio's income, expenses and realized gain and loss. Interest
income is recorded on the accrual basis and includes amortization of premiums
and discounts.
DISTRIBUTIONS TO SHAREHOLDERS - Dividends are declared daily and paid monthly to
shareholders and net capital gain, if any, is distributed to shareholders at
least annually. Distributions are based on amounts calculated in accordance with
applicable federal income tax regulations, which may differ from generally
accepted accounting principles. These differences are due primarily to differing
treatments of income and gain on various investment securities held by a Fund,
timing differences and differing characterizations of distributions made by a
Fund.
[LOGO]
6
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
FEDERAL TAXES - Each Fund intends to qualify and continue to qualify each year
as a regulated investment company and distribute all of its taxable income. In
addition, by distributing in each calendar year substantially all of its net
investment income, capital gain and certain other amounts, if any, each Fund
will not be subject to a federal excise tax. Therefore, no federal income or
excise tax provision is required.
REPURCHASE AGREEMENTS - Except for the Treasury Fund, each Fund may invest in
repurchase agreements. The Funds, through their custodian, receive delivery of
the underlying collateral, whose market value must always equal or exceed the
repurchase price. The investment adviser is responsible for determining the
value of the underlying collateral at all times. In the event of default, a Fund
may have difficulties with the disposition of such collateral.
EXPENSE ALLOCATION - The Trust accounts separately for the assets and
liabilities and operations of each Fund. Expenses that are directly attributable
to more than one Fund are allocated among the respective Funds. Expenses that
are directly attributable to a class are allocated to that class.
REALIZED GAIN AND LOSS - Security transactions are recorded on a trade date
basis. Realized gain and loss on investments sold are recorded on the basis of
identified cost.
NOTE 3. ADVISORY, SERVICING FEES AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISER - Effective June 1, 1997, the investment adviser of each Fund
is Norwest Investment Management, Inc. ("Adviser"), a wholly owned subsidiary of
Norwest Bank Minnesota, N.A. ("Norwest"), a subsidiary of Norwest Corporation.
The Adviser receives an advisory fee from U.S. Government Fund and Treasury Fund
at annual rates of 0.20% and 0.20%, respectively, of the average daily net
assets for the first $300 million of net assets of each Fund, declining to 0.12%
and 0.12%, respectively, of the average daily net assets of each Fund's net
assets in excess of $700 million. The Adviser receives an advisory fee from
Municipal Money Market Fund at an annual rate of 0.35% of the average daily net
assets for the first $500 million of net assets of the Fund, declining to 0.30%
of the average daily net assets of the Fund's net assets in excess of $1
billion. Prior to June 1, 1997, the investment adviser of each Fund was Norwest.
The Adviser was formerly a part of Norwest. The investment agreements are
identical in all material terms including fees. No fee is directly payable by a
Fund to the extent the Fund is invested in a Core Portfolio.
MANAGEMENT, ADMINISTRATION AND DISTRIBUTION SERVICES - The manager and
distributor of the Trust is Forum Financial Services, Inc. ("FFSI"), a
registered broker-dealer and a member of the National Association of Securities
Dealers, Inc. FFSI receives no payments for its services as distributor. Forum
Administrative Services, LLC ("FAS") provides administrative services for the
Funds. For their services, FFSI and FAS each receives a management and
administrative fee with respect to Cash Investment Fund, U.S. Government Fund,
Treasury Fund, Institutional Shares and Investor Shares of Municipal Money
Market Fund and Investor Shares of Ready Cash Investment Fund at an annual rate
of 0.025%, 0.05%, 0.05%, 0.05%, 0.10% and 0.075%, respectively, of the Fund's
average daily net assets. In addition, certain legal expenses were charged to
the Trust by Forum. The respective amounts of legal expenses for the period
ended November 30, 1997 for Cash Investment Fund, U.S. Government Fund, Treasury
Fund, Ready Cash Investment Fund and Municipal Money Market Fund were: $1,859,
$1,248, $640, $644 and $419.
TRANSFER AGENT, DIVIDEND DISBURSING AGENT AND CUSTODIAN - Norwest serves as the
Trust's transfer agent and dividend disbursing agent and is compensated for
those services at an aggregate annual rate of up to 0.20% of the average daily
net assets of Cash Investment Fund; of up to 0.25% of the average daily net
assets of U.S. Government Fund and Treasury Fund; of up to 0.10% of the average
daily net assets of Ready Cash Investment Fund and Municipal Money Market Fund
attributable to Institutional Shares; and up to 0.25% of the average daily net
assets attributable to the other classes of Ready Cash Investment Fund and
Municipal Money Market Fund.
Norwest also serves as each Fund's custodian. For its custodial services,
Norwest receives a fee with respect to each Fund at an annual rate of 0.02% of
the first $100 million of the Fund's average daily net assets, 0.015% of the
next $100 million of the Fund's average net assets and 0.01% of the Fund's
remaining average daily net assets. No fee is directly payable by a Fund to the
extent the Fund is invested in a Core Portfolio.
DISTRIBUTION SERVICES - The Trust has adopted a Distribution Plan (the Plan)
with respect to Exchange Shares of Ready Cash Investment 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 Ready
Cash Investment Fund attributable to Exchange Shares. No maintenance fees were
incurred by the Fund during the period ended November 30, 1997. The distribution
payments will be used to reimburse the distributor for (i) sales commissions
[LOGO]
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
NOTE 3. ADVISORY, SERVICING FEES AND OTHER TRANSACTIONS WITH
AFFILIATES (CONTINUED)
at levels set from time to time by the Board not to exceed 6.25% of the amount
received by the Fund for each Exchange 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 based upon that rate
in effect for the fixed income or equity fund from which the shareholder
exchanged its shares. The Plan may be terminated by vote of a majority of the
Fund's shareholders or by vote of a majority of Trustees who do not have any
direct or indirect financial interest in the Plan. In the event that the Plan is
terminated or not continued, at the discretion of the Board of Trustees, the
Fund may 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 exist no unreimbursed distribution
charges attributable to that Fund under the Plan, as calculated pursuant to the
Plan. Unreimbursed distribution charges at November 30, 1997 for Ready Cash
Investment Fund were $22,068.
OTHER SERVICES PROVIDERS - Effective June 1, 1997, Forum Accounting Services,
LLC ("FAcS") provides portfolio accounting services to each Fund. Prior to June
1, 1997, Forum Financial Corp. ("FFC"), an affiliate of FFSI, provided portfolio
accounting services to each Fund pursuant to a separate agreement, and the terms
of the agreement were identical in all material terms.
NOTE 4. VOLUNTARY WAIVERS AND REIMBURSEMENT OF EXPENSES
Norwest, FAS and FFSI have voluntarily waived a portion of their fees and have
reimbursed certain expenses of the Funds so that total expenses, including
indirect expenses borne by the Funds as a result of investing in the
corresponding Portfolio, would not exceed certain expense limitations
established for each Fund. Norwest, FAS and FFSI at their discretion, may revise
or discontinue the voluntarily fee waivers and expense reimbursements at any
time. For the six months ended November 30, 1997, fees waived and expenses
reimbursed by the Trust's service providers were as follows:
<TABLE>
<CAPTION>
FEES WAIVED EXPENSES TOTAL FEES
------------------------------------------- REIMBURSED WAIVED
TRANSFER ------------- AND EXPENSES
AGENT ADVISER FFSI/FAS FFSI REIMBURSED
------------- ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Cash Investment Fund...... $ 16,955 $ - $ 649,825 $ - $ 666,780
U.S. Government Fund...... 16,976 - 101,087 - 118,063
Treasury Fund............. 68,581 - 328,589 - 397,170
Ready Cash Investment
Fund..................... 40,757 16,722 302,567 11,238 371,284
Municipal Money Market
Fund..................... 149,499 128,539 250,611 - 528,649
</TABLE>
NOTE 5. FEDERAL INCOME TAXES
As of November 30, 1997, certain of the Funds had capital loss carryovers
available to offset future capital gain as follows:
<TABLE>
<CAPTION>
YEAR OF EXPIRATION
-----------------------------------------
2003 2004 2005 TOTAL
------------- ----------- ----------- -------------
<S> <C> <C> <C> <C>
Cash Investment Fund..................................... $ 1,663,035 $ - $ - $ 1,663,035
U.S. Government Fund..................................... 226,240 - - 226,240
Treasury Fund............................................ - - 79,864 79,864
Ready Cash Investment Fund............................... 60,813 - - 60,813
Municipal Money Market Fund.............................. 72,404 15,350 2,493 90,247
</TABLE>
SUPPLEMENTAL INFORMATION (UNAUDITED)
Ready Cash Investment Fund Institutional Share Class was closed as of December
17, 1997.
[LOGO]
8
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
CASH INVESTMENT FUND
- ------------------------------------------------------------------------
INVESTMENTS IN CORE TRUST (DELAWARE) (100.0%)
N/A Prime Money Market Portfolio of Core
Trust (Delaware) $2,031,574,060
N/A Money Market Portfolio of Core Trust
(Delaware) 2,031,615,249
--------------
TOTAL INVESTMENTS (100.0%) 4,063,189,309
--------------
--------------
- ------------------------------------------------------------------------
U.S. GOVERNMENT FUND
- ------------------------------------------------------------------------
AGENCY NOTES (45.9%)
FFCB (3.5%)
50,000,000 5.50% V/R, 12/17/97 $ 49,998,059
25,000,000 5.75%, 7/1/98 25,000,907
--------------
TOTAL FFCB 74,998,966
--------------
FHLB (16.9%)
50,000,000 5.53% V/R, 12/16/97 49,998,463
59,800,000 5.96% V/R, 12/16/97 59,810,079
10,000,000 5.63%, 12/17/97 10,000,000
50,000,000 5.48% V/R, 1/2/98 49,996,769
11,500,000 5.73%, 1/27/98 11,499,551
25,000,000 5.80%, 1/28/98 25,000,000
10,375,000 5.72%, 7/7/98 10,373,376
12,500,000 5.80%, 9/18/98 12,513,948
4,780,000 5.85%, 9/30/98 4,783,815
50,000,000 5.28% V/R, 10/20/98 49,987,125
30,000,000 5.78%, 10/30/98 29,993,160
50,000,000 5.71% V/R, 11/4/99(a) 50,000,000
--------------
TOTAL FHLB 363,956,286
--------------
FHLMC (1.2%)
25,000,000 5.69%, 8/21/98 24,986,671
--------------
FNMA (13.1%)
40,000,000 5.38%, 12/9/97 39,997,768
50,000,000 5.57% V/R, 1/15/98 49,996,986
72,475,000 5.50%, 2/18/98 72,428,673
20,000,000 8.15%, 5/11/98 20,209,392
25,000,000 6.10%, 9/4/98 25,056,926
50,000,000 5.78% V/R, 11/20/98 49,990,789
25,000,000 5.30%, 12/10/98 24,873,442
--------------
TOTAL FNMA 282,553,976
--------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
U.S. GOVERNMENT FUND (continued)
- ------------------------------------------------------------------------
SLMA (11.2%)
15,000,000 5.67%, 12/19/97 $ 15,000,000
31,500,000 5.63% V/R, 1/21/98 31,503,809
48,250,000 5.58% V/R, 2/17/98 48,244,941
25,000,000 5.53% V/R, 4/21/98 24,998,618
20,000,000 5.60%, 8/11/98 19,977,706
25,980,000 5.47% V/R, 8/20/98 25,965,443
25,000,000 5.79%, 9/16/98 24,989,484
50,000,000 5.53% V/R, 11/6/98 49,972,171
--------------
TOTAL SLMA 240,652,172
--------------
TOTAL AGENCY NOTES 987,148,071
--------------
COMMERCIAL PAPER (8.2%)
25,000,000 USA Group, Secondary Market Services,
Series A, SLMA LOC, 5.52%, 12/8/97 24,973,167
60,189,000 USA Group, Secondary Market Services,
Series A, SLMA LOC, 5.55%, 12/12/97 60,086,930
9,916,000 USA Group, Secondary Market Services,
Series A, SLMA LOC, 5.53%, 12/29/97 9,873,350
43,500,000 Western Financial Savings Bank, FHLB of
San Francisco LOC, 5.80%, 12/2/97 43,492,992
37,000,000 Western Financial Savings Bank, FHLB of
San Francisco LOC, 5.55%, 12/5/97 36,977,224
--------------
TOTAL COMMERCIAL PAPER 175,403,663
--------------
DISCOUNT NOTES (30.8%)
FHLB (8.1%)
32,145,000 5.43%, 1/8/98 31,960,756
50,000,000 5.41%, 2/4/98 49,511,598
25,000,000 5.40%, 2/13/98 24,722,243
19,717,000 5.39%, 3/2/98 19,448,362
30,000,000 5.34%, 4/15/98 29,399,250
5,580,000 5.39%, 6/2/98 5,427,113
</TABLE>
[LOGO]
See Notes to Schedules of Investments.
9
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
U.S. GOVERNMENT FUND (continued)
- ------------------------------------------------------------------------
13,367,000 5.39%, 6/15/98 $ 12,974,739
--------------
TOTAL FHLB 173,444,061
--------------
FHLMC (7.8%)
50,000,000 5.46%, 12/17/97 49,878,778
50,000,000 5.39%, 12/30/97 49,782,903
30,000,000 5.42%, 1/26/98 29,746,834
40,000,000 5.49%, 2/12/98 39,554,700
--------------
TOTAL FHLMC 168,963,215
--------------
FNMA (14.6%)
50,000,000 5.38%, 12/8/97 49,947,743
50,000,000 5.45%, 12/22/97 49,841,042
40,000,000 5.50%, 1/22/98 39,681,934
35,000,000 5.40%, 1/27/98 34,701,028
14,038,000 5.47%, 2/5/98 13,897,223
49,000,000 5.47%, 2/6/98 48,501,167
10,000,000 5.65%, 2/26/98 9,868,775
50,000,000 5.41%, 3/10/98 49,256,126
20,000,000 5.38%, 4/9/98 19,614,792
--------------
TOTAL FNMA 315,309,830
--------------
TVA (0.3%)
5,778,000 5.78%, 5/1/98 5,643,531
--------------
TOTAL DISCOUNT NOTES 663,360,637
--------------
REPURCHASE AGREEMENTS (15.1%)
175,000,000 BancAmerica Robertson Stephens, 5.61%,
12/1/97, to be repurchased at
$175,081,813. Collateralized by
$150,000,000 FNMA Discount Notes,
5.55%, 1998; $31,240,000 FHLB Discount
Notes, 5.58%, 1998 and $1,200,000 UST
Notes, 5.00%, 1998. 175,000,000
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
U.S. GOVERNMENT FUND (continued)
- ------------------------------------------------------------------------
148,883,391 BancAmerica Robertson Stephens, 5.75%,
12/1/97, to be repurchased at
$148,954,731. Collateralized by
$22,460,000 FNMA Discount Notes,
5.53%, 1998; $26,280,000 FFCB Discount
Notes, 5.40% to 5.58%, 1998 and
$153,000,000 FHLB Discount Notes,
5.54% to 5.58%, 1998. $ 148,883,391
--------------
TOTAL REPURCHASE AGREEMENTS 323,883,391
--------------
TOTAL INVESTMENTS (100.0%) $2,149,795,762
--------------
--------------
- ------------------------------------------------------------------------
TREASURY FUND
- ------------------------------------------------------------------------
U.S. TREASURY BILLS (A) (53.9%)
110,400,000 5.65%, 12/16/97 $ 110,144,240
75,000,000 5.13%, 1/2/98 74,665,000
74,840,000 5.27% to 5.34%, 1/8/98 74,432,961
100,000,000 5.27% to 5.30%, 1/22/98 99,255,750
50,000,000 5.23%, 1/29/98 49,581,264
50,000,000 5.28%, 2/5/98 49,527,917
40,000,000 5.30%, 3/5/98 39,462,111
--------------
TOTAL U.S. TREASURY BILLS 497,069,243
--------------
U.S. TREASURY NOTES (46.1%)
135,000,000 5.38%, 12/1/97 135,000,000
80,000,000 5.25%, 12/31/97 79,998,767
50,000,000 7.88%, 1/15/98 50,146,484
30,000,000 5.00%, 1/31/98 29,971,020
50,000,000 7.25%, 2/15/98 50,174,388
55,000,000 5.13%, 2/28/98 54,943,056
25,000,000 6.13%, 5/15/98 25,069,177
--------------
TOTAL U.S. TREASURY NOTES 425,302,892
--------------
TOTAL INVESTMENTS (100.0%) $ 922,372,135
--------------
--------------
</TABLE>
(A) Annualized yields at time of purchase.
[LOGO]
See Notes to Schedules of Investments.
10
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
READY CASH INVESTMENT FUND
- ------------------------------------------------------------------------
INVESTMENT IN CORE TRUST (DELAWARE) (100.0%)
N/A Prime Money Market Portfolio of Core
Trust (Delaware) $ 623,299,603
--------------
TOTAL INVESTMENTS (100.0%) $ 623,299,603
--------------
--------------
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND
- ------------------------------------------------------------------------
ALASKA (1.2%)
9,200,000 Alaska State Department Administration,
COP, CAPMAC insured, 4.10% V/R,
9/1/06(a) 9,200,000
--------------
ARIZONA (1.1%)
4,400,000 Chandler, AZ, IDA RV, Parsons Municipal
Services, Inc., National Westminster
Bank, USA LOC, 3.95%
V/R, 12/15/09(a) 4,400,000
1,000,000 Phoenix, AZ, GO Bonds, COLL by USG,
6.80%, 7/1/03, P/R 7/1/98 @ 102 1,036,466
2,675,000 Tempe, AZ, United High SD #213, GO
Bonds, FGIC insured, 14.35%, 7/1/98 2,832,249
--------------
TOTAL ARIZONA 8,268,715
--------------
ARKANSAS (0.4%)
2,370,000 Little Rock, AR, SD TRANS, 4.25%,
12/30/97 2,370,719
1,000,000 Little Rock, AR, IDA RV, GTD by CPC
International, 5.44% V/R, 12/1/03(a) 1,000,000
--------------
TOTAL ARKANSAS 3,370,719
--------------
CALIFORNIA (4.2%)
12,000,000 California School Cash Reserve Program
Authority, EFA Revenue Notes, Series
A, 4.75%, 7/2/98 12,060,566
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
17,400,000 California State, Floater Trust, Series
23, 4.15%
V/R, 6/30/98 $ 17,400,000
3,000,000 Newport Beach, CA, Hoag Memorial
Hospital RV, 3.80% V/R, 10/1/22(a) 3,000,000
--------------
TOTAL CALIFORNIA 32,460,566
--------------
COLORADO (3.5%)
3,250,000 Arapahoe County, CO, SD #5, Cherry
Creek, GO Bonds, 0.00% (3.70%
effective yield), 12/15/97 3,245,512
1,500,000 Arapahoe County, CO, SD #5, Cherry
Creek, GO Bonds, Series A, 4.50%,
12/15/97 1,500,472
9,000,000 Arapahoe County, CO, SD #5, Cherry
Creek, GO Bonds, TANS, 4.50%, 6/30/98 9,032,549
9,700,000 Colorado Health Facilities Authority RV,
Sisters of Charity Health, 3.90%
V/R, 5/15/25(a) 9,700,000
1,700,000 Moffat County, CO, PCR Bonds, AMBAC
insured, 4.05% V/R, 7/1/10(a) 1,700,000
1,930,000 Parkview Metropolitan District, CO,
Arapahoe County, GO Bonds, 4.15% V/R,
12/1/12(a) 1,930,000
--------------
TOTAL COLORADO 27,108,533
--------------
CONNECTICUT (0.4%)
3,000,000 Connecticut State Development Authority,
IDA RV, GTD by General Accident
Insurance, 3.64%, 12/1/13, optional
put 6/1/98 @ 100 3,000,000
--------------
</TABLE>
[LOGO]
See Notes to Schedules of Investments.
11
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
FLORIDA (6.5%)
2,355,000 Broward County, FL, EFA RV, School Board
COP, Series C, AMBAC insured, 3.75%,
7/1/98 $ 2,352,729
1,725,000 Dade County, FL, Health Facilities
Authority RV, Mount Sinai Medical
Center Project, FSA insured, 8.40%,
12/1/17,
P/R 12/1/97 @ 102 1,759,500
5,770,000 Dade County, FL, HFA, MFHR Bonds, Cutler
Club Apartment Project, Series J, GTD
by John Hancock Insurance, 4.05% V/R,
2/1/05(a) 5,770,000
2,000,000 Dade County, FL, IDA RV, GTD by ADP,
Inc., 4.09% V/R, 11/15/17(a) 2,000,000
5,545,000 Dade County, FL, MFHR Bonds, La Hacienda
Apartments, GTD by John Hancock
Insurance, Series I, 4.05% V/R,
2/1/05(a) 5,545,000
3,700,000 Dade County, FL, MFHR Bonds, Mayan Tower
& Villa, Series M, GTD by John Hancock
Insurance, 4.05% V/R, 12/1/29(a) 3,700,000
8,120,000 Florida HFA, MFHR Bonds, Country Club
Project, Bankers Trust LOC, 4.10% V/R,
12/1/07(a) 8,120,000
1,750,000 Florida HFA, MFHR Bonds, Oak Mill, Chase
Manhattan Bank LOC, 3.85%, 11/1/07,
mandatory put 11/1/98 @ 100 1,750,000
1,200,000 Florida HFA, MFHR Bonds, Series A, Wells
Fargo Bank LOC, 4.10% V/R, 4/1/07(a) 1,200,000
1,710,000 Florida HFA, MFHR Bonds, South Trust
Alabama LOC, 4.15% V/R, 6/1/07(a) 1,710,000
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
1,600,000 Hillsborough County, FL, IDA, Port
Facilities RV, Seaboard System
Railroad, Inc. Project, First Chicago
NBD LOC, 3.95% V/R, 10/15/99(a) $ 1,600,000
7,000,000 Laurel Club Certificate Trust, COP,
Series A, Swiss Bank, LOC, 4.05% V/R,
6/1/25(a) 7,000,000
1,050,000 Orange County, FL, HFA, MFHR Bonds,
Sundown Association II, Series B,
Fleet Bank LOC, 3.95%
V/R, 6/1/04(a) 1,050,000
6,200,000 Sarasota County, FL, Health Facilities
Authority RV, Bay Village Project,
Barnett Bank LOC, 3.95% V/R,
12/1/19(a) 6,200,000
--------------
TOTAL FLORIDA 49,757,229
--------------
GEORGIA (1.1%)
2,695,000 Fulton County, GA, IDA RV, GTD by ADP,
Inc., 3.95% V/R, 9/1/12(a) 2,695,000
6,000,000 Marietta, GA, MFHR Bonds, Falls at Bells
Ferry, Guardian Savings & Loan LOC,
3.65%, 1/15/09, optional put 1/15/98 @
100 6,000,000
--------------
TOTAL GEORGIA 8,695,000
--------------
HAWAII (2.8%)
2,240,000 Hawaii State Department of Budget &
Finance, Special Purpose Mortgage RV,
3.75%, 3/1/14, puttable 3/1/98 @ 100 2,240,000
5,650,000 Hawaii State Department of Budget &
Finance, Special Purpose Mortgage RV,
Kuakini Medical Center Project, Bank
of Hawaii LOC, 3.75% V/R, 7/1/04(a) 5,650,000
</TABLE>
[LOGO]
See Notes to Schedules of Investments.
12
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
8,300,000 Hawaii State Housing Finance &
Development Corp., MFHR Bonds,
Industrial Bank of Japan LOC, 3.95%
V/R, 7/1/25(a) $ 8,300,000
5,300,000 Hawaii State Housing Finance &
Development Corp., MFHR Bonds, Series
A, Industrial Bank of Japan LOC, 3.95%
V/R, 7/1/25(a) 5,300,000
--------------
TOTAL HAWAII 21,490,000
--------------
ILLINOIS (12.5%)
1,000,000 Bedford Park, IL, IDA RV, GTD by CPC
International, 5.44% V/R, 11/1/03(a) 1,000,000
3,885,000 Cook County, IL, Municipal Trust
Receipts, Series SG-7, MBIA insured,
4.05% V/R, 11/15/23(a) 3,885,000
6,000,000 Illinois Development Finance Authority
RV, MFHR Bonds, Garden Glen
Apartments, GTD by Continental
Casualty Co., 4.10% V/R, 12/1/13(a) 6,000,000
915,000 Illinois Development Finance Authority
RV, North Wacker Drive, 4.15% V/R,
12/1/15(a) 915,000
5,000,000 Illinois Health Facilities Authority RV,
Evanston Hospital Corp., 3.90%,
8/15/30, mandatory put 7/31/98 @ 100 5,000,000
5,000,000 Illinois Health Facilities Authority RV,
Evanston Hospital Corp., Series A,
3.90%, 3/15/25, mandatory put 10/15/98
@ 100 5,000,000
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
12,000,000 Illinois Health Facilities Authority RV,
Evanston Hospital Corp., Series B,
3.75%, 8/15/15, mandatory put 1/15/98
@ 100 $ 12,000,000
1,350,000 Kane Cook & Du Page Counties, IL, GO
Bonds, SD #46, Elgin, FGIC insured,
9.00%, 1/1/98 1,355,968
1,000,000 Lake County, IL, Forest Preservation
District, GO Bonds, 6.90%, 2/1/02, P/R
2/1/98 @ 102 1,025,037
6,800,000 Lombard, IL, IDA RV, 2500 Highland
Avenue, Mid-America Federal Savings &
Loan LOC, 4.45% V/R, 12/1/06(a) 6,800,000
9,885,000 Lombard, IL, MFHR Bonds, Clover Creek
Apartments, remarketed 12/15/96,
Continental Casualty Surety Bond LOC,
3.80%, 12/15/06, mandatory put
12/15/97 @100 9,885,000
5,200,000 Mount Morris, IL, Housing RV, Brethren
Home Project, La Salle National Bank,
Chicago LOC, 3.85% V/R, 6/1/27(a) 5,200,000
490,000 Northwest Suburban Municipal Junction
Action, IL, Water Agency, Special
Obligation Bonds, Series A, MBIA
insured, 3.75%, 5/1/98 490,000
11,500,000 Oak Forest, IL, Other RV, Homewood Pool,
First National Bank of Chicago LOC,
3.85% V/R, 7/1/24(a) 11,500,000
19,970,000 Regional Transportation Authority, IL,
Transportation RV, AMBAC insured,
4.05%
V/R, 6/1/24(a) 19,970,000
</TABLE>
[LOGO]
See Notes to Schedules of Investments.
13
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
2,000,000 South Barrington, IL, GO Bonds, Cook
County, Harris Trust & Savings Bank
LOC, 3.85% V/R, 12/1/15(a) $ 2,000,000
4,100,000 Springfield, IL, Transportation RV, GTD
by Allied Signal, 4.15% V/R,
10/15/16(a) 4,100,000
--------------
TOTAL ILLINOIS 96,126,005
--------------
INDIANA (1.6%)
1,000,000 Gary, IN, Enviromental Improvement
Revenue, PCR Bonds, U.S. Steel Group
Project, Bank of Nova Scotia LOC,
3.95% V/R, 7/15/02(a) 1,000,000
2,500,000 Indiana Hospital Equipment Financing
Authority RV, Series A, MBIA insured,
3.90% V/R, 12/1/15(a) 2,500,000
5,200,000 Indiana State Development Financial
Authority, EFA RV, Lutheran Project,
First of America LOC, 4.00%
V/R, 10/1/17(a) 5,200,000
3,500,000 Purdue University, IN, EFA RV, Student
Fees, Series H, 3.80% V/R, 7/1/17(a) 3,500,000
--------------
TOTAL INDIANA 12,200,000
--------------
IOWA (5.1%)
4,600,000 Des Moines, IA, IDA RV, Grand Office
Park, GTD by Principal Mutual Life,
4.00% V/R, 4/1/15(a) 4,600,000
5,000,000 Iowa School Corp., EFA RV, Warrants
Certificates, Series A, FSA insured,
4.25%, 6/26/98 5,019,110
15,000,000 Iowa School Corp., EFA RV, Warrants
Certificates, Series B, FSA insured,
4.25%, 1/30/98 15,013,363
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
4,000,000 Urbandale, IA, IDA RV, Aurora Business
Park Association Project, GTD by
Principal Mutual Life Insurance, 4.00%
V/R, 10/1/15(a) $ 4,000,000
6,000,000 Urbandale, IA, IDA RV, Interstate Acres
L.P. Project, GTD by Principal Mutual
Life Insurance, 4.15% V/R, 12/1/14(a) 6,000,000
4,605,000 Urbandale, IA, IDA RV, Meredith Drive
Association Project, GTD by Principal
Mutual Life Insurance, 4.00% V/R,
11/1/15(a) 4,605,000
--------------
TOTAL IOWA 39,237,473
--------------
KANSAS (1.1%)
2,000,000 Baldwin City, KS, EFA RV, Baker
University Project, 9.50%, 10/1/08,
P/R 10/1/98 @ 103 2,146,722
1,180,000 Kansas State Development Financial
Authority RV, Department of
Corrections, El Dorado Correctional
Facilities, Series J, MBIA insured,
3.85%, 8/1/98 1,180,000
1,500,000 Olathe, KS, GO Bonds, Series A, 4.50%,
6/1/98 1,504,332
2,230,000 Overland Park, KS, GO Bonds, Series A,
3.80%, 4/1/98 2,230,401
1,200,000 Prairie Village, KS, MFHR Bonds, J.C.
Nichols Co. Project, GTD by Principal
Mutual Life Insurance, 4.00% V/R,
12/1/15(a) 1,200,000
--------------
TOTAL KANSAS 8,261,455
--------------
KENTUCKY (0.7%)
3,000,000 Mayfield, KY, Multi-City Lease RV, PNC
Bank LOC, 4.15% V/R, 7/1/26(a) 3,000,000
</TABLE>
[LOGO]
See Notes to Schedules of Investments.
14
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
2,500,000 Pendleton County, KY, General RV,
Self-Insurance Funding for Kentucky
Association of Counties Fund, PNC Bank
LOC, 3.95%, 7/1/01, optional put
7/1/98 at 100 $ 2,500,000
--------------
TOTAL KENTUCKY 5,500,000
--------------
LOUISIANA (1.1%)
3,400,000 Plaquemines, LA, Port Harbor & Term
District Port Facilities Revenue,
Morgan Guaranty LOC, 3.75%, 3/15/06,
optional put 3/13/98 @ 100 3,400,000
5,100,000 West Baton Rouge Parish, LA, Industral
District #3, IDA RV, Dow Chemical Co.
Project, Series B, 4.05% V/R,
12/1/16(a) 5,100,000
--------------
TOTAL LOUISIANA 8,500,000
--------------
MARYLAND (1.0%)
5,000,000 Howard County, MD, MFHR Bonds, Sherwood
Crossing Ltd. Project, Guardian
Savings & Loan LOC, 3.95%, 6/1/08,
mandatory put 6/1/98 @ 100 5,000,000
2,500,000 Maryland State, Industrial Authority EDA
RV, Johnson Controls, Inc. GTD, 4.05%
V/R, 12/1/03(a) 2,500,000
--------------
TOTAL MARYLAND 7,500,000
--------------
MASSACHUSETTS (0.1%)
1,000,000 Boston, MA, GO Bonds, Series A, AMBAC
insured, 6.75%, 2/1/98 1,004,757
--------------
MICHIGAN (2.0%)
8,000,000 Detroit, MI, City SD Student Aid Notes,
4.50%, 5/1/98 8,019,760
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
3,100,000 Michigan State, Hospital Finance
Authority RV, Hospital Equipment Loan
Program, Series A, First of America
LOC, 3.90% V/R, 12/1/23(a) $ 3,100,000
4,000,000 Michigan State, Hospital Financial
Authority RV, Hospital Equipment Loan
Program, Series A, First of America
LOC, 3.90% V/R, 12/1/23(a) 4,000,000
--------------
TOTAL MICHIGAN 15,119,760
--------------
MINNESOTA (6.3%)
5,000,000 Crystal, MN, MFHR Bonds, Crystal
Apartments L.P. Project, 3.95% V/R,
5/1/27(a) 5,000,000
4,900,000 Mankato, MN, MFHR Bonds, Highland Hills
Project, First Bank LOC, 3.95% V/R,
5/1/27(a) 4,900,000
4,350,000 Minneapolis, MN, Hospital Facilities RV,
Life Span Inc., Series B, COLL by USG,
9.13%, 12/1/14, P/R 12/1/97 @ 102 4,437,000
4,005,000 Minnesota SD Tax & Aid Anticipation,
BPC, Series A, 3.80%, 8/13/98 4,004,398
1,740,000 Minnesota SD Tax & Aid Anticipation, BPC
COP, Series B, 3.65%, 3/10/98 1,740,000
3,000,000 Minnesota SD Tax & Aid Anticipation, BPC
COP, Series B, 3.85%, 9/3/98 3,000,000
5,000,000 Minnesota State Housing Finance Agency,
SFM RV, Series G, 4.15%, 1/1/18,
P/R 12/1/98 @ 100 5,000,905
635,000 Southern Minnesota Municipal Power
Agency, Power Supply System RV, Series
B, ETM, 5.00%, 1/1/98 635,675
</TABLE>
[LOGO]
See Notes to Schedules of Investments.
15
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
4,660,000 Spring Lake Park, MN, Independent SD
#16, GO Bonds, Tax Anticipation
Certificate Indebture, 3.73%, 2/13/98 $ 4,660,000
1,705,000 St. Paul, MN, Housing & Redevelopment
Authority Commercial Development RV,
Park Development Association Project,
First Star Milwaukee LOC, 4.05% V/R,
12/1/15(a) 1,705,000
11,700,000 St. Paul, MN, Housing & Redevelopment
Authority, Utilities RV, Local De
France LOC, 3.90% V/R, 12/1/12(a) 11,700,000
1,000,000 St. Paul, MN, Port Authority IDA RV,
Texas Project, Series A, U.S. Bank
N.A. LOC, 3.95% V/R, 6/1/10(a) 1,000,000
940,000 West St. Paul, MN, Independent SD #197,
GO Bonds, Capital Appreciation School
Building Project, MBIA insured, 0.00%
(3.75% effective yield), 2/1/98 934,136
--------------
TOTAL MINNESOTA 48,717,114
--------------
MISSISSIPPI (0.6%)
4,500,000 Jackson County, MS, Water System RV,
4.50%, 11/1/24, optional put 2/2/98 @
100 4,500,000
--------------
MISSOURI (4.1%)
1,000,000 Camden County, MO, Public Facilities
Authority Leasehold RV, Law
Enforcement Center Project, MBIA
insured, 4.00%, 10/1/98 1,001,037
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
2,670,000 Desloge, MO, IDA RV, National HealthCorp
Project, Bank of Tokyo-Mitsubishi LOC,
3.90%
V/R, 12/1/10(a) $ 2,670,000
2,655,000 Dunklin County, MO, IDA RV, National
HealthCorp Project, Bank of Tokyo Ltd.
LOC, 3.90% V/R, 12/1/10(a) 2,655,000
3,000,000 Independence, MO, IDA RV, Resthaven
Project, Credit Local de France LOC,
3.90% V/R, 2/1/25(a) 3,000,000
13,975,000 Kansas City, MO, IDA, MFHR Bonds, Coach
House II Project, GTD by Principal
Mutual Life Insurance, 4.00% V/R,
12/1/15(a) 13,975,000
2,200,000 Kansas City, MO, IDA, MFHR Bonds, J.C.
Nichols Co. Project, GTD by Principal
Mutual Life Insurance, 4.00% V/R,
5/1/15(a) 2,200,000
3,200,000 Missouri State, HEFA RV, Anticipation
Notes, Series A, 4.00%, 11/12/98 3,204,304
3,100,000 St. Louis County, MO, IDA, MFHR Bonds,
Cedar Run Apartments, remarketed
1/2/97, 4.05% V/R, 12/1/25(a) 3,100,000
--------------
TOTAL MISSOURI 31,805,341
--------------
MONTANA (1.5%)
6,355,000 Montana State Board of Investments,
Municipal Finance Contruction,
Intercap Program RV, 3.65%, 3/1/05,
optional put 3/1/98 @ 100 6,354,919
</TABLE>
[LOGO]
See Notes to Schedules of Investments.
16
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
4,815,000 Montana State Board of Investments,
Municipal Finance Construction,
Intercap Program RV, 3.65%, 3/1/10,
optional put 3/1/98 @ 100 $ 4,810,427
--------------
TOTAL MONTANA 11,165,346
--------------
NEBRASKA (0.3%)
1,980,000 Nebraska Investment Financial Authority
RV, Catholic Health Initiatives,
Series A, 4.25%, 12/1/98 1,986,701
--------------
NEW JERSEY (0.5%)
1,035,000 Camden County, NJ, Municipal Utilities
Authority Sewer RV, FGIC insured,
8.25%, 12/1/17,
P/R 12/1/97 @ 102 1,055,700
500,000 Monmouth County, NJ, GO Bonds, Import
Authority Revenue, Correctional
Facilities, Monmouth Project, 6.00%,
8/1/98 506,950
2,400,000 New Jersey State, EFA RV, Series SG 48,
MBIA insured, 4.00% V/R, 7/1/26(a) 2,400,000
--------------
TOTAL NEW JERSEY 3,962,650
--------------
NEW MEXICO (2.0%)
2,500,000 Bloomfield, NM, GO Bonds, Series A, La
Salle National Bank LOC, 4.05%
V/R, 11/15/10(a) 2,500,000
2,760,000 Espanola, NM, Health Care RV, Series A,
La Salle National Bank LOC, 4.05% V/R,
11/15/10(a) 2,760,000
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
3,000,000 New Mexico Mortgage Finance Authority,
SFM RV, Issue 1, COLL by FNMA/GNMA,
3.85%, 7/1/28, mandatory put 10/15/98
@ 100 $ 3,000,000
5,000,000 New Mexico State TRANS, Series A, 4.50%,
6/30/98 5,018,697
1,735,000 Silver City, NM, GO Bonds, Series A, La
Salle National Bank LOC, 4.05% V/R,
11/15/10(a) 1,735,000
--------------
TOTAL NEW MEXICO 15,013,697
--------------
NEW YORK (7.0%)
3,200,000 County of Westchester, NY, IDA RV,
Industrial Bank of Japan and Sanwa
Bank LOC, 4.00% V/R, 7/1/98 3,200,000
5,200,000 New York State Dorm Authority RV,
Municipal Securities Receipts, Series
CMC1B, AMBAC insured, 4.05% V/R,
2/15/08(a) 5,200,000
3,900,000 New York State Dorm Authority RV,
Municipal Securities Receipts, Series
CMC2A, 4.05% V/R, 2/1/06(a) 3,900,000
3,900,000 New York State Dorm Authority RV,
Municipal Securities Receipts, Series
CMC2B, 4.05% V/R, 2/1/07(a) 3,900,000
2,500,000 New York State Local Government
Assistance Corp., RV, Series SG 99,
AMBAC insured, 4.05% V/R, 4/1/11(a) 2,500,000
3,000,000 New York State Medical Care Facilities
Financial Agency, Health Care RV,
4.10% V/R, 8/15/22(a) 3,000,000
</TABLE>
[LOGO]
See Notes to Schedules of Investments.
17
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
3,540,000 New York State Medical Care Facilities
Finance Agency, Health Care RV, Class
A Certificates, Series F, FHA insured,
4.05% V/R, 2/15/27(a) $ 3,540,000
9,795,000 New York State Medical Care Facilities
Finance Agency, Health Care RV, Credit
Suisse LOC, 4.05% V/R, 2/1/13(a) 9,795,000
6,545,000 New York State Medical Care Facilities
Finance Agency, Health Care RV, FHA
insured, 4.00% V/R, 2/15/05(a) 6,545,000
6,620,000 New York State Medical Care Facilities
Finance Agency, Health Care RV, FHA
insured, 4.00% V/R, 2/15/05(a) 6,620,000
2,600,000 New York, NY, GO Bonds, Series B-2,
Morgan Guaranty Trust LOC, 4.50% V/R,
8/15/20(a) 2,600,000
3,100,000 New York, NY, GO Bonds, Series C,
Norinchukin Bank Ltd. LOC, 3.80%
V/R, 10/1/23(a) 3,100,000
--------------
TOTAL NEW YORK 53,900,000
--------------
NORTH CAROLINA (0.4%)
3,000,000 Person County, NC, Industrial Facilities
& Pollution Control Financing
Authority, PCR Bonds, GTD by Carolina
Power & Light Co., 4.15% V/R,
11/1/19(a) 3,000,000
--------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
OHIO (1.9%)
5,200,000 Hamilton County, OH, IDA RV, Community
Urban Redevelopment Project, National
Westminster LOC, 3.95% V/R,
10/15/12(a) $ 5,200,000
5,000,000 Ohio State, IDA RV, U.S. Steel Corp.,
Sanwa Bank Ltd. LOC, 4.20% V/R,
5/1/11(a) 5,000,000
4,400,000 Wooster, OH, IDA RV, Allen Group, Inc.,
First Chicago NBD LOC, 4.15% V/R,
12/1/10(a) 4,400,000
--------------
TOTAL OHIO 14,600,000
--------------
OKLAHOMA (1.0%)
2,625,000 Oklahoma County, IDA RV, Carbon Office,
FGIC insured, 3.90% V/R, 12/1/14(a) 2,625,000
2,615,000 Oklahoma County, OK, Finance Authority,
IDA RV, Perrine Office Project, FGIC
insured, 3.90% V/R, 12/1/14(a) 2,615,000
2,200,000 Oklahoma State, Water Reserve Board
State Loan Program RV, 3.70%, 9/1/26,
mandatory put 3/2/98 @ 100 2,200,000
--------------
TOTAL OKLAHOMA 7,440,000
--------------
OREGON (0.4%)
3,000,000 Klamath Falls, OR, Electric RV, Salt
Caves Hydroelectric, Series C, 4.50%,
5/1/23, mandatory put 5/1/98 @ 100 3,008,086
--------------
PENNSYLVANIA (4.3%)
9,000,000 Allegheny County, PA, IDA, PCR Bonds,
Commerzbank LOC, 3.80%, 2/4/98 9,000,000
</TABLE>
[LOGO]
See Notes to Schedules of Investments.
18
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
1,000,000 Berks County, PA, IDA RV, GTD by CNA
Insurance, 3.80% V/R, 7/1/16(a) $ 1,000,000
1,100,000 Butler County, PA, IDA, PCR Bonds,
Pennzoil Co. Project, Mellon Bank LOC,
4.30% V/R, 12/1/12(a) 1,100,000
4,890,000 Chartiers Valley, PA, Industrial &
Commercial Development Authority, IDA
RV, GTD by ADP, Inc., 4.09% V/R,
11/15/17(a) 4,890,000
10,000,000 Harrisburg, PA, Authority RV, Adjusted
PA Pool Financing Fund, 3.95%
V/R, 7/1/21(a) 10,000,000
2,590,000 Pennsylvania Intergovernmental Coop
Authority, Special Tax RV, MBIA
insured, 4.00% V/R, 6/15/23(a) 2,590,000
4,300,000 Quakertown, PA, Health Care RV, Hospital
Group Pooled Financing, Series A, PNC
Bank LOC, 4.05%
V/R, 7/1/26(a) 4,300,000
--------------
TOTAL PENNSYLVANIA 32,880,000
--------------
RHODE ISLAND (0.2%)
1,400,000 Rhode Island Housing & Mortgage Finance
Corp., Housing RV, Series 22-A, GTD by
FGIC Capital, 3.65%, 4/1/27, mandatory
put 12/2/97 @ 100 1,400,000
--------------
SOUTH CAROLINA (2.6%)
8,355,000 South Carolina State, Public Service
Authority RV, Series SG-2, MBIA
insured, 4.05% V/R, 7/1/21(a) 8,355,000
5,855,000 South Carolina State Public Service
Authority RV, Utilities RV, FGIC
insured, 4.05% V/R, 1/1/23(a) 5,855,000
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
5,000,000 York County, SC, PCR Bonds, North
Carolina Electric Project, GTD by CFC,
3.70%, 9/15/14, optional put 3/15/98 @
100 $ 5,000,000
1,000,000 York County, SC, SD #003, GO Bonds, Rock
Hill, COLL by USG, 7.50%, 6/1/02, P/R
6/1/98 @ 102 1,037,754
--------------
TOTAL SOUTH CAROLINA 20,247,754
--------------
TENNESSEE (0.3%)
1,500,000 Metropolitan Governments of Nashville &
Davidson Counties, TN, HEFA RV,
Vanderbilt University, Series A, GO of
University, 3.65%, 1/15/14, optional
put 1/15/98 @ 100 1,500,000
1,000,000 Tennessee State, GO Bonds, Series A,
5.50%, 3/1/98 1,004,386
--------------
TOTAL TENNESSEE 2,504,386
--------------
TEXAS (6.5%)
1,100,000 Bexar County, TX, Housing Finance Corp.,
MFHR Bonds, Creightons Mill
Development Project, Series A, GTD by
New England Mutual Life Insurance Co.,
4.00% V/R, 8/1/06(a) 1,100,000
4,950,000 Bexar County, TX, Housing Finance Corp.,
MFHR Bonds, Park Hill Development
Project, Series B, GTD by New England
Mutual Life Insurance Co., 4.00% V/R,
6/1/05(a) 4,950,000
1,800,000 City of Fort Worth, TX, CIBC LOC, 3.80%,
3/12/98 1,800,000
10,000,000 City of Fort Worth, TX, CIBC LOC, 3.85%,
3/12/98 10,000,000
</TABLE>
[LOGO]
See Notes to Schedules of Investments.
19
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
505,000 College Station, TX, GO Bonds, FGIC
insured, 7.50%, 2/15/98 $ 508,806
15,000,000 Harris County, TX, Health Care
Facilities RV, 4.35% V/R, 12/1/25,
mandatory tender 12/1/98 @ 100 15,000,000
5,200,000 Harris County, TX, Housing Finance
Corp., MFHR Bonds, Arbor II Limited
Project, Guardian Savings & Loan LOC,
3.95%, 10/1/05, mandatory put 10/1/98
@ 100 5,200,000
920,000 Tarrant County, TX, MFHR Bonds, SF
Apartments Project, Suntrust Bank,
Nashville LOC, 4.05%
V/R, 11/1/17(a) 920,000
2,800,000 Texas State, GO Bonds, PFA, Series A,
5.00%, 10/1/98 2,825,985
7,700,000 Trinity River, TX, IDA Bonds, ADP Inc.
Project, ADP Inc. LOC, 4.15%
V/R, 1/1/13(a) 7,700,000
--------------
TOTAL TEXAS 50,004,791
--------------
UTAH (1.7%)
4,240,000 Davis County, UT, MFHR Bonds, Fox Creek
Apartments, Series A, FNMA COLL, 4.00%
V/R, 7/15/27(a) 4,240,000
3,500,000 Intermountain Power Agency, UT, Power
Supply RV, Series E, Swiss Bank LOC,
3.75%, 7/1/14, optional put 3/16/98 @
100 3,500,000
5,000,000 Intermountain Power Agency, UT, Power
Supply RV, Series E, GTD by Morgan
Guaranty, 3.80%, 7/1/21, optional put
6/15/98 @ 100 5,000,000
--------------
TOTAL UTAH 12,740,000
--------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
VIRGINIA (1.6%)
7,500,000 Harrisonburg, VA, MFHR Bonds, Rolling
Brook Village Apartments, Series A,
Guardian Savings & Loan LOC, 3.70%,
2/1/26, mandatory put 2/1/98 @ 100 $ 7,500,000
3,700,000 Henrico County, VA, IDA RV, Hermitage
Project, Nationsbank of Virginia LOC,
3.95% V/R, 5/1/24(a) 3,700,000
700,000 Virginia State Public School Authority,
GO Bonds, Series A, 7.00%, 1/1/98 701,896
--------------
TOTAL VIRGINIA 11,901,896
--------------
WASHINGTON (4.1%)
5,800,000 Port Seattle, WA, IDA RV, Sysco Food
Services Project, 4.05% V/R,
11/1/25(a) 5,800,000
2,500,000 Seattle, WA, IDA RV, Longview Fibre Co.,
ABN AMRO LOC, 3.90% V/R, 1/1/03(a) 2,500,000
7,900,000 Washington Public Power Supply System,
Power RV, Nuclear Project #1,
Municipal Securities Trust Receipts,
Series CMC2, AMBAC insured, 4.05%
V/R, 7/1/07(a) 7,900,000
9,900,000 Washington Public Power Supply System,
Power RV, Nuclear Project #1, Series
C, AMBAC insured, 4.05% V/R, 7/1/07(a) 9,900,000
1,000,000 Washington Public Power Supply System,
Power RV, Nuclear Project #3, Series
13, MBIA insured, 4.05% V/R, 7/1/15(a) 1,000,000
</TABLE>
[LOGO]
See Notes to Schedules of Investments.
20
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
660,000 Washington State Housing Finance
Commission, SFM RV, Series 1N-S,
3.95%, 12/1/17, mandatory tender
4/1/98 @ 100 $ 660,000
3,380,000 Washington State, Health Care Facilities
Authority RV, Catholic Health
Initiatives, Series B, MBIA insured,
4.25%, 12/1/98 3,392,275
--------------
TOTAL WASHINGTON 31,152,275
--------------
WASHINGTON, D.C. (1.2%)
3,100,000 District Columbia, GO Bonds, Series A-4,
Societe Generale, LOC, 4.10%
V/R, 10/1/07(a) 3,100,000
300,000 District of Columbia, EFA RV, Catholic
University, Series A, Sanwa Bank Ltd.
LOC, 4.25% V/R, 12/1/09(a) 300,000
6,000,000 District of Columbia, GO Bonds, First
Union National Bank LOC, 4.05% V/R,
9/30/98 6,000,000
--------------
TOTAL WASHINGTON, D.C. 9,400,000
--------------
WISCONSIN (4.6%)
1,000,000 Beloit & Rock County, WI, IDA RV, GTD by
CPC International, 5.44% V/R,
4/1/19(a) 1,000,000
1,250,000 Delavan Darien, WI, SD, BANS, 4.15%,
4/15/98 1,251,056
5,000,000 Green Bay, WI, Area Public SD, BANS,
3.84%, 2/2/98 5,000,000
1,405,000 Johnson Controls, Inc., Tax-Exempt Bond,
Grantor Trust, Wachovia Corp. LOC,
4.35% V/R, 10/1/01(a) 1,405,000
1,670,000 Lodi, WI, SD BANS, 4.40%, 4/15/98 1,671,967
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
5,000,000 Manitowoc, WI, Public SD, EFA RV, BANS,
4.00%, 10/1/98 $ 5,004,362
1,060,000 Milwaukee, WI, IDA RV, Longview Fibre
Co. Project, 3.90% V/R, 1/1/03(a) 1,060,000
1,115,000 Milwaukee, WI, PCR Bonds, GTD by Johnson
Controls, Inc., 4.20% V/R, 12/1/97 1,115,000
6,500,000 Oshkosh, WI, Area SD, EFA RV, TANS,
4.15%, 8/24/98 6,511,978
9,635,000 Southeast WI, Professional Baseball Park
District, Sales Tax RV, MBIA insured,
4.00% V/R, 12/15/13(a) 9,635,000
1,000,000 Wisconsin HEFA RV, Alverno College
Project, Series B, COLL by USG, 7.32%,
5/31/00, P/R 5/31/98 @ 101 1,025,761
1,000,000 Wisconsin State, GO Bonds, Series G,
6.20%, 5/1/98 1,009,727
--------------
TOTAL WISCONSIN 35,689,851
--------------
WYOMING (0.1%)
1,000,000 Green River, WY, PCR Bonds, Allied Corp.
Project, GTD by Allied Signal Corp.,
4.59% V/R, 12/1/12(a) 1,000,000
--------------
ALL OTHER (0.4%)
3,190,000 Puttable Floating Option, Tax-Exempt
Receipts, Series PPT-4, AMBAC insured,
4.15% V/R, 10/11/30(a) 3,190,000
--------------
TOTAL INVESTMENTS (100.0%) $ 768,010,100
--------------
--------------
</TABLE>
[LOGO]
See Notes to Schedules of Investments.
21
<PAGE>
SCHEDULES OF INVESTMENTS (CONCLUDED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NOTES TO SCHEDULES OF INVESTMENTS (UNAUDITED) (CONCLUDED)
- --------------------------------------------------------------------------------
(a) Certain rate securities are deemed to have a maturity remaining until the
next readjustment of the interest rate or the longer of the demand period or
readjustment. The interest rates shown reflect the rate in effect on
November 30, 1997.
ABBREVIATIONS
<TABLE>
<S> <C>
AMBAC American Municipal Bond Assurance
Corporation
BANS Bond Anticipation Notes
BPC Borrowing Program Certificates
CAPMAC Capital Market Assurance Corporation
CIBC Canadian Imperial Bank of Commerce
COLL Collateralized
COP Certificate of Participation
EDA Economic Development Authority
EFA Educational Facilities Authority
ETM Escrowed to Maturity
FFCB Federal Farm Credit Bank
FGIC Financial Guaranty Insurance Company
FHLB Federal Home Loan Bank
FHLMC Federal Home Loan Mortgage Corporation
FNMA Federal National Mortgage Association
FSA Financial Security Assurance, Inc.
GNMA Government National Mortgage Association
GO General Obligation
GTD Guaranteed
HEFA Higher Education Facilities Authority
HFA Housing Finance Authority
IDA Industrial Development Authority
LOC Letter of Credit
MBIA Municipal Bond Insurance Association
MFHR Multi Family Housing Revenue
NBD National Bank Detroit
P/R Prerefunded
PCR Pollution Control Revenue
PFA Public Finance Authority
RV Revenue Bonds
SD School District
SF Single Family
SFM Single Family Mortgage
SLMA Student Loan Marketing Association
TANS Tax Anticipation Note
TRANS Tax & Revenue Anticipation Notes
TVA Tennessee Valley Authority
USG U.S. Governments
UST U.S. Treasury
V/R Variable rate
</TABLE>
[LOGO]
See Notes to Schedules of Investments.
22
<PAGE>
CORE TRUST (DELAWARE)
SEMI-ANNUAL REPORT
NOVEMBER 30, 1997
(unaudited)
Money Market Portfolio
Prime Money Market Portfolio
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY PRIME MONEY
MARKET MARKET
PORTFOLIO PORTFOLIO
------------- -------------
<S> <C> <C>
ASSETS:
Investments: (Note 2)
Investments at cost............ $2,035,757,501 $2,642,495,009
------------- -------------
Cash............................. 536 -
Interest and other receivables... 9,989,371 13,408,756
Organization costs, net of
amortization (Note 2).......... 14,181 14,181
------------- -------------
TOTAL ASSETS:...................... 2,045,761,589 2,655,917,946
------------- -------------
LIABILITIES:
Payable to Adviser (Note 3)...... 178,679 728,771
Payable to other related parties
(Note 3)....................... 6,320 105,252
Accrued expenses................. 15,957 210,261
------------- -------------
TOTAL LIABILITIES.................. 200,956 1,044,284
------------- -------------
NET ASSETS......................... $2,045,560,633 $2,654,873,662
------------- -------------
------------- -------------
COMPONENTS OF NET ASSETS
Investors' capital............... $2,045,560,633 $2,654,873,662
------------- -------------
NET ASSETS......................... $2,045,560,633 $2,654,873,662
------------- -------------
------------- -------------
</TABLE>
See Notes to Financial Statements. CORE TRUST (DELAWARE)
24
<PAGE>
STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE PERIOD ENDED NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY PRIME MONEY
MARKET MARKET
PORTFOLIO(a) PORTFOLIO(a)
------------- ------------
<S> <C> <C>
INVESTMENT INCOME:
Interest income............................ $ 31,244,729 $40,660,418
------------- ------------
EXPENSES:
Investment advisory (Note 3)............... 756,406 2,358,258
Management (Note 3)........................ 269,507 351,355
Custody.................................... 58,011 74,381
Legal (Note 3)............................. 8,086 35,507
Accounting (Note 3)........................ 22,387 60,387
Audit...................................... 8,969 16,969
Trustees................................... 1,115 1,352
Amortization of organization costs (Note
2)....................................... 1,013 1,013
Miscellaneous.............................. 1,966 126,399
------------- ------------
Total expenses............................... 1,127,460 3,025,621
Fees waived (Note 4)....................... (480,578) -
------------- ------------
Net expenses................................. 646,882 3,025,621
------------- ------------
NET INVESTMENT INCOME (LOSS)................. 30,597,847 37,634,797
------------- ------------
NET REALIZED GAIN (LOSS) ON INVESTMENTS
SOLD....................................... (17,877) (21,075)
------------- ------------
NET INCREASE (DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS.................. $ 30,579,970 $37,613,722
------------- ------------
------------- ------------
</TABLE>
- ------------------------------
(a) See Note 1 of notes to financial statements for commencement of operations.
See Notes to Financial Statements. CORE TRUST (DELAWARE)
25
<PAGE>
STATEMENTS OF CHANGES IN NET ASSETS FOR THE PERIOD ENDED NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MONEY PRIME MONEY
MARKET MARKET
PORTFOLIO PORTFOLIO
------------- ---------------
<S> <C> <C>
NET ASSETS -- AUGUST 23, 1997 (COMMENCEMENT OF OPERATIONS)..................... $ 10 $ 10
------------- ---------------
OPERATIONS:
Net investment income (loss)................................................. 30,597,847 37,634,797
Net realized gain (loss) on investments sold................................. (17,877) (21,075)
------------- ---------------
Net increase (decrease) in net assets resulting from operations.......... 30,579,970 37,613,722
------------- ---------------
TRANSACTIONS IN INVESTOR'S BENEFICIAL INTERESTS
Contributions................................................................ 2,759,420,233 3,427,301,013
Withdrawals.................................................................. (744,439,580) (810,041,083)
------------- ---------------
Net increase (decrease) in net assets from transactions from investors'
beneficial interests................................................... 2,014,980,653 2,617,259,930
------------- ---------------
Net increase (decrease) in net assets.................................... 2,045,560,623 2,654,873,652
------------- ---------------
NET ASSETS -- NOVEMBER 30, 1997 (UNAUDITED).................................... $2,045,560,633 $2,654,873,662
------------- ---------------
------------- ---------------
</TABLE>
See Notes to Financial Statements. CORE TRUST (DELAWARE)
26
<PAGE>
FINANCIAL HIGHLIGHTS (unaudited)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATIOS TO AVERAGE
NET ASSETS
---------------------------------------------
NET
NET GROSS INVESTMENT
EXPENSES EXPENSES(c) INCOME
------------- ------------- ---------------
<S> <C> <C> <C>
MONEY MARKET PORTFOLIO
Period Ended November 30, 1997(a).......................................... 0.12%(b) 0.21%(b) 5.68%(b)
PRIME MONEY MARKET PORTFOLIO
Period Ended November 30, 1997(a).......................................... 0.43%(b) 0.43%(b) 5.36%(b)
</TABLE>
(a) See Note 1 of notes to financial statements for periods covered.
(b) Annualized.
(c) Ratio of gross expenses to average net assets does not reflect fees waived.
See Notes to Financial Statements. CORE TRUST (DELAWARE)
27
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
NOTE 1. ORGANIZATION
Core Trust (Delaware) ("Core Trust"), organized as a Delaware business trust,
was formed on September 1, 1994. Core Trust, which is registered as an open-end,
management investment company under the Investment Company Act of 1940 (the
"Act"), currently has twenty separate investment portfolios. These financial
statements relate to Money Market Portfolio and Prime Money Market Portfolio,
(each a "Portfolio" and collectively the "Portfolios"), each of which is
diversified. The Portfolios commenced operations on August 23, 1997. Interests
in the Portfolios are sold in private placement transactions without any sales
charge to qualified investors, including open-end, management investment
companies.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Portfolio's financial statements are prepared in accordance with generally
accepted accounting principles, which require management to make estimates and
assumptions that affect the reported amounts of assets and liabilities,
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 fiscal period. Actual results could differ from those
estimates.
The following represent significant accounting policies of the Portfolios:
PORTFOLIO VALUATION - Core Trust determines the net asset value per share of
each Portfolio as of 1:00 p.m., Pacific time, on each Portfolio business day
utilizing the amortized cost method pursuant to Rule 2a-7 under the Act. Under
this method, all investments purchased at a discount or premium are valued by
accreting or amortizing, respectively, the difference between the original
purchase price and the maturity value of the investment over the period to the
investment's maturity.
REPURCHASE AGREEMENTS - The Portfolios may invest in repurchase agreements. Each
Portfolio, through its custodian, receives delivery of the underlying
collateral, whose market value must always equal or exceed the repurchase price.
The investment adviser is responsible for determining the value of the
underlying collateral at all times. In the event of default, the Portfolio may
have difficulties with the disposition of such securities held as collateral.
ORGANIZATIONAL COSTS - The costs incurred by each Portfolio in connection with
its organization have been capitalized and are being amortized using the
straight-line method over a five year period beginning on the commencement of
each Portfolio's operations.
FEDERAL TAXES - The Portfolios are not required to pay federal income taxes on
their net investment income and net capital gain as they are treated as
partnerships for federal income tax purposes. All interest, dividends, gain and
loss of a Portfolio are deemed to have been "passed through" to the partners in
proportion to their holdings of the Portfolio regardless of whether such
interest, dividends or gain has been distributed by the Portfolio.
SECURITIES TRANSACTIONS, INTEREST INCOME AND REALIZED GAIN AND LOSS - Securities
transactions are recorded on a trade date basis, interest income is accrued as
earned and realized gain and loss on investments sold are recorded on the basis
of identified cost. The cost basis of investments for federal income tax
purposes at November 30, 1997 is the same as for financial accounting purposes.
NOTE 3. ADVISORY, SERVICING FEES AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISER - The investment adviser of Money Market Portfolio and Prime
Money Market Portfolio is Norwest Investment Management, Inc., a wholly owned
subsidiary of Norwest Bank Minnesota, N.A. ("Norwest"), a subsidiary of Norwest
Corporation. The investment advisers receive advisory fees from Core Trust with
respect to Money Market Portfolio and Prime Money Market Portfolio at annual
rates of 0.20% and 0.40% , respectively, of the average daily net assets for the
first $300 million of net assets of each Portfolio, declining to 0.12% and
0.32%, respectively, of the average daily net assets in excess of $700 million.
ADMINISTRATIVE - The administrator of Core Trust is Forum Administrative
Services, LLC ("FAS"). FAS receives an administration fee from 0.05% of the
average daily net assets of each portfolio. In addition, for the period ended
November 30, 1997, certain legal expenses were charged to the Portfolios by FAS.
The respective amounts for Money Market Portfolio and Prime Money Market
Portfolio were $498 and $649.
CUSTODIAN - Norwest serves as the custodian for the Core Portfolios and is
entitled to receive a fee of 0.02% of the first $100 million of the Portfolio's
average daily net assets, 0.015% of the next $100 million of the Portfolio's
average daily net assets and 0.01% of the Portfolio's remaining average daily
net assets.
PLACEMENT AGENT - Forum Financial Services, Inc.-Registered Trademark- acts as
Core Trust's placement agent pursuant to a separate agreement with Core Trust
and receives no compensation for its services.
CORE TRUST (DELAWARE)
28
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
NOTE 3. ADVISORY, SERVICING FEES AND OTHER TRANSACTIONS WITH
AFFILIATES (CONTINUED)
OTHER SERVICE PROVIDERS - Forum Accounting Services, LLC ("FAcS") provides
portfolio accounting and interestholder recordkeeping services to each Portfolio
pursuant to a separate agreement.
NOTE 4. WAIVER OF FEES
For the period ended November 30, 1997, Norwest voluntarily has waived a portion
of its advisory fees and FAS voluntarily has waived a portion of its
administration fees for Money Market Portfolio in the amounts of $217,392 and
$263,187, respectively. Norwest and Forum, at their discretion, may revise or
discontinue the voluntary fee waivers at any time.
CORE TRUST (DELAWARE)
29
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
- ------------------------------------------------------------------------
ASSET BACKED SECURITIES (1.7%)
34,673,107 WFP Tower B Finance Corp., Short-Term
STEERS Trust, Series 1996 A, 5.69%
V/R, 12/8/97(a)(c) $ 34,673,051
--------------
BANK NOTES (0.5%)
10,000,000 Abbey National Treasury Services, 5.75%,
2/5/98 9,996,480
--------------
CERTIFICATES OF DEPOSIT (7.5%)
27,200,000 Bankers Trust Co., 5.91%, 8/7/98 27,183,866
20,000,000 Banque National de Paris, New York
Branch, 5.66%, 12/31/97 19,997,058
20,000,000 Christiania Bank, New York Branch,
5.70%, 2/6/98 20,000,000
10,000,000 Deutsche Bank, New York Branch, 6.17%,
5/22/98 9,998,655
10,000,000 Societe Generale, New York Branch,
6.10%, 3/25/98 9,999,106
10,000,000 Societe Generale, New York Branch,
6.19%, 5/11/98 9,999,160
20,000,000 Societe Generale, New York Branch,
5.97%, 9/15/98 19,992,463
35,000,000 Standard Chartered Bank, New York
Branch, 5.63%, 12/19/97 35,000,170
--------------
TOTAL CERTIFICATES OF DEPOSIT 152,170,478
--------------
COMMERCIAL PAPER (55.0%)
22,000,000 ABN AMRO, North America Finance, Inc.,
5.48%, 12/4/97 21,989,962
8,850,000 ABN AMRO, North America Finance, Inc.,
5.47%, 12/5/97 8,844,623
25,000,000 AGA Capital Inc., 5.94%, 1/30/98 24,752,500
11,809,000 Anchor Funding Corp., 5.63%, 1/9/98 11,736,975
14,250,000 Apex Funding Corp., 5.59%, 12/5/97 14,241,149
50,050,000 Apex Funding Corp., 6.06%, 1/20/98 49,628,746
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
10,000,000 Apex Funding Corp., 5.75%, 1/30/98 $ 9,904,167
35,000,000 Atlas Funding Corp., 5.65%, 1/16/98 34,747,320
5,000,000 Atlas Funding Corp., 6.20%, 1/21/98 4,956,083
30,000,000 Atlas Funding Corp., 5.70%, 1/30/98 29,715,000
2,000,000 Banca CRT Financial Corp., 5.60%, 2/2/98 1,980,401
2,000,000 Banca CRT Financial Corp., 5.58%, 2/9/98 1,978,300
6,000,000 Banca CRT Financial Corp., 5.58%,
2/11/98 5,932,881
11,922,000 Banca CRT Financial Corp., 5.60%, 4/6/98 11,688,329
22,000,000 Bankers Trust New York Corp., 5.54%,
12/29/97 21,905,206
24,000,000 Bankers Trust New York Corp., 5.60%,
3/11/98 23,626,667
20,000,000 Banner Receivables Corp., 5.63%, 1/8/98 19,881,145
25,000,000 Banner Receivables Corp., 5.95%, 1/13/98 24,822,327
19,193,000 Banner Receivables Corp., 5.74%, 2/4/98 18,994,086
6,940,000 Bavaria GLB Corp., 5.80%, 2/18/98 6,851,669
45,000,000 Bear Stearns Cos. Inc., 5.78%, 12/1/97 45,000,000
7,500,000 CC (USA) Inc., 5.59%, 3/10/98 7,384,707
10,000,000 CPI Funding Corp., 5.60%, 12/26/97 9,961,111
30,000,000 CPI Funding Corp., 5.64%, 2/25/98 29,595,800
40,000,000 CPI Funding Corp., 5.61%, 3/25/98 39,289,400
25,500,000 Certain Funding Corp., 5.75%, 2/17/98 25,182,313
27,517,000 Creative Capital Corp., 5.60%, 1/16/98 27,318,982
11,000,000 Ford Motor Credit Co., 5.51%, 12/29/97 10,952,859
10,000,000 Galicia Funding Corp., 5.60%, 6/12/98 9,699,779
</TABLE>
See Notes to Financial Statements. CORE TRUST (DELAWARE)
30
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
73,055,000 General Electric Capital Corp., 5.80%,
12/1/97 $ 73,055,000
19,500,000 General Electric Capital Corp., 5.56%,
4/24/98 19,066,321
28,896,000 Industrial Funding Corp., 5.64%, 2/27/98 28,497,620
20,000,000 Internationale Nederlanden (U.S.)
Funding Corp., 5.56%, 4/15/98 19,583,001
20,000,000 Madison Funding Corp., 5.58%, 12/2/97 19,996,900
10,000,000 Madison Funding Corp., 5.58%, 12/4/97 9,995,350
28,000,000 New Center Asset Trust A-1+, 5.52%,
12/31/97 27,871,201
22,000,000 Nordbanken North America, Inc., 5.53%,
12/10/97 21,969,585
13,000,000 Nordbanken North America, Inc., 5.62%,
12/12/97 12,977,676
40,000,000 Old Line Funding Corp., 5.78%, 1/14/98 39,717,422
25,000,000 Rabobank USA Financial Corp., 5.55%,
4/14/98 24,483,543
18,649,000 Repeat Offering Securitization Entity,
5.78%, 1/15/98 18,514,261
16,250,000 Sigma Finance, Corp., 5.57%, 12/1/97 16,250,000
4,000,000 Sigma Finance, Corp., 5.54%, 2/2/98 3,961,221
7,000,000 Sigma Finance, Corp., 5.54%, 2/2/98 6,932,135
17,000,000 Sigma Finance, Corp., 5.50%, 2/4/98 16,831,181
13,000,000 Sigma Finance, Corp., 5.59%, 2/18/98 12,840,530
20,000,000 Sigma Finance, Corp., 5.59%, 3/10/98 19,692,551
18,500,000 Sigma Finance, Corp., 5.64%, 4/20/98 18,094,234
15,000,000 Strategic Asset Funding Corp., 5.75%,
1/30/98 14,856,250
15,900,000 Svenska Handlesbanken, Inc., 5.54%,
12/31/97 15,826,596
10,300,000 TI Group Inc., 5.55%, 12/31/97 10,252,363
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
20,000,000 Thames Asset Global Securitization, No.
1, Inc., 5.62%, 1/15/98 $ 19,859,500
26,750,000 Thames Asset Global Securitization, No.
1, Inc., 5.75%, 2/17/98 26,416,740
10,000,000 Thames Asset Global Securitization, No.
1, Inc., 5.80%, 2/23/98 9,864,667
5,580,000 Tri-Lateral Capital (USA), Inc., 5.65%,
12/8/97 5,573,870
25,612,000 Tri-Lateral Capital (USA), Inc., 5.65%,
1/13/98 25,439,155
15,000,000 Twin Towers Inc., 5.60%, 1/15/98 14,895,000
4,080,000 Working Capital Management Co., L.P.,
5.70%, 1/26/98 4,043,824
10,000,000 Yorkshire Building Society, 5.52%,
12/22/97 9,967,800
--------------
TOTAL COMMERCIAL PAPER 1,119,887,984
--------------
CORPORATE NOTES (20.0%)
19,000,000 Asset Backed Trust 1995 Series A-1,
5.63% V/R, 12/10/97(a)(c) 19,000,000
22,000,000 Asset Backed Trust 1995 Series A-3,
5.71% V/R, 4/15/98(a)(c) 22,000,000
5,000,000 Asset Backed Trust 1996 Series A-4,
5.67% V/R, 1/15/98(a)(c) 5,000,000
30,000,000 Asset Backed Trust 1996 Series A-5,
5.74% V/R, 3/16/98(a)(c) 30,000,000
10,000,000 Asset Backed Trust 1997 Series C, 5.69%
V/R, 6/15/98(a)(c) 10,000,000
2,500,000 BT Securities Corp., 5.97% V/R, 9/1/98 2,503,828
20,000,000 Bear Stearns Cos., Inc., 5.84% V/R,
3/15/01(b) 20,000,000
3,000,000 Beneficial Corp., 8.83%, 6/15/98 3,040,484
22,000,000 Beta Finance, Inc., 5.80%, 1/12/98 22,000,000
19,000,000 Beta Finance, Inc., 5.83%, 1/30/98 19,004,208
</TABLE>
See Notes to Financial Statements. CORE TRUST (DELAWARE)
31
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
20,000,000 Beta Finance, Inc., 6.00%, 10/30/98 $ 20,000,000
11,000,000 CC (USA) Inc., 5.80%, 1/13/98 11,000,000
11,000,000 Centauri Corp., 6.17%, 6/3/98 11,000,000
4,000,000 Citicorp Banking Corp., 10.15%, 2/15/98 4,033,466
11,000,000 Compagnie Bancaire (USA) Funding, Inc.,
6.15%, 5/20/98 10,998,867
20,000,000 Compagnie Bancaire (USA) Funding, Inc.,
6.03%, 9/17/98 20,001,430
10,000,000 Credit Suisse First Boston, Inc., 5.83%
V/R, 3/15/98 10,000,000
5,000,000 Ford Motor Credit Co., 7.13%, 12/1/97 5,000,000
10,000,000 Ford Motor Credit Co., 6.25%, 2/26/98 10,006,802
2,000,000 Household Finance Corp., 7.91%, 2/6/98 2,006,926
1,000,000 International Lease Finance Corp.,
6.26%, 5/15/98 1,001,200
20,000,000 Medium Term Structured Enhanced Return
Trust, (STEERS), Series 1997 A-27,
5.74% V/R, 8/21/98(a)(c) 20,000,000
20,000,000 Medium Term Structured Enhanced Return
Trust, (STEERS), Series 1997 A-28,
5.69% V/R, 9/23/98(a)(c) 20,000,000
30,000,000 Morgan Stanley Group, Inc., 5.82% V/R,
3/15/01, puttable 3/15/98 30,000,000
20,000,000 Morgan Stanley Group, Inc., 5.77% V/R,
5/15/01, puttable 3/15/98 20,000,000
4,000,000 National Rural Utilities Cooperative
Finance Corp., 8.50%, 2/15/98 4,017,967
2,000,000 Northern Indiana Public Service Co.,
5.83%, 4/6/98 1,997,344
43,000,000 PHH Corp., 5.99%, 8/18/98 42,996,940
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
10,000,000 Restructured Asset Certificates with
Enhanced Returns, Series 1996 MM-2-2,
5.93% V/R, 1/10/00(a)(b)(c) $ 10,000,000
--------------
TOTAL CORPORATE NOTES 406,609,462
--------------
FLOATING RATE FUNDING AGREEMENTS (3.9%)
20,000,000 Commonwealth Life Insurance Co., Short
Indexed Funding Agreement, 5.84% V/R,
12/3/98(a)(c) 20,000,000
40,000,000 General American Life Insurance Co.,
5.83% V/R, 3/20/30(b) 40,000,000
20,000,000 Transamerica Life Insurance and Annuity
Co., 5.64%
V/R, 4/3/98 20,000,000
--------------
TOTAL FLOATING RATE FUNDING AGREEMENTS 80,000,000
--------------
MUNICIPAL BONDS & NOTES (0.6%)
3,600,000 Durham, NC, COP, Series B, 5.58% V/R,
7/1/03(b) 3,600,000
465,000 Kalamazoo Funding Corp., Old Kent Bank
LOC, 5.75% V/R, 12/1/26(b) 465,000
875,000 Kalamazoo Funding Corp., Old Kent Bank
LOC, 5.75% V/R, 12/1/26(b) 875,000
980,000 Kalamazoo Funding Corp., Old Kent Bank
LOC, 5.75% V/R, 12/1/26(b) 980,000
450,000 Kalamazoo Funding Corp., Old Kent Bank
LOC, 5.75% V/R, 12/1/26(b) 450,000
440,000 Kalamazoo Funding Corp., Old Kent Bank
LOC, 5.75% V/R, 12/1/26(b) 440,000
1,155,000 Kalamazoo Funding Corp., Old Kent Bank
LOC, 5.75% V/R, 12/1/26(b) 1,155,000
3,200,000 New York, NY, Bayerische Landesbank LOC,
5.62%, 12/18/97 3,200,000
</TABLE>
See Notes to Financial Statements. CORE TRUST (DELAWARE)
32
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
1,100,000 Prince William County, VA, Taxable
Notes, Series A, Wachovia Bank of
North Carolina LOC, 5.58% V/R,
3/1/17(b) $ 1,100,000
--------------
TOTAL MUNICIPAL BONDS & NOTES 12,265,000
--------------
TIME DEPOSITS (9.8%)
23,102,317 ABN AMRO Bank (Canada) Toronto, 5.75%,
12/1/97 23,102,316
80,000,000 Den Danske Bank A/S, 5.66%, 12/1/97 80,000,000
30,000,000 Norddeutsche Landesbank Girozentrale,
Grand Cayman Branch, 5.66%, 12/1/97 30,000,000
67,052,730 Union Bank of Switzerland, 5.59%,
12/2/97 67,052,730
--------------
TOTAL TIME DEPOSITS 200,155,046
--------------
OTHER INVESTMENTS (1.0%)
10,000,000 American General Finance Inc., Master
Note 10,000,000
10,000,000 General Electric Co., Master Note 10,000,000
--------------
TOTAL OTHER INVESTMENTS 20,000,000
--------------
TOTAL INVESTMENTS (100.0%) $2,035,757,501
--------------
--------------
- ------------------------------------------------------------------------
PRIME MONEY MARKET PORTFOLIO
- ------------------------------------------------------------------------
ASSET BACKED SECURITIES (1.6%)
42,598,389 WFP Tower B Finance Corp., Short-Term
STEERS Trust, Series 1996 A, 5.69%
V/R, 12/8/97(a)(c) $ 42,598,316
--------------
BANK NOTES (0.6%)
15,000,000 Abbey National Treasury Services, 5.75%,
2/5/98 14,994,719
--------------
CERTIFICATES OF DEPOSIT (8.1%)
40,000,000 Bankers Trust Co., 5.91%, 8/7/98 39,976,272
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
PRIME MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
30,000,000 Banque National de Paris, New York
Branch, 5.66%, 12/31/97 $ 29,995,588
30,000,000 Christiania Bank, New York Branch,
5.70%, 2/6/98 30,000,000
10,000,000 Deutsche Bank, New York Branch, 6.17%,
5/22/98 9,998,655
10,000,000 Societe Generale, New York Branch,
6.10%, 3/25/98 9,999,105
15,000,000 Societe Generale, New York Branch,
6.19%, 5/11/98 14,998,739
28,000,000 Societe Generale, New York Branch,
5.97%, 9/15/98 27,989,445
50,000,000 Standard Chartered Bank, New York
Branch, 5.63%, 12/19/97 50,000,244
--------------
TOTAL CERTIFICATES OF DEPOSIT 212,958,048
--------------
COMMERCIAL PAPER (53.9%)
28,000,000 ABN AMRO, North America Finance, Inc.,
5.48%, 12/4/97 27,987,225
11,000,000 ABN AMRO, North America Finance, Inc.,
5.47%, 12/5/97 10,993,315
19,650,000 AGA Capital Inc., 5.94%, 1/30/98 19,455,465
15,000,000 Apex Funding Corp., 5.59%, 12/5/97 14,990,683
25,801,000 Apex Funding Corp., 6.06%, 1/20/98 25,583,992
21,847,000 Apex Funding Corp., 5.75%, 1/30/98 21,637,633
44,135,000 Apex Funding Corp., 6.00%, 2/17/98 43,561,245
5,000,000 Atlas Funding Corp., 6.20%, 1/21/98 4,956,083
10,000,000 Atlas Funding Corp., 5.70%, 1/27/98 9,909,750
3,000,000 Banca CRT Financial Corp., 5.60%, 2/2/98 2,970,601
3,000,000 Banca CRT Financial Corp., 5.58%, 2/9/98 2,967,450
8,000,000 Banca CRT Financial Corp., 5.58%,
2/11/98 7,910,481
5,250,000 Banca CRT Financial Corp., 5.60%, 4/7/98 5,219,784
</TABLE>
See Notes to Financial Statements. CORE TRUST (DELAWARE)
33
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
PRIME MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
15,000,000 Banca CRT Financial Corp., 5.64%,
4/20/98 $ 14,671,000
28,000,000 Bankers Trust New York Corp., 5.54%,
12/29/97 27,879,350
30,980,000 Bankers Trust New York Corp., 5.60%,
3/11/98 30,498,089
14,947,000 Banner Receivables Corp., 5.63%, 1/8/98 14,858,173
24,932,000 Banner Receivables Corp., 5.95%, 1/13/98 24,754,810
15,222,000 Banner Receivables Corp., 5.75%, 2/9/98 15,051,810
33,191,000 Barton Capital Corp., 5.58%, 4/15/98 32,493,477
1,110,000 Bavaria GLB Corp., 5.90%, 1/26/98 1,099,813
5,600,000 Bavaria GLB Corp., 5.80%, 2/3/98 5,542,258
5,000,000 Bavaria GLB Corp., 5.80%, 2/18/98 4,936,362
47,780,000 Bear Stearns Cos. Inc., 5.78%, 12/1/97 47,780,000
45,000,000 Broadway Capital Corp., 6.00%, 2/20/98 44,392,500
13,545,000 CC (USA) Inc., 5.59%, 2/20/98 13,374,638
25,000,000 CPI Funding Corp., 5.60%, 12/26/97 24,902,778
15,000,000 Creative Capital Corp., 5.60%, 1/16/98 14,892,667
14,000,000 Ford Motor Credit Co., 5.51%, 12/29/97 13,940,004
4,421,000 Fountain Square Commercial Funding
Corp., 5.60%, 12/2/97 4,420,312
30,000,000 Galicia Funding Corp., 5.60%, 6/12/98 29,099,335
91,600,000 General Electric Capital Corp., 5.80%,
12/1/97 91,600,000
24,200,000 General Electric Capital Corp., 5.56%,
4/24/98 23,661,793
12,466,000 Gotham Funding Corp., 5.60%, 1/6/98 12,396,191
39,666,000 IMI Funding Corp., 5.64%, 4/20/98 38,795,992
20,300,000 Industrial Funding Corp., 5.72%, 1/29/98 20,109,699
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
PRIME MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
27,000,000 Internationale Nederlanden (U.S.)
Funding Corp., 5.56%, 4/15/98 $ 26,437,050
24,828,000 Madison Funding Corp., 5.58%, 12/2/97 24,824,152
19,145,000 Madison Funding Corp., 5.58%, 12/4/97 19,136,098
37,000,000 New Center Asset Trust A-1+, 5.52%,
12/31/97 36,829,800
28,000,000 Nordbanken North America, Inc., 5.53%,
12/10/97 27,961,291
17,000,000 Nordbanken North America, Inc., 5.62%,
12/12/97 16,970,808
50,126,000 Old Line Funding Corp., 5.78%, 1/14/98 49,771,888
35,000,000 Rabobank USA Financial Corp., 5.55%,
4/14/98 34,276,959
25,000,000 Repeat Offering Securitization Entity,
5.78%, 1/15/98 24,819,375
58,201,000 Repeat Offering Securitization Entity,
5.70%, 2/10/98 57,546,724
21,000,000 Sigma Finance, Corp., 5.57%, 12/1/97 21,000,000
14,000,000 Sigma Finance, Corp., 5.54%, 2/2/98 13,864,273
23,000,000 Sigma Finance, Corp., 5.50%, 2/4/98 22,771,598
17,000,000 Sigma Finance, Corp., 5.59%, 2/18/98 16,791,462
4,500,000 Sigma Finance, Corp., 5.59%, 3/10/98 4,430,824
17,500,000 Sigma Finance, Corp., 5.61%, 4/6/98 17,156,694
15,700,000 Sigma Finance, Corp., 5.64%, 4/15/98 15,367,946
45,000,000 Strategic Asset Funding Corp., 5.67%,
1/5/98 44,751,938
22,296,000 Strategic Asset Funding Corp., 5.75%,
1/30/98 22,082,330
20,000,000 Svenska Handlesbanken, Inc., 5.54%,
12/31/97 19,907,668
10,000,000 TI Group Inc., 5.55%, 12/31/97 9,953,750
</TABLE>
See Notes to Financial Statements. CORE TRUST (DELAWARE)
34
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
PRIME MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
30,000,000 Thames Asset Global Securitization,
No.1, Inc., 5.62%, 1/15/98 $ 29,789,250
12,843,000 Thames Asset Global Securitization,
No.1, Inc., 5.80%, 1/26/98 12,727,128
5,769,000 Thames Asset Global Securitization,
No.1, Inc., 5.80%, 2/23/98 5,690,926
4,600,000 Toshiba International Finance, 6.00%,
3/6/98 4,527,167
14,865,000 Tri-Lateral Capital (USA), Inc., 5.65%,
12/1/97 14,865,000
12,675,000 Tri-Lateral Capital (USA), Inc., 5.65%,
12/5/97 12,667,043
44,367,000 Tri-Lateral Capital (USA), Inc., 5.65%,
1/12/98 44,074,548
11,647,000 Twin Towers Inc., 5.60%, 1/15/98 11,565,471
13,000,000 Yorkshire Building Society, 5.52%,
12/22/97 12,958,141
--------------
TOTAL COMMERCIAL PAPER 1,424,812,060
--------------
CORPORATE NOTES (20.1%)
28,000,000 Asset Backed Trust 1995 Series A-1,
5.63% V/R, 12/10/97(a)(c) 28,000,000
28,000,000 Asset Backed Trust 1995 Series A-3,
5.71% V/R, 4/15/98(a)(c) 28,000,018
10,000,000 Asset Backed Trust 1996 Series A-4,
5.67% V/R, 1/15/98(a)(c) 10,000,000
35,000,000 Asset Backed Trust 1996 Series A-5,
5.74% V/R, 3/16/98(a)(c) 35,000,000
15,000,000 Asset Backed Trust 1997 Series C, 5.69%
V/R, 6/15/98(a)(c) 15,000,000
30,000,000 Bear Stearns Cos., Inc., 5.84% V/R,
3/15/01(b) 30,000,000
3,000,000 Beneficial Corp., 8.83%, 6/15/98 3,040,484
28,000,000 Beta Finance, Inc., 5.80%, 1/12/98 28,000,000
23,000,000 Beta Finance, Inc., 5.83%, 1/30/98 23,005,093
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
PRIME MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
20,000,000 Beta Finance, Inc., 6.00%, 10/30/98 $ 20,000,000
14,000,000 CC (USA) Inc., 5.80%, 1/13/98 14,000,000
14,000,000 Centauri Corp., 6.17%, 6/3/98 14,000,000
6,000,000 Citicorp Banking Corp., 10.15%, 2/15/98 6,050,198
14,000,000 Compagnie Bancaire (USA) Funding, Inc.,
6.15%, 5/20/98 13,998,557
30,000,000 Compagnie Bancaire (USA) Funding, Inc.,
6.03%, 9/17/98 30,002,143
15,000,000 Credit Suisse First Boston, Inc., 5.83%
V/R, 3/15/98 15,000,000
7,000,000 Ford Motor Credit Co., 7.13%, 12/1/97 7,000,000
13,000,000 Ford Motor Credit Co., 6.25%, 2/26/98 13,008,843
1,920,000 Household Finance Corp., 7.91%, 2/6/98 1,926,650
1,845,000 International Lease Finance Corp.,
6.26%, 5/15/98 1,847,214
20,000,000 Medium Term Structured Enhanced Return
Trust, (STEERS), Series 1997 A-27,
5.74% V/R, 8/21/98(a)(c) 20,000,000
20,000,000 Medium Term Structured Enhanced Return
Trust, (STEERS), Series 1997 A-28,
5.69% V/R, 9/23/98(a)(c) 20,000,000
40,000,000 Morgan Stanley Group, Inc., 5.82% V/R,
3/15/01, puttable 3/15/98 40,000,000
30,000,000 Morgan Stanley Group, Inc., 5.77% V/R,
5/15/01, puttable 3/15/98 30,000,000
6,000,000 National Rural Utilities Cooperative
Finance Corp., 8.50%, 2/15/98 6,026,952
3,000,000 Northern Indiana Public Service Co.,
5.83%, 4/6/98 2,996,017
54,200,000 PHH Corp., 5.99%, 8/18/98 54,196,143
</TABLE>
See Notes to Financial Statements. CORE TRUST (DELAWARE)
35
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
PRIME MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
20,000,000 Restructured Asset Certificaties with
Enhanced Returns, Series 1996 MM-2-2,
5.93% V/R, 1/10/00(a)(b)(c) $ 20,000,000
--------------
TOTAL CORPORATE NOTES 530,098,312
--------------
FLOATING RATE FUNDING AGREEMENTS (4.5%)
30,000,000 Commonwealth Life Insurance Co., Short
Indexed Funding Agreement, 5.84% V/R,
12/3/98(a)(b)(c) 30,000,000
60,000,000 General American Life Insurance Co.,
5.83% V/R, 3/20/30(b) 60,000,000
30,000,000 Transamerica Life Insurance and Annuity
Co., 5.64%
V/R, 4/3/98 30,000,000
--------------
TOTAL FLOATING RATE FUNDING AGREEMENTS 120,000,000
--------------
MUNICIPAL BONDS & NOTES (0.6%)
4,700,000 Durham, NC, COP, Series B, 5.58%, V/R,
7/1/03(b) 4,700,000
605,000 Kalamazoo Funding Corp., Old Kent Bank
LOC, 5.75% V/R, 12/1/26(b) 605,000
1,130,000 Kalamazoo Funding Corp., Old Kent Bank
LOC, 5.75% V/R, 12/1/26(b) 1,130,000
1,260,000 Kalamazoo Funding Corp., Old Kent Bank
LOC, 5.75% V/R, 12/1/26(b) 1,260,000
690,000 Kalamazoo Funding Corp., Old Kent Bank
LOC, 5.75% V/R, 12/1/26(b) 690,000
700,000 Kalamazoo Funding Corp., Old Kent Bank
LOC, 5.75% V/R, 12/1/26(b) 700,000
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
PRIME MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
1,585,000 Kalamazoo Funding Corp., Old Kent Bank
LOC, 5.75% V/R, 12/1/26(b) $ 1,585,000
4,110,000 New York, NY, Bayerische Landesbank LOC,
5.62%, 12/18/97 4,110,000
1,400,000 Prince William County, VA, Taxable
Notes, Series A, Wachovia Bank of
North Carolina LOC, 5.58% V/R,
3/1/17(b) 1,400,000
--------------
TOTAL MUNICIPAL BONDS & NOTES 16,180,000
--------------
TIME DEPOSITS (9.5%)
20,553,556 ABN AMRO Bank (Canada) Toronto, 5.75%,
12/1/97 20,553,554
93,700,000 Den Danske Bank A/S, 5.66%, 12/1/97 93,700,000
33,600,000 Norddeutsche Landesbank Girozentrale,
Grand Cayman Branch, 5.66%, 12/1/97 33,600,000
103,000,000 Union Bank of Switzerland, 5.59%,
12/2/97 103,000,000
--------------
TOTAL TIME DEPOSITS 250,853,554
--------------
OTHER INVESTMENTS (1.1%)
20,000,000 American General Finance Inc., Master
Note 20,000,000
10,000,000 General Electric Co., Master Note 10,000,000
--------------
TOTAL OTHER INVESTMENTS 30,000,000
--------------
TOTAL INVESTMENTS (100.0%) $2,642,495,009
--------------
--------------
</TABLE>
See Notes to Financial Statements. CORE TRUST (DELAWARE)
36
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NOTES TO SCHEDULES OF INVESTMENTS
- --------------------------------------------------------------------------------
(a) Securities that may be resold to "qualified institutional buyers" under rule
144A or securities offered pursuant to 4(2) of the Securities Act of 1933,
as amended.
(b) Certain rate securities are deemed to have a maturity remaining until the
next readjustment of the interest rate or the longer of the demand period or
readjustment. The interest rates shown reflect the rate in effect on
November 30, 1997.
(c) These securities have been determined to be illiquid. In the absence of
market value, the securities are valued based upon their fair value
determined under procedures approved by the Board of Trustees. A Fund may
make investments in an amount up to 10% of the value of the Fund's net
assets in such securities. The security description, acquisition date,
acquisition cost and carry value per unit are as follows:
<TABLE>
<CAPTION>
ACQUISITION ACQUISITION CARRY VALUE
SECURITY DESCRIPTION DATE COST PER UNIT
- ------------------------------------------------------------------------- ----------- ---------- -----------
<S> <C> <C> <C>
MONEY MARKET PORTFOLIO:
- -------------------------------------------------------------------------
Asset Backed Trust 1995 A1, 5.63% V/R, 12/10/97 11/30/95 $16,000,000 $ 100.00
Asset Backed Trust 1995 A1, 5.63% V/R, 12/10/97 3/20/96 2,999,862 99.99
Asset Backed Trust 1995 A3, 5.71% V/R, 4/15/98 6/10/96 22,000,000 100.00
Asset Backed Trust 1996 A4, 5.67% V/R, 1/15/98 3/20/96 4,999,875 99.99
Asset Backed Trust 1996 A5, 5.74% V/R, 3/16/98 3/26/96 30,000,000 100.00
Asset Backed Trust 1997 C, 5.69% V/R, 6/15/98 6/9/97 10,000,000 100.00
Commonwealth Life Insurance Co., Short Indexed Funding Agreement, 5.84%
V/R, 12/3/98 10/15/97 20,000,000 100.00
Medium Term Structured Enhanced Return Trust (STEERS), 1997 A27, 5.74%
V/R, 8/21/98 8/20/97 20,000,000 100.00
Medium Term Structured Enhanced Return Trust (STEERS), 1997 A28, 5.69%
V/R, 9/23/98 9/18/97 20,000,000 100.00
Restructured Asset Certificates with Enhanced Returns, 1996 MM 2 2, 5.93%
V/R, 1/10/00 6/6/96 10,000,000 100.00
WFP Tower B Finance Corp., Short-Term STEERS Trust Series 1996 A, 5.69%
V/R, 12/8/97 11/20/96 14,997,000 100.00
WFP Tower B Finance Corp., Short-Term STEERS Trust Series 1996 A, 5.69%
V/R, 12/8/97 2/6/97 19,954,510 99.98
PRIME MONEY MARKET PORTFOLIO:
- -------------------------------------------------------------------------
Asset Backed Trust 1995 A1, 5.63% V/R, 12/10/97 11/30/95 24,000,000 100.00
Asset Backed Trust 1995 A1, 5.63% V/R, 12/10/97 3/20/96 3,999,816 99.99
Asset Backed Trust 1995 A3, 5.71% V/R, 4/15/98 6/10/96 27,500,000 100.00
Asset Backed Trust 1995 A3, 5.71% V/R, 4/15/98 8/18/97 500,038 100.01
Asset Backed Trust 1996 A4, 5.67% V/R, 1/15/98 3/20/96 9,999,750 99.99
Asset Backed Trust 1996 A5, 5.74% V/R, 3/16/98 3/26/96 35,000,000 100.00
Asset Backed Trust 1997 C, 5.69% V/R, 6/15/98 6/9/97 15,000,000 100.00
Commonwealth Life Insurance Co., Short Indexed Funding Agreement, 5.84%
V/R, 12/3/98 10/15/97 30,000,000 100.00
Medium Term Structured Enhanced Return Trust (STEERS), 1997 A27, 5.74%
V/R, 8/21/98 8/20/97 20,000,000 100.00
Medium Term Structured Enhanced Return Trust (STEERS), 1997 A28, 5.69%
V/R, 9/23/98 9/18/97 20,000,000 100.00
Restructured Asset Certificates with Enhanced Returns, 1996 MM 2 2, 5.93%
V/R, 1/10/00 6/6/96 20,000,000 100.00
WFP Tower B Finance Corp., Short-Term STEERS Trust Series 1996 A, 5.69%
V/R, 12/8/97 11/20/96 19,809,242 99.98
WFP Tower B Finance Corp., Short-Term STEERS Trust Series 1996 A, 5.69%
V/R, 12/8/97 2/6/97 22,448,824 100.00
WFP Tower B Finance Corp., Short-Term STEERS Trust Series 1996 A, 5.69%
V/R, 12/8/97 8/1/97 496,528 100.00
</TABLE>
See Notes to Financial Statements. CORE TRUST (DELAWARE)
37
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONCLUDED) NOVEMBER 30, 1997
- --------------------------------------------------------------------------------
- --------------------------------------------------------------------------------
NOTES TO SCHEDULES OF INVESTMENTS (CONCLUDED)
- --------------------------------------------------------------------------------
At November 30, 1997, the fair value of these securities for Money Market
Portfolio and Prime Money Market Portfolio was $190,673,051 (9.32% of the
Portfolio's net assets) and $248,598,334 (9.36% of the Portfolio's net assets),
respectively.
ABBREVIATIONS
<TABLE>
<S> <C>
COP Certificate of Participation
LOC Letter of Credit
V/R Variable rate
</TABLE>
See Notes to Financial Statements. CORE TRUST (DELAWARE)
38
<PAGE>
Norwest Advantage Funds BULK RATE
733 Marquette Avenue US POSTAGE
Minneapolis, MN 55479-0040 PAID
PERMIT NO. 3489
MPLS, MN
[LOGO]
Shareholder Services
Minneapolis/St. Paul 612-667-8833
Elsewhere 800-338-1348
Norwest Investment Management, Inc.
Investment Adviser
Norwest Bank Minnesota, N.A.
Transfer Agent
Custodian
Forum Financial Services, Inc.
Manager and Distributor
- -C-1998 NORWEST ADVANTAGE FUNDS
MFBAM 086 (1/98)
This report is for distribution only to shareholders and may
be distributed to others only if preceded or accompanied
by current prospectuses of the Norwest Advantage Funds.
