(OUTSIDE FRONT COVER)
Annual Report
LIQUIDITY PLUS MONEY MARKET FUND*
DECEMBER 31, 1998
<PAGE>
(INSIDE FRONT COVER)
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 the Fund during this year--a year that will
clearly go down in the history books as having taken investors on a rocky
ride. Particularly in light of the volatility the financial markets
demonstrated 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. The fund had a
39-day average maturity at December 31, 1998. Given the historically low
spreads in yields, we have chosen to keep the portfolio fairly short in order
to capitalize on a broadening out of the market when it occurs. 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
<PAGE>
Liquidity Plus Money Market Fund
Portfolio of Investments, December 31, 1998
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating (Unaudited)
Principal ---------------------
Amount S&P Moody's Value
------ --- ------- -----
CERTIFICATES OF DEPOSIT -- 7.8%
<S> <C> <C> <C> <C>
$3,000,000 Bank of Nova Scotia,
5.190% due 02/08/1999** A1+/AA- P1/Aa3 $ 3,000,000
3,000,000 UBS AG Stamford Branch,
5.120% due 01/19/1999 A1+/AA+ P1/Aaa 3,000,000
-----------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $6,000,000) 6,000,000
-----------
<CAPTION>
COMMERCIAL PAPER -- 61.2%
<S> <C> <C> <C> <C>
3,000,000 Asset Securitization Cooperative
Corporation,
5.280% due 01/25/1999** A1+/NR P1/NR 2,989,440
3,000,000 Banc One Funding Corporation,
5.580% due 01/15/1999** A1/NR P1/NR 2,993,490
3,000,000 Beta Finance, Inc.,
4.890% due 05/12/1999** A1+/AAA P1/NR 2,946,618
3,000,000 Canadian Wheat Board,
5.150% due 03/11/1999** A1+/AA+ P1/Aa2 2,970,388
2,500,000 Centric Capital Corporation,
4.750% due 04/21/1999** A1+NR P1/NR 2,463,715
3,000,000 CXC, Inc.,
5.170% due 03/15/1999** A1+/NR P1/NR 2,968,549
3,000,000 Enterprise Funding Corporation,
5.400% due 01/20/1999** A1+/NR P1/NR 2,991,450
3,000,000 Falcon Asset Securitization,
5.220% due 03/22/1999** A1/NR P1/NR 2,965,200
3,000,000 Finova Capital Corporation,
5.430% due 01/21/1999**, +++ A2/A- P2/Baa1 2,990,950
3,000,000 Ford Motor Credit Company,
5.410% due 02/19/1999** A1/A P1/A1 2,977,909
3,000,000 General Electric Capital
Corporation,
4.930% due 05/12/1999** A1+/AAA P1/Aaa 2,946,181
3,000,000 Golden Funding Corporation,
5.250% due 01/14/1999** A1+/NR P1/NR 2,994,313
3,000,000 International Lease Finance
Corporation,
5.470% due 01/04/1999** A1+/A+ P1/A1 2,998,632
3,000,000 Lloyds Bank Plc,
4.870% due 06/01/1999** A1+/NR P1/Aa1 2,938,719
3,000,000 Moat Funding LLC,
5.650% due 01/14/1999**, +++ NR/NR P1/NR 2,993,879
3,000,000 Sanwa Business Credit Corporation,
6.200% due 01/19/1999**, +++ A2/BBB+ P1/A1 2,990,700
-----------
TOTAL COMMERCIAL PAPER
(Cost $47,120,133) 47,120,133
-----------
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Liquidity Plus Money Market Fund
Portfolio of Investments, December 31, 1998
(Continued)
Principal
Amount Value
------ -----
REPURCHASE AGREEMENTS -- 30.6%
$17,555,239 Agreement with Lehman
Brothers Holdings Inc.,
4.900% dated 12/31/1998, to
be repurchased at
$17,564,797 on 01/04/1999,
collateralized by
$53,875,000 U.S. Treasury
Strips, maturing 11/15/2018
(value $17,907,510) $17,555,239
$3,000,000 Agreement with Merrill Lynch
and Company, Inc., 4.850%
dated 12/31/1998, to be
repurchased at $3,001,617 on
01/04/1999, collateralized by
$2,270,000 U.S. Treasury
Note, 8.000% maturing
11/15/2021 (value $3,061,663) 3,000,000
$3,000,000 Agreement with State Street
Bank and Trust Company,
4.850% dated 12/31/1998, to
be repurchased at $3,001,617
on 01/04/1999,collateralized
by $2,505,000 U.S. Treasury
Note,7.250% maturing
05/15/2016 (value $3,062,347) 3,000,000
-----------
TOTAL REPURCHASE AGREEMENTS
(Cost $23,555,239) 23,555,239
-----------
TOTAL INVESTMENTS (Cost $76,675,372*) 99.6% 76,675,372
OTHER ASSETS AND LIABILITIES (Net) 0.4 289,338
----- -----------
NET ASSETS 100.0% $76,964,710
===== ===========
* Aggregate cost for Federal tax purposes.
** Rate represents annualized yield at date of purchase.
+++ 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.
See Notes to Financial Statements.
<PAGE>
Liquidity Plus Money Market Fund
Statement of Assets and Liabilities, December 31, 1998
- -----------------------------------------------------------------------------
ASSETS:
Investments, at value (Cost $ 76,675,372)
See accompanying schedule:
Securities......................................... $53,120,133
Repurchase Agreements.............................. 23,555,239
-----------
Total Investments.......................................... 76,675,372
Receivable for Fund shares sold............................ 302,215
Interest receivable........................................ 45,584
Unamortized organization costs............................. 11,985
Prepaid expenses........................................... 4,192
-----------
Total Assets........................................... 77,039,348
-----------
LIABILITIES:
Payable for fund shares redeemed........................... 5,827
Distribution and shareholder servicing fees payable........ 22,315
Investment advisory fee payable............................ 22,387
Administration fee payable................................. 6,901
Transfer agent fee payable................................. 322
Custodian fees payable..................................... 11,272
Accrued Directors' fees and expenses....................... 339
Accrued expenses and other payables........................ 5,275
-----------
Total Liabilities...................................... 74,638
-----------
NET ASSETS................................................. $76,964,710
===========
NET ASSETS consist of:
Par value.................................................. 76,965
Paid-in capital in excess of par value..................... 76,887,745
-----------
Total Net Assets....................................... $76,964,710
===========
NET ASSET VALUE, offering and redemption
price per share $76,964,710 / 76,964,710 shares
outstanding)........................................... $ 1.00
===========
See Notes to Financial Statements.
<PAGE>
Liquidity Plus Money Market Fund
Statement of Operations, Year Ended December 31, 1998
- ------------------------------------------------------------------------------
INVESTMENT INCOME:
Interest............................................... $3,717,647
----------
Total investment income............................ 3,717,647
----------
EXPENSES:
Distribution and shareholder servicing fees............ 239,737
Investment advisory fee................................ 233,769
Administration fee..................................... 71,492
Custodian fees......................................... 30,562
Legal and audit fees................................... 26,639
Transfer agent fee..................................... 16,859
Registration and filing fees........................... 16,179
Amortization of organizational costs................... 3,479
Directors' fees and expenses........................... 2,939
Other.................................................. 7,435
----------
Total Expenses..................................... 649,090
----------
NET INVESTMENT INCOME.................................. 3,068,557
----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS... $3,068,557
==========
See Notes to Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
Liquidity Plus Money Market Fund
Statement of Changes in Net Assets
- -----------------------------------------------------------------------------
Year Period
Ended Ended
12/31/98 12/31/97(a)
-------- -----------
<S> <C> <C>
Net investment income......................................... $ 3,068,557 $ 638,608
------------ ------------
Net increase in net assets resulting from operations.......... 3,068,557 638,608
Distributions to shareholders from net investment income..... (3,068,557) (638,608)
Net increase in net assets from Fund share transactions...... 20,328,993 56,635,717
------------ ------------
Net increase in net assets.................................... 20,328,993 56,635,717
NET ASSETS:
Beginning of period........................................... 56,635,717 --
------------ ------------
End of period................................................. $ 76,964,710 $ 56,635,717
============ ============
<FN>
- ---------
(a) Liquidity Plus Money Market Fund commenced operation on June 4, 1997.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Liquidity Plus Money Market Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
Year Period
Ended Ended
12/31/98 12/31/97 (a)
-------- ------------
<S> <C> <C>
Net asset value, beginning of period................................ $ 1.00 $ 1.00
------- -------
Income from investment operations:
Net investment income............................................... 0.050 0.030
------- -------
Total from investment operations.................................... 0.050 0.030
------- -------
Less distributions:
Distributions from net investment income............................ (0.050) (0.030)
------- -------
Total distributions................................................. (0.050) (0.030)
------- -------
Net asset value, end of period...................................... $ 1.00 $ 1.00
======== =======
Total return (b).................................................... 4.68% 2.59%
======== =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)................................ $76,965 $ 56,636
Ratio of operating expenses to average net assets................... 0.97% 0.86%(c)
Ratio of net investment income to average net assets................ 4.58% 4.29%(c)
Ratio of operating expenses to average net assets
without expenses reimbursed...................................... 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Liquidity Plus Money Market Fund
Notes To Financial Statements, December 31, 1998
- -----------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
Liquidity Plus Money Market Fund (the "Fund") is a diversified
portfolio of St. Clair Funds, Inc. (the "Company") which is registered under
the Investment Company Act of 1940, as amended (the "1940 Act"), as an
open-end investment company. The Fund commenced operations on June 4, 1997.
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies followed by the Fund in the preparation of
its financial statements:
Security Valuation: Securities are valued on an amortized cost basis,
which approximates current market value. Under this method, securities are
valued initially at cost when purchased. Thereafter, a constant proportionate
amortization of any discount or premium is recorded until maturity of the
security. Regular review and monitoring of the valuation of securities held
by the Fund is performed pursuant to procedures established by the Board of
Directors. The Fund seeks to maintain a net asset value per share of $1.00.
Repurchase Agreements: The Fund may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the Fund
takes possession of an underlying debt obligation subject to an obligation of
the seller to repurchase, and the Fund to resell, the obligation at an
agreed-upon price and time, thereby determining the yield during the Fund's
holding period. This arrangement results in a fixed rate of return that is
not subject to market fluctuations during the Fund's holding period. The
value of the collateral is at least equal, at all times, to the total amount
of the repurchase obligations, including interest. In the event of
counterparty default, the Fund has the right to use the collateral to satisfy
the terms of the repurchase agreement. However, there could be potential loss
to the Fund in the event the Fund is delayed or prevented from exercising its
right to dispose of the collateral securities, including the risk of a
possible decline in the value of the collateral securities during the period
while the Fund seeks to assert its rights. Munder Capital Management (the
"Advisor"), acting under the supervision of the Board of Directors, reviews
the value of the collateral and the creditworthiness of those banks and
dealers with which the Fund enters into repurchase agreements to evaluate
potential risks.
Security Transactions and Investment Income: Security transactions are
recorded on the trade date. The cost of investments sold is determined by use
of the specific identification method for both financial reporting and income
tax purposes. Interest income is recorded on the accrual basis.
Dividends and Distributions to Shareholders: Dividends from net
investment income are declared daily and paid monthly. Capital gains
distributions, if any, will be made at least annually. Distributions to
shareholders are recorded on the ex-dividend date.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments of certain expenses of the Fund.
As determined at December 31, 1998, permanent differences resulting
from different book and tax accounting for organization costs were
reclassified at year end. These reclassifications had no effect on net
investment income, net assets or net asset value per share.
Federal Income Taxes: The Fund intends to continue to qualify as a
regulated investment company by complying with the requirements of the
Internal Revenue Code of 1986, as amended, applicable to regulated investment
companies and to distribute substantially all of its earnings to its
shareholders. Therefore, no Federal income or excise tax provision is required.
<PAGE>
Liquidity Plus Money Market Fund
Notes To Financial Statements, December 31, 1998
(Continued)
- -----------------------------------------------------------------------------
2. Investment Advisor, Custodian and Other Related Party Transactions
For its advisory services, the Advisor is entitled to receive a fee,
computed daily and payable monthly, at an annual rate of 0.35% of the value
of its average daily net assets.
Effective July 2, 1998 Comerica Bank ("Comerica") increased its
ownership in the Advisor whereby it now owns approximately 88% of the
Advisor. Comerica is the custodian and provides certain shareholder services
to the Fund. Comerica does not receive compensation as custodian. As
compensation for the shareholder services provided to the Fund, Comerica
receives a fee of 0.01% of the aggregate average daily net assets of the Fund
beneficially owned by Comerica and its customers. Comerica earned $7,235 for
its shareholder services to the Fund for the year ended December 31, 1998.
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 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 meetings. 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 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 Organizations")
who provide shareholder services for the Fund. The service fee also includes
payments to be made by the Fund to the Distributor for expenditures incurred
by the Distributor in connection with the distribution of Fund shares to
investors and provision of certain shareholder services (which include but
are not limited to the payment of compensation, including compensation to
Service Organizations to obtain various distribution related services for the
Fund). The Distributor is also paid a distribution fee at an annual rate of
0.10% of the value of the average daily net assets of the Fund.
4. Common Stock
At December 31, 1998, two billion shares of $0.001 par value common
stock were authorized for the Fund.
Since the Fund has sold, issued as reinvestment of dividends and
redeemed shares only at a constant net asset value of $1.00 per share, the
number of shares represented by such sales, reinvestments, and redemptions is
the same as the amounts shown below for such transactions.
Changes in common stock for the Fund were as follows:
<TABLE>
<CAPTION>
Year Ended Period Ended
12/31/98 12/31/97
Amount Amount
---------- ------------
<S> <C> <C>
Sold................................................... $ 90,654,240 $ 74,164,374
Issued as reinvestment................................. 3,307,082 398,127
Redeemed............................................... (73,632,329) (17,926,784)
----------- -----------
Net increase........................................... $ 20,328,993 $ 56,635,717
============ ============
</TABLE>
5. Organizational Costs
Expenses incurred in connection with the organization of the Fund,
including the fees and expenses of registering and qualifying its shares for
distribution under Federal securities regulations, have been capitalized and
are being amortized on a straight-line basis over a period of 5 years from
commencement of operations.
<PAGE>
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Lee Munder
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Gerald L. Seizert, Vice President
Paul D. Tobias, Vice President
Lisa Anne Rosen, Secretary and Assistant Treasurer
Therese Hogan, Assistant Secretary
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
First Data Investor Services Group, Inc.
53 State Street
Boston, MA 02109
ADMINISTRATOR & SUB-CUSTODIAN
State Street Bank & Trust Company
1776 Heritage Drive
North Quincy, MA 02171
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
CUSTODIAN
Comerica Bank
411 West Lafayette
Detroit, MI 48226
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
<PAGE>
(OUTSIDE BACK COVER)
ANNSTCL1298
F001cstc
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
<PAGE>
(OUTSIDE FRONT COVER)
Annual
Report
DECEMBER 31, 1998
THE MUNDER INSTITUTIONAL FUNDS
Institutional S&P 500 Index Equity
Institutional S&P MidCap Index Equity
<PAGE>
"It is this type of fo-
cus that we value:
focused investors and
focused financial con-
sultants, coupled with
a fund family that pro-
vides disciplined in-
vestment styles."
The Munder Funds
Letter to shareholders
Dear fellow shareholders:
On the following pages you will find the most recent financial information
for The Munder Funds. I hope you are pleased with the performance and
operations of the Funds. We are pleased to be able to present this
information and report to you the activities of The Munder Family of Mutual
Funds.
As I am sure you all are aware, the last half of 1998 was quite rocky for the
stock markets here in the U.S. and around the world. The correction that
occurred in the third quarter was quite a test for many investors. Even
though it was fairly short lived, it was much more severe than any such
correction we have seen in several years. I am pleased to say that most
investors maintained their focus and rode out the ups and downs of the
market. Those that did were rewarded as they recovered much of their paper
losses by the end of October. Many investors sought the shelter of bonds
during this time. I am pleased to say that our focus on high quality fixed
income investing paid off with many of our fixed income funds placing in
their competitive top quartiles for total return. Our underlying investment
philosophy was evident during this time: that investors seek bond holding for
safety and income - not as a substitute for stock market returns. We believe
that those investors were well rewarded during this time period.
It is this type of focus that we value: focused investors and focused
financial consultants, coupled with a fund family that provides disciplined
investment styles. Our various funds provide you with exposure to specific
parts of the market in a very disciplined manner.
As you are likely well aware, the last few years have seen the stock market
dominated by the largest companies, similar to the nifty fifty phenomenon of
the 1970's. November and December saw the market broaden out to provide some
much welcome relief to small cap stocks. We are encouraged that the market is
finally beginning to recognize the value that small cap stocks bring, and we
believe that the economic conditions favor increased emphasis on these
securities.
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
<PAGE>
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, December 31, 1998
Shares Value
- ------ -----
COMMON STOCKS -- 99.4%
Advertising -- 0.2%
1,000 Interpublic Group of Companies,
Inc. $ 79,750
1,100 Omnicom Group, Inc. 63,800
-------------
143,550
Aerospace -- 1.0%
6,900 Boeing Company 225,113
600 General Dynamics Corporation 35,175
1,300 Lockheed Martin Corporation 110,175
600 Northrop Grumman Corporation 43,875
2,300 Raytheon Company, Class B 122,475
1,600 United Technologies Corporation 174,000
--------------
710,813
Airlines -- 0.3%
1,400 AMR Corporation + 83,125
1,200 Delta Air Lines, Inc. 62,400
2,325 Southwest Airlines Company 52,167
700 US Airways Group, Inc. + 36,400
--------------
234,092
Apparel -- 0.2%
600 Fruit Of The Loom, Inc. + 8,288
600 Liz Claiborne, Inc. 18,937
2,000 NIKE, Inc., Class B 81,125
400 Reebok International Ltd. + 5,950
800 V.F. Corporation 37,500
--------------
151,800
Automobiles -- 1.2%
8,300 Ford Motor Company 487,106
4,300 General Motors Corporation 307,719
600 Navistar International Corporation + 17,100
811,925
Automobile Parts & Equipment -- 0.5%
1,000 AutoZone, Inc. + 32,937
300 Cummins Engine, Inc. 10,650
1,457 Dana Corporation 59,555
900 Danaher Corporation 48,881
1,200 Genuine Parts Company 40,125
700 Johnson Controls, Inc. 41,300
600 Pep Boys-- Manny, Moe & Jack 9,413
600 Snap-On, Inc. 20,888
1,000 TRW, Inc. 56,187
--------------
319,936
Banks -- 7.6%
7,730 Banc One Corporation 394,713
5,200 Bank of New York, Inc. 209,300
11,949 BankAmerica Corporation 718,434
2,400 BankBoston 93,450
500 Bankers Trust New York
Corporation 42,719
2,200 BB&T Corporation 88,688
5,800 Chase Manhattan Corporation 394,762
950 Comerica, Inc. 64,778
1,350 Fifth Third Bancorporation 96,272
6,568 First Union Corporation 399,416
1,600 Firstar Corporation 149,232
4,200 Fleet Financial Group, Inc. 187,687
1,430 Huntington Bancshares, Inc. 42,989
3,000 KeyCorp 96,000
5,250 MBNA Corporation 130,922
1,800 Mellon Bank Corporation 123,750
900 Mercantile Bancorporation 41,513
1,200 Morgan (J.P.) & Company, Inc. 126,075
4,100 Morgan Stanley, Dean Witter,
Discover and Company 291,100
2,300 National City Corporation 166,750
900 Northern Trust Corporation 78,581
2,100 PNC Bank Corporation 113,663
800 Republic New York Corporation 36,450
1,300 State Street Corporation 90,431
1,200 Summit Bancorp, 52,425
1,300 SunTrust Banks, Inc. 99,450
1,600 Synovus Financial Corporation 39,000
5,100 U.S. Bancorp 181,050
1,400 Wachovia Corporation 122,413
4,044 Washington Mutual, Inc. 154,430
10,700 Wells Fargo & Company 427,331
---------------
5,253,774
Broadcasting -- 0.7%
4,900 CBS Corporation 160,475
1,600 Clear Channel Communications + 87,200
4,200 MediaOne Group, Inc. 197,400
400 Meredith Corporation 15,150
---------------
460,225
Building Materials -- 1.1%
600 Centex Corporation 27,037
600 Crane Company 18,113
300 Fleetwood Enterprises 10,425
10,000 Home Depot, Inc. 611,875
300 Kaufman & Broad Home
Corporation 8,625
2,200 Masco Corporation 63,250
400 Pulte Corporation 11,125
---------------
750,450
See Notes to Financial Statements
<PAGE>
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, December 31, 1998
(Continued)
Shares Value
- ------ -----
COMMON STOCKS -- (Continued)
Business Equipment & Supplies -- 2.4%
900 Avery Dennison Corporation $ 40,556
1,100 Ikon Office Solutions 9,419
6,400 International Business Machines
Corporation 1,182,400
2,000 Pitney Bowes, Inc. 132,125
2,200 Xerox Corporation 259,600
--------------
1,624,100
Business Services -- 1.0%
3,200 America Online, Inc. 512,032
5,862 Cendant Corporation + 111,744
700 Deluxe Corporation 25,594
700 Moore Corporation Ltd. 7,700
600 Paychex, Inc. 30,863
1,600 PeopleSoft, Inc. + 30,300
--------------
718,233
Chemicals & Plastics -- 2.2%
1,800 Air Products & Chemicals, Inc. 72,000
1,600 Dow Chemical Company 145,500
7,800 dupont (E.I.) de Nemours & Company 413,887
700 Eastman Chemical Company 31,325
900 Ecolab, Inc. 32,569
1,200 Engelhard Corporation 23,400
300 FMC Corporation + 16,800
600 Grace (W.R.) & Company + 9,413
500 Great Lakes Chemical Corporation 20,000
800 Hercules, Inc. 21,900
400 Kerr-McGee Corporation 15,300
600 Mallinckrodt Group, Inc. 18,488
2,800 Minnesota Mining &Manufacturing
Company 199,150
4,100 Monsanto Company 194,750
1,100 Morton International, Inc. 26,950
600 Nalco Chemical Company 18,600
1,300 Praxair, Inc. 45,825
400 Raychem Corporation 12,925
1,400 Rockwell International Corporation 67,987
1,200 Rohm & Haas Company 36,150
900 Sigma-Aldrich Corporation 26,437
600 Union Camp Corporation 40,500
1,000 Union Carbide Corporation 42,500
--------------
1,532,356
Coal -- 0.1%
1,500 CSX Corporation 62,250
200 Eastern Enterprises 8,750
700 Fluor Corporation 29,794
--------------
100,794
Communication Equipment -- 1.2%
1,300 Cabletron Systems, Inc. + 10,888
6,600 GTE Corporation 429,000
700 Harris Corporation 25,637
4,100 Motorola, Inc. 250,356
1,200 National Semiconductor
Corporation + 16,200
700 Scientific-Atlanta, Inc. 15,969
1,300 Tellabs, Inc. + 89,131
---------------
837,181
Computer Hardware, Software or Services -- 9.9%
2,400 3COM Corporation + 107,550
600 Adobe Systems, Inc. 28,050
800 Advanced Micro Devices, Inc. + 23,150
1,308 AMP, Inc. 68,098
1,000 Apple Computer, Inc. + 40,938
400 Autodesk, Inc. 17,075
2,000 Automatic Data Processing, Inc. 160,375
700 BMC Software, Inc. + 31,194
700 Ceridian Corporation + 48,869
10,425 CISCO Systems, Inc. + 967,570
11,345 Compaq Computer Corporation 475,781
3,750 Computer Associates International,
Inc. 159,844
900 Computer Sciences Corporation 57,994
1,300 Compuware Corporation + 101,575
400 Data General Corporation + 6,575
8,800 Dell Computer Corporation + 644,050
3,400 Electronic Data Systems Corporation 170,850
1,100 Gateway 2000, Inc. + 56,306
7,200 Hewlett Packard Company 491,850
1,000 Honeywell, Inc. 75,312
16,800 Microsoft Corporation + 2,329,950
2,400 Novell, Inc. + 43,500
6,800 Oracle Systems Corporation + 293,250
1,600 Parametric Technology Corporation + 26,000
1,700 Seagate Technologies, Inc. + 51,425
1,400 Silicon Graphics, Inc. + 18,025
800 Solectron Corporation + 74,350
2,600 Sun Microsystems, Inc. + 222,625
1,800 Unisys Corporation + 61,987
---------------
6,854,118
Computer -- Semiconductors -- 2.6%
2,500 Applied Materials + 106,719
3,400 EMC Corporation + 289,000
11,300 Intel Corporation 1,339,756
800 LSI Logic Corporation + 12,900
1,300 Micron Technology, Inc. + 65,731
---------------
1,814,106
See Notes to Financial Statements
<PAGE>
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, December 31, 1998
(Continued)
Shares Value
- ------ -----
COMMON STOCKS -- (Continued)
Consumer Non-Durables -- 3.6%
1,600 Corning, Inc. $ 72,000
21,700 General Electric Company 2,214,756
800 Grainger (W.W.), Inc. 33,300
2,800 Lowe's Companies, Inc. 143,325
1,300 Newell Company 53,625
--------------
2,517,006
Consumer Services -- 0.2%
900 Block (H & R), Inc. 40,500
1,700 Service Corporation International 64,706
--------------
105,206
Consumer Staples -- 0.1%
1,400 Pioneer Hi-Bred International, Inc. 37,800
Containers -- 0.2%
300 Ball Corporation 13,725
1,000 Crown Cork & Seal Company, Inc. 30,812
1,200 Owens-Illinois, Inc. + 36,750
606 Sealed Air Corporation + 30,944
--------------
112,231
Cosmetics -- Toiletry -- 0.2%
400 Alberto-Culver Company, Class B 10,675
2,200 Avon Products, Inc. 97,350
--------------
108,025
Diversified -- 1.6%
300 Aeroquip-Vickers, Inc. 8,981
3,900 AlliedSignal Corporation 172,819
1,400 Fortune Brands, Inc. 44,275
1,000 Loews Corporation 98,250
1,100 Textron, Inc. 83,531
1,000 Thermo Electron Corporation + 16,938
4,556 Tyco International Ltd. 343,693
4,400 Unilever NV 364,925
--------------
1,133,412
Electrical Equipment -- 0.5%
1,000 Cooper Industries, Inc. 47,688
300 Foster Wheeler Corporation 3,956
400 Tektronix, Inc. 12,025
2,700 Texas Instruments, Inc. 231,019
400 Thomas & Betts Corporation 17,325
--------------
312,013
Electronics -- 0.5%
700 Eaton Corporation 49,481
400 EG & G, Inc. 11,125
3,100 Emerson Electric Company 187,550
1,000 General Instrument Corporation + 33,937
700 KLA-Tencor Corporation + 30,363
900 Tandy Corporation 37,069
---------------
349,525
Energy and Resources -- 0.1%
1,405 Burlington Resources, Inc. 50,317
---------------
Entertainment -- 1.5%
500 Brunswick Corporation 12,375
14,100 Disney (Walt) Company 423,000
600 Harcourt General Corporation 31,913
1,000 Hasbro, Inc. 36,125
600 King World Productions, Inc. + 17,663
2,000 Mattel, Inc. 45,625
7,800 Time Warner, Inc. 484,087
---------------
1,050,788
Financial Services -- 4.7%
3,200 American Express Company 327,200
1,700 American General Corporation 132,600
4,350 Associates First Capital Corporation 184,331
800 Bear Stearns Companies, Inc. 29,900
500 Capital One Financial Corporation 57,500
15,867 Citigroup, Inc. 785,416
900 Countrywide Credit Industries 45,169
800 Dow Jones & Company, Inc. 38,500
1,000 Equifax, Inc. 34,188
7,300 Fannie Mae 540,200
4,800 Federal Home Loan Mortgage
Corporation 309,300
3,000 First Data Corporation 95,063
1,800 Franklin Resources, Inc. 57,600
3,126 Household International, Inc. 123,868
900 Lehman Brothers Holdings, Inc. 39,656
2,300 Merrill Lynch & Company, Inc. 153,525
1,500 Regions Financial Corporation 60,469
2,700 Schwab (Charles) Corporation 151,706
1,200 SLM Holding Corporation 57,600
400 Temple-Inland, Inc. 23,725
500 Union Planters Corporation 22,656
0 Waddell & Reed Financial, Inc. + 9
---------------
3,270,181
See Notes to Financial Statements
<PAGE>
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, December 31, 1998
(Continued)
Shares Value
- ------ -----
COMMON STOCKS -- (Continued)
Food & Beverage -- 5.7%
1,700 Albertson's, Inc. $ 108,269
3,400 Anheuser-Busch Companies, Inc. 223,125
3,200 Campbell Soup Company 176,000
16,300 Coca-Cola Company 1,090,062
2,000 Coca-Cola Enterprises, Inc. 71,500
3,300 ConAgra, Inc. 103,950
300 Coors (Adolph) Company, Class B 16,931
2,500 Heinz (H.J.) Company 141,562
1,200 Hershey Foods Corporation 74,625
2,800 Kellogg Company 95,550
9,700 PepsiCo, Inc. 397,094
16,700 Philip Morris Companies, Inc. 893,450
1,100 Quaker Oats Company 65,450
2,100 Ralston-Purina Company 67,988
6,000 Sara Lee Corporation 169,125
2,500 Seagram Company Ltd. 95,000
1,300 UST, Inc. 45,338
1,000 Wrigley (Wm) Jr. Company 89,562
--------------
3,924,581
Food Distribution -- 0.7%
3,990 Archer-Daniels-Midland Company 68,578
1,700 Bestfoods 90,525
1,300 General Mills, Inc. 101,075
300 Great Atlantic & Pacific Tea
Company, Inc. 8,887
1,800 Kroger Company + 108,900
1,200 Supervalu, Inc. 33,600
2,100 Sysco Corporation 57,619
1,000 Winn Dixie Stores, Inc. 44,875
--------------
514,059
Glass Products -- 0.1%
400 Owens Corning Fiberglass
Corporation 14,175
1,200 PPG Industries, Inc. 69,900
--------------
84,075
Health Care Facilities -- 0.3%
4,500 Columbia/HCA Healthcare
Corporation 111,375
900 HCR Manor Care, Inc. + 26,437
1,100 Humana, Inc. + 19,594
2,100 Tenet Healthcare Corporation + 55,125
--------------
212,531
Health Care Products -- 4.3%
10,600 Abbott Laboratories 519,400
600 Allergan, Inc. 38,850
400 Bausch & Lomb, Inc. 24,000
2,000 Becton, Dickinson & Company 85,375
8,200 Merck & Company, Inc. 1,211,037
8,900 Pfizer, Inc. 1,116,394
---------------
2,995,056
Holding Companies -- 0.2%
1,050 Providian, LLC 78,750
1,600 Public Service Enterprise 64,000
---------------
142,750
Home Appliances -- 0.2%
800 Black & Decker Corporation 44,850
800 Maytag Corporation 49,800
600 Whirlpool Corporation 33,225
---------------
127,875
Home Furnishings & Housewares -- 0.8%
9,000 American Home Products Corporation 506,812
300 Armstrong World 18,094
1,000 Rubbermaid, Inc. 31,437
200 Springs Industries, Inc. 8,288
600 Tupperware Corporation 9,863
---------------
574,494
Hotels and Restaurants -- 0.8%
800 Darden Restaurants, Inc. 14,400
900 Harrah's Entertainment Corporation + 14,119
1,700 Hilton Hotels Corporation 32,513
1,600 Marriott International, Inc. 46,400
4,700 McDonald's Corporation 360,137
1,200 Mirage Resorts, Inc. + 17,925
1,000 Tricon Global Restaurants, Inc. + 50,125
1,100 Wendy's International, Inc. 23,994
---------------
559,613
Industrial Machinery -- 0.1%
1,200 AES Corporation + 56,850
---------------
See Notes to Financial Statements
<PAGE>
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, December 31, 1998
(Continued)
Shares Value
- ------ -----
COMMON STOCKS -- (Continued)
Insurance -- 3.4%
1,000 Aetna Life & Casualty Company $ 78,625
5,400 Allstate Corporation 208,575
7,500 American International Group, Inc. 724,687
1,000 AON Corporation 55,375
1,000 Chubb Corporation 64,875
1,400 CIGNA Corporation 108,237
1,200 Cincinnati Financial Corporation 43,950
2,308 Conseco, Inc. 70,538
2,000 Hartford Financial Services Group,
Inc. 109,750
900 Jefferson-Pilot Corporation 67,500
900 Lincoln National Corporation 73,631
1,500 Marsh & McLennan Companies,
Inc. 87,656
800 MBIA, Inc. 52,450
600 MGIC Investment Corporation 23,888
600 Progressive Corporation 101,625
900 Provident Cos, Inc. 37,350
1,100 SAFECO Corporation 47,231
1,406 St. Paul Companies, Inc. 48,859
1,300 SunAmerica, Inc. 105,463
1,100 Torchmark, Inc. 38,844
600 Transamerica Corporation 69,300
1,300 United Healthcare Corporation 55,981
800 UNUM Corporation 46,700
--------------
2,321,090
Machinery & Heavy Equipment -- 0.5%
2,600 Caterpillar, Inc. 119,600
1,700 Deere & Company 56,312
1,500 Dover Corporation 54,938
1,100 Ingersoll-Rand Company 51,631
600 Parker-Hannifin Corporation 19,650
700 Stanley Works 19,425
--------------
321,556
Manufacturing -- 0.6%
1,600 Alcan Aluminum Ltd. 43,300
1,400 Aluminum Company of America 104,387
2,600 Boston Scientific Corporation + 69,712
200 Briggs & Stratton Corporation 9,975
600 Brown-Forman Corporation, Class B 45,412
600 Case Corporation 13,088
300 Milacron, Inc. 5,775
700 PACCAR, Inc. 28,788
1,000 Pall Corporation 25,313
600 Reynolds Metals Company 31,613
1,400 Sherwin-Williams Company 41,125
--------------
418,488
Medical Instruments, Services, and Supplies -- 2.4%
400 Bard (C.R.), Inc. 19,800
1,900 Baxter International, Inc. 122,194
900 Biomet, Inc. 36,225
1,350 Cardinal Health, Inc. 102,431
1,000 Guidant Corporation 110,250
3,200 HBO & Company 91,800
2,700 HEALTHSOUTH Corporation + 41,681
1,100 IMS Health, Inc. 82,981
9,300 Johnson & Johnson Company 780,038
3,200 Medtronic, Inc. 237,600
200 Shared Medical Systems
Corporation 9,975
700 St. Jude Medical, Inc. + 19,381
---------------
1,654,356
Metals & Mining -- 0.3%
1,400 Allegheny Teldyne, Inc. 28,612
300 ASARCO, Inc. 4,519
2,600 Barrick Gold Corporation 50,700
1,600 Battle Mountain Gold Company 6,600
700 Cyprus Amax Minerals Company 7,000
1,300 Freeport McMoRan Copper & Gold,
Class B 13,569
1,000 Homestake Mining Company 9,188
1,000 Inco Ltd. 10,562
900 Newmont Mining Corporation 16,256
600 Phelps Dodge Corporation 30,525
1,700 Placer Dome, Inc. 19,550
---------------
197,081
Metal Fabricating -- 0.1%
1,700 Illinois Tool Works, Inc. 98,600
---------------
Natural Gas -- 0.4%
600 Columbia Gas System, Inc. 34,650
800 Consolidated Natural Gas
Company 43,200
2,200 Enron Corporation 125,537
400 NICOR, Inc. 16,900
300 ONOEK, Inc. 10,838
1,052 Sempra Energy 26,694
700 Sonat, Inc. 18,944
---------------
276,763
See Notes to Financial Statements
<PAGE>
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, December 31, 1998
(Continued)
Shares Value
- ------ -----
COMMON STOCKS -- (Continued)
News & Publishing -- 0.5%
2,000 Gannett Company, Inc. $ 129,000
700 Knight-Ridder, Inc. 35,788
1,600 New York Times Company, Class A 55,500
800 Times Mirror Company (New),
Class A 44,800
1,000 Tribune Company 66,000
--------------
331,088
Oil -- 5.4%
700 Amerada Hess Corporation 34,825
700 Apache Corporation 17,719
600 Ashland, Inc. 29,025
2,200 Atlantic Richfield Company 143,550
2,080 Baker Hughes, Inc. 36,790
4,500 Chevron Corporation 373,219
1,800 Coastal Corporation 62,887
16,100 Exxon Corporation 1,177,312
3,200 Halliburton Company 94,800
900 Louisiana Land & Exploration
Company 16,481
400 McDermott International, Inc. 9,875
5,400 Mobil Corporation 470,475
2,300 Occidental Petroleum Corporation 38,812
900 Oryx Energy Company + 12,094
1,800 Phillips Petroleum Company 76,725
14,800 Royal Dutch Petroleum Company 708,550
600 Sunoco, Inc. 21,638
1,000 Tenneco, Inc. 34,062
3,800 Texaco, Inc. 200,925
1,700 Union Pacific Corporation 76,606
1,800 Union Pacific Resources Group 16,313
1,700 Unocal Corporation 49,619
2,000 USX-Marathon Group 60,250
-------------
3,762,552
Oil Equipment & Services -- 0.3%
400 Helmerich & Payne, Inc. 7,750
3,754 Schlumberger Ltd. 173,153
--------------
180,903
Paper and Forest Products -- 0.9%
400 Bemis Company, Inc. 15,175
400 Boise Cascade Corporation 12,400
800 Champion International Corporation 32,400
1,600 Fort James Corporation 64,000
700 Georgia-Pacific Corporation 40,994
400 Harnischfeger Industries, Inc. 4,075
2,100 International Paper Company 94,106
3,742 Kimberly-Clark Corporation 203,939
900 Mead Corporation 26,381
300 Potlatch Corporation 11,063
1,400 Weyerhaeuser Company 71,137
900 Willamette Industries, Inc. 30,150
--------------
605,820
Personal Items -- 2.7%
2,000 Colgate-Palmolive Company 185,750
7,800 Gillette Company 376,838
900 International Flavors &Fragrances,
Inc. 39,769
300 Jostens, Inc. 7,856
9,300 Procter & Gamble Company 849,206
5,700 Warner-Lambert Company 428,569
--------------
1,887,988
Petroleum Refining -- 0.2%
1,000 Anadarko Petroleum Corporation 30,875
700 Rowan Companies + 7,000
2,900 Williams Companies, Inc. 90,444
--------------
128,319
Pharmaceuticals -- 3.5%
700 ALZA Corporation 36,575
6,900 Bristol-Myers Squibb Company 923,306
7,700 Lilly (Eli) & Company 684,337
3,500 Pharmacia & Upjohn, Inc. 198,188
10,200 Schering-Plough Corporation 563,550
--------------
2,405,956
Photographic Equipment & Supplies -- 0.2%
2,200 Eastman Kodak Company 158,400
400 Polaroid Corporation 7,475
--------------
165,875
Printing & Publishing -- 0.3%
600 American Greetings Corporation,
Class A 24,638
1,000 Donnelley (R.R.) & Sons Company 43,812
1,000 Dun & Bradstreet Corporation 31,563
800 McGraw-Hill, Inc. 81,500
900 Westvaco Corporation 24,131
--------------
205,644
Railroads -- 0.1%
2,600 Norfolk Southern Corporation 82,388
--------------
See Notes to Financial Statements
<PAGE>
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, December 31, 1998
(Continued)
Shares Value
- ------ -----
COMMON STOCKS -- (Continued)
Recreation -- 0.3%
4,000 Carnival Corporation, Class A $ 192,000
-------------
Research & Development -- 0.3%
1,800 Amgen, Inc. + 188,213
--------------
Retail -- Store -- 4.9%
1,900 American Stores Company 70,181
800 Circuit City Stores-- Circuit City
Group 39,950
900 Consolidated Stores Corporation + 18,169
1,700 Costco Companies, Inc. + 122,719
2,800 CVS Corporation 154,000
3,000 Dayton Hudson Corporation 162,750
600 Dillard's, Inc. 17,025
1,400 Federated Department Store + 60,988
4,125 Gap, Inc. 232,031
3,400 K mart Corporation + 52,063
1,100 Kohls Corporation + 67,581
1,300 Limited, Inc. 37,863
300 Longs Drug Stores Company 11,250
1,600 May Department Stores Company 96,600
1,000 Meyer Fred, Inc. + 60,250
1,400 Nordstrom, Inc. 48,563
1,700 Penney (J.C.) Company, Inc. 79,687
1,700 Rite Aid Corporation 84,256
300 Russell Corporation 6,094
3,400 Safeway, Inc. + 207,187
2,700 Sears, Roebuck & Company 114,750
2,000 Staples, Inc. + 87,375
2,200 TJX Companies, Inc. 63,800
2,000 Toys R Us, Inc. + 33,750
15,500 Wal-Mart Stores, Inc. 1,262,281
3,400 Walgreen Company 199,112
-------------
3,390,275
Savings & Loan -- 0.1%
400 Golden West Financial Corporation 36,675
------
Soaps and Detergents -- 0.2%
900 Clorox Company 105,131
--------------
Steel -- 0.1%
1,000 Bethlehem Steel Corporation + 8,375
700 Nucor Corporation 30,275
600 Timken Company 11,325
700 USX-U.S. Steel Group, Inc. 16,100
800 Worthington Industries, Inc. 10,000
--------------
76,075
Technology -- 0.8%
7,600 Ameritech Corporation 481,650
1,000 ITT Industries 39,750
400 Millipore Corporation 11,375
400 Perkin-Elmer Corporation 39,025
---------------
571,800
Telecommunications -- 9.3%
3,500 AirTouch Communications, Inc. + 252,438
1,966 ALLTEL Corporation 117,591
700 Andrew Corporation + 11,550
1,400 Ascend Communications, Inc. + 92,050
11,300 AT & T Corporation 850,325
10,800 Bell Atlantic Corporation 572,400
12,900 BellSouth Corporation 643,387
2,400 Comcast Corporation Special,
Class A 140,850
1,100 Frontier Corporation 37,400
8,700 Lucent Technologies, Inc. 957,000
11,770 MCI WorldCom, Inc. + 844,497
1,800 Nextel Communications, Inc. + 42,525
4,620 Northern Telecommunications Ltd. 231,578
12,900 SBC Communications 691,762
3,000 Sprint Corporation + 252,375
2,900 Sprint PCS 67,063
3,500 Tele-Communications, Inc.,
Class A 193,594
3,414 US West, Inc. 220,630
2,400 Viacom, Inc., Class B + 177,600
---------------
6,396,615
Tire & Rubber -- 0.1%
700 Cooper Tire & Rubber Company 14,306
400 Goodrich (B.F.) Company 14,350
900 Goodyear Tire & Rubber Company 45,394
---------------
74,050
Tobacco -- 0.1%
2,300 RJR Nabisco Holdings Corporation 68,281
---------------
Transportation -- 0.3%
2,700 Burlington Northern Santa Fe 91,125
840 FDX Corporation + 74,760
700 Ryder System, Inc. 18,200
---------------
184,085
See Notes to Financial Statements
<PAGE>
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, December 31, 1998
(Continued)
Shares Value
- ------ -----
COMMON STOCKS -- (Continued)
Utilities -- 2.3%
900 Ameren Corporation $ 38,419
1,300 American Electric Power Company,
Inc. 61,181
1,000 Baltimore Gas & Electric Company 30,875
1,000 Carolina Power & Light Company 47,062
1,300 Central & Southwest Corporation 35,669
1,300 Cinergy Corporation 44,688
1,600 Consolidated Edison Company 84,600
1,300 Dominion Resources, Inc. 60,775
1,200 DTE Energy Company 51,450
2,500 Duke Energy Company 160,156
2,600 Edison International 72,475
1,700 Entergy Corporation 52,912
1,572 FirstEnergy Corporation 51,188
1,300 FPL Group, Inc. 80,112
1,000 GPU, Inc. 44,188
2,000 Houston Industries, Inc. 64,250
400 National Service Industries, Inc. 15,200
800 New Century Energies, Inc. 39,000
1,200 Niagara Mohawk Power Corporation + 19,350
1,200 Northern States Power Company 33,300
2,000 PacifiCorp 42,125
1,500 PECO Energy Company 62,437
300 People's Energy Corporation 11,963
2,400 PG & E Corporation 75,600
1,100 PP & L Resources, Inc. 30,663
4,800 Southern Company 139,500
1,700 Texas Utilities Company 79,369
1,500 Unicom Corporation 57,844
-------------
1,586,351
Waste Management -- 0.2%
1,400 Browning-Ferris Industries, Inc. 39,813
2,300 Laidlaw, Inc., Class B 23,144
2,247 Waste Management, Inc. 104,766
--------------
167,723
TOTAL COMMON STOCKS
(Cost $54,444,821) 68,637,582
---------------
U.S. TREASURY BILLS -- 0.2%
(Cost $99,304)
100,000 4.16% ++ due 03/04/99 $ 99,304
---------------
TOTAL INVESTMENTS
(Cost $54,544,125*) 99.6% $ 68,736,886
OTHER ASSETS AND
LIABILITIES (Net) 0.4 294,943
---- -----------------
NET ASSETS 100.0% $69,031,829
====== =================
- ---------
* Aggregate cost for Federal tax purposes is $54,550,246.
+ Non-income producing security.
++ Rate represents annualized yield at date of purchase.
See Notes to Financial Statements
<PAGE>
Munder Institutional S&P MidCap Index Equity Fund
Portfolio of Investments, December 31, 1998
Shares Value
- ------ -----
COMMON STOCKS -- 84.3%
Aerospace -- 0.9%
400 Cordant Technologies, Inc. $ 15,000
400 Gencorp, Inc. 9,975
700 Gulfstream Aerospace Corporation + 37,280
500 Litton Industries, Inc. + 32,625
200 Oea, Inc. 2,363
--------------
97,243
Agricultural Machinery -- 0.0%#
600 Agco Corporation 4,725
--------------
Air Travel -- 0.2%
200 Alaska Air Group, Inc. + 8,850
300 Asa Holdings, Inc. 9,150
--------------
18,000
Aluminum -- 0.1%
100 Maxxam, Inc. + 5,738
--------------
Apparel & Textiles -- 1.8%
308 Albany International Corporation 5,834
600 Burlington Industries, Inc. + 6,600
1,000 Cintas Corporation 70,437
1,000 Jones Apparel Group, Inc. + 22,062
300 Rayonier, Inc. 13,781
1,400 Shaw Industries, Inc. 33,950
600 Unifi, Inc. 11,738
600 Warnaco Group, Inc. 15,150
600 Westpoint Stevens, Inc. + 18,938
--------------
198,490
Automobiles -- 0.8%
500 Federal Signal Corporation 13,687
1,600 Harley Davidson, Inc. 75,800
--------------
89,487
Automobile Parts & Equipment -- 1.3%
300 Arvin Industries, Inc. 12,506
200 Borg Warner Automotive, Inc. 11,163
700 Federal Mogul Corporation 41,650
700 Lear Corporation + 26,950
700 Meritor Automotive, Inc. 14,831
300 Modine Manufacturing Company 10,875
828 Pennzoil-Quaker State Company + 12,267
300 Superior Industries International, Inc. 8,344
--------------
138,586
Banks -- 5.5%
1,559 Charter One Financial, Inc. 43,262
500 City National Corporation 20,813
1,100 Crestar Financial Corporation 79,200
1,900 First Security Corporation 44,412
1,400 First Tennessee National
Corporation 53,287
500 First Virginia Banks, Inc. 23,500
1,500 Hibernia Corporation 26,063
1,000 Marshall & Ilsley Corporation 58,437
700 Mercantile Bankshares Corporation 26,950
1,450 North Fork Bancorporation, Inc. 34,709
1,050 Old Kent Financial Corporation 48,825
800 Pacific Century Financial Corporation 19,500
1,500 Southtrust Corporation 55,406
300 Wilmington Trust Corporation 18,488
700 Zions Bancorp 43,663
--------------
596,515
Banking & Financial Services -- 0.7%
400 CCB Financial Corporation 22,800
1,000 GreenPoint Financial Corporation 35,125
500 Keystone Financial, Inc. 18,500
--------------
76,425
Biotechnology -- 0.2%
300 Agouron Pharmaceuticals, Inc. + 17,625
--------------
Broadcasting -- 0.6%
1,200 Belo (A.H.) Corporation 23,925
309 Chris Craft Industries, Inc. 14,890
600 TCA Cable TV, Inc. 21,412
--------------
60,227
Building Construction -- 0.1%
500 Harsco Corporation 15,219
--------------
Business Services -- 4.4%
600 Acnielson Corporation + 16,950
800 Apollo Group, Inc. + 27,100
300 Banta Corporation 8,213
1,600 Comdisco, Inc. 27,000
1,500 Convergys Corporation + 33,574
750 Fiserv, Inc. + 38,578
400 Gtech Holdings Corporation + 10,250
300 Information Resources, Inc. + 3,056
300 Jacobs Engineering Group, Inc. + 12,225
400 Kelly Services, Inc. 12,700
800 Manpower, Inc. 20,150
1,100 Modis Professional Services, Inc. + 15,950
See Notes to Financial Statements
<PAGE>
Munder Institutional S&P MidCap Index Equity Fund
Portfolio of Investments, December 31, 1998
(Continued)
Shares Value
- ------ -----
COMMON STOCKS -- (Continued)
Business Services -- (Continued)
9 Navigant International, Inc. + $ 69
1,000 NCR Corporation + 41,750
700 NOVA Corporation + 24,281
500 Ogden Corporation 12,531
800 Olsten Corporation 5,900
900 Robert Half International, Inc. + 40,219
600 Snyder Communications, Inc. + 20,250
600 Sothebys Holdings, Inc. 19,200
1,000 Stewart Enterprises, Inc. 22,250
1,000 Sun Guard Data Systems + 39,688
1,000 Viad Corporation 30,375
--------------
482,259
Chemicals & Plastics -- 2.9%
600 Albemarle Corporation 14,250
700 Cabot Corporation 19,556
400 Calgon Carbon Corporation 3,000
700 Crompton & Knowles Corporation 14,481
500 Cytec Industries, Inc. + 10,625
200 Dexter Corporation 6,288
900 Ethyl Corporation 5,231
400 Ferro Corporation 10,400
400 First Brands Corporation 15,775
100 Fuller (H.B.) Company 4,813
300 Georgia Gulf Corporation 4,819
500 Hanna (M.A). Company 6,156
1,200 IMC Global, Inc. 25,650
400 Lawter International, Inc. 4,650
600 Lubrizol Corporation 15,412
200 Minerals Technologies, Inc. 8,188
100 NCH Corporation 5,950
500 Olin Corporation 14,156
600 Premark International, Inc. 20,775
1,000 R.P.M., Inc. 16,000
400 Schulman (A.), Inc. 9,075
1,200 Solutia, Inc. 26,850
900 Sterling Commerce, Inc. + 40,500
300 Wellman, Inc. 3,056
600 Witco Corporation 9,563
-------------
315,219
Communication Services -- 0.1%
400 Vanguard Cellular Systems, Inc. + 10,325
-------------
Computers & Business Equipment -- 1.7%
700 Diebold, Inc. 24,981
1,400 Quantum Corporation + 29,750
400 Sequent Computer Systems, Inc. + 4,825
Computers & Business Equipment -- (Continued)
1,000 Storage Technology Corporation + 35,563
600 Sundstrand Corporation 31,125
600 Symbol Technologies, Inc. 38,362
500 Tech Data Corporation + 20,125
--------------
184,731
Computer Hardware, Software or Services -- 4.9%
2,100 Cadence Design Systems, Inc. + 62,475
600 Cambridge Technology Partners + 13,275
400 Citrix Systems, Inc. + 38,825
600 Electronic Arts + 33,675
1,000 FORE Systems, Inc. + 18,312
400 Imation Corporation + 7,000
1,600 Informix Corporation + 15,800
600 Intuit, Inc. + 43,500
700 Keane, Inc. + 27,956
400 Legato Systems, Inc. + 26,375
700 Mentor Graphics Corporation + 5,950
1,350 Networks Assocs, Inc. + 89,437
800 Platinum Technology, Inc. + 15,300
400 Policy Management Systems
Corporation + 20,200
900 Siebel Systems, Inc. + 30,544
800 Sterling Software, Inc. + 21,650
300 Structural Dynamics Research
Corporation + 5,963
600 Symantec Corporation + 13,050
700 Synopsys, Inc. + 37,975
-------------
527,262
Construction Materials -- 1.1%
400 Fastenal Company 17,600
300 Granite Construction, Inc. 10,069
500 Martin Marietta Materials, Inc. 31,094
300 Southdown, Inc. 17,756
300 Vulcan Matls Company 39,468
--------------
115,987
Containers & Glass -- 0.1%
600 Mark IV Industries, Inc. 7,800
--------------
Diversified -- 0.2%
700 American Standard Companies,
Inc. + 25,200
See Notes to Financial Statements
<PAGE>
Munder Institutional S&P MidCap Index Equity Fund
Portfolio of Investments, December 31, 1998
(Continued)
Shares Value
- ------ -----
COMMON STOCKS -- (Continued)
Domestic Oil -- 0.6%
500 Murphy Oil Corporation $ 20,625
600 Noble Affiliates, Inc. 14,775
900 Ultramar Diamond Shamrock 21,825
600 Valero Energy Corporation 12,750
--------------
69,975
Drugs & Health Care -- 8.4%
300 Acuson + 4,463
1,200 Allegiance Corporation 55,950
500 Apria Healthcare Group, Inc. + 4,469
1,000 Bergen Brunswig Corporation 34,875
800 Biogen, Inc. + 66,400
500 Carter Wallace, Inc. 9,813
700 Centocor, Inc. + 31,587
1,800 Chiron Corporation + 47,137
600 Covance, Inc. + 17,475
800 Forest Labs, Inc. + 42,550
800 General Nutrition Companies, Inc. + 13,000
800 Genzyme Corporation + 39,800
86 Genzyme Molecular Oncology + 280
2,549 Health Management Associates + 55,122
700 ICN Pharmaceuticals, Inc. 15,838
1,200 Ivax Corporation + 14,925
600 Lincare Holdings, Inc. + 24,338
900 Mckesson Corporation 71,156
1,200 Mylan Labs, Inc. 37,800
900 Omnicare, Inc. 31,275
800 Oxford Health Plans, Inc. + 11,900
400 Pacific Health Systems, Inc. + 31,800
800 Perrigo Company + 7,050
800 Quintiles TransNational Corporation + 42,700
800 Quorum Health Group, Inc. + 10,350
300 Sepracor, Inc. + 26,438
1,000 Stryker Corporation 55,062
1,000 Sybron International Corporation + 27,187
800 Total Renal Care Holdings, Inc. + 23,650
900 Watson Pharmaceuticals, Inc. + 56,587
-------------
910,977
Electric Utilities -- 0.3%
1,600 DPL, Inc. 34,600
--------------
Electrical Equipment -- 1.4%
1,000 American Power Conversion
Corporation + 48,437
300 AMETEK, Inc. 6,694
1,000 Arrow Electronics, Inc. + 26,687
1,000 Atmel Corporation + 15,313
600 Dentsply International, Inc. 15,450
700 Hubbell, Inc. 26,600
300 Magnetek, Inc. + 3,469
500 Ucar International, Inc. + 8,906
--------------
151,556
Electronics -- 6.3%
1,300 ADC Telecommunications, Inc. + 45,175
900 Altera Corporation + 54,787
1,600 Analog Devices, Inc. + 50,200
400 Avnet, Inc. 24,200
700 Cirrus Logic, Inc. + 6,869
900 Cypress Semiconductor Corporation + 7,481
800 Integrated Device Technology, Inc. + 4,900
700 Lexmark International Group, Inc. + 70,350
800 Linear Technology Corporation 71,650
1,300 Maxim Integrated Products, Inc. + 56,794
500 Microchip Technology, Inc. + 18,500
1,600 Molex, Inc. 61,000
700 Qualcomm, Inc. + 36,269
600 SCI Systems, Inc. + 34,650
800 Sensormatic Electronics Corporation 5,550
100 Sequa Corporation + 5,988
400 Teleflex, Inc. 18,250
900 Teradyne, Inc. + 38,137
300 Varian Associates, Inc. 11,362
735 Vishay Intertechnology, Inc. 10,658
800 Xilinx, Inc. + 52,100
---------------
684,870
Financial Services -- 2.9%
600 American Financial Group, Inc. 26,325
625 Associated Banc Corporation 21,367
1,000 Concord EFS, Inc. + 42,375
1,000 Edwards (A.G.), Inc. 37,250
600 Finova Group, Inc. 32,363
1,400 Paine Webber Group, Inc. 54,075
1,200 Price (T Rowe) & Associates, Inc. 41,100
400 Provident Financial Group, Inc. 15,100
900 Reliastar Financial Corporation 41,512
---------------
311,467
See Notes to Financial Statements
<PAGE>
Munder Institutional S&P MidCap Index Equity Fund
Portfolio of Investments, December 31, 1998
(Continued)
Shares Value
- ------ -----
COMMON STOCKS -- (Continued)
Food & Beverages -- 3.3%
400 Bob Evans Farms, Inc. $ 10,425
400 Dean Foods Company 16,325
600 Dole Food, Inc. 18,000
300 Dreyers Grand Ice Cream, Inc. 4,538
900 Flowers Industries, Inc. 21,544
800 Hormel Foods Corporation 26,200
900 IBP, Inc. 26,212
200 International Multifoods Corporation 5,163
700 Interstate Bakeries Corporation 18,506
300 Lance, Inc. 5,981
800 Mccormick & Company, Inc. 27,050
500 Outback Steakhouse, Inc. + 19,937
300 Smucker (J.M.) Company 7,425
400 Suiza Foods Corporation + 20,375
2,400 Tyson Foods, Inc. 51,000
500 United States Foodservice + 24,500
600 Universal Foods Corporation 16,463
400 Vlasic Foods International, Inc. + 9,525
1,000 Whitman Corporation 25,375
-------------
354,544
Forest Products -- 0.2%
900 Georgia Pacific Corporation 21,431
--------------
Gas & Pipeline Utilities -- 1.5%
600 AGL Resources, Inc. 13,838
800 American Water Works, Inc. 27,000
1,200 El Paso Energy Corporation 41,775
266 Indiana Energy, Inc. 6,550
500 KN Energy, Inc. 18,187
800 MCN Corporation Holding Company 15,250
400 National Fuel Gas Company 18,075
800 Questar Corporation 15,500
400 Washington Gas Light Company 10,850
--------------
167,025
Home Furnishings & Housewares -- 0.1%
500 Furniture Brands International,
Inc. + 13,629
Hotels & Restaurants -- 0.7%
700 Brinker International, Inc. + 20,212
500 Buffets, Inc. + 5,969
600 Cracker Barrel Old Country Store 13,988
400 Lone Star Steakhouse & Saloon + 3,675
900 Promus Hotel Corporation + 29,137
200 Sbarro, Inc. 5,238
--------------
78,219
Household Appliances & Home Furnishings -- 1.0%
1,000 Best Buy Company, Inc. + 61,375
2,000 Leggett & Platt, Inc. 44,000
---------------
105,375
Household Products -- 0.7%
200 Church & Dwight, Inc. 7,188
1,000 Dial Corporation 28,875
700 Hillenbrand Industries, Inc. 39,812
---------------
75,875
Industrial Machinery -- 1.3%
700 Airgas, Inc. + 6,256
500 Donaldson Company, Inc. 10,375
300 Kaydon Corporation 12,019
300 Kennametal, Inc. 6,375
200 Nordson Corporation 10,275
300 SPX Corporation + 20,100
300 Stewart & Stevenson Services, Inc. 2,925
200 Tecumseh Products Company,
Class A 9,325
1,642 United States Filter Corporation + 37,561
300 Watts Industries, Inc. 4,987
400 York International Corporation 16,325
---------------
136,523
Insurance -- 2.6%
2,800 Aflac, Inc. 123,200
700 Ambac Financial Group, Inc. 42,131
500 Everest Reinsurance Holdings, Inc. 19,472
1,200 Foundation Health Systems, Inc. + 14,325
300 HSB Group, Inc. 12,319
1,350 Old Republic International
Corporation 30,375
300 PMI Group, Inc. 14,813
600 Protective Life Corporation 23,887
---------------
280,522
Leisure Time -- 0.5%
800 Callaway Golf Company 8,200
1,000 Circus Circus Enterprises, Inc. + 11,438
1,200 International Game Technology 29,175
---------------
48,813
Medical Instruments -- 0.3%
300 Beckman Coulter, Inc. 16,275
700 STERIS Corporation + 19,906
---------------
36,181
See Notes to Financial Statements
<PAGE>
Munder Institutional S&P MidCap Index Equity Fund
Portfolio of Investments, December 31, 1998
(Continued)
Shares Value
- ------ -----
COMMON STOCKS -- (Continued)
Medical Services -- 0.5%
1,100 Beverly Enterprises, Inc. + $ 7,425
400 Concentra Managed Care, Inc. + 4,275
600 First Health Group Corporation + 9,938
700 PSS World Medical, Inc. + 16,100
400 Trigon Healthcare, Inc. + 14,925
--------------
52,663
Mining -- 0.0%#
100 Cleveland Cliffs, Inc. 4,031
--------------
Miscellaneous -- 0.0%#
300 Rollins, Inc. 5,250
--------------
Mobile Homes -- 0.2%
1,499 Clayton Homes, Inc. 20,705
--------------
Newspapers -- 0.8%
500 Lee Enterprises, Inc. 15,750
300 Media General, Inc. 15,900
100 Washington Post Company 57,794
--------------
89,444
Office Furnishings & Supplies -- 0.9%
600 Hon Industries, Inc. 14,363
1,000 Miller Herman, Inc. 26,875
1,300 Office Max, Inc. + 15,925
800 Reynolds & Reynolds Company 18,350
300 Standard Register 9,281
400 Wallace Computer Series, Inc. 10,550
--------------
95,344
Oil & Gas -- 2.1%
800 BJ Services Company + 12,500
1,500 ENSCO International, Inc. 16,031
400 Flowserve Corporation 6,625
1,800 Global Marine, Inc. + 16,537
800 Lyondell Petrochemical Company 14,400
1,000 Nabors Industries, Inc. + 13,562
1,300 Noble Drilling Corporation + 16,819
988 Ocean Energy, Inc. + 6,237
800 Parker Drilling Company + 2,550
1,000 Pioneer Natural Resources Company 8,750
1,300 Ranger Oil Ltd. + 5,769
600 Seagull Energy Corporation + 3,788
500 Smith International, Inc. + 12,594
1,600 Tosco Corporation 41,400
1,000 Transocean Offshore, Inc. 26,812
700 Varco International, Inc. + 5,425
975 Weatherford International, Inc. + 18,891
---------------
228,690
Paper -- 1.2%
400 Bowater, Inc. 16,575
200 Chesapeake Corporation 7,375
1,000 Consolidated Papers, Inc. 27,500
400 Glatfelter (P.H.) Company 4,950
500 Longview Fibre Company 5,781
400 Pentair, Inc. 15,925
1,100 Sonoco Products Company 32,587
700 Unisource Worldwide, Inc. 5,075
600 Wausau Mosinee Paper
Corporation 10,613
126,381
Pollution Control -- 0.4%
1,800 Allied Waste Industries, Inc. + 42,525
---------------
Publishing -- 0.2%
300 Houghton Mifflin Company 14,175
200 Scholastic Corporation + 10,725
---------------
24,900
Railroads & Equipment -- 0.9%
400 GATX Corporation 15,150
1,100 Kansas City Southern Industries, Inc. 54,106
400 Trinity Industries, Inc. 15,400
500 Wisconsin Central Transportation
Corporation + 8,594
93,250
Retail -- 5.2%
600 Abercrombie & Fitch Company + 42,450
700 Barnes & Noble, Inc. + 29,750
1,400 Bed Bath & Beyond, Inc. + 47,775
400 BJs Wholesale Club, Inc. + 18,525
800 Borders Group, Inc. + 19,950
500 Claire S Stores, Inc. 10,250
900 CompUSA, Inc. + 11,756
600 Dollar Tree Stores, Inc. + 26,212
200 Enesco Group, Inc. 4,650
1,800 Family Dollar Stores, Inc. 39,600
400 Hannaford Brothers Company 21,200
600 Heilig-Meyers Company 4,013
See Notes to Financial Statements
<PAGE>
Munder Institutional S&P MidCap Index Equity Fund
Portfolio of Investments, December 31, 1998
(Continued)
Shares Value
- ------ -----
COMMON STOCKS -- (Continued)
Retail -- (Continued)
300 Lands End, Inc. + $ 8,081
400 Micro Warehouse, Inc. + 13,525
400 Nine West Group, Inc. + 6,225
2,500 Office Depot, Inc. + 92,344
400 Payless Shoesource, Inc. + 18,950
500 Ross Stores, Inc. 19,688
500 Ruddick Corporation 11,500
1,392 Saks, Inc. + 43,935
900 Starbucks Corporation + 50,512
400 Tiffany & Company 20,750
--------------
561,641
Savings & Loan -- 0.7%
1,200 Dime Bancorp, Inc. 31,725
1,400 Sovereign Bancorp, Inc. 19,950
900 TCF Financial Corporation 21,769
--------------
73,444
Shipbuilding -- 0.1%
400 Newport News Shipbuilding, Inc. 13,375
-----------
Steel -- 0.4%
1,000 AK Steel Holding Corporation 23,500
200 Carpenter Technology Corporation 6,787
342 Inland Steel Industries, Inc. 5,771
300 Oregon Steel Mills, Inc. 3,563
200 Precision Castparts Corporation 8,850
--------------
48,471
Telecommunications -- 1.7%
400 Aliant Communications, Inc. 16,350
900 Century Telephone Enterprises 60,750
1,400 Cincinnati Bell, Inc. 52,937
400 Comverse Technology, Inc. + 28,400
600 Telephone & Data Systems, Inc. 26,963
--------------
185,400
Tire & Rubber -- 0.3%
200 Bandag, Inc. 7,988
300 Carlisle Companies, Inc. 15,487
400 Lancaster Colony Corporation 12,850
--------------
36,325
Tobacco -- 0.1%
400 Universal Corporation 14,050
--------------
Trucking & Freight Forwarding -- 0.9%
600 Airbourne Freight Corporation 21,637
500 Alexander & Baldwin, Inc. 11,625
300 Arnold Industries, Inc. 4,838
500 CNF Transportation, Inc. 18,781
400 Hunt (J.B.) Transport Services, Inc. 9,200
400 Overseas Shipholding Group, Inc. 6,425
400 Pittston Brinks Group 12,750
600 Tidewater, Inc. 13,913
---------------
99,169
Utilities -- 8.0%
1,200 Allegheny Energy, Inc. 41,400
150 Black Hills Corporation 3,956
700 Calenergy, Inc. + 24,281
200 Cleco Corporation 6,863
300 CMP Group, Inc. 5,663
1,000 CMS Energy Corporation 48,437
975 Conectiv, Inc. 23,888
700 Energy East Corporation 39,550
1,000 Florida Progress Corporation 44,812
300 Hawaiian Electric Industries, Inc. 12,075
400 Idacorp, Inc. 14,475
700 Illinova Corporation 17,500
800 Interstate Energy Corporation 25,800
500 IPALCO Enterprises 27,719
600 Kansas City Power & Light Company 17,775
1,600 KeySpan Energy + 49,600
1,300 LG & E Energy Corporation 36,806
1,000 Midamerican Energy Holdings
Company 26,875
300 Minnesota Power & Light
Company 13,200
600 Montana Power Company 33,937
500 Nevada Power Company 13,000
700 New England Electric Systems 33,688
1,200 Nipsco Industries, Inc. 36,525
1,300 Northeast Utilities + 20,800
800 OGE Energy Corporation 23,200
900 Pinnacle West Capital Corporation 38,137
1,200 Potomac Electric Power Company 31,575
400 Public Service Company Nm 8,175
900 Puget Sound Energy, Inc. 25,088
1,100 Scana Corporation 35,475
1,300 Teco Energy, Inc. 36,644
500 Utilicorp United, Inc. 18,344
1,100 Wisconsin Energy Corporation 34,581
---------------
869,844
TOTAL COMMON STOCKS
(Cost $8,960,960) 9,153,547
---------------
See Notes to Financial Statements
<PAGE>
Munder Institutional S&P MidCap Index Equity Fund
Portfolio of Investments, December 31, 1998
(Continued)
Principal
Amount Value
- ---------- -----
U.S. TREASURY BILLS -- 0.9%
$40,000 4.36% ++, due 3/04/99 ** $ 39,724
20,000 4.69% ++, due 3/04/99 ** 19,844
40,000 6.09% ++, due 3/04/99 ** 39,702
--------------
99,270
TOTAL U.S. TREASURY BILLS
(Cost $99,270) 99,270
--------------
REPURCHASE AGREEMENT -- 7.5%
(Cost $810,000)
$810,000 Agreement with State Street Bank
and Trust Company, 4.850% dated
12/31/1998, to be repurchased at
$810,437 on 01/04/1999, collateralized
by $680,000 U.S. Treasury Note,
7.250% maturing 05/15/2016
(value $831,296) 810,000
-----------------
OTHER INVESTMENTS***
(Cost $2,415,738) 22.3% 2,415,738
------ ---------------
TOTAL INVESTMENTS
(Cost $12,285,968*) 115.0% 12,478,555
OTHER ASSETS AND
LIABILITIES (Net) (15.0) (1,625,492)
------ ----------------
NET ASSETS 100.0% $10,853,063
====== ================
- ---------
* Aggregate cost for Federal tax purposes is $12,285,984.
** Securities pledged as collateral for futures contracts.
*** As of December 31, 1998, the market value of the securities on loan is
$2,352107. Collateral received for securities loaned of $2,415,738 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.
See Notes to Financial Statements.
<PAGE>
Munder Institutional Funds
Statements of Assets and Liabilities, December 31, 1998
<TABLE>
<CAPTION>
Institutional Institutional
S&P 500 S&P MidCap
Index Equity Index Equity
Fund Fund
------------- -------------
<S> <C> <C>
ASSETS:
Investments, at value See accompanying schedule:
Securities ....................................................... $68,736,886 $11,668,555
Repurchase Agreement ............................................. -- 810,000
----------- -----------
Total Investments ..................................................... 68,736,886 12,478,555
Cash .................................................................. 72,340 --
Receivable for investment securities sold ............................. 950,844 1,008,332
Receivable for Fund shares sold ....................................... 2,566 --
Variation margin ...................................................... -- 37,665
Dividends receivable .................................................. 82,286 6,471
Interest receivable ................................................... -- 109
Receivable from investment advisor .................................... 22,619 13,496
Unamortized organization costs ........................................ 30,261 5,960
Prepaid expenses and other assets ..................................... 1,551 1,927
----------- -----------
Total Assets ..................................................... 69,899,353 13,552,515
----------- -----------
LIABILITIES:
Due to custodian ...................................................... -- 17,052
Custodian fees payable ................................................ 15,524 10,278
Payable for investment securities purchased ........................... 837,648 253,458
Payable upon return of securities loaned .............................. -- 2,415,738
Administration fee payable ............................................ 833 137
Accrued Director's fees and expenses .................................. 212 77
Accrued expenses and other payables ................................... 13,307 2,712
----------- -----------
Total Liabilities ................................................ 867,524 2,699,452
----------- -----------
NET ASSETS ............................................................ $69,031,829 $10,853,063
=========== ===========
Investments at cost ................................................... $54,544,125 $12,285,968
=========== ===========
NET ASSETS consist of:
Undistributed net investment income ................................... 2,136 --
Accumulated net realized gain on investments sold and futures contracts 302,448 728,771
Net unrealized appreciation of investments and futures contracts ...... 14,192,761 326,307
Par value ............................................................. 5,527 980
Paid-in capital in excess of par value ................................ 54,528,957 9,797,005
----------- -----------
Total Net Assets ................................................. $69,031,829 $10,853,063
=========== ===========
SHARES OUTSTANDING .................................................... 5,527,521 979,567
=========== ===========
NET ASSET VALUE, offering and redemption price
per share ........................................................ $ 12.49 $ 11.08
=========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Institutional Funds
Statements of Operations, Year Ended December 31, 1998
<TABLE>
<CAPTION>
Institutional Institutional
S&P 500 S&P MidCap
Index Equity Index Equity
Fund Fund (a)
------------- -------------
INVESTMENT INCOME:
<S> <C> <C>
Interest ................................................ $ 25,639 $ 20,515
Dividends (b) ........................................... 925,833 98,002
------------ ------------
Total investment income ............................ 951,472 118,517
------------ ------------
EXPENSES:
Custodian fees .......................................... 87,721 50,311
Investment advisory fee ................................. 43,466 12,831
Legal and audit fees .................................... 32,157 2,007
Administration fee ...................................... 10,317 1,428
Amortization of organizational costs .................... 9,229 1,357
Transfer agent fee ...................................... 6,165 3,714
Directors' fees and expenses ............................ 2,434 352
Registration and filing fees ............................ 1,158 2,420
Other ................................................... 6,576 1,501
------------ ------------
Total Expenses ..................................... 199,223 75,921
Fees waived and expenses reimbursed by investment advisor (143,345) (60,477)
------------ ------------
Net Expenses ....................................... 55,878 15,444
------------ ------------
NET INVESTMENT INCOME ................................... 895,594 103,073
------------ ------------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS:
Net realized gain from:
Security transactions .............................. 966,747 976,382
Futures contracts .................................. 136,114 11,980
Net change in unrealized appreciation/(depreciation) of:
Securities ......................................... 13,885,902 192,587
Futures contracts .................................. (32,560) 133,720
------------ ------------
Net realized and unrealized gain on investments ......... 14,956,203 1,314,669
------------ ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS .... $ 15,851,797 $ 1,417,742
============ ============
<FN>
- ---------
(a) The Institutional S&P MidCap Index Equity Fund commenced operations on
February 12, 1998.
(b) Net of foreign withholding taxes of $5,225 and $54 for Institutional S&P
500 Index Equity Fund and Institutional S&P MidCap Index Equity Fund,
respectively.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Institutional Funds
Statements of Changes in Net Assets, Periods Ended December 31, 1998
<TABLE>
<CAPTION>
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 gain on investments sold and futures contracts during the year 1,102,861 988,362
Net change in unrealized appreciation of investments and
future contracts during the period ................................... 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 .................. (895,217) (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 Institutional S&P MidCap Index Equity Fund commenced operations on
February 12, 1998.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Institutional Funds
Statements of Changes in Net Assets, Periods Ended December 31, 1997
(Continued)
<TABLE>
<CAPTION>
Institutional
S&P 500
Index Equity
Fund (a)
-------------
<S> <C>
Net investment income........................................................... $ 178,575
Net realized loss on investments sold and futures contracts during the year..... (34,718)
Net change in unrealized appreciation of investments and
future contracts during the period......................................... 339,419
-------------
Net increase in net assets resulting from operations............................ 483,276
Distributions to shareholders from net investment income........................ (178,471)
Net increase in net assets from Fund share transactions......................... 63,694,171
-------------
Net increase in net assets...................................................... 63,998,976
NET ASSETS:
Beginning of period............................................................. --
-------------
End of period................................................................... $ 63,998,976
=============
Undistributed net investment income............................................. $ 1,354
=============
<FN>
- ---------
(a) The Institutional S&P 500 Index Equity Fund commenced operations on
October 14, 1997.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Institutional S&P 500 Index Equity Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Year Period
Ended Ended
12/31/98 12/31/97(a)
-------- -----------
<S> <C> <C>
Net asset value, beginning of period ............... $ 10.00 $ 10.00
---------- ---------
Income from investment operations:
Net investment income .............................. 0.17 0.04
Net realized and unrealized gain on investments .... 2.63 0.00(d)
---------- ----------
Total from investment operations ................... 2.80 0.04
---------- ----------
Less distributions:
Distributions from net investment income ........... (0.17) (0.04)
Distributions from net realized gains .............. (0.14) --
---------- ----------
Total distributions ................................ (0.31) (0.04)
---------- ----------
Net asset value, end of period ..................... $ 12.49 $ 10.00
========== =========
Total return (b) ................................... 28.22% 0.39%
========== =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 69,032 $ 63,999
Ratio of operating expenses to average net assets .. 0.09%
0.09%(c)
Ratio of net investment income to average net assets 1.44% 1.76%(c)
Ratio of operating expenses to average net assets
without expenses reimbursed ..................... 0.32% 0.61%(c)
Portfolio turnover ................................. 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Institutional S&P MidCap Index Equity Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Period
Ended
12/31/98 (a)
------------
<S> <C>
Net asset value, beginning of period ............... $ 10.00
-------------
Income from investment operations:
Net investment income .............................. 0.11
Net realized and unrealized gain on investments .... 1.34
-------------
Total from investment operations ................... 1.45
--------------
Less distributions:
Distributions from net investment income ........... (0.11)
--------------
Distributions from net realized gains .............. (0.26)
-------------
Total distributions ................................ (0.37)
-------------
Net asset value, end of period ..................... $ 11.08
=============
Total return (b) ................................... 15.04%
=============
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 10,853
Ratio of operating expenses to average net assets .. 0.18%(c)
Ratio of net investment income to average net assets 1.20%(c)
Ratio of operating expenses to average net assets
without expenses reimbursed ..................... 0.88%(c)
Portfolio turnover ................................. 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Institutional Funds
Notes To Financial Statements, December 31, 1998
- -----------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
The Munder Institutional S&P 500 Index Equity Fund and the Munder
Institutional S&P MidCap Index Equity Fund (individually a "Fund" and
collectively the "Funds") are diversified portfolios of St. Clair Funds, Inc.
(the "Company") which is registered under the Investment Company Act of 1940,
as amended (the "1940 Act"), as an open-end investment company. The Munder
Institutional S&P 500 Index Equity Fund commenced operations on October 14,
1997. The Munder Institutional S&P MidCap Index Equity Fund commenced
operations on February 12, 1998.
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies followed by the Funds in the preparation of
their financial statements:
Security Valuation: Securities (including financial futures, if any)
traded on a recognized stock exchange or on the NASDAQ National Market System
("NASDAQ") are valued at the last sale price on the securities exchange on
which such securities are primarily traded or at the last sale price on the
national securities market as of the close of business on the date of the
valuation. Securities traded on a national securities exchange or on NASDAQ
for which there were no sales on the date of valuation and securities traded
on over-the-counter markets, including listed securities for which the
primary market is believed to be over-the-counter, are valued at the mean
between the most recently quoted bid and asked prices. Restricted securities
and securities and assets for which market quotations are not readily
available, are valued at fair value by Munder Capital Management (the
"Advisor"), under the supervision of the Board of Directors. Debt securities
with remaining maturities of 60 days or less at the time of purchase are
valued on an amortized cost basis, unless the Board of Directors determines
that such valuation does not constitute fair value at that time. Under this
method such securities are valued initially at cost on the date of purchase
(or on the 61st day before maturity). Thereafter, a constant proportionate
amortization of any discount or premium is recorded until maturity of the
security.
Futures Contracts: Each Fund may enter into futures contracts for the
purpose of hedging against changes in the value of the portfolio securities
held and in the value of the securities it intends to purchase, or in order
to maintain liquidity. Upon entering into a futures contract, a Fund is
required to deposit with the broker an amount of cash or cash equivalents
equal to a certain percentage of the contract amount. This is known as the
"initial margin." Subsequent payments ("variation margin") are made or
received by the Fund each day, depending on the daily fluctuation of the
value of the contract. The daily changes in the contract are recorded as
unrealized gains or losses. The Fund recognizes a realized gain or loss when
the contract is closed. The net unrealized appreciation/ (depreciation), if
any, is shown in the financial statements.
There are several risks in connection with the use of futures contracts
as a hedging device. The change in value of futures contracts primarily
corresponds with the value of their underlying instruments, which may not
correlate with the change in value of the hedged investments. In addition,
there is the risk that the Fund may not be able to enter into a closing
transaction because of an illiquid secondary market.
Options: The Funds may write put or call options on securities they own
or have the right to acquire, and may purchase call or put options written by
others. Options may relate to individual securities, stock indices, foreign
currencies or futures contracts. The purchase of any of these instruments can
result in the loss on the investment in that particular instrument or, in the
case of writing covered options, can limit the opportunity to earn a profit
on the underlying security. The risk associated with purchasing an option is
that the Fund pays a premium whether or not the option is exercised.
Additionally, the Fund bears the risk of loss of premium and change in market
value should the counterparty not perform under the contract.
When a Fund purchases an option, the premium paid by the Fund is
recorded as an asset. When a Fund writes an option, an amount equal to the
premium received is recorded as a liability. The amount of this asset or
liability is adjusted daily to reflect the current market value of the
option. If an option purchased by the Fund expires unexercised, the Fund
realizes a loss equal to the premium paid. If the Fund enters into a closing
sale transaction on an option purchased by it,
<PAGE>
The Munder Institutional Funds
Notes To Financial Statements, December 31, 1998
(Continued)
- -----------------------------------------------------------------------------
the Fund will recognize a gain if the premium received by the Fund on the
closing transaction exceeds the premium paid to purchase the option. When an
option written by the Fund expires on its stipulated expiration date, the
Fund realizes a gain equal to the net premium received for the option. When
the Fund enters into a closing purchase transaction on an option written by
it, the Fund realizes a gain or loss equal to the difference between the cost
of a closing purchase transaction and the premium received when the call was
written. If a written call option is exercised, the premium is added to the
proceeds from the sale of the underlying security in determining whether the
Fund has realized a gain or loss. If a written put option is exercised, the
premium reduces the cost basis of the security purchased by the Fund. For the
year ended December 31, 1998, there were no options held by the Funds.
Repurchase Agreements: The Funds may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the Fund
takes possession of an underlying debt obligation subject to an obligation of
the seller to repurchase, and the Fund to resell, the obligation at an
agreed-upon price and time, thereby determining the yield during the Fund's
holding period. This arrangement results in a fixed rate of return that is
not subject to market fluctuations during the Fund's holding period. The
value of the collateral is at least equal, at all times, to the total amount
of the repurchase obligations, including interest. In the event of
counterparty default, the Fund has the right to use the collateral to satisfy
the terms of the repurchase agreement. However, there could be potential loss
to the Fund in the event the Fund is delayed or prevented from exercising its
right to dispose of the collateral securities, including the risk of a
possible decline in the value of the collateral securities during the period
while the Fund seeks to assert its rights. The Advisor, acting under the
supervision of the Board of Directors, reviews the value of the collateral
and the creditworthiness of those banks and dealers with which a Fund enters
into repurchase agreements to evaluate potential risks.
Loans of Portfolio Securities: Each of the Funds may lend portfolio
securities, up to 25% of the value of a Fund's total assets. Each loan is
secured by collateral adjusted daily to have a market value at least equal to
the current market value of the securities loaned. These loans are terminable
at any time and the Funds will receive any interest or dividends paid on the
loaned securities. A Fund may share with the borrower some of the income
received on the collateral for the loan or the Fund will be paid a premium
for the loan. If the borrower defaults and the value of the portfolio
securities increases in excess of the collateral received or if bankruptcy
proceedings commence with respect to the borrower of the security,
realization of the value of the securities loaned may be delayed or limited.
Security Transactions and Investment Income: Security transactions are
recorded on the trade date. The cost of investments sold is determined by use
of the specific identification method for both financial reporting and income
tax purposes. Interest income is recorded on the accrual basis.
Dividends and Distributions to Shareholders: Dividends from net
investment income are declared and paid at least quarterly by the Fund.
Capital gains distributions, if any, will be made at least annually.
Distributions to shareholders are recorded on the ex-dividend date.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments of certain expenses and income and gains on various
investment securities held by the Fund, timing differences and differing
characterization of distributions made by the Fund as a whole.
As determined at December 31, 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.
<PAGE>
The Munder Institutional Funds
Notes To Financial Statements, December 31, 1998
(Continued)
- -----------------------------------------------------------------------------
2. Investment Advisor, Custodian and Other Related Party Transactions
For its advisory services to the Munder Institutional S&P 500 Index
Equity Fund, the Advisor is entitled to receive a fee, computed daily and
payable monthly, at an annual rate of 0.07% of the value of the Fund's
average daily net assets. For its advisory services to the Munder
Institutional S&P MidCap Index Equity Fund, the Advisor is entitled to
receive a fee, computed daily and payable monthly, at an annual rate of 0.15%
of the value of the Fund's average daily net assets.
The Advisor voluntarily waived fees and reimbursed certain expenses,
payable by the Funds, for the year ended December 31, 1998, as follows:
<TABLE>
<CAPTION>
Fees Waived Expenses Reimbursed
----------- -------------------
<S> <C> <C>
Munder Institutional S&P 500 Index Equity Fund......... $43,466 $ 99,879
Munder Institutional S&P MidCap Index Equity Fund.... 12,831 47,646
</TABLE>
Effective July 2, 1998 Comerica Bank ("Comerica") increased its
ownership in the Advisor whereby it now owns approximately 88% of the
Advisor. Comerica is the custodian and provides certain shareholder services
to the Funds. Comerica does not receive compensation as custodian. 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
$6,988 for its shareholder services to the Funds for the year ended December
31, 1998.
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 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 year ended December 31, 1998, cost of purchases and proceeds
from sales of securities other than short-term investments and U.S.
Government securities were as follows:
<TABLE>
<CAPTION>
Purchases Sales
--------- -----
<S> <C> <C>
Munder Institutional S&P 500 Index Equity Fund................ $ 3,660,856 $ 12,802,101
Munder Institutional S&P MidCap Index Equity Fund........... 11,174,857 3,151,362
</TABLE>
At December 31, 1998, the aggregate gross unrealized appreciation for
all securities for which there was an excess of value over tax cost was
$17,017,716 and $1,314,905 for the Munder Institutional S&P 500 Index Equity
Fund and the Munder Institutional S&P MidCap Index Equity Fund, respectively,
and the aggregate gross unrealized depreciation for all securities for which
there was an excess of tax cost over value was $2,831,076 and $1,122,334 for
the Munder Institutional S&P 500 Index Equity Fund and the Munder
Institutional S&P MidCap Index Equity Fund, respectively.
<PAGE>
The Munder Institutional Funds
Notes To Financial Statements, December 31, 1998
(Continued)
- -----------------------------------------------------------------------------
4. Common Stock
At December 31, 1998, 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>
Year Ended Period Ended
12/31/98 12/31/97
---------------------------- --------------------------
Shares Amount Shares Amount
------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold........................................ 143,105 $1,661,162 6,397,926 $63,674,977
Issued as reinvestment of dividends... -- -- 1,919 19,194
Redeemed................................. (1,015,429) (10,819,194) -- --
---------- ----------- --------- ------------
Net increase............................... (872,324) $(9,158,032) 6,399,845 $63,694,171
---------- ----------- --------- ------------
</TABLE>
Munder Institutional S&P MidCap Index Equity Fund
<TABLE>
<CAPTION>
Year Ended
12/31/98
--------------------------------
Shares Amount
------ ------
<S> <C> <C>
Sold........................................ 1,009,196 $10,110,510
Issued as reinvestment of dividends... 1,026 9,981
Redeemed................................. (30,655) (321,884)
--------- -----------
Net increase............................... 979,567 $ 9,798,607
========= ===========
</TABLE>
5. Organization Costs
Expenses incurred 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.
<PAGE>
Report of Ernst & Young LLP, Independent Auditors
To the Board of Directors of
St. Clair Funds, Inc, and
Shareholders of
Munder Institutional S&P 500 Index Equity Fund
Munder Institutional S&P MidCap Index Equity Fund
We have audited the accompanying statements of assets and liabilities,
including the portfolios of investments, of the Munder Institutional S&P 500
Index Equity Fund and the Munder Institutional S&P MidCap Index Equity Fund
(the "Funds") (two of the portfolios constituting St. Clair Funds, Inc.), as
of December 31, 1998, and the related statements of operations, changes in
net assets and financial highlights for the periods indicated therein. These
financial statements are the responsibility of the Funds' management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of December 31, 1998, by correspondence
with the custodian and brokers or by other appropriate auditing procedures
where replies from brokers were not received. An audit also includes
assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Munder Institutional S&P 500 Index Equity and Munder Institutional S&P MidCap
Index Equity Funds of St. Clair Funds, Inc., at December 31, 1998, and the
results of their operations, the changes in their net assets, and the
financial highlights for the periods indicated therein, in conformity with
generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 12, 1999
<PAGE>
The Munder Institutional Funds
Tax Information, December 31, 1998 (Unaudited)
- -----------------------------------------------------------------------------
Of the distributions made by the following Funds, the corresponding
percentage represents the amount of each distribution which will qualify for
the dividend received deduction available to corporate shareholders:
Munder Institutional S&P 500 Index Equity Fund............. 47%
Munder Institutional S&P MidCap Index Equity Fund.......... 9%
The following amount has been designated as capital gain dividends for the
purpose of the dividends paid deduction:
Munder Institutional S&P 500 Index Equity Fund............. $ 70,202
<PAGE>
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Lee Munder
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Gerald L. Seizert, Vice President
Paul D. Tobias, Vice President
Lisa Anne Rosen, Secretary and Assistant Treasurer
Therese Hogan, Assistant Secretary
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
First Data Investor Services Group, Inc.
53 State Street
Boston, MA 02109
ADMINISTRATOR & SUB-CUSTODIAN
State Street Bank & Trust Company
1776 Heritage Drive
North Quincy, MA 02171
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
CUSTODIAN
Comerica Bank
411 West Lafayette
Detroit, MI 48226
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
<PAGE>
(OUTSIDE BACK COVER)
ANNINST1298
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
