<PAGE> 1
semi-annual report
LIQUIDITY PLUS MONEY MARKET FUND
June 30, 2000
<PAGE> 2
Letter to shareholders
DEAR FELLOW 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 past 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.
If you have any questions, please call your financial advisor.
You may also contact us through our website at 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/ James C. Robinson
James C. Robinson, CEO
Munder Capital Management
<PAGE> 3
Liquidity Plus Money Market Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
-------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL RATING
-------------------------
AMOUNT S&P MOODY'S VALUE
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CERTIFICATE OF DEPOSIT - 13.0%
$ 5,000,000 Canadian Imperial Commerce Bank
7.030% due 06/21/2001 A-1+/AA- P1/Aa3 $ 5,000,000
4,000,000 Rabobank Nederland
6.000% due 08/16/2000** A1+/AAA P1/Aaa 3,998,085
5,000,000 Royal Bank of Canada NY
6.730% due 03/23/2001** A1+/AA- P1/Aa2 4,998,622
----------------
TOTAL CERTIFICATE OF DEPOSIT
(Cost $13,996,707) 13,996,707
----------------
COMMERCIAL PAPER - 50.9%
5,000,000 Aegon Funding Corporation
6.620% due 09/26/2000** A1+/AA P1/Aa3 4,920,008
5,000,000 AT&T Corporation
6.640% due 06/14/2001 A1+/AA- P1/A1 5,000,000
5,000,000 Blue Ridge Asset Funding
6.370% due 07/19/2000** A1/NR P1/NR 4,984,075
5,000,000 Golden Funding Corporation
6.150% due 08/08/2000**, ++ A1+/NR NR/NR 4,967,542
5,000,000 Heller Financial, Inc.
6.670% due 08/14/2000**, ++ A2/A- P2/A3 4,959,239
5,000,000 International Lease Finance Corporation
6.540% due 09/21/2000** A1+/A+ P1/NA1 4,925,517
5,000,000 Lexington Parker Capital Corporation
6.600% due 07/25/2000**, ++ A1/NR NR/NR 4,978,000
5,000,000 Monte Rosa Capital Corporation
6.550% due 07/17/2000** A1+/NR P1/NR 4,985,444
5,000,000 Receivables Funding Corporation
6.610% due 07/17/2000**, + A1/NR P1/NR 4,985,311
5,000,000 SBC Communications, Inc.
6.080% due 07/06/2000** A1+/AA- P1/Aa3 4,995,778
5,000,000 Sigma Finance, Inc.
6.610% due 09/05/2000** A1+/AAA P1/Aaa 4,939,408
----------------
TOTAL COMMERCIAL PAPER
(Cost $54,640,322) 54,640,322
----------------
CORPORATE BONDS AND NOTES - 13.9%
5,000,000 Associates Corporation of North America
6.550% due 06/16/2001+ A1+/A+ P1/Aa3 4,997,756
5,000,000 GTE Corporation
6.590% due 07/27/2000++ A1/A+ P2/Baa1 4,976,203
5,000,000 Household Finance Corporation
7.010% due 09/14/2000+ A1/A P1/A2 4,999,385
----------------
TOTAL CORPORATE BONDS AND NOTES
(Cost $14,973,344) 14,973,344
----------------
</TABLE>
See Notes to Financial Statements.
1
<PAGE> 4
Liquidity Plus Money Market Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-------------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C>
REPURCHASE AGREEMENT - 22.6%
(Cost $24,303,730)
$ 24,303,730 Agreement with Lehman Brothers Holdings, Inc.,
6.550% dated 06/30/2000, to be repurchased at
$24,316,996 on 07/03/2000, collateralized by
$6,582,000 U.S. Treasury Bond, 14.000%,
maturing 11/15/2011 (value $9,262,124) and
$12,620,000 U.S. Treasury Bond, 8.120%
maturing 05/15/2001 (value $15,524,573) $ 24,303,730
----------------
TOTAL INVESTMENTS (Cost $107,914,103*) 100.4% 107,914,103
OTHER ASSETS AND LIABILITIES (NET) (0.4) (472,817)
--------- ----------------
NET ASSETS 100.0% $ 107,441,286
========= ================
</TABLE>
-----------------------
* Aggregate cost for Federal tax purposes.
** Rate represents annualized yield at date of purchase.
+ Variable rate security. The interest rate shown reflects the rate currently
in effect.
++ These securities have either a F1 rating by Fitch or a D1 rating by Duff &
Phelps, or both and they are defined as eligible securities under Rule 2a-7.
See Notes to Financial Statements.
2
<PAGE> 5
Liquidity Plus Money Market Fund
Statement of Assets and Liabilities, June 30, 2000 (Unaudited)
---------------------------------------------------------------------
<TABLE>
<S> <C>
ASSETS:
Investments, at value (Cost $107,914,103)
See accompanying schedule:
Securities $ 83,610,373
Repurchase agreements 24,303,730
----------
Total investments 107,914,103
Interest receivable 365,686
Prepaid expenses 7,553
Unamortized organization costs 5,879
-----
Total Assets 108,293,221
-----------
LIABILITIES:
Payable for Fund shares redeemed 680,260
Distribution and shareholder servicing fees payable 32,601
Investment advisory fee payable 31,654
Transfer agent fee payable 27,279
Administration fee payable 17,225
Custodian fees payable 2,450
Accrued Directors' fees and expenses 921
Accrued expenses and other payables 59,545
------
Total Liabilities 851,935
-------
NET ASSETS $ 107,441,286
= ===========
NET ASSETS consist of:
Accumulated net realized loss on investments sold $ (123)
Par value 107,441
Paid-in capital in excess of par value 107,333,968
-----------
Total Net Assets $ 107,441,286
= ===========
NET ASSET VALUE, offering and redemption price per share
($107,441,286 / 107,441,409 shares outstanding) $ 1.00
====
</TABLE>
See Notes to Financial Statements.
3
<PAGE> 6
Liquidity Plus Money Market Fund
Statement of Operations, Period Ended June 30, 2000 (Unaudited)
------------------------------------------------------------------------
<TABLE>
<S> <C>
INVESTMENT INCOME:
Interest $3,431,508
----------
Total investment income 3,431,508
---------
EXPENSES:
Distribution and shareholder servicing fees 197,112
Investment advisory fee 197,112
Administration fee 57,951
Transfer agent fee 36,795
Legal and audit fees 29,876
Registration and filing fees 15,358
Custodian fees 9,822
Amortization of organizational costs 2,466
Directors' fees and expenses 1,969
Other 15,285
------
Total Expenses 563,746
-------
NET INVESTMENT INCOME 2,867,762
---------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $2,867,762
==========
</TABLE>
See Notes to Financial Statements.
4
<PAGE> 7
Liquidity Plus Money Market Fund
Statement of Changes in Net Assets
-------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------
PERIOD
ENDED YEAR
6/30/00 ENDED
(UNAUDITED) 12/31/99
------------------------------
<S> <C> <C>
Net investment income $ 2,867,762 $ 4,087,141
Net realized loss on investments sold - (123)
Net increase in net assets resulting from operations 2,867,762 4,087,018
Distributions to shareholders from net investment income (2,867,762) (4,087,141)
Net increase/(decrease) in net assets from Fund share transactions (2,109,477) 32,586,176
---------- ----------
Net increase/(decrease) in net assets (2,109,477) 32,586,053
NET ASSETS:
Beginning of period 109,550,763 76,964,710
----------- ----------
End of period $ 107,441,286 $ 109,550,763
= =========== = ===========
</TABLE>
See Notes to Financial Statements.
5
<PAGE> 8
Liquidity Plus Money Market Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
----------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------
PERIOD
ENDED YEAR YEAR PERIOD
6/30/00 ENDED ENDED ENDED
(UNAUDITED) 12/31/99 12/31/98 12/31/97
----------- -------- -------- --------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
- ---- - ---- - ---- - ----
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.025 0.043 0.050 0.030
----- ----- ----- -----
Total from investment operations 0.025 0.043 0.050 0.030
----- ----- ----- -----
LESS DISTRIBUTIONS:
Distributions from net investment income (0.025) (0.043) (0.050) (0.030)
------ ------ ------ ------
Total distributions (0.025) (0.043) (0.050) (0.030)
------ ------ ------ ------
Net asset value, end of period $ 1.00 $ 1.00 $ 1.00 $ 1.00
= ==== = ==== = ==== = ====
TOTAL RETURN (B) 2.56% 4.35% 4.68% 2.59%
==== ==== ==== ====
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 107,441 $ 109,551 $ 76,965 $ 56,636
Ratio of operating expenses to average net assets 1.00%(c) 0.96% 0.97% 0.86%(c)
Ratio of net investment income to average net assets. 5.09%(c) 4.28% 4.58% 4.29%(c)
Ratio of operating expenses to average net assets
without expenses reimbursed 1.00%(c) 0.96% 0.97% 0.86%(c)
</TABLE>
-------
(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.
6
<PAGE> 9
Liquidity Plus Money Market Fund
Notes To Financial Statements, June 30, 2000 (Unaudited)
-------------------------------------------------------------------
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
Liquidity Plus Money Market Fund (the "Fund") is a diversified portfolio
of St. Clair Funds, Inc. (the "Company") which is registered under the
Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end
management investment company.
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies followed by the Fund in the preparation of its
financial statements:
Security Valuation: Securities are valued on an amortized cost basis,
which approximates current market value. Under this method, securities are
valued initially at cost when purchased. Thereafter, a constant proportionate
amortization of any discount or premium is recorded until maturity of the
security. Regular review and monitoring of the valuation of securities held by
the Fund is performed pursuant to procedures established by the Board of
Directors. The Fund seeks to maintain a net asset value per share of $1.00.
Repurchase Agreements: The Fund may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the Fund takes
possession of an underlying debt obligation subject to an obligation of the
seller to repurchase, and the Fund to resell, the obligation at an agreed-upon
price and time, thereby determining the yield during the Fund's holding period.
This arrangement results in a fixed rate of return that is not subject to market
fluctuations during the Fund's holding period. The value of the collateral is at
least equal, at all times, to the total amount of the repurchase obligations,
including interest. In the event of counterparty default, the Fund has the right
to use the collateral to satisfy the terms of the repurchase agreement. However,
there could be potential loss to the Fund in the event the Fund is delayed or
prevented from exercising its right to dispose of the collateral securities,
including the risk of a possible decline in the value of the collateral
securities during the period while the Fund seeks to assert its rights. Munder
Capital Management (the "Advisor"), acting under the guidelines approved by the
Board of Directors, reviews the value of the collateral and the creditworthiness
of those banks and dealers with which the Fund enters into repurchase agreements
to evaluate potential risks.
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, 1999,
permanent differences resulting from different book and tax accounting for
organization costs were reclassified at year-end. These reclassifications had no
effect on net investment income, net assets or net asset value per share.
Federal Income Taxes: The Fund intends to continue to qualify as a
regulated investment company by complying with the requirements of the Internal
Revenue Code of 1986, as amended, applicable to regulated investment companies
and to distribute substantially all of its earnings to its shareholders.
Therefore, no Federal income or excise tax provision is required.
2. INVESTMENT ADVISOR 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.
7
<PAGE> 10
Liquidity Plus Money Market Fund
Notes To Financial Statements, June 30, 2000 (Unaudited)
(Continued)
-------------------------------------------------------------------
Comerica Inc. ("Comerica") through its wholly owned subsidiary Comerica
Bank, owns approximately 95% of the Advisor. Comerica provides certain
shareholder services to the Funds. As compensation for the shareholder services
provided to the Funds, Comerica receives a fee of 0.01% of the aggregate average
daily net assets of the Funds beneficially owned by Comerica and its customers.
Comerica did not earn any fees for its shareholder services to the Fund for the
period ended June 30, 2000.
Each Director of the Company is paid an aggregate fee for services
provided as a Board member of the Company, The Munder Funds Trust, The Munder
Funds, Inc., and The Munder Framlington Funds Trust. The fee consists of a
$35,000 annual retainer ($43,750 for the Chairman) for services in such capacity
plus $3,500 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, adopted by the Securities and Exchange Commission under the 1940
Act. Under the Plan, the Distributor is paid a service fee at an annual rate of
0.25% of the value of the average daily net assets of the Fund. The Distributor
uses the service fees primarily to pay ongoing trail commissions to securities
dealers and other financial institutions and organizations (collectively, the
Service Organization") who provide shareholder services for the Fund. The
service fee also includes payments to be made by the Fund to the Distributor or
directly to other service providers for expenditures incurred by the Distributor
or other service providers in connection with the distribution of Fund shares to
investors and provision of certain shareholder services (which include but are
not limited to the payment of compensation, including compensation to Service
Organizations to obtain various distribution related services for the Fund). The
Distributor is also paid a distribution fee at an annual rate of 0.10% of the
value of the average daily net assets of the Fund.
Comerica Securities and LPM Investment Services, Inc. ("LPM") are among
the Service Organizations who receive trail commissions from the Distributor.
Comerica Securities is a wholly owned subsidiary of Comerica. LPM is an
affiliate of the Advisor. For the period ended June 30, 2000, the Distributor
paid $555 and $2 to Comerica Securities and LPM, respectively, for shareholder
services provided to the Fund.
4. COMMON STOCK
At June 30, 2000, two billion shares of $.001 par value common stock were
authorized for the Fund.
Since the Fund has sold, issued as reinvestment of dividends and redeemed
shares only at a constant net asset value of $1.00 per share, the number of
shares represented by such sales, reinvestments, and redemptions is the same as
the amounts shown below for such transactions.
Changes in common stock for the Fund were as follows:
<TABLE>
<CAPTION>
PERIOD
ENDED YEAR ENDED
6/30/00 12/31/99
AMOUNT AMOUNT
------ ------
<S> <C> <C>
Sold $ 86,013,167 $ 166,753,061
Issued as reinvestment of dividends 2,867,194 4,086,573
Redeemed (90,989,838) (138,253,458)
----------- ------------
Net increase (decrease) $ (2,109,477) $ 32,586,176
= ========== = ==========
5. ORGANIZATIONAL COSTS
</TABLE>
Expenses incurred prior to June 30, 1998 in connection with the
organization of the Fund, including the fees and expenses of registering and
qualifying its shares for distribution under Federal securities regulations,
have been capitalized and are being amortized on a straight-line basis over a
period of 5 years from commencement of operations.
8
<PAGE> 11
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
The Munder Funds
OFFICERS
James C. Robinson, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Michael T. Monahan, Vice President
Mary Ann Shumaker, Assistant Secretary
Libby E. Wilson, Assistant Secretary and Treasurer
Bradford E. Smith, Assistant Treasurer
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
PFPC Global Fund Services
4400 Computer Drive
Westborough, MA 01581
ADMINISTRATOR & CUSTODIAN
State Street Bank & Trust Company
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
LEGAL COUNSEL
Dechert
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
<PAGE> 12
SANNSTCLI600
F001cstc
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc. [UNION LOGO]
<PAGE> 13
CLASS K SHARES
Semi-Annual
Report
JUNE 30, 2000
THE MUNDER INSTITUTIONAL FUNDS
Institutional S&P 500 Index Equity
Institutional S&P MidCap Index Equity
Institutional S&P SmallCap Index Equity
<PAGE> 14
"We are pleased that you have chosen The Munder Funds to help you meet your
investment needs and objectives."
The Munder Funds
Letter to shareholders
DEAR FELLOW SHAREHOLDERS:
On the following pages, you will find
the most recent financial information for The Munder
Institutional Funds. I hope you are pleased with the
performance and operation of the Funds.
These Funds were created with the
special requirements of the large institutional
investor in mind. Because of the institutional focus
of these Funds, we are able to offer a significantly
lower expense ratio than would apply to a
retail-oriented fund. We are pleased that you have
chosen The Munder Funds to help you meet your
investment needs and objectives.
You will note an addition to the institutional funds offered
by The Munder Funds. With the addition of the Munder Institutional S&P
SmallCap Index Fund to our institutional lineup, we have funds indexed to
the large-cap, mid-cap and small-cap S&P universes.
If you have any questions about these Funds, please contact
your financial advisor. You can also contact the Fund at 1-800-4MUNDER or
through our website at www.munder.com. Thank you for your confidence in
Munder Capital Management and in The Munder Funds. We value the opportunity
to work with you towards meeting your investment objectives.
Very truly yours,
/s/ James C. Robinson
James C. Robinson, CEO
Munder Capital Management
<PAGE> 15
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------------
<S> <C>
COMMON STOCKS - 98.1%
ADVERTISING - 0.2%
2,900 Interpublic Group of Companies,
Inc. $ 124,700
1,600 Omnicom Group, Inc. 142,500
600 Young & Rubicam, Inc. 34,312
-------------
301,512
-------------
AEROSPACE - 0.9%
8,600 Boeing Company 359,588
1,900 General Dynamics Corporation 99,275
7,862 Honeywell International, Inc. 264,851
3,700 Lockheed Martin Corporation 91,806
600 Northrop Grumman Corporation 39,750
3,100 Raytheon Company, Class B 59,675
4,423 United Technologies Corporation 260,404
-------------
1,175,349
-------------
AIRLINES - 0.2%
1,400 AMR Corporation 37,013
1,200 Delta Air Lines, Inc. 60,675
4,687 Southwest Airlines Company 88,760
700 US Airways Group, Inc. + 27,300
-------------
213,748
-------------
APPAREL - 0.1%
500 Liz Claiborne, Inc. 17,625
2,600 NIKE, Inc., Class B 103,512
500 Reebok International Ltd. + 7,969
1,100 V.F. Corporation 26,194
-------------
155,300
-------------
AUTOMOBILES - 0.7%
11,500 Ford Motor Company 494,500
5,200 General Motors Corporation 301,925
2,800 Harley Davidson, Inc. 107,800
600 Navistar International
Corporation + 18,637
-------------
922,862
-------------
AUTOMOBILE PARTS AND EQUIPMENT - 0.3%
1,300 AutoZone, Inc. + 28,600
400 Cummins Engine, Inc. 10,900
1,557 Dana Corporation 32,989
1,300 Danaher Corporation 64,269
5,275 Delphi Automotive Systems
Corporation 76,817
1,700 Genuine Parts Company 34,000
800 Johnson Controls, Inc. 41,050
500 Snap-On, Inc. 13,313
1,100 TRW, Inc. 47,712
1,406 Visteon Corporation 17,044
-------------
366,694
-------------
</TABLE>
See Notes to Financial Statements
1
<PAGE> 16
<TABLE>
<S> <C>
BANKS - 5.2%
3,600 AmSouth Bancorporation $ 56,700
10,930 Banc One Corporation 290,328
16,249 Bank of America Corporation 698,707
7,200 Bank of New York, Inc. 334,800
3,200 BB&T Corporation 76,400
1,900 Charter One Financial, Inc. 43,700
12,150 Chase Manhattan Corporation 559,659
1,450 Comerica, Inc. 65,069
2,850 Fifth Third Bancorporation 180,262
9,668 First Union Corporation 239,887
9,481 Firstar Corporation 199,694
8,868 FleetBoston Financial
Corporation 301,512
2,173 Huntington Bancshares, Inc. 34,361
4,200 KeyCorp 74,025
7,850 MBNA Corporation 212,931
4,700 Mellon Financial Corporation 171,256
1,600 Morgan (J.P.) & Company, Inc. 176,200
11,100 Morgan Stanley, Dean Witter,
Discover and Company 924,075
5,700 National City Corporation 97,256
2,100 Northern Trust Corporation 136,631
1,260 Old Kent Financial Corporation 33,705
2,700 PNC Bank Corporation 126,563
1,600 Southtrust Corporation 36,200
1,500 State Street Corporation 159,094
1,600 Summit Bancorp 39,400
3,000 SunTrust Banks, Inc. 137,063
2,600 Synovus Financial Corporation 45,825
7,400 U.S. Bancorp 142,450
1,900 Wachovia Corporation 103,075
5,344 Washington Mutual, Inc. 154,308
15,800 Wells Fargo & Company 612,250
-------------
6,463,386
-------------
BIOTECHNOLOGY - 0.1%
1,900 Pe Corp-PE Biosystems Group 125,163
-------------
BROADCASTING - 0.5%
3,100 Clear Channel
Communications + 232,500
5,700 MediaOne Group, Inc. + 377,988
500 Meredith Corporation 16,875
-------------
627,363
-------------
BUILDING MATERIALS - 1.0%
400 Armstrong Holdings, Inc. 6,125
600 Centex Corporation 14,100
600 Crane Company 14,588
22,750 Home Depot, Inc. 1,136,078
</TABLE>
See Notes to Financial Statements
2
<PAGE> 17
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------------
<S> <C>
COMMON STOCKS - (Continued)
BUILDING MATERIALS - (Continued)
400 Kaufman & Broad Home
Corporation $ 7,925
4,200 Masco Corporation 75,862
400 Pulte Corporation 8,650
900 Vulcan Materials Company 38,419
-------------
1,301,747
-------------
BUSINESS EQUIPMENT AND SUPPLIES - 1.8%
1,000 Avery Dennison Corporation 67,125
17,400 International Business Machines
Corporation 1,906,387
2,500 Pitney Bowes, Inc. 100,000
6,200 Xerox Corporation 128,650
-------------
2,202,162
-------------
BUSINESS SERVICES - 1.9%
22,600 America Online, Inc. + 1,192,150
6,862 Cendant Corporation + 96,068
1,400 Convergys Corporation + 72,625
700 Deluxe Corporation 16,494
2,680 FedEx Corporation + 101,840
900 NCR Corporation + 35,044
3,425 Paychex, Inc. 143,850
2,530 PeopleSoft, Inc. 42,377
1,156 Sabre Holdings Corporation 32,946
5,200 Yahoo!, Inc. + 644,150
-------------
2,377,544
-------------
CHEMICALS AND PLASTICS - 1.7%
2,100 Air Products & Chemicals, Inc. 64,706
6,400 Dow Chemical Company 193,200
9,976 dupont (E.I.) de Nemours &
Company 436,450
700 Eastman Chemical Company 33,425
1,200 Ecolab, Inc. 46,875
1,200 Engelhard Corporation 20,475
300 FMC Corporation + 17,400
700 Grace (W.R.) & Company + 8,488
500 Great Lakes Chemical
Corporation 15,750
1,000 Hercules, Inc. 14,063
932 Kerr-McGee Corporation 54,930
600 Mallinckrodt Group, Inc. 26,062
3,700 Minnesota Mining &
Manufacturing Company 305,250
12,426 Pharmacia Corporation 642,269
1,500 Praxair, Inc. 56,156
1,800 Rockwell International
Corporation 56,700
1,995 Rohm & Haas Company 68,827
900 Sigma-Aldrich Corporation 26,325
1,200 Union Carbide Corporation 59,400
-------------
2,146,751
-------------
</TABLE>
See Notes to Financial Statements
3
<PAGE> 18
<TABLE>
<S> <C>
COAL - 0.1%
2,000 CSX Corporation $ 42,375
300 Eastern Enterprises 18,900
700 Fluor Corporation 22,138
-------------
83,413
-------------
COMMUNICATION EQUIPMENT - 1.4%
1,700 Cabletron Systems, Inc. + 42,925
9,500 GTE Corporation 591,375
21,086 Motorola, Inc. 612,812
1,600 National Semiconductor
Corporation + 90,800
1,500 Scientific-Atlanta, Inc. 111,750
3,700 Tellabs, Inc. + 253,219
-------------
1,702,881
-------------
COMPUTER HARDWARE, SOFTWARE OR
SERVICES - 15.0%
3,200 3COM Corporation + 184,400
1,000 Adaptec, Inc. + 22,750
1,100 Adobe Systems, Inc. 143,000
1,400 Advanced Micro Devices, Inc. + 108,150
3,000 Apple Computer, Inc. + 157,125
600 Autodesk, Inc. 20,813
5,900 Automatic Data Processing, Inc. 316,019
2,300 BMC Software, Inc. + 83,914
1,300 Ceridian Corporation + 31,281
68,300 Cisco Systems, Inc. + 4,341,319
1,700 Citrix Systems, Inc. + 32,194
16,645 Compaq Computer Corporation 425,488
5,450 Computer Associates
International, Inc. 278,972
1,600 Computer Sciences
Corporation + 119,500
3,400 Compuware Corporation + 35,275
25,300 Dell Computer Corporation + 1,247,606
4,400 Electronic Data Systems
Corporation 181,500
2,900 Gateway 2000, Inc. + 164,575
9,800 Hewlett Packard Company 1,223,775
800 Mercury Interactive
Corporation + 77,400
51,700 Microsoft Corporation + 4,136,000
2,800 Network Appliance, Inc. + 225,400
3,000 Novell, Inc. + 27,750
27,900 Oracle Corporation + 2,345,344
2,600 Parametric Technology
Corporation + 28,600
500 Sapient Corporation + 53,469
2,100 Seagate Technologies, Inc. + 115,500
1,800 Siebel Systems, Inc. + 294,412
5,900 Solectron Corporation + 247,062
15,600 Sun Microsystems, Inc. + 1,418,625
</TABLE>
See Notes to Financial Statements
4
<PAGE> 19
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------------
<S> <C>
COMMON STOCKS - (CONTINUED)
COMPUTER HARDWARE, SOFTWARE OR
SERVICES - (CONTINUED)
5,900 Solectron Corporation + $ 247,062
15,600 Sun Microsystems, Inc. + 1,418,625
2,900 Unisys Corporation + 42,231
3,600 VERITAS Software
Corporation + 406,856
-------------
18,536,305
-------------
COMPUTER - SEMICONDUCTORS - 6.1%
1,900 Altera Corporation + 193,681
7,700 Applied Materials, Inc. + 697,812
21,300 EMC Corporation + 1,638,769
32,900 Intel Corporation 4,398,319
2,800 LSI Logic Corporation + 151,550
5,300 Micron Technology, Inc. + 466,731
-------------
7,546,862
-------------
CONSUMER NON-DURABLES - 4.9%
2,566 Corning, Inc. 692,499
97,100 General Electric Company 5,146,300
900 Grainger (W.W.), Inc. 27,731
3,600 Lowe's Companies, Inc. 147,825
-------------
6,014,355
-------------
CONTAINERS - 0.1%
300 Ball Corporation 9,656
1,200 Crown Cork & Seal
Company, Inc. 18,000
1,400 Owens-Illinois, Inc. + 16,363
1,600 Pactiv Corporation + 12,600
806 Sealed Air Corporation + 42,214
-------------
98,833
-------------
COSMETICS - TOILETRY - 0.1%
500 Alberto-Culver Company,
Class B 15,281
2,300 Avon Products, Inc. 102,350
-------------
117,631
-------------
DIVERSIFIED - 1.0%
1,500 Fortune Brands, Inc. 34,594
1,000 Loews Corporation 60,000
1,400 Textron, Inc. 76,037
1,500 Thermo Electron Corporation + 31,594
16,574 Tyco International Ltd. 785,193
5,328 Unilever NV 229,104
-------------
1,216,522
-------------
</TABLE>
See Notes to Financial Statements
5
<PAGE> 20
<TABLE>
<S> <C>
ELECTRICAL EQUIPMENT - 1.1%
1,800 American Power Conversion
Corporation + $ 73,462
900 Cooper Industries, Inc. 29,306
1,800 Molex, Inc. 86,625
400 Tektronix, Inc. 29,600
16,100 Texas Instruments, Inc. 1,105,869
500 Thomas & Betts Corporation 9,563
-------------
1,334,425
-------------
ELECTRONICS - 2.0%
4,172 Agilent Technologies, Inc. + 307,660
3,300 Analog Devices, Inc. + 250,800
2,200 Broadcom Corporation,
Class A + 481,525
2,000 Conexant Systems, Inc. + 97,250
700 Eaton Corporation 46,900
4,000 Emerson Electric Company 241,500
1,700 KLA-Tencor Corporation + 99,556
1,200 Lexmark International
Group, Inc. + 80,700
2,900 Linear Technology Corporation 185,419
2,600 Maxim Integrated Products,
Inc. + 176,638
1,200 Novellus Systems, Inc. + 67,875
1,200 Sanmina Corporation + 102,600
1,600 Teradyne, Inc. + 117,600
3,000 Xilinx, Inc. + 247,687
-------------
2,503,710
-------------
ENERGY AND RESOURCES - 0.1%
2,005 Burlington Resources, Inc. 76,691
2,600 TXU Corporation 76,700
-------------
153,391
-------------
ENTERTAINMENT - 1.5%
900 Brunswick Corporation 14,906
20,400 Disney (Walt) Company 791,775
700 Harcourt General Corporation 38,063
1,600 Hasbro, Inc. 24,100
3,900 Mattel, Inc. 51,431
12,900 Time Warner, Inc. 980,400
-------------
1,900,675
-------------
FINANCIAL SERVICES - 4.6%
13,100 American Express Company 682,837
2,300 American General Corporation 140,300
7,150 Associates First Capital Corporation,
Class A 159,534
1,082 Bear Stearns Companies, Inc. 45,038
</TABLE>
See Notes to Financial Statements
6
<PAGE> 21
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------------
<S> <C>
COMMON STOCKS - (CONTINUED)
FINANCIAL SERVICES - (CONTINUED)
900 Block (H & R), Inc. $ 29,138
1,800 Capital One Financial
Corporation 80,325
13,400 Charles Schwab Corporation 450,575
33,150 Citigroup, Inc. 1,997,287
1,100 Countrywide Credit Industries 33,344
800 Dow Jones & Company, Inc. 58,600
1,300 Equifax, Inc. 34,125
9,900 Fannie Mae 516,656
6,500 Federal Home Loan Mortgage
Corporation 263,250
3,900 First Data Corporation 193,538
2,300 Franklin Resources, Inc. 69,863
4,326 Household International, Inc. 179,799
1,100 Lehman Brothers Holdings, Inc. 104,019
3,700 Merrill Lynch & Company, Inc. 425,500
1,300 Paine Webber Group, Inc. 59,150
1,100 Price (T Rowe) & Associates,
Inc. 46,750
2,000 Regions Financial Corporation 39,750
1,500 SLM Holding Corporation 56,156
500 Temple-Inland, Inc. 21,000
1,300 Union Planters Corporation 36,319
-------------
5,722,853
-------------
FOOD AND BEVERAGES - 3.6%
3,897 Albertson's, Inc. 129,575
4,300 Anheuser-Busch Companies, Inc. 321,156
4,000 Campbell Soup Company 116,500
24,300 Coca-Cola Company 1,395,731
4,000 Coca-Cola Enterprises, Inc. 65,250
4,600 ConAgra, Inc. 87,688
300 Coors (Adolph) Company,
Class B 18,150
3,300 Heinz (H.J.) Company 144,375
1,300 Hershey Foods Corporation 63,050
3,800 Kellogg Company 113,050
3,000 Nabisco Group Holdings
Corporation 77,813
14,100 PepsiCo, Inc. 626,569
22,500 Philip Morris Companies, Inc. 597,656
1,200 Quaker Oats Company 90,150
2,800 Ralston-Purina Company 55,825
8,500 Sara Lee Corporation 164,156
4,000 Seagram Company Ltd. 232,000
1,600 UST, Inc. 23,500
1,100 Wrigley (Wm) Jr. Company 88,206
-------------
4,410,400
-------------
</TABLE>
See Notes to Financial Statements
7
<PAGE> 22
<TABLE>
<S> <C>
FOOD DISTRIBUTION - 0.6%
5,689 Archer-Daniels-Midland
Company $ 55,823
2,600 Bestfoods 180,050
2,800 General Mills, Inc. 107,100
400 Great Atlantic & Pacific Tea
Company, Inc. 6,650
8,200 Kroger Company + 180,912
1,300 Supervalu, Inc. 24,781
3,100 Sysco Corporation 130,588
1,400 Winn Dixie Stores, Inc. 20,038
-------------
705,942
-------------
GAS AND PIPELINE UTILITIES - 0.1%
2,100 El Paso Energy Corporation 106,969
-------------
GLASS PRODUCTS - 0.1%
500 Owens Corning Fiberglass
Corporation 4,625
1,600 PPG Industries, Inc. 70,900
-------------
75,525
-------------
HEALTH CARE FACILITIES - 0.2%
5,200 HCA-The Healthcare
Corporation 157,950
1,600 Humana, Inc. + 7,800
1,000 Manor Care, Inc. + 7,000
2,900 Tenet Healthcare Corporation 78,300
600 Wellpoint Health Networks, Inc.,
Class A + 43,463
-------------
294,513
-------------
HEALTH CARE PRODUCTS - 4.9%
15,200 Abbott Laboratories 677,350
1,200 Allergan, Inc. 89,400
500 Bausch & Lomb, Inc. 38,688
2,300 Becton, Dickinson & Company 65,981
1,400 Biogen, Inc. + 90,300
2,584 McKesson HBOC, Inc. 54,102
1,900 MedImmune, Inc. + 140,600
22,600 Merck & Company, Inc. 1,731,725
61,800 Pfizer, Inc. 2,966,400
1,100 Quintiles TransNational
Corporation + 15,538
1,600 UnitedHealth Group, Inc. 137,200
900 Watson Pharmaceuticals, Inc. + 48,375
-------------
6,055,659
-------------
</TABLE>
See Notes to Financial Statements
8
<PAGE> 23
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------------
<S> <C>
COMMON STOCKS - (CONTINUED)
HOLDING COMPANIES - 0.1%
1,350 Providian, LLC $ 121,500
2,000 Public Service Enterprise 69,250
-------------
190,750
-------------
HOME APPLIANCES - 0.1%
800 Black & Decker Corporation 31,450
800 Maytag Corporation 29,500
700 Whirlpool Corporation 32,638
-------------
93,588
-------------
HOME FURNISHINGS AND HOUSEWARES - 0.7%
12,800 American Home Products
Corporation 752,000
1,800 Leggett & Platt, Inc. 29,700
2,588 Newell Rubbermaid, Inc. 66,641
200 Springs Industries, Inc. 6,400
500 Tupperware Corporation 11,000
-------------
865,741
-------------
HOTELS AND RESTAURANTS - 0.6%
1,200 Darden Restaurants, Inc. 19,500
1,200 Harrah's Entertainment
Corporation + 25,125
3,400 Hilton Hotels Corporation 31,875
2,300 Marriott International, Inc. 82,943
13,100 McDonald's Corporation 431,481
1,700 Starbucks Corporation + 64,919
1,400 Tricon Global Restaurants, Inc. + 39,550
1,100 Wendy's International, Inc. 19,594
-------------
714,987
-------------
INDUSTRIAL MACHINERY - 0.1%
4,100 AES Corporation + 187,063
-------------
INSURANCE - 2.7%
1,300 Aetna Life & Casualty Company 83,444
2,500 Aflac, Inc. 114,844
7,100 Allstate Corporation 157,975
15,088 American International
Group, Inc. 1,772,840
2,400 AON Corporation 74,550
1,623 Chubb Corporation 99,814
1,600 CIGNA Corporation 149,600
1,500 Cincinnati Financial Corporation 47,156
3,008 Conseco, Inc. 29,328
2,100 Hartford Financial Services
Group, Inc. 117,469
</TABLE>
See Notes to Financial Statements
9
<PAGE> 24
<TABLE>
<S> <C>
INSURANCE - (CONTINUED)
1,000 Jefferson-Pilot Corporation $ 56,437
1,800 Lincoln National Corporation 65,025
2,500 Marsh & McLennan Companies,
Inc. 261,094
900 MBIA, Inc. 43,369
1,000 MGIC Investment Corporation 45,500
700 Progressive Corporation 51,800
1,200 SAFECO Corporation 23,850
2,106 St. Paul Companies, Inc. 71,867
1,200 Torchmark, Inc. 29,625
2,257 UnumProvident Corporation 45,281
-------------
3,340,868
-------------
MACHINERY AND HEAVY EQUIPMENT - 0.3%
3,300 Caterpillar, Inc. 111,787
2,200 Deere & Company 81,400
1,900 Dover Corporation 77,069
1,500 Ingersoll-Rand Company 60,375
1,000 Parker-Hannifin Corporation 34,250
800 Stanley Works 19,000
-------------
383,881
-------------
MANUFACTURING - 0.2%
2,000 Alcan Aluminum Ltd. 62,000
3,900 Boston Scientific Corporation + 85,557
200 Briggs & Stratton Corporation 6,850
600 Brown-Forman Corporation,
Class B 32,250
700 PACCAR, Inc. 27,781
1,200 Pall Corporation 22,200
1,500 Sherwin-Williams Company 31,781
-------------
268,419
-------------
MEDICAL INSTRUMENTS, SERVICES, AND
SUPPLIES - 2.2%
500 Bard (C.R.), Inc. 24,063
2,700 Baxter International, Inc. 189,844
1,000 Biomet, Inc. 38,438
2,648 Cardinal Health, Inc. 195,952
2,900 Guidant Corporation + 143,550
3,600 HEALTHSOUTH Corporation + 25,875
2,900 IMS Health, Inc. 52,200
13,700 Johnson & Johnson Company 1,395,687
11,800 Medtronic, Inc. 587,787
800 St. Jude Medical, Inc. + 36,700
-------------
2,690,096
-------------
METAL FABRICATING - 0.1%
2,823 Illinois Tool Works, Inc. 160,911
-------------
</TABLE>
See Notes to Financial Statements
10
<PAGE> 25
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
METALS AND MINING -- 0.4%
8,484 Alcoa, Inc. $ 246,036
3,700 Barrick Gold Corporation 67,294
1,500 Freeport McMoRan Copper &
Gold, Class B + 13,875
2,400 Homestake Mining Company 16,500
1,800 Inco Ltd. 27,675
1,600 Newmont Mining Corporation 34,600
745 Phelps Dodge Corporation 27,705
3,000 Placer Dome, Inc. 28,687
-------------
462,372
-------------
NATURAL GAS -- 0.4%
800 Columbia Energy Group 52,500
7,000 Enron Corporation 451,500
400 NICOR, Inc. 13,050
300 ONOEK, Inc. 7,781
1,852 Sempra Energy 31,484
-------------
556,315
-------------
NEWS AND PUBLISHING -- 0.3%
2,600 Gannett Company, Inc. 155,513
700 Knight-Ridder, Inc. 37,231
1,600 New York Times Company,
Class A 63,200
3,000 Tribune Company 105,000
-------------
360,944
-------------
OIL -- 4.9%
800 Amerada Hess Corporation 49,400
1,100 Apache Corporation 64,694
700 Ashland, Inc. 24,544
3,080 Baker Hughes, Inc. 98,560
6,100 Chevron Corporation 517,356
2,000 Coastal Corporation 121,750
5,819 Conoco, Inc., Class B 142,929
34,136 Exxon Mobil Corporation 2,679,676
4,100 Halliburton Company 193,469
1,000 Louisiana Land & Exploration
Company 10,875
600 McDermott International, Inc. 5,288
3,400 Occidental Petroleum
Corporation 71,613
2,400 Phillips Petroleum Company 121,650
21,100 Royal Dutch Petroleum
Company 1,298,969
800 Sunoco, Inc. 23,550
5,100 Texaco, Inc. 271,575
1,300 Tosco Corporation 36,806
</TABLE>
See Notes to Financial Statements
11
<PAGE> 26
<TABLE>
<CAPTION>
<S> <C>
OIL -- (CONTINUED)
2,300 Union Pacific Corporation $ 85,531
2,300 Union Pacific Resources Group 50,600
2,300 Unocal Corporation 76,187
2,900 USX-Marathon Group 72,681
-------------
6,017,703
-------------
OIL EQUIPMENT AND SERVICES-- 0.4%
5,454 Schlumberger Ltd. 407,005
1,955 Transocean Sedco Forex, Inc. 104,470
-------------
511,475
-------------
PAPER AND FOREST PRODUCTS-- 0.6%
500 Bemis Company, Inc. 16,812
500 Boise Cascade Corporation 12,938
2,000 Fort James Corporation 46,250
1,600 Georgia-Pacific Corporation 42,000
4,591 International Paper Company 136,869
5,142 Kimberly-Clark Corporation 295,022
1,000 Mead Corporation 25,250
300 Potlatch Corporation 9,938
2,200 Weyerhaeuser Company 94,600
1,000 Willamette Industries, Inc. 27,250
-------------
706,929
-------------
PERSONAL ITEMS -- 1.2%
5,400 Colgate-Palmolive Company 323,325
10,000 Gillette Company 349,375
1,000 International Flavors &
Fragrances, Inc. 30,187
12,800 Procter & Gamble Company 732,800
-------------
1,435,687
-------------
PETROLEUM REFINING -- 0.2%
1,200 Anadarko Petroleum Corporation 59,175
900 Rowan Companies + 27,338
4,000 Williams Companies, Inc. 166,750
-------------
253,263
-------------
PHARMACEUTICALS -- 2.4%
980 ALZA Corporation + 57,943
19,400 Bristol-Myers Squibb Company 1,130,050
11,100 Lilly (Eli) & Company 1,108,612
14,400 Schering-Plough Corporation 727,200
-------------
3,023,805
-------------
PHOTOGRAPHIC EQUIPMENT AND
SUPPLIES -- 0.1%
2,900 Eastman Kodak Company 172,550
400 Polaroid Corporation 7,225
-------------
179,775
-------------
</TABLE>
See Notes to Financial Statements
12
<PAGE> 27
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-------------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
PRINTING AND PUBLISHING -- 0.2%
600 American Greetings Corporation,
Class A $ 11,400
1,200 Donnelley (R.R.) & Sons
Company 27,075
1,500 Dun & Bradstreet Corporation 42,938
1,800 McGraw-Hill, Inc. 97,200
900 Westvaco Corporation 22,331
-------------
200,944
-------------
RAILROADS -- 0.0%
3,600 Norfolk Southern Corporation 53,550
-------------
RECREATION -- 0.1%
5,700 Carnival Corporation, Class A 111,150
-------------
RESEARCH AND DEVELOPMENT -- 0.6%
9,800 Amgen, Inc. + 688,450
-------------
RETAIL -- STORE -- 4.1%
1,300 Bed Bath & Beyond, Inc. + 47,125
1,900 Best Buy Company, Inc. + 120,175
1,900 Circuit City Stores-- Circuit
City Group 63,056
1,000 Consolidated Stores
Corporation + 12,000
4,100 Costco Wholesale Corporation + 135,300
3,600 CVS Corporation 144,000
1,000 Dillard's, Inc. 12,250
3,100 Dollar General Corporation 60,450
2,000 Federated Department Stores + 67,500
8,337 Gap, Inc. 260,531
4,500 K-mart Corporation + 30,656
3,000 Kohls Corporation + 166,875
4,000 Limited, Inc. 86,500
400 Long's Drug Stores Company 8,700
3,100 May Department Stores
Company 74,400
1,300 Nordstrom, Inc. 31,363
3,100 Office Depot, Inc. + 19,375
2,400 Penney (J.C.) Company, Inc. 44,250
1,800 RadioShack Corporation 85,275
2,400 Rite Aid Corporation 15,750
300 Russell Corporation 6,000
4,700 Safeway, Inc. + 212,087
3,500 Sears, Roebuck & Company 114,188
4,800 Staples, Inc. + 73,800
4,500 Target Corporation 261,000
700 Tiffany & Company 47,250
2,900 TJX Companies, Inc. 54,375
</TABLE>
See Notes to Financial Statements
13
<PAGE> 28
<TABLE>
<S> <C>
RETAIL -- STORE -- (CONTINUED)
2,200 Toys R Us, Inc. + $ 32,038
43,800 Wal-Mart Stores, Inc. 2,523,975
9,900 Walgreen Company 318,656
-------------
5,128,900
-------------
SAVINGS AND LOAN -- 0.0%
1,500 Golden West Financial
Corporation 61,219
-------------
SOAPS AND DETERGENTS -- 0.1%
2,208 Clorox Company 98,946
-------------
STEEL -- 0.1%
750 Allegheny Technologies, Inc. 13,500
1,200 Bethlehem Steel Corporation + 4,275
800 Nucor Corporation 26,550
600 Timken Company 11,175
800 USX-U.S.Steel Group, Inc. 14,850
800 Worthington Industries, Inc. 8,400
-------------
78,750
-------------
TECHNOLOGY -- 0.1%
800 ITT Industries 24,300
400 Millipore Corporation 30,150
400 PerkinElmer, Inc. 26,450
-------------
80,900
-------------
TELECOMMUNICATIONS-- 11.0%
3,200 ADC Telecommunications,
Inc. + 268,400
2,966 ALLTEL Corporation 183,707
700 Andrew Corporation + 23,494
31,420 AT & T Corporation 993,657
15,200 Bell Atlantic Corporation 772,350
18,500 BellSouth Corporation 788,562
1,300 CenturyTel, Inc. 37,375
8,600 Comcast Corporation Special,
Class A 348,300
1,400 Comverse Technology, Inc. + 130,200
8,355 Global Crossing Ltd. + 219,841
32,010 Lucent Technologies, Inc. 1,896,592
7,200 Nextel Communications, Inc. + 440,550
29,080 Nortel Networks Corporation 1,984,710
7,300 Qualcomm, Inc. + 438,000
33,412 SBC Communications 1,445,069
8,600 Sprint Corporation + 438,600
8,700 Sprint PCS 517,650
4,714 US West, Inc. 404,226
14,998 Viacom, Inc., Class B + 1,022,676
28,105 WorldCom, Inc. + 1,289,317
-------------
13,643,276
-------------
</TABLE>
See Notes to Financial Statements
14
<PAGE> 29
Munder Institutional MidCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
-------------------------------------------------------------------
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
TIRE AND RUBBER -- 0.1%
700 Cooper Tire & Rubber Company $ 7,788
1,000 Goodrich (B.F.) Company 34,062
1,500 Goodyear Tire & Rubber
Company 30,000
-------------
71,850
-------------
TRANSPORTATION -- 0.2%
4,200 Burlington Northern Santa Fe 96,337
1,000 Kansas City Southern
Industries, Inc. 88,688
600 Ryder System, Inc. 11,363
-------------
196,388
-------------
UTILITIES -- 1.3%
1,300 Ameren Corporation 43,875
3,000 American Electric Power
Company, Inc. 88,875
1,500 Cinergy Corporation 38,156
1,100 CMS Energy Corporation 24,338
2,100 Consolidated Edison Company 62,212
1,400 Constellation Energy Group 45,587
1,500 CP&L, Inc. 47,906
2,189 Dominion Resources, Inc. 93,853
1,300 DTE Energy Company 39,731
3,400 Duke Energy Company 191,675
3,200 Edison International 65,600
2,300 Entergy Corporation 62,531
2,172 FirstEnergy Corporation 50,770
900 Florida Progress Corporation 42,188
1,700 FPL Group, Inc. 84,150
1,100 GPU, Inc. 29,769
400 National Service Industries, Inc. 7,800
1,100 New Century Energies, Inc. 33,000
1,700 Niagara Mohawk Power
Corporation + 23,694
1,400 Northern States Power Company 28,263
1,700 PECO Energy Company 68,531
300 People's Energy Corporation 9,713
3,600 PG & E Corporation 88,650
800 Pinnacle West Capital
Corporation 27,100
1,300 PPL Corporation 28,519
2,700 Reliant Energy, Inc. 79,819
6,300 Southern Company 146,869
2,000 Unicom Corporation 77,375
-------------
1,630,549
</TABLE>
See Notes to Financial Statements
15
<PAGE> 30
Munder Institutional MidCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
-------------------------------------------------------------------
<TABLE>
<S> <C>
WASTE MANAGEMENT -- 0.1%
1,800 Allied Waste Industries, Inc. + $ 18,000
6,147 Waste Management, Inc. 116,793
-------------
134,793
-------------
TOTAL COMMON STOCKS
(Cost $114,690,855) 121,544,682
-------------
PRINCIPAL
AMOUNT
------
U.S. TREASURY BILLS -- 0.3%
(Cost $331,215)
$ 350,000 5.98% ++, due 05/31/2001** 331,215
-------------
REPURCHASE AGREEMENT -- 2.3%
(Cost $2,848,000)
2,848,000 Agreement with State Street Bank
and Trust Company, 6.350% dated
06/30/2000, to be repurchased at
$2,849,507 on 07/03/2000,
collateralized by $2,555,000
U.S. Treasury Note, 7.500%,
maturing 11/15/2016
(value $2,909,506) 2,848,000
-------------
TOTAL INVESTMENTS
(Cost $117,870,070*) 100.7% 124,723,897
OTHER ASSETS AND
LIABILITIES (NET) (0.7) (874,947)
------- -------------
NET ASSETS 100.0% $ 123,848,950
======= =============
</TABLE>
---------------------
* Aggregate cost for Federal tax purposes.
** Securities pledged as collateral for futures contracts.
+ Non-income producing security.
++ Rate represents annualized yield at date of purchase.
# Amount represents less than 0.1% of net assets.
<TABLE>
<CAPTION>
NUMBER OF UNREALIZED
CONTRACTS APPRECIATION
--------- ------------
<S> <C>
FUTURES CONTRACTS - LONG POSITION
4 S&P 500 INDEX SEPTEMBER 2000 $ 1,564
========
</TABLE>
See Notes to Financial Statements
16
<PAGE> 31
Munder Institutional MidCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------------
<S> <C>
COMMON STOCKS -- 97.6%
AEROSPACE -- 0.2%
600 Litton Industries, Inc. + $ 25,200
-------------
AGRICULTURAL MACHINERY -- 0.1%
1,000 Agco Corporation 12,250
-------------
AIR TRAVEL -- 0.1%
400 Alaska Air Group, Inc. + 10,850
-------------
ALUMINUM -- 0.0%
100 Maxxam, Inc. + 1,775
-------------
APPAREL AND TEXTILES -- 1.9%
314 Albany International Corporation 4,553
600 American Eagle Outfitters, Inc. + 8,400
700 Burlington Industries, Inc. + 1,181
2,649 Cintas Corporation 97,185
2,000 Jones Apparel Group, Inc. + 47,000
1,000 Mohawk Industries, Inc. + 21,750
300 Rayonier, Inc. 10,762
1,800 Shaw Industries, Inc. 22,500
1,000 Unifi, Inc. + 12,375
700 Warnaco Group, Inc. 5,425
700 Westpoint Stevens, Inc. 7,788
-------------
238,919
-------------
AUTOMOBILES -- 0.1%
600 Federal Signal Corporation 9,900
-------------
AUTOMOBILE PARTS AND EQUIPMENT-- 0.7%
200 Arvin Industries, Inc. 3,475
400 Borg Warner Automotive, Inc. 14,050
1,000 Federal Mogul Corporation 9,562
1,100 Lear Corporation + 22,000
1,100 Meritor Automotive, Inc. 12,100
300 Modine Manufacturing Company 8,100
1,228 Pennzoil-Quaker State Company 14,813
400 Superior Industries International,
Inc. 10,300
-------------
94,400
-------------
BANKS -- 4.0%
2,500 Banknorth Group, Inc. 38,281
600 City National Corporation 20,850
2,100 Compass Bancshares, Inc. 35,831
3,100 First Security Corporation 42,044
2,100 First Tennessee National
Corporation 34,781
</TABLE>
See Notes to Financial Statements
17
<PAGE> 32
<TABLE>
<S> <C>
BANKS -- (CONTINUED)
700 First Virginia Banks, Inc. $ 24,369
2,600 Hibernia Corporation 28,275
1,400 Marshall & Ilsley Corporation 58,100
1,100 Mercantile Bankshares
Corporation 32,794
1,900 National Commerce
Bancorporation 30,519
2,850 North Fork Bancorporation, Inc. 43,106
1,100 Pacific Century Financial
Corporation 16,087
600 Webster Financial Corporation 13,313
400 Westamerica Bancorporation 10,450
300 Wilmington Trust Corporation 12,825
1,400 Zions Bancorp 64,247
-------------
505,872
-------------
BANKING AND FINANCIAL SERVICES -- 0.6%
400 CCB Financial Corporation 14,800
1,200 FirstMerit Corporation 25,650
1,400 GreenPoint Financial
Corporation 26,250
600 Keystone Financial, Inc. 12,750
-------------
79,450
-------------
BIOTECHNOLOGY -- 2.0%
600 Gilead Sciences, Inc. + 42,675
400 Incyte Genomics, Inc. + 32,875
1,540 Millennium Pharmaceuticals,
Inc. + 172,287
-------------
247,837
-------------
BROADCASTING -- 2.5%
1,600 Belo (A.H.) Corporation 27,700
327 Chris Craft Industries, Inc. 21,602
1,800 Hispanic Broadcasting
Corporation + 59,625
1,400 Univision Communications, Inc.,
Class A + 144,900
1,800 Westwood One, Inc. + 61,425
-------------
315,252
-------------
BUILDING CONSTRUCTION -- 0.1%
400 Harsco Corporation 10,200
-------------
BUSINESS SERVICES -- 7.1%
800 AC Nielsen Corporation + 17,600
1,200 Acxiom Corporation + 32,700
1,200 Apollo Group, Inc. + 33,600
400 Banta Corporation 7,575
2,400 Comdisco, Inc. 53,550
</TABLE>
See Notes to Financial Statements
18
<PAGE> 33
Munder Institutional MidCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
---------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
BUSINESS SERVICES -- (CONTINUED)
900 CSG Systems International,
Inc. + $ 50,456
1,100 DeVry, Inc. + 29,081
2,125 Fiserv, Inc. + 91,906
1,300 Galileo International, Inc. 27,137
1,200 Gartner Group, Inc., Class B + 11,850
500 Gtech Holdings Corporation + 11,344
200 Jacobs Engineering Group, Inc. + 6,538
500 Kelly Services, Inc. 11,563
1,200 Manpower, Inc. 38,400
1,300 Modis Professional Services,
Inc. + 11,538
600 Navigant Consulting, Inc. + 2,550
200 NCO Group, Inc. + 4,625
1,000 NOVA Corporation + 27,937
700 Ogden Corporation 6,300
300 Polycom, Inc. + 28,228
800 Quanta Services, Inc. + 44,000
3,100 Robert Half International, Inc. + 88,350
1,000 Sothebys Holdings, Inc. 17,500
1,700 Stewart Enterprises, Inc. 6,003
2,100 Sun Guard Data Systems + 65,100
600 Sylvan Learning Systems, Inc. + 8,250
700 Titan Corporation + 31,325
1,300 Viad Corporation 35,425
800 Waters Corporation + 99,850
900,281
-------------
CHEMICALS AND PLASTICS -- 1.9%
600 Albemarle Corporation 11,850
900 Cabot Corporation 24,525
1,554 Crompton Corporation 19,036
600 Cytec Industries, Inc. + 14,812
200 Dexter Corporation 9,600
1,300 Ethyl Corporation 3,250
500 Ferro Corporation 10,500
100 Fuller (H.B.) Company 4,556
300 Georgia Gulf Corporation 6,244
700 Hanna (M.A.) Company 6,300
2,000 IMC Global, Inc. 26,000
700 Lubrizol Corporation 14,700
200 Minerals Technologies, Inc. 9,200
100 NCH Corporation 3,619
600 Olin Corporation 9,900
1,400 R.P.M., Inc. 14,175
300 Schulman (A.), Inc. 3,619
1,500 Solutia, Inc. 20,625
600 Valspar Corporation 20,250
500 Wellman, Inc. 8,094
-------------
240,855
-------------
</TABLE>
See Notes to Financial Statements
19
<PAGE> 34
<TABLE>
<S> <C>
COMMUNICATION EQUIPMENT -- 0.5%
800 Harris Corporation $ 26,200
900 Powerwave Technologies, Inc. + 39,600
-------------
65,800
-------------
COMMUNICATION SERVICES -- 0.1%
700 COMSAT Corporation 16,450
-------------
COMPUTERS AND BUSINESS EQUIPMENT -- 2.3%
300 Apex, Inc. 13,128
300 Cybex Computer Products
Corporation 12,715
1,100 Diebold, Inc. 30,662
2,600 Quantum Corporation -- DLT &
Storage Systems + 25,187
1,300 Storage Technology
Corporation + 14,219
1,100 Sybase, Inc. + 25,300
2,400 Symbol Technologies, Inc. 129,600
700 Tech Data Corporation + 30,494
300 Transaction Systems Architects,
Inc., Class A + 5,138
-------------
286,443
-------------
COMPUTER HARDWARE, SOFTWARE OR
SERVICES -- 7.4%
700 Affiliated Computer Services,
Inc., Class A + 23,144
3,900 Cadence Design Systems, Inc. + 79,462
1,000 Cambridge Technology
Partners + 8,719
900 CheckFree Holdings
Corporation + 46,406
800 DST Systems, Inc. + 60,900
900 Electronic Arts + 65,644
500 Imation Corporation + 14,688
4,800 Informix Corporation + 35,700
3,100 Intuit, Inc. + 128,262
1,000 Keane, Inc. + 21,625
1,100 Legato Systems, Inc. + 16,638
700 Macromedia, Inc. + 67,681
2,100 MarchFirst, Inc. + 38,325
900 Mentor Graphics Corporation + 17,887
2,250 Networks Assocs, Inc. + 45,844
800 NVIDIA Corporation + 50,850
500 Policy Management Systems
Corporation + 7,688
1,200 Rational Software Corporation + 111,525
500 Structural Dynamics Research
Corporation + 7,531
600 Sykes Enterprises, Inc. + 7,725
800 Symantec Corporation + 43,150
1,000 Synopsys, Inc. + 34,562
-------------
933,956
-------------
</TABLE>
See Notes to Financial Statements
20
<PAGE> 35
Munder Institutional MidCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
---------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
CONSTRUCTION MATERIALS -- 0.9%
500 Fastenal Company $ 25,312
400 Granite Construction, Inc. 9,800
600 Martin Marietta Materials, Inc. 24,263
500 Southdown, Inc. 28,875
700 USG Corporation 21,263
-------------
109,513
-------------
CONTAINERS AND GLASS -- 0.1%
600 Mark IV Industries, Inc. 12,525
-------------
DIVERSIFIED-- 0.3%
1,100 American Standard Companies,
Inc. + 45,100
-------------
DOMESTIC OIL -- 0.9%
600 Murphy Oil Corporation 35,662
800 Noble Affiliates, Inc. 29,800
1,200 Ultramar Diamond Shamrock 29,775
700 Valero Energy Corporation 22,225
-------------
117,462
-------------
DRUGS AND HEALTH CARE -- 9.4%
400 Acuson + 5,400
700 Apria Healthcare Group, Inc. + 8,575
2,200 Bergen Brunswig Corporation 12,100
600 Carter Wallace, Inc. 12,075
2,900 Chiron Corporation + 137,750
800 Covance, Inc. + 7,050
500 Express Scripts, Inc., Class A + 31,062
1,400 Forest Labs, Inc. + 141,400
1,100 Genzyme Surgical Products + 65,381
3,849 Health Management Associates + 50,278
1,200 ICN Pharmaceuticals, Inc. 33,375
600 IDEC Pharmaceuticals
Corporation + 70,387
2,500 Ivax Corporation + 103,750
700 Lincare Holdings, Inc. + 17,238
300 MiniMed, Inc. + 35,400
2,100 Mylan Labs, Inc. 38,325
1,200 Omnicare, Inc. 10,875
1,100 Oxford Health Plans, Inc. + 26,194
600 PacifiCare Health Systems, Inc. + 36,112
1,000 Perrigo Company + 6,313
600 Quest Diagnostics, Inc. + 44,850
900 Quorum Health Group, Inc. + 9,281
900 Sepracor, Inc. + 108,562
3,400 Stryker Corporation 148,750
1,400 Sybron International
Corporation + 27,738
-------------
1,188,221
-------------
ELECTRIC UTILITIES -- 2.1%
2,200 Calpine Corporation + 144,650
200 Cleco Corporation 6,700
2,300 DPL, Inc. 50,456
1,200 DQE, Inc. 47,400
936 Sierra Pacific Resources 11,759
-------------
260,965
-------------
ELECTRICAL EQUIPMENT -- 2.6%
300 AMETEK, Inc. 5,250
1,300 Arrow Electronics, Inc. + 40,300
3,500 Atmel Corporation + 129,062
800 Burr-Brown Corporation + 69,350
700 Dentsply International, Inc. 21,569
1,400 Energizer Holdings, Inc. + 25,550
900 Hubbell, Inc. 22,950
300 Magnetek, Inc. + 2,400
600 Ucar International, Inc. + 7,838
-------------
324,269
-------------
ELECTRONICS -- 9.9%
400 ADTRAN, Inc. + 23,950
500 ANTEC Corporation + 20,781
500 Avnet, Inc. 29,625
800 Cirrus Logic, Inc. + 12,800
2,100 Cypress Semiconductor
Corporation + 88,725
1,200 Integrated Device Technology,
Inc. + 71,850
3,300 Jabil Circuit, Inc. + 163,762
400 L-3 Communications Holding,
Inc. + 22,825
1,200 Micrel, Inc. + 52,125
1,050 Microchip Technology, Inc. + 61,179
1,200 QLogic Corporation + 79,275
600 Sawtek, Inc. + 34,538
2,500 SCI Systems, Inc. + 97,969
500 Semtech Corporation + 38,242
1,200 Sensormatic Electronics
Corporation + 18,975
100 Sequa Corporation + 3,819
500 Teleflex, Inc. 17,875
800 TranSwitch Corporation + 61,750
400 TriQuint Semiconductor, Inc. + 38,275
1,977 Vishay Intertechnology, Inc. + 75,002
3,200 Vitesse Semiconductor
Corporation + 235,400
-------------
1,248,742
-------------
</TABLE>
See Notes to Financial Statements
21
<PAGE> 36
Munder Institutional MidCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
---------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
FINANCIAL SERVICES -- 3.4%
800 American Financial Group, Inc. $ 19,850
1,127 Associated Banc Corporation 24,583
3,300 Concord EFS, Inc. + 85,800
4,600 E*TRADE Group, Inc. + 75,900
1,400 Edwards (A.G.), Inc. 54,600
800 Finova Group, Inc. 10,400
300 Investment Technology
Group, Inc. + 11,850
800 Legg Mason, Inc. 40,000
500 Provident Financial Group, Inc. 11,906
1,200 ReliaStar Financial Corporation 62,925
1,100 Waddell & Reed Financial, Inc.,
Class A 36,094
-------------
433,908
-------------
FOOD AND BEVERAGE -- 2.2%
400 Bob Evans Farms, Inc. 5,975
400 Dean Foods Company 12,675
700 Dole Food, Inc. 9,800
400 Dreyers Grand Ice Cream, Inc. 8,400
1,300 Flowers Industries, Inc. 25,919
2,300 Hormel Foods Corporation 38,669
1,400 IBP, Inc. 21,612
200 International Multifoods
Corporation 3,463
1,100 Interstate Bakeries Corporation 15,400
300 Lance, Inc. 2,700
1,100 Mccormick & Company, Inc. 35,750
300 Smucker (J.M.) Company 5,775
300 Suiza Foods Corporation + 14,662
3,600 Tyson Foods, Inc. 31,500
700 Universal Foods Corporation 12,950
2,300 Whitman Corporation 28,462
-------------
273,712
-------------
FOREST PRODUCTS -- 0.2%
1,300 Georgia Pacific Corporation 28,113
-------------
GAS AND PIPELINE UTILITIES-- 2.4%
800 AGL Resources, Inc. 12,750
1,300 American Water Works, Inc. 32,500
2,300 KeySpan Corporation 70,725
1,850 Kinder Morgan, Inc. 63,941
1,300 MCN Corporation Holding
Company 27,787
500 National Fuel Gas Company 24,375
1,100 Questar Corporation 21,312
1,400 SCANA Corporation 33,775
600 Washington Gas Light Company 14,438
-------------
301,603
-------------
HOME FURNISHINGS AND HOUSEWARES-- 0.1%
700 Furniture Brands International,
Inc. + 10,588
-------------
HOTELS AND RESTAURANTS -- 0.9%
900 Brinker International, Inc. + 26,325
600 Buffets, Inc. + 7,613
800 CBRL Group, Inc. 11,750
300 Lone Star Steakhouse & Saloon 3,038
1,200 Mandalay Resort Group + 24,000
1,050 Outback Steakhouse, Inc. + 30,712
300 Papa John's International, Inc. + 7,350
-------------
110,788
-------------
HOUSEHOLD PRODUCTS -- 0.4%
400 Church & Dwight, Inc. 7,200
1,400 Dial Corporation 14,525
800 Hillenbrand Industries, Inc. 25,050
-------------
46,775
-------------
INDUSTRIAL MACHINERY -- 1.3%
1,100 Airgas, Inc. + 6,256
600 Donaldson Company, Inc. 11,850
1,475 Grant Prideco, Inc. + 36,875
300 Kaydon Corporation 6,300
300 Kennametal, Inc. 6,431
100 Nordson Corporation 5,063
300 SPX Corporation + 36,281
300 Stewart & Stevenson Services,
Inc. 4,519
200 Tecumseh Products Company,
Class A 7,638
1,241 Varco International, Inc. + 28,859
400 York International Corporation 10,100
-------------
160,172
-------------
INSURANCE -- 2.2%
700 Allmerica Financial Corporation 36,662
1,100 Ambac Financial Group, Inc. 60,294
600 Everest Re Group, Ltd. 19,725
2,000 Foundation Health Systems,
Inc. + 26,000
400 Horace Mann Educators
Corporation 6,000
300 HSB Group, Inc. 9,338
1,000 Ohio Casualty Corporation 10,625
2,050 Old Republic International
Corporation 33,825
450 PMI Group, Inc. 21,375
900 Protective Life Corporation 23,963
900 Unitrin, Inc. 26,437
-------------
274,244
-------------
</TABLE>
See Notes to Financial Statements
22
<PAGE> 37
Munder Institutional MidCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
LEISURE TIME -- 1.3%
1,200 Callaway Golf Company $ 19,575
1,033 International Game Technology 27,375
700 International Speedway Corporation,
Class A 28,962
4,900 Park Place Entertainment
Corporation + 59,719
1,200 Premier Parks, Inc. 27,300
-------------
162,931
-------------
MEDICAL INSTRUMENTS -- 0.3%
300 Beckman Coulter, Inc. 17,512
800 Edwards Lifesciences
Corporation + 14,800
1,100 STERIS Corporation + 9,763
-------------
42,075
-------------
MEDICAL SERVICES -- 0.6%
700 First Health Group Corporation + 22,969
1,000 PSS World Medical, Inc. + 6,719
400 Trigon Healthcare, Inc. + 20,625
900 VISX, Inc. + 25,256
-------------
75,569
-------------
METALS -- 0.0%
242 Ryerson Tull, Inc. 2,511
-------------
MINING -- 0.0%
100 Cleveland Cliff,Inc. 2,581
-------------
MISCELLANEOUS -- 0.2%
600 Blyth, Inc. 17,700
300 Rollins, Inc. 4,463
-------------
22,163
-------------
MOBILE HOMES -- 0.1%
2,399 Clayton Homes, Inc. 19,192
-------------
NEWSPAPERS -- 0.6%
600 Lee Enterprises, Inc. 13,988
400 Media General, Inc. 19,425
100 Washington Post Company 47,800
-------------
81,213
-------------
OFFICE FURNISHINGS AND SUPPLIES-- 0.7%
800 Hon Industries, Inc. 18,800
1,100 Miller Herman, Inc. 28,463
1,500 Office Max, Inc. + 7,500
1,200 Reynolds & Reynolds Company 21,900
300 Standard Register 4,275
600 Wallace Computer Series, Inc. 5,925
-------------
86,863
-------------
OIL AND GAS -- 7.0%
1,000 BJ Services Company + 62,500
1,100 Devon Energy Corporation 61,806
2,200 Dynegy Inc., Class A 150,287
2,200 ENSCO International, Inc. 78,788
500 Flowserve Corporation 7,531
2,800 Global Marine, Inc. + 78,925
600 Hanover Compressor Company + 22,800
700 Helmerich & Payne, Inc. 26,163
1,600 Lyondell Petrochemical
Company 26,800
2,200 Nabors Industries, Inc. + 91,437
2,100 Noble Drilling Corporation + 86,494
2,688 Ocean Energy, Inc. + 38,136
1,300 Pioneer Natural Resources
Company 16,575
3,000 Santa Fe Snyder Corporation + 34,125
700 Smith International, Inc. + 50,969
1,475 Weatherford International, Inc. 58,723
-------------
892,059
-------------
PAPER -- 1.3%
900 Bowater, Inc. 39,712
200 Chesapeake Corporation 5,925
1,200 Consolidated Papers, Inc. 43,875
600 Glatfelter (P.H.) Company 6,113
700 Longview Fibre Company 7,744
600 Pentair, Inc. 21,300
1,400 Sonoco Products Company 28,787
700 Wausau Mosinee Paper
Corporation 5,994
-------------
159,450
-------------
PUBLISHING -- 1.0%
1,100 Harte-Hanks, Inc. 27,500
300 Houghton Mifflin Company 14,006
1,400 Readers Digest Association, Inc.,
Class A (non-voting) 55,650
100 Scholastic Corporation + 6,113
700 Valassis Communications, Inc. + 26,687
-------------
129,956
-------------
</TABLE>
See Notes to Financial Statements
23
<PAGE> 38
Munder Institutional MidCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
RAILROADS AND EQUIPMENT -- 0.3%
700 GATX Corporation $ 23,800
400 Trinity Industries, Inc. 7,400
700 Wisconsin Central Transportation
Corporation + 9,100
-------------
40,300
-------------
RETAIL -- 3.6%
1,400 Abercrombie & Fitch Company + 17,062
1,100 Barnes & Noble, Inc. + 24,475
1,000 BJs Wholesale Club, Inc. + 33,000
1,200 Borders Group, Inc. + 18,675
1,200 CDW Computer Centers, Inc. + 75,000
700 Claire S Stores, Inc. 13,475
1,500 Dollar Tree Stores, Inc. + 59,344
2,800 Family Dollar Stores, Inc. 54,775
600 Hannaford Brothers Company 43,125
300 Lands End, Inc. + 10,012
700 Neiman Marcus Group, Inc.,
Class A + 20,694
300 Payless Shoesource, Inc. + 15,375
1,200 Ross Stores, Inc. 20,475
600 Ruddick Corporation 7,088
2,292 Saks, Inc. + 24,066
800 Williams-Sonoma, Inc. + 25,950
-------------
462,591
-------------
SAVINGS AND LOAN -- 0.8%
700 Astoria Financial Corporation 18,025
1,500 Dime Bancorp, Inc. 23,625
3,500 Sovereign Bancorp, Inc. 24,609
1,300 TCF Financial Corporation 33,394
-------------
99,653
-------------
SHIPBUILDING -- 0.1%
300 Newport News Shipbuilding, Inc. 11,025
-------------
STEEL -- 0.2%
1,800 AK Steel Holding Corporation 14,400
200 Carpenter Technology
Corporation 4,225
200 Precision Castparts Corporation 9,050
-------------
27,675
-------------
TELECOMMUNICATIONS -- 1.7%
3,500 Broadwing, Inc. 90,781
700 CommScope, Inc. + 28,700
1,000 Telephone & Data Systems, Inc. 100,250
-------------
219,731
-------------
</TABLE>
See Notes to Financial Statements
24
<PAGE> 39
<TABLE>
<S> <C>
TIRE AND RUBBER -- 0.2%
200 Bandag, Inc. $ 4,850
300 Carlisle Companies, Inc. 13,500
400 Lancaster Colony Corporation 7,800
-------------
26,150
-------------
TOBACCO -- 0.4%
1,500 R.J. Reynolds Tobacco
Holdings, Inc. 41,906
300 Universal Corporation 6,338
-------------
48,244
-------------
TRUCKING AND FREIGHT FORWARDING -- 1.0%
600 Airbourne Freight Corporation 11,362
600 Alexander & Baldwin, Inc. 13,237
200 Arnold Industries, Inc. 2,413
500 C.H. Robinson Worldwide, Inc. 24,750
600 CNF Transportation, Inc. 13,650
500 Hunt (J.B.) Transport
Services, Inc. 7,719
300 Overseas Shipholding
Group, Inc. 7,388
696 Pittston Brinks Group 9,526
900 Swift Transportation Co., Inc. + 12,600
700 Tidewater, Inc. 25,200
-------------
127,845
-------------
UTILITIES -- 5.3%
1,500 Allegheny Energy, Inc. 41,062
1,100 Alliant Energy Corporation 28,600
150 Black Hills Corporation 3,384
300 CMP Group, Inc. 8,794
1,275 Conectiv, Inc. 19,842
2,000 Energy East Corporation 38,125
300 Hawaiian Electric Industries, Inc. 9,844
500 Idacorp, Inc. 16,125
1,400 IPALCO Enterprises 28,175
800 Kansas City Power & Light
Company 18,000
2,100 LG & E Energy Corporation 50,137
1,000 Minnesota Power & Light
Company 17,313
1,500 Montana Power Company 52,969
1,700 NiSource, Inc. 31,663
2,600 Northeast Utilities 56,550
800 NSTAR 32,550
1,200 OGE Energy Corporation 22,200
1,600 Potomac Electric Power
Company 40,000
</TABLE>
See Notes in Financial Statements
25
<PAGE> 40
Munder Institutional MidCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
UTILITIES -- (CONTINUED)
400 Public Service Company Nm $ 6,175
1,300 Puget Sound Energy, Inc. 27,706
2,100 Teco Energy, Inc. 42,131
1,250 Utilicorp United, Inc. 24,844
1,066 Vectren Corporation 18,389
2,100 Wisconsin Energy Corporation 41,606
-------------
676,184
-------------
TOTAL COMMON STOCKS
(Cost $12,673,109) 12,358,351
-------------
<CAPTION>
PRINCIPAL
AMOUNT
---------
<S> <C>
U.S. TREASURY BILLS -- 0.7%
(Cost $94,633)
$ 100,000 5.98% ++, due 05/31/2001 94,633
-------------
REPURCHASE AGREEMENT -- 1.9%
(Cost $238,000)
238,000 Agreement with State Street Bank and Trust Company, 6.350% dated
06/30/2000, to be repurchased at $238,125 on 07/03/2000,
collateralized by $2,555,000 U.S. Treasury Note, 8.125%, maturing
5/15/2021
(value $2,909,506) 238,000
-------------
OTHER INVESTMENTS**
(Cost $3,166,368) 25.0% $ 3,166,368
-------------
TOTAL INVESTMENTS
(Cost $16,172,110*) 125.2% 15,857,352
OTHER ASSETS AND
LIABILITIES (NET) (25.2) (3,195,734)
------ -------------
NET ASSETS 100.0% $ 12,661,618
===== =============
</TABLE>
---------------
* Aggregate cost for Federal tax purposes.
** Securities pledged as collateral for futures contracts.
+ Non-income producing security.
++ Rate represents annualized yield at date of purchase.
# Amount represents less than 0.1% of net assets.
<TABLE>
<CAPTION>
NUMBER OF UNREALIZED
CONTRACTS DEPRECIATION
--------- ------------
<S> <C>
FUTURES CONTRACTS-LONG POSITION
1 S&P MID CAP 400 INDEX,
SEPTEMBER 2000 $ 3,572
=======
</TABLE>
See Notes to Financial Statements
26
<PAGE> 41
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
-------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
----------------------------------------------------------
<S> <C>
COMMON STOCKS -- 96.9%
ADVERTISING -- 0.6%
3,560 ADVO, Inc. + $ 149,520
11,100 HA-LO Industries, Inc. + 62,437
5,500 Penton Media, Inc. 192,500
-------------
404,457
-------------
AEROSPACE AND DEFENSE -- 0.7%
4,710 AAR Corporation 56,520
1,620 Alliant Techsystems, Inc. + 109,249
4,290 BE Aerospace, Inc. + 29,494
7,290 Gencorp, Inc. 58,320
6,510 Orbital Sciences Corporation + 79,340
2,940 Scott Technologies, Inc. + 50,531
4,700 Teledyne Technologies, Inc. + 78,725
-------------
462,179
-------------
AGRICULTURAL MACHINERY -- 0.5%
6,270 AptarGroup, Inc. 169,290
6,650 Delta & Pine Land Company 166,666
2,130 Lindsay Manufacturing
Company 41,801
-------------
377,757
-------------
AIR TRAVEL -- 0.5%
3,260 Atlantic Coast Airlines
Holdings, Inc. + 103,505
5,660 Mesa Air Group, Inc. + 31,307
2,490 Midwest Express Holdings,
Inc. + 53,535
4,300 SkyWest, Inc. 159,369
-------------
347,716
-------------
APPAREL AND TEXTILES -- 1.3%
1,560 Angelica Corporation 12,480
2,380 Ashworth, Inc. + 10,636
4,430 Cone Mills Corporation + 27,411
3,630 G & K Services 90,977
3,300 Guilford Mills, Inc. 14,025
1,130 Haggar Corporation 13,278
5,130 Hartmarx Corporation + 13,146
1,790 K-Swiss, Inc. 28,528
4,120 Kellwood Company 87,035
6,090 Nautica Enterprises, Inc. + 65,087
2,140 Oshkosh B' Gosh, Inc. 35,042
1,330 Oxford Industries, Inc. 23,940
4,800 Phillips Van Heusen Corporation 45,600
3,900 Quiksilver, Inc. + 60,694
7,570 Stride Rite Corporation 46,366
1,970 The Dixie Group, Inc. + 7,634
3,560 Timberland Company + 252,092
7,260 Wolverine World Wide, Inc. 71,692
-------------
905,663
-------------
</TABLE>
See Notes to Financial Statements
27
<PAGE> 42
<TABLE>
<S> <C>
AUTOMOBILES -- 0.3%
3,960 Group 1 Automotive, Inc. + $ 47,520
3,130 Simpson Industries, Inc. + 23,573
2,030 Spartan Motors, Inc. 8,501
2,150 Standard Motor Products, Inc. 18,275
4,030 Wabash National Corporation 48,108
3,260 Wynns International, Inc. 73,961
-------------
219,938
-------------
AUTOMOBILE PARTS AND EQUIPMENT-- 1.6%
4,270 Clarcor, Inc. 84,866
9,360 Copart, Inc. + 149,760
2,870 Discount Auto Parts, Inc. + 28,700
12,850 Gentex Corporation + 322,856
1,970 Insurance Auto Auctions, Inc. + 41,616
2,700 Midas, Inc. 54,000
8,940 O'Reilly Automotive, Inc. + 124,043
9,300 Pep Boys -- Manny, Moe &
Jack 55,800
4,990 Standard Pacific Corporation 49,900
3,760 TBC Corporation + 17,390
5,910 Tenneco Automotive, Inc. 31,028
8,180 Tower Automotive, Inc. + 102,250
-------------
1,062,209
-------------
BANKING AND FINANCIAL SERVICES -- 5.9%
13,200 AmeriCredit Corporation + 224,400
4,320 Anchor Bancorp Wisconsin, Inc. 66,150
7,400 Billing Information Concepts
Corporation + 32,838
4,930 Chittenden Corporation 120,477
5,326 Commerce Bancorp, Inc. 244,996
8,440 Community First Bankshares,
Inc. 137,677
9,150 Cullen Frost Bankers, Inc. 240,759
2,230 Dain Rauscher Corporation 147,180
6,630 Enhance Financial Services
Group, Inc. 95,306
4,670 First BanCorp 86,687
7,130 First Midwest Bancorp, Inc. 165,772
8,817 Hudson United Bancorp 197,831
7,700 Imperial Bancorp 119,985
5,200 Investors Financial Services
Corporation 206,375
4,270 Jefferies Group, Inc. 86,201
4,070 MAF Bancorp, Inc. 74,023
5,100 Morgan Keegan, Inc. 75,225
3,100 National Discount Brokers
Group, Inc. + 98,812
4,571 Provident Bankshares
Corporation 61,709
3,670 Queens County Bancorp, Inc. 67,666
</TABLE>
See Notes to Financial Statements
28
<PAGE> 43
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
BANKING AND FINANCIAL SERVICES --
(CONTINUED)
4,940 Riggs National Corporation $ 62,368
8,000 Silicon Valley Bancshares + 341,000
7,530 South Financial Group, Inc. + 109,185
4,900 Southwest Bancorporation
of Texas, Inc. + 101,675
2,500 Southwest Securities Group, Inc. 93,175
6,400 Staten Island Bancorp, Inc. 112,800
6,890 Susquehanna Bancshares, Inc. 98,183
9,370 TrustCo Bank Corporation NY 117,125
7,340 United Bankshares, Inc. 133,496
9,100 Washington Federal, Inc. 166,075
3,930 Whitney Holding Corporation 134,357
-------------
4,019,508
-------------
BROADCASTING -- 0.1%
8,930 General Communication, Inc. + 45,766
-------------
BUILDING CONSTRUCTION -- 0.6%
4,820 Apogee Enterprises, Inc. 17,021
10,790 D.R. Horton, Inc. 146,339
4,150 Hughes Supply, Inc. 81,963
9,120 Morrison Knudsen Corporation + 66,120
1,600 NVR, Inc. + 91,200
4,680 Sturm Ruger & Company, Inc. 41,535
-------------
444,178
-------------
BUILDING MATERIALS -- 1.3%
3,900 ABM Industries, Inc. 89,700
2,230 Building Materials Holdings
Corporation + 19,652
1,130 Butler Manufacturing Company 19,210
2,850 Commonwealth Industries, Inc. 16,744
3,390 Elcor Chemical Corporation 77,970
5,700 Fleetwood Enterprises 81,225
3,270 Florida Rock Industries, Inc. 116,494
4,530 Justin Industries, Inc. 99,094
1,730 Lawson Products, Inc. 42,601
10,022 Lennox International, Inc. 132,791
2,100 Republic Group, Inc. 18,900
2,110 Simpson Manufacturing
Company, Inc. 100,884
3,540 Universal Forest Products, Inc. 48,675
-------------
863,940
-------------
BUSINESS SERVICES -- 6.8%
3,460 Aaron Rents, Inc. 43,466
2,400 Administaff, Inc. + 152,400
6,490 Bowne & Company, Inc. 65,306
3,150 Catalina Marketing
Corporation + 321,300
6,380 Central Parking Corporation 151,126
6,980 ChoicePoint, Inc. + 310,588
3,100 Circle International Group, Inc. 77,888
2,800 CUNO, Inc. + 64,750
2,400 Davox Corporation + 31,050
8,590 eLoyalty Corporation + 109,523
2,480 Fair Issac & Company, Inc. 109,120
3,630 Franklin Covey Company + 25,183
4,290 Gymboree Corporation + 12,870
4,950 Harland (John H.) Company 73,941
3,400 Heidrick & Struggles
International, Inc. + 214,625
5,030 Information Resources, Inc. + 19,806
11,140 Interim Services, Inc. + 197,735
5,590 Intervoice, Inc. + 36,684
2,130 Kronos, Inc. + 55,380
7,420 Labor Ready, Inc. + 49,158
3,650 MAXIMUS, Inc. + 80,756
3,900 On Assignment, Inc. + 118,950
7,980 Paxar Corporation + 95,261
4,200 Pegasus Solutions, Inc. + 45,675
8,610 Profit Recovery Group
International, Inc. + 143,141
2,660 QRS Corporation + 65,336
5,470 Remedy Corporation + 304,952
6,870 RSA Security, Inc. + 475,747
9,260 SEI Investments Company 368,664
12,560 Snyder Communications, Inc. 298,300
5,180 StaffMark, Inc. + 34,641
6,840 Tetra Tech, Inc. + 156,465
4,890 The BISYS Group, Inc. + 300,735
2,830 URS Corporation + 43,158
-------------
4,653,680
-------------
CHEMICALS -- 1.8%
3,900 Arch Chemicals, Inc. 85,312
4,300 Cambrex Corporation 193,500
2,730 Chemfirst, Inc. 65,861
4,170 Geon Company 77,145
4,040 Lilly Industrial, Inc. 121,452
5,410 Macdermid, Inc. 127,135
4,550 Mississippi Chemical
Corporation 21,613
4,170 Om Group, Inc. 183,480
6,890 Omnova Solutions, Inc. 43,063
1,340 Penford Corporation 28,810
1,570 Quaker Chemical 27,279
4,840 Scotts Company + 176,660
2,730 WD-40 Company 56,647
-------------
1,207,957
</TABLE>
See Notes to Financial Statements
29
<PAGE> 44
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-------------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
COMMERCIAL SERVICES -- 0.7%
2,600 F.Y.I., Inc. + $ 87,587
3,900 Kroll-O'Gara Company + 26,081
3,360 Lason Holdings, Inc. + 8,400
2,800 MemberWorks, Inc. + 94,150
3,930 Pre-Paid Legal Services, Inc. + 117,409
2,400 StarTek, Inc. + 120,900
-------------
454,527
-------------
COMMUNICATION EQUIPMENT -- 0.9%
2,780 Plantronics, Inc. + 321,090
2,170 Proxim, Inc. + 214,762
1,800 ViaSat, Inc. + 97,650
-------------
633,502
-------------
COMMUNICATION SERVICES -- 1.9%
6,500 Adaptive Broadband
Corporation + 238,875
8,910 Aspect Communications
Corporation + 350,274
9,650 Brightpoint, Inc. + 83,533
1,090 Centigram Communications
Corporation + 27,863
8,700 Pinnacle Systems, Inc. + 195,614
8,620 True North Communications 379,280
-------------
1,275,439
-------------
COMPUTERS AND BUSINESS EQUIPMENT -- 2.0%
7,290 American Management
Systems, Inc. + 239,317
5,160 Auspex Systems, Inc. + 25,477
2,610 Digi International, Inc. + 16,965
4,010 Exabyte Corporation + 18,045
3,900 Gerber Scientific, Inc. 44,850
4,630 Insight Enterprises, Inc. + 274,617
9,570 Komag, Inc. + 16,748
5,580 National Computer Systems, Inc. 274,815
2,730 Standard Microsystems
Corporation + 41,974
2,850 Telxon Corporation 50,944
2,620 Volt Information Sciences, Inc. + 86,296
5,180 Xircom, Inc. + 246,050
-------------
1,336,098
-------------
COMPUTER HARDWARE, SOFTWARE OR
SERVICES -- 6.4%
3,920 Analysts International
Corporation 36,505
4,600 Aspen Technology, Inc. + 177,100
6,700 Avant! Corporation + 125,520
</TABLE>
See Notes to Financial Statements
30
<PAGE> 45
<TABLE>
<S> <C>
COMPUTER HARDWARE, SOFTWARE OR
SERVICES -- (CONTINUED)
4,270 Avid Technology, Inc. + $ 51,240
5,500 AVT Corporation + 40,563
2,480 BARRA, Inc. + 122,915
3,420 Black Box Corporation + 270,768
5,850 Cerner Corporation + 159,412
10,350 Ciber, Inc. + 137,138
3,650 Computer Task Group, Inc. 18,478
2,790 Concord Communications, Inc. + 111,251
2,740 Cyrk, Inc. + 13,700
7,240 Epicor Software Corporation + 18,100
4,100 ePresence, Inc. + 29,725
5,660 Factset Research Systems, Inc. 159,895
6,000 Filenet Corporation + 110,250
3,500 Great Plains Software, Inc. + 68,688
7,120 Henry Jack & Associates, Inc. 356,890
4,680 HNC Software, Inc. + 288,990
4,300 Hutchinson Technology, Inc. + 61,275
5,640 Hyperion Solutions
Corporation + 182,947
4,320 Insituform Technologies, Inc. + 117,180
4,640 Inter-Tel, Inc. 74,530
3,700 Mercury Computer Systems,
Inc. + 119,556
3,050 MICROS Systems, Inc. + 56,616
8,810 National Instruments
Corporation + 384,336
4,500 Phoenix Technologies Ltd. + 73,406
6,280 Progress Software Corporation + 112,648
3,800 Project Software & Development,
Inc. + 68,400
2,900 RadiSys Corporation + 164,575
8,700 Read Rite Corporation + 19,303
5,100 SAGA SYSTEMS, Inc. + 63,431
5,700 Systems & Computer Technology
Corporation + 114,000
5,420 Verity, Inc. + 205,960
4,400 Visual Networks, Inc. + 125,400
2,920 ZixIt Corporation + 134,503
-------------
4,375,194
-------------
CONGLOMERATES -- 0.1%
4,130 Triarc Companies, Inc. + 84,665
-------------
CONSTRUCTION AND MINING EQUIPMENT -- 0.4%
3,370 CDI Corporation + 68,664
4,060 Kaman Corporation 43,391
2,720 Material Sciences Corporation + 27,200
3,650 Regal Beloit Corporation 58,628
4,080 Valmont Industries, Inc. 81,090
-------------
278,973
-------------
</TABLE>
See Notes to Financial Statements
31
<PAGE> 46
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-------------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
CONTRACT SALES AND RESEARCH
ORGANIZATIONS -- 0.1%
4,300 Pharmaceutical Product
Development, Inc. + $ 90,300
-------------
DIVERSIFIED INDUSTRIAL -- 0.8%
3,000 Esterline Technologies
Corporation + 44,625
8,501 Friede Goldman Halter, Inc. + 75,978
5,220 Griffon Corporation + 29,036
7,780 JLG Industries, Inc. 92,387
7,800 MascoTech, Inc. 84,338
5,320 Roper Industries, Inc. 136,325
2,230 SPS Technologies, Inc. + 91,569
-------------
554,258
-------------
DRUGS AND HEALTH CARE -- 10.3%
8,250 Alliance Pharmaceutical
Corporation + 92,813
6,090 Alpharma, Inc. 379,102
5,995 Barr Laboratories, Inc. + 268,651
0 Baxter International, Inc. 1
9,520 Bio Technology General
Corporation + 125,545
4,030 Biomatrix, Inc. + 91,179
5,940 Cephalon, Inc. + 355,657
1,730 Chemed Corporation 48,764
2,480 Cooper Companies, Inc. 90,210
4,590 Cor Therapeutics, Inc. + 391,584
10,180 Coventry Health Care, Inc. + 135,680
4,470 Cygnus, Inc. + 63,698
7,780 Dura Pharmaceuticals, Inc. + 111,837
4,400 Enzo Biochem, Inc. + 303,600
6,190 Idexx Laboratories, Inc. + 141,596
4,800 Immune Response Corporation + 52,200
5,250 Invacare Corporation 137,812
11,425 Jones Medical Industries, Inc. 456,286
5,140 Medicis Pharmaceutical
Corporation + 292,980
4,280 Mentor Corporation 116,362
3,010 Natures Sunshine Products, Inc. 21,070
11,700 NBTY, Inc. + 74,588
3,770 Noven Pharmaceuticals, Inc. + 113,336
5,930 Organogenesis, Inc. + 67,824
8,440 Orthodontic Centers America,
Inc. + 190,955
2,490 Osteotech, Inc. + 26,145
5,720 Owens & Minor, Inc. 98,313
4,410 PAREXEL International
Corporation + 42,171
</TABLE>
See Notes to Financial Statements
32
<PAGE> 47
<TABLE>
<S> <C>
DRUGS AND HEALTH CARE -- (CONTINUED)
5,860 Patterson Dental Company + $ 298,860
2,730 Pediatrix Medical Group, Inc. 31,736
3,530 Primark Corporation + 131,492
7,780 Prime Hospitality Corporation + 73,424
3,460 Protein Design Laboratories,
Inc. + 570,738
6,160 Regeneron Pharmaceuticals,
Inc. + 183,645
7,890 Renal Care Group, Inc. + 192,935
5,130 Respironics, Inc. + 92,340
4,680 Sierra Health Services, Inc. + 14,918
1,690 Spacelabs, Inc. + 19,013
3,900 Sunrise Medical, Inc. + 19,013
2,100 Syncor International
Corporation + 151,200
3,670 Ultratech Stepper, Inc. + 54,591
5,270 Universal Health Services, Inc. + 345,185
4,530 Vertex Pharmaceuticals, Inc. + 477,349
2,120 Vital Signs, Inc. 38,425
-------------
6,984,823
-------------
ELECTRIC UTILITIES -- 0.7%
1,240 Bangor Hydro Electric Company 29,062
1,970 Central Vermont Public Service 21,670
2,980 CH Energy Group, Inc. 101,134
970 Green Mountain Power
Corporation 8,003
4,040 NorthWestern Corporation 93,425
5,600 UniSource Energy Corporation 84,000
2,490 United Illuminating Company 108,937
-------------
446,231
-------------
ELECTRICAL EQUIPMENT -- 3.8%
6,350 Anixter International, Inc. + 168,275
3,900 Aware, Inc. + 199,387
5,960 Baldor Electric Company 111,005
3,190 Barnes Group, Inc. 52,037
4,280 Belden, Inc. 109,675
2,860 Benchmark Electronics, Inc. + 104,569
4,480 C&D Technologies, Inc. 253,120
7,710 C-Cube Microsystems, Inc. + 151,309
4,930 Cable Design Technologies
Corporation + 165,155
4,370 Coherent, Inc. + 366,534
7,100 Foster Wheeler Corporation 61,238
3,910 Helix Technology Corporation 152,490
2,320 Intermagnetics General
Corporation + 43,935
4,930 Kent Electrical Corporation + 146,976
</TABLE>
See Notes to Financial Statements
33
<PAGE> 48
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
ELECTRICAL EQUIPMENT -- (CONTINUED)
1,830 Park Electrochemical
Corporation $ 65,994
2,610 Symmetricom, Inc. + 65,902
2,860 Technitrol, Inc. 277,062
2,740 Thomas Industries, Inc. 48,464
4,760 Watsco, Inc. 59,500
-------------
2,602,627
-------------
ELECTRONICS -- 11.4%
4,000 Actel Corporation + 182,500
3,700 Aeroflex, Inc. + 183,844
7,400 Alliance Semiconductor
Corporation + 181,762
6,980 Alpha Industries, Inc. + 307,556
3,300 American Xtal Technology,
Inc. + 142,725
2,240 Analogic Corporation 89,600
6,510 Artesyn Technologies, Inc. + 181,059
3,900 Audiovox Corporation + 86,044
4,800 BMC Industries, Inc. 19,500
5,920 C Cor Electronics, Inc. + 159,840
5,220 Checkpoint Systems, Inc. + 39,150
3,500 Cohu, Inc. 94,391
4,810 CTS Corporation 216,450
10,520 Dallas Semiconductor
Corporation 428,690
12,170 Digital Microwave Corporation + 463,981
3,910 Dionex Corporation + 104,592
4,700 Electro Scientific Industries,
Inc. + 206,947
3,600 Electroglas, Inc. + 77,400
7,300 ESS Technology, Inc. + 105,850
6,580 General Semiconductor, Inc. 97,055
1,960 Harmon Industries, Inc. 25,970
8,830 Input/Output, Inc. + 74,503
10,680 International Rectifier
Corporation + 598,080
2,610 Itron, Inc. + 21,533
15,160 Kemet Corporation + 379,947
4,250 Kulicke & Soffa Industries,
Inc. + 252,344
8,610 Lattice Semiconductor
Corporation + 595,166
6,230 Methode Electrics, Inc. 240,634
3,760 Network Equipment
Technologies + 37,835
13,390 P-COM, Inc. + 76,156
5,070 Photronic, Inc. + 143,861
4,790 Pioneer-Standard Electronics,
Inc. 70,653
3,210 Plexus Corporation + 362,730
15,910 S3, Inc. + 234,672
5,930 Silicon Valley Group, Inc. + 153,439
5,940 SLI, Inc. 72,023
3,709 Three-Five Systems, Inc. + 218,831
3,640 Titan International, Inc. 19,338
4,020 Trimble Navigation Ltd. + 196,226
6,020 Valence Technology, Inc. + 110,994
7,370 Vicor Corporation + 256,568
5,460 Zebra Technologies
Corporation + 241,946
-------------
7,752,385
-------------
ENTERTAINMENT -- 0.3%
2,010 Anchor Gaming + 96,354
6,530 Midway Games, Inc. + 52,648
4,550 Pinnacle Entertainment, Inc. + 88,441
-------------
237,443
-------------
FOOD AND BEVERAGE -- 2.3%
1,730 Agribrands International, Inc. + 72,552
3,200 American Italian Pasta
Company + 66,200
3,400 Beringer Wine Estates Holdings,
Inc. + 120,062
3,130 Canandaigua Wine, Inc. + 157,869
11,550 Chiquita Brands International,
Inc. 45,478
1,560 Coca-Cola Bottling Company 70,980
6,100 Corn Products International, Inc. 161,650
7,420 Earthgrains Company 144,226
5,100 Hain Celestial Group, Inc. + 187,106
2,850 Ionics, Inc. + 87,281
1,570 J&J Snack Foods Corporation + 28,064
2,000 Morrison Management Specialists,
Inc. 56,375
1,990 Nash Finch Company 16,418
5,230 Ralcorp Holdings, Inc. + 64,068
9,890 Smithfield Foods, Inc. + 277,538
2,060 Taco Cabana, Inc. + 13,648
-------------
1,569,515
-------------
FOOD DISTRIBUTION -- 0.3%
3,420 Michael Foods, Inc. 83,790
2,370 Performance Food Group
Company + 75,840
3,140 United Natural Foods, Inc. + 43,175
-------------
202,805
-------------
</TABLE>
See Notes to Financial Statements
34
<PAGE> 49
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
----------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
FOREST PRODUCTS -- 0.1%
2,100 Deltic Timber Corporation $ 44,887
-------------
HEALTH MANAGEMENT SYSTEMS -- 0.2%
5,660 National Data Corporation 130,180
-------------
HOMEBUILDERS -- 0.4%
8,250 Champion Enterprises, Inc. + 40,219
3,810 M.D.C. Holdings, Inc. 70,961
2,310 Ryland Group, Inc. 51,109
6,380 Toll Brothers, Inc. + 130,790
-------------
293,079
-------------
HOTELS AND RESTAURANTS -- 1.8%
4,650 Applebee's International, Inc. 140,953
7,300 Aztar Corporation + 113,150
4,690 CEC Entertainment, Inc. + 120,181
5,330 Cheesecake Factory + 146,575
8,800 CKE Restaurants, Inc. 26,400
5,137 Consolidated Products, Inc. 46,233
3,510 IHOP Corporation + 58,793
6,640 Jack in the Box, Inc. + 163,510
4,330 Landry's Seafood Restaurants,
Inc. 36,805
3,910 Luby's Cafeterias, Inc. 31,280
5,200 Marcus Corporation 63,050
2,120 Panera Bread Company + 21,465
10,780 Ruby Tuesday, Inc. 135,424
5,690 Ryans Family Steak Houses,
Inc. + 48,009
3,160 Sonic Corporation + 92,825
-------------
1,244,653
-------------
HOUSEHOLD APPLIANCES AND HOME
FURNISHINGS -- 1.3%
4,000 Applica, Inc. + 45,250
2,030 Bassett Furniture Industries, Inc. 25,629
6,850 Ethan Allen Interiors, Inc. 164,400
6,150 Fedders USA, Inc. 35,747
3,020 Harman International Industries,
Inc. 184,220
9,040 Interface, Inc. 34,465
10,700 La-Z-Boy, Inc. 149,800
2,660 Libbey, Inc. 85,452
1,240 National Presto Industries, Inc. 38,130
2,490 Pillowtex Corporation 10,582
2,740 Royal Appliance Manufacturing
Company + 15,584
2,000 Salton, Inc. + 73,750
-------------
863,009
-------------
</TABLE>
See Notes to Financial Statements
35
<PAGE> 50
<TABLE>
<S> <C>
INDUSTRIAL MACHINERY -- 2.2%
4,040 A.O. Smith Corporation $ 84,588
7,450 Cognex Corporation + 385,537
2,590 Flow International Corporation + 25,900
2,710 Gardner Denver, Inc. + 48,441
3,520 Graco, Inc. 114,400
5,190 IDEX Corporation 163,809
4,350 Manitowoc, Inc. 116,362
6,200 Milacron, Inc. 89,900
2,900 Oshkosh Truck Corporation 103,675
1,880 Robbins & Myers, Inc. 42,888
3,350 Specialty Equipment Companies,
Inc. + 90,869
5,180 SpeedFam-IPEC, Inc. + 94,211
2,140 Standex International
Corporation 33,973
4,570 Watts Industries, Inc. 57,696
3,760 X-Rite, Inc. 34,310
-------------
1,486,559
-------------
INSURANCE -- 2.5%
6,480 Arthur J. Gallagher & Company 272,160
3,538 Delphi Financial Group, Inc. 120,071
2,350 E.W. Blanch Holdings, Inc. 47,734
11,730 Fidelity National Financial, Inc. 214,806
11,030 First American Financial
Corporation 157,867
12,220 Fremont General Corporation 48,116
2,250 Hilb, Rogal and Hamilton
Company 78,047
7,150 Mutual Risk Management Ltd. 123,784
6,590 Radian Group, Inc. 341,033
1,700 RLI Corporation 59,075
1,600 SCPIE Holdings, Inc. 32,800
4,520 Selective Insurance Group, Inc. 85,880
3,250 Trenwick Group, Inc. 47,328
3,000 Zenith National Insurance
Corporation 63,750
-------------
1,692,451
-------------
INVESTMENT COMPANIES -- 1.0%
6,240 Eaton Vance Corporation 288,600
4,660 Pioneer Group, Inc. + 197,467
8,010 Raymond James Financial, Inc. 180,225
-------------
666,292
-------------
LEISURE TIME -- 0.3%
2,890 Action Performance Companies,
Inc. + 20,953
1,990 Carmike Cinemas, Inc. + 7,711
1,350 GC Companies + 30,206
</TABLE>
See Notes to Financial Statements
36
<PAGE> 51
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
----------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
LEISURE TIME -- (CONTINUED)
3,170 K2, Inc. $ 26,351
2,950 SCP Pool Corporation + 69,325
3,350 THQ, Inc. + 40,828
-------------
195,374
-------------
MACHINERY -- 0.2%
3,560 Applied Industrial Technologies,
Inc. 58,295
3,370 Astec Industries, Inc. + 85,514
-------------
143,809
-------------
MACHINERY -- TOOLS -- 0.4%
6,870 Applied Power, Inc. 230,145
2,240 Toro Company 73,780
-------------
303,925
-------------
MEDICAL INSTRUMENTS AND SUPPLIES -- 2.8%
3,630 ADAC Laboratories + 87,120
5,960 Bindley Western Industries, Inc. 157,567
2,700 CONMED Corporation + 69,862
2,620 Datascope Corporation 94,320
2,370 Diagnostic Products Corporation 75,840
3,360 Hanger Orthopedic Group + 16,590
2,720 Hologic, Inc. + 18,360
2,200 PolyMedica Corporation + 95,150
3,890 Priority Healthcare Corporation + 289,076
5,300 ResMed, Inc. + 141,775
4,300 Sola International, Inc. + 20,963
3,600 Techne Corporation + 468,000
5,190 Theragenics Corporation + 44,439
5,430 Varian Medical Systems, Inc. 212,449
3,100 Wesley Jessen VisionCare, Inc. + 116,444
-------------
1,907,955
-------------
MEDICAL SERVICES -- 0.9%
3,780 Advance Paradigm, Inc. + 77,490
10,410 Advanced Tissue Sciences, Inc. + 83,605
1,510 Curative Health Services, Inc. + 9,107
6,860 Dendrite International, Inc. + 228,524
11,520 Hooper Holmes, Inc. 92,160
4,410 Laser Vision Centers, Inc. + 27,287
15,840 US Oncology, Inc. + 79,200
-------------
597,373
-------------
MINING -- 0.3%
2,860 Brush Wellman, Inc. 44,687
6,720 Stillwater Mining Company + 187,320
-------------
232,007
-------------
</TABLE>
See Notes to Financial Statements
37
<PAGE> 52
<TABLE>
<CAPTION>
<S> <C>
MOBILE HOMES -- 0.3%
2,680 Coachmen Industries, Inc. $ 30,820
3,260 Monaco Coach Corporation + 44,417
8,200 Oakwood Homes Corporation 14,863
1,470 Skyline Corporation 31,605
2,120 Thor Industries, Inc. 44,520
3,800 Winnebago Industries, Inc. 49,637
-------------
215,862
-------------
NON-FERROUS METALS -- 0.3%
6,690 Coeur D'Alene Mines
Corporation + 16,307
2,500 Commercial Metals Company 68,750
2,670 Imco Recycling, Inc. 14,518
3,640 RTI International Metals, Inc. + 41,405
2,160 Wolverine Tube, Inc. + 36,720
-------------
177,700
-------------
OFFICE FURNISHINGS AND SUPPLIES -- 0.6%
2,970 A.T. Cross Company + 14,664
990 Nashua Corporation 8,168
2,390 New England Business Service,
Inc. 38,838
5,900 United Stationers, Inc. + 191,012
3,920 W.H. Brady Company 127,400
-------------
380,082
-------------
OIL AND GAS -- 5.0%
5,550 Atmos Energy Corporation 97,125
5,710 Barrett Resources Corporation + 173,798
4,900 Cabot Oil & Gas Corporation 103,819
1,950 Cascade Natural Gas Corporation 32,541
8,060 Cross Timbers Oil Company 178,327
5,200 Energen Corporation 113,425
3,260 HS Resources, Inc. + 97,800
3,300 Laclede Gas Company 63,525
7,300 Louis Dreyfus Natural Gas
Corporation + 228,581
3,120 New Jersey Resources
Corporation 118,755
7,370 Newfield Exploration
Company + 288,351
4,410 Northwest Natural Gas Company 98,674
3,100 Nuevo Energy Company + 58,513
4,010 Oceaneering International, Inc. + 76,190
6,850 Philadelphia Suburban
Corporation 140,425
5,450 Piedmont Natural Gas, Inc. 144,766
3,090 Plains Resources, Inc. + 49,440
7,020 Pogo Producing Company 155,317
</TABLE>
See Notes to Financial Statements
38
<PAGE> 53
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
----------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
OIL AND GAS -- (CONTINUED)
11,360 Pride International, Inc. + $ 281,160
3,760 Remington Oil & Gas
Corporation + 28,200
4,090 Seitel, Inc. 33,231
8,586 Southern Union Company 135,765
5,440 Southwest Gas Corporation 95,200
4,400 Southwestern Energy Company 27,500
1,960 St. Mary Land & Exploration
Company 82,442
3,240 Stone Energy Corporation + 193,590
4,700 UGI Corporation 96,350
10,910 Vintage Petroleum, Inc. 246,157
-------------
3,438,967
-------------
OIL EQUIPMENT AND SERVICES-- 0.9%
2,400 Atwood Oceanics, Inc. + 106,500
2,700 Cal Dive International, Inc. + 146,306
3,000 Dril-Quip, Inc. + 140,250
3,015 SEACOR SMIT, Inc. + 116,643
4,500 Veritas DGC Inc. + 117,000
-------------
626,699
-------------
PAPER -- 0.4%
6,130 Buckeye Technologies, Inc. + 134,477
4,510 Caraustar Industries, Inc. 68,214
2,740 Lydall, Inc. + 29,112
2,510 Pope & Talbot, Inc. 40,160
-------------
271,963
-------------
PHOTOGRAPHY -- 0.1%
1,510 CPI Corporation 31,899
2,600 Innovex, Inc. 25,350
-------------
57,249
-------------
PLASTICS -- 0.2%
6,600 Tredegar Industries, Inc. 125,400
-------------
POLLUTION CONTROL -- 0.0%
2,360 Tetra Technologies, Inc. + 33,483
-------------
PUBLISHING -- 0.1%
2,440 Consolidated Graphics, Inc. + 22,875
2,490 Nelson Thomas, Inc. 21,321
-------------
44,196
-------------
RECREATION -- 0.4%
4,340 Arctic Cat, Inc. $ 51,537
1,820 Huffy Corporation 7,849
4,210 Polaris Industries, Inc. 134,720
3,540 Russ Berrie & Company, Inc. 68,145
-------------
262,251
-------------
RETAIL -- 3.8%
5,866 99 Cents Only Stores + 233,907
5,050 Ames Department Stores, Inc. + 39,138
5,460 AnnTaylor Stores Corporation + 180,862
6,370 Bombay, Inc. + 18,712
3,130 Books A Million, Inc. + 14,476
3,140 Brown Shoe Company, Inc. 40,820
4,530 Cash America International, Inc. 33,409
4,570 Cato Corporation 53,126
3,530 Cost Plus, Inc. + 101,267
990 Damark International, Inc. + 21,285
2,500 Department 56, Inc. + 27,500
2,370 Enesco Group, Inc. 11,258
3,470 Footstar, Inc. + 115,377
5,590 Fossil, Inc. + 108,656
5,740 Goody's Family Clothing, Inc. + 31,570
2,230 Gottschalks, Inc. + 14,077
3,280 Hancock Fabrics, Inc. 13,940
2,480 J. Baker, Inc. 14,415
3,890 Jan Bell Marketing, Inc. + 9,239
3,140 Jo-Ann Stores, Inc. + 21,980
1,580 Lillian Vernon Corporation 16,590
6,890 Linens 'N Things, Inc. + 186,891
5,360 Michaels Stores, Inc. + 245,555
5,540 Pacific Sunwear of California + 103,875
16,590 Pier 1 Imports, Inc. 161,752
7,060 Regis Corporation 88,250
5,200 Shopko Stores, Inc. + 79,950
7,500 Stein Mart, Inc. + 76,875
1,350 Swiss Army Brands, Inc. + 6,919
3,310 The Dress Barn + 73,234
7,290 The Men's Wearhouse, Inc. + 162,658
2,370 The Wet Seal, Inc. + 31,106
6,170 Zale Corporation + 225,205
-------------
2,563,874
-------------
RETAIL GROCERY -- 0.5%
8,820 Casey's General Stores, Inc. 91,507
6,860 Fleming Companies, Inc. 89,609
4,560 Whole Foods Market, Inc. + 188,385
-------------
369,501
-------------
</TABLE>
See Notes to Financial Statements
39
<PAGE> 54
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
----------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
SAVINGS AND LOAN -- 0.8%
6,950 Centura Banks, Inc. $ 235,866
9,840 Commercial Federal Corporation 153,135
4,930 Downey Financial Corporation 142,970
-------------
531,971
-------------
STEEL -- 1.1%
1,570 Amcast Industrial Corporation 13,738
5,390 Birmingham Steel Corporation 20,886
2,480 Castle A M Company 20,615
1,450 Insteel Industries, Inc. 8,972
4,420 Intermet Corporation 30,387
6,040 Mueller Industries, Inc. + 169,120
2,490 Quanex Corporation 37,039
4,820 Reliance Steel & Aluminum
Company 92,182
2,700 Shaw Group, Inc. + 127,237
8,400 Steel Dynamics, Inc. + 76,125
1,860 Steel Technologies, Inc. 13,253
3,650 Texas Industries, Inc. 105,394
2,530 WHX Corporation + 13,915
-------------
728,863
-------------
TELECOMMUNICATIONS -- 0.7%
4,910 Allen Group, Inc. + 86,846
6,795 Dycom Industries, Inc. + 312,570
11,470 TALK.com, Inc. + 66,669
-------------
466,085
-------------
TIRE AND RUBBER -- 0.0%
3,450 Myers Industries, Inc. 37,088
-------------
TOBACCO -- 0.1%
7,790 Dimon, Inc. 16,554
2,740 Schweitzer-Mauduit
International, Inc. 34,250
-------------
50,804
-------------
TOYS -- 0.1%
3,300 JAKKS Pacific, Inc. + 48,675
-------------
TRUCKING AND FREIGHT FORWARDING -- 2.3%
5,590 American Freightways
Corporation + 81,055
3,400 Arkansas Best Corporation + 33,788
5,000 EGL, Inc. + 153,750
8,920 Expeditores International, Inc. 423,700
6,370 Fritz Companies, Inc. + 65,691
TRUCKING AND FREIGHT FORWARDING-- (CONTINUED)
2,860 Frozen Food Express Industries,
Inc. $ 8,580
4,410 Heartland Express, Inc. + 73,592
4,290 Kirby Corporation + 91,162
1,610 Landstar Systems, Inc. + 95,896
2,020 M.S. Carriers, Inc. + 35,603
3,660 Offshore Logistics, Inc. + 52,612
3,400 Roadway Express, Inc. 79,687
10,210 Rollins Truck Leasing
Corporation 70,832
4,670 US Freightways Corporation 114,707
8,210 Werner Enterprises, Inc. 94,928
4,400 Yellow Corporation + 64,900
-------------
1,540,483
-------------
UTILITIES -- WATER -- 0.4%
1,570 American States Water Company 46,708
6,860 United Water Resources, Inc. 239,242
-------------
285,950
-------------
TOTAL COMMON STOCKS
(Cost $62,782,171) 65,952,432
-------------
PRINCIPAL
AMOUNT
REPURCHASE AGREEMENT-- 2.1%
(Cost $1,421,000)
$1,421,000 Agreement with State Street Bank
and Trust Company, 6.350% dated
06/30/2000, to be repurchased at
$1,421,751 on 07/03/2000,
collateralized by $1,430,000
U.S. Treasury Note, 6.625%,
maturing 4/30/2002
(value $1,449,662) 1,421,000
-------------
TOTAL INVESTMENTS
(Cost $64,203,171*) 99.0% 67,373,432
OTHER ASSETS AND
LIABILITIES (NET) 1.0 684,798
------- -------------
NET ASSETS 100.0% $ 68,058,230
======= =============
</TABLE>
-------------
* Aggregate cost for Federal tax purposes.
** Securities pledged as collateral for futures contracts.
+ Non-income producing security.
++ Rate represents annualized yield at date of purchase.
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements
40
<PAGE> 55
Munder Institutional Funds
Statements of Assets and Liabilities, June 30, 2000 (Unaudited)
----------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------
MUNDER MUNDER MUNDER
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL
S&P 500 S&P MIDCAP S&P SMALLCAP
INDEX EQUITY INDEX EQUITY INDEX EQUITY
FUND FUND FUND
-----------------------------------------------
<S> <C> <C> <C>
ASSETS:
Investments, at value See accompanying schedule:
Securities $ 121,875,897 $ 15,619,352 $ 65,952,432
Repurchase Agreement 2,848,000 238,000 1,421,000
------------- ------------- --------------
Total Investments 124,723,897 15,857,352 67,373,432
Cash 1,067 272 593
Receivable for Fund shares sold 2,408,762 - 1,759,550
Dividends receivable 94,525 7,365 28,093
Unamortized organization costs 16,105 2,807 -
Receivable for investment securities sold 12,274 3,909 2,174,070
Receivable from investment advisor 12,193 4,232 6,191
Prepaid expenses and other assets 4,970 1,396 95,506
Variation margin 3,582 - -
Interest receivable 502 42 251
------------- ------------- --------------
Total Assets 127,277,877 15,877,375 71,437,686
------------- ------------- --------------
LIABILITIES:
Payable for investment securities purchased 3,327,457 25,844 3,266,661
Dividends payable 52,932 9,843 21,853
Custodian fees payable 13,500 7,890 37,177
Transfer agent fee payable 8,160 1,077 2,168
Shareholder servicing fees payable 5,042 - 17,777
Administration fee payable 2,064 267 771
Accrued Director's fees and expenses 418 19 -
Payable upon return of securities loaned - 3,166,368 -
Variation margin - 3,650 -
Payable for Fund shares redeemed - - 31,090
Accrued expenses and other payables 19,354 799 1,959
------------- ------------- --------------
Total Liabilities 3,428,927 3,215,757 3,379,456
------------- ------------- --------------
NET ASSETS $ 123,848,950 $ 12,661,618 $ 68,058,230
============= ============= ==============
Investments at cost $ 117,870,070 $ 16,172,110 $ 64,203,171
============= ============= ==============
</TABLE>
See Notes to Financial Statements
41
<PAGE> 56
Munder Institutional Funds
Statements of Assets and Liabilities, June 30, 2000 (Unaudited)
(Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------
MUNDER MUNDER MUNDER
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL
S&P 500 S&P MIDCAP S&P
SMALLCAP
INDEX EQUITY INDEX EQUITY INDEX EQUITY
FUND FUND FUND
------------------------------------------------
<S> <C> <C> <C>
NET ASSETS consist of:
Undistributed net investment income $ 19,405 $ 1,921 $ 8,782
Accumulated net realized gain/(loss) on investments sold
and futures contracts 15,944,730 1,890,079 4,386,691
Net unrealized appreciation/(depreciation) of investments
and futures contracts 6,855,391 (318,331) 3,170,261
Par value 9,103 1,180 5,900
Paid-in capital in excess of par value 101,020,321 11,086,769 60,486,596
------------- ------------- --------------
Total Net Assets $ 123,848,950 $ 12,661,618 $ 68,058,230
============= ============= ==============
NET ASSETS:
Class K Shares $ 18,015,127 $ 3,272,327 $ 61,020,080
============= ============= ==============
Class Y Shares $ 105,833,823 $ 9,389,291 $ 7,038,150
============= ============= ==============
SHARES OUTSTANDING:
Class K Shares 1,729,416 336,497 5,288,893
============= ============= ==============
Class Y Shares 7,373,430 843,382 610,988
============= ============= ==============
CLASS K SHARES:
Net asset value, offering price and redemption
price per share $ 10.42 $ 9.72 $ 11.54
============= ============= ==============
CLASS Y SHARES:
Net asset value, offering price and redemption
price per share $ 14.35 $ 11.13 $ 11.52
============= ============= ==============
</TABLE>
See Notes to Financial Statements
42
<PAGE> 57
Munder Institutional Funds
Statements of Operations, Period Ended June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------
MUNDER MUNDER MUNDER
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL
S&P 500 S&P MIDCAP S&P
SMALLCAP
INDEX EQUITY INDEX EQUITY INDEX EQUITY
FUND FUND FUND
------------------------------------------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 80,575 $ 37,015 $ 26,576
Dividends (a) 761,783 66,510 169,024
Other - 1,552 -
------------- ------------- --------------
Total investment income 842,358 105,077 195,600
------------- ------------- --------------
EXPENSES:
Custodian fees 50,083 31,563 33,875
Investment advisory fee 46,986 7,958 37,320
Transfer agent fee 19,755 1,995 6,272
Legal and audit fees 12,818 4,955 4,230
Registration and filing fees 12,188 848 4,318
Shareholder servicing fees:
Class K Shares 11,863 3,775 50,134
Administration fee 10,821 1,034 4,024
Amortization of organizational costs 3,759 585 -
Directors' fees and expenses 2,059 149 719
Other 19,532 1,461 6,941
------------- ------------- --------------
Total Expenses 189,864 54,323 147,833
Fees waived and expenses reimbursed by
investment advisor (117,461) (38,845) (52,877)
------------- ------------- --------------
Net Expenses 72,403 15,478 94,956
------------- ------------- --------------
NET INVESTMENT INCOME 769,955 89,599 100,644
------------- ------------- --------------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS:
Net realized gain/(loss) from:
Security transactions 15,979,571 1,576,767 4,420,941
Forward foreign exchange contracts - - -
Futures contracts 34,160 173,418 -
Foreign currency transactions - - -
Net change in unrealized appreciation/(depreciation) of:
Securities (19,854,541) (667,853) (630,189)
Futures contracts (53,516) (69,338) -
Foreign currency transactions - - -
------------- ------------- --------------
Net realized and unrealized gain/(loss) on investments (3,894,326) 1,012,994 3,790,752
------------- ------------- --------------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ (3,124,371) $ 1,102,593 $ 3,891,396
============= ============= ==============
</TABLE>
-------------------------
(a) Net of foreign withholding tax of $4,069 and $74 for Munder Institutional
S&P 500 Index Equity Fund and Munder S&P SmallCap Equity Fund,
respectively.
See Notes to Financial Statements
43
<PAGE> 58
Munder Institutional Funds
Statements of Changes in Net Assets, Period Ended June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
----------------------------------------------
MUNDER MUNDER MUNDER
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL
S&P 500 S&P MIDCAP S&P
SMALLCAP
INDEX EQUITY INDEX EQUITY INDEX EQUITY
FUND FUND FUND
----------------------------------------------
<S> <C> <C> <C>
Net investment income $ 769,955 $ 89,599 $ 100,644
Net realized gain/(loss) on investments sold 16,013,731 1,750,185 4,420,942
Net change in unrealized appreciation/(depreciation)
of investments (19,908,057) (737,191) (630,190)
------------- ------------- --------------
Net increase/(decrease) in net assets resulting from operations (3,124,371) 1,102,593 3,891,396
Distributions to shareholders from net investment income:
Class K Shares (78,526) (20,123) (79,386)
Class Y Shares (672,024) (67,555) (12,476)
Net increase/(decrease) in net assetsfrom Fund share transactions:
Class K Shares 13,619,189 1,802,824 27,897,243
Class Y Shares (8,868,299) (651,945) (17,293,222)
------------- ------------- --------------
Net increase in net assets 875,969 2,165,794 14,403,555
NET ASSETS:
Beginning of period 122,972,981 10,495,824 53,654,675
------------- ------------- --------------
End of period $ 123,848,950 $ 12,661,618 $ 68,058,230
============= ============= ==============
Undistributed net investment income $ 19,405 $ 1,921 $ 8,782
============= ============= ==============
</TABLE>
See Notes to Financial Statements
44
<PAGE> 59
Munder Institutional Funds
Statements of Changes in Net Assets, Year Ended December 31, 1999
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------
MUNDER MUNDER MUNDER
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL
S&P 500 S&P MIDCAP S&P
SMALLCAP
INDEX EQUITY INDEX EQUITY INDEX EQUITY
FUND FUND FUND
------------------------------------------------
<S> <C> <C> <C>
Net investment income $ 974,652 $ 139,070 $ 47,750
Net realized gain on investments sold 2,336,428 1,123,541 (34,252)
Net change in unrealized appreciation of investments 12,570,687 92,553 3,800,451
------------- ------------- --------------
Net increase in net assets resulting from operations 15,881,767 1,355,164 3,813,949
Distributions to shareholders from net investment income:
Class K Shares (4,021) (1,098) (25,870)
Class Y Shares (980,304) (137,971) (21,880)
Distributions to shareholders in excess of net investment income:
Class K Shares (15,549) (7,176) (841)
Class Y Shares (59,564) (35,795) (6,347)
Distributions to shareholders from net realized gains:
Class K Shares (80,870) (172,408) -
Class Y Shares (2,562,302) (1,500,344) -
Distributions to shareholders from capital:
Class K Shares (772) - (226,027)
Class Y Shares (156,379) - (268,861)
Net increase/(decrease) in net assets from Fund share transactions:
Class K Shares 4,162,676 1,353,567 28,868,682
Class Y Shares 37,756,470 (1,211,178) 21,491,870
------------- ------------- --------------
Net increase in net assets 53,941,152 (357,239) 53,654,675
NET ASSETS:
Beginning of year 69,031,829 10,853,063 -
------------- ------------- --------------
End of year $ 122,972,981 $ 10,495,824 $ 53,654,675
============= ============= ==============
</TABLE>
-------------------------
(a) The Munder Institutional S&P SmallCap Index Equity Fund ceased operations
on May 18, 1998. The Fund resumed operations on October 27, 1999.
See Notes to Financial Statements
45
<PAGE> 60
Munder Institutional S&P 500 Index Equity Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
K SHARES
--------------------------------
PERIOD
ENDED PERIOD
6/30/00 ENDED
(UNAUDITED)(d) 12/31/99(d)
--------------------------------
<S> <C> <C>
Net asset value, beginning of period $ 10.54 $ 10.00
--------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.05 0.02
Net realized and unrealized gain on investments 0.12 0.81
--------- ---------
Total from investment operations 0.17 0.83
--------- ---------
LESS DISTRIBUTIONS:
Distributions from net investment income (0.06) (0.05)
Distributions from net realized gains (0.23) (0.23)
Distributions from capital - (0.01)
-------- ---------
Total distributions (0.29) (0.29)
--------- ---------
Net asset value, end of period $ 10.42 $ 10.54
========= =========
TOTAL RETURN (B) 7.80% 8.36%
========= =========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 18,015 $ 118,761
Ratio of operating expenses to average net assets 0.34%(c) 0.34%(c)
Ratio of net investment income to average net assets 0.92%(c) 1.01%(c)
Portfolio turnover 41% 10%
Ratio of operating expenses to average net assets
without expenses reimbursed 0.52%(c) 1.35%(c)
</TABLE>
----------------------
(a) Munder Institutional S&P 500 Index Equity Fund Class K commenced operations
on November 4, 1999.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements
46
<PAGE> 61
Munder Institutional S&P MidCap Index Equity Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
K SHARES
--------------------------------
PERIOD
ENDED PERIOD
6/30/00 ENDED
(UNAUDITED)(d) 12/31/99(d)
--------------------------------
<S> <C> <C>
Net asset value, beginning of period $ 9.00 $ 10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.06 0.02
Net realized and unrealized gain on investments 2.56 0.82
--------- ---------
Total from investment operations 2.62 0.84
--------- ---------
LESS DISTRIBUTIONS:
Distributions from net investment income (0.14) (0.06)
Distributions in excess of net investment income - (0.02)
Distributions from net realized gains (1.76) (1.76)
--------- ---------
Total distributions (1.90) (1.84)
--------- ---------
Net asset value, end of period $ 9.72 $ 9.00
========= =========
TOTAL RETURN (B) 8.64% 9.77%
========= =========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 3,272 $ 1,232
Ratio of operating expenses to average net assets 0.43%(c) 0.43%(c)
Ratio of net investment income to average net assets 1.20%(c) 1.21%(c)
Portfolio turnover 36% 36%
Ratio of operating expenses to average net assets
without expenses reimbursed 1.06%(c) 1.29%(c)
</TABLE>
----------------------
(a) Munder Institutional S&P MidCap Index Equity Fund Class K commenced
operations on November 4, 1999.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements
47
<PAGE> 62
Munder Institutional S&P SmallCap Index Equity Fund (a)
Financial Highlights, For a Share Outstanding Throughout The Period
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
K SHARES
--------------------------------
PERIOD
ENDED PERIOD
6/30/00 ENDED
(UNAUDITED)(D) 12/31/99(D)
--------------------------------
<S> <C> <C>
Net asset value, beginning of period $ 10.90 $ 10.00
--------- ---------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.02 0.02
Net realized and unrealized gain on investments 0.76 1.00
--------- ---------
Total from investment operations 0.78 1.02
--------- ---------
LESS DISTRIBUTIONS:
Distributions from net investment income (0.14) (0.01)
Distributions from capital - (0.11)
-------- ---------
Total distributions (0.14) (0.12)
--------- ---------
Net asset value, end of period $ 11.54 $ 10.90
========= =========
TOTAL RETURN (B) 16.99% 10.31%
========= =========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 61,202 $ 30,820
Ratio of operating expenses to average net assets 0.43%(c) 0.43%(c)
Ratio of net investment income to average net assets 0.35%(c) 0.89%(c)
Portfolio turnover 67% 3%
Ratio of operating expenses to average net assets
without expenses reimbursed 0.64%(c) 0.76%(c)
</TABLE>
----------------------
(a) Munder Institutional S&P SmallCap Index Equity Fund Class K commenced
operations on November 4, 1999.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements
48
<PAGE> 63
The Munder Institutional Funds
Notes To Financial Statements, June 30, 2000
--------------------------------------------------------------------------------
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The Munder Institutional S&P 500 Index Equity Fund, the Munder
Institutional S&P MidCap Index Equity Fund, and the Munder Institutional S&P
SmallCap Index Equity Fund (individually a "Fund" and collectively the "Funds")
are diversified portfolios of St. Clair Funds, Inc. (the "Company") which is
registered under the Investment Company Act of 1940, as amended (the "1940
Act"), as an open-end management investment company.
The Funds offer two classes of shares -- Class K and Class Y Shares. The
Financial Highlights of Class Y Shares of the Funds are presented in a separate
annual report.
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 World
Asset Management (the "Advisor"), a wholly owned subsidiary of Munder Capital
Management, and under certain circumstances by a pricing committee, under the
guidelines approved by supervision of the Board of Directors. Debt securities
with remaining maturities of 60 days or less at the time of purchase are valued
on an amortized cost basis, unless the Board of Directors determines that such
valuation does not constitute fair value at that time.
Futures Contracts: Each of the Funds 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 a 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. A 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 a
Fund may not be able to enter into a closing transaction because of an illiquid
secondary market.
Repurchase Agreements: Each of the Funds may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, a Fund takes
possession of an underlying debt obligation subject to an obligation of the
seller to repurchase, and a Fund to resell, the obligation at an agreed-upon
price and time, thereby determining the yield during a Fund's holding period.
This arrangement results in a fixed rate of return that is not subject to market
fluctuations during a 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, a Fund has the right
to use the collateral to satisfy the terms of the repurchase agreement. However,
there could be potential loss to a Fund in the event a 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 a Fund seeks to assert its rights. The
Advisor, acting under the guidelines approved by the Board of Directors, reviews
the value of the collateral and the creditworthiness of those banks and dealers
with which a Fund enters into repurchase agreements to evaluate potential risks.
49
<PAGE> 64
The Munder Institutional Funds
Notes To Financial Statements, June 30, 2000
(Continued)
--------------------------------------------------------------------------------
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 a Fund will be paid a premium for the loan. This
income is reflected as other income in the Statement of Operations. If the
borrower defaults and the value of the portfolio securities increases in excess
of the collateral received or if bankruptcy proceedings commence with respect to
the borrower of the security, realization of the value of the securities loaned
may be delayed or limited.
Security Transactions and Investment Income: Security transactions are
recorded on the trade date. The cost of investments sold is determined by use of
the specific identification method for both financial reporting and income tax
purposes. Interest income is recorded on the accrual basis. General expenses of
the Funds are allocated to each Fund based on relative net assets of each Fund.
Dividends and Distributions to Shareholders: Dividends from net investment
income are declared and paid at least quarterly by the Funds. Capital gains
distributions, if any, will be made at least annually. Distributions to
shareholders are recorded on the ex-dividend date.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally accepted
accounting principles. These differences are primarily due to differing
treatments of certain expenses and income and gains on various investment
securities held by a Fund, timing differences and differing characterization of
distributions made by a Fund as a whole.
As determined at December 31, 1999, permanent differences resulting from
different book and tax accounting for organization expenses were reclassified at
year-end. These reclassifications had no effect on net investment income, net
assets or net asset value per share.
Federal Income Taxes: Each Fund intends to qualify as a regulated
investment company by complying with the requirements of the Internal Revenue
Code of 1986, as amended, applicable to regulated investment companies and to
distribute substantially all of its earnings to its shareholders. Therefore, no
Federal income or excise tax provision is required.
2. INVESTMENT ADVISOR AND OTHER RELATED PARTY TRANSACTIONS
For its advisory services, the Advisor is entitled to receive from each
Fund a fee, computed daily and payable monthly, based on the average daily net
assets of the respective Fund, at the following annual rates:
<TABLE>
<CAPTION>
FEES ON AVERAGE
---------------
DAILY NET ASSETS
----------------
<S> <C>
Munder Institutional S&P 500 Index Equity Fund 0.07%
Munder Institutional S&P MidCap Index Equity Fund 0.15%
Munder Institutional S&P SmallCap Index Equity Fund 0.15%
</TABLE>
The Advisor voluntarily waived fees and reimbursed certain expenses,
payable by the Funds, for the period ended June 30, 2000, as follows:
<TABLE>
<CAPTION>
EXPENSES
--------
FEES WAIVED REIMBURSED
----------- ----------
<S> <C> <C>
Munder Institutional S&P 500 Index Equity Fund $ 46,911 $ 70,474
Munder Institutional S&P MidCap Index Equity Fund. 9,659 30,887
Munder Institutional S&P SmallCap Index Equity Fund 37,344 15,557
</TABLE>
50
<PAGE> 65
The Munder Institutional Funds
Notes To Financial Statements, June 30, 2000
(Continued)
--------------------------------------------------------------------------------
Comerica Inc. ("Comerica") through its wholly owned subsidiary Comerica
Bank, owns approximately 95% of Munder Capital Management. Comerica provides
certain shareholder services to the Funds. As compensation for the shareholder
services provided to the Funds, Comerica receives a fee of 0.01% of the
aggregate average daily net assets of the Funds beneficially owned by Comerica
and its customers. Comerica earned $18,946 for its shareholder services to the
Funds for the period ended June 30, 2000.
Each Director of the Company is paid an aggregate fee for services provided
as a Board member of the Company, The Munder Funds Trust, The Munder Funds,
Inc., and The Munder Framlington Funds Trust. The fee consists of a $35,000
annual retainer ($43,750 for the Chairman) for services in such capacity plus
$3,500 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. DISTRIBUTION AND SERVICE PLANS
The Funds have adopted Shareholder Servicing Plans (the "Class K Plans")
for the Class K Shares of each Fund. Under the Class K Plans, the Funds are
permitted to enter into agreements with institutions that provide shareholder
services to their customers. For the period ended June 30, 2000, the contractual
rate under the Class K Plans was 0.25% based on the average daily net assets of
the respective Funds.
Comerica Securities, and LPM Investment Services, Inc. ("LPM") are among
the Service Organizations who receive trail commissions from the Distributor.
Comerica Securities is a wholly owned subsidiary of Comerica. LPM is an
affiliate of the Munder Capital Management. For the period ended June 30, 2000,
the Distributor did not pay any fees to Comerica Securities or LPM for
shareholder services provided to the Funds.
4. SECURITIES TRANSACTIONS
For the period ended June 30, 2000, 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 $ 59,300,332 $ 53,949,617
Munder Institutional S&P MidCap Index Equity Fund 6,511,584 4,219,465
Munder Institutional S&P SmallCap Index Equity Fund 42,211,875 33,377,570
</TABLE>
At June 30, 2000, aggregate gross unrealized appreciation for all
securities for which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities for which there was an excess
of tax cost over value for Federal income tax purposes was as follows:
<TABLE>
<CAPTION>
TAX BASIS TAX BASIS
UNREALIZED UNREALIZED
APPRECIATION DEPRECIATION
------------ ------------
<S> <C> <C>
Munder Institutional S&P 500 Index Equity Fund $ 16,274,805 $ 9,420,984
Munder Institutional S&P MidCap Index Equity Fund 1,694,425 2,009,173
Munder Institutional S&P SmallCap Index Equity Fund 7,785,611 4,615,301
</TABLE>
5. ORGANIZATION COSTS
Expenses incurred prior to June 30, 1998 in connection with the
organization of the Funds, including the fees and expenses of registering and
qualifying its shares for distribution under Federal securities regulations,
have been capitalized and are being amortized on a straight-line basis over a
period of 5 years from commencement of operations.
51
<PAGE> 66
The Munder Institutional Funds
Notes To Financial Statements, June 30, 2000
(Continued)
--------------------------------------------------------------------------------
6. COMMON STOCK
At June 30, 2000, twenty-five million shares of $0.001 par value common
stock were authorized for the Class K Shares of the Funds. Changes in common
stock were as follows:
<TABLE>
<CAPTION>
MUNDER INSTITUTIONAL S&P 500 INDEX EQUITY FUND
CLASS K SHARES PERIOD ENDED PERIOD ENDED
6/30/00 12/31/99(a)
----------------------------------- ----------------------------------
SHARES AMOUNT SHARES AMOUNT
------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold 1,448,312 $ 14,834,281 414,736 $ 4,322,102
Issued as reinvestment of dividends 8 78 - -
Redeemed (118,371) (1,215,170) (15,269) (159,426)
-------------- --------------- -------------- --------------
Net increase 1,329,949 $ 13,619,189 399,467 $ 4,162,676
============== ============== ============== ==============
</TABLE>
---------------
(a) Munder Institutional S&P 500 Index Equity Fund Class K commenced operations
on November 4, 1999.
<TABLE>
<CAPTION>
MUNDER INSTITUTIONAL S&P MIDCAP INDEX EQUITY FUND
CLASS K SHARES PERIOD ENDED PERIOD ENDED
6/30/00 12/31/99(a)
----------------------------------- ----------------------------------
SHARES AMOUNT SHARES AMOUNT
------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold 276,352 $ 2,541,283 136,923 $ 1,353,567
Issued as reinvestment of dividends - - - -
Redeemed (76,778) (738,459) - -
-------------- --------------- -------------- --------------
Net increase 199,574 $ 1,802,824 136,923 $ 1,353,567
============== ============== ============== ==============
</TABLE>
---------------
(a) Munder Institutional S&P MidCap Index Equity Fund Class K commenced
operations on November 4, 1999.
<TABLE>
<CAPTION>
MUNDER INSTITUTIONAL S&P SMALLCAP INDEX EQUITY FUND
CLASS K SHARES PERIOD ENDED PERIOD ENDED
6/30/00 12/31/99(a)
----------------------------------- ----------------------------------
SHARES AMOUNT SHARES AMOUNT
------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold 2,662,804 $ 30,187,346 2,867,857 $ 29,292,074
Issued as reinvestment of dividends 14 157 - -
Redeemed (200,990) (2,290,260) (40,791) (423,392)
-------------- --------------- -------------- --------------
Net increase 2,461,828 $ 27,897,243 2,827,066 $ 28,868,682
============== ============== ============== ==============
</TABLE>
---------------
(a) Munder Institutional S&P SmallCap Index Equity Fund Class K commenced
operations on October 28, 1999.
52
<PAGE> 67
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
OFFICERS
James C. Robinson, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Michael T. Monahan, Vice President
Mary Ann Shumaker, Assistant Secretary
Libby E. Wilson, Assistant Secretary and Treasurer
Bradford E. Smith, Assistant Treasurer
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
PFPC Global Fund Services
4400 Computer Drive
Westborough, MA 01581
ADMINISTRATOR & CUSTODIAN
State Street Bank & Trust Company
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
LEGAL COUNSEL
Dechert
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
The Munder Funds
<PAGE> 68
SANNINSTIK600
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc. [UNION LOGO]
<PAGE> 69
CLASS Y SHARES
Semi-Annual
Report
JUNE 30, 2000
THE MUNDER INSTITUTIONAL FUNDS
Institutional S&P 500 Index Equity
Institutional S&P MidCap Index Equity
Institutional S&P SmallCap Index Equity
Institutional Short Term Treasury
Institutional Money Market
<PAGE> 70
W
"We are pleased that you have chosen The Munder Funds to help you meet your
investment needs and objectives."
The Munder Funds
Letter to shareholders
DEAR FELLOW SHAREHOLDERS:
On the following pages, you will find
the most recent financial information for The Munder
Institutional Funds. I hope you are pleased with the
performance and operation of the Funds.
These Funds were created with the
special requirements of the large institutional
investor in mind. Because of the institutional focus
of these Funds, we are able to offer a significantly
lower expense ratio than would apply to a
retail-oriented fund.
You will note that there are two additions to the
institutional funds offered by The Munder Funds. The first is the Munder
Institutional S&P SmallCap Index Fund. With the addition of this Fund to
our institutional lineup, we have funds indexed to the large-cap, mid-cap
and small-cap S&P universes. The second addition to our institutional group
of funds is the Munder Institutional Short-Term Treasury Fund. This is a
defensive fixed income fund that seeks to offer a yield higher than that of
a money market fund but with minimal price volatility.
If you have any questions about these Funds, please contact
your financial advisor. You can also contact the Fund at 1-800-4MUNDER or
through our website at www.munder.com. Thank you for your confidence in
Munder Capital Management and in The Munder Funds. We value the opportunity
to work with you towards meeting your investment objectives.
Very truly yours,
/s/ James C. Robinson
James C. Robinson, CEO
Munder Capital Management
<PAGE> 71
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-------------------------------------------------------------
<S> <C>
COMMON STOCKS -- 98.1%
ADVERTISING - 0.2%
2,900 Interpublic Group of Companies,
Inc. $ 124,700
1,600 Omnicom Group, Inc. 142,500
600 Young & Rubicam, Inc. 34,312
-------------
301,512
-------------
AEROSPACE -- 0.9%
8,600 Boeing Company 359,588
1,900 General Dynamics Corporation 99,275
7,862 Honeywell International, Inc. 264,851
3,700 Lockheed Martin Corporation 91,806
600 Northrop Grumman Corporation 39,750
3,100 Raytheon Company, Class B 59,675
4,423 United Technologies Corporation 260,404
-------------
1,175,349
-------------
AIRLINES -- 0.2%
1,400 AMR Corporation 37,013
1,200 Delta Air Lines, Inc. 60,675
4,687 Southwest Airlines Company 88,760
700 US Airways Group, Inc. + 27,300
-------------
213,748
-------------
APPAREL -- 0.1%
500 Liz Claiborne, Inc. 17,625
2,600 NIKE, Inc., Class B 103,512
500 Reebok International Ltd. + 7,969
1,100 V.F. Corporation 26,194
-------------
155,300
-------------
AUTOMOBILES -- 0.7%
11,500 Ford Motor Company 494,500
5,200 General Motors Corporation 301,925
2,800 Harley Davidson, Inc. 107,800
600 Navistar International
Corporation + 18,637
-------------
922,862
-------------
AUTOMOBILE PARTS AND EQUIPMENT -- 0.3%
1,300 AutoZone, Inc. + 28,600
400 Cummins Engine, Inc. 10,900
1,557 Dana Corporation 32,989
1,300 Danaher Corporation 64,269
5,275 Delphi Automotive Systems
Corporation 76,817
1,700 Genuine Parts Company 34,000
800 Johnson Controls, Inc. 41,050
500 Snap-On, Inc. 13,313
1,100 TRW, Inc. 47,712
1,406 Visteon Corporation 17,044
-------------
366,694
-------------
</TABLE>
See Notes to Financial Statements
1
<PAGE> 72
<TABLE>
<S> <C>
BANKS -- 5.2%
3,600 AmSouth Bancorporation $ 56,700
10,930 Banc One Corporation 290,328
16,249 Bank of America Corporation 698,707
7,200 Bank of New York, Inc. 334,800
3,200 BB&T Corporation 76,400
1,900 Charter One Financial, Inc. 43,700
12,150 Chase Manhattan Corporation 559,659
1,450 Comerica, Inc. 65,069
2,850 Fifth Third Bancorporation 180,262
9,668 First Union Corporation 239,887
9,481 Firstar Corporation 199,694
8,868 FleetBoston Financial
Corporation 301,512
2,173 Huntington Bancshares, Inc. 34,361
4,200 KeyCorp 74,025
7,850 MBNA Corporation 212,931
4,700 Mellon Financial Corporation 171,256
1,600 Morgan (J.P.) & Company, Inc. 176,200
11,100 Morgan Stanley, Dean Witter,
Discover and Company 924,075
5,700 National City Corporation 97,256
2,100 Northern Trust Corporation 136,631
1,260 Old Kent Financial Corporation 33,705
2,700 PNC Bank Corporation 126,563
1,600 Southtrust Corporation 36,200
1,500 State Street Corporation 159,094
1,600 Summit Bancorp 39,400
3,000 SunTrust Banks, Inc. 137,063
2,600 Synovus Financial Corporation 45,825
7,400 U.S. Bancorp 142,450
1,900 Wachovia Corporation 103,075
5,344 Washington Mutual, Inc. 154,308
15,800 Wells Fargo & Company 612,250
-------------
6,463,386
-------------
BIOTECHNOLOGY -- 0.1%
1,900 Pe Corp-PE Biosystems Group 125,163
-------------
BROADCASTING -- 0.5%
3,100 Clear Channel
Communications + 232,500
5,700 MediaOne Group, Inc. + 377,988
500 Meredith Corporation 16,875
-------------
627,363
-------------
BUILDING MATERIALS -- 1.0%
400 Armstrong Holdings, Inc. 6,125
600 Centex Corporation 14,100
600 Crane Company 14,588
22,750 Home Depot, Inc. 1,136,078
</TABLE>
See Notes to Financial Statements
2
<PAGE> 73
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-------------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
BUILDING MATERIALS -- (CONTINUED)
400 Kaufman & Broad Home
Corporation $ 7,925
4,200 Masco Corporation 75,862
400 Pulte Corporation 8,650
900 Vulcan Materials Company 38,419
-------------
1,301,747
-------------
BUSINESS EQUIPMENT AND SUPPLIES -- 1.8%
1,000 Avery Dennison Corporation 67,125
17,400 International Business Machines
Corporation 1,906,387
2,500 Pitney Bowes, Inc. 100,000
6,200 Xerox Corporation 128,650
-------------
2,202,162
-------------
BUSINESS SERVICES -- 1.9%
22,600 America Online, Inc. + 1,192,150
6,862 Cendant Corporation + 96,068
1,400 Convergys Corporation + 72,625
700 Deluxe Corporation 16,494
2,680 FedEx Corporation + 101,840
900 NCR Corporation + 35,044
3,425 Paychex, Inc. 143,850
2,530 PeopleSoft, Inc. 42,377
1,156 Sabre Holdings Corporation 32,946
5,200 Yahoo!, Inc. + 644,150
-------------
2,377,544
-------------
CHEMICALS AND PLASTICS -- 1.7%
2,100 Air Products & Chemicals, Inc. 64,706
6,400 Dow Chemical Company 193,200
9,976 dupont (E.I.) de Nemours &
Company 436,450
700 Eastman Chemical Company 33,425
1,200 Ecolab, Inc. 46,875
1,200 Engelhard Corporation 20,475
300 FMC Corporation + 17,400
700 Grace (W.R.) & Company + 8,488
500 Great Lakes Chemical
Corporation 15,750
1,000 Hercules, Inc. 14,063
932 Kerr-McGee Corporation 54,930
600 Mallinckrodt Group, Inc. 26,062
3,700 Minnesota Mining &
Manufacturing Company 305,250
12,426 Pharmacia Corporation 642,269
1,500 Praxair, Inc. 56,156
1,800 Rockwell International
Corporation 56,700
1,995 Rohm & Haas Company 68,827
900 Sigma-Aldrich Corporation 26,325
1,200 Union Carbide Corporation 59,400
-------------
2,146,751
-------------
</TABLE>
See Notes to Financial Statements
3
<PAGE> 74
<TABLE>
<S> <C>
COAL -- 0.1%
2,000 CSX Corporation $ 42,375
300 Eastern Enterprises 18,900
700 Fluor Corporation 22,138
-------------
83,413
-------------
COMMUNICATION EQUIPMENT -- 1.4%
1,700 Cabletron Systems, Inc. + 42,925
9,500 GTE Corporation 591,375
21,086 Motorola, Inc. 612,812
1,600 National Semiconductor
Corporation + 90,800
1,500 Scientific-Atlanta, Inc. 111,750
3,700 Tellabs, Inc. + 253,219
-------------
1,702,881
-------------
COMPUTER HARDWARE, SOFTWARE OR
SERVICES -- 15.0%
3,200 3COM Corporation + 184,400
1,000 Adaptec, Inc. + 22,750
1,100 Adobe Systems, Inc. 143,000
1,400 Advanced Micro Devices, Inc. + 108,150
3,000 Apple Computer, Inc. + 157,125
600 Autodesk, Inc. 20,813
5,900 Automatic Data Processing, Inc. 316,019
2,300 BMC Software, Inc. + 83,914
1,300 Ceridian Corporation + 31,281
68,300 Cisco Systems, Inc. + 4,341,319
1,700 Citrix Systems, Inc. + 32,194
16,645 Compaq Computer Corporation 425,488
5,450 Computer Associates
International, Inc. 278,972
1,600 Computer Sciences
Corporation + 119,500
3,400 Compuware Corporation + 35,275
25,300 Dell Computer Corporation + 1,247,606
4,400 Electronic Data Systems
Corporation 181,500
2,900 Gateway 2000, Inc. + 164,575
9,800 Hewlett Packard Company 1,223,775
800 Mercury Interactive
Corporation + 77,400
51,700 Microsoft Corporation + 4,136,000
2,800 Network Appliance, Inc. + 225,400
3,000 Novell, Inc. + 27,750
27,900 Oracle Corporation + 2,345,344
2,600 Parametric Technology
Corporation + 28,600
500 Sapient Corporation + 53,469
2,100 Seagate Technologies, Inc. + 115,500
1,800 Siebel Systems, Inc. + 294,412
5,900 Solectron Corporation + 247,062
15,600 Sun Microsystems, Inc. + 1,418,625
</TABLE>
See Notes to Financial Statements
4
<PAGE> 75
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
---------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-------------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
COMPUTER HARDWARE, SOFTWARE OR
SERVICES -- (CONTINUED)
5,900 Solectron Corporation + $ 247,062
15,600 Sun Microsystems, Inc. + 1,418,625
2,900 Unisys Corporation + 42,231
3,600 VERITAS Software
Corporation + 406,856
-------------
18,536,305
-------------
COMPUTER -- SEMICONDUCTORS - 6.1%
1,900 Altera Corporation + 193,681
7,700 Applied Materials, Inc. + 697,812
21,300 EMC Corporation + 1,638,769
32,900 Intel Corporation 4,398,319
2,800 LSI Logic Corporation + 151,550
5,300 Micron Technology, Inc. + 466,731
-------------
7,546,862
-------------
CONSUMER NON-DURABLES -- 4.9%
2,566 Corning, Inc. 692,499
97,100 General Electric Company 5,146,300
900 Grainger (W.W.), Inc. 27,731
3,600 Lowe's Companies, Inc. 147,825
-------------
6,014,355
-------------
CONTAINERS -- 0.1%
300 Ball Corporation 9,656
1,200 Crown Cork & Seal
Company, Inc. 18,000
1,400 Owens-Illinois, Inc. + 16,363
1,600 Pactiv Corporation + 12,600
806 Sealed Air Corporation + 42,214
-------------
98,833
-------------
COSMETICS -- TOILETRY -- 0.1%
500 Alberto-Culver Company,
Class B 15,281
2,300 Avon Products, Inc. 102,350
-------------
117,631
-------------
DIVERSIFIED -- 1.0%
1,500 Fortune Brands, Inc. 34,594
1,000 Loews Corporation 60,000
1,400 Textron, Inc. 76,037
1,500 Thermo Electron Corporation + 31,594
16,574 Tyco International Ltd. 785,193
5,328 Unilever NV 229,104
-------------
1,216,522
-------------
</TABLE>
See Notes to Financial Statements
5
<PAGE> 76
<TABLE>
<S> <C>
ELECTRICAL EQUIPMENT -- 1.1%
1,800 American Power Conversion
Corporation + $ 73,462
900 Cooper Industries, Inc. 29,306
1,800 Molex, Inc. 86,625
400 Tektronix, Inc. 29,600
16,100 Texas Instruments, Inc. 1,105,869
500 Thomas & Betts Corporation 9,563
-------------
1,334,425
-------------
ELECTRONICS -- 2.0%
4,172 Agilent Technologies, Inc. + 307,660
3,300 Analog Devices, Inc. + 250,800
2,200 Broadcom Corporation,
Class A + 481,525
2,000 Conexant Systems, Inc. + 97,250
700 Eaton Corporation 46,900
4,000 Emerson Electric Company 241,500
1,700 KLA-Tencor Corporation + 99,556
1,200 Lexmark International
Group, Inc. + 80,700
2,900 Linear Technology Corporation 185,419
2,600 Maxim Integrated Products,
Inc. + 176,638
1,200 Novellus Systems, Inc. + 67,875
1,200 Sanmina Corporation + 102,600
1,600 Teradyne, Inc. + 117,600
3,000 Xilinx, Inc. + 247,687
-------------
2,503,710
-------------
ENERGY AND RESOURCES -- 0.1%
2,005 Burlington Resources, Inc. 76,691
2,600 TXU Corporation 76,700
-------------
153,391
-------------
ENTERTAINMENT -- 1.5%
900 Brunswick Corporation 14,906
20,400 Disney (Walt) Company 791,775
700 Harcourt General Corporation 38,063
1,600 Hasbro, Inc. 24,100
3,900 Mattel, Inc. 51,431
12,900 Time Warner, Inc. 980,400
-------------
1,900,675
-------------
FINANCIAL SERVICES -- 4.6%
13,100 American Express Company 682,837
2,300 American General Corporation 140,300
7,150 Associates First Capital Corporation,
Class A 159,534
1,082 Bear Stearns Companies, Inc. 45,038
</TABLE>
See Notes to Financial Statements
6
<PAGE> 77
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-------------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
FINANCIAL SERVICES -- (CONTINUED)
900 Block (H & R), Inc. $ 29,138
1,800 Capital One Financial
Corporation 80,325
13,400 Charles Schwab Corporation 450,575
33,150 Citigroup, Inc. 1,997,287
1,100 Countrywide Credit Industries 33,344
800 Dow Jones & Company, Inc. 58,600
1,300 Equifax, Inc. 34,125
9,900 Fannie Mae 516,656
6,500 Federal Home Loan Mortgage
Corporation 263,250
3,900 First Data Corporation 193,538
2,300 Franklin Resources, Inc. 69,863
4,326 Household International, Inc. 179,799
1,100 Lehman Brothers Holdings, Inc. 104,019
3,700 Merrill Lynch & Company, Inc. 425,500
1,300 Paine Webber Group, Inc. 59,150
1,100 Price (T Rowe) & Associates,
Inc. 46,750
2,000 Regions Financial Corporation 39,750
1,500 SLM Holding Corporation 56,156
500 Temple-Inland, Inc. 21,000
1,300 Union Planters Corporation 36,319
-------------
5,722,853
-------------
FOOD AND BEVERAGES -- 3.6%
3,897 Albertson's, Inc. 129,575
4,300 Anheuser-Busch Companies, Inc. 321,156
4,000 Campbell Soup Company 116,500
24,300 Coca-Cola Company 1,395,731
4,000 Coca-Cola Enterprises, Inc. 65,250
4,600 ConAgra, Inc. 87,688
300 Coors (Adolph) Company,
Class B 18,150
3,300 Heinz (H.J.) Company 144,375
1,300 Hershey Foods Corporation 63,050
3,800 Kellogg Company 113,050
3,000 Nabisco Group Holdings
Corporation 77,813
14,100 PepsiCo, Inc. 626,569
22,500 Philip Morris Companies, Inc. 597,656
1,200 Quaker Oats Company 90,150
2,800 Ralston-Purina Company 55,825
8,500 Sara Lee Corporation 164,156
4,000 Seagram Company Ltd. 232,000
1,600 UST, Inc. 23,500
1,100 Wrigley (Wm) Jr. Company 88,206
-------------
4,410,400
-------------
</TABLE>
See Notes to Financial Statements
7
<PAGE> 78
<TABLE>
<S> <C>
FOOD DISTRIBUTION -- 0.6%
5,689 Archer-Daniels-Midland
Company $ 55,823
2,600 Bestfoods 180,050
2,800 General Mills, Inc. 107,100
400 Great Atlantic & Pacific Tea
Company, Inc. 6,650
8,200 Kroger Company + 180,912
1,300 Supervalu, Inc. 24,781
3,100 Sysco Corporation 130,588
1,400 Winn Dixie Stores, Inc. 20,038
-------------
705,942
-------------
GAS AND PIPELINE UTILITIES -- 0.1%
2,100 El Paso Energy Corporation 106,969
-------------
Glass Products -- 0.1%
500 Owens Corning Fiberglass
Corporation 4,625
1,600 PPG Industries, Inc. 70,900
-------------
75,525
-------------
HEALTH CARE FACILITIES -- 0.2%
5,200 HCA-The Healthcare
Corporation 157,950
1,600 Humana, Inc. + 7,800
1,000 Manor Care, Inc. + 7,000
2,900 Tenet Healthcare Corporation 78,300
600 Wellpoint Health Networks, Inc.,
Class A + 43,463
-------------
294,513
-------------
HEALTH CARE PRODUCTS -- 4.9%
15,200 Abbott Laboratories 677,350
1,200 Allergan, Inc. 89,400
500 Bausch & Lomb, Inc. 38,688
2,300 Becton, Dickinson & Company 65,981
1,400 Biogen, Inc. + 90,300
2,584 McKesson HBOC, Inc. 54,102
1,900 MedImmune, Inc. + 140,600
22,600 Merck & Company, Inc. 1,731,725
61,800 Pfizer, Inc. 2,966,400
1,100 Quintiles TransNational
Corporation + 15,538
1,600 UnitedHealth Group, Inc. 137,200
900 Watson Pharmaceuticals, Inc. + 48,375
-------------
6,055,659
-------------
</TABLE>
See Notes to Financial Statements
8
<PAGE> 79
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
Holding Companies -- 0.1%
1,350 Providian, LLC $ 121,500
2,000 Public Service Enterprise 69,250
-------------
190,750
-------------
HOME APPLIANCES -- 0.1%
800 Black & Decker Corporation 31,450
800 Maytag Corporation 29,500
700 Whirlpool Corporation 32,638
-------------
93,588
-------------
HOME FURNISHINGS AND HOUSEWARES -- 0.7%
12,800 American Home Products
Corporation 752,000
1,800 Leggett & Platt, Inc. 29,700
2,588 Newell Rubbermaid, Inc. 66,641
200 Springs Industries, Inc. 6,400
500 Tupperware Corporation 11,000
-------------
865,741
-------------
HOTELS AND RESTAURANTS -- 0.6%
1,200 Darden Restaurants, Inc. 19,500
1,200 Harrah's Entertainment
Corporation + 25,125
3,400 Hilton Hotels Corporation 31,875
2,300 Marriott International, Inc. 82,943
13,100 McDonald's Corporation 431,481
1,700 Starbucks Corporation + 64,919
1,400 Tricon Global Restaurants, Inc. + 39,550
1,100 Wendy's International, Inc. 19,594
-------------
714,987
-------------
INDUSTRIAL MACHINERY -- 0.1%
4,100 AES Corporation + 187,063
-------------
INSURANCE -- 2.7%
1,300 Aetna Life & Casualty Company 83,444
2,500 Aflac, Inc. 114,844
7,100 Allstate Corporation 157,975
15,088 American International
Group, Inc. 1,772,840
2,400 AON Corporation 74,550
1,623 Chubb Corporation 99,814
1,600 CIGNA Corporation 149,600
1,500 Cincinnati Financial Corporation 47,156
3,008 Conseco, Inc. 29,328
2,100 Hartford Financial Services
Group, Inc. 117,469
</TABLE>
See Notes to Financial Statements
9
<PAGE> 80
<TABLE>
<S> <C>
INSURANCE -- (CONTINUED)
1,000 Jefferson-Pilot Corporation $ 56,437
1,800 Lincoln National Corporation 65,025
2,500 Marsh & McLennan Companies,
Inc. 261,094
900 MBIA, Inc. 43,369
1,000 MGIC Investment Corporation 45,500
700 Progressive Corporation 51,800
1,200 SAFECO Corporation 23,850
2,106 St. Paul Companies, Inc. 71,867
1,200 Torchmark, Inc. 29,625
2,257 UnumProvident Corporation 45,281
-------------
3,340,868
-------------
MACHINERY AND HEAVY EQUIPMENT -- 0.3%
3,300 Caterpillar, Inc. 111,787
2,200 Deere & Company 81,400
1,900 Dover Corporation 77,069
1,500 Ingersoll-Rand Company 60,375
1,000 Parker-Hannifin Corporation 34,250
800 Stanley Works 19,000
-------------
383,881
-------------
MANUFACTURING -- 0.2%
2,000 Alcan Aluminum Ltd. 62,000
3,900 Boston Scientific Corporation + 85,557
200 Briggs & Stratton Corporation 6,850
600 Brown-Forman Corporation,
Class B 32,250
700 PACCAR, Inc. 27,781
1,200 Pall Corporation 22,200
1,500 Sherwin-Williams Company 31,781
-------------
268,419
-------------
MEDICAL INSTRUMENTS, SERVICES, AND
SUPPLIES -- 2.2%
500 Bard (C.R.), Inc. 24,063
2,700 Baxter International, Inc. 189,844
1,000 Biomet, Inc. 38,438
2,648 Cardinal Health, Inc. 195,952
2,900 Guidant Corporation + 143,550
3,600 HEALTHSOUTH Corporation + 25,875
2,900 IMS Health, Inc. 52,200
13,700 Johnson & Johnson Company 1,395,687
11,800 Medtronic, Inc. 587,787
800 St. Jude Medical, Inc. + 36,700
-------------
2,690,096
-------------
METAL FABRICATING -- 0.1%
2,823 Illinois Tool Works, Inc. 160,911
-------------
</TABLE>
See Notes to Financial Statements
10
<PAGE> 81
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
----------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
METALS AND MINING -- 0.4%
8,484 Alcoa, Inc. $ 246,036
3,700 Barrick Gold Corporation 67,294
1,500 Freeport McMoRan Copper &
Gold, Class B + 13,875
2,400 Homestake Mining Company 16,500
1,800 Inco Ltd. 27,675
1,600 Newmont Mining Corporation 34,600
745 Phelps Dodge Corporation 27,705
3,000 Placer Dome, Inc. 28,687
-------------
462,372
-------------
NATURAL GAS -- 0.4%
800 Columbia Energy Group 52,500
7,000 Enron Corporation 451,500
400 NICOR, Inc. 13,050
300 ONOEK, Inc. 7,781
1,852 Sempra Energy 31,484
-------------
556,315
-------------
NEWS AND PUBLISHING -- 0.3%
2,600 Gannett Company, Inc. 155,513
700 Knight-Ridder, Inc. 37,231
1,600 New York Times Company,
Class A 63,200
3,000 Tribune Company 105,000
-------------
360,944
-------------
OIL -- 4.9%
800 Amerada Hess Corporation 49,400
1,100 Apache Corporation 64,694
700 Ashland, Inc. 24,544
3,080 Baker Hughes, Inc. 98,560
6,100 Chevron Corporation 517,356
2,000 Coastal Corporation 121,750
5,819 Conoco, Inc., Class B 142,929
34,136 Exxon Mobil Corporation 2,679,676
4,100 Halliburton Company 193,469
1,000 Louisiana Land & Exploration
Company 10,875
600 McDermott International, Inc. 5,288
3,400 Occidental Petroleum
Corporation 71,613
2,400 Phillips Petroleum Company 121,650
21,100 Royal Dutch Petroleum
Company 1,298,969
800 Sunoco, Inc. 23,550
5,100 Texaco, Inc. 271,575
1,300 Tosco Corporation 36,806
</TABLE>
See Notes to Financial Statements
11
<PAGE> 82
<TABLE>
<S> <C>
OIL -- (CONTINUED)
2,300 Union Pacific Corporation $ 85,531
2,300 Union Pacific Resources Group 50,600
2,300 Unocal Corporation 76,187
2,900 USX-Marathon Group 72,681
-------------
6,017,703
-------------
OIL EQUIPMENT AND SERVICES-- 0.4%
5,454 Schlumberger Ltd. 407,005
1,955 Transocean Sedco Forex, Inc. 104,470
-------------
511,475
-------------
PAPER AND FOREST PRODUCTS-- 0.6%
500 Bemis Company, Inc. 16,812
500 Boise Cascade Corporation 12,938
2,000 Fort James Corporation 46,250
1,600 Georgia-Pacific Corporation 42,000
4,591 International Paper Company 136,869
5,142 Kimberly-Clark Corporation 295,022
1,000 Mead Corporation 25,250
300 Potlatch Corporation 9,938
2,200 Weyerhaeuser Company 94,600
1,000 Willamette Industries, Inc. 27,250
-------------
706,929
-------------
PERSONAL ITEMS -- 1.2%
5,400 Colgate-Palmolive Company 323,325
10,000 Gillette Company 349,375
1,000 International Flavors &
Fragrances, Inc. 30,187
12,800 Procter & Gamble Company 732,800
-------------
1,435,687
-------------
PETROLEUM REFINING -- 0.2%
1,200 Anadarko Petroleum Corporation 59,175
900 Rowan Companies + 27,338
4,000 Williams Companies, Inc. 166,750
-------------
253,263
-------------
PHARMACEUTICALS -- 2.4%
980 ALZA Corporation + 57,943
19,400 Bristol-Myers Squibb Company 1,130,050
11,100 Lilly (Eli) & Company 1,108,612
14,400 Schering-Plough Corporation 727,200
-------------
3,023,805
-------------
PHOTOGRAPHIC EQUIPMENT AND
SUPPLIES -- 0.1%
2,900 Eastman Kodak Company 172,550
400 Polaroid Corporation 7,225
-------------
179,775
-------------
</TABLE>
See Notes to Financial Statements
12
<PAGE> 83
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-------------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
PRINTING AND PUBLISHING -- 0.2%
600 American Greetings Corporation,
Class A $ 11,400
1,200 Donnelley (R.R.) & Sons
Company 27,075
1,500 Dun & Bradstreet Corporation 42,938
1,800 McGraw-Hill, Inc. 97,200
900 Westvaco Corporation 22,331
-------------
200,944
-------------
RAILROADS -- 0.0%
3,600 Norfolk Southern Corporation 53,550
-------------
RECREATION -- 0.1%
5,700 Carnival Corporation, Class A 111,150
-------------
RESEARCH AND DEVELOPMENT -- 0.6%
9,800 Amgen, Inc. + 688,450
-------------
RETAIL -- STORE -- 4.1%
1,300 Bed Bath & Beyond, Inc. + 47,125
1,900 Best Buy Company, Inc. + 120,175
1,900 Circuit City Stores-- Circuit
City Group 63,056
1,000 Consolidated Stores
Corporation + 12,000
4,100 Costco Wholesale Corporation + 135,300
3,600 CVS Corporation 144,000
1,000 Dillard's, Inc. 12,250
3,100 Dollar General Corporation 60,450
2,000 Federated Department Stores + 67,500
8,337 Gap, Inc. 260,531
4,500 K-mart Corporation + 30,656
3,000 Kohls Corporation + 166,875
4,000 Limited, Inc. 86,500
400 Long's Drug Stores Company 8,700
3,100 May Department Stores
Company 74,400
1,300 Nordstrom, Inc. 31,363
3,100 Office Depot, Inc. + 19,375
2,400 Penney (J.C.) Company, Inc. 44,250
1,800 RadioShack Corporation 85,275
2,400 Rite Aid Corporation 15,750
300 Russell Corporation 6,000
4,700 Safeway, Inc. + 212,087
3,500 Sears, Roebuck & Company 114,188
4,800 Staples, Inc. + 73,800
4,500 Target Corporation 261,000
700 Tiffany & Company 47,250
2,900 TJX Companies, Inc. 54,375
</TABLE>
See Notes to Financial Statements
13
<PAGE> 84
<TABLE>
<S> <C>
RETAIL -- STORE -- (CONTINUED)
2,200 Toys R Us, Inc. + $ 32,038
43,800 Wal-Mart Stores, Inc. 2,523,975
9,900 Walgreen Company 318,656
-------------
5,128,900
-------------
SAVINGS AND LOAN -- 0.0%
1,500 Golden West Financial
Corporation 61,219
-------------
SOAPS AND DETERGENTS -- 0.1%
2,208 Clorox Company 98,946
-------------
STEEL -- 0.1%
750 Allegheny Technologies, Inc. 13,500
1,200 Bethlehem Steel Corporation + 4,275
800 Nucor Corporation 26,550
600 Timken Company 11,175
800 USX-U.S.Steel Group, Inc. 14,850
800 Worthington Industries, Inc. 8,400
-------------
78,750
-------------
TECHNOLOGY -- 0.1%
800 ITT Industries 24,300
400 Millipore Corporation 30,150
400 PerkinElmer, Inc. 26,450
-------------
80,900
-------------
TELECOMMUNICATIONS-- 11.0%
3,200 ADC Telecommunications,
Inc. + 268,400
2,966 ALLTEL Corporation 183,707
700 Andrew Corporation + 23,494
31,420 AT & T Corporation 993,657
15,200 Bell Atlantic Corporation 772,350
18,500 BellSouth Corporation 788,562
1,300 CenturyTel, Inc. 37,375
8,600 Comcast Corporation Special,
Class A 348,300
1,400 Comverse Technology, Inc. + 130,200
8,355 Global Crossing Ltd. + 219,841
32,010 Lucent Technologies, Inc. 1,896,592
7,200 Nextel Communications, Inc. + 440,550
29,080 Nortel Networks Corporation 1,984,710
7,300 Qualcomm, Inc. + 438,000
33,412 SBC Communications 1,445,069
8,600 Sprint Corporation + 438,600
8,700 Sprint PCS 517,650
4,714 US West, Inc. 404,226
14,998 Viacom, Inc., Class B + 1,022,676
28,105 WorldCom, Inc. + 1,289,317
-------------
13,643,276
-------------
</TABLE>
See Notes to Financial Statements
14
<PAGE> 85
Munder Institutional MidCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
-------------------------------------------------------------------
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, June 30,
2000 (Unaudited)
(Continued)
---------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
SHARES
VALUE
---------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
TIRE AND RUBBER -- 0.1%
700 Cooper Tire & Rubber Company $ 7,788
1,000 Goodrich (B.F.) Company 34,062
1,500 Goodyear Tire & Rubber
Company 30,000
-------------
71,850
-------------
TRANSPORTATION -- 0.2%
4,200 Burlington Northern Santa Fe 96,337
1,000 Kansas City Southern
Industries, Inc. 88,688
600 Ryder System, Inc. 11,363
-------------
196,388
-------------
UTILITIES -- 1.3%
1,300 Ameren Corporation 43,875
3,000 American Electric Power
Company, Inc. 88,875
1,500 Cinergy Corporation 38,156
1,100 CMS Energy Corporation 24,338
2,100 Consolidated Edison Company 62,212
1,400 Constellation Energy Group 45,587
1,500 CP&L, Inc. 47,906
2,189 Dominion Resources, Inc. 93,853
1,300 DTE Energy Company 39,731
3,400 Duke Energy Company 191,675
3,200 Edison International 65,600
2,300 Entergy Corporation 62,531
2,172 FirstEnergy Corporation 50,770
900 Florida Progress Corporation 42,188
1,700 FPL Group, Inc. 84,150
1,100 GPU, Inc. 29,769
400 National Service Industries, Inc. 7,800
1,100 New Century Energies, Inc. 33,000
1,700 Niagara Mohawk Power
Corporation + 23,694
1,400 Northern States Power Company 28,263
1,700 PECO Energy Company 68,531
300 People's Energy Corporation 9,713
3,600 PG & E Corporation 88,650
800 Pinnacle West Capital
Corporation 27,100
1,300 PPL Corporation $ 28,519
2,700 Reliant Energy, Inc. 79,819
6,300 Southern Company 146,869
2,000 Unicom Corporation 77,375
-------------
1,630,549
</TABLE>
See Notes to Financial Statements
15
<PAGE> 86
Munder Institutional MidCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
-------------------------------------------------------------------
<TABLE>
<S> <C>
WASTE MANAGEMENT -- 0.1%
1,800 Allied Waste Industries, Inc. + $ 18,000
6,147 Waste Management, Inc. 116,793
-------------
134,793
-------------
TOTAL COMMON STOCKS
(Cost $114,690,855) 121,544,682
-------------
PRINCIPAL
AMOUNT
U.S. TREASURY BILLS -- 0.3%
(Cost $331,215)
$350,000 5.98% ++, due 05/31/2001** 331,215
-------------
REPURCHASE AGREEMENT -- 2.3%
(Cost $2,848,000)
2,848,000 Agreement with State Street Bank
and Trust Company, 6.350% dated
06/30/2000, to be repurchased at
$2,849,507 on 07/03/2000,
collateralized by $2,555,000
U.S. Treasury Note, 7.500%,
maturing 11/15/2016
(value $2,909,506) 2,848,000
-------------
TOTAL INVESTMENTS
(Cost $117,870,070*) 100.7% 124,723,897
OTHER ASSETS AND
LIABILITIES (NET) (0.7) (874,947)
---- -------
NET ASSETS 100.0% $ 123,848,950
===== =============
</TABLE>
--------------
* Aggregate cost for Federal tax purposes.
** Securities pledged as collateral for futures contracts.
+ Non-income producing security.
++ Rate represents annualized yield at date of purchase.
# Amount represents less than 0.1% of net assets.
<TABLE>
<CAPTION>
NUMBER OF UNREALIZED
CONTRACTS APPRECIATION
--------- ------------
<S> <C>
FUTURES CONTRACTS-LONG POSITION
4 S&P 500 INDEX , SEPTEMBER 2000 $ 1,564
========
</TABLE>
See Notes to Financial Statements
16
<PAGE> 87
Munder Institutional MidCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
-------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-------------------------------------------------------------
<S> <C>
COMMON STOCKS -- 97.6%
AEROSPACE -- 0.2%
600 Litton Industries, Inc. + $ 25,200
-------------
AGRICULTURAL MACHINERY -- 0.1%
1,000 Agco Corporation 12,250
-------------
AIR TRAVEL -- 0.1%
400 Alaska Air Group, Inc. + 10,850
-------------
ALUMINUM -- 0.0%
100 Maxxam, Inc. + 1,775
-------------
APPAREL AND TEXTILES -- 1.9%
314 Albany International Corporation 4,553
600 American Eagle Outfitters, Inc. + 8,400
700 Burlington Industries, Inc. + 1,181
2,649 Cintas Corporation 97,185
2,000 Jones Apparel Group, Inc. + 47,000
1,000 Mohawk Industries, Inc. + 21,750
300 Rayonier, Inc. 10,762
1,800 Shaw Industries, Inc. 22,500
1,000 Unifi, Inc. + 12,375
700 Warnaco Group, Inc. 5,425
700 Westpoint Stevens, Inc. 7,788
-------------
238,919
-------------
AUTOMOBILES -- 0.1%
600 Federal Signal Corporation 9,900
-------------
AUTOMOBILE PARTS AND EQUIPMENT-- 0.7%
200 Arvin Industries, Inc. 3,475
400 Borg Warner Automotive, Inc. 14,050
1,000 Federal Mogul Corporation 9,562
1,100 Lear Corporation + 22,000
1,100 Meritor Automotive, Inc. 12,100
300 Modine Manufacturing Company 8,100
1,228 Pennzoil-Quaker State Company 14,813
400 Superior Industries International,
Inc. 10,300
-------------
94,400
-------------
BANKS -- 4.0%
2,500 Banknorth Group, Inc. 38,281
600 City National Corporation 20,850
2,100 Compass Bancshares, Inc. 35,831
3,100 First Security Corporation 42,044
2,100 First Tennessee National
Corporation 34,781
</TABLE>
See Notes to Financial Statements
17
<PAGE> 88
<TABLE>
<S> <C>
BANKS -- (CONTINUED)
700 First Virginia Banks, Inc. $ 24,369
2,600 Hibernia Corporation 28,275
1,400 Marshall & Ilsley Corporation 58,100
1,100 Mercantile Bankshares
Corporation 32,794
1,900 National Commerce
Bancorporation 30,519
2,850 North Fork Bancorporation, Inc. 43,106
1,100 Pacific Century Financial
Corporation 16,087
600 Webster Financial Corporation 13,313
400 Westamerica Bancorporation 10,450
300 Wilmington Trust Corporation 12,825
1,400 Zions Bancorp 64,247
-------------
505,872
-------------
BANKING AND FINANCIAL SERVICES -- 0.6%
400 CCB Financial Corporation 14,800
1,200 FirstMerit Corporation 25,650
1,400 GreenPoint Financial
Corporation 26,250
600 Keystone Financial, Inc. 12,750
-------------
79,450
-------------
BIOTECHNOLOGY -- 2.0%
600 Gilead Sciences, Inc. + 42,675
400 Incyte Genomics, Inc. + 32,875
1,540 Millennium Pharmaceuticals,
Inc. + 172,287
-------------
247,837
-------------
BROADCASTING -- 2.5%
1,600 Belo (A.H.) Corporation 27,700
327 Chris Craft Industries, Inc. 21,602
1,800 Hispanic Broadcasting
Corporation + 59,625
1,400 Univision Communications, Inc.,
Class A + 144,900
1,800 Westwood One, Inc. + 61,425
-------------
315,252
-------------
BUILDING CONSTRUCTION -- 0.1%
400 Harsco Corporation 10,200
-------------
BUSINESS SERVICES -- 7.1%
800 AC Nielsen Corporation + 17,600
1,200 Acxiom Corporation + 32,700
1,200 Apollo Group, Inc. + 33,600
400 Banta Corporation 7,575
2,400 Comdisco, Inc. 53,550
</TABLE>
See Notes to Financial Statements
18
<PAGE> 89
Munder Institutional MidCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-------------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
BUSINESS SERVICES -- (CONTINUED)
900 CSG Systems International,
Inc. + $ 50,456
1,100 DeVry, Inc. + 29,081
2,125 Fiserv, Inc. + 91,906
1,300 Galileo International, Inc. 27,137
1,200 Gartner Group, Inc., Class B + 11,850
500 Gtech Holdings Corporation + 11,344
200 Jacobs Engineering Group, Inc. + 6,538
500 Kelly Services, Inc. 11,563
1,200 Manpower, Inc. 38,400
1,300 Modis Professional Services,
Inc. + 11,538
600 Navigant Consulting, Inc. + 2,550
200 NCO Group, Inc. + 4,625
1,000 NOVA Corporation + 27,937
700 Ogden Corporation 6,300
300 Polycom, Inc. + 28,228
800 Quanta Services, Inc. + 44,000
3,100 Robert Half International, Inc. + 88,350
1,000 Sothebys Holdings, Inc. 17,500
1,700 Stewart Enterprises, Inc. 6,003
2,100 Sun Guard Data Systems + 65,100
600 Sylvan Learning Systems, Inc. + 8,250
700 Titan Corporation + 31,325
1,300 Viad Corporation 35,425
800 Waters Corporation + 99,850
-------------
900,281
-------------
CHEMICALS AND PLASTICS -- 1.9%
600 Albemarle Corporation 11,850
900 Cabot Corporation 24,525
1,554 Crompton Corporation 19,036
600 Cytec Industries, Inc. + 14,812
200 Dexter Corporation 9,600
1,300 Ethyl Corporation 3,250
500 Ferro Corporation 10,500
100 Fuller (H.B.) Company 4,556
300 Georgia Gulf Corporation 6,244
700 Hanna (M.A.) Company 6,300
2,000 IMC Global, Inc. 26,000
700 Lubrizol Corporation 14,700
200 Minerals Technologies, Inc. 9,200
100 NCH Corporation 3,619
600 Olin Corporation 9,900
1,400 R.P.M., Inc. 14,175
300 Schulman (A.), Inc. 3,619
1,500 Solutia, Inc. 20,625
600 Valspar Corporation 20,250
500 Wellman, Inc. 8,094
-------------
240,855
</TABLE>
See Notes in Financial Statements
19
<PAGE> 90
<TABLE>
<S> <C>
COMMUNICATION EQUIPMENT -- 0.5%
800 Harris Corporation $ 26,200
900 Powerwave Technologies, Inc. + 39,600
-------------
65,800
-------------
COMMUNICATION SERVICES -- 0.1%
700 COMSAT Corporation 16,450
-------------
COMPUTERS AND BUSINESS EQUIPMENT -- 2.3%
300 Apex, Inc. 13,128
300 Cybex Computer Products
Corporation 12,715
1,100 Diebold, Inc. 30,662
2,600 Quantum Corporation -- DLT &
Storage Systems + 25,187
1,300 Storage Technology
Corporation + 14,219
1,100 Sybase, Inc. + 25,300
2,400 Symbol Technologies, Inc. 129,600
700 Tech Data Corporation + 30,494
300 Transaction Systems Architects,
Inc., Class A + 5,138
-------------
286,443
-------------
COMPUTER HARDWARE, SOFTWARE OR
SERVICES -- 7.4%
700 Affiliated Computer Services,
Inc., Class A + 23,144
3,900 Cadence Design Systems, Inc. + 79,462
1,000 Cambridge Technology
Partners + 8,719
900 CheckFree Holdings
Corporation + 46,406
800 DST Systems, Inc. + 60,900
900 Electronic Arts + 65,644
500 Imation Corporation + 14,688
4,800 Informix Corporation + 35,700
3,100 Intuit, Inc. + 128,262
1,000 Keane, Inc. + 21,625
1,100 Legato Systems, Inc. + 16,638
700 Macromedia, Inc. + 67,681
2,100 MarchFirst, Inc. + 38,325
900 Mentor Graphics Corporation + 17,887
2,250 Networks Assocs, Inc. + 45,844
800 NVIDIA Corporation + 50,850
500 Policy Management Systems
Corporation + 7,688
1,200 Rational Software Corporation + 111,525
500 Structural Dynamics Research
Corporation + 7,531
600 Sykes Enterprises, Inc. + 7,725
800 Symantec Corporation + 43,150
1,000 Synopsys, Inc. + 34,562
-------------
933,956
-------------
</TABLE>
See Notes to Financial Statements
20
<PAGE> 91
Munder Institutional MidCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
CONSTRUCTION MATERIALS -- 0.9%
500 Fastenal Company $ 25,312
400 Granite Construction, Inc. 9,800
600 Martin Marietta Materials, Inc. 24,263
500 Southdown, Inc. 28,875
700 USG Corporation 21,263
----------
109,513
----------
CONTAINERS AND GLASS -- 0.1%
600 Mark IV Industries, Inc. 12,525
----------
DIVERSIFIED -- 0.3%
1,100 American Standard Companies,
Inc. + 45,100
----------
DOMESTIC OIL -- 0.9%
600 Murphy Oil Corporation 35,662
800 Noble Affiliates, Inc. 29,800
1,200 Ultramar Diamond Shamrock 29,775
700 Valero Energy Corporation 22,225
----------
117,462
----------
DRUGS AND HEALTH CARE -- 9.4%
400 Acuson + 5,400
700 Apria Healthcare Group, Inc. + 8,575
2,200 Bergen Brunswig Corporation 12,100
600 Carter Wallace, Inc. 12,075
2,900 Chiron Corporation + 137,750
800 Covance, Inc. + 7,050
500 Express Scripts, Inc., Class A + 31,062
1,400 Forest Labs, Inc. + 141,400
1,100 Genzyme Surgical Products + 65,381
3,849 Health Management Associates + 50,278
1,200 ICN Pharmaceuticals, Inc. 33,375
600 IDEC Pharmaceuticals
Corporation + 70,387
2,500 Ivax Corporation + 103,750
700 Lincare Holdings, Inc. + 17,238
300 MiniMed, Inc. + 35,400
2,100 Mylan Labs, Inc. 38,325
1,200 Omnicare, Inc. 10,875
1,100 Oxford Health Plans, Inc. + 26,194
600 PacifiCare Health Systems, Inc. + 36,112
1,000 Perrigo Company + 6,313
600 Quest Diagnostics, Inc. + 44,850
900 Quorum Health Group, Inc. + 9,281
900 Sepracor, Inc. + 108,562
3,400 Stryker Corporation 148,750
1,400 Sybron International
Corporation + 27,738
----------
1,188,221
----------
ELECTRIC UTILITIES -- 2.1%
2,200 Calpine Corporation + 144,650
200 Cleco Corporation 6,700
2,300 DPL, Inc. 50,456
1,200 DQE, Inc. 47,400
936 Sierra Pacific Resources 11,759
----------
260,965
----------
ELECTRICAL EQUIPMENT -- 2.6%
300 AMETEK, Inc. 5,250
1,300 Arrow Electronics, Inc. + 40,300
3,500 Atmel Corporation + 129,062
800 Burr-Brown Corporation + 69,350
700 Dentsply International, Inc. 21,569
1,400 Energizer Holdings, Inc. + 25,550
900 Hubbell, Inc. 22,950
300 Magnetek, Inc. + 2,400
600 Ucar International, Inc. + 7,838
----------
324,269
----------
ELECTRONICS -- 9.9%
400 ADTRAN, Inc. + 23,950
500 ANTEC Corporation + 20,781
500 Avnet, Inc. 29,625
800 Cirrus Logic, Inc. + 12,800
2,100 Cypress Semiconductor
Corporation + 88,725
1,200 Integrated Device Technology,
Inc. + 71,850
3,300 Jabil Circuit, Inc. + 163,762
400 L-3 Communications Holding,
Inc. + 22,825
1,200 Micrel, Inc. + 52,125
1,050 Microchip Technology, Inc. + 61,179
1,200 QLogic Corporation + 79,275
600 Sawtek, Inc. + 34,538
2,500 SCI Systems, Inc. + 97,969
500 Semtech Corporation + 38,242
1,200 Sensormatic Electronics
Corporation + 18,975
100 Sequa Corporation + 3,819
500 Teleflex, Inc. 17,875
800 TranSwitch Corporation + 61,750
400 TriQuint Semiconductor, Inc. + 38,275
1,977 Vishay Intertechnology, Inc. + 75,002
3,200 Vitesse Semiconductor
Corporation + 235,400
----------
1,248,742
----------
</TABLE>
See Notes to Financial Statements
21
<PAGE> 92
Munder Institutional MidCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
----------------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
FINANCIAL SERVICES -- 3.4%
800 American Financial Group, Inc. $ 19,850
1,127 Associated Banc Corporation 24,583
3,300 Concord EFS, Inc. + 85,800
4,600 E*TRADE Group, Inc. + 75,900
1,400 Edwards (A.G.), Inc. 54,600
800 Finova Group, Inc. 10,400
300 Investment Technology
Group, Inc. + 11,850
800 Legg Mason, Inc. 40,000
500 Provident Financial Group, Inc. 11,906
1,200 ReliaStar Financial Corporation 62,925
1,100 Waddell & Reed Financial, Inc.,
Class A 36,094
--------
433,908
--------
FOOD AND BEVERAGE -- 2.2%
400 Bob Evans Farms, Inc. 5,975
400 Dean Foods Company 12,675
700 Dole Food, Inc. 9,800
400 Dreyers Grand Ice Cream, Inc. 8,400
1,300 Flowers Industries, Inc. 25,919
2,300 Hormel Foods Corporation 38,669
1,400 IBP, Inc. 21,612
200 International Multifoods
Corporation 3,463
1,100 Interstate Bakeries Corporation 15,400
300 Lance, Inc. 2,700
1,100 Mccormick & Company, Inc. 35,750
300 Smucker (J.M.) Company 5,775
300 Suiza Foods Corporation + 14,662
3,600 Tyson Foods, Inc. 31,500
700 Universal Foods Corporation 12,950
2,300 Whitman Corporation 28,462
--------
273,712
--------
FOREST PRODUCTS -- 0.2%
1,300 Georgia Pacific Corporation 28,113
--------
GAS AND PIPELINE UTILITIES -- 2.4%
800 AGL Resources, Inc. 12,750
1,300 American Water Works, Inc. 32,500
2,300 KeySpan Corporation 70,725
1,850 Kinder Morgan, Inc. 63,941
1,300 MCN Corporation Holding
Company 27,787
500 National Fuel Gas Company 24,375
1,100 Questar Corporation 21,312
1,400 SCANA Corporation 33,775
600 Washington Gas Light Company 14,438
--------
301,603
--------
HOME FURNISHINGS AND HOUSEWARES -- 0.1%
700 Furniture Brands International,
Inc. + 10,588
--------
HOTELS AND RESTAURANTS -- 0.9%
900 Brinker International, Inc. + 26,325
600 Buffets, Inc. + 7,613
800 CBRL Group, Inc. 11,750
300 Lone Star Steakhouse & Saloon 3,038
1,200 Mandalay Resort Group + 24,000
1,050 Outback Steakhouse, Inc. + 30,712
300 Papa John's International, Inc. + 7,350
--------
110,788
--------
HOUSEHOLD PRODUCTS -- 0.4%
400 Church & Dwight, Inc. 7,200
1,400 Dial Corporation 14,525
800 Hillenbrand Industries, Inc. 25,050
--------
46,775
--------
INDUSTRIAL MACHINERY -- 1.3%
1,100 Airgas, Inc. + 6,256
600 Donaldson Company, Inc. 11,850
1,475 Grant Prideco, Inc. + 36,875
300 Kaydon Corporation 6,300
300 Kennametal, Inc. 6,431
100 Nordson Corporation 5,063
300 SPX Corporation + 36,281
300 Stewart & Stevenson Services,
Inc 4,519
200 Tecumseh Products Company,
Class A 7,638
1,241 Varco International, Inc. + 28,859
400 York International Corporation 10,100
--------
160,172
--------
INSURANCE -- 2.2%
700 Allmerica Financial Corporation 36,662
1,100 Ambac Financial Group, Inc. 60,294
600 Everest Re Group, Ltd. 19,725
2,000 Foundation Health Systems,
Inc. + 26,000
400 Horace Mann Educators
Corporation 6,000
300 HSB Group, Inc. 9,338
1,000 Ohio Casualty Corporation 10,625
2,050 Old Republic International
Corporation 33,825
450 PMI Group, Inc. 21,375
900 Protective Life Corporation 23,963
900 Unitrin, Inc. 26,437
--------
274,244
--------
</TABLE>
See Notes to Financial Statements
22
<PAGE> 93
Munder Institutional MidCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
----------------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
LEISURE TIME -- 1.3%
1,200 Callaway Golf Company $ 19,575
1,033 International Game Technology 27,375
700 International Speedway Corporation,
Class A 28,962
4,900 Park Place Entertainment
Corporation + 59,719
1,200 Premier Parks, Inc. 27,300
--------
162,931
--------
MEDICAL INSTRUMENTS -- 0.3%
300 Beckman Coulter, Inc. 17,512
800 Edwards Lifesciences
Corporation + 14,800
1,100 STERIS Corporation + 9,763
--------
42,075
--------
MEDICAL SERVICES -- 0.6%
700 First Health Group Corporation + 22,969
1,000 PSS World Medical, Inc. + 6,719
400 Trigon Healthcare, Inc. + 20,625
900 VISX, Inc. + 25,256
--------
75,569
--------
METALS -- 0.0%
242 Ryerson Tull, Inc. 2,511
--------
MINING -- 0.0%
100 Cleveland Cliffs, Inc. 2,581
--------
MISCELLANEOUS -- 0.2%
600 Blyth, Inc. 17,700
300 Rollins, Inc. 4,463
--------
22,163
--------
MOBILE HOMES -- 0.1%
2,399 Clayton Homes, Inc. 19,192
--------
NEWSPAPERS -- 0.6%
600 Lee Enterprises, Inc. 13,988
400 Media General, Inc. 19,425
100 Washington Post Company 47,800
--------
81,213
--------
OFFICE FURNISHINGS AND SUPPLIES -- 0.7%
800 Hon Industries, Inc. 18,800
1,100 Miller Herman, Inc. 28,463
1,500 Office Max, Inc. + 7,500
1,200 Reynolds & Reynolds Company 21,900
300 Standard Register 4,275
600 Wallace Computer Series, Inc. 5,925
--------
86,863
--------
OIL AND GAS -- 7.0%
1,000 BJ Services Company + 62,500
1,100 Devon Energy Corporation 61,806
2,200 Dynegy Inc., Class A 150,287
2,200 ENSCO International, Inc. 78,788
500 Flowserve Corporation 7,531
2,800 Global Marine, Inc. + 78,925
600 Hanover Compressor Company + 22,800
700 Helmerich & Payne, Inc. 26,163
1,600 Lyondell Petrochemical
Company 26,800
2,200 Nabors Industries, Inc. + 91,437
2,100 Noble Drilling Corporation + 86,494
2,688 Ocean Energy, Inc. + 38,136
1,300 Pioneer Natural Resources
Company 16,575
3,000 Santa Fe Snyder Corporation + 34,125
700 Smith International, Inc. + 50,969
1,475 Weatherford International, Inc. 58,723
--------
892,059
--------
PAPER -- 1.3%
900 Bowater, Inc. 39,712
200 Chesapeake Corporation 5,925
1,200 Consolidated Papers, Inc. 43,875
600 Glatfelter (P.H.) Company 6,113
700 Longview Fibre Company 7,744
600 Pentair, Inc. 21,300
1,400 Sonoco Products Company 28,787
700 Wausau Mosinee Paper
Corporation 5,994
--------
159,450
--------
PUBLISHING -- 1.0%
1,100 Harte-Hanks, Inc. 27,500
300 Houghton Mifflin Company 14,006
1,400 Readers Digest Association, Inc.,
Class A (non-voting) 55,650
100 Scholastic Corporation + 6,113
700 Valassis Communications, Inc. + 26,687
--------
129,956
--------
</TABLE>
See Notes to Financial Statements
23
<PAGE> 94
Munder Institutional MidCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
----------------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
RAILROADS AND EQUIPMENT -- 0.3%
700 GATX Corporation $ 23,800
400 Trinity Industries, Inc. 7,400
700 Wisconsin Central Transportation
Corporation + 9,100
--------
40,300
--------
RETAIL -- 3.6%
1,400 Abercrombie & Fitch Company + 17,062
1,100 Barnes & Noble, Inc. + 24,475
1,000 BJs Wholesale Club, Inc. + 33,000
1,200 Borders Group, Inc. + 18,675
1,200 CDW Computer Centers, Inc. + 75,000
700 Claire S Stores, Inc. 13,475
1,500 Dollar Tree Stores, Inc. + 59,344
2,800 Family Dollar Stores, Inc. 54,775
600 Hannaford Brothers Company 43,125
300 Lands End, Inc. + 10,012
700 Neiman Marcus Group, Inc.,
Class A + 20,694
300 Payless Shoesource, Inc. + 15,375
1,200 Ross Stores, Inc. 20,475
600 Ruddick Corporation 7,088
2,292 Saks, Inc. + 24,066
800 Williams-Sonoma, Inc. + 25,950
--------
462,591
--------
SAVINGS AND LOAN -- 0.8%
700 Astoria Financial Corporation 18,025
1,500 Dime Bancorp, Inc. 23,625
3,500 Sovereign Bancorp, Inc. 24,609
1,300 TCF Financial Corporation 33,394
--------
99,653
--------
SHIPBUILDING -- 0.1%
300 Newport News Shipbuilding, Inc. 11,025
--------
STEEL -- 0.2%
1,800 AK Steel Holding Corporation 14,400
200 Carpenter Technology
Corporation 4,225
200 Precision Castparts Corporation 9,050
--------
27,675
--------
TELECOMMUNICATIONS -- 1.7%
3,500 Broadwing, Inc. 90,781
700 CommScope, Inc. + 28,700
1,000 Telephone & Data Systems, Inc. 100,250
--------
219,731
--------
</TABLE>
See Notes to Financial Statements
24
<PAGE> 95
<TABLE>
<S> <C>
TIRE AND RUBBER -- 0.2%
200 Bandag, Inc. $ 4,850
300 Carlisle Companies, Inc. 13,500
400 Lancaster Colony Corporation 7,800
--------
26,150
--------
TOBACCO -- 0.4%
1,500 R.J. Reynolds Tobacco
Holdings, Inc. 41,906
300 Universal Corporation 6,338
--------
48,244
--------
TRUCKING AND FREIGHT FORWARDING -- 1.0%
600 Airbourne Freight Corporation 11,362
600 Alexander & Baldwin, Inc. 13,237
200 Arnold Industries, Inc. 2,413
500 C.H. Robinson Worldwide, Inc. 24,750
600 CNF Transportation, Inc. 13,650
500 Hunt (J.B.) Transport
Services, Inc. 7,719
300 Overseas Shipholding
Group, Inc. 7,388
696 Pittston Brinks Group 9,526
900 Swift Transportation Co., Inc. + 12,600
700 Tidewater, Inc. 25,200
--------
127,845
--------
UTILITIES -- 5.3%
1,500 Allegheny Energy, Inc. 41,062
1,100 Alliant Energy Corporation 28,600
150 Black Hills Corporation 3,384
300 CMP Group, Inc. 8,794
1,275 Conectiv, Inc. 19,842
2,000 Energy East Corporation 38,125
300 Hawaiian Electric Industries, Inc. 9,844
500 Idacorp, Inc. 16,125
1,400 IPALCO Enterprises 28,175
800 Kansas City Power & Light
Company 18,000
2,100 LG & E Energy Corporation 50,137
1,000 Minnesota Power & Light
Company 17,313
1,500 Montana Power Company 52,969
1,700 NiSource, Inc. 31,663
2,600 Northeast Utilities 56,550
800 NSTAR 32,550
1,200 OGE Energy Corporation 22,200
1,600 Potomac Electric Power
Company 40,000
</TABLE>
See Notes to Financial Statements
25
<PAGE> 96
Munder Institutional MidCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
--------------------------------------------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
UTILITIES -- (CONTINUED)
400 Public Service Company Nm $ 6,175
1,300 Puget Sound Energy, Inc. 27,706
2,100 Teco Energy, Inc. 42,131
1,250 Utilicorp United, Inc. 24,844
1,066 Vectren Corporation 18,389
2,100 Wisconsin Energy Corporation 41,606
-----------
676,184
-----------
TOTAL COMMON STOCKS
(Cost $12,673,109) 12,358,351
-----------
<CAPTION>
PRINCIPAL
AMOUNT
---------
<S> <C>
U.S. TREASURY BILLS -- 0.7%
(Cost $94,633)
$ 100,000 5.98% ++, due 05/31/2001 94,633
-----------
REPURCHASE AGREEMENT -- 1.9%
(Cost $238,000)
238,000 Agreement with State Street Bank and Trust Company, 6.350% dated
06/30/2000, to be repurchased at $238,125 on 07/03/2000,
collateralized by $2,555,000 U.S. Treasury Note, 8.125%, maturing
5/15/2021
(value $2,909,506) 238,000
-----------
OTHER INVESTMENTS**
(Cost $3,166,368) 25.0% $ 3,166,368
-----------
TOTAL INVESTMENTS
(Cost $16,172,110*) 125.2% 15,857,352
OTHER ASSETS AND
LIABILITIES (NET) (25.2) (3,195,734)
----- -----------
NET ASSETS 100.0% $12,661,618
===== ===========
</TABLE>
* Aggregate cost for Federal tax purposes.
** Securities pledged as collateral for futures contracts.
+ Non-income producing security.
++ Rate represents annualized yield at date of purchase.
# Amount represents less than 0.1% of net assets.
<TABLE>
<CAPTION>
NUMBER OF UNREALIZED
CONTRACTS DEPRECIATION
--------- ------------
<S> <C>
FUTURES CONTRACTS-LONG POSITION
1 S&P MID CAP 400 INDEX,
SEPTEMBER 2000 $ 3,572
=======
</TABLE>
See Notes to Financial Statements
26
<PAGE> 97
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
----------------------------------------------------------------
<S> <C>
COMMON STOCKS -- 96.9%
ADVERTISING -- 0.6%
3,560 ADVO, Inc. + $149,520
11,100 HA-LO Industries, Inc. + 62,437
5,500 Penton Media, Inc. 192,500
--------
404,457
--------
AEROSPACE AND DEFENSE -- 0.7%
4,710 AAR Corporation 56,520
1,620 Alliant Techsystems, Inc. + 109,249
4,290 BE Aerospace, Inc. + 29,494
7,290 Gencorp, Inc. 58,320
6,510 Orbital Sciences Corporation + 79,340
2,940 Scott Technologies, Inc. + 50,531
4,700 Teledyne Technologies, Inc. + 78,725
--------
462,179
--------
AGRICULTURAL MACHINERY -- 0.5%
6,270 AptarGroup, Inc. 169,290
6,650 Delta & Pine Land Company 166,666
2,130 Lindsay Manufacturing
Company 41,801
--------
377,757
--------
AIR TRAVEL -- 0.5%
3,260 Atlantic Coast Airlines
Holdings, Inc. + 103,505
5,660 Mesa Air Group, Inc. + 31,307
2,490 Midwest Express Holdings,
Inc. + 53,535
4,300 SkyWest, Inc. 159,369
--------
347,716
--------
APPAREL AND TEXTILES -- 1.3%
1,560 Angelica Corporation 12,480
2,380 Ashworth, Inc. + 10,636
4,430 Cone Mills Corporation + 27,411
3,630 G & K Services 90,977
3,300 Guilford Mills, Inc. 14,025
1,130 Haggar Corporation 13,278
5,130 Hartmarx Corporation + 13,146
1,790 K-Swiss, Inc. 28,528
4,120 Kellwood Company 87,035
6,090 Nautica Enterprises, Inc. + 65,087
2,140 Oshkosh B' Gosh, Inc. 35,042
1,330 Oxford Industries, Inc. 23,940
4,800 Phillips Van Heusen Corporation 45,600
3,900 Quiksilver, Inc. + 60,694
7,570 Stride Rite Corporation 46,366
1,970 The Dixie Group, Inc. + 7,634
3,560 Timberland Company + 252,092
7,260 Wolverine World Wide, Inc. 71,692
--------
905,663
--------
</TABLE>
See Notes to Financial Statements
27
<PAGE> 98
<TABLE>
<S> <C>
AUTOMOBILES -- 0.3%
3,960 Group 1 Automotive, Inc. + $ 47,520
3,130 Simpson Industries, Inc. + 23,573
2,030 Spartan Motors, Inc. 8,501
2,150 Standard Motor Products, Inc. 18,275
4,030 Wabash National Corporation 48,108
3,260 Wynns International, Inc. 73,961
----------
219,938
----------
AUTOMOBILE PARTS AND EQUIPMENT -- 1.6%
4,270 Clarcor, Inc. 84,866
9,360 Copart, Inc. + 149,760
2,870 Discount Auto Parts, Inc. + 28,700
12,850 Gentex Corporation + 322,856
1,970 Insurance Auto Auctions, Inc. + 41,616
2,700 Midas, Inc. 54,000
8,940 O'Reilly Automotive, Inc. + 124,043
9,300 Pep Boys-- Manny, Moe &
Jack 55,800
4,990 Standard Pacific Corporation 49,900
3,760 TBC Corporation + 17,390
5,910 Tenneco Automotive, Inc. 31,028
8,180 Tower Automotive, Inc. + 102,250
----------
1,062,209
----------
BANKING AND FINANCIAL SERVICES -- 5.9%
13,200 AmeriCredit Corporation + 224,400
4,320 Anchor Bancorp Wisconsin, Inc. 66,150
7,400 Billing Information Concepts
Corporation + 32,838
4,930 Chittenden Corporation 120,477
5,326 Commerce Bancorp, Inc. 244,996
8,440 Community First Bankshares,
Inc. 137,677
9,150 Cullen Frost Bankers, Inc. 240,759
2,230 Dain Rauscher Corporation 147,180
6,630 Enhance Financial Services
Group, Inc. 95,306
4,670 First BanCorp 86,687
7,130 First Midwest Bancorp, Inc. 165,772
8,817 Hudson United Bancorp 197,831
7,700 Imperial Bancorp 119,985
5,200 Investors Financial Services
Corporation 206,375
4,270 Jefferies Group, Inc. 86,201
4,070 MAF Bancorp, Inc. 74,023
5,100 Morgan Keegan, Inc. 75,225
3,100 National Discount Brokers
Group, Inc. + 98,812
4,571 Provident Bankshares
Corporation 61,709
3,670 Queens County Bancorp, Inc. 67,666
</TABLE>
See Notes to Financial Statements
28
<PAGE> 99
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
BANKING AND FINANCIAL SERVICES -- (CONTINUED)
4,940 Riggs National Corporation $ 62,368
8,000 Silicon Valley Bancshares + 341,000
7,530 South Financial Group, Inc. + 109,185
4,900 Southwest Bancorporation
of Texas, Inc. + 101,675
2,500 Southwest Securities Group, Inc. 93,175
6,400 Staten Island Bancorp, Inc. 112,800
6,890 Susquehanna Bancshares, Inc. 98,183
9,370 TrustCo Bank Corporation NY 117,125
7,340 United Bankshares, Inc. 133,496
9,100 Washington Federal, Inc. 166,075
3,930 Whitney Holding Corporation 134,357
----------
4,019,508
----------
BROADCASTING -- 0.1%
8,930 General Communication, Inc. + 45,766
----------
BUILDING CONSTRUCTION -- 0.6%
4,820 Apogee Enterprises, Inc. 17,021
10,790 D.R. Horton, Inc. 146,339
4,150 Hughes Supply, Inc. 81,963
9,120 Morrison Knudsen Corporation + 66,120
1,600 NVR, Inc. + 91,200
4,680 Sturm Ruger & Company, Inc. 41,535
----------
444,178
----------
BUILDING MATERIALS -- 1.3%
3,900 ABM Industries, Inc. 89,700
2,230 Building Materials Holdings
Corporation + 19,652
1,130 Butler Manufacturing Company 19,210
2,850 Commonwealth Industries, Inc. 16,744
3,390 Elcor Chemical Corporation 77,970
5,700 Fleetwood Enterprises 81,225
3,270 Florida Rock Industries, Inc. 116,494
4,530 Justin Industries, Inc. 99,094
1,730 Lawson Products, Inc. 42,601
10,022 Lennox International, Inc. 132,791
2,100 Republic Group, Inc. 18,900
2,110 Simpson Manufacturing
Company, Inc. 100,884
3,540 Universal Forest Products, Inc. 48,675
----------
863,940
----------
BUSINESS SERVICES -- 6.8%
3,460 Aaron Rents, Inc. 43,466
2,400 Administaff, Inc. + 152,400
6,490 Bowne & Company, Inc. 65,306
3,150 Catalina Marketing
Corporation + 321,300
6,380 Central Parking Corporation 151,126
6,980 ChoicePoint, Inc. + 310,588
3,100 Circle International Group, Inc. 77,888
2,800 CUNO, Inc. + 64,750
2,400 Davox Corporation + 31,050
8,590 eLoyalty Corporation + 109,523
2,480 Fair Issac & Company, Inc. 109,120
3,630 Franklin Covey Company + 25,183
4,290 Gymboree Corporation + 12,870
4,950 Harland (John H.) Company 73,941
3,400 Heidrick & Struggles
International, Inc. + 214,625
5,030 Information Resources, Inc. + 19,806
11,140 Interim Services, Inc. + 197,735
5,590 Intervoice, Inc. + 36,684
2,130 Kronos, Inc. + 55,380
7,420 Labor Ready, Inc. + 49,158
3,650 MAXIMUS, Inc. + 80,756
3,900 On Assignment, Inc. + 118,950
7,980 Paxar Corporation + 95,261
4,200 Pegasus Solutions, Inc. + 45,675
8,610 Profit Recovery Group
International, Inc. + 143,141
2,660 QRS Corporation + 65,336
5,470 Remedy Corporation + 304,952
6,870 RSA Security, Inc. + 475,747
9,260 SEI Investments Company 368,664
12,560 Snyder Communications, Inc. 298,300
5,180 StaffMark, Inc. + 34,641
6,840 Tetra Tech, Inc. + 156,465
4,890 The BISYS Group, Inc. + 300,735
2,830 URS Corporation + 43,158
----------
4,653,680
----------
CHEMICALS -- 1.8%
3,900 Arch Chemicals, Inc. 85,312
4,300 Cambrex Corporation 193,500
2,730 Chemfirst, Inc. 65,861
4,170 Geon Company 77,145
4,040 Lilly Industrial, Inc. 121,452
5,410 Macdermid, Inc. 127,135
4,550 Mississippi Chemical
Corporation 21,613
4,170 Om Group, Inc. 183,480
6,890 Omnova Solutions, Inc. 43,063
1,340 Penford Corporation 28,810
1,570 Quaker Chemical 27,279
4,840 Scotts Company + 176,660
2,730 WD-40 Company 56,647
----------
1,207,957
----------
</TABLE>
See Notes to Financial Statements
29
<PAGE> 100
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------------------
<S> <C>
COMMON STOCKS -- (CONTINUED)
COMMERCIAL SERVICES -- 0.7%
2,600 F.Y.I., Inc. + $ 87,587
3,900 Kroll-O'Gara Company + 26,081
3,360 Lason Holdings, Inc. + 8,400
2,800 MemberWorks, Inc. + 94,150
3,930 Pre-Paid Legal Services, Inc. + 117,409
2,400 StarTek, Inc. + 120,900
----------
454,527
----------
COMMUNICATION EQUIPMENT -- 0.9%
2,780 Plantronics, Inc. + 321,090
2,170 Proxim, Inc. + 214,762
1,800 ViaSat, Inc. + 97,650
----------
633,502
----------
COMMUNICATION SERVICES -- 1.9%
6,500 Adaptive Broadband
Corporation + 238,875
8,910 Aspect Communications
Corporation + 350,274
9,650 Brightpoint, Inc. + 83,533
1,090 Centigram Communications
Corporation + 27,863
8,700 Pinnacle Systems, Inc. + 195,614
8,620 True North Communications 379,280
----------
1,275,439
----------
COMPUTERS AND BUSINESS EQUIPMENT -- 2.0%
7,290 American Management
Systems, Inc. + 239,317
5,160 Auspex Systems, Inc. + 25,477
2,610 Digi International, Inc. + 16,965
4,010 Exabyte Corporation + 18,045
3,900 Gerber Scientific, Inc. 44,850
4,630 Insight Enterprises, Inc. + 274,617
9,570 Komag, Inc. + 16,748
5,580 National Computer Systems, Inc. 274,815
2,730 Standard Microsystems
Corporation + 41,974
2,850 Telxon Corporation 50,944
2,620 Volt Information Sciences, Inc. + 86,296
5,180 Xircom, Inc. + 246,050
----------
1,336,098
----------
COMPUTER HARDWARE, SOFTWARE OR
SERVICES -- 6.4%
3,920 Analysts International
Corporation 36,505
4,600 Aspen Technology, Inc. + 177,100
6,700 Avant! Corporation + 125,520
</TABLE>
See Notes to Financial Statements
30
<PAGE> 101
<TABLE>
<S> <C>
COMPUTER HARDWARE, SOFTWARE OR
SERVICES - (Continued)
4,270 Avid Technology, Inc. + $ 51,240
5,500 AVT Corporation + 40,563
2,480 BARRA, Inc. + 122,915
3,420 Black Box Corporation + 270,768
5,850 Cerner Corporation + 159,412
10,350 Ciber, Inc. + 137,138
3,650 Computer Task Group, Inc. 18,478
2,790 Concord Communications, Inc. + 111,251
2,740 Cyrk, Inc. + 13,700
7,240 Epicor Software Corporation + 18,100
4,100 ePresence, Inc. + 29,725
5,660 Factset Research Systems, Inc. 159,895
6,000 Filenet Corporation + 110,250
3,500 Great Plains Software, Inc. + 68,688
7,120 Henry Jack & Associates, Inc. 356,890
4,680 HNC Software, Inc. + 288,990
4,300 Hutchinson Technology, Inc. + 61,275
5,640 Hyperion Solutions
Corporation + 182,947
4,320 Insituform Technologies, Inc. + 117,180
4,640 Inter-Tel, Inc. 74,530
3,700 Mercury Computer Systems,
Inc. + 119,556
3,050 MICROS Systems, Inc. + 56,616
8,810 National Instruments
Corporation + 384,336
4,500 Phoenix Technologies Ltd. + 73,406
6,280 Progress Software Corporation + 112,648
3,800 Project Software & Development,
Inc. + 68,400
2,900 RadiSys Corporation + 164,575
8,700 Read Rite Corporation + 19,303
5,100 SAGA SYSTEMS, Inc. + 63,431
5,700 Systems & Computer Technology
Corporation + 114,000
5,420 Verity, Inc. + 205,960
4,400 Visual Networks, Inc. + 125,400
2,920 ZixIt Corporation + 134,503
-------------
4,375,194
-------------
CONGLOMERATES - 0.1%
4,130 Triarc Companies, Inc. + 84,665
-------------
CONSTRUCTION AND MINING EQUIPMENT - 0.4%
3,370 CDI Corporation + 68,664
4,060 Kaman Corporation 43,391
2,720 Material Sciences Corporation + 27,200
3,650 Regal Beloit Corporation 58,628
4,080 Valmont Industries, Inc. 81,090
-------------
278,973
-------------
</TABLE>
See Notes to Financial Statements
31
<PAGE> 102
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
------------------------------------------------------------
<S> <C>
COMMON STOCKS -- (Continued)
CONTRACT SALES AND RESEARCH
ORGANIZATIONS -- 0.1%
4,300 Pharmaceutical Product
Development, Inc. + $ 90,300
-------------
DIVERSIFIED INDUSTRIAL -- 0.8%
3,000 Esterline Technologies
Corporation + 44,625
8,501 Friede Goldman Halter, Inc. + 75,978
5,220 Griffon Corporation + 29,036
7,780 JLG Industries, Inc. 92,387
7,800 MascoTech, Inc. 84,338
5,320 Roper Industries, Inc. 136,325
2,230 SPS Technologies, Inc. + 91,569
-------------
554,258
-------------
DRUGS AND HEALTH CARE -- 10.3%
8,250 Alliance Pharmaceutical
Corporation + 92,813
6,090 Alpharma, Inc. 379,102
5,995 Barr Laboratories, Inc. + 268,651
0 Baxter International, Inc. 1
9,520 Bio Technology General
Corporation + 125,545
4,030 Biomatrix, Inc. + 91,179
5,940 Cephalon, Inc. + 355,657
1,730 Chemed Corporation 48,764
2,480 Cooper Companies, Inc. 90,210
4,590 Cor Therapeutics, Inc. + 391,584
10,180 Coventry Health Care, Inc. + 135,680
4,470 Cygnus, Inc. + 63,698
7,780 Dura Pharmaceuticals, Inc. + 111,837
4,400 Enzo Biochem, Inc. + 303,600
6,190 Idexx Laboratories, Inc. + 141,596
4,800 Immune Response Corporation + 52,200
5,250 Invacare Corporation 137,812
11,425 Jones Medical Industries, Inc. 456,286
5,140 Medicis Pharmaceutical
Corporation + 292,980
4,280 Mentor Corporation 116,362
3,010 Natures Sunshine Products, Inc. 21,070
11,700 NBTY, Inc. + 74,588
3,770 Noven Pharmaceuticals, Inc. + 113,336
5,930 Organogenesis, Inc. + 67,824
8,440 Orthodontic Centers America,
Inc. + 190,955
2,490 Osteotech, Inc. + 26,145
5,720 Owens & Minor, Inc. 98,313
4,410 PAREXEL International
Corporation + 42,171
</TABLE>
See Notes to Financial Statements
32
<PAGE> 103
<TABLE>
<S> <C>
DRUGS AND HEALTH CARE -- (Continued)
5,860 Patterson Dental Company + $ 298,860
2,730 Pediatrix Medical Group, Inc. 31,736
3,530 Primark Corporation + 131,492
7,780 Prime Hospitality Corporation + 73,424
3,460 Protein Design Laboratories,
Inc. + 570,738
6,160 Regeneron Pharmaceuticals,
Inc. + 183,645
7,890 Renal Care Group, Inc. + 192,935
5,130 Respironics, Inc. + 92,340
4,680 Sierra Health Services, Inc. + 14,918
1,690 Spacelabs, Inc. + 19,013
3,900 Sunrise Medical, Inc. + 19,013
2,100 Syncor International
Corporation + 151,200
3,670 Ultratech Stepper, Inc. + 54,591
5,270 Universal Health Services, Inc. + 345,185
4,530 Vertex Pharmaceuticals, Inc. + 477,349
2,120 Vital Signs, Inc. 38,425
-------------
6,984,823
-------------
ELECTRIC UTILITIES -- 0.7%
1,240 Bangor Hydro Electric Company 29,062
1,970 Central Vermont Public Service 21,670
2,980 CH Energy Group, Inc. 101,134
970 Green Mountain Power
Corporation 8,003
4,040 NorthWestern Corporation 93,425
5,600 UniSource Energy Corporation 84,000
2,490 United Illuminating Company 108,937
-------------
446,231
-------------
ELECTRICAL EQUIPMENT -- 3.8%
6,350 Anixter International, Inc. + 168,275
3,900 Aware, Inc. + 199,387
5,960 Baldor Electric Company 111,005
3,190 Barnes Group, Inc. 52,037
4,280 Belden, Inc. 109,675
2,860 Benchmark Electronics, Inc. + 104,569
4,480 C&D Technologies, Inc. 253,120
7,710 C-Cube Microsystems, Inc. + 151,309
4,930 Cable Design Technologies
Corporation + 165,155
4,370 Coherent, Inc. + 366,534
7,100 Foster Wheeler Corporation 61,238
3,910 Helix Technology Corporation 152,490
2,320 Intermagnetics General
Corporation + 43,935
4,930 Kent Electrical Corporation + 146,976
</TABLE>
See Notes to Financial Statements
33
<PAGE> 104
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------------
<S> <C>
COMMON STOCKS -- (Continued)
ELECTRICAL EQUIPMENT -- (Continued)
1,830 Park Electrochemical
Corporation $ 65,994
2,610 Symmetricom, Inc. + 65,902
2,860 Technitrol, Inc. 277,062
2,740 Thomas Industries, Inc. 48,464
4,760 Watsco, Inc. 59,500
-------------
2,602,627
-------------
ELECTRONICS -- 11.4%
4,000 Actel Corporation + 182,500
3,700 Aeroflex, Inc. + 183,844
7,400 Alliance Semiconductor
Corporation + 181,762
6,980 Alpha Industries, Inc. + 307,556
3,300 American Xtal Technology,
Inc. + 142,725
2,240 Analogic Corporation 89,600
6,510 Artesyn Technologies, Inc. + 181,059
3,900 Audiovox Corporation + 86,044
4,800 BMC Industries, Inc. 19,500
5,920 C Cor Electronics, Inc. + 159,840
5,220 Checkpoint Systems, Inc. + 39,150
3,500 Cohu, Inc. 94,391
4,810 CTS Corporation 216,450
10,520 Dallas Semiconductor
Corporation 428,690
12,170 Digital Microwave Corporation + 463,981
3,910 Dionex Corporation + 104,592
4,700 Electro Scientific Industries,
Inc. + 206,947
3,600 Electroglas, Inc. + 77,400
7,300 ESS Technology, Inc. + 105,850
6,580 General Semiconductor, Inc. 97,055
1,960 Harmon Industries, Inc. 25,970
8,830 Input/Output, Inc. + 74,503
10,680 International Rectifier
Corporation + 598,080
2,610 Itron, Inc. + 21,533
15,160 Kemet Corporation + 379,947
4,250 Kulicke & Soffa Industries,
Inc. + 252,344
8,610 Lattice Semiconductor
Corporation + 595,166
6,230 Methode Electrics, Inc. 240,634
3,760 Network Equipment
Technologies + 37,835
13,390 P-COM, Inc. + 76,156
5,070 Photronic, Inc. + 143,861
4,790 Pioneer-Standard Electronics,
Inc. 70,653
3,210 Plexus Corporation + 362,730
15,910 S3, Inc. + 234,672
5,930 Silicon Valley Group, Inc. + 153,439
5,940 SLI, Inc. 72,023
3,709 Three-Five Systems, Inc. + 218,831
3,640 Titan International, Inc. 19,338
4,020 Trimble Navigation Ltd. + 196,226
6,020 Valence Technology, Inc. + 110,994
7,370 Vicor Corporation + 256,568
5,460 Zebra Technologies
Corporation + 241,946
-------------
7,752,385
-------------
ENTERTAINMENT - 0.3%
2,010 Anchor Gaming + 96,354
6,530 Midway Games, Inc. + 52,648
4,550 Pinnacle Entertainment, Inc. + 88,441
-------------
237,443
-------------
FOOD AND BEVERAGE - 2.3%
1,730 Agribrands International, Inc. + 72,552
3,200 American Italian Pasta
Company + 66,200
3,400 Beringer Wine Estates Holdings,
Inc. + 120,062
3,130 Canandaigua Wine, Inc. + 157,869
11,550 Chiquita Brands International,
Inc. 45,478
1,560 Coca-Cola Bottling Company 70,980
6,100 Corn Products International, Inc. 161,650
7,420 Earthgrains Company 144,226
5,100 Hain Celestial Group, Inc. + 187,106
2,850 Ionics, Inc. + 87,281
1,570 J&J Snack Foods Corporation + 28,064
2,000 Morrison Management Specialists,
Inc. 56,375
1,990 Nash Finch Company 16,418
5,230 Ralcorp Holdings, Inc. + 64,068
9,890 Smithfield Foods, Inc. + 277,538
2,060 Taco Cabana, Inc. + 13,648
-------------
1,569,515
-------------
FOOD DISTRIBUTION - 0.3%
3,420 Michael Foods, Inc. 83,790
2,370 Performance Food Group
Company + 75,840
3,140 United Natural Foods, Inc. + 43,175
-------------
202,805
-------------
</TABLE>
See Notes to Financial Statements
34
<PAGE> 105
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
--------------------------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
----------------------------------------------------------
<S> <C>
COMMON STOCKS -- (Continued)
FOREST PRODUCTS -- 0.1%
2,100 Deltic Timber Corporation $ 44,887
-------------
HEALTH MANAGEMENT SYSTEMS -- 0.2%
5,660 National Data Corporation 130,180
-------------
HOMEBUILDERS -- 0.4%
8,250 Champion Enterprises, Inc. + 40,219
3,810 M.D.C. Holdings, Inc. 70,961
2,310 Ryland Group, Inc. 51,109
6,380 Toll Brothers, Inc. + 130,790
-------------
293,079
-------------
HOTELS AND RESTAURANTS -- 1.8%
4,650 Applebee's International, Inc. 140,953
7,300 Aztar Corporation + 113,150
4,690 CEC Entertainment, Inc. + 120,181
5,330 Cheesecake Factory + 146,575
8,800 CKE Restaurants, Inc. 26,400
5,137 Consolidated Products, Inc. 46,233
3,510 IHOP Corporation + 58,793
6,640 Jack in the Box, Inc. + 163,510
4,330 Landry's Seafood Restaurants,
Inc. 36,805
3,910 Luby's Cafeterias, Inc. 31,280
5,200 Marcus Corporation 63,050
2,120 Panera Bread Company + 21,465
10,780 Ruby Tuesday, Inc. 135,424
5,690 Ryans Family Steak Houses,
Inc. + 48,009
3,160 Sonic Corporation + 92,825
-------------
1,244,653
-------------
HOUSEHOLD APPLIANCES AND HOME
FURNISHINGS -- 1.3%
4,000 Applica, Inc. + 45,250
2,030 Bassett Furniture Industries, Inc. 25,629
6,850 Ethan Allen Interiors, Inc. 164,400
6,150 Fedders USA, Inc. 35,747
3,020 Harman International Industries,
Inc. 184,220
9,040 Interface, Inc. 34,465
10,700 La-Z-Boy, Inc. 149,800
2,660 Libbey, Inc. 85,452
1,240 National Presto Industries, Inc. 38,130
2,490 Pillowtex Corporation 10,582
2,740 Royal Appliance Manufacturing
Company + 15,584
2,000 Salton, Inc. + 73,750
-------------
863,009
-------------
</TABLE>
See Notes to Financial Statements
35
<PAGE> 106
<TABLE>
<S> <C>
INDUSTRIAL MACHINERY -- 2.2%
4,040 A.O. Smith Corporation $ 84,588
7,450 Cognex Corporation + 385,537
2,590 Flow International Corporation + 25,900
2,710 Gardner Denver, Inc. + 48,441
3,520 Graco, Inc. 114,400
5,190 IDEX Corporation 163,809
4,350 Manitowoc, Inc. 116,362
6,200 Milacron, Inc. 89,900
2,900 Oshkosh Truck Corporation 103,675
1,880 Robbins & Myers, Inc. 42,888
3,350 Specialty Equipment Companies,
Inc. + 90,869
5,180 SpeedFam-IPEC, Inc. + 94,211
2,140 Standex International
Corporation 33,973
4,570 Watts Industries, Inc. 57,696
3,760 X-Rite, Inc. 34,310
-------------
1,486,559
-------------
INSURANCE -- 2.5%
6,480 Arthur J. Gallagher & Company 272,160
3,538 Delphi Financial Group, Inc. 120,071
2,350 E.W. Blanch Holdings, Inc. 47,734
11,730 Fidelity National Financial, Inc. 214,806
11,030 First American Financial
Corporation 157,867
12,220 Fremont General Corporation 48,116
2,250 Hilb, Rogal and Hamilton
Company 78,047
7,150 Mutual Risk Management Ltd. 123,784
6,590 Radian Group, Inc. 341,033
1,700 RLI Corporation 59,075
1,600 SCPIE Holdings, Inc. 32,800
4,520 Selective Insurance Group, Inc. 85,880
3,250 Trenwick Group, Inc. 47,328
3,000 Zenith National Insurance
Corporation 63,750
-------------
1,692,451
-------------
INVESTMENT COMPANIES -- 1.0%
6,240 Eaton Vance Corporation 288,600
4,660 Pioneer Group, Inc. + 197,467
8,010 Raymond James Financial, Inc. 180,225
-------------
666,292
-------------
LEISURE TIME -- 0.3%
2,890 Action Performance Companies,
Inc. + 20,953
1,990 Carmike Cinemas, Inc. + 7,711
1,350 GC Companies + 30,206
</TABLE>
See Notes to Financial Statements
36
<PAGE> 107
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
----------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------------
<S> <C>
COMMON STOCKS -- (Continued)
LEISURE TIME -- (Continued)
3,170 K2, Inc. $ 26,351
2,950 SCP Pool Corporation + 69,325
3,350 THQ, Inc. + 40,828
-------------
195,374
-------------
MACHINERY -- 0.2%
3,560 Applied Industrial Technologies,
Inc. 58,295
3,370 Astec Industries, Inc. + 85,514
-------------
143,809
-------------
MACHINERY -- Tools -- 0.4%
6,870 Applied Power, Inc. 230,145
2,240 Toro Company 73,780
-------------
303,925
-------------
MEDICAL INSTRUMENTS AND SUPPLIES -- 2.8%
3,630 ADAC Laboratories + 87,120
5,960 Bindley Western Industries, Inc. 157,567
2,700 CONMED Corporation + 69,862
2,620 Datascope Corporation 94,320
2,370 Diagnostic Products Corporation 75,840
3,360 Hanger Orthopedic Group + 16,590
2,720 Hologic, Inc. + 18,360
2,200 PolyMedica Corporation + 95,150
3,890 Priority Healthcare Corporation + 289,076
5,300 ResMed, Inc. + 141,775
4,300 Sola International, Inc. + 20,963
3,600 Techne Corporation + 468,000
5,190 Theragenics Corporation + 44,439
5,430 Varian Medical Systems, Inc. 212,449
3,100 Wesley Jessen VisionCare, Inc. + 116,444
-------------
1,907,955
-------------
MEDICAL SERVICES -- 0.9%
3,780 Advance Paradigm, Inc. + 77,490
10,410 Advanced Tissue Sciences, Inc. + 83,605
1,510 Curative Health Services, Inc. + 9,107
6,860 Dendrite International, Inc. + 228,524
11,520 Hooper Holmes, Inc. 92,160
4,410 Laser Vision Centers, Inc. + 27,287
15,840 US Oncology, Inc. + 79,200
-------------
597,373
-------------
MINING -- 0.3%
2,860 Brush Wellman, Inc. 44,687
6,720 Stillwater Mining Company + 187,320
-------------
232,007
-------------
</TABLE>
See Notes to Financial Statements
37
<PAGE> 108
<TABLE>
<S> <C>
MOBILE HOMES -- 0.3%
2,680 Coachmen Industries, Inc. $ 30,820
3,260 Monaco Coach Corporation + 44,417
8,200 Oakwood Homes Corporation 14,863
1,470 Skyline Corporation 31,605
2,120 Thor Industries, Inc. 44,520
3,800 Winnebago Industries, Inc. 49,637
-------------
215,862
-------------
NON-FERROUS METALS -- 0.3%
6,690 Coeur D'Alene Mines
Corporation + 16,307
2,500 Commercial Metals Company 68,750
2,670 Imco Recycling, Inc. 14,518
3,640 RTI International Metals, Inc. + 41,405
2,160 Wolverine Tube, Inc. + 36,720
-------------
177,700
-------------
OFFICE FURNISHINGS AND SUPPLIES -- 0.6%
2,970 A.T. Cross Company + 14,664
990 Nashua Corporation 8,168
2,390 New England Business Service,
Inc. 38,838
5,900 United Stationers, Inc. + 191,012
3,920 W.H. Brady Company 127,400
-------------
380,082
-------------
OIL AND GAS -- 5.0%
5,550 Atmos Energy Corporation 97,125
5,710 Barrett Resources Corporation + 173,798
4,900 Cabot Oil & Gas Corporation 103,819
1,950 Cascade Natural Gas Corporation 32,541
8,060 Cross Timbers Oil Company 178,327
5,200 Energen Corporation 113,425
3,260 HS Resources, Inc. + 97,800
3,300 Laclede Gas Company 63,525
7,300 Louis Dreyfus Natural Gas
Corporation + 228,581
3,120 New Jersey Resources
Corporation 118,755
7,370 Newfield Exploration
Company + 288,351
4,410 Northwest Natural Gas Company 98,674
3,100 Nuevo Energy Company + 58,513
4,010 Oceaneering International, Inc. + 76,190
6,850 Philadelphia Suburban
Corporation 140,425
5,450 Piedmont Natural Gas, Inc. 144,766
3,090 Plains Resources, Inc. + 49,440
7,020 Pogo Producing Company 155,317
</TABLE>
See Notes to Financial Statements
38
<PAGE> 109
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------------
<S> <C>
COMMON STOCKS -- (Continued)
OIL AND GAS -- (Continued)
11,360 Pride International, Inc. + $ 281,160
3,760 Remington Oil & Gas
Corporation + 28,200
4,090 Seitel, Inc. 33,231
8,586 Southern Union Company 135,765
5,440 Southwest Gas Corporation 95,200
4,400 Southwestern Energy Company 27,500
1,960 St. Mary Land & Exploration
Company 82,442
3,240 Stone Energy Corporation + 193,590
4,700 UGI Corporation 96,350
10,910 Vintage Petroleum, Inc. 246,157
-------------
3,438,967
-------------
OIL EQUIPMENT AND SERVICES -- 0.9%
2,400 Atwood Oceanics, Inc. + 106,500
2,700 Cal Dive International, Inc. + 146,306
3,000 Dril-Quip, Inc. + 140,250
3,015 SEACOR SMIT, Inc. + 116,643
4,500 Veritas DGC Inc. + 117,000
-------------
626,699
-------------
PAPER -- 0.4%
6,130 Buckeye Technologies, Inc. + 134,477
4,510 Caraustar Industries, Inc. 68,214
2,740 Lydall, Inc. + 29,112
2,510 Pope & Talbot, Inc. 40,160
-------------
271,963
-------------
PHOTOGRAPHY -- 0.1%
1,510 CPI Corporation 31,899
2,600 Innovex, Inc. 25,350
-------------
57,249
-------------
PLASTICS -- 0.2%
6,600 Tredegar Industries, Inc. 125,400
-------------
POLLUTION CONTROL -- 0.0%
2,360 Tetra Technologies, Inc. + 33,483
-------------
PUBLISHING -- 0.1%
2,440 Consolidated Graphics, Inc. + 22,875
2,490 Nelson Thomas, Inc. 21,321
-------------
44,196
-------------
RECREATION -- 0.4%
4,340 Arctic Cat, Inc. $ 51,537
1,820 Huffy Corporation 7,849
4,210 Polaris Industries, Inc. 134,720
3,540 Russ Berrie & Company, Inc. 68,145
-------------
262,251
-------------
RETAIL -- 3.8%
5,866 99 Cents Only Stores + 233,907
5,050 Ames Department Stores, Inc. + 39,138
5,460 AnnTaylor Stores Corporation + 180,862
6,370 Bombay, Inc. + 18,712
3,130 Books A Million, Inc. + 14,476
3,140 Brown Shoe Company, Inc. 40,820
4,530 Cash America International, Inc. 33,409
4,570 Cato Corporation 53,126
3,530 Cost Plus, Inc. + 101,267
990 Damark International, Inc. + 21,285
2,500 Department 56, Inc. + 27,500
2,370 Enesco Group, Inc. 11,258
3,470 Footstar, Inc. + 115,377
5,590 Fossil, Inc. + 108,656
5,740 Goody's Family Clothing, Inc. + 31,570
2,230 Gottschalks, Inc. + 14,077
3,280 Hancock Fabrics, Inc. 13,940
2,480 J. Baker, Inc. 14,415
3,890 Jan Bell Marketing, Inc. + 9,239
3,140 Jo-Ann Stores, Inc. + 21,980
1,580 Lillian Vernon Corporation 16,590
6,890 Linens 'N Things, Inc. + 186,891
5,360 Michaels Stores, Inc. + 245,555
5,540 Pacific Sunwear of California + 103,875
16,590 Pier 1 Imports, Inc. 161,752
7,060 Regis Corporation 88,250
5,200 Shopko Stores, Inc. + 79,950
7,500 Stein Mart, Inc. + 76,875
1,350 Swiss Army Brands, Inc. + 6,919
3,310 The Dress Barn + 73,234
7,290 The Men's Wearhouse, Inc. + 162,658
2,370 The Wet Seal, Inc. + 31,106
6,170 Zale Corporation + 225,205
-------------
2,563,874
-------------
RETAIL GROCERY -- 0.5%
8,820 Casey's General Stores, Inc. 91,507
6,860 Fleming Companies, Inc. 89,609
4,560 Whole Foods Market, Inc. + 188,385
-------------
369,501
-------------
</TABLE>
See Notes to Financial Statements
39
<PAGE> 110
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
SHARES VALUE
-----------------------------------------------------------
<S> <C>
COMMON STOCKS -- (Continued)
SAVINGS AND LOAN - 0.8%
6,950 Centura Banks, Inc. $ 235,866
9,840 Commercial Federal Corporation 153,135
4,930 Downey Financial Corporation 142,970
-------------
531,971
-------------
STEEL -- 1.1%
1,570 Amcast Industrial Corporation 13,738
5,390 Birmingham Steel Corporation 20,886
2,480 Castle A M Company 20,615
1,450 Insteel Industries, Inc. 8,972
4,420 Intermet Corporation 30,387
6,040 Mueller Industries, Inc. + 169,120
2,490 Quanex Corporation 37,039
4,820 Reliance Steel & Aluminum
Company 92,182
2,700 Shaw Group, Inc. + 127,237
8,400 Steel Dynamics, Inc. + 76,125
1,860 Steel Technologies, Inc. 13,253
3,650 Texas Industries, Inc. 105,394
2,530 WHX Corporation + 13,915
-------------
728,863
-------------
TELECOMMUNICATIONS -- 0.7%
4,910 Allen Group, Inc. + 86,846
6,795 Dycom Industries, Inc. + 312,570
11,470 TALK.com, Inc. + 66,669
-------------
466,085
-------------
TIRE AND RUBBER -- 0.0%
3,450 Myers Industries, Inc. 37,088
-------------
TOBACCO -- 0.1%
7,790 Dimon, Inc. 16,554
2,740 Schweitzer-Mauduit
International, Inc. 34,250
-------------
50,804
-------------
TOYS -- 0.1%
3,300 JAKKS Pacific, Inc. + 48,675
-------------
TRUCKING AND FREIGHT FORWARDING -- 2.3%
5,590 American Freightways
Corporation + 81,055
3,400 Arkansas Best Corporation + 33,788
5,000 EGL, Inc. + 153,750
8,920 Expeditores International, Inc. 423,700
6,370 Fritz Companies, Inc. + 65,691
2,860 Frozen Food Express Industries,
Inc. $ 8,580
4,410 Heartland Express, Inc. + 73,592
4,290 Kirby Corporation + 91,162
1,610 Landstar Systems, Inc. + 95,896
2,020 M.S. Carriers, Inc. + 35,603
3,660 Offshore Logistics, Inc. + 52,612
3,400 Roadway Express, Inc. 79,687
10,210 Rollins Truck Leasing
Corporation 70,832
4,670 US Freightways Corporation 114,707
8,210 Werner Enterprises, Inc. 94,928
4,400 Yellow Corporation + 64,900
-------------
1,540,483
-------------
UTILITIES -- Water -- 0.4%
1,570 American States Water Company 46,708
6,860 United Water Resources, Inc. 239,242
-------------
285,950
-------------
TOTAL COMMON STOCKS
(Cost $62,782,171) 65,952,432
-------------
</TABLE>
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT
---------
<S> <C>
REPURCHASE AGREEMENT - 2.1%
(Cost $1,421,000)
$1,421,000 Agreement with State Street Bank
and Trust Company, 6.350% dated
06/30/2000, to be repurchased at
$1,421,751 on 07/03/2000,
collateralized by $1,430,000
U.S. Treasury Note, 6.625%,
maturing 4/30/2002
(value $1,449,662) 1,421,000
----------
TOTAL INVESTMENTS
(Cost $64,203,171*) 99.0% 67,373,432
OTHER ASSETS AND
LIABILITIES (NET) 1.0 684,798
------- -------------
NET ASSETS 100.0% $ 68,058,230
======= =============
</TABLE>
----------------------
* Aggregate cost for Federal tax purposes.
** Securities pledged as collateral for futures contracts.
+ Non-income producing security.
++ Rate represents annualized yield at date of purchase.
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements
40
<PAGE> 111
Munder Institutional Short Term Treasury Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
PRINCIPAL
AMOUNT VALUE
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
U.S. TREASURY OBLIGATIONS -- 94.9%
U.S. TREASURY NOTES -- 94.9%
$ 8,700,000 6.125% due 07/31/2000 $ 8,702,723
6,900,000 6.000% due 08/15/2000 6,900,000
6,900,000 5.375% due 02/15/2001 6,854,722
2,000,000 6.375% due 03/31/2001 1,997,500
7,700,000 6.500% due 05/31/2001 7,702,410
7,700,000 6.625% due 06/30/2001 7,712,035
2,700,000 6.625% due 07/31/2001 2,704,220
7,800,000 6.500% due 08/31/2001 7,800,000
5,800,000 6.250% due 10/31/2001 5,780,066
10,200,000 7.500% due 11/15/2001 10,330,693
7,000,000 6.125% due 12/31/2001 6,960,625
7,000,000 6.250% due 02/28/2002 6,977,529
7,000,000 6.625% due 03/31/2002 7,013,125
4,000,000 6.500% due 05/31/2002 4,002,500
6,700,000 6.250% due 06/30/2002 6,676,972
6,700,000 6.250% due 08/31/2002 6,674,875
4,000,000 5.625% due 12/31/2002 3,928,752
3,000,000 6.250% due 02/15/2003 2,991,564
3,800,000 5.500% due 02/28/2003 3,718,064
-------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $115,259,785) 115,428,375
-------------
REPURCHASE AGREEMENT -- 3.8%
(Cost $4,582,572)
4,582,572 Agreement with Lehman Brothers Holdings, Inc.,
6.550% dated 06/30/2000, to be repurchased at
$4,585,074 on 07/03/2000, collateralized by
$4,715,000 U.S. Treasury Note, 5.870%
maturing 11/15/2004 (value $4,674,469) 4,582,572
-------------
TOTAL INVESTMENTS (Cost $119,842,357*) 98.7% 120,010,947
OTHER ASSETS AND LIABILITIES (NET) 1.3 1,534,743
------- -------------
NET ASSETS 100.0% $ 121,545,690
======= =============
</TABLE>
-------------------------
* Aggregate cost for Federal tax purposes.
See Notes to Financial Statements
41
<PAGE> 112
Munder Institutional Money Market Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
RATING
PRINCIPAL ------
AMOUNT S&P MOODY'S VALUE
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CERTIFICATE OF DEPOSIT -- 14.1%
$ 5,000,000 Bayerische Hypo-Und Vereinsbank AG
6.710% due 02/13/2001+ A1/A+ P1/Aa3 $ 4,998,820
5,000,000 Canadian Imperial Commerce Bank
7.030% due 06/21/2001 A1+/AA- P1/Aa3 5,000,000
5,000,000 Deutsche Bank AG
6.710% due 03/19/2001+ A1+/AA P1/Aa3 4,998,093
5,000,000 Union Bank of California
6.780% due 09/05/2000+ A2/A- P1/A1 5,000,000
------------
TOTAL CERTIFICATE OF DEPOSIT
(Cost $19,996,913) 19,996,913
------------
COMMERCIAL PAPER -- 56.3%
5,000,000 AT&T Corporation
6.640% due 06/14/2001 A1+/AA P1/A1 5,000,000
5,000,000 Block Financial Corporation
6.630% due 07/31/2000+ A1/NR P1/A3 4,972,375
5,000,000 Blue Ridge Asset Funding
6.370% due 07/19/2000+ A1/NR P1/NR 4,984,075
5,000,000 Dow Chemical Co.
6.900% due 07/05/2000 A1/A P1/A1 4,996,167
5,000,000 Enterprise Funding Corporation
6.650% due 08/17/2000 A1+/NR P1/NR 4,956,590
5,000,000 Fleet Funding Corporation
6.580% due 07/17/2000+ A1+/NR P1/NR 4,985,378
5,000,000 General Electric Capital Corporation
6.540% due 08/29/2000+ A-1+ PRIM1 4,946,408
5,000,000 Golden Funding Corporation
6.140% due 07/28/2000**, +++ A1+/NR P1/NR 4,976,975
5,000,000 Heller Financial, Inc.
6.670% due 08/14/2000+++ A2/A- P2/A3 4,959,239
5,000,000 Koch Industries, Inc.
6.890% due 07/03/2000** A1+/AA+ P1/NR 4,998,086
5,000,000 Lexington Parker Capital Corporation
6.530% due 07/07/2000+, +++ A1/NR NR/NR 4,994,559
5,000,000 Liberty Street Funding Corporation
6.660% due 09/18/2000+ A1/NR P1/NR 4,926,925
5,000,000 Moat Funding LLC
6.650% due 08/11/2000+, +++ A1+/NR P1/NR 4,962,132
5,000,000 Receivables Funding Corporation
6.610% due 07/13/2000+ A1/NR P1/NR 4,988,983
5,000,000 Superior Funding Capital
6.600% due 08/01/2000** A1+/NR P1/NR 4,971,583
5,000,000 Tribune Company
6.600% due 07/20/2000** A1/A P1/A2 4,982,583
------------
TOTAL COMMERCIAL PAPER
(Cost $79,602,058) 79,602,058
------------
</TABLE>
See Notes to Financial Statements
42
<PAGE> 113
Munder Institutional Money Market Fund
Portfolio of Investments, June 30, 2000 (Unaudited)
(Continued)
-----------------------------------------------------------------
<TABLE>
<CAPTION>
RATING
PRINCIPAL ------
AMOUNT S&P MOODY'S VALUE
------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CORPORATE NOTES -- 17.7%
$ 5,000,000 Associates Corporation of North America
6.550% due 06/16/2001 A1+/A+ P1/Aa3 $ 4,997,756
5,000,000 Beta Finance, Inc.
6.644% due 03/02/2001 A1+/AAA P1/NR 5,000,000
5,000,000 GTE Corporation
6.590% due 07/27/2000++,+++ A1/A P2/Baa1 4,976,203
5,000,000 Household Finance Corporation
7.010% due 09/14/2000++ A1/A P1/A2 4,999,385
5,000,000 Keycorp
6.510% due 10/23/2000++ A2/A- P1/A2 5,000,000
-------------
TOTAL CORPORATE NOTES
(Cost $24,973,344) 24,973,344
-------------
REPURCHASE AGREEMENTS -- 8.5%
2,040,134 Agreement with Lehman Brothers, 6.550%
dated 06/30/2000, to be repurchased at
$2,041,248 on 07/03/2000, collateralized by
$1,480,000 U.S. Treasury Bond, 14.000%,
maturing 11/15/2011 (value $2,082,642) 2,040,134
10,000,000 Agreement with Solomon Brothers, 6.900%
dated 06/30/2000, to be repurchased at
$10,005,750 on 07/03/2000, collateralized by
$3,439,000 Sydney Cap. Inc., 6.495%
maturing 07/20/2000 (value $3,359,404)
and by $6,807,000 Atlantic Asset Sec., 6.495%
maturing 07/27/2000 (value $6,641,024) 10,000,000
-------------
TOTAL REPURCHASE AGREEMENTS
(Cost $12,040,134) 12,040,134
-------------
TOTAL INVESTMENTS (Cost $136,612,449*) 96.6% 136,612,449
OTHER ASSETS AND LIABILITIES (NET) 3.4 4,818,184
------- -------------
NET ASSETS 100.0% $ 141,430,633
======= =============
</TABLE>
-------------------------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
++ Variable Rate security. The interest rate shown reflects the rate currently
in effect.
+++ These securities have either a F1 rating by Fitch or a D1 rating by Duff &
Phelps, or both, and thus are defined as being eligible securities under
Rule 2a-7.
See Notes to Financial Statements
43
<PAGE> 114
Munder Institutional Funds
Statements of Assets and Liabilities, June 30, 2000 (Unaudited)
----------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
MUNDER MUNDER MUNDER MUNDER MUNDER
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL
S&P 500 S&P MIDCAP S&P SMALLCAP SHORT TERM MONEY
INDEX EQUITY INDEX EQUITY INDEX EQUITY TREASURY MARKET
FUND FUND FUND FUND FUND
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value See accompanying schedule:
Securities $121,875,897 $ 15,619,352 $ 65,952,432 $115,428,375 $124,572,315
Repurchase Agreement 2,848,000 238,000 1,421,000 4,582,572 12,040,134
------------ ------------ ------------ ------------ ------------
Total Investments 124,723,897 15,857,352 67,373,432 120,010,947 136,612,449
Cash 1,067 272 593 -- --
Receivable for Fund shares sold 2,408,762 -- 1,759,550 -- 5,223,659
Dividends receivable 94,525 7,365 28,093 -- --
Unamortized organization costs 16,105 2,807 -- -- --
Receivable for investment securities sold 12,274 3,909 2,174,070 -- --
Receivable from investment advisor 12,193 4,232 6,191 18,819 --
Variation margin 3,582 -- -- -- --
Prepaid expenses and other assets 4,970 1,396 95,506 3,374 4,087
Interest receivable 502 42 251 1,565,644 402,507
------------ ------------ ------------ ------------ ------------
Total Assets 127,277,877 15,877,375 71,437,686 121,598,784 142,242,702
------------ ------------ ------------ ------------ ------------
LIABILITIES:
Payable for investment securities purchased 3,327,457 25,844 3,266,661 -- --
Dividends payable 52,932 9,843 21,853 15,551 722,396
Custodian fees payable 13,500 7,890 37,177 996 21,161
Transfer agent fee payable 8,160 1,077 2,168 1,272 37,542
Shareholder servicing fees payable 5,042 -- 17,777 -- --
Administration fee payable 2,064 267 771 -- 2,314
Accrued Director's fees and expenses 418 19 -- 163 931
Payable upon return of securities loaned -- 3,166,368 -- -- --
Variation margin -- 3,650 -- -- --
Payable for Fund shares redeemed -- -- 31,090 -- --
Investment advisory fee payable -- -- -- 19,232 3,266
Accrued expenses and other payables 19,354 799 1,959 15,880 24,459
------------ ------------ ------------ ------------ ------------
Total Liabilities 3,428,927 3,215,757 3,379,456 53,094 812,069
------------ ------------ ------------ ------------ ------------
NET ASSETS $123,848,950 $ 12,661,618 $ 68,058,230 $121,545,690 $141,430,633
============ ============ ============ ============ ============
Investments at cost $117,870,070 $ 16,172,110 $ 64,203,171 $119,842,357 $136,612,449
============ ============ ============ ============ ============
</TABLE>
See Notes to Financial Statements
44
<PAGE> 115
Munder Institutional Funds
Statements of Assets and Liabilities, June 30, 2000 (Unaudited)
(Continued)
----------------------------------------------------------------------
<TABLE>
<CAPTION>
------------------------------------------------------------------------------
MUNDER MUNDER MUNDER MUNDER MUNDER
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL
S&P 500 S&P MIDCAP S&P SMALLCAP SHORT TERM MONEY
INDEX EQUITY INDEX EQUITY INDEX EQUITY TREASURY MARKET
FUND FUND FUND FUND FUND
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
NET ASSETS consist of:
Undistributed net investment income $ 19,405 $ 1,921 $ 8,782 $ 102,375 $ --
Accumulated net realized gain/(loss) on
investments sold and futures contracts 15,944,730 1,890,079 4,386,691 (26,812) --
Net unrealized appreciation/(depreciation) of
investments and futures contracts 6,855,391 (318,331) 3,170,261 168,590 --
Par value 9,103 1,180 5,900 12,126 141,431
Paid-in capital in excess of par value 101,020,321 11,086,769 60,486,596 121,289,411 141,289,202
------------- ------------- ------------- ------------- ------------
Total Net Assets $ 123,848,950 $ 12,661,618 $ 68,058,230 $ 121,545,690 $141,430,633
============= ============= ============= ============= ============
NET ASSETS:
Class K Shares $ 18,015,127 $ 3,272,327 $ 61,020,080 $ -- $ --
============= ============= ============= ============= ============
Class Y Shares $ 105,833,823 $ 9,389,291 $ 7,038,150 $ 121,545,690 $141,430,633
============= ============= ============= ============= ============
SHARES OUTSTANDING:
Class K Shares 1,729,416 336,497 5,288,893 -- --
============= ============= ============= ============= ============
Class Y Shares 7,373,430 843,382 610,988 12,125,757 141,430,633
============= ============= ============= ============= ============
CLASS K SHARES:
Net asset value, offering price and redemption
price per share $ 10.42 $ 9.72 $ 11.54 $ N/A $ N/A
============= ============= ============= ============= ============
CLASS Y SHARES:
Net asset value, offering price and redemption
price per share $ 14.35 $ 11.13 $ 11.52 $ 10.02 $ 1.00
============= ============= ============= ============= ============
</TABLE>
See Notes to Financial Statements
45
<PAGE> 116
Munder Institutional Funds
Statements of Operations, Period Ended June 30, 2000 (Unaudited)
-----------------------------------------------------------------------
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------
MUNDER MUNDER MUNDER MUNDER MUNDER
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL
S&P 500 S&P MIDCAP S&P SMALLCAP SHORT TERM MONEY
INDEX EQUITY INDEX EQUITY INDEX EQUITY TREASURY MARKET
FUND FUND FUND FUND(A) FUND
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest $ 80,575 $ 37,015 $ 26,576 $ 3,009,088 $ 3,890,659
Dividends (b) 761,783 66,510 169,024 -- --
Other -- 1,552 -- -- --
------------ ------------ ------------ ------------ ------------
Total investment income 842,358 105,077 195,600 3,009,088 3,890,659
------------ ------------ ------------ ------------ ------------
EXPENSES:
Custodian fees 50,083 31,563 33,875 5,779 23,802
Investment advisory fee 46,986 7,958 37,320 94,354 126,359
Transfer agent fee 19,755 1,995 6,272 4,533 23,102
Legal and audit fees 12,818 4,955 4,230 3,294 15,225
Registration and filing fees 12,188 848 4,318 8,600 2,897
Shareholder servicing fees:
Class K Shares 11,863 3,775 50,134 -- --
Administration fee 10,821 1,034 4,024 4,279 9,760
Amortization of organizational costs 3,759 585 -- 968 --
Directors' fees and expenses 2,059 149 719 580 1,725
Other 19,532 1,461 6,941 7,374 5,452
------------ ------------ ------------ ------------ ------------
Total Expenses 189,864 54,323 147,833 129,761 208,322
Fees waived and expenses reimbursed by
investment advisor (117,461) (38,845) (52,877) (18,819) (81,963)
------------ ------------ ------------ ------------ ------------
Net Expenses 72,403 15,478 94,956 110,942 126,359
------------ ------------ ------------ ------------ ------------
NET INVESTMENT INCOME 769,955 89,599 100,644 2,898,146 3,764,300
------------ ------------ ------------ ------------ ------------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS:
Net realized gain/(loss) from:
Security transactions 15,979,571 1,576,767 4,420,941 (26,812) --
Futures contracts 34,160 173,418 -- -- --
Net change in unrealized appreciation/
(depreciation) of:
Securities (19,854,541) (667,853) (630,189) 168,590 --
Futures contracts (53,516) (69,338) -- -- --
------------ ------------ ------------ ------------ ------------
Net realized and unrealized gain/(loss)
on investments (3,894,326) 1,012,994 3,790,752 141,778 --
------------ ------------ ------------ ------------ ------------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS $ (3,124,371) $ 1,102,593 $ 3,891,396 $ 3,039,924 $ 3,764,300
============ ============ ============ ============ ============
</TABLE>
-------------------------
(a) Munder Institutional Short Term Treasury Fund commenced operations on
February 2, 2000.
(b) Net of foreign withholding tax of $15 for Munder Institutional S&P 500
Index Equity Fund.
See Notes to Financial Statements
46
<PAGE> 117
Munder Institutional Funds
Statements of Changes in Net Assets, Period Ended June 30, 2000 (Unaudited)
------------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------
MUNDER MUNDER MUNDER MUNDER MUNDER
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL
S&P 500 S&P MIDCAP S&P SMALLCAP SHORT TERM MONEY
INDEX EQUITY INDEX EQUITY INDEX EQUITY TREASURY MARKET
FUND FUND FUND FUND(A) FUND
-----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net investment income $ 769,955 $ 89,599 $ 100,644 $ 2,898,146 $ 3,764,300
Net realized gain/(loss) on investments sold 16,013,731 1,750,185 4,420,942 (26,812) --
Net change in unrealized appreciation/(depreciation)
of investments (19,908,057) (737,191) (630,190) 168,590 --
------------- ------------- ------------- ------------- -------------
Net increase/(decrease) in net assets resulting from
operations (3,124,371) 1,102,593 3,891,396 3,039,924 3,764,300
Distributions to shareholders from
net investment income:
Class K Shares (78,526) (20,123) (79,386) -- --
Class Y Shares (672,024) (67,555) (12,476) (2,795,771) (3,764,300)
Net increase/(decrease) in net assets
from Fund share transactions:
Class K Shares 13,619,189 1,802,824 27,897,243 -- --
Class Y Shares (8,868,299) (651,945) (17,293,222) 121,301,537 38,895,140
------------- ------------- ------------- ------------- -------------
Net increase in net assets 875,969 2,165,794 14,403,555 121,545,690 38,895,140
NET ASSETS:
Beginning of period 122,972,981 10,495,824 53,654,675 -- 102,535,493
------------- ------------- ------------- ------------- -------------
End of period $ 123,848,950 $ 12,661,618 $ 68,058,230 $ 121,545,690 $ 141,430,633
============= ============= ============= ============= =============
Undistributed net investment income $ 19,405 $ 1,921 $ 8,782 $ 102,375 $ --
============= ============= ============= ============= =============
</TABLE>
-------------------------
(a) Munder Institutional Short Term Treasury Fund commenced operations on
February 2, 2000.
See Notes to Financial Statements
47
<PAGE> 118
Munder Institutional Funds
Statements of Changes in Net Assets, Year Ended December 31, 1999
------------------------------------------------------------------------
<TABLE>
<CAPTION>
-----------------------------------------------------------------
MUNDER MUNDER MUNDER MUNDER
INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL INSTITUTIONAL
S&P 500 S&P MIDCAP S&P SMALLCAP MONEY
INDEX EQUITY INDEX EQUITY INDEX EQUITY MARKET
FUND FUND FUND(A) FUND(B)
-----------------------------------------------------------------
<S> <C> <C> <C> <C>
Net investment income $ 974,652 $ 139,070 $ 47,750 $ 5,092,916
Net realized gain on investments sold 2,336,428 1,123,541 (34,252) --
Net change in unrealized appreciation of investments 12,570,687 92,553 3,800,451 --
------------- ------------- ------------- -------------
Net increase in net assets resulting from operations 15,881,767 1,355,164 3,813,949 5,092,916
Distributions to shareholders from net investment income:
Class K Shares (4,021) (1,098) (25,870) --
Class Y Shares (980,304) (137,971) (21,880) (5,092,916)
Distributions to shareholders in excess of net
investment income:
Class K Shares (15,549) (7,176) (841) --
Class Y Shares (59,564) (35,795) (6,347) --
Distributions to shareholders from net realized gains:
Class K Shares (80,870) (172,408) -- --
Class Y Shares (2,562,302) (1,500,344) -- --
Distributions to shareholders from capital:
Class K Shares (772) -- (226,027) --
Class Y Shares (156,379) -- (268,861) --
Net increase/(decrease) in net assets from Fund
share transactions:
Class K Shares 4,162,676 1,353,567 28,868,682 --
Class Y Shares 37,756,470 (1,211,178) 21,491,870 102,535,493
------------- ------------- ------------- -------------
Net increase in net assets 53,941,152 (357,239) 53,654,675 102,535,493
NET ASSETS:
Beginning of year 69,031,829 10,853,063 -- --
------------- ------------- ------------- -------------
End of year $ 122,972,981 $ 10,495,824 $ 53,654,675 $ 102,535,493
============= ============= ============= =============
</TABLE>
-------------------------
(a) The Munder Institutional S&P SmallCap Index Equity Fund ceased
operations on May 18, 1998. The Fund resumed operations on October 27,
1999.
(b) The Munder Institutional Money Market Fund commenced operations on
January 4, 1999.
See Notes to Financial Statements
48
<PAGE> 119
Munder Institutional S&P 500 Index Equity Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
------------------------------------------------------------------------
<TABLE>
<CAPTION>
Y SHARES
---------------------------------------------------------------
PERIOD
ENDED YEAR YEAR PERIOD
6/30/00 ENDED ENDED ENDED
(UNAUDITED)(E) 12/31/99(E) 12/31/98 12/31/97
---------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 14.51 $ 12.49 $ 10.00 $ 10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.08 0.17 0.17 0.04
Net realized and unrealized gain on investments 0.27 2.36 2.63 0.00(d)
----------- ----------- ---------- ----------
Total from investment operations 0.35 2.53 2.80 0.04
----------- ----------- ---------- ----------
LESS DISTRIBUTIONS:
Distributions from net investment income (0.19) (0.17) (0.17) (0.04)
Distributions from net realized gains (0.32) (0.32) (0.14) --
Distributions from capital -- (0.02) -- --
----------- ----------- ---------- ----------
Total distributions (0.51) (0.51) (0.31) (0.04)
----------- ----------- ---------- ----------
Net asset value, end of period $ 14.35 $ 14.51 $ 12.49 $ 10.00
=========== =========== ========== ==========
TOTAL RETURN (B) 6.78% 20.56% 28.22% 0.39%
=========== =========== ========== ==========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 105,834 $ 118,761 $ 69,032 $ 63,999
Ratio of operating expenses to average net assets 0.09%(c) 0.09% 0.09% 0.09%(c)
Ratio of net investment income to average net assets 1.17%(c) 1.26% 1.44% 1.76%(c)
Portfolio turnover 41% 10% 6% 0%
Ratio of operating expenses to average net assets
without expenses reimbursed 0.27%(c) 0.32% 0.32% 0.61%(c)
</TABLE>
----------------------
(a) Munder Institutional S&P 500 Index Equity Fund Class Y 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.
(e) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements
49
<PAGE> 120
Munder Institutional S&P MidCap Index Equity Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
---------------------------------------------------------------------------
<TABLE>
<CAPTION>
Y SHARES
-------------------------------------------------
PERIOD
ENDED YEAR YEAR
6/30/00 ENDED ENDED
(UNAUDITED)(D) 12/31/99(D) 12/31/98
-------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period $ 10.29 $ 11.09 $ 10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.08 0.16 0.11
Net realized and unrealized gain on investments 3.17 1.48 1.34
--------- --------- ----------
Total from investment operations 3.25 1.64 1.45
--------- --------- ----------
LESS DISTRIBUTIONS:
Distributions from net investment income (0.20) (0.17) (0.11)
Distributions in excess of net investment income -- (0.05) --
Distributions from net realized gains (2.21) (2.21) (0.26)
--------- --------- ----------
Total distributions (2.41) (2.43) (0.37)
--------- --------- ----------
Net asset value, end of period $ 11.13 $ 10.29 $ 11.08
========= ========= ==========
TOTAL RETURN (B) 8.87% 14.69% 15.04%
========= ========= ==========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 9,389 $ 9,264 $ 10,853
Ratio of operating expenses to average net assets 0.18%(c) 0.18% 0.18%(c)
Ratio of net investment income to average net assets 1.45%(c) 1.46% 1.20%(c)
Portfolio turnover 36% 36% 37%
Ratio of operating expenses to average net assets
without expenses reimbursed 0.81%(c) 1.04% 0.88%(c)
</TABLE>
----------------------
(a) Munder Institutional S&P MidCap Index Equity Fund Class Y commenced
operations on February 13, 1998.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements
50
<PAGE> 121
Munder Institutional S&P SmallCap Index Equity Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
---------------------------------------------------------------------------
<TABLE>
<CAPTION>
Y SHARES
---------------------------------------------------------------
PERIOD
ENDED YEAR YEAR PERIOD
6/30/00 ENDED ENDED ENDED
(UNAUDITED)(D) 12/31/99(D) 12/31/98 12/31/97
---------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.91 $ 10.00 $ 10.23 $ 10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.03 0.02 0.02 0.04
Net realized and unrealized gain on investments 0.74 1.02 0.84 0.26
--------- ---------- --------- ---------
Total from investment operations 0.77 1.04 0.86 0.30
--------- ---------- --------- ---------
LESS DISTRIBUTIONS:
Distributions from net investment income (0.16) (0.01) -- (0.04)
Distributions from capital -- (0.12) (0.04) (0.03)
--------- ---------- --------- ---------
Total distributions (0.16) (0.13) (0.04) (0.07)
--------- ---------- --------- ---------
Net asset value, end of period $ 11.52 $ 10.91 $ 11.05(e) $ 10.23
========= ========== ========= =========
TOTAL RETURN (B) 17.30% 10.50% 8.41% 3.00%
========= ========== ========= =========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 7,038 $ 22,834 -- $ 2,559
Ratio of operating expenses to average net assets 0.18%(c) 0.18%(c) 0.18%(f) 0.18%(c)
Ratio of net investment income to average net assets 0.60%(c) 1.14%(c) 0.52%(f) 0.80%(c)
Portfolio turnover 67% 3% 17% 8%
Ratio of operating expenses to average net assets
without expenses reimbursed 0.39%(c) 0.52%(c) 4.53%(f) 3.88%(c)
</TABLE>
----------------------
(a) Munder Institutional S&P 500 SmallCap Index Equity Fund commenced
operations on August 7, 1997. The Fund ceased investment operations on May
18, 1998 and resumed operations on October 27, 1999.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
(e) Reflects the net asset value on May 18, 1998.
(f) Annualized based on the activity of the Fund through May 18, 1998.
See Note to Financial Statements
51
<PAGE> 122
Munder Institutional Short Term Treasury Fund (a)
Financial Highlights, For a Share Outstanding Throughout The Period
--------------------------------------------------------------------------
<TABLE>
<CAPTION>
Y SHARES
------------
PERIOD
ENDED
6/30/00
(UNAUDITED)
------------
<S> <C>
Net asset value, beginning of period $ 10.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.25
Net realized and unrealized gain on investments 0.01
-----------
Total from investment operations 0.26
-----------
LESS DISTRIBUTIONS:
Distributions from net investment income (0.24)
-----------
Total distributions (0.24)
-----------
Net asset value, end of period $ 10.02
===========
TOTAL RETURN (B) 2.63%
===========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 121,546
Ratio of operating expenses to average net assets 0.19%(c)
Ratio of net investment income to average net assets 5.03%(c)
Portfolio Turnover 0%(d)
Ratio of operating expenses to average net assets
without expenses reimbursed 0.23%(c)
</TABLE>
----------------------
(a) Munder Institutional Short Term Treasury Fund Class Y commenced operations
on February 2, 2000.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Amount represents less than 1%.
See Notes to Financial Statements
52
<PAGE> 123
Munder Institutional Money Market Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
---------------------------------------------------------------------------
<TABLE>
<CAPTION>
Y SHARES
-----------------------------
PERIOD
ENDED PERIOD
6/30/00 ENDED
(UNAUDITED) 12/31/99
-----------------------------
<S> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00
INCOME FROM INVESTMENT OPERATIONS:
Net investment income 0.030 0.050
------------ ----------
Total from investment operations 0.030 0.050
------------ ----------
LESS DISTRIBUTIONS:
Distributions from net investment income (0.030) (0.050)
------------ ----------
Total distributions (0.030) (0.050)
------------ ----------
Net asset value, end of period $ 1.00 $ 1.00
============ ==========
TOTAL RETURN (B) 2.99% 5.09%
============ ==========
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's) $ 141,431 $ 102,535
Ratio of operating expenses to average net assets 0.20%(c) 0.20%(c)
Ratio of net investment income to average net assets 5.96%(c) 4.99%(c)
Ratio of operating expenses to average net assets
without expenses reimbursed 0.33%(c) 0.37%(c)
</TABLE>
----------------------
(a) Munder Institutional Money Market Fund Class Y commenced operations on
January 4, 1999.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
See Notes to Financial Statements
53
<PAGE> 124
The Munder Institutional Funds
Notes To Financial Statements, June 30, 2000
--------------------------------------------------------------
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The Munder Institutional S&P 500 Index Equity Fund, the Munder
Institutional S&P MidCap Index Equity Fund, the Munder Institutional S&P
SmallCap Index Equity Fund, the Munder Institutional Short Term Treasury Fund
and the Munder Institutional Money Market Fund (individually a "Fund" and
collectively the "Funds") are diversified portfolios of St. Clair Funds, Inc.
(the "Company") which is registered under the Investment Company Act of 1940, as
amended (the "1940 Act"), as an open-end management investment company.
The Funds offer two classes of shares -- Class K and Class Y Shares. At
June 30, 2000 the Class K Shares of the Munder Institutional Short Term Treasury
Fund and the Munder Institutional Money Market Fund had not yet commenced
operations. The Financial Highlights of Class K Shares of the Funds are
presented in a separate annual report.
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") or World Asset Management ("World"), a wholly
owned subsidiary of Munder Capital Management, and under certain circumstances
by a pricing committee, under the guidelines approved by supervision of the
Board of Directors. Debt securities with remaining maturities of 60 days or less
at the time of purchase are valued on an amortized cost basis, unless the Board
of Directors determines that such valuation does not constitute fair value at
that time. Debt securities held by the Munder Institutional Money Market Fund
are also valued on an amortized cost basis, which approximates current market
value. Thereafter, a constant proportionate amortization of any discount or
premium is recorded until maturity of the security. Regular review and
monitoring of the valuation of securities held by the Munder Institutional Money
Market Fund is performed pursuant to procedures established by the Board of
Directors. The Munder Institutional Money Market Fund seeks to maintain a net
asset value per share of $1.00.
Futures Contracts: Each of the Funds (except Munder Institutional Short
Term Treasury Fund and Munder Institutional Money Market 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 a 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. A 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 a
Fund may not be able to enter into a closing transaction because of an illiquid
secondary market.
Repurchase Agreements: Each of the Funds may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, a Fund takes
possession of an underlying debt obligation subject to an obligation of the
54
<PAGE> 125
The Munder Institutional Funds
Notes To Financial Statements, June 30, 2000
(Continued)
--------------------------------------------------------------
seller to repurchase, and a Fund to resell, the obligation at an agreed-upon
price and time, thereby determining the yield during a Fund's holding period.
This arrangement results in a fixed rate of return that is not subject to market
fluctuations during a 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, a fund has the right
to use the collateral to satisfy the terms of the repurchase agreement. However,
there could be potential loss to a fund in the event a 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 a fund seeks to assert its rights. The
Advisor or World, acting under the guidelines approved by the Board of
Directors, reviews the value of the collateral and the creditworthiness of those
banks and dealers with which 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 a Fund will be paid a premium for the loan. This
income is reflected as other income in the Statement of Operations. If the
borrower defaults and the value of the portfolio securities increases in excess
of the collateral received or if bankruptcy proceedings commence with respect to
the borrower of the security, realization of the value of the securities loaned
may be delayed or limited.
Security Transactions and Investment Income: Security transactions are
recorded on the trade date. The cost of investments sold is determined by use of
the specific identification method for both financial reporting and income tax
purposes. Interest income is recorded on the accrual basis. General expenses of
the Funds are allocated to each Fund based on relative net assets of each Fund.
Dividends and Distributions to Shareholders: Dividends from net investment
income are declared and paid at least quarterly by the Funds. Capital gains
distributions, if any, will be made at least annually. Distributions to
shareholders are recorded on the ex-dividend date.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally accepted
accounting principles. These differences are primarily due to differing
treatments of certain expenses and income and gains on various investment
securities held by a Fund, timing differences and differing characterization of
distributions made by a Fund as a whole.
As determined at December 31, 1999, 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.
55
<PAGE> 126
The Munder Institutional Funds
Notes To Financial Statements, June 30, 2000
(Continued)
--------------------------------------------------------------
2. INVESTMENT ADVISORS AND OTHER RELATED PARTY TRANSACTIONS
For its advisory services, World is entitled to receive from each Fund, a
fee, computed daily and payable monthly, based on the average daily net assets
of the respective Fund, at the following annual rates:
<TABLE>
<CAPTION>
FEES ON AVERAGE
DAILY NET ASSETS
----------------
<S> <C>
Munder Institutional S&P 500 Index Equity Fund 0.07%
Munder Institutional S&P MidCap Index Equity Fund 0.15%
Munder Institutional S&P SmallCap Index Equity Fund 0.15%
</TABLE>
For its advisory services, the Advisor is entitled to receive from the
Fund, a fee, computed daily and payable monthly, based on the average daily net
assets of the Fund, at the following annual rate:
<TABLE>
<CAPTION>
FEES ON AVERAGE
DAILY NET ASSETS
----------------
<S> <C>
Munder Institutional Short Term Treasury 0.20%
Munder Institutional Money Market Fund 0.20%
</TABLE>
The Advisor or World voluntarily waived fees and reimbursed certain
expenses, payable by the Funds, for the period ended June 30, 2000, as follows:
<TABLE>
<CAPTION>
EXPENSES
FEES WAIVED REIMBURSED
----------- ----------
<S> <C> <C>
Munder Institutional S&P 500 Index Equity Fund $ 46,911 $ 70,474
Munder Institutional S&P MidCap Index Equity Fund 9,659 30,887
Munder Institutional S&P SmallCap Index Equity Fund 37,344 15,557
Munder Institutional Short Term Treasury - 18,819
Munder Institutional Money Market Fund - 81,963
</TABLE>
Comerica Inc. ("Comerica") through its wholly owned subsidiary Comerica
Bank, owns approximately 95% of the Advisor. Comerica provides certain
shareholder services to the Funds. As compensation for the shareholder services
provided to the Funds, Comerica receives a fee of 0.01% of the aggregate average
daily net assets of the Funds beneficially owned by Comerica and its customers.
Comerica earned $18,946 for its shareholder services to the Funds for the period
ended June 30, 2000.
Each Director of the Company is paid an aggregate fee for services provided
as a Board member of the Company, The Munder Funds Trust, The Munder Funds,
Inc., and The Munder Framlington Funds Trust. The fee consists of a $35,000
annual retainer ($43,750 for the Chairman) for services in such capacity plus
$3,500 for each Board meeting attended, plus out-of-pocket expenses related to
attendance at such meeting. No officer, director or employee of the Advisor,
World or Comerica received any compensation from the Company.
3. SECURITIES TRANSACTIONS
For the period ended June 30, 2000, 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 $ 59,300,332 $ 53,949,617
Munder Institutional S&P MidCap Index Equity Fund 6,511,584 4,219,465
Munder Institutional S&P SmallCap Index Equity Fund 42,211,875 33,377,570
</TABLE>
56
<PAGE> 127
The Munder Institutional Funds
Notes To Financial Statements, June 30, 2000
(Continued)
--------------------------------------------------------------
At June 30, 2000, aggregate gross unrealized appreciation for all
securities for which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities for which there was an excess
of tax cost over value for Federal income tax purposes was as follows:
<TABLE>
<CAPTION>
TAX BASIS TAX BASIS
UNREALIZED UNREALIZED
APPRECIATION DEPRECIATION
------------ ------------
<S> <C> <C>
Munder Institutional S&P 500 Index Equity Fund $ 16,274,805 $ 9,420,984
Munder Institutional S&P MidCap Index Equity Fund 1,694,425 2,009,173
Munder Institutional S&P SmallCap Index Equity Fund 7,785,611 4,615,301
</TABLE>
4. ORGANIZATION COSTS
Expenses incurred prior to June 30, 1998 in connection with the
organization of the Funds, including the fees and expenses of registering and
qualifying its shares for distribution under Federal securities regulations,
have been capitalized and are being amortized on a straight-line basis over a
period of 5 years from commencement of operations.
5. COMMON STOCK
At June 30, 2000, twenty-five million for the Munder Institutional Short
Term Treasury Fund and five billion shares for the Munder Institutional Money
Market Fund of $0.001 par value common stock were authorized for the Class Y
Shares of the Funds. Changes in common stock were as follows:
MUNDER INSTITUTIONAL S&P 500 INDEX EQUITY FUND
CLASS Y SHARES
<TABLE>
<CAPTION>
PERIOD ENDED YEAR ENDED
6/30/00 12/31/99
---------------------------------- --------------------------------
SHARES AMOUNT SHARES AMOUNT
------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold 3,970,355 $ 57,002,763 3,085,258 $ 43,488,605
Issued as reinvestment of dividends 412 6,134 70,004 977,253
Redeemed (4,783,655) (65,877,196) (496,466) (6,709,388)
-------------- -------------- -------------- --------------
Net increase/(decrease) (312,888) $ (8,868,299) 2,658,796 $ 37,756,470
============== ============== ============== ==============
</TABLE>
MUNDER INSTITUTIONAL S&P MIDCAP INDEX EQUITY FUND
CLASS Y SHARES
<TABLE>
<CAPTION>
PERIOD ENDED YEAR ENDED
6/30/00 12/31/99
---------------------------------- --------------------------------
SHARES AMOUNT SHARES AMOUNT
------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold 47,318 $ 517,015 182,028 $ 1,789,092
Issued as reinvestment of dividends - - - -
Redeemed (104,106) (1,658,960) (261,425) (3,000,270)
-------------- --------------- -------------- --------------
Net decrease (56,788) $ (651,945) (79,397) $ (1,211,178)
============== ============== ============== ==============
</TABLE>
MUNDER INSTITUTIONAL S&P SMALLCAP INDEX EQUITY FUND
CLASS Y SHARES
<TABLE>
<CAPTION>
PERIOD ENDED PERIOD ENDED
6/30/00 12/31/99 (A)
---------------------------------- --------------------------------
SHARES AMOUNT SHARES AMOUNT
------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold 582,702 $ 6,570,333 2,067,432 $ 21,231,621
Issued as reinvestment of dividends - - 25,715 260,249
Redeemed (2,064,862) (23,863,555) - -
-------------- -------------- -------------- --------------
Net increase/(decrease) (1,482,160) $ (17,293,222) 2,093,147 $ 21,491,870
============== ============== ============== ==============
</TABLE>
---------------
(a) Munder Institutional S&P SmallCap Index Equity Fund Class Y
commenced operations on August 7, 1997. The Fund ceased
investment operations on May 18, 1998 and resumed operations on
October 27, 1999.
57
<PAGE> 128
The Munder Institutional Funds
Notes To Financial Statements, June 30, 2000
(Continued)
--------------------------------------------------------------
MUNDER INSTITUTIONAL SHORT TERM TREASURY FUND
CLASS Y SHARES
<TABLE>
<CAPTION>
PERIOD ENDED
6/30/00 (A)
--------------------------------
SHARES AMOUNT
------ ------
<S> <C> <C>
Sold 11,850,664 $ 118,549,160
Issued as reinvestment of dividends 275,093 2,752,377
Redeemed - -
-------------- --------------
Net increase 12,125,757 $ 121,301,537
============== ==============
</TABLE>
---------------
(a) Munder Institutional Short Term Treasury Fund commenced
operations on February 2, 2000.
MUNDER INSTITUTIONAL MONEY MARKET FUND
Since the Fund has sold, issued as reinvestment of dividends and redeemed
shares only at a constant net asset value of $1.00 per share, the number
of shares represented by such sales, reinvestments, and redemptions is the
same as the amounts shown below for such transactions.
<TABLE>
<CAPTION>
PERIOD ENDED PERIOD ENDED
CLASS Y SHARES 6/30/00 12/31/99 (A)
--------------- ---------------
AMOUNT AMOUNT
------ ------
<S> <C> <C>
Sold $ 125,813,884 $ 206,839,370
Issued as reinvestment of dividends - -
Redeemed (86,918,744) (104,303,877)
--------------- ----------------
Net increase $ 38,895,140 $ 102,535,493
=============== ===============
</TABLE>
--------------
(a) Munder Institutional Money Market Fund commenced operations on
January 4, 1999.
58
<PAGE> 129
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
OFFICERS
James C. Robinson, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Michael T. Monahan, Vice President
Mary Ann Shumaker, Assistant Secretary
Libby E. Wilson, Assistant Secretary and Treasurer
Bradford E. Smith, Assistant Treasurer
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
PFPC Global Fund Services
4400 Computer Drive
Westborough, MA 01581
ADMINISTRATOR & CUSTODIAN
State Street Bank & Trust Company
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
LEGAL COUNSEL
Dechert
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
The Munder Funds
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SANNINSTIY600
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc. [UNION LOGO]
