As filed with the Securities and Exchange Commission
on June 27, 1997
Registration Nos. 333-15205
811-07897
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-1A
REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 [X]
Pre-Effective Amendment No. ___ [ ]
Post-Effective Amendment No. 1 [X]
REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [X]
Amendment No. 2 [X]
(Check appropriate box or boxes)
The Munder Framlington Funds Trust
(Exact Name of Registrant as Specified in Charter)
480 Pierce Street, Birmingham, Michigan 48009
(Address of Principal Executive Offices) (Zip code)
Registrant's Telephone Number: (810) 647-9200
Julie A. Tedesco, Esq.
First Data Investor Services Group, Inc.
One Exchange Place, 8th Floor
Boston, Massachusetts 02109
(Name and Address of Agent for Service)
Copies to:
Lisa Anne Rosen, Esq. Paul F. Roye, Esq.
Munder Capital Management Dechert Price & Rhoads
480 Pierce Street 1500 K Street, N.W., Suite 500
Birmingham, Michigan 48009 Washington, D.C. 20005
[X] It is proposed that this filing will become effective June 27, 1997
pursuant to Paragraph (b) of Rule 485.
Registrant elects to register an indefinite number of shares of common
stock under the Securities Act of 1933 pursuant to Rule 24f-2 under the
Investment Company Act of 1940. Registrant intends to file the notice required
by Rule 24f-2 with respect to its fiscal year ending June 30, 1997 on or before
August 29, 1997.
<PAGE>
The Munder Framlington Funds Trust
CROSS-REFERENCE SHEET
Pursuant to Rule 495(a)
Prospectus for The Munder Framlington Funds Trust
(Class A, B and C Shares)
PART A
------
<TABLE>
<CAPTION>
Item Heading
---- -------
<S> <C> <C>
1. Cover Page Cover Page
2. Synopsis Prospectus Summary; Expense Table
3. Condensed Financial Information Financial Highlights
4. General Description of Registrant Cover Page; Prospectus
Summary; Investment Objective
and Policies; Description of
Shares
5. Management of the Fund Management; Investment
Objective and Policies;
Dividends and Distributions;
Performance
6. Capital Stock and Other Securities Management; How to Purchase
Shares; How to Redeem Shares;
Dividends and Distributions;
Taxes; Description of Shares
7. Purchase of Securities Being Offered How to Purchase Shares; Net
Asset Value
8. Redemption or Repurchase How to Redeem Shares
9. Pending Legal Proceedings Not Applicable
</TABLE>
<PAGE>
The Munder Framlington Funds Trust
CROSS-REFERENCE SHEET
Pursuant to Rule 495(a)
Prospectus for The Munder Framlington Funds Trust
(Class K Shares)
PART A
------
<TABLE>
<CAPTION>
Item Heading
---- -------
<S> <C> <C>
1. Cover Page Cover Page
2. Synopsis Expense Table
3. Condensed Financial Information Financial Highlights
4. General Description of Registrant Cover Page; Investment
Objective and Policies;
Description of Shares
5. Management of the Fund Management; Investment
Objective and Policies;
Dividends and Distributions;
Performance
6. Capital Stock and Other Securities Management; Purchases and
Redemptions of Shares;
Dividends and Distributions;
Taxes; Description of Shares
7. Purchase of Securities Being Offered Purchases and Redemptions of
Shares; Net Asset Value
8. Redemption or Repurchase Purchases and Redemptions of Shares
9. Pending Legal Proceedings Not Applicable
</TABLE>
<PAGE>
The Munder Framlington Funds Trust
CROSS-REFERENCE SHEET
Pursuant to Rule 495(a)
Prospectus for The Munder Framlington Funds Trust
(Class Y Shares)
<TABLE>
<CAPTION>
PART A
------
Item Heading
---- -------
<S> <C> <C>
1. Cover Page Cover Page
2. Synopsis Expense Table
3. Condensed Financial Information Financial Highlights
4. General Description of Registrant Cover Page; Investment
Objective and Policies;
Description of Shares
5. Management of the Fund Management; Investment
Objective and Policies;
Dividends and Distributions;
Performance
6. Capital Stock and Other Securities Management; Purchases and
Redemptions of Shares;
Dividends and Distributions;
Taxes; Description of Shares
7. Purchase of Securities Being Offered Purchases and Redemptions of
Shares; Net Asset Value
8. Redemption or Repurchase Purchases and Redemptions of Shares
9. Pending Legal Proceedings Not Applicable
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
PART B
------
<S> <C> <C>
10. Cover Page Cover Page
11. Table of Contents Table of Contents
12. General Information and History See Prospectus --
"Management;" General;
Directors and Officers
13. Investment Objectives and Policies Fund Investments; Additional
Investment Limitations;
Portfolio Transactions
14. Management of the Fund See Prospectus --
"Management;" Directors and
Officers; Miscellaneous
15. Control Persons and Principal See Prospectus --
Holders of Securities "Management;" Miscellaneous
16. Investment Advisory and Other Investment Advisory
Services Services and Other Service
Arrangements; See Prospectus
-- "Management"
17. Brokerage Allocation and Other Practices Portfolio Transactions
18. Capital Stock and Other Securities See Prospectus --
"Description of Shares" and
"Management;" Additional
Information Concerning Shares
19. Purchase, Redemption and Pricing Purchase and Redemption
of Securities Being Offered Information; Net Asset Value;
Additional Information
Concerning Shares
20. Tax Status Taxes
21. Underwriters Distribution of Fund Shares
22. Calculation of Performance Data Performance Information
23. Financial Statements Financial Statements
</TABLE>
<PAGE>
The Munder Framlington Funds Trust
The purpose of this filing is to comply with an undertaking
pursuant to Item 32(b) of Form N-1A to file a post-effective amendment
containing unaudited financial statements within four to six months from the
effective date of the Registration Statement with respect to Framlington
International Growth Fund, Framlington Emerging Markets Fund and Framlington
Healthcare Fund. The Prospectuses dated January 2, 1997 and the Statement of
Additional Information also dated January 2, 1997, are incorporated into Part A
and Part B, respectively, by reference to Pre-Effective Amendment No. 1 to the
Registration Statement.
<PAGE>
THIS SUPPLEMENT SUPERCEDES ALL PRIOR SUPPLEMENTS
The Munder Framlington Funds
Supplement Dated June 27, 1997
to Prospectus Dated January 2, 1997
Class A, B and C Shares of:
Framlington International Growth Fund, Framlington Emerging Markets Fund
and Framlington Healthcare Fund (the "Funds")
FINANCIAL HIGHLIGHTS
The following table of "Financial Highlights" relating to Class A
Shares, Class B Shares and Class C Shares of the Funds supplements information
contained in the Prospectus dated January 2, 1997 and is derived from the Funds'
unaudited Financial Statements dated April 30, 1997.
<TABLE>
<CAPTION>
Framlington International Growth Fund
---------------------------------------------------------------
Class A Shares Class B Shares Class C Shares
--------------- --------------------- --------------------
Period Period Period
Ended Ended Ended
04/30/97 (a) 04/30/97 (a) 04/30/97 (a)
(Unaudited) (Unaudited) (Unaudited)
--------------- ---------------- ---------------
<S> <C> <C> <C>
Net asset value, beginning of period................ $ 10.10 $ 9.85 $ 10.03
--------------- ---------------- ---------------
Income from investment operations:
Net investment income............................... 0.03 0.01 0.01
Net realized and unrealized gain/(loss) on
investments...................................... (0.10) 0.17 (0.01)
--------------- ---------------- ---------------
Total from investment operations.................... (0.07) 0.18 0.00
--------------- ---------------- ---------------
Less distributions:
Dividends from net investment income................ - - -
Distributions from net realized gains............... - - -
--------------- ---------------- ---------------
Total distributions................................. - - -
--------------- ---------------- ---------------
Net asset value, end of period...................... $ 10.03 $ 10.03 $ 10.03
=============== ================ ===============
Total return (c).................................... (0.69%) 1.83% 0.00%
=============== ================ ===============
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)................ $936 $38 $24
Ratio of operating expenses to average net assets... 1.55% (b) 2.30% (b) 2.30% (b)
Ratio of net investment income to average net
assets........................................... 1.69% (b) 0.94% (b) 0.94% (b)
Portfolio turnover rate............................. 5% 5% 5%
Ratio of operating expenses to average net assets
without expenses reimbursed...................... 2.66% (b) 3.41% (b) 3.41% (b)
Average commission rate (d)......................... $0.0292 $0.0292 $0.0292
<FN>
- -------------------------------------------------------
(a) The Munder Framlington International Growth Fund Class A Shares, Class B Shares and Class C Shares commenced operations
on
February 20, 1997, March 19, 1997 and February 13, 1997, respectively.
(b) Annualized.
(c) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges. (d) Average commission rate paid
per share of securities purchased and sold by the Fund.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Framlington Emerging Markets Fund
---------------------------------------------------------------
Class A Shares Class B Shares Class C Shares
---------------- ---------------- ----------------
Period Period Period
Ended Ended Ended
04/30/97 (a)(e) 04/30/97 (a)(e) 04/30/97 (a)(e)
(Unaudited) (Unaudited) (Unaudited)
---------------- ---------------- ----------------
<S> <C> <C> <C>
Net asset value, beginning of period................ $ 10.18 $ 11.13 $ 10.95
---------------- ---------------- ----------------
Income from investment operations:
Net investment income............................... 0.04 0.01 0.01
Net realized and unrealized gain on investments..... 1.12 0.20 0.37
---------------- ---------------- ----------------
Total from investment operations.................... 1.16 0.21 0.38
---------------- ---------------- ----------------
Less distributions:
Dividends from net investment income................ - - -
Distributions from net realized gains............... - - -
---------------- ---------------- ----------------
Total distributions................................. - - -
---------------- ---------------- ----------------
Net asset value, end of period...................... $ 11.34 $ 11.34 $ 11.33
================ ================ ================
Total return (c).................................... 11.39% 1.89% 3.47%
================ ================ ================
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)................ $367 $21 $18
Ratio of operating expenses to average net assets... 1.80% (b) 2.55% (b) 2.55% (b)
Ratio of net investment income to average net
assets........................................... 1.69% (b) 0.94% (b) 0.94% (b)
Portfolio turnover rate............................. 19% 19% 19%
Ratio of operating expenses to average net assets
without expenses reimbursed...................... 6.71% (b) 7.46% (b) 7.46% (b)
Average commission rate (d)......................... $0.0015 $0.0015 $0.0015
<FN>
- -------------------------------------------------------
(a) The Munder Framlington Emerging Markets Fund Class A Shares, Class B
Shares and Class C Shares commenced operations on January 14, 1997,
February 25, 1997 and March 3, 1997, respectively
(b) Annualized.
(c) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges. (d) Average commission rate paid
per share of securities purchased and sold by the Fund. (e) Per share numbers
have been calculated using the average shares method, which more appropriately
presents the per share data for
the period since the use of the undistributed net investment income method
did not accord with the results of operations.
</FN>
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Framlington Healthcare Fund
-----------------------------------------------------------------
Class A Shares Class B Shares Class C Shares
--------------- ---------------- ----------------
Period Period Period
Ended Ended Ended
04/30/97(a)(e) 04/30/97(a)(e) 04/30/97(a)(e)
(Unaudited) (Unaudited) (Unaudited)
--------------- ---------------- ----------------
<S> <C> <C> <C>
Net asset value, beginning of period................ $ 11.30 $ 11.02 $ 10.40
--------------- ---------------- ----------------
Income from investment operations:
Net investment loss................................. (0.01) (0.04) (0.04)
Net realized and unrealized loss on investments..... (2.26) (1.97) (1.35)
--------------- ---------------- ----------------
Total from investment operations.................... (2.27) (2.01) (1.39)
--------------- ---------------- ----------------
Less distributions:
Dividends from net investment income................ - - -
Distributions from net realized gains............... - - -
--------------- ---------------- ----------------
Total distributions................................. - - -
--------------- ---------------- ----------------
Net asset value, end of period...................... $ 9.03 $ 9.01 $ 9.01
=============== ================ ================
Total return (c).................................... (20.09%) (18.24%) (13.37%)
=============== ================ ================
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)................ $237 $297 $24
Ratio of operating expenses to average net assets... 1.55% (b) 2.30% (b) 2.30% (b)
Ratio of net investment loss to average net assets.. (0.93%) (b) (1.68%) (b) (1.68%) (b)
Portfolio turnover rate............................. 7% 7% 7%
Ratio of operating expenses to average net assets
without expenses reimbursed...................... 8.18% (b) 8.93% (b) 8.93% (b)
Average commission rate (d)......................... $0.1291 $0.1291 $0.1291
<FN>
- -------------------------------------------------------
(a) The Munder Framlington Healthcare Fund Class A Shares, Class B Shares and Class C Shares commenced operations on
February
14, 1997, January 31, 1997 and January 13, 1997, respectively.
(b) Annualized.
(c) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges. (d) Average commission rate paid
per share of securities purchased and sold by the Fund. (e) Per share numbers
have been calculated using the average shares method, which more appropriately
presents the per share data for
the period since the use of the undistributed net investment income method
did not accord with the results of operations.
</FN>
</TABLE>
MINIMUM INITIAL INVESTMENT REDUCED
Effective as of May 16, 1997, the minimum initial investment for the Funds has
been reduced to $500 for Class A, B and C Shares of each of the Funds.
<PAGE>
SALES CHARGE WAIVERS--CLASS A SHARES
QUALIFIED EMPLOYER SPONSORED RETIREMENT PLANS
The "How to Purchase Shares--Sales Charge Waivers--Class A Shares" section of
the Prospectus is hereby deleted in its entirety and supplemented as follows and
the first paragraph under "How to Purchase Shares--Qualified Employer Sponsored
Retirement Plans" in the Prospectus is hereby deleted in its entirety and
supplemented as follows:
Sales Charge Waivers - Class A Shares
Upon notice to the Funds' transfer agent at the time of purchase, the initial
sales charge will be waived on sales of Class A Shares to the following types of
purchasers: (1) individuals with an investment account or relationship with
Munder Capital Management (the "Advisor"); (2) full-time employees and retired
employees of the Advisor, employees of the Funds' administrator, distributor and
custodian, and immediate family members of such persons; (3) registered
broker-dealers that have entered into selling agreements with the Funds'
distributor (the "Distributor"), for their own accounts or for retirement plans
for their employees or sold to registered representatives for full-time
employees (and their families) that certify to the Distributor at the time of
purchase that such purchase is for their own account (or for the benefit of
their families); (4) certain qualified employee benefit plans as defined below;
(5) financial institutions, financial planners or employee benefit plan
consultants acting for the accounts of their clients; and (6) employer
sponsored retirement plans which are administered by Universal Pensions,
Inc. ("UPI Plans").
Qualified Employer Sponsored Retirement Plans
Upon notice to the Funds' transfer agent at the time of purchase, the initial
sales charge will be waived on purchases by employer sponsored retirement plans
that are qualified under Section 401(a) of the Code including: 401(k) plans,
defined benefit pension plans, profit-sharing pension plans, money-purchase
pension plans, and Section 457 deferred compensation plans and Section 403(b)
plans (each, a "Qualified Employee Benefit Plan") that (1) invest $1,000,000 or
more in Class A Shares of investment portfolios offered by the Trust, The Munder
Funds, Inc. or The Munder Funds Trust (other than the Index 500 Fund) or (2)
have at least 75 eligible plan participants. In addition, the contingent
deferred sales charge ("CDSC") of 1% imposed on certain redemptions within one
year of purchase will be waived for Qualified Employee Benefit Plan purchases
that meet the above criteria. A 1% commission will be paid by the Distributor to
dealers and other entities (as permitted by applicable Federal and state law)
who initiate and are responsible for Qualified Employee Benefit Plan purchases
that meet the above criteria. For purposes of the foregoing sales charge waiver,
Simplified Employee Pension Plans ("SEPs"), Individual Retirement Accounts
("IRAs") and UPI Plans are not considered to be Qualified Employee Benefit
Plans.
Upon notice to the Funds' transfer agent at the time of purchase, the initial
sales charge on Class A Shares will be waived on purchases by UPI Plans. In
addition, the CDSC of 1% imposed on certain redemptions within one year of
purchase will be waived for UPI Plans. A 1% commission will be paid by the
Distributor to dealers and other entities (as permitted by applicable Federal
and state law) who initiate and are responsible for UPI Plan purchases.
CHANGE IN PORTFOLIO MANAGER FOR
FRAMLINGTON EMERGING MARKETS FUND
William Calvert, has been appointed co-manager of the Framlington
Emerging Markets Fund. Prior to joining the Sub-Advisor, Mr. Calvert was an
Economic Strategist for LCF Edmond de Rothschild Securities (1993-1997), Vice
President Emerging Markets for Citibank Global Asset Management (1993) and Far
East Fund Manager for Municipal Mutual Insurance (1989-1992). Mr. Calvert
received a BSc in Economics from Marlborough College.
<PAGE>
The Munder Framlington Funds
Supplement Dated June 27, 1997
to Prospectus Dated January 2, 1997
Class K Shares of:
Framlington International Growth Fund, Framlington Emerging Markets Fund
and Framlington Healthcare Fund (the "Funds")
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
The following table of "Financial Highlights" relating to Class K
Shares of the Funds supplements information contained in the Prospectus dated
January 2, 1997 and is derived from the Funds' unaudited Financial Statements
dated April 30, 1997.
Class K Shares
Period Ended
4/30/97 (a)
(Unaudited)
----------------------------------------------------------------------
Framlington Framlington Framlington
International Emerging Healthcare
Growth Fund Markets Fund(e) Fund (e)
-------------------- -------------------- ----------------
<S> <C> <C> <C>
Net asset value, beginning of period............... $ 9.87 $ 10.06 $ 9.45
-------------- -------------- --------------
Income from investment operations:
Net investment income/(loss)....................... 0.03 0.04 (0.01)
Net realized and unrealized gain/(loss) on
investments..................................... 0.13 1.23 (0.41)
-------------- -------------- --------------
Total from investment operations................... 0.16 1.27 (0.42)
-------------- -------------- --------------
Less distributions:
Dividends from net investment income............... - - -
Distributions from net realized gains.............. - - -
-------------- -------------- --------------
Total distributions................................ - - -
-------------- -------------- --------------
Net asset value, end of period..................... $ 10.03 $ 11.33 $ 9.03
============== ============== ==============
Total return (c)................................... 1.62% 12.62% (4.44%)
============== ============== ==============
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)............... $490 $1,532 $72
Ratio of operating expenses to average net assets.. 1.55% (b) 1.80% (b) 1.55% (b)
Ratio of net investment income/(loss) to average
net assets...................................... 1.69% (b) 1.69% (b) (0.93%) (b)
Portfolio turnover rate............................ 5% 19% 7%
Ratio of operating expenses to average net assets
without expenses reimbursed..................... 2.66% (b) 6.71% (b) 8.18% (b)
Average commission rate (d)........................ $0.0292 $0.0015 $0.1291
<FN>
- ------------------------------------------------------
(a) The Munder Framlington International Growth Fund, Munder Emerging Markets Fund and Munder Framlington Healthcare Fund
Class K
Shares commenced operations on January 10, 1997, January 10, 1997 and April 1, 1997, respectively.
(b) Annualized.
(c) Total return represents aggregate total return for the period indicated.
(d) Average commission rate paid per share of securities purchased and sold by the Fund.
(e) Per share numbers have been calculated using the average shares method, which more appropriately presents the per share
data for the
period since the use of the undistributed net investment income method did
not accord with the results of operations.
</FN>
</TABLE>
CHANGE IN PORTFOLIO MANAGER FOR
FRAMLINGTON EMERGING MARKETS FUND
.........William Calvert, has been appointed co-manager of the Framlington
Emerging Markets Fund. Prior to joining the Sub-Advisor, Mr. Calvert was an
Economic Strategist for LCF Edmond de Rothschild Securities (1993-1997), Vice
President Emerging Markets for Citibank Global Asset Management (1993) and Far
East Fund Manager for Municipal Mutual Insurance (1989-1992). Mr. Calvert
received a BSc in Economics from Marlborough College.
- ---------------------------------------------------------------------------
The Munder Framlington Funds
Supplement Dated June 27, 1997
to Prospectus Dated January 2, 1997
Class Y Shares of:
Framlington International Growth Fund, Framlington Emerging Markets Fund
and Framlington Healthcare Fund (the "Funds")
<TABLE>
<CAPTION>
FINANCIAL HIGHLIGHTS
The following table of "Financial Highlights" relating to Class Y
Shares of the Funds supplements information contained in the Prospectus dated
January 2, 1997 and is derived from the Funds' unaudited Financial Statements
dated April 30, 1997.
Class Y Shares
Period Ended
4/30/97 (a)
(Unaudited)
----------------------------------------------------------------------
Framlington Framlington Framlington
International Emerging Markets Healthcare
Growth Fund Fund(e) Fund (e)
----------------- -------------------- ----------------
<S> <C> <C> <C>
Net asset value, beginning of period............... $ 10.00 $ 10.00 $ 10.00
-------------- -------------- --------------
Income from investment operations:
Net investment income/(loss)....................... 0.04 0.06 (0.02)
Net realized and unrealized gain/(loss) on
investments..................................... (0.01) 1.28 (0.95)
-------------- -------------- --------------
Total from investment operations................... 0.03 1.34 (0.97)
-------------- -------------- --------------
Less distributions:
Dividends from net investment income............... - - -
Distributions from net realized gains.............. - - -
-------------- -------------- --------------
Total distributions................................ - - -
-------------- -------------- --------------
Net asset value, end of period..................... $ 10.03 $ 11.34 $ 9.03
============== ============== ==============
Total return (c)................................... 0.30% 13.40% (9.70%)
============== ============== ==============
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)............... $16,980 $3,103 $1,695
Ratio of operating expenses to average net assets.. 1.30% (b) 1.55% (b) 1.30% (b)
Ratio of net investment income/(loss) to average
net assets...................................... 1.94% (b) 1.94% (b) (0.68%) (b)
Portfolio turnover rate............................ 5% 19% 7%
Ratio of operating expenses to average net assets
without expenses reimbursed..................... 2.41% (b) 6.46% (b) 7.93% (b)
Average commission rate (d)........................ $0.0292 $0.0015 $0.1291
<FN>
- ------------------------------------------------------
(a) The Munder Framlington International Growth Fund, Munder Emerging Markets Fund and Munder Framlington Healthcare Fund
Class Y
Shares commenced operations on December 31, 1996.
(b) Annualized.
(c) Total return represents aggregate total return for the period indicated.
(d) Average commission rate paid per share of securities purchased and sold by the Fund.
(e) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the
period since the use of the undistributed net investment income method did
not accord with the results of operations.
</FN>
</TABLE>
<PAGE>
CHANGE IN PORTFOLIO MANAGER FOR
FRAMLINGTON EMERGING MARKETS FUND
.........William Calvert, has been appointed co-manager of the Framlington
Emerging Markets Fund. Prior to joining the Sub-Advisor, Mr. Calvert was an
Economic Strategist for LCF Edmond de Rothschild Securities (1993-1997), Vice
President Emerging Markets for Citibank Global Asset Management (1993) and Far
East Fund Manager for Municipal Mutual Insurance (1989-1992). Mr. Calvert
received a BSc in Economics from Marlborough College.
<PAGE>
The Munder Framlington Funds Trust
Supplement Dated June 27, 1997
to Statement of Additional Information dated January 2, 1997
.........The following unaudited Financial Statements dated April 30, 1997
relating to the Framlington International Growth Fund, Framlington Emerging
Markets Fund and Framlington Healthcare Fund (the "Funds") supplements the
Funds' Statement of Additional Information dated January 2, 1997.
<PAGE>
<TABLE>
MUNDER FRAMLINGTON INTERNATIONAL GROWTH FUND
PORTFOLIO OF INVESTMENTS, APRIL 30,
1997 (UNAUDITED)
<CAPTION>
==================================================================
=========================
SHARES
VALUE
- ------------------------------------------------------------------
- -------------------------------------------
<S> <C>
<C>
COMMON STOCKS - 89.1%
AUSTRALIA - 2.4%
54,000 M.I.M. Holdings Ltd.
......................................... $
70,327
13,900 News Corporation Ltd.
........................................
64,064
124,000 Sydney Harbour Casino Holdings Ltd. +
........................ 208,875
16,800 WMC Ltd.
.....................................................
99,571
- ----------
442,837
- ----------
BELGIUM - 0.9%
1,000 Barco Industries
.............................................
170,350
- ----------
BRAZIL - 0.9%
3,400 Centrais Electricas Brasilieras SA, ADR
...................... 80,954
700 Telebras, ADR
................................................
80,325
- ----------
161,279
- ----------
CHINA - 4.1%
154,000 Beijing Datang Power Generation Company Ltd. +
............... 80,017
60,000 China Everbright-IHD Pacific Ltd.
............................ 60,027
74,000 China Overseas Land and Investment
........................... 41,793
60,000 China Travel International Investment Hong Kong
Ltd. ......... 31,563
110,000 Continental Mariner+
.........................................
65,320
38,000 First Pacific Company Ltd.
................................... 45,375
60,000 Guangdong Kelon Elec Holding
................................. 58,091
30,000 Hong Kong Telecommunications Ltd.
............................ 51,507
4,800 HSBC Holdings
................................................
121,448
12,000 Hutchinson Whampoa Ltd.
......................................
89,072
22,000 Ng Fung Hong Ltd.
............................................
29,536
7,000 Sun Hung Kai Properties Ltd.
................................. 75,905
- ----------
749,654
- ----------
CZECH REPUBLIC - 0.5%
3,000 CKD Praha Holding, AS+
.......................................
84,620
- ----------
FINLAND - 3.7%
3,500 Cultor
Oy.....................................................
193,837
3,000 Oy Nokia
.....................................................
185,472
1,750 Raision Tehtaat Oy
...........................................
145,041
1,750 Sampo Insurance Company Ltd.
................................. 158,502
- ----------
682,852
- ----------
FRANCE - 5.2%
2,500 AXA
Company...................................................
153,777
960 Axime
.......................................................
115,437
900 Canal Plus
...................................................
162,487
5,800 Lagardere
Group...............................................
179,424
2,400 SGS-Thompson
Microelectronics.................................
184,995
1,100 Societe BIC, SA
..............................................
174,289
- ----------
970,409
- ----------
GERMANY - 6.8%
2,000 Adidas
AG.....................................................
208,490
200 Altana
AG.....................................................
154,779
4,300 Bayer AG
.....................................................
171,106
450 Mannesmann AG
................................................
176,985
2,000 SAP AG
.......................................................
368,351
1,300 SGL Carbon AG
...............................................
181,317
- ----------
1,261,028
- ----------
GREECE - 0.5%
2,000 Intracom
SA...................................................
86,199
- ----------
</TABLE>
See Notes to Financial Statements.
<PAGE>
<TABLE>
MUNDER FRAMLINGTON INTERNATIONAL GROWTH FUND
PORTFOLIO OF INVESTMENTS, APRIL 30,
1997 (UNAUDITED)
(CONTINUED)
<CAPTION>
==================================================================
=========================
SHARES
VALUE
- ------------------------------------------------------------------
- -------------------------------------------
<S> <C>
<C>
COMMON STOCKS - (CONTINUED)
HUNGARY - 0.4%
4,000 Mol Magyar Olaj-es Gazipari, ADR
............................. $ 71,600
- ----------
INDIA - 0.3%
2,500 BSES, Ltd., ADR
..............................................
58,750
- ----------
INDONESIA - 0.2%
18,000 Pt Indofood Sukses
...........................................
37,222
- ----------
ITALY - 3.0%
2,900 Fila Holding SpA, ADR
........................................
125,425
13,500 SAES Getters
SpA..............................................
122,129
96,000 Telecom Italia Mobile SpA
.................................... 301,725
- ----------
549,279
- ----------
JAPAN - 28.6%
4,000 Andor Company Ltd.
...........................................
46,327
5,000 Chodai Company Ltd.
..........................................
47,666
15,000 Consec Corporation
...........................................
116,998
13,800 Credit Saison Company Ltd.
................................... 265,291
20 DDI
Corporation...............................................
132,834
24,000 Hankyu Department Store
......................................
206,106
2,400 Himiko Company, Ltd.
.........................................
27,796
2,100 Keyence Corporation
..........................................
256,451
4,000 Kitagawa Industries Company Ltd.
............................. 93,914
10,000 Kokuyo Company
...............................................
217,451
3,000 Lasertec
Corporation..........................................
89,580
19,000 Minebea Company Ltd.
.........................................
158,676
41,000 Mitsubishi Heavy Industries
.................................. 270,695
5,000 Namco
........................................................
146,543
2 Net One Systems Company Ltd.
................................. 150,892
2,600 Nichiei Company Ltd.
.........................................
208,942
16,000 Nomura Securities Company Ltd.
............................... 179,003
25,000 NTN Corporation
..............................................
126,650
20,000 Obayashi Corporation
.........................................
101,477
4,000 Oiles Corporation
............................................
98,326
22,000 Oji Paper Company, Ltd.
......................................
111,105
20,000 Ricoh Company Ltd.
...........................................
237,936
2,000 Rohm Company
.................................................
155,052
10,000 Sanyo Denki
..................................................
92,968
4,000 Secom
........................................................
237,936
13,000 Sumitomo Bank Ltd.
...........................................
148,513
17,000 Sumitomo Electric
Industries..................................
230,372
18,000 Sumitomo Trust & Banking
..................................... 148,907
16,000 The Bank of Tokyo-Mitsubishi, Ltd.
.......................... 253,378
11,000 Tostem Corporation
...........................................
258,263
9,000 Ube-Nitto Kasei Company Ltd.
................................ 75,872
5,000 World Company, Ltd.
.........................................
186,331
23,000 Yamato Kogyo Company, Ltd.
................................... 199,331
- ----------
5,277,582
- ----------
MALAYSIA - 0.9%
12,000 Commerce Asset Holding Berhad
................................ 71,699
67,000 Renong Berhad
................................................
91,806
- ----------
163,505
- ----------
</TABLE>
See Notes to Financial Statements.
<PAGE>
<TABLE>
MUNDER FRAMLINGTON INTERNATIONAL GROWTH FUND
PORTFOLIO OF INVESTMENTS, APRIL 30,
1997 (UNAUDITED)
(CONTINUED)
<CAPTION>
==================================================================
=========================
SHARES
VALUE
- ------------------------------------------------------------------
- -------------------------------------------
<S> <C>
<C>
COMMON STOCKS - (CONTINUED)
MEXICO - 0.3%
10,300 ALFA, SA de CV
...............................................
$ 57,039
- --------
NETHERLANDS - 4.6%
2,400 ABN AMRO Holdings
............................................
164,995
1,200 Akzo Nobel
...................................................
154,644
2,400 Gucci Group
..................................................
167,213
4,000 ING Groep
....................................................
157,108
4,100 Philips Electronics NV
.......................................
214,083
- --------
858,043
- --------
SINGAPORE - 0.8%
15,000 Keppel Corporation
...........................................
65,308
29,000 Singapore Technological Industries Corporation
............... 74,955
- --------
140,263
- --------
SLOVAKIA - 0.3%
2,000 Slovnaft AS, ADR+
............................................
60,507
- --------
SPAIN - 1.9%
4,500 Sociedad General de Aguas de Barcelona, SA
................... 175,439
7,000 Telefonica de Espana
.........................................
179,303
- --------
354,742
- --------
SWEDEN - 3.2%
4,000 Autoliv AB
...................................................
145,547
4,500 Ericsson (L.M.) Telephone Company, Class B
................... 142,234
5,000 Nordbanken AB
................................................
153,577
4,750 Pricer AB+
...................................................
150,135
- --------
591,493
- --------
SWITZERLAND - 4.5%
1,500 Credit Suisse Group
..........................................
168,962
80 Disentronic Holding
AG+.......................................
175,612
210 Novartis AG
.................................................
276,732
25 Roche Holdings AG
............................................
211,203
- --------
832,509
- --------
THAILAND - 0.1%
1,700 Banpu Public Company Ltd.
.................................... 27,593
- --------
UNITED KINGDOM - 15.0%
32,000 BBA Group Plc
................................................
173,199
8,000 Cairn Energy
Plc..............................................
72,145
22,000 Dixons Group Plc
.............................................
180,394
4,700 EMI Group Plc
................................................
93,224
71,000 European Motor Holdings Plc
.................................. 107,577
9,896 Fairey Group
Plc..............................................
83,310
7,800 Glaxo Wellcome Plc
...........................................
153,385
10,700 Granada Group Plc
............................................
154,320
14,700 Grand Metropolitan Plc
.......................................
122,918
20,800 Jurys Hotel Group Plc
........................................
112,917
17,400 Laporte Plc
..................................................
187,367
18,000 Lloyds TSB Group Plc
.........................................
164,513
</TABLE>
See Notes to Financial Statements.
<PAGE>
<TABLE>
MUNDER FRAMLINGTON INTERNATIONAL GROWTH FUND
PORTFOLIO OF INVESTMENTS, APRIL 30,
1997 (UNAUDITED)
(CONTINUED)
<CAPTION>
==================================================================
=========================
SHARES
VALUE
- ------------------------------------------------------------------
- -------------------------------------------
<S> <C>
<C>
COMMON STOCKS - (CONTINUED)
UNITED KINGDOM - (CONTINUED)
6,000 Ocean Group
Plc...............................................
$ 51,046
11,000 Royal & Sun Alliance Insurance Group Plc
..................... 87,078
12,200 RTZ Corporation Plc
..........................................
193,451
15,600 Scottish Radio Holdings Plc
.................................. 97,075
15,000 Shell Transportation & Trading, (New)
Plc..................... 264,952
21,100 TI Group Plc
.................................................
180,366
29,840 UMECO Plc
....................................................
143,375
11,800 Whitbread Plc
................................................
146,856
- -----------
2,769,468
- -----------
TOTAL COMMON STOCKS
(Cost
$16,359,371)............................................
16,458,823
- -----------
INVESTMENT COMPANY SECURITY - 1.3%
(Cost $228,256)
RUSSIA - 1.3%
14,000 Fleming Russia Securities Fund
............................... 241,500
- -----------
RIGHTS - 0.0% #
(Cost $2,348)
INDONESIA - 0.0% #
3,600 Pt Indofood Sukses
...........................................
2,111
- -----------
<CAPTION>
PRINCIPAL
AMOUNT
- ---------
<S> <C>
<C> <C>
SHORT TERM INVESTMENT - 9.6%
(Cost $1,761,641)
$1,761,641 Agreement with Lehman Brothers Holdings Inc.,
5.400% dated
04/30/1997 to be repurchased at $1,761,905 on
05/01/1997,
collateralized by $1,735,000 U.S. Treasury
Notes, 6.750%
due 05/31/1999 (value
$1,796,057)...........................
1,761,641
- -----------
TOTAL INVESTMENTS (COST
$18,351,616*)........................................... 100.0%
18,464,075
OTHER ASSETS AND LIABILITIES
(NET).............................................. 0.0
2,802
- ----- -----------
NET
ASSETS............................................................
.......... 100.0% $18,466,877
===== ===========
</TABLE>
- ----------------
* Aggregate cost for Federal tax purposes.
# Amount represents less than 0.1% of net assets.
+ Non-income producing security
ABBREVIATION:
ADR - American Depositary Receipt
<TABLE>
SCHEDULE OF FORWARD FOREIGN
CURRENCY CONTRACTS
Forward Foreign Currency
Contracts to Buy
<CAPTION>
Contracts to Deliver
---------------------------------------------
- -------------------- Unrealized
In Exchange Depreciation
Expiration Date Local Currency Value in
U.S. $ for U.S. $ of Contracts
- --------------- -------------- ---------
- ------ ----------- ------------
<S> <C> <C> <C>
<C> <C>
05/01/1997 Japanese Yen 2,895,354
22,812 22,866 $ (54)
05/02/1997 Great British Pound 29,925
48,493 48,867 (374)
=====
Net
Unrealized Depreciation of Forward
Foreign
Currency Contracts.................$(428)
=====
</TABLE>
See Notes to Financial Statements.
<PAGE>
<TABLE>
MUNDER FRAMLINGTON EMERGING MARKETS FUND
PORTFOLIO OF INVESTMENTS, APRIL 30,
1997 (UNAUDITED)
<CAPTION>
==================================================================
=========================
SHARES
VALUE
- ------------------------------------------------------------------
- -------------------------------------------
<S> <C>
<C>
COMMON STOCKS - 74.9%
ARGENTINA - 2.2%
19,500 Astra Cia Argentina de Petroleo
.............................. $ 33,740
1,600 Banco Frances del Rio de La Plata SA, ADR
.................... 48,600
900 Telefonica de Argentina, ADR
................................. 29,925
- --------
112,265
- --------
BRAZIL - 11.8%
226,000 Centrais Electricas Brasilieras SA
+,+++...................... 102,220
3,000 Centrais Electricas Brasilieras SA, ADR
...................... 71,430
1,800 Companhia Brasileira de Distrbuicao Grupo Pao de
Acucar,
ADR+
.......................................................
35,561
1,200 Companhia Energetica de Minas Gerais, ADR
.................... 53,700
1,300 Companhia Siderurgica Nacional,
ADR........................... 46,441
2,200 Petroleo Brasileiro SA, ADR
.................................. 46,236
1,880 Telebras, ADR
................................................
215,730
2,000 Usinas Siderurgicas de Minas Gerais SA, ADR+
................. 23,250
- --------
594,568
- --------
CHILE - 4.2%
4,100 Banco Santander Chile, ADR
................................... 65,088
1,600 Compania Cervecerias Unidas SA, ADR
.......................... 35,600
1,100 Compania Telecomunicaciones de Chile SA, ADR
................. 35,613
1,300 Empresa Nacional Electricidad SA, ADR
........................ 25,025
1,000 Santa Isabel SA, ADR
.........................................
24,375
400 Quimica Minera de Chile SA,
ADR............................... 23,700
- --------
209,401
- --------
CHINA - 12.7%
36,000 Beijing Datang Power Generation Company Ltd.+
................ 18,705
50,000 China Everbright IHD Pacific Ltd.
+........................... 50,023
60,000 China Merchants Hai Hong Holdings
............................ 64,287
52,000 China Overseas Land and Investment
........................... 29,368
174,000 China Travel International Investment Hong Kong
Ltd. ......... 91,532
600,000 CNPC Hong Kong Ltd.+
........................................
83,651
65,000 Continental Mariner
Investment+...............................
38,598
30,000 Guangdong Kelon Elec Holding
................................. 29,045
46,000 Ng Fung Hong Ltd.
............................................
61,757
50,000 Pacific Ports Company Ltd.
+.................................. 18,718
126,000 Peking Apparel International Group Ltd. +
.................... 27,326
7,000 Shanghai Industrial Holdings Ltd.
............................ 39,398
100,000 Shenzhen Expressway Company
+................................. 32,918
45,000 Shum Yip Investment Ltd.+
.................................... 31,950
100,000 Top Glory International Holdings Ltd.
........................ 21,171
- --------
638,447
- --------
CZECH REPUBLIC - 2.7%
2,000 CKD Praha Holding AS+
.......................................
56,414
750 SPT Telekom AS
+..............................................
79,241
- --------
135,655
- --------
EGYPT - 1.6%
1,700 Commercial International Bank, ADR+
.......................... 38,250
2,200 Suez Cement Company,
ADR+.....................................
40,920
- --------
79,170
- --------
GREECE - 2.0%
1,100 Intracom SA+
.................................................
47,410
500 National Bank of Greece
......................................
53,079
- --------
100,489
- --------
</TABLE>
See Notes to Financial Statements.
<PAGE>
MUNDER FRAMLINGTON EMERGING MARKETS FUND
PORTFOLIO OF INVESTMENTS, APRIL 30, 1997 (UNAUDITED)
(Continued)
<TABLE>
<CAPTION>
==================================================================
===========================================
SHARES
VALUE
- ------------------------------------------------------------------
- -------------------------------------------
<S> <C>
<C>
COMMON STOCKS - (CONTINUED)
HUNGARY - 1.4%
4,000 Mol Magyar Olaj-es Gazipari, ADR
............................. $ 71,600
- --------
INDIA - 4.0%
1,400 BSES, Ltd., ADR
..............................................
32,900
1,200 Hindalco Industries Ltd., ADR
................................ 39,000
2,700 Indian Petrochemicals Ltd., ADR
.............................. 34,695
2,500 Industrial Credit & Investment Corporation of
India Ltd.,
ADR.........................................................
25,188
3,000 Tata Engineering & Locomotive Company Ltd.,
ADR++ ............ 36,450
1,800 Videsh Sanchar Nigam Ltd.,
ADR................................ 35,280
- --------
203,513
- --------
INDONESIA - 5.6%
43,750 Pt Bank Dagang Nasional Indonesia+++
......................... 43,660
23,625 Pt Bank Dagang Nasional Indonesia
............................ 23,576
24,000 Pt Bunas Finance
Indonesia....................................
27,901
16,000 Pt Daya Guna
Samudera+........................................
23,210
10,500 Pt Hanjaya Mandala
Sampoerna..................................
42,238
41,000 Pt Indah Kiat Pulp & Paper
Corporation........................ 33,323
20,000 Pt Semen Gresik
..............................................
48,765
7,000 Pt Telekomunikasi Indonesia
.................................. 10,154
20,000 Pt Telekomunikasi Indonesia+++
............................... 29,012
- --------
281,839
- --------
KOREA - 1.7%
2,000 Dong-ah Construction Industrial Company,
ADR.................. 17,950
1,800 Korea Electric Power Corporation, ADR
........................ 30,600
750 Samsung Electronics, ADR++
................................... 35,344
- --------
83,894
- --------
MALAYSIA - 3.8%
12,500 Development & Commercial Bank Berhad
......................... 40,580
22,000 IOI Corporation
Berhad........................................
27,341
10,000 Land & General Berhad
........................................
13,623
10,000 Lingkaran Trans Kota Holdings Berhad
......................... 21,709
15,000 Magnum Corporation
Berhad+....................................
23,780
5,000 Malakoff Berhad
..............................................
19,916
34,000 Renong
Berhad+................................................
46,588
- --------
193,537
- --------
MEXICO - 5.0%
10,000 Acer Computer Latino America, SA de CV+
...................... 32,723
5,600 Alfa SA de CV+
...............................................
31,011
1,800 Bufete Industrial SA, ADR+
................................... 34,425
8,400 Cemex SA de
CV................................................
27,646
10,000 Corporacion Geo, SA de CV, Series
B+.......................... 46,504
1,500 Grupo Industrial Maseca, ADR
................................. 22,125
9,100 Grupo Modelo SA de
CV.........................................
55,204
- --------
249,638
- --------
PERU - 3.9%
3,300 Banco Wiese, ADR+
............................................
21,450
20,000 Cementos Norte Pacasmayo
SA................................... 30,394
3,960 Credicorp Ltd, ADR
...........................................
83,160
350 Ferreyros, ADR +++
...........................................
6,913
2,350 Telefonica del Peru, ADR+
.................................... 56,400
- --------
198,317
- --------
</TABLE>
See Notes to Financial Statements.
<PAGE>
MUNDER FRAMLINGTON EMERGING MARKETS FUND
PORTFOLIO OF INVESTMENTS, APRIL 30, 1997 (UNAUDITED)
(Continued)
<TABLE>
<CAPTION>
==================================================================
===========================================
SHARES
VALUE
- ------------------------------------------------------------------
- -------------------------------------------
<S> <C>
<C>
COMMON STOCKS - (CONTINUED)
RUSSIA - 0.9%
800 Lukoil Holdings, ADR
......................................... $
46,000
- ----------
SLOVAKIA - 1.2%
2,000 Slovnaft AS,
ADR+.............................................
60,507
- ----------
SOUTH AFRICA - 4.8%
6,500 Free State Consolidated Gold Mines Ltd.
...................... 43,855
23,000 Gencor Ltd.
..................................................
96,728
5,000 Nedcor
Ltd....................................................
101,765
- ----------
242,348
- ----------
THAILAND - 4.3%
2,300 Bangkok Bank Public Company Ltd.
............................. 21,307
9,000 Bank of Ayudhya Company Ltd.
................................. 23,428
4,200 BEC World Public Company Ltd.+
............................... 38,588
14,500 Electricity Generating Authority+
............................ 38,855
8,000 KCE Electronics Public Company Ltd.
......................... 28,634
52,500 Thai Telephone & Communication Public Company
Ltd.+ .......... 32,156
5,400 The Pizza Public Company Ltd.
............................... 30,801
- ----------
213,769
- ----------
ZIMBABWE - 1.1%
20,000 NMBZ Holdings+
...............................................
57,000
- ----------
TOTAL COMMON STOCKS
(Cost
$3,597,842).............................................
3,771,957
- ----------
INVESTMENT COMPANY SECURITIES - 7.9%
KOREA - 1.6%
7,000 New Korea Trust
..............................................
77,035
- ----------
RUSSIA - 1.9%
5,600 Fleming Russia Securities Fund
............................... 96,600
- ----------
TAIWAN - 4.4%
7 Formosa Fund
.................................................
80,850
3,500 Taiwan Index Fund
............................................
52,500
2 The Lucky Dragon Fund
........................................
39,500
3,900 The R.O.C. Taiwan Fund
.......................................
50,212
- ----------
223,062
- ----------
TOTAL INVESTMENT COMPANY SECURITIES
(Cost
$353,927)...............................................
396,697
- ----------
PREFERRED STOCKS - 2.5%
BRAZIL - 2.5%
8,718,000 Banco Bradesco+
..............................................
72,141
333,000 Telecomunicacoes de Rio Janeiro SA+
.......................... 55,424
- ----------
TOTAL PREFERRED STOCKS
(Cost
$120,860)...............................................
127,565
- ----------
</TABLE>
See Notes to Financial Statements.
<PAGE>
MUNDER FRAMLINGTON EMERGING MARKETS FUND
PORTFOLIO OF INVESTMENTS, APRIL 30, 1997 (UNAUDITED)
(Continued)
<TABLE>
<CAPTION>
==================================================================
===========================================
SHARES
VALUE
- ------------------------------------------------------------------
- -------------------------------------------
<S> <C>
<C>
WARRANTS - 0.1%
(Cost $0)
INDONESIA - 0.1%
9,625 Pt Bank Dagang Nasional Indonesia
............................ $ 3,367
- ----------
<CAPTION>
PRINCIPAL
AMOUNT
- ---------
<S> <C>
<C> <C>
REPURCHASE AGREEMENT - 17.0%
(Cost $859,177)
$859,177 Agreement with Lehman Brothers Holdings Inc.,
5.400% dated
04/30/1997 to be repurchased at $859,306 on
05/01/1997,
collateralized by $850,000 U.S. Treasury
Notes, 6.750% due
05/31/1999 (value
$879,913).................................
859,177
- ----------
TOTAL INVESTMENTS (COST
$4,931,806*)............................................
102.4% 5,158,763
OTHER ASSETS AND LIABILITIES
(NET).............................................. (2.4)
(118,605)
- ----- ----------
NET
ASSETS............................................................
.......... 100.0% $5,040,158
===== ==========
</TABLE>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
++ Security exempt from registration under Rule 144A of the
Securities
Act of 1933. The securities may be resold in transactions
exempt from
registration, normally to qualified institutional buyers.
+++ Foreign ordinary security
ABBREVIATION:
ADR - American Depositary Receipt
<TABLE>
SCHEDULE OF FORWARD FOREIGN
CURRENCY CONTRACTS
Forward Foreign Currency
Contracts to Sell
<CAPTION>
Contract to Deliver
---------------------------------------------
- -------------------- Unrealized
In Exchange Depreciation
Expiration Date Local Currency Value in
U.S. $ for U.S. $ of Contract
- --------------- -------------- ---------
- ------ ----------- ------------
<S> <C> <C> <C>
<C> <C>
05/02/1997 Indonesian Rupiah 60,173,306
24,763 24,830 $(67)
====
</TABLE>
See Notes to Financial Statements.
<PAGE>
MUNDER FRAMLINGTON HEALTHCARE FUND
PORTFOLIO OF INVESTMENTS, APRIL 30, 1997 (UNAUDITED)
<TABLE>
<CAPTION>
==================================================================
===========================================
SHARES
VALUE
- ------------------------------------------------------------------
- -------------------------------------------
<S> <C>
<C>
COMMON STOCKS - DOMESTIC - 78.4%
BIOMEDICAL/GENE TECHNOLOGY - 19.9%
600 Agouron Pharmaceuticals Inc.+
................................ $ 38,400
6,000 Ariad Pharmaceuticals, Inc.+
................................. 31,125
3,000 ArQule, Inc.+
................................................
42,375
2,000 Autoimmune, Inc.+
............................................
7,250
3,000 Ergo Science
Corporation+.....................................
29,625
2,000 Gilead Sciences, Inc.+
.......................................
44,250
3,000 Inhale Therapeutic Systems+
.................................. 55,500
5,000 La Jolla Pharmaceutical Company+
............................. 20,625
2,500 Liposome Company Inc.+
.......................................
55,469
2,000 Martek Biosciences
Corporation+...............................
29,250
2,000 Neurogen
Corporation+.........................................
28,500
1,500 ONYX Pharmaceuticals, Inc.+
.................................. 15,750
2,000 Pharmacyclics, Inc.+
.........................................
32,500
2,000 Transkaryotic Therapies, Inc.+
............................... 32,250
- --------
462,869
- --------
DISTRIBUTORS - 2.4%
2,000 Henry Schein, Inc.+
..........................................
55,500
- --------
DRUGS - 11.1%
1,000 Dura Pharmaceuticals, Inc.+
.................................. 29,000
1,500 Jones Medical Industries, Inc.
............................... 52,875
600 Lilly (Eli) & Company
........................................
52,725
3,000 Penederm, Inc.+
..............................................
32,250
600 Pfizer, Inc.
.................................................
57,600
2,000 Sangstat Medical
Corporation+.................................
34,250
- --------
258,700
- --------
HEALTH MANAGEMENT SERVICES - 9.4%
1,000 Access Health Inc.+
..........................................
14,250
2,000 American HomePatient, Inc.+
.................................. 38,500
2,000 Pharmaceutical Product Development, Inc.+
.................... 33,500
2,000 PhyCor, Inc.+
................................................
53,250
4,000 Physician Reliance Network, Inc.+
............................ 29,000
1,000 Quintiles TransNational
Corporation+..........................
50,875
- --------
219,375
- --------
HOSPITAL/MEDICAL SERVICES - 7.9%
1,500 Curative Health Services, Inc.+
.............................. 35,438
2,000 PMR Corporation+
.............................................
39,750
2,000 Renal Care Group, Inc.+
......................................
60,000
3,000 Res-Care, Inc.+
..............................................
48,375
- --------
183,563
- --------
MANAGED HEALTHCARE - 3.1%
2,000 CompDent
Corporation+.........................................
32,250
500 PacifiCare Health Systems, Inc., Class
B+..................... 40,125
- --------
72,375
- --------
MEDICAL INFORMATION SYSTEMS - 4.5%
1,000 HBO & Co
.....................................................
53,500
2,000 HPR Inc.+
....................................................
28,250
1,500 Medic Computer Systems, Inc.+
................................ 23,438
- --------
105,188
- --------
MEDICAL INSTRUMENTS - 18.6%
2,500 Bionx Implants, Inc.+
........................................
28,438
1,000 Boston Scientific
Corporation+................................
48,250
2,000 CardioThoracic Systems, Inc.+
................................ 31,750
4,000 Conceptus, Inc.+
.............................................
40,000
</TABLE>
See Notes to Financial Statements.
<PAGE>
MUNDER FRAMLINGTON HEALTHCARE FUND
PORTFOLIO OF INVESTMENTS, APRIL 30, 1997 (UNAUDITED)
(Continued)
<TABLE>
<CAPTION>
==================================================================
===========================================
SHARES
VALUE
- ------------------------------------------------------------------
- -------------------------------------------
<S> <C>
<C>
COMMON STOCKS - DOMESTIC - (CONTINUED)
MEDICAL INSTRUMENTS - (CONTINUED)
1,500 Cytyc Corporation+
........................................... $
31,875
3,000 EndoSonics
Corporation+.......................................
26,250
1,000 Guidant
Corporation...........................................
68,250
4,000 Gynecare, Inc.+
..............................................
24,000
3,000 SeaMED
Corporation+...........................................
51,000
1,500 Spine-Tech, Inc.+
............................................
43,125
5,000 UROHEALTH Systems, Inc.+
..................................... 39,375
- ----------
432,313
- ----------
PHARMACY - 1.5%
4,000 Capstone Pharmacy Services, Inc.+
............................ 33,750
- ----------
TOTAL COMMON STOCKS - DOMESTIC
(Cost
$2,063,497).............................................
1,823,631
- ----------
COMMON STOCKS - FOREIGN - 13.3%
BIOMEDICAL/GENE TECHNOLOGY - 4.2%
2,000 Biochem Pharma, Inc.+
........................................
35,969
700 Cambridge Antibody Technology Group
Plc+...................... 6,636
2,000 OXiGene,
Inc.+................................................
55,568
- ----------
98,173
- ----------
DRUGS - 5.8%
70 Altana
AG.....................................................
54,173
10,000 Chemunex SA+
.................................................
27,407
2,000 Sankyo Company Ltd.
..........................................
53,575
- ----------
135,154
- ----------
MEDICAL INSTRUMENTS - 3.3%
6,000 Axis Biochemicals ASA+
.......................................
49,728
2,900 Biora AB+
....................................................
27,351
- ----------
77,078
- ----------
TOTAL COMMON STOCKS - FOREIGN
(Cost
$311,465)...............................................
310,405
- ----------
<CAPTION>
PRINCIPAL
AMOUNT
- ---------
<S> <C>
<C> <C>
REPURCHASE AGREEMENT - 5.3%
(Cost $122,803)
$122,803 Agreement with Lehman Brothers Holdings Inc.,
5.400% dated
04/30/1997 to be repurchased at $122,821 on
05/01/1997,
collateralized by $125,000 U.S. Treasury
Notes, 6.750% due
05/31/1999 (value
$129,399).................................
122,803
- ----------
TOTAL INVESTMENTS (COST
$2,497,765*)............................................ 97.0%
2,256,840
OTHER ASSETS AND LIABILITIES
(NET).............................................. 3.0
68,600
- ----- ----------
NET
ASSETS............................................................
.......... 100.0% $2,325,440
===== ==========
</TABLE>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
See Notes to Financial Statements.
<PAGE>
THE MUNDER FRAMLINGTON FUNDS
STATEMENTS OF ASSETS AND LIABILITIES, PERIOD ENDED APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
==================================================================
============================================
- ----------------------------------------------
MUNDER MUNDER
FRAMLINGTON FRAMLINGTON MUNDER
INTERNATIONAL EMERGING FRAMLINGTON
GROWTH MARKETS HEALTHCARE
FUND FUND FUND
- ----------------------------------------------
<S>
<C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities........................................................
........ $16,702,434 $4,299,586 $2,134,037
Repurchase
Agreements.....................................................
1,761,641 859,177 122,803
- ----------- ---------- ----------
Total
Investments.......................................................
........ 18,464,075 5,158,763 2,256,840
Cash and foreign currency (Cost $252,015 for the Munder
Framlington
International Growth
Fund)...................................................
251,829 - 26
Interest
receivable........................................................
..... 264 129 31
Dividends
receivable........................................................
.... 50,221 17,135 146
Receivable for investment securities
sold....................................... 3,885
- - 23,124
Receivable for Fund shares
sold................................................. 34,067
69,964 10,869
Receivable from investment
advisor.............................................. 25,474
30,103 30,235
Unamortized organization
costs..................................................
1,393 1,393 1,393
Miscellaneous
receivables.......................................................
3,959 308 9,942
Prepaid expenses
...............................................................
44,611 44,610 44,591
- ----------- ---------- ----------
Total
Assets................................................
18,879,778 5,322,405 2,377,197
- ----------- ---------- ----------
LIABILITIES:
Net unrealized depreciation of forward foreign exchange
contracts............... 428 67
- -
Payable for investment securities purchased
.................................... 385,090 203,784
37,725
Investment advisory fee payable
................................................ 14,006
4,337 1,838
Administration fee payable
..................................................... 1,644
1,644 1,644
Shareholder servicing fees payable
............................................. 96
214 11
Distribution fees payable
......................................................
215 87 265
Transfer agent fee payable
..................................................... 3,383
3,383 3,383
Custodian fees payable
.........................................................
488 342 526
Registration and filing
fees....................................................
5,020 5,020 5,020
Due to
custodian.........................................................
....... - 61,678 -
Accrued expenses and other
payables............................................. 2,531
1,691 1,345
- ----------- ---------- ----------
Total Liabilities
......................................... 412,901
282,247 51,757
- ----------- ---------- ----------
NET
ASSETS............................................................
.......... $18,466,877 $5,040,158 $2,325,440
=========== ========== ==========
Investments at cost
............................................................
$18,351,616 $4,931,806 $2,497,765
=========== ========== ==========
</TABLE>
See Notes to Financial Statements.
<PAGE>
THE MUNDER FRAMLINGTON FUNDS
STATEMENTS OF ASSETS AND LIABILITIES, PERIOD ENDED APRIL 30, 1997
(UNAUDITED)
(CONTINUED)
<TABLE>
<CAPTION>
==================================================================
==============================================================
- ----------------------------------------------
MUNDER MUNDER
FRAMLINGTON FRAMLINGTON MUNDER
INTERNATIONAL EMERGING FRAMLINGTON
GROWTH MARKETS HEALTHCARE
FUND FUND FUND
- ----------------------------------------------
<S>
<C> <C> <C>
NET ASSETS CONSIST OF:
Undistributed net investment income/(accumulated net investment
loss)........... $ 64,399 $ 16,449 $ (4,919)
Accumulated net realized gain/(loss) on investments sold, forward
foreign exchange contracts and
currency
transactions......................................................
.. (60,035) 65,345 (39,555)
Net unrealized appreciation/(depreciation) of investments, forward
foreign exchange contracts, foreign currency and
net other
assets............................................................
. 112,138 226,932 (240,928)
Par
value.............................................................
.......... 18,406 4,446 2,576
Paid-in capital in excess of par value
......................................... 18,331,969
4,726,986 2,608,266
- ----------- ---------- ----------
$18,466,877 $5,040,158 $2,325,440
=========== ========== ==========
NET ASSETS:
Class A
Shares............................................................
...... $ 935,768 $ 367,347 $ 236,626
=========== ========== ==========
Class B
Shares............................................................
...... $ 38,265 $ 20,828 $ 297,312
=========== ========== ==========
Class C
Shares............................................................
...... $ 23,561 $ 17,818 $ 24,048
=========== ========== ==========
Class K
Shares............................................................
...... $ 489,617 $1,531,585 $ 72,336
=========== ========== ==========
Class Y
Shares............................................................
...... $16,979,666 $3,102,580 $1,695,118
=========== ========== ==========
SHARES OUTSTANDING:
Class A
Shares............................................................
...... 93,284 32,408 26,207
=========== ========== ==========
Class B
Shares............................................................
...... 3,816 1,837 32,990
=========== ========== ==========
Class C
Shares............................................................
...... 2,350 1,573 2,669
=========== ========== ==========
Class K
Shares............................................................
...... 48,817 135,140 8,008
=========== ========== ==========
Class Y
Shares............................................................
...... 1,692,371 273,662 187,694
=========== ========== ==========
CLASS A SHARES:
Net asset value and redemption price per
share.................................. $10.03
$11.34 $9.03
====== ====== =====
Maximum sales
charge............................................................
5.50% 5.50% 5.50%
Maximum offering price per
share................................................ $10.61
$12.00 $9.56
====== ====== =====
CLASS B SHARES:
Net asset value and offering price
per
share*............................................................
....... $10.03 $11.34 $9.01
====== ====== =====
CLASS C SHARES:
Net asset value and offering price
per
share*............................................................
....... $10.03 $11.33 $9.01
====== ====== =====
CLASS K SHARES:
Net asset value, offering price and
redemption price per
share...................................................
$10.03 $11.33 $9.03
====== ====== =====
CLASS Y SHARES:
Net asset value, offering price and
redemption price per
share...................................................
$10.03 $11.34 $9.03
====== ====== =====
</TABLE>
- -------------------
* Redemption price per share is equal to Net Asset Value less any
applicable
contingent deferred sales charge ("CDSC").
See Notes to Financial Statements.
<PAGE>
THE MUNDER FRAMLINGTON FUNDS
STATEMENTS OF OPERATIONS, PERIOD ENDED APRIL 30, 1997
(UNAUDITED)
<TABLE>
<CAPTION>
==================================================================
==============================================================
- ----------------------------------------------
MUNDER MUNDER
FRAMLINGTON FRAMLINGTON MUNDER
INTERNATIONAL EMERGING FRAMLINGTON
GROWTH MARKETS HEALTHCARE
FUND(a) FUND(a) FUND(a)
- ----------------------------------------------
<S>
<C> <C> <C>
INVESTMENT INCOME:
Interest..........................................................
.............. $ 27,882 $ 8,367 $ 3,232
Dividends (Net of foreign withholding taxes of $12,130, $386 and
$27,
respectively).....................................................
....... 80,675 21,872 772
- -------- -------- ---------
Total investment
income................................ 108,557 30,239
4,004
- -------- -------- ---------
EXPENSES:
Distribution and shareholder servicing fees:
Class A Shares
.............................................................
331 103 83
Class B Shares
.............................................................
35 7 371
Class C Shares
.............................................................
13 14 47
Shareholder servicing fees:
Class K Shares
.............................................................
260 258 11
Investment advisory fee
........................................................ 33,492
10,835 6,460
Administration fee
.............................................................
6,301 6,302 6,301
Transfer agent fee
.............................................................
12,905 12,865 12,864
Custodian fees
.................................................................
814 794 1,123
Legal and audit
fees............................................................
2,945 2,695 2,657
Trustees' fees and expenses
.................................................... 141
29 24
Amortization of organization costs
............................................. 100
100 100
Registration and filing
fees.................................................... 20,031
20,022 20,014
Shareholder reports
fees........................................................
1,261 937 865
Other.............................................................
.............. 2,670 1,404 848
- -------- -------- ---------
Total Expenses
.......................................... 81,299
56,365 51,768
Expenses reimbursed by investment
advisor....................................... (37,141)
(42,575) (42,845)
- -------- -------- ---------
Net
Expenses............................................. 44,158
13,790 8,923
- -------- -------- ---------
NET INVESTMENT
INCOME/(LOSS)....................................................
64,399 16,449 (4,919)
- -------- -------- ---------
NET REALIZED AND UNREALIZED GAIN/(LOSS)
ON INVESTMENTS:
Net realized gain/(loss) from:
Security
transactions......................................................
... (10,716) 68,411 (41,083)
Forward foreign exchange contracts
........................................... (85,265)
(5,574) (2,345)
Foreign currency transactions
................................................ 35,946
2,508 3,873
Net change in unrealized appreciation/(depreciation) of:
Securities........................................................
............ 112,459 226,957 (240,925)
Forward foreign exchange contracts
........................................... (428)
(67) -
Foreign currency and net other
assets......................................... 107
42 (3)
- -------- -------- ---------
Net realized and unrealized gain/(loss) on
investments.......................................................
............ 52,103 292,277 (280,483)
- -------- -------- ---------
NET INCREASE/(DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS
............................................. $116,502
$308,726 $(285,402)
======== ======== =========
</TABLE>
- ------------------------------------------------------------------
- --------------
(a) The Munder Framlington International Growth Fund, The Munder
Framlington
Emerging Markets Fund and The Munder Framlington Healthcare
Fund commenced
operations on December 31, 1996.
See Notes to Financial Statements.
<PAGE>
THE MUNDER FRAMLINGTON FUNDS
STATEMENTS OF CHANGES IN NET ASSETS, PERIOD ENDED APRIL 30,
1997(a) (UNAUDITED)
<TABLE>
<CAPTION>
==================================================================
==============================================================
- ----------------------------------------------
MUNDER MUNDER
FRAMLINGTON FRAMLINGTON MUNDER
INTERNATIONAL EMERGING FRAMLINGTON
GROWTH MARKETS HEALTHCARE
FUND FUND FUND
- ----------------------------------------------
<S>
<C> <C> <C>
Net investment
income/(loss)....................................................
$ 64,399 $ 16,449 $ (4,919)
Net realized gain/(loss) on investments sold, forward foreign
exchange
contracts and foreign currency transactions during
the
period............................................................
........ (60,035) 65,345 (39,555)
Net change in unrealized appreciation/(depreciation) of
investments,
forward foreign exchange contracts, foreign
currency and net other assets during the
period............................... 112,138 226,932
(240,928)
- ----------- ---------- ----------
Net increase/(decrease) in net assets resulting
from
operations........................................................
...... 116,502 308,726 (285,402)
Net increase in net assets from Fund share transactions:
Class A
Shares............................................................
. 935,015 356,712 274,273
Class B
Shares............................................................
. 37,513 20,860 333,403
Class C
Shares............................................................
. 23,057 17,420 28,607
Class K
Shares............................................................
. 483,389 1,488,552 75,000
Class Y
Shares............................................................
. 16,871,401 2,847,888 1,899,559
- ----------- ---------- ----------
Net increase in net
assets......................................................
18,466,877 5,040,158 2,325,440
NET ASSETS:
Beginning of
period............................................................
. - - -
- ----------- ---------- ----------
End of
period............................................................
....... $18,466,877 $5,040,158 $2,325,440
=========== ========== ==========
Undistributed net investment income/(accumulated net investment
loss)........... $ 64,399 $ 16,449 $ (4,919)
=========== ========== ==========
</TABLE>
- -------------------
(a) The Munder Framlington International Growth Fund, The Munder
Framlington
Emerging Markets Fund and The Munder Framlington Healthcare
Fund commenced
operations on December 31, 1996.
See Notes to Financial Statements.
The Munder Framlington Funds
Statements of Changes - Capital Stock
Activity, Period Ended April 30, 1997 (Unaudited)
Munder Munder
FramlingtonFramlingtonMunder
InternationEmerging Framlington
Growth Markets Healthcare
Fund (a) Fund (b) Fund (c)
Amount
Class A Shares:
Sold...................... $960,015 $363,712 $278,752
Issued as reinvestment of - - -
Redeemed.................. (25,000) (7,000) (4,479)
Net increase.............. $935,015 $356,712 $274,273
Class B Shares:
Sold...................... $37,513 $30,950 $333,403
Issued as reinvestment of - - -
Redeemed.................. - (10,090) -
Net increase.............. $37,513 $20,860 $333,403
Class C Shares:
Sold...................... $23,057 $18,054 $28,607
Issued as reinvestment of - - -
Redeemed.................. - (634) -
Net increase.............. $23,057 $17,420 $28,607
Class K Shares:
Sold...................... $531,515 ********** $75,000
Issued as reinvestment of - - -
Redeemed.................. (48,126) - -
Net increase.............. $483,389 ********** $75,000
Class Y Shares:
Sold...................... ********** ********** **********
Issued as reinvestment of - - -
Redeemed.................. (254,985) (213,279) (1,889)
Net increase.............. ********** ********** **********
(a) The Munder Framlington International Growth Fund Class A
Shares, Class B Shares, Class C Shares, Class K Shares and
Class Y Shares commenced operations on February 20, 1997,
March 19, 1997, February 13, 1997, January 10, 1997,
and December 31, 1996, respectively.
(b) The Munder Framlington Emerging Markets Fund Class A Shares,
Class B Shares, Class C Shares, Class K Shares and
Class Y Shares commenced operations on January 14, 1997,
February 25, 1997, March 3, 1997, January 10, 1997,
and December 31, 1996, respectively.
(c) The Munder Framlington Healthcare Fund Class A Shares, Class
B Shares, Class C Shares, Class K Shares and Class Y Shares
commenced operations on February 14, 1997, January 31,
1997, January 13, 1997, April 1, 1997 and December 31, 1996,
respectively.
See Notes to Financial Statements.
The Munder Framlington Funds
Statements of Changes - Capital Stock
Activity, Period Ended April 30, 1997 (Unaudited)
(Continued)
Munder Munder
FramlingtonFramlingtonMunder
InternationEmerging Framlington
Growth Markets Healthcare
Fund (a) Fund (b) Fund (c)
Shares
Class A Shares:
Sold...................... 95,824 33,039 26,691
Issued as reinvestment of - - -
Redeemed.................. (2,540) (631) (484)
Net increase.............. 93,284 32,408 26,207
Class B Shares:
Sold...................... 3,816 2,753 32,990
Issued as reinvestment of - - -
Redeemed.................. - (916) -
Net increase.............. 3,816 1,837 32,990
Class C Shares:
Sold...................... 2,350 1,586 2,669
Issued as reinvestment of - - -
Redeemed.................. - (13) -
Net increase.............. 2,350 1,573 2,669
Class K Shares:
Sold...................... 53,748 135,140 8,008
Issued as reinvestment of - - -
Redeemed.................. (4,931) - -
Net increase.............. 48,817 135,140 8,008
Class Y Shares:
Sold...................... 1,718,096 292,790 187,885
Issued as reinvestment of - - -
Redeemed.................. (25,725) (19,128) (191)
Net increase.............. 1,692,371 273,662 187,694
(a) The Munder Framlington International Growth Fund Class A
Shares, Class B Shares, Class C Shares, Class K Shares and
Class Y Shares commenced operations on February 20, 1997,
March 19, 1997, February 13, 1997, January 10, 1997,
and December 31, 1996, respectively.
(b) The Munder Framlington Emerging Markets Fund Class A Shares,
Class B Shares, Class C Shares, Class K Shares and
Class Y Shares commenced operations on January 14, 1997,
February 25, 1997, March 3, 1997, January 10, 1997,
and December 31, 1996, respectively.
(c) The Munder Framlington Healthcare Fund Class A Shares, Class
B Shares, Class C Shares, Class K Shares and Class Y Shares
commenced operations on February 14, 1997, January 31,
1997, January 13, 1997, April 1, 1997 and December 31, 1996,
respectively.
See Notes to Financial Statements.
<PAGE>
THE MUNDER FRAMLINGTON INTERNATIONAL GROWTH FUND
FINANCIAL HIGHLIGHTS, FOR A SHARE OUTSTANDING THROUGHOUT THE
PERIOD
<TABLE>
<CAPTION>
==================================================================
==============================================================
CLASS CLASS CLASS CLASS
A SHARES B SHARES C SHARES Y SHARES
- ----------- ----------- ----------- -----------
PERIOD PERIOD PERIOD PERIOD
ENDED ENDED ENDED ENDED
04/30/97(a) 04/30/97(a) 04/30/97(a) 04/30/97(a)
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
- --------------------------------------------------------
<S>
<C> <C> <C> <C>
Net asset value, beginning of period..............................
$ 10.10 $ 9.85 $ 10.03 $ 10.00
- ------- ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income.............................................
0.03 0.01 0.01 0.04
Net realized and unrealized gain/(loss) on investments............
(0.10) 0.17 (0.01) (0.01)
- ------- ------- ------- -------
Total from investment operations..................................
(0.07) 0.18 0.00 0.03
- ------- ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income..............................
- - - - -
Distributions from net realized gains.............................
- - - - -
- ------- ------- ------- -------
Total distributions...............................................
- - - - -
- ------- ------- ------- -------
- ------- ------- ------- -------
Net asset value, end of period....................................
$ 10.03 $ 10.03 $ 10.03 $ 10.03
======= ======= ======= =======
TOTAL RETURN (c)..................................................
(0.69)% 1.83% 0.00% 0.30%
======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)..............................
$ 936 $ 38 $ 24 $16,980
Ratio of operating expenses to average net assets.................
1.55%(b) 2.30%(b) 2.30%(b) 1.30%(b)
Ratio of net investment income to average net assets..............
1.69%(b) 0.94%(b) 0.94%(b) 1.94%(b)
Portfolio turnover rate...........................................
5% 5% 5% 5%
Ratio of operating expenses to average net assets
without expenses reimbursed...................................
2.66%(b) 3.41%(b) 3.41%(b) 2.41%(b)
Average commission rate (d).......................................
$0.0292 $0.0292 $0.0292 $0.0292
</TABLE>
- -------------------
(a) The Munder Framlington International Growth Fund Class A
Shares, Class B
Shares, Class C Shares and Class Y Shares commenced
operations on
February 20, 1997, March 19, 1997, February 13, 1997 and
December 31,
1996, respectively.
(b) Annualized.
(c) Total return represents aggregate total return for the
period indicated
and does not reflect any applicable sales charges.
(d) Average commission rate paid per share of securities
purchased and sold
by the Fund.
See Notes to Financial Statements.
<PAGE>
THE MUNDER FRAMLINGTON INTERNATIONAL GROWTH FUND
FINANCIAL HIGHLIGHTS, FOR A SHARE OUTSTANDING THROUGHOUT THE
PERIOD
<TABLE>
<CAPTION>
==================================================================
==============
CLASS
K SHARES
- -----------
PERIOD
ENDED
04/30/97(a)
(UNAUDITED)
- -----------
<S>
<C>
Net asset value, beginning of period........................
$ 9.87
- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income.......................................
0.03
Net realized and unrealized gain on investments.............
0.13
- -------
Total from investment operations............................
0.16
- -------
LESS DISTRIBUTIONS:
Dividends from net investment income........................
- -
Distributions from net realized gains.......................
- -
- -------
Total distributions.........................................
- -
- -------
Net asset value, end of period..............................
$ 10.03
=======
TOTAL RETURN (c)............................................
1.62%
=======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)........................
$ 490
Ratio of operating expenses to average net assets...........
1.55%(b)
Ratio of net investment income to average net assets........
1.69%(b)
Portfolio turnover rate.....................................
5%
Ratio of operating expenses to average net assets
without expenses reimbursed.............................
2.66%(b)
Average commission rate (d).................................
$0.0292
</TABLE>
- -------------------
(a) The Munder Framlington International Growth Fund Class K
Shares commenced
operations on January 10, 1997.
(b) Annualized.
(c) Total return represents aggregate total return for the period
indicated.
(d) Average commission rate paid per share of securities purchased
and sold by
the Fund.
See Notes to Financial Statements.
<PAGE>
THE MUNDER FRAMLINGTON EMERGING MARKETS FUND
FINANCIAL HIGHLIGHTS, FOR A SHARE OUTSTANDING THROUGHOUT THE
PERIOD
<TABLE>
<CAPTION>
==================================================================
================================================================
CLASS CLASS CLASS CLASS
A SHARES B SHARES C SHARES Y SHARES
-
- ------------- -------------- -------------- --------------
PERIOD PERIOD PERIOD PERIOD
ENDED ENDED ENDED ENDED
04/30/97(a)(e) 04/30/97(a)(e) 04/30/97(a)(e) 04/30/97(a)(e)
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
-
- ----------------------------------------------------------------
<S>
<C> <C> <C> <C>
Net asset value, beginning of period.......................... $
10.18 $ 11.13 $ 10.95 $ 10.00
-
- ------ ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income.........................................
0.04 0.01 0.01 0.06
Net realized and unrealized gain on investments...............
1.12 0.20 0.37 1.28
-
- ------ ------- ------- -------
Total from investment operations..............................
1.16 0.21 0.38 1.34
-
- ------ ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income..........................
- - - - -
Distributions from net realized gains.........................
- - - - -
-
- ------ ------- ------- -------
Total distributions...........................................
- - - - -
-
- ------ ------- ------- -------
Net asset value, end of period................................ $
11.34 $ 11.34 $ 11.33 $ 11.34
======= ======= ======= =======
TOTAL RETURN (c) .............................................
11.39% 1.89% 3.47% 13.40%
======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's).......................... $
367 $ 21 $ 18 $ 3,103
Ratio of operating expenses to average net assets.............
1.80%(b) 2.55%(b) 2.55%(b) 1.55%(b)
Ratio of net investment income to average net assets..........
1.69%(b) 0.94%(b) 0.94%(b) 1.94%(b)
Portfolio turnover rate.......................................
19% 19% 19% 19%
Ratio of operating expenses to average net assets
without expenses reimbursed...............................
6.71%(b) 7.46%(b) 7.46%(b) 6.46%(b)
Average commission rate (d)...................................
$0.0015 $0.0015 $0.0015 $0.0015
</TABLE>
- -------------------
(a) The Munder Framlington Emerging Markets Fund Class A Shares,
Class B
Shares, Class C Shares and Class Y Shares commenced operations
on January
14, 1997, February 25, 1997, March 3, 1997 and December 31,
1996,
respectively.
(b) Annualized.
(c) Total return represents aggregate total return for the period
indicated and
does not reflect any applicable sales charges.
(d) Average commission rate paid per share of securities purchased
and sold by
the Fund.
(e) Per share numbers have been calculated using the average
shares method,
which more appropriately presents the per share data for the
period since
the use of the undistributed net investment income method did
not accord
with the results of operations.
See Notes to Financial Statements.
<PAGE>
THE MUNDER FRAMLINGTON EMERGING MARKETS FUND
FINANCIAL HIGHLIGHTS, FOR A SHARE OUTSTANDING THROUGHOUT THE
PERIOD
<TABLE>
<CAPTION>
==================================================================
==============
CLASS
K SHARES
- --------------
PERIOD
ENDED
04/30/97(a)(e)
(UNAUDITED)
- --------------
<S>
<C>
Net asset value, beginning of period........................
$ 10.06
- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment income.......................................
0.04
Net realized and unrealized gain on investments.............
1.23
- -------
Total from investment operations............................
1.27
- -------
LESS DISTRIBUTIONS:
Dividends from net investment income........................
- -
Distributions from net realized gains.......................
- -
- -------
Total distributions.........................................
- -
- -------
Net asset value, end of period..............................
$ 11.33
=======
TOTAL RETURN (c) ...........................................
12.62%
=======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)........................
$ 1,532
Ratio of operating expenses to average net assets...........
1.80%(b)
Ratio of net investment income to average net assets........
1.69%(b)
Portfolio turnover rate.....................................
19%
Ratio of operating expenses to average net assets
without expenses reimbursed.............................
6.71%(b)
Average commission rate (d).................................
$0.0015
</TABLE>
- -------------------
(a) The Munder Framlington Emerging Markets Fund Class K Shares
commenced
operations on January 10, 1997.
(b) Annualized.
(c) Total return represents aggregate total return for the period
indicated.
(d) Average commission rate paid per share of securities purchased
and sold by
the Fund.
(e) Per share numbers have been calculated using the average
shares method,
which more appropriately presents the per share data for the
period since
the use of the undistributed net investment income method did
not accord
with the results of operations.
See Notes to Financial Statements.
<PAGE>
THE MUNDER FRAMLINGTON HEALTHCARE FUND
FINANCIAL HIGHLIGHTS, FOR A SHARE OUTSTANDING THROUGHOUT THE
PERIOD
<TABLE>
<CAPTION>
==================================================================
================================================================
CLASS CLASS CLASS CLASS
A SHARES B SHARES C SHARES Y SHARES
-
- ------------- -------------- -------------- --------------
PERIOD PERIOD PERIOD PERIOD
ENDED ENDED ENDED ENDED
04/30/97(a)(e) 04/30/97(a)(e) 04/30/97(a)(e) 04/30/97(a)(e)
(UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED)
-
- ----------------------------------------------------------------
<S>
<C> <C> <C> <C>
Net asset value, beginning of period.......................... $
11.30 $ 11.02 $ 10.40 $ 10.00
-
- ------ ------- ------- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss...........................................
(0.01) (0.04) (0.04) (0.02)
Net realized and unrealized loss on investments...............
(2.26) (1.97) (1.35) (0.95)
-
- ------ ------- ------- -------
Total from investment operations..............................
(2.27) (2.01) (1.39) (0.97)
-
- ------ ------- ------- -------
LESS DISTRIBUTIONS:
Dividends from net investment income..........................
- - - - -
Distributions from net realized gains.........................
- - - - -
-
- ------ ------- ------- -------
Total distributions...........................................
- - - - -
-
- ------ ------- ------- -------
Net asset value, end of period................................ $
9.03 $ 9.01 $ 9.01 $ 9.03
======= ======= ======= =======
TOTAL RETURN (c) .............................................
(20.09)% (18.24)% (13.37)% (9.70)%
======= ======= ======= =======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's).......................... $
237 $ 297 $ 24 $ 1,695
Ratio of operating expenses to average net assets.............
1.55%(b) 2.30%(b) 2.30%(b) 1.30%(b)
Ratio of net investment loss to average net assets............
(0.93)%(b) (1.68)%(b) (1.68)%(b) (0.68)%(b)
Portfolio turnover rate.......................................
7% 7% 7% 7%
Ratio of operating expenses to average net assets
without expenses reimbursed...............................
8.18%(b) 8.93%(b) 8.93%(b) 7.93%(b)
Average commission rate (d)...................................
$0.1291 $0.1291 $0.1291 $0.1291
</TABLE>
- -------------------
(a) The Munder Framlington Healthcare Fund Class A Shares, Class B
Shares,
Class C Shares and Class Y Shares commenced operations on
February 14,
1997, January 31, 1997, January 13, 1997 and December 31,
1996,
respectively.
(b) Annualized.
(c) Total return represents aggregate total return for the period
indicated and
does not reflect any applicable sales charges.
(d) Average commission rate paid per share of securities purchased
and sold by
the Fund.
(e) Per share numbers have been calculated using the average
shares method,
which more appropriately presents the per share data for the
period since
the use of the undistributed net investment income method did
not accord
with the results of operations.
See Notes to Financial Statements.
<PAGE>
THE MUNDER FRAMLINGTON HEALTHCARE FUND
FINANCIAL HIGHLIGHTS, FOR A SHARE OUTSTANDING THROUGHOUT THE
PERIOD
<TABLE>
<CAPTION>
==================================================================
==============
CLASS
K SHARES
- --------------
PERIOD
ENDED
04/30/97(a)(e)
(UNAUDITED)
- --------------
<S>
<C>
Net asset value, beginning of period........................
$ 9.45
- -------
INCOME FROM INVESTMENT OPERATIONS:
Net investment loss.........................................
(0.01)
Net realized and unrealized loss on investments.............
(0.41)
- -------
Total from investment operations............................
(0.42)
- -------
LESS DISTRIBUTIONS:
Dividends from net investment income........................
- -
Distributions from net realized gains.......................
- -
- -------
Total distributions.........................................
- -
- -------
Net asset value, end of period..............................
$ 9.03
=======
TOTAL RETURN (c)............................................
(4.44%)
=======
RATIOS TO AVERAGE NET ASSETS/SUPPLEMENTAL DATA:
Net assets, end of period (in 000's)........................
$ 72
Ratio of operating expenses to average net assets...........
1.55%(b)
Ratio of net investment loss to average net assets..........
(0.93)%(b)
Portfolio turnover rate.....................................
7%
Ratio of operating expenses to average net assets
without expenses reimbursed.............................
8.18%(b)
Average commission rate (d).................................
$0.1291
</TABLE>
- -------------------
(a) The Munder Framlington Healthcare Fund Class K shares
commenced operations
on April 1, 1997.
(b) Annualized.
(c) Total return represents aggregate total return for the period
indicated.
(d) Average commission rate paid per share of securities purchased
and sold by
the Fund.
(e) Per share numbers have been calculated using the average
shares method,
which more appropriately presents the per share data for the
period since
the use of the undistributed net investment income method did
not accord
with the results of operations.
See Notes to Financial Statements.
<PAGE>
THE MUNDER FRAMLINGTON FUNDS
NOTES TO FINANCIAL STATEMENTS, APRIL 30, 1997 (UNAUDITED)
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING POLICIES
The Munder Framlington Funds Trust ("the Trust") is
registered under
the Investment Company Act of 1940, as amended, (the "1940 Act"),
as an open-end
investment company, which was organized as a Massachusetts
business trust on
October 30, 1996. Currently the Trust offers three investment
portfolios, Munder
Framlington International Growth Fund, Munder Framlington Emerging
Markets Fund
and Munder Framlington Healthcare Fund (each a "Fund",
collectively, the
"Funds").
The Funds offer five classes of shares -- Class A, Class
B, Class C,
Class K and Class Y Shares. Each class of shares has identical
rights and
privileges, except with respect to the effect of the respective
sales charges to
each class, the distribution fees borne by each class, expenses
allocable
exclusively to each class, voting rights on matters affecting a
single class and
the exchange privileges of each class. Each Fund is classified as
a diversified
management investment company under the 1940 Act.
The preparation of financial statements in accordance
with generally
accepted accounting principles requires management to make
estimates and
assumptions that affect the reported amounts of assets and
liabilities at the
date of the financial statements and the reported amounts of
increases and
decreases in net assets from operations during the reporting
period. Actual
results could differ from those estimates. The following is a
summary of
significant accounting policies followed by the Funds in the
preparation of
their financial statements:
Security Valuation: Securities (including financial
futures, if any)
traded on a recognized stock exchange or on the NASDAQ National
Market System
("NASDAQ") are valued at the last sale price on the securities
exchange on which
such securities are primarily traded or at the last sale price on
the national
securities market as of the close of business on the date of the
valuation.
Securities traded on a national securities exchange or on NASDAQ
for which there
were no sales on the date of valuation and securities traded on
over-the-counter
markets, including listed securities for which the primary market
is believed
to be over-the-counter, are valued at the mean between the most
recently quoted
bid and asked prices. Securities for which market quotations are
not readily
available, including restricted securities are valued at fair
value by the
Funds' investment advisor, under the supervision of the Board of
Trustees.
Portfolio securities primarily traded on the London Stock Exchange
are generally
valued at the mid-price between the current bid and asked prices.
Portfolio
securities that are primarily traded on foreign securities
exchanges, other than
the London Stock Exchange, are generally valued at the preceding
closing values
of such securities on their respective exchanges, except when an
occurrence
subsequent to the time a value was so established is likely to
have changed such
value. In such an event, the fair value of those securities will
be determined
through the consideration of other factors by or under the
direction of the
Board of Trustees. Debt securities with remaining maturities of 60
days or less
at the time of purchase are valued on an amortized cost basis
unless the Board
of Trustees determines that such valuation does not constitute
fair value at
that time. Under this method, such securities are valued initially
at cost on
the date of purchase (or the 61st day before maturity).
Forward Foreign Currency Exchange Contracts: Each Fund
may engage in
forward foreign currency exchange contracts in an effort to reduce
the level of
volatility caused by changes in foreign currency exchange rates.
The Fund may
use forward foreign currency contracts to facilitate transactions
in foreign
securities and to manage a Fund's currency exposure. Forward
foreign currency
contracts are valued at the exchange rate and are marked-to-market
daily. The
change in market value is recorded by the Fund as an unrealizcd
gain or loss.
When the contract is closed, the Fund records a realized gain or
loss equal to
the difference between the value of the contract at the time it
was opened and
the value at the time it was closed.
The use of forward foreign currency exchange contracts
does not
eliminate fluctuations in the underlying prices of the Fund's
securities, but it
does establish a rate of exchange that can be achieved in the
future. Although
forward foreign currency exchange contracts limit the risk of loss
due to a
decline in the value of the hedged currency, they also limit any
potential gain
that might result should the value of the currency increase. In
addition, the
Fund could be exposed to risks if the counterparties to the
contracts are unable
to meet the terms of their contracts.
Foreign Currency: The books and records of the Funds are
maintained in
United States ("U.S.") dollars. Foreign currencies, investments
and other assets
and liabilities are translated into U.S. dollars at the exchange
rates
prevailing at the end of the period. Purchases and sales of
investment
securities and items of income and expense are translated on the
respective
dates of such transactions. Unrealized gains and losses, not
relating to
securities, which result from changes in foreign currency exchange
rates have
been included in the unrealized appreciation/(depreciation) of
foreign currency
and net other assets. Net realized foreign currency gains and
losses resulting
from changes in exchange rates include foreign currency gains and
losses between
trade date and settlement date on investment security
transactions, foreign
currency transactions and the difference between the amounts of
interest and
dividends recorded on the books of the Fund and the amounts
actually received.
The portion
<PAGE>
THE MUNDER FRAMLINGTON FUNDS
NOTES TO FINANCIAL STATEMENTS, APRIL 30, 1997 (UNAUDITED)
(CONTINUED)
of foreign currency gains and losses related to fluctuation in
exchange rates
between the initial purchase trade date and subsequent sale trade
date is
included in realized gains and losses on investment securities
sold.
Repurchase Agreements: Each Fund may engage in repurchase
agreement
transactions. Under the terms of a typical repurchase agreement,
the Fund takes
possession of an underlying debt obligation subject to an
obligation of the
seller to repurchase, and the Fund to resell, the obligation at an
agreed-upon
price and time, thereby determining the yield during the Fund's
holding period.
This arrangement results in a fixed rate of return that is not
subject to market
fluctuations during the Fund's holding period. The value of the
collateral is at
least equal, at all times, to the total amount of the repurchase
obligations,
including interest. In the event of counterparty default, the Fund
has the right
to use the collateral to satisfy the terms of the repurchase
agreement. However.
there could be potential loss to the Fund in the event the Fund is
delayed or
prevented from exercising its right to dispose of the collateral
securities,
including the risk of a possible decline in the value of the
collateral
securities during the period while the Fund seeks to assert its
rights. The
Fund's investment advisor, acting under the supervision of the
Board of
Trustees, reviews the value of the collateral and the
creditworthiness of those
banks and dealers with which a Fund enters into repurchase
agreements to
evaluate potential risks.
Security Transactions and Investment Income: Security
transactions
are recorded on the trade date. The cost of investments sold is
determined by
use of the specific identification method for both financial
reporting and
income tax purposes. Interest income is recorded on the accrual
basis. Dividends
are recorded on the ex-dividend date, except that certain
dividends from foreign
securities are recorded as soon as the Fund is informed of the ex-
dividend date.
General expenses of the Funds are allocated to each Fund based
upon relative net
assets of each Fund. Operating expenses of each Fund directly
attributable to a
class of shares are charged to that class' operations. Expenses of
each Fund not
directly attributable to the operations of any class of shares are
pro rated
among the classes based on the relative average net assets of each
class.
Dividends and Distributions to Shareholders: Dividends
from net
investment income are declared and paid at least annually by the
Funds. Each
Fund's net realized capital gains (including net short-term
capital gains), if
any, are declared and distributed at least annually. Distributions
to
shareholders are recorded on the ex-dividend date.
Income dividends and capital gain distributions are
determined in
accordance with income tax regulations which may differ from
generally accepted
accounting principles. These differences are primarily due to
differing
treatments of income and gains on various investment securities
held by a Fund,
timing differences and differing characterization of distributions
made by a
Fund as a whole.
Federal Income Taxes: Each Fund intends to continue to
qualify as a
regulated investment company by complying with the requirements of
the Internal
Revenue Code of 1986, as amended, applicable to regulated
investment companies
and to distribute substantially all of its earnings to its
shareholders.
Therefore, no Federal income or excise tax provision is required.
2. INVESTMENT ADVISOR, ADMINISTRATOR, CUSTODIAN, TRANSFER
AGENT AND OTHER
RELATED PARTY TRANSACTIONS
Munder Capital Management (the "Advisor"), an independent
investment
management firm, serves as each Fund's investment advisor. For its
advisory
services, the Advisor is entitled to receive from each Fund a fee,
computed
daily and payable monthly, based on the average daily net assets
of the
respective Fund, at the following annual rates:
<TABLE>
<CAPTION>
FEES ON ASSETS FEES ON ASSETS
UP TO EXCEEDING
$250 MILLION $250 MILLION
--
- ------------ --------------
<S>
<C> <C>
Munder Framlington International Growth Fund and
Munder Framlington Healthcare Fund ........................
1.00% 0.750%
<CAPTION>
FEES ON AVERAGE
DAILY NET ASSETS
---
- -------------
<S>
<C>
Munder Framlington Emerging Markets Fund...................
1.25%
</TABLE>
The advisor reimbursed certain fees payable by the Funds,
for the
period ended April 30, 1997, as reflected in the statement of
operations.
<PAGE>
THE MUNDER FRAMLINGTON FUNDS
NOTES TO FINANCIAL STATEMENTS, APRIL 30, 1997 (UNAUDITED)
(CONTINUED)
Pursuant to a sub-advisory agreement with the Advisor,
Framlington
Overseas Investment Management Limited (the "Sub-Advisor")
provides
sub-advisory services to the Funds and is responsible for the
management of
each Fund's portfolio, including all decisions regarding purchases
and sales of
portfolio securities by the Funds. For its services with regard to
the
International Growth Fund and the Healthcare Fund, the Advisor
pays the
Sub-Advisor a monthly fee equal on an annual basis of up to 0.50%
of each Fund's
average daily net assets up to $250 million, reduced to 0.375% of
each Fund's
average daily net assets in excess of $250 million. For its
services with
regard to the Emerging Markets Fund, the Advisor pays the Sub-
Advisor a monthly
fee equal on an annual basis of up to 0.625% of the Fund's average
daily net
assets.
First Data Investor Services Group, Inc. ("First Data")
(the
"Administrator"), serves as the Funds' administrator and assists
in all aspects
of their administration and operations. First Data also serves as
the Funds'
transfer agent and dividend disbursing agent ("Transfer Agent").
As compensation for its services, the Administrator is
entitled to
receive fees, computed daily and payable monthly, at the rate of
0.10% of
average daily net assets with a $60,000 minimum fee per annum in
the aggregate
for the Funds. The Transfer Agent is entitled to receive fees
based on the
aggregate average daily net assets of the Funds at the rate of
0.02% of the
first $2.8 billion of net assets, plus 0.015% of the next $2.2
billion of net
assets, plus 0.01% of all net assets in excess of $5 billion with
a $120,000
minimum fee per annum in the aggregate for the Funds with respect
to the
Transfer Agent. The Administrator and Transfer Agent are also
entitled to
reimbursement for out-of pocket expenses. The Administrator has
entered into a
Sub-Administration Agreement with Funds Distributor, Inc. ("FDI"
or the
"Distributor") under which FDI provides certain administrative
services with
respect to the Funds. The Administrator pays FDI a fee for these
services out
of its own resources at no additional cost to the Funds.
Comerica Bank ("Comerica") provides custodial services to
the Funds. As
compensation for its services, Comerica is entitled to receive
fees, based on
the aggregate average daily net assets of the Funds and certain
other investment
portfolios advised by the Advisor, for which Comerica provides
services,
computed daily and payable monthly at an annual rate of 0.03% of
the first $100
million of average daily net assets, plus 0.02% of the next $500
million of net
assets and 0.01% of net assets in excess of $600 million. Comerica
also receives
certain transaction based fees. Comerica earned $2,731 for its
services to the
Funds for the period ended April 30, 1997. Morgan Stanley Trust
Company ("Morgan
Stanley") serves as the custodian of foreign securities for the
Funds.
Each Trustee is paid an aggregate fee consisting of a
$20,000 annual
retainer for services in such capacity plus $1,500 for each
meeting attended per
year, plus out-of-pocket expenses incurred as a Board member, for
services
provided as a Board member of the Trust. Munder Funds, Inc.,
Munder Funds Trust
and St. Clair Funds, Inc. The Trustees are also reimbursed for any
expenses
incurred by them in connection with their duties as Trustees. No
officer,
director or employee of the Advisor, Comerica, Morgan Stanley, FDI
or First Data
currently receives any compensation from the Trust.
3. SHAREHOLDER DISTRIBUTION AND SERVICE PLANS
FDI serves as the distributor of the Fund's shares. For
the period
ended April 30, 1997, the Distributor received $1,659,
representing commissions
(sales charges) on sales of Class A Shares of the Funds. For the
period ended
April 30, 1997, the Distributor did not receive any contingent
deferred sales
charges from Class B and Class C Shares of the Funds.
The Funds have adopted Shareholder Servicing Plans and
Distribution and
Service Plans (collectively, the "Plans") pursuant to Rule 12b-1,
adopted by the
Securities and Exchange Commission under the 1940 Act, with
respect to the Class
A, Class B and Class C Shares. Under the Plans, the Distributor
uses the service
fees primarily to pay ongoing trail commissions to securities
dealers and other
financial institutions and organizations (collectively, the
"Service
Organizations") who provide shareholder services for the Funds.
The Class B and
Class C Plans also permit payments to be made by the Funds to the
Distributor
for expenditures incurred by the Distributor in connection with
the distribution
of Fund shares to investors and the provision of certain
shareholder services
(which include but are not limited to the payment of compensation,
including
compensation to Service Organizations to obtain various
distribution related
services for the Funds). The Funds have also adopted Shareholder
Servicing Plans
(the "Class K Plans") for the Class K Shares of each Fund. Under
the Class K
Plans. the Funds are permitted to enter into agreements with
institutions that
provide shareholder services to their customers. For the period
ended April 30,
1997, the contractual rates, as a percentage of average daily net
assets, under
the Plans and Class K Plans are as follows:
<PAGE>
<TABLE>
THE MUNDER FRAMLINGTON FUNDS
NOTES TO FINANCIAL STATEMENTS, APRIL 30, 1997 (UNAUDITED)
(CONTINUED)
<CAPTION>
CLASS A
CLASS B CLASS C CLASS K
SHARES
SHARES SHARES SHARES
12b-1 FEES
12b-1 FEES 12b-1 FEES SERVICE FEES
----------
- ---------- ---------- ------------
<S> <C>
<C> <C> <C>
Each Fund .................................. 0.25%
1.00% 1.00% 0.25%
</TABLE>
4. SECURITIES TRANSACTIONS
For the period ended April 30, 1997, purchases and sales
of securities
other than short-term investments and U.S. Government securities
were as
follows:
<TABLE>
<CAPTION>
COST OF PURCHASES PROCEEDS FROM SALES
- ----------------- -------------------
<S>
<C> <C>
Munder Framlington International Growth Fund
...................... $17,069,938
$469,247
Munder Framlington Emerging Markets Fund .........................
4,423,679 419,461
Munder Framlington Healthcare Fund ...............................
2,530,243 114,198
</TABLE>
At April 30, 1997, aggregate gross unrealized
appreciation for all
securities for which there was an excess of value over tax cost
and aggregate
gross unrealized depreciation for all securities for which there
was an excess
of tax cost over value for Federal income tax purposes was as
follows:
<TABLE>
<CAPTION>
TAX BASIS TAX BASIS
UNREALIZED UNREALIZED
APPRECIATION DEPRECIATION
- ------------ ------------
<S>
<C> <C>
Munder Framlington International Growth Fund
...................... $682,450
$569,991
Munder Framlington Emerging Markets Fund
.......................... 367,092
140,135
Munder Framlington Healthcare Fund
................................ 96,702
337,627
</TABLE>
5. INDUSTRY CONCENTRATION
The Munder Framlington Healthcare Fund intends to invest
at least 65%
of its total net assets in securities of companies in healthcare
industries.
These industries are characterized by rapidly changing technology,
and extensive
government regulation.
Each of the Munder Framlington International Growth Fund
and Munder
Framlington Emerging Markets Fund intend to invest at least 65% of
their total
net assets in foreign securities. Investing in securities of
foreign companies
involves special risks and considerations not typically associated
with
investing in U.S. companies. These risks include revaluation of
currency and
adverse political and economic developments. Moreover, securities
of many
foreign companies and their markets may be less liquid and their
prices more
volatile than those of securities of U.S. companies.
6. ORGANIZATIONAL COSTS
Expenses incurred in connection with the organization of
the Funds,
including the fees and expenses of registering and qualifying its
shares for
distribution under Federal securities regulations, are being
amortized on a
straight-line basis over a period of 5 years from commencement of
operations.
PART C. OTHER INFORMATION
Item 24..........Financial Statements and Exhibits.
.........---------------------------------
(a) Financial Statements
Included in Part A:
Unaudited Financial Highlights for Class A, B, C, K and Y
Shares of the Framlington International Growth Fund,
Framlington Emerging Markets Fund and Framlington Healthcare
Fund for the period from commencement of operations to April
30, 1997 are filed herein.
Included in Part B:
1) The following unaudited Financial Statements for Class A,
B, C, K and Y Shares of the Framlington International
Growth Fund, Framlington Emerging Markets Fund and
Framlington Healthcare Fund for the period from
commencement of operations to April 30, 1997 are filed
herein.
Portfolios of Investments
Statements of Assets and Liabilities
Statements of Operations
Statements of Changes in Net Assets
Statements of Changes--Capital Stock Activity
Financial Highlights for a Share Outstanding Throughout the Period
Notes to Financial Statements
2) Audited Statements of Assets and Liabilities are incorporated herein by
reference to Pre-Effective Amendment No. 1 to Registrant's Registration
Statement on Form N-1A filed with the Commission on December 19, 1996.
3) Report of Independent Certified Public Accountants is incorporated
herein by reference to Pre-Effective Amendment No. 1 to Registrant's
Registration Statement on Form N-1A filed with the Commission on December 19,
1996.
(b) Exhibits:
(1) Declaration of Trust is incorporated herein by reference to
Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form
N-1A filed with the Commission on December 19, 1996.
(2) By-Laws are incorporated herein by reference to Pre-Effective Amendment
No. 1 to Registrant's Registration Statement on Form N-1A filed with the
Commission on December 19, 1996.
(3) Not Applicable
(4) Not Applicable
(5) (a) Form of Investment Advisory Agreement is incorporated herein by
reference to Pre-Effective Amendment No. 1 to Registrant's Registration
Statement on Form N-1A filed with the Commission on December 19, 1996.
(b) Form of Sub-Advisory Agreement is incorporated herein by reference to
Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form
N-1A filed with the Commission on December 19, 1996.
(6) (a) Form of Distribution Agreement is incorporated herein by reference
to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form
N-1A filed with the Commission on December 19, 1996.
(7) Not Applicable
(8) (a) Form of Custody Agreement is incorporated herein by reference
to Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form
N-1A filed with the Commission on December 19, 1996.
(b) Form of Amendment to Custody Agreement is filed herein.
(c) Form of Subcustodian Agreement is incorporated herein by reference to
Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form
N-1A filed with the Commission on December 19, 1996.
(9) (a) Form of Transfer Agency and Registrar Agreement is incorporated
herein by reference to Pre-Effective Amendment No. 1 to Registrant's
Registration Statement on Form N-1A filed with the Commission on December 19,
1996.
(b) Form of Administration Agreement is incorporated herein by reference to
Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form
N-1A filed with the Commission on December 19, 1996.
(10) Opinion and Consent of Counsel is incorporated herein by reference to
Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form
N-1A filed with the Commission on December 19, 1996.
(11) (a) Consent of Independent Public Accountants is filed herein.
(b) Powers of Attorney are filed herein.
(c) Certified Resolution of Board authorizing signature on behalf of
Registrant pursuant to power of attorney is filed herein.
(12) Not Applicable
(13) Purchase Agreement is incorporated herein by reference to
Pre-Effective Amendment No. 1 to Registrant's Registration Statement on Form
N-1A filed with the Commission on December 19, 1996.
(14) Not Applicable
(15) (a) Service and Distribution Plan for
The Munder Framlington Funds Trust Class A,
B and C Shares is incorporated herein by
reference to Pre-Effective Amendment No. 1
to Registrant's Registration Statement on
Form N-1A filed with the Commission on
December 19, 1996.
(b) Service Plan for The Munder Framlington Funds Trust Class K Shares is
incorporated herein by reference to Pre-Effective Amendment No. 1 to
Registrant's Registration Statement on Form N-1A filed with the Commission on
December 19, 1996.
(16) Schedule for Computation of Performance Quotations is incorporated
herein by reference to Pre-Effective Amendment No. 1 to Registrant's
Registration Statement on Form N-1A filed with the Commission on December 19,
1996.
(17) Financial Data Schedules relating to the Framlington Emerging Markets
Fund, Framlington International Growth Fund and Framlington Healthcare Fund are
filed herein.
(18) Form of Amended and Restated Multi-Class Plan is filed herein.
Item 25. Persons Controlled by or Under Common Control with Registrant.
--------------------------------------------------
Not Applicable.
Item 26. Number of Holders of Securities.
-------------------------------
As of June 3, 1997, the number of shareholders of record
of each Class of shares of each Series of the Registrant was as follows:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Class A Class B Class C Class K Class Y
---------------------------------------------------------------
Framlington International Growth Fund 17 1 4 1 19
Framlington Emerging Markets Fund 15 5 6 2 26
Framlington Healthcare Fund 27 66 4 1 31
</TABLE>
Item 27. Indemnification
---------------
Section 4.3 of the Fund's Declaration of Trust provides that
Trustees and Officers shall be indemnified by the Trust to the fullest extent
permitted by law against all liability and against all expenses reasonably
incurred with any claim, action, suit or proceeding in which they become
involved by virtue of being or having been a Trustee or Officer. However, no
indemnification may be provided: (i) against any liability to the Trust, a
Series thereof or the Shareholders by reason of willful misfeasance, bad faith,
gross negligence, or reckless disregard of the duties involved in the conduct of
the office of a Trustee or Officer; (ii) with respect to any matter as to which
he shall have been finally adjudicated not to have acted in good faith in the
reasonable belief that his action was in the best interest of the Trust or a
Series thereof; (iii) in the event of a settlement or other disposition not
involving a final adjudication as provided above resulting in a payment by a
Trustee or officer, unless there has been a determination that such Trustee or
officer did not engage in willful misfeasance, bad faith, gross negligence or
reckless disregard of the duties involved in the conduct of his office: (A) by
the court or other body approving the settlement or other disposition; or (B)
based upon a review of readily available facts (as opposed to a full trial-type
inquiry) by (x) vote of a majority of the Non-interested Trustees acting on the
matter (provided that a majority of the Non-interested Trustees then in office
act on the matter) or (y) written opinion of independent legal counsel.
Expenses of preparation and presentation of a defense to any claim,
action, suit or proceeding of the character described in paragraph (a) of this
Section 4.3 may be advanced by the Trust or a Series thereof prior to final
disposition thereof upon receipt of an undertaking by or on behalf of the
recipient to repay such amount if it is ultimately determined that a Trustee or
Officer is not entitled to indemnification under this Section 4.3, provided that
either: (i) such undertaking is secured by surety bond or some other appropriate
security provided by the recipient, or the Trust or Series thereof shall be
insured against losses arising out of any such advances; or (ii) a majority of
the Non-interested Trustees acting on the matter (provided that a majority of
the Non-interested Trustees act on the matter) or an independent legal counsel
in a written opinion shall determine, based upon a review of readily available
facts (as opposed to a full trial-type inquiry) that there is reason to believe
that the recipient ultimately will be found entitled to indemnification.
Insofar as indemnification for liabilities arising under the Securities
Act of 1933, as amended, may be permitted to Trustees, Officers and controlling
persons of the Registrant by the Registrant pursuant to the Trust's Declaration
of Trust, its By-Laws or otherwise, the Registrant is aware that in the opinion
of the Securities and Exchange Commission, such indemnification is against
public policy as expressed in the Act and, therefore, is unenforceable. In the
event that a claim for indemnification against such liabilities (other than the
payment by the Registrant of expenses incurred or paid by Trustees, officers or
controlling persons of the Registrant in connection with the successful defense
of any act, suit or proceeding) is asserted by such Trustees, officers or
controlling persons in connection with shares being registered, the Registrant
will, unless in the opinion of its counsel the matter has been settled by
controlling precedent, submit to a court of appropriate jurisdiction the
question whether such indemnification by it is against public policy as
expressed in the Act and will be governed by the final adjudication of such
issues.
Item 28.Business and Other Connections of Investment Advisor and Sub-Advisor.
-------------------------------------------------------------------
Munder Capital Management
-------------------------
Position
Name with Advisor
- ---- ------------
Old MCM, Inc. Partner
Munder Group LLC Partner
WAM Holdings, Inc. Partner
Woodbridge Capital Management, Inc. Partner
Lee P. Munder President and Chief
Executive Officer
Leonard J. Barr, II Senior Vice President and
Director of Research
Ann J. Conrad Vice President and Director
of Special Equity Products
Clark Durant Vice President and Co-
Director of The Private
Management Group
Terry H. Gardner Vice President and Chief
Financial Officer
Elyse G. Essick Vice President and Director
of Client Services
Otto G. Hinzmann Vice President and Director
of Equity Portfolio
Management
Sharon E. Fayolle Vice President and Director
of Money Market Trading
Anne K. Kennedy Vice President and Director
of Corporate Bond Trading
Richard R. Mullaney Vice President and Director
of The Private Management
Group
Peter G. Root Vice President and Director
of GovernmentSecurities
Trading
Lisa A. Rosen General Counsel and Director
of Mutual Fund Operations
Ann F. Putallaz Vice President and Director
of Fiduciary Services
James C. Robinson Executive Vice President and
Chief Investment Officer/
Fixed Income
Gerald L. Seizert Executive Vice President
and Chief Investment Officer/
Equity
Paul D. Tobias Executive Vice President and
Chief Operating Officer
For further information relating to the Investment Advisor's officers, reference
is made to Form ADV filed under the Investment Advisers Act of 1940 by Munder
Capital Management, SEC File No. 801-32415.
Framlington Overseas Investment Management Limited
Position
Name with Sub-Advisor
Warren J. Colman Director
Gary C. Fitzgerald Director
Jean-Luc Schilling Director
Michael A. Vogel Director
Robert Jenkins Portfolio Manager
For more information relating to the Sub-Advisor's officers, reference is made
to Form ADV filed under the Investment Advisers Act of 1940 by Framlington
Overseas Investment Management Limited, SEC File No. 801-42074.
Item 29. Principal Underwriters.
----------------------
(a) Funds Distributor, Inc. ("FDI"), located at 60 State Street, Boston,
Massachusetts 02109, is the principal underwriter of the Funds. FDI is an
indirectly wholly-owned subsidiary of Boston Institutional Group, Inc. a holding
company, all of whose outstanding shares are owned by key employees. FDI is a
broker dealer registered under the Securities Exchange Act of 1934, as amended.
FDI acts as principal underwriter of the following investment companies other
than the Registrant:
Harris Insight Funds Trust The Skyline Funds
The Munder Funds Trust Fremont Mutual Funds, Inc.
St. Clair Funds, Inc. RCM Capital Funds, Inc.
The Munder Funds, Inc. Monetta Fund, Inc.
BJB Investment Funds Monetta Trust
The PanAgora Institutional Funds Burridge Funds
RCM Equity Funds, Inc. The JPM Series Trust
Waterhouse Investors Cash The JPM Series Trust II
Management Fund, Inc. HT Insight Funds, Inc.
LKCM Fund d/b/a Harris Insight Funds
The JPM Pierpont Funds The Brinson Funds
The JPM Institutional Funds WEBS Index Fund, Inc.
(b) The following is a list of the executive officers, directors and
partners of Funds Distributor, Inc.
Director, President and Chief Executive Officer - Marie E. Connolly
Executive Vice President - Richard W. Ingram
Executive Vice President - Donald R. Robertson
Senior Vice President, General Counsel, - John E. Pelletier
Secretary and Clerk
Senior Vice President - Michael S. Petrucelli
Director, Senior Vice President, Treasurer and - Joseph F. Tower, III
Chief Financial Officer
Senior Vice President - Paula R. David
Senior Vice President - Bernard A. Whalen
Director - William J. Nutt
(c) Not Applicable
Item 30. Location of Accounts and Records.
--------------------------------
The account books and other documents required to be
maintained by Registrant pursuant to Section 31(a) of the Investment Company Act
of 1940 and the Rules thereunder will be maintained at the offices of:
(1) Munder Capital Management, 480 Pierce Street or 255 East Brown
Street, Birmingham, Michigan 48009 (records relating to its
function as investment adviser)
(2) Framlington Overseas Investment Management Limited, 155 Bishopsgate,
London, EC2M 3XJ (records relating to its function as sub-adviser)
(3) First Data Investor Services Group, Inc., 53 State Street, Exchange
Place, Boston, Massachusetts or 4400 Computer Drive, Westborough, Massachusetts
01581 (records relating to its functions as Administrator and Transfer Agent)
(4) Funds Distributor, Inc., 60 State Street, Boston, Massachusetts 02109
(records relating to its function as distributor)
(5) Comerica Bank, One Detroit Center, 500 Woodward Avenue, Detroit,
Michigan 48226 (records relating to its function as custodian)
Item 31. Management Services.
-------------------
Not Applicable
Item 32. Undertakings.
------------
(a) Not applicable
(b) Not Applicable.
(c) Registrant undertakes to furnish to each person to whom a
prospectus is delivered a copy of the Registrant's latest
annual report to shareholders upon request and without charge.
(d) Registrant undertakes to call a meeting of Shareholders
for the purpose of voting upon the question of removal of a
Trustee or Trustees when requested to do so by the holders of
at least 10% of the Registrant's outstanding Shares of
beneficial interest and in connection with such meeting to
comply with the shareholders communications provisions of
Section 16(c) of the Investment Company Act of 1940.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, as
amended, and the Investment Company Act of 1940, as amended, the Registrant
certifies that this Post-Effective Amendment No. 1 to the Registration Statement
meets the requirements for effectiveness pursuant to Rule 485(b) of the
Securities Act of 1933, as amended, and the Registrant has duly caused this
Post-Effective Amendment No. 1 to be signed on its behalf by the undersigned,
thereunto duly authorized, in the City of Boston and the Commonwealth of
Massachusetts on this 27th day of June, 1997.
The Munder Framlington Funds Trust
By: *
Lee P. Munder
* By:
/s/ Julie A. Tedesco
Julie A. Tedesco
as Attorney-in-Fact
Pursuant to the requirements of the Securities Act of 1933, as amended,
this Registration Statement has been signed by the following persons in the
capacities and on the date indicated:
Signatures Title Date
* President and Chief June 27, 1997
- ------------------------------
Lee P. Munder Executive Officer
* Trustee June 27, 1997
- ------------------------------
Charles W. Elliott
* Trustee June 27, 1997
- ------------------------------
Joseph E. Champagne
* Trustee June 27, 1997
- ------------------------------
Arthur DeRoy Rodecker
* Trustee June 27, 1997
- ------------------------------
Jack L. Otto
* Trustee June 27, 1997
- ------------------------------
Thomas B. Bender
* Trustee June 27, 1997
- ------------------------------
Thomas D. Eckert
* Trustee June 27, 1997
- ------------------------------
John Rakolta, Jr.
* Trustee June 27, 1997
- ------------------------------
David J. Brophy
* Vice President June 27, 1997
- ------------------------------
Terry H. Gardner Treasurer and Chief
Financial Officer
* By:
/s/ Julie A. Tedesco
Julie A. Tedesco
as Attorney-in-Fact
* The Powers of Attorney are filed herein.
EXHIBIT INDEX
Exhibit Description
8(b) Form of Amendment to the Custody Agreement
11(a) Consent of Independent Public Accountants
11(b) Powers of Attorney
11(c) Certified Resolution relating to Power of Attorney
17 Financial Data Schedules
18 Form of Amended and Restated Multi-Class Plan
Exh. 8(b)
FORM OF
AMENDMENT TO CUSTODY AGREEMENT
THIS AMENDMENT dated as of _____________, 1997 (the "Amendment") is
made to the Custody Agreement dated as of the 7th of November, 1996 (the
"Agreement") between THE MUNDER FRAMLINGTON FUNDS TRUST (the "Company") and
COMERICA BANK ("Comerica").
The Company and Comerica agree that the Agreement shall, as of the date
first written above, be amended as follows:
The Fee Schedule of the Agreement shall be deleted in its
entirety and the Fee Schedule attached hereto shall be substituted in
its place.
In all other respects, the Agreement shall remain in full force and
effect.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their duly authorized officers, as of the day and year first written
above.
THE MUNDER FRAMLINGTON FUNDS TRUST
By: _______________________________
Title: ______________________________
COMERICA BANK
By: _______________________________
Title: ______________________________
<PAGE>
SCHEDULE B
Fee Schedule
Computed daily and payable monthly based on the aggregate average daily net
assets of St. Clair Funds, Inc. (ecept the Munder Institutional S&P 500 Index
Equity Fund, Munder Institutional S&P MidCap Index Equity Fund, Munder
Institutional S&P SmallCap Index Equity Fund, Munder Institutional Money Market
Fund and Munder Institutional Short Term Treasury Fund), The Munder Funds, Inc.,
The Munder Funds Trust, and The Munder Framlington Funds Trust.
First $100 million of net assets .03% Next $500 million of net
assets .02% Over $600 million of net assets .01%
Transaction Charges
DTC Trades $2.00 per trade
Fed Book Entry Trade $12.00 per trade
U.S. Physical Trade $25.00 per trade
Exh. 11(a)
CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS
Consent of Ernst & Young LLP, Independent Auditors
We consent to the reference to our firm under the caption "Independent Auditors"
in the Statement of Additional Information, and to the use of our report, dated
December 18, 1996, on the statement of assets and liabilities of the Munder
Framlington Funds Trust, included in this Post-Effective Amendment No. 1 to the
Registration Statement (Form N-1A, No. 33-15205).
ERNST & YOUNG LLP
Boston, Massachusetts
June 27, 1997
Exh. 11(b)
THE MUNDER FRAMLINGTON FUNDS TRUST
POWER OF ATTORNEY
The undersigned, Charles W. Elliott, whose signature appears below,
does hereby constitute and appoint Lisa Anne Rosen, Julie A. Tedesco, Teresa
M.R. Hamlin and Paul F. Roye his true and lawful attorneys and agents to execute
in his name, place and stead, in his capacity as trustee or officer, or both, of
The Munder Framlington Funds Trust (Munder Framlington"), the Registration
Statement of Munder Framlington on Form N-1A, any amendments thereto, and all
instruments necessary or incidental in connection therewith, and to file the
same with the Securities and Exchange Commission; and said attorneys shall have
full power of substitution and re-substitution; and said attorneys shall have
full power and authority to do and perform in the name and on the behalf of the
undersigned trustee and/or officer of Munder Framlington, in any and all
capacities, every act whatsoever requisite or necessary to be done in the
premises, as fully and to all intents and purposes as the undersigned trustee
and/or officer of Munder Framlington might or could do in person, said acts of
said attorneys being hereby ratified and approved.
/s/ Charles W. Elliott
Charles W. Elliott
Dated: February 4, 1997
<PAGE>
THE MUNDER FRAMLINGTON FUNDS TRUST
POWER OF ATTORNEY
The undersigned, Joseph E. Champagne, whose signature appears below,
does hereby constitute and appoint Lisa Anne Rosen, Julie A. Tedesco, Teresa
M.R. Hamlin and Paul F. Roye his true and lawful attorneys and agents to execute
in his name, place and stead, in his capacity as trustee or officer, or both, of
The Munder Framlington Funds Trust ("Munder Framlington"), the Registration
Statement of Munder Framlington on Form N-1A, any amendments thereto, and all
instruments necessary or incidental in connection therewith, and to file the
same with the Securities and Exchange Commission; and said attorneys shall have
full power of substitution and re-substitution; and said attorneys shall have
full power and authority to do and perform in the name and on the behalf of the
undersigned trustee and/or officer of Munder Framlington, in any and all
capacities, every act whatsoever requisite or necessary to be done in the
premises, as fully and to all intents and purposes as the undersigned trustee
and/or officer of Munder Framlington might or could do in person, said acts of
said attorneys being hereby ratified and approved.
/s/ Joseph E. Champagne
Joseph E. Champagne
Dated: February 4, 1997
<PAGE>
THE MUNDER FRAMLINGTON FUNDS TRUST
POWER OF ATTORNEY
The undersigned, Arthur D. Rodecker, whose signature appears below,
does hereby constitute and appoint Lisa Anne Rosen, Julie A. Tedesco, Teresa
M.R. Hamlin and Paul F. Roye his true and lawful attorneys and agents to execute
in his name, place and stead, in his capacity as trustee or officer, or both, of
The Munder Framlington Funds Trust ("Munder Framlington"), the Registration
Statement of Munder Framlington on Form N-1A, any amendments thereto, and all
instruments necessary or incidental in connection therewith, and to file the
same with the Securities and Exchange Commission; and said attorneys shall have
full power of substitution and re-substitution; and said attorneys shall have
full power and authority to do and perform in the name and on the behalf of the
undersigned trustee and/or officer of Munder Framlington, in any and all
capacities, every act whatsoever requisite or necessary to be done in the
premises, as fully and to all intents and purposes as the undersigned trustee
and/or officer of Munder Framlington might or could do in person, said acts of
said attorneys being hereby ratified and approved.
/s/ Arthur D. Rodecker
Arthur D. Rodecker
Dated: February 4, 1997
<PAGE>
THE MUNDER FRAMLINGTON FUNDS TRUST
POWER OF ATTORNEY
The undersigned, Jack L. Otto, whose signature appears below, does
hereby constitute and appoint Lisa Anne Rosen, Julie A. Tedesco, Teresa M.R.
Hamlin and Paul F. Roye his true and lawful attorneys and agents to execute in
his name, place and stead, in his capacity as trustee or officer, or both, of
The Munder Framlington Funds Trust ("Munder Framlington"), the Registration
Statement of Munder Framlington on Form N-1A, any amendments thereto, and all
instruments necessary or incidental in connection therewith, and to file the
same with the Securities and Exchange Commission; and said attorneys shall have
full power of substitution and re-substitution; and said attorneys shall have
full power and authority to do and perform in the name and on the behalf of the
undersigned trustee and/or officer of Munder Framlington, in any and all
capacities, every act whatsoever requisite or necessary to be done in the
premises, as fully and to all intents and purposes as the undersigned trustee
and/or officer of Munder Framlington might or could do in person, said acts of
said attorneys being hereby ratified and approved.
/s/ Jack L. Otto
Jack L. Otto
Dated: February 4, 1997
<PAGE>
THE MUNDER FRAMLINGTON FUNDS TRUST
POWER OF ATTORNEY
The undersigned, Thomas B. Bender, whose signature appears below, does
hereby constitute and appoint Lisa Anne Rosen, Julie A. Tedesco, Teresa M.R.
Hamlin and Paul F. Roye his true and lawful attorneys and agents to execute in
his name, place and stead, in his capacity as trustee or officer, or both, of
The Munder Framlington Funds Trust ("Munder Framlington"), the Registration
Statement of Munder Framlington on Form N-1A, any amendments thereto, and all
instruments necessary or incidental in connection therewith, and to file the
same with the Securities and Exchange Commission; and said attorneys shall have
full power of substitution and re-substitution; and said attorneys shall have
full power and authority to do and perform in the name and on the behalf of the
undersigned trustee and/or officer of Munder Framlington, in any and all
capacities, every act whatsoever requisite or necessary to be done in the
premises, as fully and to all intents and purposes as the undersigned trustee
and/or officer of Munder Framlington might or could do in person, said acts of
said attorneys being hereby ratified and approved.
/s/ Thomas B. Bender
Thomas B. Bender
Dated: February 4, 1997
<PAGE>
THE MUNDER FRAMLINGTON FUNDS TRUST
POWER OF ATTORNEY
The undersigned, David J. Brophy, whose signature appears below, does
hereby constitute and appoint Lisa Anne Rosen, Julie A. Tedesco, Teresa M.R.
Hamlin and Paul F. Roye his true and lawful attorneys and agents to execute in
his name, place and stead, in his capacity as trustee or officer, or both, of
The Munder Framlington Funds Trust ("Munder Framlington"), the Registration
Statement of Munder Framlington on Form N-1A, any amendments thereto, and all
instruments necessary or incidental in connection therewith, and to file the
same with the Securities and Exchange Commission; and said attorneys shall have
full power of substitution and re-substitution; and said attorneys shall have
full power and authority to do and perform in the name and on the behalf of the
undersigned trustee and/or officer of Munder Framlington, in any and all
capacities, every act whatsoever requisite or necessary to be done in the
premises, as fully and to all intents and purposes as the undersigned trustee
and/or officer of Munder Framlington might or could do in person, said acts of
said attorneys being hereby ratified and approved.
/s/ David J. Brophy
David J. Brophy
Dated: February 4, 1997
<PAGE>
THE MUNDER FRAMLINGTON FUNDS TRUST
POWER OF ATTORNEY
The undersigned, Thomas D. Eckert, whose signature appears below, does
hereby constitute and appoint Lisa Anne Rosen, Julie A. Tedesco, Teresa M.R.
Hamlin and Paul F. Roye his true and lawful attorneys and agents to execute in
his name, place and stead, in his capacity as trustee or officer, or both, of
The Munder Framlington Funds Trust (Munder Framlington"), the Registration
Statement of Munder Framlington on Form N-1A, any amendments thereto, and all
instruments necessary or incidental in connection therewith, and to file the
same with the Securities and Exchange Commission; and said attorneys shall have
full power of substitution and re-substitution; and said attorneys shall have
full power and authority to do and perform in the name and on the behalf of the
undersigned trustee and/or officer of Munder Framlington, in any and all
capacities, every act whatsoever requisite or necessary to be done in the
premises, as fully and to all intents and purposes as the undersigned trustee
and/or officer of Munder Framlington might or could do in person, said acts of
said attorneys being hereby ratified and approved.
/s/ Thomas D. Eckert
Thomas D. Eckert
Dated: February 4, 1997
<PAGE>
THE MUNDER FRAMLINGTON FUNDS TRUST
POWER OF ATTORNEY
The undersigned, Terry H. Gardner, whose signature appears below, does
hereby constitute and appoint Lisa Anne Rosen, Julie A. Tedesco, Teresa M.R.
Hamlin and Paul F. Roye his true and lawful attorneys and agents to execute in
his name, place and stead, in his capacity as trustee or officer, or both, of
The Munder Framlington Funds Trust ("Munder Framlington"), the Registration
Statement of Munder Framlington on Form N-1A, any amendments thereto, and all
instruments necessary or incidental in connection therewith, and to file the
same with the Securities and Exchange Commission; and said attorneys shall have
full power of substitution and re-substitution; and said attorneys shall have
full power and authority to do and perform in the name and on the behalf of the
undersigned trustee and/or officer of Munder Framlington, in any and all
capacities, every act whatsoever requisite or necessary to be done in the
premises, as fully and to all intents and purposes as the undersigned trustee
and/or officer of Munder Framlington might or could do in person, said acts of
said attorneys being hereby ratified and approved.
/s/ Terry H. Gardner
Terry H. Gardner
Dated: February 4, 1997
<PAGE>
THE MUNDER FRAMLINGTON FUNDS TRUST
POWER OF ATTORNEY
The undersigned, Lee P. Munder, whose signature appears below, does
hereby constitute and appoint Lisa Anne Rosen, Julie A. Tedesco, Teresa M.R.
Hamlin and Paul F. Roye his true and lawful attorneys and agents to execute in
his name, place and stead, in his capacity as trustee or officer, or both, of
The Munder Framlington Funds Trust ("Munder Framlington"), the Registration
Statement of Munder Framlington on Form N-1A, any amendments thereto, and all
instruments necessary or incidental in connection therewith, and to file the
same with the Securities and Exchange Commission; and said attorneys shall have
full power of substitution and re-substitution; and said attorneys shall have
full power and authority to do and perform in the name and on the behalf of the
undersigned trustee and/or officer of Munder Framlington, in any and all
capacities, every act whatsoever requisite or necessary to be done in the
premises, as fully and to all intents and purposes as the undersigned trustee
and/or officer of Munder Framlington might or could do in person, said acts of
said attorneys being hereby ratified and approved.
/s/ Lee P. Munder
Lee P. Munder
Dated: February 4, 1997
<PAGE>
THE MUNDER FRAMLINGTON FUNDS TRUST
POWER OF ATTORNEY
The undersigned, John Rakolta, Jr., whose signature appears below, does
hereby constitute and appoint Lisa Anne Rosen, Julie A. Tedesco, Teresa M.R.
Hamlin and Paul F. Roye his true and lawful attorneys and agents to execute in
his name, place and stead, in his capacity as trustee or officer, or both, of
The Munder Framlington Funds Trust ("Munder Framlington"), the Registration
Statement of Munder Framlington on Form N-1A, any amendments thereto, and all
instruments necessary or incidental in connection therewith, and to file the
same with the Securities and Exchange Commission; and said attorneys shall have
full power of substitution and re-substitution; and said attorneys shall have
full power and authority to do and perform in the name and on the behalf of the
undersigned trustee and/or officer of Munder Framlington, in any and all
capacities, every act whatsoever requisite or necessary to be done in the
premises, as fully and to all intents and purposes as the undersigned trustee
and/or officer of Munder Framlington might or could do in person, said acts of
said attorneys being hereby ratified and approved.
/s/ John Rakolta, Jr.
John Rakolta, Jr.
Dated: February 4, 1997
Exh. 11(c)
ASSISTANT SECRETARY'S CERTIFICATE
I, Julie A. Tedesco, Assistant Secretary of The Munder Framlington
Funds Trust ("Munder Framlington"), hereby certify that the following resolution
authorizing Paul Roye, Julie Tedesco and Teresa Hamlin to sign Munder
Framlington's Registration Statements on behalf of Lee Munder, President of
Munder Framlington, has been adopted, at a meeting of the Board of Trustees duly
called and held on May 6, 1997, at which a quorum was present and acting
throughout:
RESOLVED, that the Board of Trustees hereby authorizes Paul Roye, Julie
Tedesco and Teresa M.R. Hamlin to execute and sign on behalf of Lee Munder,
President of Munder Framlington, all amendments and supplements to Munder
Framlington's Registration Statements on Form N-1A pursuant to a power of
attorney from Lee Munder and hereby ratifies the execution of such Registration
Statements by such persons.
Dated: May 8, 1997 /s/ Julie A. Tedesco
--------------------
Julie A. Tedesco, Assistant Secretary
The Munder Framlington Funds Trust
Exh. 18
FORM OF
THE MUNDER FRAMLINGTON FUNDS TRUST
Amended and Restated Multi-Class Plan
Introduction
The purpose of this Plan is to specify the attributes of the five
classes of shares offered by The Munder Framlington Funds Trust (the "Trust"),
including the sales loads, expense allocations, conversion features and exchange
features of each class, as required by Rule 18f-3 under the Investment Company
Act of 1940, as amended (the "1940 Act").
Each of the Trust's investment portfolios (each, a "Fund") issues its
shares of beneficial interest in five classes: "Class A" shares, "Class B"
shares, "Class C" shares, "Class K" shares and "Class Y" shares. Shares of each
Class of a Fund shall represent an equal pro rata interest in such Fund, and
generally, shall have identical voting, dividend, liquidation and other rights,
preferences, powers, restrictions, limitations, qualifications, and terms and
conditions, except that: (a) each Class shall have a different designation; (b)
each Class may have a different sales charge structure; (c) each Class of shares
shall bear any Class Expenses, as defined below; (d) each Class shall have
exclusive voting rights on any matter submitted to shareholders that relates
solely to its arrangement and each Class shall have separate voting rights on
any matter submitted to shareholders in which the interests of one Class differ
from the interests of any other Class; and (e) each Class may have different
exchange and/or conversion features as described below.
Allocation of Expenses
To the extent practicable, certain expenses (other than Class Expenses
as defined below which shall be allocated more specifically), shall be
subtracted from the gross income allocated to each Class of a Fund on the basis
of net assets of each Class of the Fund. These expenses include:
(1) Expenses incurred by the Trust (for example, fees of Trustees,
auditors, and legal counsel) not attributable to a particular Fund or to a
particular Class of shares of a Fund ("Trust Level Expenses"); and
(2) Expenses incurred by a Fund not attributable to any particular
Class of the Fund's shares (for example, advisory fees, custodial fees, or other
expenses relating to the management of the Fund's assets) ("Fund Expenses").
Expenses attributable to a particular Class ("Class Expenses") shall be
limited to: (i) payments made pursuant to a Service Plan, Service and
Distribution Plan or Shareholder Servicing Plan; (ii) transfer agent fees
attributable to a specific Class; (iii) printing and postage expenses related to
preparing and distributing materials such as shareholder reports, prospectuses
and proxies to current shareholders of a specific Class; (iv) Blue Sky fees
incurred by a Class; (v) Securities and Exchange Commission registration fees
incurred by a Class; (vi) the expense of administrative personnel and services
to support the shareholders of a specific Class; (vii) litigation or other legal
expenses relating solely to one Class; and (viii) Trustees' fees incurred as a
result of issues relating solely to one Class. Expenses in category (i) above
must be allocated to the Class for which such expenses are incurred. For all
other "Class Expenses" listed in categories (ii) - (viii) above, the President
and Chief Financial Officer shall determine, subject to Board approval or
ratification, which of such categories of expenses will be treated as Class
Expenses, consistent with applicable legal principles under the Act and the
Internal Revenue Code of 1986, as amended.
Therefore, expenses of a Fund shall be apportioned to each Class of
shares depending upon the nature of the expense item. Trust Level Expenses and
Fund Expenses will be allocated among the Classes of shares based on their
relative net asset values. Approved Class Expenses shall be allocated to the
particular Class to which they are attributable. In addition, certain expenses
may be allocated differently if their method of imposition changes. Thus, if a
Class Expense can no longer be attributed to a Class, it shall be charged to a
Fund for allocation among Classes, as may be appropriate; however, any
additional Class Expenses not specifically identified above which are
subsequently identified and determined to be properly allocated to one Class of
shares shall not be so allocated until approved by the Board of Trustees of the
Trust in light of the requirements of the Act and the Internal Revenue Code of
1986, as amended, and any private letter rulings issued with respect to the
Trust by the Internal Revenue Service.
Class A Shares
Class A Shares of a Fund are offered at net asset value plus an initial
sales charge as set forth in the then-current prospectus of the Fund. The
initial sales charge may be waived or reduced on certain types of purchases as
set forth in a Fund's then-current prospectus. A contingent deferred sales
charge may apply to certain redemptions made within a specified period as set
forth in the Fund's then-current prospectus. Class A Shares of a Fund may be
exchanged for Class A Shares of another fund of the Trust, The Munder Funds
Trust or The Munder Funds, Inc. subject to any sales charge differential.
Class A Shares of the Funds pay a Rule 12b-1 service fee of up to 0.25%
(annualized) of the average daily net assets of a Fund's Class A Shares.
Distribution and support services provided by brokers, dealers and other
institutions may include forwarding sales literature and advertising materials
provided by the Trust's distributor; processing purchase, exchange and
redemption requests from customers placing orders with the Trust's transfer
agent; processing dividend and distribution payments from the Funds of the Trust
on behalf of customers; providing information periodically to customers showing
their positions in Class A Shares; providing sub-accounting with respect to
Class A Shares beneficially owned by customers or the information necessary for
sub-accounting; responding to inquiries from customers concerning their
investment in Class A Shares; arranging for bank wires; and providing such other
similar services as may reasonably be requested.
Class B Shares
Class B Shares of a Fund are offered without an initial sales charge
but are subject to a contingent deferred sales charge payable upon certain
redemptions as set forth in the Fund's then-current prospectus. Class B Shares
of a Fund may be exchanged for Class B Shares of another fund of the Trust, The
Munder Funds Trust or The Munder Funds, Inc.subject to any sales charge
differential.
Class B Shares of a Fund will automatically convert to Class A Shares
of the Fund on the first business day of the month in which the sixth
anniversary of the issuance of the Class B Shares occurs. The conversion will be
effected at the relative net asset values per share of the two classes.
Class B Shares pay a Rule 12b-1 service fee of up to 0.25% (annualized)
and a distribution fee of up to 0.75% (annualized) of the average daily net
assets of the Fund's Class B Shares. Brokers, dealers and other institutions may
maintain Class B shareholder accounts and provide personal services to Class B
shareholders. Services relating to the sale of Class B Shares may include, but
not be limited to, preparation, printing and distribution of prospectuses, sales
literature and advertising materials by the Trust's distributor, or, as
applicable, brokers, dealers or other institutions; commissions, incentive
compensation or other compensation to, and expenses of, account executives or
other employees of the Trust's distributor or brokers, dealers and other
institutions; overhead and other office expenses of the Trust's distributor
attributable to distribution or sales support activities; and opportunity costs
related to the foregoing (which may be calculated as a carrying charge on the
Trust's distributor unreimbursed expenses) incurred in connection with
distribution or sales support activities. The overhead and other office expenses
referenced above may include, without limitation, (a) the expenses of operating
the Trust's distributor's offices in connection with the sale of the Class B
Shares of the Funds, including lease costs, the salaries and employee benefit
costs of administrative, operations and support personnel, utility costs,
communication costs and the costs of stationery and supplies, (b) the costs of
client sales seminars and travel related to distribution and sales support
activities, and (c) other expenses relating to distribution and sales support
activities.
Class C Shares
Class C Shares of a Fund are offered at net asset value. A contingent
deferred sales charge may apply to certain redemptions made within the first
year of investing as set forth in the relevant Fund's then-current prospectus.
Class C Shares of a Fund may be exchanged for Class C Shares of another fund of
the Trust, The Munder Funds Trust or The Munder Funds, Inc. subject to any sales
charge differential.
Class C Shares pay a Rule 12b-1 service fee of up to 0.25% (annualized)
and a distribution fee of up to 0.75% (annualized) of the average daily net
assets of the Fund's Class C Shares. Brokers, dealers and other institutions may
maintain Class C shareholder accounts and provide personal services to Class C
shareholders. Services relating to the sale of Class C Shares may include, but
not be limited to, preparation, printing and distribution of prospectuses, sales
literature and advertising materials by the Trust's distributor, or, as
applicable, brokers, dealers or other institutions; commissions, incentive
compensation or other compensation to, and expenses of, account executives or
other employees of the Trust's distributor or brokers, dealers and other
institutions; overhead and other office expenses of the Trust's distributor
attributable to distribution or sales support activities; and opportunity costs
related to the foregoing (which may be calculated as a carrying charge on the
Trust's distributor unreimbursed expenses) incurred in connection with
distribution or sales support activities. The overhead and other office expenses
referenced above may include, without limitation, (a) the expenses of operating
the Trust's distributor's offices in connection with the sale of the Class C
Shares of the Funds, including lease costs, the salaries and employee benefit
costs of administrative, operations and support personnel, utility costs,
communication costs and the costs of stationery and supplies, (b) the costs of
client sales seminars and travel related to distribution and sales support
activities, and (c) other expenses relating to distribution and sales support
activities.
Class Y Shares
Class Y Shares of a Fund are offered at net asset value. Class Y Shares
of a Fund may be exchanged for Class Y Shares of another fund of the Trust, The
Munder Funds Trust or The Munder Funds, Inc. without the imposition of a sales
charge.
Class K Shares
Class K Shares of a Fund are offered at net asset value. Class K Shares
of a Fund may be exchanged for Class K Shares of another fund of the Trust, The
Munder Funds Trust or The Munder Funds, Inc. without the imposition of a sales
charge. Class K Shares may also be exchanged for Class A Shares of the same Fund
without the imposition of a sales charge.
Class K Shares pay a service fee of up to 0.25% (annualized) of the
average daily net assets of a Fund's Class K Shares. Services provided by
brokers, dealers and other institutions for such service fees include:
processing purchase, exchange and redemption requests from customers and placing
orders with the Trust's transfer agent; processing dividend and distribution
payments from the Funds on behalf of customers; providing information
periodically to customers showing their positions in Class K Shares; providing
sub-accounting with respect to Class K Shares beneficially owned by customers or
the information necessary for sub-accounting; responding to inquiries from
customers concerning their investment in Class K Shares; arranging for bank
wires; and providing such other similar services as may reasonably be requested.
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>021
<NAME>Munder Framlington Emerging Markets Fund CL-A
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 4,931,806
<INVESTMENTS-AT-VALUE> 5,158,763
<RECEIVABLES> 117,639
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 46,003
<TOTAL-ASSETS> 5,322,405
<PAYABLE-FOR-SECURITIES> 203,784
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 78,463
<TOTAL-LIABILITIES> 282,247
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 356,712
<SHARES-COMMON-STOCK> 32,408
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 16,449
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 65,345
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 226,932
<NET-ASSETS> 367,347
<DIVIDEND-INCOME> 21,872
<INTEREST-INCOME> 8,367
<OTHER-INCOME> 0
<EXPENSES-NET> 13,790
<NET-INVESTMENT-INCOME> 16,449
<REALIZED-GAINS-CURRENT> 65,345
<APPREC-INCREASE-CURRENT> 226,932
<NET-CHANGE-FROM-OPS> 308,726
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 33,039
<NUMBER-OF-SHARES-REDEEMED> (631)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5,040,158
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,835
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 56,365
<AVERAGE-NET-ASSETS> 131,061
<PER-SHARE-NAV-BEGIN> 10.18
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 1.12
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.34
<EXPENSE-RATIO> 1.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>022
<NAME>Munder Framlington Emerging Markets Fund CL-B
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 4,931,806
<INVESTMENTS-AT-VALUE> 5,158,763
<RECEIVABLES> 117,639
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 46,003
<TOTAL-ASSETS> 5,322,405
<PAYABLE-FOR-SECURITIES> 203,784
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 78,463
<TOTAL-LIABILITIES> 282,247
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 20,860
<SHARES-COMMON-STOCK> 1,837
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 16,449
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 65,345
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 226,932
<NET-ASSETS> 20,828
<DIVIDEND-INCOME> 21,872
<INTEREST-INCOME> 8,367
<OTHER-INCOME> 0
<EXPENSES-NET> 13,790
<NET-INVESTMENT-INCOME> 16,449
<REALIZED-GAINS-CURRENT> 65,345
<APPREC-INCREASE-CURRENT> 226,932
<NET-CHANGE-FROM-OPS> 308,726
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2,753
<NUMBER-OF-SHARES-REDEEMED> (916)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5,040,158
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,835
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 56,365
<AVERAGE-NET-ASSETS> 2,150
<PER-SHARE-NAV-BEGIN> 11.13
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.20
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.34
<EXPENSE-RATIO> 2.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>023
<NAME>Munder Framlington Emerging Markets Fund CL-C
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 4,931,806
<INVESTMENTS-AT-VALUE> 5,158,763
<RECEIVABLES> 117,639
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 46,003
<TOTAL-ASSETS> 5,322,405
<PAYABLE-FOR-SECURITIES> 203,784
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 78,463
<TOTAL-LIABILITIES> 282,247
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 17,420
<SHARES-COMMON-STOCK> 1,573
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 16,449
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 65,345
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 226,932
<NET-ASSETS> 17,818
<DIVIDEND-INCOME> 21,872
<INTEREST-INCOME> 8,367
<OTHER-INCOME> 0
<EXPENSES-NET> 13,790
<NET-INVESTMENT-INCOME> 16,449
<REALIZED-GAINS-CURRENT> 65,345
<APPREC-INCREASE-CURRENT> 226,932
<NET-CHANGE-FROM-OPS> 308,726
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1,586
<NUMBER-OF-SHARES-REDEEMED> (13)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5,040,158
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,835
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 56,365
<AVERAGE-NET-ASSETS> 4,262
<PER-SHARE-NAV-BEGIN> 10.95
<PER-SHARE-NII> 0.01
<PER-SHARE-GAIN-APPREC> 0.37
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.33
<EXPENSE-RATIO> 2.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>024
<NAME>Munder Framlington Emerging Markets Fund CL-K
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 4,931,806
<INVESTMENTS-AT-VALUE> 5,158,763
<RECEIVABLES> 117,639
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 46,003
<TOTAL-ASSETS> 5,322,405
<PAYABLE-FOR-SECURITIES> 203,784
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 78,463
<TOTAL-LIABILITIES> 282,247
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 1,488,552
<SHARES-COMMON-STOCK> 135,140
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 16,449
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 65,345
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 226,932
<NET-ASSETS> 1,531,585
<DIVIDEND-INCOME> 21,872
<INTEREST-INCOME> 8,367
<OTHER-INCOME> 0
<EXPENSES-NET> 13,790
<NET-INVESTMENT-INCOME> 16,449
<REALIZED-GAINS-CURRENT> 65,345
<APPREC-INCREASE-CURRENT> 226,932
<NET-CHANGE-FROM-OPS> 308,726
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 135,140
<NUMBER-OF-SHARES-REDEEMED> 0
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5,040,158
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,835
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 56,365
<AVERAGE-NET-ASSETS> 324,515
<PER-SHARE-NAV-BEGIN> 10.06
<PER-SHARE-NII> 0.04
<PER-SHARE-GAIN-APPREC> 1.23
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.33
<EXPENSE-RATIO> 1.80
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>025
<NAME>Munder Framlington Emerging Markets Fund CL-Y
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 4,931,806
<INVESTMENTS-AT-VALUE> 5,158,763
<RECEIVABLES> 117,639
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 46,003
<TOTAL-ASSETS> 5,322,405
<PAYABLE-FOR-SECURITIES> 203,784
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 78,463
<TOTAL-LIABILITIES> 282,247
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 2,847,888
<SHARES-COMMON-STOCK> 273,662
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 16,449
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 65,345
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 226,932
<NET-ASSETS> 3,102,580
<DIVIDEND-INCOME> 21,872
<INTEREST-INCOME> 8,367
<OTHER-INCOME> 0
<EXPENSES-NET> 13,790
<NET-INVESTMENT-INCOME> 16,449
<REALIZED-GAINS-CURRENT> 65,345
<APPREC-INCREASE-CURRENT> 226,932
<NET-CHANGE-FROM-OPS> 308,726
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 292,790
<NUMBER-OF-SHARES-REDEEMED> (19,128)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 5,040,158
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 10,835
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 56,365
<AVERAGE-NET-ASSETS> 2,289,152
<PER-SHARE-NAV-BEGIN> 10.00
<PER-SHARE-NII> 0.06
<PER-SHARE-GAIN-APPREC> 1.28
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 11.34
<EXPENSE-RATIO> 1.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>031
<NAME>Munder Framlington Healthcare Fund CL-A
<S> <C>
<PERIOD-TYPE> 4-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> APR-30-1997
<INVESTMENTS-AT-COST> 2,497,765
<INVESTMENTS-AT-VALUE> 2,256,840
<RECEIVABLES> 74,347
<ASSETS-OTHER> 0
<OTHER-ITEMS-ASSETS> 46,010
<TOTAL-ASSETS> 2,377,197
<PAYABLE-FOR-SECURITIES> 37,725
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 14,032
<TOTAL-LIABILITIES> 51,757
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 274,273
<SHARES-COMMON-STOCK> 26,207
<SHARES-COMMON-PRIOR> 0
<ACCUMULATED-NII-CURRENT> 0
<OVERDISTRIBUTION-NII> (4,919)
<ACCUMULATED-NET-GAINS> 0
<OVERDISTRIBUTION-GAINS> (39,555)
<ACCUM-APPREC-OR-DEPREC> (240,928)
<NET-ASSETS> 236,626
<DIVIDEND-INCOME> 772
<INTEREST-INCOME> 3,232
<OTHER-INCOME> 0
<EXPENSES-NET> 8,923
<NET-INVESTMENT-INCOME> (4,919)
<REALIZED-GAINS-CURRENT> (39,555)
<APPREC-INCREASE-CURRENT> (240,928)
<NET-CHANGE-FROM-OPS> (285,402)
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> 0
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 26,691
<NUMBER-OF-SHARES-REDEEMED> (484)
<SHARES-REINVESTED> 0
<NET-CHANGE-IN-ASSETS> 2,325,440
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 0
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 6,460
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 51,768
<AVERAGE-NET-ASSETS> 105,392
<PER-SHARE-NAV-BEGIN> 11.30
<PER-SHARE-NII> (0.01)
<PER-SHARE-GAIN-APPREC> (2.26)
<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 9.03
<EXPENSE-RATIO> 1.55
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>032
<NAME>Munder Framlington Healthcare Fund CL-B
<S> <C>
<PERIOD-TYPE> 4-MOS
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>033
<NAME>Munder Framlington Healthcare Fund CL-C
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>034
<NAME>Munder Framlington Healthcare Fund CL-K
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>035
<NAME>Munder Framlington Healthcare Fund CL-Y
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>011
<NAME>Munder Framlington International Growth Fund CL-A
<S> <C>
<PERIOD-TYPE> 4-MOS
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>012
<NAME>Munder Framlington International Growth Fund CL-B
<S> <C>
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>013
<NAME>Munder Framlington International Growth Fund CL-C
<S> <C>
<PERIOD-TYPE> 4-MOS
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<INVESTMENTS-AT-COST> 18,351,616
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>014
<NAME>Munder Framlington International Growth Fund CL-K
<S> <C>
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<PERIOD-END> APR-30-1997
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</TABLE>
WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
<TABLE> <S> <C>
<ARTICLE> 6
<SERIES>
<NUMBER>015
<NAME>Munder Framlington International Growth Fund CL-Y
<S> <C>
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<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 81,299
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<PER-SHARE-NII> 0.04
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<PER-SHARE-DIVIDEND> 0.00
<PER-SHARE-DISTRIBUTIONS> 0.00
<RETURNS-OF-CAPITAL> 0.00
<PER-SHARE-NAV-END> 10.03
<EXPENSE-RATIO> 1.30
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0.0000
</TABLE>
