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Activa Mutual Fund Trust – ‘N-30D’ for 6/30/00

On: Monday, 8/21/00, at 2:10pm ET · For: 6/30/00 · Accession #: 891804-0-1515 · File #: 811-02168

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

 8/21/00  Activa Mutual Fund Trust          N-30D       6/30/00    1:81K                                    Kelvyn Press Inc/FA

Annual or Semi-Annual Report Mailed to Shareholders — Rule 30d-1
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30D       Activa Mutual Funds                                   35    218K 

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Activa                                                                          
Semiannual Report                                                               
June 30, 2000                                                                   

Activa Money Market Fund                                                        
Sub-Adviser: JP Morgan Investment                                         
Management, Inc.                                                          

Activa Intermediate Bond Fund                                                   
Sub-Adviser: Van Kampen Management, Inc.                                  

Activa Value Fund                                                               
Sub-Adviser: Wellington Asset Management, LLP                             

Activa Growth Fund                                                              
Sub-Adviser: State Street Research &                                      
Management Company                                                        

Activa International Fund                                                       
Sub-Adviser: Nicholas-Applegate                                           
Capital Management                                                        

A selection of stock, bond, and money market funds, managed by professional     
advisers, which are designed to help investors meet their financial goals.      

LOGO: ACTIVA Mutual Funds                                                       

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Activa Mutual Funds Semiannual Report                                           
Contents                                                                        

                                                                            Page

Shareholder Letter                                                             1

Activa Money Market Fund                                                       2

Activa Intermediate Bond Fund                                                  2

Activa Value Fund                                                              3

Activa Growth Fund                                                             3

Activa International Fund                                                      4

Schedule of Investments                                                         

   Activa Money Market Fund                                                    5

   Activa Intermediate Bond Fund                                               7

   Activa Value Fund                                                          10

   Activa Growth Fund                                                         16

   Activa International Fund                                                  19

                                                                            Page

Statement of Assets and Liabilities                                           24

Statement of Operations                                                       25

Statement of Changes in Net Assets                                            26

Notes to Financial Statements                                                 28

Financial Highlights                                                          32

LOGO: ACTIVA Mutual Funds                                                       

Activa Mutual Funds                                                             
2905 Lucerne SE, Suite 200                                                      
Grand Rapids, Michigan 49546                                                    
(616) 787-6288 (800) 346-2670                                                   

www.activafunds.com                                                             

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Semiannual Report                                                               

DEAR SHAREHOLDER                                                                

I am pleased to provide you with the Activa Mutual Funds Semi-Annual Report to  
Shareholders for the period ending June 30, 2000. The first half of 2000 was    
characterized by high volatility in the capital markets.                        

Stock markets lacked direction, with daily movements of over 2% both up and down
becoming common. While the economy and corporate earnings remained strong, fears
of rising interest rates and high valuations in the technology and              
telecommunications sectors caused stock markets to remain flat or down for the  
first six months of the year. The same elements influencing US markets spilled  
over to international markets, which ended the first half of the year down as   
well.                                                                           

Bond markets fared better than stocks, posting small positive returns through   
the end of June, despite several interest rate hikes by the Federal Reserve     
during the first half of the year. Signs that the Fed's interest rate hikes were
beginning to slow the economy began to emerge in June. However, it remains to be
seen if this economic slowdown will be short-lived and if inflation remains a   
threat.                                                                         

Markets will probably remain volatile until investors are comfortable that the  
economy is not growing at an inflationary pace. For specific details on how your
Funds performed over the last six months, please review the performance         
discussion in the following pages.                                              

The recent volatility in capital markets is a good example of why a diversified 
portfolio (also called asset allocation) is the best strategy for reducing risk.
An asset allocation strategy invests funds in different asset classes, such as  
cash, bonds, US stocks and international stocks, in one portfolio. As these     
asset classes rise and fall independent of each other, gains in one asset class 
can offset losses in another.                                                   

For example, during the last half of 1999, growth stocks soared while bonds     
declined. An investor holding both bonds and stocks could have offset losses in 
bonds with gains from stocks. During the first half of 2000, however, bonds rose
and growth stocks declined. That same investor could have offset losses in      
growth stocks with gains in bonds. While this example only covers a one-year    
period, the cumulative effect over the long term is that a diversified portfolio
has the potential to reduce the volatility of returns.                          

The Activa Funds have been especially designed to provide you with a diverse    
family of funds so that you can implement an asset allocation strategy to suit  
your investment objectives. If you have not already visited our website at      
www.activafunds.com, I urge you to do so and explore some of the investment     
tools provided. The questionnaires and calculators on our site will assist you  
in identifying your investment goals, and help you formulate your investment    
strategy.                                                                       

We continue to evaluate new ideas to provide our shareholders with more         
investment education, fund information and convenience. Thank you for your      
continued support of the Activa Funds.                                          

Sincerely                                                                       

/s/ James J. Rosloniec                                                          

James J. Rosloniec                                                              
President                                                                       

                                         ACTIVA Mutual Funds Semiannual Report 1

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ACTIVA Money Market Fund -- J.P. Morgan Investment Management, Inc.             

During the first quarter of 2000 the Federal Reserve remained vigilant in its   
efforts to slow the U.S. economy, and the U.S. treasury announced that it would 
institute a buyback program of longer-dated securities, reduce issuance, and    
review the federal guarantee of Government Sponsored Entities (GSE's), or       
agencies. The U.S. treasury curve flattened dramatically under these influences.
Spreads on non-treasury sectors came under pressure on the widening gap between 
treasury and corporate supply. Additional pressure on spreads came in the form  
of aggressive borrowing spurred on by productivity growth, putting upward       
pressure on borrowing rates at the same time treasury yields were falling.      

Strong economic data continued into April and the Federal Reserve responded with
a 50 basis point rate hike at the May FOMC meeting. A combination of corporate  
bond rates approaching their 1994 highs, along with a lower equity market and a 
vigilant Fed, have all conspired to dampen economic activity. The               
underperformance of credit products continued into May as the Fed continued to  
raise rates. Spreads did rally briefly after the 50 basis point rate hike, but  
retreated on a month of record investment grade supply in June. Short dated     
asset backed and CMBS securities were the outliers as they performed well       
largely on low fixed rate supply. The U.S. treasury curve has disinverted in    
response and the two year note is now trading through the fed funds target of   
6.5%. The environment for spread product has also improved as market sentiment  
suggests the FOMC is on hold for the near term.                                 

For the six month period ending June 30, 2000, the Activa Money Market Fund     
returned 2.81%. The barbell construction of the portfolio was maintained during 
the first half of 2000. A significant portion of the maturities are invested in 
short-dated securities while we look to opportunistically purchase longer       
maturities on price declines. The significant concentration in floating rate    
notes and allocation to asset-backed commercial paper directly attribute to the 
excellent performance of the portfolio.                                         

We will continue to look to add to our asset-backed holdings and modestly extend
the weighted average maturity of the portfolio as we believe economic data will 
continue to point to a soft landing for the U.S. economy.                       

ACTIVA Intermediate Bond Fund -- Van Kampen Management, Inc.                    

For the first six months of 2000, the bond market total return moved back into  
positive territory despite the continued Federal Reserve Board tightening. The  
bond market benefited from the larger than expected US budget surplus and       
subsequent Treasury debt re-purchase. In addition, the Federal Reserve Board's  
tightening action provided comfort that future inflation will not materialize.  
Both of these events led to significant declines in long term interest rates. At
June 30, 2000 the 30-year U.S. Treasury yield stood at 5.90% versus 6.48% at    
year-end 1999.                                                                  

The Activa Intermediate Bond Fund generated a total return of 2.83% versus the  
Lehman Brothers Aggregate Index return of 3.99% for the six months ended June   
30, 2000. For the same six-month period, U.S. Treasuries returned 5.37%. In     
contrast to 1999, US Treasuries outperformed the non-Treasury sector for the    
first six months of 2000. The mortgage, agency, asset-backed and corporate      
sectors returned 3.67%, 3.58%, 3.35% and 2.68%, respectively.                   

As of June 30, 2000, the Activa Intermediate Bond Fund had a duration of 4.9    
years, which was comparable to the 4.9-year duration of the Fund's benchmark,   
the Lehman Brothers Aggregate Bond Index. With respect to relative sector       
weightings, the Fund held overweight positions in the mortgage, asset-backed and
corporate bond sectors while maintaining underweight positions in the agency and
treasury sectors. We anticipate maintaining the current posture as we enter the 
second half of 2000. Yield premiums in the non-treasury sector remain attractive
and present attractive total return opportunities.                              

2 ACTIVA Mutual Funds Semiannual Report                                         

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ACTIVA Value Fund -- Wellington Asset Management, LLP                           

During the first half of 2000, the Activa Value Fund outperformed its Russell   
1000 Value benchmark by 2.4%. The Fund returned -1.8% versus the benchmark's    
return of -4.2%.                                                                

Most equity markets posted positive results early in the year, with small cap   
stocks outperforming large cap stocks, and growth investment styles             
outperforming their value counterparts.                                         

Strong relative results achieved by the Fund during the first half of 2000 came 
from positive stock selection in 9 out of 11 sectors, most notably in           
Information Technology, Consumer Discretionary, and Health Care. Adverse results
were primarily due to poor stock selection in the Utilities sector, where the   
Fund's holdings in telephone utilities detracted from performance.              

We continue to seek broad diversification across economic sectors as a central  
tenet of the Fund's investment strategy. We believe we are approaching the end  
of rate hikes by the Federal Reserve, as there have been signs of slowing in the
US economy. In this tightening interest rate environment, we remain bullish on  
the outlook for the large cap value sector and continue to look for             
opportunities in large cap stocks that represent value through active portfolio 
management.                                                                     

ACTIVA Growth Fund -- State Street Research & Management Company                

Through June 30, the Activa Growth Fund had a .18% return vs. the S&P500 which  
was down -0.42%. The year began with an extension of the fourth quarter's strong
rally lead by the so-called "new economy" stocks (technology, biotechnology,    
telecommunications, and internet- related companies). This rally was interrupted
in mid March by good old fashioned interest rate fears and valuation concerns. A
powerful correction brought many "new economy" stocks down (some with bear      
market like price declines), and leadership broadened away from previous market 
leaders.                                                                        

By June, investors had started thinking about a slowing U.S. economy. That      
raised hopes that the Federal Reserve might be nearing the end of its pattern of
raising the federal funds rate. Consistent with this, the Fed did not increase  
rates at its June meeting and the market bottomed and began a recovery from its 
lows representing a third trend reversal in stock price direction this year.    

In this volatile environment, we have pursued a balanced portfolio structure    
reducing significant sector over weights and focusing our efforts on those      
individual companies that have, in the opinion of State Street Research's equity
analysts, highly visible prospects for delivering strong, consistent earnings   
growth during a transition period for the economy. With respect to the          
portfolio's investment returns, the volatility in the markets particularly in   
May and June left the portfolio with returns ahead of the S&P 500 year to date. 
As we moved through July, the strong earnings growth characteristics of the     
portfolio paid off and returns are again (December 31 through July 31) further  
above the market.                                                               

                                         ACTIVA Mutual Funds Semiannual Report 3

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ACTIVA International Fund -- Nicholas Applegate Capital Management              

During the first six months of 2000, equities overseas moved in tandem with the 
USmarket, falling in response to concerns over rising interest rates, inflation,
and lofty valuations among technology stocks. The MSCI EAFE Index declined over 
4% during this period.                                                          

Investor optimism over a resurgence in economic growth contributed to a 26.5%   
advance for Japanese stocks during the period, as measured by the MSCI Japan    
Index. However, in the first half of 2000, Japanese equities languished over    
concerns about the sustainability of the budding economic recovery. European    
stocks produced strong results during the period, particularly bourses in       
Finland, Sweden, and France. Equity markets benefited from structural reform,   
growth in the technology and telecommunications sectors, and economic expansion.
Amid a pick-up in GDP growth in many countries, the European Central Bank raised
interest rates a total of 1.75% on five separate occasions during the fiscal    
year.                                                                           

The Activa International Equity portfolio declined 12.6% for the first half of  
2000, underperforming the MSCI EAFE Index which was down 4% for the period. This
is despite the fund's strong comeback during June.                              

Stock selection in Singapore, Canada and Sweden helped performance, especially  
during June. However selection in Japan, the U.K. and the Netherlands negatively
impacted the portfolio. The underweighted position of the portfolio in the U.K. 
relative to the MSCI EAFE detracted from performance during the first half of   
the year.                                                                       

Over the course of the fiscal year, on a stock-by-stock basis, we modestly      
increased the portfolio's exposure to Europe while paring back holdings in the  
Pacific Rim. We significantly increased our exposure to technology stocks,      
demonstrating our belief in the sector's long-term growth potential. At the same
time, we trimmed holdings in the manufacturing, building materials, and         
commodities industries.                                                         

International markets remain a source of attractive investment opportunities. In
Europe, productivity is rising and the economy is being transformed by a        
restructuring wave that stands to boost corporate profits. Positive factors for 
Japan include the developing technology industry and rising corporate           
confidence, which results in increased capital equipment spending. And as aging 
populations in both Europe and Japan plan for retirement, the demand for        
equities should strengthen.                                                     

4 Activa Mutual Funds Semiannual Report                                         

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ACTIVA Schedule of Investments                                                  
MONEY MARKET FUND 6/30/00 (Unaudited)                                           

                                                        [Enlarge/Download Table]

                                                                             % OF    SHARES OR           MARKET
     SECURITY DESCRIPTION                                             INVESTMENTS    PAR VALUE            VALUE
     -----------------                                               ------------  -----------  ---------------
                                                                                                               
CERTIFICATES OF DEPOSIT                                                     26.2%                              
     ABBEY NAT'L CD 6.47% 01/10/01                                                     500,000          499,874
     BYRSCHE YCD 5.93% 10/02/00                                                      1,000,000          999,555
     BYRSCHE YCD MTHY 6.57% 12/15/00                                                 3,000,000        2,998,836
     DETCHBK 6.19% YCD 12/01/00                                                      5,000,000        4,998,602
     LANDBK, 7.14% 05/08/01                                                          1,000,000          999,940
     LLOYDS BNK, 7.2% 06/15/01                                                       1,000,000          999,729
     RABOBANK YCD, 6.66% 03/09/01                                                    1,000,000          999,674
     UNION BK YANKEE 6.24% 12/04/00                                                  2,000,000        1,999,389
     UNION BK YANKEE 6.39% 12/21/00                                                  1,500,000        1,499,662
     BNK AMERICA CD 6.75% 08/17/00                                                   3,000,000        3,000,000
     BANC ONE CD 5.93% 10/02/00                                                      2,500,000        2,499,569
     CA IMP BNK, 7.42% 06/04/01                                                      1,000,000          999,738
     COMMRZBNK CD FRN 6.59% 03/01/01                                                 3,000,000        2,999,026
     WESTDEUTSCH FRCD 6.57% 03/23/01                                                 2,000,000        1,999,292
                                                                                                ---------------
                                                                                                     27,492,886
                                                                                                ---------------

COMMERCIAL PAPER                                                            30.1%                              
     FMCC, 6.53% 07/20/00                                                            1,000,000          996,554
     FRST BOSTON 5.65% 08/21/00                                                      2,000,000        1,981,158
     FRST BOSTON, DPN 6.52% 07/10/00                                                 1,000,000          998,370
     UNBNK SWIS, 6.88% 04/30/01                                                        750,000          749,882
     US BANK MINN FRN 6.63% 04/04/01                                                 1,000,000          999,671
     GE CAPITAL, FRN, 6.22% 01/02/01                                                 3,000,000        3,000,000
     WSC ENERGY, 6.6% 07/18/00                                                       1,000,000          996,902
     ALPNE SCRTZN 6.6% 07/25/00                                                      1,000,000          995,600
     CIT GROUP DLY FLT 6.60% 2/14/01                                                 1,000,000          999,450
     EDISON 6.59% 07/26/00                                                           1,000,000          995,424
     EDISON, 6.6% 08/01/00                                                           1,000,000          994,317
     RECVLBS CAP 6.54% 07/10/00                                                      2,000,000        1,996,730
     REC CAPITAL, 6.6% 07/25/00                                                      1,000,000          995,600
     TRIDENT CAP 6.55% 07/11/00                                                      1,000,000          998,179
     GENERAL MILLS 6.68% 2/9/01                                                      1,000,000          999,726
     BAVARIA TRR, DCP 6.55% 07/11/00                                                 1,000,000          998,180
     QUEBEC, 6.67% 12/14/00                                                          2,000,000        1,938,442
     NTNWD BLDNG 6.6% 09/14/00                                                       2,000,000        1,972,500
     HD REAL ESTATE 6.8% 11/21/00                                                    1,000,000          972,989
     AT&T, 6.52% 07/12/00                                                            1,000,000          998,008
     BELLSOUTH, 6.51% 07/12/00                                                       1,000,000          998,008
     SBC COMM, 6.56% 07/20/00                                                        1,000,000          996,538
     SBC COMM, 6.62% 08/17/00                                                        2,000,000        1,982,688
     SBC COMM. 6.59% 09/06/00                                                        1,000,000          987,735
     WISC ENERGY 6.52% 07/11/00                                                      1,000,000          998,189
                                                                                                ---------------
                                                                                                     31,540,840
                                                                                                ---------------

FEDERAL HOME LOAN BANK                                                       8.0%                              
     FHLB 6.25% 07/03/00                                                             3,449,000        3,447,802
     FHLB VRN 6.13% 10/04/00                                                         5,000,000        4,999,108
                                                                                                ---------------
                                                                                                      8,446,910
                                                                                                ---------------

                                         ACTIVA Mutual Funds Semiannual Report 5                               

      The accompanying notes are an integral part of these financial statements.                               

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ACTIVA Schedule of Investments continued                                                                       

MONEY MARKET FUND 6/30/00 (Unaudited)                                                                          
                                                                             % OF    SHARES OR           MARKET
     SECURITY DESCRIPTION                                             INVESTMENTS    PAR VALUE            VALUE
     -----------------                                               ------------  -----------  ---------------
CORPORATE BONDS                                                             34.3%                              
     GMAC FRN 6.87% 03/30/01                                                         1,500,000        1,501,643
     BNK AMERICA, FRN 6.65% 06/06/01                                                 1,000,000          999,907
     BK AUSTRIA FRN 6.56% 02/16/01                                                   4,000,000        3,998,770
     BNK SCOT FRN 6.83% 03/05/01                                                     3,000,000        2,999,901
     CITICORP FRN, 6.68% 08/02/00                                                    2,000,000        2,000,102
     COMERICA BANK FRN 6.56% 2/14/01                                                 3,000,000        2,998,948
     FRST UNION, FRN, 6.68% 06/22/01                                                 1,000,000        1,000,000
     INTERAMERICAN BK 5.13% 02/22/01                                                 1,000,000          991,267
     NORWEST FIN, FRN 6.62% 07/20/01                                                 1,000,000          999,489
     CITIGROUP FRN 6.62% 04/04/02                                                    1,000,000        1,000,000
     AM. EXP. FLOATER 6.75% 07/12/00                                                 2,500,000        2,499,957
     CITI GROUP INC. 6.66% 01/19/01                                                  3,000,000        2,998,950
     CTRPLR QRTLY FLT 6.81% 09/15/00                                                 3,000,000        3,000,388
     FLEET FIN. VRN 6.34% 10/13/00                                                   2,000,000        1,999,661
     KEY CORP QTY FLT 6.83% 08/07/00                                                 2,000,000        2,000,290
     NAT'L CITY FLOAT 6.63% 10/04/00                                                 2,000,000        2,000,000
     AT&T CORP. FRN 6.57% 03/08/01                                                   3,000,000        2,999,601
                                                                                                ---------------
                                                                                                     35,988,874
                                                                                                ---------------

MEDIUM TERM NOTE                                                             1.4%                              
     MANITOBA 9.5% 10/01/00                                                          1,415,000        1,424,378
                                                                                                ---------------
TOTAL SHORT TERM OBLIGATIONS - 100% (Cost $104,773,932)                                             104,893,888
                                                                                                ===============

6 ACTIVA Mutual Funds Semiannual Report                                         

      The accompanying notes are an integral part of these financial statements.

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ACTIVA Schedule of Investments                                                  
INTERMEDIATE BOND FUND 6/30/00 (Unaudited)                                      

                                                        [Enlarge/Download Table]

                                                                             % OF    SHARES OR           MARKET
     SECURITY DESCRIPTION                                             INVESTMENTS    PAR VALUE            VALUE
     -----------------                                               ------------  -----------  ---------------
                                                                                                               
BANKERS ACCEPTANCES                                                          0.9%                              
     CANADA-GOV 6.375% 11/30/04                                                      1,480,000        1,444,850
                                                                                                ---------------

US TREASURY NOTES                                                            0.3%                              
     US T-NOTES 6.25% 04/30/01                                                         500,000          499,215
                                                                                                ---------------

US TREASURY STRIPS                                                           3.2%                              
     UST-STRIP PO 9.13% 5/15/18                                                      6,225,000        2,065,766
     STRIP PRINC 9.875% 5/15/15                                                      7,975,000        3,166,713
                                                                                                ---------------
                                                                                                      5,232,479
                                                                                                ---------------

FEDERAL HOME LOAN MORTGAGE                                                  15.7%                              
     FHLMC #C00785 6.5% 6/01/29                                                      6,790,999        6,415,321
     FHLMC #C27803 6.0% 6/01/29                                                      4,866,114        4,461,594
     FHLMC #C28180 6.5% 6/01/29                                                      4,795,402        4,530,120
     FGLMC #37237 8.0% 03/01/30                                                      3,930,383        3,953,106
     FHR 1702 PG 6.5% 12/15/22                                                       2,500,000        2,382,362
     FHLMC 6.5% 08/15/24                                                             4,000,000        3,824,440
                                                                                                ---------------
                                                                                                     25,566,943
                                                                                                ---------------

FEDERAL NATIONAL MORTGAGE ASSOCIATION                                       19.5%                              
     FNMA DN (6.51)% 08/17/00                                                          540,000          535,534
     FNMA DN (6.45)% 09/07/00                                                        5,000,000        4,940,950
     FNMA 6.625% 09/15/09                                                            2,500,000        2,415,625
     FNMA CMO 6.5% 09/25/23                                                          5,000,000        4,815,475
     FNMA 6.5% 09/18/24                                                              2,800,000        2,663,864
     FNMA #252715 6.5% 09/01/29                                                      2,451,284        2,311,855
     FNMA #481473 6.0% 02/01/29                                                      3,361,047        3,076,400
     FNMA #481427 6.0% 01/01/29                                                      4,789,550        4,383,923
     FNMA #490080 6.5% 03/01/29                                                      2,377,014        2,241,809
     FNMA #490179 6.5% 03/01/29                                                      2,326,841        2,194,490
     FNMA #496567 6.0% 04/01/14                                                      2,441,859        2,311,366
                                                                                                ---------------
                                                                                                     31,891,291
                                                                                                ---------------

GOVERNMENT NATIONAL MORTGAGE ASSOCIATION                                     9.3%                              
     GNMA #470387 6.5% 05/15/29                                                      4,850,410        4,606,337
     GNMA #486761 7.0% 12/15/28                                                      2,974,321        2,894,371
     GNMA #487201 7.0% 05/15/29                                                      2,957,522        2,878,024
     GNMA #490240 7.0% 09/15/29                                                      4,920,205        4,787,951
                                                                                                ---------------
                                                                                                     15,166,683
                                                                                                ---------------

CORPORATE BONDS - 51.1%                                                                                        
AIRLINES                                                                     0.6%                              
     DELTA 10.125% 05/15/10                                                            925,000          970,094
                                                                                                ---------------

                                         ACTIVA Mutual Funds Semiannual Report 7                               

The accompanying notes are an integral part of these financial statements.                                     

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ACTIVA Schedule of Investments continued                                                                       
INTERMEDIATE BOND FUND 6/30/00 (Unaudited)                                                                     

                                                                             % OF    SHARES OR           MARKET
     SECURITY DESCRIPTION                                             INVESTMENTS    PAR VALUE            VALUE
     -----------------                                               ------------  -----------  ---------------
AUTOMOTIVE                                                                   4.1%                              
     BWA 8.0% 10/01/19                                                               1,810,000        1,694,613
     DAIMLER 7.20% 09/01/09                                                          2,000,000        1,937,500
     DAIMLERCHRY 7.4% 01/20/05                                                         500,000          499,375
     DANA CORP 7.0% 03/15/28                                                         1,743,000        1,468,477
     DELPHI 7.125% 05/01/29                                                          1,250,000        1,075,000
                                                                                                ---------------
                                                                                                      6,674,965
                                                                                                ---------------

BANKING                                                                      6.2%                              
     BSCH ISS 7.625% 11/03/09                                                        1,000,000          987,500
     BANK ONE 6.00% 02/17/09                                                         1,000,000          898,750
     CHASE 6.66% 01/15/07                                                            5,000,000        4,908,025
     CHASE 7.125% 06/15/09                                                           1,400,000        1,337,000
     FIRST UNION 6.40% 04/01/08                                                      1,400,000        1,267,000
     NATL WEST 7.375% 10/01/09                                                         650,000          632,125
                                                                                                ---------------
                                                                                                     10,030,400
                                                                                                ---------------

BANKING AND FINANCIAL SERVICES                                               1.7%                              
     BK OF AMER 7.8% 02/15/10                                                        2,000,000        1,992,500
     NAT AUST 8.6% 05/19/10                                                            750,000          787,500
                                                                                                ---------------
                                                                                                      2,780,000
                                                                                                ---------------

BEVERAGES                                                                    0.6%                              
     J SEAGRAM 7.6% 12/15/28                                                         1,000,000          948,750
                                                                                                ---------------

CHEMICALS                                                                    0.9%                              
     DUPONT 6.875% 10/15/09                                                          1,500,000        1,460,625
                                                                                                ---------------

ELECTRIC UTILITY                                                             7.1%                              
     PP&L TRANS 6.60% 03/25/05                                                       4,000,000        3,964,820
     PECO 1999-A 5.80% 03/01/07                                                      5,500,000        5,228,575
     S.CAR E&G 6.125% 03/01/09                                                       1,500,000        1,380,000
     WPS RESOURCES 7.0% 11/01/09                                                     1,000,000          962,500
                                                                                                ---------------
                                                                                                     11,535,895
                                                                                                ---------------

ENTERTAINMENT                                                                0.7%                              
     DISNEY 5.8% 10/27/08                                                              200,000          185,500
     VIACOM 7.75% 06/01/05                                                             950,000          957,125
                                                                                                ---------------
                                                                                                      1,142,625
                                                                                                ---------------

FINANCE                                                                      2.2%                              
     VANDERBILT 7.82% 11/07/17                                                       3,565,000        3,529,368
                                                                                                ---------------

8 ACTIVA Mutual Funds Semiannual Report                                                                        

      The accompanying notes are an integral part of these financial statements.                               

N-30D 11th Page of 35 TOC 1st Previous Next ↓Bottom Just 11th
ACTIVA Schedule of Investments continued                                                                       
INTERMEDIATE BOND FUND 6/30/00 (Unaudited)                                                                     
                                                                             % OF    SHARES OR           MARKET
     SECURITY DESCRIPTION                                             INVESTMENTS    PAR VALUE            VALUE
     -----------------                                               ------------  -----------  ---------------
FINANCIAL SERVICES                                                          21.1%                              
     AMERICAN EXP 5.6% 11/15/06                                                      4,450,000        4,218,199
     ASSOCIATES CORP 04/20/04                                                        3,500,000        3,281,250
     CCIMT 6.65% 11/15/06                                                            4,450,000        4,349,875
     CONSECO 8.06% 05/01/31                                                          2,810,000        2,764,380
     FNCC 6.15% 09/15/04                                                             1,250,000        1,226,863
     FORD 6.40% 10/15/02                                                             5,250,000        5,206,031
     GMAC NT 5.75% 11/10/03                                                          1,500,000        1,423,125
     GMAC 7.375% 01/19/10                                                            1,020,000        1,014,900
     HALT 6.65% 07/15/05                                                             5,000,000        4,964,800
     SCAMT 6.35% 02/16/07                                                            5,000,000        4,929,125
     US WEST 6.375% 07/15/08                                                         1,400,000        1,268,750
                                                                                                ---------------
                                                                                                     34,647,298
                                                                                                ---------------

FOOD SERVICE                                                                 1.9%                              
     KROGER 8.0% 09/15/29                                                            1,650,000        1,575,750
     SAFEWAY 7.5% 09/15/09                                                           1,550,000        1,519,000
                                                                                                ---------------
                                                                                                      3,094,750
                                                                                                ---------------

GAS UTILITY                                                                  0.6%                              
     SOUTH UNION 8.25% 11/15/29                                                      1,025,000        1,010,906
                                                                                                ---------------

OIL & EXPLOR PROD & SER                                                      1.9%                              
     CHEVRON 6.625% 10/01/04                                                         2,000,000        1,977,500
     CONOCO INC. 6.95% 04/15/29                                                      1,250,000        1,142,187
                                                                                                ---------------
                                                                                                      3,119,687
                                                                                                ---------------

TELECOMMUNICATIONS                                                           1.5%                              
     MCI CORP. 6.50% 04/15/10                                                        1,500,000        1,365,000
     SPRINT CAP 6.875% 11/15/28                                                      1,250,000        1,084,375
                                                                                                ---------------
                                                                                                      2,449,375
                                                                                                ---------------
TOTAL FIXED INCOME - 100% (Cost $164,558,273)                                                       163,196,199
                                                                                                ===============

                                         ACTIVA Mutual Funds Semiannual Report 9

The accompanying notes are an integral part of these financial statements.      

N-30D 12th Page of 35 TOC 1st Previous Next ↓Bottom Just 12th
ACTIVA Schedule of Investments                                                  
VALUE FUND 6/30/00 (Unaudited)                                                  

                                                        [Enlarge/Download Table]

                                                                             % OF    SHARES OR           MARKET
     SECURITY DESCRIPTION                                             INVESTMENTS    PAR VALUE            VALUE
     -----------------                                               ------------  -----------  ---------------
                                                                                                               
US TREASURY BILLS - 0.0%                                                     0.0%                              
     US T-BILL, 09/21/00                                                                50,000           49,375
                                                                                                ---------------

TOTAL US TREASURY BILLS (Cost $ 49,318)                                                                  49,375
                                                                                                ---------------

COMMON STOCK - 100.0%                                                                                          
     AEROSPACE                                                               1.0%                              
     UNITED TECHNOLOGIES                                                                27,200        1,601,400
                                                                                                ---------------

AIRCRAFT ENGINES & ENGINE PARTS                                              0.5%                              
     HONEYWELL INTERNATIONAL                                                            21,500          724,281
                                                                                                ---------------

AIRLINES                                                                     0.9%                              
     CONTINENTAL AIRLINES                                                               *7,400          347,800
     SABRE HOLDINGS                                                                          1               29
     SKYWEST, INC                                                                        9,200          340,975
     SOUTHWEST AIRLINES CO.                                                             28,200          534,037
     U S AIRWAYS GROUP                                                                  *7,500          292,500
                                                                                                ---------------
                                                                                                      1,515,341
                                                                                                ---------------

AUTOMOTIVE                                                                   2.6%                              
     FORD MOTOR CO DEL                                                                  45,000        1,935,000
     GENERAL MOTORS CORP                                                                 7,821          454,107
     GENERAL MOTORS - CLASS H                                                          *12,746        1,118,462
     TRW, INC.                                                                          13,800          598,575
     VISTEON CORP.                                                                      *5,892           71,440
                                                                                                ---------------
                                                                                                      4,177,584
                                                                                                ---------------

BANKING                                                                     11.7%                              
     BANK ONE CORP.                                                                     45,400        1,205,938
     CITIGROUP, INC.                                                                   107,900        6,500,975
     KEYCORP                                                                           101,300        1,785,412
     MERCANTILE BANKSHARES                                                              69,900        2,083,894
     PACIFIC CENTURY FINL                                                               24,400          356,850
     US BANCORP                                                                        123,300        2,373,525
     UNIONBANCAL CORPORATION                                                            37,800          701,662
     WACHOVIA CORP.                                                                     66,500        3,607,625
                                                                                                ---------------
                                                                                                     18,615,881
                                                                                                ---------------

BROADCASTING                                                                1.9%                               
     AT & T CORP.- LIBERTY MD                                                           74,400        1,804,200
     CLEAR CHANNEL COMM                                                                 *5,400          405,000
     SCRIPPS CO- CL-A                                                                   17,200          847,100
                                                                                                ---------------
                                                                                                      3,056,300
                                                                                                ---------------

BUILDING PRODUCTS                                                            0.3%                              
     VULCAN MATERIALS CO.                                                               11,300          482,369
                                                                                                ---------------

10 ACTIVA Mutual Funds Semiannual Report                                                                       

      The accompanying notes are an integral part of these financial statements.                               

N-30D 13th Page of 35 TOC 1st Previous Next ↓Bottom Just 13th
Activa Schedule of Investments continued                                                                       
VALUE FUND 6/30/00 (Unaudited)                                                                                 

                                                                             % OF    SHARES OR           MARKET
     SECURITY DESCRIPTION                                             INVESTMENTS    PAR VALUE            VALUE
     -----------------                                               ------------  -----------  ---------------
BUSINESS SERVICES                                                            0.9%                              
     FIRST DATA CORP.                                                                   28,400        1,409,350
                                                                                                ---------------

CHEMICALS                                                                    1.9%                              
 AIR PRODUCTS & CHEMICALS                                                               20,000          616,250
 DU PONT E I DE NEMOURS                                                                 31,200        1,365,000
 GREAT LAKES CHEM CORP.                                                                 19,800          623,700
 PPG INDUSTRIES, INC.                                                                   11,300          500,731
                                                                                                ---------------
                                                                                                      3,105,681
                                                                                                ---------------

COAL                                                                         0.0%                              
     ARCH COAL, INC.                                                                         7               54
                                                                                                ---------------

COMMUNICATIONS EQUIPMENT                                                     0.6%                              
     AMERICAN TOWER CORP.                                                              *22,500          937,969
                                                                                                ---------------

COMMERCIAL SERVICES                                                          0.7%                              
     CONVERGYS CORP.                                                                   *21,400        1,110,125
                                                                                                ---------------

COMPUTER SOFTWARE                                                            0.3%                              
     CABLETRON SYSTEMS                                                                 *21,900          552,975
                                                                                                ---------------

COMPUTERS                                                                    1.1%                              
     ADAPTEC, INC.                                                                     *25,900          589,225
     QUANTUM CORP.                                                                    *115,300        1,275,506
                                                                                                ---------------
                                                                                                      1,864,731
                                                                                                ---------------

CONTAINERS & PACKAGING                                                       0.3%                              
     SMURFIT-STONE CONTAINER                                                           *31,000          399,125
                                                                                                ---------------

ELECTRIC UTILITY                                                             3.1%                              
     CALPINE CORP.                                                                      21,600        1,420,200
     DUKE ENERGY CORP.                                                                   9,900          558,113
     MONTANA POWER CO.                                                                  13,600          480,250
     PINNACLE WEST CAP.                                                                 36,700        1,243,212
     UNICOM CORPORATION                                                                 32,000        1,238,000
                                                                                                ---------------
                                                                                                      4,939,775
                                                                                                ---------------

ELECTRICAL & ELECTRONIC                                                      0.4%                              
     ENDESA                                                                             31,600          616,200
                                                                                                ---------------

ELECTRICAL EQUIPMENT                                                         1.8%                              
     ATMEL CORP.                                                                        31,800        1,172,625
     EMERSON ELECTRIC CO.                                                               17,900        1,080,712
     NEXTEL PARTNERS, INC.                                                             *19,900          647,994
                                                                                                ---------------
                                                                                                      2,901,331
                                                                                                ---------------

                                        ACTIVA Mutual Funds Semiannual Report 11                               

The accompanying notes are an integral part of these financial statements.                                     

N-30D 14th Page of 35 TOC 1st Previous Next ↓Bottom Just 14th
ACTIVA Schedule of Investments continued                                                                       
VALUE FUND 6/30/00 (Unaudited)                                                                                 

                                                                             % OF    SHARES OR           MARKET
     SECURITY DESCRIPTION                                             INVESTMENTS    PAR VALUE            VALUE
     -----------------                                               ------------  -----------  ---------------
ELECTRONICS                                                                  2.2%                              
     NOVELLUS SYSTEMS, INC.                                                             13,500          763,594
     3COM CORP.                                                                        *46,200        2,662,275
                                                                                                ---------------
                                                                                                      3,425,869
                                                                                                ---------------

ENERGY                                                                       2.6%                              
     DQE INC.                                                                           36,400        1,440,075
     SUNCOR ENERGY, INC.                                                               113,600        2,648,300
                                                                                                ---------------
                                                                                                      4,088,375
                                                                                                ---------------

ENGINEERING                                                                  0.1%                              
     FLUOR CORP. C/S                                                                     3,900          123,337
                                                                                                ---------------

ENTERTAINMENT                                                                1.8%                              
     WALT DISNEY COMPANY                                                                32,700        1,269,169
     VIACOM INC. - CLASS B                                                              23,800        1,622,862
                                                                                                ---------------
                                                                                                      2,892,031
                                                                                                ---------------

FINANCIAL SERVICES                                                           7.0%                              
     FANNIE MAE                                                                         34,700        1,810,906
     GOLDMAN SACHS                                                                      14,400        1,366,200
     MERRILL LYNCH & CO.                                                                45,600        5,244,000
     WASHINGTON MUTUAL, INC.                                                            90,900        2,624,738
                                                                                                ---------------
                                                                                                     11,045,844
                                                                                                ---------------

FOOD & BEVERAGE                                                              1.8%                              
     SARA LEE COMMON STOCK                                                             144,100        2,782,931
                                                                                                ---------------

FOOD PRODUCTS                                                                1.3%                              
     MCCORMICK & CO., INC.                                                               2,200           71,500
     PROCTER & GAMBLE CO.                                                               35,500        2,032,375
                                                                                                ---------------
                                                                                                      2,103,875
                                                                                                ---------------

HOTELS & LODGING                                                             0.5%                              
     STARWOOD HOTELS & RESORTS                                                          24,200          781,962
                                                                                                ---------------

INDUSTRIAL GOODS & SERVICES                                                  0.5%                              
     CLOROX COMPANY                                                                     17,700          793,181
                                                                                                ---------------

INFORMATIONAL SERVICES                                                       0.2%                              
     AFFILIATED COMPUTER SVCS.                                                         *11,500          380,219
                                                                                                ---------------

12 ACTIVA Mutual Funds Semiannual Report                                                                       

      The accompanying notes are an integral part of these financial statements.                               

N-30D 15th Page of 35 TOC 1st Previous Next ↓Bottom Just 15th
ACTIVA Schedule of Investments continued                                                                       
VALUE FUND 6/30/00 (Unaudited)                                                                                 

                                                                             % OF    SHARES OR           MARKET
     SECURITY DESCRIPTION                                             INVESTMENTS    PAR VALUE            VALUE
     -----------------                                               ------------  -----------  ---------------
INSURANCE                                                                    8.5%                              
     AMER INT'L. GROUP                                                                  33,700        3,959,750
     CIGNA CORP.                                                                        30,500        2,851,750
     MBIA, INC.                                                                         38,200        1,840,763
     MARSH MCLENNAN COS COM                                                             32,000        3,342,000
     XL CAPITAL LTD. CLASS-A                                                            27,500        1,488,437
                                                                                                ---------------
                                                                                                     13,482,700
                                                                                                ---------------

MACHINERY & EQUIPMENT                                                       1.4%                               
     CATERPILLAR, INC.                                                                  21,400          724,925
     INGERSOLL - RAND CO.                                                               20,600          829,150
     THERMO ELECTRON CORP.                                                             *30,500          642,406
                                                                                                ---------------
                                                                                                      2,196,481
                                                                                                ---------------

MANUFACTURING-CAPITAL GOODS                                                  0.9%                              
     DANAHER CORP.                                                                       7,000          346,062
     EATON CORP.                                                                        16,500        1,105,500
                                                                                                ---------------
                                                                                                      1,451,562
                                                                                                ---------------

MANUFACTURING-CONSUMER GOODS                                                 0.5%                              
     MINN. MINING & MANUFCTRNG                                                           8,600          709,500
                                                                                                ---------------

MANUFACTURING - MISCELLANEOUS                                                1.1%                              
     EASTMAN KODAK CO.                                                                  13,500          803,250
     KIMBERLY-CLARK CORP.                                                               15,500          889,312
                                                                                                ---------------
                                                                                                      1,692,562
                                                                                                ---------------

MEDICAL EQUIPMENT & SUPPLIES                                                 1.1%                              
     BAXTER INTERNATIONAL                                                               15,400        1,082,813
     CARDINAL HEALTH                                                                     8,100          599,400
                                                                                                ---------------
                                                                                                      1,682,213
                                                                                                ---------------

MEDICAL LABS & TESTING SERV.                                                 0.5%                              
     GILEAD SCIENCES, INC.                                                             *10,100          718,363
                                                                                                ---------------

METALS & MINING                                                              0.9%                              
     ALCOA, INC.                                                                        47,000        1,363,000
                                                                                                ---------------

OFFICE PROPERTIES                                                            0.4%                              
     EQUITY OFFICE PROPERTIES                                                           24,700          680,794
                                                                                                ---------------

OFFICE/BUSINESS EQUIPMENT & SUPPLIES                                         1.1%                              
     I B M                                                                              15,900        1,742,044
                                                                                                ---------------

OIL & GAS EQUIPMENT/SERVICES                                                 2.4%                              
     ENRON CORP.                                                                        33,300        2,147,850
     ILLINOIS TOOL WORKS, INC.                                                          28,100        1,601,700
                                                                                                ---------------
                                                                                                      3,749,550
                                                                                                ---------------

                                        ACTIVA Mutual Funds Semiannual Report 13                               

The accompanying notes are an integral part of these financial statements.                                     

N-30D 16th Page of 35 TOC 1st Previous Next ↓Bottom Just 16th
ACTIVA Schedule of Investments continued                                                                       
VALUE FUND 6/30/00 (Unaudited)                                                                                 

                                                                             % OF    SHARES OR           MARKET
     SECURITY DESCRIPTION                                             INVESTMENTS    PAR VALUE            VALUE
     -----------------                                               ------------  -----------  ---------------
OIL & GAS EXPLOR PROD & SER                                                  6.5%                              
     CONOCO, INC.                                                                       65,400        1,606,388
     EXXON MOBIL CORP. COM                                                              82,900        6,507,650
     ULTRAMAR DIAMOND SHAMROCK                                                          86,100        2,136,356
                                                                                                ---------------
                                                                                                     10,250,394
                                                                                                ---------------

OIL & GAS TRANSMISSION                                                       1.0%                              
     EL PASO ENERY CORP.                                                                29,600        1,507,750
                                                                                                ---------------

PAPER PRODUCTS                                                               1.1%                              
     BOWATER, INC                                                                       18,900          833,963
     TEMPLE - INLAND, INC.                                                               8,400          352,800
     WEYERHAUESER                                                                       15,800          679,400
                                                                                                ---------------
                                                                                                      1,866,163
                                                                                                ---------------

PETROLEUM-REFINING                                                           0.5%                              
     ASHLAND, INC.                                                                      24,200          848,513
                                                                                                ---------------

PHARMACEUTICALS                                                              3.5%                              
     ABBOTT LABS                                                                        25,300        1,127,431
     AMERICAN HOME PRODUCTS                                                             22,400        1,316,000
     MYLAN LABORATORIES                                                                 13,400          244,550
     PHARMACIA CORP.                                                                    54,961        2,840,797
                                                                                                ---------------
                                                                                                      5,528,778
                                                                                                ---------------

PRINTING & PUBLISHING                                                        0.5%                              
     GANNETT COMPANY, INC.                                                              12,600          753,637
                                                                                                ---------------

RAILROADS                                                                    0.2%                              
     CANADIAN NATIONAL RAILWAY                                                          12,900          376,519
                                                                                                ---------------

RESTAURANTS                                                                  0.7%                              
     MCDONALD'S CORP.                                                                   33,500        1,103,406
                                                                                                ---------------

RETAIL STORES                                                                2.6%                              
     INTIMATE BRANDS, INC.                                                             125,800        2,484,550
     TARGET CORP.                                                                       29,100        1,687,800
                                                                                                ---------------
                                                                                                      4,172,350
                                                                                                ---------------

RETAIL STORES - GROCERY                                                      1.3%                              
     SAFEWAY, INC.                                                                     *44,600        2,012,575
                                                                                                ---------------

REAL ESTATE INVESTMENT TRUST                                                 0.6%                              
     KIMCO REALTY CORP.                                                                 22,500          922,500
                                                                                                ---------------

14 ACTIVA Mutual Funds Semiannual Report                                                                       

      The accompanying notes are an integral part of these financial statements.                               

N-30D 17th Page of 35 TOC 1st Previous Next ↓Bottom Just 17th
ACTIVA Schedule of Investments continued                                                                       
VALUE FUND 6/30/00 (Unaudited)                                                                                 

                                                                             % OF    SHARES OR           MARKET
     SECURITY DESCRIPTION                                             INVESTMENTS    PAR VALUE            VALUE
     -----------------                                               ------------  -----------  ---------------
TOBACCO                                                                      2.3%                              
     PHILIP MORRIS COS., INC.                                                           96,900        2,573,906
     RJ REYNOLDS TOBACCO HLDGS                                                          37,200        1,039,275
                                                                                                ---------------
                                                                                                      3,613,181
                                                                                                ---------------

TELECOMMUNICATIONS                                                          11.8%                              
     A T & T CORP.                                                                      84,000        2,656,500
     ASSOCIATES FIRST CAPITAL                                                           97,900        2,184,394
     BELL ATLANTIC                                                                     106,100        5,391,206
     SBC COMMUNICATIONS, INC.                                                           67,600        2,923,700
     SPRINT                                                                             32,800        1,672,800
     SPRINT CORP. PCS                                                                   13,400          797,300
     US WEST INC. NEW                                                                   12,100        1,037,575
     WORLDCOM, INC.                                                                     44,050        2,020,794
                                                                                                ---------------
                                                                                                     18,684,269
                                                                                                ---------------

TELECOMMUNICATIONS-SRVS AND EQUIP                                            0.4%                              
     ECHOSTAR COMMUNICATIONS                                                            18,000          595,969
                                                                                                ---------------

WASTE MANAGEMENT                                                             0.2%                              
     REPUBLIC SERVICES, INC.                                                           *18,100          289,600
                                                                                                ---------------
TOTAL COMMON STOCK (Cost $161,854,000)                                                              158,422,469
                                                                                                ---------------
TOTAL INVESTMENTS - 100%  (Cost $161,903,318)                                                       158,471,844
                                                                                                ===============

*Non-dividend producing as of June 30, 2000                                     

At June 30, 2000, the Fund's open future contracts were as follows:             

Number of               Opening                  Face       Market          
Contracts             Contract Type             Amount       Value          
------------  --------------------------------  ----------  ----------          
2        Standard & Poor's 500, 9/14/00    $735,520    $734,050     

                                        ACTIVA Mutual Funds Semiannual Report 15

The accompanying notes are an integral part of these financial statements.      

N-30D 18th Page of 35 TOC 1st Previous Next ↓Bottom Just 18th
ACTIVA Schedule of Investments                                                  
GROWTH FUND 6/30/00 (Unaudited)                                                 

                                                        [Enlarge/Download Table]

                                                                             % OF    SHARES OR           MARKET
     SECURITY DESCRIPTION                                             INVESTMENTS    PAR VALUE            VALUE
     -----------------                                               ------------  -----------  ---------------
                                                                                                               
COMMERCIAL PAPER - 2.0%                                                      2.0%                              
     AMER. EXP. 6.88% 07/03/00                                                         100,000          100,000
     AMER. EXP. 6.78% 07/06/00                                                         439,000          439,000
     FORD MOTOR 6.81% 07/05/00                                                         213,000          213,000
                                                                                                ---------------

TOTAL COMMERCIAL PAPER (Cost $752,000)                                                                  752,000
                                                                                                ---------------

COMMON STOCKS - 98.0%                                                                                          
AIRCRAFT ENGINES & ENGINE PARTS                                              0.2%                              
     HONEYWELL INTERNATIONAL                                                             1,700           57,269
                                                                                                ---------------

AUTOMOTIVE                                                                   2.0%                              
     GENERAL MOTORS - CLASS H                                                           *8,500          745,875
                                                                                                ---------------

BANKING                                                                      4.5%                              
     CHASE MANHATTAN CORP.                                                              10,600          488,262
     CITIGROUP, INC.                                                                    19,700        1,186,925
                                                                                                ---------------
                                                                                                      1,675,187
                                                                                                ---------------

BEVERAGES - DOMESTIC                                                         1.5%                              
     COCA-COLA CO.                                                                       9,700          557,144
                                                                                                ---------------

BREWERY                                                                      2.0%                              
     ANHEUSER-BUSCH                                                                      9,900          739,406
                                                                                                ---------------

BUSINESS SERVICES                                                            1.2%                              
     FIRST DATA CORP.                                                                    8,900          441,662
                                                                                                ---------------

COMMUNICATIONS EQUIPMENT                                                     1.3%                              
     AMERICAN TOWER CORP.                                                              *11,700          487,744
                                                                                                ---------------

COMPUTER SOFTWARE                                                            4.9%                              
     MICROSOFT                                                                         *16,500        1,320,000
     ORACLE CORP.                                                                        6,200          521,188
                                                                                                ---------------
                                                                                                      1,841,188
                                                                                                ---------------

COMPUTERS                                                                   11.1%                              
     CISCO SYSTEMS                                                                      21,700        1,373,881
     COMVERSE TECHNOLOGY, INC.                                                           6,100          567,300
     DELL COMPUTER CORP.                                                               *15,000          739,688
     INTEL CORPORATION                                                                  10,800        1,443,825
                                                                                                ---------------
                                                                                                      4,124,694
                                                                                                ---------------

CONSUMER GOODS & SERVICES                                                    1.4%                              
     COLGATE-PALMOLIVE CO.                                                               8,800          526,900
                                                                                                ---------------

ELECTRICAL EQUIPMENT                                                         4.6%                              
     GENERAL ELECTRIC CO.                                                               32,100        1,701,300
                                                                                                ---------------

16 ACTIVA Mutual Funds Semiannual Report                                                                       

      The accompanying notes are an integral part of these financial statements.                               

N-30D 19th Page of 35 TOC 1st Previous Next ↓Bottom Just 19th
ACTIVA Schedule of Investments continued                                                                       
GROWTH FUND 6/30/00 (Unaudited)                                                                                

                                                                             % OF    SHARES OR           MARKET
     SECURITY DESCRIPTION                                             INVESTMENTS    PAR VALUE            VALUE
     -----------------                                               ------------  -----------  ---------------
ELECTRONICS                                                                  6.5%                              
     EMC CORP/MASS                                                                      10,600          815,538
     SOLECTRON CORP.                                                                    22,600          946,375
     TEXAS INSTRUMENTS, INC.                                                             9,800          673,137
                                                                                                ---------------
                                                                                                      2,435,050
                                                                                                ---------------

ENTERTAINMENT                                                                5.1%                              
     DISNEY WALT COMPANY                                                                12,700          492,919
     USA NETWORKS, INC.                                                                 15,900          343,838
     VIACOM INC - CLASS B                                                               15,624        1,065,361
                                                                                                ---------------
                                                                                                      1,902,118
                                                                                                ---------------

FINANCIAL SERVICES                                                           1.2%                              
     MORGAN ST DEAN WITTER                                                               5,400          449,550
                                                                                                ---------------

INDUSTRIAL GOODS & SERVICES                                                  1.2%                              
     CORNING, INC.                                                                       1,700          458,787
                                                                                                ---------------

INSTRUMENTATION                                                              1.1%                              
     PE CORP. - BIOSYSTEMS                                                               6,200          408,425
                                                                                                ---------------

INSURANCE                                                                    7.8%                              
     AMER INT'L. GROUP                                                                   7,500          881,250
     MARSH MCLENNAN COS COM                                                              7,000          731,063
     ST. PAUL CO.                                                                       16,700          569,887
     ACE LIMITED                                                                        25,700          719,600
                                                                                                ---------------
                                                                                                      2,901,800
                                                                                                ---------------

LEISURE & TOURISM                                                            1.0%                              
     HARLEY-DAVIDSON, INC.                                                               9,200          354,200
                                                                                                ---------------

MANUFACTURING-CAPITAL GOODS                                                  0.8%                              
     DANAHER CORP.                                                                       6,200          306,512
                                                                                                ---------------

MEDICAL EQUIPMENT & SUPPLIES                                                 7.3%                              
     BAXTER INTERNATIONAL                                                               12,400          871,875
     GUIDANT CORP COMMON STOCK                                                         *10,300          509,850
     TYCO INTERNATIONAL                                                                 28,400        1,345,450
                                                                                                ---------------
                                                                                                      2,727,175
                                                                                                ---------------

MERCHANDISING                                                                1.7%                              
     OMNICOM GROUP COM                                                                   6,900          614,531
                                                                                                ---------------

                                        ACTIVA Mutual Funds Semiannual Report 17                               

The accompanying notes are an integral part of these financial statements.                                     

N-30D 20th Page of 35 TOC 1st Previous Next ↓Bottom Just 20th
ACTIVA Schedule of Investments continued                                                                       
GROWTH FUND 6/30/00 (Unaudited)                                                                                

                                                                             % OF    SHARES OR           MARKET
     SECURITY DESCRIPTION                                             INVESTMENTS    PAR VALUE            VALUE
     -----------------                                               ------------  -----------  ---------------

OIL & GAS EXPLOR PROD & SER                                                  9.0%                              
     ANADARKO PETROLEUM                                                                  8,900          438,881
     CONOCO, INC.                                                                       23,700          582,131
     EXXON MOBIL CORP. COM                                                               7,200          565,200
     NOBLE DRILLING CORP.                                                              *12,000          494,250
     TOTAL FINA SA - SPON ADR                                                            9,400          723,800
     TRANSOCEAN SEDCO FOREX                                                             10,500          561,094
                                                                                                ---------------
                                                                                                      3,365,356
                                                                                                ---------------

PHARMACEUTICALS                                                              7.6%                              
     PFIZER, INC.                                                                       36,375        1,746,000
     PHARMACIA CORP.                                                                    20,600        1,064,763
                                                                                                ---------------
                                                                                                      2,810,763
                                                                                                ---------------

RETAIL STORES                                                                4.3%                              
     BEST BUY COMPANY, INC.                                                             *2,800          177,100
     CVS CORP.                                                                          12,100          484,000
     STAPLES, INC.                                                                     *22,400          344,400
     WAL-MART STORES, INC.                                                              10,600          610,825
                                                                                                ---------------
                                                                                                      1,616,325
                                                                                                ---------------

TELECOMMUNICATIONS                                                           4.7%                              
     NOKIA CORP ADR                                                                     12,200          609,237
     VOICESTREAM WIRELESS CORP.                                                         *4,000          465,188
     WORLDCOM, INC.                                                                     14,850          681,244
                                                                                                ---------------
                                                                                                      1,755,669
                                                                                                ---------------

TELECOMMUNICATIONS-SRVS AND EQUIP                                            4.0%                              
     LUCENT TECHNOLGIES                                                                  6,100          361,425
     NORTEL NETWORKS CORP.                                                              16,300        1,112,475
                                                                                                ---------------
                                                                                                      1,473,900
                                                                                                ---------------
TOTAL COMMON STOCKS (Cost $32,124,592)                                                               36,478,530
                                                                                                ---------------
TOTAL INVESTMENTS - 100% (Cost $32,876,592)                                                          37,230,530
                                                                                                ===============


*Non-dividend producing as of June 30, 2000                                     

18 ACTIVA Mutual Funds Semiannual Report                                        

      The accompanying notes are an integral part of these financial statements.

N-30D 21st Page of 35 TOC 1st Previous Next ↓Bottom Just 21st
ACTIVA Schedule of Investments                                                  
INTERNATIONAL FUND 6/30/00 (Unaudited)                                          

                                                        [Enlarge/Download Table]

                                                                             % OF     SHARES OR           MARKET
     SECURITY DESCRIPTION                                             INVESTMENTS     PAR VALUE            VALUE
     -----------------                                               ------------   -----------  ---------------
                                                                                                                
COMMON STOCKS - 100.0%                                                                                          
AEROSPACE                                                                    3.2%                               
     BPS BRITISH AEROSPACE PLC                                                           50,939          317,528
     BPS ROLLS-ROYCE PLC                                                                 72,000          257,515
     CAD BOMBARDIER INC `B'                                                               8,500          230,618
     EUR FINMECCANICA SPA                                                              *262,600          362,485
                                                                                                 ---------------
                                                                                                       1,168,146
                                                                                                 ---------------

AIRLINES                                                                     1.9%                               
     BPS BRITISH AIRWAYS                                                                 50,300          289,558
     EUR DEUTSCHE LUFTHANSA                                                               7,900          185,535
     YEN JAPAN AIRLINES LTD.                                                             60,000          228,541
                                                                                                 ---------------
                                                                                                         703,634
                                                                                                 ---------------

AUTOMOTIVE                                                                   0.6%                               
     YEN TOYOTA MOTOR                                                                     5,000          228,258
                                                                                                 ---------------

BANKING                                                                      0.8%                               
     UK ROYAL BANK OF SCOTLAND                                                           18,200          303,634
                                                                                                 ---------------

BANKING & FINANCIAL SERVICES                                                 3.0%                               
     SEK SVENSKA AB COMMON                                                               20,800          303,555
     DEM DRESDNER BANK AG                                                                 8,100          336,983
     SFR UBS AG-REGISTERED                                                                3,000          440,942
                                                                                                 ---------------
                                                                                                       1,081,480
                                                                                                 ---------------

BREWERY                                                                      0.9%                               
     HEINEKEN NV                                                                          5,500          336,106
                                                                                                 ---------------

BIOTECHNOLOGY                                                                0.5%                               
     EUR QIAGEN N.V.                                                                     *1,000          177,339
                                                                                                 ---------------

BROADCASTING                                                                 3.1%                               
     NLG VNU N.V.                                                                         3,100          160,765
     DEM EM.TV & MERCH AG                                                                 5,800          343,041
     FFR TV FRANCAISE                                                                     9,000          629,794
                                                                                                 ---------------
                                                                                                       1,133,600
                                                                                                 ---------------

BUSINESS SERVICES                                                            0.9%                               
     FFR VIVENDI                                                                          3,800          336,762
                                                                                                 ---------------

COMMUNICATIONS EQUIPMENT                                                     3.7%                               
     BPS ENERGIS PLC                                                                     *3,200          119,368
     SEK NETCOM AB                                                                       *3,400          252,363
     FNM HELSINGIN PUHELIN                                                                4,700          462,251
     AMDOCS LTD ORD                                                                      *6,500          498,875
                                                                                                 ---------------
                                                                                                       1,332,857
                                                                                                 ---------------

                                        ACTIVA Mutual Funds Semiannual Report 19                                

The accompanying notes are an integral part of these financial statements.                                      

N-30D 22nd Page of 35 TOC 1st Previous Next ↓Bottom Just 22nd
ACTIVA Schedule of Investments continued                                                                        
INTERNATIONAL FUND 6/30/00 (Unaudited)                                                                          

                                                                             % OF     SHARES OR           MARKET
     SECURITY DESCRIPTION                                             INVESTMENTS     PAR VALUE            VALUE
     -----------------                                               ------------   -----------  ---------------

COMMERCIAL SERVICES                                                          1.3%                               
     FFR BOUYGUES                                                                           426          285,852
     RANDSTAD HOLDING NV COMM                                                             4,500          167,154
                                                                                                 ---------------
                                                                                                         453,006
                                                                                                 ---------------

COMPUTER SOFTWARE                                                            1.7%                               
     DEM INTERSHOP COMMS.                                                                  *800          362,731
     YEN TREND MICRO, INC.                                                               *1,500          248,106
                                                                                                 ---------------
                                                                                                         610,837
                                                                                                 ---------------

COMPUTERS                                                                    4.4%                               
     BPS LOGICA PLC SHRS                                                                 12,800          306,559
     YEN FUJITSU LTD.                                                                    13,000          450,939
     ASM LITHOGRAPHY ADR                                                                 19,000          838,375
                                                                                                 ---------------
                                                                                                       1,595,873
                                                                                                 ---------------

DRUGS                                                                        2.1%                               
     EUR AVENTIS                                                                          5,200          381,078
     QLT PHOTOTHERAPEUTICS, INC.                                                          4,800          371,100
                                                                                                 ---------------
                                                                                                         752,178
                                                                                                 ---------------

DIVERSIFIED                                                                  3.1%                               
     BPS BILLITON PLC                                                                    62,800          253,845
     BPS INVENSYS PLC                                                                    81,400          305,306
     FFR LAGARDERE S.C.A                                                                  4,700          360,430
     HKD HUTCHISON WHAMPOA                                                               14,300          179,781
                                                                                                 ---------------
                                                                                                       1,099,362
                                                                                                 ---------------

ELECTRIC UTILITY                                                             0.8%                               
     ESP ENDESA S.A.                                                                     14,700          285,912
                                                                                                 ---------------

ELECTRICAL & ELECTRONIC                                                      3.1%                               
     BPS MARCONIN PLC                                                                    37,000          480,883
     YEN PIONEER CORP.                                                                   12,000          468,425
     LERNOUT HAUSPIE SPEECH NV                                                            4,000          176,250
                                                                                                 ---------------
                                                                                                       1,125,558
                                                                                                 ---------------

ELECTRICAL EQUIPMENT                                                         2.1%                               
     SAMSUNG ELECTRONICS-GDR                                                              1,000          193,000
     YEN MITSUBISHI ELEC                                                                 42,000          455,721
     SONY CORP ADR                                                                        1,200          113,175
                                                                                                 ---------------
                                                                                                         761,896
                                                                                                 ---------------

20 ACTIVA Mutual Funds Semiannual Report                                                                        

      The accompanying notes are an integral part of these financial statements.                                

N-30D 23rd Page of 35 TOC 1st Previous Next ↓Bottom Just 23rd
ACTIVA Schedule of Investments continued                                                                        
INTERNATIONAL FUND 6/30/00 (Unaudited)                                                                          

                                                                             % OF     SHARES OR           MARKET
     SECURITY DESCRIPTION                                             INVESTMENTS     PAR VALUE            VALUE
     -----------------                                               ------------   -----------   --------------
ELECTRONICS                                                                  8.3%                               
     BPS ARM HOLDINGS                                                                    41,000          437,283
     ROYAL PHILIPS ELECTRONICS                                                           12,800          608,000
     DEM EPCOS AG                                                                         2,900          293,003
     YEN FANUC, LTD.                                                                      4,200          428,330
     YEN KYOCERA CORPORATION                                                                800          136,028
     YEN SONY CORP.                                                                       1,600          149,714
     YEN TOSHIBA CORPORATION                                                             43,000          486,486
     STMICROELECTRONICS NV-NY                                                             7,200          462,150
                                                                                                 ---------------
                                                                                                       3,000,994
                                                                                                 ---------------

ENERGY                                                                       2.0%                               
     BALLARD POWER SYSTEMS                                                               *2,800          251,475
     BPS SHELL TRNSPORT/TRADNG                                                           54,500          458,742
                                                                                                 ---------------
                                                                                                         710,217
                                                                                                 ---------------

ENTERTAINMENT                                                                 0.8%                              
     BPS PEARSON PLC                                                                      8,600          270,156
                                                                                                 ---------------

FINANCIAL SERVICES                                                           2.4%                               
     SEK NORDIC BALTIC HLDG                                                              37,700          285,843
     BEL FORTIS (B)                                                                       6,800          198,681
     YEN NOMURA SECURITIES                                                                8,000          196,216
     YEN PROMISE CO LTD.                                                                  2,200          174,251
                                                                                                 ---------------
                                                                                                         854,991
                                                                                                 ---------------

FOOD PRODUCTS                                                                0.6%                               
     SFR NESTLE                                                                             100          200,791
                                                                                                 ---------------

FOOD SERVICE                                                                 0.8%                               
     BPS SAINSBURY (J) PLC                                                               36,300          164,314
     EUR KONONKLIJKE AHOLD                                                                4,200          124,124
                                                                                                 ---------------
                                                                                                         288,438
                                                                                                 ---------------

FOOD PROCESSING                                                              0.7%                               
     FFR DANONE                                                                           2,000          266,488
                                                                                                 ---------------

GAS & ELECTRIC UTILITY                                                       2.0%                               
     BPS CENTRICA PLC                                                                   128,200          425,040
     BPS BG GROUP                                                                        44,700          288,280
                                                                                                 ---------------
                                                                                                         713,320
                                                                                                 ---------------

HEALTH CARE                                                                  0.4%                               
     FFR RHODIA                                                                           8,300          140,031
                                                                                                 ---------------

HOTELS & LODGING                                                             0.7%                               
     FFR ACCOR SA                                                                         5,800          238,683
                                                                                                 ---------------

                                        ACTIVA Mutual Funds Semiannual Report 21                                

The accompanying notes are an integral part of these financial statements.                                      

N-30D 24th Page of 35 TOC 1st Previous Next ↓Bottom Just 24th
Activa Schedule of Investments continued                                                                        
INTERNATIONAL FUND 6/30/00 (Unaudited)                                                                          

                                                                             % OF     SHARES OR           MARKET
     SECURITY DESCRIPTION                                             INVESTMENTS     PAR VALUE            VALUE
     -----------------                                               ------------   -----------  ---------------
INFORMATIONAL SERVICES                                                       0.9%                               
     REUTERS GROUP PLC ADR                                                                3,100          309,806
                                                                                                 ---------------

INSURANCE                                                                    3.0%                               
     ITL ALLEANZA ASSICURZIONI                                                           23,700          316,924
     FFR AXA                                                                              2,100          332,151
     SEK SKANDIA FORSAKRINGS                                                             16,800          446,303
                                                                                                 ---------------
                                                                                                       1,095,378
                                                                                                 ---------------

MACHINERY & EQUIPMENT                                                        0.6%                               
     FFR ALSTOM COMMON                                                                    7,800          211,674
                                                                                                 ---------------

MANUFACTURING-CAPITAL GOODS                                                  1.4%                               
     CAD MAGNA INTL. - CL A                                                               4,000          187,761
     YEN TOYODA GOSEI CO LTD.                                                             5,000          318,048
                                                                                                 ---------------
                                                                                                         505,809
                                                                                                 ---------------

MANUFACTURING-CONSUMER GOODS                                                 1.5%                               
     YEN DAIKIN IND LTD.                                                                 10,000          232,983
     YEN NIPPON SHEET GLASS                                                              21,000          292,567
                                                                                                 ---------------
                                                                                                         525,550
                                                                                                 ---------------

MANUFACTURING-MISCELLANEOUS                                                  2.5%                               
     DEM SIEMENS AG NPV (REGD)                                                            1,500          226,467
     EUR INFINEON TECH                                                                   *4,700          373,946
     FLEXTRONICS                                                                          4,100          281,619
                                                                                                 ---------------
                                                                                                         882,032
                                                                                                 ---------------

MEDICAL EQUIPMENT & SUPPLIES                                                 0.9%                               
     BIOVAIL CORP.                                                                        5,600          310,450
                                                                                                 ---------------

OIL & GAS EQUIPMENT/SERVICES                                                 1.4%                               
     SCHLUMBERGER LTD.                                                                    4,200          313,425
     SANTA FE INTERNATIONAL                                                               5,900          206,131
                                                                                                 ---------------
                                                                                                         519,556
                                                                                                 ---------------

OIL & GAS EXPLOR PROD & SER                                                  4.3%                               
     CAD ANDERSON EXPLORATION                                                           *15,000          272,328
     ITL ENTE NAZ IDROC                                                                  33,800          196,022
     FFR TOTAL S.A. `B'                                                                   3,048          469,238
     HKD PETROCHINA CO LTD.                                                            *950,000          197,434
     LUKOIL HOLDING ADR                                                                   2,900          148,248
     PRECISION DRILLING CORP.                                                            *7,000          270,375
                                                                                                 ---------------
                                                                                                       1,553,645
                                                                                                 ---------------

PAPER PRODUCTS                                                               0.5%                               
     ABITIBI-CONSOLIDATED, INC.                                                          18,800          176,250
                                                                                                 ---------------

22 ACTIVA Mutual Funds Semiannual Report                                                                        

      The accompanying notes are an integral part of these financial statements.                                

N-30D 25th Page of 35 TOC 1st Previous Next ↓Bottom Just 25th
ACTIVA Schedule of Investments continued                                                                        
INTERNATIONAL FUND 6/30/00 (Unaudited)                                                                          

                                                                             % OF     SHARES OR           MARKET
     SECURITY DESCRIPTION                                             INVESTMENTS     PAR VALUE            VALUE
     -----------------                                               ------------   -----------  ---------------
PETROLEUM-RETAIL                                                             0.8%                               
     PETROLEO BRASILEIRO ADR                                                              9,600          290,030
                                                                                                 ---------------

PHARMACEUTICALS                                                              1.6%                               
     TEVA PHARMACEUTICAL-ADR                                                             10,100          559,919
                                                                                                 ---------------

PRINTING & PUBLISHING                                                        0.8%                               
     NEWS CORP LTD ADR                                                                    5,500          299,750
                                                                                                 ---------------

REAL ESTATE                                                                  0.6%                               
     YEN MITSUI FUDOSAN                                                                  21,000          228,258
                                                                                                 ---------------

TOBACCO                                                                      1.3%                               
     ESP ALTADIS SA - A SHARES                                                           30,800          475,050
                                                                                                 ---------------

TRANSPORTATION & SHIPPING                                                    0.7%                               
     YEN YAMATO TRANSPORT CO.                                                            10,000          249,051
                                                                                                 ---------------

TELECOMMUNICATIONS                                                          14.7%                               
     BPS CABLE & WIRELESS                                                                17,400          294,766
     BPS COLT TELECOM GROUP                                                              *7,000          232,611
     BPS VODAFONE                                                                        94,972          385,326
     FNM SONERA GROUP PLC                                                                 7,000          320,409
     DAK TELE DANMANK `B'                                                                 5,000          337,953
     ESP TELEFONICA DE ESPANA                                                           *18,000          388,229
     FFR ALCATEL ALSTHOM                                                                  9,300          612,453
     SEK TELIA AB                                                                       *27,000          255,509
     YEN NTT MOBILE COMM                                                                     19          515,399
     HKD PACIFIC CENTURY                                                                *96,000          189,659
     NOKIA CORP ADR                                                                      13,200          659,175
     YEN NEC CORP.                                                                       10,000          314,740
     YEN NIPPON TELEGRAPH TELE                                                               29          386,478
     TELE NORTE LESTE ADR                                                                 8,601          203,199
     USD TELEBRAS ADR PFD BLCK                                                            1,900          184,537
                                                                                                 ---------------
                                                                                                       5,280,443
                                                                                                 ---------------

TELECOMMUNICATIONS-SRVS AND EQUIP                                            5.7%                               
     ERICSSON TEL-SP ADR                                                                 38,400          768,000
     SEK EUROPOLITAN HOLDINGS                                                            12,500          156,059
     NLG KONINKLIJKE KPN NV                                                               8,200          368,261
     NORTEL NETWORKS CORP.                                                               11,000          750,750
                                                                                                 ---------------
                                                                                                       2,043,070
                                                                                                 ---------------

WHOLESALE DISTRIBUTION                                                       0.9%                               
     YEN SOFTBANK CORP.                                                                   2,300          313,039
                                                                                                 ---------------

TOTAL COMMON STOCKS - 100% (Costs $31,535,737)                                                        35,999,307
                                                                                                 ===============


*Non-dividend producing as of June 30, 2000                                     

                                        ACTIVA Mutual Funds Semiannual Report 23

The accompanying notes are an integral part of these financial statements.      

N-30D 26th Page of 35 TOC 1st Previous Next ↓Bottom Just 26th
ACTIVA Statement of Assets and Liabilities                                      

                                                        [Enlarge/Download Table]

                                 MONEY MARKET   INTERMEDIATE                                 INTERNATIONAL
As of June 30, 2000 (Unaudited)      FUND         BOND FUND     VALUE FUND     GROWTH FUND       FUND     
                                 -------------  -------------  -------------  -------------  -------------
                                                                                                          
ASSETS                                                                                                    
Investments at value              $104,893,888   $163,196,199   $158,471,844    $37,230,530    $35,999,307
Cash                                       987      3,658,686      2,438,654         81,990      1,396,147
Receivables:                                                                                              
     Investments sold                       --             --      4,956,393         60,649        468,656
     Investment income               1,042,136      1,405,117        257,333         23,542         39,039
     Variation Margin                       --             --          5,050             --             --
Other assets                            22,284         17,822        125,927         13,179         32,656
Foreign currency holdings                   --             --             --             --         11,766
                                 -------------  -------------  -------------  -------------  -------------
Total Assets                       105,959,295    168,277,824    166,255,201     37,409,890     37,947,571
                                 -------------  -------------  -------------  -------------  -------------

LIABILITIES                                                                                               
Payables:                                                                                                 
Investments purchased                       --             --      3,492,304        120,273        334,988
     Income payable                    513,524             --             --             --             --
     Advisory fees                      91,264        138,602        211,681         63,036         79,075
     Transfer agent fees                   362             91         56,646            960            591
     12b-1 fees                          --            61,763         63,153         13,830         13,955
     Service fees                       39,114         61,763         63,505         13,830         13,955
Accrued expenses                         8,432          9,595         22,263          5,663          7,308
                                 -------------  -------------  -------------  -------------  -------------
Total Liabilities                      652,696        271,814      3,909,552        217,592        449,872
                                 -------------  -------------  -------------  -------------  -------------
NET ASSETS                        $105,306,599   $168,006,010   $162,345,649    $37,192,298    $37,497,699
                                 =============  =============  =============  =============  =============
SHARES OUTSTANDING                 105,308,069     17,041,314     25,004,691      3,260,157      3,021,753
                                 =============  =============  =============  =============  =============

NET ASSET VALUE PER SHARE                $1.00          $9.86                        $11.41         $12.41

Class A based on net assets of                                                                            
$161,390,050 and 24,857,382                                                                               
shares outstanding                                                     $6.49                              

Class R based on net assets of                                                                            
$955,599 and 147,309                                                                                      
shares outstanding                                                     $6.49                              

24 ACTIVA Mutual Funds Semiannual Report                                        
      The accompanying notes are an integral part of these financial statements.

N-30D 27th Page of 35 TOC 1st Previous Next ↓Bottom Just 27th
ACTIVA Statement of Operations                                                  

For the period ended June 30, 2000 (Unaudited)                                  

                                                        [Enlarge/Download Table]

                                        MONEY MARKET   INTERMEDIATE                                    INTERNATIONAL 
                                            FUND         BOND FUND      VALUE FUND      GROWTH FUND        FUND      
                                        -------------  -------------   -------------   -------------   ------------- 
                                                                                                                     

INVESTMENT INCOME                                                                                                    
Interest                                   $3,353,384     $5,653,339        $209,271         $39,506         $37,124 
Dividends                                          --             --       1,580,218         115,025         200,412 
Miscellaneous                                     593          1,216         182,098             159          19,923 
                                        -------------  -------------   -------------   -------------   ------------- 
Total Investment Income                     3,353,977      5,654,555       1,971,587         154,690         257,459 
                                        -------------  -------------   -------------   -------------   ------------- 

EXPENSES                                                                                                             
Advisory fees                                 190,071        276,903         413,377         121,786         167,620 
12b-1 fees                                        --         122,403         123,399          26,670          29,580 
Service fees                                   81,460        122,403         124,014          26,670          29,580 
Shareholder report                              2,550          2,550          19,100           2,550           2,550 
Fund accounting fees                           25,874         29,110          31,840          19,212          20,560 
Audit fees                                      5,528          5,528           5,528           5,528           5,528 
Custodian fees                                 10,770         10,010          21,840           6,650           8,992 
Insurance                                         899          1,172           1,284             242             313 
Legal fees                                      4,832          4,832           5,732           4,832           4,832 
Organization expense                               --             --          15,448              --              -- 
Registration fees                               7,270          1,990          11,008             910             910 
Transfer agent fees                               710            172         116,506           1,624           1,001 
Transfer agent fees - Class R                      --             --             821              --              -- 
                                        -------------  -------------   -------------   -------------   ------------- 
Total Expenses                                329,964        577,073         889,897         216,674         271,466 
                                        -------------  -------------   -------------   -------------   ------------- 

Net Investment Income (Loss)                3,024,013      5,077,482       1,081,690         (61,984)        (14,007)
                                        -------------  -------------   -------------   -------------   ------------- 

REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS                                                                   
     Net realized gain (loss) on                                                                                     
        security transactions                      --       (559,605)     (1,008,913)        448,500       2,938,991 
     Net realized gain (loss) on                                                                                     
        foreign currency transactions              --             --              --              --        (128,211)
     Net realized gain (loss) on                                                                                     
        futures contracts                          --             --              --              --              -- 
     Changes in net unrealized                                                                                       
        appreciation or depreciation                                                                                 
        of investments                                                                                               
        and foreign currency                       --         52,193      (4,240,899)       (258,440)     (8,223,705)
                                        -------------  -------------   -------------   -------------    ------------ 
Net Gain (Loss) on Investments                     --       (507,412)     (5,249,812)        190,060      (5,412,925)
                                        -------------  -------------   -------------   -------------    ------------ 

NET INCREASE (DECREASE) IN                                                                                           
     NET ASSETS  RESULTING                                                                                           
     FROM OPERATIONS                       $3,024,013     $4,570,070     ($4,168,122)       $128,076     ($5,426,932)
                                        =============  =============   =============   ============    ============= 

                                        ACTIVA Mutual Funds Semiannual Report 25

The accompanying notes are an integral part of these financial statements.      

N-30D 28th Page of 35 TOC 1st Previous Next ↓Bottom Just 28th
ACTIVA Statement of Changes in Net Assets                                       

                                                        [Enlarge/Download Table]

                                                               MONEY MARKET FUND             INTERMEDIATE BOND FUND     
                                                       PERIOD ENDED      PERIOD ENDED    PERIOD ENDED      PERIOD ENDED 
                                                            6/30/00          12/31/99**       6/30/00          12/31/99*
                                                         (UNAUDITED)         (AUDITED)     (UNAUDITED)         (AUDITED)
                                                       ------------      ------------    ------------      ------------ 
                                                                                                                        
NET ASSETS FROM OPERATIONS                                                                                              
Net investment income                                    $3,024,013        $2,205,567      $5,077,482        $3,129,045 
Net realized gain (loss) on investments                          --            (1,470)       (559,605)         (520,543)
Net increase (decrease) in unrealized                                                                                   
     appreciation                                                --                --          52,193        (1,565,246)
                                                       ------------      ------------    ------------      ------------ 
Net increase (decrease) in net assets                                                                                   
     resulting  from operations                           3,024,013         2,204,097       4,570,070         1,043,256 

DISTRIBUTIONS TO SHAREHOLDERS                                                                                           
Net investment income:                                                                                                  
     Class A                                             (3,024,013)       (2,205,567)     (4,751,527)       (3,135,031)
     Class R                                                     --               --               --                -- 
Net realized gain from investment transactions:                                                                         
     Class A                                                     --                --              --                -- 
     Class R                                                     --                --              --                -- 
                                                       ------------      ------------    ------------      ------------ 
Total distributions to shareholders                      (3,024,013)       (2,205,567)     (4,751,527)       (3,135,031)

CAPITAL SHARE TRANSACTIONS                                                                                              
Net proceeds from sale of shares:                                                                                       
     Class A                                              7,332,714       385,892,878       1,360,037       161,036,335 
     Class R                                                    --                --              --                 -- 
Net  asset value of shares issued to shareholders                                                                       
     in reinvestment of investment income and                                                                           
     realized gain from security transactions:                                                                          
     Class A                                              3,076,620         1,640,409       4,751,049         3,135,026 
     Class R                                                     --                --              --                -- 
Payment for shares redeemed:                                                                                            
     Class A                                            (27,161,452)     (265,473,100)         (2,205)           (1,000)
     Class R                                                     --                --             --                 -- 
                                                       ------------      ------------    ------------      ------------ 
Net increase (decrease) in net assets derived                                                                           
     from capital share transactions                    (16,752,118)      122,060,187       6,108,881       164,170,361 
                                                       ------------      ------------    ------------      ------------ 
Net Increase (Decrease) in Net Assets                   (16,752,118)      122,058,717       5,927,424       162,078,586 
Net Assets, beginning of year or period                 122,058,717                --     162,078,586                -- 
                                                       ------------      ------------    ------------      ------------ 
Net Assets, end of year or period                      $105,306,599      $122,058,717    $168,006,010      $162,078,586 
                                                       ============      ============    ============      ============ 

NET ASSETS CONSIST OF:                                                                                                  
     Capital                                           $105,308,069      $122,060,187    $170,279,243      $164,170,361 
     Undistributed net investment                                                                                       
       income (loss)                                             --                --         319,968                -- 
     Return of capital                                           --                --              --            (5,986)
     Undistributed net realized gain                                                                                    
       (loss) from investments                               (1,470)           (1,470)     (1,080,148)         (520,543)
     Unrealized appreciation (depreciation) of                                                                          
       investments and foreign currency                          --                --      (1,513,053)       (1,565,246)
                                                       ------------      ------------    ------------      ------------ 
                                                       $105,306,599      $122,058,717    $168,006,010      $162,078,586 
                                                       ============      ============    ============      ============ 
TRANSACTIONS IN FUND SHARES                                                                                             
Shares sold:                                                                                                            
     Class A                                              7,332,714       385,892,878         138,637        16,103,631 
     Class R                                                                       --              --                -- 
Reinvested distributions:                                                                                               
     Class A                                              3,076,620         1,640,409         484,486           314,884 
     Class R                                                    --                 --              --                -- 
Shares redeemed:                                                                                                        
     Class A                                            (27,161,452)     (265,473,100)           (224)             (100)
     Class R                                                     --                --              --                -- 
                                                       ------------      ------------    ------------      ------------ 
Net increase (decrease) in fund shares                  (16,752,118)      122,060,187         622,899        16,418,415 

Shares outstanding, beginning of                                                                                        
     year or period                                     122,060,187                --      16,418,415                -- 
                                                       ------------      ------------    ------------      ------------ 
Shares outstanding, end of year or period               105,308,069       122,060,187      17,041,314        16,418,415 
                                                       ============      ============    ============      ============ 

*    Period from August 30, 1999 (inception) to December 31, 1999                                                       

**   Period from August 19, 1999 (inception) to December 31, 1999                                                       

26 ACTIVA Mutual Funds Semiannual Report                                                                                

      The accompanying notes are an integral part of these financial statements.                                        

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                                                                  VALUE FUND                      GROWTH FUND           
                                                       PERIOD ENDED        YEAR ENDED    PERIOD ENDED      PERIOD ENDED 
                                                            6/30/00          12/31/99         6/30/00          12/31/99*
                                                         (UNAUDITED)         (AUDITED)     (UNAUDITED)         (AUDITED)
                                                       ------------      ------------     -----------       ----------- 
NET ASSETS FROM OPERATIONS                                                                                              
Net investment income                                    $1,081,690        $2,327,973        ($61,984)         ($50,988)
Net realized gain (loss) on investments                  (1,008,913)      (16,305,655)        448,500          (507,647)
Net increase (decrease) in unrealized                                                                                   
     appreciation                                        (4,240,899)       (1,651,637)       (258,440)        4,612,378 
                                                       ------------      ------------     -----------       ----------- 
Net increase (decrease) in net assets                                                                                   
     resulting  from operations                          (4,168,122)      (15,629,319)        128,076         4,053,743 

DISTRIBUTIONS TO SHAREHOLDERS Net investment income:                                                                    
     Class A                                                     --        (2,385,633)             --                -- 
     Class R                                                     --            (9,561)             --                -- 
Net realized gain from investment transactions:                                                                         
     Class A                                                     --                --              --                -- 
     Class R                                                     --                --              --                -- 
                                                       ------------      ------------     -----------       ----------- 
Total distributions to shareholders                              --        (2,395,194)             --                -- 

CAPITAL SHARE TRANSACTIONS                                                                                              
Net proceeds from sale of shares:                                                                                       
     Class A                                             19,344,698        43,711,117       3,763,969        29,440,970 
     Class R                                                340,950           761,794              --                -- 
Net  asset value of shares issued to shareholders                                                                       
     in reinvestment of investment income and                                                                           
     realized gain from security transactions:                                                                          
     Class A                                                     --         2,333,242              --                -- 
     Class R                                                     --             9,566              --                -- 
Payment for shares redeemed:                                                                                            
     Class A                                            (32,242,174)      (29,493,812)       (194,160)             (300)
     Class R                                                (71,142)         (111,360)             --                -- 
                                                       ------------      ------------     -----------       ----------- 
Net increase (decrease) in net assets derived                                                                           
     from capital share transactions                    (12,627,668)       17,210,547       3,569,809        29,440,670 
                                                       ------------      ------------     -----------       ----------- 
Net Increase (Decrease) in Net Assets                   (16,795,790)         (813,966)      3,697,885        33,494,413 
Net Assets, beginning of year or period                 179,141,439       179,955,405      33,494,413                -- 
                                                       ------------      ------------     -----------       ----------- 
Net Assets, end of year or period                      $162,345,649      $179,141,439     $37,192,298       $33,494,413 
                                                       ============      ============     ===========       =========== 

NET ASSETS CONSIST OF:                                                                                                  
     Capital                                           $182,650,398      $195,278,066     $33,010,478       $29,440,670 
     Undistributed net investment                                                                                       
       income (loss)                                      1,021,020                --        (112,971)          (50,988)
     Return of capital                                           --           (60,670)             --                -- 
     Undistributed net realized gain                                                                                    
       (loss) from investments                          (17,892,785)      (16,883,872)        (59,147)         (507,647)
     Unrealized appreciation (depreciation) of                                                                          
       investments and foreign currency                  (3,432,984)          807,915       4,353,938         4,612,378 
                                                       ------------      ------------     -----------       ----------- 
                                                       $162,345,649      $179,141,439     $37,192,298       $33,494,413 
                                                       ============      ============     ===========       =========== 
TRANSACTIONS IN FUND SHARES                                                                                             
Shares sold:                                                                                                            
     Class A                                              2,905,859        5,644,826          335,442         2,941,753 
     Class R                                                 51,433          101,720               --                -- 
Reinvested distributions:                                                                                               
     Class A                                                    --           352,454               --                -- 
     Class R                                                    --             1,449               --                -- 
Shares redeemed:                                                                                                        
     Class A                                             (5,027,429)      (4,054,442)         (17,010)              (28)
     Class R                                                (10,854)         (15,356)              --                -- 
                                                       ------------      ------------     -----------       ----------- 
Net increase (decrease) in fund shares                   (2,080,991)        2,030,651         318,432         2,941,725 

Shares outstanding, beginning of                                                                                        
     year or period                                      27,085,682        25,055,031       2,941,725                -- 
                                                       ------------      ------------     -----------       ----------- 
Shares outstanding, end of year or period                25,004,691       27,085,682        3,260,157         2,941,725 
                                                       ============      ============     ===========       =========== 

                                                               INTERNATIONAL FUND                                       
                                                       PERIOD ENDED      PERIOD ENDED                                   
                                                            6/30/00          12/31/99*                                  
                                                         (UNAUDITED)         (AUDITED)                                  
                                                        -----------       -----------                                   
NET ASSETS FROM OPERATIONS                                                                                              
Net investment income                                      ($14,007)         ($98,962)                                  
Net realized gain (loss) on investments                   2,810,780          (374,090)                                  
Net increase (decrease) in unrealized                                                                                   
     appreciation                                        (8,223,705)       12,686,197                                   
                                                        -----------       -----------                                   
Net increase (decrease) in net assets                                                                                   
     resulting  from operations                          (5,426,932)       12,213,145                                   

DISTRIBUTIONS TO SHAREHOLDERS Net investment income:                                                                    
     Class A                                                     --                --                                   
     Class R                                                     --                --                                   
Net realized gain from investment transactions:                                                                         
     Class A                                                     --                --                                   
     Class R                                                     --                --                                   
                                                        -----------       -----------                                   
Total distributions to shareholders                              --                --                                   

CAPITAL SHARE TRANSACTIONS                                                                                              
Net proceeds from sale of shares:                                                                                       
     Class A                                              1,686,905        29,159,031                                   
     Class R                                                     --                --                                   
Net  asset value of shares issued to shareholders                                                                       
     in reinvestment of investment income and                                                                           
     realized gain from security transactions:                                                                          
     Class A                                                     --                --                                   
     Class R                                                     --                --                                   
Payment for shares redeemed:                                                                                            
     Class A                                               (121,450)          (13,000)                                  
     Class R                                                     --                --                                   
                                                        -----------       -----------                                   
Net increase (decrease) in net assets derived                                                                           
     from capital share transactions                      1,565,455        29,146,031                                   
                                                        -----------       -----------                                   
Net Increase (Decrease) in Net Assets                    (3,861,477)       41,359,176                                   
Net Assets, beginning of year or period                  41,359,176               --                                    
                                                        -----------       -----------                                   
Net Assets, end of year or period                       $37,497,699       $41,359,176                                   
                                                        ===========       ===========                                   

NET ASSETS CONSIST OF:                                                                                                  
     Capital                                            $30,711,484       $29,146,031                                   
     Undistributed net investment                                                                                       
       income (loss)                                       (193,147)          (98,962)                                  
     Return of capital                                           --                --                                   
     Undistributed net realized gain                                                                                    
       (loss) from investments                            2,516,869          (374,090)                                  
     Unrealized appreciation (depreciation) of                                                                          
       investments and foreign currency                   4,462,493        12,686,197                                   
                                                        -----------       -----------                                   
                                                        $37,497,699       $41,359,176                                   
                                                        ===========       ===========                                   
TRANSACTIONS IN FUND SHARES                                                                                             
Shares sold:                                                                                                            
     Class A                                                119,158         2,912,903                                   
     Class R                                                     --                --                                   
Reinvested distributions:                                                                                               
     Class A                                                     --                --                                   
     Class R                                                     --                --                                   
Shares redeemed:                                                                                                        
     Class A                                                 (9,339)             (969)                                  
     Class R                                                     --                --                                   
                                                        -----------       -----------                                   
Net increase (decrease) in fund shares                      109,819         2,911,934                                   

Shares outstanding, beginning of                                                                                        
     year or period                                       2,911,934                --                                   
                                                        -----------       -----------                                   
Shares outstanding, end of year or period                 3,021,753         2,911,934                                   
                                                        ===========       ===========                                   

*    Period from August 30, 1999 (inception) to December 31, 1999               

**   Period from August 19, 1999 (inception) to December 31, 1999               

                                        ACTIVA Mutual Funds Semiannual Report 27

The accompanying notes are an integral part of these financial statements.      

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ACTIVA Notes to Financial Statements                                            

1. ORGANIZATION                                                                 

Activa Mutual Fund Trust (Trust) was organized as a Delaware business trust on  
February 2, 1998. The trust consists of five funds, each open-end management    
investment companies registered under the Investment Company Act of 1940. The   
funds are: the Activa Money Market Fund (Money Market Fund), the Activa         
Intermediate Bond Fund (Intermediate Bond Fund), the Activa Value Fund (Value   
Fund), the Activa Growth Fund (Growth Fund) and the Activa International Fund   
(International Fund) collectively referred to as the Funds. The Value Fund is   
the successor to Amway Mutual Fund.                                             

2. SIGNIFICANT ACCOUNTING POLICIES                                              

Investment Objectives                                                           

The Money Market Fund's investment objective is to seek a high level of current 
income as is consistent with preservation of capital and liquidity. The Money   
Market Fund invests in a broad spectrum of high quality U.S. dollar-denominated 
money market securities, with the average weighted maturity of the securities   
held not to exceed 90 days.                                                     

The Intermediate Bond Fund's investment objective is to seek a high level of    
current income as is consistent with moderate risk of capital and maintenance of
liquidity. The Intermediate Bond Fund invests primarily in investment-grade debt
securities, with average maturity of three to ten years.                        

The Value Fund's investment objective is to maximize long-term capital          
appreciation, and invests primarily in common stocks of large and medium size   
U.S. companies which are considered by the investment manager to be undervalued.

The Growth Fund seeks long-term growth of capital, and invests primarily in     
common stocks believed by the investment manager to have long-term growth       
potential.                                                                      

The International Fund seeks maximum long-term capital appreciation. The        
International Fund invests primarily in common stocks of large and medium size  
non-U.S. companies which are believed by the investment manager to have         
potential for above-average growth of earnings.                                 

Classes of Shares                                                               

The Value Fund offers two classes of shares (Class A and Class R). The Class R  
shares are offered to tax-exempt retirement and benefit plans of Amway          
Corporation and its affiliates, and are not subject to any sales charges or     
12b-1 distribution fees. Each share of Class A and Class R represents an equal  
proportionate interest in the Value Fund and, generally, will have identical    
voting, dividend, liquidation, and other rights and the same terms and          
conditions. Each class will have exclusive voting rights with respect to matters
affecting only that class. Each class bears different distribution, shareholder 
servicing and transfer agent expenses. Income, non-class specific expenses, and 
realized and unrealized gains or losses on investments are allocated to each    
class of shares based upon its relative net assets.                             

Security Valuation                                                              

Investments in securities listed or admitted to trading on a national securities
exchange are valued at their last reported sale price before the time of        
valuation. If a security is traded only in the over-the-counter market, or if no
sales have been reported for a listed security on that day, it is valued at the 
mean between the current closing bid and ask prices. Short-term securities      
maturing within 60 days are valued at amortized cost, which approximates fair   
value. Portfolio debt securities with remaining maturities greater than 60 days 
are valued by pricing agents approved by the Board of Trustees. Foreign         
securities are converted to U.S. dollars using exchange rates at the close of   
the New York Stock Exchange. Securities for which market quotations are not     
readily available, including any restricted securities (none at June 30, 2000), 
and other assets of the Funds are valued at fair market value as determined by  
the Fund's Board of Trustees.                                                   

Derivative Transactions                                                         

The Funds (except the Money Market Fund) may trade in derivative contracts to   
hedge portfolio holdings and for investment purposes. Hedging activities are    
intended to reduce various risks associated with fluctuations in foreign        
currency exchange rates. When entering into a forward currency contract, the    
fund agrees to receive or deliver a fixed                                       

28 ACTIVA Mutual Funds Semiannual Report                                        

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ACTIVA Notes to Financial Statements continued                                  

quantity of foreign currency for an agreed-upon price on an agreed future date. 
These contracts are valued daily. The fund's net equity in the contracts is     
included as unrealized gains or losses in the statement of assets and           
liabilities. This unrealized gain or loss is the difference between the forward 
foreign exchange rates at the dates of entry into the contracts and the forward 
rates at the reporting date. The current year change in unrealized gains and    
losses and realized gains and losses are included in the statement of           
operations.                                                                     

Security Transactions                                                           

Security transactions are accounted for on the trade date. Dividend income is   
recorded on the ex-dividend date. Interest income is recorded on the accrual    
basis. Original issue discounts are accreted and premium is amortized on debt   
securities to interest income over the life of a security with a corresponding  
adjustment in the cost basis. Realized gains and losses from security           
transactions and unrealized appreciation and depreciation of investments are    
reported on a specific identification basis. Dividends and distributions to     
shareholders are recorded by the Funds on the ex-dividend date.                 

Foreign Currency Translation                                                    

Investment securities and other assets and liabilities denominated in foreign   
currencies are translated into U.S. dollar amounts at date of valuation.        
Purchases and sales of investment securities and income and expense items       
denominated in foreign currencies are translated into U.S. dollar amounts on the
respective dates of such transactions.                                          

Net realized gains and losses from foreign currency and investment transactions 
disclosed in the Statement of Operations consist of net gains and losses on     
disposition of foreign currency, currency gains and losses realized between     
trade and settlement dates on security transactions, and the difference between 
the amount of net investment income accrued and the amount actually received in 
U.S. dollars. Net unrealized foreign exchange gains and losses arise from       
changes in fair values of assets and liabilities other than investments in      
securities at period end, resulting from changes in exchange rates. The effects 
of foreign currency exchange rates on foreign securities held are included in   
net realized and unrealized gain or loss on investments.                        

Futures Contracts                                                               

The Funds may use futures contracts to manage its exposure to the stock and bond
markets. Buying futures tends to increase the fund's exposure to the underlying 
instrument, while selling futures tends to decrease the fund's exposure to the  
underlying instrument or hedge other fund investments. Futures contracts        
involve, to varying degrees, risk of loss in excess of the futures variation    
margin reflected in the Statement of Assets and Liabilities. The underlying face
amount at value of any open futures contracts at period end is shown at the end 
of the schedule of investments. This amount reflects each contract's exposure to
the underlying instrument at period end. Losses may arise from changes in the   
value of the underlying instruments or if the counterparties do not perform     
under the contract's terms. Gains (losses) are realized upon the expiration or  
closing of the futures contracts. Futures contracts are valued at the settlement
price established each day by the board of trade or exchange on which they are  
traded.                                                                         

Reorganization Costs                                                            

Reorganization costs incurred prior to June 30, 1998 in connection with the     
reorganization of Amway Mutual Fund and the issuance of Class R shares are being
amortized over a period of 60 months using the straight-line method in the Value
Fund.                                                                           

Federal Income Taxes                                                            

It is the Funds' policy to comply with the requirements of the Internal Revenue 
Code applicable to regulated investment companies and to make distributions of  
income and capital gains sufficient to relieve it from substantially all federal
income taxes.                                                                   

Dividend Distributions                                                          

The Money Market Fund and Intermediate Bond Fund declare dividends daily and    
monthly respectively, and distribute dividends monthly, and capital gains (if   
any) are distributed annually. The Value Fund, Growth Fund and International    
Fund declare and distribute dividends and capital gains (if any) annually.      

                                        ACTIVA Mutual Funds Semiannual Report 29

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ACTIVA Notes to Financial Statements continued                                  

Use of Estimates                                                                

The preparation of financial statements in conformity 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.                                                           

3. INVESTMENT ADVISORY AGREEMENT AND OTHER TRANSACTIONS WITH AFFILIATES         

The funds have entered into investment advisory agreements with Activa Asset    
Management LLC (the Adviser), effective June 11, 1999. The funds employ the     
investment adviser to provide investment advice and manage on a regular basis   
the investment portfolios for the funds. Except when otherwise specifically     
directed by the Funds, the Investment Adviser will make investment decisions on 
behalf of the Funds and place all orders for the purchase and sale of portfolio 
securities for the Funds' accounts. The Adviser shall be permitted to enter into
an agreement with another advisory organization (sub-adviser), whereby the      
sub-adviser will provide all or part of the investment advice and services      
required to manage the Funds' investment portfolios as provided for in these    
agreements. In return for these services, the Funds pay the adviser an annual   
rate as follows:                                                                

FUND                 % OF AVERAGE NET ASSETS                                    
Money Market         .35% until assets total $500 million; when assets reach    
                 $500 million, .35% on first $100 million; .325% on next
                $100 million; .30% on assets in excess of $200 million

Intermediate Bond    .40% on first $50 million; .32% on next $100 million;      
  .24% on assets in excess of $150 million

Value                .50% on first $350 million; .45% on assets in excess of    
                $350 million; the minimum annual fee shall be $350,000

Growth               .70% on first $25 million; .65% on next $25 million;       
 .60% on assets in excess of $50 million

International        .85% on first $50 million; .75% on assets in excess        
of $50 million                        

As permitted by the above agreements, the Adviser has retained the following    
sub-advisers:                                                                   

FUND                 SUB-ADVISER                                                
Money Market         JP Morgan Investment Management, Inc.                      

Intermediate Bond    Van Kampen Management, Inc.                                

Value                Wellington Management Company, LLP*                        

Growth               State Street Research & Management Company                 

International        Nicholas-Applegate Capital Management                      

*Wellington Management Company, LLP became sub-adviser for the Value Fund       
effective December 30, 1999. Prior to that agreement, sub-advisory services were
provided by Ark Asset Management Co., Inc.                                      

Pursuant to Rule 12b-1 under the Investment Company Act of 1940, the Value Fund,
Intermediate Bond Fund, Growth Fund and International Fund have entered into a  
Plan and Agreement of Distribution with Activa Asset Management LLC. Under the  
terms of the agreement, Activa Asset Management LLC provides services in        
connection with distributing the Funds' shares (except the Money Market Fund and
Value Fund Class R). For these services rendered, the Funds compensate Activa   
Asset Management LLC monthly at a maximum annual rate of .25 of 1% of the       
average net assets of the Fund. For the year or period ended June 30, 2000 the  
Board of Trustees approved an annual rate of .15 of 1%.                         

The Funds have a transfer agency and dividend disbursing agency agreement with  
Activa Asset Management LLC. Under these agreements, Activa Asset Management LLC
is the agent for transfer of the Funds' shares and disbursement of the Funds'   
distributions. For these services, The Money Market, Intermediate Bond, Value   
(Class A), Growth and International Funds pay a monthly fee based upon $1.167   
per account in existence during the month. The transfer agent is compensated by 
the Value Fund (Class R) at a monthly rate of 1/12 of .20% (.20% annually) of   
average net assets.                                                             

30 ACTIVA Mutual Funds Semiannual Report                                        

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ACTIVA Notes to Financial Statements continued                                  

On June 11, 1999 the Trust entered into an administrative agreement with Activa 
Asset Management LLC. Under the terms of the agreement Activa Asset Management  
LLC will act as administrator for the Funds. As administrator of the Funds,     
Activa Asset Management LLC will furnish office space and office facilities,    
equipment and personnel, pay the fees of all Trustees of the Trust, as well as  
providing services relating to compliance, tax and financial service            
requirements. For these services, the administrator will be compensated         
quarterly by each fund at an annual rate of .15% of average daily net assets.   

On July 9, 1999 the Trust entered into a Fund Accounting Agreement with Bisys   
Fund Services Ohio, Inc. (Fund Accountant). As stated in the agreement, the Fund
Accountant is responsible for the maintenance of books and records, performance 
of daily accounting services, providing the Funds' management with monthly      
financial statements and certain information necessary for meeting compliance   
requirements. The Fund Accountant is compensated by each fund based upon an     
annual fee of $35,000 for assets up to $100 million; $50,000 for assets between 
$100 million and $1 billion; and $75,000 for assets in excess of $1 billion. In 
addition, each fund will pay the Fund Accountant an annual fee of $2,500 for    
portfolio accounting reports provided to investment adviser personnel through   
internet access.                                                                

Prior to June 11, 1999 the Value Fund had substantially the same agreements for 
all of the above services provided by Amway Management Company, the former      
Adviser, Transfer Agent, Distributor and Underwriter.                           

4. INVESTMENT TRANSACTIONS                                                      

At June 30, 2000, the cost of investments owned by the Value Fund was           
$162,813,861 for federal income tax purposes. Aggregate gross unrealized        
appreciation on securities in which there was an excess of market value over tax
cost was $10,093,248. Aggregate gross unrealized depreciation on securities in  
which there was an excess of tax cost over market value was $13,701,254. Net    
unrealized depreciation for tax purposes was $3,608,006, at June 30, 2000.      

The unrealized appreciation (depreciation) at June 30, 2000 based upon cost of  
both long-term and short-term securities for the funds that have elected an     
October 31st year-end for federal income tax purposes were as follows:          

                                            Net     Cost for
             Gross         Gross     unrealized      federal
        unrealized    unrealized   appreciation   income tax
Fund            appreciation  depreciation  (depreciation)    purposes          
----            ------------  ------------  -------------   ----------          

Money Market             N/A          N/A            N/A   104,773,932          
Intermediate                                                                    
Bond               390,977    1,904,030     (1,513,053)  164,558,273        
Growth             5,514,664    1,171,533      4,343,131    32,887,399          
International      5,898,172    1,438,709      4,459,463    31,539,844          

5. RELATED PARTY TRANSACTION                                                    

A certain class of Independent Business Owners of Amway Corporation and Amway   
Canada, Ltd. (Corporations) received from each corporation part of its Emerald  
profit-sharing bonus in common stock shares of the Value Fund. On January 13,   
2000, the Corporations purchased 336,807 Value Fund shares valued at $2,222,925 
(based upon the net asset value of $6.60 per share) and transferred the shares  
to these Independent Business Owners.                                           

                                        ACTIVA Mutual Funds Semiannual Report 31

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                                                        [Enlarge/Download Table]
Activa Financial Highlights                                                                                                    

                                                                    MONEY MARKET FUND               INTERMEDIATE BOND FUND     
                                                                 PERIOD           PERIOD            PERIOD              PERIOD 
                                                                  ENDED            ENDED             ENDED               ENDED 
                                                                6/30/00         12/31/99**         6/30/00            12/31/99*
Per share outstanding for each period                        (UNAUDITED)        (AUDITED)       (UNAUDITED)           (AUDITED)
                                                             ----------       ----------        ----------          ---------- 
                                                                                                                               
Net Asset Value, Beginning of Period                               1.00             1.00              9.87               10.00 
Income from investment operations:                                                                                             
   Net investment income (loss)                                    0.03             0.02              0.30                0.19 
   Net realized and unrealized gains (losses)                                                                                  
     on securities                                                   --               --             (0.03)              (0.13)
                                                             ----------       ----------        ----------          ---------- 
Total from investment operations                                   0.03             0.02              0.27                0.06 
Less Distributions:                                                                                                            
   Dividends from net investment income                            0.03             0.02              0.28                0.19 
   Dividends in excess of net investment income                      --               --                --                  -- 
   Distributions from capital gains                                  --               --                --                  -- 
                                                             ----------       ----------        ----------          ---------- 
Total Distributions                                                0.03             0.02              0.28                0.19 
                                                             ----------       ----------        ----------          ---------- 
Net Asset Value, End of Period                                     1.00             1.00              9.86                9.87 
Total Return ****                                                 2.81%            1.83%             2.83%               0.63% 
RATIOS AND SUPPLEMENTAL DATA                                                                                                   
Net assets, End of Period                                   105,306,599      122,058,717       168,006,010         162,078,586 
Ratio of expenses to average net assets*****                       0.3%             0.6%              0.4%                0.7% 
Ratio of net income (loss) to average net assets                   2.8%             5.4%              3.1%                5.7% 
Portfolio turnover rate                                             N/A              N/A             16.9%               64.6% 
Average commission rate paid per share for                                                                                     
  portfolio transactions                                            N/A              N/A               N/A                 N/A 

32 ACTIVA Mutual Funds Semiannual Report                                                                                       


Activa Financial Highlights                                                                                                    
                                                              VALUE FUND - CLASS A            VALUE FUND - CLASS R             
                                                                 PERIOD            YEAR         PERIOD           YEAR          
                                                                  ENDED           ENDED          ENDED          ENDED          
                                                                6/30/00        12/31/99***     6/30/00       12/31/99***       
Per share outstanding for each period                        (UNAUDITED)       (AUDITED)    (UNAUDITED)      (AUDITED)         
                                                             ----------      ----------     ----------     ----------          
                                                                                                                               
Net Asset Value, Beginning of Period                               6.61            7.18           6.60           7.16          
Income from investment operations:                                                                                             
   Net investment income (loss)                                    0.04            0.09           0.04           0.10          
   Net realized and unrealized gains (losses)                                                                                  
     on securities                                                (0.16)          (0.57)         (0.15)         (0.56)         
                                                             ----------      ----------     ----------        -------          
Total from investment operations                                  (0.12)          (0.48)         (0.11)         (0.46)         
Less Distributions:                                                                                                            
   Dividends from net investment income                              --            0.09             --           0.10          
   Dividends in excess of net investment income                      --              --             --             --          
   Distributions from capital gains                                  --              --             --             --          
                                                             ----------      ----------     ----------        -------          
Total Distributions                                                  --            0.09             --           0.10          
                                                             ----------      ----------     ----------        -------          
Net Asset Value, End of Period                                     6.49            6.61           6.49           6.60          
Total Return ****                                                -1.82%          -6.70%         -1.67%         -6.43%          
RATIOS AND SUPPLEMENTAL DATA                                                                                                   
Net assets, End of Period                                   161,390,050     178,437,477        955,599        703,962          
Ratio of expenses to average net assets*****                       0.5%            1.1%           0.5%           1.1%          
Ratio of net income (loss) to average net assets                   0.6%            1.2%           0.7%           1.3%          
Portfolio turnover rate                                           63.9%          144.5%          63.9%         144.5%          
Average commission rate paid per share for                                                                                     
  portfolio transactions                                         0.0378          0.0481         0.0378         0.0481          



Activa Financial Highlights                                                                                                    
                                                                      GROWTH FUND               INTERNATIONAL FUND             
                                                                 PERIOD         PERIOD         PERIOD           PERIOD         
                                                                  ENDED          ENDED          ENDED            ENDED         
                                                                6/30/00       12/31/99*       6/30/00         12/31/99*        
Per share outstanding for each period                        (UNAUDITED)      (AUDITED)    (UNAUDITED)        (AUDITED)        
                                                             ----------     ----------     ----------       ----------         
                                                                                                                               
Net Asset Value, Beginning of Period                              11.39          10.00          14.20            10.00         
Income from investment operations:                                                                                             
   Net investment income (loss)                                   (0.02)         (0.02)         (0.01)           (0.03)        
   Net realized and unrealized gains (losses)                                                                                  
     on securities                                                 0.04           1.41          (1.78)            4.23         
                                                                -------     ----------     ----------       ----------         
Total from investment operations                                   0.02           1.39          (1.79)            4.20         
Less Distributions:                                                                                                            
   Dividends from net investment income                              --             --             --               --         
   Dividends in excess of net investment income                      --             --             --               --         
   Distributions from capital gains                                  --             --             --               --         
                                                                -------     ----------     ----------       ----------         
Total Distributions                                                  --             --             --               --         
                                                                -------     ----------     ----------       ----------         
Net Asset Value, End of Period                                    11.41          11.39          12.41            14.20         
Total Return ****                                                 0.18%         13.80%        -12.61%           42.00%         
RATIOS AND SUPPLEMENTAL DATA                                                                                                   
Net assets, End of Period                                    37,192,298     33,494,414     37,497,699       41,359,176         
Ratio of expenses to average net assets*****                       0.6%           1.3%           0.7%             1.4%         
Ratio of net income (loss) to average net assets                  -0.2%          -0.5%           0.0%            -0.9%         
Portfolio turnover rate                                           40.4%          32.1%         101.0%            87.6%         
Average commission rate paid per share for                                                                                     
  portfolio transactions                                         0.0296         0.0332         0.0251           0.0258         

*     Period from August 30, 1999 (inception) to December 31, 1999                                                             

**    Period from August 19, 1999 (inception) to December 31, 1999                                                             

***   Effective December 30, 1999, Wellington Management Company, LLP entered                                                  
      into a Sub-Advisory Agreement with the Fund.                                                                             

****  The period ended June 30, 2000 is not annualized but an aggregate total                                                  
      return for the period.                                                                                                   

***** 1999 ratio includes a one time organization expense.                                                                     

                                        ACTIVA Mutual Funds Semiannual Report 33                                               


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LOGO: Activa Mutual Funds                                                       

Activa Mutual Funds                                                             
2905 Lucerne SE, Suite 200                                                      
Grand Rapids, Michigan 49546                                                    
(616) 787-6288 (800) 346-2670                                                   

www.activafunds.com                                                             

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Dates Referenced Herein and Documents Incorporated by Reference

		Referenced-On Page
This ‘N-30D’ Filing	Date	First	Last	Other Filings

Filed on:	8/21/00
For Period End:	6/30/00	1	34	NSAR-A
	1/13/00	33
	12/31/99	28	34	24F-2NT, N-30D, NSAR-B
	12/30/99	32	34
	8/30/99	28	34
	8/19/99	28	34
	7/9/99	33
	6/11/99	32	33
	6/30/98	31		N-30D, NSAR-A
	2/2/98	30
				List all Filings

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Filing Submission 0000891804-00-001515 – Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

Activa Mutual Fund Trust – ‘N-30D’ for 6/30/00

On: Monday, 8/21/00, at 2:10pm ET · For: 6/30/00 · Accession #: 891804-0-1515 · File #: 811-02168

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Dates Referenced Herein and Documents Incorporated by Reference

Annual or Semi-Annual Report Mailed to Shareholders — Rule 30d-1
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