<PAGE>
ANNUAL REPORT
MAY 31, 1999
MONEY MARKET FUNDS
[Logo] NORWEST
ADVANTAGE FUNDS-R-
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 MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PAGE
----
<S> <C>
A MESSAGE TO OUR SHAREHOLDERS............................... 1
NORWEST ADVANTAGE FUNDS
Independent Auditors' Report....................... 2
Statements of Assets and Liabilities............... 3
Statements of Operations........................... 4
Statements of Changes in Net Assets................ 5
Financial Highlights............................... 6
Notes to Financial Statements...................... 7
Supplementary Information (Unaudited).............. 9
Schedules of Investments........................... 10
Cash Investment Fund...................... 10
Ready Cash Investment Fund................ 10
U.S. Government Fund...................... 10
Treasury Plus Fund........................ 11
Treasury Fund............................. 11
Municipal Money Market Fund............... 12
Notes to Schedules of Investments.................. 19
CORE TRUST (DELAWARE)
Independent Auditors' Report....................... 22
Statements of Assets and Liabilities............... 23
Statements of Operations........................... 24
Statements of Changes in Net Assets................ 25
Financial Highlights............................... 26
Notes to Financial Statements...................... 27
Schedules of Investments........................... 29
Prime Money Market Portfolio.............. 29
Money Market Portfolio.................... 30
Notes to Schedules of Investments.................. 32
</TABLE>
[LOGO]
<PAGE>
A MESSAGE TO OUR SHAREHOLDERS
- --------------------------------------------------------------------------------
July 16, 1999
Dear Valued Shareholders:
We are pleased to present the 1999 Annual Report for
Norwest Advantage Funds for the fiscal year ended May 31,
1999. This report includes our six Norwest Advantage money
market funds.
A period of relative calm returned to global markets
due to Asia's improving economic condition. After a brief
scare late last summer, U.S. financial markets shook off
any threats to domestic prosperity, with the Dow Jones
Industrial Average (DJIA) climbing 3,000 points from
October through April to peak at a record high 11,000.
Thanks to the combination of low unemployment, low
inflation and strong consumer spending, the nation's
"Goldilock's" economy seemed just right--at least until
May.
Recent events in the U.S. economy may signal a turning
point for domestic and international markets. Fear of
interest rate increases threw the DJIA into a spin during
May, and triggered a sell-off in the bond market that sent
yields on 30-Year Treasury bonds to the highest levels in
a year. We believe that bond yields--which move inversely
to bond prices--will not peak until the Fed raises rates
high enough to produce a meaningful economic slowdown.
Although higher interest rates will help cool the
nation's strong economic growth, economies from Asia to
Latin America are concerned about the prospect of a
tightening U.S. monetary policy. Higher interest rates
translate into higher bond yields, raising the debt
service burden throughout emerging markets. So while the
health of the world's economies remains questionable,
signs of optimism are emerging.
Whatever the market conditions, we recommend that you
continually review your investment portfolio with your
financial consultant to determine an appropriate mix of
investments to meet your ongoing needs. We appreciate your
business and strive to deliver personalized service along
with an array of investment options to help you achieve
your financial goals. If you have any questions or need
information, please contact us at 1-(800) 338-1348 or
(612) 667-8833, option 2.
Again, thank you for choosing Norwest Advantage Funds.
Sincerely,
/s/ John Y. Keffer
John Y. Keffer
CHAIRMAN, NORWEST ADVANTAGE
FUNDS
[LOGO]
1
<PAGE>
INDEPENDENT AUDITORS' REPORT
- --------------------------------------------------------------------------------
To the Board of Trustees and Shareholders
Norwest Advantage Funds
We have audited the accompanying statements of assets
and liabilities of Cash Investment Fund, Ready Cash
Investment Fund, U.S. Government Fund, Treasury Plus Fund,
Treasury Fund, and Municipal Money Market Fund, portfolios
of Norwest Advantage Funds (collectively, the "Funds"),
including the schedules of investments, as of May 31,
1999, and the related statements of operations for the
year then ended, statements of changes in net assets for
each of the years or periods in the two-year period then
ended and financial highlights for each of the years or
periods in the five-year period then ended. These
financial statements and financial highlights are the
responsibility of the Funds' management. Our
responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and
financial highlights are free of material misstatement. An
audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures
included confirmation of securities owned as of May 31,
1999, by correspondence with the custodian and brokers. An
audit also includes assessing the accounting principles
used and significant estimates made by management, as well
as evaluating the overall financial statement
presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all
material respects, the financial position of the Funds as
of May 31, 1999, the results of their operations, changes
in their net assets and financial highlights for each of
the years or periods indicated in the first paragraph
above, in conformity with generally accepted accounting
principles.
/s/ KPMG LLP
Boston, Massachusetts
July 16, 1999
[LOGO]
2
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
MUNICIPAL
CASH READY CASH U.S. TREASURY MONEY
INVESTMENT INVESTMENT GOVERNMENT PLUS TREASURY MARKET
FUND(a) FUND(a) FUND FUND FUND FUND
-------------- ------------ -------------- ----------- -------------- --------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS
Investments (Note
2)
Investments at
amortized cost
and value..... $5,483,093,717 $1,023,530,876 $1,821,566,250 $ 4,021,240 $1,042,399,456 $1,037,175,358
Repurchase
agreements at
cost and
value......... - - 1,510,406,857 20,531,000 - -
-------------- ------------ -------------- ----------- -------------- --------------
Total investments
at amortized
cost and
value.......... 5,483,093,717 1,023,530,876 3,331,973,107 24,552,240 1,042,399,456 1,037,175,358
Cash............... - - 592,256 2,974 6,896 -
Receivable for
interest and
other
receivables.... - - 12,660,351 44,240 12,675,878 12,008,823
Receivable for
investments
sold........... - - 24,851,064 67,589,348 568,997,036 20,028,088
-------------- ------------ -------------- ----------- -------------- --------------
TOTAL ASSETS........ 5,483,093,717 1,023,530,876 3,370,076,778 92,188,802 1,624,079,266 1,069,212,269
-------------- ------------ -------------- ----------- -------------- --------------
LIABILITIES
Payable for
investments
purchased..... - - - - 74,862,042 8,000,000
Payable to
investment
adviser and
affiliates
(Note 3)...... 943,017 210,052 1,082,503 19,781 543,877 379,686
Payable to other
related
parties (Note
3)............ 89,347 121,103 160,193 47 71,023 34,298
Accrued expenses
and other
liabilities... 259,029 48,878 300,260 29,645 53,735 36,157
-------------- ------------ -------------- ----------- -------------- --------------
TOTAL LIABILITIES... 1,291,393 380,033 1,542,956 49,473 75,530,677 8,450,141
-------------- ------------ -------------- ----------- -------------- --------------
NET ASSETS.......... $5,481,802,324 $1,023,150,843 $3,368,533,822 $92,139,329 $1,548,548,589 $1,060,762,128
-------------- ------------ -------------- ----------- -------------- --------------
-------------- ------------ -------------- ----------- -------------- --------------
COMPONENTS OF NET
ASSETS
Paid in capital... $5,483,608,690 $1,023,146,860 $3,368,668,853 $92,147,276 $1,548,703,650 $1,060,882,920
Undistributed
(distributions
in excess of)
net investment
income........ (102,315) 11,637 (56,270) - 102,005 (126,904)
Accumulated net
realized gain
(loss) from
investments... (1,704,051) (7,654) (78,761) (7,947) (257,066) 6,112
-------------- ------------ -------------- ----------- -------------- --------------
NET ASSETS.......... $5,481,802,324 $1,023,150,843 $3,368,533,822 $92,139,329 $1,548,548,589 $1,060,762,128
-------------- ------------ -------------- ----------- -------------- --------------
-------------- ------------ -------------- ----------- -------------- --------------
NET ASSETS BY SHARE
CLASS
Single class
funds......... $5,481,802,324 $ - $3,368,533,822 $92,139,329 $1,548,548,589 $ -
Investor Shares... - 953,174,886 - - - 41,173,522
Exchange Shares... - 1,204,718 - - - -
Institutional
Shares........ - - - - - 1,019,588,606
Public Entities
Shares........ - 68,771,239 - - - -
-------------- ------------ -------------- ----------- -------------- --------------
NET ASSETS.......... $5,481,802,324 $1,023,150,843 $3,368,533,822 $92,139,329 $1,548,548,589 $1,060,762,128
-------------- ------------ -------------- ----------- -------------- --------------
-------------- ------------ -------------- ----------- -------------- --------------
SHARES OF BENEFICIAL
INTEREST
Single class
funds......... 5,483,534,039 - 3,368,712,364 92,147,275 1,548,702,366 -
Investor Shares... - 953,180,210 - - - 41,180,942
Exchange Shares... - 1,204,726 - - - -
Institutional
Shares........ - - - - - 1,019,578,847
Public Entities
Shares........ - 68,771,179 - - - -
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
(a)Cash Investment Fund and Ready Cash Investment Fund invest in affiliated Portfolios of Core
Trust (Delaware) (Note 1).
</TABLE>
[LOGO]
See Notes to Financial Statements
3
<PAGE>
STATEMENTS OF OPERATIONS FOR THE YEAR OR PERIOD ENDED MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CASH READY CASH U.S. TREASURY MUNICIPAL
INVESTMENT INVESTMENT GOVERNMENT PLUS TREASURY MONEY MARKET
FUND FUND FUND FUND(a) FUND FUND
------------- ------------ ------------ --------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME
Interest income (Note 2)(b).............. $298,826,756 $47,740,983 $148,270,463 $1,557,145 $77,059,458 $39,625,210
Net expenses allocated from affiliated
Portfolios (Note 1).................... (14,206,212) (3,524,091) - - - -
------------- ------------ ------------ --------- ------------ ------------
Total Investment Income.................... 284,620,544 44,216,892 148,270,463 1,557,145 77,059,458 39,625,210
------------- ------------ ------------ --------- ------------ ------------
EXPENSES
Advisory (Note 3)........................ - - 3,827,097 65,554 2,328,016 3,911,866
Management and Administration (Note 3)... 2,770,004 1,332,118 2,855,914 32,812 1,606,680 1,221,486
Transfer agent (Note 3)
Single class funds..................... 11,080,019 - 7,139,786 82,031 4,016,700 -
Investor Shares........................ - 2,135,620 - - - 106,325
Exchange Shares........................ - 2,726 - - - -
Institutional Shares................... - - - - - 1,136,425
Public Entities Shares................. - 32,740 - - - -
Custody (Note 3)......................... - - 300,591 6,485 175,668 132,896
Accounting (Note 3)...................... 13,000 34,000 64,750 36,169 61,750 97,750
Legal.................................... 71,993 11,404 37,288 229 20,345 15,250
Registration
Single class funds..................... 333,566 - 301,672 28,305 61,086 -
Investor Shares........................ - 106,394 - - - 15,478
Exchange Shares........................ - 14,809 - - - -
Institutional Shares................... - - - - - 48,584
Public Entities Shares................. - 25,882 - - - -
Audit.................................... 5,900 6,056 18,875 16,000 16,000 16,900
Trustees................................. 63,742 10,058 32,082 267 19,040 13,813
Distribution fees -- Exchange Shares
(Note 3)............................... - 10,904 - - - -
Miscellaneous............................ 403,475 63,989 234,306 9,127 136,179 143,408
------------- ------------ ------------ --------- ------------ ------------
TOTAL EXPENSES............................. 14,741,699 3,786,700 14,812,361 276,979 8,441,464 6,860,181
Fees waived and expenses reimbursed (Note
4)..................................... (2,349,109) (110,672) (532,406) (112,913) (1,050,582) (1,469,730)
------------- ------------ ------------ --------- ------------ ------------
NET EXPENSES............................... 12,392,590 3,676,028 14,279,955 164,066 7,390,882 5,390,451
------------- ------------ ------------ --------- ------------ ------------
NET INVESTMENT INCOME...................... 272,227,954 40,540,864 133,990,508 1,393,079 69,668,576 34,234,759
------------- ------------ ------------ --------- ------------ ------------
NET REALIZED GAIN (LOSS) FROM INVESTMENTS
Net realized gain (loss) from
investments............................ - - 204,634 (7,947) 101,345 6,112
Net realized gain from allocations from
affiliated Portfolios (Note 1)......... 54,777 8,287 - - - -
------------- ------------ ------------ --------- ------------ ------------
NET REALIZED GAIN (LOSS) FROM
INVESTMENTS.............................. 54,777 8,287 204,634 (7,947) 101,345 6,112
------------- ------------ ------------ --------- ------------ ------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS............................... $272,282,731 $40,549,151 $134,195,142 $1,385,132 $69,769,921 $34,240,871
------------- ------------ ------------ --------- ------------ ------------
------------- ------------ ------------ --------- ------------ ------------
</TABLE>
(a) For the period July 6, 1998 (commencement of operations) to May 31, 1999.
(b) For Cash Investment Fund and Ready Cash Investment Fund, interest income
represents income allocated from affiliated Portfolios of Core Trust
(Delaware) (Note 1).
[LOGO]
See Notes to Financial Statements
4
<PAGE>
FOR THE YEAR OR PERIOD ENDED
STATEMENTS OF CHANGES IN NET ASSETS MAY 31, 1998 AND MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CASH TREASURY MUNICIPAL MONEY
INVESTMENT READY CASH U.S. GOVERNMENT PLUS TREASURY MARKET
FUND INVESTMENT FUND FUND FUND (c) 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............ 203,656,282 50,187,684 114,966,133 - 58,492,565 28,902,887
Net realized gain
(loss) from
investments....... (53,352) 48,398 (48,377) - 358,352 172,328
-------------- --------------- --------------- ------------ -------------- ---------------
Net increase in net
assets resulting
from operations... 203,602,930 50,236,082 114,917,756 - 58,850,917 29,075,215
-------------- --------------- --------------- ------------ -------------- ---------------
DISTRIBUTIONS TO
SHAREHOLDERS FROM
Net investment
income
Single class
funds........... (203,656,282) - (114,966,133) - (58,492,565) -
Investor Shares... - (32,585,755) - - - (1,571,100)
Exchange Shares... - (15,813) - - - -
Institutional
Shares.......... - (17,586,116) - - - (27,331,787)
Net realized gain
from investments
Investor Shares... - - - - - (3,249)
Institutional
Shares.......... - - - - - (58,183)
-------------- --------------- --------------- ------------ -------------- ---------------
Total distributions
to shareholders... (203,656,282) (50,187,684) (114,966,133) - (58,492,565) (28,964,319)
-------------- --------------- --------------- ------------ -------------- ---------------
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(a)............. 4,685,818,157 789,717,068 2,260,207,846 - 1,440,515,062 1,021,763,286
-------------- --------------- --------------- ------------ -------------- ---------------
OPERATIONS
Net investment
income............ 272,227,954 40,540,864 133,990,508 1,393,079 69,668,576 34,234,759
Net realized gain
(loss) from
investments....... 54,777 8,287 204,634 (7,947) 101,345 6,112
-------------- --------------- --------------- ------------ -------------- ---------------
Net increase in net
assets resulting
from operations... 272,282,731 40,549,151 134,195,142 1,385,132 69,769,921 34,240,871
-------------- --------------- --------------- ------------ -------------- ---------------
DISTRIBUTIONS TO
SHAREHOLDERS FROM
Net investment
income
Single class
funds........... (272,182,936) - (133,990,508) (1,393,079) (69,668,576) -
Investor Shares... - (38,948,607) - - - (1,157,118)
Exchange Shares... - (41,042) - - - -
Institutional
Shares.......... - - - - - (33,067,705)
Public Entities
Shares.......... - (1,536,507) - - - -
Net realized gain
from investments
Single class
funds........... - - - - (536,906) -
Investor Shares... - - - - - (628)
Institutional
Shares.......... - - - - - (16,474)
-------------- --------------- --------------- ------------ -------------- ---------------
Total distributions
to shareholders... (272,182,936) (40,526,156) (133,990,508) (1,393,079) (70,205,482) (34,241,925)
-------------- --------------- --------------- ------------ -------------- ---------------
CAPITAL SHARE
TRANSACTIONS (AT
$1.00 PER SHARE)
Sale of shares
Single class
funds........... 37,587,082,649 - 26,091,666,224 1,696,898,756 19,545,459,290 -
Investor Shares... - 487,586,321 - - - 51,468,576
Exchange Shares... - 2,427,450 - - - -
Institutional
Shares.......... - - - - - 4,895,924,473
Public Entities
Shares.......... - 229,896,292 - - - -
Reinvestment of
distributions
Single class
funds........... 143,723,803 - 29,201,156 531,579 20,981,138 -
Investor Shares... - 38,964,610 - - - 1,155,538
Exchange Shares... - 40,453 - - - -
Institutional
Shares.......... - - - - - 8,171,310
Public Entities
Shares.......... - 1,528,404 - - - -
Redemption of shares
Single class
funds........... (36,934,922,080) - (25,012,746,038) (1,605,283,059) (19,457,971,340) -
Investor Shares... - (362,778,775) - - - (55,521,236)
Exchange Shares... - (1,600,458) - - - -
Institutional
Shares.......... - - - - - (4,862,198,765)
Public Entities
Shares.......... - (162,653,517) - - - -
-------------- --------------- --------------- ------------ -------------- ---------------
Net increase from
capital share
transactions...... 795,884,372 233,410,780 1,108,121,342 92,147,276 108,469,088 38,999,896
-------------- --------------- --------------- ------------ -------------- ---------------
Net increase in net
assets............ 795,984,167 233,433,775 1,108,325,976 92,139,329 108,033,527 38,998,842
-------------- --------------- --------------- ------------ -------------- ---------------
NET ASSETS -- MAY 31,
1999(b)............. $5,481,802,324 $ 1,023,150,843 $3,368,533,822 $ 92,139,329 $1,548,548,589 $ 1,060,762,128
-------------- --------------- --------------- ------------ -------------- ---------------
-------------- --------------- --------------- ------------ -------------- ---------------
Undistributed
(distributions in
excess of) net
investment income
(a) May 31,
1998............ $ (147,521) $ (3,100) $ (56,270) $ - $ 102,005 $ (198,272)
-------------- --------------- --------------- ------------ -------------- ---------------
-------------- --------------- --------------- ------------ -------------- ---------------
(b) May 31,
1999............ $ (102,315) $ 11,637 $ (56,270) $ - $ 102,005 $ (126,904)
-------------- --------------- --------------- ------------ -------------- ---------------
-------------- --------------- --------------- ------------ -------------- ---------------
(c) For the period
July 6, 1998
(commencement
of operations)
to May 31,
1999.
</TABLE>
[LOGO]
See Notes to Financial Statements
5
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
SELECTED DATA FOR A SHARE OUTSTANDING DURING THE PERIODS
<TABLE>
<CAPTION>
BEGINNING NET REALIZED DIVIDENDS CAPITAL
NET ASSET NET AND UNREALIZED FROM NET CONTRIBUTION ENDING NET
VALUE PER INVESTMENT LOSS ON INVESTMENT FROM ASSET VALUE
SHARE INCOME INVESTMENTS INCOME ADVISER PER SHARE
--------- ---------- -------------- ---------- ------------ -----------
<S> <C> <C> <C> <C> <C> <C>
CASH INVESTMENT FUND
Year Ended May 31,
1999........................ $1.00 $0.049 $ - $(0.049) $ - $1.00
1998........................ 1.00 0.053 - (0.053) - 1.00
1997........................ 1.00 0.051 - (0.051) - 1.00
1996........................ 1.00 0.054 - (0.054) - 1.00
1995........................ 1.00 0.049 - (0.049) - 1.00
READY CASH INVESTMENT FUND
INVESTOR SHARES
Year Ended May 31,
1999........................ 1.00 0.046 - (0.046) - 1.00
1998........................ 1.00 0.050 - (0.050) - 1.00
1997........................ 1.00 0.047 - (0.047) - 1.00
1996........................ 1.00 0.051 - (0.051) - 1.00
1995........................ 1.00 0.045 - (0.045) - 1.00
EXCHANGE SHARES
Year Ended May 31,
1999........................ 1.00 0.038 - (0.038) - 1.00
1998........................ 1.00 0.050 (0.008) (0.042) - 1.00
1997........................ 1.00 0.040 - (0.040) - 1.00
1996........................ 1.00 0.043 - (0.043) - 1.00
1995........................ 1.00 0.038 - (0.038) - 1.00
PUBLIC ENTITIES SHARES
September 2, 1998(b) to May
31, 1999.................. 1.00 0.035 - (0.035) - 1.00
U.S. GOVERNMENT FUND
Year Ended May 31,
1999........................ 1.00 0.047 - (0.047) - 1.00
1998........................ 1.00 0.051 - (0.051) - 1.00
1997........................ 1.00 0.049 - (0.049) - 1.00
1996........................ 1.00 0.052 - (0.052) - 1.00
1995........................ 1.00 0.047 - (0.047) - 1.00
TREASURY PLUS FUND
July 6, 1998(b) to May 31,
1999...................... 1.00 0.033 - (0.033) - 1.00
TREASURY FUND
Year Ended May 31,
1999........................ 1.00 0.044 - (0.044) - 1.00
1998........................ 1.00 0.049 - (0.049) - 1.00
1997........................ 1.00 0.047 - (0.047) - 1.00
1996........................ 1.00 0.050 - (0.050) - 1.00
1995........................ 1.00 0.046 - (0.046) - 1.00
MUNICIPAL MONEY MARKET FUND
INVESTOR SHARES
Year Ended May 31,
1999........................ 1.00 0.027 - (0.027) - 1.00
1998........................ 1.00 0.031 - (0.031) - 1.00
1997........................ 1.00 0.030 - (0.030) - 1.00
1996........................ 1.00 0.033 - (0.033) - 1.00
1995........................ 1.00 0.031 (0.004) (0.031) 0.004 1.00
INSTITUTIONAL SHARES
Year Ended May 31,
1999........................ 1.00 0.029 - (0.029) - 1.00
1998........................ 1.00 0.033 - (0.033) - 1.00
1997........................ 1.00 0.032 - (0.032) - 1.00
1996........................ 1.00 0.035 - (0.035) - 1.00
1995........................ 1.00 0.033 (0.004) (0.033) 0.004 1.00
<CAPTION>
RATIOS TO AVERAGE
NET ASSETS NET ASSETS
----------------------------------------------------- AT END OF
NET PERIOD
NET GROSS INVESTMENT TOTAL (000'S
EXPENSES EXPENSES(a) INCOME RETURN OMITTED)
-------------- --------------- -------------- ----------- -----------
<S> <C> <C> <C> <C> <C>
CASH INVESTMENT FUND
Year Ended May 31,
1999........................ 0.48%(d) 0.57%(d) 4.91%(d) 5.04% $5,481,802
1998........................ 0.48%(d) 0.57%(d) 5.29%(d) 5.42% 4,685,818
1997........................ 0.48% 0.49% 5.07% 5.21% 2,147,894
1996........................ 0.48% 0.49% 5.36% 5.50% 1,739,549
1995........................ 0.48% 0.50% 4.87% 4.96% 1,464,304
READY CASH INVESTMENT FUND
INVESTOR SHARES
Year Ended May 31,
1999........................ 0.82%(d) 0.82%(d) 4.56%(d) 4.68% 953,175
1998........................ 0.82%(d) 0.82%(d) 4.95%(d) 5.07% 789,380
1997........................ 0.82% 0.83% 4.75% 4.87% 576,011
1996........................ 0.82% 0.87% 5.02% 5.17% 473,879
1995........................ 0.82% 0.91% 4.64% 4.62% 268,603
EXCHANGE SHARES
Year Ended May 31,
1999........................ 1.57%(d) 3.24%(d) 3.76%(d) 3.90% 1,205
1998........................ 1.56%(d) 5.57%(d) 4.21%(d) 4.29% 337
1997........................ 1.57% 5.66% 4.03% 4.09% 655
1996........................ 1.57% 8.24% 4.32% 4.38% 129
1995........................ 1.57% 6.32% 3.62% 3.69% 160
PUBLIC ENTITIES SHARES
September 2, 1998(b) to May
31, 1999.................. 0.54%(d)(e) 0.74%(d)(e) 4.69%(d)(e) 3.59% 68,771
U.S. GOVERNMENT FUND
Year Ended May 31,
1999........................ 0.50% 0.52% 4.69% 4.81% 3,368,534
1998........................ 0.50% 0.51% 5.08% 5.20% 2,260,208
1997........................ 0.49% 0.49% 4.91% 5.04% 1,912,574
1996........................ 0.50% 0.51% 5.13% 5.27% 1,649,721
1995........................ 0.50% 0.52% 4.68% 4.81% 1,159,421
TREASURY PLUS FUND
July 6, 1998(b) to May 31,
1999...................... 0.50%(e) 0.84%(e) 4.25%(e) 3.30% 92,139
TREASURY FUND
Year Ended May 31,
1999........................ 0.46% 0.53% 4.34% 4.49% 1,548,549
1998........................ 0.46% 0.54% 4.89% 5.00% 1,440,515
1997........................ 0.46% 0.53% 4.74% 4.87% 1,003,697
1996........................ 0.46% 0.56% 4.91% 5.04% 802,270
1995........................ 0.46% 0.57% 4.62% 4.65% 661,098
MUNICIPAL MONEY MARKET FUND
INVESTOR SHARES
Year Ended May 31,
1999........................ 0.65% 0.86% 2.72% 2.76% 41,174
1998........................ 0.65% 0.83% 3.13% 3.18% 44,070
1997........................ 0.65% 0.87% 3.01% 3.08% 54,616
1996........................ 0.65% 0.88% 3.25% 3.31% 57,021
1995........................ 0.65% 0.93% 3.10% 3.13%(c) 47,424
INSTITUTIONAL SHARES
Year Ended May 31,
1999........................ 0.45% 0.57% 2.91% 2.97% 1,019,589
1998........................ 0.45% 0.59% 3.32% 3.39% 977,693
1997........................ 0.45% 0.70% 3.21% 3.28% 635,655
1996........................ 0.45% 0.72% 3.41% 3.52% 592,436
1995........................ 0.45% 0.74% 3.37% 3.33%(c) 278,953
</TABLE>
(a) During each period, various fees were waived and reimbursed. The ratio of
Gross Expenses to Average Net Assets reflects the expense ratio in the
absence of any waivers and reimbursements (Note 4)
(b) Commencement of operations.
(c) The total return for 1995 includes the effect of a capital contribution from
the Adviser. Without the capital contribution, the total return would have
been 2.59% for Investor shares and 2.79% for Institutional shares.
(d) Includes expenses allocated from the affiliated Portfolio(s) in which the
Fund invests.
(e) Annualized.
[LOGO]
See Notes to Financial Statements
6
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
NOTE 1. ORGANIZATION
Norwest Advantage Funds (the "Trust") is organized as a Delaware business trust
and is registered as an open-end management investment company under the
Investment Company Act of 1940 (the "Act"). The Trust currently has thirty-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. Institutional
Shares, offered primarily to fiduciary, agency and custodial clients of bank
trust departments, trust companies and their affiliates, are sold without a
sales charge and do not incur distribution expenses. Under its Trust Instrument,
the Trust is authorized to issue, by each Fund, by each class of shares, an
unlimited number of shares of beneficial interest without par value.
MASTER-FEEDER ARRANGEMENT - Cash Investment Fund seeks to achieve its investment
objective by investing all its investable assets in two portfolios
(individually, a "Portfolio" and, collectively, the "Portfolios") of Core Trust
(Delaware) ("Core Trust"), a registered open-end management investment company.
These Portfolios are advised by Norwest Investment Management, Inc. These
Portfolios, Prime Money Market Portfolio and Money Market Portfolio, have
identical investment objectives and investment policies, except that Prime Money
Market Portfolio seeks to maintain a rating from a nationally recognized
statistical rating organization ("NRSRO"). Ready Cash Investment Fund seeks to
achieve its investment objective by investing all its investable assets in Prime
Money Market Portfolio. This is commonly referred to as a master-feeder
arrangement. Each Portfolio directly acquires portfolio securities, and a Fund
investing in the Portfolio acquires an indirect interest in those securities.
The Funds account for their investment in a Portfolio as a partnership
investment, and record daily their share of the Portfolio's income, expenses and
realized and unrealized gain and loss. In addition, each Fund incurs its own
expenses. Each Fund may withdraw its investment from its corresponding Portfolio
at any time if the Trust's Board of Trustees determines that it is in the best
interest of the Fund to do so. The financial statements of the Portfolios are
included with this report and should be read in conjunction with the Funds'
financial statements. As of May 31, 1999, the percentages of Prime Money Market
Portfolio and Money Market Portfolio owned by Cash Investment Fund were 72.8%
and 99.0%, respectively. The percentage of Prime Money Market Portfolio owned by
Ready Cash Investment Fund was 27.2%.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
These financial statements are prepared in accordance with generally accepted
accounting principles, which require management to make estimates and
assumptions that affect the reported amounts of assets and liabilities,
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increase and decrease in net assets from
operations during the fiscal period. Actual results could differ from those
estimates. The following summarizes the significant accounting policies of the
Funds:
SECURITY VALUATION - On each Fund business day, the Funds determine their net
asset values at the following times: Municipal Money Market Fund, 12:00 PM,
Eastern Time; Treasury Fund, 1:00 PM, Eastern Time; U.S. Government Fund, 2:00
PM, Eastern Time; Cash Investment Fund and Ready Cash Investment Fund, 3:00 PM,
Eastern Time; and Treasury Plus Fund, 5:00 PM, Eastern Time. Cash Investment
Fund and Ready Cash Investment Fund record their investments in the Portfolios
at value. Valuation of securities held in the Portfolios is discussed in the
Notes to Financial Statements of the Portfolios, which are included elsewhere in
this report. Securities held by the other Funds are valued by utilizing the
amortized cost method pursuant to Rule 2a-7 under the Act. Under this method,
all investments purchased at a discount or premium are valued by accreting or
amortizing, respectively, the difference between the original purchase price and
the maturity value of the investment over the period to the investment's
maturity.
SECURITY TRANSACTIONS AND INTEREST INCOME - Investment transactions are
accounted for on the trade date. Interest income is recorded on the accrual
basis and includes amortization of premiums and discounts. Identified cost of
investments sold is used to determine realized gains and losses for both
financial statement and federal income tax purposes.
DISTRIBUTIONS TO SHAREHOLDERS - Distributions to shareholders of net investment
income, if any, are declared daily and paid monthly. Net capital gain, if any,
is distributed to shareholders at least annually. Distributions are based on
amounts calculated in accordance with applicable federal income tax regulations,
which may differ from generally accepted accounting principles. These
differences are due primarily to differing treatments of income and gain on
various investment securities held by each Fund or Portfolio, timing differences
and differing characterizations of distributions made by the Funds.
[LOGO]
7
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
FEDERAL TAXES - Each Fund intends to qualify each year as a regulated investment
company and distribute all its taxable income. In addition, by distributing in
each calendar year substantially all its net investment income, capital gain and
certain other amounts, if any, each Fund will not be subject to a federal excise
tax. Therefore, no federal income or excise tax provision is required.
EXPENSE ALLOCATION - The Trust accounts separately for the assets, liabilities
and operations of each Fund. Expenses that are directly attributable to more
than one Fund are allocated among the respective Funds. Expenses that are
directly attributable to a class of shares are allocated to that class.
REPURCHASE AGREEMENTS - Each Fund, except for Treasury Fund, along with certain
other Norwest Advantage Funds, may transfer uninvested cash balances into a
joint trading account. These balances are invested in one or more repurchase
agreements. The Funds, through their custodian, receive delivery of the
underlying collateral, whose market value must always exceed the repurchase
price. In the event of default, a Fund may have difficulties with the
disposition of the collateral.
NOTE 3. ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISER - The investment adviser of each Fund is Norwest Investment
Management, Inc. ("Adviser"), a wholly owned subsidiary of Norwest Bank
Minnesota, N.A. ("Norwest"). Norwest is a subsidiary of Wells Fargo & Company.
The Adviser receives an advisory fee from U.S. Government Fund, Treasury Plus
Fund and Treasury Fund at an annual rate of 0.20% of each Fund's average daily
net assets for the first $300 million of net assets of each Fund, declining to
0.12% of the average daily net assets of each Fund's net assets in excess of
$700 million. The Adviser receives an advisory fee from Municipal Money Market
Fund at an annual rate of 0.35% of the average daily net assets for the first
$500 million of net assets of the Fund, declining to 0.30% of the average daily
net assets of the Fund's net assets in excess of $1 billion. The Adviser does
not receive advisory fees with respect to Cash Investment Fund and Ready Cash
Investment Fund as long as the Funds remain completely invested in the
Portfolios.
MANAGEMENT AND ADMINISTRATION SERVICES - Forum Financial Services, Inc. ("FFSI")
supervises the overall management of the Trust other than investment advisory
services. Forum Administrative Services, LLC ("FAdS") is the administrator of
the Trust. For their services, FFSI and FAdS each receive a fee with respect to
U.S. Government Fund, Treasury 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; with respect to Cash Investment Fund at an annual rate of 0.025% of the
Fund's average daily net assets; and with respect to Ready Cash Investment Fund
at an annual rate of 0.075% of the Fund's average daily net assets.
TRANSFER AGENT, DIVIDEND DISBURSING AGENT AND CUSTODIAN - Norwest serves as the
Trust's transfer agent and dividend disbursing agent. For these services,
Norwest receives a fee at an annual rate of 0.20% of the average daily net
assets of Cash Investment Fund, 0.10% of the average daily net assets of
Municipal Money Market Fund attributable to Institutional Shares and Ready Cash
Investment Fund attributable to Public Entities Shares, and up to 0.25% of the
average daily net assets attributable to the other classes of the Funds. Norwest
also serves as the Trust's custodian. For its custody services, Norwest receives
a fee at an annual rate of 0.02% of the first $100 million of each Fund's
average daily net assets, 0.015% of the next $100 million of each Fund's average
daily net assets and 0.01% of each Fund's remaining average daily net assets. No
custody fee is directly payable by a Fund to the extent the Fund is invested in
a Portfolio.
DISTRIBUTION PLAN - The Trust has adopted a Distribution Plan (the "Plan")
pursuant to Rule 12b-1 under the Act with respect to Exchange Shares of Ready
Cash Investment Fund. The Plan authorizes payment to FFSI of a distribution
service fee at an annual rate of 0.75%, and a maintenance fee of 0.25%, of the
average daily net assets of Ready Cash Investment Fund attributable to Exchange
Shares. No maintenance fees were incurred by the Fund during the year ended May
31, 1999. The distribution payments are used to reimburse FFSI for (i) sales
commissions at levels set from time to time by the Board of Trustees ("Board"),
not to exceed 6.25% of the amount received by the Fund for each Exchange share
sold (excluding reinvestment of dividends and distributions) and (ii) interest
calculated by applying the rate of 1% over the prime rate to the outstanding
balance of unreimbursed distribution charges. The current sales commission rate
is based upon that rate in effect for the fixed income or equity fund from which
the shareholder exchanged its shares. The Plan may be terminated by vote of a
majority of the Fund's shareholders or by vote of a majority of the Board which
do not have any direct or indirect financial interest in the Plan. In the event
the Plan is terminated or not continued, at the discretion of the Board, the
Fund may continue to pay distribution service fees to FFSI (but only with
respect to sales that occurred prior to the termination or discontinuance of the
Plan) until the earlier of (a) four years after the date of termination or
discontinuance or (b) such time as there exist no unreimbursed distribution
charges attributable to that Fund under the Plan, as calculated pursuant to the
Plan. Unreimbursed distribution charges at May 31, 1999, for Ready Cash
Investment Fund, were $10,904.
OTHER SERVICES PROVIDERS - Forum Accounting Services, LLC ("FAcS"), an affiliate
of FFSI, provides portfolio accounting services to each Fund.
[LOGO]
8
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
- --------------------------------------------------------------------------------
NOTE 4. WAIVER OF FEES AND REIMBURSEMENT OF EXPENSES
Norwest, Adviser, FAdS and FFSI have voluntarily waived a portion of their fees
and have reimbursed certain expenses of the Funds so that total expenses,
including indirect expenses borne by the Funds as a result of investing in the
corresponding Portfolio, would not exceed certain expense limitations
established for each Fund. Each service provider, at their discretion, may
revise or discontinue the voluntary fee waivers and expense reimbursements at
any time. For the year ended May 31, 1999, 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.................... $ - $ - $ 2,349,109 $ - $ 2,349,109
Ready Cash Investment Fund.............. - - 81,712 28,960 110,672
U.S. Government Fund.................... - - 532,406 - 532,406
Treasury Plus Fund...................... 56,620 17,057 32,733 6,503 112,913
Treasury Fund........................... - - 1,050,582 - 1,050,582
Municipal Money Market Fund............. 344,552 - 1,125,178 - 1,469,730
</TABLE>
NOTE 5. FEDERAL INCOME TAXES
As of May 31, 1999, certain of the Funds had capital loss carryovers available
to offset future capital gains as follows:
<TABLE>
<CAPTION>
YEAR OF EXPIRATION
---------------------------
2003 2006 TOTAL
------------- ----------- -------------
<S> <C> <C> <C>
Cash Investment Fund.................... $ 1,624,775 $ 75,562 $ 1,700,337
Ready Cash Investment Fund.............. 7,647 - 7,647
</TABLE>
NOTE 6. FUND REORGANIZATIONS
On March 25, 1999, the Board of Trustees of Norwest Advantage Funds approved the
reorganization of each Norwest Advantage Fund into a new portfolio of Wells
Fargo Funds Trust. The reorganizations are part of a plan to consolidate the
Stagecoach and Norwest Advantage fund families following last November's merger
of Wells Fargo & Company and Norwest Corporation. Norwest Advantage Funds will
present each proposed fund reorganization to the fund's shareholders for their
approval at a special shareholders' meeting that is planned for August 1999.
If shareholders approve the reorganizations, each Norwest Advantage Fund will
reorganize into a corresponding Wells Fargo Funds Trust portfolio that has
substantially similar investment objectives and, except as noted below,
investment policies. In general, the Wells Fargo Funds Trust portfolios will not
combine with other funds of the Stagecoach or Norwest Advantage fund families.
The reorganizations contemplate, however, that each of the following Norwest
Advantage Funds will reorganize into a portfolio of Wells Fargo Funds Trust that
may have somewhat different investment policies from those of the fund and may
combine with other Stagecoach or Norwest Advantage funds:
<TABLE>
<CAPTION>
NORWEST ADVANTAGE FUNDS WELLS FARGO FUNDS TRUST
- --------------------------------------------------- ---------------------------------------------------
<S> <C> <C>
Exchange Shares of Ready Cash Investment Fund Money Market Fund
</TABLE>
SUPPLEMENTARY INFORMATION (UNAUDITED)
- --------------------------------------------------------------------------------
FEDERAL TAX STATUS OF DIVIDENDS DECLARED DURING THE FISCAL YEAR
INCOME DIVIDENDS - 100% of the income dividends paid by Municipal Money Market
Fund were of exempt interest. All income dividends of Cash Investment Fund,
Ready Cash Investment Fund, U.S. Government Fund, Treasury Plus Fund and
Treasury Fund were ordinary income for federal income tax purposes.
CAPITAL GAIN DIVIDENDS - No long-term capital gains were declared by any of the
Funds.
[LOGO]
9
<PAGE>
SCHEDULES OF INVESTMENTS MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
CASH INVESTMENT FUND
- ------------------------------------------------------------------------
N/A Prime Money Market Portfolio of Core
Trust (Delaware) $2,741,607,196
N/A Money Market Portfolio of Core Trust
(Delaware) 2,741,486,521
--------------
TOTAL INVESTMENTS AT AMORTIZED COST AND VALUE (100.0%)
$5,483,093,717
--------------
--------------
- ------------------------------------------------------------------------
READY CASH INVESTMENT FUND
- ------------------------------------------------------------------------
N/A Prime Money Market Portfolio of Core
Trust (Delaware) $1,023,530,876
--------------
TOTAL INVESTMENTS AT AMORTIZED COST AND VALUE (100.0%)
$1,023,530,876
--------------
--------------
- ------------------------------------------------------------------------
U.S. GOVERNMENT FUND
- ------------------------------------------------------------------------
AGENCY NOTES (34.0%)
FFCB (3.3%)
33,670,000 4.77%, 7/1/99 $ 33,667,595
10,000,000 5.20%, 1/14/00 10,017,713
40,000,000 4.76%, 1/18/00 39,943,682
25,000,000 5.02%, 3/1/00 24,994,152
--------------
TOTAL FFCB 108,623,142
--------------
FHLB (14.3%)
12,750,000 5.61%, 6/18/99 12,754,299
30,000,000 5.51%, 7/6/99 29,997,941
50,000,000 5.05% V/R, 11/4/99 50,000,000
50,000,000 4.87% V/R, 11/12/99 49,986,746
25,000,000 4.87% V/R, 11/16/99 24,991,946
75,000,000 4.80% V/R, 1/11/00 74,968,241
15,000,000 4.93%, 1/13/00 15,002,866
25,000,000 4.92%, 1/13/00 25,002,228
50,000,000 4.90%, 1/14/00 50,009,949
4,000,000 8.60%, 1/25/00 4,086,899
25,000,000 4.90%, 2/4/00 25,000,000
20,000,000 4.91%, 2/9/00 20,000,000
25,000,000 5.16%, 3/8/00 24,994,363
20,000,000 5.01%, 4/28/00 19,989,658
50,000,000 4.78% V/R, 5/12/00 49,959,823
--------------
TOTAL FHLB 476,744,959
--------------
FHLMC (3.9%)
20,590,000 7.13%, 7/21/99 20,653,191
35,000,000 4.76% V/R, 8/27/99 34,988,121
75,000,000 4.71% V/R, 5/18/00 74,942,295
--------------
TOTAL FHLMC 130,583,607
--------------
FNMA (10.3%)
10,000,000 5.47%, 8/16/99 10,013,932
87,500,000 5.79%, 10/12/99 87,706,753
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
U.S. GOVERNMENT FUND (continued)
- ------------------------------------------------------------------------
8,890,000 8.35%, 11/10/99 $ 9,014,090
22,500,000 5.81%, 11/12/99 22,584,168
15,000,000 4.99%, 2/22/00 14,998,908
50,000,000 4.72% V/R, 3/15/00 49,977,574
4,000,000 5.10%, 3/16/00 3,994,234
50,000,000 4.80% V/R, 3/23/00 49,973,716
25,000,000 5.04%, 4/6/00 24,986,744
20,000,000 4.98%, 4/20/00 19,994,335
50,000,000 4.79% V/R, 5/10/00 49,971,803
--------------
TOTAL FNMA 343,216,257
--------------
OTHER (1.5%)
50,000,000 State of Israel, 7.13%, 8/15/99 50,213,264
--------------
SLMA (0.7%)
25,000,000 SLMA, 5.58%, 8/11/99 24,998,079
--------------
TOTAL AGENCY NOTES 1,134,379,308
--------------
COMMERCIAL PAPER (2.3%)
30,000,000 USA Group, Student Loan Marketing
Association LOC, 4.76%, 6/8/99 29,972,350
24,073,000 USA Group, Student Loan Marketing
Association LOC, 4.77%, 6/16/99 24,025,356
21,203,000 USA Group, Student Loan Marketing
Association LOC, 4.77%, 6/4/99 21,194,607
--------------
TOTAL COMMERCIAL PAPER 75,192,313
--------------
DISCOUNT NOTES (A) (18.4%)
FHLB (0.5%)
15,435,000 5.09%, 3/1/00 14,860,537
--------------
FHLMC (12.4%)
50,000,000 4.82%, 6/4/99 49,980,188
50,000,000 4.86%, 7/9/99 49,747,723
20,000,000 4.81%, 7/14/99 19,886,528
58,210,000 4.78%, 8/2/99 57,737,820
75,000,000 4.80%, 8/5/99 74,358,125
50,000,000 4.82%, 8/6/99 49,565,500
1,250,000 4.87%, 8/6/99 1,238,943
35,000,000 4.81%, 8/13/99 34,662,882
25,000,000 4.89%, 9/8/99 24,672,063
50,000,000 4.81%, 9/10/99 49,337,889
2,000,000 4.93%, 10/6/99 1,965,817
--------------
TOTAL FHLMC 413,153,478
--------------
FNMA (5.5%)
25,000,000 4.74%, 7/15/99 24,857,000
25,000,000 4.82%, 7/15/99 24,854,556
10,000,000 4.75%, 8/2/99 9,919,056
75,000,000 4.80%, 8/13/99 74,278,365
50,000,000 4.89%, 9/9/99 49,337,500
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements
10
<PAGE>
SCHEDULES OF INVESTMENTS (CONTINUED) MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
U.S. GOVERNMENT FUND (continued)
- ------------------------------------------------------------------------
750,000 4.96%, 11/5/99 $ 734,137
--------------
TOTAL FNMA 183,980,614
--------------
TOTAL DISCOUNT NOTES 611,994,629
--------------
REPURCHASE AGREEMENTS (45.3%)
125,000,000 Banc of America Securities LLC, 4.82%,
6/1/99, collateralized by $123,826,786
FNMA, 8.00%, 6/1/12, with an aggregate
market value of $128,083,201 125,000,000
300,000,000 Banc of America Securities LLC, 4.82%,
6/1/99, collateralized by $320,767,819
FNMA, 5.50%, 2/1/14, with an aggregate
market value of $306,333,267 300,000,000
190,000,000 Banc of America Securities LLC, 4.90%,
6/1/99, collateralized by $188,756,354
FNMA, 7.50%, 5/1/12, with an aggregate
market value of $194,093,542 190,000,000
45,000,000 Banc One Capital Markets, 4.87%, 6/1/99,
collateralized by $46,134,000 U.S.
Government Agency Securities, 6/24/99-
7/30/99 with an aggregate market value
of $45,934,143 45,000,000
283,562,857 Bear, Stearns & Cos., Inc., 4.90%,
6/1/99, collateralized by $306,508,485
U.S. Government Agency Securities,
6.00%-7.50%, 8/1/13-3/1/29 with an
aggregate market value of $300,444,905 283,562,857
169,469,000 Credit Suisse First Boston, 4.93%,
6/1/99, collateralized by $174,668,053
U.S. Government Agency Securities,
6.00%-6.50%, 11/15/07-3/15/29, with an
aggregate market value of $173,716,725 169,469,000
50,000,000 Goldman Sachs, 4.74%, 6/17/99,
collateralized by $51,659,127 U.S.
Government Agency Securities, 5.00%-
7.00%, 7/1/03-4/1/29, with an
aggregate market value of $50,838,471 50,000,000
75,000,000 Goldman Sachs, 4.80%, 6/8/99,
collateralized by $77,016,998 U.S.
Government Agency Securities, 5.50%-
8.00%, 1/1/04-3/1/29, with an
aggregate market value of $76,198,635 75,000,000
17,375,000 Merrill Lynch & Co., 4.68%, 6/1/99,
collateralized by $44,812,297 U.S.
Government Securities, 3.38%, 1/15/07-
6/1/17, with an aggregate market value
of $17,722,835 17,375,000
15,000,000 Salomon Smith Barney Holdings, 4.70%,
6/1/99, collateralized by $15,122,00
U.S. Treasury Note, 4.63%, 11/30/00,
with an aggregate market value of
$15,314,712 15,000,000
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
U.S. GOVERNMENT FUND (continued)
- ------------------------------------------------------------------------
50,000,000 Salomon Smith Barney Holdings, 4.75%,
3/19/99, collateralized by $49,494,636
U.S. Government Securities,
5.50%-10.00%, 2/1/13-5/1/29, with an
aggregate market value of $51,025,398 $ 50,000,000
190,000,000 Salomon Smith Barney Holdings, 4.90%,
6/1/99, collateralized by $202,232,132
U.S. Government Agency Securities,
5.50%-10.50%, 2/1/00-5/1/31, with an
aggregate market value of $194,124,793 190,000,000
--------------
TOTAL REPURCHASE AGREEMENTS 1,510,406,857
--------------
TOTAL INVESTMENTS AT AMORTIZED COST AND VALUE (100.0%)
$3,331,973,107
--------------
--------------
- ------------------------------------------------------------------------
TREASURY PLUS FUND
- ------------------------------------------------------------------------
U.S. TREASURY OBLIGATIONS (16.4%)
2,000,000 5.50%, 3/31/00 $ 2,009,644
2,000,000 5.63%, 4/30/00 2,011,596
--------------
TOTAL U.S. TREASURY OBLIGATIONS 4,021,240
--------------
REPURCHASE AGREEMENTS (83.6%)
20,531,000 Credit Suisse First Boston, 4.93%,
6/1/99, collateralized by $21,160,860
U.S. Government Agency Securities,
6.00%-6.50%, 11/15/07-3/15/29, with an
aggregate market value of $21,045,508 20,531,000
--------------
TOTAL INVESTMENTS AT AMORTIZED COST AND VALUE (100.0%) $ 24,552,240
--------------
--------------
- ------------------------------------------------------------------------
TREASURY FUND
- ------------------------------------------------------------------------
U.S. TREASURY BILLS (A) (42.3%)
59,000,000 4.42%, 6/10/99 $ 58,935,100
16,000,000 4.42%, 6/10/99 15,982,360
75,000,000 4.74%, 6/15/99 74,862,042
125,000,000 4.39%, 6/17/99 124,757,222
1,835,000 4.50%, 8/19/99 1,815,269
91,510,000 4.50%, 8/19/99 90,635,457
75,000,000 4.55%, 8/26/99 74,193,750
--------------
TOTAL U.S. TREASURY BILLS 441,181,200
--------------
U.S. TREASURY NOTES (57.7%)
50,000,000 6.25%, 6/1/99 50,000,000
75,000,000 6.25%, 6/1/99 75,000,000
75,000,000 6.00%, 6/30/99 75,081,948
75,000,000 6.88%, 7/31/99 75,246,094
50,000,000 5.88%, 7/31/99 50,096,807
50,000,000 6.00%, 8/15/99 50,141,008
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements
11
<PAGE>
SCHEDULES OF INVESTMENTS (CONTINUED) MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
TREASURY FUND (continued)
- ------------------------------------------------------------------------
75,000,000 6.00%, 8/15/99 $ 75,198,215
75,000,000 5.88%, 8/31/99 75,199,951
50,000,000 5.88%, 8/31/99 50,158,274
25,000,000 5.63%, 10/31/99 25,095,959
--------------
TOTAL U.S. TREASURY NOTES 601,218,256
--------------
TOTAL INVESTMENTS AT AMORTIZED COST AND VALUE (100.0%)
$1,042,399,456
--------------
--------------
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND
- ------------------------------------------------------------------------
ALASKA (0.8%)
4,500,000 Anchorage, AK, Higher Education RV,
Alaska Pacific University, Seattle
First National, LOC, 3.30% V/R, 7/1/17 $ 4,500,000
3,500,000 North Slope Boro, AK, GO Bonds, Series
B, FSA insured, 6.10%, 6/30/99 3,506,627
--------------
TOTAL ALASKA 8,006,627
--------------
ARIZONA (0.5%)
4,400,000 Chandler, AZ, IDA RV, Parsons Municipal
Services, Inc., National Westminster
Bank, USA, LOC, 3.55% V/R, 12/15/09 4,400,000
1,025,000 Scottsdale, AZ, GO Bonds, Series D,
6.50%, 7/1/99 1,027,884
--------------
TOTAL ARIZONA 5,427,884
--------------
ARKANSAS (0.1%)
1,000,000 Little Rock, AR, IDA RV, GTD by CPC
International, 4.96% V/R, 12/1/03 1,000,000
--------------
CALIFORNIA (1.4%)
15,000,000 California School Cash Reserve Program
Authority, Educational Facilities
Revenue Notes, Series A, 4.50%, 7/2/99 15,009,324
--------------
COLORADO (0.9%)
3,600,000 Denver, CO, City & County, Airport RV,
Series B, LOC West Deutsch Landesbank,
3.35% V/R, 12/1/20 3,600,000
2,500,000 Lowry, CO, EDA RV, Series B, Canadian
Imperial Bank, LOC, 3.25% V/R, 12/1/20 2,500,000
1,700,000 Moffat County, CO, PCR Bonds, AMBAC
insured, 3.35% V/R, 7/1/10 1,700,000
1,930,000 Parkview Metropolitan District, CO,
Arapahoe County, GO Bonds, Central
Bank, LOC, 3.30% V/R, 12/1/12 1,930,000
--------------
TOTAL COLORADO 9,730,000
--------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
CONNECTICUT (0.3%)
3,000,000 Connecticut State Development Authority,
IDA RV, GTD by General Accident
Insurance, 3.64%, 12/1/13, optional
put 6/1/99 @ 100 $ 3,000,000
--------------
DISTRICT OF COLUMBIA (1.2%)
9,735,000 District of Columbia, American
University Issue Project, AMBAC
insured, 3.30% V/R, 10/1/15 9,735,000
2,610,000 District of Columbia, GO Bonds, Series
A, AMBAC insured, 7.25%, 6/1/02, P/R
6/1/99 @ 102 2,610,000
--------------
TOTAL DISTRICT OF COLUMBIA 12,345,000
--------------
FLORIDA (5.0%)
2,000,000 Dade County, FL, IDA RV, GTD by ADP,
Inc., 3.89% V/R, 11/15/17 2,000,000
7,140,000 Florida Housing Finance Agency, MFHR
Bonds, Buena Vista Project, GTD by New
England Mutual Life, 3.00%, 11/1/07,
mandatory put 11/1/99 @ 100 7,140,000
1,710,000 Florida Housing Finance Agency, MFHR
Bonds, South Trust Alabama, LOC, 3.35%
V/R, 6/1/07 1,710,000
20,000,000 Hillsborough County, FL, School Board
COP, Educational Facilities RV, Series
31, Registered D, MBIA insured, 3.40%
V/R, 12/1/28 20,000,000
1,600,000 Hillsborough County, FL, IDA, Port
Facilities RV, Seaboard System
Railroad, Inc. Project, National Bank
Detroit, LOC, 3.55% V/R, 10/15/99 1,600,000
18,900,000 Laurel Club Certificate Trust, COP,
Series A, Swiss Bank, LOC, 3.35% V/R,
6/1/25 18,900,000
--------------
TOTAL FLORIDA 51,350,000
--------------
GEORGIA (1.3%)
2,695,000 Fulton County, GA, IDA RV, GTD by ADP,
3.55% V/R, 9/1/12 2,695,000
5,095,000 Georgia Local Government, COP, Series PT
1060, MBIA insured, 3.32% V/R, 6/1/28 5,095,000
5,850,000 Marietta, GA, MFHR Bonds, Falls at Bells
Ferry, Guardian Savings & Loan, LOC,
3.20%, 1/15/09, mandatory put
1/15/00 @ 100 5,850,000
--------------
TOTAL GEORGIA 13,640,000
--------------
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements
12
<PAGE>
SCHEDULES OF INVESTMENTS (CONTINUED) MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
HAWAII (1.5%)
4,950,000 Hawaii State Department of Budget &
Finance, Special Purpose Mortgage RV,
Kuakini Medical Center Project, Bank
of Hawaii, LOC, 3.80% V/R, 7/1/04 $ 4,950,000
10,225,000 Honolulu, HI, City & County, P-Floats-PT
1150, FGIC insured, 3.32% V/R, 7/1/15 10,225,000
--------------
TOTAL HAWAII 15,175,000
--------------
ILLINOIS (10.6%)
1,000,000 Bedford Park, IL, IDA RV, GTD by CPC
International, 4.96% V/R, 11/1/08 1,000,000
1,000,000 Chicago, IL, GO Bonds, Metropolitan
Water Reclamation Distribution -
Greater Chicago, 4.15%, 12/1/99 1,005,364
2,755,000 Chicago, IL, GO Bonds, Westduetsche
Landesbank, LOC, 2.95%, 1/26/01,
mandatory tender 1/27/00 @ 100 2,753,678
15,000,000 Chicago, IL, Series 1998 PT 1054, FGIC
insured, 3.32% V/R, 1/1/28 15,000,000
5,000,000 Cook County, IL, Community College
District #508, COP, FGIC insured,
8.30%, 1/1/00 5,144,048
3,885,000 Cook County, IL, Municipal Trust
Receipts, Series SG-7, MBIA insured,
3.32% V/R, 11/15/23 3,885,000
860,000 Illinois Development Finance Authority
IDR, 164 North Wacker Drive, 3.85%
V/R, 12/1/15 860,000
15,000,000 Illinois Development Finance Authority,
PCR Bonds, Illinois Power Co. Project,
Series C, Canadian Imperial Bank, LOC
TCF Bank Wisconsin, 3.00%, 11/1/28,
mandatory put 8/26/99 @ 100 15,000,000
6,400,000 Illinois EFA RV, John F. Kennedy Health
Care, LaSalle National Bank, LOC,
3.25%, 12/1/25, mandatory put
2/2/00 @ 100 6,400,000
2,600,000 Illinois Health Facilities Authority RV,
Elmhurst Memorial Hospital, Series B,
Rabobank Nederland, LOC, 3.40% V/R,
1/1/20 2,600,000
10,000,000 Illinois Health Facilities Authority,
Health Care RV, Evanston Hospital
Corp., 3.70%, 8/15/30, mandatory put
7/15/99 @ 100 10,000,000
8,700,000 Illinois Health Facilities Authority,
Health Care RV, Condell Memorial
Hospital, First National Bank of
Chicago, LOC, 3.50% V/R, 11/1/05 8,700,000
2,500,000 Illinois State, GO RV, 4.60%, 2/1/00 2,526,213
2,310,000 Illinois State, GO RV, 6.40%, 6/1/99 2,310,000
6,800,000 Lombard, IL, IDR, 2500 Highland Avenue,
Mid-America Federal Savings & Loan,
LOC, 3.65% V/R, 12/1/06 6,800,000
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
13,170,000 Lombard, IL, MFHR Bonds, Clover Creek
Apartments, Remarketed 12/15/98,
Continental Casualty Surety Bond, LOC,
3.55%, 12/15/06, mandatory put
12/15/99 @ 100 $ 13,170,000
5,200,000 Mount Morris, IL, Housing RV, Brethren
Home Project, La Salle National Bank,
Chicago, LOC, 3.25% V/R, 6/1/27 5,200,000
2,000,000 South Barrington, IL, GO Bonds, Cook
County, Harris Trust, LOC, 3.25% V/R,
12/1/15 2,000,000
4,100,000 Springfield, IL, Transportation RV, GTD
by Allied Signal, 3.40% V/R, 10/15/16 4,100,000
--------------
TOTAL ILLINOIS 108,454,303
--------------
INDIANA (3.0%)
5,000,000 Indiana Bond Bank, Construction Loan
Program Notes, 4.13%, 8/1/99 5,009,189
2,300,000 Indiana Health Facilities Financing
Authority, Health Care RV Capital
Access Designated Pool Project,
Comerica Bank, LOC, 3.30% V/R, 12/1/02 2,300,000
5,330,000 Indiana Health Facilities Financing
Authority, Hospital RV, Clarian Health
Partners, Inc., Series A, 6.00%,
2/15/00 5,438,671
4,865,000 Indiana State Development Financial
Authority, Educational Facilities RV,
Lutheran Project, First of America,
LOC, 3.35% V/R, 10/1/17 4,865,000
3,470,000 Indianapolis, IN, Industrial Economic
Development, Health Care RV, Visiting
Nurse Service Foundation, First of
America Bank, LOC, 3.40% V/R, 3/1/13 3,470,000
10,000,000 Indianapolis, IN, Local Public Important
Bond Bank RV, Series G, 3.50%, 8/15/99 10,010,060
--------------
TOTAL INDIANA 31,092,920
--------------
IOWA (3.3%)
4,600,000 Des Moines, IA, IDA RV, Grand Office
Park, GTD by Principal Mutual Life,
3.80% V/R, 4/1/15 4,600,000
10,700,000 Iowa Finance Authority, Health Care RV,
Burlington Medical Center, FSA
insured, 3.30% V/R, 6/1/27 10,700,000
3,500,000 Iowa Higher Educational Facilities Loan
Authority RV, Revenue Anticipation
Note, Morningside Project, Series G,
3.5%, 5/24/00 3,504,963
4,635,000 Iowa State School Cash Anticipation
Program, Class A, FSA insured, 4.50%,
6/25/99 4,637,556
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements
13
<PAGE>
SCHEDULES OF INVESTMENTS (CONTINUED) MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
4,900,000 Mason City, IA, IDA RV, Supervalu Inc.
Project, Wachovia Bank, LOC, 3.35%
V/R, due 9/1/14 $ 4,900,000
6,000,000 Urbandale, IA, IDA RV, Interstate Acres
L.P. Project, GTD by Principal Mutual
Life Insurance, 3.45% V/R, 12/1/14 6,000,000
--------------
TOTAL IOWA 34,342,519
--------------
KANSAS (0.4%)
2,660,000 Lawrence, KS, GO Bonds, 3.45%, 10/1/99 2,660,000
1,200,000 Prairie Village, KS, MFHR Bonds, J.C.
Nichols Co. Project, GTD by Principal
Mutual Life Insurance, 3.80% V/R,
12/1/15 1,200,000
--------------
TOTAL KANSAS 3,860,000
--------------
KENTUCKY (3.1%)
10,000,000 Jefferson County, KY, Board Education,
Revenue Anticipation Notes, Series N,
3.66%, 6/30/99 10,000,153
6,800,000 Kentucky Asset/Liability Commission,
General Fund RV, 3.50%, 11/1/99 6,815,216
1,900,000 Kentucky Infrastructure Authority Bond
Anticipation Notes, Governmental
Agencies, Series A, 3.55% V/R, 6/30/00 1,900,000
3,000,000 Kentucky State Turnpike Authority,
Economic Developement RV,
Revitalization Project, 7.38%,
5/15/07,
P/R 5/15/00 @ 101.5 3,166,886
7,745,000 Kentucky State, Turnpike Authority
Resource Recovery Road RV Series 17,
FSA insured, 3.40% V/R, 7/1/03 7,745,000
3,000,000 Mayfield, KY, Multi-City Lease RV, PNC
Bank, LOC, 3.40% V/R, 7/1/26 3,000,000
--------------
TOTAL KENTUCKY 32,627,255
--------------
LOUISIANA (1.5%)
1,535,000 Louisiana Public Facilities Authority
RV, Series B, Guaranteed Insurance
Contract American International Group,
3.35%, 10/25/99 1,535,000
1,980,000 Louisiana Public Facilities Authority
RV, Series D, Guaranteed Insurance
Contract American International Group,
3.35%, 10/25/99 1,980,000
10,000,000 Natchitoches Parish, LA, Trust Joist
Corp. Project, Wachovia, LOC, 3.40%
V/R, 10/1/00 10,000,000
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
2,500,000 Plaquemines, LA, Port Harbor & Term
District Port Facilities Revenue,
Transportation RV, International
Marine Term Project, Series A,
Kredietbank NV, LOC, 3.05%, 3/15/06,
optional put 3/15/00 @ 100 $ 2,500,000
--------------
TOTAL LOUISIANA 16,015,000
--------------
MARYLAND (3.3%)
15,000,000 Howard County, MD, MFHR Bonds, Sherwood
Crossing Limited Project, Guardian
Savings & Loan, LOC, 3.85%, 6/1/15,
mandatory put 6/1/00 @ 100 15,000,000
5,805,000 Howard County, MD, MFHR Bonds, Sherwood
Crossing Limited Project, Guardian
Savings & Loan, LOC, 3.85%, 6/1/15,
mandatory put 6/1/00 @ 100 5,805,000
11,390,000 Maryland State Community Development
Administration Department, Housing &
Community Development RV, Series A,
3.05%, 1/14/00 11,390,000
2,500,000 Maryland State, Industrial EDA RV,
Johnson Controls, Inc., LOC, 3.60%
V/R, 12/1/03 2,500,000
--------------
TOTAL MARYLAND 34,695,000
--------------
MASSACHUSETTS (2.9%)
15,070,000 Massachusetts State Housing Finance
Agency, Housing RV, Series A10, MBIA
insured, 3.35% V/R, 6/1/14 15,070,000
15,000,000 Massachusetts State, Health & Education
Facilities Authority RV, Boston
University, Series H, Landesbank
Hessen-Thuerngen, LOC, 3.00%, 12/1/29,
mandatory put 8/25/99 @ 100 15,000,000
--------------
TOTAL MASSACHUSETTS 30,070,000
--------------
MICHIGAN (2.0%)
5,000,000 Detroit, MI, GO Limited Notes, SD, State
School Aid Notes, 4.50%, 7/1/99 5,003,368
11,335,000 Grand Rapids, MI, Water Supply RV, FGIC
insured, 3.45%, 1/1/15, optional put
11/4/99 @ 100 11,335,000
1,800,000 Michigan State, Hospital Finance
Authority RV, Hospital Equipment Loan
Program, Series A, First of America,
LOC, 3.45% V/R, 12/1/23 1,800,000
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements
14
<PAGE>
SCHEDULES OF INVESTMENTS (CONTINUED) MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
3,100,000 Michigan State, Hospital Financial
Authority RV, Hospital Equipment Loan
Program, Series A, First of America,
LOC, 3.45% V/R, 12/1/23 $ 3,100,000
--------------
TOTAL MICHIGAN 21,238,368
--------------
MINNESOTA (5.9%)
5,000,000 Crystal, MN, MFHR Bonds, Crystal
Apartments L.P. Project, LOC FHLB,
3.40% V/R, 5/1/27 5,000,000
1,000,000 Hennepin County, MN, GO Bonds, Series A,
4.13%, 12/1/99 1,005,556
4,900,000 Mankato, MN, MFHR Bonds, Highland Hills
Project, First Bank, LOC, 3.40% V/R,
5/1/27 4,900,000
6,100,000 Minnesota Public Facilities Authority,
Water PCR Bonds, Series A, Guaranteed
by U.S. Government Securities, 7.10%,
3/1/12, P/R 3/1/00 @ 102 6,402,399
12,000,000 Minnesota SD Tax & Aid Anticipation
Borrowing Program Certificates, Aid
Anticipation Certificates
Indebentures, Series B, 3.63%, 8/27/99 12,007,109
6,265,000 Minnesota SD Tax & Aid Anticipation
Borrowing Program Certificates, Aid
Anticipation Certificates
Indebentures, Series A, 3.00%, 2/3/00 6,265,000
2,465,000 Minnesota SD Tax & Aid Anticipation
Borrowing Program Certificates, Aid
Anticipation Certificates
Indebentures, Series A, 3.67%, 8/20/99 2,465,000
10,000,000 Minnesota SD Tax & Aid Anticipation
Borrowing Program, COP, Tax
Anticipation Certificates
Indebentures, Series B, 2.95%, 2/24/00 10,000,000
4,000,000 Minnesota State HFA, SFM RV, Series G,
3.65%, 7/1/22, mandatory put
8/9/99 @ 100 4,000,000
1,635,000 St. Paul, MN, Housing & Redevelopment
Authority Commercial Development RV,
Park Development Association Project,
First Star Milwaukee, LOC, 3.45% V/R,
12/1/15 1,635,000
5,800,000 St. Paul, MN, Housing & Redevelopment
Authority, Utilities RV, Remarketed
1/3/94, Credit Local De France, LOC,
3.40% V/R, 12/1/12 5,800,000
1,000,000 St. Paul, MN, Port Authority IDR, Texas
Project, Series A, U.S. Bank N.A.,
LOC, 3.40% V/R, 6/1/10 1,000,000
--------------
TOTAL MINNESOTA 60,480,064
--------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
MISSOURI (3.2%)
10,625,000 Kansas City, MO, IDA RV, Ewing Marion
Kauffman, Series A, 3.35% V/R, 4/1/27 $ 10,625,000
15,070,000 Kansas City, MO, IDA, MFHR Bonds, Coach
House II Project, GTD by Principal
Mutual Life Insurance, 3.80% V/R,
12/1/15 15,070,000
2,200,000 Kansas City, MO, IDA, MFHR Bonds, JC
Nichols Co. Project, GTD by Principal
Mutual Life Insurance, 3.80% V/R,
5/1/15 2,200,000
2,500,000 Missouri State Health & Educational
Facilities Authority RV, Series G,
3.50%, 4/29/00 2,506,164
2,500,000 Missouri State Health & Educational
Facilities Authority RV, Series H,
3.50%, 4/29/00 2,506,164
100,000 Missouri State, HEHFA RV, St. Francis
Medical Center, Series A, Credit Local
de France, LOC, 3.30% V/R, 6/1/26 100,000
--------------
TOTAL MISSOURI 33,007,328
--------------
MONTANA (2.2%)
1,610,000 Montana State Board of Investments,
Municipal Finance Construction,
Intercap Program RV, 3.05%, 3/1/01,
optional put 3/1/00 @ 100 1,610,000
7,200,000 Montana State Board of Investments,
Municipal Finance Construction,
Intercap Program RV, 3.05%, 3/1/09,
optional put 3/1/00 @ 100 7,200,000
10,000,000 Montana State Board of Investments,
Municipal Finance Construction,
Intercap Program RV, 3.05%, 3/1/18,
optional put 3/1/00 @ 100 10,000,000
4,500,000 Montana State, Tax & Revenue
Anticipation Notes, 3.50%, 6/30/99 4,500,077
--------------
TOTAL MONTANA 23,310,077
--------------
NEBRASKA (0.2%)
1,900,000 Norfolk, NE, IDA RV, Supervalu Inc.
Project, Wachovia Bank of Georgia,
LOC, 3.35% V/R, 11/1/14 1,900,000
--------------
NEVADA (1.5%)
6,500,000 Clark County, NV, GO Bonds, FGIC
insured, 6.90%, 9/1/99 6,560,233
3,775,000 Henderson, NV, Health Care Facilities
RV, PT 134, AMBAC insured, 3.32% V/R,
7/1/20 3,775,000
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements
15
<PAGE>
SCHEDULES OF INVESTMENTS (CONTINUED) MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
5,000,000 Nevada State, LTGO Bonds, Trust
Receipts, Series 36 D, FGIC insured,
3.40% V/R, 11/1/25 $ 5,000,000
--------------
TOTAL NEVADA 15,335,233
--------------
NEW JERSEY (1.8%)
16,625,000 Hudson County, NJ, COP, Series A9-Reg D,
MBIA insured, 3.20%, 12/1/21, Optional
Put 8/2/99 @ 100 16,625,000
2,400,000 New Jersey State, EFA RV, Series SG 48,
MBIA insured, 3.27% V/R, 7/1/26 2,400,000
--------------
TOTAL NEW JERSEY 19,025,000
--------------
NEW MEXICO (1.7%)
2,450,000 Bloomfield, NM, GO Bonds, Series A, La
Salle National Bank, LOC, 3.45% V/R,
11/15/10 2,450,000
2,710,000 Espanola, NM, Health Care Revenue Bonds,
Series A, La Salle National Bank, LOC,
3.45% V/R, 11/15/10 2,710,000
7,995,000 Farmington, NM, PCR RV, AMBAC insured,
3.32% V/R, 12/1/16 7,995,000
2,010,000 New Mexico Mortgage Finance Authority,
SFM RV, Issue 2, 3.05%, 8/3/99 2,010,000
1,000,000 New Mexico State, Severance Tax RV,
Series B, 5.00%, 7/1/99 1,001,058
1,735,000 Silver City, NM, GO Bonds, Series A, La
Salle National Bank, LOC, 3.45% V/R,
11/15/10 1,735,000
--------------
TOTAL NEW MEXICO 17,901,058
--------------
NEW YORK (12.5%)
3,900,000 New York State Dormitory Authority RV,
Municipal Securities Receipts, Series
CMC2B, 3.40% V/R, 2/1/07 3,900,000
5,200,000 New York State Dormitory Authority RV,
Municipal Securities Receipts, Series
CMC1B, AMBAC insured, 3.40% V/R,
2/15/08 5,200,000
3,900,000 New York State Dormitory Authority RV,
Municipal Securities Receipts, Series
CMC2A, 3.40% V/R, 2/1/06 3,900,000
6,995,000 New York State Dormitory Authority RV,
Series PA 434, FSA insured, 3.32% V/R,
5/15/15 6,995,000
11,335,000 New York State Dormitory Authority RV,
Series PPA 424, AMBAC insured, 3.32%
V/R, 8/1/32 11,335,000
8,425,000 New York State Dormitory Authority RV,
Series PPA 428, FSA insured, 3.32%
V/R, 2/15/28 8,425,000
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
2,500,000 New York State LOC Government Assistance
Corp., RV, Series SG 99, AMBAC
insured, 3.32% V/R, 4/1/11 $ 2,500,000
3,075,000 New York State Medical Care Facilities
Finance Agency, Health Care RV, Class
A Certificates, Series F, FHA insured,
3.32% V/R, 2/15/27 3,075,000
6,500,000 New York State Medical Care Facilities
Finance Agency, Health Care RV, FHA
insured, 3.10%, 2/15/05, mandatory put
8/12/99 @ 100 6,500,000
6,545,000 New York State Medical Care Facilities
Finance Agency, Health Care RV, FHA
insured, 3.10% V/R, 2/15/05, mandatory
put 8/12/99 @ 100 6,545,000
8,510,000 New York State Medical Care Facilities
Finance Agency, Health Care RV, Credit
Suisse, LOC, 3.10% V/R, 2/1/13,
mandatory put 8/12/99 @ 100 8,510,000
3,000,000 New York State, Environmental Quality,
Series G, 3.00%, 2/1/18, LOC West
Deutsche Landesbank, 3.00%, 2/1/18,
mandatory put 12/8/99 @ 100 3,000,000
17,240,000 New York State, Urban Development Corp.
RV, Series PT 147, Hypo Bayerische
Bank, LOC, 3.05%, 7/1/16 17,240,000
11,995,000 New York, NY, City Municipal Water
Finance Authority, Water & Sewer RV,
Series PA 444, FGIC insured, 3.32%
V/R, 6/15/30 11,995,000
10,200,000 New York, NY, City Transitional Finance
Authority RV, Future Tax Secd Series
A, 3.25% V/R, 11/15/28 10,200,000
3,895,000 New York, NY, Floats, Series PA 278, GTD
by Merrill Lynch, 3.43% V/R, 8/1/12 3,895,000
11,985,000 New York, NY, Floats, Series PT 1038,
MBIA insured, 3.34% V/R, 8/1/16 11,985,000
3,290,000 Triborough Bridge & Tunnel Authority,
NY, Transportation RV, PA 200,
Guaranteed by Merrill Lynch Capital
Services, 3.32% V/R, 1/1/12 3,290,000
--------------
TOTAL NEW YORK 128,490,000
--------------
NORTH CAROLINA (0.3%)
3,000,000 Person County, NC, Industrial Facilities
& Pollution Control Financing
Authority, PCR Bonds, GTD by Carolina
Power & Light Co., 3.35% V/R, 11/1/19 3,000,000
--------------
NORTH DAKOTA (0.1%)
1,500,000 Bismarck, ND, IDA RV, Supervalu Inc.
Project, Wachovia Bank & Trust, LOC,
3.35% V/R, 4/1/09 1,500,000
--------------
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements
16
<PAGE>
SCHEDULES OF INVESTMENTS (CONTINUED) MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
OHIO (1.8%)
6,700,000 Cincinnati, OH, GO Bonds, 4.38%, 12/1/99 $ 6,746,096
1,650,000 Erie County, OH, GO Bonds, 4.25%, 6/1/99 1,650,000
1,000,000 Franklin County, OH, Convention
Facilities Authority RV, Tax & Lease
Revenue Anticipation Bonds, MBIA
insured, 6.70%, 12/1/99 1,018,375
5,200,000 Hamilton County, OH, IDA RV, Community
Urban Redevelopment Project, National
Westminster, LOC, 3.45% V/R, 10/15/12 5,200,000
4,400,000 Wooster, OH, IDA RV, Allen Group, Inc.,
National Bank of Detroit, LOC, 3.50%
V/R, 12/1/10 4,400,000
--------------
TOTAL OHIO 19,014,471
--------------
OKLAHOMA (1.1%)
2,625,000 Oklahoma County, IDA RV, Carbon Office,
FGIC insured, 3.50% V/R, 12/1/14 2,625,000
2,615,000 Oklahoma County, OK, Finance Authority,
IDA RV, Perrine Office Project, FGIC
insured, 3.50% V/R, 12/1/14 2,615,000
6,000,000 Oklahoma State, Water Reserve Board
State Loan Program RV, AMBAC insured,
2.95%, 9/1/24, optional put 9/1/99 @
100 6,000,000
--------------
TOTAL OKLAHOMA 11,240,000
--------------
OREGON (1.4%)
15,000,000 Oregon State Health Housing Educational
& Cultural Facilities Authority,
Quatama Crossing Housing Project, US
Bank N.A., LOC, 3.25% V/R, 1/1/31 15,000,000
--------------
PENNSYLVANIA (1.8%)
1,000,000 Berks County, PA, IDA RV, GTD by CNA
Insurance, 3.80% V/R, 7/1/16 1,000,000
1,100,000 Butler County, PA, IDA, PCR Bonds,
Pennzoil Co. Project, Mellon Bank,
LOC, 3.75% V/R, 12/1/12 1,100,000
5,245,000 Chartiers Valley, PA, Industrial &
Commercial Development Authority, IDA
RV, GTD by ADP, Inc., 3.89% V/R,
11/15/17 5,245,000
2,590,000 Pennsylvania Intergovernmental Coop.
Authority, Special Tax RV, MBIA
insured, 3.32% V/R, 6/15/23 2,590,000
3,400,000 Quakertown, PA, Health Care RV, Hospital
Group Pooled Financing, Series A, PNC
Bank, LOC, 3.45% V/R, 7/1/26 3,400,000
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
5,500,000 Quakertown, PA, Health Care RV, Hospital
Group Pooled Financing, PNC Bank LOC,
3.45% V/R, 7/1/05 $ 5,500,000
--------------
TOTAL PENNSYLVANIA 18,835,000
--------------
SOUTH CAROLINA (3.7%)
19,900,000 Piedmont Municipal Power Agency, SC,
Electric RV, Series B, MBIA insured,
3.30% V/R, 1/1/19 19,900,000
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
5,855,000 South Carolina State Public Service
Authority, Utilities RV, FGIC insured,
3.32% V/R, 1/1/23 5,855,000
8,355,000 South Carolina State, Public Service
Authority RV, Series SG-2, MBIA
insured, 3.32% V/R, 7/1/21 8,355,000
--------------
TOTAL SOUTH CAROLINA 38,595,000
--------------
SOUTH DAKOTA (1.0%)
10,020,000 South Dakota Housing Development
Authority, P-Floats-PT-73, Merrill
Lynch Guaranteed, 3.32% V/R, 5/1/13 10,020,000
--------------
TENNESSEE (0.2%)
2,235,000 Memphis, TN, GO Bonds, Capital Outlay
Notes, 5.50%, 7/1/99 2,238,336
--------------
TEXAS (6.3%)
1,735,000 Austin, TX, Utilities System RV, 11.13%,
11/15/09 1,797,199
15,190,000 Austin, TX, Utilities System RV, Series
G, AMBAC insured, 3.32% V/R, 11/15/11 15,190,000
1,100,000 Bexar County, TX, Housing Finance Corp.,
MFHR Bonds, Creightons Mill
Development Project, Series A, GTD by
New England Mutual Life Insurance Co.,
3.45% V/R, 8/1/06 1,100,000
4,950,000 Bexar County, TX, Housing Finance Corp.,
MFHR Bonds, Park Hill Development
Project, Series B, GTD by New England
Mutual Life Insurance Co., 3.45% V/R,
6/1/05 4,950,000
5,290,000 Harris County, TX, Housing Finance
Corp., MFHR Bonds, Arbor II Limited
Project, Guardian Savings & Loan, LOC,
3.95%, 10/1/05, mandatory put 10/1/99
@ 100 5,290,000
3,770,000 Houston, TX, Water & Sewer Systems RV,
Municipal Trust Receipts, Series SG
120, FGIC insured, 3.32% V/R, 12/1/23 3,770,000
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements
17
<PAGE>
SCHEDULES OF INVESTMENTS (CONTINUED) MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
1,705,000 San Antonio, TX, Electric & Gas RV,
Series A, 4.25%, 2/1/00 $ 1,718,943
920,000 Tarrant County, TX, MFHR Bonds, SF
Apartments Project, Suntrust Bank,
Nashville, LOC, 3.35% V/R, 11/1/17 920,000
2,420,000 Texas Municipal Power Agency RV, FGIC
insured, 7.00%, 9/1/02, P/R 9/1/99 @
102 2,458,314
3,000,000 Texas State Department of Housing and
Community Affairs, SFM RV, Series PT
136, MBIA insured, 3.37% V/R, 3/1/17 3,000,000
25,000,000 Texas State, Tax & Revenue Anticipation
Note, 4.50%, 8/31/99 25,095,066
--------------
TOTAL TEXAS 65,289,522
--------------
UTAH (0.7%)
4,240,000 Davis County, UT, MFHR Bonds, Fox Creek
Apartments, Series A, 3.35% V/R,
8/15/27 4,240,000
3,140,000 Jordan, UT, GO Bonds, SD, School Board
Guaranty, 5.00%, 6/15/99 3,142,433
--------------
TOTAL UTAH 7,382,433
--------------
VIRGINIA (1.2%)
10,000,000 Harrisonburg, VA, MFHR Bonds, Rolling
Brook Village Apartments, Series A,
Guardian Savings & Loan, LOC, 3.20%,
2/1/26, mandatory put 2/1/00 @ 100 10,000,000
2,000,000 Virginia State, Public School Authority
RV, School Financing, Series I, 4.25%,
8/1/99 2,004,079
--------------
TOTAL VIRGINIA 12,004,079
--------------
WASHINGTON (3.6%)
5,800,000 Port Seattle, WA, IDA RV, Sysco Food
Services Project, 3.35% V/R, 11/1/25 5,800,000
7,900,000 Washington Public Power Supply System,
Power RV, Nuclear Project #1,
Municipal Securities Trust Receipts,
Series CMC2, AMBAC insured, 3.50% V/R,
7/1/07 7,900,000
1,000,000 Washington Public Power Supply System,
Power RV, Nuclear Project #3, Series
13, MBIA insured, 3.32% V/R, 7/1/15 1,000,000
3,000,000 Washington Public Power Supply System,
Power RV, Nuclear Project #1, MBIA
insured, 3.37% V/R, 7/1/17 3,000,000
4,635,000 Washington Public Power Supply System,
Power RV, Nuclear Project #3, BIG
insured, 6.00%, 7/1/18, P/R 7/1/99 @
100 4,645,726
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MUNICIPAL MONEY MARKET FUND (continued)
- ------------------------------------------------------------------------
9,900,000 Washington Public Power Supply, System
Nuclear Project #2, Power RV, AMBAC
insured, 3.50% V/R, 7/1/07 $ 9,900,000
3,315,000 Washington State Housing Finance
Commission, Nonprofit Housing RV,
Christa, Series B, 3.35% V/R, 7/1/11 3,315,000
2,205,000 Washington State, Health Care Facilities
Authority RV, Childrens Hospital &
Regional Medical Center, FSA insured,
4.00%, 10/1/99 2,212,198
--------------
TOTAL WASHINGTON 37,772,924
--------------
WISCONSIN (4.6%)
1,000,000 Beloit & Rock County, WI, IDA RV, GTD by
CPC International, 4.96% V/R, 4/1/19 1,000,000
1,500,000 Brookfield, WI, GO Bonds, Promissary
Note, 5.25%, 12/1/99 1,516,604
1,405,000 Johnson Controls, Inc., Tax-Exempt Bond,
Grantor Trust, Wachovia Corp., LOC,
4.25% V/R, 10/1/01 1,405,000
2,500,000 Kenosha, WI, TRANS, 4.00%, 6/30/99 2,500,671
6,535,000 Kenosha, WI, Union SD # 001, Tax &
Anticipation Promissory Notes, 3.38%,
9/28/99 6,535,000
12,000,000 Oshkosh, WI, Area SD, Tax and Revenue
Anticipation Promissory Notes, 4.00%,
8/24/99 12,012,118
1,000,000 Pulaski, WI, Community SD, GO Bonds,
4.70%, 3/1/00 1,012,127
10,000,000 Racine, WI, Union SD, EFA RV, 4.00%,
7/7/99 10,004,113
8,295,000 Wisconsin State Health Facilities
Authority Revenue Bonds, Toronto
Dominion Bank, LOC, 3.35% V/R, 1/1/16 8,295,000
3,475,000 Wisconsin State, HEHFA RV, Series PA
183, MBIA insured, 3.32% V/R, 8/15/17 3,475,000
--------------
TOTAL WISCONSIN 47,755,633
--------------
WYOMING (0.1%)
1,000,000 Green River, WY, PCR Bonds, Allied Corp.
Project, GTD by Allied Signal Corp.,
4.39% V/R, 12/1/12 1,000,000
--------------
TOTAL INVESTMENTS AT AMORTIZED COST AND VALUE (100.0%)
$1,037,175,358
--------------
--------------
</TABLE>
[LOGO]
See Notes to Schedules of Investments and Notes to Financial Statements
18
<PAGE>
NOTES TO SCHEDULES OF INVESTMENTS MAY 31, 1999
- --------------------------------------------------------------------------------
(A) Annualized yields at time of purchase.
ABBREVIATIONS
<TABLE>
<S> <C>
AMBAC American Municipal Bond Assurance Corporation
COP Certificate of Participation
EDA Economic Development Authority
EFA Educational Facilities Authority
FFCB Federal Farm Credit Bank
FGIC Financial Guaranty Insurance Company
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
GO General Obligation
GTD Guaranteed
HEHFA Higher Education & Health Facilities Authority
HFA Housing Finance Authority
IDA Industrial Development Authority
LOC Letter of Credit
MBIA Municipal Bond Insurance Association
MFHR Multi Family Housing Revenue
PCR Pollution Control Revenue
P/R Pre-refunded
RV Revenue Bonds
SD School District
SFM Single Family Mortgage
SLMA Student Loan Marketing Association
V/R Variable Rate--These securities are deemed to have a
maturity remaining until the next adjustment of the
interest rate or the longer of the demand period or
readjustment. The interest rates shown reflect the rate
in effect on May 31, 1999.
</TABLE>
[LOGO]
19
<PAGE>
(This page has been left blank intentionally.)
20
<PAGE>
ANNUAL REPORT
MAY 31, 1999
PRIME MONEY MARKET PORTFOLIO
MONEY MARKET PORTFOLIO
CORE TRUST (DELAWARE)
<PAGE>
INDEPENDENT AUDITORS' REPORT
- --------------------------------------------------------------------------------
To the Board of Trustees and Partners
Core Trust (Delaware)
We have audited the accompanying statements of assets
and liabilities of two portfolios of Core Trust
(Delaware), Prime Money Market Portfolio and Money Market
Portfolio, (collectively, the "Portfolios"), including the
schedules of investments, as of May 31, 1999, and the
related statements of operations for the year then ended,
the statements of changes in net assets and financial
highlights for the year then ended and for the period from
August 23, 1997 (commencement of operations) to May 31,
1998. These financial statements and financial highlights
are the responsibility of the Portfolios' management. Our
responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.
We conducted our audits in accordance with generally
accepted auditing standards. Those standards require that
we plan and perform the audit to obtain reasonable
assurance about whether the financial statements and
financial highlights are free of material misstatement. An
audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial
statements and financial highlights. Our procedures
included confirmation of securities owned as of May 31,
1999, by correspondence with the custodian and brokers. An
audit also includes assessing the accounting principles
used and significant estimates made by management, as well
as evaluating the overall financial statement
presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to above present fairly, in all
material respects, the financial position of the
Portfolios as of May 31, 1999, the results of their
operations, changes in their net assets and financial
highlights for each of the years or periods indicated in
the first paragraph above, in conformity with generally
accepted accounting principles.
/s/ KPMG LLP
Boston, Massachusetts
July 16, 1999
CORE TRUST (DELAWARE)
22
<PAGE>
STATEMENTS OF ASSETS AND LIABILITIES MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRIME MONEY
MARKET MONEY MARKET
PORTFOLIO PORTFOLIO
-------------- --------------
<S> <C> <C>
ASSETS
Investments at amortized cost (Note 2).............................. $3,751,307,480 $2,727,375,137
Cash................................................................ 2,488,892 1,777,386
Receivable for investments sold..................................... - 29,792,500
Receivable for dividends, interest and other receivables............ 12,476,960 9,202,371
Organization costs, net of amortization (Note 2).................... 9,627 9,627
-------------- --------------
TOTAL ASSETS.......................................................... 3,766,282,959 2,768,157,021
-------------- --------------
LIABILITIES
Payable to custodian (Note 3)....................................... 33,656 25,134
Payable to adviser (Note 3)......................................... 1,070,185 238,597
Payable to other related parties (Note 3)........................... 160,489 278
Accrued expenses and other liabilities.............................. 15,941 13,078
-------------- --------------
TOTAL LIABILITIES..................................................... 1,280,271 277,087
-------------- --------------
NET ASSETS............................................................ $3,765,002,688 $2,767,879,934
-------------- --------------
-------------- --------------
</TABLE>
See Notes to Financial Statements CORE TRUST (DELAWARE)
23
<PAGE>
STATEMENTS OF OPERATIONS FOR THE YEAR ENDED MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRIME MONEY
MARKET MONEY MARKET
PORTFOLIO PORTFOLIO
------------- ------------
<S> <C> <C>
INVESTMENT INCOME
Interest income (Note 2)............................................ $197,103,552 $150,826,716
------------- ------------
EXPENSES
Advisory (Note 3)................................................... 12,130,849 3,761,486
Administration (Note 3)............................................. 1,832,945 1,400,619
Custody (Note 3).................................................... 381,589 295,124
Accounting (Note 3)................................................. 87,500 86,500
Legal............................................................... 14,498 11,509
Audit............................................................... 23,734 21,591
Trustees............................................................ 6,869 5,246
Amortization of organization costs (Note 2)......................... 3,036 3,036
Miscellaneous....................................................... 40,106 15,287
------------- ------------
TOTAL EXPENSES........................................................ 14,521,126 5,600,398
Fees waived and expenses reimbursed (Note 4)........................ (1,419) (2,360,589)
------------- ------------
NET EXPENSES.......................................................... 14,519,707 3,239,809
------------- ------------
NET INVESTMENT INCOME................................................. 182,583,845 147,586,907
NET REALIZED GAIN FROM INVESTMENTS.................................... 36,033 27,280
------------- ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. $182,619,878 $147,614,187
------------- ------------
------------- ------------
</TABLE>
See Notes to Financial Statements CORE TRUST (DELAWARE)
24
<PAGE>
FOR THE PERIOD ENDED MAY 31, 1998
STATEMENTS OF CHANGES IN NET ASSETS AND THE YEAR ENDED MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
PRIME MONEY
MARKET MONEY MARKET
PORTFOLIO PORTFOLIO
--------------- ---------------
<S> <C> <C>
NET ASSETS -- AUGUST 23, 1997 (COMMENCEMENT OF OPERATIONS)............ $ - $ -
--------------- ---------------
OPERATIONS
Net investment income............................................... 117,637,986 95,111,701
Net realized loss from investments.................................. (42,987) (21,885)
--------------- ---------------
Increase in net assets resulting from operations................ 117,594,999 95,089,816
--------------- ---------------
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions (Note 5).............................................. 5,373,694,156 4,410,026,378
Withdrawals......................................................... (2,352,537,164) (2,132,747,532)
--------------- ---------------
Net increase from transactions in investors' beneficial
interests...................................................... 3,021,156,992 2,277,278,846
--------------- ---------------
NET INCREASE IN NET ASSETS............................................ 3,138,751,991 2,372,368,662
--------------- ---------------
NET ASSETS -- MAY 31, 1998............................................ 3,138,751,991 2,372,368,662
--------------- ---------------
OPERATIONS
Net investment income............................................... 182,583,845 147,586,907
Net realized gain from investments.................................. 36,033 27,280
--------------- ---------------
Increase in net assets resulting from operations................ 182,619,878 147,614,187
TRANSACTIONS IN INVESTORS' BENEFICIAL INTERESTS
Contributions....................................................... 4,309,002,882 3,728,647,352
Withdrawals......................................................... (3,865,372,063) (3,480,750,267)
--------------- ---------------
Net increase from transactions in investors' beneficial
interests...................................................... 443,630,819 247,897,085
--------------- ---------------
NET INCREASE IN NET ASSETS............................................ 626,250,697 395,511,272
--------------- ---------------
NET ASSETS -- MAY 31, 1999............................................ $ 3,765,002,688 $ 2,767,879,934
--------------- ---------------
--------------- ---------------
</TABLE>
See Notes to Financial Statements CORE TRUST (DELAWARE)
25
<PAGE>
FINANCIAL HIGHLIGHTS
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
RATIOS TO AVERAGE
NET ASSETS
-----------------------------------
NET
NET GROSS INVESTMENT
EXPENSES EXPENSES(b) INCOME
-------- ----------- ----------
<S> <C> <C> <C>
PRIME MONEY MARKET PORTFOLIO
June 1, 1998 to May 31, 1999........................................ 0.40% 0.40% 4.98%
August 23, 1997(c) to May 31, 1998(a)............................... 0.40% 0.40% 5.36%
MONEY MARKET PORTFOLIO
June 1, 1998 to May 31, 1999........................................ 0.12% 0.20% 5.27%
August 23, 1997(c) to May 31, 1998(a)............................... 0.12% 0.21% 5.64%
</TABLE>
(a) Annualized.
(b) During the periods, various fees were waived and reimbursed. The ratio of
Gross Expenses to Average Net Assets reflects the expense ratio in the
absence of any waivers and reimbursements (Note 4).
(c) Commencement of operations.
See Notes to Financial Statements CORE TRUST (DELAWARE)
26
<PAGE>
NOTES TO FINANCIAL STATEMENTS
- --------------------------------------------------------------------------------
NOTE 1. ORGANIZATION
Core Trust (Delaware) ("Core Trust") is organized as a Delaware business trust
and is registered as an open-end management investment company under the
Investment Company Act of 1940 (the "Act"). Core Trust currently has twenty-two
separate investment portfolios. These financial statements relate to Prime Money
Market Portfolio and Money Market Portfolio (individually, a "Portfolio" and,
collectively, the "Portfolios"), each of which is a diversified portfolio. The
Portfolios commenced operations on August 23, 1997. Interests in the Portfolios
are sold in private placement transactions without any sales charges to
qualified investors, including open-end management investment companies.
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
These financial statements are prepared in accordance with generally accepted
accounting principles, which require management to make estimates and
assumptions that affect the reported amounts of assets and liabilities,
disclosure of contingent assets and liabilities at the date of the financial
statements and the reported amounts of increase and decrease in net assets from
operations during the fiscal period. Actual results could differ from those
estimates. The following summarizes the significant accounting policies of the
Portfolios:
SECURITY VALUATION - Securities held by the Portfolios are valued as of 4:00 PM,
Eastern Time, on each Portfolio business day, utilizing the amortized cost
method pursuant to Rule 2a-7 under the Act. Under this method, all investments
purchased at a discount or premium are valued by accreting or amortizing,
respectively, the difference between the original purchase price and the
maturity value of the investment over the period to the investment's maturity.
SECURITIES TRANSACTIONS AND INTEREST INCOME - Investment transactions are
accounted for on the trade date, interest income is recorded on an accrual basis
and includes the amortization of premium and the accretion of discount and
realized gain and loss on investments sold are recorded on the basis of
identified cost. The cost basis of investments for federal income tax purposes
at May 31, 1999, is the same as for financial reporting purposes.
FEDERAL TAXES - The Portfolios are not required to pay federal income taxes on
their net investment income and net capital gain as they are treated as
partnerships for federal income tax purposes. All interest and gain and loss of
the Portfolios are deemed to have been "passed through" to the interestholders
in proportion to their holdings of the Portfolios, regardless of whether such
interest and gains have been distributed by the Portfolios.
ORGANIZATION COSTS - The costs incurred by each Portfolio in connection with its
organization have been capitalized and are being amortized using the straight
line method over a five year period beginning on the commencement of the
Portfolios' operations.
REPURCHASE AGREEMENTS - Each Portfolio, along with certain other Norwest
Advantage Funds, may transfer uninvested cash balances into a joint trading
account. These balances are invested in one or more repurchase agreements. The
Portfolios, through their custodian, receive delivery of the underlying
collateral, whose market value must always exceed the repurchase price. In the
event of default, a Portfolio may have difficulties with the disposition of the
collateral.
NOTE 3. ADVISORY, SERVICING FEES AND OTHER TRANSACTIONS WITH AFFILIATES
INVESTMENT ADVISER - The investment adviser of each Portfolio is Norwest
Investment Management, Inc. ("Adviser"), a wholly owned subsidiary of Norwest
Bank Minnesota, N.A. ("Norwest"). Norwest is a subsidiary of Wells Fargo &
Company. The Adviser receives an advisory fee from Core Trust with respect to
Prime Money Market Portfolio and Money Market Portfolio at annual rates of 0.40%
and 0.20%, respectively, of the average daily net assets for the first $300
million of average daily net assets of each Portfolio, declining to 0.32% and
0.12%, respectively, of the average daily net assets of each Portfolio in excess
of $700 million.
ADMINISTRATION AND OTHER SERVICE PROVIDERS - The administrator to Core Trust is
Forum Administrative Services, LLC ("FAdS"). FAdS receives an administration fee
of 0.05% of the average daily net assets of each Portfolio.
Norwest also serves as the custodian for the Portfolios and receives a fee of
0.02% of the first $100 million of each Portfolio's average daily net assets,
declining to 0.01% of each Portfolio's average daily net assets in excess of
$200 million.
Forum Financial Services, Inc. acts as Core Trust's placement agent but receives
no compensation for its services.
Forum Accounting Services, LLC provides portfolio accounting and interestholder
recordkeeping services to each Portfolio.
NOTE 4. WAIVERS OF FEES AND REIMBURSEMENT OF EXPENSES
For the year ended May 31, 1999, the Adviser voluntarily waived a portion of its
advisory fees and FAdS voluntarily waived a portion of its administration fees
for Money Market Portfolio in the amounts of $960,248 and $1,400,341,
respectively, and FAds waived a portion of its administration fee for Prime
Money Market Portfolio in the amount of $1,419. The Adviser and FAdS, at their
discretion, may revise or discontinue the voluntary fee waivers at any time.
CORE TRUST (DELAWARE)
27
<PAGE>
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
- --------------------------------------------------------------------------------
NOTE 5. REORGANIZATION
In connection with the merger and division and the contemporaneous commencement
of operations of certain Portfolios on August 23, 1997, certain investors
contributed all or a portion of their net assets to the Portfolios. The fair
market value and tax cost basis of those contributions are as follows:
<TABLE>
<CAPTION>
MARKET TAX COST
PORTFOLIO VALUE BASIS
- ---------------------------------------------------------------------- ---------------- ------------------
<S> <C> <C>
Prime Money Market Portfolio.......................................... $ 2,699,819,155 $ 2,699,819,155
Money Market Portfolio................................................ 2,101,885,695 2,101,898,478
</TABLE>
CORE TRUST (DELAWARE)
28
<PAGE>
SCHEDULES OF INVESTMENTS MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
PRIME MONEY MARKET PORTFOLIO
- ------------------------------------------------------------------------
ASSET BACKED SECURITIES (1.7%)
23,302,548 STEERS 1998, Series A39, 4.98% V/R,
4/25/00(a) $ 23,302,548
41,305,735 WFP Tower B Finance Corp., Short-Term
STEERS Trust, Series A, 5.10%
V/R,10/8/99(a) 41,305,735
--------------
TOTAL ASSET BACKED SECURITIES 64,608,283
--------------
CERTIFICATES OF DEPOSIT (2.8%)
30,000,000 Bayerische Landesbank, Girozentrale,
New York, 5.65%, 7/22/99 30,029,050
50,000,000 Natexis Banque SA, New York Branch,
5.71%, 8/3/99 49,995,041
25,000,000 Svenska Handelsbanken, New York, 5.65%,
8/10/99 25,035,004
--------------
TOTAL CERTIFICATES OF DEPOSIT 105,059,095
--------------
COMMERCIAL PAPER (57.3%)
20,600,000 Ace Overseas Corp., 4.92%, 8/17/99(a) 20,383,220
66,115,000 Ace Overseas Corp., 4.95%, 8/20/99(a) 65,387,734
15,366,000 Atlantis One-Funding Corp., 4.90%,
8/25/99 15,188,223
79,000,000 Barton Capital Corp., 4.95%, 6/1/99(a) 79,000,000
5,411,000 Barton Capital Corp., 5.04%, 8/12/99(a) 5,356,457
5,848,000 Barton Capital Corp., 5.06%, 6/8/99(a) 5,842,246
15,300,000 Bavaria GLB Corp., 4.84%, 7/15/99(a) 15,209,305
27,000,000 Bavaria GLB Corp., 4.85%, 7/1/99(a) 26,890,875
20,000,000 Beta Finance Inc., 4.88%, 1/18/00(a) 19,373,734
20,000,000 CC (USA), Inc., 4.87%, 8/27/99(a) 19,764,859
7,000,000 CC (USA), Inc., 4.91%, 8/27/99(a) 6,916,939
103,000,000 China Merchants Holdings, 5.00%, 6/1/99 103,000,000
30,000,000 Christiania Bank, 4.88%, 1/14/00 29,076,868
7,310,000 City of New York, NY, Bayerische
Landesbank Girozentale, LOC, 5.04%,
6/22/99 7,310,000
50,000,000 Commonwealth Bank of Australia, 4.77%,
11/9/99 48,933,375
25,000,000 Compass Securitization, 4.88%,
6/18/99(a) 24,942,389
30,000,000 Conduit Asset Backed Securities Ltd.,
4.90%, 6/17/99(a) 29,934,667
38,313,000 Conduit Asset Backed Securities Ltd.,
4.90%, 7/8/99(a) 38,120,052
10,000,000 Conduit Asset Backed Securities Ltd.,
4.90%, 8/6/99(a) 9,910,167
18,618,000 Conduit Asset Backed Securities Ltd.,
4.90%, 8/30/99(a) 18,389,930
38,963,000 Conduit Asset Backed Securities Ltd.,
4.91%, 6/11/99(a) 38,909,859
19,198,000 CPI Funding Corp., 4.89%, 9/27/99(a) 18,890,289
38,557,000 CPI Funding Corp., 4.90%, 8/25/99(a) 38,110,917
58,615,000 CPI Funding Corp., 4.92%, 6/25/99(a) 58,422,743
40,000,000 Cregem North America, 4.94%, 12/23/99 38,874,780
8,500,000 CXC, Inc., 4.91%, 8/25/99 8,401,460
60,000,000 Deutsche Bank Financial, Inc., 4.85%,
1/21/00 58,108,501
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
PRIME MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
25,000,000 Dorada Corp., 4.80%, 8/4/99(a) $ 24,786,667
50,000,000 Dorada Corp., 4.86%, 7/6/99(a) 49,764,042
13,500,000 Dorada Corp., 4.91%, 8/16/99(a) 13,360,065
50,000,000 Dorada Corp., 4.91%, 8/20/99(a) 49,454,445
75,000,000 Dresdner, 4.86%, 1/4/00 72,701,625
60,000,000 Grand Funding Corp., 4.85%, 6/9/99(a) 59,935,333
39,270,000 Grand Funding Corp., 4.90%, 8/27/99(a) 38,804,978
30,000,000 K2 (USA) LLC, 4.85%, 7/13/99(a) 29,830,250
25,000,000 KBC Trust, 4.84%, 6/14/99(a) 24,956,306
80,000,000 KBC Trust, 4.85%, 7/15/99(a) 79,525,778
69,000,000 KBC Trust, 4.99%, 8/24/99(a) 68,196,611
40,000,000 Lexington Parker Capital Co. LLC.,
4.78%, 7/20/99(a) 39,739,756
37,175,000 MOAT Funding LLC, 4.80%, 7/6/99(a) 37,001,517
20,000,000 MOAT Funding LLC, 4.82%, 6/29/99(a) 19,925,022
32,153,000 MOAT Funding LLC, 4.86%, 7/8/99(a) 31,992,396
30,028,000 MOAT Funding LLC, 4.90%, 6/17/99(a) 29,962,606
25,000,000 Moriarty Ltd., 4.90%, 8/19/99(a) 24,731,181
130,000,000 Natexis US Finance Corp, 4.95%, 12/22/99 126,353,500
85,000,000 Preferred Receivables Corp, 4.95%,
6/1/99 85,000,000
175,000,000 Sheffield Receivables Corp., 4.95%,
6/1/99(a) 175,000,000
35,000,000 Sigma Finance Corp., 4.80%, 8/2/99(a) 34,710,667
30,000,000 Sigma Finance Corp., 4.85%, 10/12/99(a) 29,462,459
60,000,000 Special Purpose Accounts Receivables
Cooperative Corp., 4.85%, 6/21/99(a) 59,838,333
50,000,000 Swedbank, Inc., 4.78%, 10/4/99 49,170,140
47,860,000 Triple A One Funding, 4.91%, 7/9/99 47,611,952
--------------
TOTAL COMMERCIAL PAPER 2,150,465,218
--------------
CORPORATE NOTES (27.4%)
10,000,000 Asset Backed Trust 1996 Series A-4,
4.96% V/R, 1/18/00(a) 10,000,000
30,000,000 Bear Stearns Cos., Inc., 5.05% V/R,
6/15/00 30,000,000
15,000,000 Bear Stearns Cos., Inc., 5.05% V/R,
6/15/00 14,996,725
45,000,000 Bear Stearns Cos., Inc., 5.25%, 1/18/00 45,000,000
15,000,000 Bear Stearns Cos., Inc. 5.32% V/R,
11/30/99 15,000,000
30,000,000 Bear Stearns Cos., Inc., 5.40% V/R,
11/1/99 30,000,000
30,000,000 Bear Stearns Cos., Inc., Series B, 5.40%
V/R, 10/27/99 30,000,000
80,000,000 Beta Finance Inc., 4.99% V/R,
11/12/99(a) 79,971,769
20,000,000 Bishop's Gate Residential Mortgage
Trust, Series 1998-2, 5.10% V/R,
11/22/99 20,000,000
25,000,000 BRAVO Trust Series 1997-1, 5.05% V/R,
1/18/00(a) 25,000,000
5,000,000 Caterpillar Financial Services Corp.,
6.25%, 1/20/00 5,033,530
80,000,000 CC (USA), Inc., 5.13%, 1/12/00(a) 80,000,000
26,000,000 CC (USA), Inc., 5.14%, 1/19/00(a) 26,000,000
50,000,000 Goldman Sachs Group, 5.76%, 1/14/00 50,173,201
20,000,000 K2 (USA) LLC, 5.20%, 3/29/00(a) 19,996,699
60,000,000 Key Bank, N.A, Cleveland, 5.02% V/R,
10/14/99 60,001,087
30,000,000 Liberty Lighthouse US Capital Co., LLC,
4.88% V/R, 9/1/99(a) 29,998,549
</TABLE>
See Notes to Schedules of Investments and Notes to Financial Statements
CORE TRUST (DELAWARE)
29
<PAGE>
SCHEDULES OF INVESTMENTS (CONTINUED) MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
PRIME MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
60,000,000 Liberty Lighthouse US Capital Co., LLC,
4.88% V/R, 9/9/99(a) 59,996,793
50,000,000 Liberty Lighthouse US Capital Co., LLC,
4.98% V/R, 10/8/99(a) $ 49,985,466
80,000,000 Merrill Lynch & Co., Inc., 5.14%,
2/11/00 79,999,222
40,000,000 Morgan Stanley Group, Inc., 5.10% V/R,
5/15/01 40,000,000
87,500,000 Sigma Finance Corp., 5.02% V/R,
10/28/99(a) 87,500,000
20,000,000 STEERS, Medium Term, Series 1997 A-28,
4.98% V/R, 9/23/99(a) 20,000,000
28,000,000 STEERS, Series 1998 A-40, Conti Mortgage
Home Equity Loan Trust, 5.01% V/R,
1/18/00(a) 28,000,000
42,000,000 SunAmerica, Inc., 6.20%, 10/31/99 42,198,927
20,000,000 Syndicated Loan Funding Trust, Series
1999-1, 5.15% V/R, 2/15/00 20,000,000
30,000,000 Transamerica Life Insurance & Annuity
Co., 5.11% V/R, 4/12/00 30,000,000
--------------
TOTAL CORPORATE NOTES 1,028,851,968
--------------
FLOATING RATE FUNDING AGREEMENTS (2.7%)
30,000,000 Allstate Life Insurance Co., 5.10% V/R,
8/25/99(a) 30,000,000
40,000,000 Monumental Life, 5.01% V/R, 5/15/00 40,000,000
30,000,000 Monumental Life, 5.05% V/R, 5/15/00 30,000,000
--------------
TOTAL FLOATING RATE FUNDING AGREEMENTS 100,000,000
--------------
MASTER NOTES (0.3%)
10,000,000 General Electric Co., 4.85% V/R, 6/8/99 10,000,000
--------------
MUNICIPAL NOTES (0.3%)
4,700,000 Durham, NC, COP, Series B, 4.83% V/R,
7/1/03 4,700,000
1,190,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 1,190,000
615,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 615,000
1,065,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 1,065,000
1,495,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 1,495,000
570,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 570,000
640,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 640,000
1,100,000 Prince William County, VA, Taxable
Notes, Series A, Wachovia Bank of
North Carolina, LOC, 4.83% V/R, 3/1/17 1,100,000
--------------
TOTAL MUNICIPAL NOTES 11,375,000
--------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
PRIME MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
REPURCHASE AGREEMENTS (0.6%)
22,352,527 Merrill Lynch & Co., 4.68%, 6/1/99,
collateralized by $57,649,961 U.S.
Government Securities, 3.38%, 6/1/17,
with an aggregate market value of
$22,800,008 $ 22,352,527
--------------
TIME DEPOSITS (6.9%)
83,595,389 Societe Generale, Grand Cayman, 4.50%,
6/1/99 83,595,389
175,000,000 Southtrust Bank, Grand Cayman, 4.81%,
6/1/99 175,000,000
--------------
TOTAL TIME DEPOSITS 258,595,389
--------------
TOTAL INVESTMENTS AT AMORTIZED COST AND VALUE (100.0%)
$3,751,307,480
--------------
--------------
- ------------------------------------------------------------------------
MONEY MARKET PORTFOLIO
- ------------------------------------------------------------------------
ASSET BACKED SECURITIES (1.8%)
$ 15,535,032 STEERS 1998, Series A39, 4.98% V/R,
4/25/00 $ 15,535,031
19,211,970 WFP Tower B Finance Corp., Short-Term
STEERS Trust, Series A, 5.10%
V/R,10/8/99 19,211,970
14,408,977 WFP Tower B Finance Corp., Short-Term
STEERS Trust, Series A, 5.10%
V/R,10/8/99 14,408,977
--------------
TOTAL ASSET BACKED SECURITIES 49,155,978
--------------
CERTIFICATES OF DEPOSIT (2.8%)
20,000,000 Bayerische Landesbank, Girozentrale,
New York, 5.65%, 7/22/99 20,019,366
38,000,000 Natexis Banque SA, New York Branch,
5.71%, 8/3/99 37,996,231
18,000,000 Svenska Handelsbanken, New York, 5.67%,
8/10/99 18,025,263
--------------
TOTAL CERTIFICATES OF DEPOSIT 76,040,860
--------------
COMMERCIAL PAPER (62.8%)
75,000,000 Ace Overseas Corp., 4.78%, 7/22/99(a) 74,492,125
25,000,000 Ace Overseas Corp., 4.85%, 8/16/99(a) 24,744,028
25,000,000 Barton Capital Corp., 4.95%, 6/1/99(a) 25,000,000
20,000,000 Bavaria GLB Corp., 4.84%, 7/15/99(a) 19,881,689
33,500,000 CC (USA), Inc., 4.84%, 7/14/99(a) 33,306,333
7,000,000 CC (USA), Inc., 4.91%, 8/27/99(a) 6,916,939
25,000,000 China Merchants Holdings, 5.00%, 6/1/99 25,000,000
20,000,000 Christiania Bank, 4.88%, 1/14/00 19,384,578
25,389,000 City of Austin, TX, Landesbank Hessen-
Thueringen GZ, LOC, 4.88%, 8/10/99 25,148,087
50,000,000 Commonwealth Bank of Australia, 4.77%,
11/5/99 48,959,875
</TABLE>
See Notes to Schedules of Investments and Notes to Financial Statements
CORE TRUST (DELAWARE)
30
<PAGE>
SCHEDULES OF INVESTMENTS (CONTINUED) MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
10,245,000 Conduit Asset Backed Securities Ltd.,
4.90%, 6/17/99(a) $ 10,222,689
20,495,000 Conduit Asset Backed Securities Ltd.,
4.90%, 6/23/99(a) 20,433,629
25,000,000 Conduit Asset Backed Securities Ltd.,
4.90%, 7/8/99(a) 24,874,098
5,307,000 Conduit Asset Backed Securities Ltd.,
4.90%, 8/6/99(a) 5,259,326
15,000,000 Conduit Asset Backed Securities Ltd.,
4.90%, 8/30/99(a) 14,816,251
29,611,000 Conduit Asset Backed Securities Ltd.,
4.91%, 6/9/99(a) 29,578,691
30,000,000 CPI Funding Corp., 4.89%, 9/27/99(a) 29,519,150
40,000,000 CPI Funding Corp., 4.92%, 6/25/99(a) 39,868,800
37,500,000 Cregem North America, 4.94%, 12/27/99 36,424,522
8,500,000 CXC, Inc., 4.91%, 8/25/99 8,401,460
40,000,000 Deutsche Bank Financial, Inc., 4.85%,
1/21/00 38,739,002
14,000,000 Dorada Corp., 4.80%, 8/4/99(a) 13,880,534
20,000,000 Dorada Corp., 4.85%, 7/6/99(a) 19,905,695
12,000,000 Dorada Corp., 4.86%, 7/6/99(a) 11,943,300
25,000,000 Dresdner, 4.86%, 1/4/00 24,233,875
40,000,000 Grand Funding Corp., 4.85%, 6/9/99(a) 39,956,889
55,795,000 Grand Funding Corp., 4.89%, 7/21/99(a) 55,416,059
40,000,000 Grand Funding Corp., 4.90%, 8/27/99(a) 39,526,334
29,200,000 K2 (USA) LLC, 4.84%, 6/22/99(a) 29,117,559
14,000,000 K2 (USA) LLC, 4.85%, 6/9/99(a) 13,984,911
50,000,000 K2 (USA) LLC, 4.85%, 7/13/99(a) 49,717,083
25,000,000 KBC Trust, 4.84%, 6/14/99(a) 24,956,306
40,000,000 KBC Trust, 4.85%, 7/15/99(a) 39,762,889
17,000,000 KBC Trust, 4.99%, 8/24/99(a) 16,802,064
75,000,000 Lexington Parker Capital Co. LLC.,
4.78%, 7/16/99(a) 74,551,875
50,000,000 Lexington Parker Capital Co. LLC.,
4.78%, 7/20/99(a) 49,674,695
31,000,000 MOAT Funding LLC, 4.80%, 7/6/99(a) 30,855,333
20,000,000 MOAT Funding LLC, 4.82%, 6/29/99(a) 19,925,022
25,865,000 MOAT Funding LLC, 4.84%, 7/9/99(a) 25,732,859
35,919,000 MOAT Funding LLC, 4.90%, 9/27/99(a) 35,342,102
50,000,000 Moriarty Ltd., 4.90%, 8/19/99(a) 49,462,362
95,000,000 Natexis US Finance Corp, 4.95%, 12/22/99 92,335,250
28,000,000 Preferred Receivables Corp, 4.95%,
6/1/99 28,000,000
118,000,000 Sheffield Receivables Corp., 4.95%,
6/1/99(a) 118,000,000
15,000,000 Sigma Finance Corp., 4.80%, 8/2/99(a) 14,876,000
20,000,000 Sigma Finance Corp., 4.85%, 10/12/99(a) 19,641,639
15,000,000 Sigma Finance Corp., 4.88%, 8/31/99(a) 14,814,967
25,000,000 Special Purpose Accounts Receivables
Cooperative Corp., 4.83%, 6/10/99(a) 24,969,813
40,000,000 Special Purpose Accounts Receivables
Cooperative Corp., 4.85%, 6/21/99(a) 39,892,222
23,874,000 Sunbelt-Dix Inc., 4.88%, 6/1/99 23,874,000
40,000,000 Swedbank, Inc., 4.78%, 10/4/99 39,336,111
23,000,000 Swedbank, Inc., 4.85%, 7/16/99 22,860,563
51,000,000 Trident Capital Finance, 4.83%,
10/12/99(a) 50,089,948
--------------
TOTAL COMMERCIAL PAPER 1,714,409,531
--------------
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
CORPORATE NOTES (27.3%)
5,000,000 Asset Backed Trust 1996 Series A-4,
4.96% V/R, 1/18/00(a) $ 5,000,000
20,000,000 Bear Stearns Cos., Inc., 5.05% V/R,
6/15/00 20,000,000
10,000,000 Bear Stearns Cos., Inc., 5.05% V/R,
6/15/00 9,997,817
45,000,000 Bear Stearns Cos., Inc., 5.25%, 1/18/00 45,000,000
10,000,000 Bear Stearns Cos., Inc. 5.32% V/R,
11/30/99 10,000,000
20,000,000 Bear Stearns Cos., Inc., 5.40% V/R,
11/1/99 20,000,000
20,000,000 Bear Stearns Cos., Inc., Series B, 5.40%
V/R, 10/27/99 20,000,000
60,000,000 Beta Finance Inc., 4.99% V/R,
11/12/99(a) 59,978,826
10,000,000 Bishop's Gate Residential Mortgage
Trust, Series 1998-2, 5.10% V/R,
11/22/99 10,000,000
20,000,000 BRAVO Trust Series 1997-1, 5.05% V/R,
1/18/00(a) 20,000,000
5,000,000 Caterpillar Financial Services Corp.,
6.25%, 1/20/00 5,033,530
60,000,000 CC (USA), Inc., 5.13%, 1/12/00(a) 60,000,000
15,000,000 CC (USA), Inc., 5.14%, 1/19/00(a) 15,000,000
20,000,000 Goldman Sachs Group, 5.76%, 1/14/00 20,068,953
15,000,000 K2 (USA) LLC, 5.20%, 3/29/00(a) 14,997,525
40,000,000 Key Bank, N.A, Cleveland, 5.02% V/R,
10/14/99 40,000,724
20,000,000 Liberty Lighthouse US Capital Co., LLC,
4.88% V/R, 9/1/99(a) 19,999,033
40,000,000 Liberty Lighthouse US Capital Co., LLC,
4.88% V/R, 9/9/99(a) 39,997,864
20,000,000 Liberty Lighthouse US Capital Co., LLC,
4.98% V/R, 10/8/99(a) 19,997,250
30,000,000 Liberty Lighthouse US Capital Co., LLC,
4.98% V/R, 10/8/99(a) 29,984,388
67,000,000 Merrill Lynch & Co., Inc., 5.14%,
2/11/00 66,999,348
30,000,000 Morgan Stanley Group, Inc., 5.10% V/R,
11/15/99 30,000,000
60,000,000 Sigma Finance Corp., 5.02% V/R,
10/28/99(a) 60,000,000
20,000,000 STEERS, Medium Term, Series 1997 A-28,
4.98% V/R, 9/23/99(a) 20,000,000
19,000,000 STEERS, Series 1998 A-40, Conti Mortgage
Home Equity Loan Trust, 5.01% V/R,
1/18/00(a) 19,000,000
28,100,000 SunAmerica, Inc., 6.20%, 10/31/99 28,233,510
15,000,000 Syndicated Loan Funding Trust, Series
1999-1, 5.15% V/R, 2/15/00(a) 15,000,000
20,000,000 Transamerica Life Insurance & Annuity
Co., 5.11% V/R, 4/12/00 20,000,000
--------------
TOTAL CORPORATE NOTES 744,288,768
--------------
FLOATING RATE FUNDING AGREEMENTS (2.7%)
20,000,000 Allstate Life Insurance Co., 5.10% V/R,
8/26/99(a) 20,000,000
35,000,000 Monumental Life, 5.01% V/R, 5/15/00 35,000,000
20,000,000 Monumental Life, 5.05% V/R, 3/15/00 20,000,000
--------------
TOTAL FLOATING RATE FUNDING AGREEMENTS 75,000,000
--------------
</TABLE>
See Notes to Schedules of Investments and Notes to Financial Statements
CORE TRUST (DELAWARE)
31
<PAGE>
SCHEDULES OF INVESTMENTS (CONTINUED) MAY 31, 1999
- --------------------------------------------------------------------------------
<TABLE>
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
MASTER NOTES (0.4%)
10,000,000 General Electric Co., 4.85% V/R, 6/8/99 $ 10,000,000
--------------
MUNICIPAL BONDS & NOTES (0.4%)
900,000 Durham, NC, COP, Series B, 4.83% V/R,
7/1/03 900,000
2,700,000 Durham, NC, COP, Series B, 4.83% V/R,
7/1/03 2,700,000
440,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 440,000
820,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 820,000
925,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 925,000
405,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 405,000
380,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 380,000
1,090,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 1,090,000
1,320,000 Kalamazoo Funding Corp., Old Kent Bank,
LOC, 4.98% V/R, 12/15/26 1,320,000
900,000 Prince William County, VA, Taxable
Notes, Series A, Wachovia Bank of
North Carolina, LOC, 4.83% V/R, 3/1/17 900,000
--------------
TOTAL MUNICIPAL BONDS & NOTES 9,880,000
--------------
TIME DEPOSITS (1.8%)
23,600,000 Societe Generale, Grand Cayman, 4.50%,
6/1/99 23,600,000
<CAPTION>
FACE/SHARE SECURITY
AMOUNT DESCRIPTION VALUE
<C> <S> <C>
- ------------------------------------------------------------------------
MONEY MARKET PORTFOLIO (continued)
- ------------------------------------------------------------------------
25,000,000 Southtrust Bank, 4.81%, 6/1/99 $ 25,000,000
--------------
TOTAL TIME DEPOSITS 48,600,000
--------------
TOTAL INVESTMENTS AT AMORTIZED COST AND VALUE (100.0%)
$2,727,375,137
--------------
--------------
</TABLE>
- --------------------------------------------------------------------------------
NOTES TO SCHEDULES OF INVESTMENTS
- --------------------------------------------------------------------------------
(a) Securities that may be resold to "qualified institutional buyers" under rule
144A or securities offered pursuant to 4(2) of the Securities Act of 1933,
as amended. These securities had been determined to be liquid pursuant to
procedures adopted by the Board of Trustees.
ABBREVIATIONS
<TABLE>
<S> <C>
COP Certificate of Participation
LOC Letter of Credit
V/R Variable Rate -- These securities are deemed to have a
maturity remaining until the next
adjustment of the interest rate or the
longer of the demand period or
readjustment. The interest rates shown
reflect the rate in effect on May 31,
1999.
</TABLE>
See Notes to Schedules of Investments and Notes to Financial Statements
CORE TRUST (DELAWARE)
32
<PAGE>
Norwest Advantage Funds
510 Marquette Avenue
Minneapolis, MN 55479-0040
Shareholder Services
Minneapolis/St. Paul 1-612-667-8833
Elsewhere 1-800-338-1348
Norwest Investment Management, Inc.
Investment Adviser
Norwest Bank Minnesota, N.A.
Transfer Agent
Custodian
Forum Financial Services, Inc.
Manager and Distributor
- -c- 1999 NORWEST ADVANTAGE FUNDS
NW MM AR (7/99)
This report is for distribution only to shareholders and may
be distributed to others only if preceded or accompanied
by current prospectuses of the Norwest Advantage Funds.
[Logo] NORWEST
ADVANTAGE FUNDS-R-
