<PAGE>
SEMI-ANNUAL
REPORT
NOVEMBER 30, 1998
------------------
MONEY MARKET FUNDS
NORWEST ADVANTAGE FUNDS-REGISTERED TRADEMARK-
MONEY MARKET FUNDS
---------------------------------
Cash Investment Fund
Ready Cash Investment Fund
U.S. Government Fund
Treasury Plus Fund
Treasury Fund
Municipal Money Market Fund
NOT FDIC INSURED. - NO BANK GUARANTEE. - MAY LOSE VALUE.
<PAGE>
TABLE OF CONTENTS NOVEMBER 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<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................ 4
Financial Highlights............................... 5
Notes to Financial Statements...................... 6
Schedules of Investments........................... 9
Cash Investment Fund...................... 9
Ready Cash Investment Fund................ 9
U.S. Government Fund...................... 9
Treasury Plus Fund........................ 10
Treasury Fund............................. 10
Municipal Money Market Fund............... 10
Notes to Schedules of Investments.................. 18
CORE TRUST (DELAWARE)
Statements of Assets and Liabilities............... 20
Statements of Operations........................... 21
Statements of Changes in Net Assets................ 22
Financial Highlights............................... 23
Notes to Financial Statements...................... 24
Schedules of Investments........................... 25
Prime Money Market Portfolio.............. 25
Money Market Portfolio.................... 26
Notes to Schedules of Investments.................. 28
</TABLE>
[LOGO]
<PAGE>
A MESSAGE TO OUR SHAREHOLDERS
- --------------------------------------------------------------------------------
January 15, 1999
Dear Valued Shareholder,
We are pleased to present the Semi-Annual Report for
Norwest Advantage Funds for the period June 1 through
November 30, 1998. This report includes our six money
market funds.
Investors experienced unprecedented market volatility
from June through November. After climbing 20% during the
first half of the year, the stock market dropped nearly
20% between mid July and September, only to reach record
highs by late November. At the same time, government
bonds, especially the 30-year Treasury bond, rallied due
to an influx of cash from investors seeking shelter from
volatility.
While Asia's economic problems continued to shake the
world's financial markets, the U.S. economy withstood the
storm for three reasons. First, the fundamentals
underlying our economy remain solid: low unemployment, low
inflation and sustained growth. Second, both consumers and
businesses benefited from falling commodity prices. In
addition, the Federal Reserve cut interest rates three
times over a two-month period, which restored confidence
in financial markets. Consumers capitalized on their good
fortune with a spending spree that has kept corporate
profits healthy.
Not all economic sectors fared well in this
environment. Domestic large cap stocks and U.S. Treasuries
led the market, with many small cap stocks posting
negative returns. The performance gap was partly
attributed to worsening conditions overseas. Whenever
there's trouble in world markets, foreign investors seek a
haven for their money in quality investments, namely U.S.
blue chip stocks and Treasuries. The inflow of funds
helped trigger rallies in these investment categories.
Looking forward, we urge investors to manage their
performance expectations for 1999. Consumer spending will
ultimately slow, as will economic growth. Indeed, we've
already witnessed a slowdown in the manufacturing sector
due to weakening foreign demand for U.S. goods. Plus, we
may not have experienced the worst of Asia's problems.
In short, it's not a time to swing for home runs.
Rather, it's a time to be aware of risk and to diversify
your portfolio to earn more balanced returns. The fact is,
diversification is an investment concept that works in any
environment. With this in mind, we offer a broad selection
of mutual funds to meet any tolerance for risk and to help
you achieve your long-term goals.
In closing, you are undoubtedly aware that Norwest
Corporation has merged with Wells Fargo & Company. We are
confident the new organization will continue to serve your
investment needs; you can expect the same level of quality
service you have to come to expect from Norwest, plus
several new products and services designed to give you
even more choices.
Thank you for choosing Norwest Advantage Funds. We
look forward to working with you in the future.
Sincerely,
/s/ John Y. Keffer
John Y. Keffer
CHAIRMAN, NORWEST ADVANTAGE
FUNDS
[LOGO]
1
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) NOVEMBER 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MUNICIPAL
CASH READY CASH U.S. TREASURY MONEY
INVESTMENT INVESTMENT GOVERNMENT PLUS TREASURY MARKET
FUND FUND FUND FUND FUND FUND
-------------- ------------ -------------- ----------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments (Note 2)
Investments at cost......... $6,124,988,227 $888,173,248 $1,815,989,315 $ - $1,587,658,451 $1,316,241,190
Repurchase agreements at
cost.................... - - 817,940,951 9,874 - -
-------------- ------------ -------------- ----------- -------------- --------------
Total investments at value... 6,124,988,227 888,173,248 2,633,930,266 9,874 1,587,658,451 1,316,241,190
Cash......................... - - - - - 446
Receivable for interest and
other receivables........ 2,454 - 10,097,194 1,018 6,464,528 11,554,729
Receivable for investments
sold..................... - - - 33,415,244 882,825,241 -
-------------- ------------ -------------- ----------- -------------- --------------
TOTAL ASSETS.................. 6,124,990,681 888,173,248 2,644,027,460 33,426,136 2,476,948,220 1,327,796,365
-------------- ------------ -------------- ----------- -------------- --------------
LIABILITIES
Payable to custodian for
account overdraft (Note
3)...................... - - 10,379,140 - - -
Payable for investments
purchased............... - - - - 348,175,601 -
Payable to Norwest and
affiliates (Note 3)..... 976,265 173,327 937,970 381 726,257 453,898
Payable to other related
parties (Note 3)........ 129,376 - 286,065 - 107,358 36,997
Accrued expenses and other
liabilities............. 1,971 92,614 5,216 4,900 19,862 3,841
Dividends payable........... 12,116,811 19,974 9,594,614 21,752 6,107,857 2,430,751
-------------- ------------ -------------- ----------- -------------- --------------
TOTAL LIABILITIES............. 13,224,423 285,915 21,203,005 27,033 355,136,935 2,925,487
-------------- ------------ -------------- ----------- -------------- --------------
NET ASSETS.................... $6,111,766,258 $887,887,333 $2,622,824,455 $33,399,103 $2,121,811,285 $1,324,870,878
-------------- ------------ -------------- ----------- -------------- --------------
-------------- ------------ -------------- ----------- -------------- --------------
COMPONENTS OF NET ASSETS
Paid in capital............. $6,113,614,310 $887,898,079 $2,622,876,720 $33,398,649 $2,121,143,168 $1,326,197,247
Undistributed (distributions
in excess of) net
investment income....... (147,521) (3,100) (56,270) - 102,005 (198,272)
Accumulated net realized
gain (loss) from
investments sold........ (1,700,531) (7,646) 4,005 454 566,112 (1,128,097)
-------------- ------------ -------------- ----------- -------------- --------------
NET ASSETS.................... $6,111,766,258 $887,887,333 $2,622,824,455 $33,399,103 $2,121,811,285 $1,324,870,878
-------------- ------------ -------------- ----------- -------------- --------------
-------------- ------------ -------------- ----------- -------------- --------------
NET ASSETS BY SHARE CLASS
Single class funds.......... $6,111,766,258 $ - $2,622,824,455 $33,399,103 $2,121,811,285 $ -
Investor Shares............. - 842,877,199 - - - 42,538,407
Exchange Shares............. - 1,030,590 - - - -
Institutional Shares........ - - - - - 1,282,332,471
Public Entities Shares...... - 43,979,544 - - - -
-------------- ------------ -------------- ----------- -------------- --------------
NET ASSETS.................... $6,111,766,258 $887,887,333 $2,622,824,455 $33,399,103 $2,121,811,285 $1,324,870,878
-------------- ------------ -------------- ----------- -------------- --------------
-------------- ------------ -------------- ----------- -------------- --------------
SHARES OF BENEFICIAL INTEREST
Single class funds.......... 6,113,539,471 - 2,622,920,232 33,398,649 2,121,141,884 -
Investor Shares............. - 842,897,224 - - - 42,546,122
Exchange Shares............. - 1,030,598 - - - -
Institutional Shares........ - - - - - 1,282,327,994
Public Entities Shares...... - 43,979,483 - - - -
NET ASSET VALUE PER SHARE AND
OFFERING PRICE PER SHARE
(Net Assets Divided by
Shares of Beneficial
Interest)
All share classes........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
</TABLE>
[LOGO]
See Notes to Financial Statements
2
<PAGE>
STATEMENTS OF OPERATIONS (UNAUDITED) FOR THE PERIOD ENDED NOVEMBER 30,
1998(a)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CASH READY CASH U.S. TREASURY MUNICIPAL
INVESTMENT INVESTMENT GOVERNMENT PLUS TREASURY MONEY MARKET
FUND FUND FUND FUND FUND FUND
------------- ------------ ------------ --------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Interest income.......................... $148,899,385 $22,538,341 $73,257,278 $219,687 $38,579,014 $20,281,586
Net expenses from Portfolios (Note 1).... (6,814,142) (1,596,248) - - - -
------------- ------------ ------------ --------- ------------ ------------
Total Investment Income.................... 142,085,243 20,942,093 73,257,278 219,687 38,579,014 20,281,586
------------- ------------ ------------ --------- ------------ ------------
EXPENSES
Advisory (Note 3)........................ - - 1,818,339 8,883 1,128,936 1,902,250
Management and Administration (Note 3)... 1,321,938 600,396 1,348,158 4,442 773,656 592,300
Transfer agent (Note 3)
Single class funds..................... 5,287,752 - 3,370,397 11,104 1,934,141 -
Investor Shares........................ - 983,367 - - - 52,221
Exchange Shares........................ - 1,124 - - - -
Institutional Shares................... - - - - - 550,524
Public Entities Shares................. - 6,467 - - - -
Custody (Note 3)......................... - - 142,336 888 84,886 64,662
Accounting (Note 3)...................... 6,000 12,000 33,000 16,419 30,000 48,000
Legal.................................... 51,612 7,896 26,311 22 14,009 11,060
Registration............................. 56,833 49,682 28,541 1,925 24,569 37,120
Audit.................................... 2,950 2,950 9,438 8,000 8,000 8,450
Trustees................................. 38,271 5,982 19,557 32 10,824 8,260
Distribution fees -- Exchange Shares
(Note 3)............................... - 4,498 - - - -
Miscellaneous............................ 23,272 3,734 30,372 419 16,213 14,514
------------- ------------ ------------ --------- ------------ ------------
TOTAL EXPENSES............................. 6,788,628 1,678,096 6,826,449 52,134 4,025,234 3,289,361
Fees waived and expenses reimbursed (Note
4)..................................... (899,334) (15,149) (85,478) (29,926) (466,349) (676,185)
------------- ------------ ------------ --------- ------------ ------------
NET EXPENSES............................... 5,889,294 1,662,947 6,740,971 22,208 3,558,885 2,613,176
------------- ------------ ------------ --------- ------------ ------------
NET INVESTMENT INCOME (LOSS)............... 136,195,949 19,279,146 66,516,307 197,479 35,020,129 17,668,410
------------- ------------ ------------ --------- ------------ ------------
NET REALIZED GAIN (LOSS) ON INVESTMENTS
Net realized gain (loss) on investments
sold................................... - - 287,400 454 387,617 (6,631)
Net realized gain (loss) on investments
in Portfolios.......................... 58,297 8,294 - - - -
------------- ------------ ------------ --------- ------------ ------------
NET REALIZED GAIN (LOSS) ON INVESTMENTS.... 58,297 8,294 287,400 454 387,617 (6,631)
------------- ------------ ------------ --------- ------------ ------------
INCREASE (DECREASE) IN NET ASSETS RESULTING
FROM OPERATIONS.......................... $136,254,246 $19,287,440 $66,803,707 $197,933 $35,407,746 $17,661,779
------------- ------------ ------------ --------- ------------ ------------
------------- ------------ ------------ --------- ------------ ------------
Jul 6,
(a) Beginning of period.................... Jun 1, 1998 Jun 1, 1998 Jun 1, 1998 1998 Jun 1, 1998 Jun 1, 1998
</TABLE>
[LOGO]
See Notes to Financial Statements
3
<PAGE>
FOR THE YEAR ENDED MAY 31, 1998
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) AND THE PERIOD ENDED NOVEMBER
30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CASH TREASURY MUNICIPAL MONEY
INVESTMENT READY CASH U.S. GOVERNMENT PLUS MARKET
FUND INVESTMENT FUND FUND FUND (c) TREASURY FUND FUND
-------------- --------------- --------------- ------------ -------------- ---------------
<S> <C> <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 (loss)..... 203,656,282 50,187,684 114,966,133 - 58,492,565 28,902,887
Net realized gain
(loss) on
investments
sold.............. (53,352) 48,398 (48,377) - 358,352 172,328
-------------- --------------- --------------- ------------ -------------- ---------------
Net increase
(decrease) 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 on
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)
-------------- --------------- --------------- ------------ -------------- ---------------
CAPITAL SHARE
TRANSACTIONS (AT
$1.00 PER SHARE)
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
-------------- --------------- --------------- ------------ -------------- ---------------
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 -- (INCLUDING
LINE(a))............ 4,685,818,157 789,717,068 2,260,207,846 - 1,440,515,062 1,021,763,286
-------------- --------------- --------------- ------------ -------------- ---------------
OPERATIONS
Net investment
income (loss)..... 136,195,949 19,279,146 66,516,307 197,479 35,020,129 17,668,410
Net realized gain
(loss) on
investments
sold.............. 58,297 8,294 287,400 454 387,617 (6,631)
-------------- --------------- --------------- ------------ -------------- ---------------
Net increase
(decrease) in net
assets resulting
from operations... 136,254,246 19,287,440 66,803,707 197,933 35,407,746 17,661,779
-------------- --------------- --------------- ------------ -------------- ---------------
DISTRIBUTIONS TO
SHAREHOLDERS FROM
Net investment
income
Single class
funds........... (136,195,949) - (66,516,307) (197,479) (35,020,129) -
Investor Shares... - (18,938,881) - - - (607,578)
Exchange Shares... - (18,032) - - - -
Institutional
Shares.......... - - - - - (17,060,832)
Public Entities
Shares.......... - (322,233) - - - -
-------------- --------------- --------------- ------------ -------------- ---------------
Total distributions
to shareholders... (136,195,949) (19,279,146) (66,516,307) (197,479) (35,020,129) (17,668,410)
-------------- --------------- --------------- ------------ -------------- ---------------
CAPITAL SHARE
TRANSACTIONS (AT
$1.00 PER SHARE)
Sale of shares
Single class
funds........... 16,680,590,719 - 11,908,417,216 495,354,703 4,958,656,065 -
Investor Shares... - 219,469,139 - - - 20,049,984
Exchange Shares... - 1,696,645 - - - -
Institutional
Shares.......... - - - - - 2,356,566,883
Public Entities
Shares.......... - 72,589,778 - - - -
Reinvestment of
distributions
Single class
funds........... 64,283,483 - 9,481,294 154,904 8,718,311 -
Investor Shares... - 18,935,576 - - - 607,647
Exchange Shares... - 16,675 - - - -
Institutional
Shares.......... - - - - - 3,251,797
Public Entities
Shares.......... - 325,202 - - - -
Redemption of shares
Single class
funds........... (15,318,984,398) - (11,555,569,301) (462,110,958) (4,286,465,770) -
Investor Shares... - (184,915,545) - - - (22,189,574)
Exchange Shares... - (1,020,002) - - - -
Institutional
Shares.......... - - - - - (2,055,172,514)
Public Entities
Shares.......... - (28,935,497) - - - -
-------------- --------------- --------------- ------------ -------------- ---------------
Net increase
(decrease) from
capital share
transactions...... 1,425,889,804 98,161,971 362,329,209 33,398,649 680,908,606 303,114,223
-------------- --------------- --------------- ------------ -------------- ---------------
Net increase
(decrease) in net
assets............ 1,425,948,101 98,170,265 362,616,609 33,399,103 681,296,223 303,107,592
-------------- --------------- --------------- ------------ -------------- ---------------
NET ASSETS -- NOVEMBER
30, 1998 (INCLUDING
LINE (b))........... $6,111,766,258 $ 887,887,333 $2,622,824,455 $ 33,399,103 $2,121,811,285 $ 1,324,870,878
-------------- --------------- --------------- ------------ -------------- ---------------
-------------- --------------- --------------- ------------ -------------- ---------------
Undistributed
(distributions in
excess of) net
investment income
(a) May 31,
1998............ $ (147,521) $ (3,100) $ (56,270) $ - $ 102,005 $ (198,272)
-------------- --------------- --------------- ------------ -------------- ---------------
-------------- --------------- --------------- ------------ -------------- ---------------
(b) November 30,
1998............ $ (147,521) $ (3,100) $ (56,270) $ - $ 102,005 $ (198,272)
-------------- --------------- --------------- ------------ -------------- ---------------
-------------- --------------- --------------- ------------ -------------- ---------------
(c) Commencement
of operations
was July 6,
1998.
</TABLE>
[LOGO]
See Notes to Financial Statements
4
<PAGE>
FINANCIAL HIGHLIGHTS (UNAUDITED)
- --------------------------------------------------------------------------------
SELECTED DATA FOR A SHARE OUTSTANDING DURING THE PERIODS
<TABLE>
<CAPTION>
BEGINNING NET REALIZED DIVIDENDS CAPITAL
NET ASSET NET AND UNREALIZED FROM NET CONTRIBUTION ENDING NET
VALUE PER INVESTMENT LOSS ON INVESTMENT FROM ASSET VALUE
SHARE INCOME INVESTMENTS INCOME ADVISER PER SHARE
--------- ---------- -------------- ---------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
CASH INVESTMENT FUND
Six Months Ended November
30, 1998.................. $1.00 $0.026 $ - $(0.026) $ - $1.00
Year Ended May 31,
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
1994........................ 1.00 0.031 - (0.031) - 1.00
READY CASH INVESTMENT FUND
INVESTOR SHARES
Six Months Ended November
30, 1998.................. 1.00 0.024 - (0.024) - 1.00
Year Ended May 31,
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
1994........................ 1.00 0.027 - (0.027) - 1.00
EXCHANGE SHARES
Six Months Ended November
30, 1998.................. 1.00 0.022 - (0.022) - 1.00
Year Ended May 31,
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
May 9, 1994(b) to May 31,
1994...................... 1.00 0.001 - (0.001) - 1.00
PUBLIC ENTITIES SHARES
September 2, 1998(b) to
November 30, 1998......... 1.00 0.012 - (0.012) - 1.00
U.S. GOVERNMENT FUND
Six Months Ended November
30, 1998.................. 1.00 0.025 - (0.025) - 1.00
Year Ended May 31,
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
1994........................ 1.00 0.030 - (0.030) - 1.00
TREASURY PLUS FUND
July 6, 1998(b) to November
30, 1998.................. 1.00 0.011 - (0.011) - 1.00
TREASURY FUND
Six Months Ended November
30, 1998.................. 1.00 0.023 - (0.023) - 1.00
Year Ended May 31,
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
1994........................ 1.00 0.028 - (0.028) - 1.00
MUNICIPAL MONEY MARKET FUND
INVESTOR SHARES
Six Months Ended November
30, 1998.................. 1.00 0.015 - (0.015) - 1.00
Year Ended May 31,
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
1994........................ 1.00 0.021 - (0.021) - 1.00
INSTITUTIONAL SHARES
Six Months Ended November
30, 1998.................. 1.00 0.016 - (0.016) - 1.00
Year Ended May 31,
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
August 3, 1993(b) to May 31,
1994...................... 1.00 0.019 - (0.019) - 1.00
<CAPTION>
RATIOS TO AVERAGE
NET ASSETS NET ASSETS
----------------------------------------------------- AT END OF
NET PERIOD
NET GROSS INVESTMENT TOTAL (000'S
EXPENSES EXPENSES(a) INCOME RETURN OMITTED)
-------------- --------------- -------------- ----------- -----------
<S> <C> <C> <C> <C> <C>
CASH INVESTMENT FUND
Six Months Ended November
30, 1998.................. 0.48%(c)(e) 0.51%(c)(e) 5.15%(c)(e) 2.61% $6,111,766
Year Ended May 31,
1998........................ 0.48%(e) 0.57%(e) 5.29%(e) 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
1994........................ 0.49% 0.49% 3.11% 3.16% 1,381,402
READY CASH INVESTMENT FUND
INVESTOR SHARES
Six Months Ended November
30, 1998.................. 0.82%(c)(e) 0.82%(c)(e) 4.81%(c)(e) 2.44% 842,877
Year Ended May 31,
1998........................ 0.82%(e) 0.82%(e) 4.95%(e) 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
1994........................ 0.82% 0.92% 2.70% 2.74% 164,138
EXCHANGE SHARES
Six Months Ended November
30, 1998.................. 1.57%(c)(e) 2.75%(c)(e) 4.01%(c)(e) 2.06% 1,031
Year Ended May 31,
1998........................ 1.56%(e) 5.57%(e) 4.21%(e) 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
May 9, 1994(b) to May 31,
1994...................... 1.53%(c) 1.85%(c) 2.48%(c) 2.51%(c) 151
PUBLIC ENTITIES SHARES
September 2, 1998(b) to
November 30, 1998......... 0.52%(c)(e) 0.67%(c)(e) 4.98%(c)(e) 1.23% 43,980
U.S. GOVERNMENT FUND
Six Months Ended November
30, 1998.................. 0.50%(c) 0.51%(c) 4.93%(c) 2.50% 2,622,824
Year Ended May 31,
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
1994........................ 0.47% 0.53% 3.02% 3.07% 1,091,141
TREASURY PLUS FUND
July 6, 1998(b) to November
30, 1998.................. 0.50%(c) 1.17%(c) 4.45%(c) 1.15% 33,399
TREASURY FUND
Six Months Ended November
30, 1998.................. 0.46%(c) 0.52%(c) 4.53%(c) 2.31% 2,121,811
Year Ended May 31,
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
1994........................ 0.46% 0.58% 2.81% 2.83% 526,483
MUNICIPAL MONEY MARKET FUND
INVESTOR SHARES
Six Months Ended November
30, 1998.................. 0.65%(c) 0.88%(c) 2.91%(c) 1.47% 42,538
Year Ended May 31,
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%(d) 47,424
1994........................ 0.65% 0.99% 2.03% 2.09% 33,554
INSTITUTIONAL SHARES
Six Months Ended November
30, 1998.................. 0.45%(c) 0.56%(c) 3.10%(c) 1.57% 1,282,332
Year Ended May 31,
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%(d) 278,953
August 3, 1993(b) to May 31,
1994...................... 0.45%(c) 0.77%(c) 2.33%(c) 2.34%(c) 190,356
</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) Annualized.
(d) 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.
(e) Includes expenses allocated from the Portfolio(s) in which the Fund invests.
[LOGO]
See Notes to Financial Statements
5
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) NOVEMBER 30, 1998
- --------------------------------------------------------------------------------
NOTE 1. ORGANIZATION
Norwest Advantage Funds (the "Trust") is organized as a Delaware business trust
and is registered as an open-end management investment company. The Trust
currently has thirty-nine separate investment portfolios. These financial
statements relate to the six 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 Plus Fund..................................................................................... July 6, 1998
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. 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 evenly 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, 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. Each Portfolio directly acquires portfolio securities,
and a Fund investing in a 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. This is commonly referred to
as a master-feeder arrangement. The financial statements of the Portfolios are
included with this report and should be read in conjunction with the Funds'
financial statements. As of November 30, 1998, the percentages of Prime Money
Market Portfolio and Money Market Portfolio owned by Cash Investment Fund were
77.5% and 99.2%, respectively. The percentage of Prime Money Market Portfolio
owned by Ready Cash Investment Fund was 22.5%.
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 - Each Fund determines its net asset value as of 1:00 p.m.,
Pacific time, on each Fund business day. Cash Investment Fund and Ready Cash
Investment Fund record their investments in the Portfolios at value. Valuation
of securities held in the Portfolios is discussed in Note 2 of the Core Trust
Notes to Financial Statements. Securities held by the other Funds are valued by
utilizing the amortized cost method pursuant to Rule 2a-7 under the Investment
Company Act of 1940 (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 maturity value of the issue
over the period to maturity.
INTEREST INCOME AND EXPENSES - Each Fund accrues its own expenses. Cash
Investment Fund and Ready Cash Investment Fund record daily a pro rata share of
the Portfolios' income, expenses and realized gain and loss. Interest income is
recorded on the accrual basis and includes amortization of premiums and
discounts. Expenses of Cash Investment Fund and Ready Cash Investment Fund
include their pro rata amounts of expenses of the Portfolios in which they
invest.
DISTRIBUTIONS TO SHAREHOLDERS - Dividends are declared daily, and paid monthly,
to shareholders and net capital gain, if any, is distributed to shareholders at
least annually. Distributions are based on amounts calculated in accordance with
applicable federal income tax regulations, which may differ from generally
accepted accounting principles. These differences are due primarily to differing
treatments of income and gain on various investment securities held by the Fund,
timing differences and differing characterizations of distributions made by the
Funds.
FEDERAL TAXES - Each Fund intends to qualify, and continue 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.
[LOGO]
6
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1998
- --------------------------------------------------------------------------------
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
REPURCHASE AGREEMENTS - Except for the Treasury Fund, each Fund may invest in
repurchase agreements. The Funds, through their custodian, receive delivery of
the underlying collateral, whose market value must always equal or exceed the
repurchase price. The investment adviser is responsible for determining the
value of the underlying collateral at all times. In the event of default, a Fund
may have difficulties with the disposition of such securities held as
collateral.
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.
REALIZED GAIN AND LOSS - Security transactions are recorded on a trade date
basis. Realized gain and loss on investments sold are recorded on the basis of
identified cost for both financial statement and federal income tax purposes.
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 Norwest Corporation.
The Adviser receives an advisory fee from U.S. Government Fund, Treasury Plus
Fund and Treasury Fund at an annual rate of 0.20% of each Funds' 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 Funds' 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 Advisor 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, ADMINISTRATION AND DISTRIBUTION 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 to the Trust. For their services, FFSI and FAdS each receive a fee
with respect to U.S. Government Fund, Treasury Plus 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; and with respect to each other Fund at an annual rate
of 0.025% 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 up to 0.25%
of the average daily net assets attributable to the other classes of the Funds.
Norwest also serves as each Fund's custodian. Norwest receives a fee for its
custodial services with respect to each Fund at an annual rate of 0.02% of the
first $100 million of a Fund's average daily net assets, 0.015% of the next $100
million of a Fund's average daily net assets and 0.01% of a Fund's remaining
average daily net assets. No fee is directly payable by a Fund to the extent the
Fund is invested in a Portfolio.
DISTRIBUTION SERVICES - The Trust has adopted a Distribution Plan (the "Plan")
with respect to Exchange Shares of Ready Cash Investment Fund pursuant to Rule
12b-1 under the Act. The Plan authorizes payment to FFSI of an annual
distribution service fee of 0.75% of the average daily net assets, and a
maintenance fee of 0.25% of the average daily net assets of Ready Cash
Investment Fund attributable to Exchange Shares. No maintenance fees were
incurred by the Fund during the period ended November 30, 1998. The distribution
payments are used to reimburse the distributor 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. Unreimbursed distribution charges at November 30, 1998, for Ready Cash
Investment Fund, were $4,498.
OTHER SERVICES PROVIDERS - Effective June 1, 1997, Forum Accounting Services,
LLC ("FAcS"), provided portfolio accounting services to each Fund. Prior to June
1, 1997, Forum Financial Corp.-Registered Trademark- ("FFC") provided portfolio
accounting services to each Fund pursuant to a separate agreement. Terms of the
agreements are identical in all material respects, including fees.
[LOGO]
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) (CONCLUDED) NOVEMBER 30, 1998
- --------------------------------------------------------------------------------
NOTE 4. VOLUNTARY FEE WAIVERS 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 period ended November 30, 1998, fees waived and expenses
reimbursed by the Trust's service providers were as follows:
<TABLE>
<CAPTION>
EXPENSES TOTAL FEES
FEES WAIVED REIMBURSED WAIVED
------------------------------------------- ------------- AND EXPENSES
FUND NORWEST ADVISER FADS/FFSI FFSI REIMBURSED
- ---------------------------------------- ------------- ----------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Cash Investment Fund.................... $ - $ - $ 899,334 $ - $ 899,334
Ready Cash Investment Fund.............. - - 11,617 3,532 15,149
U.S. Government Fund.................... - - 85,478 - 85,478
Treasury Plus Fund...................... 11,104 8,883 4,442 5,497 29,926
Treasury Fund........................... - - 466,349 - 466,349
Municipal Money Market Fund............. 164,894 - 511,291 - 676,185
</TABLE>
NOTE 5. FEDERAL INCOME TAXES
As of November 30, 1998, certain of the Funds had capital loss carryovers
available to offset future capital gains as follows:
<TABLE>
<CAPTION>
YEAR OF EXPIRATION
-----------------------------------------
2003 2005 2006 TOTAL
------------- ----------- ----------- -------------
<S> <C> <C> <C> <C>
Cash Investment Fund.................... $ 1,663,035 $ - $ 75,562 $ 1,738,597
Ready Cash Investment Fund.............. 10,906 - - 10,906
U.S. Government Fund.................... 217,471 - - 217,471
Municipal Money Market Fund............. - 1,121,466 - 1,121,466
</TABLE>
[LOGO]
8
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) NOVEMBER 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
CASH INVESTMENT FUND
- ------------------------------------------------------------------------
N/A Prime Money Market Portfolio of Core
Trust (Delaware) $3,062,482,731
N/A Money Market Portfolio of Core Trust
(Delaware) 3,062,505,496
--------------
TOTAL INVESTMENTS (100.0%) $6,124,988,227
--------------
--------------
- ------------------------------------------------------------------------
READY CASH INVESTMENT FUND
- ------------------------------------------------------------------------
N/A Prime Money Market Portfolio of Core
Trust (Delaware) $ 888,173,248
--------------
TOTAL INVESTMENTS (100.0%) $ 888,173,248
--------------
--------------
- ------------------------------------------------------------------------
U.S. GOVERNMENT FUND
- ------------------------------------------------------------------------
AGENCY NOTES (36.9%)
FFCB (3.7%)
45,000,000 5.65%, 1/4/99 $ 44,997,511
16,365,000 5.30%, 2/2/99 16,355,176
25,000,000 5.38%, 3/2/99 24,991,337
12,400,000 5.60%, 5/3/99 12,411,258
--------------
TOTAL FFCB 98,755,282
--------------
FHLB (11.5%)
50,000,000 5.19% V/R, 12/7/98 50,000,000
25,000,000 5.83%, 12/17/98 24,999,551
8,500,000 5.03%, 2/23/99 8,488,699
17,000,000 5.58%, 3/11/99 17,035,363
28,250,000 5.60%, 3/30/99 28,250,000
3,285,000 5.51%, 4/1/99 3,292,842
50,000,000 5.03% V/R, 4/9/99 49,991,165
3,650,000 6.20%, 5/14/99 3,673,957
12,750,000 5.61%, 6/18/99 12,800,317
30,000,000 5.51%, 7/6/99 29,987,236
50,000,000 4.84% V/R, 11/12/99 49,972,036
25,000,000 4.84% V/R, 11/16/99 24,983,221
--------------
TOTAL FHLB 303,474,387
--------------
FHLMC (5.9%)
100,000,000 4.86% V/R, 4/21/99 99,977,206
20,590,000 7.13%, 7/21/99 20,883,204
35,000,000 4.96% V/R, 8/27/99 34,963,271
--------------
TOTAL FHLMC 155,823,681
--------------
FNMA (11.6%)
30,000,000 5.25%, 1/19/99 30,000,000
9,800,000 5.33%, 2/12/99 9,805,204
5,000,000 5.38%, 2/12/99 4,998,850
10,000,000 4.95%, 2/22/99 9,985,193
50,000,000 5.03% V/R, 4/9/99 49,991,165
10,000,000 6.42%, 4/15/99 10,051,993
16,300,000 5.63%, 5/6/99 16,299,030
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
U.S. GOVERNMENT FUND (continued)
- ------------------------------------------------------------------------
20,000,000 5.57%, 5/7/99 $ 19,985,548
5,000,000 5.65%, 5/7/99 4,998,468
50,000,000 5.01% V/R, 5/28/99 49,978,446
10,000,000 5.47%, 8/16/99 10,047,294
87,500,000 5.79%, 10/12/99 87,989,682
--------------
TOTAL FNMA 304,130,873
--------------
SLMA (1.5%)
15,510,000 5.58%, 3/11/99 15,509,013
25,000,000 5.58%, 8/11/99 24,993,156
--------------
TOTAL SLMA 40,502,169
--------------
OTHER AGENCY NOTES (2.7%)
50,000,000 Israel Aid, 7.13%, 8/15/99 50,730,785
20,200,000 State of Israel A125, 6.00%, 2/15/99 20,212,735
--------------
TOTAL OTHER AGENCY NOTES 70,943,520
--------------
TOTAL AGENCY NOTES 973,629,912
--------------
CASH MANAGEMENT ACCOUNTS (1.3%)
35,000,000 AIM Short-Term Investment Government
Fund 35,000,000
--------------
COMMERCIAL PAPER (3.8%)
72,073,000 USA Group, Secondary Market Services,
SLMA LOC, 5.03%, 12/2/98 72,062,930
27,525,000 USA Group, Secondary Market Services,
SLMA LOC, 5.03%, 12/4/98 27,513,462
--------------
TOTAL COMMERCIAL PAPER 99,576,392
--------------
DISCOUNT NOTES (A) (26.9%)
FHLB (1.9%)
50,000,000 4.94%, 1/22/99 49,643,222
--------------
FHLMC (16.8%)
50,000,000 4.76%, 12/18/98 49,887,729
36,450,000 5.08%, 12/23/98 36,336,843
50,000,000 5.04%, 1/15/99 49,685,000
35,000,000 4.80%, 1/22/99 34,757,334
50,000,000 5.01%, 1/28/99 49,596,417
25,000,000 5.00%, 1/29/99 24,795,139
68,766,000 4.75%, 2/17/99 68,036,617
50,000,000 4.94%, 2/22/99 49,431,105
35,000,000 4.89%, 3/5/99 34,552,652
25,000,000 4.83%, 3/12/99 24,661,230
10,000,000 4.82%, 3/22/99 9,851,384
10,000,000 4.82%, 3/26/99 9,846,029
--------------
TOTAL FHLMC 441,437,479
--------------
FNMA (8.2%)
75,000,000 4.79%, 12/14/98 74,870,271
30,000,000 5.04%, 1/8/99 29,840,400
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements
9
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
U.S. GOVERNMENT FUND (continued)
- ------------------------------------------------------------------------
13,641,000 4.80%, 2/2/99 $ 13,526,416
75,000,000 4.50%, 4/1/99 73,865,625
25,000,000 4.54%, 4/7/99 24,599,598
--------------
TOTAL FNMA 216,702,310
--------------
TOTAL DISCOUNT NOTES 707,783,011
--------------
REPURCHASE AGREEMENTS (31.1%)
500,000,000 Bear, Stearns & Co., Inc., 5.50%,
12/1/98, to be repurchased at
$500,076,389, collateralized by
$75,750,086 FHA, 6.50%-8.00%,
9/15/13-11/20/28, $586,560,809 FNMA,
5.50%-9.29%, 11/1/08-8/1/33, with an
aggregate market value of $510,318,067 500,000,000
50,000,000 Goldman Sachs, 5.19%, 12/1/98, to be
repurchased at $50,007,208,
collateralized by $42,496,887 FMAC,
6.00%-9.00%, 7/1/06-3/1/37,
$21,120,000 FNMA, 5.43%, 5/1/03, with
an aggregate market value of
$51,000,000 50,000,000
62,500,000 Goldman Sachs, 4.85%, 12/1/98, to be
repurchased at $62,508,420,
collateralized by $54,086,946 FMAC,
6.00%-9.00%, 7/1/06-3/1/37,
$26,880,000 FNMA, 5.43%, 5/1/03, with
an aggregate market value of
$63,750,000 62,500,000
195,450,825 NationsBanc Montgomery Securities, Inc.,
5.50%, 12/1/98, to be repurchased at
$195,480,686, collateralized by
$202,248,538 FNMA, 6.00%, 10/1/13,
with an aggregate market value of
$202,627,754 195,450,825
9,990,126 NationsBanc Montgomery Securities, Inc.,
5.30%, 12/1/98, to be repurchased at
$9,991,597, collateralized by
$9,955,161 U.S. Treasury Note, 5.38%,
10/31/00, with an aggregate market
value of $10,191,596 9,990,126
--------------
TOTAL REPURCHASE AGREEMENTS 817,940,951
--------------
TOTAL INVESTMENTS (100.0%) $2,633,930,266
--------------
--------------
- ------------------------------------------------------------------------
TREASURY PLUS FUND
- ------------------------------------------------------------------------
REPURCHASE AGREEMENTS (100.0%)
9,874 NationsBanc Montgomery Securities, Inc.,
5.30%, 12/1/98, to be repurchased at
$9,875, collateralized by $9,839 U.S.
Treasury Note, 5.38%, 10/31/00, with
an aggregate market value of $10,073 $ 9,874
--------------
TOTAL INVESTMENTS (100.0%) $ 9,874
--------------
--------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
TREASURY FUND
- ------------------------------------------------------------------------
U.S. TREASURY BILLS (A) (75.4%)
41,670,000 3.85%, 12/10/98 $ 41,629,430
200,000,000 4.86%, 12/15/98 199,622,778
125,000,000 4.21%, 12/24/98 124,663,785
130,000,000 4.14%, 1/7/99 129,446,850
375,000,000 4.65%, 1/21/99 372,542,969
100,000,000 4.39%, 1/28/99 99,292,722
75,000,000 4.37%, 2/4/99 74,408,229
30,000,000 4.38%, 2/18/99 29,711,321
50,000,000 4.38%, 2/25/99 49,476,834
75,000,000 4.42%, 3/4/99 74,144,594
1,835,000 4.90%, 8/19/99 1,769,813
--------------
TOTAL U.S. TREASURY BILLS 1,196,709,325
--------------
U.S. TREASURY NOTES (24.6%)
50,000,000 6.38%, 1/15/99 50,123,926
15,000,000 5.00%, 1/31/99 14,989,186
175,000,000 5.88%, 1/31/99 175,408,624
50,000,000 5.00%, 2/15/99 50,066,540
50,000,000 5.50%, 2/28/99 50,056,925
50,000,000 6.38%, 5/15/99 50,303,925
--------------
TOTAL U.S. TREASURY NOTES 390,949,126
--------------
TOTAL INVESTMENTS (100.0%) $1,587,658,451
--------------
--------------
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND
- ------------------------------------------------------------------------
ALASKA (0.6%)
4,900,000 Anchorage, AK, Higher Education RV,
Alaska Pacific University, First
National Bank, LOC, 3.20% V/R, 7/1/17 $ 4,900,000
3,500,000 North Slope Boro, AK, GO Bonds, Series
B, FSA insured, 6.10%, 6/30/99 3,548,224
--------------
TOTAL ALASKA 8,448,224
--------------
ARIZONA (0.3%)
4,400,000 Chandler, AZ, IDA Bonds, Parsons
Municipal Services, Inc., National
Westminster Bank, USA, LOC, 3.25% V/R,
12/15/09 4,400,000
--------------
ARKANSAS (0.1%)
1,000,000 Little Rock, AR, IDR Bonds, GTD by CPC
International, 4.96% V/R, 12/1/03 1,000,000
--------------
CALIFORNIA (1.1%)
15,000,000 California School Cash Reserve Program
Authority, Revenue Notes, Series A,
4.50%, 7/2/99 15,064,075
--------------
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements
10
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
COLORADO (0.9%)
5,700,000 Denver, CO, City & County Apartment RV,
Sub-Series B, Westdeutsche Landesbank,
LOC, 3.10% V/R, 12/1/20 $ 5,700,000
2,500,000 Lowry, CO, Economic Redevelopment
Authority RV, Series B, Canadian
Imperial Bank, LOC, 3.15% V/R, 12/1/20 2,500,000
1,700,000 Moffat County, CO, PCR Bonds, AMBAC
insured, 3.20% V/R, 7/1/10 1,700,000
1,930,000 Parkview Metropolitan District, CO,
Arapahoe County, GO Bonds, Central
Bank, LOC, 3.25% V/R, 12/1/12 1,930,000
--------------
TOTAL COLORADO 11,830,000
--------------
CONNECTICUT (0.2%)
3,000,000 Connecticut State Development Authority,
Industrial Development RV, GTD by
General Accident Insurance, 3.75%,
12/1/13 3,000,000
--------------
DISTRICT OF COLUMBIA (1.3%)
17,700,000 District of Columbia RV, George
Washington University, First National
Bank of Chicago, LOC, 3.20% V/R,
3/1/06 17,700,000
--------------
FLORIDA (3.0%)
2,000,000 Dade County, FL, IDA RV, GTD by ADP,
Inc., 3.53% V/R, 11/15/17 2,000,000
8,120,000 Florida HFA, MFHR Bonds, Country Club
Project, Bankers Trust, LOC, 3.20%
V/R, 12/1/07 8,120,000
7,140,000 Florida HFA, MFHR Bonds, First Union
National Bank, LOC, 3.00%, 11/1/07,
mandatory put 11/1/99 @ 100 7,140,000
1,710,000 Florida HFA, MFHR Bonds, South Trust
Alabama, LOC, 3.25% 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, 3.25% V/R, 10/15/99 1,600,000
18,900,000 Laurel Club Certificate Trust, COP,
Series A, Swiss Bank, LOC, 3.30% V/R,
6/1/25 18,900,000
--------------
TOTAL FLORIDA 39,470,000
--------------
GEORGIA (0.7%)
2,695,000 Fulton County, GA, IDR Bonds, GTD by
ADP, 3.25% V/R, 9/1/12 2,695,000
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
6,000,000 Marietta, GA, MFHR Bonds, Falls at Bells
Ferry, Guardian Savings & Loan, LOC,
3.95%, 1/15/09, optional put 1/15/99 @
100 $ 6,000,717
--------------
TOTAL GEORGIA 8,695,717
--------------
HAWAII (0.4%)
4,950,000 Hawaii State Department of Budget &
Finance, Special Purpose Mortgage RV,
Kuakini Medical Center Project, Bank
of Hawaii, LOC, 3.20% V/R, 7/1/04 4,950,000
--------------
ILLINOIS (14.7%)
1,000,000 Bedford Park, IL, IDR Bonds, CPC
International, Inc. Project, GTD by
Firemen's Insurance Co., 4.96% V/R,
11/01/08 1,000,000
4,000,000 Chigago, IL, GO Bonds, Equipment Notes,
Harris Trust & Savings, LOC, 3.60%,
1/1/06, mandatory tender 12/3/98 @ 100 4,000,000
1,000,000 Chicago, IL, GO Bonds, Greater Chicago
Metropolitan Water Reclamation
District, 4.15%, 12/1/99 1,010,698
6,135,000 Chicago, IL, GO Bonds, Morgan Guaranty,
LOC, 3.55%, 1/31/00, mandatory tender
2/4/99 @ 100 6,135,000
15,000,000 Chicago, IL, GO Bonds, Series PT 1054,
3.30% V/R, 1/1/28 15,000,000
15,000,000 Chicago, IL, Sales Tax RV, Floating Rate
Receipts, Series SSP-9, 3.35% V/R,
1/1/27 15,000,000
3,885,000 Cook County, IL, Municipal Trust
Receipts, Series SG-7, MBIA insured,
3.30% V/R, 11/15/23 3,885,000
890,000 Illinois Development Finance Authority,
Development RV, North Wacker Drive,
3.75% V/R, 12/1/15 890,000
6,000,000 Illinois Development Finance Authority,
MFHR Bonds, Garden Glen Apartments,
GTD by Continental Casualty Co., 3.30%
V/R, 12/1/13 6,000,000
15,000,000 Illinois Development Finance Authority,
Pollution Control RV, Illinois Power
Co. Project, Series C, ABN AMRO Bank
N.V., LOC, 3.00% V/R, 11/1/28,
mandatory put 8/26/99 @ 100 15,000,000
15,000,000 Illinois EFA RV, Cultural Pool, American
National Bank & Trust, LOC, 3.15% V/R,
3/1/28 15,000,000
2,170,000 Illinois EFA RV, Cultural Pool, First
National Bank of Chicago, LOC, 3.15%
V/R, 12/1/25 2,170,000
6,400,000 Illinois EFA RV, John F. Kennedy
Healthcare Foundation, LaSalle
National Bank, LOC, 3.60% V/R,
12/1/25, mandatory put 5/11/99 @ 100 6,400,000
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements
11
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
8,200,000 Illinois Health Facilities Authority RV,
3.30% V/R, 4/1/07 $ 8,200,000
10,000,000 Illinois Health Facilities Authority RV,
Evanston Hospital Corp., 3.70% V/R,
8/15/30, mandatory put 7/15/99 @ 100 10,000,000
3,495,000 Illinois Health Facilities Authority RV,
Health Care, Series PA 195, AMBAC
insured, 3.35% V/R, 8/1/17 3,495,000
6,930,000 Illinois Housing Development Authority
RV, Homeowner Mortgage, Subseries D-1,
3.80% V/R, 8/1/17, mandatory put
6/29/99 @ 100 6,930,000
3,170,000 Illinois Housing Development Authority
RV, Homeowner Mortgage, Subseries E-1,
3.70% V/R, 12/17/98 3,170,000
6,800,000 Lombard, IL, IDR Bonds, 2500 Highland
Avenue, Mid-America Federal Savings &
Loan, LOC, 3.60% V/R, 12/1/06 6,800,000
9,870,000 Lombard, IL, MFHR Bonds, Clover Creek
Apartments, Continental Casualty
Surety Bond, LOC, 4.00%, 12/15/06,
mandatory put 12/15/98 @ 100 9,870,000
5,200,000 Mount Morris, IL, Housing RV, Brethren
Home Project, La Salle National Bank,
Chicago, LOC, 3.15% V/R, 6/1/27 5,200,000
11,500,000 Oak Forest, IL, Other RV, Homewood Pool,
First National Bank of Chicago, LOC,
3.15% V/R, 7/1/24 11,500,000
19,970,000 Regional Transportation Authority, IL,
Transportation RV, 3.30% V/R, 6/1/24 19,970,000
2,000,000 South Barrington, IL, GO Bonds, Cook
County, Harris Trust, LOC, 3.15% V/R,
12/1/15 2,000,000
4,100,000 Springfield, IL, Transportation RV, GTD
by Allied Signal, 3.25% V/R, 10/15/16 4,100,000
1,500,000 Will & Kendall Counties, IL, GO Bonds,
Community Consolidated SD #202, Series
A, FSA insured, 6.38%, 12/30/98 1,503,137
8,700,000 Will County, IL, GO Bonds, Forest
Preservation District, AMBAC insured,
7.63%, 12/1/08, P/R 12/1/98 @ 102 8,874,000
--------------
TOTAL ILLINOIS 193,102,835
--------------
INDIANA (3.8%)
1,000,000 Gary, IN, Environmental Improvement, PCR
Bonds, U.S. Steel Group Project, Bank
of Nova Scotia, LOC, 3.25% V/R,
7/15/02 1,000,000
2,000,000 Indiana Bond Bank, Construction Loan RV,
4.13%, 8/1/99 2,014,614
12,000,000 Indiana Health Facility Financing
Authority RV, St. Anthony Medical
Center, 3.15% V/R, 12/1/17 12,000,000
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
18,200,000 Indiana Hospital Equipment Financing
Authority RV, Series A, MBIA insured,
3.20% V/R, 12/1/15 $ 18,200,000
4,865,000 Indiana State Development Financial
Authority, Educational Facilities RV,
Lutheran Project, First of America,
LOC, 3.30% V/R, 10/1/17 4,865,000
8,000,000 Indiana State Educational Facilities
Authority, Educational Facilities RV,
Indiana Wesleyan University, NBD, LOC,
3.15% V/R, 6/1/28 8,000,000
3,600,000 Indianapolis, IN, EDA RV, Visiting Nurse
Service Foundation, First of America,
LOC, 3.30% V/R, 3/1/13 3,600,000
--------------
TOTAL INDIANA 49,679,614
--------------
IOWA (2.7%)
4,600,000 Des Moines, IA, IDR Bonds, Grand Office
Park, GTD by Principal Mutual Life,
3.20% V/R, 4/1/15 4,600,000
10,600,000 Iowa Finance Authority RV, Obligation
Group, FSA insured, 3.25% V/R, 6/1/27 10,600,000
1,000,000 Iowa Finance Authority, SFM RV, Series
A, FGIC insured, 3.65%, 1/1/24,
mandatory put 2/24/99 @ 100 1,000,000
4,635,000 Iowa State School Cash Anticipatory
Program, Warrants Certificates, Iowa
School Corp., Series A, FSA insured,
4.50%, 6/25/99 4,656,947
4,000,000 Urbandale, IA, IDR Bonds, Aurora
Business Park Association Project, GTD
by Principal Mutual Life Insurance,
3.20% V/R, 10/1/15 4,000,000
6,000,000 Urbandale, IA, IDR Bonds, Interstate
Acres L.P. Project, GTD by Principal
Mutual Life Insurance, 3.35% V/R,
12/1/14 6,000,000
4,605,000 Urbandale, IA, IDR Bonds, Meredith Drive
Association Project, GTD by Principal
Mutual Life Insurance, 3.20% V/R,
11/1/15 4,605,000
--------------
TOTAL IOWA 35,461,947
--------------
KANSAS (0.3%)
2,660,000 Lawrence, KS, GO Notes, Series 1998-II,
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, 3.20% V/R,
12/1/15 1,200,000
--------------
TOTAL KANSAS 3,860,000
--------------
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements
12
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
KENTUCKY (3.5%)
10,000,000 Jefferson County, KY, Anticipatory
Revenue Notes, Board of Education,
Series N, 3.66%, 6/30/99 $ 10,001,109
9,100,000 Jefferson County, KY, MFHR Bonds, Canter
Chase, First of America, LOC, 3.30%
V/R, 12/1/26 9,100,000
6,800,000 Kentucky Asset/Liability Community
General Fund, Revenue Notes, 3.50%,
11/1/99 6,833,316
7,300,000 Kentucky Infrastructure Authority,
Revenue Notes, Series A, PNC Bank
N.A., LOC, 3.35% V/R, 6/30/00 7,300,000
7,745,000 Kentucky State Turnpike Authority RV,
Resource Recovery Road, Series 17, FSA
insured, 3.45% V/R, 7/1/03 7,745,000
3,000,000 Mayfield, KY, Multi-City Lease RV, PNC
Bank, LOC, 3.25% V/R, 7/1/26 3,000,000
2,000,000 University of Kentucky, University RV,
Consolidated Educational Buildings,
MBIA insured, 4.50%, 5/1/99 2,006,008
--------------
TOTAL KENTUCKY 45,985,433
--------------
LOUISIANA (1.1%)
2,060,000 Louisiana Public Facilities Authority,
Advance Funding Notes, School Board,
Series D, 4.40%, 12/10/98 2,060,279
1,535,000 Louisana Public Facilities Authority,
Advance Funding Revenue Notes, Series
B, American International Group
insured, 3.35%, 10/25/99 1,535,000
1,980,000 Louisiana Public Facilities Authority,
Advance Funding Revenue Notes, Series
D, American International Group
insured, 3.35%, 10/25/99 1,980,000
9,300,000 West Baton Rouge Parish, LA, Industrial
District #3 RV, Dow Chemical Co.,
Series B, 3.40% V/R, 12/1/16 9,300,000
--------------
TOTAL LOUISIANA 14,875,279
--------------
MARYLAND (0.7%)
7,000,000 Howard County, MD, MFHR Bonds, Sherwood
Crossing Ltd. Project, Guardian
Savings & Loan, LOC, 3.85% V/R,
6/1/15, mandatory put 6/1/99 @ 100 7,000,000
2,500,000 Maryland State Industrial Authority,
Economic Development RV, Johnson
Controls, Inc., LOC, 3.50% V/R,
12/1/03 2,500,000
--------------
TOTAL MARYLAND 9,500,000
--------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
MASSACHUSETTS (1.2%)
15,500,000 Massachusetts State HFA, Housing RV,
Series A10, 3.45% V/R, 6/1/14 $ 15,500,000
--------------
MICHIGAN (1.7%)
5,000,000 Detroit, MI, School Aid GO Notes, City
School District, 4.50%, 7/1/99 5,023,797
11,335,000 Grand Rapids MI, Water Supply RV, 3.45%
V/R, 1/1/15 11,335,000
3,500,000 Michigan State Hospital Finance
Authority RV, Hospital Equipment Loan
Program, Series A, First of America,
LOC, 3.25% V/R, 12/1/23 3,500,000
2,200,000 Michigan State Hospital Finance
Authority RV, Hospital Equipment Loan
Program, Series A, First of America,
LOC, 3.25% V/R, 12/1/23 2,200,000
--------------
TOTAL MICHIGAN 22,058,797
--------------
MINNESOTA (4.7%)
5,715,000 Cohasset, MN, RV, Minnesota Power &
Light Co., Series B, ABN AMRO Bank
N.V., LOC, 3.25% V/R, 6/1/13 5,715,000
5,000,000 Crystal, MN, MFHR Bonds, Crystal
Apartments L.P. Project, 3.35% V/R,
5/1/27 5,000,000
1,000,000 Hennepin County, MN, GO Notes, 4.13%,
12/1/99 1,011,081
4,900,000 Mankato, MN, MFHR Bonds, Highland Hills
Project, First Bank, LOC, 3.35% V/R,
5/1/27 4,900,000
2,465,000 Minnesota SD, Tax & Aid COP,
Anticipatory Borrowing Program, Series
A, 3.67%, 8/20/99 2,465,000
5,000,000 Minnesota SD, Tax & Aid COP,
Anticipatory Borrowing Program, Series
B, 3.90%, 3/4/99 5,004,307
5,000,000 Minnesota SD, Tax & Aid COP,
Anticipatory Borrowing Program, Series
B, 3.63%, 8/27/99 5,000,000
4,000,000 Minnesota State HFA, SFM RV, Series F,
3.65%, 1/1/17, mandatory put 8/9/99 @
100 4,000,000
5,000,000 Minnesota State HFA, SFM RV, Series G,
4.15%, 1/1/18, P/R 12/1/98 @ 100 5,000,000
1,705,000 St. Paul, MN, Housing & Redevelopment
Authority, Commercial Development RV,
Park Development Association Project,
First Star Milwaukee, LOC, 3.45% V/R,
12/1/15 1,705,000
15,300,000 St. Paul, MN, Housing & Redevelopment
Authority, Heating RV, St. Paul Energy
District, remarketed 1/3/94, 3.30%
V/R, 12/1/12 15,300,000
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements
13
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1998
- --------------------------------------------------------------------------------
<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 Bonds,
Texas Project, Series A, U.S. Bank
N.A., LOC, 3.30% V/R, 6/1/10 $ 1,000,000
3,500,000 St. Paul, MN, Sewer RV, Series A, AMBAC
insured, 8.00%, 12/1/08, crossover
refunding 12/1/98 @ 101 3,535,000
2,700,000 Stillwater, MN, GO Bonds, ISD #834, FGIC
insured, 6.75%, 2/1/09, crossover
refunding 2/1/99 @ 100 2,713,201
--------------
TOTAL MINNESOTA 62,348,589
--------------
MISSISSIPPI (0.1%)
1,430,000 Shaw, MS, Urban Renewal RV, Phase I
Redevelopment Project, Sunlife of
America, LOC, 4.40%, 12/28/18,
mandatory put 12/28/98 @ 100 1,430,668
--------------
MISSOURI (2.9%)
6,700,000 Independence, MO, IDA RV, Groves &
Graceland Project, Series A, Credit
Local de France, LOC, 3.25% V/R,
11/1/27 6,700,000
1,300,000 Kansas City, MO, IDA RV, Ewing Marion
Kauffman, Series A, 3.30% V/R, 4/1/27 1,300,000
13,975,000 Kansas City, MO, IDA, MFHR Bonds, Coach
House II Project, GTD by Principal
Mutual Life Insurance, 3.20% V/R,
12/1/15 13,975,000
2,200,000 Kansas City, MO, IDA, MFHR Bonds, JC
Nichols Co. Project, GTD by Principal
Mutual Life Insurance, 3.20% V/R,
5/1/15 2,200,000
5,000,000 Missouri State HEHFA Anticipation Notes,
Series E, 4.25%, 4/7/99 5,008,890
900,000 Missouri State HEHFA Anticipation Notes,
Series H, 4.25%, 4/7/99 901,600
8,190,000 Missouri State HEHFA RV, St. Francis
Medical Center, Series A, Credit Local
de France, LOC, 3.25% V/R, 6/1/26 8,190,000
--------------
TOTAL MISSOURI 38,275,490
--------------
MONTANA (1.3%)
7,200,000 Montana State Board of Investments,
Municipal Finance Construction RV,
Intercap Program, 3.60%, 3/1/09,
optional put 3/1/99 @ 100 7,208,438
10,000,000 Montana State Board of Investments,
Municipal Finance Construction RV,
Intercap Program, 3.60%, 3/1/18,
optional put 3/1/99 @ 100 10,000,000
--------------
TOTAL MONTANA 17,208,438
--------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
NEBRASKA (0.3%)
1,980,000 Nebraska Investment Financial Authority
RV, Catholic Health Initiatives,
Series A, 4.25%, 12/1/98 $ 1,980,000
1,900,000 Norfolk, NE, IDR Bonds, Supervalu Inc.
Project, Wachovia Bank of Georgia,
LOC, 3.30% V/R, 11/1/14 1,900,000
--------------
TOTAL NEBRASKA 3,880,000
--------------
NEVADA (1.2%)
6,500,000 Clark County, NV, GO Bonds, FGIC
insured, 6.90%, 9/1/99 6,679,391
3,775,000 Henderson, NV, Health Care Facilities
RV, PT 134, AMBAC insured, 3.35% V/R,
7/1/20 3,775,000
5,000,000 Nevada State Trust Receipts, GO Bonds,
Series 36 D, 3.45% V/R, 11/1/25 5,000,000
--------------
TOTAL NEVADA 15,454,391
--------------
NEW JERSEY (0.9%)
9,800,000 Hudson County, NJ, COP, Correctional
Facilities, BIG insured, 7.60%,
12/1/21,
P/R 12/1/98 @ 102 9,996,000
2,400,000 New Jersey State Educational Facilities
Authority RV, Series SG 48, MBIA
insured, 3.25% V/R, 7/1/26 2,400,000
--------------
TOTAL NEW JERSEY 12,396,000
--------------
NEW MEXICO (1.2%)
2,500,000 Bloomfield, NM, GO Bonds, Series A, La
Salle National Bank, LOC, 3.35%
V/R, 11/15/10 2,500,000
2,760,000 Espanola, NM, Health Care RV, Series A,
La Salle National Bank, LOC, 3.35%
V/R, 11/15/10 2,760,000
7,995,000 Farmington, NM, PCR RV, 3.35% V/R,
12/1/16 7,995,000
1,000,000 New Mexico State Severance Tax RV,
Series B, 5.00%, 7/1/99 1,007,475
1,735,000 Silver City, NM, GO Bonds, Series A, La
Salle National Bank, LOC, 3.35%
V/R, 11/15/10 1,735,000
--------------
TOTAL NEW MEXICO 15,997,475
--------------
NEW YORK (16.3%)
9,700,000 Allegany-Limestone, NY, GO Bonds,
Century SD, 4.00%, 1/29/99 9,704,672
16,235,000 Long Island, NY, Power Authority RV,
New York Electrical System, 3.35% V/R,
12/1/11 16,235,000
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements
14
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
11,340,000 Long Island, NY, Power Authority RV,
New York Electrical System, 3.35% V/R,
12/1/12 $ 11,340,000
8,600,000 Long Island, NY, Power Authority RV,
New York Electrical System, 3.35% V/R,
12/1/13 8,600,000
60,000,000 New York, NY, Series A78, 2.90% V/R,
4/13/99 60,000,000
3,895,000 New York, NY, Series PA 278, 3.40% V/R,
8/1/12 3,895,000
11,985,000 New York, NY, Series PT 1038, 3.35% V/R,
8/1/16 11,985,000
9,995,000 New York State, Development RV, Urban
Development Corp., Series PT 147, Hypo
Bayersche Bank, LOC, 3.30% V/R, 7/1/16 9,995,000
12,050,000 New York State Dormitory Authority RV,
Floater Trusts, AMBAC insured, 3.40%
V/R, 7/1/25 12,050,000
6,995,000 New York State Dormitory Authority RV,
Floater Trusts, 3.30% V/R, 5/15/15 6,995,000
8,425,000 New York State Dormitory Authority RV,
Floater Trusts, 3.30% V/R, 2/15/28 8,425,000
11,335,000 New York State Dormitory Authority RV,
Floater Trusts, 3.30% V/R, 8/1/32 11,335,000
5,200,000 New York State Dormitory Authority,
Municipal Securities Receipts RV,
Series CMC1B, 3.20% V/R, 2/15/08 5,200,000
3,900,000 New York State Dormitory Authority,
Municipal Securities Receipts RV,
Series CMC2A, 3.20% V/R, 2/1/06 3,900,000
3,900,000 New York State Dormitory Authority,
Municipal Securities Receipts RV,
Series CMC2B, 3.20% V/R, 2/1/07 3,900,000
2,500,000 New York State Local Government
Assistance Corp., RV, Series SG 99,
AMBAC insured, 3.30% V/R, 4/1/11 2,500,000
8,960,000 New York State Medical Care Facilities
Finance Agency, Health Care RV, 3.90%
V/R, 2/1/13, mandatory put 12/3/98 @
100 8,960,000
3,130,000 New York State Medical Care Facilities
Finance Agency, Health Care RV, 3.30%
V/R, 2/15/27 3,130,000
6,620,000 New York State Medical Care Facilities
Finance Agency, Health Care RV, FHA
insured, 3.90% V/R, 2/15/05, mandatory
put 12/3/98 @ 100 6,620,000
6,545,000 New York State Medical Care Facilities
Finance Agency, Health Care RV, FHA
insured, 3.90% V/R, 2/15/05, mandatory
put 12/3/98 @ 100 6,545,000
3,325,000 Triborough Bridge & Tunnel Authority,
NY, Transportation RV, PA 200, 3.30%
V/R, 1/1/12 3,325,000
--------------
TOTAL NEW YORK 214,639,672
--------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
NORTH CAROLINA (0.2%)
3,000,000 Person County, NC, Industrial Facilities
& Pollution Control Financing
Authority, PCR Bonds, GTD by Carolina
Power & Light Co., 3.25% V/R, 11/1/19 $ 3,000,000
--------------
NORTH DAKOTA (0.1%)
1,500,000 Bismarck, ND, IDR Bonds, Supervalu Inc.
Project, Wachovia Bank & Trust, LOC,
3.30% V/R, 4/1/09 1,500,000
--------------
OHIO (2.3%)
6,700,000 Cincinnati, OH, GO Notes, 4.38%, 12/1/99 6,791,940
1,650,000 Erie County, OH, GO Bonds, 4.25%, 6/1/99 1,653,957
1,000,000 Franklin County, OH, Convention
Facilities Authority Tax & Lease RV,
6.70%, 12/1/99 1,036,649
5,200,000 Hamilton County, OH, IDR Bonds,
Community Urban Redevelopment Project,
National Westminster, LOC, 3.15% V/R,
10/15/12 5,200,000
10,000,000 Ohio State Water Development Authority,
PCR Bonds, First National Bank of
Chicago, LOC, 3.20% V/R, 10/1/28,
mandatory put 1/29/99 @ 100 10,000,000
4,400,000 Wooster, OH, IDR Bonds, Allen Group
Inc., NBD, LOC, 3.40% V/R, 12/1/10 4,400,000
1,000,000 Worthington, OH, GO Bonds, City SD, FGIC
insured, 3.65%, 12/1/98 1,000,000
--------------
TOTAL OHIO 30,082,546
--------------
OKLAHOMA (0.4%)
2,615,000 Oklahoma County, OK, Finance Authority,
IDR Bonds, Perrine Office Project,
FGIC insured, 3.20% V/R, 12/1/14 2,615,000
2,625,000 Oklahoma County, OK, IDR Bonds, Carbon
Office, FGIC insured, 3.20% V/R,
12/1/14 2,625,000
--------------
TOTAL OKLAHOMA 5,240,000
--------------
OREGON (1.3%)
9,350,000 Klamath Falls, OR, Electric RV, Salt
Caves Hydroelectric, 3.80%, 5/1/23,
mandatory put 5/3/99 @ 100 9,355,565
7,100,000 Oregon State HEHFA RV, Quatama Crossing
Housing Project, U.S. Bank N.A., LOC,
3.10% V/R, 1/1/31 7,100,000
--------------
TOTAL OREGON 16,455,565
--------------
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements
15
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
PENNSYLVANIA (5.2%)
11,600,000 Allegheny County, PA, IDR Bonds,
Longwood at Oakmont Inc., Dresdner
Bank AG, LOC, 3.25% V/R, 7/1/27 $ 11,600,000
9,000,000 Allegheny County, PA, PCR Bonds, 3.30%
V/R, 1/22/99 9,000,000
1,000,000 Berks County, PA, IDR Bonds, GTD by CNA
Insurance, 3.25% V/R, 7/1/16 1,000,000
1,100,000 Butler County, PA, IDA, PCR Bonds,
Pennzoil Co. Project, Mellon Bank,
LOC, 3.45% V/R, 12/1/12 1,100,000
5,245,000 Chartiers Valley, PA, Industrial &
Commercial Development Authority, IDR
Bonds, GTD by ADP, Inc., 4.30% V/R,
11/15/17 5,245,000
28,400,000 Harrisburg, PA, Authority RV, Adjusted
PA Pool Financing Fund, 3.30% V/R,
7/1/21 28,400,000
2,590,000 Pennsylvania Intergovernmental
Cooperative Authority, Special Tax RV,
MBIA insured, 3.25% V/R, 6/15/23 2,590,000
5,500,000 Quakertown, PA, Health Care RV, Hospital
Group Pooled Financing, PNC Bank, LOC,
3.25% V/R, 7/1/05 5,500,000
4,100,000 Quakertown, PA, Health Care RV, Hospital
Group Pooled Financing, Series A, PNC
Bank, LOC, 3.25% V/R, 7/1/26 4,100,000
--------------
TOTAL PENNSYLVANIA 68,535,000
--------------
SOUTH CAROLINA (3.2%)
20,700,000 Piedmont, SC, Municipal Power Agency
Electric RV, Series B, MBIA insured,
3.10% V/R, 1/1/19 20,700,000
4,485,000 South Carolina Housing Finance &
Development Authority, Mortgage RV,
Series A, 3.65%, 7/1/32, mandatory put
7/1/99 @ 100 4,485,000
2,000,000 South Carolina State GO Bonds, 6.40%,
2/1/99 2,011,188
8,355,000 South Carolina State Public Service
Authority RV, Series SG-2, MBIA
insured, 3.30% V/R, 7/1/21 8,355,000
5,855,000 South Carolina State Public Service
Authority, Utilities RV, FGIC insured,
3.30% V/R, 1/1/23 5,855,000
1,000,000 York County, SC, PCR Bonds, CFC insured,
3.55% V/R, 8/15/14 1,000,000
--------------
TOTAL SOUTH CAROLINA 42,406,188
--------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
TENNESSEE (0.3%)
2,235,000 Memphis, TN, Capital Outlay GO Notes,
5.50%, 7/1/99 $ 2,258,572
1,095,000 Shelby County, TN, GO Bonds, ETM, USG
COLL, 6.00%, 3/1/99 1,101,059
--------------
TOTAL TENNESSEE 3,359,631
--------------
TEXAS (5.0%)
1,100,000 Bexar County, TX, MFHR Bonds, Creightons
Mill Development Project, Series A,
GTD by New England Mutual Life
Insurance Co., 3.25% V/R, 8/1/06 1,100,000
4,950,000 Bexar County, TX, MFHR Bonds, Park Hill
Development Project, Series B, GTD by
New England Mutual Life Insurance Co.,
3.25% V/R, 6/1/05 4,950,000
15,000,000 Harris County, TX, Health Care
Facilities RV, 3.60% V/R, 12/1/25,
mandatory put 12/1/98 @ 100 15,000,000
5,290,000 Harris County, TX, Housing Finance
Corp., MFHR Bonds, Arbor II Ltd.
Project, Guardian Savings & Loan, LOC,
3.05% V/R, 10/1/05, optional put
1/15/99 @ 100 5,290,000
3,770,000 Houston, TX, Water & Sewer Systems RV,
Municipal Trust Receipts, Series SG
120, FGIC insured, 3.30% V/R, 12/1/23 3,770,000
1,000,000 Sabine River, TX, IDA RV, CFC insured,
3.55% V/R, 8/15/14 1,000,000
8,155,000 Tarrant County, TX, Housing Finance
Corp., MFHR Bonds, Bear Creek
Apartments Inc., KBC Bank N.V., LOC,
3.20% V/R, 11/1/07 8,155,000
920,000 Tarrant County, TX, MFHR Bonds, SF
Apartments Project, Suntrust Bank,
LOC, 3.20% V/R, 11/1/17 920,000
10,000,000 Texas Municipal Gas Corp., Gas Reserve
RV, FSA insured, 3.15% V/R, 1/15/23 10,000,000
2,420,000 Texas Municipal Power Agency, Power RV,
FGIC insured, USG COLL, 7.00%, 9/1/02,
P/R 9/1/99 @ 102 2,534,110
3,000,000 Texas State Department of Housing and
Community Affairs, SFM RV, Series PT
136, MBIA insured, 3.35% V/R, 3/1/17 3,000,000
10,000,000 Texas State GO Notes, Series A55, GTD by
National Westminster Bank, 3.70% V/R,
8/31/99 10,000,000
--------------
TOTAL TEXAS 65,719,110
--------------
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements
16
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONCLUDED) NOVEMBER 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
UTAH (0.6%)
4,240,000 Davis County, UT, MFHR Bonds, Fox Creek
Apartments, Series A, 3.25% V/R,
7/15/27 $ 4,240,000
3,140,000 Jordan, UT, SD GO Bonds, GTD by School
Board, 5.00%, 6/15/99 3,174,063
--------------
TOTAL UTAH 7,414,063
--------------
VIRGINIA (1.1%)
12,500,000 Harrisonburg, VA, MFHR Bonds, Rolling
Brook Village Apartments, Series A,
Guardian Savings & Loan, LOC, 3.70%,
2/1/26, mandatory put 2/1/99 @ 100 12,500,000
2,000,000 Virginia State Public School Authority,
School Finance RV, 4.25%, 8/1/99 2,016,249
--------------
TOTAL VIRGINIA 14,516,249
--------------
WASHINGTON (3.1%)
5,800,000 Port Seattle, WA, IDR Bonds, Sysco Food
Services Project, 3.25% V/R, 11/1/25 5,800,000
2,500,000 Seattle, WA, IDR Bonds, Longview Fibre
Co., 3.30% V/R, 1/1/03 2,500,000
3,315,000 Washington State HFA, Community
Nonprofit Housing RV, Crista
Ministries, U.S. Bank N.A., LOC, 3.20%
V/R, 7/1/11 3,315,000
3,380,000 Washington State Health Care Facilities
Authority RV, Catholic Health
Initiatives, Series B, MBIA insured,
4.25%, 12/1/98 3,380,000
2,205,000 Washington State Health Care Facilities
Authority RV, Children's Hospital &
Regional Medical Center, FSA insured,
4.00%, 10/1/99 2,222,936
7,900,000 Washington State Public Power Supply
System, Power RV, Nuclear Project #1,
Series CMC2, 3.30% V/R, 7/1/07 7,900,000
9,900,000 Washington State Public Power Supply
System, Power RV, Nuclear Project #2,
AMBAC insured, 3.30% V/R, 7/1/07 9,900,000
4,635,000 Washington State Public Power Supply
System, Power RV, Nuclear Project #3,
BIG insured, COLL, 6.00%, 7/1/18, P/R
7/1/99 @ 100 4,710,794
1,000,000 Washington State Public Power Supply
System, Power RV, Nuclear Project #3,
Series 13, MBIA insured, 3.30% V/R,
7/1/15 1,000,000
--------------
TOTAL WASHINGTON 40,728,730
--------------
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
WISCONSIN (4.2%)
1,000,000 Beloit & Rock Counties, WI, IDR Bonds,
GTD by CPC International, 5.12% V/R,
4/1/19 $ 1,000,000
1,405,000 Johnson Controls, Inc., Other RV,
Grantor Trust, Wachovia Corp., LOC,
4.40% V/R, 10/1/01 1,405,000
2,500,000 Kenosha, WI, TRANS, 4.00%, 6/30/99 2,504,885
6,535,000 Kenosha, WI, TRANS, SD #1, 3.38%,
9/28/99 6,535,000
1,060,000 Milwaukee, WI, IDR Bonds, Longview Fibre
Co. Project, 3.30% V/R, 1/1/03 1,060,000
12,000,000 Oshkosh, WI, Area SD TRANS, 4.00%,
8/24/99 12,038,373
10,000,000 Racine, WI, United SD TRANS, 4.00%,
7/7/99 10,024,904
10,000,000 Wausau, WI, IDR Bonds, Joint Venture
Partnership, U.S. Bank N.A., LOC,
3.10% V/R, 10/1/02 10,000,000
7,100,000 Wisconsin State HEHFA RV, Alverno
College Project, Allied Irish Bank,
LOC, 3.30% V/R, 11/1/17 7,100,000
3,475,000 Wisconsin State HEHFA RV, Series PA 183,
MBIA Insured, 3.30% V/R, 8/15/98 3,475,000
--------------
TOTAL WISCONSIN 55,143,162
--------------
WYOMING (0.1%)
1,000,000 Green River, WY, PCR Bonds, Allied Corp.
Project, GTD by Allied Signal Corp.,
3.30% V/R, 12/1/12 1,000,000
--------------
CASH MANAGEMENT ACCOUNTS (3.6%)
29,613,524 Federated Tax-Free Obligations Fund 29,613,524
17,000,000 Fidelity Tax Exempt Money Market Fund 17,000,000
514,778 Provident Municipal Fund 514,778
--------------
TOTAL CASH MANAGEMENT ACCOUNTS 47,128,302
--------------
COMMERCIAL PAPER (2.1%)
13,600,000 City of Austin TX CP, 3.05%, 3/11/99 13,600,000
14,200,000 Hospital Board FL CP, 3.15%, 3/11/99 14,200,000
--------------
TOTAL COMMERCIAL PAPER 27,800,000
--------------
TOTAL INVESTMENTS (100%) $1,316,241,190
--------------
--------------
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements
17
<PAGE>
NOTES TO SCHEDULES OF INVESTMENTS (UNAUDITED) NOVEMBER 30, 1998
- --------------------------------------------------------------------------------
(A) Annualized yields at time of purchase.
ABBREVIATIONS
<TABLE>
<S> <C>
AMBAC American Municipal Bond Assurance Corporation
BIG Bond Insurance Group
COLL Collateralized
COP Certificate of Participation
CP Commercial Paper
EDA Economic Development Authority
EFA Educational Facilities Authority
ETM Escrowed to Maturity
FFCB Federal Farm Credit Bank
FGIC Financial Guaranty Insurance Company
FHA Federal Housing Authority
FHLB Federal Home Loan Bank
FHLMC Federal Home Loan Mortgage Corporation
FMAC Federal Agricultural Mortgage Corporation
FNMA Federal National Mortgage Association
FSA Financial Security Assurance, Inc.
GO General Obligation
GTD Guaranteed
HEHFA Higher Education & Health Facilities Authority
HFA Housing Finance Authority
IDA Industrial Development Authority
IDR Industrial Development Revenue
ISD Independent School District
LOC Letter of Credit
MBIA Municipal Bond Insurance Association
MFHR Multi Family Housing Revenue
NBD National Bank Detroit
PCR Pollution Control Revenue
P/R Prerefunded
RV Revenue Bonds
SD School District
SFM Single Family Mortgage
SLMA Student Loan Marketing Association
TRANS Tax & Revenue Anticipation Notes
USG U.S. Governments
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 November 30, 1998.
</TABLE>
[LOGO]
18
<PAGE>
SEMI-ANNUAL REPORT
NOVEMBER 30, 1998
(UNAUDITED)
PRIME MONEY MARKET PORTFOLIO
MONEY MARKET PORTFOLIO
CORE TRUST (DELAWARE)
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES (UNAUDITED) NOVEMBER 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRIME MONEY
MARKET MONEY MARKET
PORTFOLIO PORTFOLIO
-------------- --------------
<S> <C> <C>
ASSETS
Investments at cost (Note 2)........................................ $3,914,502,600 $3,069,489,476
Cash................................................................ 756,983 -
Receivable for investments sold..................................... 20,000,000 10,000,000
Receivable for dividends, interest and other receivables............ 16,629,039 15,834,081
Organization costs, net of amortization (Note 2).................... 11,145 11,145
-------------- --------------
TOTAL ASSETS.......................................................... 3,951,899,767 3,095,334,702
-------------- --------------
LIABILITIES
Payable to custodian for account overdraft (Note 3)................. - 7,065,918
Payable to custodian (Note 3)....................................... 32,849 25,897
Payable to adviser (Note 3)......................................... 1,044,596 246,637
Payable to other related parties (Note 3)........................... 158,081 394
Dividends payable................................................... - -
Accrued expenses and other liabilities.............................. 3,747 6,975
-------------- --------------
TOTAL LIABILITIES..................................................... 1,239,273 7,345,821
-------------- --------------
NET ASSETS............................................................ $3,950,660,494 $3,087,988,881
-------------- --------------
-------------- --------------
</TABLE>
See Notes to Financial Statements CORE TRUST (DELAWARE)
20
<PAGE>
STATEMENTS OF OPERATIONS (UNAUDITED) SIX MONTHS ENDED NOVEMBER 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRIME MONEY MONEY
MARKET MARKET
PORTFOLIO PORTFOLIO
------------ -----------
<S> <C> <C>
INVESTMENT INCOME
Interest income..................................................... $97,014,176 $75,163,497
------------ -----------
EXPENSES
Advisory (Note 3)................................................... 5,723,778 1,804,916
Administration (Note 3)............................................. 863,005 668,487
Custody (Note 3).................................................... 180,122 141,218
Accounting (Note 3)................................................. 45,000 45,000
Legal (Note 3)...................................................... 4,953 4,246
Audit............................................................... 13,034 11,691
Trustees............................................................ 4,701 3,622
Amortization of organization costs (Note 2)......................... 1,518 1,518
Miscellaneous....................................................... 31,220 12,495
------------ -----------
TOTAL EXPENSES........................................................ 6,867,331 2,693,193
Fees waived and expenses reimbursed (Note 4)........................ - (1,136,035)
------------ -----------
NET EXPENSES.......................................................... 6,867,331 1,557,158
------------ -----------
NET INVESTMENT INCOME (LOSS).......................................... 90,146,845 73,606,339
NET REALIZED GAIN (LOSS) ON INVESTMENTS SOLD.......................... 36,064 30,811
------------ -----------
INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS........... $90,182,909 $73,637,150
------------ -----------
------------ -----------
</TABLE>
See Notes to Financial Statements CORE TRUST (DELAWARE)
21
<PAGE>
PERIOD ENDED MAY 31, 1998(a) AND
STATEMENTS OF CHANGES IN NET ASSETS (UNAUDITED) SIX MONTHS ENDED NOVEMBER 30,
1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRIME MONEY
MARKET MONEY MARKET
PORTFOLIO PORTFOLIO
--------------- ---------------
<S> <C> <C>
NET ASSETS -- AUGUST 23, 1997 (COMMENCEMENT OF OPERATIONS)............ $ - $ -
--------------- ---------------
OPERATIONS
Net investment income (loss)........................................ 117,637,986 95,111,701
Net realized gain (loss) on investments sold........................ (42,987) (21,885)
--------------- ---------------
Net increase (decrease) in net assets resulting from
operations..................................................... 117,594,999 95,089,816
--------------- ---------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions....................................................... 5,373,694,156 4,410,026,378
Withdrawals......................................................... (2,352,537,164) (2,132,747,532)
--------------- ---------------
Net increase (decrease) from transactions in investors'
beneficial interests........................................... 3,021,156,992 2,277,278,846
--------------- ---------------
NET INCREASE (DECREASE) 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 (loss)........................................ 90,146,845 73,606,339
Net realized gain (loss) on investments sold........................ 36,064 30,811
--------------- ---------------
Net increase (decrease) in net assets resulting from
operations..................................................... 90,182,909 73,637,150
--------------- ---------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions....................................................... 2,290,670,193 2,043,532,364
Withdrawals......................................................... (1,568,944,599) (1,401,549,295)
--------------- ---------------
Net increase (decrease) from transactions in investors'
beneficial interests........................................... 721,725,594 641,983,069
--------------- ---------------
NET INCREASE (DECREASE) IN NET ASSETS................................. 811,908,503 715,620,219
--------------- ---------------
NET ASSETS -- NOVEMBER 30, 1998....................................... $ 3,950,660,494 $ 3,087,988,881
--------------- ---------------
--------------- ---------------
</TABLE>
(a)For the period August 23, 1997 (date of commencement of operations) to May
31, 1998.
See Notes to Financial Statements CORE TRUST (DELAWARE)
22
<PAGE>
FINANCIAL HIGHLIGHTS (UNAUDITED)
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATIOS TO AVERAGE
NET ASSETS(a)
-----------------------------------
NET
NET GROSS INVESTMENT
EXPENSES EXPENSES(b) INCOME
-------- ----------- ----------
<S> <C> <C> <C>
PRIME MONEY MARKET PORTFOLIO
June 1, 1998 to November 30, 1998................................... 0.40% 0.40% 5.22%
August 23, 1997(c) to May 31, 1998.................................. 0.40% 0.40% 5.36%
MONEY MARKET PORTFOLIO
June 1, 1998 to November 30, 1998................................... 0.12% 0.20% 5.51%
August 23, 1997(c) to May 31, 1998.................................. 0.12% 0.21% 5.64%
</TABLE>
(a) Annualized.
(b) 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).
(c) Commencement of operations.
See Notes to Financial Statements CORE TRUST (DELAWARE)
23
<PAGE>
NOTES TO FINANCIAL STATEMENTS (UNAUDITED) NOVEMBER 30, 1998
- --------------------------------------------------------------------------------
NOTE 1. ORGANIZATION
Core Trust (Delaware) ("Core Trust"), organized as a Delaware business trust,
was formed on September 1, 1994. Core Trust, which is registered as an open-end
management investment company under the Investment Company Act of 1940 (the
"Act"), currently has twenty-one 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 charge 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:
PORTFOLIO VALUATION - Core Trust determines the net asset value per share of
each Portfolio as of 1:00 p.m., Pacific time, on each Portfolio business day,
utilizing the amortized cost method pursuant to Rule 2a-7 under the Act. Under
this method, all investments purchased at a discount or premium are valued by
accreting or amortizing, respectively, the difference between the original
purchase price and maturity value of the issue over the period to maturity.
REPURCHASE AGREEMENTS - The Portfolios may invest in repurchase agreements. Each
Portfolio, through its custodian, receives delivery of the underlying
collateral, whose market value must always equal or exceed the repurchase price.
The investment adviser is responsible for determining the value of the
underlying collateral at all times. In the event of default, a Portfolio may
have difficulties with the disposition of such securities held as collateral.
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 each
Portfolio's operations.
FEDERAL TAXES - The Portfolios are not required to pay federal income taxes on
their net investment income and net capital gain as they are treated as
partnerships for federal income tax purposes. All interest, dividends, gain and
loss of a Portfolio are deemed to have been "passed through" to the partners in
proportion to their holdings of the Portfolio.
SECURITIES TRANSACTIONS, INTEREST INCOME AND REALIZED GAIN AND LOSS - Securities
transactions are recorded on a trade date basis, interest income is accrued as
earned and realized gain and loss on investments sold are recorded on the basis
of identified cost. The cost basis of investments for federal income tax
purposes at November 30, 1998, is the same as for financial reporting purposes.
NOTE 3. ADVISORY, SERVICING FEES AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISER - The investment adviser of Prime Money Market Portfolio and
Money Market Portfolio is Norwest Investment Management, Inc. ("Adviser"), an
indirect subsidiary of Norwest Corporation. 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.
ADMINISTRATIVE - The administrator of 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.
CUSTODIAN - Norwest Bank, Minnesota, N.A., a subsidiary of Norwest Corporation,
serves as the custodian for the Portfolios and receives a fee of 0.02% of the
first $100 million of a Portfolio's average daily net assets, 0.015% of the next
$100 million of a Portfolio's average daily net assets and 0.01% of a
Portfolio's remaining average daily net assets.
PLACEMENT AGENT - Forum Financial Services, Inc. acts as Core Trust's placement
agent pursuant to a separate agreement with Core Trust and receives no
compensation for its services.
OTHER SERVICE PROVIDERS - Forum Accounting Services, LLC provides portfolio
accounting and interestholder recordkeeping services to each Portfolio pursuant
to a separate agreement.
NOTE 4. WAIVERS AND REIMBURSEMENTS
For the period ended November 30, 1998, 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 $467,943 and $668,092,
respectively. The Adviser and FAdS, at their discretion, may revise or
discontinue the voluntary fee waivers at any time.
CORE TRUST (DELAWARE)
24
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) NOVEMBER 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
PRIME MONEY MARKET PORTFOLIO
- ------------------------------------------------------------------------
ASSET BACKED SECURITIES (1.1%)
42,011,856 WFP Tower B Finance Corp., Short-Term
STEERS Trust, Series A, 5.31% V/R,
12/8/98 $ 42,011,856
--------------
CERTIFICATES OF DEPOSIT (8.9%)
16,000,000 Banco Espirito Santo e Comercial de
Lisboa, New York Branch, 5.74%,
3/26/99 15,999,033
47,000,000 Banque Paribas, New York Branch, 5.73%,
3/29/99 46,993,816
30,000,000 Bayerische Landesbank, New York Branch,
5.65%, 7/22/99 30,132,716
130,000,000 Deutsche Bank, New York Branch, 5.73%,
4/15/99 129,981,577
25,000,000 Generale Bank, New York Branch, 6.02%,
12/16/98 25,000,073
50,000,000 Natexis Banque, New York Branch, 5.71%,
8/3/99 49,980,713
25,000,000 Societe Generale, New York Branch,
5.70%, 3/23/99 24,995,957
25,000,000 Svenska Handelsbanken, New York Branch,
5.65%, 8/10/99 25,126,014
--------------
TOTAL CERTIFICATES OF DEPOSIT 348,209,899
--------------
COMMERCIAL PAPER (48.1%)
34,000,000 Ace Overseas Corp., 5.51%, 1/19/99(a) 33,745,010
10,000,000 Apreco, Inc., 5.37%, 2/8/99(a) 9,897,074
95,000,000 Atlantis One Funding Corp., 5.48%,
2/11/99 93,963,300
20,000,000 Atlantis One Funding Corp., 5.35%,
3/26/99 19,658,194
45,000,000 Banco Rio de La Plata S.A., Bayerische
Vereinsbank, AG LOC, 5.47%, 12/7/98 44,959,100
31,077,000 Barton Capital Corp., 5.58%, 1/14/99(a) 30,865,054
5,659,000 Barton Capital Corp., 5.48%, 3/19/99(a) 5,565,966
5,848,000 Barton Capital Corp., 5.06%, 6/8/99(a) 5,692,649
5,411,000 Barton Capital Corp., 5.04%, 8/12/99(a) 5,218,585
155,763,000 Bavaria Universal Funding Corp., 5.25%,
1/21/99(a) 154,584,325
15,000,000 CC (USA), Inc., 5.52%, 1/29/99(a) 14,864,300
30,000,000 CC (USA), Inc., 4.81%, 4/9/99(a) 29,482,925
10,643,000 Chinatex Capital, Inc., Bank of America
N.T. & S.A., LOC, 5.45%, 12/2/98 10,641,388
10,000,000 City of Austin, TX, Landesbank Hessen -
Thueringen Grozentrale, A.G., LOC,
5.38%, 12/16/98 9,977,582
44,182,000 CPI Funding Corp., 5.55%, 12/28/98(a) 43,998,091
35,000,000 CPI Funding Corp., 5.08%, 3/25/99(a) 34,436,967
20,288,000 Grand Funding Corp., 5.42%, 12/15/98(a) 20,245,236
24,391,000 Grand Funding Corp., 5.60%, 1/15/99(a) 24,220,262
73,845,000 Grand Funding Corp., 5.50%, 2/5/99(a) 73,100,397
40,000,000 Grand Funding Corp., 5.35%, 2/26/99(a) 39,482,833
30,000,000 Greyhawk Capital Corp., 5.42%,
12/11/98(a) 29,954,833
30,000,000 International Securitization Corp.,
5.40%, 1/14/99(a) 29,802,000
33,000,000 International Securitization Corp.,
5.30%, 2/17/99(a) 32,621,050
85,000,000 Lexington Parker Capital Co., LLC.,
5.53%, 1/4/99(a) 84,556,063
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
PRIME MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
35,000,000 Lexington Parker Capital Co., LLC.,
5.55%, 1/12/99(a) $ 34,773,375
7,384,000 MOAT Funding LLC., 5.42%, 12/10/98(a) 7,373,994
26,033,000 MOAT Funding LLC., 5.39%, 1/8/99(a) 25,884,887
15,000,000 MOAT Funding LLC., 5.70%, 1/14/99(a) 14,895,500
48,000,000 MOAT Funding LLC., 5.45%, 1/27/99(a) 47,585,800
22,825,000 MOAT Funding LLC., 5.50%, 2/12/99(a) 22,570,438
40,000,000 MOAT Funding LLC., 5.35%, 2/18/99(a) 39,530,389
30,721,000 Monte Blanc Capital Corp., 5.45%,
1/29/99(a) 30,446,602
40,000,000 Old Line Funding Corp., 5.03%,
12/15/98(a) 39,921,755
50,000,000 Park Avenue Receivables Corp., 5.37%,
2/9/99(a) 49,477,916
20,000,000 Perry Funding Corp., 5.51%, 12/1/98(a) 20,000,000
33,000,000 Perry Funding Corp., 5.53%, 2/16/99(a) 32,609,675
15,157,000 Perry II Funding Corp., 5.53%,
2/16/99(a) 14,977,722
22,067,000 Pooled Accounts Receivable Capital
Corp., 5.40%, 2/2/99(a) 21,858,466
23,774,000 Repeat Offering Securitization Entity,
5.35%, 1/7/99(a) 23,643,276
94,500,000 Sheffield Receivables Corp., 5.21%,
1/29/99 93,693,101
30,000,000 Sigma Finance Corp., 5.40%, 1/28/99(a) 29,739,000
20,000,000 Sigma Finance Corp., 5.52%, 2/4/99(a) 19,800,667
23,000,000 Sigma Finance Corp., 5.27%, 3/15/99(a) 22,649,838
80,000,000 Special Purpose Accounts Receivables
Cooperative Corp., 5.30%, 1/20/99(a) 79,411,111
25,000,000 Special Purpose Accounts Receivables
Cooperative Corp., 5.54%, 12/4/98(a) 24,988,458
10,000,000 Special Purpose Accounts Receivables
Cooperative Corp., 5.40%, 1/29/99(a) 9,911,500
30,000,000 Special Purpose Accounts Receivables
Cooperative Corp., 5.00%, 4/7/99(a) 29,470,835
33,697,000 Sydney Capital Corp., Inc., 5.21%,
1/8/99(a) 33,511,685
42,132,000 Thames Asset Global Securitization,
Inc., 5.32%, 1/6/99(a) 41,907,857
48,000,000 Thames Asset Global Securitization,
Inc., 5.25%, 1/15/99(a) 47,682,187
21,317,000 Thames Asset Global Securitization,
Inc., 5.15%, 2/16/99(a) 21,082,187
35,000,000 Thames Asset Global Securitization,
Inc., 5.35%, 2/22/99(a) 34,568,285
10,000,000 Three Rivers Funding Corp., 5.45%,
12/10/98(a) 9,986,375
39,900,000 Trident Capital Finance, Inc., 5.51%,
1/8/99(a) 39,667,937
40,000,000 Yamaha Motor Owner Trust, 5.43%,
1/22/99(a) 39,686,266
--------------
TOTAL COMMERCIAL PAPER 1,884,840,268
--------------
CORPORATE NOTES (19.4%)
28,000,000 Asset Backed Trust 1995 Series A-3,
5.28% V/R, 4/15/99 28,000,000
10,000,000 Asset Backed Trust 1996 Series A-4,
5.29% V/R, 1/15/99 10,000,000
25,000,000 BRAVO Trust Series 1997-1, 5.40% V/R,
4/15/99 25,000,000
10,190,000 BT Securities Corp., 5.75%, 3/15/99 10,197,119
30,000,000 Bear Stearns Cos., Inc., 5.61% V/R,
10/27/99 30,000,000
</TABLE>
See Notes to Schedules of Investments and Notes to Financial Statements
CORE TRUST (DELAWARE)
25
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
PRIME MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
30,000,000 Bear Stearns Cos., Inc., 5.62% V/R,
11/1/99 $ 30,000,000
30,000,000 Bear Stearns Cos., Inc., 5.43% V/R,
11/15/99 30,000,000
15,000,000 Bear Stearns Cos., Inc., 5.55% V/R,
11/30/99 15,000,000
15,000,000 Bear Stearns Cos., Inc., 5.43% V/R,
12/15/99 14,995,844
80,000,000 Beta Finance, Inc., 5.40%, 11/12/99(a) 79,940,437
6,000,000 Compagnie Bancaire (USA) Funding, Inc.,
6.15%, 12/28/98 6,002,059
60,000,000 Keybank, 5.36% V/R, 10/14/99 60,002,552
30,000,000 Liberty Lighthouse U.S. Capital Company,
LLC., 5.26%, 9/1/99(a) 29,995,679
60,000,000 Liberty Lighthouse U.S. Capital Company,
LLC., 5.26%, 9/9/99(a) 59,990,952
50,000,000 Liberty Lighthouse U.S. Capital Company,
LLC., 5.30%, 10/8/99(a) 49,964,956
20,000,000 Medium Term Structured Enhanced Return
Trust (STEERS), Series 1997 A-28,
5.06%, 9/23/99 20,000,000
28,000,000 Medium Term Structured Enhanced Return
Trust (STEERS), Series 1998 A-40,
5.31%, 1/15/99 28,000,000
15,000,000 Merrill Lynch & Co., Inc., 5.75%, 4/7/99 15,017,625
40,000,000 Morgan Stanley Group, Inc., 5.60%,
12/15/99 40,000,000
87,500,000 Sigma Finance Corp., 5.14%, 10/28/99 87,500,000
30,000,000 Structured Products Asset, 5.47%,
5/24/99(a) 30,000,000
60,000,000 Syndicated Loan Funding, 5.78%,
12/15/99(a) 60,000,000
--------------
TOTAL CORPORATE NOTES 759,607,223
--------------
FLOATING RATE FUNDING AGREEMENTS (6.2%)
30,000,000 Allstate Life Insurance Co., 5.44% V/R,
2/28/99 30,000,000
115,000,000 General American Life Insurance Co.,
5.40% V/R, 3/20/30 115,000,000
40,000,000 Peoples Benefit Life Insurance Co.,
5.33% V/R, 12/15/99 40,000,000
30,000,000 Providian Life & Health Insurance Co.,
5.28% V/R, 12/15/99 30,000,000
30,000,000 Transamerica Life Insurance & Annuity
Co., 5.22% V/R, 4/12/99 30,000,000
--------------
TOTAL FLOATING RATE FUNDING AGREEMENTS 245,000,000
--------------
MASTER NOTES (0.5%)
10,000,000 American General Finance, Inc. 10,000,000
10,000,000 General Electric Co. 10,000,000
--------------
TOTAL MASTER NOTES 20,000,000
--------------
MUNICIPAL BONDS & NOTES (0.5%)
4,700,000 Durham, NC, COP, Series B, Wachovia Bank
of North Carolina, LOC, 4.87% V/R,
7/1/03 4,700,000
1,530,000 Kalamazoo Funding Co., Old Kent Bank &
Trust Co., 5.15% V/R, 12/15/26 1,530,000
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
PRIME MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
1,215,000 Kalamazoo Funding Co., Old Kent Bank &
Trust Co., 5.15% V/R, 12/15/26 $ 1,215,000
1,085,000 Kalamazoo Funding Co., Old Kent Bank &
Trust Co., 5.15% V/R, 12/15/26 1,085,000
665,000 Kalamazoo Funding Co., Old Kent Bank &
Trust Co., 5.15% V/R, 12/15/26 665,000
640,000 Kalamazoo Funding Co., Old Kent Bank &
Trust Co., 5.15% V/R, 12/15/26 640,000
580,000 Kalamazoo Funding Co., Old Kent Bank &
Trust Co., 5.15% V/R, 12/15/26 580,000
7,310,000 New York City, GO, 5.76%, 12/21/98 7,310,000
1,100,000 Prince William County, VA, Taxable
Notes, Series A, Wachovia Bank of
North Carolina, LOC, 4.87% V/R, 3/1/17 1,100,000
--------------
TOTAL MUNICIPAL BONDS & NOTES 18,825,000
--------------
REPURCHASE AGREEMENT (3.6%)
139,608,354 NationsBanc Montgomery Securities, Inc.,
5.50%, 12/1/98, to be repurchased at
$139,629,682(b) 139,608,354
--------------
TIME DEPOSITS (11.7%)
190,000,000 Bank of America N.T. & S.A., Toronto
Branch, 5.56%, 12/1/98 190,000,000
41,400,000 Banque Paribas, Toronto Branch, 5.63%,
12/1/98 41,400,000
150,000,000 Deutsche Bank AG, Toronto Branch, 6.00%,
12/1/98 150,000,000
75,000,000 Dresdner Bank AG, Toronto Branch, 5.56%,
12/1/98 75,000,000
--------------
TOTAL TIME DEPOSITS 456,400,000
--------------
TOTAL INVESTMENTS (100.0%) $3,914,502,600
--------------
--------------
- ------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
- ------------------------------------------------------------------------
ASSET BACKED SECURITIES (1.1%)
34,195,698 WFP Tower B Finance Corp., Short-Term
STEERS Trust, Series A, 5.31% V/R,
12/8/98 $ 34,195,698
--------------
CERTIFICATES OF DEPOSIT (10.7%)
50,000,000 Banco Espirito Santo e Comercial de
Lisboa, New York Branch, 5.74%,
3/26/99 49,996,982
40,000,000 Banque Paribas, New York Branch, 5.73%,
3/29/99 39,994,738
20,000,000 Bayerische Landesbank, New York Branch,
5.65%, 7/22/99 20,088,477
68,000,000 Deutsche Bank, New York Branch, 5.73%,
4/15/99 67,990,365
15,000,000 Generale Bank, New York Branch, 6.02%,
12/16/98 15,000,044
38,000,000 Natexis Banque, New York Branch, 5.71%,
8/3/99 37,985,342
25,000,000 Societe Generale, New York Branch,
5.70%, 3/23/99 24,995,958
</TABLE>
See Notes to Schedules of Investments and Notes to Financial Statements
CORE TRUST (DELAWARE)
26
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONTINUED) NOVEMBER 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
55,000,000 Societe Generale, New York Branch,
5.80%, 4/28/99 $ 54,991,462
18,000,000 Svenska Handelsbanken, New York Branch,
5.67%, 8/9/99 18,091,899
--------------
TOTAL CERTIFICATES OF DEPOSIT 329,135,267
--------------
COMMERCIAL PAPER (47.9%)
15,000,000 Apreco, Inc., 5.37%, 2/8/99(a) 14,845,612
5,000,000 Atlantis One Funding Corp., 5.48%,
2/11/99 4,945,200
65,000,000 Atlantis One Funding Corp., 5.35%,
3/26/99 63,889,132
40,000,000 Banco Rio de La Plata S.A., Bayerische
Vereinsbank, AG, LOC, 5.47%, 12/7/98 39,963,533
40,000,000 Barton Capital Corp., 5.58%, 1/14/99(a) 39,727,200
48,500,000 Bavaria Universal Funding Corp., 5.25%,
1/19/99(a) 48,153,427
40,000,000 Bavaria Universal Funding Corp., 5.40%,
1/21/99(a) 39,694,000
11,000,000 CC (USA), Inc., 5.52%, 1/29/99(a) 10,900,487
20,000,000 CC (USA), Inc., 4.81%, 4/9/99(a) 19,655,284
10,000,000 CPI Funding Corp., 5.55%, 12/28/98(a) 9,958,375
35,000,000 CPI Funding Corp., 5.08%, 3/25/99(a) 34,436,968
42,872,000 Certain Funding Corp., 5.25%, 1/15/99(a) 42,590,653
5,000,000 Chinatex Capital, Inc., Bank of America
N.T. & S.A., LOC, 5.45%, 12/2/98 4,999,243
21,300,000 City of Austin, TX , Landesbank Hessen -
Thueringen Grozentrale A.G., LOC,
5.38%, 12/16/98 21,252,253
31,650,000 Corporate Asset Securitization
Australia, Ltd., Inc., 5.30%,
1/15/99(a) 31,440,319
20,000,000 Grand Funding Corp., 5.60%, 1/15/99(a) 19,860,000
69,019,000 Grand Funding Corp., 5.55%, 1/22/99(a) 68,465,698
35,000,000 Grand Funding Corp., 5.50%, 2/5/99(a) 34,647,083
20,000,000 Greyhawk Capital Corp., 5.42%,
12/11/98(a) 19,969,889
18,825,000 International Securitization Corp.,
5.40%, 1/14/99(a) 18,700,755
24,700,000 International Securitization Corp.,
5.30%, 2/17/99(a) 24,416,362
55,000,000 Lexington Parker Capital Co. LLC.,
5.53%, 1/4/99(a) 54,712,747
45,000,000 Lexington Parker Capital Co. LLC.,
5.55%, 1/12/99(a) 44,708,625
20,000,000 Lexington Parker Capital Co. LLC.,
5.47%, 1/15/99(a) 19,863,250
10,317,000 Liberty Lighthouse Funding Co. LLC.,
5.52%, 1/8/99(a) 10,256,886
10,000,000 Medical Building Funding III, Allied
Irish Bank, LOC, 5.21%, 5/26/99 9,745,534
17,355,000 MOAT Funding LLC., 5.42%, 12/2/98(a) 17,352,387
17,457,000 MOAT Funding LLC., 5.42%, 12/8/98(a) 17,438,602
23,052,000 MOAT Funding LLC., 5.42%, 12/21/98(a) 22,982,588
10,000,000 MOAT Funding LLC., 5.70%, 1/14/99(a) 9,930,333
37,000,000 MOAT Funding LLC., 5.45%, 1/27/99(a) 36,680,721
15,000,000 MOAT Funding LLC., 5.50%, 2/12/99(a) 14,832,709
30,000,000 Monte Blanc Capital Corp., 5.45%,
1/29/99(a) 29,732,042
40,000,000 Old Line Funding Corp., 5.03%,
12/15/98(a) 39,921,756
23,891,000 Park Avenue Receivables Corp., 5.37%,
2/9/99(a) 23,641,538
4,494,000 Perry Funding Corp., 5.51%, 12/1/98(a) 4,494,000
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
30,714,000 Perry Funding Corp., 5.53%, 2/16/99(a) $ 30,350,713
10,000,000 Perry Funding Corp., 5.53%, 2/16/99(a) 9,881,720
30,000,000 Petrobras International Finance Co.,
Barclays Bank plc, 5.25%, 2/8/99 29,698,125
20,000,000 Pooled Accounts Receivable Capital
Corp., 5.40%, 2/2/99(a) 19,811,000
26,000,000 Sheffield Receivables Corp., 5.21%,
1/29/99 25,777,997
28,000,000 Sigma Finance Corp., 5.40%, 1/28/99(a) 27,756,400
19,000,000 Sigma Finance Corp., 5.27%, 3/15/99(a) 18,710,736
5,000,000 Special Purpose Accounts Receivable
Coperative Corp., 5.54%, 12/4/98(a) 4,997,692
50,000,000 Special Purpose Accounts Receivable
Cooperative Corp., 5.30%, 1/28/99(a) 49,573,056
34,250,000 Special Purpose Accounts Receivable
Cooperative Corp., 5.40%, 1/29/99(a) 33,946,888
20,000,000 Special Purpose Accounts Receivable
Cooperative Corp., 5.00%, 4/7/99(a) 19,647,223
23,000,000 Sydney Capital Corp., Inc., 5.21%,
1/8/99 22,873,513
17,267,000 Thames Asset Global Securitization,
Inc., 5.25%, 1/4/99(a) 17,181,385
20,000,000 Thames Asset Global Securitization,
Inc., 5.32%, 1/6/99(a) 19,893,600
20,545,000 Thames Asset Global Securitization,
Inc., 5.25%, 1/14/99(a) 20,413,170
30,000,000 Thames Asset Global Securitization,
Inc., 5.40%, 1/15/99(a) 29,797,500
25,000,000 Thames Asset Global Securitization,
Inc., 5.35%, 2/22/99(a) 24,691,633
15,303,000 Three Rivers Funding Corp., 5.45%,
12/10/98(a) 15,282,150
30,000,000 Trident Capital Finance, Inc., 5.51%,
1/8/99(a) 29,825,517
29,362,000 Windmill Funding Corp., 5.40%, 1/20/99 29,141,785
22,650,000 Yamaha Motor Owner Trust, 5.43%, 1/22/99 22,472,349
--------------
TOTAL COMMERCIAL PAPER 1,470,529,343
--------------
CORPORATE NOTES (18.3%)
22,000,000 Asset Backed Trust 1995 Series A-3,
5.28% V/R, 4/15/99 22,000,000
5,000,000 Asset Backed Trust 1996 Series A-4,
5.29% V/R, 1/15/99 5,000,000
20,000,000 BRAVO Trust Series 1997-1, 5.40% V/R,
4/15/99 20,000,000
</TABLE>
<TABLE>
<C> <S> <C>
10,000,000 BT Securities Corp., 5.75% V/R, 3/15/99 10,006,986
20,000,000 Bear Stearns Cos., Inc., 5.61% V/R,
10/27/1999 20,000,000
20,000,000 Bear Stearns Cos., Inc., 5.62% V/R,
11/1/1999 20,000,000
10,000,000 Bear Stearns Cos., Inc., 5.43% V/R,
11/15/1999 9,997,229
10,000,000 Bear Stearns Cos., Inc., 5.55% V/R,
11/30/1999 10,000,000
20,000,000 Bear Stearns Cos., Inc., 5.43% V/R,
12/15/1999 20,000,000
60,000,000 Beta Finance, Inc., 5.19%, 11/12/99(a) 59,955,328
40,000,000 Keybank, 5.36% V/R, 10/14/99 40,001,699
20,000,000 Liberty Lighthouse U.S. Capital Company,
LLC., 5.26% V/R, 9/1/99(a) 19,997,120
</TABLE>
See Notes to Schedules of Investments and Notes to Financial Statements
CORE TRUST (DELAWARE)
27
<PAGE>
SCHEDULES OF INVESTMENTS (UNAUDITED) (CONCLUDED) NOVEMBER 30, 1998
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
40,000,000 Liberty Lighthouse U.S. Capital Company,
LLC., 5.26% V/R, 9/9/99(a) $ 39,993,969
50,000,000 Liberty Lighthouse U.S. Capital Company,
LLC., 5.30% V/R, 10/8/99(a) 49,955,729
20,000,000 Medium Term Structured Enhanced Return
Trust (STEERS), Series 1997 A-28,
5.06% V/R, 9/23/99 20,000,000
19,000,000 Medium Term Structured Enhanced Return
Trust (STEERS), Series 1998 A-40,
5.31% V/R, 1/15/99 19,000,000
15,255,000 Merita Bank Ltd., 9.75%, 12/15/98 15,277,857
10,000,000 Merrill Lynch & Co., Inc., 5.75%, 4/7/99 10,011,750
30,000,000 Morgan Stanley Group, Inc., 5.60% V/R,
11/15/99 30,000,000
60,000,000 Sigma Finance Corp., 5.14%, 10/28/99(a) 60,000,000
20,000,000 Structured Products Asset, 5.47%,
5/24/99 20,000,000
40,000,000 Syndicated Loan Funding, 5.78%, 12/15/99 40,000,000
--------------
TOTAL CORPORATE NOTES 561,197,667
--------------
FLOATING RATE FUNDING AGREEMENTS (5.9%)
20,000,000 Allstate Life Insurance Co., 5.44% V/R,
1/1/99 20,000,000
85,000,000 General American Life Insurance Co.,
5.40% V/R, 3/20/30 85,000,000
20,000,000 Peoples Benefit Life Insurance Co.,
5.28% V/R, 12/15/99 20,000,000
35,000,000 Providian Life & Health Insurance Co.,
5.33% V/R, 12/15/99 35,000,000
20,000,000 Transamerica Life Insurance & Annuity
Co., 5.22% V/R, 4/12/99 20,000,000
--------------
TOTAL FLOATING RATE FUNDING AGREEMENTS 180,000,000
--------------
MASTER NOTES (0.4%)
3,000,000 American General Finance, Inc. 3,000,000
10,000,000 General Electric Co. 10,000,000
--------------
TOTAL MASTER NOTES 13,000,000
--------------
MUNICIPAL BONDS & NOTES (0.3%)
3,600,000 Durham, NC COP, Series B, Wachovia Bank
of North Carolina, LOC, 4.87% V/R,
7/1/03 3,600,000
1,110,000 Kalamazoo Funding Co., Old Kent Bank &
Trust Co., LOC, 5.15% V/R, 12/15/26 1,110,000
945,000 Kalamazoo Funding Co., Old Kent Bank &
Trust Co., LOC, 5.15% V/R, 12/15/26 945,000
840,000 Kalamazoo Funding Co., Old Kent Bank &
Trust Co., LOC, 5.15% V/R, 12/15/26 840,000
450,000 Kalamazoo Funding Co., Old Kent Bank &
Trust Co., LOC, 5.15% V/R, 12/15/26 450,000
420,000 Kalamazoo Funding Co., Old Kent Bank &
Trust Co., LOC, 5.15% V/R, 12/15/26 420,000
395,000 Kalamazoo Funding Co., Old Kent Bank &
Trust Co., LOC, 5.15% V/R, 12/15/26 395,000
1,350,000 Kalamazoo Funding Co., Old Kent Bank &
Trust Co., LOC, 5.15% V/R, 12/15/26 1,350,000
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
900,000 Prince William County, VA Taxable Notes,
Series A, Wachovia Bank of North
Carolina, LOC, 4.87% V/R, 3/1/17 $ 900,000
--------------
TOTAL MUNICIPAL BONDS & NOTES 10,010,000
--------------
REPURCHASE AGREEMENTS (4.9%)
10,000,000 NationsBanc Montgomery Securities, Inc.,
5.30%, 12/1/98, to be repurchased at
$10,001,472, collateralized by
$9,965,000 U.S. Treasury Note, 5.38%,
10/31/00, with an aggregate market
value of 10,201,669 10,000,000
141,421,501 NationsBanc Montgomery Securities, Inc.,
5.50%, 12/1/98, to be repurchased at
$141,443,107(b) 141,421,501
--------------
TOTAL REPURCHASE AGREEMENTS 151,421,501
--------------
TIME DEPOSITS (10.5%)
150,000,000 Bank of America N.T. & S.A., Toronto
Branch, 5.56%, 12/1/98 150,000,000
30,000,000 Banque Paribas, Toronto Branch, 5.63%,
12/1/98 30,000,000
125,000,000 Deutsche Bank AG, Toronto Branch, 6.00%,
12/1/98 125,000,000
15,000,000 Dresdner Bank AG, Toronto Branch, 5.56%,
12/1/98 15,000,000
--------------
TOTAL TIME DEPOSITS 320,000,000
--------------
TOTAL INVESTMENTS (100.0%) $3,069,489,476
--------------
--------------
</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. The Board of Trustees had determined these securities to be
liquid.
(b) The Portfolios have invested in a joint repurchase agreement. The following
represents the collateral on the NationsBanc Montgomery Securities, Inc.
joint repurchase agreement: Collateralized by $290,803,978 FNMA Discount
Notes, 6.00%, 10/1/13; with a total market value of $286,698,701.
ABBREVIATIONS
<TABLE>
<S> <C>
COP Certificate of Participation
FNMA Federal National Mortgage Association
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 November 30,
1998.
</TABLE>
See Notes to Schedules of Investments and Notes to Financial Statements
CORE TRUST (DELAWARE)
28
<PAGE>
Norwest Advantage Funds
733 Marquette Avenue
Minneapolis, MN 55479-0040
Shareholders 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 (1/99)
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.
NORWEST ADVANTAGE FUND-REGISTERED TRADEMARK-
