<PAGE>
[Graphic]
SEMI-ANNUAL
REPORT
JUNE 1, 1999 - SEPTEMBER 30, 1999
- ---------------------------------
MONEY MARKET FUNDS
[logo] NORWEST
--------------------------
ADVANTAGE FUNDS-Registered Trademark-
MONEY MARKET FUNDS
--------------------------------
Cash Investment Fund
Ready Cash Investment Fund
U.S. Government Fund
Treasury Fund
Municipal Money Market Fund
NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE
<PAGE>
TABLE OF CONTENTS SEPTEMBER 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAGE
--------
<S> <C>
A MESSAGE TO OUR SHAREHOLDERS............................... 1
NORWEST ADVANTAGE FUNDS
Statements of Assets and Liabilities............... 2
Statements of Operations........................... 3
Statements of Changes in Net Assets................ 5
Financial Highlights............................... 7
Notes to Financial Statements...................... 8
Schedules of Investments........................... 11
Cash Investment Fund...................... 11
Ready Cash Investment Fund................ 11
U.S. Government Fund...................... 11
Treasury Fund............................. 12
Municipal Money Market Fund............... 12
Notes to Schedules of Investments.................. 20
CORE TRUST (DELAWARE)
SEPTEMBER 30, 1999 (UNAUDITED)
Statements of Assets and Liabilities............... 22
Schedules of Investments........................... 23
Prime Money Market Portfolio.............. 23
Money Market Portfolio.................... 24
Notes to Schedules of Investments.................. 26
CORE TRUST (DELAWARE)
MAY 31, 1999
Independent Auditors' Report....................... 28
Statements of Assets and Liabilities............... 29
Statements of Operations........................... 30
Statements of Changes in Net Assets................ 31
Financial Highlights............................... 32
Notes to Financial Statements...................... 33
Schedules of Investments........................... 35
Prime Money Market Portfolio.............. 35
Money Market Portfolio.................... 36
Notes to Schedules of Investments.................. 38
</TABLE>
[LOGO]
<PAGE>
A MESSAGE TO OUR SHAREHOLDERS
- --------------------------------------------------------------------------------
November 1,
1999
To Our Shareholders:
We are pleased to present the 1999 Semi-Annual Report
for Norwest Advantage Money Market Funds for the
four-month period ended September 30, 1999. This report
includes our five money market funds.
This special report reflects a change in the Funds'
fiscal year-end to March 31 from May 31. We have made this
change to improve our reporting process, and it will not
impact the performance or objective of your investment.
Because of the new year-end, this report is the second
report we have sent you over the last four months. Our
discussions will focus on the most recent period.
During the period, the Federal Reserve Board raised
short-term interest rates. Despite the interest rate
increase during the period, the nation's economy remained
strong. Earnings for U.S. companies were robust, we had a
budget surplus, inflation and unemployment remained low,
and Americans seemed confident about the future. We were
also in the midst of a prolonged bull market, which made
U.S. capital markets attractive to investors both at home
and abroad. By the end of the period, however, stocks
suffered a setback, hurt by worries over the Fed
tightening and higher interest rates early in the period,
and by a weaker dollar and rising commodity prices in
September 1999. By late September, both the Dow Jones
Industrial Average ("DJIA") and the Standard & Poor's 500
Index were off about 10% from their summer peaks. While
investors can expect some potential volatility toward the
end of the year due to Y2K concerns, the Year 2000 is
expected to have a minimal impact on the U.S. because
companies are prepared for the event.
The interest rate increase was good news for the bond
markets, which had discounted the Fed tightening in
response to a strong economy before the rate increase.
Although the DJIA reached record highs during the period,
stocks have not outperformed bonds since the May-June
period. The increase helped restore order to the bond
market, which had seen prices tumble and yields rise above
6% on the benchmark 30-year U.S. Treasury bond. The higher
the bond yields move, the more likely investors will be to
switch from stocks to the safety of bonds.
In addition, the short-term Treasury market
experienced higher yields late in the period. However,
during the last half of September there was a rally in the
six-month bills as the three-month bills were experiencing
maturities in late December. Consequently, investors
stayed away from the late December maturities due to Y2K
concerns and reinvestment risk in late December. Third
quarter short-term agency yields rose more than short
Treasury yields, widening the spread between agencies
discount notes and T-Bills. Agency spreads widened out
considerably in the front-end, primarily due to Y2K
concerns. The spread in the three-month sector stood at 68
basis points, while the one-year spread was 60 basis
points.
As you read through this report and review the
performance of the Funds within your portfolio, we
encourage you to keep long-term goals in mind when making
investment decisions. We recommend that you continually
review your investment portfolio to determine an
appropriate mix of investments to meet your ongoing needs.
If you have any questions or need information, please
contact us at 1-800-338-1348 or 612-667-8833, option 2.
Thank you for choosing Norwest Advantage Funds.
Sincerely,
/s/ John Y. Keffer
John Y. Keffer
CHAIRMAN, NORWEST ADVANTAGE
FUNDS
[LOGO]
1
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES (unaudited) SEPTEMBER 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MUNICIPAL
CASH READY CASH U.S. MONEY
INVESTMENT INVESTMENT GOVERNMENT TREASURY MARKET
FUND (a) FUND (a) FUND FUND FUND
-------------- --------------- --------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
ASSETS
Investments (Note 2)
Investments at amortized
cost and value.......... $5,786,477,076 $ 1,040,593,348 $ 2,085,128,665 $ 1,093,097,737 $ 1,074,038,940
Repurchase agreements at
cost and value.......... - - 1,478,410,099 - -
-------------- --------------- --------------- --------------- ---------------
Total investments at
amortized cost and
value.................... 5,786,477,076 1,040,593,348 3,563,538,764 1,093,097,737 1,074,038,940
Cash......................... - - - 15,843 391,759
Receivable for interest and
other receivables........ - - 13,202,594 6,871,045 7,142,732
Receivable for investments
sold..................... - - - 490,606,481 -
-------------- --------------- --------------- --------------- ---------------
TOTAL ASSETS.................. 5,786,477,076 1,040,593,348 3,576,741,358 1,590,591,106 1,081,573,431
-------------- --------------- --------------- --------------- ---------------
LIABILITIES
Payable for investments
purchased............... - - 425,000,000 - 10,050,000
Payable to investment
adviser and affiliates
(Note 3)................ 967,629 207,933 1,095,729 538,894 372,396
Payable to other related
parties (Note 3)........ 168,396 124,450 302,851 76,624 12,444
Accrued expenses and other
liabilities............. 155,069 36,701 91,163 52,700 39,281
Dividends payable........... 11,583,322 16,398 11,799,629 4,560,267 2,169,939
-------------- --------------- --------------- --------------- ---------------
TOTAL LIABILITIES............. 12,874,416 385,482 438,289,372 5,228,485 12,644,060
-------------- --------------- --------------- --------------- ---------------
NET ASSETS.................... $5,773,602,660 $ 1,040,207,866 $ 3,138,451,986 $ 1,585,362,621 $ 1,068,929,371
============== =============== =============== =============== ===============
COMPONENTS OF NET ASSETS
Paid in capital............. $5,775,519,998 $ 1,040,226,042 $ 3,138,596,993 $ 1,585,999,068 $ 1,069,047,044
Undistributed (distributions
in excess of) net
investment income....... (147,334) (3,071) (56,270) 102,005 (126,904)
Accumulated net realized
gain (loss) from
investments sold........ (1,770,004) (15,105) (88,737) (738,452) 9,231
-------------- --------------- --------------- --------------- ---------------
NET ASSETS.................... $5,773,602,660 $ 1,040,207,866 $ 3,138,451,986 $ 1,585,362,621 $ 1,068,929,371
============== =============== =============== =============== ===============
NET ASSETS BY SHARE CLASS
Single class funds.......... $5,773,602,660 $ - $ 3,138,451,986 $ 1,585,362,621 $ -
Investor Shares............. - 980,362,689 - - 42,851,135
Exchange Shares............. - 1,914,216 - - -
Institutional Shares........ - - - - 1,026,078,236
Public Entities Shares...... - 57,930,961 - - -
-------------- --------------- --------------- --------------- ---------------
NET ASSETS.................... $5,773,602,660 $ 1,040,207,866 $ 3,138,451,986 $ 1,585,362,621 $ 1,068,929,371
============== =============== =============== =============== ===============
SHARES OF BENEFICIAL INTEREST
Single class funds.......... 5,775,445,347 - 3,138,640,504 1,585,997,784 -
Investor Shares............. - 980,389,905 - - 42,858,434
Exchange Shares............. - 1,914,234 - - -
Institutional Shares........ - - - - 1,026,065,479
Public Entities Shares...... - 57,931,158 - - -
NET ASSET VALUE PER SHARE (Net
Assets Divided by Shares
of Beneficial Interest)
All share classes........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
</TABLE>
(a) Cash Investment Fund and Ready Cash Investment Fund invest in affiliated
Portfolios of Core Trust (Delaware) (Note 1).
[LOGO]
See Notes to Financial Statements.
2
<PAGE>
STATEMENTS OF OPERATIONS (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CASH READY CASH
INVESTMENT INVESTMENT
FUND FUND
------------------------------ ------------------------------
FOUR MONTHS FOUR MONTHS
ENDED YEAR ENDED YEAR
SEPTEMBER 30, ENDED SEPTEMBER 30, ENDED
1999 MAY 31, 1999 1999 MAY 31, 1999
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME
Interest income (a)..... $ 101,122,382 $ 298,826,756 $ 18,265,205 $ 47,740,983
Net expenses allocated
from affiliated
Portfolios
(Note 1)............ (4,962,950) (14,206,212) (1,382,975) (3,524,091)
-------------- -------------- -------------- --------------
Total Investment
Income.............. 96,159,432 284,620,544 16,882,230 44,216,892
-------------- -------------- -------------- --------------
EXPENSES
Advisory (Note 3)....... - - - -
Management and
Administration
(Note 3)............ 965,082 2,770,004 522,594 1,332,118
Transfer agent (Note 3)
Single class funds..... 3,860,328 11,080,019 - -
Investor Shares........ - - 816,258 2,135,620
Exchange Shares........ - - 1,208 2,726
Institutional Shares... - - - -
Public Entities
Shares............. -- -- 21,409 32,740
Custody (Note 3)........ - - - -
Accounting (Note 3)..... 4,000 13,000 12,000 34,000
Legal................... 28,245 71,993 5,028 11,404
Registration
Single class funds..... 26,696 333,566 - -
Investor Shares........ - - 29,590 106,394
Exchange Shares........ - - 3,681 14,809
Institutional Shares... - - - -
Public Entities
Shares............. - - 2,744 25,882
Audit................... 4,000 5,900 4,000 6,056
Trustees................ 26,596 63,742 4,851 10,058
Distribution fees --
Exchange Shares
(Note 3)............ - - 4,834 10,904
Miscellaneous........... 57,547 403,475 10,337 63,989
-------------- -------------- -------------- --------------
TOTAL EXPENSES........... 4,972,494 14,741,699 1,438,534 3,786,700
Fees waived and
expenses reimbursed
(Note 4)........... (651,948) (2,349,109) (30,365) (110,672)
-------------- -------------- -------------- --------------
NET EXPENSES............. 4,320,546 12,392,590 1,408,169 3,676,028
-------------- -------------- -------------- --------------
NET INVESTMENT INCOME.... 91,838,886 272,227,954 15,474,061 40,540,864
-------------- -------------- -------------- --------------
NET REALIZED GAIN (LOSS)
FROM INVESTMENTS
(A).................. (65,953) 54,777 (7,451) 8,287
-------------- -------------- -------------- --------------
NET INCREASE IN NET
ASSETS RESULTING
FROM OPERATIONS...... $ 91,772,933 $ 272,282,731 $ 15,466,610 $ 40,549,151
============== ============== ============== ==============
</TABLE>
(a) For Cash Investment Fund and Ready Cash Investment Fund, interest income
and net realized gain (loss) represent income and gains (losses) allocated
from affiliated Portfolios of Core Trust (Delaware) (Note 1).
[LOGO]
See Notes to Financial Statements.
3
<PAGE>
STATEMENTS OF OPERATIONS (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MUNICIPAL
U.S. MONEY
GOVERNMENT TREASURY MARKET
FUND FUND FUND
------------------------------ ------------------------------ ------------------------------
FOUR MONTHS FOUR MONTHS FOUR MONTHS YEAR
ENDED YEAR ENDED YEAR ENDED ENDED
SEPTEMBER 30, ENDED SEPTEMBER 30, ENDED SEPTEMBER 30, MAY 31,
1999 MAY 31, 1999 1999 MAY 31, 1999 1999 1999
-------------- -------------- -------------- -------------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Interest income......... $ 55,114,599 $ 148,270,463 $ 26,087,527 $ 77,059,458 $ 11,724,516 $ 39,625,210
Net expenses allocated
from affiliated
Portfolios
(Note 1)............ - - - - - -
-------------- -------------- -------------- -------------- -------------- --------------
Total Investment
Income.............. 55,114,599 148,270,463 26,087,527 77,059,458 11,724,516 39,625,210
-------------- -------------- -------------- -------------- -------------- --------------
EXPENSES
Advisory (Note 3)....... 1,432,212 3,827,097 786,797 2,328,016 1,191,189 3,911,866
Management and
Administration
(Note 3)............ 1,082,398 2,855,914 544,554 1,606,680 369,386 1,221,486
Transfer agent (Note 3)
Single class funds..... 2,705,996 7,139,786 1,361,384 4,016,700 - -
Investor Shares........ - - - - 34,973 106,325
Exchange Shares........ - - - - - -
Institutional Shares... - - - - 341,407 1,136,425
Public Entities
Shares............. - - - - - -
Custody (Note 3)........ 113,240 300,591 59,455 175,668 40,540 132,896
Accounting (Note 3)..... 20,000 64,750 20,000 61,750 32,000 97,750
Legal................... 15,398 37,288 7,576 20,345 5,028 15,250
Registration
Single class funds..... 17,598 301,672 12,075 61,086 - -
Investor Shares........ - - - - 4,898 15,478
Exchange Shares........ - - - - - -
Institutional Shares... - - - - 11,464 48,584
Public Entities
Shares............. - - - - - -
Audit................... 8,000 18,875 8,000 16,000 8,000 16,900
Trustees................ 15,098 32,082 7,576 19,040 4,958 13,813
Distribution fees --
Exchange Shares
(Note 3)............ - - - - - -
Miscellaneous........... 34,320 234,306 16,698 136,179 16,471 143,408
-------------- -------------- -------------- -------------- -------------- --------------
TOTAL EXPENSES........... 5,444,260 14,812,361 2,824,115 8,441,464 2,060,314 6,860,181
Fees waived and
expenses reimbursed
(Note 4)........... (26,651) (532,406) (316,627) (1,050,582) (431,131) (1,469,730)
-------------- -------------- -------------- -------------- -------------- --------------
NET EXPENSES............. 5,417,609 14,279,955 2,507,488 7,390,882 1,629,183 5,390,451
-------------- -------------- -------------- -------------- -------------- --------------
NET INVESTMENT INCOME.... 49,696,990 133,990,508 23,580,039 69,668,576 10,095,333 34,234,759
-------------- -------------- -------------- -------------- -------------- --------------
NET REALIZED GAIN (LOSS)
FROM INVESTMENTS..... (9,976) 204,634 (481,386) 101,345 3,119 6,112
-------------- -------------- -------------- -------------- -------------- --------------
NET INCREASE IN NET
ASSETS RESULTING
FROM OPERATIONS...... $ 49,687,014 $ 134,195,142 $ 23,098,653 $ 69,769,921 $ 10,098,452 $ 34,240,871
============== ============== ============== ============== ============== ==============
</TABLE>
[LOGO]
See Notes to Financial Statements.
4
<PAGE>
FOR THE YEAR OR PERIOD ENDED MAY 31, 1998,
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) MAY 31, 1999, AND SEPTEMBER 30,
1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MUNICIPAL
CASH READY CASH U.S. MONEY
INVESTMENT INVESTMENT GOVERNMENT TREASURY MARKET
FUND FUND FUND FUND FUND
--------------- --------------- ---------------- -------------- --------------
<S> <C> <C> <C> <C> <C>
NET ASSETS, MAY 31, 1997................. $ 2,147,893,640 $ 1,927,115,608 $ 1,912,574,006 $1,003,696,510 $ 690,270,611
--------------- --------------- ---------------- -------------- --------------
OPERATIONS
Net investment income.................. 203,656,282 50,187,684 114,966,133 58,492,565 28,902,887
Net realized gain (loss) from
investments.......................... (53,352) 48,398 (48,377) 358,352 172,328
--------------- --------------- ---------------- -------------- --------------
Net increase in net assets resulting
from operations...................... 203,602,930 50,236,082 114,917,756 58,850,917 29,075,215
--------------- --------------- ---------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Single class funds................... (203,656,282) - (114,966,133) (58,492,565) -
Investor Shares...................... - (32,585,755) - - (1,571,100)
Exchange Shares...................... - (15,813) - - -
Institutional Shares................. - (17,586,116) - - (27,331,787)
Net realized gain from investments
Investor Shares...................... - - - - (3,249)
Institutional Shares................. - - - - (58,183)
--------------- --------------- ---------------- -------------- --------------
Total distributions to shareholders.... (203,656,282) (50,187,684) (114,966,133) (58,492,565) (28,964,319)
--------------- --------------- ---------------- -------------- --------------
Net increase (decrease) from capital
share transactions................... 2,537,977,869 (1,137,446,938) 347,682,217 436,460,200 331,381,779
--------------- --------------- ---------------- -------------- --------------
Net increase (decrease) in net
assets............................... 2,537,924,517 (1,137,398,540) 347,633,840 436,818,552 331,492,675
--------------- --------------- ---------------- -------------- --------------
NET ASSETS -- MAY 31, 1998 (A)........... 4,685,818,157 789,717,068 2,260,207,846 1,440,515,062 1,021,763,286
--------------- --------------- ---------------- -------------- --------------
OPERATIONS
Net investment income.................. 272,227,954 40,540,864 133,990,508 69,668,576 34,234,759
Net realized gain from investments..... 54,777 8,287 204,634 101,345 6,112
--------------- --------------- ---------------- -------------- --------------
Net increase in net assets resulting
from operations...................... 272,282,731 40,549,151 134,195,142 69,769,921 34,240,871
--------------- --------------- ---------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Single class funds................... (272,182,936) - (133,990,508) (69,668,576) -
Investor Shares...................... - (38,948,607) - - (1,157,118)
Exchange Shares...................... - (41,042) - - -
Institutional Shares................. - - - - (33,067,705)
Public Entities Shares............... - (1,536,507) - - -
Net realized gain on investments
Single class funds................... - - - (536,906) -
Investor Shares...................... - - - - (628)
Institutional Shares................. - - - - (16,474)
--------------- --------------- ---------------- -------------- --------------
Total distributions to shareholders.... (272,182,936) (40,526,156) (133,990,508) (70,205,482) (34,241,925)
--------------- --------------- ---------------- -------------- --------------
Net increase from capital share
transactions......................... 795,884,372 233,410,780 1,108,121,342 108,469,088 38,999,896
--------------- --------------- ---------------- -------------- --------------
Net increase in net assets............. 795,984,167 233,433,775 1,108,325,976 108,033,527 38,998,842
--------------- --------------- ---------------- -------------- --------------
NET ASSETS -- MAY 31, 1999 (B)........... 5,481,802,324 1,023,150,843 3,368,533,822 1,548,548,589 1,060,762,128
--------------- --------------- ---------------- -------------- --------------
OPERATIONS
Net investment income.................. 91,838,886 15,474,061 49,696,990 23,580,039 10,095,333
Net realized gain (loss) from
investments.......................... (65,953) (7,451) (9,976) (481,386) 3,119
--------------- --------------- ---------------- -------------- --------------
Net increase in net assets resulting
from operations...................... 91,772,933 15,466,610 49,687,014 23,098,653 10,098,452
--------------- --------------- ---------------- -------------- --------------
DISTRIBUTIONS TO SHAREHOLDERS FROM
Net investment income
Single class funds................... (91,883,905) - (49,696,990) (23,580,039) -
Investor Shares...................... - (14,467,783) - - (370,866)
Exchange Shares...................... - (17,857) - - -
Institutional Shares................. - - - - (9,724,467)
Public Entities Shares............... - (1,003,129) - - -
--------------- --------------- ---------------- -------------- --------------
Total distributions to shareholders.... (91,883,905) (15,488,769) (49,696,990) (23,580,039) (10,095,333)
--------------- --------------- ---------------- -------------- --------------
Net increase (decrease) from capital
share transactions................... 291,911,308 17,079,182 (230,071,860) 37,295,418 8,164,124
--------------- --------------- ---------------- -------------- --------------
Net increase (decrease) in net
assets............................... 291,800,336 17,057,023 (230,081,836) 36,814,032 8,167,243
--------------- --------------- ---------------- -------------- --------------
NET ASSETS -- SEPTEMBER 30, 1999 (C)..... $ 5,773,602,660 $ 1,040,207,866 $ 3,138,451,986 $1,585,362,621 $1,068,929,371
=============== =============== ================ ============== ==============
Undistributed (distributions in excess
of) net investment income
(a) May 31, 1998..................... $ (147,521) $ (3,100) $ (56,270) $ 102,005 $ (198,272)
=============== =============== ================ ============== ==============
(b) May 31, 1999..................... $ (102,315) $ 11,637 $ (56,270) $ 102,005 $ (126,904)
=============== =============== ================ ============== ==============
(c) September 30, 1999............... $ (147,334) $ (3,071) $ (56,270) $ 102,005 $ (126,904)
=============== =============== ================ ============== ==============
</TABLE>
[LOGO]
See Notes to Financial Statements.
5
<PAGE>
FOR THE YEAR OR PERIOD ENDED MAY 31, 1998,
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) MAY 31, 1999, AND SEPTEMBER 30,
1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MUNICIPAL
CASH READY CASH U.S. MONEY
INVESTMENT INVESTMENT GOVERNMENT TREASURY MARKET
FUND FUND FUND FUND FUND
---------------- --------------- ---------------- --------------- ---------------
<S> <C> <C> <C> <C> <C>
CAPITAL SHARE TRANSACTIONS (AT $1.00
PER SHARE)
YEAR ENDED MAY 31, 1998
Sale of shares
Single class funds................ $ 12,012,845,493 $ - $ 8,855,872,101 $ 4,446,530,993 $ -
Investor Shares................... - 659,278,049 - - 81,294,057
Exchange Shares................... - 1,123,635 - - -
Institutional Shares.............. - 1,297,000,821 - - 2,529,846,649
Reinvestment of distributions
Single class funds................ 114,097,582 - 18,495,730 18,522,775 -
Investor Shares................... - 32,598,158 - - 1,574,299
Exchange Shares................... - 15,986 - - -
Institutional Shares.............. - 40,511 - - 4,917,786
Redemption of shares
Single class funds................ (9,588,965,206) - (8,526,685,614) (4,028,593,568) -
Investor Shares................... - (478,499,142) - - (93,421,410)
Exchange Shares................... - (1,457,455) - - -
Institutional Shares.............. - (2,647,547,501) - - (2,192,829,602)
---------------- --------------- ---------------- --------------- ---------------
NET INCREASE (DECREASE) FROM CAPITAL
SHARE TRANSACTIONS................ $ 2,537,977,869 $(1,137,446,938) $ 347,682,217 $ 436,460,200 $ 331,381,779
================ =============== ================ =============== ===============
CAPITAL SHARE TRANSACTIONS (AT $1.00
PER SHARE)
YEAR ENDED MAY 31, 1999
Sale of shares
Single class funds................ $ 37,587,082,649 $ - $26,091,666,224 $19,545,459,290 $ -
Investor Shares................... - 487,586,321 - - 51,468,576
Exchange Shares................... - 2,427,450 - - -
Institutional Shares.............. - - - - 4,895,924,473
Public Entities Shares............ - 229,896,292 - - -
Reinvestment of distributions
Single class funds................ 143,723,803 - 29,201,156 20,981,138 -
Investor Shares................... - 38,964,610 - - 1,155,538
Exchange Shares................... - 40,453 - - -
Institutional Shares.............. - - - - 8,171,310
Public Entities Shares............ - 1,528,404 - - -
Redemption of shares
Single class funds................ (36,934,922,080) - (25,012,746,038) (19,457,971,340) -
Investor Shares................... - (362,778,775) - - (55,521,236)
Exchange Shares................... - (1,600,458) - - -
Institutional Shares.............. - - - - (4,862,198,765)
Public Entities Shares............ - (162,653,517) - - -
---------------- --------------- ---------------- --------------- ---------------
NET INCREASE FROM CAPITAL SHARE
TRANSACTIONS...................... $ 795,884,372 $ 233,410,780 $ 1,108,121,342 $ 108,469,088 $ 38,999,896
================ =============== ================ =============== ===============
CAPITAL SHARE TRANSACTIONS (AT $1.00
PER SHARE)
PERIOD ENDED SEPTEMBER 30, 1999
Sale of shares
Single class funds................ $ 12,587,717,639 $ - $10,427,419,111 $ 6,552,587,804 $ -
Investor Shares................... - 261,517,234 - - 14,088,835
Exchange Shares................... - 1,040,245 - - -
Institutional Shares.............. - - - - 702,281,015
Public Entities Shares............ - 171,459,719 - - -
Reinvestment of distributions
Single class funds................ 46,684,451 - 5,871,108 4,204,658 -
Investor Shares................... - 14,467,889 - - 371,082
Exchange Shares................... - 17,150 - - -
Institutional Shares.............. - - - - 1,383,413
Public Entities Shares............ - 1,003,764 - - -
Redemption of shares
Single class funds................ (12,342,490,782) - (10,663,362,079) (6,519,497,044) -
Investor Shares................... - (248,775,428) - - (12,782,425)
Exchange Shares................... - (347,887) - - -
Institutional Shares.............. - - - - (697,177,796)
Public Entities Shares............ - (183,303,504) - - -
---------------- --------------- ---------------- --------------- ---------------
NET INCREASE (DECREASE) FROM CAPITAL
SHARE TRANSACTIONS................ $ 291,911,308 $ 17,079,182 $ (230,071,860) $ 37,295,418 $ 8,164,124
================ =============== ================ =============== ===============
</TABLE>
[LOGO]
See Notes to Financial Statements.
6
<PAGE>
FINANCIAL HIGHLIGHTS (unaudited)
- --------------------------------------------------------------------------------
SELECTED DATA FOR A SHARE OUTSTANDING DURING THE PERIODS
<TABLE>
<CAPTION>
NET REALIZED
BEGINNING AND DIVIDENDS CAPITAL
NET ASSET NET UNREALIZED FROM NET CONTRIBUTION ENDING NET
VALUE PER INVESTMENT LOSS ON INVESTMENT FROM ASSET VALUE
SHARE INCOME INVESTMENTS INCOME ADVISER PER SHARE
----- ------ ----------- ------ ------- ---------
<S> <C> <C> <C> <C> <C> <C>
CASH INVESTMENT FUND
Four Months Ended September
30, 1999.................. $1.00 $0.016 $ - $(0.016) $ - $1.00
Year Ended May 31,
1999........................ 1.00 0.049 - (0.049) - 1.00
1998........................ 1.00 0.053 - (0.053) - 1.00
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
READY CASH INVESTMENT FUND
INVESTOR SHARES
Four Months Ended September
30, 1999.................. 1.00 0.015 - (0.015) - 1.00
Year Ended May 31,
1999........................ 1.00 0.046 - (0.046) - 1.00
1998........................ 1.00 0.050 - (0.050) - 1.00
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
EXCHANGE SHARES
Four Months Ended September
30, 1999.................. 1.00 0.012 - (0.012) - 1.00
Year Ended May 31,
1999........................ 1.00 0.038 - (0.038) - 1.00
1998........................ 1.00 0.050 (0.008) (0.042) - 1.00
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
PUBLIC ENTITIES SHARES
Four Months Ended September
30, 1999.................. 1.00 0.016 - (0.016) - 1.00
September 2, 1998 (b) to May
31, 1999.................. 1.00 0.035 - (0.035) - 1.00
U.S. GOVERNMENT FUND
Four Months Ended September
30, 1999.................. 1.00 0.015 - (0.015) - 1.00
Year Ended May 31,
1999........................ 1.00 0.047 - (0.047) - 1.00
1998........................ 1.00 0.051 - (0.051) - 1.00
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
TREASURY FUND
Four Months Ended September
30, 1999.................. 1.00 0.014 - (0.014) - 1.00
Year Ended May 31,
1999........................ 1.00 0.044 - (0.044) - 1.00
1998........................ 1.00 0.049 - (0.049) - 1.00
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
MUNICIPAL MONEY MARKET FUND
INVESTOR SHARES
Four Months Ended September
30, 1999.................. 1.00 0.009 - (0.009) - 1.00
Year Ended May 31,
1999........................ 1.00 0.027 - (0.027) - 1.00
1998........................ 1.00 0.031 - (0.031) - 1.00
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
INSTITUTIONAL SHARES
Four Months Ended September
30, 1999.................. 1.00 0.009 - (0.009) - 1.00
Year Ended May 31,
1999........................ 1.00 0.029 - (0.029) - 1.00
1998........................ 1.00 0.033 - (0.033) - 1.00
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
<CAPTION>
RATIOS TO AVERAGE
NET ASSETS NET ASSETS
------------------------------------------------ AT END OF
NET PERIOD
NET GROSS INVESTMENT TOTAL (000'S
EXPENSES EXPENSES(A) INCOME RETURN OMITTED)
-------- ----------- ------ ------ --------
<S> <C> <C> <C> <C> <C>
CASH INVESTMENT FUND
Four Months Ended September
30, 1999.................. 0.48%(d)(e) 0.56%(d)(e) 4.75%(d)(e) 1.60% $5,773,603
Year Ended May 31,
1999........................ 0.48%(d) 0.57%(d) 4.91%(d) 5.04% 5,481,802
1998........................ 0.48%(d) 0.57%(d) 5.29%(d) 5.42% 4,685,818
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
READY CASH INVESTMENT FUND
INVESTOR SHARES
Four Months Ended September
30, 1999.................. 0.82%(d)(e) 0.82%(d)(e) 4.41%(d)(e) 1.48% 980,363
Year Ended May 31,
1999........................ 0.82%(d) 0.82%(d) 4.56%(d) 4.68% 953,175
1998........................ 0.82%(d) 0.82%(d) 4.95%(d) 5.07% 789,380
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
EXCHANGE SHARES
Four Months Ended September
30, 1999.................. 1.57%(d)(e) 2.58%(d)(e) 3.68%(d)(e) 1.23% 1,914
Year Ended May 31,
1999........................ 1.57%(d) 3.24%(d) 3.76%(d) 3.90% 1,205
1998........................ 1.56%(d) 5.57%(d) 4.21%(d) 4.29% 337
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
PUBLIC ENTITIES SHARES
Four Months Ended September
30, 1999.................. 0.55%(d)(e) 0.67%(d)(e) 4.67%(d)(e) 1.57% 57,931
September 2, 1998 (b) to May
31, 1999.................. 0.54%(d)(e) 0.74%(d)(e) 4.69%(d)(e) 3.59% 68,771
U.S. GOVERNMENT FUND
Four Months Ended September
30, 1999.................. 0.50%(e) 0.50%(e) 4.58%(e) 1.54% 3,138,452
Year Ended May 31,
1999........................ 0.50% 0.52% 4.69% 4.81% 3,368,534
1998........................ 0.50% 0.51% 5.08% 5.20% 2,260,208
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
TREASURY FUND
Four Months Ended September
30, 1999.................. 0.46%(e) 0.52%(e) 4.32%(e) 1.45% 1,585,363
Year Ended May 31,
1999........................ 0.46% 0.53% 4.34% 4.49% 1,548,549
1998........................ 0.46% 0.54% 4.89% 5.00% 1,440,515
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
MUNICIPAL MONEY MARKET FUND
INVESTOR SHARES
Four Months Ended September
30, 1999.................. 0.65%(e) 0.85%(e) 2.64%(e) 0.89% 42,851
Year Ended May 31,
1999........................ 0.65% 0.86% 2.72% 2.76% 41,174
1998........................ 0.65% 0.83% 3.13% 3.18% 44,070
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%(c) 47,424
INSTITUTIONAL SHARES
Four Months Ended September
30, 1999.................. 0.45%(e) 0.57%(e) 2.84%(e) 0.95% 1,026,078
Year Ended May 31,
1999........................ 0.45% 0.57% 2.91% 2.97% 1,019,589
1998........................ 0.45% 0.59% 3.32% 3.39% 977,693
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%(c) 278,953
</TABLE>
(a) During each period, various fees were waived and reimbursed. The ratio of
Gross Expenses to Average Net Assets reflects the expense ratio in the
absence of any waivers and reimbursements (Note 4).
(b) Commencement of operations.
(c) 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.
(d) Includes expenses allocated from the Portfolio(s) in which the Fund invests.
(e) Annualized.
[LOGO]
See Notes to Financial Statements.
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
- --------------------------------------------------------------------------------
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 under the
Investment Company Act of 1940 (the "Act"). The Trust currently has thirty-eight
separate investment portfolios. These financial statements relate to five of the
money market investment portfolios of the Trust (individually, a "Fund" and,
collectively, the "Funds"), each of which is a diversified portfolio. The
classes of each Fund and their respective dates of commencement of operations
are as follows:
<TABLE>
<S> <C>
Cash Investment Fund........................................ October 14, 1987
Ready Cash Investment Fund (Investor Shares)................ January 20, 1988
Ready Cash Investment Fund (Exchange Shares)................ May 9, 1994
Ready Cash Investment Fund (Public Entities Shares)......... September 2, 1998
U.S. Government Fund........................................ November 16, 1987
Treasury Fund............................................... December 3, 1990
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. Exchange Shares are sold only through the exchange privilege available to
shareholders of B class 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 Investor Shares incur no sales charge. Public
Entities Shares, offered primarily to Minnesota public entities, are sold
without a sales charge and do not incur distribution expenses. Institutional
Shares, offered primarily to fiduciary, agency and custodial clients of bank
trust departments, trust companies and their affiliates, are sold without a
sales charge and do not incur distribution expenses. Under its Trust Instrument,
the Trust is authorized to issue, by each Fund, by each class of shares, an
unlimited number of shares of beneficial interest without par value.
MASTER-FEEDER ARRANGEMENT - Cash Investment Fund seeks to achieve its investment
objective by investing all its investable assets in two portfolios
(individually, a "Portfolio" and, collectively, the "Portfolios") of Core Trust
(Delaware) ("Core Trust"), a registered open-end management investment company.
These Portfolios are advised by Norwest Investment Management, Inc. These
Portfolios, Prime Money Market Portfolio and 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 its investable assets in Prime
Money Market Portfolio. This is commonly referred to as a master-feeder
arrangement. Each Portfolio directly acquires portfolio securities, and a Fund
investing in the Portfolio acquires an indirect interest in those securities.
The Funds account for their investment in a Portfolio as a partnership
investment, and record daily their share of the Portfolio's income, expenses and
realized and unrealized gain and loss. In addition, each Fund incurs its own
expenses. Each Fund may withdraw its investment from its corresponding Portfolio
at any time if the Trust's Board of Trustees determines that it is in the best
interest of the Fund to do so. The financial statements of the Portfolios are
included with this report and should be read in conjunction with the Funds'
financial statements. As of September 30, 1999, Cash Investment Fund owned 73.5%
of Prime Money Market Portfolio and substantially all of Money Market Portfolio.
The percentage of Prime Money Market Portfolio owned by Ready Cash Investment
Fund was 26.5%.
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 summarizes the significant accounting policies of the
Funds:
SECURITY VALUATION - On each Fund business day, the Funds determine their net
asset values at the following times: Municipal Money Market Fund, 12:00 PM,
Eastern Time; Treasury Fund, 1:00 PM, Eastern Time; U.S. Government Fund,
2:00 PM, Eastern Time; and Cash Investment Fund and Ready Cash Investment Fund,
3:00 PM, Eastern Time. Cash Investment Fund and Ready Cash Investment Fund
record their investments in the Portfolios at value. Valuation of securities
held in the Portfolios is discussed in the Notes to Financial Statements of the
Portfolios, which are included elsewhere in this report. Securities held by the
other Funds are valued by 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.
SECURITY TRANSACTIONS AND INTEREST INCOME - Investment transactions are
accounted for on the trade date. Interest income is recorded on the accrual
basis and includes amortization of premiums and discounts. Identified cost of
investments sold is used to determine realized gains and losses for both
financial statement and federal income tax purposes.
DISTRIBUTIONS TO SHAREHOLDERS - Distributions to shareholders of net investment
income, if any, are declared daily and paid monthly. 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 each Fund or Portfolio, timing differences
and differing characterizations of distributions made by the Funds.
[LOGO]
8
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
FEDERAL TAXES - Each Fund intends to qualify each year as a regulated investment
company and distribute all its taxable income. In addition, by distributing in
each calendar year substantially all 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.
EXPENSE ALLOCATION - The Trust accounts separately for the assets, 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 of shares are allocated to that class.
REPURCHASE AGREEMENTS - Each Fund, except for Treasury Fund, along with certain
other Norwest Advantage Funds, may transfer uninvested cash balances into a
joint trading account. These balances are invested in one or more repurchase
agreements. The Funds, through their custodian, receive delivery of the
underlying collateral, whose market value must always exceed the repurchase
price. In the event of default, a Fund may have difficulties with the
disposition of the collateral.
NOTE 3. ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISER - The investment adviser of each Fund is Norwest Investment
Management, Inc. ("Adviser"), a wholly owned subsidiary of Norwest Bank
Minnesota, N.A. ("Norwest"). Norwest is a subsidiary of Wells Fargo & Company.
The Adviser receives an advisory fee from U.S. Government Fund and Treasury Fund
at an annual rate of 0.20% of each Fund's average daily net assets for the first
$300 million net assets of each Fund, declining to 0.12% 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. The Adviser does not receive advisory fees
with respect to Cash Investment Fund and Ready Cash Investment Fund as long as
the Funds remain completely invested in the Portfolios.
MANAGEMENT AND ADMINISTRATION SERVICES - Forum Financial Services, Inc. ("FFSI")
supervises the overall management of the Trust other than investment advisory
services. Forum Administrative Services, LLC ("FAdS") is the administrator of
the Trust. For their services, FFSI and FAdS each receive a fee with respect to
U.S. Government Fund, Treasury Fund and Institutional Shares of Municipal Money
Market Fund at an annual rate of 0.05% of the Fund's (of class') average daily
net assets; with respect to Investor Shares of Municipal Money Market Fund at an
annual rate of 0.10% of the class' average daily net assets; with respect to
Cash Investment Fund at an annual rate of 0.025% of the Fund's average daily net
assets; and with respect to Ready Cash Investment Fund at an annual rate of
0.075% of the Fund's average daily net assets.
TRANSFER AGENT, DIVIDEND DISBURSING AGENT AND CUSTODIAN - Norwest serves as the
Trust's transfer agent and dividend disbursing agent. For these services,
Norwest receives a fee at an annual rate of 0.20% of the average daily net
assets of Cash Investment Fund, 0.10% of the average daily net assets of
Municipal Money Market Fund attributable to Institutional Shares and Ready Cash
Investment Fund attributable to Public Entities Shares, and up to 0.25% of the
average daily net assets attributable to the other classes of the Funds. Norwest
also serves as the Trust's custodian. For its custody services, Norwest receives
a fee at an annual rate of 0.02% of the first $100 million of each Fund's
average daily net assets, 0.015% of the next $100 million of each Fund's average
daily net assets and 0.01% of each Fund's remaining average daily net assets. No
custody fee is directly payable by a Fund to the extent the Fund is invested in
a Portfolio.
DISTRIBUTION PLAN - The Trust has adopted a Distribution Plan (the "Plan")
pursuant to Rule 12b-1 under the Act with respect to Exchange Shares of Ready
Cash Investment Fund. The Plan authorizes payment to FFSI of a distribution
service fee at an annual rate of 0.75%, 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
September 30, 1999. The distribution payments are used to reimburse FFSI for
(i) sales commissions at levels set from time to time by the Board of Trustees
("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 the
Board which do not have any direct or indirect financial interest in the Plan.
In the event the Plan is terminated or not continued, at the discretion of the
Board, the Fund may continue to pay distribution service fees to FFSI (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. For the period ended September 30, 1999, Ready Cash Investment Fund had no
unreimbursed distribution charges.
OTHER SERVICES PROVIDERS - Forum Accounting Services, LLC ("FAcS"), an affiliate
of FFSI, provides portfolio accounting services to each Fund.
[LOGO]
9
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED)
- --------------------------------------------------------------------------------
NOTE 4. WAIVER OF FEES AND REIMBURSEMENT OF EXPENSES
Norwest, Adviser, FAdS 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. Each service provider, at their discretion, may
revise or discontinue the voluntary fee waivers and expense reimbursements at
any time. For the periods presented below, fees waived and expenses reimbursed
by the Trust's service providers were as follows:
FOR THE FOUR MONTH PERIOD ENDED SEPTEMBER 30, 1999:
<TABLE>
<CAPTION>
EXPENSES
FEES WAIVED REIMBURSED
--------------------- ---------- TOTAL FEES WAIVED
FUND NORWEST FADS/FFSI FFSI AND EXPENSES REIMBURSED
- ---- ------- --------- ---- -----------------------
<S> <C> <C> <C> <C>
Cash Investment Fund........................................ $ - $ 651,948 $ - $651,948
Ready Cash Investment Fund.................................. - 27,385 2,980 30,365
U.S. Government Fund........................................ - 26,651 - 26,651
Treasury Fund............................................... - 316,627 - 316,627
Municipal Money Market Fund................................. 81,016 350,115 - 431,131
</TABLE>
FOR THE YEAR ENDED MAY 31, 1999:
<TABLE>
<CAPTION>
EXPENSES
FEES WAIVED REIMBURSED
--------------------- ---------- TOTAL FEES WAIVED
FUND NORWEST FADS/FFSI FFSI AND EXPENSES REIMBURSED
- ---- ------- --------- ---- -----------------------
<S> <C> <C> <C> <C>
Cash Investment Fund........................................ $ - $2,349,109 $ - $2,349,109
Ready Cash Investment Fund.................................. - 81,712 28,960 110,672
U.S. Government Fund........................................ - 532,406 - 532,406
Treasury Fund............................................... - 1,050,582 - 1,050,582
Municipal Money Market Fund................................. 344,552 1,125,178 - 1,469,730
</TABLE>
NOTE 5. FEDERAL INCOME TAXES
As of September 30, 1999, certain of the Funds had capital loss carryovers
available to offset future capital gains as follows:
<TABLE>
<CAPTION>
YEAR OF EXPIRATION
--------------------
2003 2006 TOTAL
---- ---- -----
<S> <C> <C> <C>
Cash Investment Fund........................................ $1,624,775 $75,562 $1,700,337
Ready Cash Investment Fund.................................. 7,647 - 7,647
</TABLE>
NOTE 6. FUND REORGANIZATIONS
On March 25, 1999, the Board of Trustees of Norwest Advantage Funds approved the
reorganization of each Norwest Advantage Fund into a new portfolio of Wells
Fargo Funds Trust. The reorganizations are part of a plan to consolidate the
Stagecoach and Norwest Advantage fund families following last November's merger
of Wells Fargo & Company and Norwest Corporation. Norwest Advantage Funds
presented, and the shareholders approved, each proposed fund reorganization at a
special shareholders' meeting held in August 1999.
On November 5, 1999, each Norwest Advantage Fund reorganized into a
corresponding Wells Fargo Funds Trust portfolio that has substantially similar
investment objectives and, except as noted below, investment policies. In
general, the Wells Fargo Funds Trust portfolios did not combine with other funds
of the Stagecoach or Norwest Advantage fund families.
The reorganizations contemplated, however, that Exchange Shares of Ready Cash
Investment Fund would reorganize into Money Market Fund of Wells Fargo Funds
Trust. Money Market Fund may have somewhat different investment policies from
those of Ready Cash Investment Fund and may combine with other Stagecoach or
Norwest Advantage funds.
[LOGO]
10
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) SEPTEMBER 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- -------------------------------------------------------------------------------
CASH INVESTMENT FUND
- -------------------------------------------------------------------------------
N/A Prime Money Market Portfolio of Core
Trust (Delaware) $2,893,233,220
N/A Money Market Portfolio of Core Trust
(Delaware) 2,893,243,856
--------------
TOTAL INVESTMENTS AT AMORTIZED COST AND VALUE (100.0%)
$5,786,477,076
==============
- -------------------------------------------------------------------------------
READY CASH INVESTMENT FUND
- -------------------------------------------------------------------------------
N/A Prime Money Market Portfolio of Core
Trust (Delaware) $1,040,593,348
--------------
TOTAL INVESTMENTS AT AMORTIZED COST AND VALUE (100.0%)
$1,040,593,348
==============
- -------------------------------------------------------------------------------
U.S. GOVERNMENT FUND
- -------------------------------------------------------------------------------
AGENCY NOTES (31.1%)
FFCB (2.1%)
10,000,000 5.20%, 1/14/00 $ 10,008,193
40,000,000 4.76%, 1/18/00 39,973,426
25,000,000 5.02%, 3/1/00 24,996,756
--------------
TOTAL FFCB 74,978,375
--------------
FHLB (12.2%)
50,000,000 5.29% V/R, 11/4/99 50,000,000
50,000,000 5.26% V/R, 11/12/99 49,996,606
25,000,000 5.26% V/R, 11/16/99 24,997,795
75,000,000 5.11% V/R, 1/11/00 74,985,538
25,000,000 4.92%, 1/13/00 25,001,025
15,000,000 4.93%, 1/13/00 15,001,319
50,000,000 4.90%, 1/14/00 50,004,602
4,000,000 8.60%, 1/25/00 4,042,354
25,000,000 4.90%, 2/4/00 25,000,000
20,000,000 4.91%, 2/9/00 20,000,000
25,000,000 5.16%, 3/8/00 24,996,810
50,000,000 5.22% V/R, 5/12/00 49,973,990
20,000,000 5.01%, 4/28/01 19,993,459
--------------
TOTAL FHLB 433,993,498
--------------
FHLMC (2.1%)
75,000,000 5.19% V/R, 5/18/00 74,962,296
--------------
FNMA (14.7%)
87,500,000 5.79%, 10/12/99 87,517,098
8,890,000 8.35%, 11/10/99 8,920,640
22,500,000 5.81%, 11/12/99 22,521,555
15,000,000 4.99%, 2/22/00 14,999,408
50,000,000 5.19% V/R, 3/15/00 49,987,074
4,000,000 5.10%, 3/16/00 3,996,668
23,000,000 5.10%, 3/16/00 22,955,747
</TABLE>
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
U.S. GOVERNMENT FUND (continued)
- -------------------------------------------------------------------------------
50,000,000 4.93% V/R, 3/23/00 $ 49,984,550
25,000,000 5.04%, 4/6/00 24,991,961
16,500,000 9.05%, 4/10/00 16,805,203
20,000,000 4.98%, 4/20/00 19,996,468
50,000,000 5.16% V/R, 5/10/00 49,981,804
50,000,000 5.11%, 7/14/00 49,974,515
50,000,000 5.32%, 7/17/00 49,980,245
50,000,000 5.39%, 9/18/00 49,990,382
--------------
TOTAL FNMA 522,603,318
--------------
TOTAL AGENCY NOTES 1,106,537,487
--------------
CASH MANAGEMENT ACCOUNTS (0.0%)
1,553,475 Fidelity Treasury II 1,553,475
--------------
COMMERCIAL PAPER (1.4%)
50,000,000 USA Group, Secondary Market Services,
5.30%, 11/10/99 49,705,556
--------------
DISCOUNT NOTES (A) (26.0%)
FHLB (4.9%)
75,000,000 5.25%, 12/23/99 74,104,292
35,000,000 5.55%, 1/6/00 34,485,092
15,435,000 5.09%, 3/1/00 15,116,320
30,000,000 5.87%, 9/15/00 28,385,660
25,000,000 5.93%, 9/15/00 23,641,690
--------------
TOTAL FHLB 175,733,054
--------------
FHLMC (11.3%)
2,000,000 4.93%, 10/6/99 1,998,654
35,000,000 5.21%, 11/2/99 34,840,089
37,429,000 5.25%, 12/15/99 37,033,656
50,000,000 5.21%, 12/17/99 49,455,119
20,638,000 5.64%, 1/14/00 20,305,127
66,890,000 5.57%, 1/20/00 65,761,845
43,206,000 5.57%, 1/20/00 42,480,626
50,000,000 5.67%, 2/1/00 49,053,584
50,000,000 5.65%, 2/2/00 49,049,334
30,000,000 5.63%, 2/3/00 29,429,793
25,000,000 5.43%, 3/9/00 24,425,557
--------------
TOTAL FHLMC 403,833,384
--------------
FNMA (9.8%)
50,000,000 5.13%, 10/22/99 49,854,167
750,000 4.96%, 11/5/99 746,464
41,600,000 5.22%, 11/9/99 41,367,907
50,000,000 5.28%, 11/16/99 49,667,778
33,532,000 5.30%, 11/19/99 33,293,299
50,000,000 5.13%, 12/3/99 49,562,500
75,000,000 5.31%, 12/7/99 74,267,188
10,000,000 5.15%, 12/13/99 9,898,205
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements.
11
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) SEPTEMBER 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- -------------------------------------------------------------------------------
U.S. GOVERNMENT FUND (continued)
- -------------------------------------------------------------------------------
40,000,000 5.62%, 2/25/00 $ 39,108,201
--------------
TOTAL FNMA 347,765,709
--------------
TOTAL DISCOUNT NOTES 927,332,147
--------------
REPURCHASE AGREEMENTS (41.5%)
550,000,000 Banc of America Securities, 5.50%,
10/1/99, to be repurchased at
$550,084,028; collateralized by
various U.S. Government Agency
Securities 550,000,000
209,024,152 Deutsche Bank, 5.48%, 10/1/99, to be
repurchased at $209,055,970;
collateralized by various U.S.
Government Agency Securities 209,024,152
75,000,000 Goldman Sachs, 5.12%, 12/30/99, to be
repurchased at $76,728,000;
collateralized by various U.S.
Government Agency Securities 75,000,000
75,000,000 Goldman Sachs, 5.50%, 1/3/00, to be
repurchased at $76,741,667;
collateralized by various U.S.
Government Agency Securities 75,000,000
350,000,000 Lehman Brothers, Inc., TBA, 11/11/11 350,000,000
144,385,947 Lehman Brothers, Inc., 5.35%, 10/1/99,
to be repurchased at $144,407,404;
collateralized by various U.S.
Government Agency Securities 144,385,947
75,000,000 Merrill Lynch & Co., 5.15%, 12/31/99,
to be repurchased at $76,748,854;
collateralized by various U.S.
Government Agency Securities 75,000,000
--------------
TOTAL REPURCHASE AGREEMENTS 1,478,410,099
--------------
TOTAL INVESTMENTS AT AMORTIZED COST AND VALUE (100.0%)
$3,563,538,764
==============
- -------------------------------------------------------------------------------
TREASURY FUND
- -------------------------------------------------------------------------------
U.S. TREASURY BILLS (A) (70.2%)
85,000,000 4.27%, 10/14/99 $ 84,869,548
7,600,000 4.32%, 10/21/99 7,582,098
75,000,000 4.41%, 10/28/99 74,753,063
20,000,000 4.42%, 11/4/99 19,916,889
75,000,000 4.85%, 11/12/99 74,580,438
20,000,000 4.41%, 11/18/99 19,882,400
100,000,000 4.61%, 11/18/99 99,390,667
75,000,000 4.88%, 11/26/99 74,437,667
50,000,000 4.61%, 12/2/99 49,612,500
70,000,000 4.89%, 12/9/99 69,359,354
60,000,000 4.86%, 12/23/99 59,353,292
50,000,000 4.58%, 1/6/00 49,396,445
45,000,000 4.66%, 1/6/00 44,448,313
</TABLE>
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
TREASURY FUND (continued)
- -------------------------------------------------------------------------------
40,000,000 4.73%, 1/13/00 $ 39,465,556
--------------
TOTAL U.S. TREASURY BILLS 767,048,230
--------------
U.S. TREASURY NOTES (29.8%)
25,000,000 5.63%, 10/31/99 25,018,938
75,000,000 5.63%, 10/31/99 75,038,389
75,000,000 5.63%, 11/30/99 75,065,918
25,000,000 7.75%, 11/30/99 25,114,305
80,000,000 7.75%, 12/31/99 80,523,666
45,000,000 7.75%, 12/31/99 45,288,291
--------------
TOTAL U.S. TREASURY NOTES 326,049,507
--------------
TOTAL INVESTMENTS AT AMORTIZED COST AND VALUE (100.0%)
$1,093,097,737
==============
- -------------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND
- -------------------------------------------------------------------------------
ALASKA (0.8%)
7,400,000 Alaska Housing Finance Corp., Housing
RV, Series 2-Reg D, MBIA insured,
3.90% V/R, 6/1/35 $ 7,400,000
1,100,000 Anchorage, AK, Higher Education RV,
Alaska Pacific University, Bank of
America, LOC, 3.75% V/R, 7/1/17 1,100,000
--------------
TOTAL ALASKA 8,500,000
--------------
ARIZONA (0.9%)
4,400,000 Chandler, AZ, IDA RV, Parsons Municipal
Services, Inc., National Westminster
Bank, USA, LOC, 3.70% V/R, 12/15/09 4,400,000
5,000,000 Cochise County, AZ, University SD No.
68, Sierra Vista, Series B, FGIC
insured, 7.63%, 7/1/10, P/R @ 101
7/1/01 5,196,972
--------------
TOTAL ARIZONA 9,596,972
--------------
ARKANSAS (0.2%)
1,000,000 Fayetteville, AR, Public Facilities
Board RV, Butterfield Trail Village,
Dresdner Bank AG, LOC, 3.95% V/R,
9/1/27 1,000,000
1,000,000 Little Rock, AR, IDR, GTD by CPC
International, 5.28% V/R, 12/1/03 1,000,000
--------------
TOTAL ARKANSAS 2,000,000
--------------
COLORADO (1.9%)
4,850,000 Colorado Health Facilities Authority,
RV, Catholic Health Initiatives,
Series B, 3.85% V/R, 12/1/25 4,850,000
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements.
12
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) SEPTEMBER 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- -------------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- -------------------------------------------------------------------------------
1,500,000 Colorado HFA, MFHR, Multi-Family
Diamond 1 Series, FNMA insured, 3.85%
V/R, 10/15/16 $ 1,500,000
3,600,000 Denver, CO, City & County, Airport RV,
Series B, 3.65% V/R, 12/1/20 3,600,000
4,635,000 Jefferson County, CO, SD NO R-001 Tax
Anticipation Notes, 4.50%, 6/30/00 4,660,891
2,500,000 Lowry, CO, Economic Redevelopment
Authority RV, Series B, Canadian
Imperial Bank, LOC, 3.75% V/R,
12/1/20 2,500,000
1,700,000 Moffat County, CO, PCR Bonds, AMBAC
insured, 3.85% V/R, 7/1/10 1,700,000
1,930,000 Parkview Metropolitan District, CO,
Arapahoe County, GO Bonds, Central
Bank, LOC, 4.00% V/R, 12/1/12 1,930,000
--------------
TOTAL COLORADO 20,740,891
--------------
FLORIDA (5.9%)
2,000,000 Dade County, FL, IDA RV, GTD by ADP,
Inc., 3.50% V/R, 11/15/17 2,000,000
7,140,000 Florida Housing Finance Agency, MFHR
Bonds, Buena Vista Project, GTD by
New England Mutual Life, 3.00%,
11/1/07, mandatory put 11/1/99 @ 100 7,140,000
1,710,000 Florida Housing Finance Agency, MFHR
Bonds, South Trust Alabama, LOC,
3.90% V/R, 6/1/07 1,710,000
1,600,000 Hillsborough County, FL, IDA, Port
Facilities RV, Seaboard System
Railroad, Inc. Project, National Bank
Detroit, LOC, 3.70% V/R, 10/15/99 1,600,000
31,115,000 Hillsborough County, FL, School Board
COP, Educational Facilities RV,
Series 31, Registered D, MBIA
insured, 3.85% V/R, 12/1/28 31,115,000
19,600,000 Laurel Club Certificate Trust, AMBAC
insured, Series A, Swiss Bank, LOC,
3.95% V/R, 6/1/25 19,600,000
--------------
TOTAL FLORIDA 63,165,000
--------------
GEORGIA (1.4%)
2,695,000 Fulton County, GA, IDR RV, GTD by
Automatic Data Processing, 3.70% V/R,
9/1/12 2,695,000
5,095,000 Georgia Local Government, COP,
Series PT 1060, MBIA insured, 3.85%
V/R, 6/1/28 5,095,000
5,850,000 Marietta, GA, MFHR Bonds, Falls at
Bells Ferry, Guardian Savings & Loan,
LOC, 3.20%, 1/15/09, mandatory put
1/15/00 @ 100 5,850,000
</TABLE>
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
MUNICIPAL MONEY MARKET FUND (continued)
- -------------------------------------------------------------------------------
1,085,000 Municipal Electric Authority of
Georgia, RV, Sub - Series B,
remarketed 4/11/97, 3.85% V/R, 6/1/20 $ 1,085,000
--------------
TOTAL GEORGIA 14,725,000
--------------
HAWAII (1.3%)
4,250,000 Hawaii State Department of Budget &
Finance, Special Purpose Mortgage RV,
Kuakini Medical Center Project, FGIC
insured, LOC, 3.40% V/R, 7/1/04 4,250,000
10,225,000 Honolulu, HI, City & County,
P-Floats-PT 1150, FGIC insured, 3.85%
V/R, 7/1/15 10,225,000
--------------
TOTAL HAWAII 14,475,000
--------------
ILLINOIS (10.0%)
1,000,000 Bedford Park, IL, IDA RV, GTD by CPC
International, 5.12% V/R, 11/1/03 1,000,000
1,000,000 Chicago, IL, GO Bonds, Metropolitan
Water Reclamation Distribution -
Greater Chicago, 4.15%, 12/1/99 1,001,788
2,755,000 Chicago, IL, GO Bonds, Westduetsche
Landesbank, LOC, 2.95%, 1/26/01,
mandatory tender 1/27/00 @ 100 2,754,350
5,000,000 Cook County, IL, Community College
District #508, COP, FGIC insured,
8.30%, 1/1/00 5,061,927
3,885,000 Cook County, IL, Municipal Trust
Receipts, Series SG-7, MBIA insured,
3.85% V/R, 11/15/23 3,885,000
2,475,000 Illinois Development Finance Authority,
Development RV, American College
Occupational, LOC American National,
3.90% V/R, 10/1/18 2,475,000
860,000 Illinois Development Finance Authority,
Development RV, North Wacker Drive,
Bank One, LOC, 3.50% V/R, 12/1/15 860,000
6,400,000 Illinois EFA RV, John F. Kennedy Health
Care, LaSalle National Bank, LOC,
3.25%, 12/1/25, mandatory put 2/2/00
@ 100 6,400,000
7,300,000 Illinois Health Care Authority RV,
Northwest Community Hospital, First
National Bank of Chicago, LOC, 3.75%
V/R, 7/1/27 7,300,000
8,100,000 Illinois Health Facilities Authority
RV, Elmhurst Memorial Hospital,
Series B, Rabobank Nederland, LOC,
4.05% V/R, 1/1/20 8,100,000
1,500,000 Illinois Health Facilities Authority
RV, Swedish Covenant Hospital
Project, AMBAC insured, 3.80% V/R,
8/1/25 1,500,000
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements.
13
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) SEPTEMBER 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- -------------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- -------------------------------------------------------------------------------
25,000,000 Illinois Health Facilities Authority,
Health Care RV, Evanston Hospital
Corp., 3.45% V/R, 8/15/30, mandatory
put 5/15/00 @ 100 $ 25,000,000
8,700,000 Illinois Health Facilities Authority,
Health Care RV, Condell Memorial
Hospital, First National Bank of
Chicago, LOC, 3.50% V/R, 11/1/25 8,700,000
2,000,000 Illinois Health Facilities Authority,
RV, St. Lukes Medical Center Project,
Series B, MBIA insured, 3.75% V/R,
11/15/23 2,000,000
2,500,000 Illinois State, GO RV, 4.60%, 2/1/00 2,513,160
6,800,000 Lombard, IL, IDR, 2500 Highland Avenue,
Mid-America Federal Savings & Loan,
LOC, 4.15% V/R, 12/1/06 6,800,000
12,975,000 Lombard, IL, MFHR Bonds, Clover Creek
Apartments, remarketed 12/15/98,
Continental Casualty Surety Bond,
LOC, 3.55%, 12/15/06, mandatory put
12/15/99 @ 100 12,975,000
5,200,000 Mount Morris, IL, Housing RV, Brethren
Home Project, La Salle National Bank,
Chicago, LOC, 3.80% V/R, 6/1/27 5,200,000
4,100,000 Springfield, IL, Transportation RV, GTD
by Allied Signal, 3.90% V/R, 10/15/16 4,100,000
--------------
TOTAL ILLINOIS 107,626,225
--------------
INDIANA (1.3%)
5,330,000 Indiana Health Facilities Financing
Authority, Hospital RV, Clarian
Health Partners Inc., Series A,
6.00%, 2/15/00 5,387,482
4,065,000 Indiana State Development Financial
Authority, Educational Facilities RV,
Lutheran Project, First of America,
LOC, 3.85% V/R, 10/1/17 4,065,000
4,000,000 Indiana State, EFA RV, Bethel College,
Series B, LOC NBD, 3.80% V/R, 9/1/17 4,000,000
--------------
TOTAL INDIANA 13,452,482
--------------
IOWA (2.4%)
4,600,000 Des Moines, IA, IDR, Grand Office
Park, GTD by Principal Mutual Life,
3.40% V/R, 4/1/15 4,600,000
2,600,000 Iowa Finance Authority, Health Care RV,
Burlington Medical Center, FSA
insured, 3.80% V/R, 6/1/27 2,600,000
3,500,000 Iowa Higher Educational Facilities Loan
Authority RV, Anticipation Note,
Morningside Project, Series G, 3.50%,
5/24/00 3,503,272
</TABLE>
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
MUNICIPAL MONEY MARKET FUND (continued)
- -------------------------------------------------------------------------------
4,000,000 Iowa School Corp., Educational
Facilities RV, Warrants Certificates,
Series A, FSA insured, 4.00%, 6/23/00 $ 4,021,658
4,900,000 Mason City, IA, IDR, Supervalu Inc.
Project, Wachovia Bank LOC, 3.65%
V/R, 9/1/14 4,900,000
6,000,000 Urbandale, IA, IDR, Interstate Acres
L.P. Project, GTD by Principal Mutual
Life Insurance, 3.95% V/R, 12/1/14 6,000,000
--------------
TOTAL IOWA 25,624,930
--------------
KANSAS (0.3%)
2,660,000 Lawrence, KS, GO Bonds, 3.45%, 10/1/99 2,660,000
1,200,000 Prairie Village, KS, MFHR Bonds, J.C.
Nichols Co. Project, GTD by Principal
Mutual Life Insurance, 3.40% V/R,
12/1/15 1,200,000
--------------
TOTAL KANSAS 3,860,000
--------------
KENTUCKY (1.5%)
6,800,000 Kentucky Asset/Liability Commission,
General Fund RV, 3.50%, 11/1/99 6,803,083
3,000,000 Kentucky State Turnpike Authority,
Economic Development RV,
Revitalization Project, 7.38%,
5/15/07,
P/R 5/15/00 @ 101.5 3,124,024
5,510,000 Kentucky State Turnpike Authority
Resource Recovery Road RV,
Series 17, FSA insured, 3.90% V/R,
7/1/03 5,510,000
1,200,000 Mayfield, KY, Multi-City Lease RV, PNC
Bank, LOC, 3.90% V/R, 7/1/26 1,200,000
--------------
TOTAL KENTUCKY 16,637,107
--------------
LOUISIANA (2.1%)
3,770,000 Calcasieu Parish, LA, Sales Tax
District No. 4, Tax RV, Road
Improvement, Credit de France, LOC,
3.85% V/R, 9/1/01 3,770,000
3,100,000 Louisiana Public Facilities Authority
Hospital RV, Willis Knighton Medical
Center Project, AMBAC insured, 4.00%
V/R, 9/1/25 3,100,000
1,535,000 Louisiana Public Facilities Authority
RV, Series B, 3.35%, 10/25/99 1,535,000
1,980,000 Louisiana Public Facilities Authority
RV, Series D, 3.35%, 10/25/99 1,980,000
10,000,000 Natchitoches Parish, LA, Trust Joist
Corp. Project, Wachovia, LOC, 3.70%
V/R, 10/1/00 10,000,000
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements.
14
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) SEPTEMBER 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- -------------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- -------------------------------------------------------------------------------
2,500,000 Plaquemines, LA, Port Harbor & Term
District Port Facilities Revenue,
Transportation RV, International
Marine Term Project, Series A,
Kredietbank NV, LOC, 3.05%, 3/15/06,
optional put 3/15/00 @ 100 $ 2,500,000
--------------
TOTAL LOUISIANA 22,885,000
--------------
MARYLAND (3.5%)
15,250,000 Howard County, MD, Conservative Public
Improvement GO Bonds, Series A,
3.07%, 4/14/00 15,233,759
8,000,000 Howard County, MD, MFHR Bonds, Sherwood
Crossing Limited Project, Guardian
Savings & Loan, LOC, 3.30%, 6/1/15,
mandatory put 6/1/00 @ 100 8,000,000
11,390,000 Maryland State Community Development
Administration Department, Housing &
Community Development RV, Series A,
3.05%, 1/14/00 11,390,000
2,500,000 Maryland State, Industrial EDA RV,
Johnson Controls, Inc., LOC, 4.15%
V/R, 12/1/03 2,500,000
--------------
TOTAL MARYLAND 37,123,759
--------------
MASSACHUSETTS (3.4%)
7,000,000 Massachusetts State GO Bonds,
Series B, LOC Toronto Dominion Bank,
3.75%
V/R, 9/1/16 7,000,000
14,675,000 Massachusetts State Housing Finance
Agency, Housing RV, Series A10, MBIA
insured, 3.90% V/R, 6/1/14 14,675,000
15,000,000 Massachusetts State Health, Landesbank
Hessen, LOC, 3.45%, 11/4/99 15,000,000
--------------
TOTAL MASSACHUSETTS 36,675,000
--------------
MICHIGAN (2.3%)
11,335,000 Grand Rapids, MI, Water Supply RV, FGIC
insured, 3.45%, 1/1/15, optional put
11/4/99 @100 11,335,000
3,300,000 Michigan HEFA, Concordian College
Project, Allied Irish insured, 3.90%
V/R, 9/1/14 3,300,000
1,500,000 Michigan State, Hospital Finance
Authority RV, Hosiptal Equipment Loan
Program, Series A, First of America,
LOC, 3.85% V/R, 12/1/23 1,500,000
2,900,000 Michigan State, Hospital Financial
Authority RV, Hospital Equipment Loan
Program, Series A, First of America,
LOC, 3.85% V/R, 12/1/23 2,900,000
</TABLE>
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
MUNICIPAL MONEY MARKET FUND (continued)
- -------------------------------------------------------------------------------
5,200,000 Michigan State, IDA RV, Detroit Edison,
Barclays, LOC, 3.90% V/R, 9/1/30 $ 5,200,000
--------------
TOTAL MICHIGAN 24,235,000
--------------
MINNESOTA (10.0%)
2,900,000 Arden Hills, MN Housing & Health Care
Facilities RV, Presbyterian Homes,
Series B Project, US Bank, LOC, 3.95%
V/R, 9/1/29 2,900,000
6,300,000 Cohasset, MN, IDR RV, Minnesota Power &
Light Co., Project A, ABN Amro Bank
N.V., LOC, 3.95% V/R, 6/1/20 6,300,000
5,000,000 Crystal, MN, MFHR Bonds, Crystal
Apartments L.P. Project, FHLB
insured, 3.70% V/R, 5/1/27 5,000,000
7,500,000 Duluth, MN, EDA, Health Care Facilities
RV, Miller Dwan Medical Center
Project, Credit Local de France, LOC,
3.95%
V/R, 6/1/19 7,500,000
1,000,000 Hennepin County, MN, GO Bonds,
Series A, 4.13%, 12/1/99 1,001,852
4,900,000 Mankato, MN, MFHR Bonds, Highland Hills
Project, First Bank, LOC, 3.70%
V/R, 5/1/27 4,900,000
1,000,000 Minneapolis, MN, GO Bonds, 7.00%,
12/1/99 1,006,039
15,310,000 Minneapolis, MN, MFHR Bonds, Rental
Housing-Hennepin-95, 3.75% V/R,
12/1/30 15,310,000
6,100,000 Minnesota Public Facilities Authority,
Water PCR Bonds, Series A,
collateralized by USG, 7.10%, 3/1/12,
P/R 3/1/00 @ 102 6,322,075
6,265,000 Minnesota SD Tax & Aid Anticipation
Borrowing Program Certificates, Aid
Anticipation Certificates
Indebentures, Series A, 3.00%, 2/3/00 6,265,000
7,845,000 Minnesota SD Tax & Aid Anticipation
Borrowing Program, COP, Tax
Anticipation Certificates
Indebentures, Series A, 3.45%,
8/15/00 7,845,000
10,000,000 Minnesota SD Tax & Aid Anticipation
Borrowing Program, COP, Tax
Anticipation Certificates
Indebentures, Series B, 2.95%,
2/24/00 10,000,000
11,385,000 Minnesota State HFA, SFM RV, Series F,
3.65%, 1/1/17 11,385,000
8,490,000 Minnesota State, GO Bonds, 4.50%,
6/1/00 8,557,757
6,000,000 St. Louis Park, MN, Health Care
Facilities RV, Park Nicollet Medical
Center Project, P/R 102 @ 1/1/00,
9.25%, 1/1/20 6,206,832
5,800,000 St. Paul, MN, Housing & Redevelopment
Authority, Utilities RV, remarketed
1/3/94, Credit Local De France, LOC,
3.70% V/R, 12/1/12 5,800,000
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements.
15
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) SEPTEMBER 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- -------------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- -------------------------------------------------------------------------------
1,000,000 St. Paul, MN, Port Authority IDR, Texas
Project, Series A, U.S. Bank N.A.,
LOC, 3.70% V/R, 6/1/10 $ 1,000,000
--------------
TOTAL MINNESOTA 107,299,555
--------------
MISSOURI (2.9%)
5,000,000 Independence, MO, IDA RV, Groves and
Graceland Project, Series A, Credit
Local de France, LOC, 3.95% V/R,
11/1/27 5,000,000
2,200,000 Kansas City, MO, IDA Authority, MFHR
Bonds, JC Nichols Co. Project, GTD by
Principal Mutual Life Insurance,
3.40% V/R, 5/1/15 2,200,000
15,070,000 Kansas City, MO, IDA, MFHR Bonds, Coach
House II Project, GTD by Principal
Mutual Life Insurance, 3.40% V/R,
12/1/15 15,070,000
2,500,000 Missouri State HEFA RV, Series G, RANS,
3.50%, 4/29/00 2,503,904
2,500,000 Missouri State HEFA RV, Series H, RANS,
3.50%, 4/29/00 2,503,904
900,000 Missouri State HEFA RV, St. Louis
University, Series B, Bank of
America, SPA, 4.00% V/R, 10/1/24 900,000
3,150,000 Missouri State, HEFA, Bank of America,
SPA Saint Louis University,
Series A, Bank of America, SPA,
4.00% V/R, 10/1/09 3,150,000
--------------
TOTAL MISSOURI 31,327,808
--------------
MONTANA (1.8%)
7,200,000 Montana State Board of Investments,
Municipal Finance Construction,
Intercap Program RV, 3.05%, 3/1/09,
optional put 3/1/00 @ 100 7,200,000
10,000,000 Montana State Board of Investments,
Municipal Finance Construction,
Intercap Program RV, 3.05%, 3/1/18,
optional put 3/1/00 @ 100 10,000,000
1,610,000 Montana State Board of Investments,
Municipal Finance Construction,
Intercap Program RV, 3.05%, 3/1/01,
optional put 3/1/00 @ 100 1,610,000
--------------
TOTAL MONTANA 18,810,000
--------------
NEBRASKA (0.2%)
1,900,000 Norfolk, NE, IDR Bonds, Supervalu Inc.
Project, Wachovia Bank of Georgia,
LOC, 3.65% V/R, 11/1/14 1,900,000
--------------
</TABLE>
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
MUNICIPAL MONEY MARKET FUND (continued)
- -------------------------------------------------------------------------------
NEVADA (0.8%)
3,775,000 Henderson, NV, Health Care Facilities
RV, PT 134, AMBAC insured, 3.86% V/R,
7/1/20 $ 3,775,000
5,000,000 Nevada State, LTGO Bonds, Trust
Receipts, Series 36 D, FGIC insured,
3.90% V/R, 11/1/25 5,000,000
--------------
TOTAL NEVADA 8,775,000
--------------
NEW HAMPSHIRE (0.6%)
5,945,000 New Hampshire, HEHFA RV, Municipal
Trust Receipts, Series SG-19, Societe
Generale, LOC, 3.90% V/R, 6/1/23 5,945,000
--------------
NEW JERSEY (0.2%)
2,400,000 New Jersey State, EFA RV, Series SG 48,
MBIA insured, 3.75% V/R, 7/1/26 2,400,000
--------------
NEW MEXICO (1.1%)
2,450,000 Bloomfield, NM, GO Bonds, Series A, La
Salle National Bank, LOC, 4.00% V/R,
11/15/10 2,450,000
2,710,000 Espanola, NM, Health Care RV,
Series A, La Salle National Bank,
LOC, 4.00%
V/R, 11/15/10 2,710,000
5,000,000 New Mexico State Tax & RANS, Series A,
4.00%, 6/30/00 5,027,786
1,735,000 Silver City, NM, GO Bonds, Series A, La
Salle National Bank, LOC, 4.00% V/R,
11/15/10 1,735,000
--------------
TOTAL NEW MEXICO 11,922,786
--------------
NEW YORK (13.6%)
17,600,000 Long Island Power Authority, NY,
Electric System RV, Series 7, MBIA
insured, 3.80% V/R, 4/1/25 17,600,000
13,410,000 New York State Dormitory Authority RV,
Floater Trusts, AMBAC insured, 3.82%
V/R, 8/1/28 13,410,000
3,900,000 New York State Dormitory Authority RV,
Municipal Securities Receipts,
Series CMC2B, Chase insured,
3.90% V/R, 2/1/07 3,900,000
5,200,000 New York State Dormitory Authority RV,
Municipal Securities Receipts,
Series CMC1B, AMBAC insured, 3.90%
V/R, 2/15/08 5,200,000
3,900,000 New York State Dormitory Authority RV,
Municipal Securities Receipts,
Series CMC2A, Chase insured,
3.90% V/R, 2/1/06 3,900,000
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements.
16
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) SEPTEMBER 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- -------------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- -------------------------------------------------------------------------------
6,995,000 New York State Dormitory Authority RV,
Series PA 434, FSA insured 3.82% V/R,
5/15/15 $ 6,995,000
11,335,000 New York State Dormitory Authority RV,
Series PPA 424, 3.82% V/R, 8/1/32 11,335,000
8,425,000 New York State Dormitory Authority RV,
Series PPA 428, FSA insured 3.82%
V/R, 2/15/28 8,425,000
6,450,000 New York State Energy, Research &
Development Authority, PCR Bonds, NYS
Electric & Gas, Series D, remarketed
3/4/98, 3.85% V/R, 10/1/29 6,450,000
2,500,000 New York State LOC Government
Assistance Corp., RV, Series SG 99,
AMBAC insured, 3.82% V/R, 4/1/11 2,500,000
8,335,000 New York State Medical Care Facilities
Finance Agency, Health Care RV,
Credit Suisse, LOC, 3.75% V/R,
2/15/13 8,335,000
3,000,000 New York State, Environmental Quality,
Series G, Westdeutsche Landesbank,
LOC, 3.00%, 2/1/18, mandatory put
12/8/99 @100 3,000,000
17,240,000 New York State, Urban Development Corp.
RV, Series PT 147, Hypo Bayerische
Bank, LOC, 3.05% V/R, 7/1/16 17,240,000
2,500,000 New York, NY, City Municipal Water
Finance Authority, Water & Sewer
System RV, Series C, FGIC insured,
3.95% V/R, 6/15/23 2,500,000
14,995,000 New York, NY, City Municipal Water
Finance Authority, Water & Sewer
System RV, Series PA 444, FGIC
insured, 3.82% V/R, 6/15/30 14,995,000
11,985,000 New York, NY, Floats, Series PT 1038,
MBIA insured, 3.85% V/R, 8/1/16 11,985,000
4,895,000 New York, NY, Notes, PA385, Merrill
Lynch, GTD, 3.80% V/R, 8/1/13 4,895,000
3,290,000 Triborough Bridge & Tunnel Authority,
NY, Transportation RV, PA 200,
Merrill Lynch, GTD, 3.82% V/R, 1/1/12 3,290,000
--------------
TOTAL NEW YORK 145,955,000
--------------
NORTH CAROLINA (0.8%)
1,100,000 North Carolina Medical Care Community
Hospital RV, Moses H. Cone Memorial
Hospital Project, Wachovia Bank, LOC,
3.85% V/R, 10/1/23 1,100,000
3,000,000 Person County, NC, Industrial
Facilities & Pollution Control
Financing Authority, PCR Bonds, GTD
by Carolina Power & Light Co., 3.95%
V/R, 11/1/19 3,000,000
</TABLE>
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
MUNICIPAL MONEY MARKET FUND (continued)
- -------------------------------------------------------------------------------
4,850,000 Raleigh Durham, NC, Airport Authority
Special Facilities RV, American
Airlines, Series B, Bank of America,
LOC, 3.90% V/R, 11/1/15 $ 4,850,000
--------------
TOTAL NORTH CAROLINA 8,950,000
--------------
NORTH DAKOTA (0.1%)
1,500,000 Bismarck, ND, IDR Bonds, Supervalu Inc.
Project, Wachovia Bank & Trust, LOC,
3.65% V/R, 4/1/09 1,500,000
--------------
OHIO (1.6%)
6,700,000 Cincinnati, OH, GO Bonds, 4.38%,
12/1/99 6,715,365
1,000,000 Franklin County, OH, Convention
Facilities Authority RV, Tax & Lease
Revenue Anticipation Bonds, MBIA
insured, 6.70%, 12/1/99 1,006,125
5,200,000 Hamilton County, OH, IDR RV, Community
Urban Redevelopment Project, National
Westminster, LOC, 3.60% V/R, 10/15/12 5,200,000
4,400,000 Wooster, OH, IDR, Allen Group, Inc.,
National Bank of Detroit, LOC, 4.05%
V/R, 12/1/10 4,400,000
--------------
TOTAL OHIO 17,321,490
--------------
OKLAHOMA (1.0%)
2,625,000 Oklahoma County, IDA RV, Carbon Office,
FGIC insured, 3.65% V/R, 12/1/14 2,625,000
2,615,000 Oklahoma County, OK, Finance Authority,
IDR, Perrine Office Project, FGIC
insured, 3.65% V/R, 12/1/14 2,615,000
5,000,000 Oklahoma State, Water Reserve Board
State Loan Program RV, 3.60% V/R,
AMBAC insured, 9/1/24, mandatory put
3/1/00 at 100 5,000,000
--------------
TOTAL OKLAHOMA 10,240,000
--------------
OREGON (1.9%)
17,300,000 Oregon State Health Housing Educational
& Cultural Facilities Authority,
Quatama Crossing Housing Project, US
Bank N.A., LOC, 3.65% V/R, 1/1/31 17,300,000
3,000,000 Tri-County Metropolitan Transportation
District, OR, RV Bonds, Series 142,
Morgan Stanley Dean, 3.85% V/R,
8/1/19 3,000,000
--------------
TOTAL OREGON 20,300,000
--------------
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements.
17
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) SEPTEMBER 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- -------------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- -------------------------------------------------------------------------------
PENNSYLVANIA (3.9%)
6,100,000 Allegheny County, PA, IDA RV,
Series C, remarketed 12/1/98,
Dresdner Bank, LOC, 3.95% V/R, 7/1/27 $ 6,100,000
1,000,000 Berks County, PA, IDA RV, GTD by CNA
Insurance, 3.15% V/R, 7/1/16 1,000,000
1,100,000 Butler County, PA, IDA, PCR Bonds,
Pennzoil Co. Project, Mellon Bank,
LOC, 3.90% V/R, 12/1/12 1,100,000
5,245,000 Chartiers Valley, PA, Industrial &
Commercial Development Authority, IDA
RV, GTD by ADP, Inc., 3.50% V/R,
11/15/17 5,245,000
2,590,000 Pennsylvania Intergovernmental Coop.
Authority, Special Tax RV, MBIA
insured, 3.85% V/R, 6/15/23 2,590,000
12,900,000 Pennsylvania State, HEFA RV, University
of PA, Health Services, Series C,
State Street, LOC, 3.85% V/R, 1/1/26 12,900,000
3,400,000 Quakertown, PA, Health Care RV,
Hospital Group Pooled Financing,
Series A, PNC Bank, LOC, 3.90% V/R,
7/1/26 3,400,000
9,500,000 Quakertown, PA, Health Care RV,
Hospital Group Pooled Financing, PNC
Bank LOC, 3.90% V/R, 7/1/05 9,500,000
--------------
TOTAL PENNSYLVANIA 41,835,000
--------------
RHODE ISLAND (0.1%)
1,000,000 Rhode Island State, GO Bonds, Consumer
Capital Development, Series B, FSA
insured, 6.10%, 5/15/03, P/R, 5/15/00 1,034,188
--------------
SOUTH CAROLINA (4.1%)
3,900,000 Florence County, SC, Hospital RV,
McLeod Regional Medical Center,
Series A, FGIC insured, 3.85% V/R,
11/1/15 3,900,000
19,900,000 Piedmont Municipal Power Agency, SC,
Electric RV, Series B, MBIA insured,
3.85% V/R, 1/1/19 19,900,000
6,000,000 Piedmont Municipal Power Agency, SC,
Electric RV, Series C, MBIA insured,
3.85% V/R, 1/1/22 6,000,000
5,855,000 South Carolina State Public Service
Authority, Utilities RV, FGIC
insured, 3.85% V/R, 1/1/23 5,855,000
8,355,000 South Carolina State, Public Service
Authority RV, Series SG-2, MBIA
insured, 3.85% V/R, 7/1/21 8,355,000
--------------
TOTAL SOUTH CAROLINA 44,010,000
--------------
</TABLE>
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
MUNICIPAL MONEY MARKET FUND (continued)
- -------------------------------------------------------------------------------
TENNESSEE (0.1%)
1,000,000 Clarksville TN, Public Building
Authority RV Bonds, Pooled Financing,
Murfreesboro, Bank of America, LOC,
3.80% V/R, 7/1/11 $ 1,000,000
--------------
TEXAS (6.6%)
1,735,000 Austin, TX, Utilities System RV,
11.13%, 11/15/09, P/R, 11/15/99 1,751,760
15,190,000 Austin, TX, Utilities System RV,
Series G, AMBAC insured, 3.85% V/R,
11/15/11 15,190,000
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., 3.85% V/R, 8/1/06 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., 3.85% V/R, 6/1/05 4,950,000
6,500,000 City of Houston, 4.15%, 10/6/99 6,500,000
10,490,000 Harris County, TX, Housing Finance
Corp., MFHR Bonds, Arbor II Limited
Project, Guardian Savings & Loan,
LOC, 4.00% V/R, 10/1/05, mandatory
put 10/1/99 @ 100 10,490,000
3,770,000 Houston, TX, Water & Sewer Systems RV,
Municipal Trust Receipts,
Series SG 120, FGIC insured, 3.85%
V/R, 12/1/23 3,770,000
1,705,000 San Antonio, TX, Electric & Gas RV,
Series A, 4.25%, 2/1/00 1,712,000
920,000 Tarrant County, TX, MFHR Bonds, SF
Apartments Project, Suntrust Bank,
Nashville, LOC, 3.85% V/R, 11/1/17 920,000
3,000,000 Texas State Department of Housing and
Community Affairs, SFM RV,
Series PT 136, MBIA insured, 3.90%
V/R, 3/1/17 3,000,000
9,595,000 Texas State, Floats-PA 560, Merrill
Lynch, GTD, 3.85% V/R, 8/1/24 9,595,000
12,000,000 Texas State, Tax & RANS, Series A,
4.50%, 8/31/00 12,084,912
--------------
TOTAL TEXAS 71,063,672
--------------
UTAH (0.4%)
4,240,000 Davis County, UT, MFHR Bonds, Fox Creek
Apartments, Series A, FNMA, GTD,
3.80% V/R, 7/15/27 4,240,000
--------------
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements.
18
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) SEPTEMBER 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- -------------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- -------------------------------------------------------------------------------
VIRGINIA (0.9%)
10,000,000 Harrisonburg, VA, MFHR Bonds, Rolling
Brook Village Apartments, Series A,
Guardian Savings & Loan, LOC, 3.20%,
2/1/26, mandatory put 2/1/00 @ 100 $ 10,000,000
--------------
WASHINGTON (3.1%)
5,800,000 Port Seattle, WA, IDR, Sysco Food
Services Project, 3.85% V/R, 11/1/25 5,800,000
1,000,000 Washington Public Power Supply System,
Power RV, Nuclear Project #3,
Series 13, MBIA insured, 3.85% V/R,
7/1/15 1,000,000
3,000,000 Washington Public Power Supply System,
Power RV, Nuclear Project #1, MBIA
insured, 3.90% V/R, 7/1/17 3,000,000
7,900,000 Washington Public Power Supply System,
Power RV, Nuclear Project #1,
Municipal Securities Trust Receipts,
Series CMC2, AMBAC insured, 3.85%
V/R, 7/1/07 7,900,000
3,315,000 Washington State Housing Finance
Commission, Nonprofit Housing RV,
Christa, Series B, US Bank, LOC,
3.75% V/R, 7/1/11 3,315,000
9,900,000 Washington State Public Power Supply,
System Nuclear Project #2, Power RV,
AMBAC insured, 3.85% V/R, 7/1/07 9,900,000
2,205,000 Washington State, Health Care
Facilities Authority RV, Childrens
Hospital & Regional Medical Center,
FSA insured, 4.00%, 10/1/99 2,205,000
--------------
TOTAL WASHINGTON 33,120,000
--------------
WASHINGTON, D.C. (0.1%)
1,200,000 District of Columbia, GO Bonds, Bank of
America, LOC, Series B-2, Bank One,
LOC, 4.25% V/R, 6/1/03 1,200,000
--------------
WEST VIRGINIA (1.2%)
13,055,000 West Virginia, Hospital Finance
Authority, RV Bonds, Oak Hill
Hospital Project, Series A, 3.90%
V/R, 9/1/28 13,055,000
--------------
</TABLE>
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
MUNICIPAL MONEY MARKET FUND (continued)
- -------------------------------------------------------------------------------
WISCONSIN (2.0%)
1,000,000 Beloit & Rock County, WI, IDA RV, GTD
by CPC International, 5.12% V/R,
4/1/19 $ 1,000,000
1,500,000 Brookfield, WI, GO Bonds, Promissory
Note, 5.25%, 12/1/99 1,505,535
1,405,000 Johnson Controls, Inc., Tax-Exempt
Bond, Grantor Trust, Wachovia Corp.,
LOC, 4.10% V/R, 10/1/01 1,405,000
3,750,000 Portage County, WI, Bond Anticipation
Notes, 4.50%, 6/1/00 3,754,812
1,000,000 Pulaski, WI, Community SD, GO Bonds,
4.70%, 3/1/00 1,006,728
6,665,000 Wisconsin State HFA RV, Franciscan
Health Care, Series A-1, Toronto
Dominion Bank, LOC, 3.77% V/R, 1/1/16 6,665,000
3,475,000 Wisconsin State, HEHFA RV,
Series PA 183, MBIA insured, 3.85%
V/R, 8/15/17 3,475,000
2,500,000 Wisconsin State, SDs Cash Flow
Management Program COP RV, Series
A-2, 3.80%, 9/25/00 2,500,000
--------------
TOTAL WISCONSIN 21,312,075
--------------
WYOMING (1.7%)
17,200,000 Gillette, WY, PCR Bonds, Commerzbank
A.G. LOC, 3.80% V/R, 1/1/18 17,200,000
1,000,000 Green River, WY, PCR Bonds, Allied
Corp. Project, GTD by Allied Signal
Corp., Wachovia Bank Liquidity, 4.11%
V/R, 12/1/12 1,000,000
--------------
TOTAL WYOMING 18,200,000
--------------
TOTAL INVESTMENTS AT AMORTIZED COST AND VALUE (100.0%)
$1,074,038,940
==============
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements.
19
<PAGE>
NOTES TO SCHEDULES OF INVESTMENTS (unaudited) SEPTEMBER 30, 1999
- --------------------------------------------------------------------------------
(A) Annualized yields at time of purchase.
ABBREVIATIONS
<TABLE>
<S> <C>
AMBAC American Municipal Bond Assurance Corporation
COP Certificate of Participation
EDA Economic Development Authority
EFA Educational Facilities Authority
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.
GO General Obligation
GTD Guaranteed
HEFA Higher Education Facilities Authority
HEHFA Higher Education & Health Facilities Authority
HFA Housing Finance Authority
IDA Industrial Development Authority
IDR Industrial Development Revenue
LOC Letter of Credit
LTGO Limited Tax General Obligation
MBIA Municipal Bond Insurance Association
MFHR Multi Family Housing Revenue
NBD National Bank Detroit
PCR Pollution Control Revenue
P/R Pre-refunded
RANS Revenue Anticipation Notes
RV Revenue Bonds
SD School District
SFM Single Family Mortgage
SPA Stand by Purchase Agreement
USG United States Government
V/R Variable rate -- These securities are deemed to have a
maturity remaining until the next adjustment of the
interest rate or the longer of the demand period or
readjustment. The interest rates shown reflect the rate
in effect on September 30, 1999.
</TABLE>
[LOGO]
20
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES
SCHEDULES OF INVESTMENTS
SEPTEMBER 30, 1999
(unaudited)
PRIME MONEY MARKET PORTFOLIO
MONEY MARKET PORTFOLIO
CORE TRUST (DELAWARE)
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) SEPTEMBER 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRIME MONEY MONEY
MARKET MARKET
PORTFOLIO PORTFOLIO
-------------- --------------
<S> <C> <C>
ASSETS
Investments at amortized cost (Note 2).................... $4,125,316,040 $3,025,506,264
Cash...................................................... 85,378 361,438
Receivable for dividends, interest and other
receivables............................................. 15,420,965 11,475,623
Organization costs, net of amortization (Note 2).......... 8,615 8,615
-------------- --------------
TOTAL ASSETS................................................ 4,140,830,998 3,037,351,940
-------------- --------------
LIABILITIES
Payable for investments purchased......................... 205,690,347 143,814,208
Payable to custodian (Note 3)............................. 34,085 25,469
Payable to adviser (Note 3)............................... 1,084,148 242,397
Payable to other related parties (Note 3)................. 164,275 -
Accrued expenses and other liabilities.................... 31,576 26,010
-------------- --------------
TOTAL LIABILITIES........................................... 207,004,430 144,108,084
-------------- --------------
NET ASSETS.................................................. $3,933,826,568 $2,893,243,856
============== ==============
</TABLE>
CORE TRUST (DELAWARE)
22
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) SEPTEMBER 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- -------------------------------------------------------------------------------
PRIME MONEY MARKET PORTFOLIO
- -------------------------------------------------------------------------------
ASSET BACKED SECURITIES (1.5%)
20,575,158 STEERS 1998, Series A39, 5.44% V/R,
4/25/00 $ 20,575,158
474,666 WFP Tower B Finance Corp., Short-Term
STEERS Trust, Series A, 5.58% V/R,
10/8/99 474,666
21,359,969 WFP Tower B Finance Corp., Short-Term
STEERS Trust, Series A, 5.58% V/R,
10/8/99 21,359,969
18,986,639 WFP Tower B Finance Corp., Short-Term
STEERS Trust, Series A, 5.58% V/R,
10/8/99 18,986,639
--------------
TOTAL ASSET BACKED SECURITIES 61,396,432
--------------
CERTIFICATES OF DEPOSIT (1.4%)
60,000,000 Dresdner Bank AG, New York, 5.56%,
1/7/00 60,000,000
--------------
COMMERCIAL PAPER (52.0%)
29,400,000 Ace Overseas Corp., 5.44%, 11/22/99(a) 29,169,405
67,038,000 Asset Portfolio Funding Corp., 5.51%,
1/13/00(a) 65,970,904
48,000,000 Atlantis One Funding Corp., 5.43%,
1/14/00 47,239,800
55,000,000 Atlantis One Funding Corp., 5.75%,
2/16/00 53,787,709
20,000,000 Beta Finance, Inc., 4.88%, 1/18/00(a) 19,704,489
50,000,000 Bills Securitization Ltd., 5.43%,
1/07/00 49,260,917
64,860,000 Certain Funding Corp., 5.44%,
12/10/99(a) 64,173,926
30,000,000 Christiania Bank, 4.88%, 1/14/00 29,573,001
50,000,000 Commonwealth Bank of Australia, 4.77%,
11/9/99 49,741,625
19,051,000 Compass Securitization, 5.23%,
10/15/99(a) 19,012,252
41,000,000 Conduit Asset Backed Securities Ltd.,
5.23%, 10/22/99(a) 40,874,916
30,857,000 Conduit Asset Backed Securities Ltd.,
5.75%, 2/14/00(a) 30,186,719
12,400,000 Cooperative Association of Tractor
Dealers, 4.75%, 1/6/00 12,207,887
40,000,000 Cregem North America, 4.94%, 12/23/99 39,544,423
90,000,000 Deutsche Bank Financial, Inc., 5.05%,
12/8/99 89,141,500
60,000,000 Deutsche Bank Financial, Inc., 4.85%,
1/21/00 59,094,667
75,000,000 Dresdner, U.S. Finance, Inc., 4.86%,
1/4/00 73,936,875
30,000,000 Grand Funding Corp., 5.76%, 1/5/00(a) 29,539,200
30,000,000 Grand Funding Corp., 5.43%, 1/7/00(a) 29,556,550
38,000,000 Grand Funding Corp., 5.43%, 1/10/00(a) 37,421,102
15,000,000 Grand Funding Corp., 5.87%, 1/13/00(a) 14,745,634
50,000,000 IBM Credit Corp., 6.37%, 11/19/00 49,690,347
50,985,000 International Securitization Corp.,
5.32%, 10/4/99 50,962,397
15,691,000 International Securitization Corp.,
5.27%, 11/1/99 15,619,794
10,372,000 International Securitization Corp.,
5.27%, 11/1/99 10,324,931
</TABLE>
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
PRIME MONEY MARKET PORTFOLIO (continued)
- -------------------------------------------------------------------------------
36,145,000 International Securitization Corp.,
5.45%, 11/4/99 $ 35,958,954
15,275,000 International Securitization Corp.,
5.45%, 12/10/99 15,113,128
10,000,000 KBC Commercial Paper Trust, 5.22%,
10/15/99(a) 9,979,700
75,000,000 KBC Commercial Paper Trust, 5.42%,
11/23/99(a) 74,401,542
80,000,000 Lexington Parker Capital Co. LLC.,
5.85%, 2/22/00(a) 78,128,000
50,000,000 Moat Funding LLC, 5.25%, 10/6/99(a) 49,963,542
40,000,000 Moat Funding LLC, 5.28%, 12/8/99(a) 39,601,067
30,000,000 Moat Funding LLC, 5.73%, 5/9/00(a) 28,944,725
78,050,000 Moriarty Ltd., 5.50%, 10/4/99(a) 78,014,227
130,000,000 Natexis US Finance Corp., 4.95%,
12/22/99 128,534,250
38,543,000 Old Line Funding Corp., 5.80%,
1/28/00(a) 37,804,046
48,000,000 Rio Tinto America, Inc., 5.35%,
1/10/00(a) 47,279,534
53,000,000 Sheffield Receivables Corp., 5.69%,
10/1/99 53,000,000
30,000,000 Sigma Finance Corp., 4.85%, 10/12/99(a) 29,955,542
55,000,000 Sigma Finance Corp., 5.40%, 11/5/99(a) 54,711,250
10,000,000 Special Purpose Accounts Receivables
Cooperative Corp., 5.22%, 10/27/99(a) 9,962,300
50,000,000 Swedbank, Inc., 4.78%, 10/4/99 49,980,083
39,411,000 Sydney Capital Corp., 5.41%,
10/27/99(a) 39,257,013
10,523,000 Sydney Capital Corp., 5.42%, 11/8/99(a) 10,462,797
55,000,000 Variable Funding Capital Corp., 5.45%,
10/29/99(a) 54,766,861
27,000,000 Variable Funding Capital Corp., 5.90%,
1/5/00(a) 26,580,960
50,000,000 Variable Funding Capital Corp., 5.90%,
1/5/00(a) 49,199,784
45,000,000 Windmill Funding Corp., 5.41%, 1/6/00 44,344,038
26,868,000 Windmill Funding Corp., 5.94%,
1/7/00(a) 26,433,544
20,000,000 Windmill Funding Corp., 5.46%,
1/15/00(a) 19,708,800
43,000,000 Yamaha Motors Owner Trust, 5.42%,
10/18/99 42,889,944
--------------
TOTAL COMMERCIAL PAPER 2,145,456,601
--------------
CORPORATE NOTES (29.4%)
10,000,000 Asset Backed Trust 1996 Series A-4,
5.44% V/R, 1/18/00 10,000,000
30,000,000 Bear Stearns Cos., Inc., 5.71% V/R,
11/1/99 30,000,000
15,000,000 Bear Stearns Cos., Inc., 5.79% V/R,
11/30/99 15,000,000
45,000,000 Bear Stearns Cos., Inc., 5.25%, 1/18/00 45,000,000
30,000,000 Bear Stearns Cos., Inc., 5.48% V/R,
6/16/00 30,006,180
15,000,000 Bear Stearns Cos., Inc., 5.53% V/R,
9/15/00 14,997,315
30,000,000 Bear Stearns Cos., Inc., 5.53% V/R,
9/15/00 30,000,000
80,000,000 Beta Finance, Inc., 5.43% V/R, 11/12/99 79,992,771
20,000,000 Bishop's Gate Residential Mortgage
Trust, Series 1998-2, 5.57% V/R,
11/22/99 20,000,000
5,000,000 Caterpillar Financial Services Corp.,
6.25%, 1/20/00 5,015,972
80,000,000 CC (USA), Inc., 5.13%, 1/12/00 80,000,000
26,000,000 CC (USA), Inc., 5.14%, 1/19/00 26,000,000
</TABLE>
See Notes to Schedules of Investments. CORE TRUST (DELAWARE)
23
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) SEPTEMBER 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- -------------------------------------------------------------------------------
PRIME MONEY MARKET PORTFOLIO (continued)
- -------------------------------------------------------------------------------
95,000,000 First Union National Bank, 5.56% V/R,
8/25/00 $ 95,000,000
30,000,000 Goldman Sachs Group, 5.76%, 1/14/00 30,047,841
20,000,000 Goldman Sachs Group, 5.76%, 1/14/00 20,032,272
20,000,000 Goldman Sachs Group, 5.44% V/R, 7/14/00 20,005,809
20,000,000 K2 (USA) LLC, 5.20%, 3/29/00 19,998,033
60,000,000 Key Bank, N.A, Cleveland, 5.33% V/R,
10/14/99 60,000,105
20,000,000 Liberty Lighthouse US Capital Co., LLC,
5.29% V/R, 10/8/99 19,999,435
30,000,000 Liberty Lighthouse US Capital Co., LLC,
5.29% V/R, 10/8/99 29,999,780
60,000,000 Liberty Lighthouse US Capital Co., LLC,
5.44% V/R, 8/11/00 60,000,000
80,000,000 Merrill Lynch & Co., Inc., 5.14%,
2/11/00 79,999,596
40,000,000 Moat Funding LLC, 5.48% V/R, 5/2/00 40,000,000
40,000,000 Morgan Stanley Group, Inc., 5.61% V/R,
3/15/01 40,000,000
87,500,000 Sigma Finance Corp., 5.48% V/R,
10/28/99 87,500,000
60,000,000 Special Purpose Accounts Receivables
Cooperative Corp., 5.54% V/R, 3/9/00 60,000,000
19,871,553 STEERS, Medium Term Structured Enhanced
Return Trust, Series 1997 A-28,
5.43% V/R, 9/23/00 19,871,553
25,497,359 STEERS, Series 1998 A-40, Conti
Mortgage Home Equity Loan Trust,
5.49% V/R, 1/18/00 25,497,359
42,000,000 SunAmerica, Inc., 6.20%, 10/31/99 42,039,262
20,000,000 Syndicated Loan Funding Trust, Series
1999-1, 5.63% V/R, 2/15/00 20,000,000
25,000,000 Syndicated Loan Funding Trust, Series
1999-3, 5.52% V/R, 6/15/00 25,000,000
30,000,000 Transamerica Life Insurance & Annuity
Co., 5.50% V/R, 4/12/00 30,000,000
--------------
TOTAL CORPORATE NOTES 1,211,003,283
--------------
FLOATING RATE FUNDING AGREEMENTS (3.9%)
30,000,000 Allstate Life Insurance Co., 5.45% V/R,
1/1/99 30,000,000
30,000,000 GE Life & Annuity, 4.20% V/R, 7/1/00 30,000,000
30,000,000 GE Life & Annuity, 5.37% V/R, 7/1/00 30,000,000
30,000,000 Monumental Life, 5.37% V/R, 7/15/00 30,000,000
40,000,000 Monumental Life, 5.48% V/R, 7/15/00 40,000,000
--------------
TOTAL FLOATING RATE FUNDING AGREEMENTS 160,000,000
--------------
MASTER NOTES (0.2%)
10,000,000 General Electric Co., Master Note,
5.35% V/R, 10/5/99 10,000,000
--------------
MUNICIPAL DEMAND NOTES (0.3%)
1,100,000 Durham, NC, COP, Series B, 5.35% V/R,
7/1/03 1,100,000
3,600,000 Durham, NC, COP, Series B, 5.35% V/R,
7/1/03 3,600,000
</TABLE>
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
PRIME MONEY MARKET PORTFOLIO (continued)
- -------------------------------------------------------------------------------
1,160,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 5.48% V/R, 12/15/26 $ 1,160,000
1,040,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 5.48% V/R, 12/15/26 1,040,000
595,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 5.48% V/R, 12/15/26 595,000
620,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 5.48% V/R, 12/15/26 620,000
1,465,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 5.48% V/R, 12/15/26 1,465,000
560,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 5.48% V/R, 12/15/26 560,000
1,100,000 Prince William County, VA, Taxable
Notes, Series A, Wachovia Bank of
North Carolina, LOC, 5.35% V/R,
3/1/17 1,100,000
--------------
TOTAL MUNICIPAL DEMAND NOTES 11,240,000
--------------
REPURCHASE AGREEMENTS (2.6%)
106,000,000 Lehman Brothers, Inc., 5.69%, 10/1/99 106,000,000
--------------
TIME DEPOSITS (8.7%)
53,000,000 Bank of America (Canada), 5.75%,
10/1/99 53,000,000
156,000,000 Deutsche Bank, Grand Caymen, 11.00%,
12/31/99 156,000,000
66,597,618 Societe Generale, Grand Cayman, 5.63%,
10/1/99 66,597,618
84,622,106 Union Bank of Switzerland, 5.63%,
10/1/99 84,622,106
--------------
TOTAL TIME DEPOSITS 360,219,724
--------------
TOTAL INVESTMENTS (100.0%) $4,125,316,040
==============
- -------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
- -------------------------------------------------------------------------------
ASSET BACKED SECURITIES (1.6%)
13,716,772 STEERS 1998, Series A39, 5.44% V/R,
4/25/00 $ 13,716,772
18,986,639 WFP Tower B Finance Corp., Short-Term
STEERS Trust, Series A, 5.58% V/R,
10/8/99 18,986,639
14,239,980 WFP Tower B Finance Corp., Short-Term
STEERS Trust, Series A, 5.58% V/R,
10/8/99 14,239,980
--------------
TOTAL ASSET BACKED SECURITIES 46,943,391
--------------
CERTIFICATES OF DEPOSIT (1.5%)
45,000,000 Dresdner Bank AG, New York, 5.56%,
1/7/00 45,000,000
--------------
COMMERCIAL PAPER (51.0%)
37,500,000 Ace Overseas Corp., 5.44%, 11/22/99(a) 37,205,334
55,000,000 Asset Portfolio Funding Corp., 5.51%,
1/13/00(a) 54,124,523
</TABLE>
See Notes to Schedules of Investments. CORE TRUST (DELAWARE)
24
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) SEPTEMBER 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- -------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO (continued)
- -------------------------------------------------------------------------------
36,000,000 Atlantis One Funding Corp., 5.43%,
1/14/00 $ 35,429,850
45,000,000 Atlantis One Funding Corp., 5.75%,
2/16/00 44,008,125
50,000,000 Bills Securitization Ltd., 5.43%,
1/10/00 49,238,292
45,000,000 Certain Funding Corp., 5.44%,
12/10/99(a) 44,469,600
20,000,000 Christiania Bank, 4.88%, 1/14/00 19,715,333
50,000,000 Commonwealth Bank of Australia, 4.77%,
11/5/99 49,768,125
22,358,000 Compass Securitization, 5.45%,
1/10/00(a) 22,016,140
47,154,000 Conduit Asset Backed Securities Ltd.,
5.20%,12/15/99(a) 46,643,165
37,500,000 Cregem North America, 4.94%, 12/27/99 37,052,313
75,000,000 Deutsche Bank Financial, Inc., 5.05%,
12/8/99 74,284,584
40,000,000 Deutsche Bank Financial, Inc., 4.85%,
1/21/00 39,396,445
25,000,000 Dresdner, U.S. Finance, Inc., 4.86%,
1/4/00 24,645,625
22,789,000 Fountain Square Funding, 5.20%,
10/1/99(a) 22,789,000
20,000,000 Grand Funding Corp., 5.76%, 1/5/00(a) 19,692,800
35,000,000 Grand Funding Corp., 5.89%, 1/6/00(a) 34,444,541
28,000,000 Grand Funding Corp., 5.43%, 1/10/00(a) 27,573,444
30,000,000 IBM Credit Corp., 6.37%, 11/19/00 29,814,208
40,000,000 International Securitization Corp.,
5.32%, 10/4/99 39,982,267
26,000,000 International Securitization Corp.,
5.45%, 11/4/99 25,866,172
98,000,000 KBC Trust, Commercial Paper, 5.22%,
10/15/99(a) 97,801,060
35,000,000 Moat Funding LLC, 5.25%, 10/6/99(a) 34,974,479
25,000,000 Moat Funding LLC, 5.28%, 12/8/99(a) 24,750,667
58,000,000 Moriarty Ltd., 5.50%, 10/4/99(a) 57,973,417
95,000,000 Natexis US Finance Corp., 4.95%,
12/22/99 93,928,875
46,812,000 Rio Tinto America, Inc., 5.35%,
1/7/00(a) 46,130,236
41,000,000 Sheffield Receivables Corp., 5.69%,
10/1/99 41,000,000
20,000,000 Sigma Finance Corp., 4.85%, 10/12/99(a) 19,970,361
10,000,000 Sigma Finance Corp., 5.40%, 11/5/99(a) 9,947,500
34,500,000 Special Purpose Accounts Receivables
Cooperative Corp., 5.25%, 10/26/99(a) 34,374,219
65,000,000 Special Purpose Accounts Receivables
Cooperative Corp., 5.22%, 10/27/99(a) 64,754,950
40,000,000 Swedbank, Inc., 4.78%, 10/4/99 39,984,067
11,767,000 Sydney Capital, 5.02%, 10/6/99(a) 11,758,796
51,000,000 Trident Capital Finance, 4.83%,
10/12/99(a) 50,924,733
40,000,000 Variable Funding Capital Corp., 5.45%,
10/29/99(a) 39,830,445
25,000,000 Variable Funding Capital Corp., 5.41%,
1/6/00(a) 24,635,577
19,000,000 Windmill Funding Corp., 5.94%,
1/7/00(a) 18,692,770
55,000,000 Windmill Funding Corp., 5.46%,
1/15/00(a) 54,199,201
--------------
TOTAL COMMERCIAL PAPER 1,543,791,239
--------------
CORPORATE NOTES (30.7%)
5,000,000 Asset Backed Trust 1996 Series A-4,
5.44% V/R, 1/18/00 5,000,000
20,000,000 Bear Stearns Cos., Inc., 5.71% V/R,
11/1/99 20,000,000
10,000,000 Bear Stearns Cos., Inc., 5.79% V/R,
11/30/99 10,000,000
</TABLE>
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
MONEY MARKET PORTFOLIO (continued)
- -------------------------------------------------------------------------------
45,000,000 Bear Stearns Cos., Inc., 5.25%, 1/18/00 $ 45,000,000
20,000,000 Bear Stearns Cos., Inc., 5.48% V/R,
6/16/00 20,004,121
10,000,000 Bear Stearns Cos., Inc., 5.53% V/R,
9/15/00 9,998,211
20,000,000 Bear Stearns Cos., Inc., 5.53% V/R,
9/15/00 20,000,000
60,000,000 Beta Finance Inc., 5.43% V/R, 11/12/99 59,994,577
10,000,000 Bishop's Gate Residential Mortgage
Trust, Series 1998-2, 5.57% V/R,
11/22/99 10,000,000
5,000,000 Caterpillar Financial Services Corp.,
6.25%, 1/20/00 5,015,972
60,000,000 CC (USA), Inc., 5.13%, 1/12/00 60,000,000
15,000,000 CC (USA), Inc., 5.14%, 1/19/00 15,000,000
50,000,000 Dorada Finance, 5.82%, 7/30/00 50,000,000
40,000,000 First Union National Bank, 5.56% V/R,
8/25/00 40,000,000
20,000,000 Goldman Sachs Group, 5.76%, 1/14/00 20,031,893
10,000,000 Goldman Sachs Group, 5.44% V/R, 7/14/00 10,002,904
15,000,000 K2 (USA) LLC, 5.20%, 3/29/00 14,998,525
40,000,000 Key Bank, N.A, Cleveland, 5.33% V/R,
10/14/99 40,000,070
30,000,000 Liberty Lighthouse US Capital Co., LLC,
5.29% V/R, 10/8/99 29,999,153
20,000,000 Liberty Lighthouse US Capital Co., LLC,
5.29% V/R, 10/8/99 19,999,732
20,000,000 Liberty Lighthouse US Capital Co., LLC,
5.29% V/R, 10/8/99 19,999,853
40,000,000 Liberty Lighthouse US Capital Co., LLC,
5.44% V/R, 8/11/00 40,000,000
67,000,000 Merrill Lynch & Co., Inc., 5.14%,
2/11/00 66,999,661
50,000,000 Moat Funding LLC, 5.48% V/R, 5/2/00 50,000,000
30,000,000 Morgan Stanley Group, Inc., 5.61% V/R,
3/15/01 30,000,000
60,000,000 Sigma Finance Corp., 5.48% V/R,
10/28/99 60,000,000
40,000,000 Special Purpose Accounts Receivables
Cooperative Corp., 5.54% V/R, 3/9/00 40,000,000
19,871,553 STEERS, Medium Term Structured Enhanced
Return Trust, Series 1997 A-28,
5.43% V/R, 9/23/00 19,871,553
17,301,779 STEERS, Series 1998 A-40, Conti
Mortgage Home Equity Loan Trust,
5.49% V/R, 1/18/00 17,301,779
28,100,000 SunAmerica, Inc., 6.20%, 10/31/99 28,127,051
15,000,000 Syndicated Loan Funding Trust,
Series 1999-1, 5.63% V/R, 2/15/00 15,000,000
15,000,000 Syndicated Loan Funding Trust,
Series 1999-3, 5.52% V/R, 6/15/00 15,000,000
20,000,000 Transamerica Life Insurance & Annuity
Co., 5.50% V/R, 4/12/00 20,000,000
--------------
TOTAL CORPORATE NOTES 927,345,055
--------------
FLOATING RATE FUNDING AGREEMENTS (3.8%)
20,000,000 Allstate Life Insurance Co., 5.45% V/R,
1/1/99 20,000,000
20,000,000 GE Life & Annuity, 5.371%, 7/1/00 20,000,000
20,000,000 GE Life & Annuity, 5.421%, 7/1/00 20,000,000
20,000,000 Monumental Life, 5.37% V/R, 7/15/00 20,000,000
</TABLE>
See Notes to Schedules of Investments. CORE TRUST (DELAWARE)
25
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) SEPTEMBER 30, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- -------------------------------------------------------------------------------
MONEY MARKET PORTFOLIO (continued)
- -------------------------------------------------------------------------------
35,000,000 Monumental Life, 5.48% V/R, 7/15/00 $ 35,000,000
--------------
TOTAL FLOATING RATE FUNDING AGREEMENTS 115,000,000
--------------
MASTER NOTES (0.3%)
10,000,000 General Electric Co., Master Note,
5.35% V/R, 10/5/99 10,000,000
--------------
MUNICIPAL DEMAND NOTES (0.3%)
900,000 Durham, NC, COP, Series B, 5.35% V/R,
7/1/03 900,000
2,700,000 Durham, NC, COP, Series B, 5.35% V/R,
7/1/03 2,700,000
360,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 5.48% V/R, 12/15/26 360,000
1,290,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 5.48% V/R, 12/15/26 1,290,000
430,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 5.48% V/R, 12/15/26 430,000
805,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 5.48% V/R, 12/15/26 805,000
385,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 5.48% V/R, 12/15/26 385,000
1,060,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 5.48% V/R, 12/15/26 1,060,000
905,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 5.48% V/R, 12/15/26 905,000
900,000 Prince William County, VA, Taxable
Notes, Series A, Wachovia Bank of
North Carolina, LOC, 5.35% V/R,
3/1/17 900,000
--------------
TOTAL MUNICIPAL DEMAND NOTES 9,735,000
--------------
REPURCHASE AGREEMENTS (2.7%)
82,000,000 Lehman Brothers, Inc., 5.69%, 10/1/99 82,000,000
--------------
</TABLE>
<TABLE>
- -------------------------------------------------------------------------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
MONEY MARKET PORTFOLIO (continued)
- -------------------------------------------------------------------------------
TIME DEPOSITS (8.1%)
41,000,000 Bank of America (Canada), 5.75%,
10/1/99 $ 41,000,000
114,000,000 Deutsche Bank, Grand Cayman, 11.00%,
12/31/99 114,000,000
24,691,579 Societe Generale, Grand Cayman, 5.63%,
10/1/99 24,691,579
66,000,000 Union Bank of Switzerland, 5.63%,
10/1/99 66,000,000
--------------
TOTAL TIME DEPOSITS 245,691,579
--------------
TOTAL INVESTMENTS AT AMORTIZED COST AND VALUE (100.0%)
$3,025,506,264
==============
</TABLE>
- --------------------------------------------------------------------------------
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. These securities had been determined to be liquid pursuant to
procedures adopted by the Board of Trustees.
ABBREVIATIONS
<TABLE>
<S> <C>
COP Certificate of Participation
LOC Letter of Credit
V/R Variable Rate -- These securities are deemed to have a
maturity remaining until the next
adjustment of the interest rate or the
longer of the demand period or
readjustment. The interest rates shown
reflect the rate in effect on
September 30, 1999.
</TABLE>
See Notes to Schedules of Investments. CORE TRUST (DELAWARE)
26
<PAGE>
ANNUAL REPORT
MAY 31, 1999
PRIME MONEY MARKET PORTFOLIO
MONEY MARKET PORTFOLIO
CORE TRUST (DELAWARE)
<PAGE>
INDEPENDENT AUDITORS' REPORT
- --------------------------------------------------------------------------------
To the Board of Trustees and Partners
Core Trust (Delaware)
We have audited the accompanying statements of assets
and liabilities of two portfolios of Core Trust
(Delaware), Prime Money Market Portfolio and Money Market
Portfolio, (collectively, the "Portfolios"), including the
schedules of investments, as of May 31, 1999, and the
related statements of operations for the year then ended,
the statements of changes in net assets and financial
highlights for the year then ended and for the period from
August 23, 1997 (commencement of operations) to May 31,
1998. These financial statements and financial highlights
are the responsibility of the Portfolios' management. Our
responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and
financial highlights are free of material misstatement. An
audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures
included confirmation of securities owned as of May 31,
1999, by correspondence with the custodian and brokers. An
audit also includes assessing the accounting principles
used and significant estimates made by management, as well
as evaluating the overall financial statement
presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all
material respects, the financial position of the
Portfolios as of May 31, 1999, the results of their
operations, changes in their net assets and financial
highlights for each of the years or periods indicated in
the first paragraph above, in conformity with generally
accepted accounting principles.
/s/ KPMG LLP
Boston, Massachusetts
July 16, 1999
CORE TRUST (DELAWARE)
28
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRIME MONEY
MARKET MONEY MARKET
PORTFOLIO PORTFOLIO
-------------- --------------
<S> <C> <C>
ASSETS
Investments at amortized cost (Note 2).............................. $3,751,307,480 $2,727,375,137
Cash................................................................ 2,488,892 1,777,386
Receivable for investments sold..................................... - 29,792,500
Receivable for dividends, interest and other receivables............ 12,476,960 9,202,371
Organization costs, net of amortization (Note 2).................... 9,627 9,627
-------------- --------------
TOTAL ASSETS.......................................................... 3,766,282,959 2,768,157,021
-------------- --------------
LIABILITIES
Payable to custodian (Note 3)....................................... 33,656 25,134
Payable to adviser (Note 3)......................................... 1,070,185 238,597
Payable to other related parties (Note 3)........................... 160,489 278
Accrued expenses and other liabilities.............................. 15,941 13,078
-------------- --------------
TOTAL LIABILITIES..................................................... 1,280,271 277,087
-------------- --------------
NET ASSETS............................................................ $3,765,002,688 $2,767,879,934
============== ==============
</TABLE>
See Notes to Financial Statements. CORE TRUST (DELAWARE)
29
<PAGE>
STATEMENTS OF OPERATIONS FOR THE YEAR ENDED MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRIME MONEY
MARKET MONEY MARKET
PORTFOLIO PORTFOLIO
------------- --------------
<S> <C> <C>
INVESTMENT INCOME
Interest income (Note 2)............................................ $197,103,552 $ 150,826,716
------------ -------------
EXPENSES
Advisory (Note 3)................................................... 12,130,849 3,761,486
Administration (Note 3)............................................. 1,832,945 1,400,619
Custody (Note 3).................................................... 381,589 295,124
Accounting (Note 3)................................................. 87,500 86,500
Legal............................................................... 14,498 11,509
Audit............................................................... 23,734 21,591
Trustees............................................................ 6,869 5,246
Amortization of organization costs (Note 2)......................... 3,036 3,036
Miscellaneous....................................................... 40,106 15,287
------------ -------------
TOTAL EXPENSES........................................................ 14,521,126 5,600,398
Fees waived and expenses reimbursed (Note 4)........................ (1,419) (2,360,589)
------------ -------------
NET EXPENSES.......................................................... 14,519,707 3,239,809
------------ -------------
NET INVESTMENT INCOME................................................. 182,583,845 147,586,907
NET REALIZED GAIN FROM INVESTMENTS.................................... 36,033 27,280
------------ -------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. $182,619,878 $ 147,614,187
============ =============
</TABLE>
See Notes to Financial Statements. CORE TRUST (DELAWARE)
30
<PAGE>
FOR THE PERIOD ENDED MAY 31, 1998
STATEMENTS OF CHANGES IN NET ASSETS AND THE YEAR ENDED MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRIME MONEY
MARKET MONEY MARKET
PORTFOLIO PORTFOLIO
--------------- ---------------
<S> <C> <C>
NET ASSETS -- AUGUST 23, 1997 (COMMENCEMENT OF OPERATIONS)............ $ - $ -
--------------- ---------------
OPERATIONS
Net investment income............................................... 117,637,986 95,111,701
Net realized loss from investments.................................. (42,987) (21,885)
--------------- ---------------
Increase in net assets resulting from operations................ 117,594,999 95,089,816
--------------- ---------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions (Note 5).............................................. 5,373,694,156 4,410,026,378
Withdrawals......................................................... (2,352,537,164) (2,132,747,532)
--------------- ---------------
Net increase from transactions in investors' beneficial
interests...................................................... 3,021,156,992 2,277,278,846
--------------- ---------------
NET INCREASE IN NET ASSETS............................................ 3,138,751,991 2,372,368,662
--------------- ---------------
NET ASSETS -- MAY 31, 1998............................................ 3,138,751,991 2,372,368,662
--------------- ---------------
OPERATIONS
Net investment income............................................... 182,583,845 147,586,907
Net realized gain from investments.................................. 36,033 27,280
--------------- ---------------
Increase in net assets resulting from operations................ 182,619,878 147,614,187
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions....................................................... 4,309,002,882 3,728,647,352
Withdrawals......................................................... (3,865,372,063) (3,480,750,267)
--------------- ---------------
Net increase from transactions in investors' beneficial
interests...................................................... 443,630,819 247,897,085
--------------- ---------------
NET INCREASE IN NET ASSETS............................................ 626,250,697 395,511,272
--------------- ---------------
NET ASSETS -- MAY 31, 1999............................................ $ 3,765,002,688 $ 2,767,879,934
=============== ===============
</TABLE>
See Notes to Financial Statements. CORE TRUST (DELAWARE)
31
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATIOS TO AVERAGE
NET ASSETS
-----------------------------------
NET
NET GROSS INVESTMENT
EXPENSES EXPENSES(B) INCOME
-------- ----------- ----------
<S> <C> <C> <C>
PRIME MONEY MARKET PORTFOLIO
June 1, 1998 to May 31, 1999........................................ 0.40% 0.40% 4.98%
August 23, 1997(c) to May 31, 1998(a)............................... 0.40% 0.40% 5.36%
MONEY MARKET PORTFOLIO
June 1, 1998 to May 31, 1999........................................ 0.12% 0.20% 5.27%
August 23, 1997(c) to May 31, 1998(a)............................... 0.12% 0.21% 5.64%
</TABLE>
(a) Annualized.
(b) During the periods, various fees were waived and reimbursed. The ratio of
Gross Expenses to Average Net Assets reflects the expense ratio in the
absence of any waivers and reimbursements (Note 4).
(c) Commencement of operations.
See Notes to Financial Statements. CORE TRUST (DELAWARE)
32
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
NOTE 1. ORGANIZATION
Core Trust (Delaware) ("Core Trust") is organized as a Delaware business trust
and is registered as an open-end management investment company under the
Investment Company Act of 1940 (the "Act"). Core Trust currently has twenty-two
separate investment portfolios. These financial statements relate to Prime Money
Market Portfolio and Money Market Portfolio (individually, a "Portfolio" and,
collectively, the "Portfolios"), each of which is a diversified portfolio. The
Portfolios commenced operations on August 23, 1997. Interests in the Portfolios
are sold in private placement transactions without any sales charges to
qualified investors, including open-end management investment companies.
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 summarizes the significant accounting policies of the
Portfolios:
SECURITY VALUATION - Securities held by the Portfolios are valued as of 4:00 PM,
Eastern 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.
SECURITIES TRANSACTIONS AND INTEREST INCOME - Investment transactions are
accounted for on the trade date, interest income is recorded on an accrual basis
and includes the amortization of premium and the accretion of discount 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 May 31, 1999, is the same as for financial reporting purposes.
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 and gain and loss of
the Portfolios are deemed to have been "passed through" to the interestholders
in proportion to their holdings of the Portfolios, regardless of whether such
interest and gains have been distributed by the Portfolios.
ORGANIZATION 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 the
Portfolios' operations.
REPURCHASE AGREEMENTS - Each Portfolio, along with certain other Norwest
Advantage Funds, may transfer uninvested cash balances into a joint trading
account. These balances are invested in one or more repurchase agreements. The
Portfolios, through their custodian, receive delivery of the underlying
collateral, whose market value must always exceed the repurchase price. In the
event of default, a Portfolio may have difficulties with the disposition of the
collateral.
NOTE 3. ADVISORY, SERVICING FEES AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISER - The investment adviser of each Portfolio is Norwest
Investment Management, Inc. ("Adviser"), a wholly owned subsidiary of Norwest
Bank Minnesota, N.A. ("Norwest"). Norwest is a subsidiary of Wells Fargo &
Company. The Adviser receives an advisory fee from Core Trust with respect to
Prime Money Market Portfolio and Money Market Portfolio at annual rates of 0.40%
and 0.20%, respectively, of the average daily net assets for the first
$300 million of average daily net assets of each Portfolio, declining to 0.32%
and 0.12%, respectively, of the average daily net assets of each Portfolio in
excess of $700 million.
ADMINISTRATION AND OTHER SERVICE PROVIDERS - The administrator to Core Trust is
Forum Administrative Services, LLC ("FAdS"). FAdS receives an administration fee
of 0.05% of the average daily net assets of each Portfolio.
Norwest also serves as the custodian for the Portfolios and receives a fee of
0.02% of the first $100 million of each Portfolio's average daily net assets,
declining to 0.01% of each Portfolio's average daily net assets in excess of
$200 million.
Forum Financial Services, Inc. acts as Core Trust's placement agent but receives
no compensation for its services.
Forum Accounting Services, LLC provides portfolio accounting and interestholder
recordkeeping services to each Portfolio.
NOTE 4. WAIVERS OF FEES AND REIMBURSEMENT OF EXPENSES
For the year ended May 31, 1999, the Adviser voluntarily waived a portion of its
advisory fees and FAdS voluntarily waived a portion of its administration fees
for Money Market Portfolio in the amounts of $960,248 and $1,400,341,
respectively, and FAds waived a portion of its administration fee for Prime
Money Market Portfolio in the amount of $1,419. The Adviser and FAdS, at their
discretion, may revise or discontinue the voluntary fee waivers at any time.
CORE TRUST (DELAWARE)
33
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
NOTE 5. REORGANIZATION
In connection with the merger and division and the contemporaneous commencement
of operations of certain Portfolios on August 23, 1997, certain investors
contributed all or a portion of their net assets to the Portfolios. The fair
market value and tax cost basis of those contributions are as follows:
<TABLE>
<CAPTION>
MARKET TAX COST
PORTFOLIO VALUE BASIS
- ---------------------------------------------------------------------- ---------------- ------------------
<S> <C> <C>
Prime Money Market Portfolio.......................................... $2,699,819,155 $2,699,819,155
Money Market Portfolio................................................ 2,101,885,695 2,101,898,478
</TABLE>
CORE TRUST (DELAWARE)
34
<PAGE>
SCHEDULES OF INVESTMENTS MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- -------------------------------------------------------------------------
PRIME MONEY MARKET PORTFOLIO
- -------------------------------------------------------------------------
ASSET BACKED SECURITIES (1.7%)
23,302,548 STEERS 1998, Series A39, 4.98% V/R,
4/25/00(a) $ 23,302,548
41,305,735 WFP Tower B Finance Corp., Short-Term
STEERS Trust, Series A, 5.10%
V/R,10/8/99(a) 41,305,735
--------------
TOTAL ASSET BACKED SECURITIES 64,608,283
--------------
CERTIFICATES OF DEPOSIT (2.8%)
30,000,000 Bayerische Landesbank, Girozentrale,
New York, 5.65%, 7/22/99 30,029,050
50,000,000 Natexis Banque SA, New York Branch,
5.71%, 8/3/99 49,995,041
25,000,000 Svenska Handelsbanken, New York, 5.65%,
8/10/99 25,035,004
--------------
TOTAL CERTIFICATES OF DEPOSIT 105,059,095
--------------
COMMERCIAL PAPER (57.3%)
20,600,000 Ace Overseas Corp., 4.92%, 8/17/99(a) 20,383,220
66,115,000 Ace Overseas Corp., 4.95%, 8/20/99(a) 65,387,734
15,366,000 Atlantis One-Funding Corp., 4.90%,
8/25/99 15,188,223
79,000,000 Barton Capital Corp., 4.95%, 6/1/99(a) 79,000,000
5,411,000 Barton Capital Corp., 5.04%, 8/12/99(a) 5,356,457
5,848,000 Barton Capital Corp., 5.06%, 6/8/99(a) 5,842,246
15,300,000 Bavaria GLB Corp., 4.84%, 7/15/99(a) 15,209,305
27,000,000 Bavaria GLB Corp., 4.85%, 7/1/99(a) 26,890,875
20,000,000 Beta Finance Inc., 4.88%, 1/18/00(a) 19,373,734
20,000,000 CC (USA), Inc., 4.87%, 8/27/99(a) 19,764,859
7,000,000 CC (USA), Inc., 4.91%, 8/27/99(a) 6,916,939
103,000,000 China Merchants Holdings, 5.00%, 6/1/99 103,000,000
30,000,000 Christiania Bank, 4.88%, 1/14/00 29,076,868
7,310,000 City of New York, NY, Bayerische
Landesbank Girozentale, LOC, 5.04%,
6/22/99 7,310,000
50,000,000 Commonwealth Bank of Australia, 4.77%,
11/9/99 48,933,375
25,000,000 Compass Securitization, 4.88%,
6/18/99(a) 24,942,389
30,000,000 Conduit Asset Backed Securities Ltd.,
4.90%, 6/17/99(a) 29,934,667
38,313,000 Conduit Asset Backed Securities Ltd.,
4.90%, 7/8/99(a) 38,120,052
10,000,000 Conduit Asset Backed Securities Ltd.,
4.90%, 8/6/99(a) 9,910,167
18,618,000 Conduit Asset Backed Securities Ltd.,
4.90%, 8/30/99(a) 18,389,930
38,963,000 Conduit Asset Backed Securities Ltd.,
4.91%, 6/11/99(a) 38,909,859
19,198,000 CPI Funding Corp., 4.89%, 9/27/99(a) 18,890,289
38,557,000 CPI Funding Corp., 4.90%, 8/25/99(a) 38,110,917
58,615,000 CPI Funding Corp., 4.92%, 6/25/99(a) 58,422,743
40,000,000 Cregem North America, 4.94%, 12/23/99 38,874,780
8,500,000 CXC, Inc., 4.91%, 8/25/99 8,401,460
60,000,000 Deutsche Bank Financial, Inc., 4.85%,
1/21/00 58,108,501
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- -------------------------------------------------------------------------
PRIME MONEY MARKET PORTFOLIO (continued)
- -------------------------------------------------------------------------
25,000,000 Dorada Corp., 4.80%, 8/4/99(a) $ 24,786,667
50,000,000 Dorada Corp., 4.86%, 7/6/99(a) 49,764,042
13,500,000 Dorada Corp., 4.91%, 8/16/99(a) 13,360,065
50,000,000 Dorada Corp., 4.91%, 8/20/99(a) 49,454,445
75,000,000 Dresdner, 4.86%, 1/4/00 72,701,625
60,000,000 Grand Funding Corp., 4.85%, 6/9/99(a) 59,935,333
39,270,000 Grand Funding Corp., 4.90%, 8/27/99(a) 38,804,978
30,000,000 K2 (USA) LLC, 4.85%, 7/13/99(a) 29,830,250
25,000,000 KBC Trust, 4.84%, 6/14/99(a) 24,956,306
80,000,000 KBC Trust, 4.85%, 7/15/99(a) 79,525,778
69,000,000 KBC Trust, 4.99%, 8/24/99(a) 68,196,611
40,000,000 Lexington Parker Capital Co. LLC.,
4.78%, 7/20/99(a) 39,739,756
37,175,000 MOAT Funding LLC, 4.80%, 7/6/99(a) 37,001,517
20,000,000 MOAT Funding LLC, 4.82%, 6/29/99(a) 19,925,022
32,153,000 MOAT Funding LLC, 4.86%, 7/8/99(a) 31,992,396
30,028,000 MOAT Funding LLC, 4.90%, 6/17/99(a) 29,962,606
25,000,000 Moriarty Ltd., 4.90%, 8/19/99(a) 24,731,181
130,000,000 Natexis US Finance Corp, 4.95%, 12/22/99 126,353,500
85,000,000 Preferred Receivables Corp, 4.95%,
6/1/99 85,000,000
175,000,000 Sheffield Receivables Corp., 4.95%,
6/1/99(a) 175,000,000
35,000,000 Sigma Finance Corp., 4.80%, 8/2/99(a) 34,710,667
30,000,000 Sigma Finance Corp., 4.85%, 10/12/99(a) 29,462,459
60,000,000 Special Purpose Accounts Receivables
Cooperative Corp., 4.85%, 6/21/99(a) 59,838,333
50,000,000 Swedbank, Inc., 4.78%, 10/4/99 49,170,140
47,860,000 Triple A One Funding, 4.91%, 7/9/99 47,611,952
--------------
TOTAL COMMERCIAL PAPER 2,150,465,218
--------------
CORPORATE NOTES (27.4%)
10,000,000 Asset Backed Trust 1996 Series A-4,
4.96% V/R, 1/18/00(a) 10,000,000
30,000,000 Bear Stearns Cos., Inc., 5.05% V/R,
6/15/00 30,000,000
15,000,000 Bear Stearns Cos., Inc., 5.05% V/R,
6/15/00 14,996,725
45,000,000 Bear Stearns Cos., Inc., 5.25%, 1/18/00 45,000,000
15,000,000 Bear Stearns Cos., Inc. 5.32% V/R,
11/30/99 15,000,000
30,000,000 Bear Stearns Cos., Inc., 5.40% V/R,
11/1/99 30,000,000
30,000,000 Bear Stearns Cos., Inc., Series B, 5.40%
V/R, 10/27/99 30,000,000
80,000,000 Beta Finance Inc., 4.99% V/R,
11/12/99(a) 79,971,769
20,000,000 Bishop's Gate Residential Mortgage
Trust, Series 1998-2, 5.10% V/R,
11/22/99 20,000,000
25,000,000 BRAVO Trust Series 1997-1, 5.05% V/R,
1/18/00(a) 25,000,000
5,000,000 Caterpillar Financial Services Corp.,
6.25%, 1/20/00 5,033,530
80,000,000 CC (USA), Inc., 5.13%, 1/12/00(a) 80,000,000
26,000,000 CC (USA), Inc., 5.14%, 1/19/00(a) 26,000,000
50,000,000 Goldman Sachs Group, 5.76%, 1/14/00 50,173,201
20,000,000 K2 (USA) LLC, 5.20%, 3/29/00(a) 19,996,699
60,000,000 Key Bank, N.A, Cleveland, 5.02% V/R,
10/14/99 60,001,087
30,000,000 Liberty Lighthouse US Capital Co., LLC,
4.88% V/R, 9/1/99(a) 29,998,549
</TABLE>
See Notes to Schedules of Investments and Notes to Financial Statements.
CORE TRUST (DELAWARE)
35
<PAGE>
SCHEDULES OF INVESTMENTS (CONTINUED) MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- -------------------------------------------------------------------------
PRIME MONEY MARKET PORTFOLIO (continued)
- -------------------------------------------------------------------------
60,000,000 Liberty Lighthouse US Capital Co., LLC,
4.88% V/R, 9/9/99(a) $ 59,996,793
50,000,000 Liberty Lighthouse US Capital Co., LLC,
4.98% V/R, 10/8/99(a) 49,985,466
80,000,000 Merrill Lynch & Co., Inc., 5.14%,
2/11/00 79,999,222
40,000,000 Morgan Stanley Group, Inc., 5.10% V/R,
5/15/01 40,000,000
87,500,000 Sigma Finance Corp., 5.02% V/R,
10/28/99(a) 87,500,000
20,000,000 STEERS, Medium Term, Series 1997 A-28,
4.98% V/R, 9/23/99(a) 20,000,000
28,000,000 STEERS, Series 1998 A-40, Conti Mortgage
Home Equity Loan Trust, 5.01% V/R,
1/18/00(a) 28,000,000
42,000,000 SunAmerica, Inc., 6.20%, 10/31/99 42,198,927
20,000,000 Syndicated Loan Funding Trust,
Series 1999-1, 5.15% V/R, 2/15/00 20,000,000
30,000,000 Transamerica Life Insurance & Annuity
Co., 5.11% V/R, 4/12/00 30,000,000
--------------
TOTAL CORPORATE NOTES 1,028,851,968
--------------
FLOATING RATE FUNDING AGREEMENTS (2.7%)
30,000,000 Allstate Life Insurance Co., 5.10% V/R,
8/25/99(a) 30,000,000
40,000,000 Monumental Life, 5.01% V/R, 5/15/00 40,000,000
30,000,000 Monumental Life, 5.05% V/R, 5/15/00 30,000,000
--------------
TOTAL FLOATING RATE FUNDING AGREEMENTS 100,000,000
--------------
MASTER NOTES (0.3%)
10,000,000 General Electric Co., 4.85% V/R, 6/8/99 10,000,000
--------------
MUNICIPAL NOTES (0.3%)
4,700,000 Durham, NC, COP, Series B, 4.83% V/R,
7/1/03 4,700,000
1,190,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 1,190,000
615,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 615,000
1,065,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 1,065,000
1,495,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 1,495,000
570,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 570,000
640,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 640,000
1,100,000 Prince William County, VA, Taxable
Notes, Series A, Wachovia Bank of
North Carolina, LOC, 4.83% V/R, 3/1/17 1,100,000
--------------
TOTAL MUNICIPAL NOTES 11,375,000
--------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- -------------------------------------------------------------------------
PRIME MONEY MARKET PORTFOLIO (continued)
- -------------------------------------------------------------------------
REPURCHASE AGREEMENTS (0.6%)
22,352,527 Merrill Lynch & Co., 4.68%, 6/1/99,
collateralized by $57,649,961 U.S.
Government Securities, 3.38%, 6/1/17,
with an aggregate market value of
$22,800,008 $ 22,352,527
--------------
TIME DEPOSITS (6.9%)
83,595,389 Societe Generale, Grand Cayman, 4.50%,
6/1/99 83,595,389
175,000,000 Southtrust Bank, Grand Cayman, 4.81%,
6/1/99 175,000,000
--------------
TOTAL TIME DEPOSITS 258,595,389
--------------
TOTAL INVESTMENTS AT AMORTIZED COST AND VALUE (100.0%)
$3,751,307,480
==============
- -------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
- -------------------------------------------------------------------------
ASSET BACKED SECURITIES (1.8%)
$ 15,535,032 STEERS 1998, Series A39, 4.98% V/R,
4/25/00 $ 15,535,031
19,211,970 WFP Tower B Finance Corp., Short-Term
STEERS Trust, Series A, 5.10%
V/R,10/8/99 19,211,970
14,408,977 WFP Tower B Finance Corp., Short-Term
STEERS Trust, Series A, 5.10%
V/R,10/8/99 14,408,977
--------------
TOTAL ASSET BACKED SECURITIES 49,155,978
--------------
CERTIFICATES OF DEPOSIT (2.8%)
20,000,000 Bayerische Landesbank, Girozentrale,
New York, 5.65%, 7/22/99 20,019,366
38,000,000 Natexis Banque SA, New York Branch,
5.71%, 8/3/99 37,996,231
18,000,000 Svenska Handelsbanken, New York, 5.67%,
8/10/99 18,025,263
--------------
TOTAL CERTIFICATES OF DEPOSIT 76,040,860
--------------
COMMERCIAL PAPER (62.8%)
75,000,000 Ace Overseas Corp., 4.78%, 7/22/99(a) 74,492,125
25,000,000 Ace Overseas Corp., 4.85%, 8/16/99(a) 24,744,028
25,000,000 Barton Capital Corp., 4.95%, 6/1/99(a) 25,000,000
20,000,000 Bavaria GLB Corp., 4.84%, 7/15/99(a) 19,881,689
33,500,000 CC (USA), Inc., 4.84%, 7/14/99(a) 33,306,333
7,000,000 CC (USA), Inc., 4.91%, 8/27/99(a) 6,916,939
25,000,000 China Merchants Holdings, 5.00%, 6/1/99 25,000,000
20,000,000 Christiania Bank, 4.88%, 1/14/00 19,384,578
25,389,000 City of Austin, TX, Landesbank Hessen-
Thueringen GZ, LOC, 4.88%, 8/10/99 25,148,087
50,000,000 Commonwealth Bank of Australia, 4.77%,
11/5/99 48,959,875
</TABLE>
See Notes to Schedules of Investments and Notes to Financial Statements.
CORE TRUST (DELAWARE)
36
<PAGE>
SCHEDULES OF INVESTMENTS (CONTINUED) MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- -------------------------------------------------------------------------
MONEY MARKET PORTFOLIO (continued)
- -------------------------------------------------------------------------
10,245,000 Conduit Asset Backed Securities Ltd.,
4.90%, 6/17/99(a) $ 10,222,689
20,495,000 Conduit Asset Backed Securities Ltd.,
4.90%, 6/23/99(a) 20,433,629
25,000,000 Conduit Asset Backed Securities Ltd.,
4.90%, 7/8/99(a) 24,874,098
5,307,000 Conduit Asset Backed Securities Ltd.,
4.90%, 8/6/99(a) 5,259,326
15,000,000 Conduit Asset Backed Securities Ltd.,
4.90%, 8/30/99(a) 14,816,251
29,611,000 Conduit Asset Backed Securities Ltd.,
4.91%, 6/9/99(a) 29,578,691
30,000,000 CPI Funding Corp., 4.89%, 9/27/99(a) 29,519,150
40,000,000 CPI Funding Corp., 4.92%, 6/25/99(a) 39,868,800
37,500,000 Cregem North America, 4.94%, 12/27/99 36,424,522
8,500,000 CXC, Inc., 4.91%, 8/25/99 8,401,460
40,000,000 Deutsche Bank Financial, Inc., 4.85%,
1/21/00 38,739,002
14,000,000 Dorada Corp., 4.80%, 8/4/99(a) 13,880,534
20,000,000 Dorada Corp., 4.85%, 7/6/99(a) 19,905,695
12,000,000 Dorada Corp., 4.86%, 7/6/99(a) 11,943,300
25,000,000 Dresdner, 4.86%, 1/4/00 24,233,875
40,000,000 Grand Funding Corp., 4.85%, 6/9/99(a) 39,956,889
55,795,000 Grand Funding Corp., 4.89%, 7/21/99(a) 55,416,059
40,000,000 Grand Funding Corp., 4.90%, 8/27/99(a) 39,526,334
29,200,000 K2 (USA) LLC, 4.84%, 6/22/99(a) 29,117,559
14,000,000 K2 (USA) LLC, 4.85%, 6/9/99(a) 13,984,911
50,000,000 K2 (USA) LLC, 4.85%, 7/13/99(a) 49,717,083
25,000,000 KBC Trust, 4.84%, 6/14/99(a) 24,956,306
40,000,000 KBC Trust, 4.85%, 7/15/99(a) 39,762,889
17,000,000 KBC Trust, 4.99%, 8/24/99(a) 16,802,064
75,000,000 Lexington Parker Capital Co. LLC.,
4.78%, 7/16/99(a) 74,551,875
50,000,000 Lexington Parker Capital Co. LLC.,
4.78%, 7/20/99(a) 49,674,695
31,000,000 MOAT Funding LLC, 4.80%, 7/6/99(a) 30,855,333
20,000,000 MOAT Funding LLC, 4.82%, 6/29/99(a) 19,925,022
25,865,000 MOAT Funding LLC, 4.84%, 7/9/99(a) 25,732,859
35,919,000 MOAT Funding LLC, 4.90%, 9/27/99(a) 35,342,102
50,000,000 Moriarty Ltd., 4.90%, 8/19/99(a) 49,462,362
95,000,000 Natexis US Finance Corp, 4.95%, 12/22/99 92,335,250
28,000,000 Preferred Receivables Corp, 4.95%,
6/1/99 28,000,000
118,000,000 Sheffield Receivables Corp., 4.95%,
6/1/99(a) 118,000,000
15,000,000 Sigma Finance Corp., 4.80%, 8/2/99(a) 14,876,000
20,000,000 Sigma Finance Corp., 4.85%, 10/12/99(a) 19,641,639
15,000,000 Sigma Finance Corp., 4.88%, 8/31/99(a) 14,814,967
25,000,000 Special Purpose Accounts Receivables
Cooperative Corp., 4.83%, 6/10/99(a) 24,969,813
40,000,000 Special Purpose Accounts Receivables
Cooperative Corp., 4.85%, 6/21/99(a) 39,892,222
23,874,000 Sunbelt-Dix Inc., 4.88%, 6/1/99 23,874,000
40,000,000 Swedbank, Inc., 4.78%, 10/4/99 39,336,111
23,000,000 Swedbank, Inc., 4.85%, 7/16/99 22,860,563
51,000,000 Trident Capital Finance, 4.83%,
10/12/99(a) 50,089,948
--------------
TOTAL COMMERCIAL PAPER 1,714,409,531
--------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- -------------------------------------------------------------------------
MONEY MARKET PORTFOLIO (continued)
- -------------------------------------------------------------------------
CORPORATE NOTES (27.3%)
5,000,000 Asset Backed Trust 1996 Series A-4,
4.96% V/R, 1/18/00(a) $ 5,000,000
20,000,000 Bear Stearns Cos., Inc., 5.05% V/R,
6/15/00 20,000,000
10,000,000 Bear Stearns Cos., Inc., 5.05% V/R,
6/15/00 9,997,817
45,000,000 Bear Stearns Cos., Inc., 5.25%, 1/18/00 45,000,000
10,000,000 Bear Stearns Cos., Inc. 5.32% V/R,
11/30/99 10,000,000
20,000,000 Bear Stearns Cos., Inc., 5.40% V/R,
11/1/99 20,000,000
20,000,000 Bear Stearns Cos., Inc., Series B, 5.40%
V/R, 10/27/99 20,000,000
60,000,000 Beta Finance Inc., 4.99% V/R,
11/12/99(a) 59,978,826
10,000,000 Bishop's Gate Residential Mortgage
Trust, Series 1998-2, 5.10% V/R,
11/22/99 10,000,000
20,000,000 BRAVO Trust Series 1997-1, 5.05% V/R,
1/18/00(a) 20,000,000
5,000,000 Caterpillar Financial Services Corp.,
6.25%, 1/20/00 5,033,530
60,000,000 CC (USA), Inc., 5.13%, 1/12/00(a) 60,000,000
15,000,000 CC (USA), Inc., 5.14%, 1/19/00(a) 15,000,000
20,000,000 Goldman Sachs Group, 5.76%, 1/14/00 20,068,953
15,000,000 K2 (USA) LLC, 5.20%, 3/29/00(a) 14,997,525
40,000,000 Key Bank, N.A, Cleveland, 5.02% V/R,
10/14/99 40,000,724
20,000,000 Liberty Lighthouse US Capital Co., LLC,
4.88% V/R, 9/1/99(a) 19,999,033
40,000,000 Liberty Lighthouse US Capital Co., LLC,
4.88% V/R, 9/9/99(a) 39,997,864
20,000,000 Liberty Lighthouse US Capital Co., LLC,
4.98% V/R, 10/8/99(a) 19,997,250
30,000,000 Liberty Lighthouse US Capital Co., LLC,
4.98% V/R, 10/8/99(a) 29,984,388
67,000,000 Merrill Lynch & Co., Inc., 5.14%,
2/11/00 66,999,348
30,000,000 Morgan Stanley Group, Inc., 5.10% V/R,
11/15/99 30,000,000
60,000,000 Sigma Finance Corp., 5.02% V/R,
10/28/99(a) 60,000,000
20,000,000 STEERS, Medium Term, Series 1997 A-28,
4.98% V/R, 9/23/99(a) 20,000,000
19,000,000 STEERS, Series 1998 A-40, Conti Mortgage
Home Equity Loan Trust, 5.01% V/R,
1/18/00(a) 19,000,000
28,100,000 SunAmerica, Inc., 6.20%, 10/31/99 28,233,510
15,000,000 Syndicated Loan Funding Trust,
Series 1999-1, 5.15% V/R, 2/15/00(a) 15,000,000
20,000,000 Transamerica Life Insurance & Annuity
Co., 5.11% V/R, 4/12/00 20,000,000
--------------
TOTAL CORPORATE NOTES 744,288,768
--------------
FLOATING RATE FUNDING AGREEMENTS (2.7%)
20,000,000 Allstate Life Insurance Co., 5.10% V/R,
8/26/99(a) 20,000,000
35,000,000 Monumental Life, 5.01% V/R, 5/15/00 35,000,000
20,000,000 Monumental Life, 5.05% V/R, 3/15/00 20,000,000
--------------
TOTAL FLOATING RATE FUNDING AGREEMENTS 75,000,000
--------------
</TABLE>
See Notes to Schedules of Investments and Notes to Financial Statements.
CORE TRUST (DELAWARE)
37
<PAGE>
SCHEDULES OF INVESTMENTS (CONTINUED) MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- -------------------------------------------------------------------------
MONEY MARKET PORTFOLIO (continued)
- -------------------------------------------------------------------------
MASTER NOTES (0.4%)
10,000,000 General Electric Co., 4.85% V/R, 6/8/99 $ 10,000,000
--------------
MUNICIPAL BONDS & NOTES (0.4%)
900,000 Durham, NC, COP, Series B, 4.83% V/R,
7/1/03 900,000
2,700,000 Durham, NC, COP, Series B, 4.83% V/R,
7/1/03 2,700,000
440,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 440,000
820,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 820,000
925,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 925,000
405,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 405,000
380,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 380,000
1,090,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 1,090,000
1,320,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 1,320,000
900,000 Prince William County, VA, Taxable
Notes, Series A, Wachovia Bank of
North Carolina, LOC, 4.83% V/R, 3/1/17 900,000
--------------
TOTAL MUNICIPAL BONDS & NOTES 9,880,000
--------------
TIME DEPOSITS (1.8%)
23,600,000 Societe Generale, Grand Cayman, 4.50%,
6/1/99 23,600,000
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- -------------------------------------------------------------------------
MONEY MARKET PORTFOLIO (continued)
- -------------------------------------------------------------------------
25,000,000 Southtrust Bank, 4.81%, 6/1/99 $ 25,000,000
--------------
TOTAL TIME DEPOSITS 48,600,000
--------------
TOTAL INVESTMENTS AT AMORTIZED COST AND VALUE (100.0%)
$2,727,375,137
==============
</TABLE>
- --------------------------------------------------------------------------------
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. These securities had been determined to be liquid pursuant to
procedures adopted by the Board of Trustees.
ABBREVIATIONS
<TABLE>
<S> <C>
COP Certificate of Participation
LOC Letter of Credit
V/R Variable Rate -- These securities are deemed to have a
maturity remaining until the next
adjustment of the interest rate or the
longer of the demand period or
readjustment. The interest rates shown
reflect the rate in effect on May 31,
1999.
</TABLE>
See Notes to Schedules of Investments and Notes to Financial Statements.
CORE TRUST (DELAWARE)
38
<PAGE>
Norwest Advantage Funds
Sixth & Marquette
MAC N9305-109
Minneapolis, MN 55479
Shareholder Services
Minneapolis/St. Paul 1-612-667-8833
Elsewhere 1-800-338-1348
Norwest Investment Management, Inc.
Investment Adviser
Norwest Bank Minnesota, N.A.
Transfer Agent
Custodian
Forum Financial Services, Inc.
Manager and Distributor
- -Copyright-1999 Norwest Advantage Funds
NW MM SAR (11/99)
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.
[logo]NORWEST
-----------------------
ADVANTAGE FUNDS-Registered Trademark-
