Norwest Advantage Funds/ME – ‘N-30D’ for 4/3/96

As of:  Thursday, 10/17/96   ·   For:  4/3/96   ·   Accession #:  912057-96-23109   ·   File #:  811-04881

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Annual or Semi-Annual Report Mailed to Shareholders   —   Rule 30d-1
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Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Annual or Semi-Annual Report Mailed to                98    588K 
                          Shareholders                                           

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 NORWEST ADVANTAGE FUNDS
SEMI-ANNUAL REPORT
  April 30, 1996

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--------------------------------------------------------------------------------
TABLE OF CONTENTS                                                 APRIL 30, 1996
--------------------------------------------------------------------------------

FINANCIAL STATEMENTS OF NORWEST ADVANTAGE FUNDS                                 

Statements of Assets and Liabilities                                  
Statements of Operations                                              
Statements of Changes in Net Assets                                   
Notes to Financial Statements                                         
Financial Highlights                                                  
Portfolios of Investments:                                            
Small Company Growth Fund                                   
Large Company Growth Fund                                   
Index Fund                                                  
Income Equity Fund                                          
International Fund                                          
Growth Equity Fund                                          
Diversified Equity                                          
Diversified Bond Fund                                       
Intermediate U.S. Government Fund                           
Conservative Balanced Fund                                  
Moderate Balanced Fund                                      
Growth Balanced Fund                                        
Stable Income Fund Fund                                     

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STATEMENTS OF ASSETS AND LIABILITIES                                            
APRIL 30, 1996                                                                  
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                             LARGE          SMALL                                 
                                               DIVERSIFIED      GROWTH       COMPANY        COMPANY                     INCOME    
                                                 EQUITY         EQUITY       GROWTH         GROWTH     INTERNATIONAL    EQUITY    
                                                  FUND           FUND         FUND           FUND          FUND          FUND     
                                               ------------  ------------  ------------  ------------  ------------  ------------ 
                                                                                                                                  
ASSETS                                                                                                                            
  Investment in International                                                                                                     
    Portfolio of Core Trust                                                                                                       
    (Delaware)                                 $          -  $          -  $          -  $          -  $139,500,068  $          - 
  Investments in affiliated                                                                                                       
    Funds                                       435,923,647   461,692,334             -             -             -             - 
  Portfolio Investments at                                                                                                        
    value                                       437,481,635   250,921,182    79,344,595   358,999,445             -    75,817,488 
  Cash                                                    0             0             0             0         4,642             0 
  Interest, dividends and other                                                                                                   
    receivables                                     197,813        44,932        14,331        75,968         1,439        55,863 
  Receivable for securities                                                                                                       
    sold                                                  0             0             0     1,498,701             0             0 
  Receivable for fund shares                                                                                                      
    issued                                                0             0             0             0         4,239             0 
  Receivable for principal                                                                                                        
    paydowns                                              0             0             0             0             0             0 
  Receivable from manager                                 0             0             0             0             0             0 
  Organization costs, net of                                                                                                      
    amortization (Note 1)                            42,151        42,150        42,151        42,151        42,151        42,151 
                                               ------------  ------------  ------------  ------------  ------------  ------------ 
TOTAL ASSETS                                    873,645,246   712,700,598    79,401,077   360,616,265   139,552,539    75,915,502 
                                               ------------  ------------  ------------  ------------  ------------  ------------ 
LIABILITIES                                                                                                                       
  Payable for securities                                                                                                          
    purchased                                             0             0             0     1,462,316             0             0 
  Payable for fund shares                                                                                                         
    redeemed                                              0             0             0             0         2,885             0 
  Payable for daily variation                                                                                                     
    margin on futures contracts                           0             0             0             0             0             0 
  Accrued advisory and                                                                                                            
    management fees                                 453,833       507,560        41,028       250,760        29,572        30,139 
  Accrued transfer agency fees                      174,551       140,989        15,781        69,655        29,572        15,070 
  Accrued Custodian                                       0             0             0             0             0         1,527 
  Accrued management fees                           133,425       106,563         1,893        35,369        36,326             0 
  Accrued expenses and other                                                                                                      
    payables                                         41,734        54,352        11,632        42,013        29,931         9,509 
  Dividends payable                                       0             0             0             0            37             0 
                                               ------------  ------------  ------------  ------------  ------------  ------------ 
TOTAL LIABILITIES                                   803,543       809,464        70,334     1,860,113       128,323        56,245 
                                               ------------  ------------  ------------  ------------  ------------  ------------ 
NET ASSETS                                     $872,841,703  $711,891,134  $ 79,330,743  $358,756,152  $139,424,216  $ 75,859,257 
                                               ------------  ------------  ------------  ------------  ------------  ------------ 
                                               ------------  ------------  ------------  ------------  ------------  ------------ 

COMPONENTS OF NET ASSETS                                                                                                          
  Capital paid in                              $680,111,177  $585,242,942  $ 58,332,111  $262,492,388  $124,382,794  $ 60,137,382 
  Accumulated undistributed net                                                                                                   
    investment income (deficit)                    (613,784)   (1,162,266)     (107,878)     (568,793)      529,182        (4,947)
  Accumulated undistributed net                                                                                                   
    realized gain (loss) from                                                                                                     
    investments                                   2,073,804     3,763,677       875,121    15,078,743       (29,452)            7 
  Net unrealized appreciation                                                                                                     
    (depreciation) from                                                                                                           
    investments                                 191,270,506   124,046,781    20,231,389    81,753,814             -    15,726,815 
  Net unrealized appreciation                                                                                                     
    of investments of                                                                                                             
    International Portfolio of                                                                                                    
    Core Trust (Delaware)                                 -             -             -             -    14,541,692             - 
                                               ------------  ------------  ------------  ------------  ------------  ------------ 
NET ASSETS                                     $872,841,703  $711,891,134  $ 79,330,743  $358,756,152  $139,424,216  $ 75,859,257 
                                               ------------  ------------  ------------  ------------  ------------  ------------ 
                                               ------------  ------------  ------------  ------------  ------------  ------------ 

NET ASSETS BY SHARE CLASS                                                                                                         
  A Shares                                     $          -  $          -  $          -  $          -  $    955,711  $          - 
  B Shares                                                -             -             -             -       896,192             - 
  I Shares                                      872,841,703   711,891,134    79,330,743   358,756,152   137,572,313    75,859,257 
                                               ------------  ------------  ------------  ------------  ------------  ------------ 
NET ASSETS                                     $872,841,703  $711,891,134  $ 79,330,743  $358,756,152  $139,424,216  $  5,859,257 
                                               ------------  ------------  ------------  ------------  ------------  ------------ 
                                               ------------  ------------  ------------  ------------  ------------  ------------ 

SHARES OF BENEFICIAL INTEREST,                                                                                                    
  NO PAR VALUE                                                                                                                    
  A Shares                                                -             -             -             -        48,314             - 
  B Shares                                                -             -             -             -        45,531             - 
  I Shares                                       29,225,668    25,001,213     3,035,137    11,211,240     6,949,102     2,818,446 

NET ASSET VALUE PER SHARE                                                                                                         
  A Shares                                                -             -             -             -        $19.78             - 
  B Shares                                                -             -             -             -        $19.68             - 
  I Shares                                           $29.87        $28.47        $26.14        $32.00        $19.80        $26.92 

(a) Investments at cost                        $682,134,776  $588,566,735  $ 59,113,206  $277,245,631  $124,958,376  $ 60,090,673 
                                               ------------  ------------  ------------  ------------  ------------  ------------ 
                                               ------------  ------------  ------------  ------------  ------------  ------------ 


                                                                                         INTERMEDIATE                             
                                              CONSERVATIVE     MODERATE       GROWTH         U.S.      DIVERSIFIED      STABLE    
                                    INDEX       BALANCED       BALANCED      BALANCED     GOVERNMENT      BOND          INCOME    
                                    FUND          FUND           FUND          FUND          FUND         FUND           FUND     
                                 ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
                                                                                                                                  
ASSETS                                                                                                                            
  Investment in International                                                                                                     
    Portfolio of Core Trust                                                                                                       
    (Delaware)                   $          -  $          -  $          -  $          -  $          -  $          -  $          - 
  Investments in affiliated                                                                                                       
    Funds                                   -    21,431,358    83,710,129   194,724,160             -             -             - 
  Portfolio Investments at                                                                                                        
    value                         241,658,353   126,015,003   307,188,340   271,225,414    45,962,814   165,111,771    65,796,294 
  Cash                                      0             0             0             0       150,848             0             0 
  Interest, dividends and other                                                                                                   
    receivables                       281,120       970,228     2,278,427     1,891,325       720,278     1,963,209       345,829 
  Receivable for securities                                                                                                       
    sold                                    0             0             0             0             0             0             0 
  Receivable for fund shares                                                                                                      
    issued                                  0             0             0             0             0             0             0 
  Receivable for principal                                                                                                        
    paydowns                                0             0             0             0             0             0             0 
  Receivable from manager                   0             0             0             0             0             0             0 
  Organization costs, net of                                                                                                      
    amortization (Note 1)              42,152        42,151        42,151        42,151        42,151        42,151        42,151 
                                 ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
TOTAL ASSETS                      241,981,625   148,458,740   393,219,047   467,883,050    46,876,091   167,117,131    66,184,274 
                                 ------------  ------------  ------------  ------------  ------------  ------------  ------------ 

LIABILITIES                                                                                                                       
  Payable for securities                                                                                                          
    purchased                         147,613             0             0             0             0             0             0 
  Payable for fund shares                                                                                                         
    redeemed                                0             0             0             0             0             0             0 
  Payable for daily variation                                                                                                     
    margin on futures contracts        12,275             0             0             0             0             0             0 
  Accrued advisory and                                                                                                            
    management fees                         0        54,308       170,517       211,616        12,717        47,849        16,213 
  Accrued transfer agency fees         29,120        30,171        80,433        91,214         9,634        34,179        13,510 
  Accrued Custodian                         0             0             0             0         2,479             0           315 
  Accrued management fees               5,824         3,621        52,271        51,104             0         4,101             0 
  Accrued expenses and other                                                                                                      
    payables                           27,048        13,541        21,310        32,533           450        14,341         4,183 
  Dividends payable                         0             0             0             0             0             0             0 
                                 ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
TOTAL LIABILITIES                     221,880       101,641       324,531       386,467        25,280       100,470        34,221 
                                 ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
NET ASSETS                       $241,759,745  $148,357,099  $392,894,516  $467,496,583  $ 46,850,811  $167,016,661  $ 66,150,053 
                                 ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
                                 ------------  ------------  ------------  ------------  ------------  ------------  ------------ 

COMPONENTS OF NET ASSETS                                                                                                          
  Capital paid in                $184,876,637  $135,128,796  $340,889,088  $386,798,615  $ 47,341,893  $159,634,686 $  66,112,964 
  Accumulated undistributed net                                                                                                   
    investment income (deficit)     2,259,926     3,358,354     7,722,509     5,285,202        50,731     5,495,883        49,252 
  Accumulated undistributed net                                                                                                   
    realized gain (loss) from                                                                                                     
    investments                     3,516,352     1,083,166     6,279,635    13,063,338      (226,013)    2,403,167        (3,614)
  Net unrealized appreciation                                                                                                     
    (depreciation) from                                                                                                           
    investments                    51,106,830     8,786,783    38,003,284    62,349,428      (315,800)     (517,075)       (8,549)
  Net unrealized appreciation                                                                                                     
    of investments of                                                                                                             
    International Portfolio of                                                                                                    
    Core Trust (Delaware)                   -             -             -             -             -             -             - 
                                 ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
NET ASSETS                       $241,759,745  $148,357,099  $392,894,516  $467,496,583  $ 46,850,811  $167,016,661  $ 66,150,053 
                                 ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
                                 ------------  ------------  ------------  ------------  ------------  ------------  ------------ 

NET ASSETS BY SHARE CLASS                                                                                                         
  A Shares                       $          -  $          -  $          -  $          -  $          -    $        -  $          - 
  B Shares                                  -             -             -             -             -             -             - 
  I Shares                        241,759,745   148,357,099   392,894,516   467,496,583    46,850,811   167,016,661    66,150,053 
                                 ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
NET ASSETS                       $241,759,745  $148,357,099  $392,894,516  $467,496,583  $ 46,850,811  $167,016,661 $  66,150,053 
                                 ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
                                 ------------  ------------  ------------  ------------  ------------  ------------  ------------ 

SHARES OF BENEFICIAL INTEREST,                                                                                                    
  NO PAR VALUE                                                                                                                    
  A Shares                                  -             -             -             -             -             -             - 
  B Shares                                  -             -             -             -             -             -             - 
  I Shares                          7,870,702     8,252,266    19,584,570    20,790,319     4,284,324     6,430,552     6,477,368 

NET ASSET VALUE PER SHARE                                                                                                         
  A Shares                                  -             -             -             -             -             -             - 
  B Shares                                  -             -             -             -             -             -             - 
  I Shares                             $30.72        $17.98        $20.06        $22.49        $10.94        $25.97        $10.21 

(a) Investments at cost          $190,551,523  $138,659,578  $352,895,185  $403,600,146  $ 51,526,610  $165,628,846  $ 66,129,874 
                                 ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
                                 ------------  ------------  ------------  ------------  ------------  ------------  ------------ 

See notes to financial statements                                               

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STATEMENTS OF OPERATIONS                                                        
FOR THE PERIOD ENDED APRIL 30, 1996                                             
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]


                                                                   LARGE         SMALL                                             
                                   DIVERSIFIED      GROWTH        COMPANY       COMPANY                      INCOME                
                                     EQUITY         EQUITY        GROWTH        GROWTH     INTERNATIONAL     EQUITY                
                                      FUND           FUND          FUND          FUND          FUND          FUND                  
                                   -----------   -----------   -----------   -----------   -----------   -----------               

                                                                                                                                   
INVESTMENT INCOME                                                                                                                  
 Interest income                  $    685,463  $    676,474  $     48,537  $    609,224  $          -  $    100,225               
 Dividend income                     6,722,895     3,230,376       195,066       701,630             -       817,024               
 Securities lending income              18,843        29,356         2,614        28,987             -           441               
 Net investment income from                                                                                                        
   International Portfolio                                                                                                         
   of Core Trust (Delaware)                                                                                                        
     (Note )                                 -             -             -             -     1,065,291             -               
                                   -----------   -----------   -----------   -----------   -----------   -----------               
TOTAL INCOME                         7,427,201     3,936,206       246,217     1,339,841     1,065,291      917,690                
                                   -----------   -----------   -----------   -----------   -----------   -----------               

EXPENSES                                                                                                                           
 Advisory                            2,547,414     2,790,773       229,741     1,371,577             -       155,634               
 Administration                              -             -             -             -       145,633             -               
 Management                            391,910       310,086        35,345       152,397        58,253        31,127               
 Transfer agent                        979,775       775,215        88,362       380,993       145,633        77,817               
 Custodian                                   0             0             0             0             0             0               
 Accounting                             24,000        24,000        18,000        25,000        20,000        18,000               
 Legal                                  30,020        23,365         1,517        10,009         6,614         7,003               
 Filing                                 40,353        34,226         5,947        17,496        21,016         5,910               
 Auditing                               11,876        11,432         9,411        12,557         6,991         3,881               
 Trustees                                3,878         3,052           344         1,510           606           305               
 Shareholder reporting                       0             0             0             0             0             0               
 Distribution                                0             0             0             0         2,363             0               
 Amortization of organization                                                                                                      
   costs                                 5,960         5,960         5,959         5,960         5,960         5,960               
 Other                                  40,592        31,973         1,711        15,369         6,109         1,685               
                                   -----------   -----------   -----------   -----------   -----------   -----------               
TOTAL EXPENSES                       4,075,778     4,010,082       396,337     1,992,868       419,178       307,322               
 EXPENSES REIMBURSED AND FEES                                                                                                      
   WAIVED (NOTE 3)                    (148,289)     (126,128)      (42,242)      (84,234)       (8,287)      (42,139)              
                                   -----------   -----------   -----------   -----------   -----------   -----------               
NET EXPENSES                         3,927,489     3,883,954       354,095     1,908,634       410,891       265,183               
                                   -----------   -----------   -----------   -----------   -----------   -----------               

NET INVESTMENT INCOME                3,499,712        52,252      (107,878)     (568,793)      654,400       652,507               
                                   -----------   -----------   -----------   -----------   -----------   -----------               

NET REALIZED AND UNREALIZED                                                                                                        
 GAIN (LOSS) FROM INVESTMENTS                                                                                                      
 Net realized gain (loss) from                                                                                                     
   Securities                       17,739,908    23,507,135       934,596    15,126,841             -       239,083               
   Investments of                                                                                                                  
     International Portfolio                                                                                                       
     of Core Trust (Delaware)                -             -             -             -     1,845,591             -               
   Foreign currency                                                                                                                
     transactions                      875,249     1,375,551             -             -             -             -               
   Foreign currency                                                                                                                
     transactions from                                                                                                             
     investment in                                                                                                                 
     International                                                                                                                 
     Portfolio of Core Trust                                                                                                       
     (Delaware)                              -             -             -             -       (16,513)            -               
   Futures transactions                523,039             -             -             -             -             -               
                                   -----------   -----------   -----------   -----------   -----------   -----------               
Net Realized Gain (Loss) from                                                                                                      
 Investments                        19,138,196    24,882,686       934,596    15,126,841     1,829,078       239,083               
                                   -----------   -----------   -----------   -----------   -----------   -----------               

Net change in unrealized                                                                                                           
 appreciation (depreciation)                                                                                                       
 from                                                                                                                              
   Securities                       78,813,067    56,947,651     7,459,909    38,158,737    10,868,026     7,457,147               
   Investments of International                                                                                                    
     Portfolio of Core Trust                                                                                                       
     (Delaware)                                                                                                                    
   Foreign currency transactions         1,171        21,618             -             -             -             -               
   Foreign currency transactions                                                                                                   
     from investment in                                                                                                            
     International Portfolio of                                                                                                    
     Core Trust (Delaware)                   -             -             -             -        (5,340)            -               
   Futures transactions                166,027             -             -             -             -             -               
                                   -----------   -----------   -----------   -----------   -----------   -----------               
NET CHANGE IN UNREALIZED                                                                                                           
 APPRECIATION (DEPRECIATION)                                                                                                       
 OF INVESTMENTS                     78,980,265    56,969,269     7,459,909    38,158,737    10,862,686     7,457,147               
                                   -----------   -----------   -----------   -----------   -----------   -----------               

NET REALIZED AND UNREALIZED                                                                                                        
 GAIN (LOSS)FROM INVESTMENTS        98,118,461    81,851,955     8,394,505    53,285,578    12,691,764     7,696,230               
                                   -----------   -----------   -----------   -----------   -----------   -----------               

INCREASE IN NET ASSETS FROM                                                                                                        
 OPERATIONS                       $101,618,173  $ 81,904,207   $ 8,286,627  $ 52,716,785  $ 13,346,164  $  8,348,737               
                                   -----------   -----------   -----------   -----------   -----------   -----------               
                                   -----------   -----------   -----------   -----------   -----------   -----------               

                                                INTERMEDIATE   DIVERSIFIED      STABLE    CONSERVATIVE     MODERATE       GROWTH   
                                      INDEX     GOV'T INCOME       BOND         INCOME       BALANCED      BALANCED      BALANCED  
                                       FUND          FUND          FUND          FUND          FUND          FUND          FUND    
                                   -----------   -----------   -----------   -----------   -----------   -----------   ----------- 

INVESTMENT INCOME                                                                                                                  
 Interest income                    $  337,436  $  1,690,221  $  5,972,534  $  1,811,204  $  3,597,060  $  8,064,959  $  4,881,182 
 Dividend income                     2,277,569             0             -             -       336,194     1,375,536     2,366,317 
 Securities lending income                   0         1,115       115,231         3,663         4,278        36,863        13,012 
 Net investment income from                                                                                                        
   International Portfolio                                                                                                         
   of Core Trust (Delaware)                                                                                                        
   (Note )                                   -             -             -             -             -             -             - 
                                   -----------   -----------   -----------   -----------   -----------   -----------   ----------- 
TOTAL INCOME                         2,615,005     1,691,336     6,087,765     1,814,867     3,937,532     9,477,358     7,260,511 
                                   -----------   -----------   -----------   -----------   -----------   -----------   ----------- 

EXPENSES                                                                                                                           
 Advisory                              162,173        80,657       295,055        85,514       319,915     1,032,213     1,189,474 
 Administration                              -             -             -             -             -             -             - 
 Management                            108,116        24,441        84,302        28,505        71,092       194,757       205,082 
 Transfer agent                        270,289        61,103       210,754        71,262       177,731       486,893       512,704 
 Custodian                                   0             0             0             0             0             0             0 
 Accounting                             26,000        24,000        25,000        31,000        27,000        30,000        28,000 
 Legal                                   7,937         6,236         9,687         6,377         3,184        16,775        17,943 
 Filing                                 18,255         5,910         6,218         5,906         6,130        12,730        21,741 
 Auditing                               15,262           963        13,224           976        11,101        13,331        13,348 
 Trustees                                1,067           257           872           289           727         1,984         2,046 
 Shareholder reporting                       0             0             0             0             0             0             0 
 Distribution                                0             0             0             0             0             0             0 
 Amortization of organization                                                                                                      
   costs                                 5,960         5,960         5,960         5,960         5,960         5,960         5,960 
 Other                                  10,688         1,545         8,436         1,320         5,862        22,740        23,599 
                                   -----------   -----------   -----------   -----------   -----------   -----------   ----------- 
TOTAL EXPENSES                         625,747       211,072       659,508       237,109       628,702     1,817,383     2,019,897 
 EXPENSES REIMBURSED AND FEES                                                                                                      
   WAIVED (NOTE 3)                    (270,668)      (44,329)      (67,628)      (51,304)      (58,439)      (99,147)     (108,321)
                                   -----------   -----------   -----------   -----------   -----------   -----------   ----------- 
NET EXPENSES                           355,079       166,743       591,880       185,805       570,263     1,718,236     1,911,576 
                                   -----------   -----------   -----------   -----------   -----------   -----------   ----------- 

NET INVESTMENT INCOME                2,259,926     1,524,593     5,495,885     1,629,062     3,367,269     7,759,122     5,348,935 
                                   -----------   -----------   -----------   -----------   -----------   -----------   ----------- 

NET REALIZED AND UNREALIZED                                                                                                        
 GAIN (LOSS) FROM INVESTMENTS                                                                                                      
 Net realized gain (loss) from                                                                                                     
   Securities                        3,059,145         3,180     2,403,167       103,579     1,131,512     6,378,805    12,786,214 
   Investments of International                                                                                                    
     Portfolio of Core Trust                                                                                                       
     (Delaware)                              -             -             -             -             -             -             - 
   Foreign currency transactions             -             -             -             -        43,743       194,730       321,487 
   Foreign currency transactions                                                                                                   
     from investment in                                                                                                            
     International Portfolio                                                                                                       
     of Core Trust (Delaware)                -             -             -             -             -             -             - 
   Futures transactions                490,651             -             -             -        28,332       111,751       204,763 
                                   -----------   -----------   -----------   -----------   -----------   -----------   ----------- 
Net Realized Gain (Loss) from                                                                                                      
 Investments                         3,549,796         3,180     2,403,167       103,579     1,203,587     6,685,286    13,312,464 
                                   -----------   -----------   -----------   -----------   -----------   -----------   ----------- 

Net change in unrealized                                                                                                           
 appreciation (depreciation) from                                                                                                  
   Securities                       20,382,572    (1,090,897)   (7,830,695)     (287,858)    1,381,142     7,866,840    17,635,293 
   Investments of International                                                                                                    
     Portfolio of Core Trust                                                                                                       
     (Delaware)                                                                                                                    
   Foreign currency transactions             -             -             -             -          (358)      (17,080)      (20,200)
   Foreign currency transactions                                                                                                   
     from investment in                                                                                                            
     International Portfolio of                                                                                                    
     Core Trust (Delaware)                   -             -             -             -             -             -             - 
   Futures transactions                226,975             -             -             -         8,165        32,192        59,015 
                                   -----------   -----------   -----------   -----------   -----------   -----------   ----------- 
NET CHANGE IN UNREALIZED                                                                                                           
 APPRECIATION (DEPRECIATION)                                                                                                       
 OF INVESTMENTS                     20,609,547    (1,090,897)   (7,830,695)     (287,858)    1,388,949     7,881,952    17,674,108 
                                   -----------   -----------   -----------   -----------   -----------   -----------   ----------- 

NET REALIZED AND UNREALIZED                                                                                                        
 GAIN (LOSS)  FROM INVESTMENTS      24,159,343    (1,087,717)   (5,427,528)     (184,279)    2,592,536    14,567,238    30,986,572 
                                   -----------   -----------   -----------   -----------   -----------   -----------   ----------- 

INCREASE IN NET ASSETS FROM                                                                                                        
 OPERATIONS                       $ 26,419,269  $    436,876  $     68,357  $  1,444,783  $  5,959,805  $ 22,326,360  $ 36,335,507 
                                   -----------   -----------   -----------   -----------   -----------   -----------   ----------- 
                                   -----------   -----------   -----------   -----------   -----------   -----------   ----------- 


See notes to financial statements                                               

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STATEMENTS OF CHANGES IN NET ASSETS                                             
FOR THE PERIOD ENDE APRIL 30, 1996                                              
--------------------------------------------------------------------------------

                                                        [Enlarge/Download Table]

                                                                               LARGE          SMALL                                 
                                                 DIVERSIFIED      GROWTH       COMPANY        COMPANY                     INCOME    
                                                   EQUITY         EQUITY       GROWTH         GROWTH     INTERNATIONAL    EQUITY    
                                                    FUND           FUND         FUND           FUND          FUND          FUND     
                                                 ------------  ------------  ------------  ------------  ------------  ------------ 
                                                                                                                                    
NET ASSETS BEGINNING OF PERIOD                   $          -             -             -             -             -             - 

OPERATIONS                                                                                                                          
  Net investment income                             5,807,642      (470,845)     (127,770)   (1,033,557)      442,752       940,343 
  Realized Gain (loss) from investments            10,899,023    22,944,720       680,905    27,823,268      (722,933)      (25,794)
  Change in unrealized appreciation                                                                                                 
   (depreciation) from investments                112,290,241    67,077,512    12,771,480    43,595,077     3,679,006     8,269,668 
                                                 ------------  ------------  ------------  ------------  ------------  ------------ 
                                                  128,996,906    89,551,387    13,324,615    70,384,788     3,398,825     9,184,217 
                                                 ------------  ------------  ------------  ------------  ------------  ------------ 
DISTRIBUTION TO SHAREHOLDERS                                                                                                        
  Net investment income, A Shares                           -             -             -             -             -             - 
  Net investment income, B Shares                           -             -             -             -             -             - 
  Net investment income, I Shares                           -             -             -             -             -             - 
  Realized gain on investments, A Shares                    -             -             -             -             -             - 
  Realized gain on investments, B Shares                    -             -             -             -             -             - 
  Realized gain on investments, I Shares                    -             -             -             -             -             - 
                                                 ------------  ------------  ------------  ------------  ------------  ------------ 
                                                            -             -             -             -             -             - 
                                                 ------------  ------------  ------------  ------------  ------------  ------------ 
CAPITAL SHARE TRANSACTIONS                                                                                                          
  Sale of  A Shares                                         -             -             -             -       218,716             - 
  Sale of  B Shares                                         -             -             -             -       395,763             - 
  Sale of  I Shares                               496,787,751   346,892,541    59,880,621   207,281,383    86,709,689    32,004,647 
  Sale of Shares issued in conversion (Note 1)    188,578,327   187,721,674     9,419,837    44,901,924    17,857,644    16,330,430 
  Reinvestment of dividends, A Shares                       -             -             -             -             -             - 
  Reinvestment of dividends, B Shares                       -             -             -             -             -             - 
  Reinvestment of dividends, I Shares                       -             -             -             -             -             - 
  Cost of repurchasing A Shares                             -             -             -             -        (3,261)            - 
  Cost of repurchasing B Shares                             -             -             -             -        (2,647)            - 
  Cost of repurchasing I Shares                  (103,252,075)  (60,161,325)  (19,058,149)  (44,510,221)  (16,562,251)   (8,519,290)
                                                 ------------  ------------  ------------  ------------  ------------  ------------ 
                                                  582,114,003   474,452,890    50,242,309   207,673,086    88,613,653    39,815,787 
                                                 ------------  ------------  ------------  ------------  ------------  ------------ 

NET ASSETS END OF PERIOD                         $711,110,909  $564,004,277  $ 63,566,924  $278,057,874  $ 92,012,478  $ 49,000,004 
                                                 ------------  ------------  ------------  ------------  ------------  ------------ 
                                                 ------------  ------------  ------------  ------------  ------------  ------------ 

OPERATIONS                                                                                                                          
  Net investment income                             3,499,712        52,252      (107,878)     (568,793)      654,400       652,507 
  Realized Gain (loss) from investments            19,138,196    24,882,686       934,596    15,126,841     1,829,078       239,083 
  Change in unrealized appreciation                                                                                                 
   (depreciation) from investments                 78,980,265    56,969,269     7,459,909    38,158,737    10,862,686     7,457,147 
                                                 ------------  ------------  ------------  ------------  ------------  ------------ 
                                                  101,618,173    81,904,207     8,286,627    52,716,785    13,346,164     8,348,737 
                                                 ------------  ------------  ------------  ------------  ------------  ------------ 
DISTRIBUTION TO SHAREHOLDERS                                                                                                        
  Net investment income, A Shares                           -             -             -             -        (6,180)            - 
  Net investment income, B Shares                           -             -             -             -        (7,672)            - 
  Net investment income, I Shares                 (11,170,188)   (2,687,991)            0             0    (1,689,715)   (1,597,797)
  Realized gain on investments, A Shares                    0             0             0             0             0             0 
  Realized gain on investments, B Shares                    0             0             0             0             0             0 
  Realized gain on investments, I Shares          (26,714,365)  (42,119,411)     (612,610)  (26,837,809)            0      (213,282)
                                                 ------------  ------------  ------------  ------------  ------------  ------------ 
                                                  (37,884,553)  (44,807,402)     (612,610)  (26,837,809)   (1,703,567)   (1,811,079)
                                                 ------------  ------------  ------------  ------------  ------------  ------------ 
CAPITAL SHARE TRANSACTIONS                                                                                                          
  Sale of  A Shares                                         0             0             0             0       729,655             0 
  Sale of  B Shares                                         0             0             0             0       434,123             0 
  Sale of  I Shares                               131,338,827   111,521,964    10,510,395    43,958,852    38,689,362    22,537,645 
  Reinvestment of dividends, A Shares                       0             0             0             0         6,176             0 
  Reinvestment of dividends, B Shares                       0             0             0             0         7,632             0 
  Reinvestment of dividends, I Shares              37,884,552    44,807,402       612,610    26,837,810     1,627,705     1,811,078 
  Cost of repurchasing A Shares                             0             0             0             0       (53,447)            0 
  Cost of repurchasing B Shares                             0             0             0             0        (4,128)            0 
  Cost of repurchasing I Shares                   (71,226,205)  (45,539,314)   (3,033,203)  (15,977,360)   (5,667,937)   (4,027,128)
                                                 ------------  ------------  ------------  ------------  ------------  ------------ 
                                                   97,997,174   110,790,052     8,089,802    54,819,302    35,769,141    20,321,595 
                                                 ------------  ------------  ------------  ------------  ------------  ------------ 

NET ASSETS                                                                                                                          
  April 30,1996                                  $872,841,703  $711,891,134  $ 79,330,743  $358,756,152  $139,424,216  $ 75,859,257 
                                                 ------------  ------------  ------------  ------------  ------------  ------------ 
                                                 ------------  ------------  ------------  ------------  ------------  ------------ 


                                                  INTERMEDIATE                                                                      
                                                  GOVERNMENT    DIVERSIFIED      STABLE     CONSERVATIVE    MODERATE      GROWTH    
                                      INDEX         INCOME         BOND          INCOME       BALANCED      BALANCED     BALANCED   
                                      FUND          FUND           FUND          FUND          FUND          FUND           FUND    
                                   ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
                                                                                                                                    
NET ASSETS BEGINNING OF PERIOD                -             -             -             -             -             -             - 

OPERATIONS                                                                                                                          
  Net investment income               3,001,143     3,785,503    10,159,007     2,247,375     5,659,746    12,180,822     8,360,471 
  Realized Gain (loss) from                                                                                                         
   investments                        1,288,749       849,868     1,828,032       186,598     1,684,960     4,970,239     3,457,351 
  Change in unrealized appreciation                                                                                                 
   (depreciation) from investments   30,497,283       775,097     7,313,620       279,309     7,397,834    30,121,332    44,675,320 
                                   ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
                                     34,787,175     5,410,468    19,300,659     2,713,282    14,742,540    47,272,393    56,493,142 
                                   ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
DISTRIBUTION TO SHAREHOLDERS                                                                                                        
  Net investment income, A Shares             -             -             -             -             -             -             - 
  Net investment income, B Shares             -             -             -             -             -             -             - 
  Net investment income, I Shares             -             -             -             -             -             -             - 
  Realized gain on investments,                                                                                                     
    A Shares                                  -             -             -             -             -             -             - 
  Realized gain on investments,                                                                                                     
    B Shares                                  -             -             -             -             -             -             - 
  Realized gain on investments,                                                                                                     
    I Shares                                  -             -             -             -             -             -             - 
                                   ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
                                              -             -             -             -             -             -             - 
                                   ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
CAPITAL SHARE TRANSACTIONS                                                                                                          
  Sale of  A Shares                           -             -             -             -             -             -             - 
  Sale of  B Shares                           -             -             -             -             -             -             - 
  Sale of  I Shares                 124,576,780    57,693,187   165,471,906    19,314,379   121,670,509   306,233,476   281,218,952 
  Sale of Shares issued in                                                                                                          
   conversion (Note 1)               48,078,887    12,232,271    49,356,217    54,013,693    34,871,159   100,309,597   111,127,105 
  Reinvestment of dividends,                                                                                                        
    A Shares                                  -             -             -             -             -             -             - 
  Reinvestment of dividends,                                                                                                        
    B Shares                                  -             -             -             -             -             -             - 
  Reinvestment of dividends,                                                                                                        
    I Shares                                  -             -             -             -             -             -             - 
  Cost of repurchasing A Shares               -             -             -             -             -             -             - 
  Cost of repurchasing B Shares               -             -             -             -             -             -             - 
  Cost of repurchasing I Shares     (21,246,270)  (25,122,913)  (62,675,817)  (27,954,786)  (34,574,397)  (79,817,235)  (73,947,039)
                                   ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
                                    151,409,397    44,802,545   152,152,306    45,373,286   121,967,271   326,725,838   318,399,018 
                                   ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
NET ASSETS END OF PERIOD           $186,196,572  $ 50,213,013  $171,452,965  $ 48,086,568  $136,709,811  $373,998,231  $374,892,160 
                                   ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
                                   ------------  ------------  ------------  ------------  ------------  ------------  ------------ 

OPERATIONS                                                                                                                          
  Net investment income               2,259,926     1,524,593     5,495,885     1,629,062     3,367,269     7,759,122     5,348,935 
  Realized Gain (loss) from                                                                                                         
   investments                        3,549,796         3,180     2,403,167       103,579     1,203,587     6,685,286    13,312,464 
  Change in unrealized                                                                                                              
    appreciation (depreciation)                                                                                                     
    from investments                 20,609,547    (1,090,897)   (7,830,695)     (287,858)    1,388,949     7,881,952    17,674,108 
                                   ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
                                     26,419,269       436,876        68,357     1,444,783     5,959,805    22,326,360    36,335,507 
                                   ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
DISTRIBUTION TO SHAREHOLDERS                                                                                                        
  Net investment income,                                                                                                            
    A Shares                                  -             0             -             0             -             -             - 
  Net investment income,                                                                                                            
    B Shares                                  -             0             -             0             -             -             - 
  Net investment income,                                                                                                            
    I Shares                         (3,001,143)   (5,259,365)  (10,159,009)   (3,827,185)   (5,731,263)  (12,519,924)   (9,048,079)
  Realized gain on investments,                                                                                                     
    A Shares                                  0             0             0             0             0             0             0 
  Realized gain on investments,                                                                                                     
    B Shares                                  0             0             0             0             0             0             0 
  Realized gain on investments,                                                                                                     
    I Shares                         (1,322,193)   (1,079,061)   (1,828,032)     (293,791)   (1,742,779)   (5,073,401)   (3,082,602)
                                   ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
                                     (4,323,336)   (6,338,426)  (11,987,041)   (4,120,976)   (7,474,042)  (17,593,325)  (12,130,681)
                                   ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
CAPITAL SHARE TRANSACTIONS                                                                                                          
  Sale of  A Shares                           0             0             0             0             0             0             0 
  Sale of  B Shares                           0             0             0             0             0             0             0 
  Sale of  I Shares                  39,955,375     5,726,407    22,070,940    30,388,445    22,826,540    63,127,459    97,885,087 
  Reinvestment of dividends,                                                                                                        
    A Shares                                  0             0             0             0             0             0             0 
  Reinvestment of dividends,                                                                                                        
    B Shares                                  0             0             0             0             0             0             0 
  Reinvestment of dividends,                                                                                                        
    I Shares                          4,323,406     6,338,426    11,987,041     4,120,976     7,474,042    17,593,325    12,130,682 
  Cost of repurchasing A Shares               0             0             0             0             0             0             0 
  Cost of repurchasing B Shares               0             0             0             0             0             0             0 
  Cost of repurchasing I Shares     (10,811,541)   (9,525,485)  (26,575,601)  (13,769,743)  (17,139,057)  (66,557,534)  (41,616,172)
                                   ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
                                     33,467,240     2,539,348     7,482,380    20,739,678    13,161,525    14,163,250    68,399,597 
                                   ------------  ------------  ------------  ------------  ------------  ------------  ------------ 

NET ASSETS                                                                                                                          
  April 30,1996                    $241,759,745  $ 46,850,811  $167,016,661  $ 66,150,053  $148,357,099  $392,894,516  $467,496,583 
                                   ------------  ------------  ------------  ------------  ------------  ------------  ------------ 
                                   ------------  ------------  ------------  ------------  ------------  ------------  ------------ 

See notes to financial statements                                               

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)                         APRIL 30, 1996

NOTE 1.  ORGANIZATION                                                           

Norwest Advantage Funds (the "Trust") is registered as an open-end management   
investment company.  The Trust currently has thirty separate investment         
portfolios.  These financial statements relate to thirteen of those portfolios  
(each a "Fund" and collectively the "Funds"), each of which is a diversified    
portfolio.  As of April 30, 1996, each Fund other than International Fund       
offered one class of shares of beneficial interest ("I Shares").  As of this    
date, International Fund offered three classes of shares of beneficial interest,
I Shares, A Shares, and B Shares.  Each share of each class represents an       
undivided proportionate interest in the Fund.  I Shares are offered solely to   
fiduciary, agency, and custodial clients of bank trust departments, trust       
companies and their affiliates; they are sold without a sales charge and they do
not incur any distribution expenses.  A Shares are sold with a front-end sales  
charge to the general public but do not incur distribution expenses.  B Shares  
are sold, with a contingent deferred sales charge imposed on most redemptions   
made within six years of purchase, to the general public, and incur distribution
expenses.  I Shares of each Fund commenced operations on November 11, 1994.  A  
Shares and B Shares of International Fund became available to the public on     
April 1, 1995.                                                                  

Prior to July 31, 1993, the Trust's operation was conducted as Prime Value      
Funds, Inc., a Maryland corporation.   On October 1, 1995 the Trust changed its 
name from Norwest Funds to Norwest Advantage Funds.  Advantage (Trust) Shares,  
Investor A Shares , and Investor B Shares were renamed I Shares, A Shares, and B
Shares, respectively, and the Trust adopted its current name.  Each Fund's      
fiscal year end is October 31.                                                  

International Fund seeks to achieve its investment objective by investing all of
its assets in International Portfolio, a separate diversified portfolio of Core 
Trust (Delaware) ("Core Trust"), which is registered as an open-end management  
investment company.  This is commonly referred to as a master-feeder            
arrangement.  Diversified Equity Fund, Growth Equity Fund, Conservative Balanced
Fund, Moderate Balanced Fund, and Growth Balanced Fund, (the "Blended Funds")   
invest a portion of their assets in affiliated portfolios of Core Trust pursuant
to the conditions of an exemptive order issued by the Securities and Exchange   
Commission.  The Blended Funds account for their investments in the portfolios  
of Core Trust as partnership investments and record their share of each         
portfolio's income, expense and realized and unrealized gains and losses daily. 

FINANCIAL STATEMENT PERIODS AND CHANGE OF FISCAL YEAR-For certain Funds and     
classes of shares, the earliest period presented in the financial highlights    
reflects operations for the period beginning with the commencement date above   
through the date of its then fiscal year end, as noted.  Otherwise a full year  
is presented.                                                                   

COLLECTIVE TRUST FUND CONVERSION-Upon commencement of operations, in exchange   
for the portfolio securities of certain collective trust funds managed by       
Norwest Bank Minnesota, N.A. ("Norwest"), each Fund (other than Stable Income   
Fund) issued I Shares to the collective trust funds.  Immediately after this    
conversion, the collective trust funds distributed Fund shares to the investors 
of the collective trust funds and ceased operations.                            

STOCK SPLIT-Intermediate U.S. Government Fund declared a stock split as of the  
close of business on March 22, 1996 to the record holders of shares of          
beneficial interest of the Fund as of close of business on March 22, 1996       
("Record Date"), of four shares of benefical interest of the Fund for each      
outstanding share of benefical interest of the Fund identified on the           
shareholder records of the Fund on the Record Date.                             

NAME CHANGE-The Managed Fixed Income Fund was renamed Diversified Bond Fund on  
April 1, 1996, consistent with modifications in the Fund's investment           
objectives.                                                                     

NOTE 2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES                             

The Funds' financial statements are prepared in accordance with generally       
accepted accounting principles based upon the following significant accounting  
policies.                                                                       

EXPENSE ALLOCATION-Expenses are allocated in accordance with procedures adopted 
by the Board of Trustees (the "Board").  Certain expenses are allocated to the  
various share classes on the basis of usage of services or contractual          
differences.  The Funds' class specific expenses include distribution expenses, 
if any, transfer agent fees and expenses, and certain other expenses that can be
solely attributable to a class.                                                 

FEDERAL INCOME TAX-Each Fund intends to qualify, and continue to qualify, as a  
regulated investment company and distribute all of its taxable income.          
Therefore, each Fund is not subject to Federal income tax.                      

FORWARD COMMITMENTS-Delivery and payment for securities which have been         
purchased by the Funds on a forward commitment or when-issued basis can take    
place after the typical date for the settlement of transactions in the security.
During this period, the Funds are subject to market fluctuations in the price of
the purchased securities.                                                       

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)                         APRIL 30, 1996

NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES(CONTINUED)                   

FUTURES CONTRACTS-To hedge against anticipated future changes in interest rates 
or securities prices, Conservative Balanced Fund, Moderate Balanced Fund, Growth
Balanced Fund, Intermediate U.S. Government Fund, Diversified Bond Fund and     
Stable Income Fund may enter into financial futures contracts for the delayed   
delivery of securities or contracts based on financial indices at a fixed price 
on a future date.  A Fund is required to deposit either in cash or securities an
amount equal to a certain percentage of the contract amount.  Subsequent        
payments are made or received by the Fund each day, dependent on the daily      
fluctuations in the value of the underlying security or securities or index, and
are recorded for financial statement purposes as unrealized gains or losses by  
the Fund.  A Fund recognizes a realized gain or loss when the contract is closed
or expires.  Should interest rates or securities prices move unexpectedly, a    
Fund may not achieve the anticipated benefits of the financial futures contracts
and may realize a loss.                                                         

INTEREST AND DIVIDEND INCOME AND DIVIDENDS TO SHAREHOLDERS-Interest income is   
accrued as earned.  Dividends on securities held by Funds are accrued on the ex-
dividend date.  Net capital gain, if any, is distributed at least annually to   
shareholders.  Dividends to shareholders of net investment income, if any, are  
declared monthly and paid monthly by Intermediate U.S. Government Fund and      
Stable Income Fund; declared quarterly and paid quarterly by Income Equity Fund;
and declared and paid annually by Diversified Equity Fund, Growth Equity Fund,  
Large Company Growth Fund, Small Company Growth Fund, International Fund, Index 
Fund,  Conservative Balanced Fund, Moderate Balanced Fund, Growth Balanced Fund,
and Diversified Bond Fund.                                                      

Distributions from net investment income and realized capital gain are based on 
amounts calculated in accordance with applicable  income tax regulations.  Any  
differences between financial statement amounts available for distribution and  
distributions made in accordance with income tax regulations are primarily      
attributable to deferral of post-October losses, wash sales, utilization of     
capital loss carryovers, and foreign currency transactions.                     

INTEREST RATE TRANSACTIONS-To preserve a return or spread on a particular       
investment or portion of its portfolio or for other non-speculative purposes,   
Conservative Balanced Fund, Moderate Balanced Fund, Growth Balanced Fund,       
Intermediate U.S. Government Fund, Diversified Bond Fund, and Stable Income Fund
may enter into interest rate swap agreements and the purchase or sale of        
interest rate caps and floors.  Interest rate swaps involve the exchange of     
commitments to pay or receive interest, i.e., an exchange of floating rate      
payments for fixed rate payments.  The purchase of an interest rate cap entitles
the purchaser, to the extent that a specified index exceeds a predetermined     
interest rate, to receive payments of interest on a contractually based notional
principal amount from the party selling such an interest rate cap.  The purchase
of an interest rate floor entitles the purchaser, and to the extent that a      
specified index falls below a predetermined interest rate, to receive payments  
of interest on a contractually based notional principal amount from the party   
selling such an interest rate floor.                                            

If forecasts of interest rates and other market factors are incorrect,          
investment performance will diminish compared to what performance would have    
been if these investment techniques were not used.  Even if the forecasts are   
correct, there is risk that the positions may correlate imperfectly with the    
asset or liability being hedged.  Other risks of entering into these            
transactions are that a liquid secondary market may not always exist, or that   
another party to a transaction may not perform.                                 

For interest rate swaps, the Funds accrue daily, as an adjustment to interest   
income and unrealized gain or loss, the amount owed or due by the Funds.  These 
valuations represent the net present value of all future cash settlement amounts
based on interest rates on the date of valuation.                               

ORGANIZATIONAL COSTS-The costs incurred by each Fund in connection with its     
organization and registration of shares, in the amount of  $59,601,  have been  
capitalized and are being amortized using the straight line method over a five  
year period beginning on the commencement of the Funds' operations.  Certain of 
these costs were paid by Forum Financial Services, Inc. and will be reimbursed  
by the respective Funds.                                                        

PREMIUM AMORTIZATION AND DISCOUNT ACCRETION-Fixed income investments purchased  
at a premium or with market discount (other than original issued discount       
("OID"), are not amortized or accreted.  Upon disposition market discount       
accretion is calculated using the straight line method and reclassified to      
investment income to the extent of any realized gain.  Original issue discount  
on fixed income investments is accreted daily using the yield to maturity       
method.                                                                         

REALIZED GAINS AND LOSSES-Security transactions are recorded on a trade date    
basis, and realized gains and losses on investments sold are recorded on the    
basis of identified cost.                                                       

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)                         APRIL 30, 1996

NOTE 2.  SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)                 

REPURCHASE AGREEMENTS-Each Fund may purchase portfolio securities from financial
institutions deemed to be creditworthy by the Fund's investment adviser subject 
to the seller's agreement to repurchase and the Fund's agreement to resell such 
securities.  Securities received as collateral in connection with the repurchase
agreements are maintained by the Trust and must have, at all times, an aggregate
market value greater than or equal to the repurchase price plus accrued         
interest.  If the value of the underlying securities falls below the value of   
the repurchase price plus accrued interest, the Funds require the seller to     
deposit additional collateral by the next business day.  In the event that the  
seller under the agreement defaults on its repurchase obligation or fails to    
deposit sufficient collateral, the Funds have the contractual right, subject to 
the requirements of applicable bankruptcy and insolvency laws, to sell the      
underlying securities at market value and may claim any resulting loss from the 
seller.  For certain demand agreements, there is no agreed upon repurchase date 
and interest payments are calculated daily, often based upon the prevailing     
overnight repurchase rate.                                                      

SECURITY LOANS-The Funds receive compensation for lending securities in the form
of fees or by retaining a portion of interest on the investment securities or   
any cash received as collateral.  A Fund also continues to receive interest or  
dividends on the securities loaned.  Security loans are secured by collateral   
equal to at least 102%, at all times, of the market value of the securities     
loaned plus accrued interest.  Gain or loss in the market price of the          
securities loaned that may occur during the term of the loan will be reflected  
in the value of the Fund.                                                       

SECURITY VALUATION-Securities which mature in 60 days or less are valued at     
amortized cost.  Securities, for which market quotations are readily available, 
are valued using the last reported sales price provided by independent pricing  
services.  If no sales are reported, the mean of the last bid and ask prices is 
used.  Other securities traded on an exchange for which market quotations are   
readily available, are valued using the mean of the bid and ask prices provided 
by independent pricing services.  If no mean price is available, the last bid   
price is used.  In the absence of readily available market quotations,          
securities are valued at fair value determined in accordance with procedures    
adopted by the Board.  Interest rate swap, cap, and floor valuations are based  
on values quoted by independent brokers.                                        

USE OF ESTIMATES-The preparation of financial statements in conformity with     
generally accepted accounting principles requires management to make estimates  
and assumptions that affect the reported amounts of assets and liabilities and  
disclosure of contingent assets and liabilities at the date of the financial    
statements and the reported amounts of increase and decrease in net assets from 
operations during the period.  Actual results could differ from those estimates.

NOTE 3.  FINANCIAL INSTRUMENTS                                                  

FINANCIAL FUTURES CONTRACTS-As of April 30, 1996, Index Fund had open futures   
contracts.  The contractual amount of a futures contract represents the         
investment the Fund has in a particular contract and does not necessarily       
represent the amounts potentially subject to risk.  The measurement of futures  
contracts is meaningful only when all related and offsetting transactions are   
considered.  A summary of obligations under open futures contracts at April 30, 
1996 is as follows:                                                             

                                                                    UNREALIZED
   POSITION  CONTRACTS                INDEX                       APPRECIATION
   --------  ---------                -----                       ------------
    Long      81          S&P 500 Futures, Expiring June 21,1996      $226,975

As of April 30, 1996, the Fund had segregrated sufficient cash and/or securities
to cover margin requirements on open futures contracts.                         

INTEREST RATE SWAP TRANSACTIONS-As of April 30, 1996, Stable Income Fund had    
entered into an interest rate index swap agreement, exchanging floating rates   
for floating rates with Merrill Lynch Capital Services, Inc.  In accordance with
the agreement, the Fund exchanges interest payments based on the one month      
LIBOR, for interest payments based on the monthly change in the index value of  
the Merrill Lynch 1 Year Treasury Index.  The notional amount of the contract is
$12,000,000.  Interest rate and index return differentials are settled monthly, 
and the contract will terminate November 1, 1996.  As of April 30, 1996 there   
was no unrealized gain or loss related to the agreement.                        

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)                         APRIL 30, 1996

NOTE 4.  ADVISORY, SERVICING FEES AND OTHER TRANSACTIONS WITH AFFILIATES        

INVESTMENT ADVISERS-The investment adviser of each Fund is Norwest Investment   
Management ("the Adviser"), a part of Norwest. Norwest is a subsidiary of       
Norwest Corporation.  The Adviser receives an annual advisory fee from the Funds
at the following annual rates of average daily net assets of each Fund:         
Diversified Equity Fund, 0.65%; Growth Equity Fund, 0.90%; Large Company Growth 
Fund, 0.65%;  Small Company Growth Fund, 0.90%; Income Equity Fund, 0.50%;      
Index Fund, 0.15%; Conservative Balanced Fund, 0.45%; Moderate Balanced Fund,   
0.53%; Growth Balanced Fund, 0.58%; Intermediate U.S. Government Fund, 0.33%;   
Diversified Bond Fund, 0.35%; and Stable Income Fund, 0.30%.                    

Pursuant to its investment advisory agreements with each Fund and its           
administrative services agreement with International Fund, Norwest is obligated 
to reimburse each Fund for certain operating expenses (exclusive of interest,   
taxes, brokerage fees, fees and other expenses paid pursuant to any distribution
plan and organization expenses, all to the extent permitted by applicable state 
law or regulation) which in any year exceed the limits prescribed by any state  
in which the Fund's shares are qualified for sale.  The Funds' annual expenses  
are estimated and accrued daily, and any related reimbursements are made monthly
by the Adviser.  Pursuant to an agreement with the Adviser, the Trust and       
Crestone Capital Management, Inc. (the "Subadviser"), the Adviser may delegate  
certain of its advisory responsibilities to the Subadviser and pay the          
Subadviser a fee.                                                               

The investment adviser of International Portfolio of Core Trust is Schroder     
Capital Management International Inc. ("Schroder").  Schroder is a wholly-owned 
U.S. subsidiary of Schroders Incorporated, the wholly-owned U.S. holding company
subsidiary of Schroders plc.  International Fund may withdraw its investment    
from International Portfolio at any time if the Board determines that it is in  
the best interest of the Fund and its shareholders to do so.  Should            
International Fund make such a withdrawal, the Trust has retained Schroder to   
act as investment subadviser.  Neither the Adviser nor Schroder will receive any
advisory or subadvisory fees with respect to International Fund as long as the  
Fund remains completely invested in International Portfolio.                    

The investment subadvisor of each Blended Fund is Schroder.  Schroder advises   
that portion of each of these Funds' investment portfolios that the Adviser     
believes should be invested using Schroder's investment philosophy.  Schroder   
receives a fee from the Adviser for its subadvisory services; however, that     
compensation does not increase the amount paid by any Fund.                     

ADMINISTRATIVE AND OTHER SERVICES-As manager of the Trust, Forum Financial      
Services, Inc. ("Forum"), a registered broker-dealer and a member of the        
National Association of Securities Dealers, Inc., provides administrative       
services to the Funds.  For its services, Forum receives a management fee from  
each Fund at an annual rate of 0.10% of the average daily net assets of the     
Fund.                                                                           

Forum Financial Corp. ("FFC"), an affiliate of Forum, provides fund accounting  
services to the Funds.  For these services, FFC receives a fee of $36,000 per   
year per Fund plus certain amounts based upon the number of classes and number  
and types of portfolio transactions within each Fund.                           

Norwest serves as the Trust's transfer agent and dividend disbursing agent, and 
is compensated for those services at an annual rate of  0.25% of the average    
daily net assets of each Fund.  In addition, on behalf of International Fund,   
the Trust has entered into an administrative services agreement with Norwest    
under which Norwest receives a fee at an annual rate of 0.25% of the average    
daily net assets of the Fund.  Under this agreement, Norwest is responsible for 
compiling data for and preparing communications between the Fund and its        
shareholders, maintaining requisite information flows between the Fund and      
Schroder as the investment adviser to International Portfolio of Core Trust and 
monitoring and reporting to the Board on the performance of International       
Portfolio.  No fees are payable under this agreement in the event that the Fund 
is not completely invested in International Portfolio or another investment     
company.                                                                        

The Trust has adopted a Distribution Plan (the "Plan") with respect to B Shares 
of International Fund pursuant to Rule 12b-1 under the Investment Company Act of
1940.  The Plan authorizes the payment to Forum of an annual distribution       
service fee of 0.75% of the average daily net assets, and a maintenance fee of  
0.25% of the average daily net assets, of International Fund attributable to B  
Shares.  No payments were made pursuant to the Plan during the period ended     
April 30, 1996.  The distribution payments are used to reimburse the distributor
for (i) sales commissions at levels set from time to time by the Board not to   
exceed 6.25% of the amount received by the Fund for each B Share sold (excluding
reinvestment of dividends and distributions) and (ii) interest calculated by    
applying the rate of 1% over the prime rate to the outstanding balance of       
unreimbursed distribution charges.  The current sales commission rate is 4.50%  
for International Fund.  In the event that the Plan is terminated or not        
continued, the Fund will continue to pay distribution service fees to Forum (but
only with respect to sales that occurred prior to the termination or            
discontinuance of the Plan) until the earlier of (a) four years after the date  
of termination or discontinuance or (b) such time as there exists no            
unreimbursed distribution charges attributable to the Fund under the Plan as    
calculated pursuant to the Plan.                                                

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)                         APRIL 30, 1996

NOTE 4.  ADVISORY, SERVICING FEES AND OTHER TRANSACTIONS WITH AFFILIATES        
(CONTINUED)                                                                     

BLENDED FUNDS-The Trust has received an exemptive order from the Securities and 
Exchange Commission that permits the Blended Funds to invest their assets, a    
portion of which are managed by using small company, index, and international   
investment styles, in  Small Company Portfolio, Index Portfolio, and            
International Portfolio II (the "Blended Portfolios"), respectively.  The       
Blended Portfolios are diversified portfolios of Core Trust.  By pooling a      
portion of their assets in the Blended Portfolios, the Blended Funds attempt to 
achieve benefits that they could not achieve by investing directly in securities
similar to those held by the Blended Portfolios.  Investments in the Blended    
Portfolios are made in accordance with the conditions set forth in the Trust's  
exemptive order.  Additional information concerning each Blended Fund is        
contained in the financial statements relating to the Blended Portfolios, and   
should be read in conjunction with these statements.  With respect to Small     
Company Portfolio and Index Portfolio, Norwest receives an advisory fee from    
Core Trust at annual rates of 0.90% and 0.15%, respectively, of the average     
daily net assets of each Portfolio.  With respect to International Portfolio II,
Schroder receives an advisory fee from Core Trust at an annual rate of 0.45% of 
the Portfolio's average daily net assets.  In accordance with the exemptive     
order, Norwest waives all advisory fees payable with respect to Small Company   
Portfolio and Index Portfolio and reimburses International Portfolio II the     
amount of the advisory fee the Portfolio pays to Schroder.                      

Forum serves as administrator of Core Trust and provides administrative services
for each Blended Portfolio that are similar in nature to those provided to the  
Funds.  In accordance with the exemptive order, Forum waives the amount of its  
management fee that it would otherwise be entitled to receive from a Blended    
Fund for that portion of the assets of the Blended Fund invested in a Blended   
Portfolio.                                                                      

Each Blended Fund incurs certain other expenses.  For the period from November  
1, 1995 to April 30, 1996, the ratio of net expenses to average net assets for  
Small Company Portfolio,  Index Portfolio, and International Portfolio II of    
Core Trust was 0.16%, 0.17%, and 0.25%, respectively.  Total net expenses       
incurred by each Blended Fund, for the period from November 1, 1995 to April 30,
1996, attributable to each Blended Funds' investment in the Blended Portfolios  
of Core Trust were as follows: Diversified Equity Fund, $435,114; Growth Equity 
Fund, $461,271; Conservative Balanced Fund, $21,685; Moderate Balanced Fund,    
$88,155; and Growth Balanced Fund, $154,654.                                    

WAIVERS AND REIMBURSEMENTS-For the period ended April 30, 1996, fees waived and 
expenses reimbursed by the Trust's service providers were as follows:           

                                                      EXPENSES      EXPENSES
                                       FEES WAIVED    REIMBURSED    REIMBURSED
                                         BY FORUM      BY FORUM     BY NORWEST
                                         --------      --------     ----------

Diversified Equity Fund. . . . . . . .    $143,826         $  -          $  -   
Growth Equity Fund . . . . . . . . . .     121,665            -             -   
Large Company Growth Fund. . . . . . .      28,876       10,444             -   
Small Company Growth Fund. . . . . . .      79,866            -             -   
International Fund . . . . . . . . . .       1,015        4,153             -   
Income Equity Fund . . . . . . . . . .      28,109       11,109             -   
Index Fund . . . . . . . . . . . . . .      78,602            -             -   
Conservative Balanced Fund . . . . . .      53,913            -             -   
Moderate Balanced Fund . . . . . . . .      93,710            -             -   
Growth Balanced Fund . . . . . . . . .     103,399            -             -   
Intermediate U.S. Government Fund. . .      28,670       11,852             -   
Diversified Bond Fund. . . . . . . . .      63,318            -             -   
Stable Income Fund . . . . . . . . . .      32,033       13,929             -   

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)                         APRIL 30, 1996

NOTE 5.  SECURITIES TRANSACTIONS                                                

Cost of purchases and proceeds from sales (including maturities) of securities  
(excluding short-term investments) during the period ended April 30, 1996 were  
as follows.  The cost of purchases and proceeds from sales for the Blended Funds
and International Fund reflect additions and reductions in the Funds' investment
in Small Company Portfolio, Index Portfolio, International Portfolio, and       
International Portfolio II of Core Trust.                                       

                                                      COST OF    PROCEEDS FROM
                                                  PURCHASES        SALES
                                                  ---------        -----
Diversified Equity Fund. . . . . . . . . .         $103,404,918   $43,420,220   
Growth Equity Fund . . . . . . . . . . . . .        109,542,190    42,498,924   
Large Company Growth Fund. . . . . . . . . .         20,431,899    11,393,658   
Small Company Growth Fund. . . . . . . . . .        190,178,312   162,070,669   
International Fund . . . . . . . . . . . . .         37,375,104     3,942,195   
Income Equity Fund . . . . . . . . . . . . .         15,549,165       584,832   
Index Fund . . . . . . . . . . . . . . . . .         25,058,463    18,613,439   
Conservative Balanced Fund . . . . . . . . .         71,933,808    63,443,998   
Moderate Balanced Fund . . . . . . . . . . .        183,683,449   171,317,055   
Growth Balanced Fund . . . . . . . . . . . .        176,942,824   140,258,337   
Intermediate U.S. Government Fund. . . . . .         24,239,123    28,940,201   
Diversified Bond Fund. . . . . . . . . . . .        148,521,303   179,455,346   
Stable Income Fund . . . . . . . . . . . . .         71,023,701    52,969,681   

Gross unrealized appreciation and depreciation based on identified tax cost as  
of April 30, 1996 were as follows:                                              

                                      UNREALIZED    UNREALIZED       TAX
                                         APPRECIATION  DEPRECIATION   COST BASIS
                                         ------------  ------------   ----------

Diversified Equity Fund. . . . . . .    $225,392,083   $3,299,740   $82,134,776 
Growth Equity Fund . . . . . . . . .     175,868,691    2,765,020   588,566,735 
Large Company Growth Fund. . . . . .      21,168,186      936,796    59,113,206 
Small Company Growth Fund. . . . . .      84,315,807    2,561,993   277,245,631 
International Fund . . . . . . . . .      18,197,777          890   124,958,376 
Income Equity Fund . . . . . . . . .      16,151,060      424,244    60,090,673 
Index Fund . . . . . . . . . . . . .      52,662,245    1,555,629   190,551,523 
Conservative Balanced Fund . . . . .      11,660,720    1,331,710   138,659,578 
Moderate Balanced Fund . . . . . . .      46,612,435    3,100,675   352,895,185 
Growth Balanced Fund . . . . . . . .      77,361,610    3,464,667   403,600,146 
Intermediate U.S. Government Fund. .         292,721      608,521    51,526,610 
Diversified Bond Fund. . . . . . . .         922,631    1,439,706   165,628,846 
Stable Income Fund . . . . . . . . .         245,425      253,974    66,129,874 

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NOTES TO FINANCIAL STATEMENTS (CONTINUED)                         APRIL 30, 1996

NOTE 6.  CAPITAL SHARE TRANSACTIONS                                             

The Trust Instrument authorizes the issuance of an unlimited number of shares of
beneficial interest without par value.  Transactions of Trust shares, for the   
period from commencement of operations (see Note 1.) were as follows:           

                                                        [Enlarge/Download Table]

                                     YEAR/PERIOD        SHARES   CONVERSION     SHARES       SHARES      INCREASE 
                                         END             SOLD      SHARES     REINVESTED  REPURCHASED   (DECREASE)
                                         ---             ----      ------     ----------  -----------   ----------
                                                                                                                  
Diversified Equity Fund                                                                                           
    I Shares . . . . . . . .      October 31, 1995   7,672,804  22,368,531           -   (4,207,813)   25,833,522 
    I Shares . . . . . . . .      April 30, 1996     4,577,172           -   1,313,210   (2,498,236)    3,392,146 

Growth Equity Fund                                                                                                
    I Shares . . . . . . . .      October 31, 1995   7,804,338  15,568,747           -   (2,460,406)   20,912,679 
    I Shares . . . . . . . .      April 30, 1996     4,107,029           -   1,651,658   (1,670,153)    4,088,534 

Large Company Growth Fund                                                                                         
    I Shares . . . . . . . .      October 31, 1995     442,993   3,236,987           -     (985,065)    2,694,915 
    I Shares . . . . . . . .      April 30, 1996       436,658           -      26,577     (123,013)      340,222 

Small Company Growth Fund                                                                                         
    I Shares . . . . . . . .      October  31, 1995  1,653,407   9,475,352           -   (1,856,289)    9,272,470 
    I Shares . . . . . . . .      April 30, 1996     1,519,732           -     972,032     (552,994)    1,938,770 

International Fund                                                                                                
    I Shares . . . . . . . .      October 31, 1995   1,065,477   5,018,364           -   (1,001,990)    5,081,851 
    I Shares . . . . . . . .      April 30, 1996     2,082,739           -      90,228     (305,716)    1,867,251 
    A Shares . . . . . . . .      October 31, 1995      12,219           -           -         (187)       12,032 
    A Shares . . . . . . . .      April 30, 1996        38,758           -         344       (2,820)       36,282 
    B Shares . . . . . . . .      October 31, 1995      22,197           -           -         (146)       22,051 
    B Shares . . . . . . . .      April 30, 1996        23,283           -         426         (229)       23,480 

Income Equity Fund                                                                                                
    I Shares . . . . . . . .      October 31, 1995     763,606   1,693,544           -     (417,088)    2,040,062 
    I Shares . . . . . . . .      April 30, 1996       863,242           -      69,338     (154,196)      778,384 

Index Fund                                                                                                        
    I Shares . . . . . . . .      October 31, 1995   1,918,980   5,714,937           -     (904,812)    6,729,105 
    I Shares . . . . . . . .      April 30, 1996     1,353,577           -     150,066     (362,046)    1,141,597 

Conservative Balanced Fund                                                                                        
    I Shares . . . . . . . .      October 31, 1995   2,035,455   7,514,366           -   (2,043,785)    7,506,036 
    I Shares . . . . . . . .      April 30, 1996     1,288,205           -     425,387     (967,362)      746,230 

Moderate Balanced Fund                                                                                            
    I Shares . . . . . . . .      October 31, 1995   5,463,069  17,749,616           -   (4,361,300)   18,851,385 
    I Shares . . . . . . . .      April 30, 1996     3,218,695           -     907,808   (3,393,318)      733,185 

Growth Balanced Fund                                                                                              
    I Shares . . . . . . . .      October 31, 1995   5,817,900  15,667,089           -   (3,838,878)   17,646,020 
    I Shares . . . . . . . .      April 30, 1996     4,442,167           -     571,663   (1,869,531)    3,144,299 

Intermediate U.S. Government Fund                                                                                 
    I Shares . . . . . . . .      October 31, 1995     208,300   1,038,496           -     (436,614)      810,182 
    I Shares . . . . . . . .      April 30, 1996     3,616,301           -     247,498     (389,657)    3,474,142 

Diversified Bond Fund                                                                                             
    I Shares . . . . . . . .      October 31, 1995   1,885,663   6,596,859           -   (2,341,438)    6,141,084 
    I Shares . . . . . . . .      April 30, 1996       828,280           -     456,475     (995,287)      289,468 


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NOTES TO FINANCIAL STATEMENTS (CONTINUED)                         APRIL 30, 1996

NOTE 6.  CAPITAL SHARE TRANSACTIONS (CONTINUED)                                 

The Trust Instrument authorizes the issuance of an unlimited number of shares of
beneficial interest without par value.  Transactions of Trust shares, for the   
period from commencement of operations (see Note 1.) were as follows:           

                                                        [Enlarge/Download Table]

                                 YEAR/PERIOD       SHARES  CONVERSION    SHARES       SHARES     INCREASE 
                                     END            SOLD     SHARES    REINVESTED  REPURCHASED  (DECREASE)
                                     ---            ----     ------    ----------  -----------  ----------
                                                                                                          
Stable Income Fund                                                                                        
    I  Shares . . . . . . . . October 31, 1995  7,185,816        -            -   (2,699,855)   4,485,961 
    I  Shares . . . . . . . . April 30, 1996    2,904,670        -      401,539   (1,314,802)   1,991,407 


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FINANCIAL HIGHLIGHTS                                                            

                                                        [Enlarge/Download Table]


                                                                   NET REALIZED                                                  
                                        BEGINNING         NET           AND          DIVIDENDS  DISTRIBUTIONS       ENDING       
                                       NET  ASSET     INVESTMENT     UNREALIZED       FROM NET       FROM NET      NET ASSET     
                                         VALUE PER        INCOME    GAIN (LOSS) ON   INVESTMENT    INVESTMENT      VALUE PER     
                                          SHARE         (DEFICIT)   INVESTMENTS        INCOME        GAINS           SHARE       
                                          -----         --------    -----------        ------        -----           -----       

                                                                                                                                 
STABLE INCOME FUND                                                                                                               
I SHARES                                                                                                                         
 November 1, 1995 to April 30, 1996         10.72           0.23           0.04          (0.72)         (0.06)         10.21     
 November 11, 1994 to October 31, 1995      10.00           0.50           0.22              -              -          10.72     

INTERMEDIATE GOVERNMENT INCOME FUND                                                                                              
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996          12.40(c)        0.37           0.58          (1.29)         (1.12)         10.94     
 November 11, 1994 to October 31, 1995      55.55           4.67           1.76              -              -          61.98     

DIVERSIFIED BOND FUND                                                                                                            
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996          27.92           0.86          (1.85)         (1.66)         (0.30)         24.97     
 November 11, 1994 to October 31, 1995      25.08           1.65           1.19              -              -          27.92     

CONSERVATIVE BALANCED FUND                                                                                                       
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996          18.21           0.41           0.35          (0.76)         (0.23)         17.98     
 November 11, 1994 to October 31, 1995      16.19           0.75           1.27              -              -          18.21     

MODERATE BALANCED FUND                                                                                                           
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996          19.84           0.39           0.75          (0.66)         (0.26)         20.06     
 November 11, 1994 to October 31, 1995      17.25           0.65           1.94              -              -          19.84     

GROWTH BALANCED FUND                                                                                                             
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996          21.25           0.25           1.66          (0.50)         (0.17)         22.49     
 November 11, 1994 to October 31, 1995      17.95           0.47           2.83              -              -          21.25     

INCOME EQUITY FUND                                                                                                               
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996          24.02           0.23           3.44          (0.69)         (0.08)         26.92     
 November 11, 1994 to October 31, 1995      18.90           0.46           4.66              -              -          24.02     

INDEX FUND                                                                                                                       
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996         $27.67          $0.27          $3.40         ($0.43)        ($0.19)        $30.72     
 November 11, 1994 to October 31, 1995      21.80           0.45           5.42              -              -          27.67     

DIVERSIFIED EQUITY FUND                                                                                                          
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996          27.53           0.12           3.61          (0.42)         (0.97)         29.87     
 November 11, 1994 to October 31, 1995      22.21           0.22           5.10              -              -          27.53     

GROWTH EQUITY FUND                                                                                                               
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996          26.97           0.00           3.48          (0.12)         (1.86)         28.47     
 November 11, 1994 to October 31, 1995      22.28          (0.02)          4.71              -              -          26.97     

LARGE COMPANY GROWTH                                                                                                             
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996          23.59          (0.04)          2.81              -          (0.22)         26.14     
 November 11, 1994 to October 31, 1995      18.50          (0.05)          5.14              -              -          23.59     

SMALL COMPANY GROWTH FUND                                                                                                        
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996          29.99          (0.05)          4.92              -          (2.86)         32.00     
 November 11, 1994 to October 31, 1995      21.88          (0.11)          8.22              -              -          29.99     

INTERNATIONAL FUND                                                                                                               
A SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996          17.97           0.29           1.85          (0.33)             -          19.78     
 April 12, 1995 to October 31, 1995         16.50           0.01           1.46              -              -          17.97     
B SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996          17.91           0.25           1.80          (0.28)             -          19.68     
 May 12, 1995 to October 31, 1995           16.50           0.01           1.40              -              -          17.91     
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996          17.99           0.09           2.05          (0.33)             -          19.80     
 November 11, 1994 to October 31, 1995      17.28           0.09           0.62              -              -          17.99     

                                                                   SELECTED DATA FOR A SHARE OUTSTANDING DURING EACH PERIOD (a)  

                                                      RATIO TO AVERAGE                                                           
                                                         NET  ASSETS                                                             
                                        --------------------------------------------                                             
                                                NET                                                   PORTFOLIO   NET ASSETS AT  
                                            INVESTMENT       NET           GROSS         TOTAL        TURNOVER    END OF PERIOD  
                                         INCOME (DEFICIT)    EXPENSES     EXPENSES(c)     RETURN         RATE     (000'S OMITTED)
                                        ----------------    --------     -----------     ------         ----     --------------- 

STABLE INCOME FUND                                                                                                               
I SHARES                                                                                                                         
 November 1, 1995 to April 30, 1996          5.68% (b)      0.06% (b)      0.83% (b)      2.63%        111.71%        66,150     
 November 11, 1994 to October 31, 1995       5.91% (b)      0.65% (b)      0.98% (b)      7.20%        115.85%        48,087     

INTERMEDIATE GOVERNMENT INCOME FUND                                                                                              
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996           6.20% (b)      0.68% (b)      0.86% (b)      0.80%         51.54%        46,851     
 November 11, 1994 to October 31, 1995       7.79% (b)      0.68% (b)      0.93% (b)     11.58%        240.90%        50,213     

DIVERSIFIED BOND FUND                                                                                                            
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996           6.48% (b)      0.70% (b)      7.80% (b)     (0.01%)        95.06%       167,017     
 November 11, 1994 to October 31, 1995       5.87% (b)      0.67% (b)      0.82% (b)     11.32%         58.90%       171,453     

CONSERVATIVE BALANCED FUND                                                                                                       
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996           4.71% (b)      0.80% (b)      0.88% (b)      4.33%         55.23%       148,357     
 November 11, 1994 to October 31, 1995       4.67% (b)      0.82% (b)      1.03% (b)     12.48%         65.53%       136,710     

MODERATE BALANCED FUND                                                                                                           
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996           3.96% (b)      0.88% (b)      0.93% (b)      5.92%         50.28%       392,895     
 November 11, 1994 to October 31, 1995       3.76% (b)      0.92% (b)      1.11% (b)     15.01%         62.08%       373,998     

GROWTH BALANCED FUND                                                                                                             
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996           2.59% (b)      0.93% (b)      0.98% (b)      9.22%         39.42%       467,497     
 November 11, 1994 to October 31, 1995       2.63% (b)      0.99% (b)      1.23% (b)     18.38%         41.04%       374,892     

INCOME EQUITY FUND                                                                                                               
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996           2.08% (b)      0.85% (b)      0.98% (b)     15.40%          1.15%        75,859     
 November 11, 1994 to October 31, 1995       2.51% (b)      0.85% (b)      1.12% (b)     27.09%          7.03%        49,000     

INDEX FUND                                                                                                                       
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996           2.08% (b)      0.33% (b)      0.58% (b)     13.43%         10.23%      $241,760     
 November 11, 1994 to October 31, 1995       2.12% (b)      0.50% (b)      0.64% (b)     26.93%         14.48%       186,197     

DIVERSIFIED EQUITY FUND                                                                                                          
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996           8.60% (b)      1.00% (b)      1.03% (b)     13.79%          6.08%       872,842     
 November 11, 1994 to October 31, 1995       1.01% (b)      1.09% (b)      1.37% (b)     23.95%         10.33%       711,111     

GROWTH EQUITY FUND                                                                                                               
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996           0.02% (b)      1.25% (b)      1.29% (b)     13.40%          7.49%       711,891     
 November 11, 1994 to October 31, 1995      (0.11%)(b)      1.38% (b)      1.92% (b)     21.10%          8.90%       564,004     

LARGE COMPANY GROWTH                                                                                                             
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996          (0.30%)(b)      1.00% (b)      1.12% (b)     11.85%         17.81%        79,331     
 November 11, 1994 to October 31, 1995      (0.23%)(b)      1.00% (b)      1.20% (b)     27.51%         31.60%        63,567     

SMALL COMPANY GROWTH FUND                                                                                                        
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996         (-0.37%)(b)      1.25% (b)      1.30% (b)     17.75%         62.03%       358,756     
 November 11, 1994 to October 31, 1995      (0.47%)(b)      1.25% (b)      1.35% (b)     37.07%        106.55%       278,058     

INTERNATIONAL FUND                                                                                                               
A SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996           0.92% (b)      1.50% (b)      2.51% (b)     12.12%           N/A            955     
 April 12, 1995 to October 31, 1995          0.26% (b)      1.32% (b)     20.95% (b)      8.91%           N/A            216     
B SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996          (0.02%)(b)      2.25% (b)      3.11% (b)     11.60%           N/A            896     
 May 12, 1995 to October 31, 1995            0.17% (b)      1.27% (b)     14.57% (b)      8.55%           N/A            395     
I SHARES                                                                                                                         
 November 1, 1995 to Apil 30, 1996           0.60% (b)      1.50% (b)      1.52% (b)     12.17%           N/A        137,572     
 November 11, 1994 to October 31, 1995       0.54% (b)      1.50% (b)      1.66% (b)      4.11%           N/A         91,401     


(a)  See Note 1 of notes to financial statements regarding periods covered.     
(b)  Annualized.                                                                
(c)  Adjusted for stock split.  See note 1 of notes to financial statements.    

N-30D
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                      Small Company Growth Fund (13103500)     ACCT DATE 05/1/96
                PRELIMINARY MARKET VALUATION          Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                           # SHARES/                MARKET              PRIOR DAY    TODAY        % 
NAME                   CUSIP     TICKER  FACE AMOUNT       COST      VALUE  APPR/DEPR       PRICE    PRICE   CHANGE 

SMALL COMPANY GROWTH;  NOT ASSIGNED                                                                                 
                                                                                                                    
===> Common Stock                                                                                                   
Adaptec Inc.           00651F108 ADPT        116,900  3,566,774  6,721,750  3,154,975     58.3750   57.5000   (1.50)
Albemarle              12653101  ALB         231,700  4,279,660  5,415,987  1,136,327     22.7500   23.3750    2.75 
American Homestar      26651109  HSTR        260,000  5,020,195  5,850,000    829,805     21.3750   22.5000    5.26 
American Mgmt Sys      27352103  AMSY         99,925  1,115,829  2,660,503  1,544,673     26.6250   26.6250    0.00 
AmeriSource Health     03071P102 ASHC         96,300  2,100,859  3,466,800  1,365,940     34.7500   36.0000    3.60 
Amvestors Financial    32343303  AMV         164,700  1,502,887  2,449,912    947,025     15.0000   14.8750   (0.83)
Anixter                35290105  AXE         347,300  6,473,444  6,077,750   (395,694)    17.2500   17.5000    1.45 
Applied Magnetics      38213104  APM         264,300  4,008,379  5,451,187  1,442,807     20.2500   20.6250    1.85 
Authentic Fitness      52661105  ASM          79,700  1,220,476  1,902,837    682,361     23.6250   23.8750    1.06 
BMC Software           55921100  BMCS         74,000  2,595,090  4,504,750  1,909,659     60.2500   60.8750    1.04 
Baybanks Inc           72723109  BBNK         57,600  3,312,000  6,033,600  2,721,600    104.2500  104.7500    0.48 
Biovail                09067K106 BVF         173,400  4,921,323  4,898,550    (22,773)    28.1250   28.2500    0.44 
Blount, Inc. Class A   95177101  BLT/A        96,000  2,977,024  2,976,000     (1,024)    31.0000   31.0000    0.00 
Borders Group, Inc.    99709107  BGP         123,900  1,817,075  3,964,800  2,147,724     32.7500   32.0000   (2.29)
Box Energy             103168209 BOXXB        77,700    716,262    747,862     31,600      9.7500    9.6250   (1.28)
California Fed.        128026101 CAL         242,100  3,922,428  4,327,537    405,109     18.0000   17.8750   (0.69)
Carbide/Graphite       140777103 CGGI         70,000  1,060,000  1,242,500    182,500     17.5000   17.7500    1.43 
Case Corporation       14743R103 CSE          71,500  1,659,423  3,610,750  1,951,326     51.1250   50.5000   (1.22)
Commercial Federal     201647104 CFB          71,800  1,453,950  2,755,325  1,301,375     38.2500   38.3750    0.33 
Commnet Cellular Inc   202604104 CELS         55,900  1,522,612  1,844,700    322,087     33.0000   33.0000    0.00 
Computervision         20557T101 CVN         335,800  3,807,921  4,071,575    263,653     12.3750   12.1250   (2.02)
Consolidated Stores    210149100 CNS         234,700  4,912,305  8,449,200  3,536,894     36.3750   36.0000   (1.03)
Credit Acceptance      225310101 CACC        164,200  2,535,412  3,078,750    543,337     18.6875   18.7500    0.33 
Dawson Production      239423106 DPSI         90,000    900,000  1,282,500    382,500     14.0000   14.2500    1.79 
DecisionOne            243456100 DOCI         82,000  1,476,000  2,070,500    594,500     25.0000   25.2500    1.00 
Dime Bancorp, Inc.     25429Q102 DME         569,000  6,155,695  6,970,250    814,554     12.2500   12.2500    0.00 
Elan Plc Adr           284131208 ELN          77,883  2,579,874  5,150,013  2,570,139     66.8750   66.1250   (1.12)
Gateway 2000, Inc.     367833100 GATE         92,200  2,249,680  3,215,475    965,795     35.3750   34.8750   (1.41)
Genesis Health         371912106 GHV          62,500  1,288,946  1,851,562    562,616     30.0000   29.6250   (1.25)
Genzyme Corp           372917104 GENZ         92,400  4,290,583  5,197,500    906,916     57.1250   56.2500   (1.53)
Gilead Sciences,       375558103 GILD        100,900  2,367,162  3,077,450    710,287     30.5000   30.5000    0.00 
Glendale Federal       378507503 GLN         268,800  3,129,147  4,704,000  1,574,853     17.8750   17.5000   (2.10)
Greenfield             395058100 GFII         96,600  2,283,225  3,670,800  1,387,575     36.2500   38.0000    4.83 
Healthsource, Inc.     42221E108 HS           87,100  1,947,975  2,972,287  1,024,311     34.3750   34.1250   (0.73)
Hollywood              436141105 HLYW        289,500  3,446,011  4,776,750  1,330,738     16.0000   16.5000    3.13 
ITI Technologies,      450564109 ITII        196,300  4,793,827  5,422,787    628,959     27.3750   27.6250    0.91 
Input/Output Inc.      457652105 IO          183,200  2,195,910  6,366,200  4,170,290     35.2500   34.7500   (1.42)
Komag Inc              500453105 KMAG        173,700  3,079,141  5,818,950  2,739,808     31.1250   33.5000    7.63 
Lattice                518415104 LSCC        131,700  3,785,365  4,313,175    527,809     32.5000   32.7500    0.77 
Lear Seating           521893107 LEA         207,100  6,117,240  6,834,300    717,059     33.1250   33.0000   (0.38)
Lexmark                529771107 LXK         196,900  4,273,143  4,257,962    (15,180)    21.6250   21.6250    0.00 
Mariner Health Group   56845J109 MRNR        233,400  4,447,523  3,967,800   (479,723)    15.7500   17.0000    7.94 
Martek Biosciences     572901106 MATK        150,100  4,925,862  5,197,212    271,350     34.5000   34.6250    0.36 
Natural Microsystems   638882100 NMSS         53,300  1,399,125  2,012,075    612,950     37.2500   37.7500    1.34 
NeoPath, Inc.          640517108 NPTH        152,600  3,498,317  3,509,800     11,482     23.3750   23.0000   (1.60)
Oakwood Homes          674098108 OH           90,900  2,497,170  4,056,412  1,559,242     44.7500   44.6250   (0.28)
Office Max Inc.        67622M108 OMX         124,350  2,062,137  3,264,187  1,202,050     26.1250   26.2500    0.48 


                                                                      Page     1

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                      Small Company Growth Fund (13103500)     ACCT DATE 05/1/96
                PRELIMINARY MARKET VALUATION          Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                             # SHARES/                    MARKET               PRIOR DAY    TODAY      %  
NAME                   CUSIP     TICKER    FACE AMOUNT         COST        VALUE   APPR/DEPR       PRICE    PRICE  CHANGE 

SMALL COMPANY GROWTH;  NOT ASSIGNED                                                                                       
                                                                                                                          
===> Common Stock                                                                                                         
Olympic Financial,     681593109 OYM           256,500    4,937,625    5,707,125     769,500     22.7500  22.2500   (2.20)
Oncogene Science,      682305107 ONCS          500,000    4,562,500    5,062,500     500,000     10.2500  10.1250   (1.22)
OrNda Healthcorp       686857103 ORND          258,600    4,636,583    7,111,500   2,474,916     27.7500  27.5000   (0.90)
PMI Group, Inc.        69344M101 PMA           112,700    4,240,983    4,789,750     548,766     41.7500  42.5000    1.80 
Parker & Parsley       701018103 PDP           145,200    3,529,485    3,575,550      46,064     24.7500  24.6250   (0.51)
Petsmart Inc           716768106 PETM          115,250    2,977,054    5,114,218   2,137,164     42.7500  44.3750    3.80 
Possis Medical, Inc.   737407106 POSS          202,100    2,985,201    3,738,850     753,649     18.5000  18.5000    0.00 
Prudential             74435W109 RE            250,400    4,978,092    5,696,600     718,507     22.0000  22.7500    3.41 
RFS Hotel Investors    74955J108 RFSI          198,800    3,055,841    3,429,300     373,458     17.5000  17.2500   (1.43)
Rayonier, Inc.         754907103 RYN           182,000    6,303,892    6,529,250     225,357     36.2500  35.8750   (1.03)
Reading & Bates        755281805 RB            214,900    2,728,605    5,265,050   2,536,444     24.6250  24.5000   (0.51)
Red Roof, Inc.         757005103 RRI           290,300    4,661,148    4,354,500    (306,648)    15.0000  15.0000    0.00 
Rent-Way, Inc.         76009U104 RWAY           56,000      476,000      710,500     234,500     12.3750  12.6875    2.53 
Sepracor, Inc.         817315104 SEPR          239,500    3,516,235    3,353,000    (163,235)    14.0000  14.0000    0.00 
Silicon Valley Group   827066101 SVGI          156,800    3,897,381    4,194,400     297,018     26.8750  26.7500   (0.47)
Sonat Offshore         835420100 RIG           150,300    5,007,557    8,247,712   3,240,154     57.1250  54.8750   (3.94)
Sotheby's Holdings,    835898107 BID            82,200    1,133,516    1,161,075      27,558     13.7500  14.1250    2.73 
Tech Data Corp         878237106 TECD          302,200    4,169,479    5,892,900   1,723,420     19.0000  19.5000    2.63 
Teva Pharmaceutical    881624209 TEVIY         109,800    3,544,383    4,927,275   1,382,891     45.7500  44.8750   (1.91)
Texas Industries Inc   882491103 TXI            56,100    1,793,697    3,590,400   1,796,703     63.8750  64.0000    0.20 
USA Waste Services,    902917103 UW            246,000    4,315,953    6,396,000   2,080,046     25.7500  26.0000    0.97 
United Waste Systems   913174108 UWST           32,500      747,500    1,787,500   1,040,000     55.0000  55.0000    0.00 
Vanguard Cellular      922022108 VCELA         121,550    3,290,127    2,613,325    (676,802)    21.8750  21.5000   (1.71)
Vanstar Corporation    92208M108 VST           352,000    3,520,000    4,796,000   1,276,000     13.7500  13.6250   (0.91)
Vesta Group, Inc.      925391104 VTA            68,550    1,283,362    2,202,168     918,805     31.8750  32.1250    0.78 
Warnaco Group, Inc.    934390105 WAC           188,400    4,310,830    4,945,500     634,669     26.7500  26.2500   (1.87)
Watson                 942683103 WATS           92,722    2,105,854    4,404,295   2,298,440     47.3750  47.5000    0.26 
Del Webb Corporation   947423109 WBB           272,500    5,052,753    4,870,937    (181,815)    18.6250  17.8750   (4.03)
York International     986670107 YRK            67,700    2,867,206    3,249,600     382,393     48.6250  48.0000   (1.29)
Zilog, Inc.            989524103 ZLG            92,000    3,271,520    3,461,500     189,980     37.1250  37.6250    1.35 
Advanced Therapeutic   G0099P109 ATH             8,762      164,370      281,479     117,108     32.1250  32.1250    0.00 
Central European       G20045103 CETV          141,500    3,254,500    4,050,437     795,937     30.0000  28.6250   (4.58)
Gemstar Intl Group     G3788V106 GMSTF          72,000    1,818,000    2,385,000     567,000     35.5000  33.1250   (6.69)
Partners Re Holdings   G6852T105 PTREF         151,200    3,061,800    4,271,400   1,209,600     27.6250  28.2500    2.26 
Sun International      P8797T133 SIH           132,000    4,628,920    5,643,000   1,014,079     42.5000  42.7500    0.59 

        Subtotals                           13,230,892  258,518,364  340,272,178  81,753,814                              

      Segment Totals   Shares               13,230,892                                                                    
                       Face Amt                      0  258,518,364  340,272,178  81,753,814                              

      Fund Totals      Share                13,230,892                                                                    
                       Face Amt                      0  258,518,364  340,272,178  81,753,814                              



                                 Today  Yesterday    Unit Change  % Change                                                
                                                                                                                          
Dow Jones Industrial Average     999.99    999.99              0     0.000                                                


                                                                        Page 2

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                      Large Company Growth Fund (13103400)    ACCT DATE 04/30/96
                   FINAL MARKET VALUATION           Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]

                                             # SHARES/                  MARKET               PRIOR DAY     TODAY       % 
NAME                    CUSIP     TICKER   FACE AMOUNT        COST       VALUE   APPR/DEPR       PRICE     PRICE  CHANGE 

LARGE COMPANY GROWTH; NOT ASSIGNED                                                                                       

===> Cash Management Accounts                                                                                            
Not Applicable      $$CASH$$$                        0           0           0           0         N/A       N/A     N/A 

                Subtotals                            0           0           0           0                               

===> Common Stock                                                                                                        
                                                                                                                         
Airtouch                00949T100 ATI           24,800     702,311     775,000      72,688     31.8750   31.2500   (1.96)
Alco Standard           013788104 ASN           14,250     545,455     824,718     279,263     57.3750   57.8750    0.87 
American Int'l Group    026874107 AIG           43,050   2,862,404   3,933,693   1,071,288     91.0000   91.3750    0.41 
Amgen, Inc.             031162100 AMGN          22,900   1,422,991   1,316,750    (106,241)    56.8750   57.5000    1.10 
Autozone Inc.           053332102 AZO           69,900   1,794,356   2,551,350     756,993     36.5000   36.5000    0.00 
Cisco Systems, Inc.     17275R102 CSCO          42,900   1,651,354   2,225,437     574,082     52.0000   51.8750   (0.24)
Cintas                  172908105 CTAS          20,100     729,688   1,080,375     350,686     53.5000   53.7500    0.47 
Coca Cola Co            191216100 KO            34,400   1,845,158   2,803,600     958,442     81.1250   81.5000    0.46 
Columbia/HCA            197677107 COL           48,300   2,491,802   2,565,937      74,135     52.6250   53.1250    0.95 
Corporate Express       219888104 CEXP          36,600   1,012,120   1,367,925     355,804     36.7500   37.3750    1.70 
DST Systems, Inc.       233326107 DST           26,400     648,185     970,200     322,014     37.7500   36.7500   (2.65)
Danka Business          236277109 DANKY         32,300     816,935   1,550,400     733,464     48.9375   48.0000   (1.92)
Disney Walt Co          254687106 DIS           25,700   1,229,259   1,593,400     364,140     61.8750   62.0000    0.20 
Donaldson,Lufkin,Jen    257661108 DLJ           29,100     903,242     982,125      78,882     34.1250   33.7500   (1.10)
Ericsson (l.m.)         294821400 ERICY        120,100   1,815,384   2,447,037     631,653     20.3125   20.3750    0.31 
First Data Corp.        319963104 FDC           57,100   3,174,221   4,339,600   1,165,378     76.1250   76.0000   (0.16)
Fiserv, Inc.            337738108 FISV US       37,500     893,463   1,143,750     250,286     30.7500   30.5000   (0.81)
Franklin Resources,     354613101 BEN           50,500   2,172,340   2,891,125     718,784     57.3750   57.2500   (0.22)
General Mtrs Corp Cl    370442402 GME           39,800   1,480,351   2,243,725     763,373     56.2500   56.3750    0.22 
General Re Corp         370563108 GRN            4,300     666,203     614,362     (51,840)   143.1250  142.8750   (0.17)
HBO & Company           404100109 HBOC          14,300   1,089,266   1,698,125     608,858    117.5000  118.7500    1.06 
Hewlett-Packard         428236103 HWP           27,500   2,291,486   2,911,562     620,075    107.2500  105.8750   (1.28)
Home Depot Inc          437076102 HD            44,900   2,091,963   2,127,137      35,174     47.3750   47.3750    0.00 
Intel                   458140100 INTC          54,900   2,006,542   3,719,475   1,712,932     68.1250   67.7500   (0.55)
Lowes Companies, Inc    548661107 LOW           41,400   1,601,608   1,340,325    (261,283)    32.1250   32.3750    0.78 
Medaphis Corp           584028104 MEDA          65,700   1,857,924   3,030,412   1,172,488     46.7500   46.1250   (1.34)
Microsoft Corp          594918104 MSFT          41,400   2,785,668   4,693,725   1,908,056    112.6250  113.3750    0.67 
Molex Inc. Cl A         608554200 MOLXA         49,443   1,314,267   1,483,290     169,022     30.2500   30.0000   (0.83)
Motorola                620076109 MOT           20,300   1,228,493   1,243,375      14,881     61.7500   61.2500   (0.81)
Office Depot Inc        676220106 ODP          135,000   3,409,092   3,020,625    (388,467)    22.2500   22.3750    0.56 
Paychex, Inc.           704326107 PAYX          17,150     491,129   1,161,912     670,783     68.5000   67.7500   (1.09)
Petsmart Inc            716768106 PETM          37,900     947,912   1,681,812     733,899     42.7500   44.3750    3.80 
Pfizer Inc.             717081103 PFE           29,900   1,800,646   2,059,362     258,715     68.1250   68.8750    1.10 
Philip Morris Cos.,     718154107 MO            19,300   1,375,776   1,739,412     363,636     89.5000   90.1250    0.70 
T. Rowe Price           741477103 TROW          27,500     983,326   1,533,125     549,798     56.5000   55.7500   (1.33)
Schwab Charles Corp     808513105 SCH          147,900   1,887,050   3,623,550   1,736,499     25.1250   24.5000   (2.49)
Solectron Corp          834182107 SLR           31,400     964,125   1,397,300     433,174     45.0000   44.5000   (1.11)
Sungard Data            867363103 SNDT          20,800     559,087     691,600     132,512     34.2500   33.2500   (2.92)
Viking Office           926913104 VKNG          15,600     528,900     926,250     397,350     60.1250   59.3750   (1.25)

                Subtotals                    1,622,293  58,071,500  78,302,890  20,231,389                               

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                      Large Company Growth Fund (13103400)    ACCT DATE 04/30/96
                   FINAL MARKET VALUATION           Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]

                                          # SHARES/                   MARKET              PRIOR DAY   TODAY       %
NAME                    CUSIP   TICKER  FACE AMOUNT        COST        VALUE   APPR/DEPR      PRICE  PRICE   CHANGE

LARGE COMPANY GROWTH; NOT ASSIGNED                                                                                 

===> Repurchase Agreements                                                                                         
                                                                                                                   
Bear, Stearns & Co., BS                   1,041,705   1,041,705    1,041,705           0        N/A     N/A     N/A

       Subtotals                          1,041,705   1,041,705    1,041,705           0                           

       Segment Totals   Shares            1,622,293                                                                
                        Face Amt          1,041,705  59,113,205   79,344,595  20,231,389                           
       Fund Totals      Shares            1,622,293                                                                
                        Face Amt          1,041,705  59,113,205   79,344,595  20,231,389                           

                                              Today   Yesterday  Unit Change    % Change                           
       Dow Jones Industrial Average          999.99      999.99         0.00       0.000                           

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                              Index Fund (13103300)           ACCT DATE 04/30/96
                   FINAL MARKET VALUATION           Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]

                                            # SHARES/                MARKET              PRIOR DAY     TODAY       % 
NAME                    CUSIP     TICKER  FACE AMOUNT       COST      VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 

INCOME EQUITY; NOT ASSIGNED                                                                                          

===> Common Stock                                                                                                    
                                                                                                                     
AMR Corporation         001765106 AMR           3,300    182,260    294,525    112,265     88.3750   89.2500    0.99 
AT&T Corporation        001957109 T            69,700  3,713,877  4,269,125    555,247     61.5000   61.2500   (0.41)
Abbott Laboratories     002824100 ABT          34,500  1,168,315  1,401,562    233,247     41.1250   40.6250   (1.22)
Advanced Micro          007903107 AMD           5,700    126,195    106,875    (19,320)    18.1250   18.7500    3.45 
Aetna Life &            008140105 AET           5,000    290,000    356,250     66,249     71.2500   71.2500    0.00 
H. F. Ahmanson &        008677106 AHM           5,100     92,852    121,125     28,272     23.7500   23.7500    0.00 
Air Products &          009158106 APD           4,900    235,587    279,912     44,325     57.0000   57.1250    0.22 
Airtouch                00949T100 ATI          21,600    624,769    675,000     50,230     31.8750   31.2500   (1.96)
Alberto Culver          013068101 ACV           1,200     37,422     45,450      8,028     37.7500   37.8750    0.33 
Albertson's, Inc.       013104104 ABS          11,000    340,674    423,500     82,826     38.5000   38.5000    0.00 
Alcan Aluminum, Ltd.    013716105 AL            9,775    251,457    311,578     60,120     32.3750   31.8750   (1.54)
Alco Standard           013788104 ASN           5,600    176,128    324,100    147,971     57.3750   57.8750    0.87 
Alexander &             014476105 AAL           1,900     38,000     35,862     (2,137)    18.7500   18.8750    0.67 
Allergan Inc.           018490102 AGN           2,800     76,468     99,050     22,582     35.5000   35.3750   (0.35)
Allied-Signal Inc.      019512102 ALD          12,300    445,754    714,937    269,183     58.1250   58.1250    0.00 
Allstate Corporation    020002101 ALL          19,500    613,147    758,062    144,914     39.0000   38.8750   (0.32)
Alltel Corp             020039103 AT            8,300    249,911    272,862     22,951     32.6250   32.8750    0.77 
Aluminum Co. of         022249106 AA            7,700    329,388    480,287    150,899     63.1250   62.3750   (1.19)
Alza Corporation        022615108 AZA           3,600     86,616    102,600     15,984     28.5000   28.5000    0.00 
Amerada Hess            023551104 AHC           4,100    197,145    232,162     35,017     57.1250   56.6250   (0.88)
Amdahl Corporation      023905102 AMH           5,200     50,037     66,300     16,263     12.7500   12.7500    0.00 
American Brands Inc.    024703100 AMB           7,900    297,156    328,837     31,681     41.7500   41.6250   (0.30)
American Electric       025537101 AEP           8,100    274,147    329,062     54,915     40.6250   40.6250    0.00 
American Express        025816109 AXP          21,100    681,198  1,023,350    342,152     48.2500   48.5000    0.52 
American General        026351106 AGC           8,900    260,080    312,612     52,532     34.7500   35.1250    1.08 
American Greetings      026375105 AGREA         3,300     95,667     91,162     (4,505)    27.7500   27.6250   (0.45)
American Home           026609107 AHP          13,600    961,489  1,434,800    473,310    106.8750  105.5000   (1.29)
American Int'l Group    026874107 AIG          20,693  1,348,217  1,890,822    542,605     91.0000   91.3750    0.41 
American Stores         030096101 ASC           6,400    170,575    213,600     43,025     33.6250   33.3750   (0.74)
Ameritech               030954101 AIT          24,200  1,063,484  1,412,675    349,190     58.5000   58.3750   (0.21)
Amgen, Inc.             031162100 AMGN         11,600    380,825    667,000    286,175     56.8750   57.5000    1.10 
AMP Inc.                031897101 AMP           9,500    359,649    425,125     65,476     44.8750   44.7500   (0.28)
Amoco Corporation       031905102 AN           21,700  1,361,477  1,584,100    222,622     73.2500   73.0000   (0.34)
Andrew Corporation      034425108 ANDW          2,550     82,450    122,400     39,950     46.2500   48.0000    3.78 
Anheuser-Busch Cos.     035229103 BUD          11,100    578,345    745,087    166,742     67.5000   67.1250   (0.56)
Aon Corporation         037389103 AOC           4,800    261,840    257,400     (4,440)    54.1250   53.6250   (0.92)
Apple Computer, Inc     037833100 AAPL          5,400    208,581    131,625    (76,956)    24.7500   24.3750   (1.52)
Applied Materials,      038222105 AMAT          7,800    252,800    312,000     59,200     40.5000   40.0000   (1.23)
Archer Daniels          039483102 ADM          22,677    398,012    428,028     30,016     19.1250   18.8750   (1.31)
Armco Inc.              042170100 AS            4,600     27,255     25,875     (1,380)     5.6250    5.6250    0.00 
Armstrong World Ind.    042476101 ACK           1,600     89,296     91,200      1,904     57.2500   57.0000   (0.44)
Asarco Inc.             043413103 AR            1,900     52,880     62,937     10,057     33.5000   33.1250   (1.12)
Ashland, Inc.           044204105 ASH           2,800    105,587    115,150      9,562     41.5000   41.1250   (0.90)
Atlantic Richfield      048825103 ARC           7,000    740,534    824,250     83,715    118.5000  117.7500   (0.63)
Autodesk, Inc.          052769106 ACAD          2,000     83,500     81,500     (2,000)    42.0000   40.7500   (2.98)
Automatic Data          053015103 AUD          12,700    446,662    493,712     47,050     38.1250   38.8750    1.97 
Avery Dennison Corp.    053611109 AVY           2,300     97,888    131,100     33,212     56.8750   57.0000    0.22 

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                                            # SHARES/                MARKET              PRIOR DAY     TODAY       % 
NAME                    CUSIP     TICKER  FACE AMOUNT       COST      VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 

INCOME EQUITY; NOT ASSIGNED                                                                                          

===> Common Stock                                                                                                    
                                                                                                                     
Avon Products, Inc.     054303102 AVP           3,000    191,145    266,625     75,480     88.7500   88.8750    0.14 
Baker Hughes, Inc.      057224107 BHI           6,200    128,252    196,850     68,597     32.1250   31.7500   (1.17)
Ball Corp.              058498106 BLL           1,300     34,027     40,462      6,435     31.1250   31.1250    0.00 
Bally Entertainment     05873C106 BLY           2,100     27,405     43,837     16,432     21.1250   20.8750   (1.18)
Baltimore Gas &         059165100 BGE           6,400    155,925    168,800     12,875     26.2500   26.3750    0.48 
Banc One Corp.          059438101 ONE          19,790    531,188    687,702    156,513     34.6250   34.7500    0.36 
Bank of Boston Corp.    060716107 BKB           4,900    137,812    237,037     99,225     48.0000   48.3750    0.78 
Bank of New York        064057102 BK            8,700    330,313    421,950     91,636     47.7500   48.5000    1.57 
BankAmerica             066050105 BAC          16,100    720,571  1,219,575    499,004     75.1250   75.7500    0.83 
Bankers Trust New       066365107 BT            3,400    213,335    235,875     22,540     69.6250   69.3750   (0.36)
Bard (C.R.), Inc.       067383109 BCR           2,500     73,900     91,250     17,350     36.7500   36.5000   (0.68)
Barrick Gold            067901108 ABX          15,400    370,148    471,625    101,477     30.2500   30.6250    1.24 
Barnett Banks, Inc.     068055102 BBI           4,100    212,487    259,837     47,350     63.2500   63.3750    0.20 
Bausch & Lomb, Inc.     071707103 BOL           2,500     88,007     99,687     11,680     39.8750   39.8750    0.00 
Baxter International    071813109 BAX          11,800    359,393    522,150    162,757     43.7500   44.2500    1.14 
Bay Networks            072510100 BAY           8,000    383,000    252,000   (131,000)    32.0000   31.5000   (1.56)
Becton Dickinson &      075887109 BDX           2,800    152,029    225,750     73,720     78.3750   80.6250    2.87 
Bell Atlantic           077853109 BEL          19,100    998,827  1,241,500    242,672     65.1250   65.0000   (0.19)
BellSouth               079860102 BLS          43,400  1,207,954  1,736,000    528,046     40.5000   40.0000   (1.23)
Bemis Co.               081437105 BMS           2,300     59,372     74,462     15,090     31.7500   32.3750    1.97 
Beneficial Finance      081721102 BNL           2,300    103,638    127,075     23,437     55.7500   55.2500   (0.90)
Bethlehem Steel         087509105 BS            4,900     79,306     66,762    (12,544)    13.6250   13.6250    0.00 
Beverly Enterprises,    087851101 BEV           4,300     52,933     52,137       (795)    12.3750   12.1250   (2.02)
Biomet, Inc.            090613100 BMET          5,000     75,000     73,750     (1,250)    15.0000   14.7500   (1.67)
Black & Decker Corp     091797100 BDK           3,800     92,539    152,950     60,410     40.0000   40.2500    0.63 
H & R Block, Inc.       093671105 HRB           4,500    177,832    158,062    (19,770)    35.7500   35.1250   (1.75)
Boatmen's               096650106 BOAT          6,900    223,260    267,375     44,115     39.5000   38.7500   (1.90)
Boeing Co.              097023105 BA           15,025    719,308  1,233,928    514,619     80.7500   82.1250    1.70 
Boise Cascade Corp      097383103 BCC           2,100     84,651     97,650     12,999     46.5000   46.5000    0.00 
Boston Scientific       101137107 BSX           7,600    258,494    327,750     69,255     43.6250   43.1250   (1.15)
Briggs & Straton        109043109 BGG           1,300     40,634     58,987     18,353     44.8750   45.3750    1.11 
Bristol-Myers Squibb    110122108 BMY          22,000  1,347,643  1,809,500    461,856     83.0000   82.2500   (0.90)
Brown-Forman            115637209 BF/B          3,000     85,500    118,500     33,000     38.7500   39.5000    1.94 
Brown Group, Inc.       115657108 BG              800     10,740     12,800      2,060     15.8750   16.0000    0.79 
Browning-Ferris         115885105 BFI           9,300    288,155    299,925     11,770     29.8750   32.2500    7.95 
Brunswick               117043109 BC            4,200     87,402     92,400      4,998     22.3750   22.0000   (1.68)
Burlington No Santa     12189T104 BNI           6,200    377,931    542,500    164,568     87.0000   87.5000    0.57 
Burlington              122014103 BR            5,500    214,142    204,875     (9,267)    38.0000   37.2500   (1.97)
CIGNA Corp.             125509109 CI            3,300    261,272    374,137    112,865    108.8750  113.3750    4.13 
CPC International       126149103 CPC           6,400    357,487    442,400     84,912     68.2500   69.1250    1.28 
Csx Corporation         126408103 CSX           9,200    333,951    471,500    137,548     51.2500   51.2500    0.00 
C.U.C.                  126545102 CU            8,000    225,637    263,000     37,362     32.8750   32.8750    0.00 
Cabletron Systems,      126920107 CS            3,100    172,844    233,662     60,818     74.7500   75.3750    0.84 
Caliber System, Inc.    129894101 CBB           3,100    127,017    124,387     (2,629)    40.2500   40.1250   (0.31)
Campbell Soup           134429109 CPB          10,900    483,979    681,250    197,270     62.0000   62.5000    0.81 
Carolina Power &        144141108 CPL           6,700    184,842    241,200     56,357     35.8750   36.0000    0.35 
Case Corporation        14743R103 CSE           3,100    137,330    156,550     19,220     51.1250   50.5000   (1.22)

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                              Index Fund (13103300)           ACCT DATE 04/30/96
                   FINAL MARKET VALUATION           Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]

                                            # SHARES/                MARKET              PRIOR DAY    TODAY       % 
NAME                    CUSIP     TICKER  FACE AMOUNT       COST      VALUE  APPR/DEPR       PRICE    PRICE  CHANGE 

INCOME EQUITY; NOT ASSIGNED                                                                                         

===> Common Stock                                                                                                   
                                                                                                                    
Caterpillar Inc.        149123101 CAT           8,600    500,505    550,400     49,895     64.1250  64.0000   (0.19)
Centex                  152312104 CTX           1,200     25,200     32,400      7,200     27.0000  27.0000    0.00 
Central & Southwest     152357109 CSR           9,000    204,472    245,250     40,777     27.1250  27.2500    0.46 
Ceridian Corporation    15677T106 CEN           2,900    106,024    138,475     32,451     48.0000  47.7500   (0.52)
Champion                158525105 CHA           4,200    156,307    202,650     46,342     49.5000  48.2500   (2.53)
Charming Shoppes,       161133103 CHRS          4,500     22,972     28,968      5,996      6.4375   6.4375    0.00 
Chase Manhattan Corp    16161A108 CMB          19,016    743,128  1,309,727    566,598     68.8750  68.8750    0.00 
Chevron Corporation     166751107 CHV          28,500  1,341,016  1,653,000    311,983     58.5000  58.0000   (0.85)
Chrysler Corporation    171196108 C            16,450    784,111  1,032,237    248,126     62.2500  62.7500    0.80 
Chubb Corp.             171232101 CB            3,800    308,902    359,575     50,672     95.1250  94.6250   (0.53)
Cincinnati Milacron,    172172108 CMZ           1,500     46,590     39,562     (7,027)    26.3750  26.3750    0.00 
CINergy Corporation     172474108 CIN           6,882    172,381    199,578     27,197     28.8750  29.0000    0.43 
Circuit City Stores     172737108 CC            4,200    111,070    133,350     22,280     32.3750  31.7500   (1.93)
Cisco Systems, Inc.     17275R102 CSCO         24,100    481,162  1,250,187    769,025     52.0000  51.8750   (0.24)
Citicorp                173034109 CCI          21,200  1,133,906  1,669,500    535,594     78.6250  78.7500    0.16 
Clorox Company          189054109 CX            2,300    129,192    190,037     60,845     81.8750  82.6250    0.92 
Coastal Corporation     190441105 CGP           4,600    139,600    182,275     42,675     39.7500  39.6250   (0.31)
Coca-Cola Co            191216100 KO           54,700  2,961,159  4,458,050  1,496,891     81.1250  81.5000    0.46 
Colgate-Palmolive       194162103 CL            6,400    409,077    490,400     81,323     75.7500  76.6250    1.16 
Columbia Gas System     197648108 CG            2,100     54,600    102,112     47,512     48.7500  48.6250   (0.26)
Columbia/HCA            197677107 COL          19,400    820,849  1,030,625    209,775     52.6250  53.1250    0.95 
Comcast Corp            200300200 CMCSK        10,500    191,330    183,750     (7,580)    17.3750  17.5000    0.72 
Comerica,               200340107 CMA           5,200    186,535    226,200     39,665     43.3750  43.5000    0.29 
Community               204015101 CMY           1,900     22,655     17,575     (5,080)     8.2500   9.2500   12.12 
Compaq Computer         204493100 CPQ          11,600    475,957    540,850     64,892     46.8750  46.6250   (0.53)
Computer Associates     204912109 CA           10,600    399,035    777,775    378,740     72.7500  73.3750    0.86 
Computer Sciences       205363104 CSC           2,400    130,540    177,600     47,060     75.2500  74.0000   (1.66)
Conagra, Inc.           205887102 CAG          10,775    360,896    416,184     55,287     38.5000  38.6250    0.32 
Conrail, Inc.           208368100 CRR           3,400    192,890    237,150     44,260     69.8750  69.7500   (0.18)
Consolidated Edison     209111103 ED           10,200    280,338    299,625     19,287     29.2500  29.3750    0.43 
Consolidated            209237106 CNF           1,900     47,832     49,637      1,805     25.1250  26.1250    3.98 
Consolidated Natural    209615103 CNG           4,100    153,937    191,675     37,737     46.5000  46.7500    0.54 
Cooper Industries,      216669101 CBE           4,700    172,710    199,750     27,040     42.0000  42.5000    1.19 
Cooper Tire & Rubber    216831107 CTB           3,600     88,030     88,200        170     24.5000  24.5000    0.00 
Adolph Coors Company    217016104 ACCOB         1,700     29,925     32,300      2,375     19.3750  19.0000   (1.94)
Corestates Financial    218695104 CFL           6,100    167,737    237,900     70,162     39.1250  39.0000   (0.32)
Corning Inc.            219350105 GLW          10,000    321,449    347,500     26,050     34.8750  34.7500   (0.36)
Crane Co.               224399105 CR            1,300     34,937     53,950     19,012     42.0000  41.5000   (1.19)
Cray Research, Inc      225224104 CYR           1,100     28,242     32,450      4,207     29.1250  29.5000    1.29 
Crown Cork & Seal       228255105 CCK           5,500    233,807    259,187     25,380     46.6250  47.1250    1.07 
Cummins Engine Co.      231021106 CUM           1,700     60,157     79,475     19,317     46.2500  46.7500    1.08 
Cyprus Amax Minerals    232809103 CYM           4,100    117,845    111,212     (6,632)    27.3750  27.1250   (0.91)
DSC Communications      233311109 DIGI          5,000    150,100    157,500      7,400     32.1250  31.5000   (1.95)
DTE Energy Company      233331107 DTE           6,300    175,090    195,300     20,209     31.2500  31.0000   (0.80)
Dana Corporation        235811106 DCN           4,400    123,462    146,300     22,838     32.8750  33.2500    1.14 
Darden Restaurants      237194105 DRI           6,900     78,039     94,875     16,836     13.2500  13.7500    3.77 
Data General            237688106 DGN           1,700     18,680     26,137      7,457     15.8750  15.3750   (3.15)

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                                            # SHARES/                MARKET              PRIOR DAY    TODAY       % 
NAME                    CUSIP     TICKER  FACE AMOUNT       COST      VALUE  APPR/DEPR       PRICE    PRICE  CHANGE 

INCOME EQUITY; NOT ASSIGNED                                                                                         

===> Common Stock                                                                                                   
                                                                                                                    
Dayton Hudson Corp.     239753106 DH            3,100    249,455    296,050     46,595     93.5000  95.5000    2.14 
Dean Witter Discover    24240V101 DWD           7,431    299,775    404,989    105,213     54.6250  54.5000   (0.23)
Deere & Company         244199105 DE           11,500    284,286    447,062    162,776     39.3750  38.8750   (1.27)
Delta Airlines, Inc.    247361108 DAL           2,200    140,989    176,825     35,835     79.7500  80.3750    0.78 
Deluxe Corp.            248019101 DLX           3,600    106,866    126,000     19,134     34.7500  35.0000    0.72 
Dial Corporation        252470109 DL            4,100    103,771    115,312     11,541     28.1250  28.1250    0.00 
Digital Equipment       253849103 DEC           6,700    254,753    400,325    145,571     60.3750  59.7500   (1.04)
Dillard Department      254063100 DDS           4,900    141,140    196,612     55,472     39.1250  40.1250    2.56 
Disney Walt Co          254687106 DIS          29,500  1,511,012  1,829,000    317,987     61.8750  62.0000    0.20 
Dominion Resources,     257470104 D             7,700    297,850    296,450     (1,400)    38.2500  38.5000    0.65 
RR Donnelley & Sons     257867101 DNY           6,700    209,882    241,200     31,317     36.1250  36.0000   (0.35)
Dover Corporation       260003108 DOV           5,000    151,325    257,500    106,175     50.6250  51.5000    1.73 
Dow Chemical Company    260543103 DOW          11,450    786,111  1,017,618    231,507     88.0000  88.8750    0.99 
Dow Jones & Company,    260561105 DJ            4,200    133,385    156,975     23,590     37.3750  37.3750    0.00 
Dresser Industries      261597108 DI            7,900    174,695    251,812     77,117     32.1250  31.8750   (0.78)
Du Pont (E.I.) de       263534109 DD           24,200  1,408,060  1,945,075    537,014     79.8750  80.3750    0.63 
Duke Power Company      264399106 DUK           8,900    367,741    418,300     50,558     46.6250  47.0000    0.80 
Dun & Bradstreet        264830100 DNB           7,400    431,409    450,475     19,066     61.1250  60.8750   (0.41)
EG&G, Inc.              268457108 EGG           2,100     41,338     46,200      4,861     22.2500  22.0000   (1.12)
EMC Corporation         268648102 EMC           9,800    213,640    200,900    (12,740)    20.1250  20.5000    1.86 
Earthgrains Company     270319106 EGR             444     10,448     14,374      3,925     32.3750  32.3750    0.00 
Eastern Enterprises     27637F100 EFU             900     23,737     32,287      8,550     36.0000  35.8750   (0.35)
Eastman Chemical        277432100 EMN           3,500    183,522    235,375     51,852     67.2500  67.2500    0.00 
Eastman Kodak           277461109 EK           14,900    744,615  1,139,850    395,234     76.7500  76.5000   (0.33)
Eaton Corporation       278058102 ETN           3,400    170,700    205,700     35,000     61.2500  60.5000   (1.22)
Echlin Inc.             278749106 ECH           2,700     85,692     92,812      7,120     34.3750  34.3750    0.00 
Echo Bay Mines, Ltd.    278751102 ECO           5,500     59,427     72,187     12,760     13.0000  13.1250    0.96 
Ecolab, Inc.            278865100 ECL           2,800     59,500     91,000     31,500     32.5000  32.5000    0.00 
Edison International    281020107 EIX          19,400    276,452    310,400     33,948     15.8750  16.0000    0.79 
Emerson Electric Co     291011104 EMR           9,800    643,061    819,525    176,463     83.3750  83.6250    0.30 
Engelhard               292845104 EC            6,300     92,925    158,287     65,362     25.1250  25.1250    0.00 
Enron Corporation       293561106 ENE          11,000    360,752    442,750     81,997     41.0000  40.2500   (1.83)
ENSERCH Corporation     293567103 ENS           3,000     51,180     64,500     13,320     21.6250  21.5000   (0.58)
Entergy Corp.           29364G103 ETR-W         9,900    240,312    262,350     22,037     26.2500  26.5000    0.95 
Exxon Corporation       302290101 XON          54,200  3,394,498  4,607,000  1,212,502     85.8750  85.0000   (1.02)
FMC Corporation         302491303 FMC           1,600    120,436    111,000     (9,436)    69.6250  69.3750   (0.36)
FPL Group, Inc.         302571104 FPL           8,100    295,965    349,312     53,347     42.8750  43.1250    0.58 
Federal Express Corp    313309106 FDX           2,500    182,350    201,875     19,524     81.0000  80.7500   (0.31)
FHLMC                   313400301 FRE           7,900    439,607    658,662    219,055     83.7500  83.3750   (0.45)
FNMA                    313586109 FNM          47,600  1,392,181  1,457,750     65,568     31.1250  30.6250   (1.61)
Federated Dept.         31410H101 FD            8,800    252,554    293,700     41,145     33.2500  33.3750    0.38 
Fifth Third Bancorp     316773100 FITB          4,400    249,150    243,100     (6,050)    55.5000  55.2500   (0.45)
First Bank System       319279105 FBS           6,400    330,876    385,600     54,724     60.5000  60.2500   (0.41)
First Chicago NBD       31945A100 FCN          14,000    496,618    577,500     80,881     41.5000  41.2500   (0.60)
First Data Corp.        319963104 FDC           9,700    592,567    737,200    144,632     76.1250  76.0000   (0.16)
First Union             337358105 FTU          12,415    507,480    763,522    256,042     60.7500  61.5000    1.23 
Fleet Financial         338915101 FLT          11,600    398,315    498,800    100,485     43.2500  43.0000   (0.58)

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                                            # SHARES/                MARKET              PRIOR DAY     TODAY       % 
NAME                    CUSIP     TICKER  FACE AMOUNT       COST      VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 

INCOME EQUITY; NOT ASSIGNED                                                                                          

===> Common Stock                                                                                                    
                                                                                                                     
Fleetwood               339099103 FLE           2,000     39,370     52,500     13,130     26.1250   26.2500    0.48 
Fleming Companies,      339130106 FLM           1,600     45,696     22,000    (23,696)    13.3750   13.7500    2.80 
Fluor Corp.             343861100 FLR           3,600    183,390    238,050     54,660     64.8750   66.1250    1.93 
Ford Motor Company      345370100 F            46,900  1,349,104  1,682,537    333,433     36.0000   35.8750   (0.35)
Foster Wheeler Corp.    350244109 FWC           1,700     59,602     78,625     19,023     44.8750   46.2500    3.06 
Freeport McMoran        35671D857 FCX/B         8,800    221,176    289,300     68,124     33.3750   32.8750   (1.50)
Fruit of the Loom       359416104 FTL           3,300     78,952     87,037      8,085     26.3750   26.3750    0.00 
GTE Corporation         362320103 GTE          42,300  1,362,327  1,834,762    472,435     43.7500   43.3750   (0.86)
Gannett Company,        364730101 GCI           6,100    310,550    417,087    106,537     68.7500   68.3750   (0.55)
Gap, Inc.               364760108 GPS          12,600    246,340    379,575    133,235     29.0000   30.1250    3.88 
General Dynamics        369550108 GD            2,700    113,860    170,437     56,577     61.1250   63.1250    3.27 
General Electric        369604103 GE           72,900  3,758,409  5,649,750  1,891,340     77.6250   77.5000   (0.16)
General Instrument      370121105 GIC           5,300    145,352    173,575     28,222     32.7500   32.7500    0.00 
General Mills           370334104 GIS           6,900    349,749    382,950     33,200     55.0000   55.5000    0.91 
General Motors Corp.    370442105 GM           32,700  1,337,324  1,773,975    436,650     54.7500   54.2500   (0.91)
General Public          370550105 GPU           5,200    162,950    165,100      2,150     31.7500   31.7500    0.00 
General Re Corp         370563108 GRN           3,600    445,016    514,350     69,333    143.1250  142.8750   (0.17)
General Signal Corp.    370838104 GSX           2,100     75,862     79,800      3,937     38.2500   38.0000   (0.65)
Genuine Parts           372460105 GPC           5,400    197,092    238,950     41,857     44.2500   44.2500    0.00 
Georgia Pacific         373298108 GP            4,000    278,557    311,000     32,442     78.2500   77.7500   (0.64)
Giant Food, Inc.        374478105 GFS.A         2,600     78,969     82,875      3,905     31.8750   31.8750    0.00 
Giddings & Lewis,       375048105 GIDL          1,500     23,437     27,843      4,406     18.5000   18.5625    0.34 
Gillette Company        375766102 G            19,360    749,958  1,045,440    295,481     53.6250   54.0000    0.70 
Golden West             381317106 GDW           2,600    103,820    136,825     33,005     52.5000   52.6250    0.24 
Goodrich (B.F.)         382388106 GR            2,200     51,628     87,450     35,821     39.7500   39.7500    0.00 
Goodyear Tire &         382550101 GT            6,600    252,114    344,025     91,911     51.7500   52.1250    0.72 
W.R. Grace & Co.        383883105 GRA           4,200    181,545    325,500    143,955     77.1250   77.5000    0.49 
Grainger (W.W.),        384802104 GWW           2,200    125,470    151,800     26,330     68.2500   69.0000    1.10 
Great Atlntc &          390064103 GAP           1,700     43,027     59,287     16,260     35.2500   34.8750   (1.06)
Great Lakes Chemical    390568103 GLK           2,800    182,232    191,100      8,868     68.5000   68.2500   (0.36)
Great Western           391442100 GWF           6,000    105,687    138,000     32,312     23.1250   23.0000   (0.54)
Green Tree Financial    393505102 GNT           5,900    200,157    199,125     (1,032)    34.3750   33.7500   (1.82)
Halliburton Company     406216101 HAL           5,000    181,791    286,875    105,083     57.5000   57.3750   (0.22)
Harcourt General,       41163G101 HUS           3,200    117,237    140,800     23,562     43.5000   44.0000    1.15 
John H. Harland         412693103 JH            1,300     28,490     34,125      5,634     25.8750   26.2500    1.45 
Harnischfeger           413345109 HPH           2,000     69,620     81,000     11,380     41.2500   40.5000   (1.82)
Harrah's                413619107 HET           4,500    117,732    155,250     37,517     34.8750   34.5000   (1.08)
Harris Corporation      413875105 HRS           1,700     73,100    104,975     31,875     61.5000   61.7500    0.41 
Hasbro, Inc.            418056107 HAS           3,800    121,600    139,650     18,050     36.6250   36.7500    0.34 
Heinz (H.J.) Co.        423074103 HNZ          16,100    438,225    545,387    107,162     33.7500   33.8750    0.37 
Helmerich & Payne,      423452101 HP            1,100     29,766     40,562     10,796     37.7500   36.8750   (2.32)
Hercules, Inc.          427056106 HPC           4,800    192,465    290,400     97,935     60.3750   60.5000    0.21 
Hershey Foods           427866108 HSY           3,400    166,652    257,975     91,322     75.2500   75.8750    0.83 
Hewlett-Packard         428236103 HWP          22,200  1,217,624  2,350,425  1,132,800    107.2500  105.8750   (1.28)
Hilton Hotels           432848109 HLT           2,100    129,400    221,550     92,150    102.6250  105.5000    2.80 
Home Depot Inc          437076102 HD           20,766    946,065    983,789     37,724     47.3750   47.3750    0.00 
Homestake Mining        437614100 HM            6,000    110,415    120,750     10,335     19.6250   20.1250    2.55 

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                                            # SHARES/                MARKET               PRIOR DAY     TODAY       % 
NAME                    CUSIP     TICKER  FACE AMOUNT       COST      VALUE   APPR/DEPR       PRICE     PRICE  CHANGE 

INCOME EQUITY; NOT ASSIGNED                                                                                           

===> Common Stock                                                                                                     
                                                                                                                      

Honeywell Inc.          438506107 HON           5,500    185,770    289,437     103,667     51.8750   52.6250    1.45 
Household               441815107 HI            4,300    160,890    297,237     136,347     69.8750   69.1250   (1.07)
Houston Industries,     442161105 HOU          11,500    218,207    245,812      27,605     21.1250   21.3750    1.18 
Humana Inc.             444859102 HUM           7,100    191,850    174,837     (17,012)    24.5000   24.6250    0.51 
ITT Hartford Group,     45068H106 HIG           5,200    199,594    254,150      54,555     47.1250   48.8750    3.71 
ITT Industries, Inc.    450911102 IIN           5,200     89,470    143,000      53,529     28.1250   27.5000   (2.22)
ITT Corporation         450912100 ITT           5,200    207,320    316,550     109,229     61.5000   60.8750   (1.02)
Illinois Tool Works     452308109 ITW           5,100    244,263    342,975      98,712     67.6250   67.2500   (0.55)
Inco, Ltd.              453258402 N             5,200    150,405    174,850      24,445     34.0000   33.6250   (1.10)
Ingersoll-Rand          456866102 IR            4,800    167,055    186,000      18,945     37.7500   38.7500    2.65 
Inland Steel            457472108 IAD           2,100     53,655     51,712      (1,942)    24.7500   24.6250   (0.51)
Intel                   458140100 INTC         35,800  1,262,500  2,425,450   1,162,950     68.1250   67.7500   (0.55)
Intergraph              458683109 INGR          2,000     17,000     25,375       8,375     12.8750   12.6875   (1.46)
IBM                     459200101 IBM          24,800  1,906,845  2,666,000     759,155    108.6250  107.5000   (1.04)
Int'l Flavors &         459506101 IFF           4,800    226,062    235,800       9,738     48.5000   49.1250    1.29 
International Paper     460146103 IP           11,400    432,606    454,575      21,968     40.6250   39.8750   (1.85)
Interpublic Group       460690100 IPG           3,400    121,977    158,950      36,972     46.8750   46.7500   (0.27)
James River             470349101 JR            3,700     78,944     98,975      20,030     27.0000   26.7500   (0.93)
Jefferson-Pilot         475070108 JP            3,100    115,845    163,525      47,680     52.7500   52.7500    0.00 
Johnson & Johnson       478160104 JNJ          29,100  1,715,919  2,691,750     975,831     91.8750   92.5000    0.68 
Johnson Controls,       478366107 JCI           1,800     94,614    128,700      34,085     70.1250   71.5000    1.96 
Jostens, Inc.           481088102 JOS           1,700     42,389     38,250      (4,139)    22.3750   22.5000    0.56 
K mart Corporation      482584109 KM           20,000    311,445    202,500    (108,945)    10.3750   10.1250   (2.41)
Kaufman & Broad Home    486168107 KBH           1,400     20,195     19,775        (420)    14.3750   14.1250   (1.74)
Kellogg Company         487836108 K             9,500    582,794    678,062      95,268     71.2500   71.3750    0.18 
Kerr-Mcgee              492386107 KMG           2,300    122,627    146,912      24,285     64.3750   63.8750   (0.78)
KeyCorp                 493267108 KEY          10,300    322,170    397,837      75,667     38.6250   38.6250    0.00 
Kimberly-Clark Corp.    494368103 KMB          12,200    780,031    886,025     105,993     72.6250   72.6250    0.00 
King World              495667107 KWP           1,600     64,296     69,600       5,304     43.0000   43.5000    1.16 
Knight Ridder Inc.      499040103 KRI           2,100    121,606    151,987      30,380     73.1250   72.3750   (1.03)
Kroger Corporation      501044101 KR            5,400    155,550    222,075      66,525     41.3750   41.1250   (0.60)
LSI Logic               502161102 LSI           5,600    184,436    201,600      17,164     36.0000   36.0000    0.00 
Laidlaw, Inc.           50730K206 LDW/B        12,800    111,168    134,400      23,232     10.1250   10.5000    3.70 
Eli Lilly & Co.         532457108 LLY          24,100    805,744  1,421,900     616,155     58.7500   59.0000    0.43 
Limited Inc             532716107 LTD          11,900    234,220    246,925      12,705     20.5000   20.7500    1.22 
Lincoln National        534187109 LNC           4,500    184,785    217,125      32,340     48.5000   48.2500   (0.52)
Liz Claiborne, Inc.     539320101 LIZ           3,200     66,992    116,400      49,408     35.7500   36.3750    1.75 
Lockheed Martin Corp    539830109 LMT           8,700    508,996    701,437     192,441     78.7500   80.6250    2.38 
Loews Corporation       540424108 LTR           5,100    327,844    388,875      61,030     75.2500   76.2500    1.33 
Longs Drug Stores,      543162101 LDG             900     33,251     40,725       7,473     44.8750   45.2500    0.84 
Louisiana Land &        546268103 LLX           1,500     56,902     81,187      24,285     54.6250   54.1250   (0.92)
Louisiana-Pacific       546347105 LPX           4,700    131,077    118,087 (    12,990)    24.7500   25.1250    1.52 
Lowes Companies, Inc    548661107 LOW           7,000    257,200    226,625 (    30,575)    32.1250   32.3750    0.78 
Luby's Cafeterias,      549282101 LUB           1,000     21,537     24,000       2,462     23.5000   24.0000    2.13 
MBNA Corporation        55262L100 KRB           9,675    181,052    274,528      93,475     28.6250   28.3750   (0.87)
MCI Communications      552673105 MCIC         29,700    660,737    874,293     213,556     29.1250   29.4375    1.07 
Mallinckrodt Group,     561226101 MKG           3,200    103,647    126,000      22,352     38.7500   39.3750    1.61 

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                                            # SHARES/                MARKET              PRIOR DAY     TODAY       % 
NAME                    CUSIP     TICKER  FACE AMOUNT       COST      VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 

INCOME EQUITY; NOT ASSIGNED                                                                                          

===> Common Stock                                                                                                    
                                                                                                                     
Manor Care, Inc.        564054104 MNR           2,700     84,609    108,337     23,727     39.3750   40.1250    1.90 
Marsh & McLennan        571748102 MMC           3,200    248,402    300,800     52,398     94.1250   94.0000   (0.13)
Marriott                571900109 MAR           5,500    178,370    268,125     89,754     48.7500   48.7500    0.00 
Masco Corporation       574599106 MAS           7,000    175,735    190,750     15,015     27.5000   27.2500   (0.91)
Mattel, Inc.            577081102 MAT          12,037    235,420    312,975     77,555     26.0000   26.0000    0.00 
May Department          577778103 MA           10,900    433,007    555,900    122,893     50.0000   51.0000    2.00 
Maytag Corporation      578592107 MYG           4,700     75,200    101,050     25,850     21.0000   21.5000    2.38 
McDermott Int'l,        580037109 MDR           2,400     45,720     50,400      4,680     21.3750   21.0000   (1.75)
McDonald's              580135101 MCD          30,400    931,575  1,455,400    523,824     48.2500   47.8750   (0.78)
McDonnell Douglas       580169100 MD            4,900    264,046    472,850    208,803     94.7500   96.5000    1.85 
McGraw Hill Inc.        580645109 MHP           4,400    170,260    194,150     23,890     44.1250   44.1250    0.00 
Mead Corporation        582834107 MEA           2,300    110,792    127,937     17,145     56.3750   55.6250   (1.33)
Medtronic, Inc.         585055106 MDT          10,100    314,614    536,562    221,948     51.2500   53.1250    3.66 
Mellon Bank             585509102 MEL           5,800    252,468    311,750     59,282     53.7500   53.7500    0.00 
Melville Corporation    585745102 MES           4,600    149,182    178,825     29,642     39.5000   38.8750   (1.58)
Mercantile Stores       587533100 MST           1,600     67,200     99,800     32,600     62.2500   62.3750    0.20 
Merck & Company Inc     589331107 MRK          53,700  2,190,013  3,248,850  1,058,836     60.7500   60.5000   (0.41)
Meredith Corporation    589433101 MDP           1,200     28,200     54,450     26,250     45.2500   45.3750    0.28 
Merrill Lynch & Co.,    590188108 MER           7,700    319,707    464,887    145,179     60.6250   60.3750   (0.41)
Microsoft Corp          594918104 MSFT         25,900  1,788,275  2,936,412  1,148,137    112.6250  113.3750    0.67 
Micron Technology,      595112103 MU            9,000    252,335    327,375     75,040     36.5000   36.3750   (0.34)
Millipore Corp.         601073109 MIL           1,900     47,856     79,562     31,706     41.7500   41.8750    0.30 
Minnesota Mining &      604059105 MMM          18,300    989,358  1,203,225    213,867     66.0000   65.7500   (0.38)
Mobil Corporation       607059102 MOB          17,200  1,464,033  1,978,000    513,967    117.3750  115.0000   (2.02)
Monsanto Company        611662107 MTC           5,100    417,451    772,650    355,198    151.3750  151.5000    0.08 
Moore Corporation       615785102 MCL           4,400     77,655     80,300      2,645     18.3750   18.2500   (0.68)
Morgan (J.P.) & Co.     616880100 JPM           8,200    516,251    689,825    173,573     84.1250   84.1250    0.00 
Morgan Stanley Group    617446109 MS            6,800    323,701    341,700     17,999     49.5000   50.2500    1.52 
Morton Int'l            619331101 MII           6,400    188,574    226,400     37,825     35.2500   35.3750    0.35 
Motorola                620076109 MOT          25,800  1,518,369  1,580,250     61,880     61.7500   61.2500   (0.81)
NACCO Industries,       629579103 NC              400     21,120     25,250      4,130     63.1250   63.1250    0.00 
Nalco Chemical          629853102 NLC           2,900     96,961     88,450     (8,511)    31.1250   30.5000   (2.01)
National City           635405103 NCC           6,300    165,725    232,312     66,587     36.8750   36.8750    0.00 
National                637640103 NSM           5,900    105,757     92,925    (12,832)    15.7500   15.7500    0.00 
National Service        637657107 NSI           2,100     55,650     77,700     22,050     37.7500   37.0000   (1.99)
NationsBank Corp.       638585109 NB           12,900    680,373  1,028,775    348,401     79.0000   79.7500    0.95 
Navistar Int'l Corp.    63934E108 NAV           3,200     31,360     38,400      7,040     12.0000   12.0000    0.00 
New York Times          650111107 NYT/A         4,200    102,405    136,500     34,095     32.5000   32.5000    0.00 
Newell Company          651192106 NWL           6,900    158,062    196,650     38,587     28.1250   28.5000    1.33 
Newmont Mining Corp.    651639106 NEM           4,087    178,955    236,535     57,580     56.7500   57.8750    1.98 
Niagara Mohawk Power    653522102 NMK           6,300     93,303     47,250    (46,053)     7.5000    7.5000    0.00 
Nicor, Inc.             654086107 GAS           2,200     50,600     61,325     10,725     28.0000   27.8750   (0.45)
Nike, Inc.              654106103 NKE           6,200    228,150    542,500    314,350     88.7500   87.5000   (1.41)
Noram Energy            655419109 NAE           5,400     38,070     59,400     21,330     11.0000   11.0000    0.00 
Nordstrom, Inc.         655664100 NOBE          3,500    157,150    178,062     20,912     49.5000   50.8750    2.78 
Norfolk Southern        655844108 NSC           5,700    363,400    478,800    115,399     84.7500   84.0000   (0.88)
Northern States         665772109 NSP           3,000    139,517    140,250        732     46.6250   46.7500    0.27 

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                   FINAL MARKET VALUATION           Format D
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                                            # SHARES/                MARKET               PRIOR DAY    TODAY       % 
NAME                    CUSIP     TICKER  FACE AMOUNT       COST      VALUE   APPR/DEPR       PRICE    PRICE  CHANGE 

INCOME EQUITY; NOT ASSIGNED                                                                                          

===> Common Stock                                                                                                    
                                                                                                                     
Northern Telecom        665815106 NT           11,100    395,981    571,650     175,669     51.3750  51.5000    0.24 
Northrop Corporation    666807102 NOC           2,200    107,356    136,125      28,769     62.0000  61.8750   (0.20)
Norwest Corp.           669380107 NOB          15,400    494,595    556,325      61,729     36.3750  36.1250   (0.69)
Novell Inc.             670006105 NOVL         16,000    286,162    232,000 (    54,162)    13.7500  14.5000    5.45 
Nucor Corporation       670346105 NUE           3,800    219,640    213,750 (     5,890)    56.6250  56.2500   (0.66)
Nynex Corp              670768100 NYN          18,800    753,090    923,550     170,459     49.6250  49.1250   (1.01)
Occidental Petroleum    674599105 OXY          13,900    288,276    357,925      69,649     26.1250  25.7500   (1.44)
Ogden Corporation       676346109 OG            2,100     47,376     42,525 (     4,851)    20.2500  20.2500    0.00 
Ohio Edison Company     677347106 OEC           6,700    124,172    139,862      15,690     20.6250  20.8750    1.21 
Oneok, Inc.             682678107 OKE           1,200     20,550     30,900      10,350     26.0000  25.7500   (0.96)
Oracle Systems Corp.    68389X105 ORCL         28,500    607,920    961,875     353,954     34.2500  33.7500   (1.46)
Oryx Energy             68763F100 ORX           4,600     61,455     73,600      12,145     16.2500  16.0000   (1.54)
Outboard Marine         690020102 OM              900     18,720     17,775 (       945)    19.3750  19.7500    1.94 
Owens-Corning           69073F103 OCF           2,200     66,825     88,550      21,725     39.3750  40.2500    2.22 
Peco Energy Company     693304107 PE            9,700    250,449    241,287 (     9,161)    24.8750  24.8750    0.00 
PNC Financial           693475105 PNC          14,900    363,235    450,725      87,490     30.0000  30.2500    0.83 
PP&L Resources, Inc.    693499105 PPL           6,900    173,776    156,112 (    17,664)    22.3750  22.6250    1.12 
PPG Industries Inc.     693506107 PPG           8,400    342,054    425,250      83,196     50.7500  50.6250   (0.25)
Paccar, Inc.            693718108 PCAR          1,700     74,375     84,150       9,775     50.2500  49.5000   (1.49)
Pacific Enterprises     694232109 PET           3,700     95,034     95,275         240     25.6250  25.7500    0.49 
Pacific Gas &           694308107 PCG          18,300    431,932    416,325 (    15,607)    22.6250  22.7500    0.55 
Pacific Telesis         694890104 PAC          18,700    576,015    640,475      64,459     34.1250  34.2500    0.37 
PacifiCorp              695114108 PPW          12,800    234,605    256,000      21,395     20.1250  20.0000   (0.62)
Pall Corp.              696429307 PLL           5,000     97,500    140,000      42,500     28.1250  28.0000   (0.44)
PanEnergy               697926103 PEL           6,465    158,527    210,920      52,393     33.5000  32.6250   (2.61)
Parker Hannifin         701094104 PH            3,200     97,660    135,200      37,540     42.2500  42.2500    0.00 
J.C. Penney Company     708160106 JCP           9,800    472,058    485,100      13,042     49.3750  49.5000    0.25 
Pennzoil Company        709903108 PZL           2,000     90,370     88,500 (     1,870)    44.2500  44.2500    0.00 
People's Energy Corp    711030106 PGL           1,500     38,437     47,250       8,812     31.6250  31.5000   (0.40)
Pep Boys -              713278109 PBY           2,700     62,599     90,112      27,513     33.8750  33.3750   (1.48)
PepsiCo, Inc.           713448108 PEP          34,400  1,292,720  2,184,400     891,679     61.3750  63.5000    3.46 
Perkin-Elmer            714041100 PKN           1,900     57,467    104,262      46,795     55.0000  54.8750   (0.23)
Pharmacia & Upjohn      716941109 PNU          22,000    859,669    841,500 (    18,169)    38.1250  38.2500    0.33 
Pfizer Inc.             717081103 PFE          27,800  1,145,569  1,914,725     769,155     68.1250  68.8750    1.10 
Phelps Dodge            717265102 PD            3,000    171,212    220,500      49,287     75.2500  73.5000   (2.33)
Philip Morris Cos.,     718154107 MO           36,400  2,361,596  3,280,550     918,954     89.5000  90.1250    0.70 
Phillips Petroleum      718507106 P            11,400    384,222    473,100      88,877     41.6250  41.5000   (0.30)
Pioneer Hi-bred         723686101 PHB           3,600    127,550    200,700      73,150     55.2500  55.7500    0.90 
Pitney Bowes Inc.       724479100 PBI           6,600    246,633    321,750      75,117     48.7500  48.7500    0.00 
Placer Dome, Inc.       725906101 PDG          10,404    233,412    288,711      55,299     27.3750  27.7500    1.37 
Polaroid Corporation    731095105 PRD           2,000     65,500     90,000      24,500     44.7500  45.0000    0.56 
Potlatch Corporation    737628107 PCH           1,300     53,540     55,412       1,872     42.5000  42.6250    0.29 
Praxair, Inc.           74005P104 PX            6,100    147,082    235,612      88,530     39.2500  38.6250   (1.59)
Premark                 740459102 PMI           2,700    123,645    138,712      15,067     51.7500  51.3750   (0.72)
Price/Costco, Inc.      74143W102 PCCW          8,505    131,265    161,595      30,330     18.7500  19.0000    1.33 
Procter & Gamble Co.    742718109 PG           29,874  1,933,847  2,524,353     590,506     84.2500  84.5000    0.30 
Providian               744061102 PVN           4,200    141,012    193,725      52,712     46.3750  46.1250   (0.54)

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                   FINAL MARKET VALUATION           Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]

                                          # SHARES/                MARKET              PRIOR DAY     TODAY       % 
NAME                  CUSIP     TICKER  FACE AMOUNT       COST      VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 

INDEX; NOT ASSIGNED                                                                                                

===> Common Stock                                                                                                  
                                                                                                                   
Public Service        744573106 PEG          10,700    283,047    279,537     (3,510)    26.1250   26.1250    0.00 
Pulte Corporation     745867101 PHM           1,200     37,747     31,800     (5,947)    26.5000   26.5000    0.00 
Quaker Oats Company   747402105 OAT           5,900    196,367    202,812      6,445     34.1250   34.3750    0.73 
RJR Nabisco Holdings  74960K876 RN                0         11         11          0     30.0000   29.8750   (0.42)
Ralston Purina        751277302 RAL           4,600    237,262    268,525     31,262     57.2500   58.3750    1.97 
Raychem Corporation   754603108 RYC           1,900     68,637    147,962     79,325     76.8750   77.8750    1.30 
Raytheon Company      755111101 RTN          10,600    354,474    536,625    182,150     49.8750   50.6250    1.50 
Reebok International  758110100 RBK           3,300    124,560     95,700    (28,860)    29.0000   29.0000    0.00 
Republic New York     760719104 RNB           2,500    140,049    148,437      8,388     59.3750   59.3750    0.00 
Reynolds Metals       761763101 RLM           2,800    141,535    150,500      8,965     54.6250   53.7500   (1.60)
Rite Aid Corporation  767754104 RAD           3,700     87,671    109,612     21,941     29.7500   29.6250   (0.42)
Rockwell              774347108 ROK           9,500    371,403    555,750    184,347     58.5000   58.5000    0.00 
Rohm & Haas Company   775371107 ROH           2,900    171,062    192,487     21,425     66.6250   66.3750   (0.38)
Rowan Companies Inc.  779382100 RDC           3,700     34,410     54,575     20,165     15.3750   14.7500   (4.07)
Royal Dutch           780257705 RD           23,400  2,627,654  3,352,050    724,395    144.0000  143.2500   (0.52)
Rubbermaid Inc.       781088109 RBD           6,900    192,072    194,925      2,852     28.5000   28.2500   (0.88)
Russell Corporation   782352108 RML           1,700     52,062     44,200     (7,862)    25.8750   26.0000    0.48 
Ryan's Family Stk     783519101 RYAN          2,300     16,100     22,137      6,037      9.8750    9.6250   (2.53)
Ryder System, Inc.    783549108 R             3,500     83,005    101,937     18,932     28.8750   29.1250    0.87 
SBC Communications    78387G103 SBC          26,600  1,154,783  1,330,000    175,216     50.1250   50.0000   (0.25)
Safeco Corporation    786429100 SAFC          5,500    147,375    181,500     34,125     33.7500   33.0000   (2.22)
Safety Kleen          786484105 SK            2,500     33,750     37,500      3,750     15.1250   15.0000   (0.83)
St. Jude Medical,     790849103 STJM          3,100    120,592    113,150     (7,442)    37.0000   36.5000   (1.35)
St. Paul Companies    792860108 SPC           3,700    187,356    196,562      9,206     54.0000   53.1250   (1.62)
Salomon, Inc.         79549B107 SB            4,600    173,370    186,875     13,505     40.3750   40.6250    0.62 
Santa Fe Energy       802012104 SFR           3,900     37,771     46,800      9,028     12.2500   12.0000   (2.04)
Santa Fe Pacific      802176107 GLD           5,700     73,587     84,787     11,200     15.0000   14.8750   (0.83)
Sara Lee Corporation  803111103 SLE          21,100    554,512    654,100     99,587     30.8750   31.0000    0.40 
Schering-Plough       806605101 SGP          15,900    616,455    912,262    295,807     58.1250   57.3750   (1.29)
Schlumberger Ltd.     806857108 SLB          10,600    611,023    935,450    324,426     88.5000   88.2500   (0.28)
Scientific-Atlanta,   808655104 SFA           3,300     76,793     61,050    (15,743)    18.8750   18.5000   (1.99)
Seagram Company Ltd.  811850106 VO           16,300    484,470    552,162     67,692     34.1250   33.8750   (0.73)
Sears Roebuck & Co.   812387108 S            17,000    504,654    847,875    343,220     49.5000   49.8750    0.76 
Service Corp          817565104 SRV           5,075    158,370    269,609    111,238     52.7500   53.1250    0.71 
Shared Medical        819486101 SMED          1,000     55,125     68,500     13,375     69.2500   68.5000   (1.08)
Sherwin-Williams      824348106 SHW           3,700    130,184    172,975     42,790     46.8750   46.7500   (0.27)
Shoney's, Inc.        825039100 SHN           1,800     25,875     20,025     (5,850)    11.5000   11.1250   (3.26)
Sigma-Aldrich         826552101 SIAL          2,200    105,050    118,800     13,750     55.5000   54.0000   (2.70)
Silicon Graphics      827056102 SGI           7,100    207,181    210,337      3,156     29.2500   29.6250    1.28 
Snap-On Tools         833034101 SNA           1,800     56,925     86,400     29,475     48.1250   48.0000   (0.26)
Sonat, Inc.           835415100 SNT           3,800    116,735    165,775     49,040     44.5000   43.6250   (1.97)
Southern Company,     842587107 SO           29,100    603,810    640,200     36,389     22.1250   22.0000   (0.56)
Southwest Airlines    844741108 LUV           6,300    137,185    187,425     50,240     29.5000   29.7500    0.85 
Springs Industries,   851783100 SMI             900     36,382     41,400      5,017     45.5000   46.0000    1.10 
Sprint Corporation    852061100 FON          18,700    553,078    787,737    234,659     42.6250   42.1250   (1.17)
Stanley Works         854616109 SWK           1,900     74,100    119,225     45,125     62.5000   62.7500    0.40 
Stone Container       861589109 STO           4,300     65,405     73,100      7,695     17.1250   17.0000   (0.73)

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                              Index Fund (13103300)           ACCT DATE 04/30/96
                             FINAL MARKET VALUATION                     Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]

                                          # SHARES/            MARKET              PRIOR DAY     TODAY       % 
NAME                  CUSIP     TICKER  FACE AMOUNT     COST    VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 

INDEX; NOT ASSIGNED                                                                                            

===> Common Stock                                                                                              
                                                                                                               
Stride Rite           863314100 SRR           2,200   29,667   21,175     (8,492)     9.8750    9.6250   (2.53)
Sun Company, Inc.     866762107 SUN           3,300   84,315  102,300     17,985     31.1250   31.0000   (0.40)
Sun Microsystems,     866810104 SUNW          8,000  171,578  434,000    262,421     54.3750   54.2500   (0.23)
Suntrust Banks, Inc.  867914103 STI           4,900  253,610  345,450     91,840     70.2500   70.5000    0.36 
Super Valu Stores     868536103 SVU           3,000   80,430   96,000     15,570     32.0000   32.0000    0.00 
Sysco Corp.           871829107 SYY           8,000  215,825  257,000     41,175     32.5000   32.1250   (1.15)
TJX Companies, Inc.   872540109 TJX           3,200   48,191   94,400     46,209     30.2500   29.5000   (2.48)
TRW Inc.              872649108 TRW           2,900  204,805  272,237     67,432     93.2500   93.8750    0.67 
Tandem Computers,     875370108 TDM           5,100   56,406   65,025      8,619     12.5000   12.7500    2.00 
Tandy Corporation     875382103 TAN           2,800  118,312  145,250     26,937     52.1250   51.8750   (0.48)
Tektronix, Inc.       879131100 TEK           1,500   65,137   59,437     (5,700)    40.1250   39.6250   (1.25)
Tele-Communications,  87924V101 TCOMA        28,500  513,493  545,062     31,568     18.7500   19.1250    2.00 
Teledyne, Inc.        879335107 TDY           2,400   59,462   89,100     29,637     36.8750   37.1250    0.68 
Tellabs, Inc.         879664100 TLAB          3,900  156,750  215,475     58,725     56.5000   55.2500   (2.21)
Temple-Inland, Inc.   879868107 TIN           2,400  110,544  116,400      5,856     49.0000   48.5000   (1.02)
Tenet Healthcare      88033G100 THC           9,100  151,635  186,550     34,915     20.5000   20.5000    0.00 
Tenneco Inc           880370101 TEN           7,600  334,034  417,050     83,016     55.6250   54.8750   (1.35)
Texaco Inc.           881694103 TX           11,500  746,152  983,250    237,097     86.8750   85.5000   (1.58)
Texas Instruments,    882508104 TXN           8,200  377,419  463,300     85,881     56.2500   56.5000    0.44 
Texas Utilities       882848104 TXU           9,900  332,963  398,475     65,511     39.6250   40.2500    1.58 
Textron Inc.          883203101 TXT           3,700  207,952  317,275    109,322     86.1250   85.7500   (0.44)
Thomas & Betts Corp.  884315102 TNB           1,800   58,329   70,875     12,546     39.5000   39.3750   (0.32)
3Com Corporation      885535104 COMS          7,200  304,750  332,100     27,350     45.2500   46.1250    1.93 
360 Communications    885571109 XO            5,066   86,650  119,051     32,400     23.5000   23.5000    0.00 
Time Warner, Inc.     887315109 TWX          16,900  617,317  690,787     73,470     40.5000   40.8750    0.93 
Times Mirror Company  887364107 TMC           4,700  105,147  200,337     95,190     41.8750   42.6250    1.79 
Timken Company        887389104 TKR           1,400   45,759   55,475      9,716     40.0000   39.6250   (0.94)
Torchmark             891027104 TMK           3,150  121,622  135,450     13,827     43.0000   43.0000    0.00 
Toys "R" Us, Inc.     892335100 TOY          11,950  426,171  333,106    (93,065)    27.7500   27.8750    0.45 
Transamerica          893485102 TA            3,000  161,920  228,000     66,080     76.0000   76.0000    0.00 
Travelers, Inc.       894190107 TRV          13,800  531,319  848,700    317,380     61.6250   61.5000   (0.20)
Tribune Company       896047107 TRB           2,800  149,662  195,300     45,637     69.7500   69.7500    0.00 
Trinova Corporation   896678109 TNV           1,300   38,038   45,825      7,787     35.7500   35.2500   (1.40)
Tyco International    902120104 TYC           6,700  176,958  258,787     81,829     38.6250   38.6250    0.00 
USX-Marathon Group    902905827 MRO          12,500  235,448  275,000     39,552     22.0000   22.0000    0.00 
UST, Inc.             902911106 UST           8,400  231,210  268,800     37,590     32.6250   32.0000   (1.92)
Unum Corporation      903192102 UNM           3,200  133,820  190,400     56,580     59.7500   59.5000   (0.42)
USF & G Corporation   903290104 FG            4,900   68,894   77,787      8,893     15.8750   15.8750    0.00 
USX-US Steel Group,   90337T101 X             3,600  124,357  118,800     (5,557)    33.1250   33.0000   (0.38)
Unilever N.V.         904784501 UN            7,000  837,020  955,500    118,479    136.6250  136.5000   (0.09)
Unicom Corporation    904911104 UCM           9,400  236,012  258,500     22,487     27.1250   27.5000    1.38 
Union Camp            905530101 UCC           3,100  141,485  168,562     27,077     54.8750   54.3750   (0.91)
Union Carbide         905581104 UK            6,000  216,878  273,000     56,122     45.6250   45.5000   (0.27)
Union Electric        906548102 UEP           4,500  165,245  173,812      8,567     38.6250   38.6250    0.00 
Union Pacific         907818108 UNP           9,000  455,393  613,125    157,731     68.1250   68.1250    0.00 
Unisys Corp.          909214108 UIS           7,500   43,586   45,000      1,413      6.1250    6.0000   (2.04)
United Healthcare     910581107 UNH           7,600  382,031  444,600     62,569     58.1250   58.5000    0.65 

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                              Index Fund (13103300)           ACCT DATE 04/30/96
                   FINAL MARKET VALUATION           Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]

                                              # SHARES/                    MARKET               PRIOR DAY     TODAY       % 
NAME                    CUSIP     TICKER    FACE AMOUNT         COST        VALUE   APPR/DEPR       PRICE     PRICE  CHANGE 

INDEX; NOT ASSIGNED                                                                                                         

===> Common Stock                                                                                                           
                                                                                                                            
US Bancorp              911596104 USBC            6,600      188,225      213,675      25,450     32.2500   32.3750    0.39 
Usair Group Inc         911905107 U               2,700       11,475       47,925      36,450     17.3750   17.7500    2.16 
U.S. Healthcare,        911910107 USHC            6,700      304,850      349,237      44,387     51.8750   52.1250    0.48 
U.S. Surgical Corp.     912707106 USS             2,500       58,900       92,500      33,600     36.3750   37.0000    1.72 
US West                 912889102 USW            20,500      478,027      671,375     193,347     32.6250   32.7500    0.38 
US West Media Group     912889201 UMG            20,600      369,380      401,700      32,320     19.7500   19.5000   (1.27)
United Technologies     913017109 UTX             5,300      360,558      585,650     225,091    108.3750  110.5000    1.96 
Unocal Corporation      915289102 UCL            10,800      298,640      346,950      48,309     33.0000   32.1250   (2.65)
US Life Corporation     917318107 USH             1,500       43,781       42,187      (1,593)    28.0000   28.1250    0.45 
V F Corporation         918204108 VFC             2,800      142,910      159,600      16,690     56.8750   57.0000    0.22 
Varity Corporation      92224R602 VAT             1,800       65,700       76,725      11,025     42.6250   42.6250    0.00 
Viacom, Inc., Class     925524308 VIA/B          16,105      642,751      660,305      17,553     41.3750   41.0000   (0.91)
WMX Technologies,       92929Q107 WMX            21,200      607,407      736,700     129,293     34.1250   34.7500    1.83 
Wachovia Corp.          929771103 WB              7,400      263,229      325,600      62,371     43.7500   44.0000    0.57 
Wal-Mart Stores,        931142103 WMT           100,100    2,408,199    2,389,887     (18,312)    23.3750   23.8750    2.14 
Walgreen                931422109 WAG            10,700      248,780      342,400      93,619     32.2500   32.0000   (0.78)
Warner Lambert          934488107 WLA             5,900      478,093      659,325     181,232    112.5000  111.7500   (0.67)
Wells Fargo &           949740104 WFC             4,200      572,620    1,019,025     446,405    244.5000  242.6250   (0.77)
Wendy's                 950590109 WEN             5,200       78,650       99,450      20,800     19.0000   19.1250    0.66 
Western Atlas, Inc.     957674104 WAI             2,300      101,050      138,000      36,949     59.7500   60.0000    0.42 
Westinghouse            960402105 WX             18,100      277,927      341,637      63,710     19.0000   18.8750   (0.66)
Westvaco Corporation    961548104 W               4,400      103,970      136,400      32,430     30.8750   31.0000    0.40 
Weyerhaeuser Company    962166104 WY              8,800      338,980      435,600      96,620     49.7500   49.5000   (0.50)
Whirlpool               963320106 WHR             3,200      164,797      192,400      27,602     60.6250   60.1250   (0.82)
Whitman Copr            96647K102 WH              4,600       87,542      116,150      28,607     25.1250   25.2500    0.50 
Willamette              969133107 WMTT            2,400      156,350      147,600      (8,750)    62.5000   61.5000   (1.60)
Williams Companies,     969457100 WMB             4,400      140,240      224,950      84,710     51.0000   51.1250    0.25 
Winn-Dixie Stores,      974280109 WIN             6,700      202,092      221,100      19,007     33.0000   33.0000    0.00 
Woolworth               980883102 Z               5,800       82,998      110,925      27,927     19.2500   19.1250   (0.65)
WorldCom, Inc.          98155K102 WCOM            8,300      381,800      390,100       8,300     47.5000   47.0000   (1.05)
Worthington             981811102 WTHG            4,000       86,937       81,500      (5,437)    20.6250   20.3750   (1.21)
Wrigley (Wm) Jr         982526105 WWY             5,100      241,152      268,387      27,235     52.1250   52.6250    0.96 
Xerox Corp.             984121103 XRX             4,700      508,336      688,550     180,214    149.3750  146.5000   (1.92)
Yellow Corporation      985509108 YELL            1,200       14,550       14,700         150     12.1250   12.2500    1.03 

                Subtotals                     4,289,592  164,170,684  215,050,579  50,879,894                               

===> Futures Contracts Asset (Liability)                                                                                    
SPM6 S&P 500 Future     OFS004447 KEY:650.0        -500     -325,025     -325,025           0    650.0500  650.0500    0.00 
SPM6 S&P 500 Future     OFS004451 KEY:652.1      -3,000   -1,956,300   -1,956,300           0    652.1000  652.1000    0.00 
SPM6 S&P 500 Future     OSF004195 KEY:648.4      -2,000   -1,296,800   -1,296,800           0    648.4000  648.4000    0.00 
SPM6 S&P 500 Future     OSF004199 KEY:653.9        -500     -326,950     -326,950           0    653.9000  653.9000    0.00 
SPM6 S&P 500 Future     OSF004201 KEY:653.8      -1,000     -653,850     -653,850           0    653.8500  653.8500    0.00 
SPM6 S&P 500 Future     OSF004216 KEY:649       -25,500  -16,549,500  -16,549,500           0    649.0000  649.0000    0.00 
SPM6 S&P 500 Future     OSF004380 KEY:640.3        -500     -320,175     -320,175           0    640.3500  640.3500    0.00 
SPM6 S&P 500 Future     OSF004382 KEY:640.4      -1,000     -640,400     -640,400           0    640.4000  640.4000    0.00 
SPM6 S&P 500 Future     OSF004396 KEY:654.9      -1,500     -982,350     -982,350           0    654.9000  654.9000    0.00 

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                              Index Fund (13103300)           ACCT DATE 04/30/96
                   FINAL MARKET VALUATION           Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]

                                              # SHARES/                    MARKET               PRIOR DAY     TODAY       % 
NAME                    CUSIP     TICKER    FACE AMOUNT         COST        VALUE   APPR/DEPR       PRICE     PRICE  CHANGE 

INDEX; NOT ASSIGNED                                                                                                         

===> Futures Contracts Asset (Liability)                                                                                    
                                                                                                                            
SPM6 S&P 500 Future     OSF004414 KEY:653.7      -1,000     -653,700     -653,700           0    653.7000  653.7000    0.00 
SPM6 S&P 500 Future     OSF004430 KEY:647.8        -500     -323,900     -323,900           0    647.8000  647.8000    0.00 
SPM6 S&P 500 Future     OSF004434 KEY:645.2        -500     -322,625     -322,625           0    645.2500  645.2500    0.00 
SPM6 S&P 500 Future     OSF004439 KEY:643.7        -500     -321,850     -321,850           0    643.7000  643.7000    0.00 
SPM6 S&P 500 Future     OSF004442 KEY:644.9      -1,500     -967,350     -967,350           0    644.9000  644.9000    0.00 
SPM6 S&P 500 Future     OSF004455 KEY:651.9        -500     -325,975     -325,975           0    651.9500  651.9500    0.00 
SPM6 S&P 500 Future     OSF004465 KEY:655.4        -500     -327,700     -327,700           0         N/A  655.4000     N/A 
SPM6 S&P 500 Future     SPM606216 SPM6           40,500   26,294,450   26,521,425     226,975    655.1500  654.8500   (0.05)

                Subtotals                             0            0      226,975     226,975                               

===> Margin Account (Asset)/Liability                                                                                       
Goldman Sachs           MARGINACT              -239,250     -239,250     -239,250           0         N/A       N/A     N/A 

                Subtotals                      -239,250     -239,250     -239,250           0                               

===> Preferred Stock                                                                                                        
Teledyne,               879335602 TDY                24            0          348         348     14.3750   14.5000    0.87 

                Subtotals                            24            0          348         348                               

===> Repurchase Agreements                                                                                                  
Lehman Brothers,        LB                   25,572,883   25,572,883   25,572,883           0         N/A       N/A     N/A 

                Subtotals                    25,572,883   25,572,883   25,572,883           0                               

===> T-Bills Collateral on Futures Contracts                                                                                
UST Bill, due 3/6/97 9127942M5                  411,000      393,062      392,690        (372)    95.5566   95.5451   (0.01)
UST Bill, due 6/6/96 912794Z23                  645,000      641,868      641,851         (16)    99.4963   99.5119    0.02 

                Subtotals                     1,056,000    1,034,930    1,034,542        (388)                              

                Segment Totals    Shares      4,289,616                                                                     
                                Face Amt     26,389,633  190,539,248  241,646,078  51,106,829                               
                Fund Totals       Shares      4,289,616                                                                     
                                Face Amt     26,389,633  190,539,248  241,646,078  51,106,829                               

                                                  Today    Yesterday  Unit Change    % Change                               
                Dow Jones Industrial Average     999.99       999.99         0.00       0.000                               

                                                                      Page    12

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                          Income Equity Fund (13103200)       ACCT DATE 04/30/96
                   FINAL MARKET VALUATION           Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]

                                            # SHARES/                  MARKET               PRIOR DAY     TODAY       % 
NAME                    CUSIP     TICKER  FACE AMOUNT        COST       VALUE   APPR/DEPR       PRICE     PRICE  CHANGE 

INCOME EQUITY; NOT ASSIGNED                                                                                             

===> Common Stock                                                                                                       
                                                                                                                        
AT&T Corporation        001957109 T            43,500   2,401,085   2,664,375     263,290     61.5000   61.2500   (0.41)
American Brands Inc.    024703100 AMB          44,500   1,723,250   1,852,312     129,062     41.7500   41.6250   (0.30)
American Express        025816109 AXP          30,800     979,895   1,493,800     513,905     48.2500   48.5000    0.52 
American General        026351106 AGC          40,000   1,261,056   1,405,000     143,944     34.7500   35.1250    1.08 
American Home           026609107 AHP          14,000   1,062,335   1,477,000     414,665    106.8750  105.5000   (1.29)
Atlantic Richfield      048825103 ARC          16,000   1,785,512   1,884,000      98,487    118.5000  117.7500   (0.63)
Chevron Corporation     166751107 CHV          31,900   1,503,082   1,850,200     347,118     58.5000   58.0000   (0.85)
Consolidated Natural    209615103 CNG          31,900   1,181,554   1,491,325     309,771     46.5000   46.7500    0.54 
Dayton Hudson Corp.     239753106 DH           10,800     881,860   1,031,400     149,540     93.5000   95.5000    2.14 
Deluxe Corp.            248019101 DLX          37,400   1,068,204   1,309,000     240,795     34.7500   35.0000    0.72 
Du Pont (E.I.) de       263534109 DD           27,000   1,648,330   2,170,125     521,795     79.8750   80.3750    0.63 
Dun & Bradstreet        264830100 DNB          38,000   2,170,457   2,313,250     142,792     61.1250   60.8750   (0.41)
Eastman Kodak           277461109 EK           27,200   1,460,704   2,080,800     620,095     76.7500   76.5000   (0.33)
Emerson Electric Co     291011104 EMR          16,500   1,100,717   1,379,812     279,095     83.3750   83.6250    0.30 
Exxon Corporation       302290101 XON          17,100   1,091,080   1,453,500     362,420     85.8750   85.0000   (1.02)
FPL Group, Inc.         302571104 FPL          11,500     403,560     495,937      92,377     42.8750   43.1250    0.58 
First Bank System       319279105 FBS          27,200   1,026,575   1,638,800     612,225     60.5000   60.2500   (0.41)
GTE Corporation         362320103 GTE          40,000   1,384,047   1,735,000     350,952     43.7500   43.3750   (0.86)
General Electric        369604103 GE           24,300   1,270,949   1,883,250     612,300     77.6250   77.5000   (0.16)
Hewlett-Packard         428236103 HWP          30,500   1,669,177   3,229,187   1,560,010    107.2500  105.8750   (1.28)
Honeywell Inc.          438506107 HON          43,500   1,547,152   2,289,187     742,034     51.8750   52.6250    1.45 
Johnson & Johnson       478160104 JNJ          16,000   1,027,682   1,480,000     452,317     91.8750   92.5000    0.68 
May Department          577778103 MA           21,400     886,665   1,091,400     204,735     50.0000   51.0000    2.00 
McDonald's              580135101 MCD          20,700     634,566     991,012     356,445     48.2500   47.8750   (0.78)
Merck & Company Inc     589331107 MRK          17,500     730,112   1,058,750     328,637     60.7500   60.5000   (0.41)
Minnesota Mining &      604059105 MMM          35,000   2,034,639   2,301,250     266,610     66.0000   65.7500   (0.38)
Mobil Corporation       607059102 MOB          11,000   1,005,747   1,265,000     259,252    117.3750  115.0000   (2.02)
Morgan (J.P.) & Co.     616880100 JPM          24,500   1,675,553   2,061,062     385,508     84.1250   84.1250    0.00 
Morton Int'l            619331101 MII          46,500   1,361,491   1,644,937     283,445     35.2500   35.3750    0.35 
Pacific Gas &           694308107 PCG          40,000   1,097,681     910,000    (187,681)    22.6250   22.7500    0.55 
J.C. Penney Company,    708160106 JCP          22,200     983,370   1,098,900     115,530     49.3750   49.5000    0.25 
PepsiCo, Inc.           713448108 PEP          22,600     895,520   1,435,100     539,580     61.3750   63.5000    3.46 
Pfizer Inc.             717081103 PFE          20,200     824,550   1,391,275     566,725     68.1250   68.8750    1.10 
Philip Morris Cos.,     718154107 MO           16,500   1,081,713   1,487,062     405,348     89.5000   90.1250    0.70 
Procter & Gamble Co.    742718109 PG           21,000   1,419,126   1,774,500     355,373     84.2500   84.5000    0.30 
Public Service          744573106 PEG          40,000   1,121,629   1,045,000     (76,629)    26.1250   26.1250    0.00 
Royal Dutch             780257705 RD            7,700     883,250   1,103,025     219,775    144.0000  143.2500   (0.52)
Sara Lee Corporation    803111103 SLE          47,000   1,392,450   1,457,000      64,550     30.8750   31.0000    0.40 
Schlumberger Ltd.       806857108 SLB          23,400   1,370,037   2,065,050     695,012     88.5000   88.2500   (0.28)
Sears Roebuck & Co.     812387108 S            15,900     460,459     793,012     332,553     49.5000   49.8750    0.76 
Texas Utilities         882848104 TXU          18,600     661,125     748,650      87,525     39.6250   40.2500    1.58 
Transamerica            893485102 TA           22,100   1,251,102   1,679,600     428,497     76.0000   76.0000    0.00 
United Technologies     913017109 UTX          20,100   1,467,122   2,221,050     753,927    108.3750  110.5000    1.96 
WMX Technologies,       92929Q107 WMX          60,000   1,701,902   2,085,000     383,098     34.1250   34.7500    1.83 

                   Subtotals                1,193,500  54,588,084  70,314,900  15,726,815                               

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                          Income Equity Fund (13103200)       ACCT DATE 04/30/96
                   FINAL MARKET VALUATION           Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]

                                          # SHARES/                   MARKET              PRIOR DAY   TODAY       %
NAME                   CUSIP   TICKER   FACE AMOUNT        COST        VALUE   APPR/DEPR      PRICE  PRICE   CHANGE

INCOME EQUITY; NOT ASSIGNED                                                                                        

                                                                                                                   
===> Repurchase Agreements                                                                                         

Bear, Stearns & Co., BS                   5,502,588   5,502,588    5,502,588           0        N/A     N/A     N/A

             Subtotals                    5,502,588   5,502,588    5,502,588           0                           

             Segment Totals  Shares       1,193,500                                                                
                             Face Amt     5,502,588  60,090,672   75,817,488  15,726,815                           
             Fund Totals     Shares       1,193,500                                                                
                             Face Amt     5,502,588  60,090,672   75,817,488  15,726,815                           

                                              Today   Yesterday  Unit Change    % Change                           
             Dow Jones Industrial Average    999.99      999.99         0.00       0.000                           


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                             International Fund           ACCT DATE 04/30/96
                 FINAL MARKET VALUATION         Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]

                                             # SHARES/                    MARKET              PRIOR DAY    TODAY       % 
NAME                    CUSIP     TICKER   FACE AMOUNT         COST        VALUE   APPR/DEPR      PRICE    PRICE  CHANGE 

INTERNATIONAL; NOT ASSIGNED                                                                                              

===> Common Stock                                                                                                        
                                                                                                                         
International Core      CFIN16001 IIF        5,858,762  121,303,180  139,500,067  18,196,887    23.8723  23.8105   (0.26)

             Subtotals                       5,858,762  121,303,180  139,500,067  18,196,887                             

             Segment Totals  Shares          5,858,762                                                                   
                             Face Amt                0  121,303,180  139,500,067  18,196,887                             
             Fund Totals     Shares          5,858,762                                                                   
                             Face Amt                0  121,303,180  139,500,067  18,196,887                             

                                                 Today    Yesterday  Unit Change    % Change                             

             Dow Jones Industrial Average       999.99       999.99         0.00       0.000                             


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                        Growth Equity Fund (131037..)     ACCT DATE 04/30/96
                 FINAL MARKET VALUATION         Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                             # SHARES/                    MARKET               PRIOR DAY     TODAY     %   
NAME                    CUSIP     TICKER   FACE AMOUNT         COST        VALUE   APPR/DEPR       PRICE     PRICE  CHANGE 

LARGE COMPANY GROWTH; NOT ASSIGNED                                                                                         

===> Cash Account                                                                                                          
Not Applicable - CMA |$$CASH$$                       0            0            0           0         N/A       N/A     N/A 

             Subtotals                               0            0            0           0                               

===> Common Stock                                                                                                          
                                                                                                                           
Airtouch                00949T100 ATI           74,000    2,112,633    2,312,500     199,866     31.8750   31.2500   (1.96)
Alco Standard           013788104 ASN           39,400    1,549,920    2,280,275     730,354     57.3750   57.8750    0.87 
American Int'l Group    026874107 AIG          131,150    8,751,763   11,983,831   3,232,067     91.0000   91.3750    0.41 
Amgen, Inc.             031162100 AMGN          71,600    4,442,178    4,117,000    (325,178)    56.8750   57.5000    1.10 
Autozone Inc.           053332102 AZO          214,600    5,485,220    7,832,900   2,347,679     36.5000   36.5000    0.00 
Cisco Systems, Inc.     17275R102 CSCO         152,800    5,907,629    7,926,500   2,018,870     52.0000   51.8750   (0.24)
Cintas                  172908105 CTAS          70,200    2,592,346    3,773,250   1,180,903     53.5000   53.7500    0.47 
Coca Cola Co            191216100 KO           111,200    6,002,306    9,062,800   3,060,493     81.1250   81.5000    0.46 
Columbia/HCA            197677107 COL          152,900    7,903,057    8,122,812     219,754     52.6250   53.1250    0.95 
Corporate Express       219888104 CEXP         117,000    3,238,846    4,372,875   1,134,028     36.7500   37.3750    1.70 
DST Systems, Inc.       233326107 DST           83,900    2,082,442    3,083,325   1,000,882     37.7500   36.7500   (2.65)
Danka Business          236277109 DANKY        103,400    2,696,891    4,963,200   2,266,308     48.9375   48.0000   (1.92)
Disney Walt Co          254687106 DIS           78,600    3,782,190    4,873,200   1,091,010     61.8750   62.0000    0.20 
Donaldson,Lufkin,Jen    257661108 DLJ           78,400    2,399,011    2,646,000     246,988     34.1250   33.7500   (1.10)
Ericsson(l.m.)          294821400 ERICY        405,600    6,201,964    8,264,100   2,062,135     20.3125   20.3750    0.31 
First Data Corp.        319963104 FDC          174,700    9,595,824   13,277,200   3,681,375     76.1250   76.0000   (0.16)
Fiserv, Inc.            337738108 FISV US      104,400    2,499,387    3,184,200     684,813     30.7500   30.5000   (0.81)
Franklin Resources,     354613101 BEN          159,000    6,807,802    9,102,750   2,294,947     57.3750   57.2500   (0.22)
General Mtrs Corp Cl    370442402 GME          125,200    4,826,918    7,058,150   2,231,231     56.2500   56.3750    0.22 
General Re Corp         370563108 GRN           13,500    2,084,702    1,928,812    (155,889)   143.1250  142.8750   (0.17)
HBO & Company           404100109 HBOC          43,200    3,284,976    5,130,000   1,845,023    117.5000  118.7500    1.06 
Hewlett-Packard         428236103 HWP           91,800    7,662,005    9,719,325   2,057,319    107.2500  105.8750   (1.28)
Home Depot Inc          437076102 HD           148,600    6,878,000    7,039,925     161,924     47.3750   47.3750    0.00 
Intel                   458140100 INTC         176,400    6,754,108   11,951,100   5,196,991     68.1250   67.7500   (0.55)
Lowes Companies, Inc    548661107 LOW          131,700    4,989,240    4,263,787    (725,453)    32.1250   32.3750    0.78 
Medaphis Corp           584028104 MEDA         208,000    6,043,196    9,594,000   3,550,803     46.7500   46.1250   (1.34)
Microsoft Corp          594918104 MSFT         131,500    9,041,340   14,908,812   5,867,471    112.6250  113.3750    0.67 
Molex Inc. Cl A         608554200 MOLXA        145,843    3,898,073    4,375,290     477,216     30.2500   30.0000   (0.83)
Motorola                620076109 MOT           63,000    3,856,566    3,858,750       2,183     61.7500   61.2500   (0.81)
Office Depot Inc        676220106 ODP          427,400   10,642,345    9,563,075  (1,079,270)    22.2500   22.3750    0.56 
Paychex, Inc.           704326107 PAYX          55,150    1,668,152    3,736,412   2,068,260     68.5000   67.7500   (1.09)
Petsmart Inc            716768106 PETM         111,450    2,815,323    4,945,593   2,130,270     42.7500   44.3750    3.80 
Pfizer Inc.             717081103 PFE           91,000    5,498,139    6,267,625     769,485     68.1250   68.8750    1.10 
Philip Morris Cos.,     718154107 MO            61,900    4,349,735    5,578,737   1,229,002     89.5000   90.1250    0.70 
T. Rowe Price           741477103 TROW          85,600    3,169,801    4,772,200   1,602,398     56.5000   55.7500   (1.33)
Schwab Charles Corp     808513105 SCH          461,300    5,985,018   11,301,850   5,316,831     25.1250   24.5000   (2.49)
Solectron Corp          834182107 SLR           97,100    2,862,850    4,320,950   1,458,099     45.0000   44.5000   (1.11)
Sungard Data            867363103 SNDT          65,500    1,770,734    2,177,875     407,140     34.2500   33.2500   (2.92)
Viking Office           926913104 VKNG          42,600    1,469,797    2,529,375   1,059,577     60.1250   59.3750   (1.25)

             Subtotals                       5,100,593  183,602,444  246,200,365  62,597,920                               

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                        Growth Equity Fund (131037..)     ACCT DATE 04/30/96
                 FINAL MARKET VALUATION         Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                              # SHARES/                    MARKET              PRIOR DAY  TODAY     %  
NAME                    CUSIP     TICKER    FACE AMOUNT         COST        VALUE   APPR/DEPR      PRICE  PRICE  CHANGE

LARGE COMPANY GROWTH; NOT ASSIGNED                                                                                     

===> Repurchase Agreements                                                                                             
                                                                                                                       
Bear, Stearns & Co., BS                       2,938,614    2,938,614    2,938,614           0        N/A    N/A     N/A

             Subtotals                        2,938,614    2,938,614    2,938,614           0                          

             Segment Totals       Shares      5,100,593                                                                
                                  Face Amt    2,938,614  186,541,059  249,138,979  62,597,920                          

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                        Growth Equity Fund (131037..)     ACCT DATE 04/30/96
                 FINAL MARKET VALUATION         Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                              # SHARES/                    MARKET              PRIOR DAY    TODAY     %   
NAME                    CUSIP     TICKER    FACE AMOUNT         COST        VALUE   APPR/DEPR      PRICE    PRICE  CHANGE 

SMALL COMPANY GROWTH; NOT ASSIGNED                                                                                        

===> Cash Account                                                                                                         
                                                                                                                          
Not Applicable - CMA |$$CASH$$                        0            0            0           0        N/A      N/A     N/A 

             Subtotals                                0            0            0           0                             

===> Common Stock                                                                                                         
Small Company NP        CFSC16003 SCGF        7,474,847  173,415,206  251,373,131  77,957,924    33.6482  33.6292   (0.06)

             Subtotals                        7,474,847  173,415,206  251,373,131  77,957,924                             

             Segment Totals       Shares      7,474,847                                                                   
                                  Face Amt            0  173,415,206  251,373,131  77,957,924                             

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                        Growth Equity Fund (131037..)     ACCT DATE 04/30/96
                 FINAL MARKET VALUATION         Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                              # SHARES/                    MARKET              PRIOR DAY    TODAY     %   
NAME                    CUSIP     TICKER    FACE AMOUNT         COST        VALUE   APPR/DEPR      PRICE    PRICE  CHANGE 

INTERNATIONAL; NOT ASSIGNED                                                                                               

===> Cash Account                                                                                                         
                                                                                                                          
Not Applicable - CMA |$$CASH$$                        0            0            0           0        N/A      N/A     N/A 

             Subtotals                                0            0            0           0                             

===> Common Stock                                                                                                         
International Core      CFI216002 IIF         8,692,708  177,771,377  210,319,203  32,547,826    24.2469  24.1949   (0.21)

             Subtotals                        8,692,708  177,771,377  210,319,203  32,547,826                             

             Segment Totals       Shares      8,692,708                                                                   
                                  Face Amt            0  177,771,377  210,319,203  32,547,826                             

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                        Growth Equity Fund (131037..)     ACCT DATE 04/30/96
                 FINAL MARKET VALUATION         Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                              # SHARES/                    MARKET              PRIOR DAY  TODAY     %  
NAME                    CUSIP     TICKER    FACE AMOUNT         COST        VALUE   APPR/DEPR      PRICE  PRICE  CHANGE

SHORT MATURITY INVESTMENT FUND; NOT ASSIGNED                                                                           

===> Cash Account                                                                                                      
                                                                                                                       
Not Applicable - CMA |$$CASH$$                        0            0            0           0        N/A    N/A     N/A

             Subtotals                                0            0            0           0                          

===> Repurchase Agreements                                                                                             
Bear, Stearns & Co., BS                       1,782,201    1,782,201    1,782,201           0        N/A    N/A     N/A

             Subtotals                        1,782,201    1,782,201    1,782,201           0                          

             Segment Totals       Shares              0                                                                
                                  Face Amt    1,782,201    1,782,201    1,782,201           0                          
             Fund Totals          Shares     21,268,148                                                                
                                  Face Amt    4,720,815  539,509,843  712,613,515 173,103,671                          

                                                 Today     Yesterday  Unit Change    % Change                          
             Dow Jones Industrial Average        999.99       999.99         0.00       0.000                          

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                        Diversified Equity Fund (131036..)    ACCT DATE 04/30/96

                    FINAL MARKET VALUATION          Format D

Cost and Tax Lot Summary (Internal Use) 

                                                        [Enlarge/Download Table]


                                          # SHARES/                  MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST      VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 

INCOME EQUITY; Norwest Capital Mgt Trust & Co. - DR/JH                                                               

                                                                                                                     
===> Cash Account                                                                                                    
Not Applicable - CMA |$$CASH$$                     0           0          0          0         N/A       N/A     N/A 

                Subtotals                          0           0          0          0                               

===> Common Stock                                                                                                    
AT&T Corporation     001957109 T             125,000   6,719,600  7,656,250    936,650     61.5000   61.2500   (0.41)
American Brands Inc. 024703100 AMB           119,500   4,277,536  4,974,187    696,651     41.7500   41.6250   (0.30)
American Express     025816109 AXP            90,000   2,767,500  4,365,000  1,597,500     48.2500   48.5000    0.52 
American General     026351106 AGC           119,000   3,576,284  4,179,875    603,590     34.7500   35.1250    1.08 
American Home        026609107 AHP            38,200   2,478,225  4,030,100  1,551,875    106.8750  105.5000   (1.29)
Atlantic Richfield   048825103 ARC            45,000   4,948,013  5,298,750    350,736    118.5000  117.7500   (0.63)
Chevron Corporation  166751107 CHV            80,000   3,528,930  4,640,000  1,111,070     58.5000   58.0000   (0.85)
Consolidated Natural 209615103 CNG           104,600   3,717,946  4,890,050  1,172,104     46.5000   46.7500    0.54 
Dayton Hudson Corp.  239753106 DH             38,700   3,190,275  3,695,850    505,575     93.5000   95.5000    2.14 
Deluxe Corp.         248019101 DLX           119,200   3,409,325  4,172,000    762,675     34.7500   35.0000    0.72 
Du Pont (E.I.) de    263534109 DD             82,600   4,576,825  6,638,975  2,062,150     79.8750   80.3750    0.63 
Dun & Bradstreet     264830100 DNB           100,000   5,646,736  6,087,500    440,763     61.1250   60.8750   (0.41)
Eastman Kodak        277461109 EK             77,900   3,871,062  5,959,350  2,088,287     76.7500   76.5000   (0.33)
Emerson Electric Co  291011104 EMR            50,900   3,225,787  4,256,512  1,030,725     83.3750   83.6250    0.30 
Exxon Corporation    302290101 XON            74,800   4,912,052  6,358,000  1,445,947     85.8750   85.0000   (1.02)
FPL Group, Inc.      302571104 FPL            38,200   1,270,150  1,647,375    377,225     42.8750   43.1250    0.58 
First Bank System    319279105 FBS            80,000   2,890,000  4,820,000  1,930,000     60.5000   60.2500   (0.41)
GTE Corporation      362320103 GTE           122,200   3,755,840  5,300,425  1,544,585     43.7500   43.3750   (0.86)
General Electric     369604103 GE             76,100   3,703,330  5,897,750  2,194,420     77.6250   77.5000   (0.16)
Hewlett-Packard      428236103 HWP            90,000   4,362,495  9,528,750  5,166,255    107.2500  105.8750   (1.28)
Honeywell Inc.       438506107 HON           145,000   4,638,551  7,630,625  2,992,074     51.8750   52.6250    1.45 
Johnson & Johnson    478160104 JNJ            45,900   2,507,287  4,245,750  1,738,462     91.8750   92.5000    0.68 
May Department       577778103 MA             56,100   2,145,825  2,861,100    715,275     50.0000   51.0000    2.00 
McDonald's           580135101 MCD            71,500   2,055,625  3,423,062  1,367,437     48.2500   47.8750   (0.78)
Merck & Company Inc  589331107 MRK            56,100   2,082,712  3,394,050  1,311,337     60.7500   60.5000   (0.41)
Minnesota Mining &   604059105 MMM            91,300   5,013,776  6,002,975    989,198     66.0000   65.7500   (0.38)
Mobil Corporation    607059102 MOB            35,600   2,938,525  4,094,000  1,155,475    117.3750  115.0000   (2.02)
Morgan (J.P.) & Co.  616880100 JPM            72,000   4,535,268  6,057,000  1,521,731     84.1250   84.1250    0.00 
Morton Int'l         619331101 MII           139,000   3,952,938  4,917,125    964,187     35.2500   35.3750    0.35 
Pacific Gas &        694308107 PCG           110,000   3,110,164  2,502,500   (607,664)    22.6250   22.7500    0.55 
J.C. Penney Company, 708160106 JCP            60,000   2,796,000  2,970,000    174,000     49.3750   49.5000    0.25 
PepsiCo, Inc.        713448108 PEP            71,500   2,529,225  4,540,250  2,011,025     61.3750   63.5000    3.46 
Pfizer Inc.          717081103 PFE            65,000   2,476,790  4,476,875  2,000,085     68.1250   68.8750    1.10 
Philip Morris Cos.,  718154107 MO             50,300   3,145,628  4,533,287  1,387,658     89.5000   90.1250    0.70 
Procter & Gamble Co. 742718109 PG             64,000   4,024,672  5,408,000  1,383,327     84.2500   84.5000    0.30 
Public Service       744573106 PEG           128,000   3,523,218  3,344,000   (179,218)    26.1250   26.1250    0.00 
Royal Dutch          780257705 RD             26,800   3,105,950  3,839,100    733,150    144.0000  143.2500   (0.52)
Sara Lee Corporation 803111103 SLE           120,000   3,517,300  3,720,000    202,700     30.8750   31.0000    0.40 
Schlumberger Ltd.    806857108 SLB            70,000   3,892,899  6,177,500  2,284,600     88.5000   88.2500   (0.28)
Sears Roebuck & Co.  812387108 S              56,100   1,558,445  2,797,987  1,239,541     49.5000   49.8750    0.76 
Texas Utilities      882848104 TXU            53,500   1,751,350  2,153,375    402,025     39.6250   40.2500    1.58 
Transamerica         893485102 TA             64,000   3,207,115  4,864,000  1,656,885     76.0000   76.0000    0.00 


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                        Diversified Equity Fund (131036..)    ACCT DATE 04/30/96

                   FINAL MARKET VALUATION           Format D

 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET                 PRIOR DAY     TODAY      %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE    APPR/DEPR        PRICE     PRICE    CHANGE

INCOME EQUITY; Norwest Capital Mgt Trust & Co. - DR/JH                                                                    

                                                                                                                          
===> Common Stock                                                                                                         
United Technologies  913017109 UTX            48,400    2,910,050    5,348,200    2,438,150     108.3750  110.5000    1.96
WMX Technologies,    92929Q107 WMX           160,000    4,414,806    5,560,000    1,145,194      34.1250   34.7500    1.83

                Subtotals                  3,532,000  152,662,039  209,257,462   56,595,423                               

===> Repurchase Agreements                                                                                                
Bear, Stearns & Co., BS                    6,080,721    6,080,721    6,080,721            0          N/A       N/A     N/A

                Subtotals                  6,080,721    6,080,721    6,080,721            0                               

                Segment Totals  Shares     3,532,000                                                                      
                                Face Amt   6,080,721  158,742,761  215,338,184   56,595,423                               


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                        Diversified Equity Fund (131036..)    ACCT DATE 04/30/96

                   FINAL MARKET VALUATION           Format D

Cost and Tax Lot Summary (Internal Use) 

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET              PRIOR DAY    TODAY     %  
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE   APPR/DEPR      PRICE    PRICE  CHANGE

INDEX; Portfolio of Core Trust(Delaware)                                                                            

                                                                                                                    
===> Cash Account                                                                                                   
Not Applicable - CMA |$$CASH$$                     0           0           0           0        N/A      N/A     N/A

                Subtotals                          0           0           0           0                            

===> Common Stock                                                                                                   
Index NP Fund        CFIX16004 INDX        6,799,326 155,384,292 215,704,562  60,320,269    31.7213  31.7244    0.01

                Subtotals                  6,799,326 155,384,292 215,704,562  60,320,269                            

                Segment Totals  Shares     6,799,326                                                                
                                Face Amt           0 155,384,292 215,704,562  60,320,269                            


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                        Diversified Equity Fund (131036..)    ACCT DATE 04/30/96

                    FINAL MARKET VALUATION          Format D

 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET               PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE   APPR/DEPR       PRICE     PRICE  CHANGE 

LARGE COMPANY GROWTH; Peregrine Capital Management - JD/DK                                                             

                                                                                                                       
===> Cash Account                                                                                                      
Not Applicable - CMA |$$CASH$$                     0           0           0           0         N/A       N/A     N/A 

                Subtotals                          0           0           0           0                               

===> Common Stock                                                                                                      
Airtouch             00949T100 ATI            64,600   1,816,961   2,018,750     201,788     31.8750   31.2500   (1.96)
Alco Standard        013788104 ASN            35,600   1,378,500   2,060,350     681,849     57.3750   57.8750    0.87 
American Int'l Group 026874107 AIG           111,225   7,304,361  10,163,184   2,858,822     91.0000   91.3750    0.41 
Amgen, Inc.          031162100 AMGN           63,600   3,952,202   3,657,000    (295,202)    56.8750   57.5000    1.10 
Autozone Inc.        053332102 AZO           204,800   5,205,141   7,475,200   2,270,059     36.5000   36.5000    0.00 
Cisco Systems, Inc.  17275R102 CSCO          134,500   5,184,464   6,977,187   1,792,723     52.0000   51.8750   (0.24)
Cintas               172908105 CTAS           53,500   1,951,216   2,875,625     924,408     53.5000   53.7500    0.47 
Coca-Cola Co         191216100 KO             93,150   4,938,971   7,591,725   2,652,753     81.1250   81.5000    0.46 
Columbia/HCA         197677107 COL           134,500   6,952,877   7,145,312     192,434     52.6250   53.1250    0.95 
Corporate Express    219888104 CEXP          104,000   2,861,949   3,887,000   1,025,050     36.7500   37.3750    1.70 
DST Systems, Inc.    233326107 DST            74,400   1,841,732   2,734,200     892,467     37.7500   36.7500   (2.65)
Danka Business       236277109 DANKY          89,100   2,280,846   4,276,800   1,995,953     48.9375   48.0000   (1.92)
Disney Walt Co       254687106 DIS            71,980   3,397,813   4,462,760   1,064,947     61.8750   62.0000    0.20 
Donaldson,Lufkin,Jen 257661108 DLJ            69,600   2,125,431   2,349,000     223,568     34.1250   33.7500   (1.10)
Ericsson (l.m.)      294821400 ERICY         358,400   5,413,461   7,302,400   1,888,938     20.3125   20.3750    0.31 
First Data Corp.     319963104 FDC           149,000   8,156,889  11,324,000   3,167,110     76.1250   76.0000   (0.16)
Fiserv, Inc.         337738108 FISV US        96,650   2,292,475   2,947,825     655,349     30.7500   30.5000   (0.81)
Franklin Resources,  354613101 BEN           140,400   5,956,859   8,037,900   2,081,040     57.3750   57.2500   (0.22)
General Mtrs Corp Cl 370442402 GME           109,950   4,103,991   6,198,431   2,094,439     56.2500   56.3750    0.22 
General Re Corp      370563108 GRN            11,800   1,823,758   1,685,925    (137,833)   143.1250  142.8750   (0.17)
HBO & Company        404100109 HBOC           37,900   2,859,150   4,500,625   1,641,474    117.5000  118.7500    1.06 
Hewlett-Packard      428236103 HWP            81,800   6,799,089   8,660,575   1,861,485    107.2500  105.8750   (1.28)
Home Depot Inc       437076102 HD            134,693   6,277,961   6,381,080     103,119     47.3750   47.3750    0.00 
Intel                458140100 INTC          154,700   5,691,988  10,480,925   4,788,936     68.1250   67.7500   (0.55)
Lowes Companies, Inc 548661107 LOW           124,700   4,785,351   4,037,162    (748,188)    32.1250   32.3750    0.78 
Medaphis Corp        584028104 MEDA          184,400   5,315,380   8,505,450   3,190,069     46.7500   46.1250   (1.34)
Microsoft Corp       594918104 MSFT          115,920   7,813,773  13,142,430   5,328,656    112.6250  113.3750    0.67 
Molex Inc. Cl A      608554200 MOLXA         134,306   3,567,945   4,029,180     461,234     30.2500   30.0000   (0.83)
Motorola             620076109 MOT            55,360   3,294,921   3,390,800      95,878     61.7500   61.2500   (0.81)
Office Depot Inc     676220106 ODP           376,460   9,352,528   8,423,292    (929,236)    22.2500   22.3750    0.56 
Paychex, Inc.        704326107 PAYX           45,600   1,333,232   3,089,400   1,756,167     68.5000   67.7500   (1.09)
Petsmart Inc         716768106 PETM          102,400   2,544,785   4,544,000   1,999,214     42.7500   44.3750    3.80 
Pfizer Inc.          717081103 PFE            80,500   4,856,943   5,544,437     687,493     68.1250   68.8750    1.10 
Philip Morris Cos.,  718154107 MO             54,800   3,825,055   4,938,850   1,113,794     89.5000   90.1250    0.70 
T. Rowe Price        741477103 TROW           78,600   2,869,118   4,381,950   1,512,831     56.5000   55.7500   (1.33)
Schwab Charles Corp  808513105 SCH           411,200   5,101,156  10,074,400   4,973,243     25.1250   24.5000   (2.49)
Solectron Corp       834182107 SLR            86,200   2,492,593   3,835,900   1,343,306     45.0000   44.5000   (1.11)
Sungard Data         867363103 SNDT           58,400   1,570,593   1,941,800     371,206     34.2500   33.2500   (2.92)
Viking Office        926913104 VKNG           40,400   1,379,060   2,398,750   1,019,690     60.1250   59.3750   (1.25)

                Subtotals                  4,529,094 160,670,535 217,471,584  56,801,048                               


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                        Diversified Equity Fund (131036..)    ACCT DATE 04/30/96

                   FINAL MARKET VALUATION           Format D

 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET              PRIOR DAY  TODAY     %  
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE   APPR/DEPR      PRICE  PRICE  CHANGE

LARGE COMPANY GROWTH; Peregrine Capital Management - JD/DK                                                        

===> Repurchase Agreements                                                                                        
                                                                                                                  
Bear, Stearns & Co., BS                    2,488,997   2,488,997   2,488,997           0        N/A    N/A     N/A

                Subtotals                  2,488,997   2,488,997   2,488,997           0                          

                Segment Totals  Shares     4,529,094                                                              
                                Face Amt   2,488,997 163,159,533 219,960,581  56,801,048                          


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                        Diversified Equity Fund (131036..)    ACCT DATE 04/30/96

                   FINAL MARKET VALUATION           Format D

 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET              PRIOR DAY    TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE   APPR/DEPR      PRICE    PRICE  CHANGE 

SMALL COMPANY GROWTH; Portfolio of Core Trust (Delaware)                                                             

===> Cash Account                                                                                                    
                                                                                                                     
Not Applicable - CMA |$$CASH$$                     0           0           0           0        N/A      N/A     N/A 

                Subtotals                          0           0           0           0                             

===> Common Stock                                                                                                    
Small Company NP     CFSC16003 SCGF        2,680,282  62,246,224  90,135,760  27,889,535    33.6482  33.6292   (0.06)

                Subtotals                  2,680,282  62,246,224  90,135,760  27,889,535                             

                Segment Totals  Shares     2,680,282                                                                 
                                Face Amt           0  62,246,224  90,135,760  27,889,535                             


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                        Diversified Equity Fund (131036..)    ACCT DATE 04/30/96

                   FINAL MARKET VALUATION           Format D

 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET              PRIOR DAY    TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE   APPR/DEPR      PRICE    PRICE  CHANGE 

INTERNATIONAL; Portfolio of Core Trust (Delaware)                                                                    

===> Cash Account                                                                                                    
                                                                                                                     
Not Applicable - CMA |$$CASH$$                     0           0           0           0        N/A      N/A     N/A 

                Subtotals                          0           0           0           0                             

===> Common Stock                                                                                                    
International Core   CFI216002 IIF         5,376,477 109,597,260 130,083,325  20,486,065    24.2469  24.1949   (0.21)

                Subtotals                  5,376,477 109,597,260 130,083,325  20,486,065                             

                Segment Totals  Shares     5,376,477                                                                 
                                Face Amt           0 109,597,260 130,083,325  20,486,065                             


                                                                      Page     7

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                        Diversified Equity Fund (131036..)    ACCT DATE 04/30/96

                   FINAL MARKET VALUATION           Format D

 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET               PRIOR DAY  TODAY     %  
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE    APPR/DEPR      PRICE  PRICE  CHANGE

SHORT MATURITY INVESTMENT FUND; Norwest Investment Management - DS/LW                                              

===> Cash Account                                                                                                  
                                                                                                                   
Not Applicable       $$$CASH$$                     0           0           0            0        N/A    N/A     N/A

                Subtotals                          0           0           0            0                          

===> Repurchase Agreements                                                                                         
Bear, Stearns & Co., BS                    2,182,868   2,182,868   2,182,868            0        N/A    N/A     N/A

                Subtotals                  2,182,868   2,182,868   2,182,868            0                          

                Segment Totals  Shares             0                                                               
                                Face Amt   2,182,868   2,182,868   2,182,868            0                          
                Fund Totals     Shares    22,917,180                                                               
                                Face Amt  10,752,587 651,312,939 873,405,282  222,092,342                          

                                                 Today  Yesterday  Unit Change   % Change                          
                Dow Jones Industrial Average    999.99     999.99         0.00      0.000                          


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                      Diversified Bond Fund (131031..)    ACCT DATE 04/30/96
                 FINAL MARKET VALUATION         Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 
                                                                                                                      

MANAGED FIXED INCOME; Galliard Capital Management - KT/JH                                                             

===> Asset Backed Securities                                                                                          
Green Tree, 94-1 A4, 393505BX9             1,100,000   1,119,593   1,090,736    (28,856)    99.5409   99.1579   (0.38)

                Subtotals                  1,100,000   1,119,593   1,090,736    (28,856)                              

===> Cash Account                                                                                                     
Not Applicable - CMA |$$CASH$$                     0           0           0          0         N/A       N/A     N/A 

                Subtotals                          0           0           0          0                               

===> Collateralized Mortgage Obligations                                                                              
CMC2 1993-2I A2      125714CD5               848,321     855,612     854,834       (777)   100.8076  100.7677   (0.04)
FHLMC 7.0 061520     3129053H3               655,281     625,885     654,049     28,164     99.8430   99.8120   (0.03)
FHLMC 7.0% 071506    312911UK4               900,000     834,741     894,933     60,192     99.6560   99.4370   (0.22)
FHLMC 6.50% 061515   312912CL0               900,000     840,798     891,135     50,337     99.1590   99.0150   (0.15)
FNMA REMIC PASS      31358GUF2               512,693     502,691     513,626     10,935    100.2880  100.1820   (0.11)
RES FUND 6.70%       760944JA7             2,800,000   2,554,468   2,758,000    203,532     98.6870   98.5000   (0.19)

                Subtotals                  6,616,297   6,214,195   6,566,579    352,383                               

===> FRN - Corp. Restricted Security                                                                                  
Reinsurance Group,   759351AA7             1,000,000   1,012,400     980,000    (32,400)    98.5000   98.0000   (0.51)

                Subtotals                  1,000,000   1,012,400     980,000    (32,400)                              

===> Fixed Rate Notes - Corporate                                                                                     
Applied Materials,   03822VAD3               900,000     898,758     882,431    (16,326)    98.4459   98.0479   (0.40)
CIT Group Holdings,  12560QAH2             1,000,000     996,650     955,963    (40,687)    95.9009   95.5963   (0.32)
Cargill Inc., 8.35%, 14178#AD5             1,000,000   1,062,000   1,070,925      8,925    107.4315  107.0925   (0.32)
CHRYSLER 5.375%      171205DB0             1,000,000     910,340     975,000     64,660     97.6250   97.5000   (0.13)
Citicorp, 9.50%,     173034FK0             1,000,000   1,123,250   1,112,405    (10,845)   111.5940  111.2405   (0.32)
Coca Cola Bottling   191098AB8               500,000     479,285     475,619     (3,666)    95.7229   95.1238   (0.63)
CONTL BK CHICAGO     211134XL0             1,000,000   1,091,280   1,085,000     (6,280)   108.6250  108.5000   (0.12)
Corestates Captl     218693AH2               675,000     630,936     625,435     (5,500)    93.1253   92.6571   (0.50)
DEAN WITTER 6.25%    24240VAB7             1,000,000     911,580     983,750     72,170     98.6250   98.3750   (0.25)
FED EXPRESS 6.25%    313309AK2             1,000,000     943,970     995,000     51,030     99.6250   99.5000   (0.13)
First Data Corp,     319963AB0             1,000,000   1,002,590     967,475    (35,115)    97.2747   96.7475   (0.54)
Ford Mtr Cr 6.25%,   345397NJ8             1,300,000   1,233,492   1,204,148    (29,343)    93.1521   92.6268   (0.56)
Heller Financial     423328BA0             1,000,000     984,870   1,033,750     48,880    103.5000  103.3750   (0.12)
Intl Lease Finance,  45974VNP9               625,000     616,125     618,136      2,011     99.1002   98.9019   (0.20)
Lehman Brothers      524908AA8             1,000,000     999,070   1,086,207     87,137    109.4526  108.6207   (0.76)
PAINE WEBBER 7.0%    695629AM7             1,000,000     914,990     998,780     83,790    100.0670   99.8780   (0.19)
Whitman 7.5%, 2/1/03 96647KAA0               750,000     764,152     759,125     (5,027)   101.6681  101.2167   (0.44)

                Subtotals                 15,750,000  15,563,338  15,829,151    265,812                               

===> Floating Rate Notes - Agency                                                                                     
FNMA VAR RT 072397   31364AVB5             1,800,000   1,692,756   1,830,148    137,392    101.8402  101.6749   (0.16)


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                      Diversified Bond Fund (131031..)    ACCT DATE 04/30/96
                 FINAL MARKET VALUATION         Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 
                                                                                                                      

MANAGED FIXED INCOME; Galliard Capital Management - KT/JH                                                             

                Subtotals                  1,800,000   1,692,756   1,830,148    137,392                               

===> Mortgage Backed Securities                                                                                       
GNMA 7.5 051501 #665 362025W20                   160         158         161          3    100.6240  100.4550   (0.17)
GNMA 6.5 121502      362027PB4                 2,159       2,000       2,119        119     98.8430   98.1510   (0.70)
GNR 94-7 PG,         3837H0GE7             1,000,000     976,406     964,949    (11,457)    96.8869   96.4949   (0.40)

                Subtotals                  1,002,320     978,564     967,229    (11,335)                              

===> Receivables Backed Securities                                                                                    
Keystone, 7.45%,     525177AT8             1,000,000     999,531     991,933     (7,598)    99.6133   99.1933   (0.42)

                Subtotals                  1,000,000     999,531     991,933     (7,598)                              

===> Repurchase Agreements                                                                                            
Bear, Stearns & Co., BS                    1,578,188   1,578,188   1,578,188          0         N/A       N/A     N/A 

                Subtotals                  1,578,188   1,578,188   1,578,188          0                               

===> U.S. Treasury Obligations                                                                                        
UST Note, 6.375%,    912827G55               500,000     504,609     496,093     (8,516)    99.6875   99.2186   (0.47)
UST Note, 5.00%,     912827N65             8,000,000   7,817,500   7,760,000    (57,500)    97.1875   97.0000   (0.19)
UST Note, 6.25%,     912827V25             5,750,000   5,792,226   5,721,250    (70,976)    99.7500   99.5000   (0.25)
UST Note,            912827W24             5,000,000   4,903,125   4,846,875    (56,250)    97.3125   96.9375   (0.39)
UST Note, 5.00%,     912827W57             5,500,000   5,424,375   5,410,625    (13,750)    98.5000   98.3750   (0.13)
UST Note, 5.25%,     912827W65             1,000,000     959,140     954,375     (4,765)    95.8125   95.4375   (0.39)

                Subtotals                 25,750,000  25,400,976  25,189,218   (211,758)                              

                Segment Totals  Shares             0                                                                  
                                Face Amt  55,596,805  54,559,545  55,023,184    463,639                               


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                      Diversified Bond Fund (131031..)    ACCT DATE 04/30/96
                 FINAL MARKET VALUATION         Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 
                                                                                                                      

TOTAL RETURN BOND; United Capital Managment - DK/MB                                                                   

===> Cash Account                                                                                                     
Not Applicable - CMA |$$CASH$$                     0           0           0          0         N/A       N/A     N/A 

                Subtotals                          0           0           0          0                               

===> Fixed Rate Bonds - Agency                                                                                        
FNMA, 5.92%, due     31364CAC2             1,000,000     999,687     993,330     (6,357)    99.4392   99.3330   (0.11)

                Subtotals                  1,000,000     999,687     993,330     (6,357)                              

===> Fixed Rate Notes - Corporate                                                                                     
Boston Edison Co.,   100599BG3             1,000,000     997,010     993,423     (3,587)    99.3891   99.3423   (0.05)
Houston Industries,  442161AC9             1,250,000   1,260,725   1,258,648     (2,076)   100.7412  100.6919   (0.05)
USX Corporation,     902905AJ7             1,150,000   1,188,582   1,185,954     (2,627)   103.2075  103.1265   (0.08)

                Subtotals                  3,400,000   3,446,317   3,438,026     (8,291)                              

===> Repurchase Agreements                                                                                            
Bear, Stearns & Co., BS                    4,040,597   4,040,597   4,040,597          0         N/A       N/A     N/A 

                Subtotals                  4,040,597   4,040,597   4,040,597          0                               

===> U.S. Treasury Obligations                                                                                        
UST                  912810DM7             2,400,000   3,208,500   3,161,246    (47,253)   132.3436  131.7186   (0.47)
UST Bond, 9.375%,    912810DU9             2,700,000   3,271,218   3,214,687    (56,531)   119.5625  119.0625   (0.42)
UST Bond, 8.125%,    912810ED6             2,175,000   2,473,722   2,427,160    (46,561)   112.3436  111.5936   (0.67)
UST Note, 8.25%,     912827B50             1,800,000   1,887,187   1,879,309     (7,877)   104.5625  104.4061   (0.15)
UST Note, 6.75%,     912827F64             4,100,000   4,148,687   4,143,562     (5,125)   101.1250  101.0625   (0.06)
UST Note, 7.25%,     912827Q88             3,200,000   3,364,000   3,314,995    (49,004)   104.0625  103.5936   (0.45)
UST Note,            912827R79             4,375,000   4,476,513   4,466,595     (9,918)   102.1875  102.0936   (0.09)
UST Note, 7.125%,    912827T28             4,325,000   4,473,333   4,437,173    (36,160)   102.9061  102.5936   (0.30)
UST Note, 6.875%,    912827T44             3,600,000   3,693,937   3,664,123    (29,814)   102.0625  101.7812   (0.28)
UST Note, 6.25%,     912827U26             4,000,000   4,013,750   3,982,500    (31,250)    99.8125   99.5625   (0.25)
UST Note, 6.125%,    912827U67             5,800,000   5,790,031   5,747,428    (42,602)    99.3750   99.0936   (0.28)
UST Note, 5.875%,    912827U75             1,900,000   1,896,437   1,889,903     (6,534)    99.6250   99.4686   (0.16)
UST Note,            912827WW8             2,450,000   2,618,820   2,603,125    (15,695)   106.4375  106.2500   (0.18)
UST Note, 8.50%,     912827ZB1             1,625,000   1,679,843   1,675,781     (4,062)   103.2186  103.1250   (0.09)

                Subtotals                 44,450,000  46,995,984  46,607,592   (388,392)                              

                Segment Totals  Shares             0                                                                  
                                Face Amt  52,890,597  55,482,586  55,079,545   (403,040)                              

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                      Diversified Bond Fund (131031..)    ACCT DATE 04/30/96
                 FINAL MARKET VALUATION         Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET                PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE    APPR/DEPR       PRICE     PRICE  CHANGE 
                                                                                                                        

POSITIVE RETURN; Peregrine Capital Managment - PB/BG/KV                                                                 

===> Asset Backed Securities                                                                                            
ML ASSET BK 5.5%     55305RAT3               173,121     171,404     173,066        1,661     99.9680   99.9680    0.00 

                Subtotals                    173,121     171,404     173,066        1,661                               

===> Cash Account                                                                                                       
Not Applicable - CMA |$$CASH$$                     0           0           0            0         N/A       N/A     N/A 

                Subtotals                          0           0           0            0                               

===> Floating Rate Notes - Agency                                                                                       
SLMA, due 7/1/96     86387RRL8             5,000,000   4,999,419   4,999,575          155     99.9928   99.9915   (0.00)

                Subtotals                  5,000,000   4,999,419   4,999,575          155                               

===> Receivables Backed Securities                                                                                      
Bombardier Rec       09775PAA6             2,720,000   2,737,299   2,722,448      (14,851)   100.0900  100.0900    0.00 
Carco Auto Loan      141389AJ5             2,700,000   2,708,859   2,700,240       (8,619)   100.0079  100.0089    0.00 
Discover Card 92-A A 25466LAS6               216,666     213,873     216,192        2,318     99.7810   99.7810    0.00 
First USA Credit     337435AK7             2,700,000   2,695,518   2,703,048        7,530    100.1129  100.1129    0.00 
Peoples Bank Credit  710318AC0             2,700,000   2,701,687   2,703,375        1,687    100.1250  100.1250    0.00 

                Subtotals                 11,036,666  11,057,237  11,045,303      (11,934)                              

===> Repurchase Agreements                                                                                              
Bear, Stearns & Co., BS                   18,396,789  18,396,789  18,396,789            0         N/A       N/A     N/A 

                Subtotals                 18,396,789  18,396,789  18,396,789            0                               

===> U.S. Treasury Obligations                                                                                          
UST Bond, 7.125%,    912810EP9             6,175,000   6,390,300   6,217,453     (172,847)   101.1561  100.6875   (0.46)
UST Bond, 6.25%,     912810EQ7             4,000,000   3,726,250   3,611,244     (115,006)    90.8436   90.2811   (0.62)
UST Bond, 7.5%,      912810ES3            10,000,000  10,845,312  10,565,610     (279,702)   106.2811  105.6561   (0.59)

                Subtotals                 20,175,000  20,961,863  20,394,307     (567,556)                              

                Segment Totals  Shares             0                                                                    
                                Face Amt  54,781,577  55,586,714  55,009,041     (577,672)                              
                Fund Totals     Shares             0                                                                    
                                Face Amt 163,268,980 165,628,846 165,111,771     (517,074)                              

                                                 Today  Yesterday  Unit Change   % Change                               
                Dow Jones Industrial Average    999.99     999.99         0.00      0.000                               

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                       Intermediate Government Income Fund    ACCT DATE 04/30/96
                   FINAL MARKET VALUATION           Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET                PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE    APPR/DEPR       PRICE     PRICE  CHANGE 
                                                                                                                        

INTERMEDIATE GOVERNMENT INCOME; NOT ASSIGNED                                                                            

===> Cash Management Accounts                                                                                           
Federated Treasury   FD5000001               942,676     942,676     942,676            0         N/A       N/A     N/A 
Dreyfus Treasury     FD9970001             1,691,638   1,691,638   1,691,638            0         N/A       N/A     N/A 

                Subtotals                  2,634,314   2,634,314   2,634,314            0                               

===> Fixed Rate Notes - Agency                                                                                          
FHLB 6.41% due       3133926E7             1,000,000   1,003,125     961,650      (41,475)    96.6330   96.1650   (0.48)
FNMA, 6.18%, due     31364BZG8             1,500,000   1,497,810   1,475,160      (22,650)    98.5900   98.3440   (0.25)
SLMA, 6.05%, 9/14/00 863871UP2             2,000,000   2,002,812   1,963,060      (39,752)    98.3750   98.1530   (0.23)
TVA, 8.375%, due     880591BA9             2,000,000   2,041,140   2,122,500       81,360    106.3750  106.1250   (0.24)
TVA, 6.00%, due      880591CH3             3,000,000   2,998,170   2,943,750      (54,420)    98.3750   98.1250   (0.25)

                Subtotals                  9,500,000   9,543,057   9,466,120      (76,937)                              

===> Mortgage Backed Securities                                                                                         
FNMA 160159, 7.516%, 31366VZY3             2,500,000   2,589,843   2,550,700      (39,143)   102.1990  102.0280   (0.17)
FNMA Pool 160337     31366WBE1             2,977,331   3,015,362   2,980,100      (35,261)   100.2490  100.0930   (0.16)
FNMA 7 Yr Balloon    31373UNF0             1,989,755   2,004,367   1,925,307      (79,060)    96.9790   96.7610   (0.22)

                Subtotals                  7,467,087   7,609,574   7,456,107     (153,466)                              

===> U.S. Treasury Obligations                                                                                          
UST Bond, 10.75%,    912810DD7             3,000,000   3,557,343   3,691,800      134,456    123.6400  123.0600   (0.47)
UST Bond, 13.75%,    912810DK1             1,700,000   2,462,875   2,453,746       (9,129)   145.0730  144.3380   (0.51)
UST Note, 8.25%,     912827B50             5,950,000   6,259,945   6,210,550      (49,394)   104.5520  104.3790   (0.17)
UST Note, 5.75%,     912827H47             3,000,000   3,007,285   2,993,160      (14,125)    99.8710   99.7720   (0.10)
UST Note, 7.50%,     912827S86             3,000,000   3,174,062   3,156,990      (17,072)   105.7800  105.2330   (0.52)
UST Note, 8.0%,      912827YK2             2,500,000   2,577,031   2,542,175      (34,856)   101.7280  101.6870   (0.04)
UST Note, 8.5%,      912827YN6             5,000,000   5,453,125   5,357,850      (95,275)   107.4400  107.1570   (0.26)

                Subtotals                 24,150,000  26,491,667  26,406,271      (85,396)                              

                Segment Totals  Shares             0                                                                    
                                Face Amt  43,751,401  46,278,613  45,962,813     (315,800)                              
                Fund Totals     Shares             0                                                                    
                                Face Amt  43,751,401  46,278,613  45,962,813     (315,800)                              

                                                 Today  Yesterday  Unit Change   % Change                               
                Dow Jones Industrial Average       N/A     999.99          N/A        N/A                               


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                      Conservative Balanced Fund (131038..)   ACCT DATE 04/30/96
                   FINAL MARKET VALUATION           Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                          # SHARES/                  MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST      VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 
                                                                                                                     

MANAGED FIXED INCOME; Galliard Capital Management - KT/JH                                                            

===> Cash Account                                                                                                    
Not Applicable - CMA |$$CASH$$               736,843     736,843    736,843          0         N/A       N/A     N/A 

                Subtotals                    736,843     736,843    736,843          0                               

===> Collateralized Mortgage Obligations                                                                             
CMC2 1993-2I A2      125714CD5               363,566     366,690    366,357       (333)   100.8076  100.7677   (0.04)
FHLMC Ser 1338 H,    312911UK4               435,000     431,873    432,550        677     99.6560   99.4370   (0.22)
FHLMC Ser 1374 B,    312912CL0               350,000     345,843    346,552        708     99.1590   99.0150   (0.15)
FNMA REMIC PASS      31358GUF2               170,897     167,563    171,208      3,645    100.2880  100.1820   (0.11)
RES FUND 6.70%       760944JA7             1,000,000     912,310    985,000     72,690     98.6870   98.5000   (0.19)

                Subtotals                  2,319,464   2,224,281  2,301,669     77,388                               

===> FRN-Corp. Restricted Security                                                                                   
Reinsurance Group,   759351AA7               500,000     495,895    490,000     (5,895)    98.5000   98.0000   (0.51)

                Subtotals                    500,000     495,895    490,000     (5,895)                              

===> Fixed Rate Bonds - Corporate                                                                                    
Heller Financial,    423328BA0               400,000     417,792    413,500     (4,292)   103.5000  103.3750   (0.12)

                Subtotals                    400,000     417,792    413,500     (4,292)                              

===> Fixed Rate Notes - Corporate                                                                                    
Applied Materials,   03822VAD3               400,000     399,448    392,191     (7,256)    98.4459   98.0479   (0.40)
Citi Grp             12560QAH2               400,000     388,756    382,385     (6,370)    95.9009   95.5963   (0.32)
Cargill Inc., 8.35%, 14178#AD5               500,000     531,000    535,462      4,462    107.4315  107.0925   (0.32)
CHRYSLER 5.375%      171205DB0               500,000     455,170    487,500     32,330     97.6250   97.5000   (0.13)
Citicorp, 9.50%,     173034FK0               400,000     449,300    444,962     (4,338)   111.5940  111.2405   (0.32)
Coca Cola Bottling   191098AB8               100,000      95,857     95,123       (733)    95.7229   95.1238   (0.63)
CONTL BK CHICAGO     211134XL0               400,000     436,512    434,000     (2,512)   108.6250  108.5000   (0.12)
Corestates Captl     218693AH2               250,000     233,680    231,642     (2,037)    93.1253   92.6571   (0.50)
Dean Wittr Disc      24240VAB7               300,000     298,233    294,759     (3,474)    98.5449   98.2530   (0.30)
Federal Exp          313309AK2               200,000     200,164    198,790     (1,373)    99.5171   99.3951   (0.12)
Ford Motor Credit,   345397NJ8               500,000     497,765    463,134    (34,631)    93.1521   92.6268   (0.56)
Intl Lease Finance   45974VNP9               250,000     246,450    247,254        804     99.1002   98.9019   (0.20)
PAINE WEBBER 7.0%    695629AM7               500,000     457,495    499,390     41,895    100.0670   99.8780   (0.19)

                Subtotals                  4,700,000   4,689,830  4,706,595     16,765                               

===> Floating Rate Notes - Agency                                                                                    
FNMA VAR RT 072397   31364AVB5               700,000     658,294    711,724     53,430    101.8402  101.6749   (0.16)

                Subtotals                    700,000     658,294    711,724     53,430                               

===> Mortgage Backed Securities                                                                                      
GNR 94-7 PG,         3837H0GE7               500,000     488,203    482,474     (5,728)    96.8869   96.4949   (0.40)


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                   FINAL MARKET VALUATION           Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]

                                          # SHARES/                   MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 
                                                                                                                      

MANAGED FIXED INCOME; Galliard Capital Management - KT/JH                                                             

                Subtotals                    500,000     488,203     482,474     (5,728)                              

===> Receivables Backed Securities                                                                                    
Keystone, 7.45%,     525177AT8               300,000     299,859     297,579     (2,279)    99.6133   99.1933   (0.42)

                Subtotals                    300,000     299,859     297,579     (2,279)                              

===> Stripped Securities                                                                                              
RESOL FDG STRIP      76116EAW0               500,000     342,653     388,950     46,296     78.0460   77.7900   (0.33)

                Subtotals                    500,000     342,653     388,950     46,296                               

===> U.S. Treasury Obligations                                                                                        
UST Note, 7.50%,     912827F49             2,500,000   2,662,500   2,624,215    (38,285)   105.3125  104.9686   (0.33)
UST Note, 5.00%,     912827N65             3,000,000   2,931,562   2,910,000    (21,562)    97.1875   97.0000   (0.19)
UST Note, 6.50%,     912827U83             1,500,000   1,512,656   1,480,779    (31,877)    99.0625   98.7186   (0.35)
UST Note, 6.25%,     912827V25               500,000     503,671     497,500     (6,171)    99.7500   99.5000   (0.25)
UST Note, 5.00%,     912827W57             4,500,000   4,438,125   4,426,875    (11,250)    98.5000   98.3750   (0.13)

                Subtotals                 12,000,000  12,048,515  11,939,369   (109,146)                              

                Segment Totals  Shares             0                                                                  
                                Face Amt  22,656,308  22,402,168  22,468,707     66,538                               

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 Cost and Tax Lot Summary (Internal Use)

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                                          # SHARES/               MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT       COST    VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 
                                                                                                                  

INCOME EQUITY; Norwest Capital Mgt Trust & Co. - DR/JH                                                            

===> Cash Account                                                                                                 
Not Applicable - CMA |$$CASH$$                     0          0        0          0         N/A       N/A     N/A 

                Subtotals                          0          0        0          0                               

===> Common Stock                                                                                                 
American Tel &       001957109 T               5,300    282,370  324,625     42,255     61.5000   61.2500   (0.41)
American Brands Inc  024703100 AMB             4,100    137,350  170,662     33,312     41.7500   41.6250   (0.30)
American Express Co  025816109 AXP             4,700    144,525  227,950     83,425     48.2500   48.5000    0.52 
American General     026351106 AGC             4,300    119,664  151,037     31,373     34.7500   35.1250    1.08 
American Home        026609107 AHP             2,100    136,237  221,550     85,312    106.8750  105.5000   (1.29)
Atlantic Richfield   048825103 ARC             1,500    158,218  176,625     18,406    118.5000  117.7500   (0.63)
Chevron Corporation  166751107 CHV             4,100    175,411  237,800     62,388     58.5000   58.0000   (0.85)
Consolidated Natural 209615103 CNG             5,100    182,853  238,425     55,571     46.5000   46.7500    0.54 
Dayton Hudson Corp   239753106 DH              2,100    174,300  200,550     26,250     93.5000   95.5000    2.14 
Deluxe Corp          248019101 DLX             6,500    186,875  227,500     40,625     34.7500   35.0000    0.72 
Du Pont E I De       263534109 DD              4,100    227,037  329,537    102,500     79.8750   80.3750    0.63 
Dun & Bradstreet     264830100 DNB             5,000    281,901  304,375     22,473     61.1250   60.8750   (0.41)
Eastman Kodak Co     277461109 EK              3,500    167,175  267,750    100,575     76.7500   76.5000   (0.33)
Emerson Electric     291011104 EMR             3,000    190,125  250,875     60,750     83.3750   83.6250    0.30 
Exxon Corporation    302290101 XON             3,300    197,910  280,500     82,590     85.8750   85.0000   (1.02)
FPL Group Inc        302571104 FPL             2,200     73,150   94,875     21,725     42.8750   43.1250    0.58 
First Bank System    319279105 FBS             4,300    155,337  259,075    103,737     60.5000   60.2500   (0.41)
GTE Corp             362320103 GTE             6,500    199,875  281,937     82,062     43.7500   43.3750   (0.86)
General Electric Co  369604103 GE              4,000    193,862  310,000    116,137     77.6250   77.5000   (0.16)
Hewlett-Packard      428236103 HWP             4,700    227,373  497,612    270,238    107.2500  105.8750   (1.28)
Honeywell Inc        438506107 HON             7,700    245,812  405,212    159,399     51.8750   52.6250    1.45 
Johnson & Johnson    478160104 JNJ             2,400    131,100  222,000     90,900     91.8750   92.5000    0.68 
May Dept Stores      577778103 MA              3,300    126,225  168,300     42,075     50.0000   51.0000    2.00 
Macdonalds Corp      580135101 MCD             4,100    117,875  196,287     78,412     48.2500   47.8750   (0.78)
Merck & Company Inc  589331107 MRK             3,100    115,087  187,550     72,462     60.7500   60.5000   (0.41)
Minnesota Mining &   604059105 MMM             4,000    215,432  263,000     47,567     66.0000   65.7500   (0.38)
Mobil Corp           607059102 MOB             1,800    147,825  207,000     59,175    117.3750  115.0000   (2.02)
J P Morgan & Company 616880100 JPM             3,500    210,963  294,437     83,474     84.1250   84.1250    0.00 
Morton International 619331101 MII             6,900    195,052  244,087     49,035     35.2500   35.3750    0.35 
Pacific Gas &        694308107 PCG             3,600    103,411   81,900    (21,511)    22.6250   22.7500    0.55 
J.C. Penney Company, 708160106 JCP               400     17,640   19,800      2,160     49.3750   49.5000    0.25 
Pepsico              713448108 PEP             3,500    123,375  222,250     98,875     61.3750   63.5000    3.46 
Pfizer Inc.          717081103 PFE             3,400    129,458  234,175    104,716     68.1250   68.8750    1.10 
Philip Morris Cos.,  718154107 MO              3,000    184,125  270,375     86,250     89.5000   90.1250    0.70 
Procter & Gamble     742718109 PG              2,500    155,625  211,250     55,625     84.2500   84.5000    0.30 
Public Svc           744573106 PEG             6,200    171,799  161,975     (9,824)    26.1250   26.1250    0.00 
Royal Dutch          780257705 RD              1,300    142,512  186,225     43,712    144.0000  143.2500   (0.52)
Sara Lee Corporation 803111103 SLE             3,500    100,507  108,500      7,992     30.8750   31.0000    0.40 
Schlumberger Ltd     806857108 SLB             4,100    232,110  361,825    129,714     88.5000   88.2500   (0.28)
Sears Roebuck & Co   812387108 S               3,000     83,339  149,625     66,285     49.5000   49.8750    0.76 
Texas Utilities      882848104 TXU             2,500     81,715  100,625     18,910     39.6250   40.2500    1.58 
Transamerica         893485102 TA              3,800    190,325  288,800     98,475     76.0000   76.0000    0.00 


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                   FINAL MARKET VALUATION           Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET             PRIOR DAY     TODAY     %  
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR      PRICE     PRICE  CHANGE
                                                                                                                    

INCOME EQUITY; Norwest Capital Mgt Trust & Co. - DR/JH                                                              

===> Common Stock                                                                                                   
United Technologies  913017109 UTX             2,800     168,350     309,400    141,050   108.3750  110.5000    1.96
WMX Tech Inc         92929Q107 WMX             6,500     179,859     225,875     46,016    34.1250   34.7500    1.83

                Subtotals                    167,300   7,181,081  10,173,737  2,992,656                             

===> Repurchase Agreements                                                                                          
Bear, Stearns & Co., BS                      402,492     402,492     402,492          0        N/A       N/A     N/A

                Subtotals                    402,492     402,492     402,492          0                             

                Segment Totals  Shares       167,300                                                                
                                Face Amt     402,492   7,583,573  10,576,230  2,992,656                             


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                   FINAL MARKET VALUATION           Format D
 Cost and Tax Lot Summary (Internal Use)

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                                          # SHARES/                  MARKET             PRIOR DAY    TODAY     %  
NAME                 CUSIP     TICKER    FACE AMOUNT       COST       VALUE  APPR/DEPR      PRICE    PRICE  CHANGE
                                                                                                                  

INDEX; Portfolio of Core Trust(Delaware)                                                                          

===> Cash Account                                                                                                 
Not Applicable - CMA |$$CASH$$                     0          0           0          0        N/A      N/A     N/A

                Subtotals                          0          0           0          0                            

===> Common Stock                                                                                                 
Index NP Fund        CFIX16004 INDX          334,395  7,578,454  10,608,482  3,030,028    31.7213  31.7244    0.01

                Subtotals                    334,395  7,578,454  10,608,482  3,030,028                            

                Segment Totals  Shares       334,395                                                              
                                Face Amt           0  7,578,454  10,608,482  3,030,028                            


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                                          # SHARES/                   MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 
                                                                                                                      

LARGE COMPANY GROWTH; Peregrine Capital Management - JD/DK                                                            

===> Cash Account                                                                                                     
Not Applicable - CMA |$$CASH$$                     0           0           0          0         N/A       N/A     N/A 

                Subtotals                          0           0           0          0                               

===> Common Stock                                                                                                     
Airtouch             00949T100 ATI             3,400      98,132     106,250      8,117     31.8750   31.2500   (1.96)
Alco Standard        013788104 ASN             1,750      66,884     101,281     34,396     57.3750   57.8750    0.87 
American Int'l Group 026874107 AIG             5,550     367,884     507,131    139,247     91.0000   91.3750    0.41 
Amgen, Inc.          031162100 AMGN            3,200     198,492     184,000    (14,492)    56.8750   57.5000    1.10 
Autozone Inc.        053332102 AZO             9,900     253,829     361,350    107,521     36.5000   36.5000    0.00 
Cisco Systems, Inc.  17275R102 CSCO            6,200     241,625     321,625     79,999     52.0000   51.8750   (0.24)
Cintas               172908105 CTAS            3,700     136,131     198,875     62,743     53.5000   53.7500    0.47 
Coca Cola Co         191216100 KO              4,500     239,878     366,750    126,871     81.1250   81.5000    0.46 
Columbia/HCA         197677107 COL             6,800     350,773     361,250     10,476     52.6250   53.1250    0.95 
Corporate Express    219888104 CEXP            4,700     130,905     175,662     44,757     36.7500   37.3750    1.70 
DST Systems, Inc.    233326107 DST             3,800      94,008     139,650     45,641     37.7500   36.7500   (2.65)
Danka Business       236277109 DANKY           4,400     113,567     211,200     97,632     48.9375   48.0000   (1.92)
Disney Walt Co       254687106 DIS             3,600     171,801     223,200     51,398     61.8750   62.0000    0.20 
Donaldson,Lufkin,Jen 257661108 DLJ             3,600     110,549     121,500     10,950     34.1250   33.7500   (1.10)
Ericsson (l.m.)      294821400 ERICY          18,000     272,616     366,750     94,133     20.3125   20.3750    0.31 
First Data Corp.     319963104 FDC             7,200     391,351     547,200    155,848     76.1250   76.0000   (0.16)
Fiserv, Inc.         337738108 FISV US         4,700     110,136     143,350     33,213     30.7500   30.5000   (0.81)
Franklin Resources,  354613101 BEN             6,700     287,025     383,575     96,549     57.3750   57.2500   (0.22)
General Mtrs Corp Cl 370442402 GME             5,400     201,091     304,425    103,333     56.2500   56.3750    0.22 
General Re Corp      370563108 GRN               400      61,972      57,150     (4,822)   143.1250  142.8750   (0.17)
HBO & Company        404100109 HBOC            1,600     119,542     190,000     70,457    117.5000  118.7500    1.06 
Hewlett-Packard      428236103 HWP             4,100     342,054     434,087     92,032    107.2500  105.8750   (1.28)
Home Depot Inc       437076102 HD              5,900     275,660     279,512      3,852     47.3750   47.3750    0.00 
Intel                458140100 INTC            7,200     258,186     487,800    229,613     68.1250   67.7500   (0.55)
Lowes Companies, Inc 548661107 LOW             5,800     226,333     187,775    (38,558)    32.1250   32.3750    0.78 
Medaphis Corp        584028104 MEDA            9,100     257,332     419,737    162,405     46.7500   46.1250   (1.34)
Microsoft Corp       594918104 MSFT            5,700     389,778     646,237    256,459    112.6250  113.3750    0.67 
Molex Inc. Cl A      608554200 MOLXA           6,656     175,424     199,680     24,255     30.2500   30.0000   (0.83)
Motorola             620076109 MOT             2,900     171,513     177,625      6,111     61.7500   61.2500   (0.81)
Office Depot Inc     676220106 ODP            17,800     446,577     398,275    (48,302)    22.2500   22.3750    0.56 
Paychex, Inc.        704326107 PAYX            2,400      66,916     162,600     95,683     68.5000   67.7500   (1.09)
Petsmart Inc         716768106 PETM            5,650     144,975     250,718    105,742     42.7500   44.3750    3.80 
Pfizer Inc.          717081103 PFE             3,800     234,745     261,725     26,979     68.1250   68.8750    1.10 
Philip Morris Cos.,  718154107 MO              2,600     179,873     234,325     54,451     89.5000   90.1250    0.70 
T. Rowe Price        741477103 TROW            3,900     141,986     217,425     75,438     56.5000   55.7500   (1.33)
Schwab Charles Corp  808513105 SCH            20,600     254,685     504,700    250,014     25.1250   24.5000   (2.49)
Solectron Corp       834182107 SLR             4,600     142,317     204,700     62,382     45.0000   44.5000   (1.11)
Sungard Data         867363103 SNDT            2,800      74,551      93,100     18,549     34.2500   33.2500   (2.92)
Viking Office        926913104 VKNG            2,400      79,962     142,500     62,537     60.1250   59.3750   (1.25)

                Subtotals                    223,006   7,881,075  10,674,698  2,793,623                               


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 Cost and Tax Lot Summary (Internal Use)

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                                          # SHARES/                   MARKET             PRIOR DAY  TODAY     %  
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR      PRICE  PRICE  CHANGE
                                                                                                                 

LARGE COMPANY GROWTH; Peregrine Capital Management - JD/DK                                                       

===> Repurchase Agreements                                                                                       
Bear, Stearns & Co., BS                      161,378     161,378     161,378          0        N/A    N/A     N/A

                Subtotals                    161,378     161,378     161,378          0                          

                Segment Totals  Shares       223,006                                                             
                                Face Amt     161,378   8,042,453  10,836,077  2,793,623                          


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                   FINAL MARKET VALUATION           Format D
 Cost and Tax Lot Summary (Internal Use)

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                                          # SHARES/                  MARKET             PRIOR DAY    TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST      VALUE  APPR/DEPR      PRICE    PRICE  CHANGE 
                                                                                                                   

SMALL COMPANY GROWTH; Portfolio of Core Trust (Delaware)                                                           

===> Cash Account                                                                                                  
Not Applicable - CMA |$$CASH$$                     0           0          0          0        N/A      N/A     N/A 

                Subtotals                          0           0          0          0                             

===> Common Stock                                                                                                  
Small Company NP     CFSC16003 SCGF          131,036   3,062,802  4,406,636  1,343,834    33.6482  33.6292   (0.06)

                Subtotals                    131,036   3,062,802  4,406,636  1,343,834                             

                Segment Totals  Shares       131,036                                                               
                                Face Amt           0   3,062,802  4,406,636  1,343,834                             


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                   FINAL MARKET VALUATION           Format D
 Cost and Tax Lot Summary (Internal Use)

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                                          # SHARES/                 MARKET             PRIOR DAY    TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT       COST      VALUE  APPR/DEPR      PRICE    PRICE  CHANGE 
                                                                                                                  

INTERNATIONAL; Portfolio of Core Trust (Delaware)                                                                 

===> Cash Account                                                                                                 
Not Applicable - CMA |$$CASH$$                     0          0          0          0        N/A      N/A     N/A 

                Subtotals                          0          0          0          0                             

===> Common Stock                                                                                                 
International Core   CFI216002 IIF           265,189  5,439,479  6,416,240    976,761    24.2469  24.1949   (0.21)

                Subtotals                    265,189  5,439,479  6,416,240    976,761                             

                Segment Totals  Shares       265,189                                                              
                                Face Amt           0  5,439,479  6,416,240    976,761                             


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                   FINAL MARKET VALUATION           Format D
 Cost and Tax Lot Summary (Internal Use)

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                                          # SHARES/                   MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 
                                                                                                                      

STABLE INCOME FUND; Norwest Investment Management - MG/HH                                                             

===> Asset Backed Securities                                                                                          
AFC Mortgage ABS     00105HAT3               528,418     531,142     528,910     (2,232)   100.1354  100.0932   (0.04)
GMAC Trust 4.50%,    36187TAA3               361,853     360,609     360,897        288     99.7409   99.7359   (0.01)
GMAC Trust 4.00%,    36187WAA6               426,256     422,193     423,237      1,044     99.3099   99.2919   (0.02)
Green Tree Fin       393505BE1               661,635     652,227     656,480      4,252     99.2399   99.2209   (0.02)
Green Tree Fin 94-1  393505BU5               669,786     654,506     667,956     13,450     99.7589   99.7269   (0.03)
Green Tree Fin       393505EK4               188,348     188,289     188,913        623    100.3099  100.2999   (0.01)
Sasco 1995 C3        863572FV0               459,145     459,145     459,140         (5)    99.9993   99.9989   (0.00)

                Subtotals                  3,295,442   3,268,115   3,285,537     17,422                               

===> Cash Account                                                                                                     
Not Applicable - CMA |$$CASH$$                     0           0           0          0         N/A       N/A     N/A 

                Subtotals                          0           0           0          0                               

===> Collateralized Mortgage Obligations                                                                              
FHLMC Ser 1096 D     3129053H3               546,068     551,230     546,712     (4,518)   100.1699  100.1179   (0.05)
FHLB DU-98 1         313389QM3               900,000     829,125     882,295     53,170     98.1461   98.0328   (0.12)
FHLMC-GNMA Ser 24 ZC 3133T2JY7               679,339     655,350     655,766        415     96.6579   96.5299   (0.13)
FHLMC 1694 PL        3133T4NF9             1,000,000     990,312     988,439     (1,873)    98.9039   98.8439   (0.06)
FNMA Swap Trust      31359LKJ3             1,384,567   1,384,567   1,381,500     (3,066)    99.7795   99.7785   (0.00)
MNB 1990-1 A         574112AA6               374,895     375,833     375,832         (0)   100.2479  100.2500    0.00 
MLCC 94 B A1         59020QAG9               450,458     450,775     450,458       (316)   100.0000  100.0000    0.00 
RTC 1992-C2 A2       76116NHF0             1,668,251   1,683,891   1,670,462    (13,429)   100.2121  100.1325   (0.08)
RTC 92 M3 A4, due    76116NHY9               954,178     969,683     957,159    (12,524)   100.3740  100.3124   (0.06)
RTC 1992 C3 A3       76116NJY7             1,000,236   1,012,739   1,008,350     (4,389)   100.8117  100.8112   (0.00)
RTC 1992-7 A2D,      76116NLD0               736,270     746,854     741,990     (4,863)   100.8225  100.7769   (0.05)
RTC 1992 18P-A4      76116NTA8               606,003     606,003     605,428       (574)    99.9056   99.9052   (0.00)
Sears Mortgage       812373HG6               140,347     140,347     140,014       (332)    99.7759   99.7629   (0.01)

                Subtotals                 10,440,617  10,396,715  10,404,410      7,695                               

===> Fixed Rate Notes - Corporate                                                                                     
BankAmerica          066050BU8               250,000     251,982     249,742     (2,240)    99.9574   99.8968   (0.06)
Chrysler Fin Corp.,  17120QPY1               300,000     304,278     298,835     (5,442)    99.7339   99.6117   (0.12)
First Bank N.A.      31925EAB2               200,000     186,592     185,986       (606)    93.4550   92.9930   (0.49)

                Subtotals                    750,000     742,852     734,563     (8,289)                              

===> Mortgage Backed Securities                                                                                       
FNMA ARM Pool 318464 31374MWZ3               543,341     547,331     553,596      6,265    102.1375  101.8875   (0.24)
FNMA ARM Pool 321051 31374QTG0               869,183     883,850     883,491       (358)   101.8965  101.6462   (0.25)
FNMA ARM Pool 331866 31375DTX1               557,327     562,378     564,146      1,767    101.4755  101.2234   (0.25)

                Subtotals                  1,969,852   1,993,560   2,001,234      7,673                               

===> Municipal Bonds                                                                                                  


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                   FINAL MARKET VALUATION           Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 
                                                                                                                      

STABLE INCOME FUND; Norwest Investment Management - MG/HH                                                             

===> Municipal Bonds                                                                                                  
LA County Pension    54474CCJ4               330,000     330,000     330,412        412    100.1250  100.1250    0.00 
Utah School Rmktd    917556DP4               500,000     517,830     496,421    (21,408)    99.7219   99.2843   (0.44)

                Subtotals                    830,000     847,830     826,834    (20,996)                              

===> Receivables Backed Securities                                                                                    
Daimler-Benz Auto,   233832AA2               525,947     520,482     522,696      2,214     99.3889   99.3819   (0.01)
Ford Cr Grantor Tr   34527KAA6               402,547     400,786     401,867      1,080     99.8439   99.8309   (0.01)

                Subtotals                    928,495     921,269     924,563      3,294                               

===> Repurchase Agreements                                                                                            
Bear, Stearns & Co., BS                    2,107,271   2,107,271   2,107,271          0         N/A       N/A     N/A 

                Subtotals                  2,107,271   2,107,271   2,107,271          0                               

===> U.S. Treasury Obligations                                                                                        
UST Note, 6.125%,    912827V41             1,900,000   1,945,507   1,881,590    (63,916)    99.2811   99.0311   (0.25)

                Subtotals                  1,900,000   1,945,507   1,881,590    (63,916)                              

                Segment Totals  Shares             0                                                                  
                                Face Amt  22,221,679  22,223,121  22,166,004    (57,116)                              


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                   FINAL MARKET VALUATION           Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 
                                                                                                                      

SHORT MATURITY INVESTMENT FUND; Norwest Investment Management - DS/LW                                                 

===> Cash Account                                                                                                     
Not Applicable - CMA |$$CASH$$                     0           0           0          0         N/A       N/A     N/A 

                Subtotals                          0           0           0          0                               

===> Commercial Paper                                                                                                 
Atlas Funding Corp.  04932LEF1               500,000     498,930     498,930          0         N/A       N/A     N/A 
Jet Funding Corp.    47712AEX1               500,000     497,771     497,771          0         N/A       N/A     N/A 
Southland Corp,      84443JGX9               500,000     493,478     493,228       (250)    98.6308   98.6456    0.02 
Sydney Capital Corp. 87123LEV0               500,000     497,892     497,892          0         N/A       N/A     N/A 
Working Capital Mgt  91837RF54               500,000     497,044     497,044          0         N/A       N/A     N/A 

                Subtotals                  2,500,000   2,485,117   2,484,866       (250)                              

===> Fixed Rate Notes - Corporate                                                                                     
Ford Motor Credit,   345402LS8               500,000     499,600     499,495       (105)    99.8973   99.8990    0.00 

                Subtotals                    500,000     499,600     499,495       (105)                              

===> Floating Rate Notes - Corporate                                                                                  
Bear, Stearns & Co., 073908LQ6               500,000     500,350     500,107       (242)   100.0256  100.0215   (0.00)
Ford Motor Credit,   345402KT7               500,000     498,840     499,679        839     99.9324   99.9359    0.00 
Sigma Finance,       SIGMA5396               500,000     500,055     500,000        (55)    99.9986  100.0000    0.00 

                Subtotals                  1,500,000   1,499,245   1,499,787        542                               

===> Repurchase Agreements                                                                                            
Bear, Stearns & Co., BS                   10,342,462  10,342,462  10,342,462          0         N/A       N/A     N/A 

                Subtotals                 10,342,462  10,342,462  10,342,462          0                               

                Segment Totals  Shares             0                                                                  
                                Face Amt  14,842,462  14,826,425  14,826,611        186                               


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                      Conservative Balanced Fund (131038..)   ACCT DATE 04/30/96
                   FINAL MARKET VALUATION           Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                          # SHARES/                 MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT       COST      VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 
                                                                                                                    

TOTAL RETURN BOND; United Capital Managment - DK/MB                                                                 

===> Cash Account                                                                                                   
Not Applicable       $$$CASH$$                     0          0          0          0         N/A       N/A     N/A 

                Subtotals                          0          0          0          0                               

===> Fixed Rate Notes - Agency                                                                                      
Federal Farm Credit  31331NUR3               175,000    175,298    173,858     (1,440)    99.4188   99.3477   (0.07)
FNMA, 5.375%, due    31359CCC7               225,000    224,947    222,155     (2,791)    98.8335   98.7358   (0.10)
FNMA, 6.06%, due     31364BLX6               225,000    225,210    224,835       (375)    99.9800   99.9269   (0.05)
FNMA, 5.92%, due     31364CAC2               225,000    225,000    223,499     (1,500)    99.4392   99.3330   (0.11)

                Subtotals                    850,000    850,456    844,348     (6,107)                              

===> Fixed Rate Notes - Corporate                                                                                   
AMR Corp., 7.47%,    00176LDS7               500,000    507,085    505,676     (1,408)   101.1682  101.1353   (0.03)
Cigna Corp 8.00%     125509AC3               200,000    203,486    201,294     (2,192)   100.6863  100.6470   (0.04)
Chrysler Fin Corp    171205DE4               425,000    436,490    430,938     (5,552)   101.4512  101.3973   (0.05)
General Motors Acc.  37042M5C3               550,000    544,395    548,560      4,164     99.7739   99.7382   (0.04)
Houston Industries,  442161AC9               500,000    504,290    503,459       (830)   100.7412  100.6919   (0.05)
McDermott            58003QAD9               275,000    282,326    279,125     (3,201)   101.5000  101.5000    0.00 
National Rural       637432BC8               200,000    210,548    207,211     (3,336)   103.6457  103.6056   (0.04)
Ohio Edison, 8.50%,  677347BH8               375,000    382,278    375,022     (7,255)   100.0061  100.0061    0.00 
Salomon Inc., MTN    79549KD20               500,000    491,285    497,177      5,892     99.4696   99.4355   (0.03)
USX Corporation,     902905AJ7               280,000    292,420    288,754     (3,666)   103.2075  103.1265   (0.08)

                Subtotals                  3,805,000  3,854,606  3,837,219    (17,386)                              

===> Repurchase Agreements                                                                                          
Bear, Stearns & Co., BS                      569,455    569,455    569,455          0         N/A       N/A     N/A 

                Subtotals                    569,455    569,455    569,455          0                               

===> U.S. Treasury Obligations                                                                                      
UST Bond 9.375% due  912810DU9             1,200,000  1,499,625  1,428,750    (70,875)   119.5625  119.0625   (0.42)
UST Bond, 8.125%,due 912810ED6               975,000  1,151,566  1,088,037    (63,528)   112.3436  111.5936   (0.67)
UST Note, 8.00%,     912827A85               250,000    268,515    266,875     (1,640)   107.0625  106.7500   (0.29)
UST Note, 8.25%,     912827B50               525,000    560,355    548,132    (12,223)   104.5625  104.4061   (0.15)
UST Note, 7.25%, due 912827Q88             1,375,000  1,460,351  1,424,412    (35,939)   104.0625  103.5936   (0.45)
UST Note,            912827R79               250,000    259,089    255,234     (3,855)   102.1875  102.0936   (0.09)
UST Note, 7.50%,due  912827S37             1,225,000  1,256,677  1,241,078    (15,599)   101.3436  101.3125   (0.03)
UST Note, 6.875%,    912827S94               500,000    506,171    505,155     (1,016)   101.1250  101.0311   (0.09)
UST Note, 7.125%,    912827T28             1,025,000  1,092,417  1,051,584    (40,833)   102.9061  102.5936   (0.30)
UST Note, 6.875%,    912827T44             1,375,000  1,453,750  1,399,491    (54,258)   102.0625  101.7812   (0.28)
UST Note, 6.25%,     912827U26             1,350,000  1,394,609  1,344,093    (50,515)    99.8125   99.5625   (0.25)
UST Note, 6.125%,    912827U67             1,150,000  1,192,425  1,139,576    (52,849)    99.3750   99.0936   (0.28)
UST Note, 5.875%,    912827U75               575,000    583,714    571,944    (11,770)    99.6250   99.4686   (0.16)
UST Note,            912827WW8             2,400,000  2,627,250  2,550,000    (77,250)   106.4375  106.2500   (0.18)
UST Note, 8.5%,      912827YN6               650,000    725,308    696,312    (28,996)   107.4686  107.1250   (0.32)


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                   FINAL MARKET VALUATION           Format D
 Cost and Tax Lot Summary (Internal Use)

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                                          # SHARES/                   MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 
                                                                                                                      

TOTAL RETURN BOND; United Capital Managment - DK/MB                                                                   

===> U.S. Treasury Obligations                                                                                        
UST Note, 8.5%,      912827YT3               100,000     104,171     102,625     (1,546)   102.6875  102.6250   (0.06)
UST Note, 8.875%,    912827YW6               400,000     454,812     435,250    (19,562)   109.1250  108.8125   (0.29)
UST Note, 8.75%,     912827ZE5               975,000   1,110,859   1,060,616    (50,242)   109.0625  108.7812   (0.26)

                Subtotals                 16,300,000  17,701,673  17,109,168   (592,504)                              

                Segment Totals  Shares             0                                                                  
                                Face Amt  21,524,455  22,976,192  22,360,193   (615,999)                              


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                   FINAL MARKET VALUATION           Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET                PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE    APPR/DEPR       PRICE     PRICE  CHANGE 
                                                                                                                        

POSITIVE RETURN; Peregrine Capital Managment - PB/BG/KV                                                                 

===> Cash Account                                                                                                       
Not Applicable       $$CASH$$$                     0           0           0            0         N/A       N/A     N/A 

                Subtotals                          0           0           0            0                               

===> Receivable Backed Securities                                                                                       
CVYMT 1994-2 A       16678KAC6             1,000,000   1,001,093   1,001,789          695    100.1789  100.1789    0.00 

                Subtotals                  1,000,000   1,001,093   1,001,789          695                               

===> Receivables Backed Securities                                                                                      
Bombardier Rec       09775PAA6             1,700,000   1,710,812   1,701,530       (9,282)   100.0900  100.0900    0.00 
Carco Auto Loan Mstr 141389AJ5             1,000,000   1,003,593   1,000,089       (3,504)   100.0079  100.0089    0.00 
Discover Card 92-A A 25466LAS6                83,333      82,259      83,150          891     99.7810   99.7810    0.00 
IBMMT 1993-1 A       44922GAA5               515,885     495,250     510,668       15,418     99.0199   98.9887   (0.03)
Signet Credit Card   826908AL9             1,000,000   1,000,937     999,239       (1,698)    99.9219   99.9239    0.00 

                Subtotals                  4,299,219   4,292,852   4,294,677        1,824                               

===> Repurchase Agreements                                                                                              
Bear, Stearns & Co., BS                   15,996,455  15,996,455  15,996,455            0         N/A       N/A     N/A 

                Subtotals                 15,996,455  15,996,455  15,996,455            0                               

===> U.S. Treasury Obligations                                                                                          
UST Bond, 6.25%,     912810EQ7               800,000     823,750     722,248     (101,501)    90.8436   90.2811   (0.62)
UST Bond, 7.5%,      912810ES3               725,000     868,527     766,006     (102,520)   106.2811  105.6561   (0.59)

                Subtotals                  1,525,000   1,692,277   1,488,255     (204,021)                              

                Segment Totals  Shares             0                                                                    
                                Face Amt  22,820,674  22,982,679  22,781,177     (201,501)                              
                Fund Totals     Shares     1,120,926                                                                    
                                Face Amt 104,629,451 137,117,350 147,446,361   10,329,010                               

                                                 Today  Yesterday  Unit Change   % Change                               
                Dow Jones Industrial Average    999.99     999.99         0.00      0.000                               


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     Moderate Balanced Fund (131039..)      ACCT DATE 04/30/96

      FINAL MARKET VALUATION                    Format D

Cost and Tax Lot Summary (Internal Use)                       

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 

MANAGED FIXED INCOME; NOT ASSIGNED                                                                                    

===> Cash Account                                                                                                     
                                                                                                                      
Not Applicable - CMA |$$CASH$$               214,799     214,799     214,799          0         N/A       N/A     N/A 

                Subtotals                    214,799     214,799     214,799          0                               

===> Collateralized Mortgage Obligations                                                                              
CMC2 1993-2I A2      125714CD5               848,321     855,612     854,834       (777)   100.8076  100.7677   (0.04)
FHLMC Ser 1338 H,    312911UK4               900,000     893,531     894,933      1,401     99.6560   99.4370   (0.22)
FHLMC Ser 1374 B,    312912CL0               900,000     889,312     891,135      1,822     99.1590   99.0150   (0.15)
FNMA REMIC PASS      31358GUF2               341,795     335,127     342,417      7,290    100.2880  100.1820   (0.11)
RES FUND 6.70%       760944JA7             2,100,000   1,915,851   2,068,500    152,649     98.6870   98.5000   (0.19)

                Subtotals                  5,090,117   4,889,434   5,051,820    162,386                               

===> FRN-Corp. Restricted Security                                                                                    
Reinsurance Group,   759351AA7             1,000,000     991,790     980,000    (11,790)    98.5000   98.0000   (0.51)

                Subtotals                  1,000,000     991,790     980,000    (11,790)                              

===> Fixed Rate Notes - Corporate                                                                                     
Applied Materials,   03822VAD3               850,000     848,827     833,407    (15,419)    98.4459   98.0479   (0.40)
Citi Grp             12560QAH2               800,000     777,512     764,770    (12,741)    95.9009   95.5963   (0.32)
Cargill Inc., 8.35%, 14178#AD5             1,100,000   1,168,200   1,178,017      9,817    107.4315  107.0925   (0.32)
CHRYSLER 5.375%      171205DB0             1,100,000   1,001,374   1,072,500     71,126     97.6250   97.5000   (0.13)
Citicorp, 9.50%,     173034FK0             1,000,000   1,123,250   1,112,405    (10,845)   111.5940  111.2405   (0.32)
Coca Cola Bottling   191098AB8               500,000     479,285     475,619     (3,666)    95.7229   95.1238   (0.63)
CONTL BK CHICAGO     211134XL0               800,000     873,024     868,000     (5,024)   108.6250  108.5000   (0.12)
Corestates Captl     218693AH2               650,000     607,568     602,271     (5,296)    93.1253   92.6571   (0.50)
Dean Wittr Disc      24240VAB7               650,000     646,171     638,644     (7,527)    98.5449   98.2530   (0.30)
Federal Exp          313309AK2               450,000     450,369     447,277     (3,091)    99.5171   99.3951   (0.12)
Ford Motor Credit,   345397NJ8             1,100,000   1,095,083   1,018,894    (76,188)    93.1521   92.6268   (0.56)
Heller Financial,    423328BA0               800,000     835,584     827,000     (8,584)   103.5000  103.3750   (0.12)
Intl Lease Finance,  45974VNP9               625,000     616,125     618,136      2,011     99.1002   98.9019   (0.20)
Lehman Brths Hldgs   524908AA8               750,000     839,025     814,655    (24,369)   109.4526  108.6207   (0.76)
PAINE WEBBER 7.0%    695629AM7             1,100,000   1,006,489   1,098,658     92,169    100.0670   99.8780   (0.19)

                Subtotals                 12,275,000  12,367,886  12,370,257      2,371                               

===> Floating Rate Notes - Agency                                                                                     
FNMA VAR RT 072397   31364AVB5             1,400,000   1,316,588   1,423,448    106,860    101.8402  101.6749   (0.16)

                Subtotals                  1,400,000   1,316,588   1,423,448    106,860                               

===> Mortgage Backed Securities                                                                                       
GNR 94-7 PG,         3837H0GE7             1,000,000     976,406     964,949    (11,457)    96.8869   96.4949   (0.40)

                Subtotals                  1,000,000     976,406     964,949    (11,457)                              


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      Moderate Balanced Fund (131039..)               ACCT DATE 04/30/96

   FINAL MARKET VALUATION                           Format D

Cost and Tax Lot Summary (Internal Use)                               

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 

MANAGED FIXED INCOME; NOT ASSIGNED                                                                                    

===> Receivables Backed Securities                                                                                    
                                                                                                                      
Keystone, 7.45%,     525177AT8               500,000     499,765     495,966     (3,799)    99.6133   99.1933   (0.42)

                Subtotals                    500,000     499,765     495,966     (3,799)                              

===> Stripped Securities                                                                                              
RESOL FDG STRIP      76116EAW0             1,000,000     685,307     777,900     92,592     78.0460   77.7900   (0.33)

                Subtotals                  1,000,000     685,307     777,900     92,592                               

===> U.S. Treasury Obligations                                                                                        
UST Note, 7.50%,     912827F49             3,000,000   3,195,000   3,149,058    (45,942)   105.3125  104.9686   (0.33)
UST Note, 5.75%,     912827L83             4,000,000   3,866,250   3,803,744    (62,506)    95.5625   95.0936   (0.49)
UST Notes, 5.0%,     912827N65             6,000,000   5,863,125   5,820,000    (43,125)    97.1875   97.0000   (0.19)
UST Note, 6.5%,      912827T85               950,000     957,718     937,531    (20,187)    99.1561   98.6875   (0.47)
UST Note, 5.875%,    912827U75             7,000,000   6,995,625   6,962,802    (32,823)    99.6250   99.4686   (0.16)
UST Note, 6.25%,     912827V25             3,500,000   3,525,468   3,482,500    (42,968)    99.7500   99.5000   (0.25)
UST Note, 5.00%,     912827W57             8,000,000   7,890,000   7,870,000    (20,000)    98.5000   98.3750   (0.13)

                Subtotals                 32,450,000  32,293,187  32,025,635   (267,552)                              

                Segment Totals  Shares             0                                                                  
                                Face Amt  54,929,916  54,235,164  54,304,776     69,611                               


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    FINAL MARKET VALUATION                            Format D

Cost and Tax Lot Summary (Internal Use)                               

                                                        [Enlarge/Download Table]


                                        # SHARES/                 MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER  FACE AMOUNT       COST      VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 

INCOME EQUITY; NOT ASSIGNED                                                                                       

===> Cash Account                                                                                                 

                                                                                                                  
Not Applicable - CMA |$$CASH$$                   0          0          0          0         N/A       N/A     N/A 

                Subtotals                        0          0          0          0                               

===> Common Stock                                                                                                 
American Tel &       001957109 T            25,200  1,331,910  1,543,500    211,590     61.5000   61.2500   (0.41)
American Brands Inc  024703100 AMB          17,400    582,900    724,275    141,375     41.7500   41.6250   (0.30)
American Express Co  025816109 AXP          21,000    645,750  1,018,500    372,750     48.2500   48.5000    0.52 
American General     026351106 AGC          18,000    500,872    632,250    131,378     34.7500   35.1250    1.08 
American Home        026609107 AHP           8,000    519,000    844,000    325,000    106.8750  105.5000   (1.29)
Atlantic Richfield   048825103 ARC           4,900    516,337    576,975     60,637    118.5000  117.7500   (0.63)
Chevron Corp         166751107 CHV          14,900    622,075    864,200    242,125     58.5000   58.0000   (0.85)
Consolidated Nat Gas 209615103 CNG          18,700    656,837    874,225    217,387     46.5000   46.7500    0.54 
Dayton Hudson Corp   239753106 DH            8,700    722,100    830,850    108,750     93.5000   95.5000    2.14 
Deluxe Corp          248019101 DLX          27,400    787,750    959,000    171,250     34.7500   35.0000    0.72 
Du Pont E I De       263534109 DD           18,700  1,035,512  1,503,012    467,500     79.8750   80.3750    0.63 
Dun & Bradstreet     264830100 DNB          18,800  1,054,140  1,144,450     90,310     61.1250   60.8750   (0.41)
Eastman Kodak Co     277461109 EK           15,200    714,150  1,162,800    448,650     76.7500   76.5000   (0.33)
Emerson Electric     291011104 EMR          11,500    728,812    961,687    232,875     83.3750   83.6250    0.30 
Exxon Corporation    302290101 XON          13,500    809,687  1,147,500    337,812     85.8750   85.0000   (1.02)
FPL Group Inc        302571104 FPL           9,400    312,550    405,375     92,825     42.8750   43.1250    0.58 
First Bank System    319279105 FBS          17,000    614,125  1,024,250    410,125     60.5000   60.2500   (0.41)
GTE Corp             362320103 GTE          27,400    842,550  1,188,475    345,925     43.7500   43.3750   (0.86)
General Electric Co  369604103 GE           15,800    765,472  1,224,500    459,027     77.6250   77.5000   (0.16)
Hewlett-Packard      428236103 HWP          19,000    917,697  2,011,625  1,093,927    107.2500  105.8750   (1.28)
Honeywell Inc        438506107 HON          27,000    836,011  1,420,875    584,863     51.8750   52.6250    1.45 
Johnson & Johnson    478160104 JNJ           9,000    491,625    832,500    340,875     91.8750   92.5000    0.68 
May Dept Stores      577778103 MA           13,700    524,025    698,700    174,675     50.0000   51.0000    2.00 
Macdonalds Corp      580135101 MCD          17,400    500,250    833,025    332,775     48.2500   47.8750   (0.78)
Merck & Company Inc  589331107 MRK          12,000    445,500    726,000    280,500     60.7500   60.5000   (0.41)
Minnesota Mining &   604059105 MMM          18,000    960,365  1,183,500    223,135     66.0000   65.7500   (0.38)
Mobil Corp           607059102 MOB           7,400    607,725    851,000    243,275    117.3750  115.0000   (2.02)
J P Morgan & Company 616880100 JPM          14,200    855,795  1,194,575    338,779     84.1250   84.1250    0.00 
Morton Int'l.        619331101 MII          24,900    694,087    880,837    186,750     35.2500   35.3750    0.35 
Pacific Gas &        694308107 PCG          17,000    472,720    386,750    (85,970)    22.6250   22.7500    0.55 
J.C. Penney Company, 708160106 JCP           5,400    238,140    267,300     29,160     49.3750   49.5000    0.25 
Pepsico              713448108 PEP          15,000    528,750    952,500    423,750     61.3750   63.5000    3.46 
Pfizer Inc.          717081103 PFE          13,000    494,670    895,375    400,705     68.1250   68.8750    1.10 
Philip Morris Cos.,  718154107 MO           12,500    767,187  1,126,562    359,375     89.5000   90.1250    0.70 
Procter & Gamble     742718109 PG           11,900    740,775  1,005,550    264,775     84.2500   84.5000    0.30 
Public Svc           744573106 PEG          21,000    574,233    548,625    (25,608)    26.1250   26.1250    0.00 
Royal Dutch          780257705 RD            5,400    591,975    773,550    181,575    144.0000  143.2500   (0.52)
Sara Lee Corporation 803111103 SLE           9,000    244,895    279,000     34,105     30.8750   31.0000    0.40 
Schlumberger Ltd     806857108 SLB          14,750    815,646  1,301,687    486,041     88.5000   88.2500   (0.28)
Sears Roebuck & Co   812387108 S            13,680    380,027    682,290    302,262     49.5000   49.8750    0.76 
Texas Utilities      882848104 TXU          10,200    353,660    410,550     56,890     39.6250   40.2500    1.58 
Transamerica Corp    893485102 TA           15,600    781,185  1,185,600    404,415     76.0000   76.0000    0.00 


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    FINAL MARKET VALUATION                            Format D

Cost and Tax Lot Summary (Internal Use)                             

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET              PRIOR DAY     TODAY     %  
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE   APPR/DEPR      PRICE     PRICE  CHANGE

INCOME EQUITY; NOT ASSIGNED                                                                                          

===> Common Stock                                                                                                    
                                                                                                                     
United Technologies  913017109 UTX            11,900     715,487   1,314,950     599,462   108.3750  110.5000    1.96
WMX Tech Inc         92929Q107 WMX            28,800     789,420   1,000,800     211,380    34.1250   34.7500    1.83

                Subtotals                    679,230  29,084,387  41,393,552  12,309,165                             

===> Repurchase Agreements                                                                                           
Bear, Stearns & Co., BS                      330,985     330,985     330,985           0        N/A       N/A     N/A

                Subtotals                    330,985     330,985     330,985           0                             

                Segment Totals  Shares       679,230                                                                 
                                Face Amt     330,985  29,415,372  41,724,537  12,309,165                             


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      Moderate Balanced Fund (131039..)               ACCT DATE 04/30/96

    FINAL MARKET VALUATION                            Format D

Cost and Tax Lot Summary (Internal Use)                                   

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET              PRIOR DAY    TODAY     %  
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE   APPR/DEPR      PRICE    PRICE  CHANGE

INDEX; NOT ASSIGNED                                                                                                 

===> Cash Account                                                                                                   
                                                                                                                    
Not Applicable - CMA |$$CASH$$                     0           0           0           0                            
         N/A         N/A     N/A                                                                                    

                Subtotals                          0           0           0           0                            

===> Common Stock                                                                                                   
Index NP Fund        CFIX16004 INDX        1,318,379  29,419,203  41,824,794  12,405,590    31.7213  31.7244    0.01

                Subtotals                  1,318,379  29,419,203  41,824,794  12,405,590                            

                Segment Totals  Shares     1,318,379                                                                
                                Face Amt           0  29,419,203  41,824,794  12,405,590                            


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      Moderate Balanced Fund (131039..)               ACCT DATE 04/30/96

   FINAL MARKET VALUATION                           Format D

Cost and Tax Lot Summary (Internal Use)                               

                                                        [Enlarge/Download Table]


                                         # SHARES/                   MARKET               PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER   FACE AMOUNT        COST       VALUE   APPR/DEPR       PRICE     PRICE  CHANGE 

LARGE COMPANY GROWTH; NOT ASSIGNED                                                                                    

===> Cash Account                                                                                                     
                                                                                                                      
Not Applicable - CMA |$$CASH$$                    0           0           0           0         N/A       N/A     N/A 

                Subtotals                         0           0           0           0                               

===> Common Stock                                                                                                     
Airtouch             00949T100 ATI           13,800     386,352     431,250      44,897     31.8750   31.2500   (1.96)
Alco Standard        013788104 ASN            7,200     275,102     416,700     141,597     57.3750   57.8750    0.87 
American Int'l Group 026874107 AIG           22,000   1,434,239   2,010,250     576,010     91.0000   91.3750    0.41 
Amgen, Inc.          031162100 AMGN          12,600     783,818     724,500     (59,318)    56.8750   57.5000    1.10 
Autozone Inc.        053332102 AZO           39,700   1,011,222   1,449,050     437,827     36.5000   36.5000    0.00 
Cisco Systems, Inc.  17275R102 CSCO          24,100     919,191   1,250,187     330,996     52.0000   51.8750   (0.24)
Cintas               172908105 CTAS          12,400     449,230     666,500     217,269     53.5000   53.7500    0.47 
Coca Cola Co         191216100 KO            19,100   1,001,071   1,556,650     555,579     81.1250   81.5000    0.46 
Columbia/HCA         197677107 COL           25,600   1,324,324   1,360,000      35,675     52.6250   53.1250    0.95 
Corporate Express    219888104 CEXP          20,300     556,224     758,712     202,488     36.7500   37.3750    1.70 
DST Systems, Inc.    233326107 DST           14,800     362,901     543,900     180,998     37.7500   36.7500   (2.65)
Danka Business       236277109 DANKY         17,900     442,760     859,200     416,439     48.9375   48.0000   (1.92)
Disney Walt Co       254687106 DIS           13,200     635,743     818,400     182,657     61.8750   62.0000    0.20 
Donaldson,Lufkin,Jen 257661108 DLJ           13,900     424,483     469,125      44,641     34.1250   33.7500   (1.10)
Ericsson (l.m.)      294821400 ERICY         66,200   1,001,410   1,348,825     347,414     20.3125   20.3750    0.31 
First Data Corp.     319963104 FDC           29,400   1,563,107   2,234,400     671,292     76.1250   76.0000   (0.16)
Fiserv, Inc.         337738108 FISV US       19,200     446,991     585,600     138,608     30.7500   30.5000   (0.81)
Franklin Resources,  354613101 BEN           26,800   1,162,316   1,534,300     371,983     57.3750   57.2500   (0.22)
General Mtrs Corp Cl 370442402 GME           20,300     754,632   1,144,412     389,780     56.2500   56.3750    0.22 
General Re Corp      370563108 GRN            1,700     262,654     242,887     (19,767)   143.1250  142.8750   (0.17)
HBO & Company        404100109 HBOC           6,100     447,121     724,375     277,253    117.5000  118.7500    1.06 
Hewlett-Packard      428236103 HWP           15,000   1,246,011   1,588,125     342,113    107.2500  105.8750   (1.28)
Home Depot Inc       437076102 HD            25,400   1,179,778   1,203,325      23,546     47.3750   47.3750    0.00 
Intel                458140100 INTC          29,500   1,075,273   1,998,625     923,351     68.1250   67.7500   (0.55)
Lowes Companies, Inc 548661107 LOW           20,700     797,419     670,162    (127,256)    32.1250   32.3750    0.78 
Medaphis Corp        584028104 MEDA          36,800   1,028,567   1,697,400     668,832     46.7500   46.1250   (1.34)
Microsoft Corp       594918104 MSFT          23,400   1,540,387   2,652,975   1,112,587    112.6250  113.3750    0.67 
Molex Inc. Cl A      608554200 MOLXA         27,443     725,968     823,290      97,321     30.2500   30.0000   (0.83)
Motorola             620076109 MOT           11,200     666,462     686,000      19,537     61.7500   61.2500   (0.81)
Office Depot Inc     676220106 ODP           72,000   1,795,278   1,611,000    (184,278)    22.2500   22.3750    0.56 
Paychex, Inc.        704326107 PAYX          10,350     290,720     701,212     410,491     68.5000   67.7500   (1.09)
Petsmart Inc         716768106 PETM          20,250     495,285     898,593     403,308     42.7500   44.3750    3.80 
Pfizer Inc.          717081103 PFE           16,500     998,170   1,136,437     138,267     68.1250   68.8750    1.10 
Philip Morris Cos.,  718154107 MO            10,700     769,311     964,337     195,026     89.5000   90.1250    0.70 
T. Rowe Price        741477103 TROW          14,600     525,534     813,950     288,415     56.5000   55.7500   (1.33)
Schwab Charles Corp  808513105 SCH           83,100   1,007,237   2,035,950   1,028,712     25.1250   24.5000   (2.49)
Solectron Corp       834182107 SLR           16,800     493,644     747,600     253,955     45.0000   44.5000   (1.11)
Sungard Data         867363103 SNDT          12,000     323,160     399,000      75,839     34.2500   33.2500   (2.92)
Viking Office        926913104 VKNG           8,400     279,425     498,750     219,325     60.1250   59.3750   (1.25)

                Subtotals                   880,443  30,882,536  42,255,958  11,373,422                               


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    FINAL MARKET VALUATION                            Format D

Cost and Tax Lot Summary (Internal Use)                             

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET              PRIOR DAY  TODAY     %  
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE   APPR/DEPR      PRICE  PRICE  CHANGE

LARGE COMPANY GROWTH; NOT ASSIGNED                                                                                

===> Repurchase Agreements                                                                                        
                                                                                                                  
Bear, Stearns & Co., BS                      298,515     298,515     298,515           0        N/A    N/A     N/A

                Subtotals                    298,515     298,515     298,515           0                          

                Segment Totals  Shares       880,443                                                              
                                Face Amt     298,515  31,181,051  42,554,474  11,373,422                          


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      Moderate Balanced Fund (131039..)               ACCT DATE 04/30/96

    FINAL MARKET VALUATION                            Format D

Cost and Tax Lot Summary (Internal Use)                             

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET             PRIOR DAY    TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR      PRICE    PRICE  CHANGE 

SMALL COMPANY GROWTH; NOT ASSIGNED                                                                                  

===> Cash Account                                                                                                   
                                                                                                                    
Not Applicable - CMA |$$CASH$$                     0           0           0          0        N/A      N/A     N/A 

                Subtotals                          0           0           0          0                             

===> Common Stock                                                                                                   
Small Company NP     CFSC16003 SCGF          506,870  11,824,917  17,045,650  5,220,732    33.6482  33.6292   (0.06)

                Subtotals                    506,870  11,824,917  17,045,650  5,220,732                             

                Segment Totals  Shares       506,870                                                                
                                Face Amt           0  11,824,917  17,045,650  5,220,732                             


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    FINAL MARKET VALUATION                            Format D

Cost and Tax Lot Summary (Internal Use)                             

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET             PRIOR DAY    TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR      PRICE    PRICE  CHANGE 

INTERNATIONAL; NOT ASSIGNED                                                                                         

===> Cash Account                                                                                                   
                                                                                                                    
Not Applicable - CMA |$$CASH$$                     0           0           0          0        N/A      N/A     N/A 

                Subtotals                          0           0           0          0                             

===> Common Stock                                                                                                   
International Core   CFI216002 IIF         1,026,649  20,910,796  24,839,685  3,928,888    24.2469  24.1949   (0.21)

                Subtotals                  1,026,649  20,910,796  24,839,685  3,928,888                             

                Segment Totals  Shares     1,026,649                                                                
                                Face Amt           0  20,910,796  24,839,685  3,928,888                             


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      Moderate Balanced Fund (131039..)               ACCT DATE 04/30/96

    FINAL MARKET VALUATION                            Format D

Cost and Tax Lot Summary (Internal Use)                             

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 

STABLE INCOME FUND; NOT ASSIGNED                                                                                      

===> Asset Backed Securities                                                                                          
                                                                                                                      
AFC Mortgage ABS     00105HAT3             1,238,480   1,244,865   1,239,634     (5,231)   100.1354  100.0932   (0.04)
GMAC Trust 4.50%,    36187TAA3               725,564     722,997     723,647        650     99.7409   99.7359   (0.01)
GMAC Trust 4.00%,    36187WAA6               888,033     879,569     881,745      2,175     99.3099   99.2919   (0.02)
Green Tree Fin       393505BE1             1,837,875   1,811,743   1,823,556     11,813     99.2399   99.2209   (0.02)
Green Tree Fin 94-1  393505BU5             1,694,164   1,655,516   1,689,537     34,021     99.7589   99.7269   (0.03)
Green Tree Fin       393505EK4               470,870     470,723     472,282      1,559    100.3099  100.2999   (0.01)
Sasco 1995 C3        863572FV0             1,377,436   1,377,436   1,377,421       ( 15)    99.9993   99.9989   (0.00)

                Subtotals                  8,232,425   8,162,853   8,207,826     44,973                               

===> Cash Account                                                                                                     
Not Applicable - CMA |$$CASH$$                     0           0           0          0         N/A       N/A     N/A 

                Subtotals                          0           0           0          0                               

===> Collateralized Mortgage Obligations                                                                              
FHLMC Ser 1096 D     3129053H3             1,365,170   1,378,075   1,366,780    (11,295)   100.1699  100.1179   (0.05)
FHLB DU-98 1         313389QM3             2,350,000   2,164,937   2,303,770    138,833     98.1461   98.0328   (0.12)
FHLMC-GNMA Ser 24 ZC 3133T2JY7             1,811,573   1,749,110   1,748,709       (400)    96.6579   96.5299   (0.13)
FHLMC 1694 PL        3133T4NF9             3,000,000   2,970,937   2,965,317     (5,620)    98.9039   98.8439   (0.06)
FNMA Swap Trust      31359LKJ3 FNMA12294   3,692,180   3,692,180   3,684,001     (8,178)    99.7795   99.7785   (0.00)
MNB 1990-1 A         574112AA6             1,339,371   1,342,719   1,342,719          0    100.2479  100.2500    0.00 
MLCC 94 B A1         59020QAG9               975,993     976,680     975,993       (686)   100.0000  100.0000    0.00 
RTC 1992-C2 A2       76116NHF0             3,892,587   3,929,080   3,897,745    (31,335)   100.2121  100.1325   (0.08)
RTC 92 M3 A4, due    76116NHY9             2,491,466   2,531,952   2,499,249    (32,702)   100.3740  100.3124   (0.06)
RTC 1992 C3 A3       76116NJY7             3,000,710   3,038,219   3,025,052    (13,167)   100.8117  100.8112   (0.00)
RTC 1992-7 A2D,      76116NLD0             1,963,388   1,991,612   1,978,642    (12,970)   100.8225  100.7769   (0.05)
RTC 1992-CHF A2      76116NRF9               810,376     814,682     812,394     (2,288)   100.2493  100.2489   (0.00)
RTC 1992 18P-A4      76116NTA8             1,478,214   1,478,214   1,476,813     (1,401)    99.9056   99.9052   (0.00)
Sears Mortgage       812373HG6               421,041     421,041     420,042       (998)    99.7759   99.7629   (0.01)

                Subtotals                 28,592,074  28,479,443  28,497,232     17,789                               

===> Fixed Rate Notes - Agency                                                                                        
FHLB 7.11% due       313390NY8             2,000,000   2,041,250   2,036,578     (4,672)   102.0671  101.8289   (0.23)

                Subtotals                  2,000,000   2,041,250   2,036,578     (4,672)                              

===> Fixed Rate Notes - Corporate                                                                                     
Chrysler Fin Corp.,  17120QPY1               850,000     862,121     846,699    (15,421)    99.7339   99.6117   (0.12)
Lehman Bros Hldg,    524908AL4             1,043,000   1,101,334   1,095,508     (5,826)   105.2168  105.0344   (0.17)

                Subtotals                  1,893,000   1,963,455   1,942,208    (21,247)                              

===> Mortgage Backed Securities                                                                                       
FNMA ARM Pool 318464 31374MWZ3             1,474,284   1,485,111   1,502,111     17,000    102.1375  101.8875   (0.24)
FNMA ARM Pool 331866 31375DTX1               557,327     562,378     564,146      1,767    101.4755  101.2234   (0.25)


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      Moderate Balanced Fund (131039..)               ACCT DATE 04/30/96

    FINAL MARKET VALUATION                            Format D

Cost and Tax Lot Summary (Internal Use)                                 

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 

STABLE INCOME FUND; NOT ASSIGNED                                                                                      

                                                                                                                      
                Subtotals                  2,031,612   2,047,489   2,066,257     18,767                               

===> Municipal Bonds                                                                                                  
LA County Pension    54474CCJ4               885,000     885,000     886,106      1,106    100.1250  100.1250    0.00 
Utah School Rmktd    917556DP4             1,100,000   1,139,226   1,092,127    (47,098)    99.7219   99.2843   (0.44)

                Subtotals                  1,985,000   2,024,226   1,978,233    (45,992)                              

===> Receivable Backed Securities                                                                                     
Daimler-Benz Auto,   233832AA2               899,824     890,474     894,262      3,787     99.3889   99.3819   (0.01)

                Subtotals                    899,824     890,474     894,262      3,787                               

===> Receivables Backed Securities                                                                                    
Ford Cr Grantor Tr   34527KAA6               948,020     943,873     946,417      2,544     99.8439   99.8309   (0.01)

                Subtotals                    948,020     943,873     946,417      2,544                               

===> Repurchase Agreements                                                                                            
Bear, Stearns & Co., BS                    3,739,660   3,739,660   3,739,660          0         N/A       N/A     N/A 

                Subtotals                  3,739,660   3,739,660   3,739,660          0                               

===> U.S. Treasury Obligations                                                                                        
UST Note, 4.75%,     912827M66             8,500,000   8,418,984   8,231,706   (187,278)    97.0311   96.8436   (0.19)

                Subtotals                  8,500,000   8,418,984   8,231,706   (187,278)                              

                Segment Totals  Shares             0                                                                  
                                Face Amt  58,821,618  58,711,711  58,540,383   (171,327)                              


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      Moderate Balanced Fund (131039..)               ACCT DATE 04/30/96

     FINAL MARKET VALUATION                             Format D

Cost and Tax Lot Summary (Internal Use)                           

                                                        [Enlarge/Download Table]


                                          # SHARES/             MARKET             PRIOR DAY  TODAY     %  
NAME                 CUSIP     TICKER    FACE AMOUNT     COST    VALUE  APPR/DEPR      PRICE  PRICE  CHANGE

SHORT MATURITY INVESTMENT FUND; NOT ASSIGNED                                                               

===> Cash Account                                                                                          
                                                                                                           
Not Applicable - CMA $$$CASH$$                     0        0        0          0        N/A    N/A     N/A

                Subtotals                          0        0        0          0                          

===> Repurchase Agreements                                                                                 
Bear, Stearns & Co., BS                      983,107  983,107  983,107          0        N/A    N/A     N/A

                Subtotals                    983,107  983,107  983,107          0                          

                Segment Totals  Shares             0                                                       
                                Face Amt     983,107  983,107  983,107          0                          


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      Moderate Balanced Fund (131039..)               ACCT DATE 04/30/96

   FINAL MARKET VALUATION                           Format D

Cost and Tax Lot Summary (Internal Use)                             

                                                        [Enlarge/Download Table]


                                        # SHARES/                 MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER  FACE AMOUNT       COST      VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 

TOTAL RETURN BOND; NOT ASSIGNED                                                                                   

===> Cash Account                                                                                                 
                                                                                                                  
Not Applicable - CMA |$$CASH$$                   0          0          0          0         N/A       N/A     N/A 

                Subtotals                        0          0          0          0                               

===> Fixed Rate Notes - Agency                                                                                    
Federal Farm Credit  31331NUR3             500,000    500,853    496,738     (4,114)    99.4188   99.3477   (0.07)
FNMA, 5.375%, due    31359CCC7             600,000    599,859    592,414     (7,444)    98.8335   98.7358   (0.10)
FNMA, 6.06%, due     31364BLX6           1,550,000  1,551,453  1,548,866     (2,586)    99.9800   99.9269   (0.05)
FNMA, 5.92%, due     31364CAC2             575,000    575,000    571,164     (3,835)    99.4392   99.3330   (0.11)

                Subtotals                3,225,000  3,227,165  3,209,185    (17,980)                              

===> Fixed Rate Notes - Corporate                                                                                 
AMR Corp., 7.47%,    00176LDS7           1,000,000  1,014,170  1,011,353     (2,817)   101.1682  101.1353   (0.03)
Cigna Corp 8.00%     125509AC3             475,000    483,279    478,073     (5,206)   100.6863  100.6470   (0.04)
Chrysler Fin Corp    171205DE4           1,025,000  1,052,762  1,039,322    (13,440)   101.4512  101.3973   (0.05)
General Motors MTN   37042M5C3           1,350,000  1,336,243  1,346,465     10,222     99.7739   99.7382   (0.04)
Houston Industries,  442161AC9           1,250,000  1,260,725  1,258,648     (2,076)   100.7412  100.6919   (0.05)
Limited, Inc.,       532716AC1             250,000    260,842    259,275     (1,567)   103.9540  103.7100   (0.23)
McDermott            58003QAD9             750,000    769,975    761,250     (8,725)   101.5000  101.5000    0.00 
National Rural       637432BC8             500,000    526,370    518,028     (8,342)   103.6457  103.6056   (0.04)
Ohio Edison, 8.50%,  677347BH8             900,000    917,469    900,054    (17,414)   100.0061  100.0061    0.00 
Salomon Inc., MTN    79549KD53             900,000    884,691    895,083     10,392     99.4880   99.4537   (0.03)
USX Corporation,     902905AJ7             675,000    704,943    696,103     (8,839)   103.2075  103.1265   (0.08)

                Subtotals                9,075,000  9,211,471  9,163,658    (47,812)                              

===> Repurchase Agreements                                                                                        
Bear, Stearns & Co., BS                    594,885    594,885    594,885          0         N/A       N/A     N/A 

                Subtotals                  594,885    594,885    594,885          0                               

===> U.S. Treasury Obligations                                                                                    
UST Bond, 9.375% due 912810DU9           3,025,000  3,761,929  3,601,640   (160,289)   119.5625  119.0625   (0.42)
UST Bond, 7.5%,      912810DX3           1,175,000  1,237,238  1,228,240     (8,997)   105.3125  104.5311   (0.74)
UST Bond, 8.125%,due 912810ED6           1,725,000  2,037,386  1,924,989   (112,397)   112.3436  111.5936   (0.67)
UST Note, 7.875%,    912827A44             500,000    524,609    516,718     (7,891)   103.4686  103.3436   (0.12)
UST Note, 8.25%,     912827B50           1,325,000  1,414,230  1,383,380    (30,849)   104.5625  104.4061   (0.15)
UST Note, 6.875%,    912827Q62             675,000    689,554    686,600     (2,954)   101.9061  101.7186   (0.18)
UST Note, 7.25%, due 912827Q88           3,150,000  3,344,953  3,263,198    (81,754)   104.0625  103.5936   (0.45)
UST Note,            912827R79             375,000    389,033    382,851     (6,182)   102.1875  102.0936   (0.09)
UST Note, 6.875%,    912827S94           1,525,000  1,543,824  1,540,724     (3,099)   101.1250  101.0311   (0.09)
UST Note, 7.125%,    912827T28           2,550,000  2,717,732  2,616,136   (101,595)   102.9061  102.5936   (0.30)
UST Note, 6.875%,    912827T44           3,475,000  3,674,072  3,536,896   (137,175)   102.0625  101.7812   (0.28)
UST Note, 6.25%,     912827U26           2,875,000  2,975,281  2,862,421   (112,859)    99.8125   99.5625   (0.25)
UST Note, 6.125%,    912827U67           2,900,000  3,006,796  2,873,714   (133,082)    99.3750   99.0936   (0.28)
UST Note, 5.875%,    912827U75           1,425,000  1,446,597  1,417,427    (29,170)    99.6250   99.4686   (0.16)


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      Moderate Balanced Fund (131039..)               ACCT DATE 04/30/96

   FINAL MARKET VALUATION                           Format D

Cost and Tax Lot Summary (Internal Use)                               

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET               PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE   APPR/DEPR       PRICE     PRICE  CHANGE 

TOTAL RETURN BOND; NOT ASSIGNED                                                                                        

===> U.S. Treasury Obligations                                                                                         
                                                                                                                       
UST Note, 8.875%,    912827VN9               500,000     530,703     521,250      (9,453)   104.4061  104.2500   (0.15)
UST Note,            912827WW8             6,500,000   7,115,468   6,906,250    (209,218)   106.4375  106.2500   (0.18)
UST Note, 8.50%,     912827YN6             1,700,000   1,896,960   1,821,125     (75,835)   107.4686  107.1250   (0.32)
UST Note, 8.5%,      912827YT3               200,000     208,343     205,250      (3,093)   102.6875  102.6250   (0.06)
UST Note, 8.875%,    912827YW6             1,000,000   1,137,031   1,088,125     (48,906)   109.1250  108.8125   (0.29)
UST Note, 8.75%,     912827ZE5             2,425,000   2,763,203   2,637,944    (125,259)   109.0625  108.7812   (0.26)

                Subtotals                 39,025,000  42,414,951  41,014,885  (1,400,066)                              

                Segment Totals  Shares             0                                                                   
                                Face Amt  51,919,885  55,448,473  53,982,614  (1,465,859)                              


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      Moderate Balanced Fund (131039..)               ACCT DATE 04/30/96

    FINAL MARKET VALUATION                            Format D

Cost and Tax Lot Summary (Internal Use)                               

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 

POSITIVE RETURN; NOT ASSIGNED                                                                                         

===> Asset Backed Securities                                                                                          
                                                                                                                      
Navistar Financial   63934PAB9             2,250,000   2,249,962   2,250,398        435    100.0576  100.0177   (0.04)

                Subtotals                  2,250,000   2,249,962   2,250,398        435                               

===> Cash Account                                                                                                     
Not Applicable - CMA $$CASH$$                      0           0           0          0         N/A       N/A     N/A 

                Subtotals                          0           0           0          0                               

===> Receivable Backed Securities                                                                                     
Discover Card 92-A A 25466LAS6               158,333     156,292     157,986      1,694     99.7810   99.7810    0.00 
IBMMT 1993-1 A       44922GAA5             1,083,360   1,040,025   1,072,404     32,378     99.0199   98.9887   (0.03)

                Subtotals                  1,241,693   1,196,318   1,230,390     34,072                               

===> Receivables Backed Securities                                                                                    
Bombardier Rec       09775PAA6             3,400,000   3,421,624   3,403,060    (18,564)   100.0900  100.0900    0.00 
Carco Auto Loan Mstr 141389AJ5             1,750,000   1,756,289   1,750,155     (6,133)   100.0079  100.0089    0.00 
CVYMT 1994-2 A       16678KAC6             1,500,000   1,501,640   1,502,683      1,042    100.1789  100.1789    0.00 
First USA Credit     337435AK7             1,750,000   1,750,820   1,751,975      1,155    100.1129  100.1129    0.00 
Signet Credit Card   826908AL9             1,750,000   1,751,640   1,748,668     (2,972)    99.9219   99.9239    0.00 

                Subtotals                 10,150,000  10,182,014  10,156,543    (25,471)                              

===> Repurchase Agreements                                                                                            
Bear, Stearns & Co., BS                   39,397,677  39,397,677  39,397,677          0         N/A       N/A     N/A 

                Subtotals                 39,397,677  39,397,677  39,397,677          0                               

===> U.S. Treasury Obligations                                                                                        
UST Bond, 7.125%,    912810EP9             1,000,000   1,032,968   1,006,875    (26,093)   101.1561  100.6875   (0.46)
UST Bond, 7.5%,      912810ES3             1,000,000   1,197,968   1,056,561   (141,407)   106.2811  105.6561   (0.59)

                Subtotals                  2,000,000   2,230,937   2,063,436   (167,501)                              

                Segment Totals  Shares             0                                                                  
                                Face Amt  55,039,371  55,256,910  55,098,446   (158,464)                              


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      Moderate Balanced Fund (131039..)               ACCT DATE 04/30/96

   FINAL MARKET VALUATION                           Format D

Cost and Tax Lot Summary (Internal Use)                             

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET               PRIOR DAY  TODAY     %  
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE    APPR/DEPR      PRICE  PRICE  CHANGE

COMMON ASSETS; NOT ASSIGNED                                                                                        

===> Cash Account                                                                                                  
                                                                                                                   
Not Applicable - CMA $$$CASH$$                     0           0           0            0        N/A    N/A     N/A

                Subtotals                          0           0           0            0                          

                Segment Totals  Shares             0                                                               
                                Face Amt           0           0           0            0                          
                Fund Totals     Shares     4,411,572                                                               
                                Face Amt 222,323,400 347,386,709 390,898,469   43,511,759                          

                                                 Today  Yesterday  Unit Change   % Change                          
                Dow Jones Industrial Average  5,506.21     999.99     4,506.21    450.622                          


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                       Growth Balanced Fund (131034..)    ACCT DATE 04/30/96
                 FINAL MARKET VALUATION         Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 
                                                                                                                      

MANAGED FIXED INCOME; Galliard Capital Management - KT/JH                                                             

===> Asset Backed Securities                                                                                          
Green Tree, 94-1 A4, 393505BX9             1,200,000   1,221,375   1,189,894    (31,480)    99.5409   99.1579   (0.38)

                Subtotals                  1,200,000   1,221,375   1,189,894    (31,480)                              

===> Cash Account                                                                                                     
Not Applicable       $$$CASH$$             1,597,011   1,597,011   1,597,011          0         N/A       N/A     N/A 

                Subtotals                  1,597,011   1,597,011   1,597,011          0                               

===> Collateralized Mortgage Obligation                                                                               
FHLMC Ser 1096 D,    3129053H3             1,092,136   1,094,184   1,090,083     (4,100)    99.8430   99.8120   (0.03)

                Subtotals                  1,092,136   1,094,184   1,090,083     (4,100)                              

===> Collateralized Mortgage Obligations                                                                              
CMC2 1993-2I A2      125714CD5               848,321     855,612     854,834       (777)   100.8076  100.7677   (0.04)
FHLMC Ser 1338 H,    312911UK4               900,000     893,531     894,933      1,401     99.6560   99.4370   (0.22)
FHLMC Ser 1374 B,    312912CL0               900,000     889,312     891,135      1,822     99.1590   99.0150   (0.15)
FNMA REMIC PASS      31358GUF2               256,346     251,345     256,813      5,467    100.2880  100.1820   (0.11)
RES FUND 6.70%       760944JA7             1,600,000   1,459,696   1,576,000    116,304     98.6870   98.5000   (0.19)

                Subtotals                  4,504,668   4,349,497   4,473,715    124,218                               

===> FRN - Corp. Restriceted Security                                                                                 
Reinsurance Group,   759351AA7             1,000,000     991,790     980,000    (11,790)    98.5000   98.0000   (0.51)

                Subtotals                  1,000,000     991,790     980,000    (11,790)                              

===> Fixed Rate Notes - Corporate                                                                                     
Applied Materials,   03822VAD3               850,000     848,827     833,407    (15,419)    98.4459   98.0479   (0.40)
Citi Grp             12560QAH2               800,000     777,512     764,770    (12,741)    95.9009   95.5963   (0.32)
Cargill Inc., 8.35%, 14178#AD5             1,000,000   1,062,000   1,070,925      8,925    107.4315  107.0925   (0.32)
CHRYSLER 5.375%      171205DB0             1,100,000   1,001,374   1,072,500     71,126     97.6250   97.5000   (0.13)
Citicorp, 9.50%,     173034FK0             1,000,000   1,123,250   1,112,405    (10,845)   111.5940  111.2405   (0.32)
Coca Cola Bottling   191098AB8               400,000     383,428     380,495     (2,932)    95.7229   95.1238   (0.63)
Continental Bank,    211134XL0               800,000     875,192     868,000     (7,192)   108.6250  108.5000   (0.12)
Corestates Captl     218693AH2               600,000     560,832     555,942     (4,889)    93.1253   92.6571   (0.50)
Dean Wittr Disc      24240VAB7               650,000     646,171     638,644     (7,527)    98.5449   98.2530   (0.30)
Federal Exp          313309AK2               450,000     450,369     447,277     (3,091)    99.5171   99.3951   (0.12)
Ford Motor Credit,   345397NJ8             1,100,000   1,095,083   1,018,894    (76,188)    93.1521   92.6268   (0.56)
Heller Financial,    423328BA0               800,000     835,584     827,000     (8,584)   103.5000  103.3750   (0.12)
Intl Lease Finance,  45974VNP9               500,000     492,900     494,509      1,609     99.1002   98.9019   (0.20)
Lehman Brths Hldgs   524908AA8               750,000     839,025     814,655    (24,369)   109.4526  108.6207   (0.76)
PAINE WEBBER 7.0%    695629AM7             1,000,000     914,990     998,780     83,790    100.0670   99.8780   (0.19)

                Subtotals                 11,800,000  11,906,537  11,898,207     (8,330)                              

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                       Growth Balanced Fund (131034..)    ACCT DATE 04/30/96
                 FINAL MARKET VALUATION         Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 
                                                                                                                      

MANAGED FIXED INCOME; Galliard Capital Management - KT/JH                                                             

===> Floating Rate Notes - Agency                                                                                     
FNMA VAR RT 072397   31364AVB5             1,100,000   1,034,462   1,118,423     83,961    101.8402  101.6749   (0.16)

                Subtotals                  1,100,000   1,034,462   1,118,423     83,961                               

===> Mortgage Backed Securities                                                                                       
GNR 94-7 PG,         3837H0GE7             1,000,000     976,406     964,949    (11,457)    96.8869   96.4949   (0.40)

                Subtotals                  1,000,000     976,406     964,949    (11,457)                              

===> Receivables Backed Securities                                                                                    
Keystone, 7.45%,     525177AT8               500,000     499,765     495,966     (3,799)    99.6133   99.1933   (0.42)

                Subtotals                    500,000     499,765     495,966     (3,799)                              

===> Stripped Securities                                                                                              
RESOL FDG STRIP      76116EAW0               800,000     548,248     622,320     74,071     78.0460   77.7900   (0.33)

                Subtotals                    800,000     548,248     622,320     74,071                               

===> U.S. Treasury Obligations                                                                                        
UST Note, 6.375%,    912827G55             1,000,000   1,009,218     992,186    (17,032)    99.6875   99.2186   (0.47)
UST Note, 5.00%,     912827N65            10,000,000   9,758,437   9,700,000    (58,437)    97.1875   97.0000   (0.19)
UST Note, 6.25%,     912827V25             6,000,000   6,043,867   5,970,000    (73,867)    99.7500   99.5000   (0.25)
UST Note, 5.50%,     912827W40             4,000,000   3,876,250   3,857,500    (18,750)    96.7500   96.4375   (0.32)
UST Note, 5.00%,     912827W57             6,000,000   5,917,500   5,902,500    (15,000)    98.5000   98.3750   (0.13)
UST Note, 5.625%,    912827W81             1,000,000     953,125     927,186    (25,939)    93.2186   92.7186   (0.54)

                Subtotals                 28,000,000  27,558,398  27,349,372   (209,026)                              

                Segment Totals  Shares             0                                                                  
                                Face Amt  52,593,816  51,777,676  51,779,944      2,267                               


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                 FINAL MARKET VALUATION         Format D
 Cost and Tax Lot Summary (Internal Use)

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                                          # SHARES/                  MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST      VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 
                                                                                                                     

INCOME EQUITY; Norwest Capital Mgt Trust & Co. - DR/JH                                                               

===> Cash Account                                                                                                    
Not Applicable - CMA |$$CASH$$                     0           0          0          0         N/A       N/A     N/A 

                Subtotals                          0           0          0          0                               

===> Common Stock                                                                                                    
American Tel &       001957109 T              36,500   1,926,370  2,235,625    309,255     61.5000   61.2500   (0.41)
American Brands Inc. 024703100 AMB            26,900     909,600  1,119,712    210,112     41.7500   41.6250   (0.30)
American Express     025816109 AXP            34,800   1,069,800  1,687,800    618,000     48.2500   48.5000    0.52 
American General     026351106 AGC            27,800     778,026    976,475    198,449     34.7500   35.1250    1.08 
American Home        026609107 AHP            13,200     856,575  1,392,600    536,025    106.8750  105.5000   (1.29)
Atlantic Richfield   048825103 ARC            11,900   1,260,727  1,401,225    140,497    118.5000  117.7500   (0.63)
Chevron Corporation  166751107 CHV            25,200   1,073,172  1,461,600    388,428     58.5000   58.0000   (0.85)
Consolidated Natural 209615103 CNG            31,500   1,120,564  1,472,625    352,060     46.5000   46.7500    0.54 
Dayton Hudson Corp.  239753106 DH             13,500   1,107,350  1,289,250    181,900     93.5000   95.5000    2.14 
Deluxe Corp.         248019101 DLX            43,100   1,232,025  1,508,500    276,475     34.7500   35.0000    0.72 
Du Pont (E.I.) de    263534109 DD             28,700   1,593,712  2,306,762    713,050     79.8750   80.3750    0.63 
Dun & Bradstreet     264830100 DNB            33,500   1,887,364  2,039,312    151,948     61.1250   60.8750   (0.41)
Eastman Kodak        277461109 EK             22,400   1,064,280  1,713,600    649,320     76.7500   76.5000   (0.33)
Emerson Electric Co  291011104 EMR            18,800   1,193,175  1,572,150    378,975     83.3750   83.6250    0.30 
Exxon Corporation    302290101 XON            21,200   1,275,315  1,802,000    526,685     85.8750   85.0000   (1.02)
FPL Group Inc        302571104 FPL            13,500     448,875    582,187    133,312     42.8750   43.1250    0.58 
First Bank System    319279105 FBS            28,500   1,028,262  1,717,125    688,862     60.5000   60.2500   (0.41)
GTE Corporation      362320103 GTE            41,300   1,270,925  1,791,387    520,462     43.7500   43.3750   (0.86)
General Electric     369604103 GE             26,000   1,267,602  2,015,000    747,397     77.6250   77.5000   (0.16)
Hewlett-Packard      428236103 HWP            32,000   1,550,277  3,388,000  1,837,722    107.2500  105.8750   (1.28)
Honeywell Inc.       438506107 HON            49,600   1,593,079  2,610,200  1,017,120     51.8750   52.6250    1.45 
Johnson & Johnson    478160104 JNJ            15,800     863,300  1,461,500    598,200     91.8750   92.5000    0.68 
May Department       577778103 MA             21,600     818,400  1,101,600    283,200     50.0000   51.0000    2.00 
McDonalds            580135101 MCD            26,900     774,075  1,287,837    513,762     48.2500   47.8750   (0.78)
Merck & Co           589331107 MRK            20,100     747,562  1,216,050    468,487     60.7500   60.5000   (0.41)
Minnesota Mining &   604059105 MMM            28,200   1,514,040  1,854,150    340,109     66.0000   65.7500   (0.38)
Mobil Corporation    607059102 MOB            11,700     962,712  1,345,500    382,787    117.3750  115.0000   (2.02)
J.P. Morgan &        616880100 JPM            21,300   1,283,603  1,791,862    508,259     84.1250   84.1250    0.00 
Morton International 619331101 MII            40,500   1,141,532  1,432,687    291,155     35.2500   35.3750    0.35 
Pacific Gas &        694308107 PCG            32,900     928,276    748,475   (179,801)    22.6250   22.7500    0.55 
J.C. Penney Company, 708160106 JCP             9,400     414,540    465,300     50,760     49.3750   49.5000    0.25 
PepsiCo, Inc.        713448108 PEP            26,900     947,925  1,708,150    760,225     61.3750   63.5000    3.46 
Pfizer Inc.          717081103 PFE            21,600     824,860  1,487,700    662,840     68.1250   68.8750    1.10 
Philip Morris Cos.,  718154107 MO             22,600   1,386,325  2,036,825    650,500     89.5000   90.1250    0.70 
Procter & Gamble     742718109 PG             21,600   1,344,050  1,825,200    481,150     84.2500   84.5000    0.30 
Public Service       744573106 PEG            36,400   1,011,964    950,950    (61,014)    26.1250   26.1250    0.00 
Royal Dutch          780257705 RD              8,650     948,106  1,239,112    291,006    144.0000  143.2500   (0.52)
Sara Lee Corporation 803111103 SLE            25,400     717,527    787,400     69,873     30.8750   31.0000    0.40 
Schlumberger Ltd     806857108 SLB            23,900   1,326,348  2,109,175    782,826     88.5000   88.2500   (0.28)
Sears Roebuck & Co.  812387108 S              21,500     591,722  1,072,312    480,589     49.5000   49.8750    0.76 
Texas Utilities      882848104 TXU            19,300     665,575    776,825    111,250     39.6250   40.2500    1.58 
Transamerica         893485102 TA             23,400   1,174,165  1,778,400    604,235     76.0000   76.0000    0.00 
                                                                                                           Page     3


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 Cost and Tax Lot Summary (Internal Use)

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                                          # SHARES/                   MARKET              PRIOR DAY     TODAY     %  
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE   APPR/DEPR      PRICE     PRICE  CHANGE
                                                                                                                     

INCOME EQUITY; Norwest Capital Mgt Trust & Co. - DR/JH                                                               

===> Common Stock                                                                                                    
United Technologies  913017109 UTX            18,900   1,145,062   2,088,450     943,387   108.3750  110.5000    1.96
WMX Technologies,    92929Q107 WMX            44,200   1,216,897   1,535,950     319,053    34.1250   34.7500    1.83

                Subtotals                  1,122,650  48,255,649  68,184,550  19,928,900                             

===> Repurchase Agreements                                                                                           
Bear, Stearns & Co., BS                    8,467,821   8,467,821   8,467,821           0        N/A       N/A     N/A

                Subtotals                  8,467,821   8,467,821   8,467,821           0                             

                Segment Totals  Shares     1,122,650                                                                 
                                Face Amt   8,467,821  56,723,470  76,652,371  19,928,900                             


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 Cost and Tax Lot Summary (Internal Use)

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                                          # SHARES/                   MARKET              PRIOR DAY    TODAY     %  
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE   APPR/DEPR      PRICE    PRICE  CHANGE
                                                                                                                    

INDEX; Portfolio of Core Trust(Delaware)                                                                            

===> Cash Account                                                                                                   
Not Applicable - CMA |$$CASH$$                     0           0           0           0        N/A      N/A     N/A

                Subtotals                          0           0           0           0                            

===> Common Stock                                                                                                   
Index NP Fund        CFIX16004 INDX        2,416,866  56,317,498  76,673,636  20,356,137    31.7213  31.7244    0.01

                Subtotals                  2,416,866  56,317,498  76,673,636  20,356,137                            

                Segment Totals  Shares     2,416,866                                                                
                                Face Amt           0  56,317,498  76,673,636  20,356,137                            


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                                          # SHARES/                   MARKET               PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE   APPR/DEPR       PRICE     PRICE  CHANGE 
                                                                                                                       

LARGE COMPANY GROWTH; Peregrine Capital Management - JD/DK                                                             

===> Cash Account                                                                                                      
Not Applicable       $$$CASH$$                     0           0           0           0         N/A       N/A     N/A 

                Subtotals                          0           0           0           0                               

===> Common Stock                                                                                                      
Airtouch             00949T100 ATI            22,400     634,774     700,000      65,225     31.8750   31.2500   (1.96)
Alco Standard        013788104 ASN            12,200     489,993     706,075     216,081     57.3750   57.8750    0.87 
American Int'l Group 026874107 AIG            39,500   2,688,605   3,609,312     920,707     91.0000   91.3750    0.41 
Amgen, Inc.          031162100 AMGN           22,600   1,398,205   1,299,500     (98,705)    56.8750   57.5000    1.10 
Autozone Inc.        053332102 AZO            63,400   1,642,670   2,314,100     671,429     36.5000   36.5000    0.00 
Cisco Systems, Inc.  17275R102 CSCO           47,200   1,853,971   2,448,500     594,528     52.0000   51.8750   (0.24)
Cintas               172908105 CTAS           22,400     840,579   1,204,000     363,420     53.5000   53.7500    0.47 
Coca Cola Co         191216100 KO             33,700   1,854,039   2,746,550     892,510     81.1250   81.5000    0.46 
Columbia/HCA         197677107 COL            47,400   2,462,125   2,518,125      56,000     52.6250   53.1250    0.95 
Corporate Express    219888104 CEXP           36,100   1,011,368   1,349,237     337,869     36.7500   37.3750    1.70 
DST Systems, Inc.    233326107 DST            26,200     668,540     962,850     294,309     37.7500   36.7500   (2.65)
Danka Business       236277109 DANKY          33,200     895,858   1,593,600     697,741     48.9375   48.0000   (1.92)
Disney Walt Co       254687106 DIS            23,700   1,153,677   1,469,400     315,722     61.8750   62.0000    0.20 
Donaldson,Lufkin,Jen 257661108 DLJ            24,600     762,804     830,250      67,445     34.1250   33.7500   (1.10)
Ericsson (LM) - ADR  294821400 ERICY         125,700   1,943,562   2,561,137     617,575     20.3125   20.3750    0.31 
First Data Corp.     319963104 FDC            53,100   2,946,377   4,035,600   1,089,222     76.1250   76.0000   (0.16)
Fiserv, Inc.         337738108 FISV US        30,700     732,892     936,350     203,457     30.7500   30.5000   (0.81)
Franklin Resources,  354613101 BEN            49,700   2,158,819   2,845,325     686,505     57.3750   57.2500   (0.22)
General Mtrs Corp Cl 370442402 GME            38,900   1,514,012   2,192,987     678,974     56.2500   56.3750    0.22 
General Re Corp      370563108 GRN             4,300     661,731     614,362     (47,368)   143.1250  142.8750   (0.17)
HBO & Company        404100109 HBOC           13,100   1,019,143   1,555,625     536,481    117.5000  118.7500    1.06 
Hewlett-Packard      428236103 HWP            29,000   2,433,821   3,070,375     636,553    107.2500  105.8750   (1.28)
Home Depot Inc       437076102 HD             46,200   2,149,723   2,188,725      39,001     47.3750   47.3750    0.00 
Intel                458140100 INTC           55,800   2,147,724   3,780,450   1,632,725     68.1250   67.7500   (0.55)
Lowes Companies, Inc 548661107 LOW            39,000   1,482,526   1,262,625    (219,901)    32.1250   32.3750    0.78 
Medaphis Corp        584028104 MEDA           64,800   1,959,269   2,988,900   1,029,630     46.7500   46.1250   (1.34)
Microsoft Corp       594918104 MSFT           39,900   2,775,544   4,523,662   1,748,118    112.6250  113.3750    0.67 
Molex Inc. Cl A      608554200 MOLXA          50,731   1,359,195   1,521,930     162,734     30.2500   30.0000   (0.83)
Motorola             620076109 MOT            19,500   1,165,666   1,194,375      28,708     61.7500   61.2500   (0.81)
Office Depot Inc     676220106 ODP           132,900   3,274,316   2,973,637    (300,678)    22.2500   22.3750    0.56 
Paychex, Inc.        704326107 PAYX           19,600     623,220   1,327,900     704,679     68.5000   67.7500   (1.09)
Petsmart Inc         716768106 PETM           40,500   1,037,776   1,797,187     759,410     42.7500   44.3750    3.80 
Pfizer Inc.          717081103 PFE            28,500   1,783,037   1,962,937     179,899     68.1250   68.8750    1.10 
Philip Morris Cos.,  718154107 MO             19,100   1,353,050   1,721,387     368,337     89.5000   90.1250    0.70 
T. Rowe Price        741477103 TROW           29,300   1,075,677   1,633,475     557,797     56.5000   55.7500   (1.33)
Schwab Charles Corp  808513105 SCH           145,700   1,905,089   3,569,650   1,664,560     25.1250   24.5000   (2.49)
Solectron Corp       834182107 SLR            28,900     836,029   1,286,050     450,020     45.0000   44.5000   (1.11)
Sungard Data         867363103 SNDT           20,400     559,520     678,300     118,779     34.2500   33.2500   (2.92)
Viking Office        926913104 VKNG           17,800     628,062   1,056,875     428,812     60.1250   59.3750   (1.25)

                Subtotals                  1,597,731  57,883,008  77,031,330  19,148,321                               


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                                          # SHARES/                   MARKET              PRIOR DAY  TODAY     %  
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE   APPR/DEPR      PRICE  PRICE  CHANGE
                                                                                                                  

LARGE COMPANY GROWTH; Peregrine Capital Management - JD/DK                                                        

===> Repurchase Agreements                                                                                        
Bear, Stearns & Co., BS                      823,896     823,896     823,896           0        N/A    N/A     N/A

                Subtotals                    823,896     823,896     823,896           0                          

                Segment Totals  Shares     1,597,731                                                              
                                Face Amt     823,896  58,706,905  77,855,226  19,148,321                          


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                                          # SHARES/                   MARKET             PRIOR DAY    TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR      PRICE    PRICE  CHANGE 
                                                                                                                    

SMALL COMPANY GROWTH; Portfolio of Core Trust (Delaware)                                                            

===> Cash Account                                                                                                   
Not Applicable - CMA |$$CASH$$                     0           0           0          0        N/A      N/A     N/A 

                Subtotals                          0           0           0          0                             

===> Common Stock                                                                                                   
Small Company NP     CFSC16003 SCGF          947,247  22,379,381  31,855,168  9,475,786    33.6482  33.6292   (0.06)

                Subtotals                    947,247  22,379,381  31,855,168  9,475,786                             

                Segment Totals  Shares       947,247                                                                
                                Face Amt           0  22,379,381  31,855,168  9,475,786                             


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 Cost and Tax Lot Summary (Internal Use)

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                                          # SHARES/                   MARKET             PRIOR DAY    TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR      PRICE    PRICE  CHANGE 
                                                                                                                    

INTERNATIONAL; Portfolio of Core Trust (Delaware)                                                                   

===> Cash Account                                                                                                   
Not Applicable - CMA |$$CASH$$                     0           0           0          0        N/A      N/A     N/A 

                Subtotals                          0           0           0          0                             

===> Common Stock                                                                                                   
International Core   CFI216002 IIF         1,909,301  39,304,558  46,195,356  6,890,798    24.2469  24.1949   (0.21)

                Subtotals                  1,909,301  39,304,558  46,195,356  6,890,798                             

                Segment Totals  Shares     1,909,301                                                                
                                Face Amt           0  39,304,558  46,195,356  6,890,798                             


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                                          # SHARES/                   MARKET             PRIOR DAY  TODAY     %  
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR      PRICE  PRICE  CHANGE
                                                                                                                 

SHORT MATURITY INVESTMENT FUND; Norwest Investment Management - DS/LW                                            

===> Cash Account                                                                                                
Not Applicable       $$$CASH$$                     0           0           0          0        N/A    N/A     N/A
Not Applicable - CMA |$$CASH$$                     0           0           0          0        N/A    N/A     N/A

                Subtotals                          0           0           0          0                          

===> Repurchase Agreements                                                                                       
Bear, Stearns & Co., BS                    1,169,618   1,169,618   1,169,618          0        N/A    N/A     N/A

                Subtotals                  1,169,618   1,169,618   1,169,618          0                          

                Segment Totals  Shares             0                                                             
                                Face Amt   1,169,618   1,169,618   1,169,618          0                          


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                                          # SHARES/                 MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT       COST      VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 
                                                                                                                    

TOTAL RETURN BOND; United Capital Managment - DK/MB                                                                 

===> Cash Account                                                                                                   
Not Applicable       $$$CASH$$                     0          0          0          0         N/A       N/A     N/A 

                Subtotals                          0          0          0          0                               

===> Fixed Rate Notes - Agency                                                                                      
Federal Farm Credit  31331NUR3               350,000    350,597    347,716     (2,880)    99.4188   99.3477   (0.07)
FNMA, 5.375%, due    31359CCC7               400,000    399,906    394,943     (4,963)    98.8335   98.7358   (0.10)
FNMA, 6.06%, due     31364BLX6               375,000    375,351    374,725       (625)    99.9800   99.9269   (0.05)
FNMA, 5.92%, due     31364CAC2               500,000    500,000    496,665     (3,335)    99.4392   99.3330   (0.11)

                Subtotals                  1,625,000  1,625,854  1,614,051    (11,803)                              

===> Fixed Rate Notes - Corporate                                                                                   
AMR Corp., 7.47%,    00176LDS7               800,000    811,336    809,082     (2,253)   101.1682  101.1353   (0.03)
Cigna Corp 8.00%     125509AC3               325,000    330,664    327,102     (3,562)   100.6863  100.6470   (0.04)
Chrysler Fin Corp    171205DE4               850,000    872,981    861,877    (11,104)   101.4512  101.3973   (0.05)
General Motors MTN   37042M5C3             1,100,000  1,088,791  1,097,120      8,329     99.7739   99.7382   (0.04)
Houston Industries,  442161AC9             1,000,000  1,008,580  1,006,919     (1,661)   100.7412  100.6919   (0.05)
Limited, Inc.,       532716AC1               750,000    782,527    777,825     (4,702)   103.9540  103.7100   (0.23)
McDermott Int'l,     58003QAD9               475,000    487,648    482,125     (5,523)   101.5000  101.5000    0.00 
National Rural       637432BC8               300,000    315,822    310,816     (5,005)   103.6457  103.6056   (0.04)
Ohio Edison, 8.50%,  677347BH8               725,000    739,072    725,044    (14,028)   100.0061  100.0061    0.00 
Salomon Inc., MTN    79549KD20               500,000    491,285    497,177      5,892     99.4696   99.4355   (0.03)
USX Corporation,     902905AJ7               475,000    496,071    489,850     (6,220)   103.2075  103.1265   (0.08)

                Subtotals                  7,300,000  7,424,779  7,384,940    (39,838)                              

===> Repurchase Agreements                                                                                          
Bear, Stearns & Co., BS                    1,181,112  1,181,112  1,181,112          0         N/A       N/A     N/A 

                Subtotals                  1,181,112  1,181,112  1,181,112          0                               

===> U.S. Treasury Obligations                                                                                      
UST Bond, 9.375%,    912810DU9             3,150,000  3,961,984  3,750,468   (211,515)   119.5625  119.0625   (0.42)
UST Bond, 8.125%,due 912810ED6             2,125,000  2,527,402  2,371,364   (156,038)   112.3436  111.5936   (0.67)
UST Note, 7.875%,    912827A44               500,000    524,609    516,718     (7,891)   103.4686  103.3436   (0.12)
UST Note, 8.00%,     912827A85             2,500,000  2,677,343  2,668,750     (8,593)   107.0625  106.7500   (0.29)
UST Note, 8.25%,     912827B50             1,150,000  1,227,445  1,200,670    (26,775)   104.5625  104.4061   (0.15)
UST Note, 7.25%, due 912827Q88             2,450,000  2,601,421  2,538,043    (63,378)   104.0625  103.5936   (0.45)
UST Note,            912827R79               650,000    673,261    663,608     (9,653)   102.1875  102.0936   (0.09)
UST Note, 7.50%,due  912827S37             1,675,000  1,718,314  1,696,984    (21,330)   101.3436  101.3125   (0.03)
UST Note, 6.875%,    912827S94               500,000    506,171    505,155     (1,016)   101.1250  101.0311   (0.09)
UST Note, 7.125%,    912827T28             1,800,000  1,918,359  1,846,684    (71,674)   102.9061  102.5936   (0.30)
UST Note, 6.875%,    912827T44             2,500,000  2,643,121  2,544,530    (98,591)   102.0625  101.7812   (0.28)
UST Note, 6.25%,     912827U26             2,650,000  2,723,765  2,638,406    (85,359)    99.8125   99.5625   (0.25)
UST Note, 6.125%,    912827U67             5,075,000  5,255,558  5,029,000   (226,558)    99.3750   99.0936   (0.28)
UST Note, 5.875%,    912827U75             1,200,000  1,218,187  1,193,623    (24,564)    99.6250   99.4686   (0.16)


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                       Growth Balanced Fund (131034..)    ACCT DATE 04/30/96
                 FINAL MARKET VALUATION         Format D
 Cost and Tax Lot Summary (Internal Use)

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                                          # SHARES/                   MARKET               PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE   APPR/DEPR       PRICE     PRICE  CHANGE 
                                                                                                                       

TOTAL RETURN BOND; United Capital Managment - DK/MB                                                                    

===> U.S. Treasury Obligations                                                                                         
UST Note,            912827VN9             2,800,000   2,982,000   2,919,000     (63,000)   104.4061  104.2500   (0.15)
UST Note,            912827WW8             4,500,000   4,926,093   4,781,250    (144,843)   106.4375  106.2500   (0.18)
UST Note, 8.5%,      912827YN6             1,200,000   1,339,031   1,285,500     (53,531)   107.4686  107.1250   (0.32)
UST Note, 8.5%,      912827YT3               300,000     312,515     307,875      (4,640)   102.6875  102.6250   (0.06)
UST Note, 8.875%,    912827YW6               725,000     824,347     788,890     (35,457)   109.1250  108.8125   (0.29)
UST Note, 8.75%,     912827ZE5             1,750,000   1,994,257   1,903,671     (90,586)   109.0625  108.7812   (0.26)

                Subtotals                 39,200,000  42,555,193  41,150,193  (1,404,999)                              

                Segment Totals  Shares             0                                                                   
                                Face Amt  49,306,112  52,786,941  51,330,298  (1,456,642)                              


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                       Growth Balanced Fund (131034..)    ACCT DATE 04/30/96
                 FINAL MARKET VALUATION         Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 
                                                                                                                      

POSITIVE RETURN; Peregrine Capital Managment - PB/BG/KV                                                               

===> Cash Account                                                                                                     
Not Applicable       $$$CASH$$                     0           0           0          0         N/A       N/A     N/A 

                Subtotals                          0           0           0          0                               

===> Receivable Backed Securities                                                                                     
CVYMT 1994-2 A       16678KAC6             2,000,000   2,002,187   2,003,578      1,390    100.1789  100.1789    0.00 

                Subtotals                  2,000,000   2,002,187   2,003,578      1,390                               

===> Receivables Backed Securities                                                                                    
Bombardier Rec       09775PAA6             2,600,000   2,616,536   2,602,340    (14,196)   100.0900  100.0900    0.00 
Carco Auto Loan Mstr 141389AJ5             1,750,000   1,756,289   1,750,155     (6,133)   100.0079  100.0089    0.00 
Discover Card 92-A A 25466LAS6               125,000     123,388     124,726      1,337     99.7810   99.7810    0.00 
IBMMT 1993-1 A       44922GAA5               825,417     792,400     817,069     24,669     99.0199   98.9887   (0.03)
Peoples Bank Credit  710318AC0             1,500,000   1,501,171   1,501,875        703    100.1250  100.1250    0.00 
Signet Credit Card   826908AL9             1,750,000   1,751,640   1,748,668     (2,972)    99.9219   99.9239    0.00 

                Subtotals                  8,550,417   8,541,426   8,544,835      3,408                               

===> Repurchase Agreements                                                                                            
Bear, Stearns & Co., BS                   37,768,106  37,768,106  37,768,106          0         N/A       N/A     N/A 

                Subtotals                 37,768,106  37,768,106  37,768,106          0                               

===> U.S. Treasury Obligations                                                                                        
UST Bond, 7.125%,due 912810EP9             2,300,000   2,515,484   2,315,812   (199,671)   101.1561  100.6875   (0.46)
UST Bond, 6.25%,     912810EQ7             2,000,000   2,059,375   1,805,622   (253,753)    90.8436   90.2811   (0.62)

                Subtotals                  4,300,000   4,574,859   4,121,434   (453,424)                              

                Segment Totals  Shares             0                                                                  
                                Face Amt  52,618,523  52,886,580  52,437,954   (448,626)                              


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                       Growth Balanced Fund (131034..)    ACCT DATE 04/30/96
                 FINAL MARKET VALUATION         Format D
 Cost and Tax Lot Summary (Internal Use)

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET               PRIOR DAY   TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE    APPR/DEPR      PRICE   PRICE  CHANGE 
                                                                                                                     

COMMON ASSETS; NOT ASSIGNED                                                                                          

===> Cash Account                                                                                                    
Not Applicable - CMA |$$CASH$$                     0           0           0            0        N/A     N/A     N/A 

                Subtotals                          0           0           0            0                            

===> Cash Management Accounts                                                                                        
Margin Account                                     0           0           0            0     0.0350  0.0000 (100.00)

                Subtotals                          0           0           0            0                            

                Segment Totals  Shares             0                                                                 
                                Face Amt           0           0           0            0                            
                Fund Totals     Shares     7,993,796                                                                 
                                Face Amt 164,979,789 392,052,631 465,949,574   73,896,943                            

                                                 Today  Yesterday  Unit Change   % Change                            
                Dow Jones Industrial Average    999.99     999.99         0.00      0.000                            


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                          Stable Income Fund (13102900)       ACCT DATE 04/30/96

                    FINAL MARKET VALUATION            Format D

Cost and Tax Lot Summary (Internal Use) 

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 

STABLE INCOME FUND; NOT ASSIGNED                                                                                      

                                                                                                                      
===> Asset Backed Securities                                                                                          
AFC Mortgage ABS     00105HAT3               963,262     968,229     964,160     (4,069)   100.1354  100.0932   (0.04)
GMAC Trust 4.50%,    36187TAA3               721,584     718,991     719,679        687     99.7409   99.7359   (0.01)
GMAC Trust 4.00%,    36187WAA6               888,033     879,569     881,745      2,175     99.3099   99.2919   (0.02)
Green Tree Fin       393505BE1             1,543,815   1,521,864   1,531,787      9,923     99.2399   99.2209   (0.02)
Green Tree Fin 94-1  393505BU5             1,181,975   1,155,011   1,178,747     23,735     99.7589   99.7269   (0.03)
Green Tree Fin       393505EK4               349,789     349,680     350,838      1,158    100.3099  100.2999   (0.01)
Sasco 1995 C3        863572FV0             1,033,077   1,033,077   1,033,066        (11)    99.9993   99.9989   (0.00)

                Subtotals                  6,681,538   6,626,424   6,660,024     33,600                               

===> Collateralized Mortgage Obligations                                                                              
FHLMC Ser 1096 D     3129053H3             1,365,170   1,378,075   1,366,780    (11,295)   100.1699  100.1179   (0.05)
FHLB DU-98 1         313389QM3             1,750,000   1,612,187   1,715,574    103,386     98.1461   98.0328   (0.12)
FHLMC-GNMA Ser 24 ZC 3133T2JY7             1,585,126   1,530,471   1,530,121       (350)    96.6579   96.5299   (0.13)
FHLMC 1694 PL        3133T4NF9             2,500,000   2,475,781   2,471,097     (4,683)    98.9039   98.8439   (0.06)
FNMA Swap Trust      31359LKJ3 FNMA12294   2,769,135   2,769,135   2,763,001     (6,133)    99.7795   99.7785   (0.00)
MNB 1990-1 A         574112AA6             1,339,371   1,342,719   1,342,719          0    100.2479  100.2500    0.00 
MLCC 94 B A1         59020QAG9               975,993     976,680     975,993       (686)   100.0000  100.0000    0.00 
RTC Ser 1991-6 E     76116NCK4               614,138     650,602     650,986        383    105.8650  106.0000    0.13 
RTC 1992-C2 A2       76116NHF0             2,780,419   2,806,486   2,784,103    (22,382)   100.2121  100.1325   (0.08)
RTC 92 M3 A4, due    76116NHY9             1,855,347   1,885,496   1,861,143    (24,353)   100.3740  100.3124   (0.06)
RTC 1992 C3 A3       76116NJY7             2,000,473   2,025,479   2,016,701     (8,778)   100.8117  100.8112   (0.00)
RTC 1992-7 A2D,      76116NLD0             1,717,965   1,742,660   1,731,312    (11,348)   100.8225  100.7769   (0.05)
RTC 1992-CHF A2      76116NRF9               810,376     814,682     812,394     (2,288)   100.2493  100.2489   (0.00)
RTC 1992 18P-A4      76116NTA8             1,298,577   1,298,577   1,297,346     (1,231)    99.9056   99.9052   (0.00)
RTC 1993-3 A2B,      76116NUK4             1,396,008   1,403,861   1,399,582     (4,278)   100.3000  100.2560   (0.04)
RTC 1995-1 A3        76116NXL9             1,275,234   1,304,724   1,302,263     (2,461)   102.1663  102.1195   (0.05)

                Subtotals                 26,033,339  26,017,622  26,021,121      3,499                               

===> Fixed Rate Notes - Corporate                                                                                     
Chrysler Fin Corp.,  17120QPY1               850,000     862,121     846,699    (15,421)    99.7339   99.6117   (0.12)
Conrail, 5.71%,      20986HAV0               750,000     749,602     748,535     (1,067)    99.8389   99.8047   (0.03)
Lehman Bros Hldg,    524908AL4             1,000,000   1,055,930   1,050,344     (5,586)   105.2168  105.0344   (0.17)
USAA Capital, 4.76%, 90327QAJ8             1,300,000   1,290,484   1,289,600       (884)    99.1947   99.2000    0.01 

                Subtotals                  3,900,000   3,958,137   3,935,178    (22,958)                              

===> Floating Rate Notes - Agency                                                                                     
FHLB, due 3/2/98     313389CX4             2,000,000   1,944,875   1,966,070     21,195     98.3422   98.3035   (0.04)
FHLB, due 3/4/98     313389DK1               500,000     489,750     489,100       (650)    97.9170   97.8200   (0.10)
FHLB, due 3/16/98    313389DT2             1,790,000   1,738,483   1,742,949      4,466     97.4197   97.3715   (0.05)
FHLB, Series AP98    313389GG7               950,000     937,175     929,549     (7,625)    97.9467   97.8473   (0.10)
FNMA StrNt, due      31364AXW7             1,300,000   1,276,782   1,275,657     (1,124)    98.1778   98.1275   (0.05)
SLMA, due 10/22/96   863871NH8               500,000     500,312     500,500        187    100.0573  100.1000    0.04 

                Subtotals                  7,040,000   6,887,378   6,903,826     16,448                               


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                          Stable Income Fund (13102900)       ACCT DATE 04/30/96

                    FINAL MARKET VALUATION            Format D

Cost and Tax Lot Summary (Internal Use) 

                                                        [Enlarge/Download Table]


                                          # SHARES/                   MARKET              PRIOR DAY     TODAY     %   
NAME                 CUSIP     TICKER    FACE AMOUNT        COST       VALUE  APPR/DEPR       PRICE     PRICE  CHANGE 

STABLE INCOME FUND; NOT ASSIGNED                                                                                      

                                                                                                                      
===> Index SWAP                                                                                                       
ML SWAP-Index Flux   ML110196F FLUX       12,000,000           0      41,843     41,843      0.3604    0.3486   (3.26)
ML SWAP-Libor Set    ML110196L LIBOR     -12,000,000           0           0          0      0.0000    0.0000    0.00 

                Subtotals                          0           0      41,843     41,843                               

===> Mortgage Backed Securities                                                                                       
FNMA Pool 155506,    31366QU78             1,326,487   1,356,333   1,364,141      7,807    103.0712  102.8386   (0.23)
FNMA ARM Pool 318464 31374MWZ3             1,474,283   1,485,110   1,502,110     17,000    102.1375  101.8875   (0.24)
FNMA ARM Pool 331866 31375DTX1               857,427     865,197     867,917      2,719    101.4755  101.2234   (0.25)

                Subtotals                  3,658,198   3,706,641   3,734,169     27,527                               

===> Municipal Bonds                                                                                                  
LA County Pension    54474CCJ4               745,000     745,000     745,931        931    100.1250  100.1250    0.00 
Utah School Rmktd    917556DP4             1,000,000   1,035,660     992,843    (42,817)    99.7219   99.2843   (0.44)

                Subtotals                  1,745,000   1,780,660   1,738,774    (41,885)                              

===> Receivables Backed Securities                                                                                    
Daimler-Benz Auto,   233832AA2               899,824     890,474     894,262      3,787     99.3889   99.3819   (0.01)
Ford Cr Grantor Tr   34527KAA6               969,670     965,428     968,031      2,602     99.8439   99.8309   (0.01)
NBCMT 1993-1 A,      638586AC1               870,000     867,281     865,388     (1,893)    99.4969   99.4699   (0.03)
Confederate Life     863572HS5               978,550     998,943     987,094    (11,849)   100.9251  100.8731   (0.05)
World Omni Auto,     98150RAA0             1,072,858   1,090,962   1,092,394      1,432    101.8760  101.8210   (0.05)

                Subtotals                  4,790,904   4,813,091   4,807,171     (5,919)                              

===> Repurchase Agreements                                                                                            
Bear, Stearns & Co., BS                    6,976,373   6,976,373   6,976,373          0         N/A       N/A     N/A 

                Subtotals                  6,976,373   6,976,373   6,976,373          0                               

===> U.S. Treasury Obligations                                                                                        
UST Note, 5.25%,     912827L67             1,000,000     997,890     982,811    (15,079)    98.4061   98.2811   (0.13)
UST Note, 5.625%,    912827U34             4,000,000   4,040,625   3,995,000    (45,625)    99.9061   99.8750   (0.03)

                Subtotals                  5,000,000   5,038,515   4,977,811    (60,704)                              

                Segment Totals  Shares             0                                                                  
                                Face Amt  65,825,354  65,804,843  65,796,294     (8,549)                              
                Fund Totals     Shares             0                                                                  
                                Face Amt  65,825,354  65,804,843  65,796,294     (8,549)                              

                                               Today  Yesterday  Unit Change   % Change                               
                Dow Jones Industrial Average  999.99     999.99         0.00      0.000                               


                                                                      Page     2

Dates Referenced Herein   and   Documents Incorporated by Reference

				Referenced-On Page
This ‘N-30D’ Filing		Date		First		Last			Other Filings
		11/1/96		8					497
Filed on:		10/17/96
		4/30/96		1		13			NSAR-A,  NT-NSAR
For Period End:		4/3/96
		4/1/96		6
		3/22/96		6
		11/1/95		10		14
		10/31/95		14					24F-2NT,  24F-2NT/A,  N-30D,  NSAR-B,  NT-NSAR
		10/1/95		6
		5/12/95		14
		4/12/95		14
		4/1/95		6
		11/11/94		6		14
		7/31/93		6
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