[ OUTSIDE FRONT COVER ]
- -----------------------------------------------------------------------------
annual report
LIQUIDITY PLUS MONEY MARKET FUND
December 31, 1997
<PAGE>
[ INSIDE FRONT COVER ]
Letter to shareholders
"... this fund was
established in order
to facilitate cash
management and
cash sweep services
to its customers."
DEAR SHAREHOLDERS:
I want to thank you for placing your confidence in The Munder Funds.
We are pleased to be able to offer you this, the first Annual Report for the
Liquidity Plus Money Market Fund. As you know, this Fund was established
especially for Comerica Securities and its customers in order to facilitate
Comerica Securities cash management and cash sweep services it offers to its
customers. We hope you are pleased with the services provided by the Fund.
If you have any questions, please feel free to call your Comerica
Securities representative or The Munder Funds at 1-800-4MUNDER.
Very truly yours,
/s/ Lee Munder
Lee Munder, President
<PAGE>
Liquidity Plus Money Market Fund
Portfolio of Investments, December 31, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating
Principal ------------------
Amount S&P Moody's Value
--------- ---- ------- -----
<S> <C> <C> <C>
COMMERCIAL PAPER -- 75.7%
$3,000,000 A H Robins Company, Inc.,
5.570% due 01/28/1998** A1/A P1/A2 $ 2,987,467
2,000,000 Bellsouth Telecomm, Inc.,
5.700% due 02/06/1998** A1+/AAA P1/Aaa 1,988,600
2,000,000 Broadway Capital Corporation,
6.250% due 01/05/1998** A1/NR P1/NR 1,998,611
2,000,000 Browning Ferris Industries, Inc.,
6.500% due 01/02/1998** A1/A P2/A3 1,999,639
3,000,000 CXC, Inc.,
5.700% due 01/27/1998** A1+/NR P1/NR 2,987,650
2,000,000 Finova Capital Corporation,
5.730% due 02/12/1998** A2/A- P2/Baal 1,986,630
3,000,000 First Chicago Financial Corporation,
5.590% due 01/05/1998** A1/NR P1/NR 2,998,137
3,000,000 Gannett, Inc.,
5.650% due 01/15/1998** A1/A+ P1/A2 2,993,408
2,000,000 Golden Managers Acceptance Corporation,
5.970% due 01/29/1998** A1+/NR P1+/NR 1,990,713
2,000,000 Gotham Funding Corporation,
5.900% due 02/12/1998** A1/NR P1/NR 1,986,233
2,000,000 Matterhorn Capital Corporation,
5.720% due 01/27/1998** A1+/NR P1/NR 1,991,738
3,000,000 National Bank of Canada,
5.670% due 02/11/1998** A1/A P1/A1 2,980,627
2,000,000 National Rural Utilities Cooperative Finance,
5.700% due 02/24/1998** A1+/AA P1/A1 1,982,900
2,000,000 New Center Asset Trust,
5.710% due 01/14/1998** A1+/NR P1/NR 1,995,876
2,000,000 Preferred Receivables Funding Corporation,
6.200% due 01/02/1998** A1/NR P1/NR 1,999,656
2,000,000 Receivables Capital Corporation,
5.780% due 01/05/1998** A1+/NR P1/NR 1,998,716
2,000,000 Sanwa Business Credit Corporation,
5.900% due 01/28/1998** A2/A- P1/Aa3 1,991,150
2,000,000 Sony Capital Corporation,
5.900% due 01/08/1998** A1/A P1/Aa3 1,997,706
2,000,000 Strategic Asset Funding Corporation,
5.900% due 02/03/1998** A1/NR P1/NR 1,989,183
-----------
TOTAL COMMERCIAL PAPER
(Cost $42,844,640) 42,844,640
-----------
</TABLE>
See Notes to Financial Statements.
1
<PAGE>
<TABLE>
<CAPTION>
Liquidity Plus Money Market Fund
Portfolio of Investments, December 31, 1997 (Continued)
- ------------------------------------------------------------------------------
Principal
Amount Value
--------- -----
<S> <C> <C> <C>
REPURCHASE AGREEMENTS -- 24.8%
$10,063,107 Agreement with Lehman Brothers, 6.500% dated
12/31/1997, to be repurchased at $10,066,741 on
01/02/1998, collateralized by $33,635,000 U.S.
Treasury Note, 8.870% maturing 08/15/2017
(value $10,264,729) $10,063,107
$2,000,000 Agreement with J.P. Morgan, 6.250% dated
12/31/1997, to be repurchased at $2,000,694 on
01/02/1998, collateralized by $1,496,000 U.S.
Treasury Note, 8.875% maturing 02/15/2019
(value $2,042,508) 2,000,000
$2,000,000 Agreement with Paine Webber, 6.470% dated
12/31/1997, to be repurchased at $2,000,719 on
01/02/1998, collateralized by $1,965,000 U.S.
Treasury Note, 6.375% maturing 07/15/1999
(value $2,042,485) 2,000,000
-----------
TOTAL REPURCHASE AGREEMENTS
(Cost $14,063,107) 14,063,107
-----------
TOTAL INVESTMENTS (Cost $56,907,747*) 100.5% 56,907,747
OTHER ASSETS AND LIABILITIES (Net) (0.5) (272,030)
----- -----------
NET ASSETS 100.0% $56,635,717
===== ===========
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
** Rate represents annualized yield at date of purchase.
</TABLE>
See Notes to Financial Statements.
2
<PAGE>
Liquidity Plus Money Market Fund
Statement of Assets and Liabilities, December 31, 199
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
ASSETS:
Investments, at value (Cost $56,907,747)
See accompanying schedule:
Securities.............................................. $42,844,640
Repurchase agreements................................... 14,063,107
-----------
Total investments.............................................. 56,907,747
Interest receivable............................................ 2,534
Unamortized organization costs................................. 15,464
Prepaid Expenses............................................... 2,661
-----------
Total Assets............................................... 56,928,406
-----------
LIABILITIES:
Dividends payable.............................................. 238,568
Custodian fees payable......................................... 1,088
Distribution and shareholder servicing fees payable............ 13,623
Investment advisory fee payable................................ 19,313
Administration fee payable..................................... 6,452
Transfer agent fee payable..................................... 9,137
Payable to investment advisor.................................. 3,242
Accrued Directors' fees and expenses........................... 254
Accrued expenses and other payables............................ 1,012
-----------
Total Liabilities.......................................... 292,689
-----------
NET ASSETS..................................................... 56,635,717
-----------
NET ASSETS consist of:
Undistributed net investment income............................ 1,410
Par value...................................................... 56,636
Paid-in capital in excess of par value......................... 56,577,671
-----------
Total Net Assets........................................... $56,635,717
===========
NET ASSET VALUE offering and redemption price per
share ($56,635,717 / 56,635,717 shares of
common stock outstanding).................................. $ 1.00
===========
</TABLE>
See Notes to Financial Statements.
3
<PAGE>
Liquidity Plus Money Market Fund
Statement of Operations, Period Ended December 31, 1997 (a)
- ------------------------------------------------------------------------------
<TABLE>
<S> <C>
INVESTMENT INCOME:
Interest.................................................. $767,029
--------
Total investment income............................... 767,029
--------
EXPENSES:
Investment advisory fee................................... 52,118
Distribution and shareholder servicing fees............... 47,141
Administration fee........................................ 15,069
Transfer agent fee........................................ 8,838
Amortization of organizational costs...................... 1,645
Custodian fees............................................ 1,588
Legal and audit fees...................................... 700
Directors' fees and expenses.............................. 270
Other..................................................... 1,052
--------
Total Expenses........................................ 128,421
--------
NET INVESTMENT INCOME..................................... 638,608
--------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS................................................ $638,608
========
<FN>
- ---------
(a) Liquidity Plus Money Market commenced operations on June 4, 1997.
</TABLE>
See Notes to Financial Statements.
4
<PAGE>
Liquidity Plus Money Market Fund
Statement of Changes in Net Assets
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period
Ended
12/31/97(a)
-----------
<S> <C>
Net investment income............................... $ 638,608
-----------
Net increase in net assets resulting
from operations................................... 638,608
Distributions to shareholders from net
investment income................................. (638,608)
Net increase in net assets from Fund
share transactions................................ 56,635,717
-----------
Net increase in net assets.......................... 56,635,717
NET ASSETS:
Beginning of period................................. 0
-----------
End of period....................................... $56,635,717
===========
<FN>
- ---------
(a) Liquidity Plus Money Market commenced operations on June 4, 1997.
</TABLE>
See Notes to Financial Statements.
5
<PAGE>
Liquidity Plus Money Market Fund
Financial Highlights, For a Share Outstanding Throughout The Period
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period
Ended
12/31/97(a)
-----------
<S> <C>
Net asset value, beginning of period.......................... $ 1.00
--------
Income from investment operations:
Net investment income......................................... 0.030
--------
Total from investment operations.............................. 0.030
--------
Less distributions:
Distributions from net investment income...................... (0.030)
--------
Total distributions........................................... (0.030)
--------
Net asset value, end of period ............................... $ 1.00
========
Total return (b).............................................. 2.59%
========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's).......................... $ 56,636
Ratio of operating expenses to average net assets............. 0.86%(c)
Ratio of net investment income to average net assets.......... 4.29%(c)
Ratio of operating expenses to average net assets
without expense waivers.................................... 0.86%(c)
<FN>
- -------------
(a) Liquidity Plus Money Market Fund commenced operations on June 4, 1997.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized
</TABLE>
See Notes to Financial Statements.
6
<PAGE>
Liquidity Plus Money Market Fund
Notes To Financial Statements, December 31, 1997
- ------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Liquidity Plus Money Market Fund (the "Fund") is a diversified
portfolio of St. Clair Funds, Inc. (the "Company") which is registered under
the Investment Company Act of 1940, as amended (the " 1940 Act"), as an
open-end investment company. The Fund commenced operations on June 4, 1997.
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies followed by the Fund in the preparation of
its financial statements:
Security Valuation: Securities are valued on an amortized cost basis,
which approximates current market value. Under this method, securities are
valued initially at cost when purchased. Thereafter, a constant proportionate
amortization of any discount or premium is recorded until maturity of the
security. Regular review and monitoring of the valuation of securities held
by the Fund is performed pursuant to procedures established by the Board of
Directors. The Fund seeks to maintain a net asset value per share of $1.00.
Repurchase Agreements: The Fund may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the Fund
takes possession of an underlying debt obligation subject to an obligation of
the seller to repurchase, and the Fund to resell, the obligation at an
agreed-upon price and time, thereby determining the yield during the Fund's
holding period. This arrangement results in a fixed rate of return that is
not subject to market fluctuations during the Fund's holding period. The
value of the collateral is at least equal, at all times, to the total amount
of the repurchase obligations, including interest. In the event of
counterparty default, the Fund has the right to use the collateral to satisfy
the terms of the repurchase agreement. However, there could be potential loss
to the Fund in the event the Fund is delayed or prevented from exercising its
right to dispose of the collateral securities, including the risk of a
possible decline in the value of the collateral securities during the period
while the Fund seeks to assert its rights. The Fund's Advisor, acting under
the supervision of the Board of Directors, reviews the value of the
collateral and the creditworthiness of those banks and dealers with which the
Fund enters into repurchase agreements to evaluate potential risks.
Security Transactions and Investment Income: Security transactions
are recorded on the trade date. The cost of investments sold is determined by
use of the specific identification method for both financial reporting and
income tax purposes. Interest income is recorded on the accrual basis.
Dividends and Distributions to Shareholders: Dividends from net
investment income are declared daily and paid monthly. Capital gains
distributions, if any, will be made at least annually. Distributions to
shareholders are recorded on the ex-dividend date.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments of certain expenses of the Fund.
As determined at December 31, 1997, permanent differences resulting
from different book and tax accounting for organization costs were
reclassified at year end. These reclassifications had no effect on net
investment income, net assets or net asset value per share.
7
<PAGE>
Liquidity Plus Money Market Fund
Notes To Financial Statements, December 31, 1997
(Continued)
- ------------------------------------------------------------------------------
Federal Income Taxes: The Fund intends to continue to qualify as a
regulated investment company by complying with the requirements of the
Internal Revenue Code of 1986, as amended, applicable to regulated investment
companies and to distribute substantially all of its earnings to its
shareholders. Therefore, no Federal income or excise tax provision is
required.
2. Investment Advisor, Administrator, Custodian, Transfer Agent and
Other Related Party Transactions
Munder Capital Management (the "Advisor"), an independent investment
management firm, serves as the Fund's investment advisor. For its advisory
services, the Advisor is entitled to receive a fee, computed daily and
payable monthly, at an annual rate of 0.35% of the value of its average daily
net assets.
Funds Distributor, Inc. ("FDI" or the "Distributor") entered into
Sub-Administration Agreements with First Data Investor Services Group
("Investor Services Group") prior to November 1, 1997 and State Street Bank &
Trust Company ("State Street") after October 31, 1997, under which FDI
provides certain administrative services with respect to the Munder Funds.
FDI's fee for these services is paid for by the administrator out of its own
resources at no additional cost to the Fund.
Comerica Bank ("Comerica") provides certain custodian and shareholder
services to the Fund. Comerica received fees as compensation for its
services, based on the aggregate average daily net assets of the Fund and
certain other investment portfolios advised by the Advisor for which Comerica
provides services, computed daily and payable monthly at an annual rate of
0.03% of the first $100 million of average daily net assets, plus 0.02% of
the next $500 million of net assets, and 0.01% of net assets in excess of
$600 million. Comerica also received certain transaction based fees. Comerica
earned $460 for its services as custodian through October 31, 1997. After
October 31, 1997, no compensation was paid to Comerica for its services as
custodian to the Fund. As of November 1, 1997 State Street Bank & Trust
Company became the sub-custodian to the Fund. For its services as
sub-custodian, State Street receives a fee based on the aggregate average
daily net assets of the Fund and certain other investment portfolios advised
by the Advisor for which State Street provides custodial services, as well as
certain transaction based fees. As of November 1, 1997, Comerica receives a
fee of 0.01% of the aggregate average daily net assets of the Fund
beneficially owned by Comerica and its customers, as compensation for certain
shareholder services provided to the Fund.
Each Director of the Company is paid an aggregate fee, consisting of
a $20,000 annual retainer, for services in such capacity plus $1,500 for each
meeting attended per year, plus out-of-pocket expenses incurred as a Board
member for services provided as a Board member of the Company, The Munder
Funds Trust, The Munder Funds, Inc., and Munder Framlington Funds Trust. The
Trustees or Directors are also reimbursed for any expenses incurred by them
in connection with their duties as Trustees or Directors. No officer,
director or employee of the Advisor, Comerica, FDI State Street or Investor
Services Group currently receives any compensation from the Company.
3. Distribution and Service Plan
The Fund has adopted a Distribution and Service Plan (the "Plan")
pursuant to Rule 12b-1, adopted by the Securities and Exchange Commission
under the 1940 Act. Under the Plan, the Distributor is paid a service fee at
an annual rate of 0.25% of the value of the average daily net assets of the
Fund. The Distributor uses the service fees primarily to pay ongoing trail
commissions to securities dealers and other financial institutions and
organizations (collectively, the Service Organization") who provide
shareholder services for the Fund. The service fee also includes payments to
be made by the Fund to the Distributor for expenditures incurred by the
Distributor in connection with the distribution of Fund shares to investors
and provision of certain shareholder services (which
8
<PAGE>
Liquidity Plus Money Market Fund
Notes To Financial Statements, December 31, 1997
(Continued)
- ------------------------------------------------------------------------------
include but are not limited to the payment of compensation, including
compensation to Service Organizations to obtain various distribution related
services for the Fund). The Distributor is also paid a distribution fee at an
annual rate of 0.10% of the value of the average daily net assets of the
Fund.
4. Common Stock
At December 31,1997, two billion shares of $.001 par value common stock were
authorized for the Fund.
Since the Fund has sold, issued as reinvestment of dividends and
redeemed shares only at a constant net asset value of $1.00 per share, the
number of shares represented by such sales, reinvestments, and redemptions is
the same as the amounts shown below for such transactions.
Changes in common stock for the Fund were as follows:
<TABLE>
<CAPTION>
Period Ended
12/31/97
Amount
-------------
<S> <C>
Sold ...................................... 74,164,374
Issued as reinvestment of dividends ....... 398,127
Redeemed .................................. (17,926,784)
-----------
Net increase .............................. 56,635,717
===========
</TABLE>
5. Organizational Costs
Expenses incurred in connection with the organization of the Fund,
including the fees and expenses of registering and qualifying its
shares for distribution under Federal securities regulations, are being
amortized on a straight-line basis over a period of 5 years from
commencement of operations.
9
<PAGE>
Report of Ernst & Young LLP, Independent Auditors
To the Board of Directors and Shareholders of the
Liquidity Plus Money Market Fund
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of the Liquidity Plus Money Market
Fund (the "Fund"), (one of the portfolios constituting the St. Clair Funds,
Inc.), as of December 31, 1997, and the related statement of operations, the
statement of changes in net assets and the financial highlights for the
period from June 4, 1997 (commencement of operations) to December 31, 1997.
These financial statements and financial highlights are the responsibility of
the Fund's management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audit.
We conducted our audit in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of December 31, 1997, by correspondence
with the 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
audit provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Liquidity Plus Money Market Fund portfolio of St. Clair Funds, Inc. at
December 31, 1997, and the results of its operations, the changes in its net
assets, and the financial highlights for the period from June 4, 1997
(commencement of operations) to December 31, 1997, in conformity with
generally accepted accounting principles.
/s/ Ernst & Young, LLP
Boston, Massachusetts
February 9, 1998
<PAGE>
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Gerald L. Seizert, Vice President
Paul D. Tobias, Vice President
Richard H. Rose, Assistant Treasurer
Lisa Anne Rosen, Secretary and Assistant Treasurer
Teresa M.R. Hamlin, Assistant Secretary
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
First Data Investor Services Group, Inc.
53 State Street
Boston, MA 02109
ADMINISTRATOR & SUB-CUSTODIAN
State Street Bank & Trust Company
1776 Heritage Drive
North Quincy, MA 02109
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
CUSTODIAN
Comerica Bank
411 West Lafayette
Detroit, MI 48226
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
<PAGE>
(OUTSIDE BACK COVER)
STCLAN1297
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
<PAGE>
(OUTSIDE FRONT COVER)
Annual
Report
DECEMBER 31, 1997
THE MUNDER INSTITUTIONAL FUNDS
Institutional S & P 500 Index Equity
Institutional S & P SmallCap Index Equity
<PAGE>
(INSIDE FRONT COVER)
The Munder Funds
Letter to shareholders
DEAR FELLOW SHAREHOLDERS:
I want to thank you for placing your confidence in The Munder Funds. We
are pleased to be able to offer you this, the first Annual Report for the
Munder Institutional Funds. As you know, these Funds were established
especially for you: institutional investors seeking the advantages of mutual
fund investing but without some of the disadvantages of more broadly offered
retail funds. Because these funds are offered exclusively to large
institutional investors, we are able to reduce the costs of operating the funds
to a level that is less than half of the operating expenses of our retail
funds.
I hope you have been pleased with the operations and service provided by
The Munder Funds. If you have any questions, please call your financial
consultant or the Munder Funds at 1-800-4MUNDER.
Very truly yours,
/s/ Lee Munder
Lee Munder, President
<PAGE>
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, December 31, 1997
- -----------------------------------------------------------------------------
Shares Value
- ------ -----
COMMON STOCKS -- 98.5%
Advertising -- 0.2%
1,000 Interpublic Group of Companies, Inc. $ 49,813
1,400 Omnicom Group, Inc. 59,325
-------
109,138
-------
Aerospace -- 1.5%
8,300 Boeing Company 406,181
600 General Dynamics Corporation 51,863
1,600 Lockheed Martin Corporation 157,600
600 Northrop Grumman Corporation 69,000
388 Raytheon Company Class A 19,133
2,000 Raytheon Company Class B 101,000
2,000 United Technologies Corporation 145,625
--------
950,402
-------
Airlines -- 0.4%
700 AMR Corporation + 89,950
600 Delta Air Lines, Inc. 71,400
1,950 Southwest Airlines Company 48,019
700 US Airways Group, Inc. + 43,750
-------
253,119
-------
Apparel -- 0.3%
600 Fruit Of The Loom, Inc. + 15,375
600 Liz Claiborne, Inc. 25,088
2,400 NIKE, Inc., Class B 94,200
400 Reebok International Ltd. 11,525
1,100 V.F. Corporation 50,531
-------
196,719
Automobiles -- 1.7%
5,600 Chrysler Corporation 197,050
10,000 Ford Motor Company 486,875
6,100 General Motors Corporation 369,812
600 Navistar International Corporation + 14,888
------
1,068,625
-------
Automobile Parts & Equipment -- 0.4%
1,300 AutoZone, Inc. + 37,700
300 Cummins Engine, Inc. 17,719
900 Dana Corporation 42,750
600 Echlin, Inc. 21,712
1,600 Genuine Parts Company 54,300
700 Johnson Controls, Inc. 33,425
600 Pep Boys-- Manny, Moe & Jack 14,325
600 Snap-On, Inc. 26,175
1,000 TRW, Inc. 53,375
-------
301,481
-------
Banks -- 9.2%
4,900 Banc One Corporation 266,131
3,200 Bank of New York, Inc. 185,000
5,900 BankAmerica Corporation 430,700
1,200 BankBoston 112,725
900 Bankers Trust New York Corporation 101,194
1,700 Barnett Banks, Inc. 122,188
1,100 BB&T Corporation 70,469
3,600 Chase Manhattan Corporation 394,200
3,900 Citicorp 493,106
900 Comerica, Inc. 81,225
1,700 CoreStates Financial Corporation 136,106
1,300 Fifth Third Bancorporation 106,275
2,400 First Chicago Corporation 200,400
4,900 First Union Corporation 251,125
2,100 Fleet Financial Group, Inc. 157,369
1,600 Huntington Bancshares, Inc. 57,600
1,800 KeyCorp (New) 127,462
4,200 MBNA Corporation 114,713
2,100 Mellon Bank Corporation 127,313
1,500 Morgan (J.P.) & Company, Inc. 169,313
4,900 Morgan Stanley, Dean Witter,
Discover and Company 289,712
1,800 National City Corporation 118,350
6,000 NationsBank Corporation 364,875
6,300 Norwest Corporation 243,337
2,600 PNC Bank Corporation 148,362
400 Republic New York Corporation 45,675
1,300 State Street Corporation 75,644
1,700 SunTrust Banks, Inc. 121,338
1,400 Synovus Financial Corporation 45,850
2,000 U.S. Bancorp 223,875
1,400 Wachovia Corporation 113,575
2,100 Washington Mutual, Inc. 134,006
700 Wells Fargo & Company 237,606
---------
5,866,819
---------
Broadcasting -- 0.4%
5,900 CBS Corporation 173,681
800 Clear Channel Communications + 63,550
400 Meredith Corporation 14,275
-------
251,506
-------
Building Materials-- 0.8%
300 Centex Corporation 18,881
400 Crane Company 17,350
300 Fleetwood Enterprises 12,731
6,100 Home Depot, Inc. 359,137
300 Kaufman & Broad Home Corporation 6,731
1,400 Masco Corporation 71,225
1,000 Pall Corporation 20,688
200 Pulte Corporation 8,363
-------
515,106
-------
See Notes to Financial Statements.
1
<PAGE>
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, December 31, 1997
(Continued)
- -----------------------------------------------------------------------------
Shares Value
- ------ -----
COMMON STOCKS (Continued)
Business Equipment and Supplies -- 1.9%
900 Avery Dennison Corporation $ 40,275
1,100 Ikon Office Solutions 30,938
8,200 International Business Machines
Corporation 857,412
1,200 Pitney Bowes, Inc. 107,925
2,700 Xerox Corporation 199,294
---------
1,235,844
---------
Business Services -- 0.5%
6,562 Cendant Corporation + 225,569
700 Deluxe Corporation 24,150
1,000 Federal Express Corporation + 61,062
300 Harland (John H.) Company 6,300
700 Moore Corporation Ltd. 10,588
----------
327,669
----------
Chemicals and Plastics -- 3.1%
900 Air Products & Chemicals, Inc. 74,025
1,900 Dow Chemical Company 192,850
9,500 dupont (E.I.) de Nemours &
Company 570,594
700 Eastman Chemical Company 41,694
600 Ecolab, Inc. 33,262
1,200 Engelhard Corporation 20,850
300 FMC Corporation + 20,194
600 Grace (W.R.) & Company 48,262
500 Great Lakes Chemical Corporation 22,438
800 Hercules, Inc. 40,050
400 Kerr-McGee Corporation 25,325
600 Mallinckrodt Group, Inc. 22,800
3,400 Minnesota Mining & Manufacturing
Company 279,012
4,900 Monsanto Company 205,800
1,100 Morton International, Inc. 37,812
600 Nalco Chemical Company 23,738
1,300 Praxair, Inc. 58,500
800 Raychem Corporation 34,450
1,700 Rockwell International Corporation 88,825
600 Rohm & Haas Company 57,450
900 Sigma-Aldrich Corporation 35,775
600 Union Camp Corporation 32,213
1,000 Union Carbide Corporation 42,937
----------
2,008,856
----------
Coal -- 0.2%
1,800 CSX Corporation 97,200
200 Eastern Enterprises 9,000
700 Fluor Corporation 26,163
---------
132,363
---------
Communication Equipment -- 1.4%
1,300 Cabletron Systems, Inc. + 19,500
8,000 GTE Corporation 418,000
700 Harris Corporation 32,113
5,000 Motorola, Inc. 285,312
1,200 National Semiconductor Corporation + 31,125
700 Scientific-Atlanta, Inc. 11,725
1,600 Tellabs, Inc. + 84,600
---------
882,375
---------
Computer Hardware, Software or Services -- 6.6%
2,900 3COM Corporation + 101,319
600 Adobe Systems, Inc. 24,750
1,200 Advanced Micro Devices, Inc. + 21,525
1,900 AMP, Inc. 79,800
1,000 Apple Computer, Inc. + 13,125
400 Autodesk, Inc. 14,800
2,400 Automatic Data Processing, Inc. 147,300
1,700 Bay Networks, Inc. + 43,456
700 Ceridian Corporation + 32,069
8,350 CISCO Systems, Inc. + 465,512
6,300 Compaq Computer Corporation 355,556
4,550 Computer Associates
International, Inc. 240,581
700 Computer Sciences Corporation + 58,450
400 Data General Corporation + 6,975
2,700 Dell Computer Corporation + 226,800
1,300 Digital Equipment Corporation + 48,100
8,700 Hewlett Packard Company 543,750
1,000 Honeywell, Inc. 68,500
10,000 Microsoft Corporation + 1,292,500
2,900 Novell, Inc. + 21,750
8,200 Oracle Systems Corporation + 182,962
1,000 Parametric Technology Corporation + 47,375
2,000 Seagate Technologies, Inc. + 38,500
1 Siebel Systems, Inc. + 56
1,400 Silicon Graphics, Inc. + 17,413
3,100 Sun Microsystems, Inc. + 123,613
1,400 Unisys Corporation + 19,425
---------
4,235,962
---------
Computer -- Semiconductors -- 1.9%
3,000 Applied Materials + 90,375
4,000 EMC Corporation + 109,750
13,600 Intel Corporation 955,400
1,200 LSI Logic Corporation + 23,700
1,700 Micron Technology, Inc. + 44,200
----------
1,223,425
----------
See Notes to Financial Statements.
2
<PAGE>
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, December 31, 1997
(Continued)
- -----------------------------------------------------------------------------
Shares Value
- ------ -----
COMMON STOCKS (Continued)
Consumer Non-Durables -- 3.5%
1,900 Corning, Inc. $ 70,537
27,400 General Electric Company 2,010,475
400 Grainger (W.W.), Inc. 38,875
1,400 Lowe's Companies, Inc. 66,763
1,300 Newell Company 55,250
900 Whitman Corporation 23,456
----------
2,265,356
----------
Consumer Services-- 0.2%
900 Block (H & R), Inc. 40,331
600 Manor Care, Inc. 21,000
2,100 Service Corporation International 77,569
----------
138,900
----------
Consumer Staples -- 0.1%
700 Pioneer Hi-Bred International, Inc. 75,075
---------
Containers -- 0.2%
300 Ball Corporation 10,594
1,000 Crown Cork & Seal Company, Inc. 50,125
1,200 Owens-Illinois, Inc. + 45,525
----------
Cosmetics -- Toiletry -- 0.1%
400 Alberto-Culver Company, Class B 12,825
1,100 Avon Products, Inc. 67,513
----------
80,338
----------
Diversified -- 1.7%
300 Aeroquip-Vickers, Inc. 14,719
4,700 AlliedSignal Corporation 183,006
1,400 Cognizant Corporation 62,387
1,400 Fortune Brands, Inc. 51,888
1,000 Loews Corporation 106,125
1,400 Textron, Inc. 87,500
1,300 Thermo Electron Corporation + 57,850
4,500 Tyco International Ltd. 202,781
5,200 Unilever NV 324,675
----------
1,090,931
----------
Electrical Equipment -- 0.4%
1,000 Cooper Industries, Inc. 49,000
300 Foster Wheeler Corporation 8,119
400 General Signal Corporation 16,875
400 Tektronix, Inc. 15,875
3,200 Texas Instruments, Inc. 144,000
400 Thomas & Betts Corporation 18,900
----------
252,769
----------
Electronics -- 0.5%
700 Eaton Corporation 62,475
400 EG & G, Inc. 8,325
3,700 Emerson Electric Company 208,819
700 KLA-Tencor Corporation + 27,037
900 Tandy Corporation 34,706
----------
341,362
----------
Energy and Resources -- 0.2%
1,405 Burlington Resources, Inc. 62,962
1,400 Dresser Industries, Inc. 58,712
----------
121,674
----------
Entertainment -- 1.8%
900 Brunswick Corporation 27,281
5,600 Disney (Walt) Company 554,750
600 Harcourt General Corporation 32,850
1,000 Hasbro, Inc. 31,500
1,000 ITT Corporation (New) 82,875
300 King World Productions, Inc. 17,325
2,400 Mattel, Inc. 89,400
4,700 Time Warner, Inc. 291,400
----------
1,127,381
----------
Enviromental Control -- 0.0%#
400 Safety-Kleen Corporation 10,975
----------
Financial Services -- 3.8%
3,900 American Express Company 348,075
2,000 American General Corporation 108,125
400 Beneficial Corporation 33,250
900 Countrywide Credit Industries 38,588
800 Dow Jones & Company, Inc. 42,950
1,300 Equifax, Inc. 46,069
5,900 Federal Home Loan Mortgage
Corporation 247,431
8,900 Federal National Mortgage
Association 507,856
3,700 First Data Corporation 108,225
1,100 Green Tree Financial Corporation 28,806
900 Household International, Inc. 114,806
2,700 Merrill Lynch & Company, Inc. 196,931
2,200 Schwab (Charles) Corporation 92,263
400 Temple-Inland, Inc. 20,925
9,467 Travelers Group, Inc. 510,035
----------
2,444,335
----------
Food and Beverages -- 7.1%
2,000 Albertson's, Inc. 94,750
4,100 Anheuser-Busch Companies, Inc. 180,400
See Notes to Financial Statements.
3
<PAGE>
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, December 31, 1997
(Continued)
- -----------------------------------------------------------------------------
Shares Value
- ------ -----
COMMON STOCKS (Continued)
Food and Beverages (Continued)
3,900 Campbell Soup Company $ 226,687
20,800 Coca-Cola Company 1,385,800
4,000 ConAgra, Inc. 131,250
300 Coors (Adolph) Company,
Class B 9,975
1,200 CPC International, Inc. 129,300
3,100 Heinz (H.J.) Company 157,519
1,200 Hershey Foods Corporation 74,325
3,400 Kellogg Company 168,725
12,800 PepsiCo, Inc. 466,400
20,200 Philip Morris Companies, Inc. 915,313
1,100 Quaker Oats Company 58,025
900 Ralston-Purina Company 83,644
4,000 Sara Lee Corporation 225,250
3,100 Seagram Company Ltd. 100,169
1,600 UST, Inc. 59,100
1,000 Wrigley (Wm) Jr. Company 79,562
---------
4,546,194
---------
Food Distribution -- 0.7%
4,700 Archer-Daniels-Midland Company 101,931
1,300 General Mills, Inc. 93,112
600 Giant Food, Inc., Class A 20,213
300 Great Atlantic & Pacific Tea
Company, Inc. 8,906
2,100 Kroger Company + 77,569
600 Supervalu, Inc. 25,125
1,400 Sysco Corporation 63,788
1,300 Winn Dixie Stores, Inc. 56,794
---------
447,438
---------
Freight and Shipping -- 0.0%#
300 Caliber Systems, Inc. 14,606
---------
Glass Products -- 0.2%
400 Owens Corning Fiberglass
Corporation 13,650
1,500 PPG Industries, Inc. 85,687
---------
99,337
---------
Health Care Facilities -- 0.4%
5,400 Columbia/HCA Healthcare
Corporation 159,975
1,400 Humana, Inc. + 29,050
2,600 Tenet Healthcare Corporation + 86,125
---------
275,150
---------
Health Care Products -- 3.7%
6,400 Abbott Laboratories 419,600
600 Allergan, Inc. 20,138
400 Bausch & Lomb, Inc. 15,850
1,000 Becton, Dickinson & Company 50,000
10,000 Merck & Company, Inc. 1,062,500
10,800 Pfizer, Inc. 805,275
---------
2,373,363
---------
Holding Companies-- 0.2%
700 Providian, LLC 31,631
2,000 Public Service Enterprise 63,375
---------
95,006
---------
Home Appliances -- 0.1%
800 Black & Decker Corporation 31,250
800 Maytag Corporation 29,850
600 Whirlpool Corporation 33,000
---------
94,100
---------
Home Furnishings and Housewares -- 0.8%
5,400 American Home Products
Corporation 413,100
300 Armstrong World 22,425
1,300 Rubbermaid, Inc. 32,500
200 Springs Industries, Inc. 10,400
600 Tupperware Corporation 16,725
---------
495,150
---------
Hotels and Restaurants -- 0.8%
1,300 Darden Restaurants, Inc. 16,250
900 Harrah's Entertainment
Corporation + 16,988
2,100 Hilton Hotels Corporation 62,475
1,000 Marriot International, Inc. 69,250
5,700 McDonald's Corporation 272,175
1,500 Mirage Resorts, Inc. + 34,125
1,300 Tricon Global Restaurants, Inc. + 37,781
1,100 Wendy's International, Inc. 26,469
---------
535,513
---------
Insurance -- 4.0%
1,300 Aetna Life & Casualty Company 91,731
3,600 Allstate Corporation 327,150
5,900 American International Group, Inc. 641,625
1,400 AON Corporation 82,075
1,400 Chubb Corporation 105,875
600 CIGNA Corporation 103,837
See Notes to Financial Statements.
4
<PAGE>
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, December 31, 1997
(Continued)
- -----------------------------------------------------------------------------
Shares Value
- ------ -----
COMMON STOCKS (Continued)
Insurance (Continued)
400 Cincinnati Financial Corporation $ 56,300
1,600 Conseco, Inc. 72,700
700 General Re Corporation 148,400
1,000 Hartford Financial Services
Group, Inc. 93,563
600 Jefferson-Pilot Corporation 46,725
900 Lincoln National Corporation 70,313
1,400 Marsh & McLennan
Companies, Inc. 104,387
800 MBIA, Inc. 53,450
1,000 MGIC Investment Corporation 66,500
600 Progressive Corporation 71,925
1,100 SAFECO Corporation 53,625
700 St. Paul Companies, Inc. 57,444
1,600 SunAmerica, Inc. 68,400
1,100 Torchmark, Inc. 46,269
600 Transamerica Corporation 63,900
1,600 United Healthcare Corporation 79,500
1,200 UNUM Corporation 65,250
900 USF & G Corporation 19,856
---------
2,590,800
---------
Machinery and Heavy Equipment -- 0.7%
3,100 Caterpillar, Inc. 150,544
300 Cincinnati Milacron, Inc. 7,781
2,100 Deere & Company 122,456
1,800 Dover Corporation 65,025
1,400 Ingersoll-Rand Company 56,700
1,000 Parker-Hannifin Corporation 45,875
---------
448,381
---------
Manufacturing -- 0.7%
1,900 Alcan Aluminum Ltd. 52,487
1,400 Aluminum Company of America 98,525
1,600 Boston Scientific Corporation + 73,400
200 Briggs & Stratton Corporation 9,713
600 Brown-Forman Corporation,
Class B 33,150
600 Case Corporation 36,263
700 PACCAR, Inc. 36,750
600 Reynolds Metals Company 36,000
1,400 Sherwin-Williams Company 38,850
---------
415,138
---------
Machine Tool - 0.1%
700 Stanley Works 33,031
---------
Medical Instruments, Services, and
Supplies -- 2.3%
400 Bard (C.R.), Inc. 12,525
2,300 Baxter International, Inc. 116,006
900 Biomet, Inc. 23,062
900 Cardinal Health, Inc. 67,612
1,300 Guidant Corporation 80,925
1,700 HBO & Company 81,600
3,000 HEALTHSOUTH Corporation + 83,250
11,200 Johnson & Johnson Company 737,800
3,900 Medtronic, Inc. 204,019
200 Shared Medical Systems
Corporation 13,200
700 St. Jude Medical, Inc. + 21,350
600 United States Surgical Corporation 17,588
---------
1,458,937
---------
Metal Fabricating - 0.2%
2,100 Illinois Tool Works, Inc. 126,263
---------
Metals and Mining -- 0.5%
1,400 Allegheny Teldyne, Inc. 36,225
300 ASARCO, Inc. 6,731
3,100 Barrick Gold Corporation 57,737
1,900 Battle Mountain Gold Company 11,163
700 Cyprus Amax Minerals Company 10,763
1,200 Echo Bay Mines Ltd. 2,925
1,700 Freeport McMoRan Copper & Gold,
Class B 26,775
1,300 Homestake Mining Company 11,538
1,400 Inco Ltd. 23,800
1,300 Newmont Mining Corporation 38,187
600 Phelps Dodge Corporation 37,350
2,000 Placer Dome, Inc. 25,375
---------
288,569
---------
Natural Gas -- 0.4%
400 Columbia Gas System, Inc. 31,425
800 Consolidated Natural Gas
Company 48,400
2,600 Enron Corporation 108,062
400 NICOR, Inc. 16,875
300 ONOEK, Inc. 12,113
700 Pacific Enterprises, Inc. 26,338
700 Sonat, Inc. 32,025
---------
275,238
---------
News and Publishing -- 0.5%
2,400 Gannett Company, Inc. 148,350
700 Knight-Ridder, Inc. 36,400
See Notes to Financial Statements.
5
<PAGE>
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, December 31, 1997
(Continued)
- -----------------------------------------------------------------------------
Shares Value
- ------ -----
COMMON STOCKS (Continued)
News and Publishing (Continued)
800 New York Time Company,
Class A $ 52,900
800 Times Mirror Company (New),
Class A 49,200
1,000 Tribune Company 62,250
---------
349,100
---------
Oil -- 7.7%
700 Amerada Hess Corporation 38,413
4,100 Amoco Corporation 349,012
700 Apache Corporation 24,544
600 Ashland, Inc. 32,213
2,700 Atlantic Richfield Company 216,337
1,400 Baker Hughes, Inc. 61,075
5,500 Chevron Corporation 423,500
900 Coastal Corporation 55,744
20,600 Exxon Corporation 1,260,462
2,100 Halliburton Company 109,069
900 Louisiana Land & Exploration
Company 17,100
400 McDermott International, Inc. 14,650
6,600 Mobil Corporation 476,437
2,700 Occidental Petroleum Corporation 79,144
900 Oryx Energy Company + 22,950
400 Pennzoil Company 26,725
2,200 Phillips Petroleum Company 106,975
17,900 Royal Dutch Petroleum Company 969,956
1,400 Tenneco, Inc. 55,300
4,400 Texaco, Inc. 239,250
2,000 Union Pacific Corporation 124,875
2,100 Union Pacific Resources Group 50,925
2,000 Unocal Corporation 77,625
2,400 USX-Marathon Group 81,000
---------
4,913,281
---------
Oil Equipment and Services -- 0.6%
200 Helmerich & Payne, Inc. 13,575
4,100 Schlumberger Ltd. 330,050
400 Western Atlas, Inc. 29,600
---------
373,225
---------
Paper and Forest Products -- 1.1%
400 Bemis Company, Inc. 17,625
400 Boise Cascade Corporation 12,100
800 Champion International Corporation 36,250
1,600 Fort James Corporation 61,200
700 Georgia-Pacific Corporation 42,525
400 Harnischfeger Industries, Inc. 14,125
2,600 International Paper Company 112,125
4,642 Kimberly-Clark Corporation 228,909
900 Mead Corporation 25,200
300 Potlatch Corporation 12,900
900 Stone Container Corporation 9,394
1,700 Weyerhaeuser Company 83,406
900 Willamette Indutries, Inc. 28,969
---------
684,728
---------
Personal Items -- 3.0%
2,400 Colgate-Palmolive Company 176,400
4,700 Gillette Company 472,056
900 International Flavors & Fragrances,
Inc. 46,350
300 Jostens, Inc. 6,919
11,300 Procter & Gamble Company 901,881
2,300 Warner-Lambert Company 285,200
---------
1,888,806
---------
Petroleum Refining -- 0.2%
500 Anadarko Petroleum Corporation 30,344
700 Rowan Companies + 21,350
600 Sun Company 25,237
2,600 Williams Companies, Inc. 73,775
---------
150,706
---------
Pharmaceuticals -- 3.1%
700 ALZA Corporation 22,269
8,300 Bristol-Myers Squibb Company 785,388
9,200 Lilly (Eli) & Company 640,550
4,300 Pharmacia & Upjohn, Inc. 157,487
6,100 Schering-Plough Corporation 378,962
---------
1,984,656
---------
Photographic Equipment and Supplies -- 0.3%
2,700 Eastman Kodak Company 164,194
400 Polaroid Corporation 19,475
---------
183,669
---------
Printing and Publishing -- 0.3%
600 American Greetings Corporation,
Class A 23,475
1,300 Donnelley (R.R.) & Sons Company 48,425
1,400 Dun & Bradstreet Corporation 43,312
800 McGraw-Hill, Inc. 59,200
900 Westvaco Corporation 28,294
---------
202,706
---------
Railroads -- 0.2%
3,200 Norfolk Southern Corporation 98,600
---------
See Notes to Financial Statements.
6
<PAGE>
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, December 31, 1997
(Continued)
- -----------------------------------------------------------------------------
Shares Value
- ------ -----
COMMON STOCKS (Continued)
Research and Development -- 0.2%
2,200 Amgen, Inc. $ 119,075
---------
Retail -- Store -- 3.5%
2,300 American Stores Company 47,294
900 Charming Shoppes, Inc. + 4,219
800 Circuit City Stores -- CircuitCity
Group 28,450
1,700 Costco Companies, Inc. + 75,862
1,400 CVS Corporation 89,687
1,800 Dayton Hudson Corporation 121,500
1,000 Dillard's, Inc. 35,250
1,700 Federated Department Store + 73,206
3,450 Gap, Inc. 122,259
4,000 K mart Corporation + 46,250
2,300 Limited, Inc. 58,650
300 Longs Drug Stores Company 9,638
2,000 May Department Stores Company 105,375
300 Mercantile Stores Company 18,263
700 Nordstrom, Inc. 42,263
2,100 Penney (J.C.) Company, Inc. 126,656
1,000 Rite Aid Corporation 58,687
300 Russell Corporation 7,969
3,300 Sears, Roebuck & Company 149,325
1,400 TJX Companies, Inc. 48,125
2,400 Toys R Us, Inc. + 75,450
18,900 Wal-Mart Stores, Inc. 745,369
4,100 Walgreen Company 128,637
1,100 Woolworth Corporation + 22,413
---------
2,240,797
---------
Savings and Loan Associations -- 0.1%
800 Ahmanson (H.F.) Company 53,550
400 Golden West Financial Corporation 39,125
---------
92,675
---------
Soaps and Detergents-- 0.1%
900 Clorox Company 71,156
---------
Steel -- 0.2%
900 Armco, Inc. + 4,444
1,000 Bethlehem Steel Corporation + 8,625
400 Inland Steel Industries, Inc. 6,850
700 Nucor Corporation 33,818
600 Timken Company 20,625
700 USX-U.S.Steel Group, Inc. 21,875
800 Worthington Industries, Inc. 13,200
---------
109,437
---------
Technology -- 0.7%
4,600 Ameritech Corporation 370,300
1,000 ITT Industries 31,375
400 Millipore Corporation 13,575
400 Perkin-Elmer Corporation 28,425
---------
443,675
---------
Telecommunications -- 7.4%
4,200 AirTouch Communications, Inc. + 174,563
1,600 ALLTEL Corporation 65,700
700 Andrew Corporation + 16,800
13,600 AT & T Corporation 833,000
6,500 Bell Atlantic Corporation 591,500
8,300 BellSouth Corporation 467,394
2,900 Comcast Corporation Special,
Class A (non-voting) 91,531
1,000 DSC Communications Corporation + 24,000
1,400 Frontier Corporation 33,688
5,300 Lucent Technologies, Inc. 423,337
5,700 MCI Communications Corporation 244,031
1,300 NEXTLEVEL Systems, Inc. + 23,238
2,200 Northern Telecommunications Ltd. 195,800
7,600 SBC Communications 556,700
3,600 Sprint Corporation 211,050
4,300 Tele-Communications, Inc., Class A 120,131
5,000 US West Media, Inc. + 144,375
4,000 US West, Inc. 180,500
3,000 Viacom, Inc., Class B + 124,312
7,600 WorldCom, Inc. + 229,900
---------
4,751,550
---------
Tire and Rubber -- 0.2%
700 Cooper Tire & Rubber Company 17,063
400 Goodrich (B.F.) Company 16,575
1,300 Goodyear Tire & Rubber Company 82,712
---------
116,350
---------
Transportation -- 0.2%
1,300 Burlington Northern Santa Fe 120,819
700 Ryder System, Inc. 22,925
---------
143,744
---------
See Notes to Financial Statements.
7
<PAGE>
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, December 31, 1997
(Continued)
- -----------------------------------------------------------------------------
Shares Value
- ------ -----
COMMON STOCKS (Continued)
Utilities -- 2.7%
1,600 American Electric Power
Company, Inc. $ 82,600
1,300 Baltimore Gas & Electric Company 44,281
1,300 Carolina Power & Light Company 55,169
1,700 Central & Southwest Corporation 46,006
1,300 Cinergy Corporation 49,806
2,000 Consolidated Edison Company 82,000
1,600 Dominion Resources, Inc. 68,100
1,200 DTE Energy Company 41,625
3,000 Duke Energy Company 166,125
3,300 Edison International 89,719
2,000 Entergy Corporation 59,875
1,972 FirstEnergy Corporation + 57,188
1,600 FPL Group, Inc. 94,700
1,000 GPU, Inc. 42,125
2,400 Houston Industries, Inc. 64,050
400 National Service Industries, Inc. 19,825
1,200 Niagara Mohawk Power
Corporation + 12,600
600 Northern States Power Company 34,950
2,400 PacifiCorp 65,550
1,900 PECO Energy Company 46,075
300 People's Energy Corporation 11,813
3,700 PG & E Corporation 112,619
1,400 PP & L Resources, Inc. 33,512
5,700 Southern Company 147,487
2,000 Texas Utilities Company 83,125
1,800 Unicom Corporation 55,350
900 Union Electric Company 38,925
---------
1,705,200
---------
Waste Management -- 0.3%
1,700 Browning-Ferris Industries, Inc. 62,900
2,700 Laidlaw, Inc., Class B(non-voting) 36,787
3,700 Waste Management, Inc. 101,750
---------
201,437
---------
TOTAL COMMON STOCKS
(Cost $62,744,677) 63,051,536
----------
Principal
Amount Value
- --------- -----
U.S. TREASURY BILLS -- 0.2%
$100,000 5.31%++ due 4/30/98 ** 98,314
---------
TOTAL U.S. TREASURY BILLS
(Cost $98,314) 98,314
---------
REPURCHASE AGREEMENT -- 1.0%
(Cost $678,000)
$678,000 Agreement with State Street Bank
and Trust Company, 6.000% dated
12/31/1997, to be repurchased at
$678,226 on 01/02/98, collateralized
by $690,000 U.S. Treasury Note,
5.250% maturing 01/31/2001
(value $695,358) 678,000
---------
TOTAL INVESTMENTS
(Cost $63,520,991*) 99.7% $63,827,850
OTHER ASSETS AND
LIABILITIES (Net) 0.3 171,126
----- ----------
NET ASSETS 100.0% $63,998,976
====== ==========
- ---------
* Aggregate cost for Federal tax purposes is $63,521,002.
** Security pledged as collateral for futures contracts.
+ Non-income producing security.
++ Rate represents annualized yield at date of purchase.
# Amount represents less than 0.1% of net assets.
<PAGE>
Number
of Unrealized
Contracts Appreciation
- --------- ------------
FUTURES CONTRACTS - LONG POSITION
73 S&P 500 Index,
March 1998 $ 32,560
===========
8
<PAGE>
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, December 31, 1997
- -----------------------------------------------------------------------------
Shares Value
- ------ -----
COMMON STOCKS -- 99.8%
Advertising -- 0.3%
200 ADVO, Inc. + $ 3,900
100 HA-LO Industries, Inc. + 2,600
-----------
6,500
-----------
Aerospace & Defense-- 1.0%
100 AAR Corporation 3,875
100 Alliant Techsystems, Inc. + 5,575
200 BE Aerospace, Inc. + 5,350
200 Orbital Sciences Corporation + 5,950
100 Watkins Johnson Company 2,594
100 Whittaker Corporation + 1,100
-----------
24,444
-----------
Agricultural Machinery -- 0.7%
100 AptarGroup, Inc. 5,550
266 Delta & Pine Land Company 8,113
100 Lindsay Manufacturing Company 4,337
------------
18,000
-----------
Air Travel -- 0.6%
450 Comair Holdings, Inc. 10,856
200 Mesa Air Group, Inc. + 988
100 SkyWest, Inc. 2,962
-----------
14,806
-----------
Apparel & Textiles-- 3.2%
100 Angelica Corporation 2,262
100 Ashworth, Inc. + 1,100
200 Authentic Fitness Corporation 3,687
100 Brown Group, Inc. 1,331
200 Cone Mills Corporation + 1,550
200 Delta Woodside Industries, Inc. 975
100 Fabri Centers America, Inc. + 2,231
100 G & K Services 4,200
100 Galey & Lord, Inc. + 1,788
200 Guilford Mills, Inc. 5,475
100 Haggar Corporation 1,575
200 Hartmarx Corporation + 1,525
100 Johnston Industries, Inc. 438
200 Kellwood Company 6,000
450 Mohawk Industries, Inc. + 9,872
300 Nautica Enterprises, Inc. + 6,975
100 Oshkosh B' Gosh, Inc. 3,300
100 Oxford Industries, Inc. 3,250
200 Phillips Van Heusen Corporation 2,850
100 St. John Knits, Inc. 4,000
300 Stride Rite Corporation 3,600
100 The Dixie Group, Inc. + 1,138
100 Timberland Company + 5,806
200 Tultex Corporation + 813
300 Wolverine World Wide, Inc. 6,787
------------
82,528
-----------
Automobiles -- 0.4%
100 Simpson Industries, Inc. 1,175
100 Spartan Motors, Inc. 619
100 Standard Motor Products, Inc. 2,256
100 Wabash National Corporation 2,844
100 Wynns International, Inc. 3,187
-----------
10,081
-----------
Automobile Parts & Equipment -- 1.1%
100 Clarcor, Inc. 2,962
100 Discount Auto Parts, Inc. + 1,913
300 Gentex Corporation + 8,062
100 Insurance Auto Auctions, Inc. + 1,150
200 O'Reilly Automotive, Inc. + 5,250
200 Standard Pacific Corporation 3,150
100 Standard Products Company 2,563
200 TBC Corporation + 1,913
100 Walbro Corporation 1,344
-----------
28,307
-----------
<PAGE>
Banking and Financial Services -- 9.3%
300 AMRESCO, Inc. 9,075
200 Astoria Financial Corporation 11,150
100 Billing Information Concepts
Corporation + 4,800
100 Capital Re Corporation 6,206
100 CCB Financial Corporation 10,750
95 Charter One Financial, Inc. 5,997
100 Coast Savings Financial, Inc. + 6,856
200 Cullen Frost Bankers, Inc. 12,137
300 Deposit Guaranty Corporation 17,062
100 Enhance Financial Services
Group, Inc. 5,950
100 Envoy Corporation + 2,913
210 First Commercial Corporation 12,311
400 Firstmerit Corporation 11,350
100 Interra Financial, Inc. 6,900
100 JSB Financial, Inc. 5,006
400 Keystone Financial, Inc. 16,100
133 Legg Mason, Inc. 7,440
200 Magna Group, Inc. 9,150
200 National Auto Credit, Inc. + 1,063
100 Onbancorp, Inc. 7,050
300 Provident Financial Group, Inc. 14,550
500 Sovereign Bancorp, Inc. 10,375
200 Riggs National Corporation 5,375
See Notes to Financial Statements
9
<PAGE>
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, December 31, 1997
(Continued)
- -----------------------------------------------------------------------------
Shares Value
- ------ -----
COMMON STOCKS (Continued)
Banking and Financial Services (Continued)
300 St. Paul Bancorp, Inc. $ 7,875
100 U.S. Trust Corporation 6,263
100 Whitney Holding Corporation 5,700
400 Zions Bancorp 18,150
-----------
237,554
-----------
Broadcasting -- 0.5%
400 General Communication, Inc. + 2,650
100 Metro Networks, Inc. + 3,275
200 Westwood One, Inc. + 7,425
-----------
13,350
-----------
Building Construction -- 0.7%
200 Apogee Enterprises, Inc. 2,375
300 D.R. Horton, Inc. 5,212
100 Hughes Supply, Inc. 3,494
400 Morrison Knudsen Corporation + 3,900
200 Sturm Ruger & Company, Inc. 3,688
-----------
18,669
-----------
Building Materials -- 1.2%
100 ABM Industries, Inc. 3,056
100 Building Materials Holdings
Corporation + 1,050
100 Butler Manufacturing Company 3,225
100 Commonwealth Industries, Inc. 1,450
200 Justin Industries, Inc. 2,725
100 Lone Star Industries, Inc. 5,312
100 Medusa Corporation 4,181
100 Republic Group, Inc. 1,638
100 TJ International, Inc. 2,475
100 U.S. Home Corporation + 3,925
100 Universal Forest Products, Inc. 1,363
-----------
30,400
-----------
Business Services -- 3.2%
100 Bowne & Company, Inc. 3,988
100 Catalina Marketing Corporation + 4,625
100 Dames & Moore Group, Inc. 1,325
300 Devry, Inc. + 9,562
100 Express Scripts, Inc. + 6,000
100 Fair Issac & Company, Inc. 3,331
100 Figgie International Holdings, Inc. + 1,313
200 Franklin Covey Company + 4,400
200 Gymboree Corporation + 5,475
200 Interim Services, Inc. + 5,175
100 Intervoice, Inc. + 750
100 Kronos, Inc. + 3,081
200 Merrill Corporation 4,650
100 Microage, Inc. + 1,506
200 Norrell Corporation 3,975
250 Paxar Corporation + 3,703
100 SEI Investments Company 4,200
100 Stone & Webster, Inc. 4,688
200 The BISYS Group, Inc. + 6,650
300 Vanstar Corporation + 3,394
-----------
81,791
-----------
Chemicals -- 1.9%
100 Cambrex Corporation 4,600
100 Chemfirst, Inc. 2,825
200 Geon Company 4,675
200 Lilly Industrial, Inc. 4,125
100 Macdermid, Inc. 8,487
100 McWhorter Technologies, Inc. + 2,575
200 Mississippi Chemical Corporation 3,650
200 Mycogen Corporation + 3,750
200 Om Group, Inc. 7,325
100 Quaker Chemical 1,894
100 Scotts Company + 3,025
100 WD-40 Company 2,900
-----------
49,831
-----------
Commercial Services -- 0.1%
150 NFO Worldwide, Inc. + 3,141
-----------
Communication Services -- 0.5%
100 Centigram Communications
Corporation + 1,694
100 Comnet Cellular, Inc. + 3,556
400 Geotek Communications, Inc. + 613
200 TCSI Corporation + 1,600
200 True North Communications 4,950
-----------
12,413
-----------
Computers & Business Equipment -- 2.9%
300 American Management Systems, Inc. + 5,850
200 Applied Magnetics Corporation + 2,225
200 Auspex Systems, Inc. + 2,000
200 Banctec, Inc. + 5,362
100 Bell Industries + 1,375
100 Broadband Technologies, Inc. + 413
200 Chips & Technologies, Inc. + 2,887
100 Digi International, Inc. + 1,700
200 Exabyte Corporation + 1,288
200 Gerber Scientific, Inc. 3,975
400 Komag, Inc. + 5,950
100 National Computer Systems, Inc. 3,525
100 Pacific Scientific Company 2,400
See Notes to Financial Statements.
10
<PAGE>
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, December 31, 1997
(Continued)
- ------------------------------------------------------------------------------
Shares Value
- ------ -----
COMMON STOCKS (Continued)
Computers & Business Equipment (Continued)
100 Standard Microsystems
Corporation + $ 869
300 Tech Data Corporation + 11,662
100 Telxon Corporation 2,387
100 Tseng Labs, Inc. + 138
300 Vitesse Semiconductor Corporation + 11,325
100 Volt Information Sciences, Inc. + 5,387
200 Xircom, Inc. + 2,013
100 Zilog, Inc. + 1,906
-----------
74,637
-----------
Computer Hardware, Software or Services -- 4.8%
400 Acxiom Corporation + 7,700
100 Amtech Corporation + 400
150 Analysts International Corporation 5,175
100 Boole & Babbage, Inc. + 2,987
200 Broderbund Software, Inc. + 5,125
200 Cerner Corporation + 4,225
200 Ciber, Inc. + 11,600
100 Cyrk, Inc. + 969
100 Dialogic Corporation + 4,375
100 Filenet Corporation + 3,012
100 Henry Jack & Associates, Inc. 2,725
100 Hyperion Software Corporation + 3,575
200 Insituform Technologies, Inc. + 1,550
400 Keane, Inc. + 16,250
400 Microchip Technology, Inc. + 12,000
100 Platinum Software Corporation + 1,175
400 Platinum Technology, Inc. + 11,300
100 Progress Software Corporation + 2,162
300 Read Rite Corporation + 4,725
300 Sterling Software, Inc. 12,300
300 System Software Associates, Inc. + 2,625
200 Vantive Corporation + 5,050
100 Wall Data, Inc. + 1,363
-----------
122,368
-----------
Conglomerates -- 0.2%
200 Triarc Companies, Inc. + 5,450
-----------
Construction & Mining Equipment -- 0.8%
100 CDI Corporation + 4,575
200 Global Industrial Technologies, Inc. + 3,387
100 Kaman Corporation 1,638
100 Material Sciences Corporation + 1,219
200 Regal Beloit Corporation 5,912
200 Valmont Industries, Inc. 3,900
-----------
20,631
-----------
Diversified Industrial -- 0.6%
150 AMCOL International
Corporation 2,381
200 Griffon Corporation + 2,925
300 JLG Industries, Inc. 4,238
200 Roper Industries, Inc. 5,650
-----------
15,194
-----------
Drugs & Health Care-- 9.6%
100 Access Health, Inc. + 2,937
200 Alliance Pharmaceutical
Corporation + 1,450
200 Alpharma, Inc. 4,350
200 American Oncology Resources,
Inc. + 3,200
200 Ballard Medical Products 4,850
300 Bio Technology General
Corporation + 3,225
200 Cephalon, Inc. + 2,275
100 Chemed Corporation 4,144
100 Circon Corporation + 1,525
100 Collagen Corporation 2,088
100 Cooper Companies, Inc. + 4,087
100 Cor Therapeutics, Inc. + 2,250
200 Coventry Corporation + 3,050
100 Cygnus, Inc. + 1,988
200 Enzo Biochem, Inc. 2,925
300 Genesis Health Ventures, Inc. + 7,912
100 Hauser, Inc. + 600
300 ICN Pharmaceuticals, Inc. 14,644
300 Idexx Laboratories, Inc. + 4,781
100 Immulogic Pharmaceutical
Corporation + 188
200 Immune Response Corporation + 2,225
316 Integrated Health Services, Inc. 9,855
200 Invacare Corporation 4,350
58 Lca Vision, Inc. + 65
200 Lincare Holdings, Inc. + 11,400
300 Liposome, Inc. + 1,388
200 Magellan Health Services, Inc. + 4,300
200 Mariner Health Group, Inc. + 3,250
200 Medimmune, Inc. + 8,575
200 Mentor Corporation 7,300
100 Molecular Biosystems, Inc. + 850
100 Natures Sunshine Products, Inc. 2,600
100 NBTY, Inc. + 3,337
200 North American Vaccine, Inc. + 4,987
100 Noven Pharmaceuticals, Inc. + 700
300 Orthodontic Centers America, Inc. + 4,987
200 Owens & Minor, Inc. 2,900
138 Paragon Health Network, Inc. + 2,700
See Notes to Financial Statements.
11
<PAGE>
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, December 31, 1997
(Continued)
- -----------------------------------------------------------------------------
Shares Value
- ------ -----
COMMON STOCKS (Continued)
Drugs & Health Care -- 9.6%
200 Patterson Dental Company + $ 9,050
100 Pediatrix Medical Group + 4,275
100 Pharmaceutical Marketing
Services + 1,025
500 Phycor, Inc. + 13,500
200 Primark Corporation + 8,137
300 Prime Hospitality Corporation + 6,112
100 Protein Design Laboratories, Inc. + 4,000
200 Regeneron Pharmaceuticals, Inc. + 1,713
200 Renal Care Group, Inc. + 6,400
100 Respironics, Inc. + 2,237
200 Roberts Pharmaceutical Corporation + 1,913
100 Rural/Metro Corporation + 3,337
100 Sciclone Pharmaceuticals, Inc. + 344
200 Sequus Pharmaceuticals, Inc. + 1,488
100 Sierra Health Services, Inc. + 3,362
100 Spacelabs, Inc. + 1,900
200 Summit Technology, Inc. 906
100 Sunrise Medical, Inc. + 1,544
100 Syncor International Corporation + 1,613
100 Theratech, Inc. + 800
100 Ultratech Stepper, Inc. + 1,988
200 Universal Health Services, Inc. + 10,075
200 US Bioscience, Inc. + 1,813
200 Vertex Pharmaceuticals, Inc. + 6,600
100 Visx, Inc. + 2,212
100 Vital Signs, Inc. 1,950
-----------
246,532
-----------
Electric Utilities -- 1.8%
100 Bangor Hydro Electric Company 619
100 Central Hudson Gas & Electric
Corporation 4,387
100 Central Vermont Public Service 1,525
100 Cilcorp, Inc. 4,887
200 Commonwealth Energy Systems 6,650
100 Eastern Utilities Associates 2,625
100 Interstate Power Company 3,744
100 Orange & Rockland Utilities, Inc. 4,656
100 Public Service Company North
Carolina, Inc. 2,288
200 Sierra Pacific Resources 7,500
100 TNP Enterprises, Inc. 3,325
100 United Illuminating Company 4,594
-----------
46,800
-----------
Electrical Equipment -- 3.3%
300 Anixter International, Inc. + 4,950
267 Baldor Electric Company 5,783
200 Belden, Inc. 7,050
300 C-Cube Microsystems, Inc. + 4,894
100 Cable Design Technologies
Corporation + 3,887
100 Cellpro, Inc. + 231
100 Coherent, Inc. + 3,513
100 Fisher Scientific International, Inc. 4,775
200 Fluke Corporation 5,212
100 Helix Technology Corporation 1,950
102 Intermagnetics General Corporation 822
100 Juno Lighting, Inc. 1,750
200 Kent Electrical Corporation + 5,025
200 Novellus Systems, Inc. + 6,462
100 Oak Industries, Inc. + 2,969
100 Park Electrochemical Corporation 2,838
200 Sanmina Corporation + 13,550
100 Symmetricom, Inc. + 1,163
100 Technitrol, Inc. 3,000
150 Thomas Industries, Inc. 2,963
100 Watsco, Inc. 2,469
-----------
85,256
-----------
Electronics -- 7.4%
200 BMC Industries, Inc. 3,225
200 Boston Technology, Inc. + 5,025
200 Breed Technologies, Inc. 3,650
100 C Cor Electronics, Inc. + 1,538
100 California Microwave + 1,938
200 Checkpoint Systems, Inc. 3,500
200 Dallas Semiconductor
Corporation 8,150
200 Digital Microwave Corporation + 2,900
100 Dionex Corporation + 5,025
100 Electro Scientific Industries, Inc. + 3,800
100 Electroglas, Inc. + 1,544
400 Etec Systems, Inc. + 18,600
100 Hadco Corporation + 4,525
300 Input/Output, Inc. + 8,906
100 Integrated Circuit Systems, Inc. + 2,850
400 International Rectifier Corporation + 4,725
100 Itron, Inc. + 1,800
300 Kemet Corporation + 5,812
100 Kuhlman Corporation 3,913
200 Kulicke & Soffa Industries, Inc. + 3,725
400 Lattice Semiconductor Corporation + 18,950
See Notes to Financial Statements.
12
<PAGE>
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, December 31, 1997
(Continued)
- -----------------------------------------------------------------------------
Shares Value
- ------ -----
COMMON STOCKS (Continued)
Electronics (Continued)
100 Marshall Industries + $ 3,000
300 Methode Electrics, Inc. 4,875
200 Network Equipment Technologies + 2,925
200 P-COM, Inc. + 3,450
200 Photronic, Inc. + 4,850
300 Picturetel Corporation + 1,950
200 Pioneer-Standard Electronics, Inc. 3,050
200 Plexus Corporation + 2,975
400 S3, Inc. + 2,000
100 Speedfam International, Inc. + 2,650
100 Three-Five Systems, Inc. + 1,650
200 Titan International, Inc. 4,012
200 Tracor, Inc. + 6,075
200 Trimble Navigation Ltd. + 4,362
200 Unitrode Corporation + 4,300
200 Valence Technology, Inc. + 1,013
300 Vicor Corporation + 8,137
300 VLSI Technology, Inc. + 7,087
200 Zebra Technologies Corporation + 5,950
-----------
188,412
-----------
Food & Beverages -- 1.9%
100 Canandaigua Wine, Inc. + 5,538
400 Chiquita Brands International, Inc. 6,525
100 Coca-Cola Bottling Company 6,900
200 Dekalb Genetics Corporation 7,850
100 Earthgrains Company 4,700
100 Goodmark Foods, Inc. 1,850
100 Ionics, Inc. + 3,912
100 J&J Snack Foods Corporation + 1,638
100 Nash Finch Company 1,900
200 Smithfield Foods, Inc. + 6,600
100 Taco Cabana, Inc. + 475
-----------
47,888
-----------
Gold -- 0.0%#
200 Glamis Gold, Ltd. 738
-----------
Health Management Systems -- 0.4%
100 Compdent Corporation + 2,028
200 National Data Corporation 7,225
9,253
Homebuilders -- 0.7%
400 Champion Enterprises, Inc. + 8,225
100 M.D.C. Holdings, Inc. 1,506
100 Ryland Group, Inc. 2,350
100 Southern Energy Homes, Inc. + 800
200 Toll Brothers, Inc. + 5,350
-----------
18,231
-----------
Hotels & Restaurants -- 1.8%
200 Applebee's International, Inc. 3,612
100 Au Bon Pain Company, Inc. + 756
300 Aztar Corporation + 1,875
100 Bertucci's, Inc. + 638
100 Cheesecake Factory + 3,050
125 Consolidated Products, Inc. 2,047
300 Foodmaker, Inc. + 4,519
100 IHOP Corporation + 3,250
200 Luby's Cafeterias, Inc. 3,512
150 Marcus Corporation 2,766
200 Primadonna Resorts, Inc. + 3,337
100 Ruby Tuesday, Inc. + 2,575
300 Ryans Family Steak Houses, Inc. + 2,569
400 Shoneys, Inc. + 1,275
100 Showbiz Pizza Time, Inc. + 2,300
100 Sonic Corporation + 2,812
200 TCBY Enterprises, Inc. 1,513
200 WMS Industries, Inc. 4,225
-----------
46,631
-----------
Household Appliances & Home Furnishings-- 1.7%
100 Bassett Furniture Industries, Inc. 3,000
200 Ethan Allen Interiors, Inc. 7,712
300 Fedders USA, Inc. 1,875
200 Interface, Inc. 5,800
100 La-Z-Boy, Inc. 4,313
100 LSB Industries, Inc. 406
100 National Presto Industries, Inc. 3,956
127 Pillowtex Corporation 4,426
100 Rival Company 1,313
200 Royal Appliance Manufacturing
Company + 1,325
100 USA Detergents, Inc. + 813
200 Williams Sonoma, Inc. + 8,375
-----------
43,314
-----------
Industrial Machinery -- 1.6%
100 A.O. Smith Corporation 4,225
200 Blount International, Inc. 5,337
300 Cognex Corporation + 8,175
100 Daniel Industries, Inc. 1,925
100 Flow International Corporation + 938
100 Manitowoc, Inc. 3,250
100 SPX Corporation 6,900
100 Standex International Corporation 3,525
200 X-Rite, Inc. 3,650
100 Zero Corporation 2,962
-----------
40,887
-----------
See Notes to Financial Statements.
13
<PAGE>
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, December 31, 1997
(Continued)
- -----------------------------------------------------------------------------
Shares Value
- ------ -----
COMMON STOCKS (Continued)
Insurance -- 4.5%
150 Allied Group, Inc. $ 4,294
200 American Bankers Insurance
Group, Inc. 9,187
100 Arthur J. Gallagher & Company 3,444
200 CMAC Investment Corporation 12,075
100 Executive Risk, Inc. 6,981
110 Fidelity National Financial, Inc. 3,424
100 First American Financial Corporation 7,387
200 Fremont General Corporation 10,950
200 Frontier Insurance Group, Inc. 4,575
100 Hilb, Rogal and Hamilton Company 1,931
100 Life Re Corporation 6,519
200 Mutual Risk Management, Ltd. 5,988
100 NAC Re Corporation 4,881
200 Orion Capital Corporation 9,287
200 Protective Life Corporation 11,950
200 Selective Insurance Group, Inc. 5,400
100 Trenwick Group, Inc. 3,763
100 Zenith National Insurance
Corporation 2,575
-----------
114,611
-----------
Investment Companies-- 1.3%
100 Eaton Vance Corporation 3,775
200 Pioneer Group, Inc. 5,625
100 Piper Jaffray Companies, Inc. 3,644
300 Quick & Reilly Group, Inc. 12,900
200 Raymond James Financial, Inc. 7,937
-----------
33,881
-----------
Leisure Time -- 1.2%
100 Carmike Cinemas, Inc. + 2,869
1,300 Cineplex Odeon Corporation + 1,625
100 GC Companies + 4,737
300 Grand Casinos, Inc. + 4,087
200 Hollywood Park, Inc. + 4,400
100 K2, Inc. 2,275
200 Players International, Inc. + 638
300 Regal Cinemas, Inc. + 8,362
100 Showboat, Inc. 2,938
-----------
31,931
-----------
Machinery -- 0.3%
200 Applied Industrial Technologies, Inc. 5,350
100 Astec Industries, Inc. + 1,675
-----------
7,025
-----------
Machinery-- Tools-- 0.4%
100 Applied Power, Inc. 6,900
100 Toro Company 4,263
-----------
11,163
-----------
Medical Instruments & Supplies -- 0.9%
100 ADAC Laboratories 1,975
200 Sola International, Inc. + 6,500
300 STERIS Corporation + 14,475
-----------
22,950
-----------
Medical Services -- 0.4%
300 Advanced Tissue Sciences,
Inc. + 3,713
200 Renal Treatment Centers, In c. + 7,225
-----------
10,938
-----------
Mining -- 0.5%
100 Dravo Corporation + 1,100
200 Getchell Gold Corporation + 4,800
400 Hecla Mining Company + 1,975
100 Pittston Company 2,625
100 Stillwater Mining Company + 1,675
-----------
12,175
-----------
Mobile Homes -- 0.7%
300 Oakwood Homes Corporation 9,956
100 Skyline Corporation 2,750
100 Thor Industries, Inc. 3,431
200 Winnebago Industries, Inc. 1,775
-----------
17,912
-----------
Non-Ferrous Metals -- 0.5%
200 Coeur D'Alene Mines Corporation + 1,800
100 Commercial Metals Company 3,157
100 Handy & Harman 3,450
100 Imco Recycling, Inc. 1,606
100 Wolverine Tube, Inc. + 3,100
-----------
13,113
-----------
Office Furnishings & Supplies -- 0.4%
100 A.T. Cross Company 1,013
100 New England Business Service, Inc. 3,375
200 W.H. Brady Company 6,200
-----------
10,588
-----------
See Notes to Financial Statements.
14
<PAGE>
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, December 31, 1997
(Continued)
- ------------------------------------------------------------------------------
Shares Value
- ------ -----
COMMON STOCKS (Continued)
Oil & Gas -- 7.1%
200 Atmos Energy Corporation $ 6,050
200 Barrett Resources Corporation + 6,050
200 Benton Oil & Gas Company + 2,588
200 Cabot Oil & Gas Corporation 3,887
300 Camco International, Inc. 19,106
100 Cascade Natural Gas
Corporation 1,875
100 Connecticut Energy Corporation 3,013
200 Cross Timbers Oil Company 4,987
200 Devon Energy Corporation 7,700
100 Energen Corporation 3,975
100 HS Resources, Inc. + 1,381
200 KCS Energy, Inc. 4,150
200 KN Energy, Inc. 10,800
100 New Jersey Resources
Corporation 4,006
300 Newfield Exploration Company + 6,994
200 Northwest Natural Gas Company 6,200
200 Oceaneering International, Inc. + 3,950
100 Pennsylvania Enterprises, Inc. 2,525
100 Philadelphia Suburban
Corporation 2,944
200 Piedmont Natural Gas, Inc. 7,187
100 Plains Resources, Inc. + 1,719
200 Pogo Producing Company 5,900
100 Pool Energy Services Company + 2,225
300 Pride International, Inc. + 7,575
200 Remington Oil & Gas
Corporation + 1,050
700 Santa Fe Energy Resources, Inc. 7,875
200 Seitel, Inc. + 3,425
200 Snyder Oil Corporation 3,650
200 Southwest Gas Corporation 3,737
200 Southwestern Energy Company 2,575
100 St. Mary Land & Exploration
Company 3,500
300 Tuboscope Vetco International
Corporation + 7,219
300 United Meridian Corporation + 8,437
400 Vintage Petroleum, Inc. 7,600
100 Wicor, Inc. 4,644
100 Wiser Oil Company 1,413
-----------
181,912
-----------
Paper -- 0.7%
100 Buckeye Technologies, Inc. + 4,625
200 Caraustar Industries, Inc. 6,850
100 Lydall, Inc. + 1,950
100 Paragon Trade Brands, Inc. + 1,288
100 Pope & Talbot, Inc. 1,506
100 Shorewood Packaging
Corporation + 2,675
-----------
18,894
-----------
Photography -- 0.2%
100 CPI Corporation 2,262
100 Innovex, Inc. 2,294
100 Resound Corporation + 550
-----------
5,106
-----------
Plastics -- 0.3%
100 Tredegar Industries, Inc. 6,588
-----------
Pollution Control -- 0.1%
200 OHM Corporation + 1,525
100 Tetra Technologies, Inc. + 2,106
-----------
3,631
-----------
Printing -- 0.4%
300 Valassis Communications, Inc. + 11,100
-----------
Publishing -- 0.4%
100 Nelson Thomas, Inc. 1,156
300 World Color Press, Inc. + 7,969
-----------
9,125
-----------
Railroads -- 0.1%
100 Railtex, Inc. + 1,431
-----------
Recreation -- 0.4%
200 Arctic Cat, Inc. 1,938
100 Bell Sports Corporation + 844
100 Galoob Toys, Inc. + 1,019
100 Huffy Corporation 1,350
200 Russ Berrie & Company, Inc. 5,250
-----------
10,401
-----------
Restaurants -- 0.7%
300 CKE Restaurants, Inc. 12,637
200 Landry's Seafood Restaurants,
Inc. + 4,800
-----------
17,437
-----------
See Notes to Financial Statements.
15
<PAGE>
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, December 31, 1997
(Continued)
- -----------------------------------------------------------------------------
Shares Value
- ------ -----
COMMON STOCKS (Continued)
Retail -- 4.6%
200 AnnTaylor Stores Corporation + $ 2,675
450 Arbor Drugs, Inc. 8,325
300 Bombay, Inc. + 1,388
100 Books A Million, Inc. + 581
100 Carson Pirie Scott & Company + 5,012
200 Cash America International, Inc. 2,587
200 Cato Corporation 1,775
100 Damark International, Inc. + 975
100 Designs, Inc. + 300
200 Eagle Hardware & Garden + 3,875
100 Filenes Basement Corporation + 400
200 Footstar, Inc. + 5,375
100 Gottschalks, Inc. + 838
200 Hancock Fabrics, Inc. 2,900
100 J. Baker, Inc. 563
200 Jan Bell Marketing, Inc. + 500
200 Just For Feet, Inc. + 2,625
100 Lechters, Inc. + 506
100 Lillian Vernon Corporation 1,662
200 Michaels Stores, Inc. + 5,850
500 Pier 1 Imports, Inc. 11,312
400 Proffitts, Inc. + 11,375
200 Regis Corporation 5,025
400 Ross Stores, Inc. 14,550
200 Shopko Stores, Inc. 4,350
200 Stein Mart, Inc. + 5,350
100 Swiss Army Brands, Inc. + 1,013
200 The Dress Barn + 5,675
200 The Men's Wearhouse, Inc. + 6,950
200 The Sports Authority, Inc. + 2,950
-----------
117,262
-----------
Retail Grocery -- 0.9%
200 Casey's General Stores, Inc. 5,075
300 Fleming Companies, Inc. 4,031
300 Richfood Holdings, Inc. 8,475
100 Whole Foods Market, Inc. + 5,113
-----------
22,694
-----------
Savings & Loan -- 1.3%
200 Centura Banks, Inc. 13,800
300 Commercial Federal Corporation 10,669
200 Downey Financial Corporation 5,688
100 FirstBank Puerto Rico 3,406
-----------
33,563
-----------
Shipbuilding -- 0.2%
150 Halter Marine Group, Inc. + 4,331
-----------
Steel -- 1.5%
100 Acme Metals, Inc. + 988
100 Amcast Industrial Corporation 2,294
200 Birmingham Steel Corporation 3,150
100 Castle A M Company 2,287
100 Insteel Industries, Inc. 688
200 Intermet Corporation 3,500
100 Lukens, Inc. 2,856
100 Mueller Industries, Inc. + 5,900
200 Northwestern Steel & Wire
Company + 525
100 Quanex Corporation 2,812
100 Steel Technologies, Inc. 1,175
200 Texas Industries, Inc. 9,000
200 WHX Corporation + 2,375
-----------
37,550
-----------
Telecommunications -- 1.5%
100 ACC Corporation + 5,050
200 Allen Group, Inc. 3,688
400 Aspect Telecommunications
Corporation + 8,350
200 Comverse Technology, Inc. + 7,800
100 Dynatech Corporation + 4,687
500 Telephone Save Holdings, Inc. + 9,937
-----------
39,512
-----------
Tires & Rubber -- 0.6%
100 Myers Industries, Inc. 1,706
100 O' Sullivan Corporation 1,063
200 Safeskin Corporation + 11,350
-----------
14,119
-----------
Tobacco -- 0.5%
300 Dimon, Inc. 7,875
100 Schweitzer-Mauduit
International, Inc. 3,725
-----------
11,600
-----------
Trucking & Freight Forwarding -- 2.5%
200 Air Express International Corporation 6,100
200 American Freightways Corporation + 1,975
100 Arkansas Best Corporation + 975
200 Expeditores International, Inc. 7,700
300 Fritz Companies, Inc. + 4,181
100 Frozen Food Express Industries, Inc. 900
See Notes to Financial Statements.
16
<PAGE>
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, December 31, 1997
(Continued)
- -----------------------------------------------------------------------------
Shares Value
- ------ -----
COMMON STOCKS (Continued)
Trucking & Freight Forwarding (Continued)
200 Heartland Express, Inc. + $ 5,375
200 Kirby Corporation + 3,862
100 Landstar Systems, Inc. + 2,638
100 M.S. Carriers, Inc. + 2,488
200 Offshore Logistics, Inc. + 4,275
300 Rollins Truck Leasing
Corporation 5,362
200 US Freightways Corporation 6,500
300 Werner Enterprises, Inc. 6,150
200 Yellow Corporation + 5,025
-----------
63,506
-----------
Utilities -- Water -- 0.5%
100 Aquarion Company 3,456
100 Consumers Water Company 2,000
100 Southern California Water
Company 2,512
300 United Water Resources, Inc. 5,869
-----------
13,837
-----------
TOTAL COMMON STOCKS
(Cost $2,505,233) $ 2,553,923
TOTAL INVESTMENTS
(Cost $2,505,233*) 99.8% 2,553,923
OTHER ASSETS AND
LIABILITIES (Net) 0.2 4,757
----- -----------
NET ASSETS 100.0% $ 2,558,680
====== ===========
- ---------
* Aggregate cost for Federal tax purposes is $2,505,234.
+ Non-income producing security.
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
17
<PAGE>
Munder Institutional Funds
Statements of Assets and Liabilities, December 31, 1997
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Institutional Institutional
S&P 500 S&P SmallCap
Index Equity Index Equity
Fund Fund
------------- -------------
<S> <C> <C>
ASSETS:
Investments, at value
See accompanying schedule:
Securities ................................................... $ 63,149,850 $ 2,553,923
Repurchase agreement ......................................... 678,000 --
------------ ------------
Total investments ............................................... 63,827,850 2,553,923
Cash ............................................................ 97,054 --
Receivable for Fund shares sold ................................. 2,308 --
Receivable for investments sold ................................. -- 5,399
Dividends receivable ............................................ 70,837 1,608
Interest receivable ............................................. 113 --
Receivable from investment advisor .............................. 38,048 33,651
Unamortized organization costs .................................. 8,374 3,141
Prepaid expenses ................................................ 769 1,714
------------ ------------
Total Assets ................................................. 64,045,353 2,599,436
------------ ------------
LIABILITIES:
Due to custodian ................................................ -- 14,417
Payable for investments securities purchased .................... -- 2,573
Custodian fees payable .......................................... 11,960 12,840
Variation margin ................................................ 200 --
Administration fee payable ...................................... 496 31
Transfer agent fee payable ...................................... 9,463 9,048
Accrued Director's fees and expenses ............................ 524 54
Accrued expenses and other payables ............................. 23,734 1,793
------------ ------------
Total Liabilities ............................................ 46,377 40,756
------------ ------------
NET ASSETS ...................................................... $ 63,998,976 $ 2,558,680
============ ============
Investments at cost ............................................. $ 63,520,991 $ 2,505,233
============ ============
NET ASSETS consist of:
Undistributed net investment income ............................. 1,354 771
Accumulated net realized gain(loss) on investments sold
and futures contracts ..................................... (34,718) 10,468
Net unrealized appreciation of investments and futures contracts 339,419 48,690
Par value ....................................................... 6,400 250
Paid-in capital in excess of par value .......................... 63,686,521 2,498,501
------------ ------------
Total Net Assets ............................................. $ 63,998,976 $ 2,558,680
============ ============
SHARES OUTSTANDING .............................................. 6,399,845 250,001
============ ============
NET ASSET VALUE offering and redemption price per share ......... $ 10.00 $ 10.23
============ ============
<FN>
See Notes to Financial Statements.
</TABLE>
18
<PAGE>
Munder Institutional Funds
Statement of Operations, Period Ended December 31, 1997
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Institutional Institutional
S&P 500 S&P SmallCap
Index Equity Index Equity
Fund (a) Fund (b)
------------- -------------
<S> <C> <C>
INVESTMENT INCOME:
Interest ...................................... $ 23,270 $ 1,879
Dividends (c) ................................. 164,177 8,288
--------- ---------
Total investment income .................... 187,447 10,167
--------- ---------
EXPENSES:
Registration and filing fees .................. 19,171 1,151
Custodian fees ................................ 11,960 26,927
Transfer agent fee ............................ 9,463 9,048
Investment advisory fee ....................... 7,005 1,554
Legal and audit fees .......................... 2,955 306
Administration fee ............................ 841 87
Directors' fees and expenses .................. 524 54
Other ......................................... 10,380 1,074
--------- ---------
Total Expenses ............................. 62,299 40,201
Expenses reimbursed by investment advisor ..... (53,427) (38,346)
--------- ---------
Net Expenses ............................... 8,872 1,855
--------- ---------
NET INVESTMENT INCOME ......................... 178,575 8,312
--------- ---------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS:
Net realized loss gain/(loss) from:
Security transactions ...................... (112) 18,468
Futures contracts .......................... (34,606) --
Net change in unrealized appreciation of:
Securities ................................. 306,859 48,690
Futures contracts .......................... 32,560 --
--------- ---------
Net realized and unrealized gain on investments 304,701 67,158
--------- ---------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS ................................. $ 483,276 $ 75,470
========= =========
(c) Net of foreign withholding taxes of: ...... $ 410 $ --
========= =========
<FN>
- ---------
(a) The Institutional S&P 500 Index Equity Fund commenced operations on
October 14, 1997.
(b) The Institutional S&P SmallCap Index Equity Fund commenced operations on
August 7, 1997.
See Notes to Financial Statements.
</TABLE>
19
<PAGE>
Munder Institutional Funds
Statement of Changes in Net Assets, Period Ended December 31, 1997
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Institutional Institutional
S&P 500 S&P SmallCap
Index Equity Index Equity
Fund (a) Fund (b)
------------- -------------
<S> <C> <C>
Net investment income .................................. $ 178,575 $ 8,312
Net realized gain/(loss) on investments sold
and futures contracts during the year ............... (34,718) 18,468
Net change in unrealized appreciation of investments
and future contracts during the period .............. 339,419 48,690
------------ ------------
Net increase in net assets resulting from operations ... 483,276 75,470
Distributions to shareholders from net investment income (178,471) (8,800)
Distributions to shareholders from net realized gains .. -- (8,000)
Net increase in net assets from Fund share transactions 63,694,171 2,500,010
------------ ------------
Net increase in net assets ............................. 63,668,976 2,558,680
NET ASSETS:
Beginning of period .................................... 0 0
------------ ------------
End of period .......................................... $ 63,998,976 $ 2,558,680
============ ============
<FN>
- ---------
(a) The Institutional S&P 500 Index Equity Fund commenced operations on
October 14, 1997.
(b) The Institutional S&P SmallCap Index Equity Fund
commenced operations on August 7, 1997.
See Notes to Financial Statements.
</TABLE>
29
<PAGE>
Munder Institutional S&P 500 Index Equity Fund
Financial Highlights, For a Share Outstanding Throughout The Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period
Ended
12/31/97 (a)
------------
<S> <C>
Net asset value, beginning of period ................... $ 10.00
------------
Income from investment operations:
Net investment income .................................. 0.04
Net realized and unrealized gain on investments ........ 0.00(e)
------------
Total from investment operations ....................... 0.04
------------
Less distributions:
Distributions from net investment income ............... (0.04)
------------
Total distributions .................................... (0.04)
------------
Net asset value, end of period ......................... $ 10.00
============
Total return (b) ....................................... 0.39%
============
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................... $ 63,999
Ratio of operating expenses to average net assets ...... 0.09%(c)
Ratio of net investment income to average net assets ... 1.76%(c)
Ratio of operating expenses to average net assets
without expense reimbursement ...................... 0.61%(c)
Portfolio turnover ..................................... 0.08%
Average commission rate (d) ............................ $ 0.0100
<FN>
(a) Munder Institutional S&P 500 Index Equity Fund commenced operations on
October 14, 1997.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Average commission rate paid per share of securities purchased and sold
by the Fund.
(e) The amount shown at this caption for each share outstanding throughout
the period, may not accord with the change in aggregate gains and losses
in the portfolio securities for the period, because of the timing of
purchases and withdrawals of shares in relation to the fluctuating
market values of the portfolio.
See Notes to Financial Statements.
</TABLE>
21
<PAGE>
Munder Institutional S&P SmallCap Index Equity Fund
Financial Highlights, For a Share Outstanding Throughout The Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period
Ended
12/31/97 (a)
------------
<S> <C>
Net asset value, beginning of period .................... $ 10.00
-----------
Income from investment operations:
Net investment income ................................... 0.04
Net realized and unrealized gain on investments ......... 0.26
-----------
Total from investment operations ........................ 0.30
-----------
Less distributions:
Distributions from net investment income ................ (0.04)
Distributions from net realized gains ................... (0.03)
-----------
Total distributions ..................................... (0.07)
-----------
Net asset value, end of period .......................... $ 10.23
===========
Total return (b) ........................................ 3.00%
===========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) .................... $ 2,559
Ratio of operating expenses to average net assets ....... 0.18%(c)
Ratio of net investment income to average net assets .... 0.80%(c)
Ratio of operating expenses to average net assets
without expense reimbursement ....................... 3.88%(c)
Portfolio turnover ...................................... 8%
Average commission rate (d) ............................. $ 0.0109
<FN>
(a) Munder Institutional S&P SmallCap Index Equity Fund commenced operations
on August 7, 1997.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Average commission rate paid per share of securities purchased and sold
by the Fund.
See Notes to Financial Statements.
</TABLE>
22
<PAGE>
The Munder Institutional Funds
Notes To Financial Statements, December 31, 1997
- -----------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
The Munder Institutional S&P 500 Index Equity Fund and the Munder
Institutional S&P SmallCap Index Equity Fund (individually a "Fund" and
collectively the "Funds") are diversified portfolios of St. Clair Funds, Inc.
(the "Company") which is registered under the Investment Company Act of 1940,
as amended (the " 1940 Act"), as an open-end investment company. The Munder
Institutional S&P 500 Index Equity Fund commenced operations on October 14,
1997. The Munder Institutional S&P SmallCap Index Equity Fund commenced
operations on August 7, 1997.
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies followed by the Funds in the preparation of
their financial statements:
Security Valuation: Securities (including financial futures, if any)
traded on a recognized stock exchange or on the NASDAQ National Market System
("NASDAQ") are valued at the last sale price on the securities exchange on
which such securities are primarily traded or at the last sale price on the
national securities market as of the close of business on the date of the
valuation. Securities traded on a national securities exchange or on NASDAQ
for which there were no sales on the date of valuation and securities traded
on over-the-counter markets, including listed securities for which the
primary market is believed to be over-the-counter, are valued at the mean
between the most recently quoted bid and asked prices. Restricted securities
and securities and assets for which market quotations are not readily
available, are valued at fair value by the advisor, under the supervision of
the Board of Directors. Debt securities with remaining maturities of 60 days
or less at the time of purchase are valued on an amortized cost basis, unless
the Board of Directors determines that such valuation does not constitute
fair value at that time. Under this method such securities are valued
initially at cost on the date of purchase (or on the 61st day before
maturity). Thereafter, a constant proportionate amortization of any discount
or premium is recorded until maturity of the security.
Futures Contracts: Each Fund may enter into futures contracts for the
purpose of hedging against changes in the value of the portfolio securities
held and in the value of the securities it intends to purchase, or in order
to maintain liquidity. Upon entering into a futures contract, a Fund is
required to deposit with the broker an amount of cash or cash equivalents
equal to a certain percentage of the contract amount. This is known as the
"initial margin." Subsequent payments ("variation margin") are made or
received by the Fund each day, depending on the daily fluctuation of the
value of the contract. The daily changes in the contract are recorded as
unrealized gains or losses. The Fund recognizes a realized gain or loss when
the contract is closed. The net unrealized appreciation/ (depreciation), if
any, is shown in the financial statements.
There are several risks in connection with the use of futures contracts
as a hedging device. The change in value of futures contracts primarily
corresponds with the value of their underlying instruments, which may not
correlate with the change in value of the hedged investments. In addition,
there is the risk that the Fund may not be able to enter into a closing
transaction because of an illiquid secondary market.
23
<PAGE>
The Munder Institutional Funds
Notes To Financial Statements, December 31, 1997
(Continued)
- -----------------------------------------------------------------------------
Repurchase Agreements: The Funds may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the Fund
takes possession of an underlying debt obligation subject to an obligation of
the seller to repurchase, and the Fund to resell, the obligation at an
agreed-upon price and time, thereby determining the yield during the Fund's
holding period. This arrangement results in a fixed rate of return that is
not subject to market fluctuations during the Fund's holding period. The
value of the collateral is at least equal, at all times, to the total amount
of the repurchase obligations, including interest. In the event of
counterparty default, the Fund has the right to use the collateral to satisfy
the terms of the repurchase agreement. However, there could be potential loss
to the Fund in the event the Fund is delayed or prevented from exercising its
right to dispose of the collateral securities, including the risk of a
possible decline in the value of the collateral securities during the period
while the Fund seeks to assert its rights. The Fund's Advisor, acting under
the supervision of the Board of Directors, reviews the value of the
collateral and the creditworthiness of those banks and dealers with which a
Fund enters into repurchase agreements to evaluate potential risks.
Security Transactions and Investment Income: Security transactions are
recorded on the trade date. The cost of investments sold is determined by use
of the specific identification method for both financial reporting and income
tax purposes. Interest income is recorded on the accrual basis.
Dividends and Distributions to Shareholders: Dividends from net
investment income are declared and paid at least quarterly by the Fund.
Capital gains distributions, if any, will be made at least annually.
Distributions to shareholders are recorded on the ex-dividend date.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments of certain expenses and income and gains on various
investment securities held by the Fund, timing differences and differing
characterization of distributions made by the Fund as a whole.
As determined at December 31, 1997, permanent differences resulting from
different book and tax accounting for organization expenses were reclassified
at year end. These reclassifications had no effect on net investment income,
net assets or net asset value per share.
Federal Income Taxes: The Funds intend to qualify as a regulated
investment company by complying with the requirements of the Internal Revenue
Code of 1986, as amended, applicable to regulated investment companies and to
distribute substantially all of its earnings to its shareholders. Therefore,
no Federal income or excise tax provision is required.
2. Investment Advisor, Administrator, Custodian, Transfer Agent and Other
Related Party Transactions
Munder Capital Management (the "Advisor"), an independent investment
management firm, serves as the Funds' investment advisor. For its advisory
services to the Munder Institutional S&P SmallCap Index Equity Fund, the
Advisor is entitled to receive a fee, computed daily and payable monthly, at
an annual rate of 0.15% of the value of the Fund's average daily net assets.
For its advisory services to the Munder Institutional S&P 500 Index Fund, the
Advisor is entitled to receive a fee, computed daily and payable monthly, at
an annual rate of 0.07% of the value of the Fund's average daily net assets.
24
<PAGE>
The Munder Institutional Funds
Notes To Financial Statements, December 31, 1997
(Continued)
- -----------------------------------------------------------------------------
The Advisor voluntarily waived fees and reimbursed certain expenses,
payable by the Funds, for the period ended December 31, 1997, as follows:
<TABLE>
<CAPTION>
Fees Waived Expenses Reimbursed
----------- -------------------
<S> <C> <C>
Munder Institutional S&P 500 Index Fund $7,005 $46,422
Munder Institutional S&P SmallCap Index Equity Fund $1,554 $36,792
</TABLE>
Comerica Bank ("Comerica") provides custodial services to the Fund. No
compensation is paid to the Custodian for its services. State Street Bank &
Trust Company serves as the sub-custodian to the Funds. For its services as
sub-custodian, State Street receives a fee based on the aggregate average
daily net assets of the Funds and certain other investment portfolios advised
by the Advisor for which State Street provides custodial services, as well as
certain transaction based fees. As of November 1, 1997, Comerica receives a
fee of 0.01% of the aggregate average daily net assets of the Funds
beneficially owned by Comerica and its customers, as compensation for certain
shareholder services provided by Comerica to the Funds.
Each Director of the Company is paid an aggregate fee, consisting of a
$20,000 annual retainer, for services in such capacity plus $1,500 for each
meeting attended per year, plus out-of-pocket expenses incurred as a Board
member for services provided as a Board member of the Company, The Munder
Funds Trust, The Munder Funds, Inc., and Munder Framlington Funds Trust. The
Trustees or Directors are also reimbursed for any expenses incurred by them
in connection with their duties as Trustees or Directors. No officer,
director or employee of the Advisor, Comerica, State Street or Investor
Services Group currently receives any compensation from the Company.
3. Securities Transactions
For the period ended December 31, 1997, cost of purchases and proceeds
from sales of securities other than short-term investments and U.S.
Government securities were as follows:
<TABLE>
<CAPTION>
Purchases Sales
------------- ---------
<S> <C> <C>
Munder Institutional S&P 500 Index Equity Fund $ 62,776,623 $ 31,835
Munder Institutional S&P SmallCap Index Equity Fund $ 2,691,303 $ 180,053
</TABLE>
For the period ended December 31, 1997, the Munder Institutional S&P 500
Index Equity Fund had purchases of U.S. Government securities of $98,314.
At December 31, 1997, the aggregate gross unrealized appreciation for all
securities for which there was an excess of value over tax cost was
$2,519,850 and $267,455 for the Munder Institutional S&P 500 Index Equity
Fund and the Munder Institutional S&P SmallCap Index Equity Fund,
respectively and the aggregate gross unrealized depreciation for all
securities for which there was an excess of tax cost over value was $
2,213,002 and $218,765 for the Munder Institutional S&P 500 Index Equity Fund
and the Munder Institutional S&P SmallCap Index Equity Fund, respectively.
25
<PAGE>
The Munder Institutional Funds
Notes To Financial Statements, December 31, 1997
(Continued)
- -----------------------------------------------------------------------------
4. Common Stock
At December 31,1997, fifty million shares of $0.001 par value common
stock were authorized for the Funds.
Changes in common stock were as follows:
<TABLE>
<CAPTION>
Munder Institutional S&P 500 Index Equity Fund Period Ended
12/31/97
------------------------
Shares Amount
------ ------
<S> <C> <C>
Sold 6,397,926 $63,674,977
Issued as reinvestment of dividends 1,919 19,194
Redeemed -- --
----------- -----------
Net Increase 6,399,845 $63,694,171
=========== ===========
</TABLE>
<TABLE>
<CAPTION>
Munder Institutional S&P SmallCap Index Equity Fund Period Ended
12/31/97
-----------------------
Shares Amount
------ ------
<S> <C> <C>
Sold 250,001 $2,500,010
Issued as reinvestment of dividends -- --
Redeemed -- --
---------- ----------
Net Increase 250,001 $2,500,010
========== ==========
</TABLE>
26
<PAGE>
Report of Ernst & Young LLP, Independent Auditors
To the Board of Directors and Shareholders of the
Munder Institutional S&P 500 Index Equity Fund and
Munder Institutional S&P SmallCap Index Equity Fund
We have audited the accompanying statements of assets and liabilities,
including the schedules of portfolio of investments, of the Munder
Institutional S&P 500 Index Equity Fund and the Munder Institutional S&P
SmallCap Index Equity Fund (the "Funds"), (two of the Funds constituting the
St. Clair Funds, Inc.), as of December 31, 1997, and the related statements
of operations, the statements of changes in net assets and the financial
highlights for the periods indicated therein. These financial statements and
financial highlights are the responsibility of the Funds' management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of December 31, 1997, by correspondence
with the custodian and brokers or by other appropriate auditing procedures
where replies from brokers were not received. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Munder Institutional S&P 500 Index Equity and the Munder Institutional S&P
SmallCap Index Equity Funds of St. Clair Funds, Inc. at December 31, 1997,
and the results of their operations, the changes in their net assets, and the
financial highlights for the periods indicated therein, in conformity with
generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 9, 1998
27
<PAGE>
The Munder Institutional Funds
Tax Information, December 31, 1997
Of the distributions made by the following Funds, the corresponding
percentage represents the amount of each distribution which will qualify for
the dividend received deduction available to corporate shareholders:
Munder Institutional S&P 500 Index Equity Fund 85%
Munder Institutional S&P SmallCap Index Equity Fund 24%
28
<PAGE>
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Gerald L. Seizert, Vice President
Paul D. Tobias, Vice President
Richard H. Rose, Assistant Treasurer
Lisa Anne Rosen, Secretary and Assistant Treasurer
Teresa M.R. Hamlin, Assistant Secretary
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
First Data Investor Services Group, Inc.
53 State Street
Boston, MA 02109
ADMINISTRATOR & SUB-CUSTODIAN
State Street Bank & Trust Company
1776 Heritage Drive
North Quincy, MA 02109
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
CUSTODIAN
Comerica Bank
411 West Lafayette
Detroit, MI 48226
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
<PAGE>
(OUTSIDE BACK COVER)
ANNINST97
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
