<PAGE>
[LOGO]
------------------------------------------------
U.S. CORE EQUITY FUND
-----------------------------------------------------------------------------
AGGRESSIVE EQUITY FUND
-----------------------------------------------------------------------------
GLOBAL INDEPENDENCE FUND
-----------------------------------------------------------------------------
ANNUAL REPORT
OCTOBER 31, 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
Report of Independent Auditors.............................. 33
</TABLE>
<PAGE>
Letter from the Chief Investment Officer
------------------------------------------------------------------
Dear Shareholders:
We are pleased to present you with the CDC MPT+ Funds Annual Report for the
period ended October 31, 2000. To provide you with some additional insight into
the Funds, we will briefly review the performance of our 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 capitalization stocks. 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. For the
fiscal year ending October 31, 2000, the US Core Equity Fund returned 7.30%,
outperforming the S&P 500 Index by 1.21%, which returned 6.09% 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 returned 6.09% for the twelve months ending October 31, 2000,
while the Fund returned 4.77%.
Our GLOBAL INDEPENDENCE FUND represents our attempt to employ the same
discipline and management skills that CDC Investments makes available to its
private investment company clients. 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 that which is typically associated with global stock markets, and it is
about the same as the expected risk incurred when investing in longer dated G-7
government bonds. For the fiscal year ending October 31, 2000, the Global
Independence Fund returned 11.92%, 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 -1.62%. 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 global stock and bond markets, while simultaneously
providing a solid return in a risk controlled manner.
LOOKING INTO THE NEXT YEAR
As we write this letter, the world's focus is upon the transition to a new
administration in the United States. No doubt this is an important event and the
new administration will be a factor on how the world develops this year. This
focus may be misplaced, however, if it leads fund managers to miss the important
issues facing the world economy. While all politics are local, economics are
not! The world offers interesting potential returns this year, but also
considerable risk. Before one can take advantage of this return he or she must
deal with some tough questions. Has the equity bubble burst? Was there ever a
bubble? Can the European Central Bank (ECB) keep the economy in Europe on an
even keel when the Euro is under long-term pressure, or will efforts to shore up
the Euro lead to even more lackluster economic performance? Can corporate bond
spreads widen even more, or is it just a matter of time before these spreads
collapse to more normal level? Will the volatility in equity markets trend
higher or move back to more normal levels? Is Japan ever going to recover, or
are we moving from one rolling recession to another. Is there really a shortage
of crude oil, or is the problem in the US and Europe more one of just poor
planning with respect to building refineries? These are just a few of the
questions facing the markets this year.
In Europe, the ECB is still finding its way. Europe has joined the world
recovery, but its economic performance continues to be inconsistent. Countries,
such as Spain, Portugal, Ireland and some of the smaller ones, continue to
perform very well. The French economy is coming along, but Germany and Italy are
still laggards, still needing more stimuli. Fiscal policy adjustments in these
key countries will be needed to
---1
<PAGE>
CDC Investment Management Corp.
------------------------------------------------------------------
keep the recovery alive, especially if the US stumbles this year. Monetary
policy must be on hold to tighter, caught between a weaker Euro and fears of
inflation due to higher oil prices. Tighter policy now, however, would put a
crimp into the expansion now occurring on the back of export-led demand. 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 new and credibility is still a problem. 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 and Ireland,
that are making efforts to remove structural barriers for a more competitive
economy are winning. Those that are not are slowly falling behind in the growth
game. As long as the US keeps growing at its new higher capacity, Europe will
likely do well in spite of these problems, but once the US sneezes then the old
saying about Europe catching a cold may be applicable.
The critical need for structural adjustment is the major problem facing
Japan, from government decision-making to the health of the financial industry.
The government does not appear dedicated to pursuing reform. Moreover, the
central bank seems to want to raise interest rates even in the face of a very
weak economy. Banks are exploiting the low 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. In the meantime, Japan will continue to limp along,
running huge fiscal deficits and financing them with the massive savings.
Japanese government bonds and the equity markets await change and this year they
will continue to wait some more.
Following on to the US, the real question is whether or not the miracle of
rapid economic growth with low inflation can continue, while simultaneously
productivity enhancements can keep earnings growth up. Is goldilocks alive and
well? The answer is "not hardly". Goldilocks may not be dead, but she may be
growing a bit tired. Expect earnings forecasts to be ratcheted downward, energy
prices to have an effect on the economy, and the Fed to be on hold for much of
the year. Since forecasts now range for the economy to rumble along either into
another round of glorious growth to a hard landing, it would be foolish to think
that there is not at least a bit of a problem out there. With gridlock in
Washington still the norm, fiscal stimulus can only really occur if there is an
appearance of a downturn. Otherwise forget it. Moreover, such an environment
means that the hero of Wall Street, Chairman Greenspan, will continue to wield
enormous influence on the economy. Thus, with the Fed calling the shots it is
hard to believe that they will allow growth to become exuberant in 2001. "On
hold" may be the watchword for the markets, but external factors will matter and
policy will adjust if necessary. For this reason, we just do not believe that
the US economy is ready to head toward a hard landing and as such, one must be
on the lookout for good opportunities in the corporate debt markets and selected
opportunities in equities. This environment does, however, portend more days of
high volatility for individual stocks, but this too should top out as the year
passes.
Does all of this add up to a good year for the markets? The answer is yes
and no. There will be selected opportunities, but they will be difficult to come
by. We will have to be agile to take advantage of them, but there is no doubt
that liquidity providers in certain areas have more opportunity now than has
been the case for some time. Managing through the risk with solid risk control
will be key. It is not the time to be faint-hearted, nor is it the time to
simply take large risks. The trends over the next year are not likely to be
simply understood, but they will be there and we will be looking to take
advantage of them.
/s/ D. Sykes Wilford
D. Sykes Wilford
Chief Investment Officer, CDC Investment Management Corp.
December 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 - 2.19%
Investor Class - N/A
Total Net Assets (all classes):
$35,790,103
[PHOTO]
Jason Wolin
[PHOTO]
Frank Hanley
[PHOTO]
Steven Klopukh
PERFORMANCE
For the fiscal year ending October 31, 2000, the US Core Equity Fund
returned 7.30%, outperforming the S&P 500 Index by 1.21%. The US equity market,
as measured by the S&P 500 Index, produced a moderate return of 6.09% for the
November 1, 1999 to October 31, 2000 period, which corresponds to the U.S. Core
Equity Fund's past fiscal year.
PORTFOLIO REVIEW
The past fiscal year has proved to be a difficult market environment. "New
Economy" stocks, such as Internet, Telecommunication and Computer-related
companies, soared to extraordinary heights only to come crashing down as
operating results failed to meet market expectations. More importantly, a
significant change in market sentiment occurred as small and mid capitalization
stocks outperformed large capitalization stocks while value stocks outperformed
growth stocks, an event that has not occurred in the last five years.
The US Core Equity Fund fared well through these volatile times. Our
diversified fundamental and quantitative strategies, coupled with disciplined
risk control, allowed us to achieve the objective of outperformance relative to
the S&P 500 benchmark as well as the Lipper Growth and Income Index. By being
relatively neutral to industries and other market biases, such as size and
investment style (i.e., growth or value), the risk of the Fund remained close to
the benchmark. Our stock selection strategies, which are based on quantitative
methods and Economic Value Added (EVA)* analysis, produced excess return for our
investors despite an exceptionally volatile and dynamic market.
---3
<PAGE>
Manager Reviews: US Core Equity Fund
------------------------------------------------------------------
STRATEGY AND PORTFOLIO POSITIONING
Looking forward, we believe that the market will continue to remain
volatile, as the corporate earnings outlook for 2001 remains cloudy. However,
with evidence of slower economic growth and inflation under control, we believe
that the Federal Reserve Bank will implement a softer monetary policy in 2001,
which would be bullish for US Equities. In this environment, our analysis
indicates that factors, such as stable earnings growth and relative value, are
very successful in stock selection. Reflecting this theme, the Fund has
positions in the financial institution Fleet Boston Corporation (1.00% held as
of 10/31/00), the diversified manufacturer Tyco International Ltd. (1.79% held
as of 10/31/00) and the telecommunications company Verizon Communications Inc.
(2.25% held as of 10/31/00). As always, our risk control discipline requires
that we do not time market movements and remain diversified. Positions that
represent growth segments in the market include EMC Corporation (1.82% held as
of 10/31/00), a leader in computer storage hardware and Adobe Systems Inc.
(0.81% held as of 10/31/00), a leader in Internet publishing software for the
period ended October 31, 2000.
<TABLE>
<CAPTION>
Total Returns (%) for the period ended October 31, 2000
---------------------------------------------------------------------------------------------------
Since Inception Fiscal Year
Jun. 30, 1999 - Oct. 31, 2000 Nov. 1, 1999 - Oct. 31, 2000
---------------------------------------------------------------------------------------------------
<S> <C> <C>
US Core Equity Fund 7.41% 7.30%
S&P 500 Index (1) 5.77% 6.09%
Lipper Growth and Income Index (2) 0.29% 6.94%
</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 and assumes the
reinvestment of all distributions. 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.
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 equity and
equity related securities 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 - 2.85%
Investor Class - N/A
Total Net Assets (all classes):
$33,786,424
[PHOTO]
D. Sykes Wilford
[PHOTO]
Jose M. Quintana
[PHOTO]
Andrew Dalton
PERFORMANCE
For the fiscal year of November 1, 1999 to October 31, 2000, the Aggressive
Equity Fund returned 4.77%, underperforming the S&P 500 Index, which returned
6.09% for the corresponding period. Overall, there was no sustained trend in
most bond and equity markets during this period, but equity markets did
experience extraordinary volatility.
PORTFOLIO REVIEW
Over the course of the past year, the Aggressive Equity Fund benefited
strongly from the sustained strength of the US dollar. Based on our quantitative
and fundamental analysis, the Fund favored positions in the US dollar and the
British pound over the Euro, the Australian and Canadian dollars as well as the
Japanese yen mostly due to differences in yield curve shapes and interest rate
levels. All of these positions generated positive returns, as the US currency
and the British pound strengthened versus the Euro.
Equity positions also performed well during the period, providing a
sufficient cushion to offset negative returns from various bond positions. Being
underweight Japanese equities was especially helpful, as they slid sharply in
the face of continued political and economic uncertainty. Among the Fund's bond
positions, the short UK Gilt position performed poorly, as the British
government continued to buy back debt and left regulations in place that require
pension funds to hold a large amount of its dwindling supply of government debt.
Our short Japanese government bond position also yielded negative returns.
---5
<PAGE>
Manager Reviews: Aggressive Equity Fund
------------------------------------------------------------------
STRATEGY AND PORTFOLIO POSITIONING
We believe that our investment process, a combination of manager expertise
and quantitative discipline, should perform well during the coming year. Among
the equity markets, our model continues to favor a net long, value-oriented
portfolio. Currently, mutual fund managers are holding the greatest amount of
cash in their portfolios since October of 1998, the period following the Russian
bond default crisis. If some of this money were to come back into equity
markets, the Fund could benefit strongly. We will continue to look for
opportunities in the currency and bond markets, but we will pay very close
attention to changes in liquidity, which can cause sudden sharp movements in
these markets.
<TABLE>
<CAPTION>
Total Returns (%) for the period ended October 31, 2000
------------------------------------------------------------------------------------------------------
Since Inception Fiscal Year
Jun. 30, 1999 - Oct. 31, 2000 Nov. 1, 1999 - Oct. 31, 2000
------------------------------------------------------------------------------------------------------
<S> <C> <C>
Aggressive Equity Fund 5.81% 4.77%
S&P 500 Index (1) 5.77% 6.09%
Lipper Growth and Income Index (2) 0.29% 6.94%
</TABLE>
Source: (1) Bloomberg
(2) Lipper Analytical Services, Inc.
Performance data quoted represents past performance and assumes the
reinvestment of all distributions. 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.
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 - 2.30%
Investor Class - N/A
Total Net Assets (all classes):
$33,922,918
[PHOTO]
D. Sykes Wilford
[PHOTO]
Jose M. Quintana
[PHOTO]
Andrew Dalton
PERFORMANCE
For the fiscal year of November 1, 1999 to October 31, 2000, the Global
Independence Fund returned 11.92%, outperforming its blended benchmark (50% JP
Morgan Government Bond Index, 50% Morgan Stanley Global Equity Index) by 13.54%.
Overall, there was no sustained trend in most bond and equity markets during
this period, but equity markets did experience extraordinary volatility. The US
dollar continued to rise against the Euro, the Australian and Canadian dollars.
PORTFOLIO REVIEW
Over the course of past year, the Global Independence Fund benefited
strongly from the sustained strength of the US dollar. Based on our quantitative
and fundamental analysis, the Fund favored positions in the US dollar and the
British pound over the Euro, the Australian and Canadian dollars as well as the
Japanese yen mostly due to differences in yield curve shapes and interest rate
levels. All of these positions generated positive returns, as the US currency
and the British pound strengthened versus the Euro.
Our results in the bond and equity markets were mixed. Our bond positions
dampened our performance, especially as our short UK Gilt position performed
poorly and our short Japanese government bond position yielded uneven returns.
However, our equity positions did boost fund performance. Being underweight
Japanese equities was especially helpful, as they slid sharply in the face of
continued political and economic uncertainty.
---7
<PAGE>
Manager Reviews: Global Independence Fund
------------------------------------------------------------------
STRATEGY AND PORTFOLIO POSITIONING
We believe that our investment process should perform well during the coming
year. Among the equity markets, our model continues to favor a net long,
value-oriented portfolio. Currently, mutual fund managers are holding the
greatest amount of cash in their portfolios since October of 1998, the period
following the Russian bond default crisis. If some of this money were to come
back into equity markets, the Fund could benefit strongly. We will continue to
look for opportunities in the currency and bond markets, but we will pay very
close attention to changes in liquidity, which can cause sudden sharp movements
in these markets.
<TABLE>
<CAPTION>
Total Returns (%) for the period ended October 31, 2000
------------------------------------------------------------------------------------------------------
Since Inception Fiscal Year
Jun. 30, 1999 - Oct. 31, 2000 Nov. 1, 1999 - Oct. 31, 2000
------------------------------------------------------------------------------------------------------
<S> <C> <C>
Global Independence Fund 16.73% 11.92%
Blended Benchmark: 2.07% -1.62%
50% JP Morgan Global Gov't Bond Index (1)
50% Morgan Stanley Global Equity Index (2)
Lipper Global Flex Index (3) 10.02% 8.89%
</TABLE>
Source: (1) Bloomberg
(2) MSCI Inc.
(3) Lipper Analytical Services, Inc.
Performance data quoted represents past performance and assumes the
reinvestment of all distributions. 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.
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, October 31, 2000
<TABLE>
<CAPTION>
----------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
----------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 93.6%
----------------------------------------------------------------------
AEROSPACE -- 1.4%
Boeing Co. 4,800 $ 325,500
General Dynamics Corp. 2,200 157,438
----------------
482,938
----------------
AIRLINES -- 0.4%
Delta Air Lines, Inc. 3,400 160,650
----------------
AUTOMOBILES & TRUCKS -- 0.4%
General Motors Corp. 2,482 154,194
----------------
BANKING -- 1.9%
FleetBoston Financial Corp. 9,400 357,200
PNC Bank Corp. 1,100 73,562
Summit Bancorp. 1,200 45,000
Wells Fargo & Co. 4,300 199,144
----------------
674,906
----------------
BEVERAGES -- 1.8%
Coca-Cola Co. 7,300 440,737
Coca-Cola Enterprises, Inc. 6,700 123,113
PepsiCo, Inc. 1,500 72,656
----------------
636,506
----------------
BREWERY -- 0.7%
Anheuser-Busch Cos., Inc. 5,600 256,200
----------------
BUSINESS EQUIPMENT & SERVICES -- 0.6%
Cendant Corp. (a) 8,000 96,000
First Data Corp. 2,700 135,338
----------------
231,338
----------------
CHEMICALS -- 1.3%
Dow Chemical Co. 10,500 321,563
Du Pont (E.I.) de Nemours & Co. 2,800 127,050
----------------
448,613
----------------
COMPUTERS -- 7.9%
Apple Computer, Inc. (a) 5,800 113,463
Cisco Systems, Inc. (a) 19,900 1,072,112
Dell Computer Corp. (a) 6,900 203,550
Gateway, Inc. (a) 3,900 201,279
Hewlett-Packard Co. 6,800 315,775
International Business Machines Corp. 2,900 285,650
Sun Microsystems, Inc. (a) 5,600 620,900
----------------
2,812,729
----------------
COMPUTER SOFTWARE -- 9.4%
Adobe Systems, Inc. 3,800 289,038
America Online, Inc. (a) 7,600 383,268
<CAPTION>
----------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
----------------------------------------------------------------------
<S> <C> <C>
COMPUTER SOFTWARE (CONTINUED)
Compuware Corp. (a) 11,700 $ 92,138
EMC Corp. (a) 7,300 650,156
Microsoft Corp. (a) 15,500 1,067,562
Oracle Corp. (a) 19,400 640,200
Siebel Systems, Inc. (a) 2,400 251,850
----------------
3,374,212
----------------
DIVERSIFIED MANUFACTURING OPERATIONS -- 8.2%
Corning, Inc. 2,100 160,650
General Electric Co. 26,900 1,474,456
Illinois Tool Works, Inc. 2,400 133,350
Minnesota Mining & Manufacturing Co. 4,300 415,487
SPX Corp. (a) 800 98,900
Tyco International Ltd. 11,300 640,569
----------------
2,923,412
----------------
ELECTRONIC COMPONENTS -- 0.7%
Agilent Technologies, Inc. (a) 3,495 161,862
Micron Technology, Inc. (a) 2,300 79,925
----------------
241,787
----------------
FINANCIAL SERVICES -- 7.4%
American Express Co. 5,100 306,000
Associates First Capital Corp. --
Class A 8,400 311,850
Citigroup, Inc. 12,400 652,550
Federal National Mortgage Association 2,900 223,300
Mellon Financial Corp. 5,400 260,550
Merrill Lynch & Co., Inc. 5,000 350,000
Morgan Stanley Dean Witter & Co. 4,400 353,375
State Street Corp. 1,600 199,584
----------------
2,657,209
----------------
FOOD -- 0.9%
H.J. Heinz Co. 4,200 176,138
Quaker Oats Co. 2,000 163,125
----------------
339,263
----------------
HEALTH CARE MANAGEMENT -- 0.5%
Wellpoint Health Networks, Inc. --
Class A (a) 1,400 163,713
----------------
HOME BUILDING & PRODUCTS -- 0.5%
Lowe's Cos., Inc. 3,900 178,181
----------------
HOUSEHOLD & PERSONAL CARE -- 0.4%
Clorox Co. 3,500 156,188
----------------
</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, October 31, 2000
<TABLE>
<CAPTION>
----------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
----------------------------------------------------------------------
<S> <C> <C>
INSURANCE -- 4.6%
American General Corp. 3,200 $ 257,600
American International Group, Inc. 8,850 867,300
CIGNA Corp. 1,500 182,925
Jefferson-Pilot Corp. 1,500 103,125
Lincoln National Corp. 2,100 101,587
The St. Paul Cos., Inc. 2,500 128,125
----------------
1,640,662
----------------
MACHINERY & EQUIPMENT -- 0.5%
Johnson Controls, Inc. 3,000 178,875
----------------
MANUFACTURING -- 0.3%
Millipore Corp. 1,800 94,500
----------------
MEDICAL PRODUCTS & SUPPLIES -- 1.8%
Johnson & Johnson 7,100 654,087
----------------
MULTIMEDIA -- 1.3%
Time Warner, Inc. 2,900 220,139
Viacom, Inc. -- Class A (a) 1,400 80,150
Viacom, Inc. -- Class B (a) 3,000 170,625
----------------
470,914
----------------
OIL & GAS -- 6.3%
Anadarko Petroleum Corp. 2,500 160,125
Apache Corp. 800 44,250
Chevron Corp. 2,000 164,250
Enron Corp. 2,100 172,331
Exxon Mobil Corp. 11,476 1,023,516
Phillips Petroleum Co. 3,500 216,125
Schlumberger Ltd. 1,600 121,800
Texaco, Inc. 3,800 224,437
Williams Cos., Inc. 2,800 117,075
----------------
2,243,909
----------------
PAPER & RELATED PRODUCTS -- 0.8%
Georgia-Pacific Group 5,900 158,563
Westvaco Corp. 5,000 142,500
----------------
301,063
----------------
PHARMACEUTICALS -- 8.8%
American Home Products Corp. 3,600 228,600
Amgen, Inc. (a) 3,000 173,813
Cardinal Health, Inc. 2,000 189,500
Lilly (Eli) & Co. 2,200 196,625
Merck & Co., Inc. 8,400 755,475
Pfizer, Inc. 21,975 949,045
<CAPTION>
----------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
----------------------------------------------------------------------
<S> <C> <C>
PHARMACEUTICALS (CONTINUED)
Pharmacia Corp. 2,500 $ 137,500
Schering-Plough Corp. 10,200 527,212
----------------
3,157,770
----------------
RETAIL -- 5.7%
Avon Products, Inc. 4,300 208,550
BJ's Wholesale Club, Inc. (a) 5,100 167,981
Home Depot, Inc. 5,850 251,550
RadioShack Corp. 2,400 143,100
Safeway, Inc. (a) 5,400 295,313
Sears, Roebuck & Co. 4,100 121,893
SUPERVALU, Inc. 7,800 119,925
Target Corp. 6,000 165,750
Wal-Mart Stores, Inc. 12,700 576,262
----------------
2,050,324
----------------
SEMICONDUCTORS -- 2.9%
Conexant Systems, Inc. 3,600 94,725
Intel Corp. 20,760 934,200
----------------
1,028,925
----------------
TELECOMMUNICATIONS EQUIPMENT &
SERVICES -- 13.1%
ADC Telecommunications, Inc. (a) 9,840 210,330
ALLTEL Corp. 2,200 141,762
Analog Devices, Inc. (a) 2,000 130,000
AT & T Corp. 6,340 147,009
Avaya Inc. (a) 1,196 16,071
Comcast Corp. -- Class A (a) 10,400 423,800
Comverse Technology, Inc. (a) 1,169 130,636
General Motors Corp. -- Class H (a) 2,600 84,240
Global Crossing Ltd. (a) 8,600 203,175
JDS Uniphase Corp. (a) 1,000 81,438
Lucent Technologies, Inc. 14,359 334,744
Nextel Communications, Inc. --
Class A (a) 3,000 115,312
Nokia Oyj, (ADR) 3,600 153,900
Nortel Networks Corp. 11,200 509,600
QUALCOMM, Inc. (a) 1,900 123,708
SBC Communications, Inc. 8,116 468,192
Scientific-Atlanta, Inc. 4,000 273,750
Sprint Corp., (PCS Group) Series 1(a) 3,800 144,875
</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, October 31, 2000
<TABLE>
<CAPTION>
----------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
----------------------------------------------------------------------
<S> <C> <C>
TELECOMMUNICATIONS EQUIPMENT &
SERVICES (CONTINUED)
Verizon Communications 13,930 $ 805,328
WorldCom, Inc. 8,400 199,500
----------------
4,697,370
----------------
TOBACCO -- 0.9%
Philip Morris Co. 8,300 303,988
----------------
UTILITIES - ELECTRIC -- 2.2%
Dominion Resources, Inc. 2,200 131,037
Duke Energy Corp. 2,800 242,025
Reliant Energy, Inc. 3,900 161,119
TXU Corp. 6,400 237,200
----------------
771,381
----------------
----------------------------------------------------------------------
TOTAL COMMON STOCK --
(COST $31,007,511) 33,485,807
----------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE PRINCIPAL VALUE
----------------------------------------------------------------------
<S> <C> <C>
CERTIFICATES OF DEPOSIT -- 5.9%
----------------------------------------------------------------------
Westdeutsche Landesbank Girozentrale
6.625% due 11/01/2000 $2,112,000 $ 2,112,000
----------------------------------------------------------------------
TOTAL CERTIFICATES OF DEPOSIT -- (COST $2,112,000)
2,112,000
----------------------------------------------------------------------
TOTAL INVESTMENTS --
(COST $33,119,511*) -- 99.5% 35,597,807
----------------------------------------------------------------------
OTHER ASSETS LESS LIABILITIES -- 0.5%
192,296
----------------------------------------------------------------------
NET ASSETS -- 100.0% $ 35,790,103
======================================================================
</TABLE>
(a) Non-income producing security
(ADR) American Depository Receipt
* Aggregate cost for Federal tax purposes is $33,148,066. Aggregate gross
unrealized appreciation for all securities in which there is an excess of
value over tax cost and aggregate gross unrealized depreciation for all
securities in which there is an excess of tax cost over value were
$5,407,714 and $2,957,973, respectively, resulting in net unrealized
appreciation of $2,449,741.
SCHEDULE OF OPEN FUTURES CONTRACTS AT OCTOBER 31, 2000
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------
TOTAL UNREALIZED
NUMBER OF CONTRACT APPRECIATION/
CONTRACTS CONTRACT DESCRIPTION VALUE (DEPRECIATION)
-----------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C>
6 S&P 500 Index Future Dec. 2000 Long $2,160,300 $(17,966)
</TABLE>
The accompanying notes are an integral part of these financial statements.
---11
<PAGE>
CDC MPT+ FUNDS -- AGGRESSIVE EQUITY FUND
Schedule of Investments, October 31, 2000
<TABLE>
<CAPTION>
--------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
--------------------------------------------------------------------
<S> <C> <C>
COMMON STOCK -- 93.0%
--------------------------------------------------------------------
AEROSPACE -- 1.1%
Boeing Co. 2,200 $ 149,187
General Dynamics Corp. 400 28,625
Lockheed Martin Corp. 1,700 60,945
Raytheon Co. -- Class B 800 27,350
United Technologies Corp. 1,500 104,719
----------------
370,826
----------------
AIRLINES -- 0.2%
Delta Air Lines, Inc. 800 37,800
Southwest Airlines Co. 1,600 45,600
----------------
83,400
----------------
ALUMINUM -- 0.2%
Alcoa, Inc. 2,000 57,375
----------------
AUTOMOBILES & TRUCKS -- 0.8%
Delphi Automotive Systems Corp. 2,800 43,925
Ford Motor Co. 2,701 70,565
General Motors Corp. 1,579 98,095
Harley-Davidson, Inc. 800 38,550
Visteon Corp. 497 8,791
----------------
259,926
----------------
BANKING -- 4.1%
Bank of America Corp. 4,400 211,475
Bank of New York Co., Inc. 2,300 132,394
Bank One Corp. 3,300 120,450
BB&T Corp. 1,500 47,812
Chase Manhattan Corp. 3,750 170,625
Fifth Third Bancorp 1,200 61,650
Firstar Corp. 2,100 41,344
FleetBoston Financial Corp. 2,929 111,302
National City Corp. 2,100 44,888
Northern Trust Corp. 600 51,225
PNC Bank Corp. 800 53,500
SunTrust Banks, Inc. 700 34,169
U.S. Bancorp 2,300 55,631
Wachovia Corp. 500 27,000
Wells Fargo & Co. 4,600 213,037
----------------
1,376,502
----------------
BEVERAGES -- 2.1%
Coca-Cola Co. 6,600 398,475
Coca-Cola Enterprises, Inc. 1,600 29,400
PepsiCo, Inc. 3,700 179,219
Seagram Co., Ltd. 1,500 85,687
----------------
692,781
----------------
BREWERY -- 0.3%
Anheuser-Busch Cos., Inc. 2,400 109,800
----------------
<CAPTION>
--------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
--------------------------------------------------------------------
<S> <C> <C>
BROADCASTING -- 0.3%
Clear Channel Communications, Inc. (a) 1,500 $ 90,094
----------------
BUSINESS EQUIPMENT & SERVICES -- 1.6%
Automatic Data Processing, Inc. 1,700 111,031
Cendant Corp. (a) 2,600 31,200
Electronic Data Systems Corp. 1,500 70,406
First Data Corp. 1,000 50,125
Interpublic Group Cos., Inc. 800 34,350
Lexmark International Group, Inc. --
Class A (a) 400 16,400
McGraw-Hill Cos., Inc. 500 32,094
Network Appliance, Inc. (a) 800 95,200
Omnicom Group, Inc. 600 55,350
Pitney Bowes, Inc. 600 17,813
Unisys Corp. (a) 900 11,475
Xerox Corp. 2,000 16,875
----------------
542,319
----------------
CHEMICALS -- 0.9%
Air Products & Chemicals, Inc. 1,000 37,313
Dow Chemical Co. 2,400 73,500
Du Pont (E.I.) de Nemours & Co. 3,300 149,737
Praxair, Inc. 700 26,075
Rohm and Haas Co. 900 27,056
----------------
313,681
----------------
COMPUTERS -- 7.6%
3Com Corp. 1,000 17,750
Apple Computer, Inc. (a) 1,000 19,563
Cisco Systems, Inc. (a) 17,800 958,975
Compaq Computer Corp. 4,400 133,804
Dell Computer Corp. (a) 6,900 203,550
Gateway, Inc. (a) 900 46,449
Hewlett-Packard Co. 5,000 232,188
International Business
Machines Corp. 4,400 433,400
Palm, Inc. (a) 1,483 79,433
Sun Microsystems, Inc. (a) 3,900 432,412
----------------
2,557,524
----------------
COMPUTER SOFTWARE -- 8.1%
Adobe Systems, Inc. 1,000 76,063
America Online, Inc. (a) 6,000 302,580
BMC Software, Inc. (a) 600 12,188
Citrix Systems, Inc. (a) 600 13,275
Computer Associates International,
Inc. 1,200 38,250
Computer Sciences Corp. (a) 500 31,500
Compuware Corp. (a) 1,500 11,813
EMC Corp. (a) 5,600 498,750
Microsoft Corp. (a) 13,500 929,812
Novell, Inc. (a) 700 6,300
</TABLE>
The accompanying notes are an integral part of these financial statements.
12---
<PAGE>
CDC MPT+ FUNDS -- AGGRESSIVE EQUITY FUND
Schedule of Investments, October 31, 2000
<TABLE>
<CAPTION>
--------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
--------------------------------------------------------------------
<S> <C> <C>
COMPUTER SOFTWARE (CONTINUED)
Oracle Corp. (a) 15,200 $ 501,600
Siebel Systems, Inc. (a) 1,000 104,937
VERITAS Software Corp. (a) 1,000 141,016
Yahoo!, Inc. (a) 1,300 76,212
----------------
2,744,296
----------------
CONSUMER GOODS -- 0.1%
Avery Dennison Corp. 500 25,250
----------------
CRUISE LINES -- 0.1%
Carnival Corp. 1,900 47,144
----------------
DIVERSIFIED MANUFACTURING
OPERATIONS -- 6.4%
Corning, Inc. 2,100 160,650
Eastman Kodak Co. 700 31,413
General Electric Co. 25,100 1,375,794
Honeywell International, Inc. 2,162 116,343
Illinois Tool Works, Inc. 600 33,337
Minnesota Mining & Manufacturing Co. 1,100 106,287
PPG Industries, Inc. 700 31,238
Textron, Inc. 500 25,219
Tyco International Ltd. 5,000 283,437
----------------
2,163,718
----------------
ELECTRONIC COMPONENTS -- 2.5%
Advanced Micro Devices, Inc. (a) 800 18,100
Agilent Technologies, Inc. (a) 953 44,136
Altera Corp. (a) 1,000 40,937
Broadcom Corp. -- Class A (a) 400 88,950
Emerson Electric Co. 1,600 117,500
KLA-Tencor Corp. (a) 800 27,050
Linear Technology Corp. 800 51,650
LSI Logic Corp. (a) 1,400 46,025
Maxim Integrated Products, Inc. (a) 700 46,419
Micron Technology, Inc. (a) 1,400 48,650
Motorola, Inc. 5,961 148,652
Rockwell International Corp. 600 23,588
Solectron Corp. (a) 1,600 70,400
Teradyne, Inc. (a) 500 15,625
Xilinx, Inc. (a) 1,000 72,437
----------------
860,119
----------------
ENVIRONMENTAL SERVICES -- 0.1%
Waste Management, Inc. 2,100 42,000
----------------
FINANCIAL SERVICES -- 7.6%
American Express Co. 3,600 216,000
Associates First Capital Corp. --
Class A 2,300 85,387
Capital One Financial Corp. 500 31,563
Charles Schwab Corp. 3,600 126,450
<CAPTION>
--------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
--------------------------------------------------------------------
<S> <C> <C>
FINANCIAL SERVICES (CONTINUED)
Citigroup, Inc. 11,866 $ 624,448
Federal Home Loan
Mortgage Corp. 2,100 126,000
Federal National Mortgage Association 2,900 223,300
First Union Corp. 2,900 87,906
Franklin Resources, Inc. 800 34,272
Household International, Inc. 1,700 85,531
J.P. Morgan & Co., Inc. 500 82,750
KeyCorp 1,600 39,500
MBNA Corp. 2,400 90,150
Mellon Financial Corp. 1,700 82,025
Merrill Lynch & Co., Inc. 2,300 161,000
Morgan Stanley Dean
Witter & Co. 2,900 232,906
Providian Financial Corp. 500 52,000
Regions Financial Corp. 1,000 23,563
State Street Corp. 400 49,896
Washington Mutual, Inc. 2,400 105,600
----------------
2,560,247
----------------
FOOD -- 1.2%
Campbell Soup Co. 900 26,325
ConAgra, Inc. 1,700 36,338
General Mills, Inc. 800 33,400
H.J. Heinz Co. 1,000 41,937
Kellogg Co. 1,500 38,062
Quaker Oats Co. 400 32,625
Sara Lee Corp. 2,900 62,531
Unilever NV, (ADR) 1,900 96,544
Wm. Wrigley Jr. Co. 400 31,675
----------------
399,437
----------------
HEALTH CARE MANAGEMENT -- 0.7%
HCA-The Healthcare Corp. 3,800 151,762
McKesson HBOC, Inc. 800 22,450
UnitedHealth Group, Inc. 500 54,688
----------------
228,900
----------------
HOME BUILDING & PRODUCTS -- 0.2%
Lowe's Cos., Inc. 1,000 45,688
Weyerhaeuser Co. 700 32,856
----------------
78,544
----------------
HOUSEHOLD APPLIANCES -- 0.0%
Black & Decker Corp. 400 15,050
----------------
HOUSEHOLD & PERSONAL CARE -- 1.8%
Clorox Co. 600 26,775
Colgate-Palmolive Co. 1,600 94,016
Gillette Co. 3,000 104,625
Kimberly-Clark Corp. 2,000 132,000
Procter & Gamble Co. 3,700 264,319
----------------
621,735
----------------
</TABLE>
The accompanying notes are an integral part of these financial statements.
---13
<PAGE>
CDC MPT+ FUNDS -- AGGRESSIVE EQUITY FUND
Schedule of Investments, October 31, 2000
<TABLE>
<CAPTION>
--------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
--------------------------------------------------------------------
<S> <C> <C>
INSURANCE -- 3.4%
Aetna, Inc. 400 $ 23,125
AFLAC, Inc. 600 43,838
Allstate Corp. 2,000 80,500
American General Corp. 600 48,300
American International
Group, Inc. 5,962 584,276
Aon Corp. 500 20,719
Chubb Corp. 600 50,662
CIGNA Corp. 500 60,975
Conseco, Inc. 1,000 6,938
Hartford Financial Services Group,
Inc. 700 52,106
Lincoln National Corp. 600 29,025
Loews Corp. 600 54,562
Marsh & McLennan Cos., Inc. 600 78,450
Progressive Corp. 300 29,475
----------------
1,162,951
----------------
MACHINERY & EQUIPMENT -- 0.4%
Baker Hughes, Inc. 900 30,938
Briggs & Stratton Corp. 400 14,275
Caterpillar, Inc. 1,000 35,062
Ingersoll-Rand Co. 600 22,650
Johnson Controls, Inc. 400 23,850
----------------
126,775
----------------
MEDICAL PRODUCTS & SUPPLIES -- 2.2%
Baxter International, Inc. 800 65,750
Boston Scientific Corp. (a) 1,000 15,938
Edwards Lifesciences Corp. (a) 160 2,150
Guidant Corp. (a) 700 37,056
Johnson & Johnson 3,700 340,862
MedImmune, Inc. (a) 600 39,225
Medtronic, Inc. 3,400 184,663
PE Corp-PE Biosystems Group 500 58,500
----------------
744,144
----------------
MULTIMEDIA -- 2.3%
Gannett Co., Inc. 700 40,600
Time Warner, Inc. 3,400 258,094
Tribune Co. 600 22,237
Viacom, Inc. -- Class B (a) 4,595 261,341
Walt Disney Co. 5,700 204,131
----------------
786,403
----------------
OIL & GAS -- 6.2%
Burlington Resources, Inc. 900 32,400
Chevron Corp. 1,900 156,037
Conoco, Inc. -- Class B 2,100 57,094
Enron Corp. 2,100 172,331
Exxon Mobil Corp. 9,236 823,736
Halliburton Co. 1,000 37,063
Phillips Petroleum Co. 1,000 61,750
Royal Dutch Petroleum Co., (ADR) 6,100 362,187
<CAPTION>
--------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
--------------------------------------------------------------------
<S> <C> <C>
OIL & GAS (CONTINUED)
Schlumberger Ltd. 1,600 $ 121,800
Texaco, Inc. 1,700 100,406
The Coastal Corp. 600 45,263
Transocean Sedco Forex, Inc. 309 16,377
Unocal Corp. 1,000 34,125
USX-Marathon Group 1,000 27,188
Williams Cos., Inc. 900 37,631
----------------
2,085,388
----------------
PAPER & RELATED PRODUCTS -- 0.3%
Georgia-Pacific Group 600 16,125
International Paper Co. 1,900 69,588
----------------
85,713
----------------
PHARMACEUTICALS -- 8.6%
Abbott Laboratories 4,200 221,812
American Home Products Corp. 3,700 234,950
Amgen, Inc. (a) 3,000 173,813
Bristol-Myers Squibb Co. 5,000 304,687
Cardinal Health, Inc. 900 85,275
Lilly (Eli) & Co. 3,000 268,125
Merck & Co., Inc. 5,700 512,644
Pfizer, Inc. 15,850 684,522
Pharmacia Corp. 3,685 202,675
Schering-Plough Corp. 4,100 211,919
----------------
2,900,422
----------------
RESTAURANTS -- 0.4%
McDonald's Corp. 4,000 124,000
Tricon Global Restaurants, Inc. (a) 400 12,000
----------------
136,000
----------------
RETAIL -- 5.1%
Albertson's, Inc. 1,500 35,531
Avon Products, Inc. 600 29,100
Best Buy Co., Inc. (a) 500 25,094
Circuit City Stores-Circuit City Group 800 10,600
Costco Wholesale Corp. (a) 1,400 51,275
CVS Corp. 800 42,350
Federated Department
Stores, Inc. (a) 700 22,794
Gap, Inc. 2,400 61,950
Home Depot, Inc. 6,150 264,450
J.C. Penney Co., Inc. 900 10,519
Kohl's Corp. (a) 900 48,769
Kroger Co. (a) 2,800 63,175
Limited, Inc. 1,200 30,300
Mattel, Inc. 1,900 24,581
May Department Stores Co. 900 23,625
NIKE, Inc. -- Class B 700 27,956
Office Depot, Inc. (a) 1,000 8,313
RadioShack Corp. 400 23,850
Safeway, Inc. (a) 1,600 87,500
</TABLE>
The accompanying notes are an integral part of these financial statements.
14---
<PAGE>
CDC MPT+ FUNDS -- AGGRESSIVE EQUITY FUND
Schedule of Investments, October 31, 2000
<TABLE>
<CAPTION>
--------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
--------------------------------------------------------------------
<S> <C> <C>
RETAIL (CONTINUED)
Sears, Roebuck & Co. 1,000 $ 29,730
Staples, Inc. (a) 1,000 14,250
Target Corp. 2,400 66,300
TJX Cos., Inc. 900 24,525
Too, Inc. (a) 85 1,950
Wal-Mart Stores, Inc. 12,300 558,112
Walgreen Co. 2,900 132,312
----------------
1,718,911
----------------
SEMICONDUCTORS -- 3.2%
Applied Materials, Inc. (a) 1,800 95,625
Intel Corp. 16,600 747,000
National Semiconductor Corp. (a) 1,100 28,600
Texas Instruments, Inc. 4,200 206,062
----------------
1,077,287
----------------
TELECOMMUNICATIONS EQUIPMENT & SERVICES -- 9.9%
ADC Telecommunications, Inc. (a) 1,600 34,200
ALLTEL Corp. 1,000 64,438
Analog Devices, Inc. (a) 1,000 65,000
AT & T Corp. 10,622 246,298
Avaya Inc. (a) 716 9,621
BellSouth Corp. 5,200 251,225
Comcast Corp. -- Class A(a) 2,100 85,575
Comverse Technology, Inc. (a) 600 67,050
Global Crossing Ltd. (a) 1,800 42,525
JDS Uniphase Corp. (a) 2,600 211,737
Lucent Technologies, Inc. 8,600 200,487
Nextel Communications, Inc. --
Class A (a) 1,700 65,344
Nortel Networks Corp. 7,400 336,700
QUALCOMM, Inc. (a) 2,000 130,219
Qwest Communications International,
Inc. (a) 3,593 174,710
SBC Communications, Inc. 8,700 501,881
Scientific-Atlanta, Inc. 500 34,219
Sprint Corp., (FON Group) 2,000 51,000
Sprint Corp., (PCS Group)
Series 1(a) 2,000 76,250
Tellabs, Inc. (a) 1,400 69,912
Verizon Communications 7,616 440,300
WorldCom, Inc. (a) 7,950 188,812
----------------
3,347,503
----------------
TOBACCO -- 0.7%
Philip Morris Co. 6,600 241,726
----------------
TRANSPORTATION -- 0.3%
Burlington Northern Santa Fe Corp. 1,000 $ 26,562
<CAPTION>
--------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE SHARES VALUE
--------------------------------------------------------------------
<S> <C> <C>
TRANSPORTATION (CONTINUED)
FedEx Corp. (a) 700 $ 32,802
Norfolk Southern Corp. 1,000 14,125
Union Pacific Corp. 500 23,438
----------------
96,927
----------------
UTILITIES - ELECTRIC -- 2.0%
Ameren Corp. 700 27,825
Consolidated Edison, Inc. 800 28,150
Constellation Energy Group 800 33,350
Dominion Resources, Inc. 600 35,738
Duke Energy Corp. 1,100 95,081
Edison International 2,300 54,912
Exelon Corp. 1,413 84,927
FPL Group, Inc. 800 52,800
PG&E Corp. 1,000 26,938
Reliant Energy, Inc. 800 33,050
Southern Co. 2,900 85,187
The AES Corp. (a) 1,000 56,500
TXU Corp. 1,700 63,006
----------------
677,464
----------------
--------------------------------------------------------------------
TOTAL COMMON STOCK --
(COST $30,167,808) 31,428,282
--------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------
PRINCIPAL
-----------------------------------------------------------------
<S> <C> <C>
CERTIFICATES OF DEPOSIT -- 3.9%
-----------------------------------------------------------------
Westdeutsche Landesbank Girozentrale
6.625% due 11/1/2000 $1,323,000 1,323,000
-----------------------------------------------------------------
TOTAL CERTIFICATES OF DEPOSIT --
(COST $1,323,000) 1,323,000
-----------------------------------------------------------------
TOTAL INVESTMENTS --
(COST $31,490,808*) -- 96.9% 32,751,282
-----------------------------------------------------------------
OTHER ASSETS LESS LIABILITIES -- 3.1% 1,035,142
-----------------------------------------------------------------
NET ASSETS -- 100.0% $33,786,424
=================================================================
</TABLE>
(a) Non-income producing security
ADR American Depository Receipt
* Aggregate cost for Federal tax purposes is $31,490,808. Aggregate gross
unrealized appreciation for all securities in which there is an excess of
value over tax cost and aggregate gross unrealized depreciation for all
securities in which there is an excess of tax cost over value were
$5,372,450 and $4,111,976, respectively, resulting in net unrealized
appreciation of $1,260,474.
The accompanying notes are an integral part of these financial statements.
---15
<PAGE>
CDC MPT+ FUNDS -- AGGRESSIVE EQUITY FUND
Schedule of Investments, October 31, 2000
SCHEDULE OF OPEN FORWARD FOREIGN CURRENCY CONTRACTS AT OCTOBER 31, 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 (buy) November 9, 2000 1,370,000 $ 730,443 $ 710,201 $(20,242)
Canadian Dollar (buy) November 9, 2000 6,240,000 4,114,304 4,085,905 (28,399)
Canadian Dollar (sell) November 9, 2000 12,783,000 8,533,378 8,370,212 163,166
Euro (buy) November 9, 2000 3,147,000 2,737,890 2,671,677 (66,213)
Pound Sterling (sell) November 9, 2000 342,000 494,453 496,305 (1,852)
Japanese Yen (sell) November 9, 2000 104,000,000 960,296 954,707 5,589
----------- --------
$17,570,764 $ 52,049
=========== ========
</TABLE>
SCHEDULE OF OPEN FUTURES CONTRACTS AT OCTOBER 31, 2000
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------
FOREIGN TOTAL UNREALIZED
NUMBER OF NOTIONAL CONTRACT APPRECIATION/
CONTRACTS CONTRACT DESCRIPTION AMOUNT VALUE (DEPRECIATION)
-------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
59 Australian Share Price
Index Future Dec. 2000 Long 4,906,675 $ 2,529,306 $ (36,057)
26 S&P/Toronto 60 Index
Future Dec. 2000 Long 3,356,400 1,943,814 (259,373)
14 Canadian 10 Year Bond
Future Dec. 2000 Long 1,416,970 927,483 (2,640)
12 Swiss Fed Bond Future
Dec. 2000 Short (1,397,520) (774,527) 2,703
21 CAC 40 Euro Index Future
Nov. 2000 Long 1,314,700 1,146,448 30,297
4 DAX Index Future Dec.
2000 Long 712,400 604,757 (10)
3 IBEX 35 Index Future Nov.
2000 Long 312,495 264,920 (375)
2 Spanish 10 Year Bond
Future Dec. 2000 Long 175,900 149,729 403
52 Euro-BOBL Bond Future
Dec. 2000 Long 5,355,690 4,572,311 25,734
115 Euro-Bond Future Dec.
2000 Short (12,095,060) (10,295,374) (28,171)
35 Long Gilt Future Dec.
2000 Short (3,926,670) (5,763,034) (72,613)
2 FTSE 100 Index Future
Dec. 2000 Short (128,270) (188,106) (2,224)
26 Tokyo Price Index Future
Dec. 2000 Short (387,175,000) (3,287,851) 262,586
6 Japanese 10 Year Bond
Future Dec. 2000 Short (793,140,000) (7,336,451) (63,274)
33 US 10 Year Note Future
Dec. 2000 Short N/A (3,323,203) 14,846
------------ ---------
$(18,829,778) $(128,168)
============ =========
</TABLE>
The accompanying notes are an integral part of these financial statements.
16---
<PAGE>
CDC MPT+ FUNDS -- GLOBAL INDEPENDENCE FUND
Schedule of Investments, October 31, 2000
<TABLE>
<CAPTION>
----------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE PRINCIPAL VALUE
----------------------------------------------------------------------
<S> <C> <C>
GOVERNMENT AND AGENCY
SECURITIES -- 84.3%
----------------------------------------------------------------------
Federal Home Loan Bank 6.42%+ due
11/17/2000 $2,800,000 $ 2,792,123
Federal Home Loan Bank 6.44%+ due
12/06/2000 5,000,000 4,969,132
Federal Home Loan Bank 6.47%+ due
01/26/2001 7,000,000 6,893,312
Federal Home Loan Mortgage 6.44%+ due
11/07/2000 3,500,000 3,496,296
Federal Home Loan Mortgage 6.44%+ due
11/21/2000 4,000,000 3,985,889
Federal National Mortgage Association
6.44%+ due 11/30/2000 6,500,000 6,466,722
----------------
28,603,474
----------------
----------------------------------------------------------------------
TOTAL GOVERNMENT AND AGENCY SECURITIES --
(COST $28,603,474) 28,603,474
----------------------------------------------------------------------
<CAPTION>
----------------------------------------------------------------------
NAME OF ISSUER MARKET
AND TITLE OF ISSUE PRINCIPAL VALUE
----------------------------------------------------------------------
<S> <C> <C>
CERTIFICATES OF DEPOSIT -- 10.0%
----------------------------------------------------------------------
Westdeutsche Landesbank Girozentrale
6.625% due 11/01/2000 $3,375,000 $ 3,375,000
----------------------------------------------------------------------
TOTAL CERTIFICATES OF DEPOSIT -- (COST $3,375,000)
3,375,000
----------------------------------------------------------------------
TOTAL INVESTMENTS -- (COST $31,978,474*) -- 94.3%
31,978,474
----------------------------------------------------------------------
OTHER ASSETS LESS LIABILITIES -- 5.7% 1,944,444
----------------------------------------------------------------------
NET ASSETS -- 100.0% $ 33,922,918
======================================================================
</TABLE>
* Aggregate cost for Federal tax purposes is $31,978,474.
+ 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, October 31, 2000
SCHEDULE OF OPEN FORWARD FOREIGN CURRENCY CONTRACTS AT OCTOBER 31, 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 (buy) November 9, 2000 2,871,000 $ 1,530,731 $ 1,488,312 $(42,419)
Canadian Dollar (buy) November 9, 2000 11,560,000 7,622,012 7,569,401 (52,611)
Canadian Dollar (sell) November 9, 2000 23,457,000 15,658,878 15,359,466 299,412
Swiss Franc (buy) November 9, 2000 2,890,000 1,625,312 1,609,153 (16,159)
Swiss Franc (sell) November 9, 2000 385,000 220,252 214,368 5,884
Euro (buy) November 9, 2000 6,040,000 5,156,010 5,127,719 (28,291)
Pound Sterling (buy) November 9, 2000 1,707,000 2,467,929 2,477,174 9,245
Pound Sterling (sell) November 9, 2000 1,707,000 2,472,077 2,477,174 (5,097)
Japanese Yen (sell) November 9, 2000 536,000,000 4,933,233 4,920,413 12,820
----------- --------
$41,686,434 $182,784
=========== ========
</TABLE>
SCHEDULE OF OPEN FUTURES CONTRACTS AT OCTOBER 31, 2000
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
FOREIGN TOTAL UNREALIZED
NUMBER OF NOTIONAL CONTRACT APPRECIATION/
CONTRACTS CONTRACT DESCRIPTION AMOUNT VALUE (DEPRECIATION)
------------------------------------------------------------------------------------------------
<C> <S> <C> <C> <C> <C>
34 Australian Share Price
Index Future Dec. 2000 Long 2,855,375 $ 1,457,566 $ (35,313)
6 Australian 10 Year Bond
Future Dec. 2000 Long 860,002 448,066 (1,558)
50 S&P/Toronto 60 Index
Future Dec. 2000 Long 6,214,860 3,738,103 (341,426)
2 Swiss Fed Bond Future
Dec. 2000 Short (232,920) (129,088) 451
26 CAC 40 Euro Index Future
Nov. 2000 Long 1,627,720 1,419,412 37,513
12 DAX Index Future Dec.
2000 Short (1,920,300) (1,814,269) (184,157)
1 Milan 30 Index Future
Dec. 2000 Long 231,700 203,184 6,494
5 Spanish 10 Year Bond
Future Dec. 2000 Long 438,660 374,322 1,933
47 Euro-BOBL Bond Future
Dec. 2000 Long 4,840,710 4,132,666 23,268
97 Euro-Bond Future Dec.
2000 Short (10,250,590) (8,683,924) 17,554
62 Long Gilt Future Dec.
2000 Short (6,959,270) (10,208,802) (123,621)
19 FTSE 100 Index Future
Dec. 2000 Long 1,192,575 1,787,009 58,670
38 Tokyo Price Index Future
Dec. 2000 Short (566,080,000) (4,805,319) 385,695
11 Japanese 10 Year Bond
Future Dec. 2000 Short (1,459,700,000) (13,450,160) (64,558)
15 S&P 500 Index Future Dec.
2000 Long N/A 5,400,750 131,554
51 US 10 Year Note Future
Dec. 2000 Short N/A (5,135,860) 23,318
------------ ---------
$(25,266,344) $ (64,183)
============ =========
</TABLE>
The accompanying notes are an integral part of these financial statements.
18---
<PAGE>
CDC MPT+ FUNDS
Statements of Assets and Liabilities
October 31, 2000
<TABLE>
<CAPTION>
---------------------------------------------------------------------------
GLOBAL
U.S. CORE AGGRESSIVE INDEPENDENCE
EQUITY FUND EQUITY FUND FUND
<S> <C> <C> <C>
---------------------------------------------------------------------------
ASSETS:
Investments in securities, at
market value $35,597,807 $32,751,282 $31,978,474
Cash 118,085 967,649 1,677,826
Receivable for investments sold 115,276 0 0
Receivable for forward currency
contracts 0 52,049 182,784
Futures variation margin 43,500 108,913 211,476
Dividends and interest receivable 16,541 22,039 621
Prepaid expenses 2,699 3,152 3,153
Reimbursement due from Adviser 40,154 43,889 42,406
---------------------------------------------------------------------------
Total Assets 35,934,062 33,948,973 34,096,740
---------------------------------------------------------------------------
LIABILITIES:
Advisory fee 81,199 97,231 104,889
Trustees fees 5,177 5,177 5,177
Administration fee 7,965 7,965 7,965
Transfer agent fee 3,420 2,598 4,406
Custodian fees 11,151 14,051 16,284
Other accrued expenses 35,047 35,527 35,101
---------------------------------------------------------------------------
Total Liabilities 143,959 162,549 173,822
---------------------------------------------------------------------------
Net Assets $35,790,103 $33,786,424 $33,922,918
===========================================================================
NET ASSETS CONSIST OF:
Paid in capital $33,259,090 $32,121,098 $30,386,111
Undistributed net investment income 0 0 1,031,585
Accumulated net realized gain on
investments, futures contracts
and foreign currency transactions 70,683 484,548 2,365,247
Net unrealized appreciation on
investments and other net assets 2,460,330 1,180,778 139,975
---------------------------------------------------------------------------
Net Assets $35,790,103 $33,786,424 $33,922,918
===========================================================================
INSTITUTIONAL SHARES:
Shares of beneficial interest
outstanding, no par value
(Unlimited Authorized) 3,332,980 3,224,341 3,020,459
===========================================================================
Net asset value, offering and
redemption price per share* $ 10.74 $ 10.48 $ 11.23
===========================================================================
Investments, at cost $33,119,511 $31,490,808 $31,978,474
===========================================================================
</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 year ended October 31, 2000
<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 $1,447, $1,842
and $0 respectively) $ 336,091 $ 355,303 $ 0
Interest 108,001 195,007 1,954,286
----------- ----------- -----------
Total investment income 444,092 550,310 1,954,286
----------- ----------- -----------
EXPENSES:
Investment advisory 666,892 864,625 638,316
Administrative 92,757 92,757 92,757
Audit 32,418 32,418 32,418
Custodian 128,184 170,233 164,058
Legal 14,053 14,053 14,053
Transfer agent 33,441 30,369 33,626
Registration 21,211 15,944 15,581
Trustees 28,896 28,896 28,896
Miscellaneous 16,286 16,285 16,283
----------- ----------- -----------
Total expenses 1,034,138 1,265,580 1,035,988
Less expenses reimbursed by the
investment adviser (240,607) (279,800) (283,339)
----------- ----------- -----------
Net expenses 793,531 985,780 752,649
---------------------------------------------------------------------------
NET INVESTMENT INCOME (LOSS) (349,439) (435,470) 1,201,637
---------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN/(LOSS)
ON INVESTMENTS, FUTURES
CONTRACTS, AND FOREIGN CURRENCY:
Net realized gain (loss) on
investments 450,814 263,423 (824)
Net realized gain on futures
contracts 89,991 91,909 688,071
Net realized gain on foreign
currency 0 509,275 1,766,212
Net change in unrealized
appreciation/(depreciation) on
investments, and futures
contracts 2,225,621 1,212,815 (19,150)
----------- ----------- -----------
Net realized and unrealized gain
on investments, futures
contracts, and foreign currency 2,766,426 2,077,422 2,434,309
---------------------------------------------------------------------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS $ 2,416,987 $ 1,641,952 $ 3,635,946
===========================================================================
</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
-----------------------------------
YEAR ENDED PERIOD ENDED
OCTOBER 31, 2000 OCTOBER 31, 1999*
<S> <C> <C>
-----------------------------------------------------------------------------
INCREASE IN NET ASSETS:
FROM OPERATIONS:
Net investment loss $ (349,439) $ (87,247)
Net realized gain/(loss) 540,805 (117,618)
Net change in unrealized appreciation
on investments and futures contracts 2,225,621 234,709
---------------- ----------------
Net increase in net assets from
operations 2,416,987 29,844
-----------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income 0 0
Net realized gain on investments (3,065) 0
-----------------------------------------------------------------------------
FROM FUND SHARES TRANSACTIONS:
Proceeds of shares sold 4,537,864 29,256,912
Shares issued to shareholders in
reinvestment of distributions 3,064 0
Cost of redemptions (484,837) 0
---------------- ----------------
Net increase in net assets from Fund
share transactions 4,056,091 29,256,912
-----------------------------------------------------------------------------
Net increase in net assets 6,470,013 29,286,756
-----------------------------------------------------------------------------
NET ASSETS:
Beginning of year 29,320,090 33,334
---------------- ----------------
End of year (a) $ 35,790,103 $ 29,320,090
=============================================================================
(a) Including undistributed net
investment income $ 0 $ 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
-----------------------------------
YEAR ENDED PERIOD ENDED
OCTOBER 31, 2000 OCTOBER 31, 1999*
<S> <C> <C>
-----------------------------------------------------------------------------
INCREASE IN NET ASSETS:
FROM OPERATIONS:
Net investment loss $ (435,470) $ (107,250)
Net realized gain 864,607 381,240
Net change in unrealized
appreciation/(depreciation) on
investments and
futures contracts 1,212,815 (32,037)
---------------- ----------------
Net increase in net assets from
operations 1,641,952 241,953
-----------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income 0 0
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 (445,986) 0
---------------- ----------------
Net increase in net assets from Fund
share transactions 6,786,241 25,410,650
-----------------------------------------------------------------------------
Net increase in net assets 8,100,488 25,652,603
-----------------------------------------------------------------------------
NET ASSETS:
Beginning of year 25,685,936 33,333
---------------- ----------------
End of year (a) $ 33,786,424 $ 25,685,936
=============================================================================
(a) Including undistributed net
investment income $ 0 $ 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
-----------------------------------
YEAR ENDED PERIOD ENDED
OCTOBER 31, 2000 OCTOBER 31, 1999*
<S> <C> <C>
-----------------------------------------------------------------------------
INCREASE IN NET ASSETS:
FROM OPERATIONS:
Net investment income $ 1,201,637 $ 267,249
Net realized gain 2,453,459 681,877
Net change in unrealized
appreciation/(depreciation) on
investments and
futures contracts (19,150) 159,125
---------------- ----------------
Net increase in net assets from
operations 3,635,946 1,108,251
-----------------------------------------------------------------------------
DISTRIBUTIONS TO SHAREHOLDERS FROM:
Net investment income (437,301) 0
Net realized gain on investments (770,089) 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 (188,026) 0
---------------- ----------------
Net increase in net assets from Fund
share transactions 4,701,728 25,651,050
-----------------------------------------------------------------------------
Net increase in net assets 7,130,284 26,759,301
-----------------------------------------------------------------------------
NET ASSETS:
Beginning of year 26,792,634 33,333
---------------- ----------------
End of year (a) $ 33,922,918 $ 26,792,634
=============================================================================
(a) Including undistributed net
investment income $ 1,031,585 $ 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
-----------------------------------
YEAR PERIOD
ENDED ENDED
10/31/00 10/31/99(A)
<S> <C> <C>
-----------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.01 $10.00
-----------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (0.10) (0.03)
Net realized and unrealized gain on
investments, futures contracts,
and foreign currency transactions 0.83 0.04
-------------- -----------------
Total from investment operations 0.73 0.01
-----------------------------------------------------------------------------
LESS DISTRIBUTIONS:
Distributions from net realized
gains 0.00* 0.00
-------------- -----------------
Total distributions 0.00 0.00
-----------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $10.74 $10.01
=============================================================================
TOTAL RETURN (b) 7.30% 0.10%
=============================================================================
RATIOS TO AVERAGE NET
ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 35,790 $ 29,320
Ratio of operating expenses to
average net assets 2.19% 2.07%(c)
Ratio of net investment loss to
average net assets (0.97)% (0.93)%(c)
Ratio of operating expenses to
average net assets without
expenses reimbursed by investment
adviser 2.86% 3.22%(c)
Portfolio turnover 89% 42%
=============================================================================
</TABLE>
* Amount is less than $.01.
(a) The CDC MPT+ Funds - Institutional shares commenced investment operations
on July 1, 1999.
(b) Total return represents aggregate total return for the period indicated and
assumes the reinvestment of all distributions.
(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
-----------------------------------
YEAR PERIOD
ENDED ENDED
10/31/00 10/31/99(A)
<S> <C> <C>
-----------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.10 $10.00
-----------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss (0.14) (0.04)
Net realized and unrealized gain on
investments, futures contracts,
and foreign currency transactions 0.62 0.14
-------------- -----------------
Total from investment operations 0.48 0.10
-------------- -----------------
LESS DISTRIBUTIONS:
Distributions from net realized
gains (0.10) 0
-------------- -----------------
Total distributions (0.10) 0
-----------------------------------------------------------------------------
NET ASSET VALUE, END OF PERIOD $10.48 $10.10
=============================================================================
TOTAL RETURN (b) 4.77% 1.00%
=============================================================================
RATIOS TO AVERAGE NET
ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 33,786 $ 25,686
Ratio of operating expenses to
average net assets 2.85% 2.89%(c)
Ratio of net investment loss to
average net assets (1.26)% (1.31)%(c)
Ratio of operating expenses to
average net assets without
expenses reimbursed by investment
adviser 3.66% 4.43%(c)
Portfolio turnover 6.48% 0.35%
=============================================================================
</TABLE>
(a) The CDC MPT+ Funds - Institutional shares commenced investment operations
on July 1, 1999.
(b) Total return represents aggregate total return for the period indicated and
assumes the reinvestment of all distributions.
(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
-----------------------------------
YEAR PERIOD
ENDED ENDED
10/31/00 10/31/99(A)
<S> <C> <C>
-----------------------------------------------------------------------------
NET ASSET VALUE, BEGINNING OF PERIOD $10.43 $10.00
-----------------------------------------------------------------------------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.39 0.10
Net realized and unrealized gain on
investments, futures contracts,
and foreign currency transactions 0.82 0.33
-------------- -----------------
Total from investment operations 1.21 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 $11.23 $10.43
=============================================================================
TOTAL RETURN (b) 11.92% 4.30%
=============================================================================
RATIOS TO AVERAGE NET
ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $33,923 $26,793
Ratio of operating expenses to
average net assets 2.30% 2.11%(c)
Ratio of net investment income to
average net assets 3.68% 3.10%(c)
Ratio of operating expenses to
average net assets without
expenses reimbursed by investment
adviser 3.17% 3.49%(c)
Portfolio turnover 0% 0%
=============================================================================
</TABLE>
(a) The CDC MPT+ Funds - Institutional shares commenced investment operations
on July 1, 1999.
(b) Total return represents aggregate total return for the period indicated and
assumes the reinvestment of all distributions.
(c) Annualized.
The accompanying notes are an integral part of these financial statements.
26---
<PAGE>
CDC MPT+ FUNDS
NOTES TO FINANCIAL STATEMENTS
October 31, 2000
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 a recognized securities dealer as approved by the Board of Trustees 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 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.
---27
<PAGE>
CDC MPT+ FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2000
dollar is translated into 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 October 31, 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 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
28---
<PAGE>
CDC MPT+ FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2000
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 October 31, 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 substantially 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 net realized capital gains, if any,
at least annually. Net investment income and capital gain distributions are
determined in accordance with income tax regulations which may differ from
accounting principles generally accepted in the United States of America. 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 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 year ended October 31, 2000,
there were no redemption fees collected.
RECLASSIFICATIONS- Accounting principles generally accepted in the United
States of America require that certain components of net assets be adjusted to
reflect permanent differences between financial and tax reporting. Accordingly,
the U.S. Core Equity Fund's current year book/tax difference of $349,439 has
been reclassified between undistributed net investment income loss and
accumulated net realized gain on investments, futures contracts and currency
transactions. The Aggressive Equity Fund's current year book/tax difference of
$435,470 has been reclassified between undistributed net
---29
<PAGE>
CDC MPT+ FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2000
investment loss of $326,344 to accumulated net realized gain on investments,
futures contracts, and foreign currency transactions; and $109,126 to paid in
capital. These adjustments are primarily attributable to non-deductible net
operating losses. These reclassifications have no effect on the net assets or
net asset values per share.
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
accounting principles generally accepted in the United States of America
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 was based on inception to date performance,
afterward, on a rolling twelve-month basis.
The Adviser has agreed, through 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.
As of October 31, 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 97%; Aggressive Equity Fund 100%; and Global
Independence Fund 100%.
30---
<PAGE>
CDC MPT+ FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2000
NOTE D-PURCHASES AND SALES OF SECURITIES
The cost of purchases and proceeds from sales of securities (excluding
short-term investments) for each Fund for the year ended October 31, 2000 were
as follows:
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------
<S> <C> <C>
FUND COST OF
PURCHASES PROCEEDS FROM SALES
-----------------------------------------------------------------------------------------
U.S. Core Equity Fund $30,591,833 $30,585,006
Aggressive Equity Fund 2,276,354 2,035,969
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>
YEAR PERIOD
ENDED 7/1/1999*-10/31/1999
10/31/2000
------- --------------------
U.S. CORE EQUITY FUND
SHARES SHARES
---------------------------------------------------------------------------------------------
Issued from the sale of shares 450,970 2,925,628
Issued from the reinvestment of distributions 290 0
Redeemed (47,242) 0
---------------------------------------------------------------------------------------------
Net Change 404,018 2,925,628
=============================================================================================
<CAPTION>
YEAR ENDED PERIOD
10/31/2000 7/1/1999*-10/31/1999
AGGRESSIVE EQUITY FUND ---------- --------------------
SHARES SHARES
-----------------------------------------------------------------------------------------------
<S> <C> <C>
Issued from the sale of shares 699,450 2,540,687
Issued from the reinvestment of distributions 22,093 0
Redeemed (41,222) 0
-----------------------------------------------------------------------------------------------
Net Change 680,321 2,540,687
===============================================================================================
</TABLE>
---
31
<PAGE>
CDC MPT+ FUNDS
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
October 31, 2000
<TABLE>
<CAPTION>
YEARS ENDED PERIOD
10/31/2000 7/1/1999*-10/31/1999
GLOBAL INDEPENDENCE FUND ----------- --------------------
SHARES SHARES
------------------------------------------------------------------------------------------------
<S> <C> <C>
Issued from the sale of shares 385,444 2,564,244
Issued from the reinvestment of distributions 84,228 0
Redeemed (16,790) 0
------------------------------------------------------------------------------------------------
Net Change 452,882 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.
NOTE G-SUSPENSION OF SALE OF FUND SHARES
The Aggressive Equity Fund and the Global Independence Fund have not at
times segregated assets with respect to their forward and futures contracts in a
manner consistent with current regulatory requirements. Management is seeking
regulatory relief that would permit alternative segregation arrangements,
however, no assurance can be given that relief will be granted. The Manager does
not believe that the failure to obtain regulatory relief will have a material
adverse effect on the ability of the Funds to pursue their investment
objectives. The Board of Trustees has decided to suspend new offerings of
Institutional and Investor classes of shares of the Aggressive Equity and Global
Independence Funds. Shareholders of these two Funds are currently comprised
exclusively of CDC Investment Management Corporation and its affiliates.
NOTE H -TAX INFORMATION (UNAUDITED)
CAPITAL GAINS DISTRIBUTIONS DESIGNATION IRC SEC 852(b) -
During the Fund's fiscal year ended October 31, 2000, the following amounts
paid on December 16, 1999, have been designated as capital gains dividends:
<TABLE>
<S> <C>
U.S Core Equity $ 3,058
Aggressive Equity Fund 0
Global Independence Fund 69,854
</TABLE>
32---
<PAGE>
REPORT OF INDEPENDENT AUDITORS
The Board of Trustees and Shareholders,
CDC MPT+ Funds
We have audited the accompanying statements of assets and liabilities,
including the schedules of investments of CDC MPT+ Funds (the "Trust")
(comprising, respectively, the U.S. Core Equity Fund, Aggressive Equity Fund and
Global Independence Fund) as of October 31, 2000, the related statements of
operations for the year then ended, the statements of changes in net assets for
the year ended October 31, 2000 and for the period July 1, 1999 (commencement of
investment operations) through October 31, 1999, and the financial highlights
for each of the periods presented. These financial statements and financial
highlights are the responsibility of the Trust's management. Our responsibility
is to express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with auditing standards generally
accepted in the United States of America. Those standards require that we plan
and perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities owned at October 31, 2000, by correspondence with the Trust's
custodian. An audit also includes assessing the accounting principles used and
significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position of CDC
MPT+ Funds as of October 31, 2000, the results of their operations for the year
then ended, and the changes in their net assets and their financial highlights
for each of the periods presented, in conformity with accounting principles
generally accepted in the United States of America.
DELOITTE & TOUCHE LLP
New York, New York
December 8, 2000
---33
<PAGE>
NOTES:
------------------------------------------------------------------
(THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.)
34---
<PAGE>
NOTES:
------------------------------------------------------------------
(THIS PAGE HAS BEEN INTENTIONALLY LEFT BLANK.)
---35
<PAGE>
Trustees and Officers
------------------------------------------------------------------
TRUSTEE
Luc de Clapiers
TRUSTEE
Richard Levich, Ph.D.
TRUSTEE
Bluford H. Putnam, Ph.D.
TRUSTEE
Mike West, Ph.D.
TRUSTEE
Arnold Zellner, Ph.D.
CHIEF INVESTMENT OFFICER
D. Sykes Wilford, Ph.D.
CHIEF FINANCIAL OFFICER
C. Peter Paterno
INVESTMENT OFFICER
Andrew Dalton
INVESTMENT OFFICER
Jason Wolin
VICE PRESIDENT & INVESTMENT OFFICER
Jose M. Quintana, Ph.D.
SECRETARY
Rachel D. Manney
ASSISTANT SECRETARY
Charles Rosenberg
<PAGE>
INVESTMENT ADVISER
CDC Investment Management Corp.
1251 Avenue of the Americas, 16th Floor
New York, New York 10020
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.
