(OUTSIDE FRONT COVER)
Annual Report
LIQUIDITY PLUS MONEY MARKET FUND
DECEMBER 31, 1999
(INSIDE FRONT COVER)
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 year.
Our goal with this Fund is to provide shareholders with a competitive
money market return consistent with maintaining stability of principal. I am
pleased to report that the fund continues to meet its goals. Given the
historically low spreads in yields, we have chosen to keep the portfolio
fairly short in order to position the Fund to capitalize on a broadening out
of the market if and when it occurs. As you are no doubt aware, that
broadening out occurred early this year, and in fact we saw several increases
by the Federal Reserve in short term rates in 1999 and again here recently in
February 2000.
If you have any questions, please call the Fund at 1-800-4MUNDER, or
call your financial advisor. You may also contact us through our website at
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/ Jim Robinson
Jim Robinson, CEO
Munder Capital Management
<TABLE>
<CAPTION>
Liquidity Plus Money Market Fund
Portfolio of Investments, December 31, 1999
Principal Rating (Unaudited)
Amount S&P Moody's Value
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C>
CERTIFICATE OF DEPOSIT -- 9.1%
$3,000,000 Barclays Bank Plc
5.610% due 06/14/2000** A1+/AA P1/Aa2 $ 2,999,480
3,000,000 Deutsche Bank AG
5.150% due 03/17/2000** A1+/AA P1/Aa3 3,000,000
4,000,000 Rabobank Nederland
6.000% due 08/16/2000** A1+/AAA P1/Aaa 3,998,084
---------------
TOTAL CERTIFICATE OF DEPOSIT
(Cost $9,997,564) 9,997,564
---------------
COMMERCIAL PAPER -- 56.3%
4,000,000 Assets Securitization Cooperative Corporation
6.000% due 01/27/2000** A1+/NR P1/NR 3,982,667
3,000,000 Beta Finance, Inc.
5.170% due 03/03/2000** A1+/AAA P1/NR 2,973,288
5,000,000 Blue Ridge Asset Funding
6.500% due 01/18/2000** A1/NR P1/NR 4,984,653
5,000,000 Corporate Receivables Corporation
6.020% due 01/19/2000** A1+/NR P1/NR 4,984,950
5,000,000 CXC, Inc.
6.030% due 01/26/2000** A1+/NR P1/NR 4,979,062
5,000,000 Falcon Asset Securitization
6.150% due 01/13/2000** A1/NR P1/NR 4,989,750
5,000,000 Finova Capital Corporation
5.850% due 01/24/2000**, ++ A2/A- P2/Baa1 4,981,312
5,000,000 FPL Group Capital, Inc.
5.420% due 01/13/2000** A1/A+ P1/A2 4,990,967
5,000,000 Lexington Parker Capital Corporation
6.010% due 01/28/2000**, ++ A1/NR NR/NR 4,977,463
5,000,000 Moat Funding LLC
6.250% due 02/23/2000** NR/NR P1/NR 4,953,993
5,000,000 Monte Rosa Capital Corporation
5.870% due 02/24/2000** A1+/NR P1/NR 4,955,975
5,000,000 Receivables Capital Corporation
6.300% due 01/12/2000** A1+/NR P1/NR 4,990,375
5,000,000 Sony Capital Corporation
5.830% due 01/31/2000** A1/A+ P1/Aa3 4,975,708
---------------
TOTAL COMMERCIAL PAPER
(Cost $61,720,163) 61,720,163
---------------
CORPORATE BONDS AND NOTES -- 7.3%
3,000,000 GTE Corporation
6.155% due 06/12/2000+, ++ A1/A P2/Baa1 2,999,140
5,000,000 Household Finance Corporation
5.220% due 09/14/2000+ A1/A P1/A2 4,997,894
---------------
TOTAL CORPORATE BONDS AND NOTES
(Cost $7,997,034) 7,997,034
---------------
<S> <C> <C>
Principal
Amount
- ---------
REPURCHASE AGREEMENTS -- 27.8%
$25,404,147 Agreement with Lehman Brothers Holdings, Inc.,
3.000% dated 12/31/1999, to be repurchased at
$25,410,498, on 01/03/2000, collateralized by
$25,715,000 U.S. Treasury Note, 5.500%,
maturing 08/31/2001 (value $25,907,711) 25,404,147
5,000,000 Agreement with State Street Bank and Trust Company,
3.300% dated 12/31/1999, to be repurchased at $5,001,375
on 01/03/2000, collateralized by $4,970,000 U.S. Treasury Note,
6.375%, maturing 08/15/2002 (value $5,100,463) 5,000,000
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $30,404,147) 30,404,147
---------------
TOTAL INVESTMENTS (Cost $110,118,908*) 100.5% 110,118,908
OTHER ASSETS AND LIABILITIES (Net) (0.5) (568,145)
----- ---------------
NET ASSETS 100.0% $ 109,550,763
===== ===============
<FN>
- --------------------
* 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 eligible securities under
Rule 2a-7.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Liquidity Plus Money Market Fund
Statement of Assets and Liabilities, December 31, 1999
<S> <C>
ASSETS:
Investments, at value (Cost $110,118,908)
See accompanying schedule:
Securities............................................... $ 79,714,761
Repurchase agreements.................................... 30,404,147
---------------
Total investments............................................... 110,118,908
Interest receivable............................................. 336,781
Unamortized organization costs.................................. 8,345
Prepaid expenses................................................ 5,270
---------------
Total Assets................................................ 110,469,304
---------------
LIABILITIES:
Payable for Fund shares redeemed................................ 799,524
Distribution and shareholder servicing fees payable............. 32,254
Investment advisory fee payable................................. 32,242
Administration fee payable...................................... 11,413
Transfer agent fee payable...................................... 5,130
Custodian fees payable.......................................... 3,647
Accrued Directors' fees and expenses............................ 610
Accrued expenses and other payables............................. 33,721
---------------
Total Liabilities........................................... 918,541
---------------
NET ASSETS...................................................... $ 109,550,763
===============
NET ASSETS consist of:
Accumulated net realized loss on investments sold............... (123)
Par value....................................................... 109,551
Paid-in capital in excess of par value.......................... 109,441,335
---------------
Total Net Assets............................................ $ 109,550,763
===============
NET ASSET VALUE, offering and redemption price per share
($109,550,763 / 109,550,886 shares outstanding)............. $ 1.00
===============
See Notes to Financial Statements.
</TABLE>
3
<TABLE>
<CAPTION>
Liquidity Plus Money Market Fund
Statement of Operations, Year Ended December 31, 1999
<S> <C>
INVESTMENT INCOME:
Interest........................................................ $ 5,007,034
---------------
Total investment income..................................... 5,007,034
---------------
EXPENSES:
Distribution and shareholder servicing fees..................... 334,228
Investment advisory fee......................................... 334,228
Administration fee.............................................. 100,284
Transfer agent fee.............................................. 38,339
Legal and audit fees............................................ 26,197
Registration and filing fees.................................... 23,478
Custodian fees.................................................. 23,353
Amortization of organizational costs............................ 3,640
Directors' fees and expenses.................................... 3,360
Other........................................................... 32,786
---------------
Total Expenses.............................................. 919,893
---------------
NET INVESTMENT INCOME........................................... 4,087,141
---------------
NET REALIZED LOSS ON INVESTMENTS:
Net realized loss from security transactions.................... (123)
---------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS............ $ 4,087,018
===============
<FN>
See Notes to Financial Statements.
</TABLE>
4
<TABLE>
<CAPTION>
Liquidity Plus Money Market Fund
Statements of Changes in Net Assets
Year Ended Year Ended
12/31/99 12/31/98
---------- ----------
<S> <C> <C>
Net investment income........................................ $ 4,087,141 $ 3,068,557
Net realized loss on investments sold........................ (123) -
--------------- ---------------
Net increase in net assets resulting from operations......... 4,087,018 3,068,557
Distributions to shareholders from net investment income..... (4,087,141) (3,068,557)
Net increase in net assets from Fund share transactions...... 32,586,176 20,328,993
--------------- ---------------
Net increase in net assets................................... 32,586,053 20,328,993
NET ASSETS:
Beginning of year............................................ 76,964,710 56,635,717
--------------- ---------------
End of year.................................................. $ 109,550,763 $ 76,964,710
=============== ===============
<FN>
See Notes to Financial Statements.
</TABLE>
5
<TABLE>
<CAPTION>
Liquidity Plus Money Market Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
Year Year Period
Ended Ended Ended
12/31/99 12/31/98 12/31/97
-------- -------- --------
<S> <C> <C> <C>
Net asset value, beginning of period ............... $ 1.00 $ 1.00 $ 1.00
------------ ------------ ------------
Income from investment operations:
Net investment income .............................. 0.043 0.050 0.030
------------ ------------ ------------
Total from investment operations ................... 0.043 0.050 0.030
------------ ------------ ------------
Less distributions:
Distributions from net investment income ........... (0.043) (0.050) (0.030)
------------ ------------ ------------
Total distributions ................................ (0.043) (0.050) (0.030)
------------ ------------ ------------
Net asset value, end of period ..................... $ 1.00 $ 1.00 $ 1.00
============ ============ ============
Total return (b) ................................... 4.35% 4.68% 2.59%
============ ============ ============
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 109,551 $ 76,965 $ 56,636
Ratio of operating expenses to average net assets .. 0.96% 0.97% 0.86% (c)
Ratio of net investment income to average net assets 4.28% 4.58% 4.29% (c)
Ratio of operating expenses to average net assets
without expenses reimbursed ................... 0.96% 0.97% 0.86% (c)
<FN>
- ---------
(a) The Liquidity Plus Money Market Fund commenced operations on
June 4, 1997.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
See Notes to Financial Statements.
</TABLE>
6
Liquidity Plus Money Market Fund
Notes To Financial Statements, December 31, 1999
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.
7
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.
Comerica Inc. ("Comerica") through its wholly owned subsidiary Comerica
Bank, owns approximately 88% of the Advisor. Comerica provides certain
shareholder services to the Funds. As compensation for the shareholder
services provided to the Funds, Comerica receives a fee of 0.01% of the
aggregate average daily net assets of the Funds beneficially owned by
Comerica and its customers. Comerica did not earn any fees for its
shareholder services to the Fund for the year ended December 31, 1999.
Each Director of the Company is paid an aggregate fee for services
provided as a Board member of the Company, The Munder Funds Trust, The Munder
Funds, Inc., and The Munder Framlington Funds Trust. The fee consists of a
$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 year ended December 31, 1999, the
Distributor paid $678 and $163 to Comerica Securities and LPM, respectively,
for shareholder services provided to the Fund.
4. Common Stock
At December 31, 1999, two billion shares of $.001 par value common stock
were authorized for the Fund.
Since the Fund has sold, issued as reinvestment of dividends and
redeemed shares only at a constant net asset value of $1.00 per share, the
number of shares represented by such sales, reinvestments, and redemptions is
the same as the amounts shown below for such transactions.
Changes in common stock for the Fund were as follows:
Year Ended Year Ended
12/31/99 12/31/98
Amount Amount
---------- ----------
Sold ................................ $ 166,753,061 $ 90,654,240
Issued as reinvestment of dividends . 4,086,573 3,307,082
Redeemed ............................ (138,253,458) (73,632,329)
------------- -------------
Net increase ........................ $ 32,586,176 $ 20,328,993
============= =============
8
5. Organizational Costs
Expenses incurred prior to June 30, 1998 in connection with the
organization of the Fund, including the fees and expenses of registering and
qualifying its shares for distribution under Federal securities regulations,
have been capitalized and are being amortized on a straight-line basis over a
period of 5 years from commencement of operations.
9
Report of Ernst & Young LLP, Independent Auditors
To the Board of Directors and Shareholders of
St. Clair Funds, Inc, and
Shareholders of
Liquidity Plus Money Market Fund
We have audited the accompanying statement of assets and liabilities,
including the portfolio of investments, of the Liquidity Plus Money Market
Fund (the "Fund") (one of the portfolios constituting St. Clair Funds, Inc),
as of December 31, 1999, the related statement of operations for the year
then ended, the statement of changes in net assets for each of the two years
in the period then ended, and the financial highlights for each of the
periods indicated therein. These financial statements and financial
highlights are the responsibility of the Fund's management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits
We conducted our audits in accordance with auditing standards generally
accepted in the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements and financial highlights. Our
procedures included confirmation of securities owned as of December 31, 1999,
by correspondence with the custodian and brokers or other appropriate
auditing procedures where replies from brokers were not received. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Liquidity Plus Money Market Fund of St. Clair Funds, Inc. at December 31,
1999, the results of its operations for the year then ended, the changes in
net assets for each of the two years in the period then ended, and the
financial highlights for each of the periods indicated therein, in conformity
with accounting principles generally accepted in the United States.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 15, 2000
10
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Lee Munder
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Michael T. Monahan, Vice President
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Mary Ann Schumaker, Assiatant Secretary
Libby E. Wilson, Secretary and Assistant Treasurer
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
PFPC Global Fund Services
211 South Gulph Road
King of Prussia, PA 19406-3101
ADMINISTRATOR & CUSTODIAN
State Street Bank & Trust Company
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
(OUTSIDE BACK COVER)
ANNSTCLI1299
F001cstc
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
(OUTSIDE FRONT COVER)
CLASS K SHARES
Annual
Report
DECEMBER 31, 1999
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
"These funds were
created with the special
needs and benefits of
the large institutional
investor in mind."
The Munder Funds
Letter to shareholders
Dear fellow 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 operations of the Funds.
These funds were created with the special needs and benefits of the
large institutional investor in mind. Each one of these funds is managed in
the same manner as their sister retail fund, but because of the institutional
shareholder focus, we are able to offer these funds to you with a
significantly lower expense ratio. We are pleased that you have chosen The
Munder Funds for your investment purchases.
If you have any questions, please call the Fund at 1-800-4MUNDER, or
call your financial advisor. You may also contact us through our website at
www.munder.com. Thank you very much for your confidence in Munder Capital
Management and the Munder Family of Mutual Funds.
Very truly yours
/s/ James C. Robinson
James C. Robinson, CEO
Munder Capital Management
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, December 31, 1999
Shares Value
- ---------------------------------------------------------
COMMON STOCKS -- 97.6%
Advertising -- 0.2%
2,600 Interpublic Group of Companies,
Inc. $ 149,988
1,600 Omnicom Group, Inc. 160,000
-------------
309,988
-------------
Aerospace -- 1.2%
9,500 Boeing Company 394,844
1,900 General Dynamics Corporation 100,225
7,863 Honeywell International, Inc. 453,568
3,700 Lockheed Martin Corporation 80,937
700 Northrop Grumman Corporation 37,844
3,200 Raytheon Company, Class B 85,000
271 Teledyne Technologies, Inc. + 2,558
4,523 United Technologies Corporation 293,995
------------
1,448,971
-------------
Airlines -- 0.2%
1,600 AMR Corporation + 107,200
1,400 Delta Air Lines, Inc. 69,738
4,887 Southwest Airlines Company 79,108
900 US Airways Group, Inc. + 28,856
-------------
284,902
-------------
Apparel -- 0.2%
600 Liz Claiborne, Inc. 22,575
2,700 NIKE, Inc., Class B 133,819
600 Reebok International Ltd. + 4,912
1,100 V.F. Corporation 33,000
-------------
194,306
-------------
Automobiles -- 0.9%
11,700 Ford Motor Company 625,219
6,400 General Motors Corporation 465,200
600 Navistar International Corporation + 28,425
-------------
1,118,844
-------------
Automobile Parts and Equipment -- 0.3%
1,400 AutoZone, Inc. + 45,237
400 Cummins Engine, Inc. 19,325
1,557 Dana Corporation 46,613
1,300 Danaher Corporation 62,725
5,575 Delphi Automotive Systems
Corporation 87,806
1,700 Genuine Parts Company 42,181
800 Johnson Controls, Inc. 45,500
400 Pep Boys -- Manny, Moe & Jack 3,650
600 Snap-On, Inc. 15,938
1,100 TRW, Inc. 57,131
-------------
426,106
-------------
Banks -- 5.7%
3,700 AmSouth Bancorporation 71,456
11,330 Banc One Corporation 363,268
17,049 Bank of America Corporation 855,647
7,100 Bank of New York, Inc. 284,000
3,100 BB&T Corporation 84,863
8,200 Chase Manhattan Corporation 637,037
1,350 Comerica, Inc. 63,028
2,950 Fifth Third Bancorporation 216,456
9,468 First Union Corporation 310,669
10,081 Firstar Corporation 212,961
8,869 FleetBoston Financial Corporation 308,745
2,173 Huntington Bancshares, Inc. 51,880
4,200 KeyCorp 92,925
7,950 MBNA Corporation 216,637
5,100 Mellon Financial Corporation 173,719
1,700 Morgan (J.P.) & Company, Inc. 215,262
5,400 Morgan Stanley, Dean Witter,
Discover and Company 770,850
6,100 National City Corporation 144,494
2,000 Northern Trust Corporation 106,000
1,100 Old Kent Financial Corporation 38,913
2,800 PNC Bank Corporation 124,600
1,000 Republic New York Corporation 72,000
1,700 Southtrust Corporation 64,281
1,500 State Street Corporation 109,594
1,700 Summit Bancorp 52,063
3,100 SunTrust Banks, Inc. 213,319
2,600 Synovus Financial Corporation 51,675
7,100 U.S. Bancorp 169,069
1,900 Wachovia Corporation 129,200
5,744 Washington Mutual, Inc. 149,344
16,300 Wells Fargo & Company 659,131
-------------
7,013,086
-------------
Biotechnology -- 0.1%
900 Pe Corp-PE Biosystems Group 108,281
-------------
Broadcasting -- 1.0%
7,386 CBS Corporation + 472,242
3,100 Clear Channel Communications + 276,675
6,000 MediaOne Group, Inc. + 460,875
500 Meredith Corporation 20,844
-------------
1,230,636
-------------
Building Materials -- 1.4%
600 Centex Corporation 14,813
800 Crane Company 15,900
400 Fleetwood Enterprises 8,250
22,050 Home Depot, Inc. 1,511,803
1 Huttig Building Products, Inc. + 4
400 Kaufman & Broad Home Corporation 9,675
4,300 Masco Corporation 109,112
500 Pulte Corporation 11,250
1,000 Vulcan Materials Company 39,937
-------------
1,720,744
-------------
Business Equipment and Supplies -- 1.9%
1,100 Avery Dennison Corporation 80,163
1,500 Ikon Office Solutions 10,219
17,900 International Business Machines
Corporation 1,933,200
2,500 Pitney Bowes, Inc. 120,781
6,600 Xerox Corporation 149,737
-------------
2,294,100
-------------
Business Services -- 2.5%
21,900 America Online, Inc. + 1,652,081
7,162 Cendant Corporation + 190,241
700 Deluxe Corporation 19,206
2,350 Paychex, Inc. 94,000
2,630 PeopleSoft, Inc. 56,052
2,600 Yahoo!, Inc. + 1,124,987
-------------
3,136,567
-------------
Chemicals and Plastics -- 1.8%
2,100 Air Products & Chemicals, Inc. 70,481
2,100 Dow Chemical Company 280,612
10,176 dupont (E.I.) de Nemours &
Company 670,344
700 Eastman Chemical Company 33,381
1,200 Ecolab, Inc. 46,950
1,100 Engelhard Corporation 20,763
300 FMC Corporation + 17,194
800 Grace (W.R.) & Company + 11,100
700 Great Lakes Chemical Corporation 26,731
1,100 Hercules, Inc. 30,663
732 Kerr-McGee Corporation 45,384
800 Mallinckrodt Group, Inc. 25,450
3,800 Minnesota Mining & Manufacturing
Company 371,925
6,100 Monsanto Company 217,312
1,500 Praxair, Inc. 75,469
1,800 Rockwell International Corporation 86,175
2,095 Rohm & Haas Company 85,240
1,000 Sigma-Aldrich Corporation 30,063
1,400 Union Carbide Corporation 93,450
-------------
2,238,687
-------------
Coal -- 0.1%
2,100 CSX Corporation 65,887
300 Eastern Enterprises 17,231
700 Fluor Corporation 32,113
-------------
115,231
-------------
Communication Equipment -- 1.6%
1,800 Cabletron Systems, Inc. + 46,800
9,700 GTE Corporation 684,456
6,000 Motorola, Inc. 883,500
1,700 National Semiconductor
Corporation + 72,781
700 Scientific-Atlanta, Inc. 38,938
3,700 Tellabs, Inc. + 237,494
-------------
1,963,969
-------------
Computer Hardware, Software or Services -- 14.7%
3,400 3COM Corporation + 159,800
1,000 Adaptec, Inc. + 49,875
1,100 Adobe Systems, Inc. 73,975
1,500 Advanced Micro Devices, Inc. + 43,406
1,400 Apple Computer, Inc. + 143,937
600 Autodesk, Inc. 20,250
6,000 Automatic Data Processing, Inc. 323,250
2,400 BMC Software, Inc. + 191,850
1,400 Ceridian Corporation + 30,188
32,150 Cisco Systems, Inc. + 3,444,069
800 Citrix Systems, Inc. + 98,400
16,845 Compaq Computer Corporation 455,868
5,250 Computer Associates
International, Inc. 367,172
1,600 Computer Sciences Corporation + 151,400
3,300 Compuware Corporation + 122,925
25,100 Dell Computer Corporation + 1,280,100
4,900 Electronic Data Systems Corporation 327,994
3,000 Gateway 2000, Inc. + 216,187
10,000 Hewlett Packard Company 1,139,375
50,400 Microsoft Corporation + 5,884,200
1,400 Network Appliance, Inc. + 116,287
3,200 Novell, Inc. + 127,800
14,200 Oracle Corporation + 1,591,287
2,600 Parametric Technology Corporation + 70,363
2,000 Seagate Technologies, Inc. + 93,125
1,900 Silicon Graphics, Inc. + 18,644
2,900 Solectron Corporation + 275,862
14,800 Sun Microsystems, Inc. + 1,146,075
2,900 Unisys Corporation + 92,619
-------------
18,056,283
-------------
Computer -- Semiconductors -- 3.7%
3,500 Applied Materials, Inc. + 443,406
10,000 EMC Corporation + 1,092,500
32,700 Intel Corporation 2,691,619
1,500 LSI Logic Corporation + 101,250
2,400 Micron Technology, Inc. + 186,600
-------------
4,515,375
-------------
Consumer Non-Durables -- 4.5%
2,300 Corning, Inc. 296,556
32,400 General Electric Company 5,013,900
900 Grainger (W.W.), Inc. 43,031
3,800 Lowe's Companies, Inc. 227,050
95 Water Pik Technologies, Inc. + 909
-------------
5,581,446
-------------
Consumer Services -- 0.0% #
1,000 Block (H & R), Inc. 43,750
2,700 Service Corporation International 18,731
-------------
62,481
-------------
Containers -- 0.1%
400 Ball Corporation 15,750
1,100 Crown Cork & Seal Company, Inc. 24,612
1,400 Owens-Illinois, Inc. + 35,087
1,500 Pactiv Corporation + 15,938
806 Sealed Air Corporation + 41,761
-------------
133,148
-------------
Cosmetics -- Toiletry -- 0.1%
600 Alberto-Culver Company, Class B 15,488
2,500 Avon Products, Inc. 82,500
-------------
97,988
-------------
Diversified -- 1.0%
1,600 Fortune Brands, Inc. 52,900
1,100 Loews Corporation 66,756
1,500 Textron, Inc. 115,031
1,400 Thermo Electron Corporation + 21,000
16,574 Tyco International Ltd. 644,315
5,628 Unilever NV 306,374
-------------
1,206,376
-------------
Electrical Equipment -- 0.7%
1,000 Cooper Industries, Inc. 40,437
400 Foster Wheeler Corporation 3,550
1,500 Molex, Inc. 85,031
500 Tektronix, Inc. 19,438
7,800 Texas Instruments, Inc. 755,625
600 Thomas & Betts Corporation 19,125
-------------
923,206
-------------
Electronics -- 0.9%
1,600 Analog Devices, Inc. + 148,800
700 Eaton Corporation 50,838
4,100 Emerson Electric Company 235,237
1,500 General Instrument Corporation + 127,500
900 KLA-Tencor Corporation + 100,238
1,100 Lexmark International Group, Inc. + 99,550
1,900 Tandy Corporation 93,456
1,600 Teradyne, Inc. + 105,600
2,800 Xilinx, Inc. + 127,312
-------------
1,088,531
-------------
Energy and Resources -- 0.1%
2,005 Burlington Resources, Inc. 66,290
-------------
Entertainment -- 1.3%
700 Brunswick Corporation 15,575
20,400 Disney (Walt) Company 596,700
800 Harcourt General Corporation 32,200
1,800 Hasbro, Inc. 34,313
4,000 Mattel, Inc. 52,500
12,800 Time Warner, Inc. 927,200
-------------
1,658,488
-------------
Financial Services -- 4.6%
4,200 American Express Company 698,250
2,400 American General Corporation 182,100
7,050 Associates First Capital Corporation,
Class A 193,434
1,182 Bear Stearns Companies, Inc. 50,531
2,000 Capital One Financial Corporation 96,375
8,100 Charles Schwab Corporation 310,837
33,350 Citigroup, Inc. 1,853,009
1,200 Countrywide Credit Industries 30,300
800 Dow Jones & Company, Inc. 54,400
1,400 Equifax, Inc. 32,988
9,900 Fannie Mae 618,131
6,900 Federal Home Loan Mortgage
Corporation 324,731
4,200 First Data Corporation 207,112
2,500 Franklin Resources, Inc. 80,156
4,726 Household International, Inc. 176,044
1,200 Lehman Brothers Holdings, Inc. 101,625
3,600 Merrill Lynch & Company, Inc. 300,600
1,400 Paine Webber Group, Inc. 54,338
1,100 Price (T Rowe) & Associates, Inc. 40,631
2,100 Regions Financial Corporation 52,763
1,600 SLM Holding Corporation 67,600
600 Temple-Inland, Inc. 39,563
1,300 Union Planters Corporation 51,269
-------------
5,616,787
-------------
Food and Beverages -- 3.5%
3,997 Albertson's, Inc. 128,903
4,500 Anheuser-Busch Companies, Inc. 318,937
4,200 Campbell Soup Company 162,487
24,400 Coca-Cola Company 1,421,300
4,200 Coca-Cola Enterprises, Inc. 84,525
4,600 ConAgra, Inc. 103,788
400 Coors (Adolph) Company, Class B 21,000
3,500 Heinz (H.J.) Company 139,344
1,400 Hershey Foods Corporation 66,500
3,900 Kellogg Company 120,169
3,200 Nabisco Group Holdings Corporation 34,000
14,400 PepsiCo, Inc. 507,600
23,600 Philip Morris Companies, Inc. 547,225
1,300 Quaker Oats Company 85,313
3,000 Ralston-Purina Company 83,625
8,900 Sara Lee Corporation 196,356
4,200 Seagram Company Ltd. 188,737
1,800 UST, Inc. 45,338
1,100 Wrigley (Wm) Jr. Company 91,231
-------------
4,346,378
-------------
Food Distribution -- 0.5%
5,889 Archer-Daniels-Midland Company 71,772
2,800 Bestfoods 147,175
2,800 General Mills, Inc. 100,100
400 Great Atlantic & Pacific Tea
Company, Inc. 11,150
8,200 Kroger Company + 154,775
1,300 Supervalu, Inc. 26,000
3,300 Sysco Corporation 130,556
1,400 Winn Dixie Stores, Inc. 33,513
-------------
675,041
-------------
Gas and Pipeline Utilities -- 0.1%
2,100 El Paso Energy Corporation 81,506
-------------
Glass Products -- 0.1%
500 Owens Corning Fiberglass
Corporation 9,656
1,700 PPG Industries, Inc. 106,357
-------------
116,013
-------------
Health Care Facilities -- 0.2%
5,400 Columbia/HCA Healthcare
Corporation 158,288
1,600 Humana, Inc. + 13,100
1,200 Manor Care, Inc. + 19,200
2,900 Tenet Healthcare Corporation + 68,150
700 Wellpoint Health Networks, Inc.,
Class A + 46,156
-------------
304,894
-------------
Health Care Products -- 2.9%
15,000 Abbott Laboratories 544,687
1,200 Allergan, Inc. 59,700
600 Bausch & Lomb, Inc. 41,063
2,400 Becton, Dickinson & Company 64,200
2,684 McKesson HBOC, Inc. 60,558
23,200 Merck & Company, Inc. 1,555,850
38,300 Pfizer, Inc. 1,242,356
1,000 Quintiles TransNational Corporation + 18,688
900 Watson Pharmaceuticals, Inc. + 32,231
-------------
3,619,333
-------------
Holding Companies -- 0.2%
1,350 Providian, LLC 122,934
2,200 Public Service Enterprise 76,588
-------------
199,522
-------------
Home Appliances -- 0.1%
800 Black & Decker Corporation 41,800
800 Maytag Corporation 38,400
700 Whirlpool Corporation 45,544
-------------
125,744
-------------
Home Furnishings and Housewares -- 0.5%
12,900 American Home Products Corporation 508,744
400 Armstrong World 13,350
1,800 Leggett & Platt, Inc. 38,587
2,688 Newell Rubbermaid, Inc. 77,952
200 Springs Industries, Inc. 7,988
800 Tupperware Corporation 13,550
-------------
660,171
-------------
Hotels and Restaurants -- 0.7%
1,200 Darden Restaurants, Inc. 21,750
1,200 Harrah's Entertainment Corporation + 31,725
3,300 Hilton Hotels Corporation 31,762
2,300 Marriott International, Inc. 72,594
13,400 McDonald's Corporation 540,187
2,000 Mirage Resorts, Inc. + 30,625
1,400 Tricon Global Restaurants, Inc. + 54,075
1,100 Wendy's International, Inc. 22,688
-------------
805,406
-------------
Industrial Machinery -- 0.1%
2,100 AES Corporation + 156,975
-------------
Insurance -- 2.8%
1,400 Aetna Life & Casualty Company 78,137
2,500 Aflac, Inc. 117,969
7,700 Allstate Corporation 184,800
15,288 American International Group, Inc. 1,653,015
2,500 AON Corporation 100,000
1,623 Chubb Corporation 91,395
1,900 CIGNA Corporation 153,069
1,600 Cincinnati Financial Corporation 49,900
3,008 Conseco, Inc. 53,768
2,200 Hartford Financial Services Group,
Inc. 104,225
1,000 Jefferson-Pilot Corporation 68,250
1,900 Lincoln National Corporation 76,000
2,400 Marsh & McLennan Companies, Inc. 229,650
1,000 MBIA, Inc. 52,812
900 MGIC Investment Corporation 54,169
700 Progressive Corporation 51,188
1,300 SAFECO Corporation 32,338
2,006 St. Paul Companies, Inc. 67,577
1,300 Torchmark, Inc. 37,781
1,800 United Healthcare Corporation 95,625
2,357 UnumProvident Corporation 75,571
-------------
3,427,239
-------------
Machinery and Heavy Equipment -- 0.4%
3,400 Caterpillar, Inc. 160,012
2,300 Deere & Company 99,762
2,100 Dover Corporation 95,288
1,500 Ingersoll-Rand Company 82,594
900 Parker-Hannifin Corporation 46,181
900 Stanley Works 27,113
-------------
510,950
-------------
Manufacturing -- 0.3%
2,200 Alcan Aluminum Ltd. 90,612
4,000 Boston Scientific Corporation + 87,500
300 Briggs & Stratton Corporation 16,088
700 Brown-Forman Corporation, Class B 40,075
400 Milacron, Inc. 6,150
700 PACCAR, Inc. 31,019
1,300 Pall Corporation 28,031
600 Reynolds Metals Company 45,975
1,700 Sherwin-Williams Company 35,700
-------------
381,150
-------------
Medical Instruments, Services, and
Supplies -- 1.9%
500 Bard (C.R.), Inc. 26,500
2,700 Baxter International, Inc. 169,594
1,200 Biomet, Inc. 48,000
2,548 Cardinal Health, Inc. 121,985
2,800 Guidant Corporation 131,600
4,100 HEALTHSOUTH Corporation + 22,038
3,000 IMS Health, Inc. 81,563
13,300 Johnson & Johnson Company 1,238,562
11,600 Medtronic, Inc. 422,675
300 Shared Medical Systems
Corporation 15,281
900 St. Jude Medical, Inc. + 27,619
-------------
2,305,417
-------------
Metal Fabricating -- 0.2%
2,823 Illinois Tool Works, Inc. 190,745
-------------
Metals and Mining -- 0.5%
3,400 Alcoa, Inc. 282,200
3,700 Barrick Gold Corporation 65,444
1,400 Freeport McMoRan Copper & Gold,
Class B 29,575
2,600 Homestake Mining Company 20,312
1,900 Inco Ltd. 44,650
1,700 Newmont Mining Corporation 41,650
845 Phelps Dodge Corporation 56,721
3,100 Placer Dome, Inc. 33,325
-------------
573,877
-------------
Natural Gas -- 0.3%
900 Consolidated Natural Gas
Company 58,444
6,900 Enron Corporation 306,187
500 NICOR, Inc. 16,250
400 ONOEK, Inc. 10,050
2,252 Sempra Energy 39,129
-------------
430,060
-------------
News and Publishing -- 0.4%
2,700 Gannett Company, Inc. 220,219
700 Knight-Ridder, Inc. 41,650
1,700 New York Times Company,
Class A 83,513
700 Times Mirror Company (New),
Class A 46,900
2,200 Tribune Company 121,137
-------------
513,419
-------------
Oil -- 5.1%
800 Amerada Hess Corporation 45,400
1,000 Apache Corporation 36,938
800 Ashland, Inc. 26,350
3,100 Atlantic Richfield Company 268,150
3,280 Baker Hughes, Inc. 69,085
6,500 Chevron Corporation 563,062
2,000 Coastal Corporation 70,875
6,219 Conoco, Inc., Class B 154,698
34,236 Exxon Mobil Corporation 2,758,138
4,200 Halliburton Company 169,050
1,200 Louisiana Land & Exploration
Company 17,100
600 McDermott International, Inc. 5,438
3,500 Occidental Petroleum Corporation 75,687
2,500 Phillips Petroleum Company 117,500
21,200 Royal Dutch Petroleum Company 1,281,275
800 Sunoco, Inc. 18,800
5,500 Texaco, Inc. 298,719
1,400 Tosco Corporation 38,062
2,400 Union Pacific Corporation 104,700
2,500 Union Pacific Resources Group 31,875
2,400 Unocal Corporation 80,550
3,100 USX-Marathon Group 76,531
-------------
6,307,983
-------------
Oil Equipment and Services -- 0.3%
5,454 Schlumberger Ltd. 306,787
2,056 Transocean Sedco Forex, Inc. 69,258
-------------
376,045
-------------
Paper and Forest Products -- 0.9%
500 Bemis Company, Inc. 17,438
600 Boise Cascade Corporation 24,300
900 Champion International Corporation 55,744
2,200 Fort James Corporation 60,225
1,600 Georgia-Pacific Corporation 81,200
3,891 International Paper Company 219,598
5,042 Kimberly-Clark Corporation 328,990
1,000 Mead Corporation 43,438
400 Potlatch Corporation 17,850
2,300 Weyerhaeuser Company 165,169
1,000 Willamette Industries, Inc. 46,437
-------------
1,060,389
-------------
Personal Items -- 2.4%
5,600 Colgate-Palmolive Company 364,000
10,700 Gillette Company 440,706
1,000 International Flavors &
Fragrances, Inc. 37,750
400 Jostens, Inc. 9,725
13,100 Procter & Gamble Company 1,435,269
8,200 Warner-Lambert Company 671,888
-------------
2,959,338
-------------
Petroleum Refining -- 0.2%
1,300 Anadarko Petroleum Corporation 44,363
900 Rowan Companies + 19,519
4,100 Williams Companies, Inc. 125,306
-------------
189,188
-------------
Pharmaceuticals -- 2.3%
1,080 ALZA Corporation + 37,395
19,600 Bristol-Myers Squibb Company 1,258,075
10,800 Lilly (Eli) & Company 718,200
4,900 Pharmacia & Upjohn, Inc. 220,500
14,500 Schering-Plough Corporation 611,719
-------------
2,845,889
-------------
Photographic Equipment and Supplies -- 0.2%
3,100 Eastman Kodak Company 205,375
500 Polaroid Corporation 9,406
-------------
214,781
-------------
Printing and Publishing -- 0.2%
800 American Greetings Corporation,
Class A 18,900
1,300 Donnelley (R.R.) & Sons Company 32,256
1,400 Dun & Bradstreet Corporation 41,300
1,800 McGraw-Hill, Inc. 110,925
1,000 Westvaco Corporation 32,625
-------------
236,006
-------------
Railroads -- 0.1%
3,600 Norfolk Southern Corporation 73,800
-------------
Recreation -- 0.2%
6,100 Carnival Corporation, Class A 291,656
--------------
Research and Development -- 0.5%
10,100 Amgen, Inc. + 606,631
-------------
Retail -- Store -- 4.7%
1,300 Bed Bath & Beyond, Inc. + 45,175
1,900 Best Buy Company, Inc. + 95,356
1,900 Circuit City Stores -- Circuit City
Group 85,619
1,000 Consolidated Stores
Corporation + 16,250
2,100 Costco Wholesale Corporation + 191,625
3,700 CVS Corporation 147,769
4,200 Dayton Hudson Corporation 308,437
900 Dillard's, Inc. 18,169
2,400 Dollar General Corporation 54,600
2,000 Federated Department Stores + 101,125
8,237 Gap, Inc. 378,902
4,700 K-mart Corporation + 47,294
1,500 Kohls Corporation + 108,281
1,900 Limited, Inc. 82,294
400 Long's Drug Stores Company 10,325
3,300 May Department Stores Company 106,425
1,400 Nordstrom, Inc. 36,663
3,500 Office Depot, Inc. + 38,281
2,400 Penney (J.C.) Company, Inc. 47,850
2,400 Rite Aid Corporation 26,850
400 Russell Corporation 6,700
4,800 Safeway, Inc. + 170,700
3,800 Sears, Roebuck & Company 115,662
4,600 Staples, Inc. + 95,450
3,100 TJX Companies, Inc. 63,356
2,400 Toys R Us, Inc. + 34,350
44,000 Wal-Mart Stores, Inc. 3,041,500
9,900 Walgreen Company 289,575
-------------
5,764,583
-------------
Savings and Loan -- 0.0% #
1,500 Golden West Financial
Corporation 50,250
-------------
Soaps and Detergents -- 0.1%
2,208 Clorox Company 111,228
-------------
Steel -- 0.1%
950 Allegheny Technologies, Inc. + 21,316
1,400 Bethlehem Steel Corporation + 11,725
900 Nucor Corporation 49,331
800 Timken Company 16,350
900 USX-U.S.Steel Group, Inc. 29,700
1,000 Worthington Industries, Inc. 16,562
-------------
144,984
-------------
Technology -- 0.1%
900 ITT Industries 30,094
500 Millipore Corporation 19,312
500 PerkinElmer, Inc. + 20,844
-------------
70,250
-------------
Telecommunications -- 11.8%
1,300 ADC Telecommunications, Inc. + 94,331
3,066 ALLTEL Corporation 253,520
900 Andrew Corporation + 17,044
31,620 AT & T Corporation 1,604,715
15,400 Bell Atlantic Corporation 948,062
18,600 BellSouth Corporation 870,712
1,300 CenturyTel, Inc. 61,588
7,200 Comcast Corporation Special,
Class A 364,050
700 Comverse Technology, Inc. + 101,325
7,355 Global Crossing Ltd. + 367,750
30,310 Lucent Technologies, Inc. 2,267,567
27,705 MCI Worldcom, Inc. + 1,470,097
3,400 Nextel Communications, Inc. + 350,625
13,140 Nortel Networks Corporation 1,327,140
5,600 Qualcomm, Inc. 986,300
33,712 SBC Communications 1,643,460
8,600 Sprint Corporation 578,888
4,400 Sprint PCS + 451,000
4,814 US West, Inc. 346,608
6,700 Viacom, Inc., Class B + 404,931
-------------
14,509,713
-------------
Tire and Rubber -- 0.1%
900 Cooper Tire & Rubber
Company 14,006
1,100 Goodrich (B.F.) Company 30,250
1,600 Goodyear Tire & Rubber
Company 45,100
-------------
89,356
-------------
Transportation -- 0.3%
4,500 Burlington Northern Santa Fe 109,125
2,880 FDX Corporation + 117,900
1,000 Kansas City Southern
Industries, Inc 74,625
600 Ryder System, Inc. 14,663
-------------
316,313
-------------
Utilities -- 1.4%
1,300 Ameren Corporation 42,575
1,800 American Electric Power
Company, Inc. 57,825
1,400 Carolina Power & Light Company 42,612
1,900 Central & Southwest Corporation 38,000
1,500 Cinergy Corporation 36,187
1,000 CMS Energy Corporation 31,188
2,200 Consolidated Edison Company 75,900
1,400 Constellation Energy Group 40,600
1,800 Dominion Resources, Inc. 70,650
1,400 DTE Energy Company 43,925
3,400 Duke Energy Company 170,425
3,300 Edison International 86,419
2,400 Entergy Corporation 61,800
2,172 FirstEnergy Corporation 49,277
1,000 Florida Progress Corporation 42,312
1,700 FPL Group, Inc. 72,781
1,300 GPU, Inc. 38,919
500 National Service Industries, Inc. 14,750
1,100 New Century Energies, Inc. 33,413
1,700 Niagara Mohawk Power
Corporation + 23,694
1,600 Northern States Power
Company 31,200
1,700 PECO Energy Company 59,075
400 People's Energy Corporation 13,400
3,700 PG & E Corporation 75,850
700 Pinnacle West Capital Corporation 21,394
1,500 PP & L Resources, Inc. 34,312
2,800 Reliant Energy, Inc. 64,050
6,800 Southern Company 159,800
2,700 Texas Utilities Company 96,019
2,100 Unicom Corporation 70,350
-------------
1,698,702
-------------
Waste Management -- 0.1%
1,700 Allied Waste Industries, Inc. + 14,981
5,947 Waste Management, Inc. 102,214
-------------
117,195
-------------
TOTAL COMMON STOCKS
(Cost $93,360,569) 120,068,937
-------------
Principal
Amount
- ---------
U.S. TREASURY BILLS -- 0.1%
(Cost $97,601)
$ 100,000 5.49% ++, due 06/22/2000** 97,601
-------------
REPURCHASE AGREEMENT-- 1.4%
(Cost $1,699,000)
1,699,000 Agreement with State Street Bank
and Trust Company, 3.300% dated
12/31/1999, to be repurchased at
$1,699,467 on 01/03/2000,
collateralized by $1,700,000 U.S.
Treasury Note, 6.250% maturing
02/28/2002 (value $1,734,000) 1,699,000
-------------
TOTAL INVESTMENTS
(Cost $95,157,170*) 99.1% 121,865,538
OTHER ASSETS AND
LIABILITIES (Net) 0.9 1,107,443
----- -------------
NET ASSETS 100.0% $ 122,972,981
===== =============
- -----------
* Aggregate cost for Federal tax purposes is $95,171,091.
** 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.
Number of Unrealized
Contracts Appreciation
- --------- ------------
FUTURES CONTRACTS -- LONG POSITION
5 S&P 500 Index March 2000 $55,080
=======
See Notes to Financial Statements
Munder Institutional MidCap Index Equity Fund
Portfolio of Investments, December 31, 1999
Shares Value
- ---------------------------------------------------------
COMMON STOCKS -- 87.3%
Aerospace -- 0.3%
300 Cordant Technologies, Inc. $ 9,900
400 Litton Industries, Inc. + 19,950
-------------
29,850
-------------
Agricultural Machinery -- 0.1%
500 Agco Corporation 6,719
-------------
Air Travel -- 0.1%
200 Alaska Air Group, Inc. + 7,025
-------------
Aluminum -- 0.0% #
100 Maxxam, Inc. + 4,288
-------------
Apparel and Textiles -- 2.0%
314 Albany International Corporation 4,869
400 American Eagle Outfitters, Inc. + 18,000
500 Burlington Industries, Inc. + 2,000
1,300 Cintas Corporation 69,063
1,400 Jones Apparel Group, Inc. + 37,975
500 Mohawk Industries, Inc. + 13,188
300 Rayonier, Inc. 14,494
1,600 Shaw Industries, Inc. 24,700
500 Unifi, Inc. 6,156
500 Warnaco Group, Inc. 6,156
500 Westpoint Stevens, Inc. 8,750
-------------
205,351
-------------
Automobiles -- 1.1%
400 Federal Signal Corporation 6,425
1,700 Harley Davidson, Inc. 108,906
-------------
115,331
-------------
Automobile Parts and Equipment -- 0.7%
200 Arvin Industries, Inc. 5,675
200 Borg Warner Automotive, Inc. 8,100
600 Federal Mogul Corporation 12,075
600 Lear Corporation + 19,200
600 Meritor Automotive, Inc. 11,625
300 Modine Manufacturing Company 7,500
728 Pennzoil-Quaker State Company 7,416
200 Superior Industries International,
Inc. 5,363
-------------
76,954
-------------
Banks -- 4.5%
2,433 Charter One Financial, Inc. 46,531
400 City National Corporation 13,175
1,300 Compass Bancshares, Inc. 29,006
1,800 First Security Corporation 45,956
1,500 First Tennessee National
Corporation 42,750
500 First Virginia Banks, Inc. 21,500
1,800 Hibernia Corporation 19,125
1,200 Marshall & Ilsley Corporation 75,375
600 Mercantile Bankshares
Corporation 19,163
1,200 National Commerce
Bancorporation 27,225
1,550 North Fork Bancorporation, Inc. 27,125
700 Pacific Century Financial
Corporation 13,081
400 Webster Financial Corporation 9,425
400 Westamerica Bancorporation 11,175
300 Wilmington Trust Corporation 14,475
1,000 Zions Bancorp 59,188
-------------
474,275
-------------
Banking and Financial Services -- 0.6%
400 CCB Financial Corporation 17,425
800 FirstMerit Corporation 18,400
1,000 GreenPoint Financial
Corporation 23,812
400 Keystone Financial, Inc. 8,425
-------------
68,062
-------------
Biotechnology -- 0.8%
400 Gilead Sciences, Inc. + 21,650
470 Millennium Pharmaceuticals,
Inc. + 57,340
-------------
78,990
-------------
Broadcasting -- 2.3%
1,100 Belo (A.H.) Corporation 20,969
318 Chris Craft Industries, Inc. 22,936
400 Hispanic Broadcasting
Corporation + 36,887
1,200 Univision Communications, Inc.,
Class A + 122,625
500 Westwood One, Inc. + 38,000
-------------
241,417
-------------
Building Construction -- 0.1%
400 Harsco Corporation 12,700
-------------
Business Services -- 5.2%
500 AC Nielsen Corporation + 12,313
1,000 Acxiom Corporation + 24,000
700 Apollo Group, Inc. + 14,044
200 Banta Corporation 4,513
1,800 Comdisco, Inc. 67,050
1,700 Convergys Corporation + 52,275
600 DeVry, Inc. + 11,175
1,425 Fiserv, Inc. + 54,595
800 Gartner Group, Inc., Class B + 11,050
300 Gtech Holdings Corporation + 6,600
200 Jacobs Engineering Group, Inc. + 6,500
300 Kelly Services, Inc. 7,538
700 Manpower, Inc. 26,337
900 Modis Professional Services,
Inc. + 12,825
400 Navigant Consulting, Inc. + 4,350
200 NCO Group, Inc. + 6,025
900 NCR Corporation + 34,087
700 NOVA Corporation + 22,094
400 Ogden Corporation 4,775
700 Olsten Corporation 7,919
300 Polycom, Inc. + 19,106
800 Robert Half International, Inc. + 22,850
500 Sothebys Holdings, Inc. 15,000
1,300 Stewart Enterprises, Inc. 6,175
1,400 Sun Guard Data Systems + 33,250
500 Sylvan Learning Systems, Inc. + 6,500
900 Viad Corporation 25,087
600 Waters Corporation + 31,800
-------------
549,833
-------------
Chemicals and Plastics -- 2.0%
400 Albemarle Corporation 7,675
600 Cabot Corporation 12,225
1,354 CK Witco Corporation 18,110
400 Cytec Industries, Inc. + 9,250
200 Dexter Corporation 7,950
800 Ethyl Corporation 3,150
300 Ferro Corporation 6,600
100 Fuller (H.B.) Company 5,594
300 Georgia Gulf Corporation 9,131
400 Hanna (M.A.) Company 4,375
1,300 IMC Global, Inc. 21,287
500 Lubrizol Corporation 15,437
200 Minerals Technologies, Inc. 8,013
400 Olin Corporation 7,925
1,000 R.P.M., Inc. 10,187
300 Schulman (A.), Inc. 4,894
1,300 Solutia, Inc. 20,069
800 Sterling Commerce, Inc. + 27,250
300 Wellman, Inc. 5,588
-------------
204,710
-------------
Communication Equipment -- 0.2%
700 Harris Corporation 18,681
-------------
Communication Services -- 0.1%
500 COMSAT Corporation 9,938
-------------
Computers and Business Equipment -- 1.3%
600 Diebold, Inc. 14,100
1,900 Quantum Corporation -- DLT &
Storage Systems + 28,737
900 Storage Technology
Corporation + 16,594
800 Symbol Technologies, Inc. 50,850
500 Tech Data Corporation + 13,563
300 Transaction Systems Architects, Inc.,
Class A + 8,400
-------------
132,244
-------------
Computer Hardware, Software or Services -- 12.3%
400 Affiliated Computer Services, Inc.,
Class A + 18,400
2,800 Cadence Design Systems, Inc. + 67,200
500 Cambridge Technology
Partners + 13,125
500 CheckFree Holdings
Corporation + 52,250
600 DST Systems, Inc. + 45,787
600 Electronic Arts + 50,400
300 Imation Corporation + 10,069
2,200 Informix Corporation + 25,162
2,100 Intuit, Inc. + 125,869
600 Keane, Inc. + 19,050
700 Legato Systems, Inc. + 48,169
600 Mentor Graphics Corporation + 7,912
1,550 Networks Assocs, Inc. + 41,366
300 Policy Management Systems
Corporation + 7,669
800 Rational Software Corporation + 39,300
2,100 Siebel Systems, Inc. + 176,400
800 Sterling Software, Inc. + 25,200
300 Structural Dynamics Research
Corporation + 3,825
400 Sykes Enterprises, Inc. + 17,550
500 Symantec Corporation + 29,312
600 Synopsys, Inc. + 40,050
2,950 VERITAS Software
Corporation + 422,219
-------------
1,286,284
-------------
Construction Materials -- 0.7%
300 Fastenal Company 13,481
200 Granite Construction, Inc. 3,688
400 Martin Marietta Materials, Inc. 16,400
300 Southdown, Inc. 15,488
500 USG Corporation 23,562
-------------
72,619
-------------
Containers and Glass -- 0.1%
400 Mark IV Industries, Inc. 7,075
-------------
Diversified -- 0.3%
600 American Standard Companies,
Inc. + 27,525
-------------
Domestic Oil -- 0.6%
400 Murphy Oil Corporation 22,950
500 Noble Affiliates, Inc. 10,719
800 Ultramar Diamond Shamrock 18,150
500 Valero Energy Corporation 9,937
-------------
61,756
-------------
Drugs and Health Care -- 7.6%
200 Acuson + 2,513
500 Apria Healthcare Group, Inc. + 8,969
1,500 Bergen Brunswig Corporation 12,469
1,700 Biogen, Inc. + 143,650
400 Carter Wallace, Inc. 7,175
2,100 Chiron Corporation + 88,987
500 Covance, Inc. + 5,406
300 Express Scripts, Inc., Class A + 19,200
1,000 Forest Labs, Inc. + 61,438
700 Genzyme Surgical Products + 31,500
2,849 Health Management Associates + 38,105
700 ICN Pharmaceuticals, Inc. 17,719
1,000 Ivax Corporation + 25,750
500 Lincare Holdings, Inc. + 17,344
500 Medimmune, Inc. + 82,937
300 MiniMed, Inc. + 21,975
1,500 Mylan Labs, Inc. 37,781
800 Omnicare, Inc. 9,600
700 Oxford Health Plans, Inc. + 8,881
400 PacifiCare Health Systems, Inc. + 21,200
700 Perrigo Company + 5,600
700 Quorum Health Group, Inc. + 6,519
300 Sepracor, Inc. + 29,756
900 Stryker Corporation 62,663
1,200 Sybron International
Corporation + 29,625
700 Total Renal Care Holdings,
Inc. + 4,681
-------------
801,443
-------------
Electric Utilities -- 1.1%
600 Calpine Corporation + 38,400
200 Cleco Corporation 6,413
1,800 DPL, Inc. 31,162
700 DQE, Inc. 24,237
936 Sierra Pacific Resources 16,205
-------------
116,417
-------------
Electrical Equipment -- 1.7%
2,200 American Power Conversion
Corporation + 58,025
300 AMETEK, Inc. 5,719
900 Arrow Electronics, Inc. + 22,837
1,800 Atmel Corporation + 53,212
500 Dentsply International, Inc. 11,813
600 Hubbell, Inc. 16,350
300 Magnetek, Inc. + 2,306
400 Ucar International, Inc. + 7,125
-------------
177,387
-------------
Electronics -- 8.8%
400 ADTRAN, Inc. + 20,575
2,300 Altera Corporation + 113,994
300 Avnet, Inc. 18,150
800 Cirrus Logic, Inc. + 10,650
1,200 Cypress Semiconductor
Corporation + 38,850
800 Integrated Device Technology,
Inc. + 23,200
1,000 Jabil Circuit, Inc. + 73,000
1,700 Linear Technology Corporation 121,656
3,000 Maxim Integrated Products,
Inc. + 141,562
500 Microchip Technology, Inc. + 34,219
300 Novellus Systems, Inc. + 36,759
300 QLogic Corporation + 47,963
500 Sanmina Corporation + 49,937
600 SCI Systems, Inc. + 49,312
700 Sensormatic Electronics
Corporation + 12,206
100 Sequa Corporation + 5,394
300 Teleflex, Inc. 9,394
718 Vishay Intertechnology, Inc. + 22,707
1,700 Vitesse Semiconductor
Corporation + 89,144
-------------
918,672
-------------
Financial Services -- 2.7%
500 American Financial Group, Inc. 13,188
525 Associated Banc Corporation 17,981
2,300 Concord EFS, Inc. + 59,225
2,700 E*TRADE Group, Inc. + 70,537
900 Edwards (A.G.), Inc. 28,856
600 Finova Group, Inc. 21,300
300 Investment Technology Group,
Inc. 8,625
500 Legg Mason, Inc. 18,125
400 Provident Financial Group, Inc. 14,350
800 ReliaStar Financial Corporation 31,350
-------------
283,537
-------------
Food and Beverage -- 2.2%
400 Bob Evans Farms, Inc. 6,175
400 Dean Foods Company 15,900
500 Dole Food, Inc. 8,125
200 Dreyers Grand Ice Cream, Inc. 3,400
900 Flowers Industries, Inc. 14,344
700 Hormel Foods Corporation 28,437
800 IBP, Inc. 14,400
200 International Multifoods
Corporation 2,650
600 Interstate Bakeries Corporation 10,875
300 Lance, Inc. 3,000
600 Mccormick & Company, Inc. 17,850
300 Smucker (J.M.) Company 5,850
300 Suiza Foods Corporation + 11,887
2,600 Tyson Foods, Inc. 42,250
900 United States Foodservice + 15,075
500 Universal Foods Corporation 10,188
400 Vlasic Foods International, Inc. + 2,275
1,700 Whitman Corporation 22,844
-------------
235,525
-------------
Forest Products -- 0.2%
800 Georgia Pacific Corporation 19,700
-------------
Gas and Pipeline Utilities -- 1.5%
500 AGL Resources, Inc. 8,500
1,100 American Water Works, Inc. 23,375
266 Indiana Energy, Inc. 4,722
1,600 KeySpan Corporation 37,100
1,250 Kinder Morgan, Inc. 25,234
800 MCN Corporation Holding
Company 19,000
300 National Fuel Gas Company 13,950
700 Questar Corporation 10,500
400 Washington Gas Light Company 11,000
-------------
153,381
-------------
Home Furnishings and Housewares -- 0.1%
500 Furniture Brands International,
Inc. + 11,000
-------------
Hotels and Restaurants -- 0.6%
600 Brinker International, Inc. + 14,400
400 Buffets, Inc. + 4,000
500 CBRL Group, Inc. 4,852
1 Hilton Hotels Corporation 15
300 Lone Star Steakhouse & Saloon + 2,677
800 Mandalay Resort Group + 16,100
650 Outback Steakhouse, Inc. + 16,859
300 Papa John's International, Inc. + 7,819
--------------
66,722
--------------
Household Products -- 0.6%
400 Church & Dwight, Inc. 10,675
1,200 Dial Corporation 29,175
600 Hillenbrand Industries, Inc. 19,012
--------------
58,862
--------------
Industrial Machinery -- 0.8%
600 Airgas, Inc. + 5,700
400 Donaldson Company, Inc. 9,625
300 Kaydon Corporation 8,044
300 Kennametal, Inc. 10,087
100 Nordson Corporation 4,825
300 SPX Corporation + 24,244
300 Stewart & Stevenson Services,
Inc. 3,553
200 Tecumseh Products Company,
Class A 9,438
400 York International Corporation 10,975
--------------
86,491
--------------
Insurance -- 1.9%
500 Allmerica Financial Corporation 27,812
600 Ambac Financial Group, Inc. 31,312
400 Everest Reinsurance Holdings,
Inc. 8,925
1,400 Foundation Health Systems,
Inc. + 13,913
400 Horace Mann Educators
Corporation 7,850
300 HSB Group, Inc. 10,144
500 Ohio Casualty Corporation 8,031
1,450 Old Republic International
Corporation 19,756
450 PMI Group, Inc. 21,966
600 Protective Life Corporation 19,088
700 Unitrin, Inc. 26,337
-------------
195,134
-------------
Leisure Time -- 1.1%
700 Callaway Golf Company 12,381
900 International Game Technology 18,281
500 International Speedway Corporation,
Class A 25,187
3,400 Park Place Entertainment
Corporation + 42,500
700 Premier Parks, Inc. + 20,213
-------------
118,562
-------------
Medical Instruments -- 0.2%
300 Beckman Coulter, Inc. 15,262
600 STERIS Corporation + 6,188
-------------
21,450
-------------
Medical Services -- 0.6%
1,200 Beverly Enterprises, Inc. + 5,250
500 First Health Group Corporation + 13,437
600 PSS World Medical, Inc. + 5,663
400 Trigon Healthcare, Inc. + 11,800
600 VISX, Inc. + 31,050
-------------
67,200
-------------
Metals -- 0.0% #
242 Ryerson Tull, Inc. 4,704
-------------
Mining -- 0.0% #
100 Cleveland Cliffs, Inc. 3,113
-------------
Miscellaneous -- 0.1%
400 Blyth Industries, Inc. + 9,825
300 Rollins, Inc. 4,500
-------------
14,325
-------------
Mobile Homes -- 0.1%
1,599 Clayton Homes, Inc. 14,691
-------------
Newspapers -- 0.7%
400 Lee Enterprises, Inc. 12,775
200 Media General, Inc. 10,400
100 Washington Post Company 55,587
-------------
78,762
-------------
Office Furnishings and Supplies -- 0.6%
600 Hon Industries, Inc. 13,162
700 Miller Herman, Inc. 16,100
1,300 Office Max, Inc. + 7,150
700 Reynolds & Reynolds Company 15,750
300 Standard Register 5,813
400 Wallace Computer Series, Inc. 6,650
-------------
64,625
-------------
Oil and Gas -- 3.6%
600 BJ Services Company + 25,087
900 Devon Energy Corporation 29,587
1,600 ENSCO International, Inc. 36,600
300 Flowserve Corporation 5,100
2,000 Global Marine, Inc. + 33,250
300 Hanover Compressor Company + 11,325
500 Helmerich & Payne, Inc. 10,906
1,300 Lyondell Petrochemical
Company 16,575
1,500 Nabors Industries, Inc. + 46,406
1,500 Noble Drilling Corporation + 49,125
1,888 Ocean Energy, Inc. + 14,632
900 Pioneer Natural Resources
Company 8,044
2,100 Santa Fe Snyder Corporation + 16,800
400 Smith International, Inc. + 19,875
600 Varco International, Inc. + 6,113
1,175 Weatherford International, Inc. 46,927
-------------
376,352
-------------
Paper -- 1.2%
400 Bowater, Inc. 21,725
200 Chesapeake Corporation 6,100
1,000 Consolidated Papers, Inc. 31,812
400 Glatfelter (P.H.) Company 5,825
500 Longview Fibre Company 7,125
400 Pentair, Inc. 15,400
1,200 Sonoco Products Company 27,300
500 Wausau Mosinee Paper
Corporation 5,844
-------------
121,131
-------------
Publishing -- 0.6%
600 Harte-Hanks, Inc. 13,050
300 Houghton Mifflin Company 12,656
1,000 Readers Digest Association, Inc.,
Class A (non-voting) 29,250
100 Scholastic Corporation + 6,219
-------------
61,175
-------------
Railroads and Equipment -- 0.3%
400 GATX Corporation 13,500
400 Trinity Industries, Inc. 11,375
500 Wisconsin Central Transportation
Corporation + 6,719
-------------
31,594
-------------
Retail -- 4.1%
1,200 Abercrombie & Fitch Company + 32,025
600 Barnes & Noble, Inc. + 12,375
700 BJs Wholesale Club, Inc. + 25,550
700 Borders Group, Inc. + 11,244
400 CDW Computer Centers, Inc. + 31,450
500 Claire S Stores, Inc. 11,188
800 CompUSA, Inc. + 4,100
600 Dollar Tree Stores, Inc. + 29,062
2,000 Family Dollar Stores, Inc. 32,625
400 Hannaford Brothers Company 27,725
500 Heilig-Meyers Company 1,375
300 Lands End, Inc. + 10,425
300 Micro Warehouse, Inc. + 5,550
400 Neiman Marcus Group, Inc.,
Class A + 11,175
300 Payless Shoesource, Inc. + 14,100
800 Ross Stores, Inc. 14,350
400 Ruddick Corporation 6,200
1,592 Saks, Inc. + 24,775
2,100 Starbucks Corporation + 50,925
600 Tiffany & Company 53,550
500 Williams-Sonoma, Inc. + 23,000
-------------
432,769
-------------
Savings and Loan -- 0.7%
500 Astoria Financial Corporation 15,219
1,300 Dime Bancorp, Inc. 19,662
2,500 Sovereign Bancorp, Inc. 18,633
800 TCF Financial Corporation 19,900
-------------
73,414
-------------
Shipbuilding -- 0.1%
300 Newport News Shipbuilding, Inc. 8,250
-------------
Steel -- 0.3%
900 AK Steel Holding Corporation 16,987
200 Carpenter Technology
Corporation 5,488
200 Oregon Steel Mills, Inc. 1,588
200 Precision Castparts Corporation 5,250
-------------
29,313
-------------
Telecommunications -- 1.4%
2,400 Broadwing, Inc. 88,500
500 Telephone & Data Systems, Inc. 63,000
-------------
151,500
-------------
Tire and Rubber -- 0.3%
200 Bandag, Inc. 5,000
300 Carlisle Companies, Inc. 10,800
400 Lancaster Colony Corporation 13,250
-------------
29,050
-------------
Tobacco -- 0.2%
1,000 R.J. Reynolds Tobacco Holdings,
Inc. 17,625
300 Universal Corporation 6,844
-------------
24,469
-------------
Trucking and Freight Forwarding -- 0.8%
400 Airbourne Freight Corporation 8,800
400 Alexander & Baldwin, Inc. 9,125
200 Arnold Industries, Inc. 2,812
400 CNF Transportation, Inc. 13,800
300 Hunt (J.B.) Transport Services, Inc. 4,153
300 Overseas Shipholding Group, Inc. 4,444
400 Pittston Brinks Group 8,800
600 Swift Transportation Co., Inc. + 10,575
500 Tidewater, Inc. 18,000
-------------
80,509
-------------
Utilities -- 5.1%
1,100 Allegheny Energy, Inc. 29,631
700 Alliant Energy Corporation 19,250
150 Black Hills Corporation 3,328
300 CMP Group, Inc. 8,269
875 Conectiv, Inc. 14,711
1,300 Energy East Corporation 27,056
300 Hawaiian Electric Industries, Inc. 8,663
300 Idacorp, Inc. 8,044
600 Illinova Corporation 20,850
1,000 IPALCO Enterprises 17,062
600 Kansas City Power & Light
Company 13,238
1,500 LG & E Energy Corporation 26,156
500 Midamerica Energy Holdings
Company 16,844
600 Minnesota Power & Light
Company 10,163
1,000 Montana Power Company 36,062
500 New England Electric Systems 25,875
1,400 NiSource, Inc. 25,025
1,500 Northeast Utilities 30,844
600 NSTAR 24,300
700 OGE Energy Corporation 13,300
1,400 Potomac Electric Power
Company 32,112
400 Public Service Company Nm 6,500
800 Puget Sound Energy, Inc. 15,500
1,200 Scana Corporation 32,250
1,500 Teco Energy, Inc. 27,844
1,050 Utilicorp United, Inc. 20,409
1,100 Wisconsin Energy Corporation 21,175
-------------
534,461
-------------
TOTAL COMMON STOCKS
(Cost $8,804,222) 9,157,317
-------------
Principal
Amount
- ---------
U.S. TREASURY BILLS-- 0.9%
(Cost $97,601)
$ 100,000 5.49% ++, due 06/22/2000** 97,601
--------------
REPURCHASE AGREEMENT-- 11.4%
(Cost $1,198,000)
1,198,000 Agreement with State Street
Bank and Trust Company, 3.300%
dated 12/31/1999, to be repurchased
at $1,198,329 on 01/03/2000,
collateralized by $1,195,000 U.S.
Treasury Note, 6.625% maturing
03/31/2002 (value $1,223,381) 1,198,000
OTHER INVESTMENTS**
(Cost $35,956) 0.3% 35,956
-------------
TOTAL INVESTMENTS
(Cost $10,135,779*) 99.9% 10,488,874
OTHER ASSETS AND
LIABILITIES (Net) 0.1 6,950
----- -------------
NET ASSETS 100.0% $ 10,495,824
===== =============
- ---------
* Aggregate cost for Federal tax purposes is $10,143,010.
** Securities pledged as collateral for futures contracts.
*** As of December 31, 1999, the market value of the securities on loan is
$34,796. Collateral received for securities loaned of $34,956 is
invested in State Street Navigator Securities Lending Trust-Prime
Portfolio.
+ Non-income producing security.
++ Rate represents annualized yield at date of purchase.
# Amount represents less than 0.1% of net assets.
Number of Unrealized
Contracts Appreciation
- --------- ------------
FUTURES CONTRACTS -- LONG POSITION
6 S&P Mid Cap 400 Index, March 2000 $65,765
=======
See Notes to Financial Statements
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, December 31, 1999
Shares Value
- ---------------------------------------------------------
COMMON STOCKS -- 99.4%
Advertising -- 0.2%
2,960 ADVO, Inc. + $ 70,300
6,900 HA-LO Industries, Inc. + 51,750
-------------
122,050
-------------
Aerospace and Defense -- 0.9%
3,810 AAR Corporation 68,342
1,320 Alliant Techsystems, Inc. + 82,252
2,110 Aviation Sales Company + 34,815
3,590 BE Aerospace, Inc. + 30,291
5,990 Gencorp, Inc. 59,151
5,310 Orbital Sciences Corporation + 98,567
2,640 Scott Technologies, Inc. + 49,830
3,800 Teledyne Technologies, Inc. 35,863
1,010 Watkins Johnson Company 40,400
-------------
499,511
-------------
Agricultural Machinery -- 0.5%
5,270 AptarGroup, Inc. 132,409
5,550 Delta & Pine Land Company 96,431
1,830 Lindsay Manufacturing
Company 33,398
-------------
262,238
-------------
Air Travel -- 0.5%
2,560 Atlantic Coast Airlines Holdings,
Inc. + 60,800
4,860 Mesa Air Group, Inc. + 23,085
1,990 Midwest Express Holdings,
Inc. + 63,431
3,400 SkyWest, Inc. 95,200
-------------
242,516
-------------
Apparel and Textiles -- 1.4%
1,160 Angelica Corporation 11,310
1,980 Ashworth, Inc. + 8,168
3,530 Cone Mills Corporation + 15,885
2,830 G & K Services 91,621
3,100 Guilford Mills, Inc. 22,475
930 Haggar Corporation 10,579
4,430 Hartmarx Corporation + 17,997
1,490 K-Swiss, Inc. 27,681
4,020 Kellwood Company 78,139
4,990 Nautica Enterprises, Inc. + 56,449
1,940 Oshkosh B' Gosh, Inc. 40,861
1,030 Oxford Industries, Inc. 20,407
3,800 Phillips Van Heusen Corporation 31,588
3,300 Quiksilver, Inc. + 51,150
6,570 Stride Rite Corporation 42,705
1,770 The Dixie Group, Inc. 13,054
3,060 Timberland Company + 161,797
5,860 Wolverine World Wide, Inc. 64,094
-------------
765,960
-------------
Automobiles -- 0.4%
2,960 Group 1 Automotive, Inc. + 41,255
2,530 Simpson Industries, Inc. 28,463
1,830 Spartan Motors, Inc. 8,006
1,950 Standard Motor Products, Inc. 31,444
3,330 Wabash National Corporation 49,950
2,560 Wynns International, Inc. 36,160
-------------
195,278
-------------
Automobile Parts and Equipment -- 1.8%
3,470 Clarcor, Inc. 62,460
3,880 Copart, Inc. + 168,780
2,470 Discount Auto Parts, Inc. + 44,614
10,350 Gentex Corporation + 287,212
1,670 Insurance Auto Auctions, Inc. + 26,303
7,040 O'Reilly Automotive, Inc. + 151,360
4,290 Standard Pacific Corporation 47,190
2,960 TBC Corporation + 18,500
5,610 Tenneco Automotive, Inc. 52,243
6,680 Tower Automotive, Inc. + 103,123
-------------
961,785
-------------
Banking and Financial Services -- 6.0%
10,500 AmeriCredit Corporation + 194,250
6,970 AMRESCO, Inc. + 9,802
3,520 Anchor Bancorp Wisconsin, Inc. 53,240
3,250 Banknorth Group, Inc. 86,937
5,300 Billing Information Concepts
Corporation + 34,450
3,730 Carolina First Bancshares 68,073
3,930 Chittenden Corporation 116,426
3,920 Commerce Bancorp, Inc. 158,515
7,040 Community First Bankshares,
Inc. 110,880
7,550 Cullen Frost Bankers, Inc. 194,412
1,830 Dain Rauscher Corporation 85,095
5,430 Enhance Financial Services Group,
Inc. 88,237
3,970 First BanCorp 82,378
5,930 First Midwest Bancorp, Inc. 157,145
7,117 Hudson United Bancorp 181,928
2,100 Investors Financial Services
Corporation 96,600
3,470 Jefferies Group, Inc. 76,340
1,380 JSB Financial, Inc. 71,588
3,470 MAF Bancorp, Inc. 72,653
4,560 Premier Bancshares, Inc. 62,130
3,530 Provident Bankshares
Corporation 61,113
3,070 Queens County Bancorp, Inc. 83,274
3,940 Riggs National Corporation 51,959
3,250 Silicon Valley Bancshares + 160,875
5,290 Susquehanna Bancshares, Inc. 83,979
7,570 TrustCo Bank Corporation NY 100,302
2,550 U.S. Trust Corporation 204,478
6,040 United Bankshares, Inc. 144,205
6,120 UST Corporation 194,310
3,130 Whitney Holding Corporation 116,006
-------------
3,201,580
-------------
Broadcasting -- 0.1%
7,230 General Communication, Inc. + 31,631
-------------
Building Construction -- 0.6%
4,020 Apogee Enterprises, Inc. 20,351
9,090 D.R. Horton, Inc. 125,556
3,250 Hughes Supply, Inc. 70,078
7,420 Morrison Knudsen Corporation + 57,969
3,880 Sturm Ruger & Company, Inc. 34,435
-------------
308,389
-------------
Building Materials -- 1.3%
3,100 ABM Industries, Inc. 63,162
1,830 Building Materials Holdings
Corporation + 18,758
930 Butler Manufacturing Company 20,751
2,450 Commonwealth Industries, Inc. 31,850
2,690 Elcor Chemical Corporation 81,036
2,770 Florida Rock Industries, Inc. 95,392
3,530 Justin Industries, Inc. 52,509
1,530 Lawson Products, Inc. 35,381
1,800 Republic Group, Inc. 27,225
1,810 Simpson Manufacturing Company,
Inc. + 79,187
2,230 TJ International, Inc. 93,660
2,060 U.S. Home Corporation + 52,659
2,840 Universal Forest Products, Inc. 41,890
-------------
693,460
-------------
Business Services -- 6.8%
2,760 Aaron Rents, Inc. 48,990
5,290 Bowne & Company, Inc. 71,415
2,550 Catalina Marketing
Corporation + 295,162
5,280 Central Parking Corporation 100,980
4,220 ChoicePoint, Inc. + 174,602
2,800 DBT Online, Inc. + 68,250
200 Express Scripts, Inc. + 12,800
1,980 Fair Issac & Company, Inc. 104,940
2,830 Franklin Covey Company + 21,225
3,390 Gymboree Corporation + 19,069
4,350 Harland (John H.) Company 79,659
3,930 Information Resources, Inc. + 36,353
8,940 Interim Services, Inc. + 221,265
4,590 Intervoice, Inc. + 106,717
1,830 Kronos, Inc. + 109,800
6,120 Labor Ready, Inc. + 74,205
3,050 MAXIMUS, Inc. + 103,509
2,830 Microage, Inc. 9,905
6,680 Paxar Corporation + 56,363
6,910 Profit Recovery Group
International, Inc. + 183,547
1,960 QRS Corporation + 205,800
4,170 Remedy Corporation + 197,554
5,470 RSA Security, Inc. + 423,925
2,420 SEI Investments Company 288,018
2,520 Service Experts, Inc. + 14,648
10,260 Snyder Communications, Inc. 197,505
4,080 StaffMark, Inc. + 30,855
1,850 Stone & Webster, Inc. 31,103
5,440 Tetra Tech, Inc. + 83,640
3,790 The BISYS Group, Inc. + 247,297
2,330 URS Corporation + 50,532
-------------
3,669,633
-------------
Chemicals -- 1.8%
3,400 Cambrex Corporation 117,087
2,530 Chemfirst, Inc. 55,344
3,270 Geon Company 106,275
3,240 Lilly Industrial, Inc. 43,538
4,710 Macdermid, Inc. 193,404
1,510 McWhorter Technologies, Inc. + 24,160
3,650 Mississippi Chemical
Corporation 22,584
3,470 Om Group, Inc. 119,498
5,990 Omnova Solutions, Inc. 46,422
1,140 Penford Corporation 19,665
1,170 Quaker Chemical 16,673
4,140 Scotts Company + 166,635
2,230 WD-40 Company 49,339
-------------
980,624
-------------
Commercial Services -- 0.8%
5,550 Harbinger Corporation + 176,559
3,100 Kroll-O'Gara Company + 51,150
2,660 Lason Holdings, Inc. + 29,260
3,100 NFO Worldwide, Inc. + 69,363
3,130 Pre-Paid Legal Services, Inc. + 75,120
-------------
401,452
-------------
Communication Equipment -- 1.5%
7,240 CommScope, Inc. + 291,862
2,380 Plantronics, Inc. + 170,319
2,810 Powerwave Technologies, Inc. + 164,034
1,670 Proxim, Inc. + 183,700
-------------
809,915
-------------
Communication Services -- 1.8%
2,300 Adaptive Broadband
Corporation + 169,769
6,910 Aspect Communications
Corporation + 270,354
7,550 Brightpoint, Inc. + 99,094
790 Centigram Communications
Corporation + 13,232
3,300 Pinnacle Systems, Inc. + 134,269
6,820 True North Communications 304,768
-------------
991,486
-------------
Computers and Business Equipment -- 2.1%
5,790 American Management Systems,
Inc. + 181,661
3,960 Auspex Systems, Inc. 40,590
2,210 Digi International, Inc. + 23,067
3,310 Exabyte Corporation + 24,825
3,100 Gerber Scientific, Inc. 68,006
3,730 Insight Enterprises, Inc. + 151,531
7,770 Komag, Inc. + 24,281
4,580 National Computer Systems, Inc. 172,323
2,330 Standard Microsystems
Corporation + 25,193
2,250 Telxon Corporation 36,000
2,120 Volt Information Sciences, Inc. + 50,615
4,080 Xircom, Inc. + 306,000
-------------
1,104,092
-------------
Computer Hardware, Software or Services -- 11.2%
3,120 Analysts International
Corporation 39,000
3,040 Apex, Inc. + 98,040
3,500 Aspen Technology, Inc. + 92,531
3,470 Avid Technology, Inc. + 45,327
1,980 BARRA, Inc. + 62,865
2,620 Black Box Corporation + 175,540
4,850 Cerner Corporation + 95,484
8,450 Ciber, Inc. + 232,375
3,440 Clarify, Inc. + 433,440
3,050 Computer Task Group, Inc. 45,178
1,990 Concord Communications, Inc. + 88,306
1,800 Cybex Computer Products
Corporation + 72,900
2,340 Cyrk, Inc. + 27,788
5,840 Epicor Software Corporation + 29,565
2,230 Factset Research Systems, Inc. 177,564
4,700 Filenet Corporation + 119,850
2,200 Great Plains Software, Inc. 164,450
2,810 Henry Jack & Associates, Inc. 150,862
3,580 HNC Software, Inc. + 378,585
3,600 Hutchinson Technology, Inc. + 76,500
4,340 Hyperion Solutions
Corporation + 188,790
6,530 InaCom Corporation + 47,751
3,620 Insituform Technologies, Inc. + 102,265
3,740 Inter-Tel, Inc. 93,500
7,030 Macromedia, Inc. + 514,069
5,530 Mercury Interactive
Corporation + 596,894
2,250 MICROS Systems, Inc. + 166,500
7,110 National Instruments
Corporation + 271,957
2,390 Progress Software Corporation + 135,633
3,100 Project Software & Development,
Inc. + 172,050
7,000 Read Rite Corporation + 33,250
6,090 Technology Solutions
Company + 199,448
4,320 Verity, Inc. + 183,870
4,320 Visio Corporation + 205,200
7,980 Whittman-Hart, Inc. + 427,927
2,120 ZixIt Corporation + 84,005
-------------
6,029,259
-------------
Conglomerates -- 0.1%
3,430 Triarc Companies, Inc. + 63,026
-------------
Construction and Mining Equipment -- 0.5%
2,670 CDI Corporation + 64,414
3,360 Kaman Corporation 43,260
2,120 Material Sciences Corporation + 21,598
3,050 Regal Beloit Corporation 62,906
3,280 Valmont Industries, Inc. 52,685
-------------
244,863
-------------
Contract Sales and Research Organizations -- 0.1%
3,400 Pharmaceutical Product
Development, Inc. + 40,375
-------------
Diversified Industrial -- 1.1%
3,880 AMCOL International
Corporation 62,565
2,400 Esterline Technologies
Corporation + 27,750
5,751 Friede Goldman Halter, Inc. + 39,898
4,420 Griffon Corporation + 34,531
6,280 JLG Industries, Inc. 100,087
6,300 MascoTech, Inc. 79,931
4,220 Roper Industries, Inc. 159,569
1,830 SPS Technologies, Inc. + 58,446
-------------
562,777
-------------
Drugs and Health Care -- 8.7%
6,350 Alliance Pharmaceutical
Corporation + 46,831
4,290 Alpharma, Inc. 131,917
3,330 Barr Laboratories, Inc. + 104,479
7,520 Bio Technology General
Corporation + 114,680
3,330 Biomatrix, Inc. + 64,103
4,640 Cephalon, Inc. + 160,370
1,530 Chemed Corporation 43,796
1,980 Cooper Companies, Inc. 59,648
3,490 Cor Therapeutics, Inc. + 93,794
8,380 Coventry Health Care, Inc. + 56,565
3,470 Cygnus, Inc. + 63,328
6,280 Dura Pharmaceuticals, Inc. + 87,527
3,600 Enzo Biochem, Inc. + 162,225
6,860 Genesis Health Ventures, Inc. + 14,149
6,080 IDEC Pharmaceuticals
Corporation + 597,360
5,290 Idexx Laboratories, Inc. + 85,301
3,600 Immune Response Corporation + 15,638
4,130 Incyte Pharmacuticals, Inc. + 247,800
4,350 Invacare Corporation 87,272
6,150 Jones Medical Industries, Inc. 267,141
5,570 Liposome, Inc. + 67,971
4,580 Magellan Health Services, Inc. + 28,911
4,140 Medicis Pharmaceutical
Corporation + 176,209
3,380 Mentor Corporation 87,246
2,410 Natures Sunshine Products, Inc. 19,280
9,600 NBTY, Inc. + 111,000
2,820 NCS HealthCare, Inc. + 6,786
4,720 North American Vaccine, Inc. + 21,240
2,970 Noven Pharmaceuticals, Inc. + 53,831
4,230 Organogenesis, Inc. + 36,748
6,840 Orthodontic Centers America,
Inc. + 81,652
1,990 Osteotech, Inc. + 26,616
4,720 Owens & Minor, Inc. 42,185
3,510 PAREXEL International
Corporation + 41,462
4,860 Patterson Dental Company + 207,157
2,230 Pediatrix Medical Group, Inc. + 15,610
2,930 Primark Corporation + 81,491
6,980 Prime Hospitality Corporation + 61,511
2,560 Protein Design Laboratories,
Inc. + 179,200
4,360 Regeneron Pharmaceuticals,
Inc. + 55,590
6,390 Renal Care Group, Inc. + 149,366
4,330 Respironics, Inc. + 34,505
2,100 Rural/Metro Corporation + 8,991
3,880 Sierra Health Services, Inc. + 25,948
1,390 Spacelabs, Inc. + 25,802
6,680 Summit Technology, Inc. + 78,072
3,100 Sunrise Medical, Inc. + 19,181
1,800 Syncor International
Corporation + 52,425
2,970 Ultratech Stepper, Inc. + 47,891
4,270 Universal Health Services, Inc. + 153,720
3,730 Vertex Pharmaceuticals, Inc. + 130,550
1,820 Vital Signs, Inc. 41,633
-------------
4,673,704
-------------
Electric Utilities -- 1.0%
940 Bangor Hydro Electric Company 15,334
1,670 Central Vermont Public Service 17,744
2,480 CH Energy Group, Inc. + 81,840
2,830 Eastern Utilities Associates 85,784
670 Green Mountain Power
Corporation 4,983
3,340 NorthWestern Corporation 73,480
2,840 Public Service Company North
Carolina, Inc. 91,768
1,960 TNP Enterprises, Inc. 80,850
1,990 United Illuminating Company 102,236
-------------
554,019
-------------
Electrical Equipment -- 3.8%
5,150 Anixter International, Inc. + 106,219
5,160 Baldor Electric Company 93,525
2,790 Barnes Group, Inc. 45,512
3,380 Belden, Inc. 70,980
2,260 Benchmark Electronics, Inc. + 51,839
7,835 Burr-Brown Corporation + 283,039
1,940 C&D Technologies, Inc. 82,450
5,810 C-Cube Microsystems, Inc. + 361,672
3,930 Cable Design Technologies
Corporation + 90,390
3,470 Coherent, Inc. + 92,822
3,110 Helix Technology Corporation 139,367
1,820 Intermagnetics General
Corporation 15,925
4,030 Kent Electrical Corporation + 91,683
2,540 Oak Industries, Inc. + 269,557
1,530 Park Electrochemical
Corporation 40,641
2,110 Symmetricom, Inc. + 20,968
2,260 Technitrol, Inc. 100,570
2,340 Thomas Industries, Inc. 47,824
4,060 Watsco, Inc. 46,944
-------------
2,051,927
-------------
Electronics -- 9.2%
2,690 Alpha Industries, Inc. + 154,171
2,600 American Xtal Technology,
Inc. + 45,337
1,840 Analogic Corporation 60,720
5,310 Artesyn Technologies, Inc. + 111,510
3,800 BMC Industries, Inc. 18,525
2,110 C Cor Electronics, Inc. + 161,679
4,320 Checkpoint Systems, Inc. + 44,010
4,010 CTS Corporation 302,254
4,160 Dallas Semiconductor
Corporation 268,060
9,770 Digital Microwave Corporation + 228,984
3,110 Dionex Corporation + 128,093
1,850 Electro Scientific Industries,
Inc. + 135,050
2,800 Electroglas, Inc. + 71,050
2,970 Etec Systems, Inc. + 133,279
5,280 General Semiconductor, Inc. + 74,910
1,970 Hadco Corporation + 100,470
1,660 Harmon Industries, Inc. 20,127
7,230 Input/Output, Inc. + 36,602
7,380 International Rectifier
Corporation + 191,880
2,110 Itron, Inc. + 12,924
5,680 Kemet Corporation + 255,955
3,250 Kulicke & Soffa Industries,
Inc. + 138,328
6,810 Lattice Semiconductor
Corporation + 320,921
5,130 Methode Electrics, Inc. 164,801
5,850 Micrel, Inc. + 333,084
2,960 Network Equipment
Technologies + 34,965
9,090 P-COM, Inc. + 80,390
3,470 Photronic, Inc. + 99,329
5,830 Picturetel Corporation + 25,142
3,890 Pioneer-Standard Electronics,
Inc. 56,162
2,410 Plexus Corporation + 106,040
10,910 S3, Inc. + 126,147
4,730 Silicon Valley Group, Inc. + 83,957
5,140 SLI, Inc. + 69,711
1,773 Three-Five Systems, Inc. + 72,707
2,840 Titan International, Inc. 18,460
3,120 Trimble Navigation Ltd. + 67,470
4,520 Valence Technology, Inc. + 85,880
5,870 Vicor Corporation + 237,735
4,360 Zebra Technologies
Corporation + 255,060
-------------
4,931,879
-------------
Entertainment -- 0.4%
1,810 Anchor Gaming + 78,622
5,430 Midway Games, Inc. + 129,980
-------------
208,602
-------------
Food and Beverage -- 1.7%
1,530 Agribrands International, Inc. + 70,380
2,530 Canandaigua Wine, Inc. + 129,030
9,450 Chiquita Brands International,
Inc. 44,888
1,160 Coca-Cola Bottling Company 54,955
5,300 Corn Products International, Inc. 173,575
6,020 Earthgrains Company 97,072
2,250 Ionics, Inc. + 63,281
1,170 J&J Snack Foods Corporation + 23,985
1,690 Nash Finch Company 10,774
4,430 Ralcorp Holdings, Inc. + 88,323
6,490 Smithfield Foods, Inc. + 155,760
1,760 Taco Cabana, Inc. + 14,300
-------------
926,323
-------------
Food Distribution -- 0.3%
2,820 Michael Foods, Inc. 69,442
1,970 Performance Food Group
Company + 48,019
2,540 United Natural Foods, Inc. + 30,480
-------------
147,941
-------------
Health Management Systems -- 0.3%
4,860 National Data Corporation 164,936
-------------
Homebuilders -- 0.5%
6,750 Champion Enterprises, Inc. + 57,797
3,110 M.D.C. Holdings, Inc. 48,788
2,110 Ryland Group, Inc. 48,662
1,720 Southern Energy Homes, Inc. + 4,031
5,180 Toll Brothers, Inc. + 96,478
-------------
255,756
-------------
Hotels and Restaurants -- 1.8%
3,950 Applebee's International, Inc. 116,525
6,200 Aztar Corporation + 67,425
3,790 CEC Entertainment, Inc. + 107,541
2,920 Cheesecake Factory + 102,200
7,400 CKE Restaurants, Inc. 43,475
4,237 Consolidated Products, Inc. 42,900
2,810 IHOP Corporation + 46,892
5,440 Jack in the Box, Inc. + 112,540
3,430 Landry's Seafood Restaurants,
Inc. + 29,798
3,110 Luby's Cafeterias, Inc. 35,376
4,300 Marcus Corporation 57,781
1,720 Panera Bread Company + 13,330
4,490 Ruby Tuesday, Inc. 81,662
5,190 Ryans Family Steak Houses,
Inc. + 44,115
2,560 Sonic Corporation + 72,960
3,330 TCBY Enterprises, Inc. 12,696
-------------
987,216
-------------
Household Appliances and Home Furnishings --
1.3%
1,830 Bassett Furniture Industries, Inc. 29,280
5,850 Ethan Allen Interiors, Inc. 187,566
5,150 Fedders USA, Inc. 28,325
2,520 Harman International Industries,
Inc. 141,435
7,440 Interface, Inc. 42,780
7,400 La-Z-Boy, Inc. 124,412
2,360 Libbey, Inc. 67,850
940 National Presto Industries, Inc. 33,370
1,990 Pillowtex Corporation 12,313
2,540 Royal Appliance Manufacturing
Company + 12,382
2,070 USA Detergents, Inc. + 5,693
-------------
685,406
-------------
Industrial Machinery -- 1.8%
3,240 A.O. Smith Corporation 70,875
5,950 Cognex Corporation + 232,050
1,990 Flow International Corporation + 22,636
2,110 Gardner Denver, Inc. + 35,211
2,820 Graco, Inc. 101,167
4,290 IDEX Corporation 130,309
3,750 Manitowoc, Inc. 127,500
1,680 Robbins & Myers, Inc. 38,010
2,650 Specialty Equipment Companies,
Inc. + 63,434
4,280 SpeedFam-IPEC, Inc. + 55,372
1,940 Standex International
Corporation 40,619
3,670 Watts Industries, Inc. 54,133
2,960 X-Rite, Inc. 18,500
-------------
989,816
-------------
Insurance -- 2.2%
2,540 Arthur J. Gallagher & Company 164,465
2,838 Delphi Financial Group, Inc. 85,140
1,850 E.W. Blanch Holdings, Inc. 113,312
4,130 Fidelity National Financial, Inc. 59,369
9,230 First American Financial
Corporation 114,798
10,020 Fremont General Corporation 73,897
5,000 Frontier Insurance Group, Inc. 17,188
1,850 Hilb, Rogal and Hamilton
Company 52,263
6,250 Mutual Risk Management Ltd. 105,078
5,290 Radian Group, Inc. 252,597
3,820 Selective Insurance Group, Inc. 65,656
2,550 Trenwick Group, Inc. 43,191
2,400 Zenith National Insurance
Corporation 49,500
-------------
1,196,454
-------------
Investment Companies -- 0.7%
5,140 Eaton Vance Corporation 195,320
3,860 Pioneer Group, Inc. 60,795
6,710 Raymond James Financial, Inc. 125,393
-------------
381,508
-------------
Leisure Time-- 0.5%
2,490 Action Performance Companies,
Inc. + 28,635
1,690 Carmike Cinemas, Inc. + 13,203
1,150 GC Companies + 29,756
3,750 Hollywood Park, Inc. + 84,141
2,470 K2, Inc. 18,834
4,590 Players International, Inc. + 37,724
2,550 THQ, Inc. + 59,128
-------------
271,421
-------------
Machinery -- 0.2%
3,060 Applied Industrial Technologies,
Inc. 50,873
2,670 Astec Industries, Inc. + 50,229
-------------
101,102
-------------
Machinery -- Tools -- 0.5%
5,570 Applied Power, Inc. 204,698
1,840 Toro Company 68,655
-------------
273,353
-------------
Medical Instruments and Supplies-- 1.8%
2,830 ADAC Laboratories + 30,422
4,860 Bindley Western Industries, Inc. 73,204
2,200 CONMED Corporation + 56,925
2,220 Datascope Corporation 88,800
1,970 Diagnostic Products Corporation 48,265
2,660 Hanger Orthopedic Group + 26,600
2,120 Hologic, Inc. + 12,190
3,190 Priority Healthcare Corporation + 92,311
2,100 ResMed, Inc. + 87,675
3,600 Sola International, Inc. + 49,950
2,800 Techne Corporation + 154,175
4,290 Theragenics Corporation + 38,878
4,430 Varian Medical Systems, Inc. 132,069
2,400 Wesley Jessen VisionCare, Inc. + 90,900
-------------
982,364
-------------
Medical Services -- 1.2%
3,080 Advance Paradigm, Inc. + 66,412
8,010 Advanced Tissue Sciences, Inc. + 20,025
1,510 Curative Health Services, Inc. + 11,703
5,560 Dendrite International, Inc. + 188,345
4,060 Hooper Holmes, Inc. 104,545
3,610 Laser Vision Centers, Inc. + 38,131
5,150 MedQuist, Inc. + 132,934
12,340 US Oncology, Inc. + 60,929
-------------
623,024
-------------
Mining -- 0.5%
2,260 Brush Wellman, Inc. 37,996
3,050 Pittston Company 32,406
5,420 Stillwater Mining Company + 172,763
-------------
243,165
-------------
Mobile Homes -- 0.5%
2,180 Coachmen Industries, Inc. 32,973
2,760 Monaco Coach Corporation + 70,552
6,700 Oakwood Homes Corporation 21,356
1,370 Skyline Corporation 32,195
1,720 Thor Industries, Inc. 52,353
3,100 Winnebago Industries, Inc. 62,194
-------------
271,623
-------------
Non-Ferrous Metals -- 0.3%
4,190 Coeur D'Alene Mines
Corporation + 14,403
2,100 Commercial Metals Company 71,269
2,270 Imco Recycling, Inc. 28,659
3,040 RTI International Metals, Inc. + 22,800
1,860 Wolverine Tube, Inc. + 26,272
-------------
163,403
-------------
Office Furnishings and Supplies -- 0.6%
2,370 A.T. Cross Company + 10,665
790 Nashua Corporation + 5,925
1,890 New England Business Service,
Inc. 46,187
4,800 United Stationers, Inc. 137,100
3,120 W.H. Brady Company 105,885
-------------
305,762
-------------
Oil and Gas -- 4.2%
4,450 Atmos Energy Corporation 90,947
4,710 Barrett Resources Corporation + 138,651
4,290 Benton Oil & Gas Company + 8,312
3,500 Cabot Oil & Gas Corporation 56,219
1,650 Cascade Natural Gas Corporation 26,606
1,530 Connecticut Energy Corporation 59,479
6,960 Cross Timbers Oil Company 63,075
4,300 Energen Corporation 77,669
2,760 HS Resources, Inc. + 47,610
2,620 New Jersey Resources
Corporation 102,344
5,970 Newfield Exploration
Company + 159,697
3,610 Northwest Natural Gas Company 79,194
3,410 Oceaneering International, Inc. + 50,937
5,850 Philadelphia Suburban
Corporation 121,022
4,350 Piedmont Natural Gas, Inc. 131,587
2,490 Plains Resources, Inc. + 31,125
5,720 Pogo Producing Company 117,260
8,560 Pride International, Inc. + 125,190
2,960 Remington Oil & Gas
Corporation + 11,470
3,390 Seitel, Inc. 22,883
6,858 Southern Union Company 131,159
4,440 Southwest Gas Corporation 102,120
3,600 Southwestern Energy Company 23,625
1,660 St. Mary Land & Exploration
Company 41,085
2,540 Stone Energy Corporation + 90,487
6,290 Tuboscope Vetco International
Corporation + 99,854
8,910 Vintage Petroleum, Inc. 107,477
5,410 Wicor, Inc. 157,904
-------------
2,274,988
-------------
Oil Equipment and Services -- 0.6%
1,900 Atwood Oceanics, Inc. + 73,388
2,300 Cal Dive International, Inc. + 76,187
2,400 Dril-Quip, Inc. + 72,900
1,510 SEACOR SMIT, Inc. + 78,142
-------------
300,617
-------------
Paper -- 0.5%
5,030 Buckeye Technologies, Inc. + 74,821
3,710 Caraustar Industries, Inc. 89,040
2,340 Lydall, Inc. + 15,503
2,110 Pope & Talbot, Inc. 33,760
4,010 Shorewood Packaging
Corporation + 75,939
-------------
289,063
-------------
Photography -- 0.1%
1,310 CPI Corporation 29,557
2,200 Innovex, Inc. 20,625
-------------
50,182
-------------
Plastics -- 0.2%
5,300 Tredegar Industries, Inc. 109,644
-------------
Pollution Control -- 0.0% #
1,960 Tetra Technologies, Inc. + 14,210
-------------
Printing -- 0.6%
7,970 Valassis Communications, Inc. + 336,732
-------------
Publishing -- 0.1%
2,340 Consolidated Graphics, Inc. + 34,954
2,340 Gibson Greetings, Inc. + 20,987
1,990 Nelson Thomas, Inc. 18,407
-------------
74,348
-------------
Railroads -- 0.0% #
1,380 Railtex, Inc. + 24,668
-------------
Recreation -- 0.5%
3,740 Arctic Cat, Inc. 37,400
1,520 Huffy Corporation 7,980
3,510 Polaris Industries, Inc. 127,238
2,840 Russ Berrie & Company, Inc. 74,550
-------------
247,168
-------------
Retail -- 4.4%
3,600 99 Cents Only Stores + 137,700
4,050 Ames Department Stores, Inc. + 116,691
4,560 AnnTaylor Stores Corporation + 157,035
5,170 Bombay, Inc. + 23,265
2,630 Books A Million, Inc. + 21,862
2,540 Brown Shoe Company, Inc. 35,877
3,530 Cash America International, Inc. 34,417
3,670 Cato Corporation 46,334
2,830 Cost Plus, Inc. + 100,819
790 Damark International, Inc. + 12,443
2,400 Department 56, Inc. + 54,300
1,970 Enesco Group, Inc. 21,793
2,970 Footstar, Inc. + 90,585
4,590 Fossil, Inc. + 106,144
4,740 Goody's Family Clothing, Inc. + 25,477
1,830 Gottschalks, Inc. + 13,611
2,680 Hancock Fabrics, Inc. 8,375
1,980 J. Baker, Inc. 11,880
3,590 Jan Bell Marketing, Inc. + 10,321
2,640 Jo-Ann Stores, Inc. + 29,700
1,380 Lillian Vernon Corporation 15,353
5,590 Linens 'N Things, Inc. + 165,604
4,060 Michaels Stores, Inc. + 115,710
4,340 Pacific Sunwear of California + 138,337
13,890 Pier 1 Imports, Inc. 88,549
5,560 Regis Corporation 104,945
4,400 Shopko Stores, Inc. + 101,200
6,300 Stein Mart, Inc. + 35,831
1,050 Swiss Army Brands, Inc. + 7,481
2,810 The Dress Barn + 46,716
5,990 The Men's Wearhouse, Inc. + 175,956
4,590 The Sports Authority, Inc. + 9,180
2,070 The Wet Seal, Inc. + 25,358
5,070 Zale Corporation + 245,261
-------------
2,334,110
-------------
Retail Grocery -- 0.6%
7,520 Casey's General Stores, Inc. 78,490
5,560 Fleming Companies, Inc. 56,990
3,660 Whole Foods Market, Inc. + 169,732
-------------
305,212
-------------
Savings and Loan -- 0.8%
4,050 Centura Banks, Inc. 178,706
8,340 Commercial Federal Corporation 148,556
3,930 Downey Financial Corporation 79,337
-------------
406,599
-------------
Steel -- 1.1%
1,170 Amcast Industrial Corporation 19,159
4,290 Birmingham Steel Corporation 22,791
1,980 Castle A M Company 23,265
1,250 Insteel Industries, Inc. 11,328
3,520 Intermet Corporation 40,920
5,040 Mueller Industries, Inc. + 182,700
1,990 Quanex Corporation 50,745
4,020 Reliance Steel & Aluminum
Company 94,219
1,660 Steel Technologies, Inc. 24,070
2,950 Texas Industries, Inc. 125,559
2,030 WHX Corporation + 18,270
-------------
613,026
-------------
Telecommunications -- 0.7%
4,010 Allen Group, Inc. + 46,366
3,730 Dycom Industries, Inc. + 164,353
9,270 TALK.com, Inc. + 164,542
-------------
375,261
-------------
Tire and Rubber -- 0.3%
2,750 Myers Industries, Inc. 43,313
8,140 Safeskin Corporation + 98,697
-------------
142,010
-------------
Tobacco -- 0.1%
6,390 Dimon, Inc. 20,767
2,340 Schweitzer-Mauduit International,
Inc. 31,444
-------------
52,211
-------------
Trucking and Freight Forwarding -- 2.8%
4,850 Air Express International
Corporation 156,716
4,590 American Freightways
Corporation + 74,301
2,900 Arkansas Best Corporation + 34,800
4,100 Eagle USA Airfreight, Inc. + 176,812
7,120 Expeditores International, Inc. 311,945
5,270 Fritz Companies, Inc. + 55,335
2,260 Frozen Food Express Industries,
Inc. 8,758
4,310 Heartland Express, Inc. + 67,882
3,390 Kirby Corporation + 69,495
1,310 Landstar Systems, Inc. + 56,084
1,820 M.S. Carriers, Inc. + 43,453
2,960 Offshore Logistics, Inc. + 27,750
8,110 Rollins Truck Leasing
Corporation 96,813
3,670 US Freightways Corporation 175,701
6,710 Werner Enterprises, Inc. 94,359
3,600 Yellow Corporation + 60,525
-------------
1,510,729
-------------
Utilities -- Water -- 0.5%
1,170 American States Water Company 42,120
1,670 Aquarion Company 61,790
5,560 United Water Resources, Inc. 190,083
-------------
293,993
-------------
TOTAL COMMON STOCKS
(Cost $49,526,923) 53,327,375
-------------
REPURCHASE AGREEMENT-- 1.8%
(Cost $985,000)
$985,000 Agreement with State Street Bank
and Trust Company, 3.300% dated
12/31/1999, to be repurchased at
$985,271 on 01/03/2000,
collateralized by $985,000 U.S.
Treasury Note, 6.250% maturing
02/28/2002 (values $1,004,700) 985,000
--------------
TOTAL INVESTMENTS
(Cost $50,511,923*) 101.2% 54,312,375
OTHER ASSETS AND
LIABILITIES (Net) (1.2) (657,700)
----- -------------
NET ASSETS 100.0% $ 53,654,675
===== =============
- ------------
* Aggregate cost for Federal tax purposes is $50,517,122.
+ Non-income producing security.
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements
<TABLE>
<CAPTION>
Munder Institutional Funds
Statements of Assets and Liabilities, December 31, 1999
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.............................................. $ 120,166,538 $ 9,290,874 $ 53,327,375
Repurchase Agreement.................................... 1,699,000 1,198,000 985,000
-------------- ------------- -------------
Total Investments........................................... 121,865,538 10,488,874 54,312,375
Cash........................................................ 464 251 64
Receivable for Fund shares sold............................. 955,616 - 71,000
Dividends receivable........................................ 103,574 5,561 24,424
Receivable for investment securities sold................... 69,821 31,541 313,556
Receivable from investment advisor.......................... 29,122 15,997 9,014
Unamortized organization costs.............................. 19,864 3,392 -
Variation margin............................................ 4,250 8,315 -
Interest receivable......................................... 156 110 90
Prepaid expenses and other assets........................... 2,594 952 -
-------------- ------------- -------------
Total Assets............................................ 123,050,999 10,554,993 54,730,523
-------------- ------------- -------------
LIABILITIES:
Payable for investment securities purchased................. 40,199 10,629 1,055,731
Custodian fees payable...................................... 16,850 9,526 8,914
Transfer agent fee payable.................................. 4,155 568 1,039
Administration fee payable.................................. 1,672 172 654
Shareholder servicing fees payable.......................... 744 211 4,862
Accrued Director's fees and expenses........................ 338 35 -
Payable upon return of securities loaned.................... - 35,956 -
Accrued expenses and other payables......................... 14,060 2,072 4,648
-------------- ------------- -------------
Total Liabilities....................................... 78,018 59,169 1,075,848
-------------- ------------- -------------
NET ASSETS.................................................. $ 122,972,981 $ 10,495,824 $ 53,654,675
============== ============= =============
Investments at cost......................................... $ 95,157,170 $ 10,135,779 $ 50,511,923
============== ============= =============
<FN>
See Notes to Financial Statements
</TABLE>
25
<TABLE>
<CAPTION>
Munder Institutional Funds
Statements of Assets and Liabilities, December 31, 1999
(Continued)
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:
Accumulated net realized gain/(loss) on
investments sold and futures contracts.................. $ (69,001) $ 139,894 $ (34,251)
Net unrealized appreciation of investments and
futures contracts....................................... 26,763,448 418,860 3,800,451
Par value................................................... 8,586 1,037 4,920
Paid-in capital in excess of par value...................... 96,269,948 9,936,033 49,883,555
-------------- ------------- -------------
Total Net Assets........................................ $ 122,972,981 $ 10,495,824 $ 53,654,675
============== ============= =============
NET ASSETS:
Class K Shares.............................................. $ 4,212,040 $ 1,231,771 $ 30,820,391
============== ============= =============
Class Y Shares.............................................. $ 118,760,941 $ 9,264,053 $ 22,834,284
============== ============= =============
SHARES OUTSTANDING
Class K Shares.............................................. 399,467 136,923 2,827,066
============== ============= =============
Class Y Shares.............................................. 8,186,317 900,170 2,093,147
============== ============= =============
CLASS K SHARES:
Net asset value, offering price and redemption
price per share........................................ $ 10.54 $ 9.00 $ 10.90
============== ============= =============
CLASS Y SHARES:
Net asset value, offering price and redemption
price per share........................................ $ 14.51 $ 10.29 $ 10.91
============== ============= =============
<FN>
See Notes to Financial Statements
</TABLE>
<TABLE>
<CAPTION>
Munder Institutional Funds
Statements of Operations, Year Ended December 31, 1999
Munder Munder Munder
Institutional Institutional Institutional
S&P 500 S&P MidCap S&P SmallCap
Index Equity Index Equity Index Equity
Fund Fund Fund(a)
------------- ------------- -------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest.................................................... $ 68,713 $ 51,831 $ 28,647
Dividends (b)............................................... 975,262 101,193 34,934
Other....................................................... - 3,394 -
-------------- ------------- -------------
Total investment income................................. 1,043,975 156,418 63,581
-------------- ------------- -------------
EXPENSES:
Custodian fees.............................................. 95,384 66,983 8,913
Investment advisory fee..................................... 54,165 14,079 7,203
Transfer agent fee.......................................... 30,996 5,249 1,228
Legal and audit fees........................................ 28,279 3,773 995
Administration fee.......................................... 13,003 1,598 811
Amortization of organizational costs........................ 10,397 2,568 -
Registration and filing fees................................ 3,505 2,353 5,648
Directors' fees and expenses................................ 2,815 324 -
Shareholder servicing fees:
Class K Shares.......................................... 949 227 7,188
Other....................................................... 10,958 2,159 62
-------------- ------------- -------------
Total Expenses.......................................... 250,451 99,313 32,048
Fees waived and expenses reimbursed by
investment advisor................................... (181,128) (81,965) (16,217)
-------------- ------------- -------------
Net Expenses............................................ 69,323 17,348 15,831
-------------- ------------- -------------
NET INVESTMENT INCOME....................................... 974,652 139,070 47,750
-------------- ------------- -------------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS:
Net realized gain/(loss) from:
Security transactions................................... 2,158,672 902,711 (34,252)
Futures contracts....................................... 177,756 220,830 -
Net change in unrealized appreciation/(depreciation) of:
Securities.............................................. 12,515,607 160,508 3,800,451
Futures contracts....................................... 55,080 (67,955) -
-------------- ------------- -------------
Net realized and unrealized gain on investments............. 14,907,115 1,216,094 3,766,199
-------------- ------------- -------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS............................................. $ 15,881,767 $ 1,355,164 $ 3,813,949
============== ============= =============
<FN>
- --------------------
(a) The Munder Institutional S&P SmallCap Index Equity Fund ceased
investment operations on May 18, 1998. The Fund resumed operations on
October 27, 1999.
(b) Net of foreign withholding taxes of $9,536 and $32 for Munder
Institutional S&P 500 Index Equity Fund and Munder Institutional S&P
SmallCap Index Equity Fund, respectively.
See Notes to Financial Statements
</TABLE>
27
<TABLE>
<CAPTION>
Munder Institutional Funds
Statements of Changes in Net Assets, Year Ended December 31, 1999
Munder Munder Munder
Institutional Institutional Institutional
S&P 500 S&P MidCap S&P SmallCap
Index Equity Index Equity Index Equity
Fund Fund Fund (a)
------------- ------------- -------------
<S> <C> <C> <C>
Net investment income....................................... $ 974,652 $ 139,070 $ 47,750
Net realized gain/(loss) 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
Dividends 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) - (238,861)
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/(decrease) 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
============== ============= =============
<FN>
- ---------------
(a) The Munder Institutional S&P SmallCap Index Equity Fund ceased
investment operations on May 18, 1998. The Fund resumed operations on
October 27, 1999.
See Notes to Financial Statements
</TABLE>
28
<TABLE>
<CAPTION>
Munder Institutional Funds
Statements of Changes in Net Assets, Periods Ended December 31, 1998
Munder Munder Munder
Institutional Institutional Institutional
S&P 500 S&P MidCap S&P SmallCap
Index Equity Index Equity Index Equity
Fund Fund Fund (b)
------------- ------------- -------------
<S> <C> <C> <C>
Net investment income....................................... $ 895,594 $ 103,073 $ 5,353
Net realized gain on investments sold....................... 1,102,861 988,362 257,496
Net change in unrealized appreciation/(depreciation) of
investments............................................. 13,853,342 326,307 (48,690)
-------------- ------------- --------------
Net increase in net assets resulting from operations........ 15,851,797 1,417,742 214,159
Dividends to shareholders from net investment income:
Class Y Shares......................................... (895,217) (105,127) -
Distributions to shareholders from net realized gains:
Class Y Shares......................................... (765,695) (258,159) (10,132)
Net increase/(decrease) in net assets from
Fund share transactions:
Class Y Shares......................................... (9,158,032) 9,798,607 (2,762,707)
-------------- ------------- --------------
Net increase/(decrease) in net assets....................... 5,032,853 10,853,063 (2,558,680)
NET ASSETS:
Beginning of year........................................... 63,998,976 - 2,558,680
-------------- ------------- -------------
End of year................................................. $ 69,031,829 $ 10,853,063 $ -
============== ============= =============
Undistributed net investment income......................... $ 2,136 $ - $ -
============== ============= =============
<FN>
- --------------------
(a) The Munder Institutional S&P MidCap Index Equity Fund commenced
operations on February 12, 1998.
(b) The Munder Institutional S&P SmallCap Index Equity Fund ceased
investment operations on May 18, 1998. The Fund resumed operations
on October 27, 1999.
See Notes to Financial Statements
</TABLE>
29
Munder Institutional S&P 500 Index Equity Fund (a)
Financial Highlights, For a Share Outstanding Throughout The Period
K Shares
-----------
Period
Ended
12/31/99(d)
-----------
Net asset value, beginning of period....................... $ 10.00
--------
Income from investment operations:
Net investment income...................................... 0.02
Net realized and unrealized gain on investments............ 0.81
--------
Total from investment operations........................... 0.83
--------
Less distributions:
Distributions from net investment income................... (0.05)
Distributions from net realized gains...................... (0.23)
Distributions from capital................................. (0.01)
---------
Total distributions........................................ (0.29)
---------
Net asset value, end of period............................. $ 10.54
========
Total return (b)........................................... 8.36%
========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)....................... $ 4,212
Ratio of operating expenses to average net assets.......... 0.34%(c)
Ratio of net investment income to average net assets....... 1.01%(c)
Portfolio turnover rate.................................... 10%
Ratio of operating expenses to average net assets
without expenses reimbursed............................. 1.35%(c)
- --------------------
(a) The 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
30
Munder Institutional S&P MidCap Index Equity Fund (a)
Financial Highlights, For a Share Outstanding Throughout The Period
K Shares
-----------
Period
Ended
12/31/99(d)
-----------
Net asset value, beginning of period...................... $ 10.00
--------
Income from investment operations:
Net investment income..................................... 0.02
Net realized and unrealized gain on investments........... 0.82
--------
Total from investment operations.......................... 0.84
--------
Less distributions:
Distributions from net investment income.................. (0.06)
Distributions in excess of net investment income.......... (0.02)
Distributions from net realized gains..................... (1.76)
---------
Total distributions....................................... (1.84)
---------
Net asset value, end of period............................ $ 9.00
========
Total return (b).......................................... 9.77%
========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)...................... $ 1,232
Ratio of operating expenses to average net assets......... 0.43%(c)
Ratio of net investment income to average net assets...... 1.21%(c)
Portfolio turnover rate................................... 36%
Ratio of operating expenses to average net assets
without expenses reimbursed............................ 1.29%(c)
- --------------------
(a) The 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
31
Munder Institutional S&P SmallCap Index Equity Fund (a)
Financial Highlights, For a Share Outstanding Throughout The Period
K Shares
-----------
Period
Ended
12/31/99(d)
-----------
Net asset value, beginning of period.................. $ 10.00
--------
Income from investment operations:
Net investment income................................. 0.02
Net realized and unrealized gain on investments....... 1.00
--------
Total from investment operations...................... 1.02
--------
Less distributions:
Distributions from net investment income.............. (0.01)
Distributions from capital............................ (0.11)
---------
Total distributions................................... (0.12)
---------
Net asset value, end of period........................ $ 10.90
========
Total return (b)...................................... 10.31%
========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's).................. $ 30,820
Ratio of operating expenses to average net assets..... 0.43%(c)
Ratio of net investment income to average net assets.. 0.89%(c)
Portfolio turnover rate............................... 3%
Ratio of operating expenses to average net assets
without expenses reimbursed........................ 0.76%(c)
- --------------------
(a) The Munder Institutional S&P SmallCap Index Equity Fund Class K
commenced operations on October 28, 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
32
The Munder Institutional Funds
Notes To Financial Statements, December 31, 1999
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.
33
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:
Fees on Average
Daily Net Assets
----------------
Munder Institutional S&P 500 Index Equity Fund........ 0.07%
Munder Institutional S&P MidCap Index Equity Fund..... 0.15%
Munder Institutional S&P SmallCap Index Equity Fund... 0.15%
The Advisor voluntarily waived fees and reimbursed certain expenses,
payable by the Funds, for the period ended December 31, 1999, as follows:
<TABLE>
<CAPTION>
Fees Waived Expenses Reimbursed
----------- -------------------
<S> <C> <C>
Munder Institutional S&P 500 Index Equity Fund........ $ 54,165 $ 126,963
Munder Institutional S&P MidCap Index Equity Fund..... 14,079 67,886
Munder Institutional S&P SmallCap Index Equity Fund... 7,203 9,014
</TABLE>
34
Comerica Inc. ("Comerica") through its wholly owned subsidiary Comerica
Bank, owns approximately 88% 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 $9,170 for its shareholder
services to the Funds for the period ended December 31, 1999.
Each Director of the Company is paid an aggregate fee for services
provided as a Board member of the Company, The Munder Funds Trust, The Munder
Funds, Inc., and The Munder Framlington Funds Trust. The fee consists of a
$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 December 31, 1999, 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 December 31,
1999, 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 December 31, 1999, cost of purchases and proceeds
from sales of securities other than short-term investments and U.S.
Government securities were as follows:
<TABLE>
<CAPTION>
Purchases Sales
--------- -----
<S> <C> <C>
Munder Institutional S&P 500 Index Equity Fund........ $44,770,549 $8,013,468
Munder Institutional S&P MidCap Index Equity Fund..... 3,073,088 4,132,537
Munder Institutional S&P SmallCap Index Equity Fund... 50,559,546 998,371
</TABLE>
At December 31, 1999, aggregate gross unrealized appreciation for all
securities for which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities for which there was an
excess of tax cost over value for Federal income tax purposes was as follows:
<TABLE>
<CAPTION>
Tax Basis Tax Basis
Unrealized Unrealized
Appreciation Depreciation
------------ ------------
<S> <C> <C>
Munder Institutional S&P 500 Index Equity Fund.......... $31,743,806 $5,049,359
Munder Institutional S&P MidCap Index Equity Fund....... 1,920,525 1,574,661
Munder Institutional S&P SmallCap Index Equity Fund..... 5,260,797 1,465,544
</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.
35
6. Common Stock
At December 31, 1999, 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:
Munder Institutional S&P 500 Index Equity Fund
Class K Shares Period Ended
12/31/99
----------------------------
Shares Amount
------ ------
Sold ...................................... 414,736 $ 4,322,102
Issued as reinvestment of dividends ....... -- --
Redeemed .................................. (15,269) (159,426)
----------- -----------
Net increase .............................. 399,467 $ 4,162,676
=========== ===========
Munder Institutional S&P MidCap Index Equity Fund
Class K Shares Period Ended
12/31/99
--------------------------
Shares Amount
------ ------
Sold ........................................ 136,923 $1,353,567
Issued as reinvestment of dividends ......... -- --
Redeemed .................................... -- --
---------- ----------
Net increase ................................ 136,923 $1,353,567
========== ==========
Munder Institutional S&P SmallCap Index Equity Fund
Class K Shares Period Ended
12/31/99
------------------------------
Shares Amount
------ ------
Sold .................................... 2,867,857 $ 29,292,074
Issued as reinvestment of dividends ..... -- --
Redeemed ................................ (40,791) (423,392)
------------ ------------
Net increase ............................ 2,827,066 $ 28,868,682
============ ============
7. Income Tax Information (Unaudited)
Certain capital losses realized after October 31 within a taxable year
may be deferred and treated as occurring on the first day of the following
tax year. The Munder Institutional S&P SmallCap Index Equity Fund has elected
to defer net capital losses arising between November 1 1999 and December 31,
1999 of $29,053.
The following amounts have been designated as capital gains dividends
for the purpose of the dividends paid deduction:
Munder Institutional S&P 500 Index Equity Fund......... $2,515,144
Munder Institutional S&P MidCap Index Equity Fund...... $738,988
Of the distributions made by the Funds, the corresponding percentage
represents the amount of each distribution that will qualify for the
dividends received deduction available to corporate shareholders:
Munder Institutional S&P 500 Index Equity Fund........ 58.05%
Munder Institutional S&P MidCap Index Equity Fund..... 31.03%
Munder Institutional S&P SmallCap Index Equity Fund... 26.94%
36
Report of Ernst & Young LLP, Independent Auditors
To the Board of Directors and Shareholders of
St. Clair Funds, Inc, and
Shareholders of
Munder Institutional S&P 500 Index Equity Fund
Munder Institutional S&P MidCap Index Equity Fund
Munder Institutional S&P SmallCap Index Equity Fund
We have audited the accompanying statements of assets and liabilities,
including the portfolios of investments, of the Munder Institutional S&P 500
Index Equity Fund, Munder Institutional S&P MidCap Index Equity Fund and
Munder Institutional S&P SmallCap Index Equity Fund (the "Funds") (three of
the portfolios constituting St. Clair Funds, Inc.), as of December 31, 1999,
and the related statements of operations, changes in net assets and financial
highlights for each of the periods indicated therein. These financial
statements and financial highlights are the responsibility of the Funds'
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits
We conducted our audits in accordance with auditing standards generally
accepted in the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements and financial highlights. Our
procedures included confirmation of securities owned as of December 31, 1999,
by correspondence with the custodian and brokers or other appropriate
auditing procedures where replies from brokers were not received. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Munder Institutional S&P 500 Index Equity Fund, Munder Institutional S&P
MidCap Index Equity Fund and Munder Institutional S&P SmallCap Index Equity
Fund of St. Clair Funds, Inc., at December 31, 1999, and the results of their
operations, the changes in their net assets, and their financial highlights
for the periods indicated therein, in conformity accounting principles
generally accepted in the United States..
/s/ Ernst & Young LLP
Boston, Massachusetts
February 15, 2000
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Lee Munder
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Michael T. Monahan, Vice President
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Mary Ann Schumaker, Assiatant Secretary
Libby E. Wilson, Secretary and Assistant Treasurer
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
PFPC Global Fund Services
211 South Gulph Road
King of Prussia, PA 19406-3101
ADMINISTRATOR & CUSTODIAN
State Street Bank & Trust Company
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
(OUTSIDE BACK COVER)
ANNINSTIK1299
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
(OUTSIDE FRONT COVER)
CLASS Y SHARES
Annual
Report
DECEMBER 31, 1999
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
"These funds were
created with the special
needs and benefits of
the large institutional
investor in mind."
The Munder Funds
Letter to shareholders
Dear fellow 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 operations of the Funds.
These funds were created with the special needs and benefits of the
large institutional investor in mind. Each one of these funds is managed in
the same manner as their sister retail fund, but because of the institutional
shareholder focus, we are able to offer these funds to you with a
significantly lower expense ratio. We are pleased that you have chosen The
Munder Funds for your investment purchases.
If you have any questions, please call the Fund at 1-800-4MUNDER, or
call your financial advisor. You may also contact us through our website at
www.munder.com. Thank you very much for your confidence in Munder Capital
Management and the Munder Family of Mutual Funds.
Very truly yours
/s/ James C. Robinson
James C. Robinson, CEO
Munder Capital Management
Munder Institutional S&P 500 Index Equity Fund
Portfolio of Investments, December 31, 1999
Shares Value
- ---------------------------------------------------------
COMMON STOCKS -- 97.6%
Advertising -- 0.2%
2,600 Interpublic Group of Companies,
Inc. $ 149,988
1,600 Omnicom Group, Inc. 160,000
-------------
309,988
-------------
Aerospace -- 1.2%
9,500 Boeing Company 394,844
1,900 General Dynamics Corporation 100,225
7,863 Honeywell International, Inc. 453,568
3,700 Lockheed Martin Corporation 80,937
700 Northrop Grumman Corporation 37,844
3,200 Raytheon Company, Class B 85,000
271 Teledyne Technologies, Inc. + 2,558
4,523 United Technologies Corporation 293,995
------------
1,448,971
-------------
Airlines -- 0.2%
1,600 AMR Corporation + 107,200
1,400 Delta Air Lines, Inc. 69,738
4,887 Southwest Airlines Company 79,108
900 US Airways Group, Inc. + 28,856
-------------
284,902
-------------
Apparel -- 0.2%
600 Liz Claiborne, Inc. 22,575
2,700 NIKE, Inc., Class B 133,819
600 Reebok International Ltd. + 4,912
1,100 V.F. Corporation 33,000
-------------
194,306
-------------
Automobiles -- 0.9%
11,700 Ford Motor Company 625,219
6,400 General Motors Corporation 465,200
600 Navistar International Corporation + 28,425
----------
1,118,844
-------------
Automobile Parts and Equipment -- 0.3%
1,400 AutoZone, Inc. + 45,237
400 Cummins Engine, Inc. 19,325
1,557 Dana Corporation 46,613
1,300 Danaher Corporation 62,725
5,575 Delphi Automotive Systems
Corporation 87,806
1,700 Genuine Parts Company 42,181
800 Johnson Controls, Inc. 45,500
400 Pep Boys -- Manny, Moe & Jack 3,650
600 Snap-On, Inc. 15,938
1,100 TRW, Inc. 57,131
-------------
426,106
-------------
Banks -- 5.7%
3,700 AmSouth Bancorporation 71,456
11,330 Banc One Corporation 363,268
17,049 Bank of America Corporation 855,647
7,100 Bank of New York, Inc. 284,000
3,100 BB&T Corporation 84,863
8,200 Chase Manhattan Corporation 637,037
1,350 Comerica, Inc. 63,028
2,950 Fifth Third Bancorporation 216,456
9,468 First Union Corporation 310,669
10,081 Firstar Corporation 212,961
8,869 FleetBoston Financial Corporation 308,745
2,173 Huntington Bancshares, Inc. 51,880
4,200 KeyCorp 92,925
7,950 MBNA Corporation 216,637
5,100 Mellon Financial Corporation 173,719
1,700 Morgan (J.P.) & Company, Inc. 215,262
5,400 Morgan Stanley, Dean Witter,
Discover and Company 770,850
6,100 National City Corporation 144,494
2,000 Northern Trust Corporation 106,000
1,100 Old Kent Financial Corporation 38,913
2,800 PNC Bank Corporation 124,600
1,000 Republic New York Corporation 72,000
1,700 Southtrust Corporation 64,281
1,500 State Street Corporation 109,594
1,700 Summit Bancorp 52,063
3,100 SunTrust Banks, Inc. 213,319
2,600 Synovus Financial Corporation 51,675
7,100 U.S. Bancorp 169,069
1,900 Wachovia Corporation 129,200
5,744 Washington Mutual, Inc. 149,344
16,300 Wells Fargo & Company 659,131
-------------
7,013,086
-------------
Biotechnology -- 0.1%
900 Pe Corp-PE Biosystems Group 108,281
-------------
Broadcasting -- 1.0%
7,386 CBS Corporation + 472,242
3,100 Clear Channel Communications + 276,675
6,000 MediaOne Group, Inc. + 460,875
500 Meredith Corporation 20,844
-------------
1,230,636
-------------
Building Materials -- 1.4%
600 Centex Corporation 14,813
800 Crane Company 15,900
400 Fleetwood Enterprises 8,250
22,050 Home Depot, Inc. 1,511,803
1 Huttig Building Products, Inc. + 4
400 Kaufman & Broad Home Corporation 9,675
4,300 Masco Corporation 109,112
500 Pulte Corporation 11,250
1,000 Vulcan Materials Company 39,937
-------------
1,720,744
-------------
Business Equipment and Supplies -- 1.9%
1,100 Avery Dennison Corporation 80,163
1,500 Ikon Office Solutions 10,219
17,900 International Business Machines
Corporation 1,933,200
2,500 Pitney Bowes, Inc. 120,781
6,600 Xerox Corporation 149,737
-------------
2,294,100
-------------
Business Services -- 2.5%
21,900 America Online, Inc. + 1,652,081
7,162 Cendant Corporation + 190,241
700 Deluxe Corporation 19,206
2,350 Paychex, Inc. 94,000
2,630 PeopleSoft, Inc. 56,052
2,600 Yahoo!, Inc. + 1,124,987
-------------
3,136,567
-------------
Chemicals and Plastics -- 1.8%
2,100 Air Products & Chemicals, Inc. 70,481
2,100 Dow Chemical Company 280,612
10,176 dupont (E.I.) de Nemours &
Company 670,344
700 Eastman Chemical Company 33,381
1,200 Ecolab, Inc. 46,950
1,100 Engelhard Corporation 20,763
300 FMC Corporation + 17,194
800 Grace (W.R.) & Company + 11,100
700 Great Lakes Chemical Corporation 26,731
1,100 Hercules, Inc. 30,663
732 Kerr-McGee Corporation 45,384
800 Mallinckrodt Group, Inc. 25,450
3,800 Minnesota Mining & Manufacturing
Company 371,925
6,100 Monsanto Company 217,312
1,500 Praxair, Inc. 75,469
1,800 Rockwell International Corporation 86,175
2,095 Rohm & Haas Company 85,240
1,000 Sigma-Aldrich Corporation 30,063
1,400 Union Carbide Corporation 93,450
-------------
2,238,687
-------------
Coal -- 0.1%
2,100 CSX Corporation 65,887
300 Eastern Enterprises 17,231
700 Fluor Corporation 32,113
-------------
115,231
-------------
Communication Equipment -- 1.6%
1,800 Cabletron Systems, Inc. + 46,800
9,700 GTE Corporation 684,456
6,000 Motorola, Inc. 883,500
1,700 National Semiconductor
Corporation + 72,781
700 Scientific-Atlanta, Inc. 38,938
3,700 Tellabs, Inc. + 237,494
-------------
1,963,969
-------------
Computer Hardware, Software or Services -- 14.7%
3,400 3COM Corporation + 159,800
1,000 Adaptec, Inc. + 49,875
1,100 Adobe Systems, Inc. 73,975
1,500 Advanced Micro Devices, Inc. + 43,406
1,400 Apple Computer, Inc. + 143,937
600 Autodesk, Inc. 20,250
6,000 Automatic Data Processing, Inc. 323,250
2,400 BMC Software, Inc. + 191,850
1,400 Ceridian Corporation + 30,188
32,150 Cisco Systems, Inc. + 3,444,069
800 Citrix Systems, Inc. + 98,400
16,845 Compaq Computer Corporation 455,868
5,250 Computer Associates
International, Inc. 367,172
1,600 Computer Sciences Corporation + 151,400
3,300 Compuware Corporation + 122,925
25,100 Dell Computer Corporation + 1,280,100
4,900 Electronic Data Systems Corporation 327,994
3,000 Gateway 2000, Inc. + 216,187
10,000 Hewlett Packard Company 1,139,375
50,400 Microsoft Corporation + 5,884,200
1,400 Network Appliance, Inc. + 116,287
3,200 Novell, Inc. + 127,800
14,200 Oracle Corporation + 1,591,287
2,600 Parametric Technology Corporation + 70,363
2,000 Seagate Technologies, Inc. + 93,125
1,900 Silicon Graphics, Inc. + 18,644
2,900 Solectron Corporation + 275,862
14,800 Sun Microsystems, Inc. + 1,146,075
2,900 Unisys Corporation + 92,619
-------------
18,056,283
-------------
Computer -- Semiconductors -- 3.7%
3,500 Applied Materials, Inc. + 443,406
10,000 EMC Corporation + 1,092,500
32,700 Intel Corporation 2,691,619
1,500 LSI Logic Corporation + 101,250
2,400 Micron Technology, Inc. + 186,600
-------------
4,515,375
-------------
Consumer Non-Durables -- 4.5%
2,300 Corning, Inc. 296,556
32,400 General Electric Company 5,013,900
900 Grainger (W.W.), Inc. 43,031
3,800 Lowe's Companies, Inc. 227,050
95 Water Pik Technologies, Inc. + 909
-------------
5,581,446
-------------
Consumer Services -- 0.0% #
1,000 Block (H & R), Inc. 43,750
2,700 Service Corporation International 18,731
-------------
62,481
-------------
Containers -- 0.1%
400 Ball Corporation 15,750
1,100 Crown Cork & Seal Company, Inc. 24,612
1,400 Owens-Illinois, Inc. + 35,087
1,500 Pactiv Corporation + 15,938
806 Sealed Air Corporation + 41,761
-------------
133,148
-------------
Cosmetics -- Toiletry -- 0.1%
600 Alberto-Culver Company, Class B 15,488
2,500 Avon Products, Inc. 82,500
-------------
97,988
-------------
Diversified -- 1.0%
1,600 Fortune Brands, Inc. 52,900
1,100 Loews Corporation 66,756
1,500 Textron, Inc. 115,031
1,400 Thermo Electron Corporation + 21,000
16,574 Tyco International Ltd. 644,315
5,628 Unilever NV 306,374
-------------
1,206,376
-------------
Electrical Equipment -- 0.7%
1,000 Cooper Industries, Inc. 40,437
400 Foster Wheeler Corporation 3,550
1,500 Molex, Inc. 85,031
500 Tektronix, Inc. 19,438
7,800 Texas Instruments, Inc. 755,625
600 Thomas & Betts Corporation 19,125
-------------
923,206
-------------
Electronics -- 0.9%
1,600 Analog Devices, Inc. + 148,800
700 Eaton Corporation 50,838
4,100 Emerson Electric Company 235,237
1,500 General Instrument Corporation + 127,500
900 KLA-Tencor Corporation + 100,238
1,100 Lexmark International Group, Inc. + 99,550
1,900 Tandy Corporation 93,456
1,600 Teradyne, Inc. + 105,600
2,800 Xilinx, Inc. + 127,312
-------------
1,088,531
-------------
Energy and Resources -- 0.1%
2,005 Burlington Resources, Inc. 66,290
-------------
Entertainment -- 1.3%
700 Brunswick Corporation 15,575
20,400 Disney (Walt) Company 596,700
800 Harcourt General Corporation 32,200
1,800 Hasbro, Inc. 34,313
4,000 Mattel, Inc. 52,500
12,800 Time Warner, Inc. 927,200
-------------
1,658,488
-------------
Financial Services -- 4.6%
4,200 American Express Company 698,250
2,400 American General Corporation 182,100
7,050 Associates First Capital Corporation,
Class A 193,434
1,182 Bear Stearns Companies, Inc. 50,531
2,000 Capital One Financial Corporation 96,375
8,100 Charles Schwab Corporation 310,837
33,350 Citigroup, Inc. 1,853,009
1,200 Countrywide Credit Industries 30,300
800 Dow Jones & Company, Inc. 54,400
1,400 Equifax, Inc. 32,988
9,900 Fannie Mae 618,131
6,900 Federal Home Loan Mortgage
Corporation 324,731
4,200 First Data Corporation 207,112
2,500 Franklin Resources, Inc. 80,156
4,726 Household International, Inc. 176,044
1,200 Lehman Brothers Holdings, Inc. 101,625
3,600 Merrill Lynch & Company, Inc. 300,600
1,400 Paine Webber Group, Inc. 54,338
1,100 Price (T Rowe) & Associates, Inc. 40,631
2,100 Regions Financial Corporation 52,763
1,600 SLM Holding Corporation 67,600
600 Temple-Inland, Inc. 39,563
1,300 Union Planters Corporation 51,269
-------------
5,616,787
-------------
Food and Beverages -- 3.5%
3,997 Albertson's, Inc. 128,903
4,500 Anheuser-Busch Companies, Inc. 318,937
4,200 Campbell Soup Company 162,487
24,400 Coca-Cola Company 1,421,300
4,200 Coca-Cola Enterprises, Inc. 84,525
4,600 ConAgra, Inc. 103,788
400 Coors (Adolph) Company, Class B 21,000
3,500 Heinz (H.J.) Company 139,344
1,400 Hershey Foods Corporation 66,500
3,900 Kellogg Company 120,169
3,200 Nabisco Group Holdings Corporation 34,000
14,400 PepsiCo, Inc. 507,600
23,600 Philip Morris Companies, Inc. 547,225
1,300 Quaker Oats Company 85,313
3,000 Ralston-Purina Company 83,625
8,900 Sara Lee Corporation 196,356
4,200 Seagram Company Ltd. 188,737
1,800 UST, Inc. 45,338
1,100 Wrigley (Wm) Jr. Company 91,231
-------------
4,346,378
-------------
Food Distribution -- 0.5%
5,889 Archer-Daniels-Midland Company 71,772
2,800 Bestfoods 147,175
2,800 General Mills, Inc. 100,100
400 Great Atlantic & Pacific Tea
Company, Inc. 11,150
8,200 Kroger Company + 154,775
1,300 Supervalu, Inc. 26,000
3,300 Sysco Corporation 130,556
1,400 Winn Dixie Stores, Inc. 33,513
-------------
675,041
-------------
Gas and Pipeline Utilities -- 0.1%
2,100 El Paso Energy Corporation 81,506
-------------
Glass Products -- 0.1%
500 Owens Corning Fiberglass
Corporation 9,656
1,700 PPG Industries, Inc. 106,357
-------------
116,013
-------------
Health Care Facilities -- 0.2%
5,400 Columbia/HCA Healthcare
Corporation 158,288
1,600 Humana, Inc. + 13,100
1,200 Manor Care, Inc. + 19,200
2,900 Tenet Healthcare Corporation + 68,150
700 Wellpoint Health Networks, Inc.,
Class A + 46,156
-------------
304,894
-------------
Health Care Products -- 2.9%
15,000 Abbott Laboratories 544,687
1,200 Allergan, Inc. 59,700
600 Bausch & Lomb, Inc. 41,063
2,400 Becton, Dickinson & Company 64,200
2,684 McKesson HBOC, Inc. 60,558
23,200 Merck & Company, Inc. 1,555,850
38,300 Pfizer, Inc. 1,242,356
1,000 Quintiles TransNational Corporation + 18,688
900 Watson Pharmaceuticals, Inc. + 32,231
-------------
3,619,333
-------------
Holding Companies -- 0.2%
1,350 Providian, LLC 122,934
2,200 Public Service Enterprise 76,588
-------------
199,522
-------------
Home Appliances -- 0.1%
800 Black & Decker Corporation 41,800
800 Maytag Corporation 38,400
700 Whirlpool Corporation 45,544
-------------
125,744
-------------
Home Furnishings and Housewares -- 0.5%
12,900 American Home Products Corporation 508,744
400 Armstrong World 13,350
1,800 Leggett & Platt, Inc. 38,587
2,688 Newell Rubbermaid, Inc. 77,952
200 Springs Industries, Inc. 7,988
800 Tupperware Corporation 13,550
-------------
660,171
-------------
Hotels and Restaurants -- 0.7%
1,200 Darden Restaurants, Inc. 21,750
1,200 Harrah's Entertainment Corporation + 31,725
3,300 Hilton Hotels Corporation 31,762
2,300 Marriott International, Inc. 72,594
13,400 McDonald's Corporation 540,187
2,000 Mirage Resorts, Inc. + 30,625
1,400 Tricon Global Restaurants, Inc. + 54,075
1,100 Wendy's International, Inc. 22,688
-------------
805,406
-------------
Industrial Machinery -- 0.1%
2,100 AES Corporation + 156,975
-------------
Insurance -- 2.8%
1,400 Aetna Life & Casualty Company 78,137
2,500 Aflac, Inc. 117,969
7,700 Allstate Corporation 184,800
15,288 American International Group, Inc. 1,653,015
2,500 AON Corporation 100,000
1,623 Chubb Corporation 91,395
1,900 CIGNA Corporation 153,069
1,600 Cincinnati Financial Corporation 49,900
3,008 Conseco, Inc. 53,768
2,200 Hartford Financial Services Group,
Inc. 104,225
1,000 Jefferson-Pilot Corporation 68,250
1,900 Lincoln National Corporation 76,000
2,400 Marsh & McLennan Companies, Inc. 229,650
1,000 MBIA, Inc. 52,812
900 MGIC Investment Corporation 54,169
700 Progressive Corporation 51,188
1,300 SAFECO Corporation 32,338
2,006 St. Paul Companies, Inc. 67,577
1,300 Torchmark, Inc. 37,781
1,800 United Healthcare Corporation 95,625
2,357 UnumProvident Corporation 75,571
-------------
3,427,239
-------------
Machinery and Heavy Equipment -- 0.4%
3,400 Caterpillar, Inc. 160,012
2,300 Deere & Company 99,762
2,100 Dover Corporation 95,288
1,500 Ingersoll-Rand Company 82,594
900 Parker-Hannifin Corporation 46,181
900 Stanley Works 27,113
-------------
510,950
-------------
Manufacturing -- 0.3%
2,200 Alcan Aluminum Ltd. 90,612
4,000 Boston Scientific Corporation + 87,500
300 Briggs & Stratton Corporation 16,088
700 Brown-Forman Corporation, Class B 40,075
400 Milacron, Inc. 6,150
700 PACCAR, Inc. 31,019
1,300 Pall Corporation 28,031
600 Reynolds Metals Company 45,975
1,700 Sherwin-Williams Company 35,700
-------------
381,150
-------------
Medical Instruments, Services, and
Supplies -- 1.9%
500 Bard (C.R.), Inc. 26,500
2,700 Baxter International, Inc. 169,594
1,200 Biomet, Inc. 48,000
2,548 Cardinal Health, Inc. 121,985
2,800 Guidant Corporation 131,600
4,100 HEALTHSOUTH Corporation + 22,038
3,000 IMS Health, Inc. 81,563
13,300 Johnson & Johnson Company 1,238,562
11,600 Medtronic, Inc. 422,675
300 Shared Medical Systems
Corporation 15,281
900 St. Jude Medical, Inc. + 27,619
-------------
2,305,417
-------------
Metal Fabricating -- 0.2%
2,823 Illinois Tool Works, Inc. 190,745
-------------
Metals and Mining -- 0.5%
3,400 Alcoa, Inc. 282,200
3,700 Barrick Gold Corporation 65,444
1,400 Freeport McMoRan Copper & Gold,
Class B 29,575
2,600 Homestake Mining Company 20,312
1,900 Inco Ltd. 44,650
1,700 Newmont Mining Corporation 41,650
845 Phelps Dodge Corporation 56,721
3,100 Placer Dome, Inc. 33,325
-------------
573,877
-------------
Natural Gas -- 0.3%
900 Consolidated Natural Gas
Company 58,444
6,900 Enron Corporation 306,187
500 NICOR, Inc. 16,250
400 ONOEK, Inc. 10,050
2,252 Sempra Energy 39,129
-------------
430,060
-------------
News and Publishing -- 0.4%
2,700 Gannett Company, Inc. 220,219
700 Knight-Ridder, Inc. 41,650
1,700 New York Times Company,
Class A 83,513
700 Times Mirror Company (New),
Class A 46,900
2,200 Tribune Company 121,137
-------------
513,419
-------------
Oil -- 5.1%
800 Amerada Hess Corporation 45,400
1,000 Apache Corporation 36,938
800 Ashland, Inc. 26,350
3,100 Atlantic Richfield Company 268,150
3,280 Baker Hughes, Inc. 69,085
6,500 Chevron Corporation 563,062
2,000 Coastal Corporation 70,875
6,219 Conoco, Inc., Class B 154,698
34,236 Exxon Mobil Corporation 2,758,138
4,200 Halliburton Company 169,050
1,200 Louisiana Land & Exploration
Company 17,100
600 McDermott International, Inc. 5,438
3,500 Occidental Petroleum Corporation 75,687
2,500 Phillips Petroleum Company 117,500
21,200 Royal Dutch Petroleum Company 1,281,275
800 Sunoco, Inc. 18,800
5,500 Texaco, Inc. 298,719
1,400 Tosco Corporation 38,062
2,400 Union Pacific Corporation 104,700
2,500 Union Pacific Resources Group 31,875
2,400 Unocal Corporation 80,550
3,100 USX-Marathon Group 76,531
-------------
6,307,983
-------------
Oil Equipment and Services -- 0.3%
5,454 Schlumberger Ltd. 306,787
2,056 Transocean Sedco Forex, Inc. 69,258
-------------
376,045
-------------
Paper and Forest Products -- 0.9%
500 Bemis Company, Inc. 17,438
600 Boise Cascade Corporation 24,300
900 Champion International Corporation 55,744
2,200 Fort James Corporation 60,225
1,600 Georgia-Pacific Corporation 81,200
3,891 International Paper Company 219,598
5,042 Kimberly-Clark Corporation 328,990
1,000 Mead Corporation 43,438
400 Potlatch Corporation 17,850
2,300 Weyerhaeuser Company 165,169
1,000 Willamette Industries, Inc. 46,437
-------------
1,060,389
-------------
Personal Items -- 2.4%
5,600 Colgate-Palmolive Company 364,000
10,700 Gillette Company 440,706
1,000 International Flavors &
Fragrances, Inc. 37,750
400 Jostens, Inc. 9,725
13,100 Procter & Gamble Company 1,435,269
8,200 Warner-Lambert Company 671,888
-------------
2,959,338
-------------
Petroleum Refining -- 0.2%
1,300 Anadarko Petroleum Corporation 44,363
900 Rowan Companies + 19,519
4,100 Williams Companies, Inc. 125,306
-------------
189,188
-------------
Pharmaceuticals -- 2.3%
1,080 ALZA Corporation + 37,395
19,600 Bristol-Myers Squibb Company 1,258,075
10,800 Lilly (Eli) & Company 718,200
4,900 Pharmacia & Upjohn, Inc. 220,500
14,500 Schering-Plough Corporation 611,719
-------------
2,845,889
-------------
Photographic Equipment and Supplies -- 0.2%
3,100 Eastman Kodak Company 205,375
500 Polaroid Corporation 9,406
-------------
214,781
-------------
Printing and Publishing-- 0.2%
800 American Greetings Corporation,
Class A 18,900
1,300 Donnelley (R.R.) & Sons Company 32,256
1,400 Dun & Bradstreet Corporation 41,300
1,800 McGraw-Hill, Inc. 110,925
1,000 Westvaco Corporation 32,625
-------------
236,006
-------------
Railroads -- 0.1%
3,600 Norfolk Southern Corporation 73,800
-------------
Recreation -- 0.2%
6,100 Carnival Corporation, Class A 291,656
-------------
Research and Development -- 0.5%
10,100 Amgen, Inc. + 606,631
-------------
Retail -- Store -- 4.7%
1,300 Bed Bath & Beyond, Inc. + 45,175
1,900 Best Buy Company, Inc. + 95,356
1,900 Circuit City Stores-- Circuit City
Group 85,619
1,000 Consolidated Stores
Corporation + 16,250
2,100 Costco Wholesale Corporation + 191,625
3,700 CVS Corporation 147,769
4,200 Dayton Hudson Corporation 308,437
900 Dillard's, Inc. 18,169
2,400 Dollar General Corporation 54,600
2,000 Federated Department Stores + 101,125
8,237 Gap, Inc. 378,902
4,700 K-mart Corporation + 47,294
1,500 Kohls Corporation + 108,281
1,900 Limited, Inc. 82,294
400 Long's Drug Stores Company 10,325
3,300 May Department Stores Company 106,425
1,400 Nordstrom, Inc. 36,663
3,500 Office Depot, Inc. + 38,281
2,400 Penney (J.C.) Company, Inc. 47,850
2,400 Rite Aid Corporation 26,850
400 Russell Corporation 6,700
4,800 Safeway, Inc. + 170,700
3,800 Sears, Roebuck & Company 115,662
4,600 Staples, Inc. + 95,450
3,100 TJX Companies, Inc. 63,356
2,400 Toys R Us, Inc. + 34,350
44,000 Wal-Mart Stores, Inc. 3,041,500
9,900 Walgreen Company 289,575
-------------
5,764,583
-------------
Savings and Loan -- 0.0% #
1,500 Golden West Financial
Corporation 50,250
-------------
Soaps and Detergents -- 0.1%
2,208 Clorox Company 111,228
-------------
Steel -- 0.1%
950 Allegheny Technologies, Inc. + 21,316
1,400 Bethlehem Steel Corporation + 11,725
900 Nucor Corporation 49,331
800 Timken Company 16,350
900 USX-U.S.Steel Group, Inc. 29,700
1,000 Worthington Industries, Inc. 16,562
-------------
144,984
-------------
Technology -- 0.1%
900 ITT Industries 30,094
500 Millipore Corporation 19,312
500 PerkinElmer, Inc. + 20,844
-------------
70,250
-------------
Telecommunications-- 11.8%
1,300 ADC Telecommunications, Inc. + 94,331
3,066 ALLTEL Corporation 253,520
900 Andrew Corporation + 17,044
31,620 AT & T Corporation 1,604,715
15,400 Bell Atlantic Corporation 948,062
18,600 BellSouth Corporation 870,712
1,300 CenturyTel, Inc. 61,588
7,200 Comcast Corporation Special,
Class A 364,050
700 Comverse Technology, Inc. + 101,325
7,355 Global Crossing Ltd. + 367,750
30,310 Lucent Technologies, Inc. 2,267,567
27,705 MCI Worldcom, Inc. + 1,470,097
3,400 Nextel Communications, Inc. + 350,625
13,140 Nortel Networks Corporation 1,327,140
5,600 Qualcomm, Inc. 986,300
33,712 SBC Communications 1,643,460
8,600 Sprint Corporation 578,888
4,400 Sprint PCS + 451,000
4,814 US West, Inc. 346,608
6,700 Viacom, Inc., Class B + 404,931
-------------
14,509,713
-------------
Tire and Rubber -- 0.1%
900 Cooper Tire & Rubber
Company 14,006
1,100 Goodrich (B.F.) Company 30,250
1,600 Goodyear Tire & Rubber
Company 45,100
-------------
89,356
-------------
Transportation -- 0.3%
4,500 Burlington Northern Santa Fe 109,125
2,880 FDX Corporation + 117,900
1,000 Kansas City Southern
Industries, Inc 74,625
600 Ryder System, Inc. 14,663
-------------
316,313
-------------
Utilities -- 1.4%
1,300 Ameren Corporation 42,575
1,800 American Electric Power
Company, Inc. 57,825
1,400 Carolina Power & Light Company 42,612
1,900 Central & Southwest Corporation 38,000
1,500 Cinergy Corporation 36,187
1,000 CMS Energy Corporation 31,188
2,200 Consolidated Edison Company 75,900
1,400 Constellation Energy Group 40,600
1,800 Dominion Resources, Inc. 70,650
1,400 DTE Energy Company 43,925
3,400 Duke Energy Company 170,425
3,300 Edison International 86,419
2,400 Entergy Corporation 61,800
2,172 FirstEnergy Corporation 49,277
1,000 Florida Progress Corporation 42,312
1,700 FPL Group, Inc. 72,781
1,300 GPU, Inc. 38,919
500 National Service Industries, Inc. 14,750
1,100 New Century Energies, Inc. 33,413
1,700 Niagara Mohawk Power
Corporation + 23,694
1,600 Northern States Power
Company 31,200
1,700 PECO Energy Company 59,075
400 People's Energy Corporation 13,400
3,700 PG & E Corporation 75,850
700 Pinnacle West Capital Corporation 21,394
1,500 PP & L Resources, Inc. 34,312
2,800 Reliant Energy, Inc. 64,050
6,800 Southern Company 159,800
2,700 Texas Utilities Company 96,019
2,100 Unicom Corporation 70,350
-------------
1,698,702
-------------
Waste Management -- 0.1%
1,700 Allied Waste Industries, Inc. + 14,981
5,947 Waste Management, Inc. 102,214
-------------
117,195
-------------
TOTAL COMMON STOCKS
(Cost $93,360,569) 120,068,937
-------------
U.S. TREASURY BILLS -- 0.1%
(Cost $97,601)
$ 100,000 5.49% ++, due 06/22/2000** 97,601
-------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 1.4%
(Cost $1,699,000)
1,699,000 Agreement with State Street Bank
and Trust Company, 3.300% dated
12/31/1999, to be repurchased at
$1,699,467 on 01/03/2000,
collateralized by $1,700,000 U.S.
Treasury Note, 6.250% maturing
02/28/2002 (value $1,734,000) 1,699,000
-------------
TOTAL INVESTMENTS
(Cost $95,157,170*) 99.1% 121,865,538
OTHER ASSETS AND
LIABILITIES (Net) 0.9 1,107,443
----- -------------
NET ASSETS 100.0% $ 122,972,981
===== =============
- ------------
* Aggregate cost for Federal tax purposes is $95,171,091.
** 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.
Number of Unrealized
Contracts Appreciation
- --------- ------------
FUTURES CONTRACTS-- LONG POSITION
5 S&P 500 Index March 2000 $55,080
=======
See Notes to Financial Statements
Munder Institutional MidCap Index Equity Fund
Portfolio of Investments, December 31, 1999
Shares Value
- ---------------------------------------------------------
COMMON STOCKS -- 87.3%
Aerospace -- 0.3%
300 Cordant Technologies, Inc. $ 9,900
400 Litton Industries, Inc. + 19,950
-------------
29,850
-------------
Agricultural Machinery -- 0.1%
500 Agco Corporation 6,719
-------------
Air Travel -- 0.1%
200 Alaska Air Group, Inc. + 7,025
-------------
Aluminum -- 0.0% #
100 Maxxam, Inc. + 4,288
-------------
Apparel and Textiles -- 2.0%
314 Albany International Corporation 4,869
400 American Eagle Outfitters, Inc. + 18,000
500 Burlington Industries, Inc. + 2,000
1,300 Cintas Corporation 69,063
1,400 Jones Apparel Group, Inc. + 37,975
500 Mohawk Industries, Inc. + 13,188
300 Rayonier, Inc. 14,494
1,600 Shaw Industries, Inc. 24,700
500 Unifi, Inc. 6,156
500 Warnaco Group, Inc. 6,156
500 Westpoint Stevens, Inc. 8,750
-------------
205,351
-------------
Automobiles -- 1.1%
400 Federal Signal Corporation 6,425
1,700 Harley Davidson, Inc. 108,906
-------------
115,331
-------------
Automobile Parts and Equipment -- 0.7%
200 Arvin Industries, Inc. 5,675
200 Borg Warner Automotive, Inc. 8,100
600 Federal Mogul Corporation 12,075
600 Lear Corporation + 19,200
600 Meritor Automotive, Inc. 11,625
300 Modine Manufacturing Company 7,500
728 Pennzoil-Quaker State Company 7,416
200 Superior Industries International,
Inc. 5,363
-------------
76,954
-------------
Banks -- 4.5%
2,433 Charter One Financial, Inc. 46,531
400 City National Corporation 13,175
1,300 Compass Bancshares, Inc. 29,006
1,800 First Security Corporation 45,956
1,500 First Tennessee National
Corporation 42,750
500 First Virginia Banks, Inc. 21,500
1,800 Hibernia Corporation 19,125
1,200 Marshall & Ilsley Corporation 75,375
600 Mercantile Bankshares
Corporation 19,163
1,200 National Commerce
Bancorporation 27,225
1,550 North Fork Bancorporation, Inc. 27,125
700 Pacific Century Financial
Corporation 13,081
400 Webster Financial Corporation 9,425
400 Westamerica Bancorporation 11,175
300 Wilmington Trust Corporation 14,475
1,000 Zions Bancorp 59,188
-------------
474,275
-------------
Banking and Financial Services -- 0.6%
400 CCB Financial Corporation 17,425
800 FirstMerit Corporation 18,400
1,000 GreenPoint Financial
Corporation 23,812
400 Keystone Financial, Inc. 8,425
-------------
68,062
-------------
Biotechnology -- 0.8%
400 Gilead Sciences, Inc. + 21,650
470 Millennium Pharmaceuticals,
Inc. + 57,340
-------------
78,990
-------------
Broadcasting -- 2.3%
1,100 Belo (A.H.) Corporation 20,969
318 Chris Craft Industries, Inc. 22,936
400 Hispanic Broadcasting
Corporation + 36,887
1,200 Univision Communications, Inc.,
Class A + 122,625
500 Westwood One, Inc. + 38,000
-------------
241,417
-------------
Building Construction -- 0.1%
400 Harsco Corporation 12,700
-------------
Business Services -- 5.2%
500 AC Nielsen Corporation + 12,313
1,000 Acxiom Corporation + 24,000
700 Apollo Group, Inc. + 14,044
200 Banta Corporation 4,513
1,800 Comdisco, Inc. 67,050
1,700 Convergys Corporation + 52,275
600 DeVry, Inc. + 11,175
1,425 Fiserv, Inc. + 54,595
800 Gartner Group, Inc., Class B + 11,050
300 Gtech Holdings Corporation + 6,600
200 Jacobs Engineering Group, Inc. + 6,500
300 Kelly Services, Inc. 7,538
700 Manpower, Inc. 26,337
900 Modis Professional Services,
Inc. + 12,825
400 Navigant Consulting, Inc. + 4,350
200 NCO Group, Inc. + 6,025
900 NCR Corporation + 34,087
700 NOVA Corporation + 22,094
400 Ogden Corporation 4,775
700 Olsten Corporation 7,919
300 Polycom, Inc. + 19,106
800 Robert Half International, Inc. + 22,850
500 Sothebys Holdings, Inc. 15,000
1,300 Stewart Enterprises, Inc. 6,175
1,400 Sun Guard Data Systems + 33,250
500 Sylvan Learning Systems, Inc. + 6,500
900 Viad Corporation 25,087
600 Waters Corporation + 31,800
-------------
549,833
-------------
Chemicals and Plastics -- 2.0%
400 Albemarle Corporation 7,675
600 Cabot Corporation 12,225
1,354 CK Witco Corporation 18,110
400 Cytec Industries, Inc. + 9,250
200 Dexter Corporation 7,950
800 Ethyl Corporation 3,150
300 Ferro Corporation 6,600
100 Fuller (H.B.) Company 5,594
300 Georgia Gulf Corporation 9,131
400 Hanna (M.A.) Company 4,375
1,300 IMC Global, Inc. 21,287
500 Lubrizol Corporation 15,437
200 Minerals Technologies, Inc. 8,013
400 Olin Corporation 7,925
1,000 R.P.M., Inc. 10,187
300 Schulman (A.), Inc. 4,894
1,300 Solutia, Inc. 20,069
800 Sterling Commerce, Inc. + 27,250
300 Wellman, Inc. 5,588
-------------
204,710
-------------
Communication Equipment -- 0.2%
700 Harris Corporation 18,681
-------------
Communication Services -- 0.1%
500 COMSAT Corporation 9,938
-------------
Computers and Business Equipment -- 1.3%
600 Diebold, Inc. 14,100
1,900 Quantum Corporation-- DLT &
Storage Systems + 28,737
900 Storage Technology
Corporation + 16,594
800 Symbol Technologies, Inc. 50,850
500 Tech Data Corporation + 13,563
300 Transaction Systems Architects, Inc.,
Class A + 8,400
-------------
132,244
-------------
Computer Hardware, Software or Services -- 12.3%
400 Affiliated Computer Services, Inc.,
Class A + 18,400
2,800 Cadence Design Systems, Inc. + 67,200
500 Cambridge Technology
Partners + 13,125
500 CheckFree Holdings
Corporation + 52,250
600 DST Systems, Inc. + 45,787
600 Electronic Arts + 50,400
300 Imation Corporation + 10,069
2,200 Informix Corporation + 25,162
2,100 Intuit, Inc. + 125,869
600 Keane, Inc. + 19,050
700 Legato Systems, Inc. + 48,169
600 Mentor Graphics Corporation + 7,912
1,550 Networks Assocs, Inc. + 41,366
300 Policy Management Systems
Corporation + 7,669
800 Rational Software Corporation + 39,300
2,100 Siebel Systems, Inc. + 176,400
800 Sterling Software, Inc. + 25,200
300 Structural Dynamics Research
Corporation + 3,825
400 Sykes Enterprises, Inc. + 17,550
500 Symantec Corporation + 29,312
600 Synopsys, Inc. + 40,050
2,950 VERITAS Software
Corporation + 422,219
-------------
1,286,284
-------------
Construction Materials -- 0.7%
300 Fastenal Company 13,481
200 Granite Construction, Inc. 3,688
400 Martin Marietta Materials, Inc. 16,400
300 Southdown, Inc. 15,488
500 USG Corporation 23,562
-------------
72,619
-------------
Containers and Glass -- 0.1%
400 Mark IV Industries, Inc. 7,075
-------------
Diversified -- 0.3%
600 American Standard Companies,
Inc. + 27,525
-------------
Domestic Oil -- 0.6%
400 Murphy Oil Corporation 22,950
500 Noble Affiliates, Inc. 10,719
800 Ultramar Diamond Shamrock 18,150
500 Valero Energy Corporation 9,937
-------------
61,756
-------------
Drugs and Health Care -- 7.6%
200 Acuson + 2,513
500 Apria Healthcare Group, Inc. + 8,969
1,500 Bergen Brunswig Corporation 12,469
1,700 Biogen, Inc. + 143,650
400 Carter Wallace, Inc. 7,175
2,100 Chiron Corporation + 88,987
500 Covance, Inc. + 5,406
300 Express Scripts, Inc., Class A + 19,200
1,000 Forest Labs, Inc. + 61,438
700 Genzyme Surgical Products + 31,500
2,849 Health Management Associates + 38,105
700 ICN Pharmaceuticals, Inc. 17,719
1,000 Ivax Corporation + 25,750
500 Lincare Holdings, Inc. + 17,344
500 Medimmune, Inc. + 82,937
300 MiniMed, Inc. + 21,975
1,500 Mylan Labs, Inc. 37,781
800 Omnicare, Inc. 9,600
700 Oxford Health Plans, Inc. + 8,881
400 PacifiCare Health Systems, Inc. + 21,200
700 Perrigo Company + 5,600
700 Quorum Health Group, Inc. + 6,519
300 Sepracor, Inc. + 29,756
900 Stryker Corporation 62,663
1,200 Sybron International
Corporation + 29,625
700 Total Renal Care Holdings,
Inc. + 4,681
-------------
801,443
-------------
Electric Utilities -- 1.1%
600 Calpine Corporation + 38,400
200 Cleco Corporation 6,413
1,800 DPL, Inc. 31,162
700 DQE, Inc. 24,237
936 Sierra Pacific Resources 16,205
-------------
116,417
-------------
Electrical Equipment -- 1.7%
2,200 American Power Conversion
Corporation + 58,025
300 AMETEK, Inc. 5,719
900 Arrow Electronics, Inc. + 22,837
1,800 Atmel Corporation + 53,212
500 Dentsply International, Inc. 11,813
600 Hubbell, Inc. 16,350
300 Magnetek, Inc. + 2,306
400 Ucar International, Inc. + 7,125
-------------
177,387
-------------
Electronics -- 8.8%
400 ADTRAN, Inc. + 20,575
2,300 Altera Corporation + 113,994
300 Avnet, Inc. 18,150
800 Cirrus Logic, Inc. + 10,650
1,200 Cypress Semiconductor
Corporation + 38,850
800 Integrated Device Technology,
Inc. + 23,200
1,000 Jabil Circuit, Inc. + 73,000
1,700 Linear Technology Corporation 121,656
3,000 Maxim Integrated Products,
Inc. + 141,562
500 Microchip Technology, Inc. + 34,219
300 Novellus Systems, Inc. + 36,759
300 QLogic Corporation + 47,963
500 Sanmina Corporation + 49,937
600 SCI Systems, Inc. + 49,312
700 Sensormatic Electronics
Corporation + 12,206
100 Sequa Corporation + 5,394
300 Teleflex, Inc. 9,394
718 Vishay Intertechnology, Inc. + 22,707
1,700 Vitesse Semiconductor
Corporation + 89,144
-------------
918,672
-------------
Financial Services -- 2.7%
500 American Financial Group, Inc. 13,188
525 Associated Banc Corporation 17,981
2,300 Concord EFS, Inc. + 59,225
2,700 E*TRADE Group, Inc. + 70,537
900 Edwards (A.G.), Inc. 28,856
600 Finova Group, Inc. 21,300
300 Investment Technology Group,
Inc. 8,625
500 Legg Mason, Inc. 18,125
400 Provident Financial Group, Inc. 14,350
800 ReliaStar Financial Corporation 31,350
-------------
283,537
-------------
Food and Beverage -- 2.2%
400 Bob Evans Farms, Inc. 6,175
400 Dean Foods Company 15,900
500 Dole Food, Inc. 8,125
200 Dreyers Grand Ice Cream, Inc. 3,400
900 Flowers Industries, Inc. 14,344
700 Hormel Foods Corporation 28,437
800 IBP, Inc. 14,400
200 International Multifoods
Corporation 2,650
600 Interstate Bakeries Corporation 10,875
300 Lance, Inc. 3,000
600 Mccormick & Company, Inc. 17,850
300 Smucker (J.M.) Company 5,850
300 Suiza Foods Corporation + 11,887
2,600 Tyson Foods, Inc. 42,250
900 United States Foodservice + 15,075
500 Universal Foods Corporation 10,188
400 Vlasic Foods International, Inc. + 2,275
1,700 Whitman Corporation 22,844
-------------
235,525
-------------
Forest Products -- 0.2%
800 Georgia Pacific Corporation 19,700
-------------
Gas and Pipeline Utilities -- 1.5%
500 AGL Resources, Inc. 8,500
1,100 American Water Works, Inc. 23,375
266 Indiana Energy, Inc. 4,722
1,600 KeySpan Corporation 37,100
1,250 Kinder Morgan, Inc. 25,234
800 MCN Corporation Holding
Company 19,000
300 National Fuel Gas Company 13,950
700 Questar Corporation 10,500
400 Washington Gas Light Company 11,000
-------------
153,381
-------------
Home Furnishings and Housewares -- 0.1%
500 Furniture Brands International,
Inc. + 11,000
-------------
Hotels and Restaurants -- 0.6%
600 Brinker International, Inc. + 14,400
400 Buffets, Inc. + 4,000
500 CBRL Group, Inc. 4,852
1 Hilton Hotels Corporation 15
300 Lone Star Steakhouse & Saloon + 2,677
800 Mandalay Resort Group + 16,100
650 Outback Steakhouse, Inc. + 16,859
300 Papa John's International, Inc. + 7,819
--------------
66,722
--------------
Household Products -- 0.6%
400 Church & Dwight, Inc. 10,675
1,200 Dial Corporation 29,175
600 Hillenbrand Industries, Inc. 19,012
-------------
58,862
-------------
Industrial Machinery -- 0.8%
600 Airgas, Inc. + 5,700
400 Donaldson Company, Inc. 9,625
300 Kaydon Corporation 8,044
300 Kennametal, Inc. 10,087
100 Nordson Corporation 4,825
300 SPX Corporation + 24,244
300 Stewart & Stevenson Services,
Inc. 3,553
200 Tecumseh Products Company,
Class A 9,438
400 York International Corporation 10,975
-------------
86,491
-------------
Insurance -- 1.9%
500 Allmerica Financial Corporation 27,812
600 Ambac Financial Group, Inc. 31,312
400 Everest Reinsurance Holdings,
Inc. 8,925
1,400 Foundation Health Systems,
Inc. + 13,913
400 Horace Mann Educators
Corporation 7,850
300 HSB Group, Inc. 10,144
500 Ohio Casualty Corporation 8,031
1,450 Old Republic International
Corporation 19,756
450 PMI Group, Inc. 21,966
600 Protective Life Corporation 19,088
700 Unitrin, Inc. 26,337
-------------
195,134
-------------
Leisure Time -- 1.1%
700 Callaway Golf Company 12,381
900 International Game Technology 18,281
500 International Speedway Corporation,
Class A 25,187
3,400 Park Place Entertainment
Corporation + 42,500
700 Premier Parks, Inc. + 20,213
-------------
118,562
-------------
Medical Instruments -- 0.2%
300 Beckman Coulter, Inc. 15,262
600 STERIS Corporation + 6,188
-------------
21,450
-------------
Medical Services -- 0.6%
1,200 Beverly Enterprises, Inc. + 5,250
500 First Health Group Corporation + 13,437
600 PSS World Medical, Inc. + 5,663
400 Trigon Healthcare, Inc. + 11,800
600 VISX, Inc. + 31,050
-------------
67,200
-------------
Metals -- 0.0% #
242 Ryerson Tull, Inc. 4,704
-------------
Mining -- 0.0% #
100 Cleveland Cliffs, Inc. 3,113
-------------
Miscellaneous -- 0.1%
400 Blyth Industries, Inc. + 9,825
300 Rollins, Inc. 4,500
-------------
14,325
-------------
Mobile Homes -- 0.1%
1,599 Clayton Homes, Inc. 14,691
-------------
Newspapers -- 0.7%
400 Lee Enterprises, Inc. 12,775
200 Media General, Inc. 10,400
100 Washington Post Company 55,587
-------------
78,762
-------------
Office Furnishings and Supplies -- 0.6%
600 Hon Industries, Inc. 13,162
700 Miller Herman, Inc. 16,100
1,300 Office Max, Inc. + 7,150
700 Reynolds & Reynolds Company 15,750
300 Standard Register 5,813
400 Wallace Computer Series, Inc. 6,650
-------------
64,625
-------------
Oil and Gas -- 3.6%
600 BJ Services Company + 25,087
900 Devon Energy Corporation 29,587
1,600 ENSCO International, Inc. 36,600
300 Flowserve Corporation 5,100
2,000 Global Marine, Inc. + 33,250
300 Hanover Compressor Company + 11,325
500 Helmerich & Payne, Inc. 10,906
1,300 Lyondell Petrochemical
Company 16,575
1,500 Nabors Industries, Inc. + 46,406
1,500 Noble Drilling Corporation + 49,125
1,888 Ocean Energy, Inc. + 14,632
900 Pioneer Natural Resources
Company 8,044
2,100 Santa Fe Snyder Corporation + 16,800
400 Smith International, Inc. + 19,875
600 Varco International, Inc. + 6,113
1,175 Weatherford International, Inc. 46,927
-----------
376,352
-----------
Paper -- 1.2%
400 Bowater, Inc. 21,725
200 Chesapeake Corporation 6,100
1,000 Consolidated Papers, Inc. 31,812
400 Glatfelter (P.H.) Company 5,825
500 Longview Fibre Company 7,125
400 Pentair, Inc. 15,400
1,200 Sonoco Products Company 27,300
500 Wausau Mosinee Paper
Corporation 5,844
-----------
121,131
-----------
Publishing -- 0.6%
600 Harte-Hanks, Inc. 13,050
300 Houghton Mifflin Company 12,656
1,000 Readers Digest Association, Inc.,
Class A (non-voting) 29,250
100 Scholastic Corporation + 6,219
-----------
61,175
-----------
Railroads and Equipment -- 0.3%
400 GATX Corporation 13,500
400 Trinity Industries, Inc. 11,375
500 Wisconsin Central Transportation
Corporation + 6,719
-----------
31,594
-----------
Retail -- 4.1%
1,200 Abercrombie & Fitch Company + 32,025
600 Barnes & Noble, Inc. + 12,375
700 BJs Wholesale Club, Inc. + 25,550
700 Borders Group, Inc. + 11,244
400 CDW Computer Centers, Inc. + 31,450
500 Claire S Stores, Inc. 11,188
800 CompUSA, Inc. + 4,100
600 Dollar Tree Stores, Inc. + 29,062
2,000 Family Dollar Stores, Inc. 32,625
400 Hannaford Brothers Company 27,725
500 Heilig-Meyers Company 1,375
300 Lands End, Inc. + 10,425
300 Micro Warehouse, Inc. + 5,550
400 Neiman Marcus Group, Inc.,
Class A + 11,175
300 Payless Shoesource, Inc. + 14,100
800 Ross Stores, Inc. 14,350
400 Ruddick Corporation 6,200
1,592 Saks, Inc. + 24,775
2,100 Starbucks Corporation + 50,925
600 Tiffany & Company 53,550
500 Williams-Sonoma, Inc. + 23,000
-----------
432,769
-----------
Savings and Loan -- 0.7%
500 Astoria Financial Corporation 15,219
1,300 Dime Bancorp, Inc. 19,662
2,500 Sovereign Bancorp, Inc. 18,633
800 TCF Financial Corporation 19,900
-----------
73,414
-----------
Shipbuilding -- 0.1%
300 Newport News Shipbuilding, Inc. 8,250
-----------
Steel -- 0.3%
900 AK Steel Holding Corporation 16,987
200 Carpenter Technology
Corporation 5,488
200 Oregon Steel Mills, Inc. 1,588
200 Precision Castparts Corporation 5,250
-----------
29,313
-----------
Telecommunications -- 1.4%
2,400 Broadwing, Inc. 88,500
500 Telephone & Data Systems, Inc. 63,000
-----------
151,500
-----------
Tire and Rubber -- 0.3%
200 Bandag, Inc. 5,000
300 Carlisle Companies, Inc. 10,800
400 Lancaster Colony Corporation 13,250
-----------
29,050
-----------
Tobacco -- 0.2%
1,000 R.J. Reynolds Tobacco Holdings,
Inc. 17,625
300 Universal Corporation 6,844
-----------
24,469
-----------
Trucking and Freight Forwarding-- 0.8%
400 Airbourne Freight Corporation 8,800
400 Alexander & Baldwin, Inc. 9,125
200 Arnold Industries, Inc. 2,812
400 CNF Transportation, Inc. 13,800
300 Hunt (J.B.) Transport Services, Inc. 4,153
300 Overseas Shipholding Group, Inc. 4,444
400 Pittston Brinks Group 8,800
600 Swift Transportation Co., Inc. + 10,575
500 Tidewater, Inc. 18,000
-----------
80,509
-----------
Utilities -- 5.1%
1,100 Allegheny Energy, Inc. 29,631
700 Alliant Energy Corporation 19,250
150 Black Hills Corporation 3,328
300 CMP Group, Inc. 8,269
875 Conectiv, Inc. 14,711
1,300 Energy East Corporation 27,056
300 Hawaiian Electric Industries, Inc. 8,663
300 Idacorp, Inc. 8,044
600 Illinova Corporation 20,850
1,000 IPALCO Enterprises 17,062
600 Kansas City Power & Light
Company 13,238
1,500 LG & E Energy Corporation 26,156
500 Midamerica Energy Holdings
Company 16,844
600 Minnesota Power & Light
Company 10,163
1,000 Montana Power Company 36,062
500 New England Electric Systems 25,875
1,400 NiSource, Inc. 25,025
1,500 Northeast Utilities 30,844
600 NSTAR 24,300
700 OGE Energy Corporation 13,300
1,400 Potomac Electric Power
Company 32,112
400 Public Service Company Nm 6,500
800 Puget Sound Energy, Inc. 15,500
1,200 Scana Corporation 32,250
1,500 Teco Energy, Inc. 27,844
1,050 Utilicorp United, Inc. 20,409
1,100 Wisconsin Energy Corporation 21,175
-----------
534,461
-----------
TOTAL COMMON STOCKS
(Cost $8,804,222) 9,157,317
-----------
Principal
Amount
- ---------
U.S. TREASURY BILLS -- 0.9%
(Cost $97,601)
$ 100,000 5.49% ++, due 06/22/2000** 97,601
-----------
REPURCHASE AGREEMENT -- 11.4%
(Cost $1,198,000)
1,198,000 Agreement with State Street
Bank and Trust Company, 3.300%
dated 12/31/1999, to be repurchased
at $1,198,329 on 01/03/2000,
collateralized by $1,195,000 U.S.
Treasury Note, 6.625% maturing
03/31/2002 (value $1,223,381) 1,198,000
OTHER INVESTMENTS**
(Cost $35,956) 0.3% 35,956
-------------
TOTAL INVESTMENTS
(Cost $10,135,779*) 99.9% $ 10,488,874
OTHER ASSETS AND
LIABILITIES (Net) 0.1 6,950
----- -------------
NET ASSETS 100.0% $ 10,495,824
===== =============
- ----------
* Aggregate cost for Federal tax purposes is $10,143,010.
** Securities pledged as collateral for futures contracts.
*** As of December 31, 1999, the market value of the securities on loan is
$34,796. Collateral received for securities loaned of $34,956 is invested
in State Street Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
++ Rate represents annualized yield at date of purchase.
# Amount represents less than 0.1% of net assets.
Number of Unrealized
Contracts Appreciation
- --------- ------------
FUTURES CONTRACTS-- LONG POSITION
6 S&P Mid Cap 400 Index, March 2000 $65,765
=======
See Notes to Financial Statements.
Munder Institutional S&P SmallCap Index Equity Fund
Portfolio of Investments, December 31, 1999
Shares Value
- ---------------------------------------------------------
COMMON STOCKS -- 99.4%
Advertising -- 0.2%
2,960 ADVO, Inc. + $ 70,300
6,900 HA-LO Industries, Inc. + 51,750
-------------
122,050
-------------
Aerospace and Defense -- 0.9%
3,810 AAR Corporation 68,342
1,320 Alliant Techsystems, Inc. + 82,252
2,110 Aviation Sales Company + 34,815
3,590 BE Aerospace, Inc. + 30,291
5,990 Gencorp, Inc. 59,151
5,310 Orbital Sciences Corporation + 98,567
2,640 Scott Technologies, Inc. + 49,830
3,800 Teledyne Technologies, Inc. 35,863
1,010 Watkins Johnson Company 40,400
-------------
499,511
-------------
Agricultural Machinery -- 0.5%
5,270 AptarGroup, Inc. 132,409
5,550 Delta & Pine Land Company 96,431
1,830 Lindsay Manufacturing
Company 33,398
-------------
262,238
-------------
Air Travel -- 0.5%
2,560 Atlantic Coast Airlines Holdings,
Inc. + 60,800
4,860 Mesa Air Group, Inc. + 23,085
1,990 Midwest Express Holdings,
Inc. + 63,431
3,400 SkyWest, Inc. 95,200
-------------
242,516
-------------
Apparel and Textiles -- 1.4%
1,160 Angelica Corporation 11,310
1,980 Ashworth, Inc. + 8,168
3,530 Cone Mills Corporation + 15,885
2,830 G & K Services 91,621
3,100 Guilford Mills, Inc. 22,475
930 Haggar Corporation 10,579
4,430 Hartmarx Corporation + 17,997
1,490 K-Swiss, Inc. 27,681
4,020 Kellwood Company 78,139
4,990 Nautica Enterprises, Inc. + 56,449
1,940 Oshkosh B' Gosh, Inc. 40,861
1,030 Oxford Industries, Inc. 20,407
3,800 Phillips Van Heusen Corporation 31,588
3,300 Quiksilver, Inc. + 51,150
6,570 Stride Rite Corporation 42,705
1,770 The Dixie Group, Inc. 13,054
3,060 Timberland Company + 161,797
5,860 Wolverine World Wide, Inc. 64,094
-------------
765,960
-------------
Automobiles -- 0.4%
2,960 Group 1 Automotive, Inc. + 41,255
2,530 Simpson Industries, Inc. 28,463
1,830 Spartan Motors, Inc. 8,006
1,950 Standard Motor Products, Inc. 31,444
3,330 Wabash National Corporation 49,950
2,560 Wynns International, Inc. 36,160
-------------
195,278
-------------
Automobile Parts and Equipment -- 1.8%
3,470 Clarcor, Inc. 62,460
3,880 Copart, Inc. + 168,780
2,470 Discount Auto Parts, Inc. + 44,614
10,350 Gentex Corporation + 287,212
1,670 Insurance Auto Auctions, Inc. + 26,303
7,040 O'Reilly Automotive, Inc. + 151,360
4,290 Standard Pacific Corporation 47,190
2,960 TBC Corporation + 18,500
5,610 Tenneco Automotive, Inc. 52,243
6,680 Tower Automotive, Inc. + 103,123
-------------
961,785
-------------
Banking and Financial Services -- 6.0%
10,500 AmeriCredit Corporation + 194,250
6,970 AMRESCO, Inc. + 9,802
3,520 Anchor Bancorp Wisconsin, Inc. 53,240
3,250 Banknorth Group, Inc. 86,937
5,300 Billing Information Concepts
Corporation + 34,450
3,730 Carolina First Bancshares 68,073
3,930 Chittenden Corporation 116,426
3,920 Commerce Bancorp, Inc. 158,515
7,040 Community First Bankshares,
Inc. 110,880
7,550 Cullen Frost Bankers, Inc. 194,412
1,830 Dain Rauscher Corporation 85,095
5,430 Enhance Financial Services Group,
Inc. 88,237
3,970 First BanCorp 82,378
5,930 First Midwest Bancorp, Inc. 157,145
7,117 Hudson United Bancorp 181,928
2,100 Investors Financial Services
Corporation 96,600
3,470 Jefferies Group, Inc. 76,340
1,380 JSB Financial, Inc. 71,588
3,470 MAF Bancorp, Inc. 72,653
4,560 Premier Bancshares, Inc. 62,130
3,530 Provident Bankshares
Corporation 61,113
3,070 Queens County Bancorp, Inc. 83,274
3,940 Riggs National Corporation 51,959
3,250 Silicon Valley Bancshares + 160,875
5,290 Susquehanna Bancshares, Inc. 83,979
7,570 TrustCo Bank Corporation NY 100,302
2,550 U.S. Trust Corporation 204,478
6,040 United Bankshares, Inc. 144,205
6,120 UST Corporation 194,310
3,130 Whitney Holding Corporation 116,006
-------------
3,201,580
-------------
Broadcasting -- 0.1%
7,230 General Communication, Inc. + 31,631
-------------
Building Construction -- 0.6%
4,020 Apogee Enterprises, Inc. 20,351
9,090 D.R. Horton, Inc. 125,556
3,250 Hughes Supply, Inc. 70,078
7,420 Morrison Knudsen Corporation + 57,969
3,880 Sturm Ruger & Company, Inc. 34,435
-------------
308,389
-------------
Building Materials -- 1.3%
3,100 ABM Industries, Inc. 63,162
1,830 Building Materials Holdings
Corporation + 18,758
930 Butler Manufacturing Company 20,751
2,450 Commonwealth Industries, Inc. 31,850
2,690 Elcor Chemical Corporation 81,036
2,770 Florida Rock Industries, Inc. 95,392
3,530 Justin Industries, Inc. 52,509
1,530 Lawson Products, Inc. 35,381
1,800 Republic Group, Inc. 27,225
1,810 Simpson Manufacturing Company,
Inc. + 79,187
2,230 TJ International, Inc. 93,660
2,060 U.S. Home Corporation + 52,659
2,840 Universal Forest Products, Inc. 41,890
-------------
693,460
-------------
Business Services -- 6.8%
2,760 Aaron Rents, Inc. 48,990
5,290 Bowne & Company, Inc. 71,415
2,550 Catalina Marketing
Corporation + 295,162
5,280 Central Parking Corporation 100,980
4,220 ChoicePoint, Inc. + 174,602
2,800 DBT Online, Inc. + 68,250
200 Express Scripts, Inc. + 12,800
1,980 Fair Issac & Company, Inc. 104,940
2,830 Franklin Covey Company + 21,225
3,390 Gymboree Corporation + 19,069
4,350 Harland (John H.) Company 79,659
3,930 Information Resources, Inc. + 36,353
8,940 Interim Services, Inc. + 221,265
4,590 Intervoice, Inc. + 106,717
1,830 Kronos, Inc. + 109,800
6,120 Labor Ready, Inc. + 74,205
3,050 MAXIMUS, Inc. + 103,509
2,830 Microage, Inc. 9,905
6,680 Paxar Corporation + 56,363
6,910 Profit Recovery Group
International, Inc. + 183,547
1,960 QRS Corporation + 205,800
4,170 Remedy Corporation + 197,554
5,470 RSA Security, Inc. + 423,925
2,420 SEI Investments Company 288,018
2,520 Service Experts, Inc. + 14,648
10,260 Snyder Communications, Inc. 197,505
4,080 StaffMark, Inc. + 30,855
1,850 Stone & Webster, Inc. 31,103
5,440 Tetra Tech, Inc. + 83,640
3,790 The BISYS Group, Inc. + 247,297
2,330 URS Corporation + 50,532
-------------
3,669,633
-------------
Chemicals -- 1.8%
3,400 Cambrex Corporation 117,087
2,530 Chemfirst, Inc. 55,344
3,270 Geon Company 106,275
3,240 Lilly Industrial, Inc. 43,538
4,710 Macdermid, Inc. 193,404
1,510 McWhorter Technologies, Inc. + 24,160
3,650 Mississippi Chemical
Corporation 22,584
3,470 Om Group, Inc. 119,498
5,990 Omnova Solutions, Inc. 46,422
1,140 Penford Corporation 19,665
1,170 Quaker Chemical 16,673
4,140 Scotts Company + 166,635
2,230 WD-40 Company 49,339
-------------
980,624
-------------
Commercial Services -- 0.8%
5,550 Harbinger Corporation + 176,559
3,100 Kroll-O'Gara Company + 51,150
2,660 Lason Holdings, Inc. + 29,260
3,100 NFO Worldwide, Inc. + 69,363
3,130 Pre-Paid Legal Services, Inc. + 75,120
-------------
401,452
-------------
Communication Equipment -- 1.5%
7,240 CommScope, Inc. + 291,862
2,380 Plantronics, Inc. + 170,319
2,810 Powerwave Technologies, Inc. + 164,034
1,670 Proxim, Inc. + 183,700
-------------
809,915
-------------
Communication Services -- 1.8%
2,300 Adaptive Broadband
Corporation + 169,769
6,910 Aspect Communications
Corporation + 270,354
7,550 Brightpoint, Inc. + 99,094
790 Centigram Communications
Corporation + 13,232
3,300 Pinnacle Systems, Inc. + 134,269
6,820 True North Communications 304,768
-------------
991,486
-------------
Computers and Business Equipment -- 2.1%
5,790 American Management Systems,
Inc. + 181,661
3,960 Auspex Systems, Inc. 40,590
2,210 Digi International, Inc. + 23,067
3,310 Exabyte Corporation + 24,825
3,100 Gerber Scientific, Inc. 68,006
3,730 Insight Enterprises, Inc. + 151,531
7,770 Komag, Inc. + 24,281
4,580 National Computer Systems, Inc. 172,323
2,330 Standard Microsystems
Corporation + 25,193
2,250 Telxon Corporation 36,000
2,120 Volt Information Sciences, Inc. + 50,615
4,080 Xircom, Inc. + 306,000
-------------
1,104,092
-------------
Computer Hardware, Software or Services -- 11.2%
3,120 Analysts International
Corporation 39,000
3,040 Apex, Inc. + 98,040
3,500 Aspen Technology, Inc. + 92,531
3,470 Avid Technology, Inc. + 45,327
1,980 BARRA, Inc. + 62,865
2,620 Black Box Corporation + 175,540
4,850 Cerner Corporation + 95,484
8,450 Ciber, Inc. + 232,375
3,440 Clarify, Inc. + 433,440
3,050 Computer Task Group, Inc. 45,178
1,990 Concord Communications, Inc. + 88,306
1,800 Cybex Computer Products
Corporation + 72,900
2,340 Cyrk, Inc. + 27,788
5,840 Epicor Software Corporation + 29,565
2,230 Factset Research Systems, Inc. 177,564
4,700 Filenet Corporation + 119,850
2,200 Great Plains Software, Inc. 164,450
2,810 Henry Jack & Associates, Inc. 150,862
3,580 HNC Software, Inc. + 378,585
3,600 Hutchinson Technology, Inc. + 76,500
4,340 Hyperion Solutions
Corporation + 188,790
6,530 InaCom Corporation + 47,751
3,620 Insituform Technologies, Inc. + 102,265
3,740 Inter-Tel, Inc. 93,500
7,030 Macromedia, Inc. + 514,069
5,530 Mercury Interactive
Corporation + 596,894
2,250 MICROS Systems, Inc. + 166,500
7,110 National Instruments
Corporation + 271,957
2,390 Progress Software Corporation + 135,633
3,100 Project Software & Development,
Inc. + 172,050
7,000 Read Rite Corporation + 33,250
6,090 Technology Solutions
Company + 199,448
4,320 Verity, Inc. + 183,870
4,320 Visio Corporation + 205,200
7,980 Whittman-Hart, Inc. + 427,927
2,120 ZixIt Corporation + 84,005
-------------
6,029,259
-------------
Conglomerates -- 0.1%
3,430 Triarc Companies, Inc. + 63,026
-------------
Construction and Mining Equipment -- 0.5%
2,670 CDI Corporation + 64,414
3,360 Kaman Corporation 43,260
2,120 Material Sciences Corporation + 21,598
3,050 Regal Beloit Corporation 62,906
3,280 Valmont Industries, Inc. 52,685
-------------
244,863
-------------
Contract Sales and Research Organizations -- 0.1%
3,400 Pharmaceutical Product
Development, Inc. + 40,375
-------------
Diversified Industrial -- 1.1%
3,880 AMCOL International
Corporation 62,565
2,400 Esterline Technologies
Corporation + 27,750
5,751 Friede Goldman Halter, Inc. + 39,898
4,420 Griffon Corporation + 34,531
6,280 JLG Industries, Inc. 100,087
6,300 MascoTech, Inc. 79,931
4,220 Roper Industries, Inc. 159,569
1,830 SPS Technologies, Inc. + 58,446
-------------
562,777
-------------
Drugs and Health Care -- 8.7%
6,350 Alliance Pharmaceutical
Corporation + 46,831
4,290 Alpharma, Inc. 131,917
3,330 Barr Laboratories, Inc. + 104,479
7,520 Bio Technology General
Corporation + 114,680
3,330 Biomatrix, Inc. + 64,103
4,640 Cephalon, Inc. + 160,370
1,530 Chemed Corporation 43,796
1,980 Cooper Companies, Inc. 59,648
3,490 Cor Therapeutics, Inc. + 93,794
8,380 Coventry Health Care, Inc. + 56,565
3,470 Cygnus, Inc. + 63,328
6,280 Dura Pharmaceuticals, Inc. + 87,527
3,600 Enzo Biochem, Inc. + 162,225
6,860 Genesis Health Ventures, Inc. + 14,149
6,080 IDEC Pharmaceuticals
Corporation + 597,360
5,290 Idexx Laboratories, Inc. + 85,301
3,600 Immune Response Corporation + 15,638
4,130 Incyte Pharmacuticals, Inc. + 247,800
4,350 Invacare Corporation 87,272
6,150 Jones Medical Industries, Inc. 267,141
5,570 Liposome, Inc. + 67,971
4,580 Magellan Health Services, Inc. + 28,911
4,140 Medicis Pharmaceutical
Corporation + 176,209
3,380 Mentor Corporation 87,246
2,410 Natures Sunshine Products, Inc. 19,280
9,600 NBTY, Inc. + 111,000
2,820 NCS HealthCare, Inc. + 6,786
4,720 North American Vaccine, Inc. + 21,240
2,970 Noven Pharmaceuticals, Inc. + 53,831
4,230 Organogenesis, Inc. + 36,748
6,840 Orthodontic Centers America,
Inc. + 81,652
1,990 Osteotech, Inc. + 26,616
4,720 Owens & Minor, Inc. 42,185
3,510 PAREXEL International
Corporation + 41,462
4,860 Patterson Dental Company + 207,157
2,230 Pediatrix Medical Group, Inc. + 15,610
2,930 Primark Corporation + 81,491
6,980 Prime Hospitality Corporation + 61,511
2,560 Protein Design Laboratories,
Inc. + 179,200
4,360 Regeneron Pharmaceuticals,
Inc. + 55,590
6,390 Renal Care Group, Inc. + 149,366
4,330 Respironics, Inc. + 34,505
2,100 Rural/Metro Corporation + 8,991
3,880 Sierra Health Services, Inc. + 25,948
1,390 Spacelabs, Inc. + 25,802
6,680 Summit Technology, Inc. + 78,072
3,100 Sunrise Medical, Inc. + 19,181
1,800 Syncor International
Corporation + 52,425
2,970 Ultratech Stepper, Inc. + 47,891
4,270 Universal Health Services, Inc. + 153,720
3,730 Vertex Pharmaceuticals, Inc. + 130,550
1,820 Vital Signs, Inc. 41,633
-------------
4,673,704
-------------
Electric Utilities -- 1.0%
940 Bangor Hydro Electric Company 15,334
1,670 Central Vermont Public Service 17,744
2,480 CH Energy Group, Inc. + 81,840
2,830 Eastern Utilities Associates 85,784
670 Green Mountain Power
Corporation 4,983
3,340 NorthWestern Corporation 73,480
2,840 Public Service Company North
Carolina, Inc. 91,768
1,960 TNP Enterprises, Inc. 80,850
1,990 United Illuminating Company 102,236
-------------
554,019
-------------
Electrical Equipment -- 3.8%
5,150 Anixter International, Inc. + 106,219
5,160 Baldor Electric Company 93,525
2,790 Barnes Group, Inc. 45,512
3,380 Belden, Inc. 70,980
2,260 Benchmark Electronics, Inc. + 51,839
7,835 Burr-Brown Corporation + 283,039
1,940 C&D Technologies, Inc. 82,450
5,810 C-Cube Microsystems, Inc. + 361,672
3,930 Cable Design Technologies
Corporation + 90,390
3,470 Coherent, Inc. + 92,822
3,110 Helix Technology Corporation 139,367
1,820 Intermagnetics General
Corporation 15,925
4,030 Kent Electrical Corporation + 91,683
2,540 Oak Industries, Inc. + 269,557
1,530 Park Electrochemical
Corporation 40,641
2,110 Symmetricom, Inc. + 20,968
2,260 Technitrol, Inc. 100,570
2,340 Thomas Industries, Inc. 47,824
4,060 Watsco, Inc. 46,944
-------------
2,051,927
-------------
Electronics -- 9.2%
2,690 Alpha Industries, Inc. + 154,171
2,600 American Xtal Technology,
Inc. + 45,337
1,840 Analogic Corporation 60,720
5,310 Artesyn Technologies, Inc. + 111,510
3,800 BMC Industries, Inc. 18,525
2,110 C Cor Electronics, Inc. + 161,679
4,320 Checkpoint Systems, Inc. + 44,010
4,010 CTS Corporation 302,254
4,160 Dallas Semiconductor
Corporation 268,060
9,770 Digital Microwave Corporation + 228,984
3,110 Dionex Corporation + 128,093
1,850 Electro Scientific Industries,
Inc. + 135,050
2,800 Electroglas, Inc. + 71,050
2,970 Etec Systems, Inc. + 133,279
5,280 General Semiconductor, Inc. + 74,910
1,970 Hadco Corporation + 100,470
1,660 Harmon Industries, Inc. 20,127
7,230 Input/Output, Inc. + 36,602
7,380 International Rectifier
Corporation + 191,880
2,110 Itron, Inc. + 12,924
5,680 Kemet Corporation + 255,955
3,250 Kulicke & Soffa Industries,
Inc. + 138,328
6,810 Lattice Semiconductor
Corporation + 320,921
5,130 Methode Electrics, Inc. 164,801
5,850 Micrel, Inc. + 333,084
2,960 Network Equipment
Technologies + 34,965
9,090 P-COM, Inc. + 80,390
3,470 Photronic, Inc. + 99,329
5,830 Picturetel Corporation + 25,142
3,890 Pioneer-Standard Electronics,
Inc. 56,162
2,410 Plexus Corporation + 106,040
10,910 S3, Inc. + 126,147
4,730 Silicon Valley Group, Inc. + 83,957
5,140 SLI, Inc. + 69,711
1,773 Three-Five Systems, Inc. + 72,707
2,840 Titan International, Inc. 18,460
3,120 Trimble Navigation Ltd. + 67,470
4,520 Valence Technology, Inc. + 85,880
5,870 Vicor Corporation + 237,735
4,360 Zebra Technologies
Corporation + 255,060
-------------
4,931,879
-------------
Entertainment -- 0.4%
1,810 Anchor Gaming + 78,622
5,430 Midway Games, Inc. + 129,980
-------------
208,602
-------------
Food and Beverage -- 1.7%
1,530 Agribrands International, Inc. + 70,380
2,530 Canandaigua Wine, Inc. + 129,030
9,450 Chiquita Brands International,
Inc. 44,888
1,160 Coca-Cola Bottling Company 54,955
5,300 Corn Products International, Inc. 173,575
6,020 Earthgrains Company 97,072
2,250 Ionics, Inc. + 63,281
1,170 J&J Snack Foods Corporation + 23,985
1,690 Nash Finch Company 10,774
4,430 Ralcorp Holdings, Inc. + 88,323
6,490 Smithfield Foods, Inc. + 155,760
1,760 Taco Cabana, Inc. + 14,300
-------------
926,323
-------------
Food Distribution -- 0.3%
2,820 Michael Foods, Inc. 69,442
1,970 Performance Food Group
Company + 48,019
2,540 United Natural Foods, Inc. + 30,480
-------------
147,941
-------------
Health Management Systems-- 0.3%
4,860 National Data Corporation 164,936
-------------
Homebuilders -- 0.5%
6,750 Champion Enterprises, Inc. + 57,797
3,110 M.D.C. Holdings, Inc. 48,788
2,110 Ryland Group, Inc. 48,662
1,720 Southern Energy Homes, Inc. + 4,031
5,180 Toll Brothers, Inc. + 96,478
-------------
255,756
-------------
Hotels and Restaurants -- 1.8%
3,950 Applebee's International, Inc. 116,525
6,200 Aztar Corporation + 67,425
3,790 CEC Entertainment, Inc. + 107,541
2,920 Cheesecake Factory + 102,200
7,400 CKE Restaurants, Inc. 43,475
4,237 Consolidated Products, Inc. 42,900
2,810 IHOP Corporation + 46,892
5,440 Jack in the Box, Inc. + 112,540
3,430 Landry's Seafood Restaurants,
Inc. + 29,798
3,110 Luby's Cafeterias, Inc. 35,376
4,300 Marcus Corporation 57,781
1,720 Panera Bread Company + 13,330
4,490 Ruby Tuesday, Inc. 81,662
5,190 Ryans Family Steak Houses,
Inc. + 44,115
2,560 Sonic Corporation + 72,960
3,330 TCBY Enterprises, Inc. 12,696
-------------
987,216
-------------
Household Appliances and Home Furnishings --
1.3%
1,830 Bassett Furniture Industries, Inc. 29,280
5,850 Ethan Allen Interiors, Inc. 187,566
5,150 Fedders USA, Inc. 28,325
2,520 Harman International Industries,
Inc. 141,435
7,440 Interface, Inc. 42,780
7,400 La-Z-Boy, Inc. 124,412
2,360 Libbey, Inc. 67,850
940 National Presto Industries, Inc. 33,370
1,990 Pillowtex Corporation 12,313
2,540 Royal Appliance Manufacturing
Company + 12,382
2,070 USA Detergents, Inc. + 5,693
-------------
685,406
-------------
Industrial Machinery -- 1.8%
3,240 A.O. Smith Corporation 70,875
5,950 Cognex Corporation + 232,050
1,990 Flow International Corporation + 22,636
2,110 Gardner Denver, Inc. + 35,211
2,820 Graco, Inc. 101,167
4,290 IDEX Corporation 130,309
3,750 Manitowoc, Inc. 127,500
1,680 Robbins & Myers, Inc. 38,010
2,650 Specialty Equipment Companies,
Inc. + 63,434
4,280 SpeedFam-IPEC, Inc. + 55,372
1,940 Standex International
Corporation 40,619
3,670 Watts Industries, Inc. 54,133
2,960 X-Rite, Inc. 18,500
-------------
989,816
-------------
Insurance -- 2.2%
2,540 Arthur J. Gallagher & Company 164,465
2,838 Delphi Financial Group, Inc. 85,140
1,850 E.W. Blanch Holdings, Inc. 113,312
4,130 Fidelity National Financial, Inc. 59,369
9,230 First American Financial
Corporation 114,798
10,020 Fremont General Corporation 73,897
5,000 Frontier Insurance Group, Inc. 17,188
1,850 Hilb, Rogal and Hamilton
Company 52,263
6,250 Mutual Risk Management Ltd. 105,078
5,290 Radian Group, Inc. 252,597
3,820 Selective Insurance Group, Inc. 65,656
2,550 Trenwick Group, Inc. 43,191
2,400 Zenith National Insurance
Corporation 49,500
-------------
1,196,454
-------------
Investment Companies -- 0.7%
5,140 Eaton Vance Corporation 195,320
3,860 Pioneer Group, Inc. 60,795
6,710 Raymond James Financial, Inc. 125,393
-------------
381,508
-------------
Leisure Time -- 0.5%
2,490 Action Performance Companies,
Inc. + 28,635
1,690 Carmike Cinemas, Inc. + 13,203
1,150 GC Companies + 29,756
3,750 Hollywood Park, Inc. + 84,141
2,470 K2, Inc. 18,834
4,590 Players International, Inc. + 37,724
2,550 THQ, Inc. + 59,128
-------------
271,421
-------------
Machinery -- 0.2%
3,060 Applied Industrial Technologies,
Inc. 50,873
2,670 Astec Industries, Inc. + 50,229
-------------
101,102
-------------
Machinery -- Tools -- 0.5%
5,570 Applied Power, Inc. 204,698
1,840 Toro Company 68,655
-------------
273,353
-------------
Medical Instruments and Supplies -- 1.8%
2,830 ADAC Laboratories + 30,422
4,860 Bindley Western Industries, Inc. 73,204
2,200 CONMED Corporation + 56,925
2,220 Datascope Corporation 88,800
1,970 Diagnostic Products Corporation 48,265
2,660 Hanger Orthopedic Group + 26,600
2,120 Hologic, Inc. + 12,190
3,190 Priority Healthcare Corporation + 92,311
2,100 ResMed, Inc. + 87,675
3,600 Sola International, Inc. + 49,950
2,800 Techne Corporation + 154,175
4,290 Theragenics Corporation + 38,878
4,430 Varian Medical Systems, Inc. 132,069
2,400 Wesley Jessen VisionCare, Inc. + 90,900
---------------
982,364
---------------
Medical Services -- 1.2%
3,080 Advance Paradigm, Inc. + 66,412
8,010 Advanced Tissue Sciences, Inc. + 20,025
1,510 Curative Health Services, Inc. + 11,703
5,560 Dendrite International, Inc. + 188,345
4,060 Hooper Holmes, Inc. 104,545
3,610 Laser Vision Centers, Inc. + 38,131
5,150 MedQuist, Inc. + 132,934
12,340 US Oncology, Inc. + 60,929
---------------
623,024
---------------
Mining -- 0.5%
2,260 Brush Wellman, Inc. 37,996
3,050 Pittston Company 32,406
5,420 Stillwater Mining Company + 172,763
--------------
243,165
--------------
Mobile Homes -- 0.5%
2,180 Coachmen Industries, Inc. 32,973
2,760 Monaco Coach Corporation + 70,552
6,700 Oakwood Homes Corporation 21,356
1,370 Skyline Corporation 32,195
1,720 Thor Industries, Inc. 52,353
3,100 Winnebago Industries, Inc. 62,194
-------------
271,623
-------------
Non-Ferrous Metals -- 0.3%
4,190 Coeur D'Alene Mines
Corporation + 14,403
2,100 Commercial Metals Company 71,269
2,270 Imco Recycling, Inc. 28,659
3,040 RTI International Metals, Inc. + 22,800
1,860 Wolverine Tube, Inc. + 26,272
-------------
163,403
-------------
Office Furnishings and Supplies -- 0.6%
2,370 A.T. Cross Company + 10,665
790 Nashua Corporation + 5,925
1,890 New England Business Service,
Inc. 46,187
4,800 United Stationers, Inc. 137,100
3,120 W.H. Brady Company 105,885
-------------
305,762
-------------
Oil and Gas -- 4.2%
4,450 Atmos Energy Corporation 90,947
4,710 Barrett Resources Corporation + 138,651
4,290 Benton Oil & Gas Company + 8,312
3,500 Cabot Oil & Gas Corporation 56,219
1,650 Cascade Natural Gas Corporation 26,606
1,530 Connecticut Energy Corporation 59,479
6,960 Cross Timbers Oil Company 63,075
4,300 Energen Corporation 77,669
2,760 HS Resources, Inc. + 47,610
2,620 New Jersey Resources
Corporation 102,344
5,970 Newfield Exploration
Company + 159,697
3,610 Northwest Natural Gas Company 79,194
3,410 Oceaneering International, Inc. + 50,937
5,850 Philadelphia Suburban
Corporation 121,022
4,350 Piedmont Natural Gas, Inc. 131,587
2,490 Plains Resources, Inc. + 31,125
5,720 Pogo Producing Company 117,260
8,560 Pride International, Inc. + 125,190
2,960 Remington Oil & Gas
Corporation + 11,470
3,390 Seitel, Inc. 22,883
6,858 Southern Union Company 131,159
4,440 Southwest Gas Corporation 102,120
3,600 Southwestern Energy Company 23,625
1,660 St. Mary Land & Exploration
Company 41,085
2,540 Stone Energy Corporation + 90,487
6,290 Tuboscope Vetco International
Corporation + 99,854
8,910 Vintage Petroleum, Inc. 107,477
5,410 Wicor, Inc. 157,904
-------------
2,274,988
-------------
Oil Equipment and Services -- 0.6%
1,900 Atwood Oceanics, Inc. + 73,388
2,300 Cal Dive International, Inc. + 76,187
2,400 Dril-Quip, Inc. + 72,900
1,510 SEACOR SMIT, Inc. + 78,142
-------------
300,617
-------------
Paper -- 0.5%
5,030 Buckeye Technologies, Inc. + 74,821
3,710 Caraustar Industries, Inc. 89,040
2,340 Lydall, Inc. + 15,503
2,110 Pope & Talbot, Inc. 33,760
4,010 Shorewood Packaging
Corporation + 75,939
-------------
289,063
-------------
Photography -- 0.1%
1,310 CPI Corporation 29,557
2,200 Innovex, Inc. 20,625
-------------
50,182
-------------
Plastics -- 0.2%
5,300 Tredegar Industries, Inc. 109,644
-------------
Pollution Control -- 0.0% #
1,960 Tetra Technologies, Inc. + 14,210
-------------
Printing -- 0.6%
7,970 Valassis Communications, Inc. + 336,732
-------------
Publishing -- 0.1%
2,340 Consolidated Graphics, Inc. + 34,954
2,340 Gibson Greetings, Inc. + 20,987
1,990 Nelson Thomas, Inc. 18,407
-------------
74,348
-------------
Railroads -- 0.0% #
1,380 Railtex, Inc. + 24,668
-------------
Recreation -- 0.5%
3,740 Arctic Cat, Inc. 37,400
1,520 Huffy Corporation 7,980
3,510 Polaris Industries, Inc. 127,238
2,840 Russ Berrie & Company, Inc. 74,550
-------------
247,168
-------------
Retail -- 4.4%
3,600 99 Cents Only Stores + 137,700
4,050 Ames Department Stores, Inc. + 116,691
4,560 AnnTaylor Stores Corporation + 157,035
5,170 Bombay, Inc. + 23,265
2,630 Books A Million, Inc. + 21,862
2,540 Brown Shoe Company, Inc. 35,877
3,530 Cash America International, Inc. 34,417
3,670 Cato Corporation 46,334
2,830 Cost Plus, Inc. + 100,819
790 Damark International, Inc. + 12,443
2,400 Department 56, Inc. + 54,300
1,970 Enesco Group, Inc. 21,793
2,970 Footstar, Inc. + 90,585
4,590 Fossil, Inc. + 106,144
4,740 Goody's Family Clothing, Inc. + 25,477
1,830 Gottschalks, Inc. + 13,611
2,680 Hancock Fabrics, Inc. 8,375
1,980 J. Baker, Inc. 11,880
3,590 Jan Bell Marketing, Inc. + 10,321
2,640 Jo-Ann Stores, Inc. + 29,700
1,380 Lillian Vernon Corporation 15,353
5,590 Linens 'N Things, Inc. + 165,604
4,060 Michaels Stores, Inc. + 115,710
4,340 Pacific Sunwear of California + 138,337
13,890 Pier 1 Imports, Inc. 88,549
5,560 Regis Corporation 104,945
4,400 Shopko Stores, Inc. + 101,200
6,300 Stein Mart, Inc. + 35,831
1,050 Swiss Army Brands, Inc. + 7,481
2,810 The Dress Barn + 46,716
5,990 The Men's Wearhouse, Inc. + 175,956
4,590 The Sports Authority, Inc. + 9,180
2,070 The Wet Seal, Inc. + 25,358
5,070 Zale Corporation + 245,261
-------------
2,334,110
-------------
Retail Grocery -- 0.6%
7,520 Casey's General Stores, Inc. 78,490
5,560 Fleming Companies, Inc. 56,990
3,660 Whole Foods Market, Inc. + 169,732
-------------
305,212
-------------
Savings and Loan -- 0.8%
4,050 Centura Banks, Inc. 178,706
8,340 Commercial Federal Corporation 148,556
3,930 Downey Financial Corporation 79,337
-------------
406,599
-------------
Steel -- 1.1%
1,170 Amcast Industrial Corporation 19,159
4,290 Birmingham Steel Corporation 22,791
1,980 Castle A M Company 23,265
1,250 Insteel Industries, Inc. 11,328
3,520 Intermet Corporation 40,920
5,040 Mueller Industries, Inc. + 182,700
1,990 Quanex Corporation 50,745
4,020 Reliance Steel & Aluminum
Company 94,219
1,660 Steel Technologies, Inc. 24,070
2,950 Texas Industries, Inc. 125,559
2,030 WHX Corporation + 18,270
-------------
613,026
-------------
Telecommunications -- 0.7%
4,010 Allen Group, Inc. + 46,366
3,730 Dycom Industries, Inc. + 164,353
9,270 TALK.com, Inc. + 164,542
-------------
375,261
-------------
Tire and Rubber -- 0.3%
2,750 Myers Industries, Inc. 43,313
8,140 Safeskin Corporation + 98,697
-------------
142,010
-------------
Tobacco -- 0.1%
6,390 Dimon, Inc. 20,767
2,340 Schweitzer-Mauduit International,
Inc. 31,444
-------------
52,211
-------------
Trucking and Freight Forwarding -- 2.8%
4,850 Air Express International
Corporation 156,716
4,590 American Freightways
Corporation + 74,301
2,900 Arkansas Best Corporation + 34,800
4,100 Eagle USA Airfreight, Inc. + 176,812
7,120 Expeditores International, Inc. 311,945
5,270 Fritz Companies, Inc. + 55,335
2,260 Frozen Food Express Industries,
Inc. 8,758
4,310 Heartland Express, Inc. + 67,882
3,390 Kirby Corporation + 69,495
1,310 Landstar Systems, Inc. + 56,084
1,820 M.S. Carriers, Inc. + 43,453
2,960 Offshore Logistics, Inc. + 27,750
8,110 Rollins Truck Leasing
Corporation 96,813
3,670 US Freightways Corporation 175,701
6,710 Werner Enterprises, Inc. 94,359
3,600 Yellow Corporation + 60,525
-------------
1,510,729
-------------
Utilities -- Water -- 0.5%
1,170 American States Water Company 42,120
1,670 Aquarion Company 61,790
5,560 United Water Resources, Inc. 190,083
-------------
293,993
-------------
TOTAL COMMON STOCKS
(Cost $49,526,923) 53,327,375
-------------
REPURCHASE AGREEMENT-- 1.8%
(Cost $985,000)
$985,000 Agreement with State Street Bank
and Trust Company, 3.300% dated
12/31/1999, to be repurchased
at $985,271 on 01/03/2000,
collateralized by $985,000 U.S.
Treasury Note, 6.250% maturing
02/28/2002 (values $1,004,700) $ 985,000
--------------
TOTAL INVESTMENTS
(Cost $50,511,923*) 101.2% 54,312,375
OTHER ASSETS AND
LIABILITIES (Net) (1.2) (657,700)
----- -------------
NET ASSETS 100.0% $ 53,654,675
===== =============
- ----------
* Aggregate cost for Federal tax purposes is $50,517,122.
+ Non-income producing security.
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
<TABLE>
<CAPTION>
Munder Institutional Money Market Fund
Portfolio of Investments, December 31, 1999
Rating (Unaudited)
Principal ---------------------
Amount S&P Moody's Value
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C>
CERTIFICATE OF DEPOSIT -- 19.5%
$5,000,000 Barclays Bank Plc
5.610% due 06/14/2000+ A-1+/AA P1/Aa2 $ 4,999,133
5,000,000 Deutsche Bank AG
5.150% due 03/17/2000+ A1+/AA P1/Aa3 5,000,000
5,000,000 Rabobank Nederland
5.350% due 05/22/2000+ A1+/AAA P1/Aaa 5,000,000
5,000,000 Societe Generale
5.300% due 03/03/2000+ A1+/AA- P1/Aa3 5,000,000
---------------
TOTAL CERTIFICATE OF DEPOSIT
(Cost $19,999,133) 19,999,133
---------------
COMMERCIAL PAPER -- 48.6%
5,000,000 Blue Ridge Asset Funding
6.500% due 01/18/2000+ A1/NR P1/NR 4,984,653
5,000,000 Falcon Asset Securitization
6.000% due 01/10/2000+ A1/NR P1/NR 4,992,500
5,000,000 Finova Capital Corporation
6.579% due 02/22/2000++, +++ A2/A- P2/Baa1 5,000,000
5,000,000 International Lease Finance Corporation
4.920% due 02/07/2000+ A1+/A+ P1/A1 4,974,717
5,000,000 Lexington Parker Capital Corporation
5.880% due 02/11/2000+, +++ A1/NR NR/NR 4,966,517
5,000,000 Liberty Street Funding Corporation
6.300% due 01/11/2000+ A1/NR P1/NR 4,991,250
5,000,000 Moat Funding LLC
6.000% due 01/21/2000+, +++ NR/NR P1/NR 4,983,333
5,000,000 Preferred Receivables Funding Co.
6.400% due 01/12/2000+ A1+/NR P1/NR 4,990,222
5,000,000 Receivables Funding Corporation
6.020% due 02/01/2000+ A1/NR P1/NR 4,974,081
5,000,000 Sony Capital Corporation
5.830% due 01/31/2000+ A1/A+ P1/Aa3 4,975,708
---------------
TOTAL COMMERCIAL PAPER
(Cost $49,832,981) 49,832,981
---------------
CORPORATE NOTES -- 19.5%
5,000,000 Fleet National Bank
5.040% due 03/15/2000++ A1/A P1/A2 4,999,604
5,000,000 GTE Corporation
6.155% due 06/12/2000++, +++ A1/A P2/Baa1 4,998,567
5,000,000 Household Finance Corporation
5.220% due 09/14/2000++ A1/A P1/A2 4,997,893
5,000,000 Keycorp
6.423% due 10/23/2000++ A2/A- P1/A2 5,000,000
---------------
TOTAL CORPORATE NOTES
(Cost $19,996,064) 19,996,064
---------------
<S> <C> <C>
Principal
Amount
---------
REPURCHASE AGREEMENTS -- 11.8%
$ 2,127,066 Agreement with Lehman Brothers, 3.000%
dated 12/31/1999, to be repurchased at
$2,127,598 on 01/03/2000, collateralized by
$2,155,000 U.S. Treasury Note, 5.500%
maturing 08/31/2001 (value $2,171,150) 2,127,066
10,000,000 Agreement with Salomon Brothers, 5.000%
dated 12/31/1999, to be repurchased at
$10,004,167 on 01/03/2000, collateralized by
$10,330,000 Yorkshire Bldg. Society, 4.200%
maturing 03/23/2000 (value $10,200,789) 10,000,000
---------------
TOTAL REPURCHASE AGREEMENTS
(Cost $12,127,066) 12,127,066
---------------
TOTAL INVESTMENTS (Cost $101,955,244*) 99.4% 101,955,244
OTHER ASSETS AND LIABILITIES (Net) 0.6 580,249
----- ---------------
NET ASSETS 100.0% $ 102,535,493
===== ===============
<FN>
- --------------------
* 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.
</TABLE>
<TABLE>
<CAPTION>
Munder Institutional Funds
Statements of Assets and Liabilities, December 31, 1999
Munder Munder Munder
Institutional Institutional Institutional Munder
S&P 500 S&P MidCap S&P SmallCap Institutional
Index Equity Index Equity Index Equity Money Market
Fund Fund Fund Fund
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value See accompanying schedule:
Securities....................................... $ 120,166,538 $ 9,290,874 $ 53,327,375 $ 89,828,178
Repurchase Agreement............................. 1,699,000 1,198,000 985,000 12,127,066
------------- -------------- ------------- -------------
Total Investments.................................... 121,865,538 10,488,874 54,312,375 101,955,244
Cash................................................. 464 251 64 -
Receivable for Fund shares sold...................... 955,616 - 71,000 274,168
Dividends receivable................................. 103,574 5,561 24,424 -
Receivable for investment securities sold............ 69,821 31,541 313,556 -
Receivable from investment advisor................... 29,122 15,997 9,014 38,466
Unamortized organization costs....................... 19,864 3,392 - -
Variation margin..................................... 4,250 8,315 - -
Interest receivable.................................. 156 110 90 874,732
Prepaid expenses and other assets.................... 2,594 952 - 3,400
------------- -------------- ------------- -------------
Total Assets..................................... 123,050,999 10,554,993 54,730,523 103,146,010
------------- -------------- ------------- -------------
LIABILITIES:
Payable for investment securities purchased.......... 40,199 10,629 1,055,731 -
Custodian fees payable............................... 16,850 9,526 8,914 14,032
Transfer agent fee payable........................... 4,155 568 1,039 22,292
Administration fee payable........................... 1,672 172 654 1,841
Shareholder servicing fees payable................... 744 211 4,862 -
Accrued Director's fees and expenses................. 338 35 - 774
Payable upon return of securities loaned............. - 35,956 - -
Dividends Payable.................................... - - - 499,387
Investment advisory fee payable...................... - - - 17,787
Accrued expenses and other payables.................. 14,060 2,072 4,648 54,404
------------- -------------- ------------- -------------
Total Liabilities................................ 78,018 59,169 1,075,848 610,517
------------- -------------- ------------- -------------
NET ASSETS........................................... $ 122,972,981 $ 10,495,824 $ 53,654,675 $ 102,535,493
============= ============== ============= =============
Investments at cost.................................. $ 95,157,170 $ 10,135,779 $ 50,511,923 $ 101,955,244
============= ============== ============= =============
<FN>
See Notes to Financial Statements.
</TABLE>
27
<TABLE>
<CAPTION>
Munder Institutional Funds
Statements of Assets and Liabilities, December 31, 1999
(Continued)
Munder Munder Munder
Institutional Institutional Institutional Munder
S&P 500 S&P MidCap S&P SmallCap Institutional
Index Equity Index Equity Index Equity Money Market
Fund Fund Fund Fund
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
NET ASSETS consist of:
Accumulated net realized gain/(loss) on
investments sold and futures contracts........... $ (69,001) $ 139,894 $ (34,251) $ -
Net unrealized appreciation of investments and
futures contracts................................ 26,763,448 418,860 3,800,451 -
Par value............................................ 8,586 1,037 4,920 102,535
Paid-in capital in excess of par value............... 96,269,948 9,936,033 49,883,555 102,432,958
------------- -------------- ------------- -------------
Total Net Assets................................. $ 122,972,981 $ 10,495,824 $ 53,654,675 $ 102,535,493
============= ============== ============= -------------
NET ASSETS:
Class K Shares....................................... $ 4,212,040 $ 1,231,771 $ 30,820,391 $ -
============= ============== ============= =============
Class Y Shares....................................... $ 118,760,941 $ 9,264,053 $ 22,834,284 $ 102,535,493
============= ============== ============= =============
SHARES OUTSTANDING
Class K Shares....................................... 399,467 136,923 2,827,066 -
============= ============== ============= =============
Class Y Shares....................................... 8,186,317 900,170 2,093,147 102,535,493
============= ============== ============= =============
CLASS K SHARES:
Net asset value, offering price and redemption
price per share................................. $ 10.54 $ 9.00 $ 10.90 $ N/A
============= ============== ============= =============
CLASS Y SHARES:
Net asset value, offering price and redemption
price per share................................. $ 14.51 $ 10.29 $ 10.91 $ 1.00
============= ============== ============= =============
<FN>
See Notes to Financial Statements
</TABLE>
28
<TABLE>
<CAPTION>
Munder Institutional Funds
Statements of Operations, Year Ended December 31, 1999
Munder Munder Munder
Institutional Institutional Institutional Munder
S&P 500 S&P MidCap S&P SmallCap Institutional
Index Equity Index Equity Index Equity Money Market
Fund Fund Fund (a) Fund (b)
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest............................................. $ 68,713 $ 51,831 $ 28,647 $ 5,295,404
Dividends (c)........................................ 975,262 101,193 34,934 -
Other................................................ - 3,394 - -
------------- -------------- ------------- -------------
Total investment income.......................... 1,043,975 156,418 63,581 5,295,404
------------- -------------- ------------- -------------
EXPENSES:
Custodian fees....................................... 95,384 66,983 8,913 42,943
Investment advisory fee.............................. 54,165 14,079 7,203 201,820
Transfer agent fee................................... 30,996 5,249 1,228 38,544
Legal and audit fees................................. 28,279 3,773 995 28,231
Administration fee................................... 13,003 1,598 811 16,952
Amortization of organizational costs................. 10,397 2,568 - -
Registration and filing fees......................... 3,505 2,353 5,648 38,131
Directors' fees and expenses......................... 2,815 324 - 3,392
Shareholder servicing fees:
Class K Shares................................... 949 227 7,188 -
Other................................................ 10,958 2,159 62 9,944
------------- -------------- ------------- -------------
Total Expenses................................... 250,451 99,313 32,048 379,957
Fees waived and expenses reimbursed by
investment advisor............................ (181,128) (81,965) (16,217) (177,469)
------------- -------------- ------------- -------------
Net Expenses..................................... 69,323 17,348 15,831 202,488
------------- -------------- ------------- -------------
NET INVESTMENT INCOME................................ 974,652 139,070 47,750 5,092,916
------------- -------------- ------------- -------------
NET REALIZED AND UNREALIZED GAIN ON
INVESTMENTS:
Net realized gain/(loss) from:
Security transactions............................ 2,158,672 902,711 (34,252) -
Futures contracts................................ 177,756 220,830 - -
Net change in unrealized appreciation/(depreciation) of:
Securities....................................... 12,515,607 160,508 3,800,451 -
Futures contracts................................ 55,080 (67,955) - -
------------- -------------- ------------- -------------
Net realized and unrealized gain on investments...... 14,907,115 1,216,094 3,766,199 -
------------- -------------- ------------- -------------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS...................................... $ 15,881,767 $ 1,355,164 $ 3,813,949 $ 5,092,916
============= ============== ============= =============
<FN>
- --------------------
(a) The Munder Institutional S&P SmallCap Index Equity Fund ceased
investment 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.
(c) Net of foreign withholding taxes of $9,536 and $32 for Munder
Institutional S&P 500 Index Equity Fund and Munder Institutional S&P
SmallCap Index Equity Fund, respectively.
See Notes to Financial Statements
</TABLE>
29
<TABLE>
<CAPTION>
Munder Institutional Funds
Statements of Changes in Net Assets, Year Ended December 31, 1999
Munder Munder Munder
Institutional Institutional Institutional Munder
S&P 500 S&P MidCap S&P SmallCap Institutional
Index Equity Index Equity Index Equity Money 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/(loss) 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
Dividends 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) - (238,861) -
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/(decrease) 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
============= ============== ============= =============
<FN>
- --------------------
(a) The Munder Institutional S&P SmallCap Index Equity Fund ceased
investment 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
</TABLE>
30
<TABLE>
<CAPTION>
Munder Institutional Funds
Statements of Changes in Net Assets, Periods Ended December 31, 1998
Munder Munder Munder
Institutional Institutional Institutional
S&P 500 S&P MidCap S&P SmallCap
Index Equity Index Equity Index Equity
Fund Fund (a) Fund (b)
------------- ------------- -------------
<S> <C> <C> <C>
Net investment income....................................... $ 895,594 $ 103,073 $ 5,353
Net realized gain on investments sold....................... 1,102,861 988,362 257,496
Net change in unrealized appreciation/(depreciation) of
investments ............................................ 13,853,342 326,307 (48,690)
-------------- ------------- --------------
Net increase in net assets resulting from operations........ 15,851,797 1,417,742 214,159
Dividends to shareholders from net investment income:
Class Y Shares......................................... (895,217) (105,127) -
Distributions to shareholders from net realized gains:
Class Y Shares......................................... (765,695) (258,159) (10,132)
Net increase/(decrease) in net assets from
Fund share transactions:
Class Y Shares......................................... (9,158,032) 9,798,607 (2,762,707)
-------------- ------------- --------------
Net increase/(decrease) in net assets....................... 5,032,853 10,853,063 (2,558,680)
NET ASSETS:
Beginning of year........................................... 63,998,976 - 2,558,680
-------------- ------------- -------------
End of year................................................. $ 69,031,829 $ 10,853,063 $ -
============== ============= =============
Undistributed net investment income......................... $ 2,136 $ - $ -
============== ============= =============
<FN>
- --------------------
(a) The Munder Institutional S&P MidCap Index Equity Fund commenced
operations on February 12, 1998.
(b) The Munder Institutional S&P SmallCap Index Equity Fund ceased
investment operations on May 18, 1998. The Fund resumed operations on
October 27, 1999.
See Notes to Financial Statements
</TABLE>
31
<TABLE>
<CAPTION>
Munder Institutional S&P 500 Index Equity Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
Y Shares
-------------------------------------
Year Year Period
Ended Ended Ended
12/31/99(e) 12/31/98 12/31/97
----------- -------- --------
<S> <C> <C> <C>
Net asset value, beginning of period...................... $ 12.49 $ 10.00 $ 10.00
-------- -------- --------
Income from investment operations:
Net investment income..................................... 0.17 0.17 0.04
Net realized and unrealized gain on investments........... 2.36 2.63 0.00 (d)
-------- -------- --------
Total from investment operations.......................... 2.53 2.80 0.04
-------- -------- --------
Less distributions:
Distributions from net investment income.................. (0.17) (0.17) (0.04)
Distributions from net realized gains..................... (0.32) (0.14) -
Distributions from capital................................ (0.02) - -
--------- -------- --------
Total distributions....................................... (0.51) (0.31) (0.04)
--------- -------- --------
Net asset value, end of period............................ $ 14.51 $ 12.49 $ 10.00
======== ======== ========
Total return (b).......................................... 20.56% 28.22% 0.39%
======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)...................... $118,761 $ 69,032 $ 63,999
Ratio of operating expenses to average net assets......... 0.09% 0.09% 0.09%(c)
Ratio of net investment income to average net assets...... 1.26% 1.44% 1.76%(c)
Portfolio turnover rate................................... 10% 6% 0%
Ratio of operating expenses to average net assets
without expenses reimbursed............................ 0.32% 0.32% 0.61%(c)
<FN>
- --------------------
(a) The 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
</TABLE>
32
<TABLE>
<CAPTION>
Munder Institutional S&P MidCap Index Equity Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
Y Shares
-----------------------
Year Year
Ended Ended
12/31/99(d) 12/31/98
----------- --------
<S> <C> <C>
Net asset value, beginning of period............................... $ 11.08 $ 10.00
-------- --------
Income from investment operations:
Net investment income.............................................. 0.16 0.11
Net realized and unrealized gain on investments.................... 1.48 1.34
-------- --------
Total from investment operations................................... 1.64 1.45
-------- --------
Less distributions:
Distributions from net investment income........................... (0.17) (0.11)
Distributions in excess of net investment income................... (0.05) -
Distributions from net realized gains.............................. (2.21) (0.26)
--------- --------
Total distributions................................................ (2.43) (0.37)
--------- --------
Net asset value, end of period..................................... $ 10.29 $ 11.08
======== ========
Total return (b)................................................... 14.69% 15.04%
======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)............................... $ 9,264 $10,853
Ratio of operating expenses to average net assets.................. 0.18% 0.18%(c)
Ratio of net investment income to average net assets............... 1.46% 1.20%(c)
Portfolio turnover rate............................................ 36% 37%
Ratio of operating expenses to average net assets
without expenses reimbursed..................................... 1.04% 0.88%(c)
<FN>
- --------------------
(a) The 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
</TABLE>
33
<TABLE>
<CAPTION>
Munder Institutional S&P SmallCap Index Equity Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
Y Shares
-------------------------------------
Period Period Period
Ended Ended Ended
12/31/99(d) 12/31/98 12/31/97
----------- -------- --------
<S> <C> <C> <C>
Net asset value, beginning of period...................... $ 10.00 $ 10.23 $ 10.00
-------- -------- --------
Income from investment operations:
Net investment income..................................... 0.02 0.02 0.04
Net realized and unrealized gain on investments........... 1.02 0.84 0.26
-------- -------- --------
Total from investment operations.......................... 1.04 0.86 0.30
-------- -------- --------
Less distributions:
Distributions from net investment income.................. (0.01) - (0.04)
Distributions from capital................................ (0.12) (0.04) (0.03)
--------- --------- ---------
Total distributions....................................... (0.13) (0.04) (0.07)
--------- --------- ---------
Net asset value, end of period............................ $ 10.91 $ 11.05(e) $ 10.23
======== ======== ========
Total return (b).......................................... 10.50% 8.41% 3.00%
======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)...................... $ 22,834 $ - $ 2,559
Ratio of operating expenses to average net assets......... 0.18%(c) 0.18%(f) 0.18%(c)
Ratio of net investment income to average net assets...... 1.14%(c) 0.52%(f) 0.80%(c)
Portfolio turnover rate................................... 3% 17% 8%
Ratio of operating expenses to average net assets
without expenses reimbursed............................ 0.52%(c) 4.53%(f) 3.88%(c)
<FN>
- --------------------
(a) The Munder Institutional S&P 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 Notes to Financial Statements
</TABLE>
34
<TABLE>
<CAPTION>
Munder Institutional Money Market Fund (a)
Financial Highlights, For a Share Outstanding Throughout The Period
Y Shares
Period
Ended
12/31/99
--------
<S> <C>
Net asset value, beginning of period..................................... $ 1.00
---------
Income from investment operations:
Net investment income.................................................... 0.050
---------
Total from investment operations......................................... 0.050
---------
Less distributions:
Distributions from net investment income................................. (0.050
---------
Total distributions...................................................... (0.050)
----------
Net asset value, end of period........................................... $ 1.00
=========
Total return (b)......................................................... 5.09%
=========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)..................................... $ 102,535
Ratio of operating expenses to average net assets........................ 0.20% (c)
Ratio of net investment income to average net assets..................... 4.99% (c)
Ratio of operating expenses to average net assets
without expenses reimbursed........................................... 0.37% (c)
<FN>
- --------------------
(a) The 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
</TABLE>
35
The Munder Institutional Funds
Notes To Financial Statements, December 31, 1999
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 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
December 31, 1999 the Class K Shares of the Munder Institutional Money Market
Fund had not yet commenced operations. The Munder Institutional S&P 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. 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 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
36
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.
37
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:
Fees on Average
Daily Net Assets
----------------
Munder Institutional S&P 500 Index Equity Fund........ 0.07%
Munder Institutional S&P MidCap Index Equity Fund..... 0.15%
Munder Institutional S&P SmallCap Index Equity Fund... 0.15%
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:
Fees on Average
Daily Net Assets
----------------
Munder Institutional Money Market Fund........... 0.20%
The Advisor or World voluntarily waived fees and reimbursed certain
expenses, payable by the Funds, for the year ended December 31, 1999, as
follows:
<TABLE>
<CAPTION>
Fees Waived Expenses Reimbursed
----------- -------------------
<S> <C> <C>
Munder Institutional S&P 500 Index Equity Fund........ $ 54,165 $ 126,963
Munder Institutional S&P MidCap Index Equity Fund..... 14,079 67,886
Munder Institutional S&P SmallCap Index Equity Fund... 7,203 9,014
Munder Institutional Money Market Fund................ - 177,469
</TABLE>
Comerica Inc. ("Comerica") through its wholly owned subsidiary Comerica
Bank, owns approximately 88% of the Advisor. Comerica provides certain
shareholder services to the Funds. As compensation for the shareholder
services provided to the Funds, Comerica receives a fee of 0.01% of the
aggregate average daily net assets of the Funds beneficially owned by
Comerica and its customers. Comerica earned $19,260 for its shareholder
services to the Funds for the year ended December 31, 1999.
Each Director of the Company is paid an aggregate fee for services
provided as a Board member of the Company, The Munder Funds Trust, The Munder
Funds, Inc., and The Munder Framlington Funds Trust. The fee consists of a
$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 year ended December 31, 1999, cost of purchases and proceeds
from sales of securities other than short-term investments and U.S.
Government securities were as follows:
<TABLE>
<CAPTION>
Purchases Sales
--------- -----
<S> <C> <C>
Munder Institutional S&P 500 Index Equity Fund.......... $44,770,549 $8,013,468
Munder Institutional S&P MidCap Index Equity Fund....... 3,073,088 4,132,537
Munder Institutional S&P SmallCap Index Equity Fund .... 50,559,546 998,371
</TABLE>
At December 31, 1999, aggregate gross unrealized appreciation for all
securities for which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities for which there was an
excess of tax cost over value for Federal income tax purposes was as follows:
38
<TABLE>
<CAPTION>
Tax Basis Tax Basis
Unrealized Unrealized
Appreciation Depreciation
------------ ------------
<S> <C> <C>
Munder Institutional S&P 500 Index Equity Fund....... $31,743,806 $5,049,359
Munder Institutional S&P MidCap Index Equity Fund.... 1,920,525 1,574,661
Munder Institutional S&P SmallCap Index Equity Fund.. 5,260,797 1,465,544
</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 December 31, 1999, twenty-five million shares (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:
<TABLE>
<CAPTION>
Munder Institutional S&P 500 Index Equity Fund
Year Ended Year Ended
Class Y Shares 12/31/99 12/31/98
---------------------------- ----------------------------
Shares Amount Shares Amount
------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold .............................. 3,085,258 $ 43,488,605 143,105 $ 1,661,162
Issued as reinvestment of dividends 70,004 977,253 -- --
Redeemed .......................... (496,466) (6,709,388) (1,015,429) (10,819,194)
------------ ------------ ------------ ------------
Net increase/(decrease) ........... 2,658,796 $ 37,756,470 (872,324) $ (9,158,032)
============ ============ ============ ------------
<CAPTION>
Munder Institutional S&P MidCap Index Equity Fund
Year Ended Year Ended
Class Y Shares 12/31/99 12/31/98
---------------------------- ----------------------------
Shares Amount Shares Amount
------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold .............................. 182,028 $ 1,789,092 1,009,196 $ 10,110,510
Issued as reinvestment of dividends -- -- 1,026 9,981
Redeemed .......................... (261,425) (3,000,270) (30,655) (321,884)
------------ ------------ ------------ ------------
Net increase/(decrease) ........... (79,397) $ (1,211,178) 979,567 $ 9,798,607
============ ============ ============ ============
<CAPTION>
Munder Institutional S&P SmallCap Index Equity Fund (a)
Period Ended Period Ended
Class Y Shares 12/31/99 12/31/98
------------------------- --------------------------
Shares Amount Shares Amount
------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold .............................. 2,067,432 $21,231,621 -- --
Issued as reinvestment of dividends 25,715 260,249 -- --
Redeemed .......................... -- -- (250,001) $(2,762,707)
----------- ----------- ----------- -----------
Net increase ...................... 2,093,147 $21,491,870 (250,001) $(2,762,707)
=========== =========== =========== ===========
<FN>
- ---------
(a) The Munder Institutional S&P SmallCap Index Equity Fund ceased
investment operations on May 18, 1998. The Fund resumed operations on
October 27, 1999.
</TABLE>
39
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.
Class Y Shares Period Ended
12/31/99
-------------
Amount
------
Sold .............................. $ 206,839,370
Issued as reinvestment of dividends --
Redeemed .......................... (104,303,877)
-------------
Net increase ...................... $ 102,535,493
=============
6. Income Tax Information (Unaudited)
Certain capital losses realized after October 31 within a taxable year
may be deferred and treated as occurring on the first day of the following
tax year. The Munder Institutional S&P SmallCap Index Equity Fund has elected
to defer net capital losses arising between November 1 1999 and December 31,
1999 of $29,053.
The following amounts have been designated as capital gains dividends
for the purpose of the dividends paid deduction:
Munder Institutional S&P 500 Index Equity Fund............ $2,515,144
Munder Institutional S&P MidCap Index Equity Fund......... $738,988
Of the distributions made by the Funds, the corresponding percentage
represents the amount of each distribution that will qualify for the
dividends received deduction available to corporate shareholders:
Munder Institutional S&P 500 Index Equity Fund............ 58.05%
Munder Institutional S&P MidCap Index Equity Fund......... 31.03%
Munder Institutional S&P SmallCap Index Equity Fund....... 26.94%
40
Report of Ernst & Young LLP, Independent Auditors
To the Board of Directors and Shareholders of
St. Clair Funds, Inc, and
Shareholders of
Munder Institutional S&P 500 Index Equity Fund
Munder Institutional S&P MidCap Index Equity Fund
Munder Institutional S&P SmallCap Index Equity Fund
Munder Institutional Money Market Fund
We have audited the accompanying statements of assets and liabilities,
including the portfolios of investments, of the Munder Institutional S&P 500
Index Equity Fund, Munder Institutional S&P MidCap Index Equity Fund, Munder
Institutional S&P SmallCap Index Equity Fund, and Munder Institutional Money
Market Fund (the "Funds") (four of the portfolios constituting St. Clair
Funds, Inc.), as of December 31, 1999, and the related statements of
operations, changes in net assets and financial highlights for each of the
periods indicated therein. These financial statements and financial
highlights are the responsibility of the Funds' management. Our
responsibility is to express an opinion on these financial statements and
financial highlights based on our audits
We conducted our audits in accordance with auditing standards generally
accepted in the United States. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements and financial highlights are free of material misstatement. An
audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements and financial highlights. Our
procedures included confirmation of securities owned as of December 31, 1999,
by correspondence with the custodian and brokers or other appropriate
auditing procedures where replies from brokers were not received. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Munder Institutional S&P 500 Index Equity Fund, Munder Institutional S&P
MidCap Index Equity Fund, Munder Institutional S&P SmallCap Index Equity Fund
and Munder Institutional Money Market Fund of St. Clair Funds, Inc., at
December 31, 1999, and the results of their operations, the changes in their
net assets, and their financial highlights for the periods indicated therein,
in conformity with accounting principles generally accepted in the United
States.
/s/ Ernst & Young LLP
Boston, Massachusetts
February 15, 2000
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Lee Munder
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Michael T. Monahan, Vice President
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Mary Ann Schumaker, Assiatant Secretary
Libby E. Wilson, Secretary and Assistant Treasurer
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
PFPC Global Fund Services
211 South Gulph Road
King of Prussia, PA 19406-3101
ADMINISTRATOR & CUSTODIAN
State Street Bank & Trust Company
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
(OUTSIDE BACK COVER)
ANNINSTIY1299
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
