<PAGE>
[LOGO]
------------------------------------------------
U.S. CORE EQUITY FUND
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AGGRESSIVE EQUITY FUND
-----------------------------------------------------------------------------
GLOBAL INDEPENDENCE FUND
-----------------------------------------------------------------------------
SEMI-ANNUAL REPORT
APRIL 30, 2000
<PAGE>
Table of Contents
------------------------------------------------------------------
<TABLE>
<S> <C>
Letter from the Chief Investment Officer.................... 1
Fund Manager Economic and Market Reviews
US Core Equity Fund................ 3
Aggressive Equity Fund............. 5
Global Independence Fund........... 7
Schedule of Investments..................................... 9
Statements of Assets and Liabilities........................ 19
Statements of Operations.................................... 20
Statements of Changes in Net Assets......................... 21
Financial Highlights........................................ 24
Notes to Financial Statements............................... 27
</TABLE>
<PAGE>
Letter from the Chief Investment Officer
------------------------------------------------------------------
Dear Shareholders:
We are pleased to present you with the CDC MPT+ Funds Semi-Annual Report for
the period ended April 30, 2000. To provide you with some additional insight
into the Funds, we will briefly review the performance of our young funds and
how market forces may develop in the coming year.
FUND PERFORMANCE AND REVIEW
Our US CORE EQUITY FUND has a stock picker's approach, and focuses only on
large companies. We stress strong risk management, and we avoid market timing
like the plague. If this fund can successfully outperform the S&P 500 Index over
a long period of time, our hope and goal, it will be because our blend of
quantitative tools and fundamental judgment is well-suited to building
disciplined stock portfolios for controlling risks in volatile markets. In our
short ten months of existence, the US Core Equity Fund returned 11.51%,
outperforming the S&P 500 Index, which returned 6.86% for the corresponding
period.
[PHOTO]
D. Sykes Wilford
Our AGGRESSIVE EQUITY FUND seeks to outperform the S&P 500 Index with a
diversified approach to investing in global markets (equities, bonds and
currencies) that is overlaid on top of a core position in the S&P 500 Index. The
S&P 500 Index has returned 7.20% over the past six months, while our fund has
returned 7.47%. For the life of the Fund, it has outperformed the S&P 500 Index
by 1.68%. This performance places our fund in very good stead relative to other
actively managed US equity funds. Needless to say, this past six months has been
one of the most difficult periods for global portfolio managers.
Our GLOBAL INDEPENDENCE FUND represents our attempt to employ the same
discipline and management skills that heretofore were not readily available to
the mutual fund industry, but had been available to offshore investors. This is
not an easy task. It is often simpler to provide simple directional funds under
the umbrella of US mutual funds than it is to fully apply the power of modern
portfolio theory in its most robust form to mutual fund management. Our desire
is to provide returns to our clients that are uncorrelated with other typical
equity or fixed income investments they may have. In doing this, we take risk,
but this risk is less than which typically is associated with the stock market
and it is about the same as the expected risk incurred when investing in longer
dated bonds. Over the past six months, the Global Independence Fund has returned
7.43%, during a period when its blended benchmark consisting of 50% of the JP
Morgan Global Government Bond Index and 50% of the Morgan Stanley Global Equity
Index returned 1.77%. Most surveys that measure our performance place us well
above our competition in the market. While this is important, the key to this
fund's usefulness will be how it fits into client portfolios. We continue to be
focused on providing returns that, in the long run, will be uncorrelated with
both US stock and bond markets, while simultaneously providing a solid return in
a risk-controlled manner.
LOOKING INTO THE NEXT YEAR
The world offers interesting potential returns this year, but also
considerable risk. Fed tightening, European Central Bank (ECB) meandering, Japan
rolling from recession to growth back to recession, and talks of bursting
financial bubbles mean that markets will likely remain in turmoil this year. The
Federal Reserve is focused on keeping inflation under control. With help from a
strong dollar and strong investment inflows into the US from all corners of the
world, inflation has remained under control. Nonetheless, the fears are there.
Politics aside, the Fed is going to do its job to make sure that the ugly head
of inflation does not rise. This means keeping short rates on an upward course
for as long as it takes. Tighter US monetary policy, however, does not mean that
bonds will necessarily collapse or that the equity market will suddenly
---1
<PAGE>
CDC Investment Management Corp.
------------------------------------------------------------------
die. It does mean that we will most likely be near a turning point for bonds by
this summer, while in the equity markets the watchword will continue to be
volatility.
In Europe the ECB is still finding its way. Europe is slowly joining the
world recovery, but its economic performance has been inconsistent. Countries,
such as Spain, Portugal, Ireland, and some of the smaller ones, continue to
perform well. The French economy is coming along, but Germany and Italy are
laggards, still needing more stimulus. Tighter policy now would put a crimp into
the modest expansion now occurring on the back of export-led demand. However,
tighter policy might be just what these countries get if the euro declines much
further. Talk will underpin it only so long, as US interest rates rise and real
growth in North America outpaces that in Europe and Japan. A key question is
whether the Europeans want to sacrifice the incipient recovery on the hearth of
a strong currency. A well-seasoned Fed would ignore the currency movement, but
the ECB is still in its infancy. The real problem that Europe must tackle is
structural adjustment, and there is not much that monetary policy can do in this
area. Countries, such as Spain, that are making efforts to remove structural
barriers to a more competitive economy are winning. Those that are not are
slowly falling behind in the growth game.
The critical need for structural adjustment is the major problem facing
Japan, from government decision making on down to the health, or lack there of,
of the financial industry. The government does not appear dedicated to pursuing
reform. And the central bank seems to want to raise interest rates even in the
face of a very weak economy. Banks are exploiting the zero interest rate policy,
using the deposits of the greatest savers in the world to buy Japanese
government debt. The insurance industry is in trouble. All of this adds up to a
financial system that is dysfunctional in many ways. No doubt these problems
will be sorted out, but it will still take time.
Looking ahead, with rising US interest rates leading rates up around most of
the rest of the world, global liquidity is being restrained. Moreover, with the
US being the primary receiver of world liquidity, does a global tightening of
liquidity pose a significant risk to the global outlook? For example, is an 8
percent decline on the NASDAQ, followed by an 8 percent increase significantly
problematic? Yes, it is for investors, but it would really be problematic if it
led to another crisis like in 1998 or the Tequila problem in early 1995. Such an
event could be triggered if liquidity continues to be taken from the world
economy in an attempt to slow the US and (and this is the key) the other central
banks continue to follow. We will watch this risk closely.
What if a global crisis is avoided, then what? In a more benign environment,
the global economy should continue to expand, but the pace may be too modest to
push the equity markets onward and upward. Revisions of earnings could hamper
many markets in the autumn, and a market in turmoil cannot be ruled out. On a
longer view, however, after the storm, the US should continue to proceed from
strength to strength. The question is whether Japan and Europe can get fully on
board the global growth train.
/s/ D. Sykes Wilford
D. Sykes Wilford
Chief Investment Officer, CDC Investment Management Corp.
June 1, 2000
2 ---
<PAGE>
Manager Reviews: US Core Equity Fund
------------------------------------------------------------------
FUND INFORMATION
Investment Objective: The U.S. Core
Equity Fund is a diversified portfolio
that seeks total return greater than
that of the S&P 500 Index by investing
primarily in equity securities of U.S.
companies.
Fund Inception Date: June 30, 1999
Commencement of Operations:
Institutional Class - July 1, 1999
Investor Class - Not Operational
Expense Ratio:
Institutional Class - 2.17% Annualized
Investor Class - N/A
Total Net Assets (all classes):
$37,143,816
[PHOTO]
Jason Wolin
[PHOTO]
Frank Hanley
[PHOTO]
Steven Klopukh
PORTFOLIO REVIEW
Between November 1999 and April 2000, the US Core Equity Fund returned
11.40%, outperforming the S&P 500 by 4.20%. This period was extremely volatile
by historical standards, and it witnessed a major reversal in trend. Between
November and early March, technology stocks soared with the NASDAQ rising 51%.
However, old economy stocks lagged. After early March, this trend reversed
sharply: tech stocks plunged, while bargain hunters snapped up previously
out-of-favor old economy issues. In this environment, the Fund particularly
benefited from our diversified quantitative approach of both momentum and value
disciplines, as well as careful stock selection in the technology sector.
PERFORMANCE
The US Core Equity Fund outperformed its benchmark in each of the six months
of the reporting period. The volatile technology sector contributed the most to
the Fund's outperformance. In particular, overweight positions in LSI Logic
(1.33% held as of 04/30/00) and Corning (0.63% held as of 04/30/00) contributed
100 and 77 basis points, respectively, to the outperformance. Our quantitative
system gave positive signals for both of these equities due to positive earnings
surprises and strongly positive price momentum. In both cases our fundamental
analyses confirmed the quantitative signals, indicating that these stocks were
undervalued in relation to their growth potential. Corning, for example, has
unique manufacturing capabilities in the fast growing market of fiber optic
cables, which lead us to believe that it deserved a premium valuation.
---3
<PAGE>
Manager Reviews: US Core Equity Fund
------------------------------------------------------------------
Since our investment discipline limits our industry exposures versus the S&P
500 benchmark, our underweight positions in the technology group were the
largest detractors from the Fund's excess return. Our underweight in Cisco
Systems Inc. (3.53% held as of 04/30/00) and Nortel Networks Corp. (0.19% held
as of 04/30/00) each subtracted 57 basis points from the overall excess return.
Although we believe that both companies will perform well in the future, our
analysis indicated that given their valuations, the two stocks were not as
attractive as other companies in the sector.
MARKET OUTLOOK AND PORTFOLIO POSITIONING
While the general direction of the equity market is as difficult as ever to
predict, there are two major factors that we believe will weigh upon the equity
markets in the coming months. First, US interest rates may continue to rise,
providing investors with a more attractive risk-free alternative. Second, while
earnings comparisons were not difficult for the first six months of 2000, it
will likely be more difficult for companies to continue to match or exceed
earnings expectations over the second half of 2000 when year-over-year
comparisons with 1999 will become more demanding. We believe that regardless of
the investment climate, we have the potential to add value to the return on the
S&P 500 Index with a disciplined blend of quantitative signals, fundamental
analysis and strict risk controls.
<TABLE>
<CAPTION>
Total Returns (%) for the period ended April 30, 2000
------------------------------------------------------------------------------------------------------
Since Inception Fiscal Year-to-Date
Jun. 30, 1999 - Apr. 30, 2000 Nov. 1, 1999 - Apr. 30, 2000
------------------------------------------------------------------------------------------------------
<S> <C> <C>
US Core Equity Fund 11.51% 11.40%
S&P 500 Index (1) 6.86% 7.20%
Lipper Growth and Income Index (2) 0.12% 4.36%
</TABLE>
Source: (1) Bloomberg
(2) Lipper Analytical Services, Inc.
* EVA-Registered Trademark- is a registered trademark of Stern Stewart & Co.
Performance data quoted represents past performance. The investment return
and principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Performance figures reflect a partial waiver of fees and expense reimbursements
without which the total return would have been lower.
The S&P 500 Index is a widely recognized unmanaged index of 500 publicly
traded stocks that includes the reinvestment of dividends. You cannot invest
directly in an index.
The fund may also engage in other investment practices, including the
purchase of foreign securities. International investing is associated with
additional risks, including currency, information and political risks.
4 ---
<PAGE>
Manager Reviews: Aggressive Equity Fund
------------------------------------------------------------------
FUND INFORMATION
Investment Objective: The Aggressive
Equity Fund is a non-diversified
portfolio that seeks total return
greater than that of the S&P 500 Index
by investing primarily in U.S. and
Global equity and equity related
securities, fixed income securities and
currencies, and certain derivative
instruments.
Fund Inception Date: June 30, 1999
Commencement of Operations:
Institutional Class - July 1, 1999
Investor Class - Not Operational
Expense Ratio:
Institutional Class - 3.02% Annualized
Investor Class - N/A
Total Net Assets (all classes):
$35,121,923
[PHOTO]
D. Sykes Wilford
[PHOTO]
Jose M. Quintana
[PHOTO]
Andrew Dalton
PORTFOLIO REVIEW
Between November 1999 and April 2000, the Aggressive Equity Fund returned
7.47%, outperforming its S&P 500 benchmark by 0.27%. During this period,
European equity markets advanced strongly, but most other equity and bond
markets were mixed and, in the case of technology stocks, extraordinarily
volatile.
PERFORMANCE
Over the course of the past six months, the Aggressive Equity Fund
outperformed the S&P 500 Index, primarily as a result of positions in global
equity markets as well as short-duration currency deposits. Among equity market
positions, the long position in French equities (i.e., CAC 40 Index) was the
largest contributor to outperformance. We were long French equities late in 1999
and early in 2000 because our quantitative analysis indicated that the French
equity market had strong momentum and superior value in comparison with other
highly correlated equity markets. Long positions in other European markets as
well as Australia and Canada generally added to performance, more than
offsetting a slight underweight in the S&P 500 Index, which we used to reduce
risk.
Among our currency positions, our short euro position added the most value.
Our model took a negative view of the Euro because of its relatively low
currency deposit rates and a yield curve, which pointed to a loose monetary
policy during this six-month period. We agreed with our model's position due to
the relative weakness of the Eurozone economy in comparison with Switzerland,
the United Kingdom and the
---5
<PAGE>
Manager Reviews: Aggressive Equity Fund
------------------------------------------------------------------
United States. For similar reasons we were also short the Japanese yen, which
also retreated versus the US dollar.
STRATEGY AND PORTFOLIO POSITIONING
We expect that our mixture of active management and quantitative discipline
will continue to perform well during the second half of 2000. Additionally, we
think that it is possible that interest rates may be near a peak, which should
be very supportive for stocks in the United States.
The first half of 2000 witnessed a continuation of the financial
de-leveraging of 1998 and 1999 with the collapse of Tiger Management and the
partial shut-down of Quantum Asset Management, two of the world's largest hedge
funds. We suspect that these events will reduce liquidity and increased
volatility in financial markets. If liquidity begins to return later this year,
we believe that we will have an easier time generating outperformance on top of
the S&P 500 Index.
<TABLE>
<CAPTION>
Total Returns (%) for the period ended April 30, 2000
------------------------------------------------------------------------------------------------------
Since Inception Fiscal Year-to-Date
Jun. 30, 1999 - Apr. 30, 2000 Nov. 1, 1999 - Apr. 30, 2000
------------------------------------------------------------------------------------------------------
<S> <C> <C>
Aggressive Equity Fund 8.54% 7.47%
S&P 500 Index (1) 6.86% 7.20%
Lipper Growth and Income Index (2) 0.12% 4.36%
</TABLE>
Source: (1) Bloomberg
(2) Lipper Analytical Services, Inc.
Performance data quoted represents past performance. The investment return
and principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Performance figures reflect a partial waiver of fees and expense reimbursements
without which the total return would have been lower.
The S&P 500 Index is a widely recognized unmanaged index of 500 publicly
traded stocks that includes the reinvestment of dividends. You cannot invest
directly in an index.
The fund may also engage in other investment practices, including the
purchase of foreign securities. International investing is associated with
additional risks, including currency, information and political risks.
6 ---
<PAGE>
Manager Reviews: Global Independence Fund
------------------------------------------------------------------
FUND INFORMATION
Investment Objective: The Global
Independence Fund is a non-diversified
portfolio that seeks total return, on a
risk adjusted basis, consistent with the
preservation of capital by investing
primarily in the global equity, global
fixed income and currency markets.
Fund Inception Date: June 30, 1999
Commencement of Operations:
Institutional Class - July 1, 1999
Investor Class - Not Operational
Expense Ratio:
Institutional Class - 2.28% Annualized
Investor Class - N/A
Total Net Assets (all classes):
$32,745,698
[PHOTO]
D. Sykes Wilford
[PHOTO]
Jose M. Quintana
[PHOTO]
Andrew Dalton
PORTFOLIO REVIEW
Between November 1999 and April 2000, the Global Independence Fund returned
7.43%. During this period, European equity markets advanced strongly but most
other equity and bond markets were mixed and, in the case of technology stocks,
extraordinarily volatile.
PERFORMANCE
Over the course of the past six months, the Global Independence Fund
outperformed its benchmark, primarily as a result of positions in global equity
markets as well as short-duration currency deposits. Among the equity markets,
we were long the DAX index in Germany, which our quantitative systems had
identified as having superior valuation levels in comparison with other European
markets. The German stock market performed strongly as investors began to notice
German technology companies, who had not fully participated in the earlier run
up in technology stock prices in other nations. Long equity index positions in
Australia and Canada also added some value as those markets also performed
strongly.
Among our currency positions, our short euro position added the most value.
Our model took a negative view of the euro because of its relatively low
currency deposit rates and a yield curve, which pointed to a loose monetary
policy during this six-month period. We agreed with our model's position due to
the relative weakness of the Eurozone economy in comparison with Switzerland,
the United Kingdom and the United States. For similar reasons, we were also
short the Japanese yen which also retreated versus the US dollar.
---7
<PAGE>
Manager Reviews: Global Independence Fund
------------------------------------------------------------------
STRATEGY AND PORTFOLIO POSITIONING
We expect that our mixture of active management and quantitative discipline
will continue to perform well during the second half of 2000. During the first
several months of 2000 the post-LTCM financial de-leveraging continued with the
demise of Tiger Management and a substantial reduction in activity by Quantum
Management, two of the world's largest hedge funds. We suspect that this
de-leveraging played a significant role in reducing liquidity in world financial
markets and may have added to market volatility. If, as we suspect, liquidity
begins to return to the market place, it should create an even easier
environment for our strategy to generate outperformance.
<TABLE>
<CAPTION>
Total Returns (%) for the period ended April 30, 2000
------------------------------------------------------------------------------------------------------
Since Inception Fiscal Year-to-Date
Jun. 30, 1999 - Apr. 30, 2000 Nov. 1, 1999 - Apr. 30, 2000
------------------------------------------------------------------------------------------------------
<S> <C> <C>
Global Independence Fund 12.05% 7.43%
Blended Benchmark: 5.59% 1.77%
50% JP Morgan Global Gov't Bond Index (1)
50% Morgan Stanley Global Equity Index (2)
Lipper Global Flex Index (3) 11.02% 9.87%
</TABLE>
Source: (1) Bloomberg
(2) MSCI Inc.
(3) Lipper Analytical Services, Inc.
Performance data quoted represents past performance. The investment return
and principal value of an investment will fluctuate so that an investor's
shares, when redeemed, may be worth more or less than their original cost.
Performance figures reflect a partial waiver of fees and expense reimbursements
without which the total return would have been lower.
The Morgan Stanley Global Equity Index is a market capitalization weighted
equity index composed of at least 1,600 sample companies from twenty-two
countries. The JP Morgan Global Government Bond Index is a total return index
that tracks the traded sovereign issues of thirteen international markets. You
cannot invest directly in an index.
The fund may also engage in other investment practices, including the
purchase of foreign securities. International investing is associated with
additional risks, including currency, information and political risks.
8 ---
<PAGE>
CDC MPT+ FUNDS -- U.S. CORE EQUITY FUND
Schedule of Investments, April 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
----------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
----------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 95.3%
----------------------------------------------------------------------
AEROSPACE -- 1.6%
Northrop Grumman Corp. 2,800 $ 198,450
United Technologies Corp. 6,300 391,781
----------------
590,231
----------------
AIRLINES -- 0.5%
Delta Air Lines, Inc. 3,400 179,350
----------------
AUTOMOBILES & TRUCKS -- 0.8%
General Motors Corp. 3,300 308,962
----------------
BANKING -- 3.5%
Chase Manhattan Corp. 4,600 331,487
Fifth Third Bancorp 4,300 271,438
FleetBoston Financial Corp. 10,400 368,550
Wells Fargo & Co. 7,900 324,394
----------------
1,295,869
----------------
BEVERAGES -- 1.8%
Coca-Cola Co. 7,300 343,556
Coca-Cola Enterprises, Inc. 14,500 309,031
----------------
652,587
----------------
BREWERY -- 0.9%
Anheuser-Busch Cos., Inc. 4,900 345,756
----------------
BROADCASTING -- 1.9%
MediaOne Group, Inc. (a) 9,200 695,750
----------------
BUSINESS EQUIPMENT & SERVICES -- 1.8%
Adaptec, Inc. (a) 4,700 126,900
Electronic Data Systems Corp. 2,100 144,375
Interpublic Group Cos., Inc. 3,300 135,300
Lexmark International Group, Inc. --
Class A (a) 2,200 259,600
----------------
666,175
----------------
CHEMICALS -- 1.4%
Dow Chemical Co. 3,500 395,500
FMC Corp. (a) 2,500 145,469
----------------
540,969
----------------
COMPUTERS -- 9.1%
Apple Computer, Inc. (a) 3,800 471,437
Cisco Systems, Inc. (a) 19,000 1,317,234
Compaq Computer Corp. 9,300 272,025
Dell Computer Corp. (a) 4,000 200,500
Gateway, Inc. (a) 3,500 193,375
<CAPTION>
----------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
----------------------------------------------------------------------
<S> <C> <C>
COMPUTERS (CONTINUED)
International Business Machines Corp. 2,900 $ 323,713
Sun Microsystems, Inc. (a) 6,500 597,594
----------------
3,375,878
----------------
COMPUTER SOFTWARE -- 8.9%
Adobe Systems, Inc. 1,500 181,406
America Online, Inc. (a) 5,700 340,931
Computer Associates
International, Inc. 5,500 306,969
Compuware Corp. (a) 11,700 146,981
EMC Corp. (a) 4,400 611,325
Microsoft Corp. (a) 15,500 1,081,125
Oracle Corp. (a) 7,800 623,513
----------------
3,292,250
----------------
DIVERSIFIED MANUFACTURING OPERATIONS -- 8.2%
Corning, Inc. 2,300 454,250
General Electric Co. 9,200 1,446,700
Minnesota Mining & Manufacturing Co. 4,300 371,950
SPX Corp. (a) 2,100 230,737
Tyco International Ltd. 12,000 551,250
----------------
3,054,887
----------------
ELECTRONIC COMPONENTS -- 2.0%
LSI Logic Corp. (a) 6,200 387,500
Motorola, Inc. 3,100 369,094
----------------
756,594
----------------
ENTERTAINMENT -- 0.3%
Harrah's Entertainment, Inc. (a) 6,300 129,544
----------------
FINANCIAL SERVICES -- 5.7%
American Express Co. 700 105,044
Citigroup, Inc. 15,500 921,281
Federal National Mortgage Association 8,000 482,500
Mellon Financial Corp. 5,400 173,475
Morgan Stanley Dean Witter & Co. 5,700 437,475
----------------
2,119,775
----------------
FOOD -- 0.8%
Bestfoods 3,100 155,775
Quaker Oats Co. 2,000 130,375
----------------
286,150
----------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
---9
<PAGE>
CDC MPT+ FUNDS -- U.S. CORE EQUITY FUND
Schedule of Investments, April 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
----------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
----------------------------------------------------------------------
<S> <C> <C>
HOME BUILDING & PRODUCTS -- 0.5%
Lowe's Cos., Inc. 3,900 $ 193,050
----------------
HOUSEHOLD & PERSONAL CARE -- 0.7%
Clorox Co. 3,500 128,625
Procter & Gamble Co. 2,500 149,063
----------------
277,688
----------------
INSURANCE -- 2.7%
American General Corp. 3,200 179,200
American International Group, Inc. 7,500 822,656
----------------
1,001,856
----------------
MACHINERY & EQUIPMENT -- 0.7%
Johnson Controls, Inc. 4,100 259,581
----------------
MANUFACTURING -- 0.2%
Ball Corp. 2,900 91,350
----------------
MEDICAL PRODUCTS & SUPPLIES -- 1.0%
Johnson & Johnson 4,600 379,500
----------------
MULTIMEDIA -- 1.9%
The New York Times Co. -- Class A 3,500 144,156
Time Warner, Inc. 6,200 557,613
----------------
701,769
----------------
OIL & GAS -- 5.7%
Enron Corp. 4,600 320,563
Exxon Mobil Corp. 11,176 868,235
Royal Dutch Petroleum Co., (ADR) 6,700 384,412
Texaco, Inc. 6,200 306,900
Tosco Corp. 7,100 227,644
----------------
2,107,754
----------------
PAPER & RELATED PRODUCTS -- 1.4%
Georgia-Pacific Group 9,800 360,150
International Paper Co. 4,200 154,350
----------------
514,500
----------------
PHARMACEUTICALS -- 8.5%
Abbott Laboratories 10,900 418,969
American Home Products Corp. 5,300 297,794
Bristol-Myers Squibb Co. 4,400 230,725
Cardinal Health, Inc. 7,700 423,981
Merck & Co., Inc. 10,700 743,650
Pfizer, Inc. 6,800 286,450
Warner-Lambert Co. 6,500 739,781
----------------
3,141,350
----------------
<CAPTION>
----------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
----------------------------------------------------------------------
<S> <C> <C>
RESTAURANTS -- 0.5%
Tricon Global Restaurants, Inc. (a) 5,100 $ 174,038
----------------
RETAIL -- 5.1%
BJ's Wholesale Club, Inc. (a) 5,100 180,731
Home Depot, Inc. 5,850 327,966
Tandy Corp. 4,000 228,000
Target Corp. 4,600 306,188
Wal-Mart Stores, Inc. 15,300 847,237
----------------
1,890,122
----------------
SEMICONDUCTORS -- 6.0%
Applied Materials, Inc. (a) 2,600 264,712
Conexant Systems, Inc. (a) 3,200 191,600
Intel Corp. 9,180 1,164,139
National Semiconductor Corp. (a) 7,400 449,550
Texas Instruments, Inc. 900 146,588
----------------
2,216,589
----------------
TELECOMMUNICATIONS EQUIPMENT &
SERVICES -- 10.5%
ADC Telecommunications, Inc. (a) 4,920 298,890
AT & T Corp. 4,400 205,425
Bell Atlantic Corp. 2,000 118,500
Comcast Corp. -- Class A 10,400 416,650
Comverse Technology, Inc. (a) 2,000 178,375
Global Crossing Ltd. (a) 8,600 270,900
GTE Corp. 10,100 684,275
Lucent Technologies, Inc. 5,459 339,482
MCI WorldCom, Inc. (a) 8,400 381,675
Nortel Networks Corp. 1,300 147,225
SBC Communications, Inc. 4,816 211,001
Scientific-Atlanta, Inc. 5,800 377,362
Sprint Corp., (PCS Group) Series 1(a) 5,200 286,000
----------------
3,915,760
----------------
TOBACCO -- 0.3%
Philip Morris Co. 4,700 102,813
----------------
TRANSPORTATION -- 0.4%
United Parcel Service, Inc. --
Class B 2,000 133,000
----------------
----------------------------------------------------------------------
TOTAL COMMON STOCK --
(COST $31,175,133) 35,391,447
----------------------------------------------------------------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
10---
<PAGE>
CDC MPT+ FUNDS -- U.S. CORE EQUITY FUND
Schedule of Investments, April 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
----------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE PRINCIPAL VALUE
----------------------------------------------------------------------
<S> <C> <C>
GOVERNMENT AND AGENCY
SECURITIES -- DISCOUNT NOTES -- 2.7%
----------------------------------------------------------------------
Federal Home Loan Bank 5.90%+ due
7/10/2000 $1,000,000 $ 988,722
----------------------------------------------------------------------
TOTAL GOVERNMENT AND AGENCY SECURITIES -- DISCOUNT
NOTES -- (COST $988,722) 988,722
----------------------------------------------------------------------
CERTIFICATES OF DEPOSIT -- 2.6%
----------------------------------------------------------------------
Westdeutsche Landesbank Girozentrale
6.031% due 5/01/2000 980,000 980,000
----------------------------------------------------------------------
TOTAL CERTIFICATES OF DEPOSIT -- (COST $980,000)
980,000
----------------------------------------------------------------------
TOTAL INVESTMENTS --
(COST $33,143,855*) -- 100.6% 37,360,169
----------------------------------------------------------------------
OTHER ASSETS LESS LIABILITIES -- (0.6)%
(216,353)
----------------------------------------------------------------------
NET ASSETS -- 100.0% $ 37,143,816
======================================================================
</TABLE>
(a) Non-income producing security
(ADR) American Depository Receipt
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
SCHEDULE OF OPEN FUTURES CONTRACTS AT APRIL 30, 2000
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------
TOTAL
NUMBER OF CONTRACT UNREALIZED
CONTRACTS CONTRACT DESCRIPTION VALUE APPRECIATION
---------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
5 S&P 500 Index Future
June 2000 Long $1,825,000 $74,790
</TABLE>
The accompanying notes are an integral part of these financial statements.
---11
<PAGE>
CDC MPT+ FUNDS -- AGGRESSIVE EQUITY FUND
Schedule of Investments, April 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 90.5%
------------------------------------------------------------------
AEROSPACE -- 0.9%
Boeing Co. 3,200 $ 127,000
General Dynamics Corp. 400 23,400
Lockheed Martin Corp. 1,700 42,288
Raytheon Co. -- Class B 800 17,750
United Technologies Corp. 1,500 93,281
----------------
303,719
----------------
AIRLINES -- 0.2%
Delta Air Lines, Inc. 800 42,200
Southwest Airlines Co. 1,600 34,700
----------------
76,900
----------------
ALUMINUM -- 0.2%
Alcoa, Inc. 1,000 64,875
----------------
AUTOMOBILES & TRUCKS -- 1.3%
Delphi Automotive Systems Corp. 2,800 53,550
Ford Motor Co. 3,800 207,812
General Motors Corp. 2,100 196,613
----------------
457,975
----------------
BANKING -- 3.6%
Bank of America Corp. 4,900 240,100
Bank of New York Co., Inc. 2,300 94,444
Bank One Corp. 3,300 100,650
BB&T Corp. 1,500 39,938
Chase Manhattan Corp. 2,500 180,156
Fifth Third Bancorp 800 50,500
Firstar Corp. 2,100 52,237
FleetBoston Financial Corp. 2,929 103,796
National City Corp. 2,100 35,700
Northern Trust Corp. 600 38,475
PNC Bank Corp. 800 34,900
SunTrust Banks, Inc. 700 35,525
U.S. Bancorp 2,300 46,719
Wachovia Corp. 500 31,344
Wells Fargo & Co. 4,600 188,887
----------------
1,273,371
----------------
BEVERAGES -- 1.7%
Coca-Cola Co. 7,100 334,144
Coca-Cola Enterprises, Inc. 1,600 34,100
PepsiCo, Inc. 4,200 154,087
Seagram Co., Ltd. 1,500 81,000
----------------
603,331
----------------
BREWERY -- 0.2%
Anheuser-Busch Cos., Inc. 1,200 84,675
----------------
BROADCASTING -- 0.5%
Clear Channel Communications,
Inc. (a) 800 57,600
MediaOne Group, Inc. (a) 1,700 128,563
----------------
186,163
----------------
<CAPTION>
------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
------------------------------------------------------------------
<S> <C> <C>
BUSINESS EQUIPMENT & SERVICES -- 1.7%
Automatic Data Processing, Inc. 1,700 $ 91,481
Cendant Corp. (a) 2,600 40,138
Electronic Data Systems Corp. 1,500 103,125
First Data Corp. 1,000 48,687
Interpublic Group Cos., Inc. 800 32,800
Lexmark International Group, Inc. --
Class A (a) 400 47,200
McGraw-Hill Cos., Inc. 500 26,250
Network Appliance, Inc. (a) 800 59,150
Omnicom Group, Inc. 600 54,637
Pitney Bowes, Inc. 600 24,525
Unisys Corp. (a) 900 20,869
Xerox Corp. 2,000 52,875
----------------
601,737
----------------
CHEMICALS -- 1.0%
Air Products & Chemicals, Inc. 1,000 31,063
Dow Chemical Co. 800 90,400
Du Pont (E.I.) de Nemours & Co. 3,300 156,544
Praxair, Inc. 700 31,106
Rohm and Haas Co. 900 32,062
----------------
341,175
----------------
COMPUTERS -- 8.9%
3Com Corp. (a) 1,000 39,438
Apple Computer, Inc. (a) 500 62,031
Cisco Systems, Inc. (a) 17,800 1,234,041
Compaq Computer Corp. 4,400 128,700
Dell Computer Corp. (a) 6,900 345,862
Gateway, Inc. (a) 900 49,725
Hewlett-Packard Co. 2,500 337,500
International Business Machines Corp. 4,800 535,800
Sun Microsystems, Inc. (a) 4,200 386,137
----------------
3,119,234
----------------
COMPUTER SOFTWARE -- 7.6%
Adobe Systems, Inc. 500 60,469
America Online, Inc. (a) 6,000 358,875
BMC Software, Inc. (a) 600 28,087
Citrix Systems, Inc. (a) 600 36,637
Computer Associates
International, Inc. 1,200 66,975
Computer Sciences Corp. (a) 500 40,781
Compuware Corp. (a) 1,500 18,844
EMC Corp. (a) 2,800 389,025
Microsoft Corp. (a) 13,500 941,625
Novell, Inc. (a) 700 13,738
Oracle Corp. (a) 7,600 607,525
Yahoo!, Inc. (a) 800 104,200
----------------
2,666,781
----------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
12---
<PAGE>
CDC MPT+ FUNDS -- AGGRESSIVE EQUITY FUND
Schedule of Investments, April 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
------------------------------------------------------------------
<S> <C> <C>
CONSUMER GOODS -- 0.2%
Avery Dennison Corp. 500 $ 32,813
Eastman Kodak Co. 700 39,156
----------------
71,969
----------------
CRUISE LINES -- 0.1%
Carnival Corp. 1,900 47,263
----------------
DIVERSIFIED MANUFACTURING
OPERATIONS -- 5.8%
Corning, Inc. 600 118,500
General Electric Co. 8,700 1,368,075
Honeywell International, Inc. 2,162 121,072
Illinois Tool Works, Inc. 600 38,437
Minnesota Mining & Manufacturing Co. 1,100 95,150
PPG Industries, Inc. 700 38,063
Textron, Inc. 500 30,969
Tyco International Ltd. 5,000 229,687
----------------
2,039,953
----------------
ELECTRONIC COMPONENTS -- 2.1%
Emerson Electric Co. 1,600 87,800
KLA-Tencor Corp. (a) 800 59,900
LSI Logic Corp. (a) 1,400 87,500
Micron Technology, Inc. (a) 700 97,475
Motorola, Inc. 1,987 236,577
Rockwell International Corp. 600 23,625
Solectron Corp. (a) 1,600 74,900
Xilinx, Inc. (a) 1,000 73,250
----------------
741,027
----------------
ENVIRONMENTAL SERVICES -- 0.1%
Waste Management, Inc. 2,100 33,338
----------------
FINANCIAL SERVICES -- 6.0%
American Express Co. 1,200 180,075
Associates First Capital Corp. --
Class A 2,300 51,031
Capital One Financial Corp. 500 21,875
Charles Schwab Corp. 2,400 106,800
Citigroup, Inc. 9,400 558,712
Federal Home Loan Mortgage Corp. 2,100 96,469
Federal National Mortgage Association 2,900 174,906
First Union Corp. 2,900 92,437
Franklin Resources, Inc. 800 25,800
Household International, Inc. 1,700 70,975
J.P. Morgan & Co., Inc. 500 64,188
KeyCorp 1,600 29,600
MBNA Corp. 2,400 63,750
Mellon Financial Corp. 1,700 54,613
Merrill Lynch & Co., Inc. 900 91,744
Morgan Stanley Dean Witter & Co. 3,400 260,950
<CAPTION>
------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
------------------------------------------------------------------
<S> <C> <C>
FINANCIAL SERVICES (CONTINUED)
Providian Financial Corp. 500 $ 44,031
Regions Financial Corp. 1,000 20,438
State Street Corp. 400 38,750
Washington Mutual, Inc. 2,400 61,350
----------------
2,108,494
----------------
FOOD -- 1.1%
Bestfoods 700 35,175
Campbell Soup Co. 900 23,400
ConAgra, Inc. 1,700 32,088
General Mills, Inc. 800 29,100
H.J. Heinz Co. 1,000 34,000
Kellogg Co. 1,500 36,656
Quaker Oats Co. 400 26,075
Sara Lee Corp. 2,900 43,500
Unilever NV, (ADR) 1,900 86,569
Wm. Wrigley Jr. Co. 400 28,950
----------------
375,513
----------------
HEALTH CARE MANAGEMENT -- 0.4%
Columbia/HCA Healthcare Corp. 2,800 79,625
McKesson HBOC, Inc. 800 13,500
United Healthcare Corp. 500 33,344
----------------
126,469
----------------
HOME BUILDING & PRODUCTS -- 0.2%
Lowe's Cos., Inc. 1,000 49,500
Weyerhaeuser Co. 700 37,406
----------------
86,906
----------------
HOUSEHOLD APPLIANCES -- 0.0%
Black & Decker Corp. 400 16,825
----------------
HOUSEHOLD & PERSONAL CARE -- 1.7%
Clorox Co. 600 22,050
Colgate-Palmolive Co. 1,600 91,400
Gillette Co. 3,000 111,000
Kimberly-Clark Corp. 2,000 116,125
Newell Rubbermaid, Inc. 1,500 37,781
Procter & Gamble Co. 3,700 220,613
----------------
598,969
----------------
INSURANCE -- 2.5%
Aetna, Inc. 400 23,150
AFLAC, Inc. 600 29,287
Allstate Corp. 2,000 47,250
American General Corp. 600 33,600
American International Group, Inc. 4,475 490,852
Aon Corp. 500 13,531
Chubb Corp. 600 38,175
CIGNA Corp. 500 39,875
Conseco, Inc. 1,000 5,438
Hartford Financial Services Group,
Inc. 700 36,531
</TABLE>
The accompanying notes are an integral part of these financial statements.
---13
<PAGE>
CDC MPT+ FUNDS -- AGGRESSIVE EQUITY FUND
Schedule of Investments, April 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
------------------------------------------------------------------
<S> <C> <C>
INSURANCE (CONTINUED)
Lincoln National Corp. 600 $ 20,888
Loews Corp. 600 33,075
Marsh & McLennan Cos., Inc. 600 59,137
Progressive Corp. 300 19,631
----------------
890,420
----------------
MACHINERY & EQUIPMENT -- 0.4%
Baker Hughes, Inc. 900 28,631
Briggs & Stratton Corp. 400 15,350
Caterpillar, Inc. 1,000 39,437
Ingersoll-Rand Co. 600 28,163
Johnson Controls, Inc. 400 25,325
----------------
136,906
----------------
MEDICAL PRODUCTS & SUPPLIES -- 1.7%
Baxter International, Inc. 800 52,100
Boston Scientific Corp. (a) 1,000 26,500
Edwards Lifesciences Corp. (a) 160 2,400
Guidant Corp. 700 40,163
Johnson & Johnson 3,700 305,250
Medtronic, Inc. 3,400 176,587
----------------
603,000
----------------
MULTIMEDIA -- 2.5%
CBS Corp. (a) 2,300 135,125
Gannett Co., Inc. 700 44,713
Time Warner, Inc. 3,400 305,787
Tribune Co. 600 23,325
Viacom, Inc. -- Class B (a) 2,100 114,188
Walt Disney Co. 5,700 246,881
----------------
870,019
----------------
OIL & GAS -- 5.4%
Burlington Resources, Inc. 900 35,381
Chevron Corp. 1,900 161,737
Conoco, Inc. -- Class B 2,100 52,237
Enron Corp. 2,400 167,250
Exxon Mobil Corp. 9,236 717,522
Halliburton Co. 1,000 44,188
Phillips Petroleum Co. 1,000 47,438
Royal Dutch Petroleum Co., (ADR) 6,100 349,987
Schlumberger Ltd. 1,600 122,500
Texaco, Inc. 1,700 84,150
Transocean Sedco Forex, Inc. 309 14,523
Unocal Corp. 1,000 32,313
USX-Marathon Group 1,000 23,313
Williams Cos., Inc. 900 33,581
----------------
1,886,120
----------------
PAPER & RELATED PRODUCTS -- 0.3%
Georgia-Pacific Group 600 22,050
International Paper Co. 1,900 69,825
----------------
91,875
----------------
<CAPTION>
------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
------------------------------------------------------------------
<S> <C> <C>
PHARMACEUTICALS -- 7.6%
Abbott Laboratories 4,200 $ 161,438
American Home Products Corp. 3,700 207,894
Amgen, Inc. (a) 3,000 168,000
Bristol-Myers Squibb Co. 5,600 293,650
Cardinal Health, Inc. 900 49,556
Lilly (Eli) & Co. 3,000 231,938
Merck & Co., Inc. 6,600 458,700
Pfizer, Inc. 10,700 450,737
Pharmacia Corp. (a) 3,685 184,020
Schering-Plough Corp. 4,100 165,281
Warner-Lambert Co. 2,600 295,912
----------------
2,667,126
----------------
RESTAURANTS -- 0.5%
McDonald's Corp. 4,000 152,500
Tricon Global Restaurants, Inc. (a) 400 13,650
----------------
166,150
----------------
RETAIL -- 5.5%
Albertson's, Inc. 1,500 48,844
Avon Products, Inc. 600 24,900
Best Buy Co., Inc. (a) 500 40,375
Circuit City Stores-Circuit City Group 800 47,050
Costco Wholesale Corp. (a) 1,400 75,687
CVS Corp. 800 34,800
Federated Department
Stores, Inc. (a) 700 23,800
Gap, Inc. 2,400 88,200
Home Depot, Inc. 6,150 344,784
J.C. Penney Co., Inc. 900 12,431
Kroger Co. (a) 2,800 51,975
Limited, Inc. 600 27,113
Mattel, Inc. 1,900 23,275
May Department Stores Co. 900 24,750
NIKE, Inc. -- Class B 700 30,406
Office Depot, Inc. (a) 1,000 10,563
Safeway, Inc. (a) 1,600 70,600
Sears, Roebuck & Co. 1,000 36,625
Staples, Inc. (a) 1,000 19,063
Tandy Corp. 400 22,800
Target Corp. 1,200 79,875
TJX Cos., Inc. 900 17,269
Too, Inc. (a) 85 2,545
Wal-Mart Stores, Inc. 12,300 681,112
Walgreen Co. 2,900 81,562
----------------
1,920,404
----------------
SEMICONDUCTORS -- 4.9%
Applied Materials, Inc. (a) 1,800 183,263
Intel Corp. 9,000 1,141,312
</TABLE>
The accompanying notes are an integral part of these financial statements.
14---
<PAGE>
CDC MPT+ FUNDS -- AGGRESSIVE EQUITY FUND
Schedule of Investments, April 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
------------------------------------------------------------------
<S> <C> <C>
SEMICONDUCTORS (CONTINUED)
National Semiconductor Corp. (a) 1,100 $ 66,825
Texas Instruments, Inc. 2,100 342,037
----------------
1,733,437
----------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES -- 11.6%
ADC Telecommunications, Inc. (a) 800 48,600
ALLTEL Corp. 1,000 66,625
Analog Devices, Inc. (a) 1,000 76,813
AT & T Corp. 9,100 424,856
Bell Atlantic Corp. 4,200 248,850
BellSouth Corp. 5,200 253,175
Comcast Corp. -- Class A 2,100 84,131
Comverse Technology, Inc. (a) 600 53,513
Global Crossing Ltd. (a) 2,920 91,980
GTE Corp. 2,800 189,700
Lucent Technologies, Inc. 8,600 534,812
MCI WorldCom, Inc. (a) 7,950 361,228
Nextel Communications, Inc. --
Class A (a) 1,000 109,437
Nortel Networks Corp. 4,000 453,000
QUALCOMM, Inc. (a) 2,000 216,875
SBC Communications, Inc. 9,426 412,977
Sprint Corp., (FON Group) 2,500 153,750
Sprint Corp., (PCS Group)
Series 1 (a) 2,000 110,000
Tellabs, Inc. (a) 1,400 76,738
US WEST, Inc. 1,500 106,781
----------------
4,073,841
----------------
TOBACCO -- 0.4%
Philip Morris Co. 6,600 144,375
----------------
TRANSPORTATION -- 0.3%
Burlington Northern Santa Fe Corp. 1,000 24,125
FedEx Corp. (a) 700 26,381
</TABLE>
<TABLE>
<S> <C> <C>
Norfolk Southern Corp. 1,000 17,625
Union Pacific Corp. 500 21,063
----------------
89,194
----------------
UTILITIES - ELECTRIC -- 1.4%
AES Corp. (a) 800 71,950
Ameren Corp. 700 25,681
UTILITIES - ELECTRIC (CONTINUED)
Consolidated Edison, Inc. 800 28,150
Duke Energy Corp. 1,600 92,000
Edison International 2,300 $ 43,844
FPL Group, Inc. 800 36,150
PECO Energy Co. 800 33,350
Southern Co. 2,900 72,318
Texas Utilities Co. 1,700 57,269
Unicom Corp. 700 27,825
----------------
488,537
----------------
----------------------------------------------------------------------
TOTAL COMMON STOCK --
(COST $29,787,432) 31,788,066
----------------------------------------------------------------------
----------------------------------------------------------------------
PRINCIPAL
----------------------------------------------------------------------
GOVERNMENT AND AGENCY
SECURITIES -- DISCOUNT NOTES -- 4.5%
----------------------------------------------------------------------
Federal Home Loan Bank 5.90%+ due
6/14/2000 $ 800,000 794,329
Federal Home Loan Bank 5.89%+ due
8/31/2000 800,000 783,923
----------------
1,578,252
----------------
----------------------------------------------------------------------
TOTAL GOVERNMENT AND AGENCY SECURITIES -- DISCOUNT
NOTES -- (COST $1,578,252) 1,578,252
----------------------------------------------------------------------
CERTIFICATES OF DEPOSIT -- 3.0%
----------------------------------------------------------------------
Westdeutsche Landesbank Girozentrale
6.031% due 5/1/2000 1,070,000 1,070,000
----------------------------------------------------------------------
TOTAL CERTIFICATES OF DEPOSIT -- (COST $1,070,000)
1,070,000
----------------------------------------------------------------------
TOTAL INVESTMENTS -- (COST $32,435,684*) -- 98.0%
34,436,318
OTHER ASSETS LESS LIABILITIES -- 2.0% 685,605
----------------------------------------------------------------------
NET ASSETS -- 100.0% $ 35,121,923
======================================================================
</TABLE>
(a) Non-income producing security
ADR American Depository Receipt
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
The accompanying notes are an integral part of these financial statements.
---15
<PAGE>
CDC MPT+ FUNDS -- AGGRESSIVE EQUITY FUND
Schedule of Investments, April 30, 2000 (Unaudited)
SCHEDULE OF OPEN FORWARD FOREIGN CURRENCY CONTRACTS AT APRIL 30, 2000
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
UNREALIZED
IN EXCHANGE VALUE APPRECIATION/
CONTRACT DESCRIPTION DELIVERY DATE FOREIGN CURRENCY FOR U.S. $ IN U.S. $ (DEPRECIATION)
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Australian Dollar (sell) May 4, 2000 3,907,000 $ 2,374,167 $2,281,786 $ 92,380
Canadian Dollar (buy) May 4, 2000 2,130,000 1,448,191 1,438,527 (9,664)
Canadian Dollar (sell) May 4, 2000 4,836,000 3,338,926 3,266,065 72,861
Swiss Franc (buy) May 4, 2000 12,097,000 7,310,491 7,018,771 (291,720)
Swiss Franc (sell) May 4, 2000 2,960,000 1,808,086 1,717,415 90,672
Euro (buy) May 4, 2000 5,817,000 5,402,619 5,290,548 (112,071)
Euro (sell) May 4, 2000 9,766,000 9,330,632 8,882,155 448,477
Pound Sterling (buy) May 4, 2000 4,142,000 6,618,088 6,449,132 (168,956)
Pound Sterling (sell) May 4, 2000 2,750,000 4,320,030 4,281,775 38,255
Japanese Yen (buy) May 8, 2000 161,000,000 1,551,030 1,493,181 (57,849)
Japanese Yen (sell) May 8, 2000 734,000,000 6,947,760 6,807,421 140,338
New Zealand Dollar (buy) May 4, 2000 790,000 395,545 383,622 (11,923)
----------- ---------
$50,845,565 $ 230,800
=========== =========
</TABLE>
SCHEDULE OF OPEN FUTURES CONTRACTS AT APRIL 30, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
FOREIGN TOTAL UNREALIZED
NUMBER OF NOTIONAL CONTRACT APPRECIATION/
CONTRACTS CONTRACT DESCRIPTION AMOUNT VALUE (DEPRECIATION)
------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
7 Australian Share Price
Index Future June 2000 Long 571,550 $ 321,063 $ (13,523)
30 Australian 10 Year Bond
Future June 2000 Long 4,249,196 2,474,433 (13,047)
10 S&P/Toronto 60 Index
Future June 2000 Long 1,089,300 757,699 22,083
4 Canadian 10 Year Bond
Future June 2000 Long 399,400 266,099 (3,620)
6 Swiss Federal Bond Future
June 2000 Short (704,160) (401,371) 7,597
14 CAC 40 Euro Index Future
May 2000 Short (871,430) (819,421) (26,682)
15 Euro-Bond Future
June 2000 Long 1,596,450 1,433,187 (19,104)
7 DAX Index Future
June 2000 Long 1,328,600 1,187,773 (20,855)
5 Spanish 10 Year Bond
Future June 2000 Long 438,250 403,679 5,003
3 Milan 30 Index Future
June 2000 Long 737,925 623,436 (47,855)
6 IBEX 35 Index Future
May 2000 Long 680,730 630,286 11,026
10 Long Gilt Future
June 2000 Short (1,126,100) (1,765,989) (16,928)
9 FTSE 100 Index Future
June 2000 Short (590,130) (892,476) 24,113
7 Tokyo Price Index Future
June 2000 Long 120,120,000 1,072,716 (37,861)
16 Japanese 10 Year Bond
Future June 2000 Short 2,091,900,000 (19,585,799) (248,408)
2 S&P 500 Index Future
June 2000 Long N/A 730,000 (35,925)
51 US 10 Year Note Future
June 2000 Short N/A (4,944,610) 54,187
------------ ---------
$(18,509,295) $(359,799)
============ =========
</TABLE>
The accompanying notes are an integral part of these financial statements.
16---
<PAGE>
CDC MPT+ FUNDS -- GLOBAL INDEPENDENCE FUND
Schedule of Investments, April 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
----------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE PRINCIPAL VALUE
----------------------------------------------------------------------
<S> <C> <C>
GOVERNMENT AND AGENCY
SECURITIES -- DISCOUNT NOTES -- 83.3%
----------------------------------------------------------------------
Federal Home Loan Bank 5.77%+ due
05/04/2000 $5,000,000 $ 4,997,635
Federal Home Loan Bank 5.90%+ due
06/14/2000 3,360,000 3,336,181
Federal Home Loan Bank 5.90%+ due
07/10/2000 1,000,000 988,722
Federal Home Loan Bank 6.03%+ due
07/21/2000 3,500,000 3,453,144
Federal Home Loan Bank 6.05%+ due
08/03/2000 4,000,000 3,937,647
Federal Home Loan Bank 6.06%+ due
08/11/2000 1,000,000 983,057
Federal Home Loan Bank 6.01%+ due
08/31/2000 800,000 783,923
Federal Home Loan Bank 6.09%+ due
09/11/2000 9,000,000 8,800,167
----------------
27,280,476
----------------
----------------------------------------------------------------------
TOTAL GOVERNMENT AND AGENCY SECURITIES -- DISCOUNT
NOTES -- (COST $27,280,476) 27,280,476
----------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE PRINCIPAL VALUE
----------------------------------------------------------------------
<S> <C> <C>
CERTIFICATES OF DEPOSIT -- 10.0%
----------------------------------------------------------------------
Westdeutsche Landesbank Girozentrale
6.031% due 05/01/2000 $3,280,000 $ 3,280,000
----------------------------------------------------------------------
TOTAL CERTIFICATES OF DEPOSIT -- (COST $3,280,000)
3,280,000
----------------------------------------------------------------------
TOTAL INVESTMENTS -- (COST $30,560,476*) -- 93.3%
30,560,476
----------------------------------------------------------------------
OTHER ASSETS LESS LIABILITIES -- 6.7% 2,185,222
----------------------------------------------------------------------
NET ASSETS -- 100.0% $ 32,745,698
======================================================================
</TABLE>
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
The accompanying notes are an integral part of these financial statements.
---17
<PAGE>
CDC MPT+ FUNDS -- GLOBAL INDEPENDENCE FUND
Schedule of Investments, April 30, 2000 (Unaudited)
SCHEDULE OF OPEN FORWARD FOREIGN CURRENCY CONTRACTS AT APRIL 30, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
UNREALIZED
IN EXCHANGE VALUE APPRECIATION/
CONTRACT DESCRIPTION DELIVERY DATE FOREIGN CURRENCY FOR U.S. $ IN U.S. $ (DEPRECIATION)
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Australian Dollar (sell) May 4, 2000 13,883,000 $ 8,430,476 $8,108,021 $ 322,455
Canadian Dollar (buy) May 4, 2000 7,160,000 4,868,099 4,835,613 (32,486)
Canadian Dollar (sell) May 4, 2000 16,452,000 11,358,976 11,111,104 247,872
Swiss Franc (buy) May 4, 2000 27,918,000 16,870,274 16,198,236 (672,038)
Swiss Franc (sell) May 4, 2000 5,306,000 3,242,926 3,078,582 164,344
Euro (buy) May 4, 2000 17,263,000 16,190,967 15,700,659 (490,308)
Euro (sell) May 4, 2000 35,345,000 33,802,136 32,146,196 1,655,940
Pound Sterling (buy) May 4, 2000 7,447,000 11,883,915 11,595,047 (288,868)
Pound Sterling (sell) May 4, 2000 6,560,000 10,339,773 10,213,980 125,793
Japanese Yen (buy) May 8, 2000 465,000,000 4,479,682 4,312,603 (167,079)
Japanese Yen (sell) May 8, 2000 982,000,000 9,300,704 9,107,476 193,228
New Zealand Dollar (buy) May 4, 2000 98,000 49,068 47,589 (1,478)
------------ ----------
$130,816,996 $1,057,375
============ ==========
</TABLE>
SCHEDULE OF OPEN FUTURES CONTRACTS AT APRIL 30, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
FOREIGN TOTAL UNREALIZED
NUMBER OF NOTIONAL CONTRACT APPRECIATION/
CONTRACTS CONTRACT DESCRIPTION AMOUNT VALUE (DEPRECIATION)
------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
41 Australian Share Price
Index Future June 2000 Long 3,347,650 $ 1,880,510 $ (79,205)
13 S&P/Toronto 60 Index
Future June 2000 Long 1,416,090 985,008 28,707
1 Canadian 10 Year Bond
Future June 2000 Long 100,110 66,525 (1,081)
3 Swiss Fed Bond Future
June 2000 Short (352,080) (200,685) 3,798
19 CAC 40 Euro Index Future
May 2000 Short (1,182,655) (1,112,072) (36,211)
42 Euro-Bond Future
June 2000 Long 4,460,620 4,012,923 (44,903)
6 DAX Index Future
June 2000 Long 1,129,625 1,018,091 (9,529)
20 Spanish 10 Year Bond
Future June 2000 Long 1,766,440 1,614,718 7,787
2 Milan 30 Index Future
June 2000 Short (447,250) (415,624) (8,760)
7 IBEX 35 Index Future
May 2000 Long 794,260 735,333 12,795
25 Long Gilt Future
June 2000 Short (2,801,910) (4,414,971) (63,042)
7 FTSE 100 Index Future
June 2000 Long 458,990 694,148 (18,755)
10 The Tokyo Price Index
Future June 2000 Long 172,000,000 1,532,452 (57,785)
24 Japanese 10 Year Bond
Future June 2000 Short (3,138,770,000) (29,378,698) (356,059)
8 S&P 500 Index Future
June 2000 Short N/A (2,920,000) (157,250)
56 US 10 Year Note Future
June 2000 Short N/A (5,429,375) 50,609
------------ ---------
$(31,331,717) $(728,884)
============ =========
</TABLE>
The accompanying notes are an integral part of these financial statements.
18---
<PAGE>
CDC MPT+ FUNDS
Statements of Assets and Liabilities
April 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
GLOBAL
U.S. CORE AGGRESSIVE INDEPENDENCE
EQUITY FUND EQUITY FUND FUND
<S> <C> <C> <C>
---------------------------------------------------------------------------
ASSETS:
Investments in securities, at
market value $37,360,169 $34,436,318 $30,560,476
Cash 96,157 861,092 1,297,328
Receivable for investments sold 15,042 0 0
Receivable for forward currency
contracts 0 230,800 1,057,375
Futures variation margin 0 44,049 96,488
Receivable for fund shares sold 0 0 1,800
Dividends and interest receivable 19,551 27,612 1,649
Prepaid insurance fees 3,863 3,863 3,863
Reimbursement due from Adviser 224,326 259,642 258,073
---------------------------------------------------------------------------
Total Assets 37,719,108 35,863,376 33,277,052
---------------------------------------------------------------------------
LIABILITIES:
Payable for investments purchased 14,750 0 0
Payable for futures variation 9,125 0 0
Advisory fee payable 483,526 666,466 458,209
Trustees fees payable 5,474 5,474 5,475
Administration fee payable 7,708 7,708 7,708
Transfer agent fee payable 6,938 3,616 4,063
Custodian fees payable 19,745 30,109 26,357
Other accrued expenses 28,026 28,080 29,542
---------------------------------------------------------------------------
Total Liabilities 575,292 741,453 531,354
---------------------------------------------------------------------------
Net Assets $37,143,816 $35,121,923 $32,745,698
===========================================================================
NET ASSETS CONSIST OF:
Paid in capital $33,203,974 $32,674,125 $30,569,071
Undistributed net investment
income/(loss) (176,169) (245,785) 357,191
Accumulated net realized
gain/(loss) on investments,
futures contracts and currency
transactions (175,070) 813,370 1,459,751
Net unrealized appreciation on
investments and other net assets 4,291,081 1,880,213 359,685
---------------------------------------------------------------------------
Net Assets $37,143,816 $35,121,923 $32,745,698
===========================================================================
INSTITUTIONAL SHARES:
Shares of beneficial interest
outstanding, no par value
(Unlimited Authorized) 3,331,469 3,265,360 3,036,780
===========================================================================
Net asset value, offering and
redemption price per share* $ 11.15 $ 10.76 $ 10.78
===========================================================================
Investments, at cost $33,143,855 $32,435,684 $30,560,476
===========================================================================
</TABLE>
* Shares held less than 90 days are subject to a 1.00% redemption fee.
The accompanying notes are an integral part of these financial statements.
---19
<PAGE>
CDC MPT+ FUNDS
Statements of Operations
For the six months ended April 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
GLOBAL
U.S. CORE AGGRESSIVE INDEPENDENCE
EQUITY FUND EQUITY FUND FUND
<S> <C> <C> <C>
---------------------------------------------------------------------------
INVESTMENT INCOME:
Dividends (net of foreign taxes
withheld of $300, $239
and $0 respectively) $ 153,992 $ 176,584 $ 0
Interest 54,228 95,112 890,133
----------- ----------- -----------
Total investment income 208,220 271,696 890,133
----------- ----------- -----------
EXPENSES:
Investment advisory fees 322,279 457,583 306,726
Administrative fees 46,250 46,250 46,250
Audit fees 16,150 16,150 16,150
Custodian fees 62,449 82,700 80,467
Legal fees 5,000 5,000 5,000
Transfer agent fees 16,472 11,996 13,179
Registration fees 2,072 1,179 2,627
Trustees fees 17,651 17,651 17,651
Printing fees 4,702 4,702 4,702
Miscellaneous fees 8,277 8,276 8,275
----------- ----------- -----------
Total expenses 501,302 651,487 501,027
Less expenses reimbursed by the
investment adviser (116,913) (134,006) (138,645)
----------- ----------- -----------
Net expenses 384,389 517,481 362,382
---------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) (176,169) (245,785) 527,751
---------------------------------------------------------------------------
REALIZED AND UNREALIZED
GAIN/(LOSS)ON INVESTMENTS:
Net realized gain/(loss) on
investments and futures
contracts (54,394) 867,085 1,547,962
Net change in unrealized
appreciation on investments,
and futures contracts 4,056,372 1,912,250 200,560
----------- ----------- -----------
Net realized and unrealized gain
on investments 4,001,978 2,779,335 1,748,522
---------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 3,825,809 $ 2,533,550 $ 2,276,273
===========================================================================
</TABLE>
The accompanying notes are an integral part of these financial statements.
20---
<PAGE>
CDC MPT+ FUNDS
Statements of Changes in Net Assets
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
U.S. CORE EQUITY
---------------------------------------------------
SIX MONTHS ENDED PERIOD ENDED
APRIL 30, 2000 (UNAUDITED) OCTOBER 31, 1999*
<S> <C> <C>
---------------------------------------------------------------------------------------------
INCREASE/(DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment loss $ (176,169) $ (87,247)
Net realized loss on investments and
futures contracts (54,394) (117,618)
Net change in unrealized appreciation
on investments and futures contracts 4,056,372 234,709
---------------- ----------------
Net increase in net assets from
operations 3,825,809 29,844
---------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain on investments (3,058) 0
---------------------------------------------------------------------------------------------
FROM FUND SHARES TRANSACTIONS:
Proceeds of shares sold 4,002,701 29,256,912
Shares issued to shareholders in
reinvestment of distributions 3,012 0
Cost of redemptions (4,738) 0
---------------- ----------------
Net increase in net assets from Fund
share transactions 4,000,975 29,256,912
---------------------------------------------------------------------------------------------
Net increase in net assets 7,823,726 29,286,756
---------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period 29,320,090 33,334
---------------- ----------------
End of period (a) $ 37,143,816 $ 29,320,090
=============================================================================================
(a) Including undistributed net
investment loss $ (176,169) $ 0
</TABLE>
* From July 1, 1999, commencement of investment operations.
The accompanying notes are an integral part of these financial statements.
---21
<PAGE>
CDC MPT+ FUNDS
Statements of Changes in Net Assets (CONTINUED)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
AGGRESSIVE EQUITY FUND
---------------------------------------------------
SIX MONTHS ENDED PERIOD ENDED
APRIL 30, 2000 (UNAUDITED) OCTOBER 31, 1999*
<S> <C> <C>
---------------------------------------------------------------------------------------------
INCREASE/(DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment loss $ (245,785) $ (107,250)
Net realized gain on investments and
futures contracts 867,085 381,240
Net change in unrealized
appreciation/(depreciation) on
investments and futures contracts 1,912,250 (32,037)
---------------- ----------------
Net increase in net assets from
operations 2,533,550 241,953
---------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net realized gain on investments (327,705) 0
---------------------------------------------------------------------------------------------
FROM FUND SHARES TRANSACTIONS:
Proceeds of shares sold 7,001,578 25,410,650
Shares issued to shareholders in
reinvestment of distributions 230,649 0
Cost of redemptions (2,085) 0
---------------- ----------------
Net increase in net assets from Fund
share transactions 7,230,142 25,410,650
---------------------------------------------------------------------------------------------
Net increase in net assets 9,435,987 25,646,603
---------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period 25,685,936 33,333
---------------- ----------------
End of period (a) $ 35,121,923 $ 25,685,936
=============================================================================================
(a) Including undistributed net
investment loss $ (245,785) $ 0
</TABLE>
* From July 1, 1999, commencement of investment operations.
The accompanying notes are an integral part of these financial statements.
22---
<PAGE>
CDC MPT+ FUNDS
Statements of Changes in Net Assets (CONTINUED)
<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------
GLOBAL INDEPENDENCE FUND
---------------------------------------------------
SIX MONTHS ENDED PERIOD ENDED
APRIL 30, 2000 (UNAUDITED) OCTOBER 31, 1999*
<S> <C> <C>
---------------------------------------------------------------------------------------------
INCREASE/(DECREASE) IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 527,751 $ 267,249
Net realized gain on investments and
futures contracts 1,547,962 681,877
Net change in unrealized appreciation
on investments and futures contracts 200,560 159,125
---------------- ----------------
Net increase in net assets from
operations 2,276,273 1,108,251
---------------------------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (437,809) 0
Net realized gain on investments (770,088) 0
---------------------------------------------------------------------------------------------
FROM FUND SHARES TRANSACTIONS:
Proceeds of shares sold 4,016,307 25,651,050
Shares issued to shareholders in
reinvestment of distributions 873,447 0
Cost of redemptions (5,066) 0
---------------- ----------------
Net increase in net assets from Fund
share transactions 4,884,688 25,651,050
---------------------------------------------------------------------------------------------
Net increase in net assets 5,953,064 26,759,301
---------------------------------------------------------------------------------------------
NET ASSETS:
Beginning of period 26,792,634 33,333
---------------- ----------------
End of period (a) $ 32,745,698 $ 26,792,634
=============================================================================================
(a) Including undistributed net
investment income $ 357,191 $ 267,249
</TABLE>
* From July 1, 1999, commencement of investment operations.
The accompanying notes are an integral part of these financial statements.
---23
<PAGE>
CDC MPT+ FUNDS
Financial Highlights
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
U.S. CORE EQUITY --
INSTITUTIONAL SHARES
--------------------------------------
SIX MONTHS
ENDED PERIOD
4/30/00 ENDED
(UNAUDITED) 10/31/99(A)
<S> <C> <C>
--------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.01 $10.00
--------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (0.05) (0.03)
Net realized and unrealized gain on
investments, futures contracts,
and foreign currency transactions 1.19 0.04
----------------- -----------------
Total from investment operations 1.14 0.01
--------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $11.15 $10.01
================================================================================
TOTAL RETURN (b) 11.40% 0.10%
================================================================================
RATIOS TO AVERAGE NET
ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 37,144 $ 29,320
Ratio of operating expenses to
average net assets (c) 2.17% 2.07%
Ratio of net investment loss to
average net assets (c) (0.99)% (0.93)%
Ratio of operating expenses to
average net assets without
expenses reimbursed by investment
adviser (c) 2.83% 3.22%
Portfolio turnover 39% 42%
================================================================================
</TABLE>
(a) The CDC MPT+ Funds commenced investment operations on July 1, 1999.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
The accompanying notes are an integral part of these financial statements.
24---
<PAGE>
CDC MPT+ FUNDS
Financial Highlights (CONTINUED)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
AGGRESSIVE EQUITY --
INSTITUTIONAL SHARES
--------------------------------------
SIX MONTHS
ENDED PERIOD
4/30/00 ENDED
(UNAUDITED) 10/31/99(A)
<S> <C> <C>
--------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.10 $10.00
--------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (0.08) (0.04)
Net realized and unrealized gain on
investments, futures contracts,
and foreign currency transactions 0.84 0.14
----------------- -----------------
Total from investment operations 0.76 0.10
----------------- -----------------
LESS DISTRIBUTIONS:
Distributions from net realized
gains (0.10) 0
----------------- -----------------
Total distributions (0.10) 0
--------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $10.76 $10.10
================================================================================
TOTAL RETURN (b) 7.47% 1.00%
================================================================================
RATIOS TO AVERAGE NET
ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 35,122 $ 25,686
Ratio of operating expenses to
average net assets (c) 3.02% 2.89%
Ratio of net investment loss to
average net assets (c) (1.44)% (1.31)%
Ratio of operating expenses to
average net assets without
expenses reimbursed by investment
adviser (c) 3.80% 4.43%
Portfolio turnover 2% 0.35%
================================================================================
</TABLE>
(a) The CDC MPT+ Funds commenced investment operations on July 1, 1999.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
The accompanying notes are an integral part of these financial statements.
---25
<PAGE>
CDC MPT+ FUNDS
Financial Highlights (CONTINUED)
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------
GLOBAL INDEPENDENCE --
INSTITUTIONAL SHARES
--------------------------------------
SIX MONTHS
ENDED PERIOD
4/30/00 ENDED
(UNAUDITED) 10/31/99(A)
<S> <C> <C>
--------------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.43 $10.00
--------------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.16 0.10
Net realized and unrealized gain on
investments, futures contracts,
and foreign currency transactions 0.60 0.33
----------------- -----------------
Total from investment operations 0.76 0.43
----------------- -----------------
LESS DISTRIBUTIONS:
Distributions from net investment
income (0.15) 0
Distributions from net realized
gains (0.26) 0
----------------- -----------------
Total distributions (0.41) 0
--------------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $10.78 $10.43
================================================================================
TOTAL RETURN (b) 7.43% 4.30%
================================================================================
RATIOS TO AVERAGE NET
ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $32,746 $26,793
Ratio of operating expenses to
average net assets (c) 2.28% 2.11%
Ratio of net investment income to
average net assets (c) 3.32% 3.10%
Ratio of operating expenses to
average net assets without
expenses reimbursed by investment
adviser (c) 3.15% 3.49%
Portfolio turnover 0.00% 0.00%
================================================================================
</TABLE>
(a) The CDC MPT+ Funds commenced investment operations on July 1, 1999.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
The accompanying notes are an integral part of these financial statements.
26---
<PAGE>
CDC MPT+ FUNDS
NOTES TO FINANCIAL STATEMENTS
April 30, 2000 (Unaudited)
NOTE A-ORGANIZATION
CDC MPT+ Funds (the "Trust"), is registered under the Investment Company Act
of 1940, as amended, (the "1940 Act") as an open-end management investment
company. The Trust consists of three funds, each having distinct investment
objectives and policies: U.S. Core Equity Fund (diversified portfolio),
Aggressive Equity Fund (non-diversified portfolio), and Global Independence Fund
(non-diversified portfolio), (individually, the "Fund", and collectively, the
"Funds"). The Trust currently offers Institutional shares of each Fund and may
offer Investor shares in the future.
The Trust was organized as a Delaware business trust on October 13, 1998.
Prior to April 20, 1999, the Trust had no activity other than its organization.
On April 20, 1999, the U.S. Core Equity Fund issued 3,334 Institutional shares,
Aggressive Equity Fund and Global Independence Fund issued 3,333 Institutional
shares at net asset value (the "Initial Shares") to CDC Investment Management
Corporation (the "Adviser"). Investment operations for each Fund commenced
July 1, 1999.
NOTE B-SIGNIFICANT ACCOUNTING POLICIES
THE FOLLOWING IS A SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES FOLLOWED BY
THE TRUST IN THE PREPARATION OF ITS FINANCIAL STATEMENTS.
SECURITY VALUATION- Securities listed on a U.S. securities exchange (including
securities traded through NASDAQ National Market System) or foreign securities
exchange or traded in an over-the-counter market will be valued at the most
recent sales price at the time the valuation is made, or in the absence of
sales, at the mean between the bid and asked quotations. Options are generally
valued at the last sale price or, in the absence of a last sale price, the last
bid price. The value of a futures contract equals the unrealized gain or loss on
the contract that is determined by marking it to the current settlement price
for a like contract acquired on the day on which the futures contract is being
valued. Short-term obligations and other debt obligations, with maturities of 60
days or less are valued at amortized cost, which constitutes fair value as
determined by the Trustees. Securities, options and futures contracts for which
market quotations are not available and certain other assets of a Fund will be
valued at their fair value as determined in good faith pursuant to consistently
applied procedures established by the Trustees. Currently, no such securities
are valued by the Trustees.
REPURCHASE AGREEMENTS- Each Fund may agree to purchase securities from a bank
or recognized securities dealer and simultaneously commit to resell the
securities to the bank or dealer at an agreed-upon date and price reflecting a
market rate of interest unrelated to the coupon rate or maturity of the
purchased securities ("repurchase agreements"). Such Fund would maintain custody
of the underlying securities prior to their repurchase; thus, the obligation of
the bank or dealer to pay the repurchase price on the date agreed to would be,
in effect, secured by such securities. If the value of such securities were less
than the repurchase price, plus interest, the other party to the agreement would
be required to provide additional collateral so that at all times the collateral
is at least 102% of the repurchase price plus accrued interest. Default by or
bankruptcy of a seller would expose a Fund
---27
<PAGE>
CDC MPT+ FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
April 30, 2000 (Unaudited)
to possible loss because of adverse market action, expenses and/or delays in
connection with the disposition of the underlying obligations.
FOREIGN CURRENCY TRANSLATION- Each Fund maintains its books and records in U.S.
dollars. The value of securities, currencies, or other assets and liabilities
denominated in currencies other than the U.S. dollar is translated in U.S.
dollars based upon foreign exchange rates prevailing at the end of the period.
DERIVATIVE FINANCIAL INSTRUMENTS- The Funds may engage in various portfolio
strategies to seek to increase its return by hedging its portfolio against
adverse movements in the equity, debt, and currency markets. Losses may arise
due to changes in the value of the contract or if the counterparty does not
perform under contract.
FORWARD FOREIGN CURRENCY EXCHANGE CONTRACTS- Each Fund may enter into forward
foreign currency exchange contracts. A forward foreign currency exchange
contract involves an obligation to purchase or sell a specific currency at a
future date, which may be any fixed number of days from the date of the contract
as agreed upon by the parties, at a price set at the time of the contract. These
contracts are entered into in the interbank market conducted directly between
currency traders (usually large commercial banks and brokers) and their
customers. Forward currency contracts are similar to currency futures contracts,
except that futures contracts are traded on commodities exchanges and are
standardized as to contract size and delivery date. At or before the maturity of
a forward contract, a Fund may either sell a portfolio security and make
delivery of the currency, or retain the security and fully or partially offset
its contractual obligation to deliver the currency by negotiating with its
trading partner to enter into an offsetting transaction. If a Fund retains the
portfolio security and engages in an offsetting transaction, a Fund, at the time
of execution of the offsetting transaction, will incur a gain or a loss to the
extent that movement has occurred in forward contract prices. See the Schedule
of Investments for a listing of open forward foreign currency exchange contracts
at April 30, 2000.
FUTURES CONTRACTS- Each Fund may engage in a number of strategies involving
futures. Each Fund may enter into foreign currency, interest rate and stock
index futures contracts traded on exchanges designated by the Commodity Futures
Trading Commission or consistent with CFTC regulations on foreign exchanges. A
foreign currency futures contract provides for the future sale by one party and
the purchase by the other party of a certain amount of a specified non-U.S.
currency at a specified price, date, time and place. An interest rate futures
contract provides for the future sale by one party and the purchase by the other
party of a certain amount of a specific interest rate sensitive financial
instrument (debt security) at a specified price, date, time and place.
Securities indexes are capitalization weighted indexes which reflect the market
value of the securities represented in the indexes. A securities index futures
contract is an agreement to be settled by delivery of an amount of cash equal to
a specified multiplier times the difference between the value of the index at
the close of the last trading day on the contract and the price at which the
contract is made. No consideration is paid or received by a Fund upon entering
into a futures contract. Instead, a Fund is required to segregate with its
custodian an amount of cash or securities acceptable to the broker, equal to
approximately 1% to 10% of the contract amount (this amount is subject to change
by the exchange on which the contract is traded, and brokers may charge a higher
amount). This amount is known as "initial margin" and is in the nature of a
performance bond or good faith deposit on the contract which is returned to a
Fund upon termination of the futures contract, assuming all contractual
obligations have been satisfied. The broker will have access to amounts in the
margin account if a Fund fails to
28---
<PAGE>
CDC MPT+ FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
April 30, 2000 (Unaudited)
meet its contractual obligations. Subsequent payments, known as "variation
margin," to and from the broker, will be made daily as the currency, financial
instrument or stock index underlying the futures contract fluctuates, making the
long and short positions in the futures contract more or less valuable, a
process known as "marking-to-market." A Fund will also incur brokerage costs in
connection with entering into futures transactions.
At any time prior to the expiration of a futures contract, a Fund may elect
to close the position by taking an opposite position, which will operate to
terminate a Fund's existing position in the contract. Positions in futures
contracts and options on futures contracts (described below) may be closed out
only on the exchange on which they were entered into (or through a linked
exchange). No secondary market for such contracts exists. Although each Fund
intends to enter into futures contracts only if there is an active market for
such contracts, there is no assurance that an active market will exist at any
particular time. Most futures exchanges limit the amount of fluctuation
permitted in futures contract prices during a single trading day. Once the daily
limit has been reached in a particular contract, no trades may be made that day
at a price beyond that limit or trading may be suspended for specified periods
during the day. It is possible that futures contract prices could move to the
daily limit for several consecutive trading days with little or no trading,
thereby preventing prompt liquidation of futures positions at an advantageous
price and subjecting a Fund to substantial losses. In such an event, and in the
event of adverse price movements, a Fund would be required to make daily cash
payments of variation margin. In such situations, if a Fund had insufficient
cash, it might have to sell securities to meet daily variation margin
requirements at a time when it would be disadvantageous to do so. In addition,
if the transaction is entered into for hedging purposes, in such circumstances a
Fund may realize a loss on a futures contract or option that is not offset by an
increase in the value of the hedged position. Losses incurred in futures
transactions and the costs of these transactions will affect a Fund's
performance. See the Schedule of Investments for open futures contracts at
April 30, 2000.
SECURITIES TRANSACTIONS, INVESTMENT INCOME AND EXPENSES- Securities
transactions are recorded on the financial statements based on trade date. Gains
and losses on sales of investments are determined on the identified cost basis
for both financial statement and Federal income tax purposes. Interest income
and operating expenses are recorded daily on an accrual basis. Dividend income
is recorded on the ex-dividend date. Expenses not directly attributable to a
Fund are evenly disbursed among the Funds.
FEDERAL INCOME TAXES- Each Fund is a separate entity for Federal income tax
purposes. Each Fund intends to meet the requirements of the Internal Revenue
Code applicable to regulated investment companies, and to distribute to its
shareholders all of its net investment income and any net realized capital
gains. Accordingly, no provision for Federal income tax or excise tax has been
made.
DIVIDENDS AND DISTRIBUTIONS TO SHAREHOLDERS- Each Fund will pay dividends from
net investment income and distributions from capital gain, if any, at least
annually. Net investment income and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally accepted
accounting principles. These differences are primarily due to differing
treatments of income and gains on various investment securities held by the
Funds, timing differences and differing characterization of distributions made
by the Funds.
REDEMPTION OF FUND SHARES- Each Fund will deduct a redemption fee equal to
1.00% of the net asset value of the shares from the redemption amount if a
shareholder sells shares after holding them less
---29
<PAGE>
CDC MPT+ FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
April 30, 2000 (Unaudited)
than 90 days. This fee is paid to the Fund, and is designed to offset the
brokerage commissions, market impact and other costs associated with
fluctuations in fund asset levels and cash flow caused by short-term shareholder
trading. For the six months ended April 30, 2000, there were no redemption fees
collected.
ORGANIZATION EXPENSES- The Adviser has borne all costs associated with the
organization of the Trust.
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 at
the date of the financial statements. Actual results could differ from those
estimates.
NOTE C-INVESTMENT ADVISORY FEES AND OTHER TRANSACTIONS WITH AFFILIATES
The Trust has an Investment Management Agreement with the Adviser, under
which the Adviser manages the investments of each Fund. The management fee paid
to the Adviser for providing advisory services to the Funds consists of a basic
fee and a performance adjustment calculated by comparing the Fund's performance
to a target. The basic fee for the U.S. Core Equity Fund, the Aggressive Equity
Fund and the Global Independence Fund is 1.00%, 1.50%, and 1.75% of the
respective Fund's average daily net assets. This basic management fee may be
adjusted upward or downward by applying the performance adjustment. The
performance adjustment is calculated monthly by comparing the U.S. Core Equity
Fund and the Aggressive Equity Funds' investment performance to the S&P 500
Index and the Global Independence Fund's investment performance to a blended
index composed of 50% of the MSCI World Index and 50% of the JP Morgan Global
Bond Index (Blended Index). The difference between the Fund's performance
compared to the performance of the S&P 500 Index for the U.S. Core Equity and
the Aggressive Equity Funds' is multiplied by an performance adjustment factor
rate of 25%. The annualized performance adjustment is limited to no greater than
1.00% and no less than (1.00%) for the U.S. Core Equity Fund and limited to no
greater than 1.50% and no less than (1.50%) for the Aggressive Equity Fund. The
difference between the Global Independence Fund's performance compared to the
performance of the blended index is multiplied by a performance adjustment
factor rate of 5%. The annualized performance adjustment for the Global
Independence Fund is limited to no greater than 0.25% and no less than (0.25%).
Each Fund's performance is calculated based on its net asset value per share
after expenses but before the management fee. For the first year of operations,
the performance adjustment will be based on inception to date performance,
afterward, on a rolling twelve-month basis.
The Adviser has agreed, for the 12-month period ended March 31, 2001, to
reimburse expenses to each Fund if necessary so that the Fund's "Other Expenses"
(all expenses with the exception of interest, taxes, brokerage, extraordinary
expenses including litigation expenses and management fees), do not exceed 0.35%
of each Fund's average net assets.
The Trust pays Trustees who are not "affiliated persons" (as defined in the
1940 Act) of CDC Investment Management Corporation, the administrator or
distributor an annual fee of $10,000 and $3,000 for each meeting attended by the
Trustee for services as Trustee, and each such Trustee is reimbursed for
expenses incurred with the Trustee's attendance at meetings.
30---
<PAGE>
CDC MPT+ FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
April 30, 2000 (Unaudited)
As of April 30, 2000, CDC Investment Management Corporation and its
affiliates held the following percentages of outstanding shares of each of the
Funds: U.S. Core Equity Fund 99%; Aggressive Equity Fund 99%; and Global
Independence Fund 99%.
NOTE D-PURCHASES AND SALES OF SECURITIES
Purchases and proceeds of securities (excluding short-term investments) for
each Fund for the six months ended April 30, 2000 were as follows:
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
<S> <C> <C>
FUND PROCEEDS OF
PURCHASES SALES/MATURITIES
-----------------------------------------------------------------------------------------
U.S. Core Equity Fund $13,597,046 $13,213,835
Aggressive Equity Fund 707,696 812,356
Global Independence Fund -- --
</TABLE>
NOTE E-CAPITAL STOCK TRANSACTIONS
The tables below summarizes the transactions in Fund shares for the periods
indicated.
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
<S> <C> <C>
SIX
MONTHS
ENDED PERIOD
4/30/2000 7/1/99*-10/31/99
------- ---------
U.S. CORE EQUITY FUND
SHARES SHARES
-------------------------------------------------------------------------------------
Issued from the sale of shares 402,672 2,925,628
Issued from the reivestment of shares 285 0
Redeemed (450) 0
-------------------------------------------------------------------------------------
Net Change 402,507 2,925,628
=====================================================================================
<CAPTION>
SIX MONTHS
ENDED PERIOD
4/30/2000 7/1/99*-10/31/99
AGGRESSIVE EQUITY FUND ---------- ----------------
SHARES SHARES
-------------------------------------------------------------------------------------------
<S> <C> <C>
Issued from the sale of shares 699,450 2,540,687
Issued from the reivestment of shares 22,093 0
Redeemed (203) 0
-------------------------------------------------------------------------------------------
Net Change 721,340 2,540,687
===========================================================================================
</TABLE>
---
31
<PAGE>
CDC MPT+ FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
April 30, 2000 (Unaudited)
<TABLE>
<CAPTION>
SIX MONTHS
ENDED PERIOD
4/30/2000 7/1/99*-10/31/99
GLOBAL INDEPENDENCE FUND ---------- ----------------
SHARES SHARES
-------------------------------------------------------------------------------------------
<S> <C> <C>
Issued from the sale of shares 385,444 2,564,244
Issued from the reivestment of shares 84,228 0
Redeemed (469) 0
-------------------------------------------------------------------------------------------
Net Change 469,203 2,564,244
===========================================================================================
</TABLE>
*Commencement of investment operations.
NOTE F-RISKS
Investment in the Funds involves special risks, some not typically
associated with mutual funds. However, each Fund has limitations and policies
designed to reduce these risks. All Funds are subject to different types of
investment risks including but not limited to credit, leverage, liquidity, and
market risks, and risks of derivative instruments. The Aggressive Equity and
Global Independence Funds are also subject to risks associated with using
futures, interest rate risks, and risks associated with investing in foreign
securities including, but not limited to, revaluation of currencies and future
adverse political and economic developments. In addition, these two funds are
non-diversified portfolios, thus investing a greater proportion of their assets
in the securities of a smaller number of issuers.
32---
<PAGE>
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<PAGE>
Trustees and Officers
------------------------------------------------------------------
PRESIDENT, CHIEF INVESTMENT OFFICER AND TRUSTEE
Bluford H. Putnam, Ph.D.
TRUSTEE
Luc de Clapiers
TRUSTEE
Richard Levich, Ph.D.
TRUSTEE
Mike West, Ph.D.
TRUSTEE
Arnold Zellner, Ph.D.
VICE PRESIDENT & INVESTMENT OFFICER
D. Sykes Wilford, Ph.D.
VICE PRESIDENT & INVESTMENT OFFICER
Jose M. Quintana, Ph.D.
TREASURER
C. Peter Paterno
SECRETARY
Rachel D. Manney
ASSISTANT SECRETARY
Charles Rosenberg
<PAGE>
INVESTMENT ADVISER
CDC Investment Management Corp.
9 West 57th Street, 35th Floor
New York, New York 10019
DISTRIBUTION AND SHAREHOLDER SERVICING AGENT
Funds Distributor, Inc.
60 State Street, Suite 1300
Boston, Massachusetts 02109
ADMINISTRATOR, CUSTODIAN AND TRANSFER AGENT
State Street Bank and Trust Company
225 Franklin Street
Boston, Massachusetts 02110
INDEPENDENT AUDITORS
Deloitte & Touche LLP
Two World Financial Center
New York, New York 10281-1414
LEGAL COUNSEL
Willkie Farr & Gallagher
787 Seventh Avenue
New York, New York 10019
This report has been prepared for the shareholders of the Funds and is not
authorized for distribution to prospective investors in the Funds unless it is
accompanied or preceded by an effective prospectus.
For current performance, current net asset value, or for assistance with your
account, please contact the Fund at (800) 774-9838 or by writing to the Funds at
P.O. Box 8122, Boston, Massachusetts, 02266-8122.
