(OUTSIDE FRONT COVER)
Semi-Annual Report
LIQUIDITY PLUS MONEY MARKET FUND*
JUNE 30, 1998
<PAGE>
(INSIDE FRONT COVER)
Letter to shareholders
DEAR SHAREHOLDERS:
I am pleased to welcome you to the Liquidity Plus Money Market Fund
and to present the 1998 semi-annual report for the Fund. This Fund has
been designed specifically to provide cash management and cash sweep
services for Comerica Securities and its customers. We continue to be
excited about the opportunity to serve you through Comerica Securities
and hope that you are pleased with the services provided by the Fund.
If you have any questions, please call your Comerica Securities
representative or contract The Munder Funds at Fund at 1-800-4MUNDER.
Very truly yours,
Lee Munder President
<PAGE>
Liquidity Plus Money Market Fund
Portfolio of Investments, June 30, 1998 (Unaudited)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating
Principal ---------------------
Amount S&P Moody's Value
------ --- ------- -----
CERTIFICATES OF DEPOSIT -- 11.9%
<S> <C> <C> <C> <C>
$3,000,000 Bank of Nova Scotia,
5.570% due 09/02/1998** A1+/AA- P1/Aa3 $ 3,000,000
3,000,000 Canadian Imperial Bank of Commerce,
5.570% due 09/23/1998** A1+/AA- P1/Aa3 3,000,000
2,000,000 Rabobank Nederland N. V.,
5.580% due 10/20/1998** A1+/AAA P1/Aaa 2,000,000
------------
<CAPTION>
TOTAL CERTIFICATE OF DEPOSIT
<S> <C> <C>
(Cost $8,000,000) 8,000,000
------------
<CAPTION>
COMMERCIAL PAPER -- 60.5%
<S> <C> <C> <C> <C>
3,000,000 ABN AMRO North America,
5.480% due 08/05/1998** A1+/AA P1/Aa1 2,984,017
3,000,000 B.A.T. Capital Corporation,
5.630% due 07/28/1998**, + A2/A- P1/A2 2,987,333
3,000,000 Beta Finance, Inc.,
5.440% due 10/15/1998** A1+/AAA P1/NR 2,951,947
2,000,000 Caterpillar Financial Services,
5.350% due 07/14/1998** A1/A+ P1/A2 1,996,136
3,000,000 Centric Capital Corporation,
5.500% due 08/06/1998** A1+/NR P1/NR 2,983,500
3,000,000 Ciesco L P,
5.480% due 09/11/1998** A1+/AAA P1/NR 2,967,120
3,000,000 CXC, Inc.,
5.530% due 07/23/1998** A1+/NR P1/NR 2,989,862
3,000,000 Golden Managers Acceptance Corporation,
5.540% due 07/16/1998**, + A1+/NR NR/NR 2,993,075
3,000,000 National Bank of Canada,
5.450% due 11/30/1998** A1/A P1/A1 2,930,967
3,000,000 National Rural Utilities Cooperative Finance,
5.500% due 07/27/1998** A1+/AA P1/A1 2,988,083
3,000,000 Sanwa Business Credit Corporation,
5.600% due 07/10/1998**, + A2/BBB+ P1/A1 2,995,800
3,000,000 Sheffield Receivables Corporation,
5.520% due 08/20/1998** A1+/NR P1/NR 2,977,000
3,000,000 Societe Generale North America, Inc.,
5.480% due 07/17/1998** A1+/AA- P1/Aa3 2,992,693
3,100,000 Tribune Company,
5.540% due 08/06/1998** A1/A P1/A2 3,082,826
------------
<CAPTION>
TOTAL COMMERCIAL PAPER
<S> <C> <C>
(Cost $40,820,358) 40,820,358
------------
<CAPTION>
Principal
Amount Value
------ -----
REPURCHASE AGREEMENTS -- 25.3%
<S> <C> <C>
$14,093,667 Agreement with Lehman Brothers, 5.750% dated
06/30/1998, to be repurchased at $14,095,918 on
07/01/1998, collateralized by $30,597,000 U.S.
Treasury Strips, maturing 08/15/2015 -
02/15/2014 (value $14,376,034) $ 14,093,667
3,000,000 Agreement with State Street Bank and Trust
Company, 5.800% dated 06/30/1998, to be
repurchased at $3,000,483 on 07/01/1998,
collateralized by $2,330,000 U.S. Treasury
Note, 8.125% maturing 08/15/2019 (value $3,060,646) 3,000,000
-------------
<CAPTION>
TOTAL REPURCHASE AGREEMENTS
<S> <C> <C>
(Cost $17,093,667) 17,093,667
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $65,914,025*) 97.7% 65,914,025
OTHER ASSETS AND LIABILITIES (Net) 2.3 1,584,049
-------- ------------
NET ASSETS 100.0% $ 67,498,074
======== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
** Rate represents annualized yield at date of purchase.
+ B.A.T Capital Corp. rated F1 by Fitch, Golden Managers Acceptance Corp.
rated D1+ and Sanwa Business Credit Corp. rated D1 by Duff & Phelps, are
defined as being eligible securities under Rule 2a-7.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Liquidity Plus Money Market Fund
Statement of Assets and Liabilities, June 30, 1998 (Unaudited)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
ASSETS:
Investments, at value (Cost $65,914,025) See accompanying schedule:
Securities........................................................ $ 48,820,358
Repurchase agreements............................................. 17,093,667
------------
Total investments....................................................... 65,914,025
Receivable for Fund shares sold......................................... 1,572,403
Interest receivable..................................................... 28,768
Unamortized organization costs.......................................... 13,862
Prepaid Expenses........................................................ 17,042
------------
Total Assets......................................................... 67,546,100
------------
LIABILITIES:
Distribution and shareholder servicing fees payable..................... 22,300
Investment advisory fee payable......................................... 19,653
Administration fee payable.............................................. 5,568
Transfer agent fee payable.............................................. 216
Accrued Directors' fees and expenses.................................... 289
------------
Total Liabilities.................................................... 48,026
------------
NET ASSETS.............................................................. $ 67,498,074
============
NET ASSETS consist of:
Par value............................................................... 67,499
Paid-in capital in excess of par value.................................. 67,430,575
------------
Total Net Assets..................................................... $ 67,498,074
============
NET ASSET VALUE offering and redemption price per share
($67,498,074 / 67,499,486 shares of common stock outstanding)........ $ 1.00
============
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Liquidity Plus Money Market Fund
Statement of Operations, Period Ended June 30, 1998 (Unaudited)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
<S> <C>
INVESTMENT INCOME:
Interest................................................................ $ 1,780,717
------------
Total investment income.............................................. 1,780,717
------------
EXPENSES:
Distribution and shareholder servicing fees............................. 115,677
Investment advisory fee................................................. 110,213
Administration fee...................................................... 31,946
Legal and audit fees.................................................... 18,337
Custodian fees.......................................................... 9,009
Transfer agent fee...................................................... 5,539
Registration and filing fees............................................ 4,140
Directors' fees and expenses............................................ 1,648
Amortization of organizational costs.................................... 1,602
Total Expenses....................................................... 298,111
------------
NET INVESTMENT INCOME................................................... 1,482,606
------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS.............................................................. $ 1,482,606
============
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Liquidity Plus Money Market Fund
Statement of Changes in Net Assets
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period
Ended Period
6/30/98 Ended
(Unaudited) 12/31/97 (a)
----------- ------------
<S> <C> <C>
Net investment income........................................... $ 1,482,606 $ 638,608
------------ ------------
Net increase in net assets resulting from operations............ 1,482,606 638,608
Distributions to shareholders from net investment income........ (1,484,016) (638,608)
Net increase in net assets from Fund share transactions......... 10,863,767 56,635,717
------------ ------------
Net increase in net assets...................................... 10,862,357 56,635,717
NET ASSETS:
Beginning of period............................................. 56,635,717 --
------------ ------------
End of period................................................... $ 67,498,074 $ 56,635,717
============ ============
<FN>
- ---------
(a) Liquidity Plus Money Market Fund commenced operations on June 4, 1997.
See Notes to Financial Statements.
<PAGE>
Liquidity Plus Money Market Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Period
Ended Period
6/30/98 Ended
(Unaudited) 12/31/97
----------- --------
<S> <C> <C>
Net asset value, beginning of period........................ $ 1.00 $ 1.00
-------- ---------
Income from investment operations:
Net investment income....................................... 0.020 0.030
-------- ---------
Total from investment operations............................ 0.020 0.030
--------- ---------
Less distributions:
Distributions from net investment income.................... (0.020) (0.030)
--------- ---------
Total distributions......................................... (0.020) (0.030)
--------- ---------
Net asset value, end of period.............................. $ 1.00 $ 1.00
========= =========
Total return (b)............................................ 2.35% 2.59%
======== =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)........................ $ 67,498 $ 56,636
Ratio of operating expenses to average net assets........... 0.94% (c) 0.86% (c)
Ratio of net investment income to average net assets........ 4.69% (c) 4.29% (c)
Ratio of operating expenses to average net assets
without expenses reimbursed............................. 0.94% (c) 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.
See Notes to Financial Statements.
<PAGE>
Liquidity Plus Money Market Fund
Notes To Financial Statements, June 30, 1998 (Unaudited)
- -----------------------------------------------------------------------------
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 June 30, 1998, 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.
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.
<PAGE>
Liquidity Plus Money Market Fund
Notes To Financial Statements, June 30, 1998 (Unaudited)
(Continued)
- -----------------------------------------------------------------------------
2. Investment Advisor, Custodian, and Other Related Party Transactions
Munder Capital Management (the "Advisor") 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.
Effective July 2, 1998 Comerica Bank ("Comerica") acquired an
additional interest in the Advisor whereby it now owns approximately 88% of
the Advisor. The Fund has received an order from the Securities and Exchange
Commission allowing the Fund to escrow advisory fees payable to the Advisor
until a shareholder vote for the consideration of new advisory contracts can
be taken. This vote is expected to occur in November 1998.
Comerica provides certain shareholder services to the Fund. As
compensation for the services provided to the Fund, Comerica receives a fee
of 0.01% of the aggregate average daily net assets of the Fund beneficially
owned by Comerica and its customers. Comerica earned $3,691 for its services
to the Fund for the period ended June 30, 1998.
Each Director of the Company is paid an aggregate fee, consisting of a
$30,000 annual retainer, for services in such capacity plus $2,500 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, or Comerica received 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 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 June 30, 1998, 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>
<TABLE>
<CAPTION>
Period Ended Period Ended
6/30/98 12/31/97
Amount Amount
------------ ----------
<S> <C> <C>
Sold 55,729,636 74,164,374
Issued as reinvestment 1,722,585 398,127
Redeemed (46,588,454) (17,926,784)
----------- ------------
Net increase 10,863,767 56,635,717
========== ==========
<PAGE>
Liquidity Plus Money Market Fund
Notes To Financial Statements, June 30, 1998 (Unaudited)
(Continued)
- -----------------------------------------------------------------------------
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, have been
capitalized and are being amortized on a straight-line basis over a
period of 5 years from commencement of operations.
<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
Lee Munder
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
Lisa Anne Rosen, Secretary and Assistant Treasurer
Therese Hogan, 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)
SANNSTCLIQ98
F001cstc
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
<PAGE>
(OUTSIDE FRONT COVER)
Semi-Annual
Report
JUNE 30, 1998
THE MUNDER INSTITUTIONAL FUNDS
Institutional S&P 500 Index Equity
Institutional S&P SmallCap Index Equity
<PAGE>
The Munder Funds
Letter to shareholders
Dear Fellow Shareholders:
I want to thank you for your continued confidence in The Munder
Funds. We are pleased to present the 1998 semi-annual report of the Munder
Institutional Funds. As you know, these Funds were developed specifically for
institutional investors seeking the advantages of mutual fund investing
without the costs associated with more broadly offered retail funds. Because
the Munder Institutional Funds are offered exclusively to institutional
investors, we have been 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 that you are pleased with the operations and service provided
by the Munder Institutional Funds. If you have any questions, please contact
your financial advisor 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, June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------
</TABLE>
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 99.1%
Advertising -- 0.2%
<S> <C> <C>
1,000 Interpublic Group of Companies,
Inc. $ 60,687
1,100 Omnicom Group, Inc. 54,863
------------
115,550
------------
<CAPTION>
Aerospace -- 1.3%
<S> <C> <C>
6,900 Boeing Company 307,481
600 General Dynamics Corporation 27,900
1,300 Lockheed Martin Corporation 137,637
600 Northrop Grumman Corporation 61,875
2,300 Raytheon Company Class B 135,988
1,600 United Technologies Corporation 148,000
------------
818,881
------------
<CAPTION>
Airlines -- 0.5%
<S> <C> <C>
1,400 AMR Corporation + 116,550
600 Delta Air Lines, Inc. 77,550
1,550 Southwest Airlines Company 45,919
700 US Airways Group, Inc. + 55,475
------------
295,494
------------
<CAPTION>
Apparel -- 0.3%
<S> <C> <C>
600 Fruit Of The Loom, Inc. + 19,913
600 Liz Claiborne, Inc. 31,350
2,000 NIKE, Inc., Class B 97,375
400 Reebok International Ltd. + 11,075
800 V.F. Corporation 41,200
------------
200,913
------------
<CAPTION>
Automobiles -- 1.7%
<S> <C> <C>
4,600 Chrysler Corporation 259,325
8,300 Ford Motor Company 489,700
4,900 General Motors Corporation 327,381
600 Navistar International
Corporation + 17,325
------------
1,093,731
------------
<CAPTION>
Automobile Parts & Equipment -- 0.5%
<S> <C> <C>
1,000 AutoZone, Inc. + 31,937
300 Cummins Engine, Inc. 15,375
900 Dana Corporation 48,150
600 Echlin, Inc. 29,438
1,200 Genuine Parts Company 41,475
700 Johnson Controls, Inc. 40,031
600 Pep Boys-- Manny, Moe & Jack 11,363
600 Snap-On, Inc. 21,750
1,000 TRW, Inc. 54,625
------------
294,144
------------
<CAPTION>
Banks -- 9.3%
<S> <C> <C>
4,490 Banc One Corporation 250,598
2,600 Bank of New York, Inc. 157,788
4,800 BankAmerica Corporation 414,900
2,400 BankBoston 133,500
500 Bankers Trust New York
Corporation 58,031
1,100 BB&T Corporation 74,388
5,800 Chase Manhattan Corporation 437,900
3,200 Citicorp 477,600
950 Comerica, Inc. 62,938
1,350 Fifth Third Bancorporation 85,050
2,000 First Chicago Corporation 177,250
6,568 First Union Corporation 382,586
2,100 Fleet Financial Group, Inc. 175,350
1,300 Huntington Bancshares, Inc. 43,550
3,000 KeyCorp 106,875
3,500 MBNA Corporation 115,500
1,800 Mellon Bank Corporation 125,325
900 Mercantile Bancorporation 45,338
1,200 Morgan (J.P.) & Company, Inc. 140,550
4,100 Morgan Stanley, Dean Witter,
Discover and Company 374,637
1,800 National City Corporation 127,800
6,518 NationsBank Corporation 498,627
900 Northern Trust Corporation 68,625
5,200 Norwest Corporation 194,350
2,100 PNC Bank Corporation 113,006
800 Republic New York Corporation 50,350
1,300 State Street Corporation 90,350
1,200 Summit Bancorp 57,000
1,300 SunTrust Banks, Inc. 105,706
1,600 Synovus Financial Corporation 38,000
5,100 U.S. Bancorp 219,300
1,400 Wachovia Corporation 118,300
2,700 Washington Mutual, Inc. 117,281
700 Wells Fargo & Company 258,300
------------
5,896,649
------------
<CAPTION>
Broadcasting -- 0.7%
<S> <C> <C>
4,900 CBS Corporation 155,575
800 Clear Channel Communications + 87,300
4,200 MediaOne Group, Inc. 184,537
400 Meredith Corporation 18,775
------------
446,187
<CAPTION>
Building Materials -- 0.9%
<S> <C> <C>
600 Centex Corporation 22,650
400 Crane Company 19,425
300 Fleetwood Enterprises 12,000
5,000 Home Depot, Inc. 415,312
300 Kaufman & Broad Home
Corporation 9,525
1,100 Masco Corporation 66,550
1,000 Pall Corporation 20,500
400 Pulte Corporation 11,950
------------
577,912
------------
<CAPTION>
Business Equipment and Supplies -- 1.8%
<S> <C> <C>
900 Avery Dennison Corporation 48,375
1,100 Ikon Office Solutions 16,019
6,700 International Business Machines
Corporation 769,243
2,000 Pitney Bowes, Inc. 96,250
2,200 Xerox Corporation 223,575
------------
1,153,462
------------
<CAPTION>
Business Services -- 0.2%
<S> <C> <C>
5,862 Cendant Corporation + 122,369
700 Deluxe Corporation 25,069
700 Moore Corporation Ltd. 9,275
------------
156,713
------------
<CAPTION>
Chemicals and Plastics -- 2.9%
<S> <C> <C>
1,800 Air Products & Chemicals, Inc. 72,000
1,600 Dow Chemical Company 154,700
7,800 dupont (E.I.) de Nemours &
Company 582,075
700 Eastman Chemical Company 43,575
900 Ecolab, Inc. 27,900
1,200 Engelhard Corporation 24,300
300 FMC Corporation + 20,456
600 Grace (W.R.) & Company + 10,238
500 Great Lakes Chemical Corporation 19,719
800 Hercules, Inc. 32,900
400 Kerr-McGee Corporation 23,150
600 Mallinckrodt Group, Inc. 17,813
2,800 Minnesota Mining &
Manufacturing Company 230,125
4,100 Monsanto Company 229,087
1,100 Morton International, Inc. 27,500
600 Nalco Chemical Company 21,075
125 Octel Corporation + 2,484
1,300 Praxair, Inc. 60,856
400 Raychem Corporation 11,825
1,400 Rockwell International
Corporation 67,287
600 Rohm & Haas Company 62,363
900 Sigma-Aldrich Corporation 31,613
600 Union Camp Corporation 29,775
1,000 Union Carbide Corporation 53,375
------------
1,856,191
------------
<CAPTION>
Coal -- 0.2%
<S> <C> <C>
1,500 CSX Corporation 68,250
200 Eastern Enterprises 8,575
700 Fluor Corporation 35,700
------------
112,525
------------
<CAPTION>
Communication Equipment -- 1.2%
<S> <C> <C>
1,300 Cabletron Systems, Inc. + 17,469
6,600 GTE Corporation 367,125
700 Harris Corporation 31,281
4,100 Motorola, Inc. 215,506
1,200 National Semiconductor
Corporation + 15,825
700 Scientific-Atlanta, Inc. 17,763
1,300 Tellabs, Inc. + 93,112
------------
758,081
------------
<CAPTION>
Computer Hardware, Software or
Services -- 7.8%
<S> <C> <C>
2,400 3COM Corporation + 73,650
600 Adobe Systems, Inc. 25,463
800 Advanced Micro Devices, Inc. + 13,650
1,500 AMP, Inc. 51,563
1,000 Apple Computer, Inc. + 28,688
400 Autodesk, Inc. 15,450
2,000 Automatic Data Processing, Inc. 145,750
1,700 Bay Networks, Inc. + 54,825
700 Ceridian Corporation + 41,125
6,950 CISCO Systems, Inc. + 639,834
11,345 Compaq Computer Corporation 321,914
3,750 Computer Associates
International, Inc. 208,359
900 Computer Sciences Corporation 57,600
400 Data General Corporation + 5,975
4,600 Dell Computer Corporation + 426,937
1,100 Gateway 2000, Inc. + 55,688
7,200 Hewlett Packard Company 431,100
1,000 Honeywell, Inc. 83,563
16,800 Microsoft Corporation + 1,820,700
2,400 Novell, Inc. + 30,600
6,800 Oracle Systems Corporation + 167,025
1,600 Parametric Technology
Corporation + 43,400
1,700 Seagate Technologies, Inc. + 40,481
1,400 Silicon Graphics, Inc. + 16,975
2,600 Sun Microsystems, Inc. + 112,937
1,800 Unisys Corporation + 50,850
------------
4,964,102
------------
<CAPTION>
Computer -- Semiconductors -- 1.8%
<S> <C> <C>
2,500 Applied Materials + 73,750
3,400 EMC Corporation + 152,363
11,300 Intel Corporation 837,612
800 LSI Logic Corporation + 18,450
1,300 Micron Technology, Inc. + 32,256
------------
1,114,431
------------
<CAPTION>
Consumer Non-Durables -- 3.7%
<S> <C> <C>
1,600 Corning, Inc. 55,600
22,500 General Electric Company 2,047,500
800 Grainger (W.W.), Inc. 39,850
2,800 Lowe's Companies, Inc. 113,575
1,300 Newell Company 64,756
------------
2,321,281
------------
<CAPTION>
Consumer Services -- 0.2%
<S> <C> <C>
900 Block (H & R), Inc. 37,913
600 Manor Care, Inc. 23,063
1,700 Service Corporation
International 72,887
------------
133,863
------------
<CAPTION>
Consumer Staples -- 0.1%
<S> <C> <C>
1,400 Pioneer Hi-Bred International, Inc. 57,925
------------
<CAPTION>
Containers -- 0.2%
<S> <C> <C>
300 Ball Corporation 12,056
1,000 Crown Cork & Seal Company, Inc. 47,500
1,200 Owens-Illinois, Inc. + 53,700
606 Sealed Air Corporation + 22,271
------------
135,527
------------
<CAPTION>
Cosmetics -- Toiletry -- 0.1%
<S> <C> <C>
400 Alberto-Culver Company, Class B 11,600
1,100 Avon Products, Inc. 85,250
------------
96,850
------------
<CAPTION>
Diversified -- 1.8%
<S> <C> <C>
300 Aeroquip-Vickers, Inc. 17,513
3,900 AlliedSignal Corporation 173,062
1,100 Cognizant Corporation 69,300
1,400 Fortune Brands, Inc. 53,812
1,000 Loews Corporation 87,125
1,100 Textron, Inc. 78,856
1,000 Thermo Electron Corporation + 34,188
4,100 Tyco International Ltd. 258,300
4,400 Unilever NV 347,325
------------
1,119,481
------------
<CAPTION>
Electrical Equipment -- 0.4%
<S> <C> <C>
1,000 Cooper Industries, Inc. 54,938
300 Foster Wheeler Corporation 6,431
400 General Signal Corporation 14,400
400 Tektronix, Inc. 14,150
2,700 Texas Instruments, Inc. 157,444
400 Thomas & Betts Corporation 19,700
------------
267,063
------------
<CAPTION>
Electronics -- 0.5%
<S> <C> <C>
700 Eaton Corporation 54,425
400 EG & G, Inc. 12,000
3,100 Emerson Electric Company 187,162
1,000 General Instrument Corporation + 27,188
700 KLA-Tencor Corporation + 19,381
900 Tandy Corporation 47,756
------------
347,912
------------
<CAPTION>
Energy and Resources -- 0.2%
<S> <C> <C>
1,405 Burlington Resources, Inc. 60,503
1,400 Dresser Industries, Inc. 61,687
------------
122,190
------------
<CAPTION>
Entertainment -- 1.6%
<S> <C> <C>
500 Brunswick Corporation 12,375
4,700 Disney (Walt) Company 493,794
600 Harcourt General Corporation 35,700
1,000 Hasbro, Inc. 39,312
600 King World Productions, Inc. 15,300
2,000 Mattel, Inc. 84,625
3,900 Time Warner, Inc. 333,206
------------
1,014,312
------------
<CAPTION>
Financial Services -- 4.5%
<S> <C> <C>
3,200 American Express Company 364,800
1,700 American General Corporation 121,019
2,175 Associates First Capital
Corporation 167,203
800 Bear Stearns Companies, Inc. 45,508
400 Beneficial Corporation 61,275
500 Capital One Financial
Corporation 62,099
900 Countrywide Credit Industries 45,675
800 Dow Jones & Company, Inc. 44,600
1,000 Equifax, Inc. 36,312
7,300 Fannie Mae 443,475
4,800 Federal Home Loan Mortgage
Corporation 225,900
3,000 First Data Corporation 99,937
1,800 Franklin Resources, Inc. 97,200
1,100 Green Tree Financial Corporation 47,094
1,900 Household International, Inc. 94,525
900 Lehman Brothers Holdings, Inc. 69,806
2,300 Merrill Lynch & Company, Inc. 212,175
1,800 Schwab (Charles) Corporation 58,500
1,200 SLM Holding Corporation 58,812
400 Temple-Inland, Inc. 21,550
7,867 Travelers Group, Inc. 476,937
------------
2,854,402
------------
<CAPTION>
Food and Beverages -- 6.3%
<S> <C> <C>
1,700 Albertson's, Inc. 88,081
3,400 Anheuser-Busch Companies, Inc. 160,437
3,200 Campbell Soup Company 170,000
17,100 Coca-Cola Company 1,462,050
3,300 ConAgra, Inc. 104,569
300 Coors (Adolph) Company,
Class B 10,200
2,500 Heinz (H.J.) Company 140,313
1,200 Hershey Foods Corporation 82,800
2,800 Kellogg Company 105,175
10,400 PepsiCo, Inc. 428,350
16,700 Philip Morris Companies, Inc. 657,562
1,100 Quaker Oats Company 60,431
900 Ralston-Purina Company 105,131
3,300 Sara Lee Corporation 184,594
2,500 Seagram Company Ltd. 102,344
1,300 UST, Inc. 35,100
1,000 Wrigley (Wm) Jr. Company 98,000
------------
3,995,137
------------
<CAPTION>
Food Distribution -- 0.8%
<S> <C> <C>
3,800 Archer-Daniels-Midland Company 73,625
1,700 Bestfoods 98,706
1,300 General Mills, Inc. 88,887
300 Great Atlantic & Pacific Tea
Company, Inc. 9,919
1,800 Kroger Company + 77,175
600 Supervalu, Inc. 26,625
2,100 Sysco Corporation 53,812
1,000 Winn Dixie Stores, Inc. 51,188
------------
479,937
------------
<CAPTION>
Glass Products -- 0.2%
<S> <C> <C>
400 Owens Corning Fiberglass
Corporation 16,325
1,200 PPG Industries, Inc. 83,475
------------
99,800
------------
<CAPTION>
Health Care Facilities -- 0.4%
<S> <C> <C>
4,500 Columbia/HCA Healthcare
Corporation 131,063
1,100 Humana, Inc. + 34,306
2,100 Tenet Healthcare Corporation + 65,625
------------
230,994
------------
<CAPTION>
Health Care Products -- 4.2%
<S> <C> <C>
10,600 Abbott Laboratories 433,275
600 Allergan, Inc. 27,825
400 Bausch & Lomb, Inc. 20,050
1,000 Becton, Dickinson & Company 77,625
8,600 Merck & Company, Inc. 1,150,250
8,900 Pfizer, Inc. 967,319
------------
2,676,344
------------
<CAPTION>
Holding Companies -- 0.2%
<S> <C> <C>
700 Providian, LLC 54,994
1,600 Public Service Enterprise 55,100
------------
110,094
------------
<CAPTION>
Home Appliances -- 0.2%
<S> <C> <C>
800 Black & Decker Corporation 48,800
800 Maytag Corporation 39,500
600 Whirlpool Corporation 41,250
------------
129,550
------------
<CAPTION>
Home Furnishings and Housewares -- 0.9%
<S> <C> <C>
9,000 American Home Products
Corporation 465,750
300 Armstrong World 20,213
1,000 Rubbermaid, Inc. 33,187
200 Springs Industries, Inc. 9,225
600 Tupperware Corporation 16,875
------------
545,250
------------
<CAPTION>
Hotels and Restaurants -- 0.9%
<S> <C> <C>
800 Darden Restaurants, Inc. 12,700
900 Harrah's Entertainment Corporation + 20,925
1,700 Hilton Hotels Corporation 48,450
1,600 Marriott International, Inc., 51,800
4,700 McDonald's Corporation 324,300
1,200 Mirage Resorts, Inc. + 25,575
1,000 Tricon Global Restaurants, Inc. + 31,687
1,100 Wendy's International, Inc. 25,850
------------
541,287
------------
<CAPTION>
Insurance -- 4.0%
<S> <C> <C>
1,000 Aetna Life & Casualty Company 76,125
3,000 Allstate Corporation 274,687
5,000 American International Group, Inc. 730,000
1,000 AON Corporation 70,250
1,000 Chubb Corporation 80,375
1,400 CIGNA Corporation 96,600
1,200 Cincinnati Financial Corporation 46,050
1,300 Conseco, Inc. 60,775
700 General Re Corporation 177,450
1,000 Hartford Financial Services Group,
Inc. 114,375
900 Jefferson-Pilot Corporation 52,144
900 Lincoln National Corporation 82,237
1,500 Marsh & McLennan Companies, Inc. 90,656
800 MBIA, Inc. 59,900
600 MGIC Investment Corporation 34,238
600 Progressive Corporation 84,600
1,100 SAFECO Corporation 49,981
1,406 St. Paul Companies, Inc. 59,140
1,300 SunAmerica, Inc. 74,669
1,100 Torchmark, Inc. 50,325
600 Transamerica Corporation 69,075
1,300 United Healthcare Corporation 82,550
800 UNUM Corporation 44,400
------------
2,560,602
------------
<CAPTION>
Machinery and Heavy Equipment -- 0.6%
<S> <C> <C>
2,600 Caterpillar, Inc. 137,475
300 Cincinnati Milacron, Inc. 7,294
1,700 Deere & Company 89,887
1,500 Dover Corporation 51,375
1,100 Ingersoll-Rand Company 48,469
600 Parker-Hannifin Corporation 22,875
700 Stanley Works 29,094
------------
386,469
------------
<CAPTION>
Manufacturing -- 0.7%
<S> <C> <C>
1,600 Alcan Aluminum Ltd. 44,200
1,400 Aluminum Company of America 92,312
1,300 Boston Scientific Corporation + 93,112
200 Briggs & Stratton Corporation 7,488
600 Brown-Forman Corporation,
Class B 38,550
600 Case Corporation 28,950
700 PACCAR, Inc. 36,575
600 Reynolds Metals Company 33,563
1,400 Sherwin-Williams Company 46,375
------------
421,125
------------
<CAPTION>
Medical Instruments, Services, and
Supplies -- 2.3%
<S> <C> <C>
400 Bard (C.R.), Inc. 15,225
1,900 Baxter International, Inc. 102,244
900 Biomet, Inc. 29,756
900 Cardinal Health, Inc. 84,375
1,000 Guidant Corporation 71,312
2,800 HBO & Company 98,700
2,700 HEALTHSOUTH Corporation + 72,056
9,300 Johnson & Johnson Company 685,875
3,200 Medtronic, Inc. 204,000
200 Shared Medical Systems Corporation 14,688
700 St. Jude Medical, Inc. + 25,769
600 United States Surgical
Corporation 27,375
------------
1,431,375
------------
<CAPTION>
Metal Fabricating -- 0.2%
<S> <C> <C>
1,700 Illinois Tool Works, Inc. 113,369
------------
<CAPTION>
Metals and Mining -- 0.4%
<S> <C> <C>
1,400 Allegheny Teldyne, Inc. 32,025
300 ASARCO, Inc. 6,675
2,600 Barrick Gold Corporation 49,887
1,600 Battle Mountain Gold Company 9,500
700 Cyprus Amax Minerals Company 9,275
1,300 Freeport McMoRan Copper & Gold,
Class B 19,744
1,000 Homestake Mining Company 10,375
1,000 Inco Ltd. 13,625
900 Newmont Mining Corporation 21,263
600 Phelps Dodge Corporation 34,312
1,700 Placer Dome, Inc. 19,975
------------
226,656
------------
<CAPTION>
Natural Gas -- 0.4%
<S> <C> <C>
600 Columbia Gas System, Inc. 33,375
800 Consolidated Natural Gas
Company 47,100
2,200 Enron Corporation 118,937
400 NICOR, Inc. 16,050
300 ONOEK, Inc. 11,963
1,052 Sempra Energy + 29,193
700 Sonat, Inc. 27,037
------------
283,655
------------
<CAPTION>
News and Publishing -- 0.6%
<S> <C> <C>
2,000 Gannett Company, Inc. 142,125
700 Knight-Ridder, Inc. 38,544
800 New York Times Company, Class A 63,400
800 Times Mirror Company (New),
Class A 50,300
1,000 Tribune Company 68,812
------------
363,181
------------
<CAPTION>
Oil -- 6.7%
<S> <C> <C>
700 Amerada Hess Corporation 38,019
6,800 Amoco Corporation 283,050
700 Apache Corporation 22,050
600 Ashland, Inc. 30,975
2,200 Atlantic Richfield Company 171,875
1,000 Baker Hughes, Inc. 34,563
4,500 Chevron Corporation 373,781
900 Coastal Corporation 62,831
17,000 Exxon Corporation 1,212,312
1,800 Halliburton Company 80,212
900 Louisiana Land & Exploration
Company 16,425
400 McDermott International, Inc. 13,775
5,400 Mobil Corporation 413,775
2,300 Occidental Petroleum Corporation 62,100
900 Oryx Energy Company + 19,913
400 Pennzoil Company 20,250
1,800 Phillips Petroleum Company 86,737
14,800 Royal Dutch Petroleum Company 811,225
1,000 Tenneco, Inc. 38,063
3,800 Texaco, Inc. 226,812
1,700 Union Pacific Corporation 75,013
1,800 Union Pacific Resources Group 31,613
1,700 Unocal Corporation 60,775
2,000 USX-Marathon Group 68,625
------------
4,254,769
------------
<CAPTION>
Oil Equipment and Services -- 0.4%
<S> <C> <C>
400 Helmerich & Payne, Inc. 8,900
3,400 Schlumberger Ltd. 232,263
400 Western Atlas, Inc. 33,950
------------
275,113
------------
<CAPTION>
Paper and Forest Products -- 0.9%
<S> <C> <C>
400 Bemis Company, Inc. 16,350
400 Boise Cascade Corporation 13,100
800 Champion International
Corporation 39,350
1,600 Fort James Corporation 71,200
700 Georgia-Pacific Corporation 41,256
400 Harnischfeger Industries, Inc. 11,325
2,100 International Paper Company 90,300
3,742 Kimberly-Clark Corporation 171,664
900 Mead Corporation 28,575
300 Potlatch Corporation 12,600
500 Stone Container Corporation 7,813
1,400 Weyerhaeuser Company 64,662
900 Willamette Industries, Inc. 28,800
------------
596,995
------------
<CAPTION>
Personal Items -- 3.0%
<S> <C> <C>
2,000 Colgate-Palmolive Company 176,000
7,800 Gillette Company 442,162
900 International Flavors &
Fragrances, Inc. 39,094
300 Jostens, Inc. 7,163
9,300 Procter & Gamble Company 846,881
5,700 Warner-Lambert Company 395,437
------------
1,906,737
------------
<CAPTION>
Petroleum Refining -- 0.2%
<S> <C> <C>
500 Anadarko Petroleum Corporation 33,594
700 Rowan Companies + 13,606
600 Sun Company 23,288
2,200 Williams Companies, Inc. 74,250
------------
144,738
------------
<CAPTION>
Pharmaceuticals -- 3.1%
<S> <C> <C>
700 ALZA Corporation 30,275
6,900 Bristol-Myers Squibb Company 793,069
7,700 Lilly (Eli) & Company 508,681
3,500 Pharmacia & Upjohn, Inc. 161,438
5,100 Schering-Plough Corporation 467,287
------------
1,960,750
------------
<CAPTION>
Photographic Equipment and Supplies-- 0.3%
<S> <C> <C>
2,200 Eastman Kodak Company $ 160,738
400 Polaroid Corporation 14,225
------------
174,963
------------
<CAPTION>
Printing and Publishing -- 0.3%
<S> <C> <C>
600 American Greetings Corporation,
Class A 30,563
1,000 Donnelley (R.R.) & Sons Company 45,750
1,000 Dun & Bradstreet Corporation 36,125
800 McGraw-Hill, Inc. 65,250
900 Westvaco Corporation 25,425
------------
203,113
------------
<CAPTION>
Railroads -- 0.1%
<S> <C> <C>
2,600 Norfolk Southern Corporation 77,513
------------
<CAPTION>
Research and Development -- 0.2%
<S> <C> <C>
1,800 Amgen, Inc. 117,675
------------
<CAPTION>
Retail -- Store -- 4.1%
<S> <C> <C>
25 Abercrombie And Fitch Company + 1,100
1,900 American Stores Company 45,956
800 Circuit City Stores-- Circuit City
Group 37,500
900 Consolidated Stores Corporation + 32,625
1,700 Costco Companies, Inc. + 107,206
2,800 CVS Corporation 109,025
3,000 Dayton Hudson Corporation 145,500
600 Dillard's, Inc. 24,863
1,400 Federated Department Store + 75,337
2,750 Gap, Inc. 169,469
3,400 K mart Corporation + 65,450
1,300 Limited, Inc. 43,063
300 Longs Drug Stores Company 8,663
1,600 May Department Stores Company 104,800
700 Nordstrom, Inc. 54,075
1,700 Penney (J.C.) Company, Inc. 122,931
1,700 Rite Aid Corporation 63,856
300 Russell Corporation 9,056
2,700 Sears, Roebuck & Company 164,869
2,200 TJX Companies, Inc. 53,075
2,000 Toys R Us, Inc. + 47,125
1,100 Venator Group, Inc. + 21,038
15,500 Wal-Mart Stores, Inc. 941,625
3,400 Walgreen Company 140,462
------------
2,588,669
------------
<CAPTION>
Savings and Loan Associations -- 0.2%
<S> <C> <C>
800 Ahmanson (H.F.) Company 56,800
400 Golden West Financial
Corporation 42,525
------------
99,325
------------
<CAPTION>
Soaps and Detergents -- 0.1%
<S> <C> <C>
900 Clorox Company 85,838
------------
<CAPTION>
Steel -- 0.2%
<S> <C> <C>
900 Armco, Inc. + 5,738
1,000 Bethlehem Steel Corporation + 12,438
700 Nucor Corporation 32,200
600 Timken Company 18,487
700 USX-U.S.Steel Group, Inc. 23,100
800 Worthington Industries, Inc. 12,050
------------
104,013
------------
<CAPTION>
Technology -- 0.6%
<S> <C> <C>
7,600 Ameritech Corporation 341,050
1,000 ITT Industries 37,375
400 Millipore Corporation 10,900
400 Perkin-Elmer Corporation 24,875
------------
414,200
------------
<CAPTION>
Telecommunications -- 7.8%
<S> <C> <C>
900 360 Communications Company 28,809
3,500 AirTouch Communications,
Inc. + 204,531
1,300 ALLTEL Corporation 60,450
700 Andrew Corporation + 12,644
1,400 Ascend Communications, Inc. + 69,388
11,200 AT&T Corporation 639,800
10,800 Bell Atlantic Corporation 492,750
6,800 BellSouth Corporation 456,450
2,400 Comcast Corporation Special,
Class A 97,425
1,000 DSC Communications Corporation + 30,000
1,100 Frontier Corporation 34,650
9,300 Lucent Technologies, Inc. 773,644
4,800 MCI Communications Corporation 279,000
1,800 Nextel Communications, Inc. + 44,775
3,600 Northern Telecommunications Ltd. 204,300
12,600 SBC Communications 504,000
3,000 Sprint Corporation 211,500
3,500 Tele-Communications, Inc., Class A + 134,531
3,414 US West, Inc. + 160,458
2,400 Viacom, Inc., Class B + 139,800
7,000 WorldCom, Inc. 339,062
------------
4,917,967
------------
<CAPTION>
Tire and Rubber -- 0.1%
<S> <C> <C>
700 Cooper Tire & Rubber Company 14,437
400 Goodrich (B.F.) Company 19,850
900 Goodyear Tire & Rubber
Company 57,994
------------
92,281
------------
<CAPTION>
Transportation -- 0.3%
<S> <C> <C>
900 Burlington Northern Santa Fe 88,369
840 FDX Corporation + 52,710
700 Ryder System, Inc. 22,094
------------
163,173
------------
<CAPTION>
Utilities -- 2.3%
<S> <C> <C>
900 Ameren Corporation 35,775
1,300 American Electric Power Company,
Inc. 58,987
1,000 Baltimore Gas & Electric Company 31,063
1,000 Carolina Power & Light Company 43,375
1,300 Central & Southwest Corporation 34,938
1,300 Cinergy Corporation 45,500
1,600 Consolidated Edison Company 73,700
1,300 Dominion Resources, Inc. 52,975
1,200 DTE Energy Company 48,450
2,500 Duke Energy Company 148,125
2,600 Edison International 76,862
1,700 Entergy Corporation 48,875
1,572 FirstEnergy Corporation 48,339
1,300 FPL Group, Inc. 81,900
1,000 GPU, Inc. 37,813
2,000 Houston Industries, Inc. 61,750
400 National Service Industries, Inc. 20,350
1,200 Niagara Mohawk Power Corporation + 17,925
1,200 Northern States Power Company 34,350
2,000 PacifiCorp 45,250
1,500 PECO Energy Company 43,781
300 People's Energy Corporation 11,588
2,400 PG & E Corporation 75,750
1,100 PP & L Resources, Inc. 24,956
4,800 Southern Company 132,900
1,700 Texas Utilities Company 70,762
1,500 Unicom Corporation 52,594
------------
1,458,633
------------
<CAPTION>
Waste Management -- 0.3%
<S> <C> <C>
1,400 Browning-Ferris Industries,
Inc. 48,650
2,300 Laidlaw, Inc., Class B 28,031
3,100 Waste Management, Inc. 108,500
------------
185,181
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $53,623,095) 62,742,243
------------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
- --------
U.S. TREASURY BILLS -- 0.2%
<S> <C> <C>
$100,000 1.00% ++,** due 10/15/98 98,498
------------
<CAPTION>
TOTAL U.S. TREASURY BILLS
<S> <C> <C>
(Cost $98,498) 98,498
------------
<CAPTION>
REPURCHASE AGREEMENT -- 0.8%
(Cost $492,000)
<S> <C> <C>
492,000 Agreement with State Street
Bank and Trust Company,
5.800% dated 06/30/1998, to
be repurchased at $492,079
on 07/01/1998,
collateralized by $365,000
U.S. Treasury Note, 8.875%
maturing 08/15/2017 (value
$507,112) 492,000
------------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $54,213,593*) 100.1% 63,332,741
OTHER ASSETS AND
LIABILITIES (Net) (0.1) (41,316)
----- ------------
NET ASSETS 100.0% $ 63,291,425
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
** Securities pledged as collateral for futures contracts.
+ Non-income producing security.
++ Rate represents annualized yield at date of purchase.
</TABLE>
<TABLE>
<CAPTION>
Number of Unrealized
Contracts Appreciation
- --------- ------------
FUTURES CONTRACTS - LONG POSITION
<S> <C> <C>
2 S&P 500 Index,
September 1998 $ 11,657
==========
See Notes to Financial Statements
</TABLE>
<PAGE>
Munder Institutional S&P MidCap Index Equity
Portfolio of Investments, June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 99.1%
Aerospace -- 0.6%
<S> <C> <C>
400 Cordant Technologies, Inc. $ 18,450
400 Gencorp, Inc. 10,100
500 Litton Industries, Inc. + 29,500
200 Oea, Inc. 3,200
------------
61,250
------------
<CAPTION>
Agricultural Machinery -- 0.1%
<S> <C> <C>
600 Agco Corporation 12,338
------------
<CAPTION>
Air Travel -- 0.3%
<S> <C> <C>
200 Alaska Air Group, Inc. + 10,913
300 Asa Holdings, Inc. 14,887
------------
25,800
------------
<CAPTION>
Aluminum -- 0.3%
<S> <C> <C>
600 Alumax, Inc. 27,825
100 Maxxam, Inc. + 5,675
------------
33,500
------------
<CAPTION>
Apparel & Textiles -- 1.9%
<S> <C> <C>
302 Albany International Corporation 7,217
600 Burlington Industries, Inc. + 8,438
1,000 Cintas Corporation 51,000
1,000 Jones Apparel Group, Inc. + 36,562
300 Rayonier, Inc. 13,800
1,400 Shaw Industries, Inc. 24,675
600 Unifi, Inc. 20,550
600 Warnaco Group, Inc. 25,463
------------
187,705
------------
<CAPTION>
Automobiles -- 0.7%
<S> <C> <C>
500 Federal Signal Corporation 12,156
1,600 Harley Davidson, Inc. 62,000
------------
74,156
------------
<CAPTION>
Automobile Parts & Equipment -- 1.3%
<S> <C> <C>
300 Arvin Industries, Inc. 10,894
200 Borg Warner Automotive, Inc. 9,613
1,200 Danaher Corporation 44,025
400 Federal Mogul Corporation 27,000
700 Meritor Automotive, Inc. 16,800
300 Modine Manufacturing Company 10,387
300 Superior Industries
International, Inc. 8,456
------------
127,175
------------
<CAPTION>
Banks -- 6.7%
<S> <C> <C>
1,200 Charter One Financial, Inc. 40,425
500 City National Corporation 18,469
1,100 Crestar Financial Corporation 60,019
1,900 First Security Corporation 40,672
1,400 First Tennessee National
Corporation 44,187
500 First Virginia Banks, Inc. 25,563
1,500 Firstar Corporation 57,000
1,500 Hibernia Corporation 30,281
1,000 Marshall & Ilsley Corporation 51,062
700 Mercantile Bankshares Corporation 24,369
1,050 North Fork Bancorporation, Inc. 25,659
1,050 Old Kent Financial Corporation 37,767
800 Pacific Century Financial
Corporation 19,200
1,500 Southtrust Corporation 65,250
1,200 Union Planters Corporation 70,575
300 Wilmington Trust Corporation 18,263
700 Zions Bancorp 37,187
------------
665,948
------------
<CAPTION>
Broadcasting -- 0.6%
<S> <C> <C>
1,200 Belo (A.H.) Corporation 29,250
309 Chris Craft Industries, Inc. 16,898
300 TCA Cable TV, Inc. 18,000
------------
64,148
------------
<CAPTION>
Building Construction -- 0.2%
<S> <C> <C>
500 Harsco Corporation 22,906
------------
<CAPTION>
Business Services -- 7.1%
<S> <C> <C>
1,100 Accustaff, Inc. + 34,375
600 Acnielson Corporation + 15,150
2,000 America Online, Inc. 212,000
80 Aztec Consulting, Inc. + 610
300 Banta Corporation 9,263
1,600 Comdisco, Inc. 30,400
800 Corrections Corporation America + 18,800
750 Fiserv, Inc. + 31,852
400 Gtech Holdings Corporation + 13,475
300 Information Resources, Inc. + 5,550
300 Jacobs Engineering Group, Inc. + 9,637
400 Kelly Services, Inc. 14,150
800 Manpower, Inc. 22,950
700 Medaphis Corporation + 4,200
10 Navigant International, Inc. + 85
1,000 NCR Corporation + 32,500
500 Ogden Corporation 13,844
800 Olsten Corporation 8,950
1,650 Paychex, Inc. 67,134
900 Robert Half International, Inc. + 50,287
600 Sothebys Holdings, Inc. 13,425
1,000 Stewart Enterprises, Inc. 26,625
1,000 Sun Guard Data Systems + 38,375
1,000 Viad Corporation 27,750
120 Workflow Management, Inc. + 968
------------
702,355
------------
<CAPTION>
Chemicals and Plastics -- 3.9%
<S> <C> <C>
600 Albemarle Corporation 13,237
300 Betzdearborn, Inc. 12,412
700 Cabot Corporation 22,619
400 Calgon Carbon Corporation 3,975
700 Crompton & Knowles Corporation 17,631
500 Cytec Industries, Inc. + 22,125
200 Dexter Corporation 6,363
900 Ethyl Corporation 5,513
400 Ferro Corporation 10,125
400 First Brands Corporation 10,250
100 Fuller (H.B.) Company 5,544
300 Georgia Gulf Corporation 6,844
500 Hanna (M.A). Company 9,156
1,200 IMC Global, Inc. 36,150
400 Lawter International, Inc. 4,350
600 Lubrizol Corporation 18,150
200 Minerals Technologies, Inc. 10,175
100 NCH Corporation 6,406
500 Olin Corporation 20,844
600 Premark International, Inc. 19,350
1,000 R.P.M., Inc. 17,000
400 Schulman (A.), Inc. 7,825
1,200 Solutia, Inc. 34,425
900 Sterling Commerce, Inc. + 43,650
300 Wellman, Inc. 6,806
600 Witco Corporation 17,550
------------
388,475
------------
<CAPTION>
Communication Services -- 0.2%
<S> <C> <C>
500 Comsat Corporation 14,156
400 Vanguard Cellular Systems, Inc. + 7,550
------------
21,706
------------
<CAPTION>
Computers & Business Equipment -- 1.8%
<S> <C> <C>
700 Diebold, Inc. 20,213
1,400 Quantum Corporation + 29,050
400 Sequent Computer Systems, Inc. + $4,825
1,000 Storage Technology Corporation + 43,375
200 Stratus Computer, Inc. + 5,063
600 Sundstrand Corporation 34,350
600 Symbol Technologies, Inc. 22,650
500 Tech Data Corporation + 21,437
------------
180,963
------------
<CAPTION>
Computer Hardware, Software or
Services --5.6%
<S> <C> <C>
2,000 BMC Software, Inc. + 103,875
2,100 Cadence Design Systems, Inc. + 65,625
1,850 Compuware Corporation + 94,581
600 Electronic Arts + 32,400
400 Imation Corporation + 6,625
1,600 Informix Corporation + 12,650
700 Keane, Inc. + 39,200
700 Mentor Graphics Corporation + 7,394
1,050 Networks Assocs, Inc. + 50,269
400 Policy Management Systems
Corporation + 15,700
1,200 Solectron Corporation + 50,475
800 Sterling Software, Inc. + 23,650
300 Structural Dynamics Research
Corporation + 6,937
600 Symantec Corporation + 15,675
700 Synopsys, Inc. + 32,025
------------
557,081
------------
<CAPTION>
Construction Materials -- 1.0%
<S> <C> <C>
400 Fastenal Company 18,575
200 Granite Construction, Inc. 6,125
500 Martin Marietta Materials, Inc. 22,500
300 Southdown, Inc. 21,413
300 Vulcan Matls Company 32,006
------------
100,619
------------
<CAPTION>
Containers & Glass -- 0.1%
<S> <C> <C>
600 Mark IV Industries, Inc. 12,975
------------
<CAPTION>
Domestic Oil -- 1.0%
<S> <C> <C>
500 Murphy Oil Corporation 25,344
600 Noble Affiliates, Inc. 22,800
400 Quaker State Corporation 6,550
900 Ultramar Diamond Shamrock 28,406
600 Valero Energy Corporation 19,950
------------
103,050
------------
<CAPTION>
Drugs & Health Care -- 8.0%
<S> <C> <C>
300 Acuson + 5,456
600 Allegiance Corporation 30,750
500 Apria Healthcare Group, Inc. + 3,344
100 ATL Ultrasound 4,563
500 Bergen Brunswig Corporation 23,188
800 Biogen, Inc. + 39,200
500 Carter Wallace, Inc. 9,031
700 Centocor, Inc. + 25,375
1,800 Chiron Corporation + 28,237
600 Covance, Inc. + 13,500
800 Forest Labs, Inc. + 28,600
800 General Nutrition Companies, Inc. + 24,900
800 Genzyme Corporation + 20,450
500 Health Care & Retirement
Corporation + 19,719
1,700 Health Management Associates + 56,844
700 ICN Pharmaceuticals, Inc. 31,981
1,200 Ivax Corporation + 11,100
900 Mckesson Corporation 73,125
1,200 Mylan Labs, Inc. 36,075
600 Novacare, Inc. + 7,050
900 Omnicare, Inc. 34,312
800 Oxford Health Plans, Inc. + 12,250
400 Pacific Health Systems, Inc. + 35,350
800 Perrigo Company + 8,050
800 Quintiles TransNational
Corporation + 39,350
800 Quorum Health Group, Inc. + 21,200
200 Scherer (R.P.) Corporation + 17,725
1,000 Stryker Corporation 38,375
1,000 Sybron International Corporation + 25,250
800 Total Renal Care Holdings, Inc. + 27,600
900 Watson Pharmaceuticals, Inc. + 42,019
------------
793,969
------------
<CAPTION>
Electrical Equipment -- 1.4%
<S> <C> <C>
1,000 American Power Conversion
Corporation + 30,000
300 AMETEK, Inc. 8,794
1,000 Arrow Electrs, Inc. + 21,750
1,000 Atmel Corporation + 13,625
600 Dentsply International, Inc. 15,000
700 Hubbell, Inc. 29,137
300 Magnetek, Inc. + 4,725
500 Ucar International, Inc. + 14,594
------------
137,625
------------
<CAPTION>
Electronics -- 5.0%
<S> <C> <C>
1,300 ADC Telecommunications, Inc. + 47,491
900 Altera Corporation + 26,606
1,600 Analog Devices, Inc. + 39,300
400 Avnet, Inc. 21,875
700 Cirrus Logic, Inc. + 7,788
900 Cypress Semiconductor
Corporation + 7,481
800 Integrated Device Technology, Inc. + 5,725
700 Lexmark International Group, Inc. + 42,700
800 Linear Technology Corporation 48,250
1,300 Maxim Integrated Products, Inc. + 41,194
1,600 Molex, Inc. 40,000
700 Qualcomm, Inc. + 39,331
600 SCI Systems, Inc. + 22,575
800 Sensormatic Electronics Corporation 11,200
100 Sequa Corporation + 6,675
400 Teleflex, Inc. 15,200
900 Teradyne, Inc. + 24,075
300 Varian Associates, Inc. 11,700
735 Vishay Intertechnology, Inc. 13,184
800 Xilinx, Inc. + 27,200
------------
499,550
------------
<CAPTION>
Financial Services -- 3.4%
<S> <C> <C>
600 American Financial Group, Inc. 25,987
625 Associated Banc Corporation 23,516
1,000 Edwards (A.G.), Inc. 42,687
600 Finova Group, Inc. 33,975
1,400 Paine Webber Group, Inc. 60,025
1,200 Price T Rowe & Associates, Inc. 45,075
1,500 Regions Financial Corporation 61,594
900 Reliastar Financial Corporation 43,200
------------
336,059
------------
<CAPTION>
Food & Beverages -- 4.9%
<S> <C> <C>
400 Bob Evans Farms, Inc. 8,475
3,900 Coca Cola Enterprises, Inc. 153,075
400 Dean Foods Company 21,975
600 Dole Food,Inc. 29,812
300 Dreyers Grand Ice Cream, Inc. 6,038
900 Flowers Industries, Inc. 18,394
800 Hormel Foods Corporation 27,650
900 IBP, Inc. 16,312
200 International Multifoods
Corporation 5,500
700 Interstate Bakeries Corporation 23,231
300 Lance, Inc. 6,713
800 Mccormick & Company, Inc. 28,575
500 Outback Steakhouse, Inc. + 19,500
300 Smucker (J.M.) Company 7,444
2,400 Tyson Foods, Inc. 52,050
500 United States Foodservice + 17,531
600 Universal Foods Corporation 13,313
400 Vlasic Foods International, Inc. + 8,050
1,000 Whitman Corporation 22,937
------------
486,575
------------
<CAPTION>
Forest Products -- 0.2%
<S> <C> <C>
900 Georgia Pacific Corporation 20,756
------------
<CAPTION>
Gas & Pipeline Utilities -- 1.8%
<S> <C> <C>
600 AGL Resources, Inc. 11,925
800 American Water Works, Inc. 24,800
1,200 El Paso Natural Gas Company 45,900
200 Indiana Energy, Inc. 5,975
500 KN Energy, Inc. 27,099
800 MCN Corporation Holding
Company 19,900
400 National Fuel Gas Company 17,425
800 Questar Corporation 15,700
400 Washington Gas Light Company 10,700
------------
179,424
------------
<CAPTION>
Hotels & Restaurants -- 0.9%
<S> <C> <C>
700 Brinker International, Inc. + 13,475
500 Buffets, Inc. + 7,844
600 Cracker Barrel Old Country Store 19,050
400 Lone Star Steakhouse & Saloon + 5,525
900 Promus Hotel Corporation + 34,650
200 Sbarro, Inc. 5,425
------------
85,969
------------
<CAPTION>
Household Appliances & Home
Furnishings -- 0.9%
<S> <C> <C>
1,000 Best Buy Company, Inc. + 36,125
2,000 Leggett & Platt, Inc. 50,000
------------
86,125
------------
<CAPTION>
Household Products -- 0.8%
<S> <C> <C>
200 Church & Dwight, Inc. 6,475
1,000 Dial Corporation 25,938
700 Hillenbrand Industries, Inc. 42,000
------------
74,413
------------
<CAPTION>
Industrial Machinery -- 2.4%
<S> <C> <C>
1,800 AES Corporation + 94,612
700 Airgas, Inc. + 10,063
500 Donaldson Company, Inc. 11,812
300 Kaydon Corporation 10,594
300 Kennametal, Inc. 12,525
200 Nordson Corporation 9,400
300 Stewart & Stevenson Services, Inc. 5,400
200 Tecumseh Products Company,
Class A 10,562
1,642 United States Filter Corporation + 46,079
300 Watts Industries, Inc. 6,263
400 York International Corporation 17,425
------------
234,735
------------
<CAPTION>
Insurance -- 3.2%
<S> <C> <C>
2,800 Aflac, Inc. 84,875
700 Ambac Financial Group, Inc. 40,950
1,200 Foundation Health Systems, Inc. + 31,650
300 HSB Group, Inc. 16,050
1,350 Old Republic International
Corporation 39,572
300 PMI Group, Inc. 22,012
1,400 Provident Cos, Inc. 48,300
400 Transatlantic Holdings, Inc. 30,925
------------
314,334
------------
<CAPTION>
Leisure Time -- 0.6%
<S> <C> <C>
800 Callaway Golf Company 15,750
1,000 Circus Circus Enterprises, Inc. + 16,938
1,200 International Game Technology 29,100
------------
61,788
------------
<CAPTION>
Medical Instruments -- 0.2%
<S> <C> <C>
300 Beckman Coulter, Inc. 17,475
33 Sonosight, Inc. + 241
------------
17,716
------------
<CAPTION>
Medical Services -- 0.5%
<S> <C> <C>
1,100 Beverly Enterprises, Inc. + 15,194
400 Concentra Managed Care, Inc. + 10,400
600 First Health Group Corporation + 17,100
700 PSS World Medical, Inc. + 10,237
------------
52,931
------------
<CAPTION>
Mining -- 0.1%
<S> <C> <C>
200 Brush Wellman, Inc. 4,113
200 Calmat Company 4,400
100 Cleveland Cliffs, Inc. 5,362
------------
13,875
------------
<CAPTION>
Miscellaneous -- 0.1%
<S> <C> <C>
300 Rollins, Inc. 6,150
10 School Specialty, Inc. + 164
------------
6,314
------------
<CAPTION>
Mobile Homes -- 0.2%
<S> <C> <C>
1,200 Clayton Homes, Inc. 22,800
------------
<CAPTION>
Newspapers -- 0.9%
<S> <C> <C>
500 Lee Enterprises, Inc. 15,313
300 Media General, Inc. 14,625
100 Washington Post Company 57,600
------------
87,538
------------
<CAPTION>
Office Furnishings & Supplies -- 1.3%
<S> <C> <C>
600 Hon Industries, Inc. 20,400
1,000 Miller Herman, Inc. 24,312
1,300 Office Max, Inc. + 21,450
800 Reynolds & Reynolds Company 14,550
300 Standard Register 10,613
225 United States Office Products
Company + 4,388
900 Viking Office Products, Inc. + 28,237
400 Wallace Computer Series, Inc. 9,500
------------
133,450
------------
<CAPTION>
Oil & Gas -- 4.8%
<S> <C> <C>
800 BJ Services Company + 23,250
400 Camco International, Inc. 31,150
1,500 ENSCO International, Inc. 26,062
975 EVI Weatherford, Inc. + 36,197
400 Flowserve Corporation 9,850
1,800 Global Marine, Inc. + 33,637
800 Lyondell Petrochemical Company 24,350
1,600 Marketspan Corporation + 47,900
1,000 Nabors Industries, Inc. + 19,813
1,300 Noble Drilling Corporation + 31,281
988 Ocean Energy, Inc. + 19,328
800 Parker Drilling Company + 5,650
1,000 Pioneer Natural Resources Company 23,875
1,300 Ranger Oil Ltd. 9,506
600 Seagull Energy Corporation + 9,938
500 Smith International, Inc. + 17,406
1,600 Tosco Corporation 47,000
1,000 Transocean Offshore, Inc. 44,500
700 Varco International, Inc. + 13,869
------------
474,562
------------
<CAPTION>
Paper -- 1.4%
<S> <C> <C>
400 Bowater, Inc. 18,900
200 Chesapeake Corporation 7,787
1,000 Consolidated Papers, Inc. 27,250
400 Glatfelter (P.H.) Company 6,325
500 Longview Fibre Company 7,125
400 Pentair, Inc. 17,000
1,100 Sonoco Products Company 33,275
700 Unisource Worldwide, Inc. 7,569
600 Wausau Mosinee Paper
Corporation 13,725
------------
138,956
------------
<CAPTION>
Pollution Control -- 1.1%
<S> <C> <C>
2,200 USA Waste Services, Inc. + 108,625
------------
<CAPTION>
Publishing -- 0.2%
300 Houghton Mifflin Company 9,525
200 Scholastic Corporation + 7,975
------------
17,500
------------
<CAPTION>
Railroads & Equipment -- 1.0%
<S> <C> <C>
400 GATX Corporation 17,550
1,100 Kansas City Southern Industries,
Inc. 54,587
400 Trinity Industries, Inc. 16,600
500 Wisconsin Central Transportation
Corporation + 10,938
------------
99,675
------------
<CAPTION>
Retail -- 7.4%
<S> <C> <C>
700 Barnes & Noble, Inc. + 26,206
700 Bed Bath & Beyond, Inc. + 36,269
400 BJs Wholesale Club, Inc. + 16,250
800 Borders Group, Inc. + 29,600
500 Claire S Stores, Inc. 10,250
900 CompUSA, Inc. + 16,256
1,500 Dollar General Corporation 59,344
200 Enesco Group, Inc. 6,150
1,800 Family Dollar Stores, Inc. 33,300
500 Fingerhut Companies, Inc. 16,500
400 Hannaford Brothers Company 17,600
600 Heilig Meyers Company 7,388
1,600 Kohls Corporation + 83,000
300 Lands End, Inc. + 9,487
1,500 Meyer Fred, Inc. + 63,750
400 Micro Warehouse, Inc. + 6,200
400 Nine West Group, Inc. + 10,725
1,600 Office Depot, Inc. + 50,500
400 Payless Shoesource, Inc. + 29,475
900 Proffitts, Inc. + 36,337
500 Ruddick Corporation 9,062
600 Saks Holdings, Inc. + 16,575
2,500 Staples, Inc. + 72,344
900 Starbucks Corporation + 48,094
400 Tiffany & Company 19,200
------------
729,862
------------
<CAPTION>
Savings & Loan -- 0.6%
<S> <C> <C>
1,200 Dime Bancorp, Inc. 35,925
900 TCF Financial Corporation 26,550
------------
62,475
------------
<CAPTION>
Shipbuilding -- 0.1%
<S> <C> <C>
400 Newport News Shipbuilding,
Inc. 10,700
------------
<CAPTION>
Steel -- 0.6%
<S> <C> <C>
1,000 AK Steel Holding Corporation 17,875
200 Carpenter Technology Corporation 10,050
500 Inland Steel Industries, Inc. 14,099
300 Oregon Steel Mills, Inc. 5,587
200 Precision Castparts Corporation 10,675
------------
58,286
------------
<CAPTION>
Telecommunications -- 1.8%
<S> <C> <C>
400 Aliant Communications, Inc. 10,975
900 Century Telephone Enterprises 41,287
1,400 Cincinnati Bell, Inc. 40,075
400 Comverse Technology, Inc. + 20,750
700 Southern N E Telecomm
Corporation 45,850
600 Telephone & Data Systems, Inc. 23,625
------------
182,562
------------
<CAPTION>
Tires & Rubber -- 0.4%
<S> <C> <C>
200 Bandag, Inc. 7,800
300 Carlisle Companies, Inc. 12,919
400 Lancaster Colony Corporation 15,150
------------
35,869
------------
<CAPTION>
Tobacco -- 0.2%
<S> <C> <C>
400 Universal Corporation 14,950
------------
<CAPTION>
Trucking & Freight Forwarding -- 1.2%
<S> <C> <C>
600 Airbourne Freight Corporation 20,962
500 Alexander & Baldwin, Inc. 14,563
300 Arnold Industries, Inc. 4,425
500 CNF Transportation, Inc. 21,250
400 Hunt (J.B.) Transport Services,
Inc. 14,250
400 Overseas Shipholding Group, Inc. 8,150
400 Pittston Brinks Group 14,750
600 Tidewater, Inc. 19,800
------------
118,150
------------
<CAPTION>
Utilities -- 8.1%
<S> <C> <C>
1,200 Allegheny Energy, Inc. 36,150
150 Black Hills Corporation 3,450
700 Calenergy, Inc. + 21,044
300 Central Maine Power Company 5,850
200 Cleco Corporation 5,950
1,000 CMS Energy Corporation 44,000
975 Conectiv, Inc. 19,988
700 Energy East Corporation 29,137
1,000 Florida Progress Corporation 41,125
300 Hawaiian Electric Industries, Inc. 11,906
400 Idaho Power Company 13,850
700 Illinova Corporation 21,000
800 Interstate Energy Corporation 26,000
500 IPALCO Enterprises 22,219
600 Kansas City Power & Light
Company 17,400
1,300 LG & E Energy Corporation 35,181
1,000 Midamerican Energy Holdings
Company 21,625
300 Minnesota Power & Light Company 11,925
600 Montana Power Company 20,850
500 Nevada Power Company 12,875
1,100 New Century Energies, Inc. 49,981
700 New England Electric Systems 30,275
1,200 Nipsco Industries, Inc. 33,600
1,300 Northeast Utilities 22,019
800 OGE Energy Corporation 21,600
900 Pinnacle West Capital Corporation 40,500
1,200 Potomac Electric Power Company 30,075
400 Public Service Company Nm 9,075
900 Puget Sound Energy, Inc. 24,131
1,100 Scana Corporation 32,794
1,300 Teco Energy, Inc. 34,856
500 Utilicorp United, Inc. 18,844
1,100 Wisconsin Energy Corporation 33,412
------------
802,687
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $9,530,252) 9,842,955
------------
<CAPTION>
OTHER INVESTMENTS**
<S> <C> <C>
(Cost $2,597,312) 26.2% 2,597,312
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $9,530,252*) 99.1% 9,842,955
OTHER ASSETS AND
LIABILITIES (Net) (25.3) (2,511,440)
----- ------------
NET ASSETS 100.0% $ 9,928,827
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
** As of June 30, 1998, the market value of the securities on loan is
$2,489,650. Collateral received for securities loaned of $2,597,312 is
invested in Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
See Notes to Financial Statements
</TABLE>
<PAGE>
Munder Institutional Funds
Statements of Assets and Liabilities, June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Institutional Institutional
S&P 500 S&P MidCap
Index Equity Index Equity
Fund Fund
------------- -------------
<S> <C> <C>
ASSETS:
Investments, at value See accompanying schedule:
Securities ................................. $62,840,741 $12,440,267
Repurchase agreement ....................... 492,000 --
----------- -----------
Total investments ............................... 63,332,741 12,440,267
Cash ............................................ 20,631 --
Receivable for investments sold ................. 61,371 193,544
Receivable for Fund shares sold ................. 2,557 --
Dividends receivable ............................ 63,295 6,428
Interest receivable ............................. 79 --
Receivable from investment advisor .............. 11,409 8,158
Unamortized organization costs .................. 7,515 2,963
Prepaid expenses and other assets ............... 441 204
----------- -----------
Total Assets ............................... 63,500,039 12,651,564
----------- -----------
LIABILITIES:
Due to custodian ................................ -- 20,331
Custodian fees payable .......................... 3,458 6,955
Variation margin ................................ 4,250 --
Payable for investment securities purchased ..... 195,228 97,116
Payable upon return of securities loaned ........ -- 2,597,312
Administration fee payable ...................... 872 136
Transfer agent fee payable ...................... 4,392 --
Accrued Director's fees and expenses ............ 414 37
Accrued expenses and other payables ............. -- 850
----------- -----------
Total Liabilities .......................... 208,614 2,722,737
----------- -----------
NET ASSETS ...................................... $63,291,425 $ 9,928,827
=========== ===========
Investments at cost ............................. $54,213,593 $ 9,530,252
=========== ===========
NET ASSETS consist of:
Undistributed net investment income ............. 19,077 864
Accumulated net realized gain on investments sold
and futures contracts ....................... 838,428 115,250
Net unrealized appreciation of investments and
futures contracts ........................... 9,130,805 312,703
Par value ....................................... 5,421 950
Paid-in capital in excess of par value .......... 53,297,694 9,499,060
----------- -----------
Total Net Assets ........................... $63,291,425 $ 9,928,827
=========== ===========
SHARES OUTSTANDING .............................. 5,421,347 950,001
=========== ===========
NET ASSET VALUE offering and redemption price
per share ................................... $ 11.67 $ 10.45
=========== ===========
<FN>
See Notes to Financial Statements
</TABLE>
<PAGE>
Munder Institutional Funds
Statements of Operations, Periods Ended June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Institutional Institutional
S&P 500 S&P MidCap
Index Equity Index Equity
Fund Fund (a)
------------- -------------
<S> <C> <C>
INVESTMENT INCOME:
Interest ...................................... $ 17,897 $ 482
Dividends (b) ................................. 456,869 42,346
------------ ------------
Total investment income .................. 474,766 42,828
------------ ------------
EXPENSES:
Custodian fees ................................ 42,297 22,687
Investment advisory fee ....................... 21,691 5,638
Legal and audit fees .......................... 18,649 818
Administration fee ............................ 5,157 624
Transfer agent fee ............................ 2,792 2,166
Directors' fees and expenses .................. 1,442 157
Amortization of organizational costs .......... 859 178
Registration and filing fees .................. 531 327
Other ......................................... 2,543 665
------------ ------------
Total Expenses ........................... 95,961 33,260
------------ ------------
Fees waived and expenses reimbursed by
investment advisor .......................... (68,057) (25,591)
Net Expenses ............................. 27,904 7,669
------------ ------------
NET INVESTMENT INCOME ......................... 446,862 35,159
------------ ------------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS:
Net realized gain from:
Security transactions .................... 734,291 115,250
Futures contracts ........................ 138,855 --
Net change in unrealized appreciation/
(depreciation) of:
Securities ............................... 8,812,289 312,703
Futures contracts ........................ (20,903) --
------------ ------------
Net realized and unrealized gain on
investments.................................. 9,664,532 427,953
------------ ------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS .................................... $ 10,111,394 $ 463,112
============ ============
<FN>
- ---------
(a) The Institutional S&P MidCap Index Equity Fund commenced operations on
February 12, 1998.
(b) Net of foreign withholding taxes of $2,965 and $54 for Institutional
S&P 500 Index Equity Fund and Institutional S&P MidCap Index
Equity Fund, respectively.
See Notes to Financial Statements
</TABLE>
<PAGE>
Munder Institutional Funds
Statements of Changes in Net Assets, Periods Ended June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Institutional Institutional
S&P 500 S&P MidCap
Index Equity Index Equity
Fund Fund (a)
------------- -------------
<S> <C> <C>
Net investment income .................................... $ 446,862 $ 35,159
Net realized gain on investments sold
and futures contracts during the year ............... 873,146 115,250
Net change in unrealized appreciation of investments
and future contracts during the period .............. 8,791,386 312,703
------------ ------------
Net increase in net assets resulting from
operations ............................................. 10,111,394 463,112
Distributions to shareholders from net
nvestment income ....................................... (429,139) (34,295)
Net increase/(decrease) in net assets from Fund
share transactions ..................................... (10,389,806) 9,500,010
------------ ------------
Net increase/(decrease) in net assets .................... (707,551) 9,928,827
NET ASSETS:
Beginning of year ........................................ 63,998,976 --
------------ ------------
End of period ............................................ $ 63,291,425 $ 9,928,827
============ ============
<FN>
- ---------
(a) The Institutional S&P MidCap Index Equity Fund commenced operations on
February 12, 1998.
See Notes to Financial Statements
</TABLE>
<PAGE>
Munder Institutional Funds
Statement of Changes in Net Assets, Period Ended December 31, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Institutional
S&P 500
Index Equity
Fund (a)
-------------
<S> <C>
Net investment income ......................... $ 178,575
Net realized loss on investments sold
and futures contracts during the year ..... (34,718)
Net change in unrealized appreciation of
investments and future contracts during
the period ................................ 339,419
------------
Net increase in net assets resulting from
operations ................................ 483,276
Distributions to shareholders from net
investment income ......................... (178,471)
Net increase in net assets from Fund share
transactions .............................. 63,694,171
------------
Net increase in net assets .................... 63,998,976
NET ASSETS:
Beginning of period ........................... --
------------
End of period ................................. $ 63,998,976
============
<FN>
- ---------
(a) The Institutional S&P 500 Index Equity Fund commenced operations on
October 14, 1997.
See Notes to Financial Statements
</TABLE>
<PAGE>
Munder Institutional S&P 500 Index Equity Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period
Ended Period
6/30/98 Ended
(Unaudited) 12/31/97
----------- --------
<S> <C> <C>
Net asset value, beginning of period .............. $ 10.00 $ 10.00
------- -------
Income from investment operations:
Net investment income ............................. 0.08 0.04
Net realized and unrealized gain on investments ... 1.67 0.00(d)
------- -------
Total from investment operations .................. 1.75 0.04
------- -------
Less distributions:
Distributions from net investment income .......... (0.08) (0.04)
------- -------
Total distributions ............................... (0.08) (0.04)
------- -------
Net asset value, end of period .................... $ 11.67 $ 10.00
======= =======
Total return (b) .................................. 17.50% 0.39%
======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) .............. $63,291 $63,999
Ratio of operating expenses to average net
assets ......................................... 0.09%(c) 0.09%(c)
Ratio of net investment income to average
net assets ..................................... 1.44%(c) 1.76%(c)
Ratio of operating expenses to average net assets
without expenses reimbursed .................... 0.31%(c) 0.61%(c)
Portfolio turnover ................................ 1.04% 0.08%
</FN>
- ---------
(a) The 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) 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>
<PAGE>
Munder Institutional S&P MidCap Index Equity Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Period
Ended
6/30/98
(Unaudited)
-----------
<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 ......... 0.45
------
Total from investment operations ........................ 0.49
------
Less distributions:
Distributions from net investment income ................ (0.04)
------
Total distributions ..................................... (0.04)
------
Net asset value, end of period .......................... $10.45
======
Total return (b) ........................................ 4.86%
======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) .................... $9,929
Ratio of operating expenses to average net assets ....... 0.18%(c)
Ratio of net investment income to average net assets .... 0.83%(c)
Ratio of operating expenses to average net assets
without expenses reimbursed .......................... 0.78%(c)
Portfolio turnover ...................................... 8.62%
<FN>
- ---------
(a) The Institutional MidCap Index Equity Fund commenced operations on
February 12, 1998.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
See Notes to Financial Statements
</TABLE>
<PAGE>
The Munder Institutional Funds
Notes To Financial Statements, June 30, 1998 (Unaudited)
- ------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
The Munder Institutional S&P 500 Index Equity Fund and the Munder
Institutional S&P MidCap 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 MidCap Index Equity Fund
commenced operations on February 12, 1998.
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.
Options: The Funds may write put or call options on securities they
own or have the right to acquire, and may purchase call or put options
written by others. Options may relate to individual securities, stock
indices, foreign currencies or futures contracts. The purchase of any of
these instruments can result in the loss on the investment in that
particular instrument or, in the case of writing covered options, can
limit the opportunity to earn a profit on the underlying security. The
risk associated with purchasing an option is that the Fund pays a premium
whether or not the option is exercised. Additionally, the Fund bears the
risk of loss of premium and change in market value should the counterparty
not perform under the contract.
When a Fund purchases an option, the premium paid by the Fund is
recorded as an asset. When a Fund writes an option, an amount equal to the
premium received is recorded as a liability. The amount of this asset or
liability is adjusted daily to reflect the current market value of the
option. If an option purchased by the Fund expires unexercised, the Fund
realizes a loss equal to the premium paid. If the Fund enters into a
closing sale transaction on an option purchased by it, the Fund will
recognize a gain if the premium received by the Fund on the closing
transaction exceeds the premium paid to purchase the option. When an
option written by the Fund expires on its stipulated expiration date, the
Fund realizes a gain equal to the net premium received for the option.
When the Fund enters into a closing purchase transaction on an option
<PAGE>
The Munder Institutional Funds
Notes To Financial Statements, June 30, 1998 (Unaudited)
(Continued)
- ------------------------------------------------------------------------------
written by it, the Fund realizes a gain or loss equal to the difference
between the cost of a closing purchase transaction and the premium
received when the call was written. If a written call option is exercised,
the premium is added to the proceeds from the sale of the underlying
security in determining whether the Fund has realized a gain or loss. If a
written put option is exercised, the premium reduces the cost basis of the
security purchased by the Fund.
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.
Loans of Portfolio Securities: Each of the Funds may lend portfolio
securities, up to 25% of the value of a Fund's total assets. Each loan is
secured by collateral adjusted daily to have a market value at least equal
to the current market value of the securities loaned. These loans are
terminable at any time and the Funds will receive any interest or
dividends paid on the loaned securities. A Fund may share with the
borrower some of the income received on the collateral for the loan or the
Fund will be paid a premium for the loan. If the borrower defaults and the
value of the portfolio securities increases in excess of the collateral
received or if bankruptcy proceedings commence with respect to the
borrower of the security, realization of the value of the securities
loaned may be delayed or limited.
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 Munder Institutional S&P 500 Index Equity
Fund intends to continue to qualify, and the Munder Institutional S&P
MidCap Index Equity Fund intends 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, Custodian, and Other Related Party Transactions
Munder Capital Management (the "Advisor") serves as the Funds'
investment advisor. For its advisory services to the Munder Institutional
S&P 500 Index Equity 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. For its advisory services to
the Munder Institutional S&P MidCap 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.
<PAGE>
The Munder Institutional Funds
Notes To Financial Statements, June 30, 1998 (Unaudited)
(Continued)
- ------------------------------------------------------------------------------
Effective July 2, 1998 Comerica Bank ("Comerica") acquired an
additional interest in the Advisor whereby it now owns approximately 88%
of the Advisor. The Funds have received an order from the Securities and
Exchange Commission allowing the Funds to escrow advisory fees payable to
the Advisor until a shareholder vote for the consideration of new advisory
contracts can be taken. This vote is expected to occur in November 1998.
The Advisor voluntarily waived fees and reimbursed certain expenses,
payable by the Funds, for the period ended June 30, 1998, as follows:
<TABLE>
<CAPTION>
Expenses
Fees Waived Reimbursed
----------- ----------
<S> <C> <C>
Munder Institutional
S&P 500 Index Equity Fund $ 21,691 $ 46,366
Munder Institutional S&P MidCap
Index Equity Fund 5,638 19,953
</TABLE>
Comerica provides certain custodian and shareholder services to the
Funds. As compensation for the shareholder services provided to the Funds
Comerica receives a fee of 0.01% of the aggregate average daily net assets
of the Funds beneficially owned by Comerica and its customers. Comerica
earned $3,398 for its services to the Funds for the period ended June 30,
1998.
Each Director of the Company is paid an aggregate fee, consisting of
a $30,000 annual retainer, for services in such capacity plus $2,500 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, or Comerica received any
compensation from the Company.
3. Securities Transactions
For the period ended June 30, 1998, 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 $ 1,478,398 $11,097,919
Munder Institutional S&P MidCap
Index Equity Fund 10,158,495 743,493
</TABLE>
For the period ended June 30, 1998, the Munder Institutional S&P 500
Index Equity Fund had proceeds from sales of U.S. Government securities of
$156,514.
At June 30, 1998, the aggregate gross unrealized appreciation for
all securities for which there was an excess of value over tax cost was
$10,758,866 and $906,307 for the Munder Institutional S&P 500 Index Equity
Fund and the Munder Institutional S&P MidCap 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
$1,639,737 and $593,595 for the Munder Institutional S&P 500 Index Equity
Fund and the Munder Institutional S&P MidCap Index Equity Fund,
respectively.
4. Common Stock
At June 30, 1998, 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 Period Ended
6/30/98 12/31/97
-------------------------- -----------------------
Shares Amount Shares Amount
------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold ................................ 36,931 $ 429,387 6,397,926 $63,674,977
Issued as reinvestment of dividends.. -- -- 1,919 19,194
Redeemed ............................ (1,015,429) (10,819,193) -- --
---------- ------------ --------- -----------
Net increase ........................ (978,498) $(10,389,806) 6,399,845 $63,694,171
========== ============ ========= ===========
</TABLE>
<PAGE>
The Munder Institutional Funds
Notes To Financial Statements, June 30, 1998 (Unaudited)
(Continued)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Munder Institutional S&P MidCap Index Equity Fund
Period Ended
6/30/98
-------------------
Shares Amount
------ ------
<S> <C> <C>
Sold ..................................... 950,001 $9,500,010
Issued as reinvestment of dividends ...... -- --
Redeemed ................................. -- --
---------- ----------
Net increase ............................. 950,001 $9,500,010
========== ==========
</TABLE>
5. Organization Costs
Expenses incurred in connection with the organization of the Funds,
including the fees and expenses of registering and qualifying the Funds'
shares for distribution under Federal securities regulations, have been
capitalized and are being amortized on a straight-line basis over a period of
5 years from commencement of operations.
<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
Lee Munder
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
Lisa Anne Rosen, Secretary and Assistant Treasurer
Therese Hogan, 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)
SANNINST98
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
