(OUTSIDE FRONT COVER)
Semi-Annual Report
LIQUIDITY PLUS MONEY MARKET FUND*
JUNE 30, 1999
(INSIDE FRONT COVER)
Letter to shareholders
DEAR SHAREHOLDERS:
On the following pages you will find the most recent
financial information for The St. Clair Liquidity Plus Fund. I hope you are
pleased with the performance and operations of your fund during this year.
Our goal with this Fund is to provide shareholders with a
competitive money market return consistent with maintaining stability of
principal. I am pleased to report that the fund continues to meet its goals.
Given the historically low spreads in yields we have chosen to keep the
portfolio fairly short in order to position the Fund to capitalize on a
broadening out of the market if and when it occurs. As you are no doubt
aware, that broadening out occurred early this year, and in fact we have seen
one increase by the Federal Reserve in short term rates so far this year. As
a result, we have lengthened the average maturity of the Fund from 39 days at
June 1998 and at December 1998 to 48 days as of June 30, 1999. In the
meantime, the fund continues to provide a competitive yield to investors.
If you have any questions, please call the Fund at
1-800-4MUNDER, or call your financial advisor. You may also contact us
through our website at http://www.munder.com. Thank you very much for your
continued confidence in the Munder Funds. We value the opportunity to work
with you towards meeting your investment objectives.
Very truly yours,
/s/ Lee Munder
Lee Munder President
Liquidity Plus Money Market Fund
Portfolio of Investments, June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------
Rating
Principal ----------------------
Amount S&P Moody's Value
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CERTIFICATE OF DEPOSIT -- 10.4%
$5,000,000 Bank of Nova Scotia
4.850% due 08/09/1999** A1/A+ P1/Aa3 $ 5,000,000
3,000,000 Barclays Bank Plc
5.610% due 06/14/2000 A1+/AA P1/Aa2 2,998,900
3,000,000 Deutsche Bank AG
5.150% due 03/17/2000** A1+/AA P1/Aa1 3,000,000
---------------
TOTAL CERTIFICATE OF DEPOSIT
(Cost $10,998,900) 10,998,900
---------------
COMMERCIAL PAPER -- 61.2%
3,000,000 American Honda Finance Corporation
4.920% due 08/10/1999 A1/A P1/A2 2,983,600
4,000,000 Assets Securitization Cooperative Corporation
4.940% due 08/16/1999 A1+/NR P1/NR 3,974,751
3,000,000 Beta Finance, Inc.
5.170% due 03/03/2000** A1+/AAA P1/NR 2,894,015
3,000,000 Canadian Wheat Board
4.770% due 09/22/1999** A1+/AA+ P1/Aa2 2,967,008
3,000,000 Caterpillar Financial Services
4.920% due 09/02/1999** A1/A+ P1/A2 2,974,170
4,000,000 Centric Capital Corporation
5.030% due 07/15/1999** A1+/NR P1/NR 3,992,176
3,000,000 Ciesco L P
4.800% due 07/16/1999** A1+/AAA P1/NR 2,994,000
3,000,000 Corporate Receivables Corporation
4.810% due 08/06/1999** A1+/NR P1/NR 2,985,570
3,000,000 CXC, Inc.
4.880% due 07/15/1999** A1+/NR P1/NR 2,994,307
5,000,000 Enterprise Funding Corporation
4.810% due 07/12/1999** A1+/NR P1/NR 4,992,651
3,000,000 Falcon Asset Securitization
4.810% due 07/13/1999** A1/NR P1/NR 2,995,190
3,000,000 Finova Capital Corporation
4.940% due 08/27/1999**, ++ A2/A- P2/Baa1 2,976,535
5,000,000 Ford Motor Credit Company
4.790% due 07/09/1999** A1/A P1/A1 4,994,678
5,000,000 Golden Funding Corporation
5.150% due 09/13/1999**, ++ A1+/NR NR/NR 4,947,069
3,000,000 Koch Industries, Inc.
5.520% due 07/01/1999 A1+/AA+ P1/NR 3,000,000
3,000,000 Moat Funding LLC
4.860% due 07/01/1999**, ++ NR/NR P1/NR 3,000,000
3,000,000 Monte Rosa Capital Corporation
4.930% due 07/16/1999** A1+/NR P1/NR 2,993,837
3,000,000 National Rural Utilities Cooperative
Finance Corporation
4.840% due 08/26/1999** A1+/AA- P1/A1 2,977,413
3,000,000 Transamerica Finance Corporation
4.800% due 07/13/1999** A1/A P1/A2 2,995,200
---------------
TOTAL COMMERCIAL PAPER
(Cost $64,632,170) 64,632,170
---------------
<CAPTION>
CORPORATE BONDS AND NOTES -- 2.8%
(Cost $2,998,169)
3,000,000 GTE Corporation
5.135% due 06/12/2000, + A1/A P1/Baa1 2,998,169
---------------
REPURCHASE AGREEMENTS -- 24.3%
23,671,387 Agreement with Lehman Brothers Holdings Inc., 4.80%
dated 06/30/1999, to be repurchased at $23,674,543 on
07/01/1999, collateralized by $18,435,000 U.S. Treasury
Bond, 8.875%, maturing 02/15/2019
(value $24,137,819) 23,671,387
2,000,000 Agreement with State Street Bank and Trust Company,
4.750% dated 06/30/1999, to be repurchased at $2,000,264
on 07/01/1999, collateralized by $1,740,000 U.S. Treasury
Bond, 10.75%, maturing 05/15/2003 (value $2,044,500) 2,000,000
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $25,671,387) 25,671,387
---------------
TOTAL INVESTMENTS (Cost $104,300,626*) 98.7% 104,300,626
OTHER ASSETS AND LIABILITIES (Net) 1.3 1,385,664
--------- ---------------
NET ASSETS 100.0% $ 105,686,290
========= ===============
<FN>
- --------------------
* Aggregate cost for Federal tax purposes.
** Rate represents annualized yield at date of purchase.
+ Variable rate.
++ These securities have either a F1 rating by Fitch or a D1 rating by
Duff & Phelps, or both and they are defined as eligible securities
under Rule 2a-7.
</TABLE>
See Notes to Financial Statements.
Liquidity Plus Money Market Fund
Statement of Assets and Liabilities, June 30, 1999 (Unaudited)
ASSETS:
Investments, at value (Cost $ 104,300,626)
See accompanying schedule:
Securities.......................................... $ 78,629,239
Repurchase agreements............................... 25,671,387
------------
Total investments.......................................... 104,300,626
Receivable for Fund shares sold............................ 1,343,385
Interest receivable........................................ 100,445
Unamortized organization costs............................. 10,391
Prepaid expenses........................................... 12,347
------------
Total Assets........................................... 105,767,194
------------
LIABILITIES:
Distribution and shareholder servicing fees payable........ 29,213
Investment advisory fee payable............................ 29,201
Administration fee payable................................. 8,985
Custodian fees payable..................................... 8,600
Accrued Directors' fees and expenses....................... 675
Accrued expenses and other payables........................ 4,230
------------
Total Liabilities...................................... 80,904
------------
NET ASSETS................................................. $105,686,290
============
NET ASSETS consist of:
Accumulated net realized loss on investments sold.......... (123)
Par value.................................................. 105,686
Paid-in capital in excess of par value..................... 105,580,727
------------
Total Net Assets....................................... $105,686,290
============
NET ASSET VALUE, offering and redemption price per share
($105,686,290 / 105,686,413 shares outstanding)........ $ 1.00
============
See Notes to Financial Statements.
Liquidity Plus Money Market Fund
Statement of Operations, Period Ended June 30, 1999 (Unaudited)
INVESTMENT INCOME:
Interest........................................... $ 2,155,691
---------------
Total investment income........................ 2,155,691
---------------
EXPENSES:
Legal and audit fees............................... 8,646
Amortization of organizational costs............... 1,594
Investment advisory fee............................ 152,270
Distribution and shareholder servicing fees........ 152,270
Administration fee................................. 46,285
Transfer agent fee................................. 10,305
Custodian fees..................................... 13,147
Directors' fees and expenses....................... 1,792
Registration and filing fees....................... 10,291
Other.............................................. 7,731
---------------
Total Expenses................................. 404,331
---------------
NET INVESTMENT INCOME.............................. 1,751,360
---------------
NET REALIZED (LOSS) ON INVESTMENTS:
Net realized loss from security transactions....... (123)
---------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS......................................... $ 1,751,237
===============
See Notes to Financial Statements.
Liquidity Plus Money Market Fund
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
Period
Ended Year
June 30, 1999 Ended
(Unaudited) December 31, 1998
----------- -----------------
<S> <C> <C>
Net investment income .................................. $ 1,751,360 $ 3,068,557
Net realized loss on investments sold .................. (123) --
------------- -------------
Net increase in net assets resulting from operations ... 1,751,237 3,068,557
Distributions to shareholders from net investment income (1,751,360) (3,068,557)
Net increase in net assets from Fund share transactions 28,721,703 20,328,993
------------- -------------
Net increase in net assets ............................. 28,721,580 20,328,993
NET ASSETS:
Beginning of period .................................... 76,964,710 56,635,717
------------- -------------
End of period .......................................... $ 105,686,290 $ 76,964,710
============= =============
</TABLE>
See Notes to Financial Statements.
Liquidity Plus Money Market Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Period
Ended Year Period
6/30/99 Ended Ended
(Unaudited) 12/31/98 12/31/97
----------- -------- --------
<S> <C> <C> <C>
Net asset value, beginning of period............................ $ 1.00 $ 1.00 $ 1.00
---------- --------- ----------
Income from investment operations:
Net investment income........................................... 0.020 0.050 0.030
---------- --------- ----------
Total from investment operations................................ 0.020 0.050 0.030
---------- --------- ----------
Less distributions:
Distributions from net investment income........................ (0.020) (0.050) (0.030)
---------- --------- ----------
Total distributions............................................. (0.020) (0.050) (0.030)
---------- --------- ----------
Net asset value, end of period.................................. $ 1.00 $ 1.00 $ 1.00
========== ========== ==========
Total return (b)................................................ 2.02% 4.68% 2.59%
=========== ========== ==========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)............................ $ 105,686 $ 76,965 $ 56,636
Ratio of operating expenses to average net assets............... 0.93% (c) 0.97% 0.86% (c)
Ratio of net investment income to average net assets............ 4.03% (c) 4.58% 4.29% (c)
Ratio of operating expenses to average net assets
without expenses reimbursed................................ 0.93% (c) 0.97% 0.86% (c)
<FN>
- ----
(a) Liquidity Plus Money Market Fund commenced operations on June 4, 1997.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
</TABLE>
See Notes to Financial Statements.
Liquidity Plus Money Market Fund
Notes To Financial Statements, June 30, 1999 (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
management investment company.
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 guidelines approved by the Board of Directors, reviews the value of the
collateral and the creditworthiness of those banks and dealers with which the
Fund enters into repurchase agreements to evaluate potential risks.
Security Transactions and Investment Income: Security transactions are
recorded on the trade date. The cost of investments sold is determined by use
of the specific identification method for both financial reporting and income
tax purposes. Interest income is recorded on the accrual basis.
Dividends and Distributions to Shareholders: Dividends from net
investment income are declared daily and paid monthly. Capital gains
distributions, if any, will be made at least annually. Distributions to
shareholders are recorded on the ex-dividend date.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments of certain expenses of the Fund. As determined at
December 31, 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.
2. Investment Advisor, Custodian, and Other Related Party Transactions
For its advisory services, Munder Capital Management (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.
Comerica Bank ("Comerica") owns approximately 88% of the Advisor.
Comerica provides certain 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 did not earn any fees for its
shareholder services to the Fund for the period ended June 30, 1999.
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 The 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 or directly to other service providers
for expenditures incurred by the Distributor or other service providers 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.
Comerica Securities and LPM Investment Services, Inc. ("LPM") are among
the Service Organizations who receive trail commissions from the Distributor.
Comerica Securities is a wholly owned subsidiary of Comerica. LPM is an
affiliate of the Advisor. For the period ended June 30, 1999, the Distributor
paid $19 and $162 to Comerica Securities and LPM, respectively, for
shareholder services provided to the Fund.
4. Common Stock
At June 30, 1999, 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:
Period Ended Year Ended
6/30/99 12/31/98
Amount Amount
----------- ------------
Sold..................................... $85,479,801 $90,654,240
Issued as reinvestment of dividends...... 1,751,296 3,307,082
Redeemed................................. (58,509,394) (73,632,329)
----------- ------------
Net increase............................. $28,721,703 $20,328,993
=========== ===========
5. Organizational Costs
Expenses incurred prior to June 30, 1998 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.
6. Year 2000
Like other mutual funds, financial institutions and business
organizations and individuals around the world, the Fund could be adversely
affected if the computer systems used by the Advisor and the Fund's other
service providers do not properly process and calculate date-related
information and data from and after January 1, 2000. The Advisor is taking
steps that it believes are reasonably designed to address year 2000
computer-related problems with respect to the computer systems that it uses
and to obtain assurances that comparable steps are being taken by the Fund's
other major service providers. Although there can be no assurances, the
Advisor believes that these steps will be sufficient to avoid any adverse
impacts on any of the Fund. Similarly, the companies and other issuers in
which the Fund invests could be adversely affected by year 2000
computer-related problems, and there can be no assurance that the steps
taken, if any, by these issuers will be sufficient to avoid an adverse impact
on the Fund.
(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 P. Munder
OFFICERS
Lee P. 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
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.
211 South Gulph Road
King of Prussia, PA 19406-3101
ADMINISTRATOR & CUSTODIAN
State Street Bank & Trust Company
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
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
(OUTSIDE BACK COVER)
ANNSTCL1298
F001cstc
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
(OUTSIDE FRONT COVER)
Semi-Annual
Report
JUNE 30, 1999
THE MUNDER INSTITUTIONAL FUNDS
Institutional S&P 500 Index Equity
Institutional S&P MidCap Index Equity
Institutional Money Market
"These funds were
created with the special
needs and benefits of
the large institutional
investor in mind."
The Munder Funds
Letter to shareholders
DEAR FELLOW SHAREHOLDER
On the following pages you will find the most recent
financial information for The Munder Institutional Funds. I hope you are
pleased with the performance and operations of the Funds.
These funds were created with the special needs and
benefits of the large institutional investor in mind. Each one of these funds
is managed in the same manner as their sister retail fund, but because of the
institutional shareholder focus, we are able to offer these funds to you with
a significantly lower expense ratio. We are pleased that you have chosen The
Munder Funds for your investment purchases.
If you have any questions, please call the Fund at
1-800-4MUNDER, or call your financial advisor. You may also contact us
through our website at http://www.munder.com. Thank you very much for your
confidence in Munder Capital Management and the Munder Family of Mutual
Funds.
Very truly yours
/s/ Lee Munder
Lee Munder, President
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, June 30, 1999 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 98.4%
Advertising -- 0.2%
900 Interpublic Group of
Companies, Inc. $ 77,963
1,100 Omnicom Group, Inc. 88,000
-------------
165,963
-------------
Aerospace -- 1.2%
6,200 Boeing Company 273,962
900 General Dynamics Corporation 61,650
2,600 Lockheed Martin Corporation 96,850
500 Northrop Grumman Corporation 33,156
2,300 Raytheon Company, Class B 161,863
3,223 United Technologies Corporation 231,063
------------
858,544
-------------
Airlines -- 0.3%
1,200 AMR Corporation + 81,900
1,000 Delta Air Lines, Inc. 57,625
2,325 Southwest Airlines Company 72,365
700 US Airways Group, Inc. + 30,494
-------------
242,384
-------------
Apparel -- 0.2%
600 Fruit Of The Loom, Inc. + 5,850
400 Liz Claiborne, Inc. 14,600
1,900 NIKE, Inc., Class B 120,294
400 Reebok International Ltd. + 7,450
800 V.F. Corporation 34,200
-------------
182,394
-------------
Automobiles -- 1.0%
7,700 Ford Motor Company 434,569
4,100 General Motors Corporation 270,600
400 Navistar International Corporation + 20,000
-------------
725,169
-------------
Automobile Parts and Equipment -- 0.5%
1,000 AutoZone, Inc. + 30,125
300 Cummins Engine, Inc. 17,138
1,157 Dana Corporation 53,294
900 Danaher Corporation 52,312
3,775 Delphi Automotive Systems
Corporation 70,079
1,200 Genuine Parts Company 42,000
600 Johnson Controls, Inc. 41,587
300 Pep Boys -- Manny, Moe & Jack 6,488
400 Snap-On, Inc. 14,475
800 TRW, Inc. 43,900
-------------
371,398
-------------
Banks -- 7.4%
1,200 AmSouth Bancorporation 27,825
7,530 Banc One Corporation 448,506
11,149 Bank of America Corporation 817,361
4,800 Bank of New York, Inc. 176,100
2,000 BankBoston 102,250
2,200 BB&T Corporation 80,713
5,400 Chase Manhattan Corporation 467,775
950 Comerica, Inc. 56,466
1,750 Fifth Third Bancorporation 116,484
6,168 First Union Corporation 289,896
4,200 Firstar Corporation 117,600
3,600 Fleet Financial Group, Inc. 159,750
1,430 Huntington Bancshares, Inc. 50,050
3,000 KeyCorp 96,375
5,350 MBNA Corporation 163,844
3,300 Mellon Bank Corporation 120,037
900 Mercantile Bancorporation 51,413
1,200 Morgan (J.P.) & Company, Inc. 168,600
3,600 Morgan Stanley, Dean Witter,
Discover and Company 369,000
2,200 National City Corporation 144,100
700 Northern Trust Corporation 67,900
2,000 PNC Bank Corporation 115,250
700 Republic New York Corporation 47,731
1,200 Southtrust Corporation 46,050
1,100 State Street Corporation 93,913
1,200 Summit Bancorp 50,175
2,200 SunTrust Banks, Inc. 152,762
1,600 Synovus Financial Corporation 31,800
4,600 U.S. Bancorp 156,400
1,400 Wachovia Corporation 119,787
3,744 Washington Mutual, Inc. 132,444
10,500 Wells Fargo & Company 448,875
-------------
5,487,232
-------------
Biotechnology -- 0.0%
300 Pe Corp-PE Biosystems Group 34,425
-------------
Broadcasting -- 0.9%
4,500 CBS Corporation 195,469
2,200 Clear Channel Communications+ 151,663
4,100 MediaOne Group, Inc. + 304,937
400 Meredith Corporation 13,850
-------------
665,919
-------------
Building Materials -- 1.0%
400 Centex Corporation 15,025
600 Crane Company 18,863
300 Fleetwood Enterprises 7,931
9,400 Home Depot, Inc. 605,712
300 Kaufman & Broad Home
Corporation 7,463
2,200 Masco Corporation 63,525
400 Pulte Corporation 9,225
700 Vulcan Materials Company 33,780
-------------
761,524
-------------
Business Equipment and Supplies -- 2.6%
800 Avery Dennison Corporation 48,300
1,100 Ikon Office Solutions 16,500
11,500 International Business Machines
Corporation 1,486,375
1,800 Pitney Bowes, Inc. 115,650
4,400 Xerox Corporation 259,875
-------------
1,926,700
-------------
Business Services -- 1.3%
6,900 America Online, Inc. 762,450
4,862 Cendant Corporation + 99,671
500 Deluxe Corporation 19,469
1,650 Paychex, Inc. 52,593
1,600 PeopleSoft, Inc. 27,600
-------------
961,783
-------------
Chemicals and Plastics -- 2.2%
1,500 Air Products & Chemicals, Inc. 60,375
1,500 Dow Chemical Company 190,312
7,200 dupont (E.I.) de Nemours &Company 491,850
500 Eastman Chemical Company 25,875
900 Ecolab, Inc. 39,263
800 Engelhard Corporation 18,100
200 FMC Corporation + 13,663
600 Grace (W.R.) & Company + 11,025
500 Great Lakes Chemical
Corporation 23,031
800 Hercules, Inc. 31,450
532 Kerr-McGee Corporation 26,700
600 Mallinckrodt Group, Inc. 21,825
2,700 Minnesota Mining &Manufacturing
Company 234,731
4,100 Monsanto Company 161,694
400 Nalco Chemical Company 20,750
1,100 Praxair, Inc. 53,831
400 Raychem Corporation 14,800
1,300 Rockwell International
Corporation 78,975
1,495 Rohm & Haas Company 64,099
700 Sigma-Aldrich Corporation 24,106
1,000 Union Carbide Corporation 48,750
-------------
1,655,205
-------------
Coal -- 0.1%
1,500 CSX Corporation 67,969
200 Eastern Enterprises 7,950
500 Fluor Corporation 20,250
-------------
96,169
-------------
Communication Equipment -- 1.5%
1,300 Cabletron Systems, Inc. + 16,900
6,200 GTE Corporation 469,650
500 Harris Corporation 19,594
4,000 Motorola, Inc. 379,000
1,200 National Semiconductor
Corporation + 30,375
500 Scientific-Atlanta, Inc. 18,000
2,600 Tellabs, Inc. + 175,662
-------------
1,109,181
-------------
Computer Hardware, Software or Services -- 10.7%
2,400 3COM Corporation + 64,050
400 Adobe Systems, Inc. 32,862
800 Advanced Micro Devices, Inc.+ 14,450
1,000 Apple Computer, Inc. + 46,312
400 Autodesk, Inc. 11,825
4,000 Automatic Data Processing, Inc. 176,000
1,500 BMC Software, Inc. + 81,000
1,000 Ceridian Corporation + 32,688
20,350 Cisco Systems, Inc. + 1,311,303
10,845 Compaq Computer Corporation 256,891
3,450 Computer Associates International,
Inc. 189,750
900 Computer Sciences Corporation 62,269
2,300 Compuware Corporation + 73,169
400 Data General Corporation + 5,825
16,100 Dell Computer Corporation + 595,700
3,300 Electronic Data Systems
Corporation 186,656
1,100 Gateway 2000, Inc. + 64,900
6,500 Hewlett Packard Company 653,250
800 Honeywell, Inc. 92,700
32,500 Microsoft Corporation + 2,931,094
500 Network Appliance, Inc. + 27,938
2,300 Novell, Inc. + 60,950
9,200 Oracle Corporation + 341,550
1,900 Parametric Technology
Corporation + 26,363
1,400 Seagate Technologies, Inc. + 35,875
1,400 Silicon Graphics, Inc. + 22,925
1,600 Solectron Corporation + 106,700
4,900 Sun Microsystems, Inc. + 337,487
1,800 Unisys Corporation + 70,087
-------------
7,912,569
-------------
Computer-- Semiconductors-- 2.6%
2,500 Applied Materials, Inc. + 184,688
6,400 EMC Corporation + 352,000
21,100 Intel Corporation 1,255,450
800 LSI Logic Corporation + 36,900
1,700 Micron Technology, Inc. + 68,531
-------------
1,897,569
-------------
Consumer Non-Durables -- 3.6%
1,600 Corning, Inc. 112,200
20,800 General Electric Company 2,350,400
600 Grainger (W.W.), Inc. 32,287
2,400 Lowe's Companies, Inc. 136,050
-------------
2,630,937
-------------
Consumer Services -- 0.1%
700 Block (H & R), Inc. 35,000
1,700 Service Corporation International 32,725
-------------
67,725
-------------
Consumer Staples -- 0.1%
1,700 Pioneer Hi-Bred International, Inc. 66,194
-------------
Containers -- 0.1%
300 Ball Corporation 12,675
800 Crown Cork & Seal Company,
Inc. 22,800
1,000 Owens-Illinois, Inc. + 32,688
606 Sealed Air Corporation + 39,314
-------------
107,477
-------------
Cosmetics -- Toiletry -- 0.2%
400 Alberto-Culver Company, Class B $10,650
1,800 Avon Products, Inc. 99,900
-------------
110,550
-------------
Diversified -- 1.6%
3,500 Allied Signal Corporation 220,500
1,200 Fortune Brands, Inc. 49,650
800 Loews Corporation 63,300
1,100 Textron, Inc. 90,544
1,000 Thermo Electron Corporation + 20,062
5,237 Tyco International Ltd. 496,206
3,828 Unilever NV 267,003
-------------
1,207,265
-------------
Electrical Equipment -- 0.6%
700 Cooper Industries, Inc. 36,400
300 Foster Wheeler Corporation 4,237
400 Tektronix, Inc. 12,075
2,600 Texas Instruments, Inc. 377,000
400 Thomas & Betts Corporation 18,900
-------------
448,612
-------------
Electronics -- 0.5%
500 Eaton Corporation 46,000
400 EG & G, Inc. 14,250
2,900 Emerson Electric Company 182,337
1,000 General Instrument Corporation + 42,500
700 KLA-Tencor Corporation + 45,413
1,400 Tandy Corporation 68,425
-------------
398,925
-------------
Energy and Resources -- 0.1%
1,205 Burlington Resources, Inc. 52,116
-------------
Entertainment -- 1.5%
500 Brunswick Corporation 13,938
13,100 Disney (Walt) Company 403,644
600 Harcourt General Corporation 30,937
1,300 Hasbro, Inc. 36,319
600 King World Productions, Inc.+ 20,887
2,600 Mattel, Inc. 68,737
7,600 Time Warner, Inc. 558,600
-------------
1,133,062
-------------
Financial Services -- 5.1%
3,000 American Express Company 390,375
1,700 American General Corporation 128,138
4,650 Associates First Capital
Corporation, Class A 206,053
840 Bear Stearns Companies, Inc. 39,270
1,200 Capital One Financial Corporation 66,825
2,700 Charles Schwab Corporation 296,662
21,450 Citigroup, Inc. 1,018,875
900 Countrywide Credit Industries 38,475
600 Dow Jones & Company, Inc. 31,838
1,000 Equifax, Inc. 35,688
6,500 Fannie Mae 444,437
4,600 Federal Home Loan Mortgage
Corporation 266,800
2,700 First Data Corporation 132,131
1,800 Franklin Resources, Inc. 73,125
3,126 Household International, Inc. 148,094
900 Lehman Brothers Holdings, Inc. 56,025
2,300 Merrill Lynch & Company, Inc. 183,856
1,000 Paine Webber Group, Inc. 46,750
1,500 Regions Financial Corporation 57,656
1,200 SLM Holding Corporation 54,975
400 Temple-Inland, Inc. 27,300
900 Union Planters Corporation 40,219
-------------
3,783,567
-------------
Food and Beverage -- 4.7%
2,897 Albertson's, Inc. 149,377
3,200 Anheuser-Busch Companies, Inc. 227,000
3,000 Campbell Soup Company 139,125
15,700 Coca-Cola Company 981,250
2,700 Coca-Cola Enterprises, Inc. 80,325
3,300 ConAgra, Inc. 87,862
300 Coors (Adolph) Company, Class B 14,850
2,500 Heinz (H.J.) Company 125,312
1,000 Hershey Foods Corporation 59,375
2,800 Kellogg Company 92,400
2,300 Nabisco Group Holdings
Corporation 44,994
9,400 PepsiCo, Inc. 363,662
15,300 Philip Morris Companies, Inc. 614,869
900 Quaker Oats Company 59,738
2,100 Ralston-Purina Company 63,919
5,700 Sara Lee Corporation 129,319
2,500 Seagram Company Ltd. 125,937
1,300 UST, Inc. 38,025
800 Wrigley (Wm) Jr. Company 72,000
-------------
3,469,339
-------------
Food Distribution -- 0.7%
3,990 Archer-Daniels-Midland
Company 61,596
2,000 Bestfoods 99,000
1,000 General Mills, Inc. 80,375
300 Great Atlantic & Pacific Tea
Company, Inc. 10,144
5,600 Kroger Company + 156,450
800 Supervalu, Inc. 20,550
2,100 Sysco Corporation 62,606
1,000 Winn Dixie Stores, Inc. 36,937
-------------
527,658
-------------
Glass Products -- 0.1%
400 Owens Corning Fiberglass
Corporation 13,750
1,200 PPG Industries, Inc. 70,875
-------------
84,625
-------------
Health Care Facilities -- 0.3%
3,600 Columbia/HCA Healthcare
Corporation 82,125
900 HCR Manor Care, Inc. + 21,769
1,100 Humana, Inc. + 14,231
2,100 Tenet Healthcare Corporation+ 38,981
500 Wellpoint Health Networks, Inc.,
Class A + 42,438
-------------
199,544
-------------
Health Care Products -- 3.6%
9,700 Abbott Laboratories 441,350
400 Allergan, Inc. 44,400
400 Bausch & Lomb, Inc. 30,600
1,700 Becton, Dickinson & Company 51,000
1,884 McKesson HBOC, Inc. 60,523
15,000 Merck & Company, Inc. 1,110,000
8,200 Pfizer, Inc. 899,950
600 Watson Pharmaceuticals, Inc.+ 21,038
-------------
2,658,861
-------------
Holding Companies -- 0.2%
950 Providian, LLC 88,825
1,600 Public Service Enterprise 65,400
-------------
154,225
-------------
Home Appliances -- 0.2%
600 Black & Decker Corporation 37,875
600 Maytag Corporation 41,813
500 Whirlpool Corporation 37,000
-------------
116,688
Home Furnishings and Housewares -- 0.8%
8,300 American Home Products
Corporation 477,250
300 Armstrong World 17,344
1,888 Newell Rubbermaid, Inc. 87,792
200 Springs Industries, Inc. 8,725
600 Tupperware Corporation 15,300
-------------
606,411
-------------
Hotels and Restaurants -- 0.8%
800 Darden Restaurants, Inc. 17,450
900 Harrah's Entertainment
Corporation + 19,800
1,700 Hilton Hotels Corporation 24,119
1,600 Marriott International, Inc. 59,800
8,600 McDonald's Corporation 355,287
1,200 Mirage Resorts, Inc. + 20,100
1,000 Tricon Global Restaurants, Inc. + 54,125
800 Wendy's International, Inc. 22,650
-------------
573,331
-------------
Industrial Machinery -- 0.1%
1,200 AES Corporation + 69,750
-------------
Insurance -- 3.3%
1,000 Aetna Life & Casualty Company 89,437
1,800 Aflac, Inc. 86,175
5,100 Allstate Corporation 182,962
7,911 American International Group, Inc. 926,081
1,500 AON Corporation 61,875
1,000 Chubb Corporation 69,500
1,400 CIGNA Corporation 124,600
1,200 Cincinnati Financial Corporation 45,075
2,108 Conseco, Inc. 64,162
1,600 Hartford Financial Services Group, Inc. 93,300
700 Jefferson-Pilot Corporation 46,331
1,400 Lincoln National Corporation 73,238
1,700 Marsh & McLennan Companies, Inc. 128,350
700 MBIA, Inc. 45,325
600 MGIC Investment Corporation 29,175
500 Progressive Corporation 72,500
900 Provident Cos, Inc. 36,000
900 SAFECO Corporation 39,713
1,406 St. Paul Companies, Inc. 44,728
900 Torchmark, Inc. 30,713
800 Transamerica Corporation 60,000
1,300 United Healthcare Corporation 81,413
800 UNUM Corporation 43,800
-------------
2,474,453
-------------
Machinery and Heavy Equipment-- 0.5%
2,400 Caterpillar, Inc. 144,000
1,700 Deere & Company 67,363
1,500 Dover Corporation 52,500
1,100 Ingersoll-Rand Company 71,087
600 Parker-Hannifin Corporation 27,450
700 Stanley Works 22,531
-------------
384,931
-------------
Manufacturing -- 0.5%
1,600 Alcan Aluminum Ltd. 51,100
2,600 Boston Scientific Corporation+ 114,237
200 Briggs & Stratton Corporation 11,550
500 Brown-Forman Corporation,
Class B 32,594
600 Case Corporation 28,875
300 Milacron, Inc. 5,550
500 PACCAR, Inc. 26,687
1,000 Pall Corporation 22,188
400 Reynolds Metals Company 23,600
1,200 Sherwin-Williams Company 33,300
-------------
349,681
-------------
Medical Instruments, Services, and Supplies -- 2.3%
400 Bard (C.R.), Inc. 19,125
1,900 Baxter International, Inc. 115,188
900 Biomet, Inc. 35,775
1,848 Cardinal Health, Inc. 118,503
2,000 Guidant Corporation 102,875
2,700 HEALTHSOUTH Corporation + 40,331
2,200 IMS Health, Inc. 68,750
8,600 Johnson & Johnson Company 842,800
3,900 Medtronic, Inc. 303,712
200 Shared Medical Systems
Corporation 13,050
700 St. Jude Medical, Inc. + 24,938
-------------
1,685,047
-------------
Metals and Mining -- 0.5%
2,400 Alcoa, Inc. 148,500
1,400 Allegheny Teldyne, Inc. 31,675
300 ASARCO, Inc. 5,644
2,600 Barrick Gold Corporation 50,375
1,600 Battle Mountain Gold Company 3,900
700 Cyprus Amax Minerals Company 10,631
1,000 Freeport McMoRan Copper &Gold,
Class B 17,938
1,600 Homestake Mining Company 13,100
1,000 Inco Ltd. 18,000
1,200 Newmont Mining Corporation 23,850
400 Phelps Dodge Corporation 24,775
1,700 Placer Dome, Inc. 20,081
-------------
368,469
-------------
Metal Fabricating -- 0.2%
1,700 Illinois Tool Works, Inc. 139,400
-------------
Natural Gas -- 0.5%
600 Columbia Gas System, Inc. 37,612
600 Consolidated Natural Gas
Company 36,450
2,200 Enron Corporation 179,850
400 NICOR, Inc. 15,225
300 ONOEK, Inc. 9,525
1,652 Sempra Energy 37,377
700 Sonat, Inc. 23,188
-------------
339,227
-------------
News and Publishing -- 0.4%
1,900 Gannett Company, Inc. 135,612
500 Knight-Ridder, Inc. 27,469
1,200 New York Times Company,
Class A 44,175
500 Times Mirror Company (New),
Class A 29,625
800 Tribune Company 69,700
-------------
306,581
-------------
Oil -- 5.6%
600 Amerada Hess Corporation 35,700
700 Apache Corporation 27,300
600 Ashland, Inc. 24,075
2,200 Atlantic Richfield Company 183,837
2,080 Baker Hughes, Inc. 69,680
4,400 Chevron Corporation 418,825
1,400 Coastal Corporation 56,000
15,400 Exxon Corporation 1,187,725
3,000 Halliburton Company 135,750
900 Louisiana Land & Exploration
Company 21,375
400 McDermott International, Inc. 11,300
5,200 Mobil Corporation 514,800
2,300 Occidental Petroleum Corporation 48,588
1,800 Phillips Petroleum Company 90,562
13,600 Royal Dutch Petroleum Company 819,400
600 Sunoco, Inc. 18,113
1,000 Tenneco, Inc. 23,875
3,600 Texaco, Inc. 225,000
1,700 Union Pacific Corporation 99,131
1,800 Union Pacific Resources Group 29,363
1,700 Unocal Corporation 67,362
2,000 USX-Marathon Group 65,125
-------------
4,172,886
-------------
Oil Equipment and Services-- 0.3%
400 Helmerich & Payne, Inc. 9,525
3,654 Schlumberger Ltd. 232,714
-------------
242,239
-------------
Paper and Forest Products -- 0.9%
400 Bemis Company, Inc. 15,900
400 Boise Cascade Corporation 17,150
600 Champion International Corporation 28,725
1,600 Fort James Corporation 60,600
1,100 Georgia-Pacific Corporation 52,113
2,791 International Paper Company 140,945
3,342 Kimberly-Clark Corporation 190,494
700 Mead Corporation 29,225
300 Potlatch Corporation 13,181
1,300 Weyerhaeuser Company 89,375
700 Willamette Industries, Inc. 32,244
-------------
669,952
-------------
Personal Items -- 2.2%
2,000 Colgate-Palmolive Company 197,500
7,100 Gillette Company 291,100
700 International Flavors &Fragrances,
Inc. 31,063
300 Jostens, Inc. 6,319
8,500 Procter & Gamble Company 758,625
5,500 Warner-Lambert Company 381,562
-------------
1,666,169
-------------
Petroleum Refining -- 0.2%
1,000 Anadarko Petroleum Corporation 36,813
700 Rowan Companies + 12,906
2,900 Williams Companies, Inc. 123,431
-------------
173,150
-------------
Pharmaceuticals -- 2.8%
780 ALZA Corporation + 39,683
12,600 Bristol-Myers Squibb Company 887,512
7,000 Lilly (Eli) & Company 501,375
3,200 Pharmacia & Upjohn, Inc. 181,800
9,400 Schering-Plough Corporation 498,200
-------------
2,108,570
-------------
Photographic Equipment and Supplies -- 0.2%
2,200 Eastman Kodak Company $ 149,050
400 Polaroid Corporation 11,050
-------------
160,100
-------------
Printing and Publishing -- 0.2%
600 American Greetings Corporation,
Class A 18,075
1,000 Donnelley (R.R.) & Sons Company 37,062
1,000 Dun & Bradstreet Corporation 35,438
1,300 McGraw-Hill, Inc. 70,119
700 Westvaco Corporation 20,300
-------------
180,994
-------------
Railroads -- 0.1%
2,600 Norfolk Southern Corporation 78,325
-------------
Recreation -- 0.3%
4,000 Carnival Corporation, Class A 194,000
-------------
Research and Development -- 0.3%
3,400 Amgen, Inc. + 206,975
-------------
Retail -- Store -- 4.8%
1,300 Best Buy Company, Inc. + 87,750
700 Circuit City Stores -- Circuit City
Group 65,100
700 Consolidated Stores Corporation + 18,900
1,500 Costco Companies, Inc. + 120,094
2,600 CVS Corporation 131,950
3,000 Dayton Hudson Corporation 195,000
600 Dillard's, Inc. 21,075
1,400 Federated Department Stores + 74,112
5,438 Gap, Inc. 273,914
3,100 K-mart Corporation + 50,956
1,100 Kohls Corporation + 84,906
1,300 Limited, Inc. 58,988
300 Long's Drug Stores Company 10,369
2,100 May Department Stores Company 85,837
1,000 Nordstrom, Inc. 33,500
2,500 Office Depot, Inc. + 55,156
1,700 Penney (J.C.) Company, Inc. 82,556
1,700 Rite Aid Corporation 41,863
300 Russell Corporation 5,850
3,400 Safeway, Inc. + 168,300
2,400 Sears, Roebuck & Company 106,950
3,000 Staples, Inc. + 92,812
2,200 TJX Companies, Inc. 73,288
1,700 Toys R Us, Inc. + 35,169
28,300 Wal-Mart Stores, Inc. 1,365,475
6,400 Walgreen Company 188,000
-------------
3,527,870
-------------
Savings and Loan -- 0.1%
400 Golden West Financial Corporation 39,200
-------------
Soaps and Detergents -- 0.1%
804 Clorox Company 85,877
-------------
Steel -- 0.1%
1,000 Bethlehem Steel Corporation + 7,688
700 Nucor Corporation 33,206
600 Timken Company 11,700
700 USX-U.S.Steel Group, Inc. 18,900
800 Worthington Industries, Inc. 13,150
-------------
84,644
-------------
Technology -- 0.8%
7,000 Ameritech Corporation 514,500
700 ITT Industries 26,687
400 Millipore Corporation 16,225
-------------
557,412
-------------
Telecommunications -- 9.6%
1,866 ALLTEL Corporation 133,419
700 Andrew Corporation + 13,256
20,220 AT & T Corporation 1,128,529
9,900 Bell Atlantic Corporation 647,212
12,000 BellSouth Corporation 562,500
900 CenturyTel, Inc. 35,775
4,800 Comcast Corporation Special,
Class A 184,500
1,100 Frontier Corporation 64,900
19,310 Lucent Technologies, Inc. 1,302,218
11,870 MCI Worldcom, Inc. + 1,021,562
1,800 Nextel Communications, Inc. + 90,338
4,420 Nortel Networks Corporation 383,711
12,500 SBC Communications 725,000
5,500 Sprint Corporation 290,469
2,900 Sprint PCS + 165,663
3,414 US West, Inc. 200,572
4,400 Viacom, Inc., Class B + 193,600
-------------
7,143,224
-------------
Tire and Rubber -- 0.1%
700 Cooper Tire & Rubber Company 16,538
400 Goodrich (B.F.) Company 17,000
900 Goodyear Tire & Rubber
Company 52,931
-------------
86,469
-------------
Tobacco -- 0.0%
1 R.J. Reynolds Tobacco Holdings, Inc. + 21
-------------
Transportation -- 0.4%
3,200 Burlington Northern Santa Fe 99,200
2,080 FDX Corporation + 112,840
700 Kansas City Southern Industries, Inc. 44,669
400 Ryder System, Inc. 10,400
-------------
267,109
-------------
Utilities -- 2.0%
900 Ameren Corporation 34,538
1,300 American Electric Power Company, Inc. 48,831
1,000 Carolina Power & Light Company 42,812
1,300 Central & Southwest Corporation 30,388
1,100 Cinergy Corporation 35,200
700 CMS Energy Corporation 29,313
1,600 Consolidated Edison Company 72,400
1,000 Constellation Energy Group 29,625
1,300 Dominion Resources, Inc. 56,306
1,000 DTE Energy Company 40,000
2,400 Duke Energy Company 130,500
2,400 Edison International 64,200
1,700 Entergy Corporation 53,125
1,572 FirstEnergy Corporation 48,732
700 Florida Progress Corporation 28,919
1,200 FPL Group, Inc. 65,550
1,000 GPU, Inc. 42,187
400 National Service Industries, Inc. 14,400
800 New Century Energies, Inc. 31,050
1,200 Niagara Mohawk Power Corporation + 19,275
1,200 Northern States Power Company 29,025
2,000 PacifiCorp 36,750
1,200 PECO Energy Company 50,250
300 People's Energy Corporation 11,306
2,400 PG & E Corporation 78,000
1,100 PP & L Resources, Inc. 33,825
2,000 Reliant Energy, Inc. 55,250
4,400 Southern Company 116,600
2,000 Texas Utilities Company 82,500
1,500 Unicom Corporation 57,844
-------------
1,468,701
-------------
Waste Management -- 0.4%
1,100 Browning-Ferris Industries, Inc. 47,300
2,300 Laidlaw, Inc., Class B 16,963
3,947 Waste Management, Inc. 212,151
-------------
276,414
-------------
TOTAL COMMON STOCKS
(Cost $52,977,071) 72,959,080
-------------
U.S. TREASURY BILLS -- 0.1%
(Cost $98,679)
$100,000 5.69% ++ due 10/14/1999 $ 98,679
-------------
TOTAL INVESTMENTS
(Cost $53,075,750*) 98.5% 73,057,759
OTHER ASSETS AND
LIABILITIES (Net) 1.5 1,089,680
----- -------------
NET ASSETS 100.0% $ 74,147,439
===== =============
- -------------------------------------------------------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
++ Rate represents annualized yield at date of purchase.
Number of Unrealized
Contracts Appreciation
- --------- ------------
FUTURES CONTRACTS - LONG POSITION
4 S&P Index
September 1999 $ 31,064
=========
See Notes to Financial Statements
Munder Institutional S&P MidCap Index Equity Fund
Portfolio of Investments, June 30, 1999 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 91.9%
Aerospace -- 1.2%
400 Cordant Technologies, Inc. $ 18,075
400 Gencorp, Inc. 10,100
700 Gulfstream Aerospace Corporation + 47,294
500 Litton Industries, Inc. + 35,875
-------------
111,344
-------------
Agricultural Machinery -- 0.1%
600 Agco Corporation 6,788
-------------
Air Travel -- 0.3%
200 Alaska Air Group, Inc. + 8,350
750 COMAIR Holdings, Inc. 15,609
-------------
23,959
-------------
Aluminum -- 0.1%
100 Maxxam, Inc. + 6,450
-------------
Apparel and Textiles -- 2.3%
308 Albany International Corporation 6,391
600 Burlington Industries, Inc. + 5,438
1,100 Cintas Corporation 73,906
1,200 Jones Apparel Group, Inc. + 41,175
600 Mohawk Industries, Inc. + 18,225
300 Rayonier, Inc. 14,944
1,100 Shaw Industries, Inc. 18,150
600 Unifi, Inc. 12,750
600 Warnaco Group, Inc. 16,050
600 Westpoint Stevens, Inc. 17,887
-------------
224,916
-------------
Automobiles -- 0.8%
500 Federal Signal Corporation 10,594
1,200 Harley Davidson, Inc. 65,250
-------------
75,844
-------------
Automobile Parts and Equipment -- 1.5%
300 Arvin Industries, Inc. 11,362
200 Borg Warner Automotive, Inc. 11,000
700 Federal Mogul Corporation 36,400
700 Lear Corporation + 34,825
700 Meritor Automotive, Inc. 17,850
300 Modine Manufacturing Company 9,769
828 Pennzoil-Quaker State Company+ 12,420
300 Superior Industries International, Inc. 8,194
-------------
141,820
-------------
Banks -- 4.7%
1,559 Charter One Financial, Inc. 43,360
500 City National Corporation 18,719
1,900 First Security Corporation 51,775
1,000 First Tennessee National
Corporation 38,312
500 First Virginia Banks, Inc. 24,563
1,200 Hibernia Corporation 18,825
1,000 Marshall & Ilsley Corporation 64,375
700 Mercantile Bankshares
Corporation 24,762
1,150 North Fork Bancorporation, Inc. 24,509
1,103 Old Kent Financial Corporation 46,167
800 Pacific Century Financial
Corporation 17,250
400 Westamerica Bancorporation 14,600
300 Wilmington Trust Corporation 17,213
700 Zions Bancorp 44,450
-------------
448,880
-------------
Banking and Financial Services -- 0.8%
400 CCB Financial Corporation 21,150
1,100 GreenPoint Financial Corporation 36,094
500 Keystone Financial, Inc. 14,781
-------------
72,025
-------------
Biotechnology -- 0.2%
300 Gilead Sciences, Inc. + 15,675
-------------
Broadcasting -- 1.8%
1,200 Belo (A.H.) Corporation 23,625
318 Chris Craft Industries, Inc. 14,986
500 Hispanic Broadcasting
Corporation + 37,937
600 TCA Cable TV, Inc. 33,300
900 Univision Communications, Inc.,
Class A + 59,400
-------------
169,248
-------------
Building Construction -- 0.2%
500 Harsco Corporation 16,000
-------------
Business Services -- 4.7%
600 Acnielson Corporation + 18,150
800 Apollo Group, Inc. + 21,250
300 Banta Corporation 6,300
1,200 Comdisco, Inc. 30,750
1,200 Convergys Corporation + 23,100
1,125 Fiserv, Inc. + 35,227
400 Gtech Holdings Corporation + 9,425
300 Information Resources, Inc. + 2,625
300 Jacobs Engineering Group, Inc. + 11,400
400 Kelly Services, Inc. 12,850
800 Manpower, Inc. 18,100
1,100 Modis Professional Services, Inc. + 15,125
1,000 NCR Corporation + 48,812
700 NOVA Corporation + 17,500
500 Ogden Corporation 13,469
800 Olsten Corporation 5,050
900 Robert Half International, Inc. + 23,400
600 Snyder Communications, Inc. + 19,650
600 Sothebys Holdings, Inc. 22,875
1,100 Stewart Enterprises, Inc. 16,019
1,100 Sun Guard Data Systems + 37,950
500 Sylvan Learning Systems, Inc.+ 13,594
1,000 Viad Corporation 30,937
-------------
453,558
-------------
Chemicals and Plastics -- 2.9%
600 Albemarle Corporation 13,875
700 Cabot Corporation 16,931
700 Crompton & Knowles Corporation 13,694
500 Cytec Industries, Inc. + 15,937
200 Dexter Corporation 8,163
900 Ethyl Corporation 5,400
400 Ferro Corporation 11,000
100 Fuller (H.B.) Company 6,838
300 Georgia Gulf Corporation 5,063
500 Hanna (M.A.) Company 8,219
900 IMC Global, Inc. 15,862
600 Lubrizol Corporation 16,350
200 Minerals Technologies, Inc. 11,162
100 NCH Corporation 4,950
500 Olin Corporation 6,594
600 Premark International, Inc. 22,500
1,000 R.P.M., Inc. 14,187
400 Schulman (A.), Inc. 6,875
1,100 Solutia, Inc. 23,444
900 Sterling Commerce, Inc. + 32,850
300 Wellman, Inc. 4,781
600 Witco Corporation 12,000
-------------
276,675
-------------
Computers and Business Equipment -- 1.5%
700 Diebold, Inc. 20,125
1,400 Quantum Corporation + 33,775
400 Sequent Computer Systems, Inc. + 7,100
1,000 Storage Technology Corporation + 22,750
900 Symbol Technologies, Inc. 33,187
500 Tech Data Corporation + 19,125
300 Transaction Systems Architects, Inc.,
Class A + 11,700
-------------
147,762
-------------
Computer Hardware, Software or Services -- 5.6%
500 Affiliated Computer Services, Inc.,
Class A + 25,312
2,000 Cadence Design Systems, Inc.+ 25,500
600 Cambridge Technology Partners+ 10,538
800 Citrix Systems, Inc. + 45,200
600 Electronic Arts + 32,550
400 Imation Corporation + 9,925
1,400 Informix Corporation + 11,944
600 Intuit, Inc. + 54,075
700 Keane, Inc. + 15,837
400 Legato Systems, Inc. + 23,100
700 Mentor Graphics Corporation + 8,969
1,050 Networks Assocs, Inc. + 15,422
400 Policy Management Systems
Corporation + 12,000
900 Rational Software Corporation+ 29,644
900 Siebel Systems, Inc. + 59,737
800 Sterling Software, Inc. + 21,350
300 Structural Dynamics Research
Corporation + 5,569
600 Symantec Corporation + 15,300
700 Synopsys, Inc. + 38,631
800 VERITAS Software Corporation+ 75,950
-------------
536,553
-------------
Construction Materials -- 1.1%
400 Fastenal Company 20,975
300 Granite Construction, Inc. 8,794
500 Martin Marietta Materials, Inc. 29,500
300 Southdown, Inc. 19,275
500 USG Corporation 28,000
-------------
106,544
-------------
Containers & Glass -- 0.1%
600 Mark IV Industries, Inc. 12,675
-------------
Diversified -- 0.4%
700 American Standard Companies,
Inc. + 33,600
-------------
Domestic Oil -- 0.8%
500 Murphy Oil Corporation 24,406
600 Noble Affiliates, Inc. 16,913
900 Ultramar Diamond Shamrock 19,631
600 Valero Energy Corporation 12,863
-------------
73,813
-------------
Drugs and Health Care -- 7.3%
300 Acuson + 5,156
500 Apria Healthcare Group, Inc.+ 8,500
1,300 Bergen Brunswig Corporation 22,425
1,600 Biogen, Inc. + 102,900
500 Carter Wallace, Inc. 9,094
700 Centocor, Inc. + 32,637
1,400 Chiron Corporation + 29,050
600 Covance, Inc. + 14,363
800 Forest Labs, Inc. + 37,000
500 General Nutrition Companies, Inc. + 11,656
143 Genzyme Corporation + 631
800 Genzyme Surgical Products + 38,800
2,049 Health Management Associates+ 23,051
700 ICN Pharmaceuticals, Inc. 22,531
1,100 Ivax Corporation + 15,538
600 Lincare Holdings, Inc. + 15,000
600 Medimmune, Inc. + 40,650
1,200 Mylan Labs, Inc. 31,800
900 Omnicare, Inc. 11,363
800 Oxford Health Plans, Inc. + 12,450
400 PacifiCare Health Systems, Inc. + 28,775
800 Perrigo Company + 6,100
1,133 Quintiles TransNational Corporation + 47,586
800 Quorum Health Group, Inc. + 10,050
300 Sepracor, Inc. + 24,375
1,000 Stryker Corporation 60,125
1,000 Sybron International Corporation + 27,562
800 Total Renal Care Holdings, Inc. + 12,450
-------------
701,618
-------------
Electric Utilities -- 0.2%
1,300 DPL, Inc. 23,888
-------------
Electrical Equipment -- 1.6%
2,000 American Power Conversion
Corporation + 40,250
300 AMETEK, Inc. 6,900
1,000 Arrow Electronics, Inc. + 19,000
1,000 Atmel Corporation + 26,188
600 Dentsply International, Inc. 16,800
700 Hubbell, Inc. 31,762
300 Magnetek, Inc. + 3,169
500 Ucar International, Inc. + 12,625
-------------
156,694
-------------
Electronics -- 11.2%
1,300 ADC Telecommunications, Inc.+ $ 59,231
1,800 Altera Corporation + 66,262
1,300 Analog Devices, Inc. + 65,244
400 Avnet, Inc. 18,600
700 Cirrus Logic, Inc. + 6,213
900 Cypress Semiconductor
Corporation + 14,850
900 Integrated Device Technology, Inc. + 9,788
800 Jabil Circuit, Inc. + 36,100
1,400 Lexmark International Group, Inc. + 92,487
1,200 Linear Technology Corporation 80,700
1,300 Maxim Integrated Products, Inc. + 86,450
500 Microchip Technology, Inc. + 23,687
1,200 Molex, Inc. 44,400
1,100 Qualcomm, Inc. + 157,850
600 Sanmina Corporation + 45,525
600 SCI Systems, Inc. + 28,500
800 Sensormatic Electronics
Corporation + 11,150
100 Sequa Corporation + 7,000
400 Teleflex, Inc. 17,375
900 Teradyne, Inc. + 64,575
919 Vishay Intertechnology, Inc. 19,294
800 Vitesse Semiconductor
Corporation + 53,950
1,200 Xilinx, Inc. + 68,700
-------------
1,077,931
-------------
Financial Services -- 3.7%
600 American Financial Group, Inc. 20,438
625 Associated Banc Corporation 25,937
1,200 Concord EFS, Inc. + 50,775
1,800 E*TRADE Group, Inc. + 71,887
1,000 Edwards (A.G.), Inc. 32,250
700 Finova Group, Inc. 36,837
300 Investment Technology Group, Inc. 9,713
1,200 Price (T Rowe) & Associates, Inc. 46,050
400 Provident Financial Group, Inc. 17,500
900 ReliaStar Financial Corporation 39,375
-------------
350,762
-------------
Food and Beverages -- 3.0%
400 Bob Evans Farms, Inc. 7,950
400 Dean Foods Company 16,625
600 Dole Food, Inc. 17,625
300 Dreyers Grand Ice Cream, Inc. 4,538
900 Flowers Industries, Inc. 19,519
800 Hormel Foods Corporation 32,200
900 IBP, Inc. 21,375
200 International Multifoods Corporation 4,513
700 Interstate Bakeries Corporation 15,706
300 Lance, Inc. 4,687
800 Mccormick & Company, Inc. 25,250
300 Smucker (J.M.) Company 6,675
400 Suiza Foods Corporation + 16,750
1,800 Tyson Foods, Inc. 40,500
500 United States Foodservice + 21,312
600 Universal Foods Corporation 12,675
400 Vlasic Foods International, Inc. + 2,925
1,000 Whitman Corporation 18,000
-------------
288,825
-------------
Forest Products -- 0.2%
900 Georgia Pacific Corporation 22,725
-------------
Gas and Pipeline Utilities-- 1.9%
600 AGL Resources, Inc. 11,063
800 American Water Works, Inc. 24,600
1,200 El Paso Energy Corporation 42,225
266 Indiana Energy, Inc. 5,669
1,200 KeySpan Corporation 31,650
750 KN Energy, Inc. 10,031
800 MCN Corporation Holding
Company 16,600
400 National Fuel Gas Company 19,400
800 Questar Corporation 15,300
400 Washington Gas Light Company 10,400
-------------
186,938
-------------
Home Furnishings and Housewares -- 0.1%
500 Furniture Brands International, Inc. + 13,938
-------------
Hotels and Restaurants -- 1.4%
700 Brinker International, Inc. + 19,031
500 Buffets, Inc. + 5,750
600 CBRL Group, Inc. 10,387
400 Lone Star Steakhouse & Saloon+ 3,888
1,000 Mandalay Resort Group + 21,125
750 Outback Steakhouse, Inc. + 29,484
300 Papa John's International, Inc. + 13,406
900 Promus Hotel Corporation + 27,900
200 Sbarro, Inc. 5,413
-------------
136,384
-------------
Household Appliances and Home Furnishings -- 0.5%
1,600 Leggett & Platt, Inc. 44,500
-------------
Household Products -- 0.8%
200 Church & Dwight, Inc. 8,700
1,000 Dial Corporation 37,187
700 Hillenbrand Industries, Inc. 30,275
-------------
76,162
-------------
Industrial Machinery -- 1.2%
700 Airgas, Inc. + 8,575
500 Donaldson Company, Inc. 12,250
300 Kaydon Corporation 10,088
300 Kennametal, Inc. 9,300
200 Nordson Corporation 12,250
300 SPX Corporation + 25,050
300 Stewart & Stevenson Services, Inc. ,575
200 Tecumseh Products Company,
Class A 12,112
300 Watts Industries, Inc. 5,756
400 York International Corporation 17,125
-------------
117,081
-------------
Insurance -- 2.2%
500 Allmerica Financial Corporation 30,406
700 Ambac Financial Group, Inc. 39,987
500 Everest Reinsurance Holdings, Inc. 16,313
1,200 Foundation Health Systems, Inc. + 18,000
400 Horace Mann Educators
Corporation 10,875
300 HSB Group, Inc. 12,356
1,050 Old Republic International
Corporation 18,178
300 PMI Group, Inc. 18,844
600 Protective Life Corporation 19,800
700 Unitrin, Inc. 28,700
-------------
213,459
-------------
Leisure Time -- 0.3%
800 Callaway Golf Company 11,700
900 International Game Technology 16,650
-------------
28,350
-------------
Medical Instruments -- 0.3%
300 Beckman Coulter, Inc. 14,587
700 STERIS Corporation + 13,563
-------------
28,150
-------------
Medical Services -- 1.0%
800 Beverly Enterprises, Inc. + 6,450
400 Concentra Managed Care, Inc.+ 5,925
600 First Health Group Corporation + 12,938
700 PSS World Medical, Inc. + 7,831
400 Trigon Healthcare, Inc. + 14,550
600 VISX, Inc. + 47,512
-------------
95,206
-------------
Metals -- 0.1%
342 Ryerson Tull, Inc. 7,716
-------------
Mining -- 0.0%#
100 Cleveland Cliffs, Inc. 3,238
-------------
Miscellaneous -- 0.2%
500 Blyth Industries, Inc. + 17,188
300 Rollins, Inc. 4,781
-------------
21,969
-------------
Mobile Homes -- 0.1%
1,199 Clayton Homes, Inc. 13,714
-------------
Newspapers -- 0.9%
500 Lee Enterprises, Inc. 15,250
300 Media General, Inc. 15,300
100 Washington Post Company 53,775
-------------
84,325
-------------
Office Furnishings and Supplies -- 0.9%
600 Hon Industries, Inc. 17,512
700 Miller Herman, Inc. 14,700
1,000 Office Max, Inc. + 12,000
800 Reynolds & Reynolds Company 18,650
300 Standard Register 9,225
400 Wallace Computer Series, Inc. 10,000
-------------
82,087
-------------
Oil and Gas -- 3.2%
800 BJ Services Company + 23,550
1,100 ENSCO International, Inc. 21,931
400 Flowserve Corporation 7,575
1,500 Global Marine, Inc. + 23,156
1,100 Lyondell Petrochemical Company 22,688
1,100 Nabors Industries, Inc. + 26,881
1,100 Noble Drilling Corporation + 21,656
1,288 Ocean Energy, Inc. + 12,397
1,000 Pioneer Natural Resources
Company 11,000
1,000 Ranger Oil Ltd. + 4,938
1,400 Santa Fe Snyder Corporation + 10,675
500 Smith International, Inc. + 21,719
1,300 Tosco Corporation 33,719
1,000 Transocean Offshore, Inc. 26,250
700 Varco International, Inc. + 7,656
975 Weatherford International, Inc. 35,709
-------------
311,500
-------------
Paper -- 1.2%
400 Bowater, Inc. 18,900
200 Chesapeake Corporation 7,488
700 Consolidated Papers, Inc. 18,725
400 Glatfelter (P.H.) Company 5,850
500 Longview Fibre Company 7,812
400 Pentair, Inc. 18,300
800 Sonoco Products Company 23,950
600 Wausau Mosinee Paper
Corporation 10,800
-------------
111,825
-------------
Pollution Control -- 0.3%
1,500 Allied Waste Industries, Inc.+ 29,625
-------------
Publishing -- 0.9%
700 Harte-Hanks, Inc. 18,987
300 Houghton Mifflin Company 14,119
1,000 Readers Digest Association, Inc.,
Class A (non-voting) 39,750
200 Scholastic Corporation + 10,125
-------------
82,981
-------------
Railroads and Equipment -- 0.4%
400 GATX Corporation 15,225
400 Trinity Industries, Inc. 13,400
500 Wisconsin Central Transportation
Corporation + 9,438
-------------
38,063
-------------
Retail -- 4.9%
1,200 Abercrombie & Fitch Company + 57,600
700 Barnes & Noble, Inc. + 19,162
1,100 Bed Bath & Beyond, Inc. + 42,350
800 BJs Wholesale Club, Inc. + 24,050
800 Borders Group, Inc. + 12,650
500 Claire S Stores, Inc. 12,813
900 CompUSA, Inc. + 6,694
600 Dollar Tree Stores, Inc. + 26,400
200 Enesco Group, Inc. 4,625
1,400 Family Dollar Stores, Inc. 33,600
400 Hannaford Brothers Company 21,400
600 Heilig-Meyers Company 4,088
300 Lands End, Inc. + 14,550
400 Micro Warehouse, Inc. + 7,150
400 Payless Shoesource, Inc. + 21,400
500 Ross Stores, Inc. 25,187
500 Ruddick Corporation 10,000
1,392 Saks, Inc. + 40,194
1,400 Starbucks Corporation + 52,587
400 Tiffany & Company 38,600
-------------
475,100
-------------
Savings and Loan -- 0.9%
600 Astoria Financial Corporation 26,362
1,000 Dime Bancorp, Inc. 20,125
1,400 Sovereign Bancorp, Inc. 16,975
900 TCF Financial Corporation 25,088
-------------
88,550
-------------
Shipbuilding -- 0.1%
400 Newport News Shipbuilding, Inc. 11,800
-------------
Steel -- 0.3%
500 AK Steel Holding Corporation 11,250
200 Carpenter Technology
Corporation 5,712
300 Oregon Steel Mills, Inc. 3,994
200 Precision Castparts Corporation 8,500
-------------
29,456
-------------
Telecommunications -- 1.4%
400 Aliant Communications, Inc. 18,475
1,100 Cincinnati Bell, Inc. 27,431
600 Comverse Technology, Inc. + 45,300
600 Telephone & Data Systems, Inc. 43,838
-------------
135,044
-------------
Tire and Rubber -- 0.4%
200 Bandag, Inc. 6,938
300 Carlisle Companies, Inc. 14,437
400 Lancaster Colony Corporation 13,800
-------------
35,175
-------------
Tobacco -- 0.4%
1,000 R.J. Reynolds Tobacco Holdings,
Inc. + 31,500
400 Universal Corporation 11,375
-------------
42,875
-------------
Trucking and Freight Forwarding-- 1.1%
600 Airbourne Freight Corporation 16,613
500 Alexander & Baldwin, Inc. 11,125
300 Arnold Industries, Inc. 4,631
500 CNF Transportation, Inc. 19,187
400 Hunt (J.B.) Transport Services, Inc. 6,500
400 Overseas Shipholding Group, Inc. 5,150
400 Pittston Brinks Group 10,700
600 Swift Transportation Co., Inc. + 13,200
600 Tidewater, Inc. 18,300
-------------
105,406
-------------
Utilities -- 6.2%
1,200 Allegheny Energy, Inc. 38,475
800 Alliant Energy Corporation 22,700
150 Black Hills Corporation 3,469
200 Cleco Corporation 6,075
300 CMP Group, Inc. 7,856
875 Conectiv, Inc. 21,383
1,000 Energy East Corporation 26,000
300 Hawaiian Electric Industries, Inc. 10,650
400 Idacorp, Inc. 12,600
700 Illinova Corporation 19,075
700 IPALCO Enterprises 14,831
600 Kansas City Power & Light Company 15,300
1,000 LG & E Energy Corporation 21,000
700 Midamerica Energy Holdings Company 24,238
600 Minnesota Power & Light Company 11,925
600 Montana Power Company 42,300
500 Nevada Power Company 12,500
700 New England Electric Systems 35,087
1,000 NiSource, Inc. 25,812
1,000 Northeast Utilities + 17,688
800 OGE Energy Corporation 19,000
900 Pinnacle West Capital Corporation 36,225
900 Potomac Electric Power Company 26,494
400 Public Service Company Nm 7,950
900 Puget Sound Energy, Inc. 21,600
800 Scana Corporation 18,700
1,300 Teco Energy, Inc. 29,575
750 Utilicorp United, Inc. 18,234
1,100 Wisconsin Energy Corporation 27,569
-------------
594,311
-------------
TOTAL COMMON STOCKS
(Cost $8,521,947) $ 8,821,500
-------------
U.S. TREASURY BILLS -- 1.0%
(Cost $98,679)
100,000 4.58% ++, due 10/14/99 ** 98,679
-------------
Principal
Amount Value
- --------- -----
REPURCHASE AGREEMENT -- 5.2%
(Cost $504,000)
$504,000 Agreement with State Street
Bank and Trust Company,
4.750% dated 06/30/1999,
to be repurchased
$504,067 on 07/01/1999,
collateralized by
$505,000 U.S. Treasury
Note, 6.25% maturing
04/30/2001 (value $515,100) $ 504,000
OTHER INVESTMENTS***
(Cost $1,965,051) 20.5% 1,965,051
-------------
TOTAL INVESTMENTS
(Cost $11,089,677*) 118.6% 11,389,230
OTHER ASSETS AND
LIABILITIES (Net) (18.6) (1,788,854)
----- -------------
NET ASSETS 100.0% $ 9,600,376
===== =============
- ---------------------------------------------------------------------------
* Aggregate cost for Federal tax purposes.
** Securities pledged as collateral for futures contracts.
*** s of June 30, 1999, the market value of the securities on loan is
$1,907,182. Collateral received for securities loaned of $1,965,051 is
invested in State Street Navigator Securities Trust-Prime Portfolio.
+ Non-income producing security.
++ Rate represents annualized yield at date of purchase.
# Amount represents less than 0.1% of net assets.
Number of Unrealized
Contracts Appreciation
- --------- ------------
FUTURES CONTRACTS - LONG POSITION
3 S&P 400 Index
September 1999 $ 21,195
=========
See Notes to Financial Statements
Munder Institutional Money Market Fund
Portfolio of Investments, June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
- -------------------------------------------------------------------------------------------------------------------
Rating
Principal -----------------------
Amount S&P Moody's Value
- --------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CERTIFICATE OF DEPOSIT -- 17.3%
$5,000,000 Barclays Bank Plc
5.610% due 06/14/2000 A-1+/AA P1/Aa2 $ 4,998,167
5,000,000 Deutsche Bank AG
5.150% due 03/17/2000** A1+/AA P1/Aa1 5,000,000
5,000,000 Rabobank Nederland
5.350% due 05/22/2000** A1+/AAA P1/Aaa 5,000,000
5,000,000 Societe Generale
5.300% due 03/03/2000** A1+/AA- P1/Aa3 5,000,000
------------
TOTAL CERTIFICATE OF DEPOSIT
(Cost $19,998,167) 19,998,167
------------
COMMERCIAL PAPER -- 47.2%
5,000,000 AIG Funding, Inc.
5.250% due 07/07/1999 A1+/AAA P1/Aaa 4,995,625
5,000,000 Corporate Receivables Corporation
4.810% due 08/06/1999** A1+/NR P1/NR 4,975,950
5,000,000 Enterprise Funding Corporation
5.530% due 07/01/1999 A1+/NR P1/NR 5,000,000
5,000,000 First Chicago Financial Corporation
4.900% due 09/10/1999** A1/NR P1/NR 4,951,681
5,000,000 Golden Funding Corporation
5.150% due 09/13/1999**, +++ A1+/NR P1/NR 4,947,069
5,000,000 Hertz Corporation
4.830% due 07/19/1999**, +++ A2/BBB+ P1/A3 4,987,925
5,000,000 International Lease Finance Corporation
4.920% due 02/07/2000** A1+/A+ P1/A1 4,848,983
5,000,000 Koch Industries, Inc.
5.520% due 07/01/1999** A1+/AA+ P1/NR 5,000,000
5,000,000 Moat Funding LLC
5.750% due 07/01/1999**, +++ NR/NR P1/NR 5,000,000
5,000,000 New Center Asset Trust
5.500% due 07/01/1999** A1+/NR P1/NR 5,000,000
5,000,000 UBS Finance Delaware, Inc.
4.880% due 08/09/1999** A-1+/AA+ P1/Aa1 4,973,567
------------
<CAPTION>
TOTAL COMMERCIAL PAPER
(Cost $54,680,800) 54,680,800
------------
CORPORATE NOTES -- 8.6%
5,000,000 Fleet National Bank
5.070% due 03/15/2000**, ++ A1/A+ P1/A1 4,998,620
5,000,000 GTE Corporation
5.135% due 06/12/2000 A1/A P1/Baa1 4,996,948
------------
TOTAL CORPORATE NOTES
(Cost $9,995,568) 9,995,568
------------
REPURCHASE AGREEMENTS -- 26.0%
$5,048,249 Agreement with Lehman Brothers, 4.800%
dated 06/30/1999, to be repurchased at
$5,048,923 on 07/01/1999,collateralized
by $3,935,000 U.S. Treasury Bond, 8.875%,
maturing 02/15/2019 (value $5,152,282) $ 5,048,249
25,000,000 Agreement with Salomon Brothers, 5.100% dated
06/30/1999, to be repurchased at $25,003,542 on
07/01/1999.*** 25,000,000
-------------
TOTAL REPURCHASE AGREEMENTS
(Cost $30,048,249) 30,048,249
-------------
TOTAL INVESTMENTS (Cost $114,722,784*) 99.1% 114,722,784
OTHER ASSETS AND LIABILITIES (Net) 0.9 1,029,588
--------- -------------
NET ASSETS 100.0% $115,752,372
========= ============
<FN>
- --------------------
* Aggregate cost for Federal tax purposes.
** Rate represents annualized yield at date of purchase.
*** Collateralized by: $2,862,000 Yorkshire Bldg. Society, maturing
08/19/1999 (value $2,840,359), $7,963,000 Glaxo Wellcome Inc.,
maturing 09/15/1999 (value $7,870,596), $6,039,000 Equipment Funding,
maturing 07/06/1999 (value $6,015,146), $8,800,000 Bavaria Universal
Funding, maturing 07/19/1999 (value $8,774,622).
++ Variable rate security. The interest rate shown reflects the rate
currently in effect.
+++ These securities have either a F1 rating by Fitch or a D1 rating by
Duff and Phelps, or both, thus are defined as being eligible
securities under Rule 2a7.
</TABLE>
See Notes to Financial Statements
Munder Institutional Funds
Statements of Assets and Liabilities, June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Munder Munder
Institutional Institutional Munder
S&P 500 S&P MidCap Institutional
Index Equity Index Equity Money Market
Fund Fund Fund
--------------- --------------- ---------------
<S> <C> <C> <C>
ASSETS:
Investments, at value See accompanying schedule:
Securities............................................ $ 73,057,759 $ 10,885,230 $ 84,674,535
Repurchase Agreement.................................. - 504,000 30,048,249
--------------- --------------- ---------------
Total Investments......................................... 73,057,759 11,389,230 114,722,784
Cash...................................................... 666,930 445 -
Receivable for investment securities sold................. 418,343 180,151 -
Receivable for Fund shares sold........................... 2,557 - 1,264,631
Variation margin.......................................... 25,000 2,100 -
Dividends receivable...................................... 65,429 5,110 -
Interest receivable....................................... - 67 238,076
Receivable from investment advisor........................ 27,952 11,565 40,975
Unamortized organization costs............................ 25,374 5,485 -
Prepaid expenses and other assets......................... 5,297 2,894 8,443
--------------- --------------- ---------------
Total Assets.......................................... 74,294,641 11,597,047 116,274,909
--------------- --------------- ---------------
LIABILITIES:
Dividends Payable......................................... - - 458,508
Custodian fees payable.................................... 13,729 4,077 3,376
Payable for investment securities purchased............... 119,590 25,151 -
Payable upon return of securities loaned.................. - 1,965,051 -
Investment advisory fee payable........................... - - 18,422
Administration fee payable................................ 839 108 1,708
Transfer agent fee payable................................ - - 2,988
Accrued Director's fees and expenses...................... 271 142 727
Accrued expenses and other payables....................... 12,773 2,142 36,808
--------------- --------------- ---------------
Total Liabilities..................................... 147,202 1,996,671 522,537
--------------- --------------- ---------------
NET ASSETS................................................ $ 74,147,439 $ 9,600,376 $ 115,752,372
=============== =============== ===============
Investments at cost....................................... $ 53,075,750 $ 11,089,677 $ 114,722,784
=============== =============== ===============
NET ASSETS consist of:
Undistributed net investment income....................... 14,981 1,445 -
Accumulated net realized gain on investments sold
and futures contracts................................. 2,619,853 1,366,101 -
Net unrealized appreciation of investments and
futures contracts..................................... 20,013,073 320,748 -
Par value................................................. 5,320 816 115,752
Paid-in capital in excess of par value.................... 51,494,212 7,911,266 115,636,620
--------------- --------------- ---------------
Total Net Assets...................................... $ 74,147,439 $ 9,600,376 $ 115,752,372
=============== =============== ===============
SHARES OUTSTANDING........................................ 5,320,917 815,560 115,752,372
=============== =============== ===============
NET ASSET VALUE, offering and redemption price
per share............................................. $ 13.94 $ 11.77 $ 1.00
=============== =============== ===============
</TABLE>
See Notes to Financial Statements
Munder Institutional Funds
Statements of Operations, Periods Ended June 30, 1999 (Unaudited)
<TABLE>
<CAPTION>
Munder Munder
Institutional Institutional Munder
S&P 500 S&P MidCap Institutional
Index Equity Index Equity Money Market
Fund Fund Fund
--------------- --------------- ---------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest.................................................. $ 23,689 $ 31,997 $ 2,309,493
Dividends (a)............................................. 478,063 53,230 -
Other..................................................... - 2,736 -
--------------- --------------- ---------------
Total investment income............................... 501,752 87,963 2,309,493
--------------- --------------- ---------------
EXPENSES:
Legal and audit fees...................................... 8,000 743 5,511
Amortization of organizational costs...................... 4,887 475 -
Investment advisory fee................................... 25,654 7,610 92,286
Administration fee........................................ 6,132 836 7,716
Transfer agent fee........................................ 11,727 1,641 9,422
Custodian fees............................................ 47,282 29,525 14,616
Registration and filing fees.............................. 2,463 904 34,733
Directors' fees and expenses.............................. 1,411 253 1,592
Other..................................................... 9,355 2,565 3,492
--------------- --------------- ---------------
Total Expenses........................................ 116,911 44,552 169,368
Fees waived and expenses reimbursed by investment advisor. (83,928) (35,556) (76,414)
--------------- --------------- ---------------
Net Expenses.......................................... 32,983 8,996 92,954
--------------- --------------- ---------------
NET INVESTMENT INCOME..................................... 468,769 78,967 2,216,539
--------------- --------------- ---------------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS:
Net realized gain from:
Security transactions................................. 2,208,325 438,440 -
Futures contracts..................................... 109,090 198,890 -
Net change in unrealized appreciation/(depreciation) of:
Securities............................................ 5,789,248 106,966 -
Futures contracts..................................... 31,052 (112,525) -
--------------- --------------- ---------------
Net realized and unrealized gain on investments........... 8,137,715 631,771 -
--------------- --------------- ---------------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS................................................ $ 8,606,484 $ 710,738 $ 2,216,539
=============== =============== ===============
<FN>
- --------------------
(a) Net of foreign withholding taxes of $5,225 and $54 for the Munder
Institutional S&P 500 Index Equity Fund and the Munder Institutional S&P
MidCap Index Equity Fund, respectively.
</TABLE>
See Notes to Financial Statements
Munder Institutional Funds
Statements of Changes in Net Assets, Periods Ended June 30, 1999
(Unaudited)
<TABLE>
<CAPTION>
Munder Munder
Institutional Institutional Munder
S&P 500 S&P MidCap Institutional
Index Equity Index Equity Money Market
Fund Fund Fund (a)
--------------- --------------- -------------
<S> <C> <C> <C>
Net investment income..................................... $ 468,769 $ 78,967 $ 2,216,539
Net realized gain on investments sold..................... 2,317,415 637,330 -
Net change in unrealized appreciation/(depreciation) of
investments........................................... 5,820,300 (5,559) -
--------------- --------------- -------------
Net increase in net assets resulting from operations...... 8,606,484 710,738 2,216,539
Distributions to shareholders from net investment income.. (455,922) (77,522) (2,216,539)
Net increase/(decrease) in net assets from Fund share
transactions.......................................... (3,034,952) (1,885,903) 115,752,372
--------------- --------------- -------------
Net increase/(decrease) in net assets..................... 5,115,610 (1,252,687) 115,752,372
NET ASSETS:
Beginning of period....................................... 69,031,829 10,853,063 -
--------------- --------------- -------------
End of period............................................. $ 74,147,439 $ 9,600,376 $ 115,752,372
=============== =============== =============
Undistributed net investment income....................... $ 14,981 $ 1,445 $ -
=============== =============== =============
<FN>
- --------------------
(a) The Munder Institutional Money Market Fund commenced operations on
January 4, 1999.
</TABLE>
See Notes to Financial Statements
Munder Institutional Funds
Statements of Changes in Net Assets, Year Ended December 31, 1998
(Unaudited)
<TABLE>
<CAPTION>
Munder Munder
Institutional Institutional
S&P 500 S&P MidCap
Index Equity Index Equity
Fund Fund (a)
-------------- ---------------
<S> <C> <C>
Net investment income...................................................... $ 895,594 $ 103,073
Net realized loss on investments sold...................................... 1,102,861 988,362
Net change in unrealized appreciation of investments ...................... 13,853,342 326,307
-------------- ---------------
Net increase in net assets resulting from operations....................... 15,851,797 1,417,742
Distributions to shareholders from net investment income................... (895,2147) (105,127)
Distributions to shareholders from net realized gains...................... (765,695) (258,159)
Net increase/(decrease) in net assets from Fund share transactions......... (9,158,032) 9,798,607
------------- ---------------
Net increase in net assets................................................. 5,032,853 10,853,063
NET ASSETS:
Beginning of year.......................................................... 63,998,976 -
------------- ---------------
End of year................................................................ $ 69,031,829 $ 10,853,063
============= ===============
Undistributed net investment income........................................ $ 2,136 $ -
============= ===============
<FN>
- --------------------
(a) The Munder Institutional S&P MidCap Index Equity Fund commenced
operations on February 12, 1998.
</TABLE>
Munder Institutional S&P 500 Index Equity Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Period
Ended Year Period
6/30/99 Ended Ended
(Unaudited) 12/31/98 12/31/97
----------- -------- --------
<S> <C> <C> <C>
Net asset value, beginning of period.............................. $ 12.49 $ 10.00 $ 10.00
--------- -------- ---------
Income from investment operations:
Net investment income............................................. 0.09 0.17 0.04
Net realized and unrealized gain on investments................... 1.44 2.63 0.00 (d)
--------- -------- ---------
Total from investment operations.................................. 1.53 2.80 0.04
--------- -------- ---------
Less distributions:
Distributions from net investment income.......................... (0.08) (0.17) (0.04)
Distributions from net realized gains............................. - (0.14) -
--------- -------- ---------
Total distributions............................................... (0.08) (0.31) (0.04)
--------- -------- ---------
Net asset value, end of period.................................... $ 13.94 $ 12.49 $ 10.00
========= ======== =========
Total return (b).................................................. 12.31% 28.22% 0.39%
========= ========= =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's).............................. $ 74,147 $ 69,032 $ 63,999
Ratio of operating expenses to average net assets................. 0.09% (c) 0.09% 0.09%(c)
Ratio of net investment income to average net assets.............. 1.28% (c) 1.44% 1.76%(c)
Ratio of operating expenses to average net assets
without expenses reimbursed.................................... 0.32% (c) 0.32% 0.61%(c)
Portfolio turnover................................................ 8% 6% 0%
<FN>
- ----
(a) Munder Institutional S&P 500 Index Equity Fund commenced operations on
October 14, 1997.
(b) Total return represents aggregate total return for the
period indicated.
(c) Annualized.
(d) 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.
</TABLE>
Munder Institutional S&P MidCap Index Equity Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Period
Ended Period
6/30/99 Ended
(Unaudited) 12/31/98
----------- --------
<S> <C> <C>
Net asset value, beginning of period..................... $ 11.08 $ 10.00
-------- ---------
Income from investment operations:
Net investment income.................................... 0.09 0.11
Net realized and unrealized gain on investments.......... 0.69 1.34
-------- ---------
Total from investment operations......................... 0.78 1.45
-------- ---------
Less distributions:
Distributions from net investment income................. (0.09) (0.11)
Distributions from net realized gains.................... - (0.26)
-------- ---------
Total distributions...................................... (0.09) (0.37)
-------- ---------
Net asset value, end of period........................... $ 11.77 $ 11.08
======== =========
Total return (b)......................................... 17.47% 15.04%
======== =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)..................... $ 9,600 $ 10,853
Ratio of operating expenses to average net assets........ 0.18% (c) 0.18%(c)
Ratio of net investment income to average net assets..... 1.58% (c) 1.20%(c)
Ratio of operating expenses to average net assets
without expenses reimbursed........................... 0.89% (c) 0.88%(c)
Portfolio turnover....................................... 11% 37%
<FN>
- --------------------
(a) Munder Institutional S&P MidCap Index Equity Fund commenced
operations on February 12, 1998.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
</TABLE>
Munder Institutional Money Market Fund (a)
Financial Highlights, For a Share Outstanding Throughout The Period
Period
Ended
6/30/99
(Unaudited)
-----------
Net asset value, beginning of period..................... $ 1.00
---------
Income from investment operations:
Net investment income.................................... 0.023
---------
Total from investment operations......................... 0.023
---------
Less distributions:
Distributions from net investment income................. (0.023)
---------
Total distributions...................................... (0.023)
---------
Net asset value, end of period........................... $ 1.00
=========
Total return (b)......................................... 2.35%
=========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)..................... $ 115,752
Ratio of operating expenses to average net assets........ 0.20% (c)
Ratio of net investment income to average net assets..... 4.69% (c)
Ratio of operating expenses to average net assets
without expenses reimbursed......................... 0.36% (c)
- --------------------
(a) Munder Institutional Money Market Fund commenced operations on
January 4, 1999.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
See Notes to Financial Statements
The Munder Institutional Funds
Notes To Financial Statements, June 30, 1999 (Unaudited)
1. Organization and Significant Accounting Policies
The Munder Institutional S&P 500 Index Equity Fund, the Munder
Institutional S&P MidCap Index Equity Fund and the Munder Institutional Money
Market 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 management investment company.
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 Munder Capital Management (the
"Advisor"), and under certain circumstances by a pricing committee, under the
guidelines approved by 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. Debt
securities held by the Munder Institutional Money Market Fund are also valued
on an amortized cost basis, which approximates current market value.
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 Munder Institutional Money Market
Fund is performed pursuant to procedures established by the Board of
Directors. The Munder Institutional Money Market Fund seeks to maintain a net
asset value per share of $1.00.
Futures Contracts: The Munder Institutional S&P 500 Index Equity Fund,
and the Munder Institutional S&P MidCap Index Equity 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.
Repurchase Agreements: The Funds may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, a 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 Advisor,
acting under the guidelines approved by 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.
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. This income is reflected as other income in the Statement of
Operations. 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. General
expenses of the Funds are allocated to each Fund based on relative net assets
of each Fund.
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 a Fund, timing differences and differing
characterization of distributions made by the Fund as a whole.
As determined at December 31, 1998, 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: Each 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
For its advisory services, the Advisor is entitled to receive from each
Fund a fee, computed daily and payable monthly, based on the average daily
net assets of the respective Fund, at the following annual rates:
Fees on Average
Daily Net Assets
----------------
Munder Institutional S&P 500 Index Equity Fund..... 0.07%
Munder Institutional S&P MidCap Index Equity Fund.. 0.15%
Munder Institutional Money Market Fund............. 0.20%
The Advisor voluntarily waived fees and reimbursed certain expenses,
payable by the Funds, for the period ended June 30, 1999, as follows:
<TABLE>
<CAPTION>
Fees Waived Expenses Reimbursed
----------- -------------------
<S> <C> <C>
Munder Institutional S&P 500 Index Equity Fund...... $ 25,654 $ 58,274
Munder Institutional S&P MidCap Index Equity Fund... 7,611 27,945
Munder Institutional Money Market Fund.............. - 76,414
</TABLE>
Comerica Bank ("Comerica") owns approximately 88% of the Advisor.
Comerica provides certain 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 $8,779 for its
shareholder services to the Funds for the period ended June 30, 1999.
Each Director of the Company is paid an aggregate fee for services
provided as a Board member of the Company, The Munder Funds Trust, The Munder
Funds, Inc., and The Munder Framlington Funds Trust. The fee consists of a
$30,000 annual retainer, for services in such capacity plus $2,500 for each
Board meeting attended, plus out-of-pocket expenses related to attendance at
such meeting. 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, 1999, 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..... $5,997,609 $9,108,066
Munder Institutional S&P MidCap Index Equity Fund.. 967,797 1,701,811
</TABLE>
At June 30, 1999, aggregate gross unrealized appreciation for all
securities for which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities for which there was an
excess of tax cost over value for Federal income tax purposes was as follows:
<TABLE>
<CAPTION>
Tax Basis Tax Basis
Unrealized Unrealized
Appreciation Depreciation
------------ ------------
<S> <C> <C>
Munder Institutional S&P 500 Index Equity Fund...... $21,944,538 $1,962,529
Munder Institutional S&P MidCap Index Equity Fund... 1,464,225 1,164,672
</TABLE>
4. Common Stock
At June 30, 1999, fifty million shares of $0.001 par value common stock
were authorized for the Funds. Changes in common stock were as follows:
Munder Institutional S&P 500 Index Equity Fund
<TABLE>
<CAPTION>
Period Ended Year Ended
6/30/99 12/31/98
----------------------- --------------------------
Shares Amount Shares Amount
------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold .............................. 289,848 $ 3,674,251 143,105 $ 1,661,162
Issued as reinvestment of dividends -- -- -- --
Redeemed .......................... (496,452) (6,709,203) (1,015,429) (10,819,194)
-------- ------------ ---------- ------------
Net increase ...................... (206,604) $ (3,034,952) (872,324) $ (9,158,032)
======== ============ ========== ============
</TABLE>
Munder Institutional S&P MidCap Index Equity Fund
<TABLE>
<CAPTION>
Period Ended Year Ended
6/30/99 12/31/98
----------------------- ------------------------
Shares Amount Shares Amount
------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold .............................. 10,361 $ 114,097 1,009,196 $ 10,110,510
Issued as reinvestment of dividends -- -- 1,026 9,981
Redeemed .......................... (174,368) (2,000,000) (30,655) (321,884)
-------- ------------ --------- ------------
Net increase ...................... (164,007) $ (1,885,903) 979,567 $ 9,798,607
======== ============ ========= ============
</TABLE>
Munder Institutional Money Market 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.
Period Ended
6/30/99
-------------
Amount
------
Sold .............................. $ 165,975,217
Issued as reinvestment of dividends --
Redeemed .......................... (50,222,845)
-------------
Net increase ...................... $ 115,752,372
=============
5. Organization Costs
Expenses incurred prior to June 30, 1998 in connection with the
organization of the Funds, 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.
6. Year 2000
Like other mutual funds, financial institutions and business
organizations and individuals around the world, each Fund could be adversely
affected if the computer systems used by the Advisor and the Funds' other
service providers do not properly process and calculate date-related
information and data from and after January 1, 2000. The Advisor is taking
steps that it believes are reasonably designed to address year 2000
computer-related problems with respect to the computer systems that it uses
and to obtain assurances that comparable steps are being taken by a Fund's
other, major service providers. Although there can be no assurances, the
Advisor believes that these steps will be sufficient to avoid any adverse
impacts on any of the Funds. Similarly, the companies and other issuers in
which a Fund invests could be adversely affected by year 2000
computer-related problems, and there can be no assurance that the steps
taken, if any, by these issuers will be sufficient to avoid an adverse impact
on a Fund.
(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 P. Munder
OFFICERS
Lee P. 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
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.
211 South Gulph Road
King of Prussia, PA 19406-3101
ADMINISTRATOR & CUSTODIAN
State Street Bank & Trust Company
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
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
(OUTSIDE BACK COVER)
SANNINST99
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
