(OUTSIDE FRONT COVER)
CLASS A, B, C & Y SHARES
Annual
Report
[LOGO]
The Munder Funds
Investments JUNE 30, 1997
for all seasons
THE MUNDER EQUITY FUNDS
Accelerating Growth
Balanced
Growth & Income
International Equity
Micro-Cap Equity
Mid-Cap Growth
Multi-Season Growth
Real Estate Equity Investment
Small-Cap Value
Small Company Growth
Value
THE MUNDER FRAMLINGTON FUNDS
Framlington Emerging Markets
Framlington Healthcare
Framlington International Growth
<PAGE>
(INSIDE FRONT COVER)
"... we hope to guide our
shareholders, as we do
our portfolio managers,
to focus on the level of
risk assumed to achieve
a rate of return."
The Munder Funds
Letter to shareholders
DEAR FELLOW SHAREHOLDERS:
It is with a great deal of pleasure that I write you regarding the
status of the Munder Family of Mutual Funds. During the past year we have been
very active developing new funds and have added 11 Funds to our Fund Family. We
have done so to address the unique and more specific objectives of our
shareholders. We believe these investment options can provide a strong
foundation enabling each shareholder to meet their own personal asset allocation
needs.
All of this activity has been predicated on our belief that investors
should focus on their long term needs and avoid the easy temptation of merely
reviewing past performance. Instead, we hope to guide our shareholders, as we do
our portfolio managers, to focus on the level of risk assumed to achieve a rate
of return. Achieving superior returns while assuming less risk is the basis upon
which Munder Capital Management was founded. It is most visibly reflected in our
Multi-Season Growth Fund. The Fund's risk measures are less than the market, yet
its return over the last three years has been above-median for its comparable
Lipper mutual fund peer group.
It was also this belief that led us to develop our Lifestyle Funds,
allowing us to manage asset allocation for shareholders on a comprehensive basis
while focusing on limiting downside risk. These Funds, which opened in the
second quarter of 1997, have been very promising and have delivered total
returns in line with our expectations. We believe that comprehensive asset
allocation, with a focus on limiting downside risk, is the investor's most
important need and we further believe that these funds are well-suited for
investors whether they have an aggressive, moderate or conservative risk
tolerance.
Further in this report you will find more information detailing the
composition of each Fund's portfolio along with performance information. We are
very pleased that the majority of the equity funds reported above average
performance compared to similar funds.
If you have any questions please call the Fund at 1-800-4MUNDER, or call
your financial advisor. You may also contact us through our website at
http://www.munder.com. Thank you very much for your confidence in Munder Capital
Management and the Munder Family of Funds.
Very truly yours,
/s/ Lee Munder
--------------
Lee Munder President
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Table of
Contents
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EQUITY FUNDS OVERVIEW
ii Munder Accelerating Growth Fund
iii Munder Balanced Fund
iii Munder Growth & Income Fund
iv Munder International Equity Fund
iv Munder Micro-Cap Equity Fund
v Munder Mid-Cap Growth Fund
v Munder Multi-Season Growth Fund
v Munder Real Estate Equity Investment Fund
vi Munder Small-Cap Value Fund
vi Munder Small Company Growth Fund
vii Munder Value Fund
vii Munder Framlington Emerging Markets Fund
viii Munder Framlington Healthcare Fund
ix Munder Framlington International Growth Fund
xi Hypotheticals and Total Returns
PORTFOLIO OF INVESTMENTS --
1 Munder Accelerating Growth Fund
3 Munder Balanced Fund
8 Munder Growth & Income Fund
10 Munder International Equity Fund
24 Munder Micro-Cap Equity Fund
27 Munder Mid-Cap Growth Fund
29 Munder Multi-Season Growth Fund
31 Munder Real Estate Equity Investment Fund
33 Munder Small-Cap Value Fund
36 Munder Small Company Growth Fund
39 Munder Value Fund
41 Munder Framlington Emerging Markets Fund
46 Munder Framlington Healthcare Fund
48 Munder Framlington International Growth Fund
54 Financial Statements
74 Financial Highlights
103 Notes to Financial Statements
Report of Ernst & Young LLP, Independent Auditors
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Mutual fund shares are not deposits or obligations of, or guaranteed or endorsed
by any bank and are not federally insured by the Federal Deposit Insurance
Corporation, the Federal Reserve Board, or any other agency. All mutual fund
shares involve certain risks, including possible loss of principal.
i
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Management's Discussion of
Fund Performance
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Equity Funds Overview
Recent economic data has continued to be mixed, pointing toward continued
growth and moderate inflation. Lacking a rebound in inflation, the Federal
Reserve Board (the "Fed") elected at their July, 1997 meeting to hold monetary
policies steady following a moderate increase of interest rates in early 1997.
With the markets continuing their unprecedented progression, Fed watching,
particularly with respect to inflation-related economic measures, seems to have
become a national pastime. Investors continue to react with "excessive
exuberance" to every individual non-inflationary report. All this data-watching
has increased volatility in the markets, as many investors have taken action and
altered their portfolios following the release of each individual piece of data
regarding the health of the economy.
Particularly in light of these factors, we believe the best course of
action is still to focus on individual investment goals. It is of the utmost
importance to develop a plan, and invest in funds that maintain strict
disciplines when the market's volatility increases. This will result in an
overall portfolio that focuses on and meets long term objectives. Further, it
will avoid the futility of attempting to outguess the market on any given day,
thereby running the risk of increasing portfolio volatility, and worse yet, not
meeting your long term plan.
The S&P 500 Index generated a total return of 34.70% for the year ended
June 30, 1997. The S&P 500 Index has now registered ten consecutive positive
quarters. This type of growth has occurred only twice since 1928. The returns
for small company stocks, measured by the Russell 2000 Index, were more mixed
than those in the larger company S&P 500 Index. The Russell 2000 Index was
strong in the second half of 1996, but lagged significantly in early 1997 before
rebounding in May and June to register a one year return of 16.33%.
[The performance data contained in the following commentary are based on
the Y class of shares.]
MUNDER ACCELERATING GROWTH FUND
Fund Manager: The Munder Accelerating Growth Fund Committee
The Fund earned a return of 5.07% for the year ended June 30, 1997,
relative to the 23.96% average return for the Lipper universe of growth stock
mutual funds. The Fund adheres to an investment style that leads it to focus
principally on smaller size companies. These companies were especially hard hit
by investors during the early part of 1997. As such, fears regarding the
strength of technology-based companies drove down valuations of most smaller
companies across all industries. Since the Fund invests in smaller companies
that demonstrate accelerating earnings, the slightest hint that a company's
earnings estimates will not materialize can have a significant negative effect.
Despite this setback for smaller companies, investors rewarded larger cap
names. We believe that the market is now positioned to reward companies across
the entire capitalization spectrum that can demonstrate visible earnings. The
Fund continues to seek out companies with accelerating earnings, positive
earnings revisions and attractive valuations. As investors become more risk
averse, we are placing increasing emphasis on the visibility of our companies'
earnings streams.
ii
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MUNDER BALANCED FUND
Fund Managers: Leonard J. Barr II, CFA; Ann J. Conrad, CFA; James C. Robinson
The Fund earned a return of 13.91% for the year ended June 30, 1997,
relative to the 19.41% average return for the Lipper universe of balanced mutual
funds. While this is an attractive absolute return, we are disappointed with the
relative performance given the overall level of the market. The underperformance
is attributable to the mid-sized companies that were selected based on the
accelerating growth style. These were particularly hard hit in the first quarter
of 1997 as investors focused on large-cap names. The equity portion of the Fund
was helped by the fact that it mirrors the Multi-Season and the Accelerating
Growth Fund styles. While the Fund benefits during strong markets for smaller
stocks, weaker small and mid cap markets tend to cause the Fund to underperform.
MUNDER GROWTH & INCOME FUND
Fund Manager: Otto G. Hinzmann, Jr.
The Fund exhibited a return of 28.43% for the year ended June 30, 1997,
relative to the 26.73% average return for the Lipper universe of equity income
mutual funds. The Fund has earned above-median returns since inception.
We are particularly proud of the performance of the Fund given its
defensive characteristics. The Fund's mandate is to generate income in excess of
the general market. We are pleased with the Fund's strong performance given this
mandate, especially since higher yielding stocks have, in general, tended to lag
the overall market. Naturally, there is often a trade-off between yields and
price return. REITs, which make up 6% of the Fund and have an average yield of
6%, were up in price by only 3% during the twelve months ended June 30, 1997.
The other three highest yielding sectors of the Fund (utilities with an average
yield of 3.9% and energy and consumer cyclicals with average yields of 3.1%)
made up 45% of the Fund and were up in price by an average of 8.6% for the
second quarter of 1997.
Good stock selection provided value to the Fund and its shareholders during
the past fiscal year. Once again, the Fund's utility sector (15% of the Fund)
outperformed the S&P 500 Index Utility sector, with a return of 8.0% versus the
4.5% return for S&P utilities. Strong price gains came from the consumer
non-durable sector (+18.5%), finance sector (+18.0%) and conglomerates/office
equipment sector (+31.5%). Overall we are very pleased with the Fund's
performance in delivering above average returns with above market dividends.
iii
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MUNDER INTERNATIONAL EQUITY FUND
Fund Managers: Todd B. Johnson and Theodore Miller
The Fund generated a return of 18.35% for the year ended June 30, 1997,
relative to the 12.90% return for the FT-Actuaries World ex-U.S. Index and the
16.54% average return for the Lipper universe of international equity mutual
funds. The Fund has earned above-median returns for the six-month, one-year,
two-year and three-year time periods ending June 30, 1997. It has outperformed
the FT-Actuaries World ex-U.S. Index over the same time periods.
Wide industry and country diversification contributed to the Fund's strong
absolute and relative performance. The top ten stock performers in the market
quantitative portion (the portion of the Fund focused on broad diversification)
came from ten different countries and ten different industry groups. Brilliance
China Auto, a Chinese auto manufacturer, was up 78.3% in the month of June due
to an overall favorable investing environment connected with the Hong Kong
changeover. Macronix International Co. Ltd., a Taiwanese computer chip
manufacturer, rallied 53.7% in the month of June, 1997 due to an announcement
that production of DRAM chips would be restricted to improve prices. Siderurgica
Venezolana Sivensa, an Venezuelan industrial conglomerate, rose 42.4% in the
month of June, 1997 when the firm announced that it would bid with Amoco Oil on
several Venezuelan oil tracts.
The performance of the economic quantitative portion (stocks chosen on the
basis of country-specific economic models) was enhanced by Japanese stocks. Long
Term Credit Bank, a Japanese thrift, and Industrial Bank of Japan, a Japanese
bank, were up 32.7% and 29.5%, respectively, in June on projections of increased
loan demand. Orient Corp., a Japanese consumer credit provider, announced a pact
with top Japanese insurers to allow premiums to be charged on their credit
cards. That pact helped move the stock up by 19% in June.
The performance of the Fund was also affected by the U.S. Dollar since
the Fund's investments were not hedged back to the U.S. Dollar.
MUNDER MICRO-CAP EQUITY FUND
Fund Manager: The Munder Micro-Cap Fund Committee
The Fund generated a return of 28.30% for the period from inception
(12/26/96) through June 30, 1997, relative to the 11.45% average return for the
Lipper universe of micro cap mutual funds. The Fund, which began operation in
December 1996, has earned above-median returns for the six-month time period
ending June 30, 1997.
The weightings of the technology and service sectors were increased during
the second quarter of 1997 to 24% and 20%, respectively. This contributed to the
strong performance of the Fund. Among the strongest technology holdings were
Inter-Tel, Great Plains Software and Viasat. Ha-Lo Industries and LCC
International were star performers in the services sector.
In addition to the technology and service sectors, finance and healthcare
holdings made a significant contribution to returns. Hamilton Bancorp and
Nitinol Medical Technologies were among the strong performers from these
sectors. During the second quarter of 1997, the Fund's holdings were
increasingly tilted toward growth stocks based on stock selection and valuation.
iv
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MUNDER MID-CAP GROWTH FUND
Fund Manager: The Munder Mid-Cap Growth Fund Committee
The Fund generated a return of 1.07% for the year ended June 30, 1997,
relative to the 15.61% average return for the Lipper universe of mid-cap mutual
funds. The results for the year were a disappointment. However, we believe that
as the market is beginning to broaden we will see continued strength in smaller
technology and healthcare stocks indicating that investors are looking beyond
the larger cap names, such as IBM, Coke and Gillette. As this broadening
continues, we anticipate that the Fund will benefit from its superior financial
and valuation characteristics. Specifically, the current portfolio has a
three-year average annual growth rate which is five times that of the S&P 500
Index while trading at a minimal valuation premium. In fact, the current
valuation premium is the lowest since the Fund's inception.
MUNDER MULTI-SEASON GROWTH FUND
Fund Managers: Leonard J. Barr II, CFA and Lee Munder, CFA
The Fund generated a return of 27.96% for the year ended June 30, 1997,
relative to the 23.96% average return for the Lipper universe of growth stock
mutual funds. The Fund has earned above-median returns since inception. The Fund
follows Munder Capital Management's flagship Demonstrated Growth at a Reasonable
Price methodology, which focuses on those companies that are consistent strong
growing companies, with strong financials and positive investor sentiment. These
"good consistent growers" are the types of companies that tend not to surprise
investors with negative earnings reports. This consistency of earnings
ultimately leads over time to higher price valuations and enhanced performance.
The best performing sectors for the Fund were telecommunications, consumer
cyclicals and services. The best performing stocks were Worldcom, Pfizer and
Mattel. All three stocks were up by more than 40% during the second quarter of
1997. The weaker sectors included capital goods and basic industries.
During the quarter ended June 30, 1997, we increased the weighting of
consumer cyclicals and decreased the weightings of the healthcare, energy and
consumer staples sectors. The Fund continues to show favorable growth and
valuation characteristics. The median expected earnings per share growth over
the next twelve months for the companies in the Fund is 16%. This compares
favorably with the 8% estimated earnings growth for the companies in the S&P 500
Index universe. This significantly higher estimated growth comes at only a small
premium in price, as shown by the price to earnings ratio of 20 for the Fund,
only slightly higher than the price to earnings ratio of 16 for the S&P 500
Index universe.
MUNDER REAL ESTATE EQUITY INVESTMENT FUND
Fund Manager: Peter K. Hoglund, CFA
The Fund generated a return of 33.79% for the year ended June 30, 1997,
relative to the 33.85% return for the NAREIT Index (equity only) and the 31.66%
average return for the Lipper universe of real estate mutual funds.
This is a portfolio of high quality REITs, typically of greater financial
stability than those in other REIT indices. For the quarter ended June 30, 1997,
the Fund underperformed both its Lipper
v
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and NAREIT benchmarks, as high quality, more liquid REITs declined sharply in
value in May. Holdings reports show that competing REIT funds have taken fairly
large positions in non-REIT stocks, increasing both their volatility and their
correlation with the stock market. Given our commitment to higher quality REIT
holdings, the Fund is likely to underperform these funds in strong markets but
show strong relative performance in more negative market environments. In fact
this has been borne out recently as the Fund has moved in July 1997 to above
average returns on a year to date basis as REIT stocks have gained relatively.
Currently, REIT multiples relative to the S&P 500 Index are more attractive
than at any time in the last two years. Given favorable valuations and
fundamentals, we anticipate continued steady, solid performance over the
longer-term from our high quality names.
MUNDER SMALL-CAP VALUE FUND
Fund Managers: Gerald L. Seizert, CFA and Edward O. Eberle
The Fund earned a return of 20.86% for the period from inception (12/26/96)
through June 30, 1997, relative to the 10.20% return for the Russell 2000 Index
and the 8.99% average return for the Lipper universe of small cap mutual funds.
The Fund, which began operation in December 1996, has earned above-median
returns for the six-month time period ending June 30, 1997.
In a reversal of the first quarter of 1997, value stocks lagged growth
stocks in the small cap segment of the stock market during the second quarter of
1997. The Russell 2000 Growth Index rose by 17.56% for the second quarter of
1997, while the Russell 2000 Value Index was up by only 15.09%.
The consumer cyclicals, finance and technology sectors were the primary
contributors to the Fund's performance during the second quarter of 1997.
Strength in consumer cyclicals was led by several specialty retail companies.
With the decline in long-term interest rates throughout the quarter, several
banks and specialty finance stocks were strong performers within the finance
sector. Technology holdings benefited from an improvement in the earnings
outlook for several companies represented in the Fund. Several healthcare
companies also made a significant contribution to performance.
Throughout the second quarter of 1997, weightings in the capital goods and
consumer cyclicals sectors were reduced by taking profits in stocks that had
achieved our price objectives. Holdings in the energy, bank/thrift and specialty
finance sectors were increased. We remain confident in our small cap value
discipline and believe that there are still many good values in the small cap
segment of the market.
MUNDER SMALL COMPANY GROWTH FUND
Fund Managers: Carl P. Wilk and Michael Gura
The Fund generated a return of 19.26% for the year ended June 30, 1997,
compared to the 13.71% average return for the Lipper universe of small cap
mutual funds. The Fund has earned above-median returns for the one-month,
three-month, one-year, two-year and three- year periods ended June 30, 1997.
vi
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The Russell 2000 Index, a widely used benchmark for small company stocks,
posted its best quarterly performance since the first quarter of 1991 for both
growth and value stocks for the second quarter of 1997. The overall Index rose
16.21% for the quarter, with the Russell 2000 Growth Index up by 17.6% and the
Russell 2000 Value Index up by 15.1%. Despite a difficult first quarter for
small cap growth stocks, the Fund was up 9.64% for the six-month period ended
June 30, 1997, handily beating the Russell 2000 Growth Index which was up only
5.2% for the same period.
MUNDER VALUE FUND
Fund Managers: Gerald L. Seizert, CFA and Edward O. Eberle
The Fund exhibited a return of 34.66% for the year ended June 30, 1997,
relative to the 28.07% average return for the Lipper universe of growth & income
funds. (There is no Lipper universe representing value funds. The growth &
income universe is closest to the Fund in terms of investment characteristics.)
The Fund has earned above-median returns for the nine-month and one-year time
periods ending June 30, 1997.
Good performance from holdings in the capital goods, consumer cyclicals,
energy and finance sectors helped boost the Fund's return during the second
quarter of 1997. Weaker sectors included REITs, utilities, transportation and
technology. Since holdings of REITs were decreased throughout the second quarter
of 1997, the negative impact was significantly reduced.
The broad market has continued to prefer large capitalization, stable
growth stocks with little concern for valuation. In this type of market, value
styles will tend to show relative underperformance. Rather than chasing the
current hot sectors, we have held steady to our discipline and continue to find
better value ideas in the mid cap rather than the large cap sectors of the
market.
Exposure to the technology sector has been gradually reduced. We believe
that the usual summer slowdown and uncertainty over the strength of demand for
personal computers will provide good buying opportunities in the technology
sector in the future. Weightings in the consumer staples, healthcare and
consumer cyclicals sectors were increased. We remain overweighted in finance,
with an increase in specialty finance and insurance holdings.
MUNDER FRAMLINGTON EMERGING MARKETS FUND
Fund Managers: Simon Key and William Calvert
The Fund earned a return of 29.51% for the period from inception (12/31/96)
through June 30, 1997, relative to the 18.00% return for the MSCI Emerging
Markets Index and the 21.00% average return for the Lipper universe of emerging
markets stock mutual funds. The Fund, which began operation in December 1996,
has earned above-median returns for the six-month period ending June 30, 1997
and has outperformed the Morgan Stanley Emerging Markets Index for the same time
period.
The two strongest markets within the emerging markets universe have been
South American and Chinese-related stocks. The world's attention was focused on
Hong Kong at the
vii
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end of the second quarter of 1997 as the island city was handed back to Chinese
rule. We remain bullish on the economic prospects for China. Even though there
is uncertainty surrounding the political future of Hong Kong, we continue to
believe that the Chinese economy will benefit from the increased visibility and
access to capital that Hong Kong provides. Our Chinese stocks which trade on the
Hong Kong Exchange have appreciated by 63.5% for the six-month period ended June
30, 1997 and by 49.8% over the quarter ended June 30, 1997. We have slightly
reduced our exposure to China but retain an 8% target allocation.
All of the major countries in Latin and South America had favorable stock
markets during the second quarter of 1997, with strong returns from Brazil
(37%), Peru (29%), Mexico (20%), Chile (15%), and Argentina (13%). In this
region, the Fund has been investing in both infrastructure companies, such as
telecommunications and construction, and in domestic consumer demand companies,
such as retail and food and beverages. We believe that, as the area continues to
develop and as domestic income rises, these types of companies will experience
near-term benefits. Over the course of the second quarter of 1997, our weighting
in this region was increased from 34.54% to 40.43%, and we remain positive about
its economic prospects. At current price levels, however, stocks in South
America are beginning to look fully valued. Therefore, we do not anticipate
adding further holdings to our portfolio at the current time.
We have repositioned the Fund slightly in other areas. The weightings in
Malaysia and Thailand were reduced during the second quarter of 1997, and we
have almost eliminated our allocation to Eastern Europe, with the exception of
Russia. With the funds generated from these reduced allocations, we have
diversified the portfolio into other, faster growing markets such as India,
Egypt, and Venezuela. In addition, we are in the process of investing in some
"frontier" markets, those which are newly developed and offer outstanding
potential, such as Russia.
MUNDER FRAMLINGTON HEALTHCARE FUND
Fund Manager: Antony Milford
The Fund earned a return of 8.90% for the period from inception (12/31/96)
through June 30, 1997 compared to the 13.55% average return for the Lipper
universe of health/biotechnology mutual funds. The S&P Healthcare Index, which
represents larger cap healthcare stocks, had a 31.88% return.
The general healthcare sector significantly outperformed the S&P 500 Index
in the second quarter of 1997. The smaller healthcare companies lagged the
larger companies at the beginning of the second quarter of 1997, but began to
rally in May and June. One of the strongest sectors was medical services. Once
Congress made public certain Medicare and Medicaid proposals, companies in this
sector could resume budget planning. We have been adding some quality managed
care names and specialized service providers to the portfolio. The weakest
segment for the Fund was biotechnology, where there were some earnings and
product development disappointments. We adhere to our sell discipline, triggered
by product or earnings disappointments. For that reason, we sold several stocks
during the second quarter, including Boston Scientific, Medic Computer Systems,
and Liposome.
viii
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At the end of the second quarter of 1997, the Fund's portfolio was composed
of approximately 19% biotechnology stocks, 25% medical devices stocks, 26% drugs
and drug delivery stocks, and 30% medical services stocks. Our investment
philosophy is to buy the stocks of companies which we believe are creating
innovative products or processes, preferably early in the company's development.
We then hold on to the shares as the new products are brought to market. This
means that we participate fully in the growth of the company. However, it also
means that the Fund is vulnerable to volatility in the small cap sector when
those stocks are out of favor.
MUNDER FRAMLINGTON INTERNATIONAL GROWTH FUND
Fund Manager: The Munder Framlington International Growth Fund Committee,
headed by Simon Key
The Fund earned a return of 13.50% for the period from inception (12/31/96)
through June 30, 1997, relative to the 11.36% return for the Morgan Stanley EAFE
Index and the 12.53% average return for the Lipper universe of international
equity mutual funds. The Fund, which began operation in December 1996, has
earned an above-median return for the six-month period ending June 30, 1997.
The Nikkei 225 Index, after a prolonged period of underperformance relative
to the U.S. and Europe, rose 19.9% in U.S. dollar terms during the second
quarter of 1997. The major European markets initially lagged the Japanese
market. However, weakening currencies renewed hopes for economic expansion and
fueled growth in European stock markets in June. The Fund benefited from both of
these occurrences. The Fund's Japanese allocation had been raised toward the end
of March and therefore it participated fully in that country's rally. Our
investments in Japanese domestic consumer goods companies and specialty
exporters were especially strong performers.
Increasing investor confidence and upward revisions in consensus estimates
for the Japanese economy were behind its recent stock market surge. Since the
market has absorbed the good economic news, the probability of strong
performance is now lower. Although valuations are still good, trading volume has
fallen and the Japanese market appears to be narrowing. All of these factors
caused us to lower our target allocation in Japan at the beginning of July from
32% (neutral versus the EAFE Index) to 30% (underweighted versus the EAFE
Index).
We are also underweighted in the U.K. (16.5% versus 18.7% for the EAFE
Index) and neutral in Continental Europe (39.7%). The U.K. has slightly
underperformed the other European markets due to concern over the possibility of
rising interest rates. Finally, the Fund is overweighted in the emerging markets
(9.0% versus 2.0% for the EAFE Index). We believe that the emerging markets
remain one of the best investment opportunities today in terms of growth
potential and valuation.
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x
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Hypotheticals and Total Returns
The following graphs represent the performance of the Funds since inception,
which includes a period of time when the Funds were managed by Munder Capital
Management (approximately twenty-nine months) and a period of time when the
Funds were managed by the predecessor. The chart following each line graph sets
forth performance information and the growth of a hypothetical $10,000
investment for the class(es) of each Fund shown in the line graph as well as
certain other classes of shares offered by the Fund. These classes have
different sales charges and expenses than the class(es) shown in the line graph,
which affect performance. The Lipper mutual fund averages were derived from a
universe of only those mutual funds that were in existence as of the inception
date of the Funds and are comprised of mutual funds which are categorized under
the Funds' respective objectives by Lipper Analytical Services, Inc.
Accelerating Growth Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[Performance Graph]
<TABLE>
<CAPTION>
Lipper Growth
Class Y S&P 500 Funds Average
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<S> <C> <C> <C>
12/1/91 $10,000.00 $10,000.00 $ 10,000.00
12/31/91 $11,300.00 $11,141.00 $ 11,127.00
1/31/92 $11,113.00 $10,934.00 $ 11,176.00
2/29/92 $11,113.00 $11,075.00 $ 11,355.00
3/31/92 $10,803.00 $10,860.00 $ 11,031.00
4/30/92 $10,620.00 $11,179.00 $ 10,966.00
5/31/92 $10,710.00 $11,233.00 $ 11,051.00
6/30/92 $10,309.00 $11,066.00 $ 10,732.00
7/31/92 $10,863.00 $11,518.00 $ 11,117.00
8/31/92 $10,742.00 $11,283.00 $ 10,876.00
9/30/92 $11,084.00 $11,415.00 $ 11,069.00
10/31/92 $11,309.00 $11,455.00 $ 11,290.00
11/30/92 $12,034.00 $11,844.00 $ 11,863.00
12/31/92 $12,416.00 $11,989.00 $ 12,085.00
1/31/93 $12,598.00 $12,089.00 $ 12,260.00
2/28/93 $12,454.00 $12,254.00 $ 12,085.00
3/31/93 $13,145.00 $12,512.00 $ 12,437.00
4/30/93 $12,533.00 $12,210.00 $ 12,073.00
5/31/93 $13,172.00 $12,536.00 $ 12,525.00
6/30/93 $13,338.00 $12,572.00 $ 12,565.00
7/31/93 $13,400.00 $12,522.00 $ 12,531.00
8/31/93 $14,216.00 $12,996.00 $ 13,070.00
9/30/93 $14,464.00 $12,896.00 $ 13,198.00
10/31/93 $14,580.00 $13,163.00 $ 13,386.00
11/30/93 $13,878.00 $13,037.00 $ 13,135.00
12/31/93 $14,580.00 $13,195.00 $ 13,516.00
1/31/94 $14,874.00 $13,643.00 $ 13,952.00
2/28/94 $14,706.00 $13,273.00 $ 13,734.00
3/31/94 $13,833.00 $12,695.00 $ 13,094.00
4/30/94 $13,686.00 $12,858.00 $ 13,164.00
5/31/94 $13,308.00 $13,068.00 $ 13,239.00
6/30/94 $12,477.00 $12,748.00 $ 12,806.00
7/31/94 $12,888.00 $13,167.00 $ 13,145.00
8/31/94 $13,529.00 $13,705.00 $ 13,750.00
9/30/94 $13,319.00 $13,370.00 $ 13,485.00
10/31/94 $13,918.00 $13,670.00 $ 13,687.00
11/30/94 $13,140.00 $13,173.00 $ 13,172.00
12/31/94 $13,402.00 $13,368.00 $ 13,299.00
1/31/95 $13,251.00 $13,714.00 $ 13,391.00
2/28/95 $13,791.00 $14,248.00 $ 13,918.00
3/31/95 $14,255.00 $14,668.00 $ 14,316.00
4/30/95 $14,342.00 $15,100.00 $ 14,635.00
5/31/95 $14,828.00 $15,702.00 $ 15,075.00
6/30/95 $16,070.00 $16,067.00 $ 15,702.00
7/31/95 $17,279.00 $16,599.00 $ 16,447.00
8/31/95 $17,452.00 $16,641.00 $ 16,592.00
9/30/95 $17,862.00 $17,342.00 $ 17,065.00
10/31/95 $17,106.00 $17,280.00 $ 16,798.00
11/30/95 $17,344.00 $18,038.00 $ 17,398.00
12/31/95 $16,885.00 $18,386.00 $ 17,499.00
1/31/96 $17,406.00 $19,011.00 $ 17,871.00
2/29/96 $18,245.00 $19,188.00 $ 18,250.00
3/31/96 $18,689.00 $19,372.00 $ 18,424.00
4/30/96 $19,464.00 $19,658.00 $ 18,977.00
5/31/96 $20,227.00 $20,164.00 $ 19,429.00
6/30/96 $19,655.00 $20,241.00 $ 19,174.00
7/31/96 $17,724.00 $19,347.00 $ 18,082.00
8/30/96 $18,384.00 $19,756.00 $ 18,702.00
9/30/96 $19,833.00 $20,867.00 $ 19,732.00
10/31/96 $19,337.00 $21,442.00 $ 19,945.00
11/30/96 $19,680.00 $23,062.00 $ 21,171.00
12/31/96 $19,093.00 $22,605.00 $ 20,903.00
1/31/97 $20,188.00 $24,016.00 $ 21,975.00
2/28/97 $19,149.00 $24,205.00 $ 21,723.00
3/31/97 $17,633.00 $23,212.00 $ 20,781.00
4/30/97 $17,913.00 $24,597.00 $ 21,539.00
5/31/97 $19,682.00 $26,101.00 $ 23,084.00
6/30/97 $20,651.00 $27,261.00 $ 23,992.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
- ------------------------------------------------------------------ -----------------------------------------------------------
One One Five Five Since Since
Class and With Without Lipper Growth Year year Years Years Inception Inception
Inception Date Load Load S&P 500 Funds Average w/load w/out load w/load w/out load w/ load w/out load
- -------------- ---- ---- ------- ------------- ------ ----- ----------- ---------- ------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A--11/23/92 $16,379.00* $17,333.00 $23,016.35 $20,055.44 (0.93)%* 4.83% N/A N/A 11.32%* 12.69%
Class B--4/25/94 $14,485.00+ $14,785.00 $21,138.35 $18,157.93 (0.55)%* 4.15% N/A N/A 12.36%+ 13.08%
Class C--9/26/95 $11,451.00 $11,451.00 $15,718.74 $13,942.99 2.95%* 3.89% N/A N/A N/A 8.00%
Class Y--12/1/91 N/A $20,651.00 $27,260.89 $23,992.31 N/A 5.07% N/A 14.91% N/A 13.88%
<FN>
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus, figures
reflect the deduction of a 3.00% back-end load.
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that, an investor's shares, upon redemption, may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments assuming
reinvestment of dividends.
Figures for the S&P 500, an unmanaged index of common stock prices, include
reinvestment of dividends.
</TABLE>
xi
<PAGE>
Balanced Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[Performance Graph]
<TABLE>
<CAPTION>
60% S&P 500/ Lipper Balanced
Class Y S&P 500 40% Lehman Gov't/Corp. Funds Average
------- ------- ---------------------- ---------------
<S> <C> <C> <C> <C>
4/13/93 $10,000.00 $10,000.00 $ 10,000.00 $ 10,000.00
4/30/93 $ 9,860.00 $ 9,758.00 $ 9,885.75 $ 9,890.00
5/31/93 $10,000.00 $10,018.00 $ 10,039.84 $ 10,045.00
6/30/93 $10,070.00 $10,047.00 $ 10,149.00 $ 10,158.00
7/31/93 $10,061.00 $10,007.00 $ 10,151.00 $ 10,181.00
8/31/93 $10,352.00 $10,386.00 $ 10,473.00 $ 10,484.00
9/30/93 $10,403.00 $10,306.00 $ 10,440.00 $ 10,514.00
10/31/93 $10,444.00 $10,519.00 $ 10,586.00 $ 10,620.00
11/30/93 $10,192.00 $10,419.00 $ 10,477.00 $ 10,481.00
12/31/93 $10,484.00 $10,545.00 $ 10,571.00 $ 10,662.00
1/31/94 $10,663.00 $10,903.00 $ 10,850.00 $ 10,925.00
2/28/94 $10,481.00 $10,607.00 $ 10,589.00 $ 10,715.00
3/31/94 $10,026.00 $10,146.00 $ 10,199.00 $ 10,321.00
4/30/94 $ 9,977.00 $10,276.00 $ 10,243.00 $ 10,341.00
5/31/94 $ 9,886.00 $10,444.00 $ 10,336.00 $ 10,393.00
6/30/94 $ 9,571.00 $10,188.00 $ 10,173.00 $ 10,211.00
7/31/94 $ 9,773.00 $10,522.00 $ 10,455.00 $ 10,441.00
8/31/94 $10,059.00 $10,953.00 $ 10,715.00 $ 10,707.00
9/30/94 $ 9,946.00 $10,685.00 $ 10,491.00 $ 10,505.00
10/31/94 $10,084.00 $10,925.00 $ 10,631.00 $ 10,556.00
11/30/94 $ 9,797.00 $10,528.00 $ 10,385.00 $ 10,300.00
12/31/94 $ 9,940.00 $10,683.00 $ 10,505.00 $ 10,399.00
1/31/95 $ 9,981.00 $10,960.00 $ 10,750.00 $ 10,539.00
2/28/95 $10,281.00 $11,387.00 $ 11,103.00 $ 10,859.00
3/31/95 $10,473.00 $11,723.00 $ 11,333.00 $ 11,054.00
4/30/95 $10,587.00 $12,068.00 $ 11,600.00 $ 11,250.00
5/31/95 $10,930.00 $12,549.00 $ 12,072.00 $ 11,624.00
6/30/95 $11,264.00 $12,840.00 $ 12,282.00 $ 11,852.00
7/31/95 $11,609.00 $13,266.00 $ 12,520.00 $ 12,120.00
8/31/95 $11,672.00 $13,299.00 $ 12,598.00 $ 12,225.00
9/30/95 $11,968.00 $13,860.00 $ 12,982.00 $ 12,502.00
10/31/95 $11,926.00 $13,810.00 $ 13,021.00 $ 12,466.00
11/30/95 $12,274.00 $14,416.00 $ 13,462.00 $ 12,857.00
12/31/95 $12,280.00 $14,694.00 $ 13,699.00 $ 13,039.00
1/31/96 $12,577.00 $15,193.00 $ 14,030.00 $ 13,278.00
2/29/96 $12,704.00 $15,334.00 $ 14,010.00 $ 13,323.00
3/31/96 $12,786.00 $15,482.00 $ 14,058.00 $ 13,376.00
4/30/96 $12,956.00 $15,710.00 $ 14,162.00 $ 13,505.00
5/31/96 $13,180.00 $16,115.00 $ 14,397.00 $ 13,668.00
6/30/96 $13,218.00 $16,176.00 $ 14,497.00 $ 13,684.00
7/31/96 $12,715.00 $15,462.00 $ 14,080.00 $ 13,301.00
8/30/96 $12,940.00 $15,789.00 $ 14,264.00 $ 13,544.00
9/30/96 $13,597.00 $16,677.00 $ 14,882.00 $ 14,038.00
10/31/96 $13,694.00 $17,137.00 $ 15,271.00 $ 14,313.00
11/30/96 $14,157.00 $18,430.00 $ 16,140.00 $ 14,979.00
12/31/96 $13,859.00 $18,066.00 $ 15,864.00 $ 14,822.00
1/31/97 $14,179.00 $19,194.00 $ 16,547.00 $ 15,256.00
2/28/97 $14,042.00 $19,344.00 $ 16,648.00 $ 15,284.00
3/31/97 $13,542.00 $18,551.00 $ 16,112.00 $ 14,854.00
4/30/97 $13,933.00 $19,658.00 $ 16,849.00 $ 15,276.00
5/31/97 $14,623.00 $20,859.00 $ 17,617.00 $ 15,951.00
6/30/97 $15,057.00 $21,787.00 $ 18,235.00 $ 16,430.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
----------------------------------------------------------------- ---------------------------------------------
One
60% S&P 500/ One Year Since Since
Class and With Without 40% Lehman Lipper Balanced Year w/out Inception Inception
Inception Date Load Load S&P 500 Gov't/Corp. Funds Average w/load load w/load w/ out load
- -------------- ---- ---- ------- ----------- ------------- ------ ---- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A--4/30/93 $14,306.00* $15,139.00 $22,326.32 $18,518.98 $16,429.51 7.38%* 13.63% 8.97%* 10.46%
Class B--6/21/94 $14,663.00+ $14,963.00 $21,383.27 $17,916.43 $16,090.71 7.73%* 12.73% 13.49%+ 14.25%
Class C--1/24/96 $11,983.00 $11,983.00 $14,339.36 $12,806.53 $12,327.05 11.84%* 12.84% 13.43% 13.43%
Class Y--4/13/93 N/A $15,057.00 $21,786.66 $18,234.69 $16,429.51 N/A 13.91% N/A 10.20%
</TABLE>
Growth & Income Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[Performance Graph]
<TABLE>
<CAPTION>
Lipper Equity
Class Y S&P 500 Income Funds
------- ------- --------------
<S> <C> <C> <C>
7/5/94 $10,000.00 $ 10,000.00 $ 10,000.00
7/31/94 $10,090.00 $ 10,328.00 $ 10,263.00
8/31/94 $10,190.00 $ 10,750.00 $ 10,590.00
9/30/94 $10,140.00 $ 10,487.00 $ 10,400.00
10/31/94 $10,167.00 $ 10,723.00 $ 10,459.00
11/30/94 $ 9,905.00 $ 10,333.00 $ 10,058.00
12/31/94 $ 9,951.00 $ 10,486.00 $ 10,131.00
1/31/95 $10,246.00 $ 10,757.00 $ 10,323.00
2/28/95 $10,602.00 $ 11,176.00 $ 10,654.00
3/31/95 $10,809.00 $ 11,506.00 $ 10,909.00
4/30/95 $11,066.00 $ 11,844.00 $ 11,156.00
5/31/95 $11,456.00 $ 12,317.00 $ 11,491.00
6/30/95 $11,523.00 $ 12,602.00 $ 11,643.00
7/31/95 $11,678.00 $ 13,020.00 $ 11,970.00
8/31/95 $11,740.00 $ 13,053.00 $ 12,102.00
9/30/95 $12,251.00 $ 13,603.00 $ 12,501.00
10/31/95 $12,272.00 $ 13,555.00 $ 12,363.00
11/30/95 $12,856.00 $ 14,149.00 $ 12,890.00
12/31/95 $13,361.00 $ 14,422.00 $ 13,209.00
1/31/96 $13,700.00 $ 14,912.00 $ 13,516.00
2/29/96 $13,657.00 $ 15,051.00 $ 13,635.00
3/31/96 $13,799.00 $ 15,195.00 $ 13,818.00
4/30/96 $13,682.00 $ 15,419.00 $ 13,987.00
5/31/96 $13,842.00 $ 15,816.00 $ 14,213.00
6/30/96 $13,972.00 $ 15,877.00 $ 14,232.00
7/31/96 $13,512.00 $ 15,176.00 $ 13,709.00
8/30/96 $13,823.00 $ 15,497.00 $ 14,065.00
9/30/96 $14,391.00 $ 16,368.00 $ 14,601.00
10/31/96 $14,822.00 $ 16,819.00 $ 14,932.00
11/30/96 $15,663.00 $ 18,089.00 $ 15,777.00
12/31/96 $15,517.00 $ 17,731.00 $ 15,693.00
1/31/97 $16,088.00 $ 18,838.00 $ 16,285.00
2/28/97 $16,414.00 $ 18,986.00 $ 16,464.00
3/31/97 $15,992.00 $ 18,208.00 $ 15,954.00
4/30/97 $16,449.00 $ 19,294.00 $ 16,421.00
5/31/97 $17,304.00 $ 20,473.00 $ 17,372.00
6/30/97 $17,945.00 $ 21,383.00 $ 18,016.00
</TABLE>
<TABLE>
<CAPTION>
Growth of a $10,000 Investment Average Annual Total Returns
-------------------------------------------------------- ---------------------------------------------
Lipper One One Since Since
Class & With Without Equity Income Year Year Inception Inception
Inception Date Load Load S & P 500 Funds w/load w/out load w/load w/out load
- -------------- ---- ---- --------- ------------- ------ ---------- ------ ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A - 8/8/94 $16,668.00* $17,638.00 $20,703.92 $17,553.73 21.05%* 28.10% 19.30%* 21.65%
Class B - 8/9/94 $16,977.00* $17,277.00 $20,703.92 $17,553.73 22.16%* 27.16% 20.08%+ 20.81%
Class C - 12/5/95 N/A $13,425.00 $15,112.44 $13,999.04 26.17%* 27.17% N/A 20.64%
Class Y - 07/5/94 N/A $17,945.00 $21,383.27 $18,015.82 N/A 28.43% N/A 21.63%
<FN>
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus, figures
reflect the deduction of a 3.00% back-end load.
Please refer to the preceding and following pages for additional information
on performance and index description.
</TABLE>
xii
<PAGE>
International Equity
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[Performance Graph]
<TABLE>
<CAPTION>
FT/S&P Actuaries Lipper International
Class Y World Index ex U.S. Funds Average
------- ------------------- --------------------
<S> <C> <C> <C>
12/1/91 $10,000.00 $ 10,000.00 $ 10,000.00
12/31/91 $10,520.00 $ 10,468.17 $ 10,487.00
1/31/92 $10,646.00 $ 10,212.86 $ 10,569.00
2/29/92 $10,776.00 $ 9,847.48 $ 10,576.00
3/31/92 $10,486.00 $ 9,185.01 $ 10,214.00
4/30/92 $10,736.00 $ 9,164.46 $ 10,476.00
5/31/92 $11,187.00 $ 9,776.53 $ 10,990.00
6/30/92 $10,766.00 $ 9,303.71 $ 10,686.00
7/31/92 $10,416.00 $ 9,048.41 $ 10,308.00
8/31/92 $10,175.00 $ 9,673.08 $ 10,378.00
9/30/92 $10,195.00 $ 9,434.35 $ 10,149.00
10/31/92 $10,365.00 $ 8,962.20 $ 9,850.00
11/30/92 $10,616.00 $ 9,072.94 $ 9,903.00
12/31/92 $10,656.00 $ 9,101.46 $ 10,033.00
1/31/93 $10,522.00 $ 9,104.77 $ 10,071.00
2/28/93 $10,785.00 $ 9,413.79 $ 10,302.00
3/31/93 $11,140.00 $ 10,247.35 $ 10,882.00
4/30/93 $11,363.00 $ 11,196.29 $ 11,441.00
5/31/93 $11,576.00 $ 11,509.28 $ 11,679.00
6/30/93 $11,485.00 $ 11,227.45 $ 11,443.00
7/31/93 $11,870.00 $ 11,728.12 $ 11,786.00
8/31/93 $12,549.00 $ 12,279.84 $ 12,540.00
9/30/93 $12,448.00 $ 11,949.60 $ 12,497.00
10/31/93 $13,238.00 $ 12,269.23 $ 13,091.00
11/30/93 $12,833.00 $ 11,226.79 $ 12,589.00
12/31/93 $14,120.00 $ 12,029.84 $ 13,846.00
1/31/94 $14,515.00 $ 13,043.10 $ 14,671.00
2/28/94 $13,867.00 $ 13,023.21 $ 14,330.00
3/31/94 $12,823.00 $ 12,514.59 $ 13,657.00
4/30/94 $13,127.00 $ 13,032.49 $ 14,011.00
5/31/94 $13,238.00 $ 12,991.38 $ 13,986.00
6/30/94 $12,691.00 $ 13,148.54 $ 13,822.00
7/31/94 $13,279.00 $ 13,286.47 $ 14,205.00
8/31/94 $13,644.00 $ 13,604.77 $ 14,658.00
9/30/94 $13,248.00 $ 13,234.08 $ 14,309.00
10/31/94 $13,563.00 $ 13,657.16 $ 14,578.00
11/30/94 $13,076.00 $ 12,980.11 $ 13,887.00
12/31/94 $12,942.00 $ 13,035.81 $ 13,721.00
1/31/95 $12,328.00 $ 12,483.42 $ 13,051.00
2/28/95 $12,574.00 $ 12,385.28 $ 13,108.00
3/31/95 $12,921.00 $ 13,157.16 $ 13,573.00
4/30/95 $13,361.00 $ 13,684.35 $ 14,028.00
5/31/95 $13,555.00 $ 13,503.98 $ 14,175.00
6/30/95 $13,749.00 $ 13,260.61 $ 14,196.00
7/31/95 $14,403.00 $ 14,098.14 $ 14,954.00
8/31/95 $14,097.00 $ 13,585.54 $ 14,642.00
9/30/95 $14,475.00 $ 13,815.65 $ 14,902.00
10/31/95 $14,383.00 $ 13,454.91 $ 14,617.00
11/30/95 $14,465.00 $ 13,862.07 $ 14,778.00
12/31/95 $14,757.00 $ 14,397.88 $ 15,220.00
1/31/96 $14,911.00 $ 14,533.82 $ 15,533.00
2/29/96 $14,932.00 $ 14,523.21 $ 15,599.00
3/31/96 $15,149.00 $ 14,822.28 $ 15,848.00
4/30/96 $15,623.00 $ 15,295.76 $ 16,328.00
5/31/96 $15,540.00 $ 15,043.77 $ 16,272.00
6/30/96 $15,623.00 $ 15,122.01 $ 16,402.00
7/31/96 $15,107.00 $ 14,637.93 $ 15,837.00
8/30/96 $15,406.00 $ 14,723.47 $ 16,028.00
9/30/96 $15,685.00 $ 15,120.68 $ 16,374.00
10/31/96 $15,695.00 $ 14,987.39 $ 16,326.00
11/30/96 $16,304.00 $ 15,563.65 $ 17,060.00
12/31/96 $16,293.00 $ 15,337.53 $ 17,168.00
1/31/97 $16,118.00 $ 14,852.12 $ 17,073.00
2/28/97 $16,270.00 $ 15,133.28 $ 17,667.00
3/31/97 $16,200.00 $ 15,082.89 $ 17,393.00
4/30/97 $16,409.00 $ 15,173.07 $ 17,453.00
5/31/97 $17,653.00 $ 16,242.04 $ 18,458.00
6/30/97 $18,490.00 $ 17,075.59 $ 19,324.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
----------------------------------------------------- -------------------------------------------------------
FT/S&P One Five Since
Actuaries One Year Five Year Since Inception
Class and With Without World Index Lipper Int'l Year w/out Years w/ out Inception w/out
Inception Date Load Load ex U.S. Funds Average w/load load w/load load w/load load
- -------------- ---- ---- ------- ------------- ------ ---- ----------- ------ ----
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A--11/30/92 $16,298.00* $17,246.00 $18,820.34 $19,373.59 11.49%* 17.98% N/A N/A 11.25%* 12.63%
Class B--3/9/94 $12,855.00+ $13,155.00 $13,111.66 $13,264.05 12.18%* 17.18% N/A N/A 7.88%+ 8.64%
Class C--9/29/95 $12,545.00 $12,545.00 $12,359.81 $12,802.22 16.18%* 17.18% N/A N/A 13.81% 13.81%
Class Y--12/1/91 N/A $18,490.00 $17,075.59 $19,324.44 N/A 18.35% N/A 11.42% N/A 11.64%
</TABLE>
Micro-Cap Equity Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[Performance Graph]
<TABLE>
<CAPTION>
Wilshire Lipper
Class Y Micro-Cap Index Micro-Cap Funds Average
------- --------------- -----------------------
<C> <C> <C> <C>
12/26/96 $ 10,000.00 $ 10,000.00 $ 10,000.00
12/30/96 $ 10,120.00 $ 10,000.00 $ 10,000.00
1/31/97 $ 10,600.00 $ 10,474.00 $ 10,421.00
2/28/97 $ 10,910.00 $ 10,253.00 $ 10,107.00
3/31/97 $ 10,130.00 $ 9,788.00 $ 9,494.00
4/30/97 $ 9,780.00 $ 9,474.00 $ 9,204.00
5/31/97 $ 11,260.00 $ 10,382.00 $ 10,343.00
6/30/97 $ 12,830.00 $ 11,052.00 $ 11,146.00
</TABLE>
<TABLE>
<CAPTION>
Growth of a $10,000 Investment Aggregate Total Returns
--------------------------------------------------------- ------------------------------------------------
Wilshire Lipper One One Since Since
Class & With Without Micro-Cap Micro-Cap Year Year Inception Inception
Inception Date Load Load Index Funds Average w/load w/out load w/load w/out load
- -------------- ---- ---- ----- ------------- ------ ---------- ------ ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A - 12/26/96 $12,105.00* $12,810.00 $11,052.00 $ 11,145.53 N/A N/A 21.05%* 28.10%
Class B - 2/24/97 $11,127.00* $11,627.00 $10,779.00 $ 11,017.23 N/A N/A 11.27%* 16.27%
Class C - 3/31/97 $12,526.00* $12,626.00 $11,290.00 $ 11,760.19 N/A N/A 25.26%* 26.26%
Class Y - 12/26/97 N/A $12,830.00 $11,052.00 $ 11,145.53 N/A N/A N/A 28.30%
<FN>
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus, figures
reflect the deduction of a 3.00% back-end load.
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that, an investor's shares, upon redemption, may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments assuming
reinvestment of dividends. Aggregate total returns are derived by dividing the
initial investment into the value of shares held at the end of a period and
subtracting one from the result.
Figures for the S&P 500 Index, an unmanaged index of common stock prices,
includes reinvestment of dividends. The Lehman Brothers Government/Corporate
Bond Index is a weighted composite of (i) Lehman Brothers Government Bond
Index, which is comprised of all publicly issued, non-convertible debt of the
U.S. Government or any agency thereof, quasi-federal corporations, and
corporate debt guaranteed by the U.S. Government and (ii) Lehman Brothers
Corporate Bond Index, which is comprised of all public fixed-rate,
non-convertible investment-grade domestic corporate debt, excluding
collateralized mortgage obligations. The FT/S&P Actuaries World Index ex U.S.
is an unmanaged index used to portray global equity markets excluding the U.S.
The Index is weighted based on the market capitalization of those stocks
selected to represent each country and includes gross reinvestment of
dividends. The Wilshire Micro-Cap Index consists of all issues in the Wilshire
5000 Index that rank below the 2,501st company based on size. The Wilshire 5000
Index contains all publicly traded U.S. stocks, but excludes REITs and limited
partnerships.
</TABLE>
xiii
Mid-Cap Growth Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[Performance Graph]
<TABLE>
<CAPTION>
S&P 400 Lipper Mid-Cap
Class Y Mid-Cap Index Funds Average
------- ------------- --------------
<S> <C> <C> <C>
8/14/95 $ 10,000.00 $ 10,000.00 $ 10,000.00
8/31/95 $ 10,370.00 $ 10,186.99 $ 10,125.00
9/30/95 $ 10,620.00 $ 10,433.92 $ 10,386.00
10/31/95 $ 10,270.00 $ 10,165.46 $ 10,136.00
11/30/95 $ 10,480.00 $ 10,609.43 $ 10,483.00
12/31/95 $ 10,750.00 $ 10,583.03 $ 10,555.00
1/31/96 $ 10,730.00 $ 10,736.00 $ 10,626.00
2/29/96 $ 11,170.00 $ 11,100.00 $ 11,006.00
3/31/96 $ 11,270.00 $ 11,234.00 $ 11,195.00
4/30/96 $ 12,010.00 $ 11,577.00 $ 11,777.00
5/31/96 $ 12,280.00 $ 11,734.00 $ 12,115.00
6/30/96 $ 11,580.00 $ 11,558.00 $ 11,762.00
7/31/96 $ 10,590.00 $ 10,776.00 $ 10,827.00
8/30/96 $ 11,410.00 $ 10,398.00 $ 11,448.00
9/30/96 $ 12,540.00 $ 11,895.00 $ 12,134.00
10/31/96 $ 12,060.00 $ 11,929.00 $ 11,973.00
11/30/96 $ 12,170.00 $ 12,601.00 $ 12,493.00
12/31/96 $ 12,049.00 $ 12,615.00 $ 12,431.00
1/31/97 $ 12,383.00 $ 13,088.00 $ 12,827.00
2/28/97 $ 11,882.00 $ 12,981.00 $ 12,423.00
3/31/97 $ 10,334.00 $ 12,428.00 $ 11,768.00
4/30/97 $ 10,134.00 $ 12,750.00 $ 11,953.00
5/31/97 $ 11,503.00 $ 13,865.00 $ 13,126.00
6/30/97 $ 11,704.00 $ 14,260.00 $ 13,624.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
---------------------------------------------------- -------------------------------------------
S&P 400 One One Since Since
Class and With Without Mid-Cap Lipper Mid-Cap Year Year Inception Inception
Inception Date Load Load Index Funds Average w/load w/out load w/load w/out load
- ----------------- ---- ------- -------- ------------- ------ --------- --------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A--12/22/95 $10,448.00* $11,056.00 $13,474.18 $13,530.43 (4.65)%* 0.90% 2.92%* 6.81%
Class B--1/26/96 $10,524.00+ $10,916.00 $13,281.50 $13,624.36 (4.42)%* 0.07% 3.64%+ 6.32%
Class C--11/9/95 $11,086.00 $11,086.00 $14,027.69 $13,530.43 (0.73)%* 0.17% 6.48% 6.48%
Class Y--8/14/95 N/A $11,704.00 $14,259.76 $13,624.36 N/A 1.07% N/A 8.73%
<FN>
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus, figures
reflect the deduction of a 4.00% back-end load.
Please refer to the preceding and following pages for additional information
on performance and index description.
</TABLE>
xiv
<PAGE>
Multi-Season Growth Fund
<TABLE>
<CAPTION>
CLASS B & Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class B
[Performance Graph]
Class B- 2.0% Lipper Growth
Back-end load S&P 500 Funds Average
------------- ------- -------------
<S> <C> <C> <C>
4/29/93 $ 10,000.00 $ 10,000.00 $ 10,000.00
4/30/93 $ 10,030.00 $ 10,000.00 $ 10,000.00
5/31/93 $ 10,060.00 $ 10,266.84 $ 10,157.00
6/30/93 $ 10,160.00 $ 10,296.81 $ 10,273.00
7/31/93 $ 10,110.00 $ 10,255.35 $ 10,294.00
8/31/93 $ 10,340.00 $ 10,643.61 $ 10,602.00
9/30/93 $ 10,430.00 $ 10,561.99 $ 10,638.00
10/31/93 $ 10,390.00 $ 10,780.33 $ 10,739.00
11/30/93 $ 10,310.00 $ 10,677.58 $ 10,589.00
12/31/93 $ 10,650.00 $ 10,806.67 $ 10,774.00
1/31/94 $ 10,930.00 $ 11,173.72 $ 11,033.00
2/28/94 $ 10,800.00 $ 10,870.60 $ 10,822.00
3/31/94 $ 10,320.00 $ 10,397.58 $ 10,422.00
4/30/94 $ 10,350.00 $ 10,530.79 $ 10,440.00
5/31/94 $ 10,360.00 $ 10,702.94 $ 10,483.00
6/30/94 $ 10,010.00 $ 10,441.03 $ 10,291.00
7/31/94 $ 10,170.00 $ 10,783.64 $ 10,522.00
8/31/94 $ 10,670.00 $ 11,224.74 $ 10,794.00
9/30/94 $ 10,430.00 $ 10,950.48 $ 10,593.00
10/31/94 $ 10,550.00 $ 11,196.14 $ 10,650.00
11/30/94 $ 10,140.00 $ 10,788.90 $ 10,390.00
12/31/94 $ 10,308.00 $ 10,948.63 $ 10,489.00
1/31/95 $ 10,509.00 $ 11,232.36 $ 10,626.00
2/28/95 $ 10,920.00 $ 11,669.67 $ 10,952.00
3/31/95 $ 11,161.00 $ 12,013.47 $ 11,149.00
4/30/95 $ 11,241.00 $ 12,366.96 $ 11,346.00
5/31/95 $ 11,583.00 $ 12,860.50 $ 11,719.00
6/30/95 $ 11,894.00 $ 13,158.69 $ 11,959.00
7/31/95 $ 12,295.00 $ 13,594.87 $ 12,240.00
8/31/95 $ 12,255.00 $ 13,628.81 $ 12,343.00
9/30/95 $ 12,777.00 $ 14,203.65 $ 12,622.00
10/31/95 $ 12,787.00 $ 14,152.90 $ 12,585.00
11/30/95 $ 13,510.00 $ 14,773.49 $ 12,974.00
12/31/95 $ 13,523.00 $ 15,058.07 $ 13,144.00
1/31/96 $ 14,082.00 $ 15,569.98 $ 13,383.00
2/29/96 $ 14,279.00 $ 15,714.83 $ 13,436.00
3/31/96 $ 14,361.00 $ 15,866.13 $ 13,487.00
4/30/96 $ 14,579.00 $ 16,099.83 $ 13,631.00
5/31/96 $ 14,848.00 $ 16,514.33 $ 13,800.00
6/30/96 $ 15,065.00 $ 16,577.29 $ 13,811.00
7/31/96 $ 14,444.00 $ 15,845.31 $ 13,415.00
8/30/96 $ 14,827.00 $ 16,180.04 $ 13,663.00
9/30/96 $ 15,851.00 $ 17,089.88 $ 14,171.00
10/31/96 $ 15,986.00 $ 17,561.04 $ 14,436.00
11/30/96 $ 16,948.00 $ 18,887.27 $ 15,098.00
12/31/96 $ 16,421.00 $ 18,513.13 $ 14,934.00
1/31/97 $ 17,019.00 $ 19,669.12 $ 15,366.00
2/28/97 $ 17,008.00 $ 19,823.54 $ 15,374.00
3/31/97 $ 16,279.00 $ 19,010.54 $ 14,937.00
4/30/97 $ 17,073.00 $ 20,144.44 $ 15,361.00
5/31/97 $ 18,313.00 $ 21,376.02 $ 16,047.00
6/30/97 $ 18,874.00 $ 22,326.32 $ 16,529.00
A Hypothetical Illustration of a $10,000 Initial Investment--Class B
[Performance Graph]
Lipper Growth
Class Y S&P 500 Funds Average
------- ------- -------------
8/16/93 $ 10,000.00 $ 10,000.00 $ 10,000.00
8/31/93 $ 10,147.00 $ 10,000.00 $ 10,000.00
9/30/93 $ 10,235.00 $ 9,923.31 $ 10,094.96
10/31/93 $ 10,167.00 $ 10,128.44 $ 10,235.88
11/30/93 $ 10,098.00 $ 10,031.90 $ 10,049.54
12/31/93 $ 10,490.00 $ 10,153.18 $ 10,335.05
1/31/94 $ 10,765.00 $ 10,498.03 $ 10,662.13
2/28/94 $ 10,647.00 $ 10,213.24 $ 10,493.18
3/31/94 $ 10,196.00 $ 9,768.82 $ 10,002.24
4/30/94 $ 10,235.00 $ 9,893.97 $ 10,042.00
5/31/94 $ 10,245.00 $ 10,055.71 $ 10,089.00
6/30/94 $ 9,912.00 $ 9,809.64 $ 9,749.00
7/31/94 $ 10,088.00 $ 10,131.53 $ 10,003.00
8/31/94 $ 10,588.00 $ 10,545.96 $ 10,474.00
9/30/94 $ 10,363.00 $ 10,288.28 $ 10,275.00
10/31/94 $ 10,480.00 $ 10,519.09 $ 10,443.00
11/30/94 $ 10,078.00 $ 10,136.47 $ 10,053.00
12/31/94 $ 10,263.00 $ 10,286.54 $ 10,148.00
1/31/95 $ 10,469.00 $ 10,553.12 $ 10,221.00
2/28/95 $ 10,883.00 $ 10,963.99 $ 10,618.00
3/31/95 $ 11,138.00 $ 11,287.00 $ 10,917.00
4/30/95 $ 11,227.00 $ 11,619.11 $ 11,159.00
5/31/95 $ 11,581.00 $ 12,082.80 $ 11,499.00
6/30/95 $ 11,906.00 $ 12,362.96 $ 11,995.00
7/31/95 $ 12,309.00 $ 12,772.76 $ 12,573.00
8/31/95 $ 12,290.00 $ 12,804.64 $ 12,669.00
9/30/95 $ 12,821.00 $ 13,344.71 $ 13,044.00
10/31/95 $ 12,831.00 $ 13,297.03 $ 12,857.00
11/30/95 $ 13,579.00 $ 13,880.09 $ 13,309.00
12/31/95 $ 13,607.00 $ 14,147.46 $ 13,359.00
1/31/96 $ 14,177.00 $ 14,628.41 $ 13,653.00
2/29/96 $ 14,380.00 $ 14,764.50 $ 13,958.00
3/31/96 $ 14,478.00 $ 14,906.65 $ 14,077.00
4/30/96 $ 14,712.00 $ 15,126.22 $ 14,517.00
5/31/96 $ 14,998.00 $ 15,515.65 $ 14,886.00
6/30/96 $ 15,222.00 $ 15,574.80 $ 14,686.00
7/31/96 $ 14,621.00 $ 14,887.09 $ 13,830.00
8/30/96 $ 15,018.00 $ 15,201.58 $ 14,302.00
9/30/96 $ 16,057.00 $ 16,056.40 $ 15,115.00
10/31/96 $ 16,210.00 $ 16,499.07 $ 15,241.00
11/30/96 $ 17,200.00 $ 17,745.10 $ 16,174.00
12/31/96 $ 16,680.00 $ 17,393.58 $ 15,930.00
1/31/97 $ 17,302.00 $ 18,479.66 $ 16,756.00
2/28/97 $ 17,312.00 $ 18,624.74 $ 16,533.00
3/31/97 $ 16,573.00 $ 17,860.90 $ 15,787.00
4/30/97 $ 17,398.00 $ 18,926.23 $ 16,395.00
5/31/97 $ 18,674.00 $ 20,083.33 $ 17,569.00
6/30/97 $ 19,478.00 $ 20,976.16 $ 18,257.00
</TABLE>
<TABLE>
<CAPTION>
Growth of a $10,000 Investment Average Annual Total Returns
-------------------------------------------------------- ---------------------------------
One One Since Since
Class & With Without Lipper Growth Year Year Inception Inception
Inception Date Load Load S & P 500 Funds Average w/load w/out load w/load w/out load
- -------------- ---- ---- --------- ------------- ------ ---------- ------ ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A - 8/4/93 $18,259.00* $19,321.00 $21,770.41 $19,079.59 20.55%* 27.57% 16.67%* 18.37%
Class B - 4/29/93 $18,874.00+ $19,074.00 $22,326.32 $19,528.95 21.61%* 26.61% 16.46%+ 16.75%
Class C - 9/20/93 N/A $18,739.00 $21,138.35 $18,090.80 15.66%* 26.66% 18.09% 18.09%
Class Y - 8/16/93 N/A $19,478.00 $20,976.16 $18,256.74 N/A 27.96% N/A 18.78%
<FN>
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus, figures
reflect the deduction of a 2.00% back-end load.
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that, an investor's shares, upon redemption, may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments assuming
reinvestment of dividends.
Figures for the S&P 500 Index, an unmanaged index of common stock prices,
includes reinvestment of dividends.
The S&P 400 Midcap Index is a capitalization-weighted index that measures the
performance of the mid-range sector of the U.S. stock market where the median
market capitalization is approximately $700 million. Figures for the S&P 500
index, an unmanaged index of common stock prices, includes reinvestment of
dividends.
</TABLE>
xv
<PAGE>
Real Estate Equity Investment Fund
CLASS B & Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class B
[Performance Graph]
<TABLE>
<CAPTION>
Class B -3.0% Lipper Real Estate
Back-end Load NAREIT Funds Average
------------- ------ ------------------
<S> <C> <C> <C>
10/3/94 $ 10,000.00 $ 10,000.00 $ 10,000.00
10/31/94 $ 9,710.00 $ 9,667.00 $ 9,631.38
11/30/94 $ 9,459.00 $ 9,347.02 $ 9,252.95
12/31/94 $ 10,210.00 $ 10,039.64 $ 9,994.49
1/31/95 $ 9,818.00 $ 9,809.73 $ 9,628.73
2/28/95 $ 9,901.00 $ 9,601.76 $ 9,766.63
3/31/95 $ 9,948.00 $ 9,559.51 $ 9,771.74
4/30/95 $ 9,852.00 $ 9,272.73 $ 9,694.07
5/31/95 $ 10,186.00 $ 9,664.97 $ 10,116.47
6/30/95 $ 10,387.00 $ 9,812.84 $ 10,334.78
7/31/95 $ 10,536.00 $ 9,986.53 $ 10,573.98
8/31/95 $ 10,602.00 $ 10,094.38 $ 10,692.86
9/30/95 $ 10,743.00 $ 10,251.85 $ 10,918.05
10/31/95 $ 10,470.00 $ 10,011.96 $ 10,603.28
11/30/95 $ 10,564.00 $ 10,108.08 $ 10,668.23
12/31/95 $ 11,321.00 $ 10,663.01 $ 11,363.54
1/31/96 $ 11,353.00 $ 10,829.35 $ 11,550.15
2/29/96 $ 11,500.00 $ 10,969.05 $ 11,656.24
3/31/96 $ 11,524.00 $ 10,907.62 $ 11,688.85
4/30/96 $ 11,497.00 $ 11,725.70 $ 11,701.84
5/31/96 $ 11,733.00 $ 12,008.28 $ 12,016.08
6/30/96 $ 11,949.00 $ 12,161.99 $ 12,172.51
7/31/96 $ 11,868.00 $ 12,253.00 $ 12,115.88
8/30/96 $ 12,447.00 $ 12,736.00 $ 12,620.73
9/30/96 $ 12,814.00 $ 12,958.00 $ 12,951.70
10/31/96 $ 13,106.00 $ 13,342.00 $ 13,235.24
11/30/96 $ 13,742.00 $ 13,951.00 $ 13,839.80
12/31/96 $ 15,068.00 $ 15,400.00 $ 15,203.76
1/31/97 $ 15,219.00 $ 15,573.00 $ 15,403.54
2/28/97 $ 15,133.00 $ 15,542.00 $ 15,442.94
3/31/97 $ 15,218.00 $ 15,509.00 $ 15,419.87
4/30/97 $ 14,662.00 $ 15,084.00 $ 14,888.99
5/31/97 $ 14,967.00 $ 15,528.00 $ 15,385.79
6/30/97 $ 15,535.00 $ 16,282.00 $ 16,246.80
</TABLE>
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[Performance Graph]
<TABLE>
<CAPTION>
Lipper Real Estate
Class Y NAREIT Funds Average
------- ------ ------------------
<S> <C> <C> <C>
9/30/94 $ 10,000.00 $ 10,000.00 $ 10,000.00
10/31/94 $ 9,718.00 $ 9,667.00 $ 9,631.38
11/30/94 $ 9,475.00 $ 9,347.02 $ 9,252.95
12/31/94 $ 10,236.00 $ 10,039.64 $ 9,994.49
1/31/95 $ 9,851.00 $ 9,809.73 $ 9,628.73
2/28/95 $ 9,943.00 $ 9,601.76 $ 9,766.63
3/31/95 $ 9,998.00 $ 9,559.51 $ 9,771.74
4/30/95 $ 9,910.00 $ 9,272.73 $ 9,694.07
5/31/95 $ 10,254.00 $ 9,664.97 $ 10,116.47
6/30/95 $ 10,464.00 $ 9,812.84 $ 10,334.78
7/31/95 $ 10,624.00 $ 9,986.53 $ 10,573.98
8/31/95 $ 10,699.00 $ 10,094.38 $ 10,692.86
9/30/95 $ 10,851.00 $ 10,251.85 $ 10,918.05
10/31/95 $ 10,583.00 $ 10,011.96 $ 10,603.28
11/30/95 $ 10,676.00 $ 10,108.08 $ 10,668.23
12/31/95 $ 11,462.00 $ 10,663.01 $ 11,363.54
1/31/96 $ 11,505.00 $ 10,829.35 $ 11,550.15
2/29/96 $ 11,663.00 $ 10,969.05 $ 11,656.24
3/31/96 $ 11,698.00 $ 10,907.62 $ 11,688.85
4/30/96 $ 11,679.00 $ 11,725.70 $ 11,701.84
5/31/96 $ 11,930.00 $ 12,008.28 $ 12,016.08
6/30/96 $ 12,159.00 $ 12,161.99 $ 12,172.51
7/31/96 $ 12,086.00 $ 12,253.00 $ 12,115.88
8/30/96 $ 12,687.00 $ 12,736.00 $ 12,620.73
9/30/96 $ 13,071.00 $ 12,958.00 $ 12,951.70
10/31/96 $ 13,380.00 $ 13,342.00 $ 13,235.24
11/30/96 $ 14,041.00 $ 13,951.00 $ 13,839.80
12/31/96 $ 15,408.00 $ 15,400.00 $ 15,203.76
1/31/97 $ 15,575.00 $ 15,573.00 $ 15,403.54
2/28/97 $ 15,497.00 $ 15,542.00 $ 15,442.94
3/31/97 $ 15,595.00 $ 15,509.00 $ 15,419.87
4/30/97 $ 15,049.00 $ 15,084.00 $ 14,888.99
5/31/97 $ 15,374.00 $ 15,528.00 $ 15,385.79
6/30/97 $ 16,268.00 $ 16,282.00 $ 16,246.80
</TABLE>
<TABLE>
<CAPTION>
Growth of a $10,000 Investment Average Annual Total Returns
--------------------------------------------------------------- -------------------------------------
One One Since Since
Class & With Without Lipper Real Estate Year Year Inception Inception
Inception Date Load Load NAREIT Funds Average w/load w/out load w/load w/out load
- -------------- ---- --------- ------ ------------------ ------ ---------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A - 9/30/94 $15,276.00* $16,165.00 $16,282.00 $ 16,246.80 26.17%* 33.51% 16.66%* 19.08%
Class B - 10/3/94 $15,535.00* $15,835.00 $16,282.00 $ 16,246.80 27.52%* 32.52% 17.43%+ 18.25%
Class C - 1/5/96 N/A $14,063.00 $15,270.00 $ 14,028.18 31.57%* 32.57% 25.78% 25.78%
Class Y - 10/3/94 N/A $16,268.00 $16,282.00 $ 16,246.80 N/A 33.79% N/A 19.42%
<FN>
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus, figures
reflect the deduction of a 3.00% back-end load.
Please refer to the preceding and following pages for additional information
on performance and index description.
xvi
<PAGE>
Small-Cap Value Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[ Performance Graph]
</TABLE>
<TABLE>
<CAPTION>
Lipper Small Company
Class Y Russell 2000 Growth Funds Average
------- ------------ -------------------
<C> <C> <C> <C>
12/26/96 $ 10,000.00 $ 10,000.00 $ 10,000.00
12/30/96 $ 10,080.00 $ 10,000.00 $ 10,000.00
1/31/97 $ 10,920.00 $ 10,200.00 $ 10,249.00
2/28/97 $ 10,920.00 $ 9,952.00 $ 9,818.00
3/31/97 $ 10,540.00 $ 9,483.00 $ 9,314.00
4/30/97 $ 10,530.00 $ 9,509.00 $ 9,250.00
5/31/97 $ 11,380.00 $ 10,567.00 $ 10,357.00
6/30/97 $ 12,086.00 $ 11,020.00 $ 10,899.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AGGREGATE TOTAL RETURNS
------------------------------------------------- ----------------------------------------------
Lipper Small One One Since Since
Class and With Without Russell Company Growth Year Year Inception Inception
Inception Date Load Load 2000 Funds Average w/load w/out load w/load w/out load
-------------- ---- ---- ------ ------------- ------ ---------- ------ ----------
<S> <C> <C> <C> <C> <C>
Class A--1/10/97 $11,170.00* $11,820.00 $11,020.21 $10,899.34 N/A N/A 11.70%* 18.20%
Class B--2/11/97 $10,703.00* $11,203.00 $10,804.33 $10,644.17 N/A N/A 7.03%* 12.03%
Class C--1/13/97 $11,692.00* $11,792.00 $11,020.21 $10,899.34 N/A N/A 16.92%* 17.92%
Class Y--12/26/96 N/A $12,086.00 $11,020.21 $10,899.34 N/A N/A N/A 20.86%
</TABLE>
Small Company Growth Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[ Performance Graph]
<TABLE>
<CAPTION>
Lipper Small Company
Class Y Russell 2000 Growth Funds Average
------- ------------ --------------------
<S> <C> <C> <C>
12/1/91 $ 10,000.00 $ 10,000.00 $10,000.00
12/31/91 $ 10,970.00 $ 10,800.00 $11,128.00
1/31/92 $ 11,261.00 $ 11,675.90 $11,665.00
2/29/92 $ 11,501.00 $ 12,016.00 $11,875.00
3/31/92 $ 10,951.00 $ 11,609.00 $11,408.00
4/30/92 $ 10,755.00 $ 11,203.00 $10,923.00
5/31/92 $ 10,715.00 $ 11,351.00 $10,917.00
6/30/92 $ 10,333.00 $ 10,815.00 $10,443.00
7/31/92 $ 10,959.00 $ 11,191.00 $10,799.00
8/31/92 $ 10,969.00 $ 10,875.00 $10,568.00
9/30/92 $ 11,341.00 $ 11,126.00 $10,805.00
10/31/92 $ 11,907.00 $ 11,480.00 $11,261.00
11/30/92 $ 12,611.00 $ 12,358.00 $12,183.00
12/31/92 $ 12,922.00 $ 12,789.00 $12,588.00
1/31/93 $ 13,294.00 $ 13,222.00 $12,884.00
2/28/93 $ 12,782.00 $ 12,916.00 $12,425.00
3/31/93 $ 13,284.00 $ 13,335.00 $12,864.00
4/30/93 $ 12,490.00 $ 12,969.00 $12,458.00
5/31/93 $ 13,013.00 $ 13,543.00 $13,138.00
6/30/93 $ 13,083.00 $ 13,628.00 $13,234.00
7/31/93 $ 13,063.00 $ 13,816.00 $13,324.00
8/31/93 $ 13,605.00 $ 14,413.00 $13,989.00
9/30/93 $ 14,128.00 $ 14,819.00 $14,460.00
10/31/93 $ 14,249.00 $ 15,201.00 $14,685.00
11/30/93 $ 13,716.00 $ 14,700.00 $14,175.00
12/31/93 $ 14,620.00 $ 15,203.00 $14,781.00
1/31/94 $ 14,580.00 $ 15,680.00 $15,179.00
2/28/94 $ 14,723.00 $ 15,623.00 $15,173.00
3/31/94 $ 13,822.00 $ 14,798.00 $14,350.00
4/30/94 $ 13,976.00 $ 14,886.00 $14,355.00
5/31/94 $ 13,607.00 $ 14,719.00 $14,097.00
6/30/94 $ 12,829.00 $ 14,219.00 $13,596.00
7/31/94 $ 13,054.00 $ 14,453.00 $13,830.00
8/31/94 $ 14,088.00 $ 15,258.00 $14,662.00
9/30/94 $ 14,211.00 $ 15,207.00 $14,743.00
10/31/94 $ 14,467.00 $ 15,147.00 $14,930.00
11/30/94 $ 13,710.00 $ 14,535.00 $14,378.00
12/31/94 $ 14,251.00 $ 14,926.00 $14,705.00
1/31/95 $ 13,779.00 $ 14,738.00 $14,549.00
2/28/95 $ 14,282.00 $ 15,351.00 $15,150.00
3/31/95 $ 14,805.00 $ 15,615.00 $15,548.00
4/30/95 $ 14,569.00 $ 15,962.00 $15,736.00
5/31/95 $ 14,784.00 $ 16,237.00 $15,977.00
6/30/95 $ 15,717.00 $ 17,079.00 $16,931.00
7/31/95 $ 17,142.00 $ 18,063.00 $18,190.00
8/31/95 $ 17,173.00 $ 18,436.00 $18,499.00
9/30/95 $ 17,778.00 $ 18,766.00 $19,008.00
10/31/95 $ 17,634.00 $ 17,926.00 $18,432.00
11/30/95 $ 18,167.00 $ 18,680.00 $19,108.00
12/31/95 $ 18,528.00 $ 19,173.00 $19,367.00
1/31/96 $ 18,671.00 $ 19,152.00 $19,226.00
2/29/96 $ 19,398.00 $ 19,749.00 $20,018.00
3/31/96 $ 20,621.00 $ 20,151.00 $20,490.00
4/30/96 $ 22,538.00 $ 21,228.00 $21,981.00
5/31/96 $ 23,772.00 $ 22,065.00 $22,836.00
6/30/96 $ 23,364.00 $ 21,159.00 $21,968.00
7/31/96 $ 21,007.00 $ 19,311.00 $20,007.00
8/30/96 $ 22,318.00 $ 20,433.00 $21,227.00
9/30/96 $ 24,047.00 $ 21,231.00 $22,340.00
10/31/96 $ 23,606.00 $ 20,904.00 $21,865.00
11/30/96 $ 24,697.00 $ 21,765.00 $22,524.00
12/31/96 $ 25,415.00 $ 22,336.00 $22,821.00
1/31/97 $ 25,670.00 $ 22,782.00 $23,425.00
2/28/97 $ 24,266.00 $ 22,230.00 $22,472.00
3/31/97 $ 22,455.00 $ 21,181.00 $21,310.00
4/30/97 $ 22,455.00 $ 21,240.00 $21,207.00
5/31/97 $ 25,708.00 $ 23,603.00 $23,645.00
6/30/97 $ 27,864.00 $ 24,614.00 $24,842.00
</TABLE>
<TABLE>
<CAPTION>
Growth of a $10,000 Investment Average Annual Total Returns
------------------------------------------------------------- ----------------------------------
One One Five Five
Class & With Without Russell Lipper Small Company Year Year Years Years
Inception Date Load Load 2000 Growth Funds Average w/load w/out load w/load w/out load
- -------------- ---- ---- ---- ------------------ ------ ---------- ------ ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A - 11/23/92 $21,079.00* $22,306.00 $19,916.82 $20,253.67 12.34%* 18.88% N/A N/A
Class B - 4/28/94 $19,179.00+ $19,479.00 $21,138.35 $17,204.34 13.06%* 18.06% N/A N/A
Class C - 9/26/95 $15,608.00 $15,608.00 $13,116.35 $13,242.57 17.26%* 18.26% N/A N/A
Class Y - 12/1/91 N/A $27,864.00 $24,614.43 $24,841.54 N/A 19.26% N/A 21.94%
<CAPTION>
Average Annual Total Returns
- ----------------------------
Since Since
Inception Inception
w/load w/outload
- -------- -----------
<C> <C>
17.59%* 19.04%
22.79%+ 23.39%
28.76% 28.76%
N/A 20.16%
<FN>
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus, figures
reflect the deduction of a 3.00% back-end load.
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that, an investor's shares, upon redemption, may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments assuming
reinvestment of dividends. Aggregate total returns are derived by dividing the
initial investment into the value of shares held at the end of a period and
subtracting one from the result.
National Association of Real Estate Investment Trusts ("NAREIT") are equity
real estate investment trusts which are defined as those which derive more
than 75% of their income from equity investments in real estate assets. The
NAREIT equity index includes all tax qualified real estate investment trusts
listed on the New York Stock Exchange, the American Stock Exchange or the
NASDAQ National Market System. The Russell 2000 Index is a capitalization
weighted total return index which is comprised of 2,000 of the smallest
capitalized U.S. domiciled companies whose stock is traded in the United
States on the New York Stock Exchange, American Stock Exchange and the NASDAQ.
</TABLE>
xvii
<PAGE>
Value Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[Performance Graph]
<TABLE>
<CAPTION>
S&P/BARRA Lipper Growth & Income
Class Y Value Index Funds Average
------- ----------- ------------------------
<S> <C> <C> <C>
8/18/95 $ 10,000.00 $ 10,000.00 $10,000.00
8/31/95 $ 10,080.00 $ 10,000.00 $10,000.00
9/30/95 $ 10,350.00 $ 10,347.00 $10,304.00
10/31/95 $ 10,450.00 $ 10,186.00 $10,171.00
11/30/95 $ 10,830.00 $ 10,719.00 $10,618.00
12/31/95 $ 10,741.00 $ 11,016.00 $10,796.00
1/31/96 $ 11,111.00 $ 11,346.00 $11,089.00
2/29/96 $ 11,342.00 $ 11,452.00 $11,243.00
3/31/96 $ 11,551.00 $ 11,720.00 $11,395.00
4/30/96 $ 11,662.00 $ 11,840.00 $11,584.00
5/31/96 $ 11,812.00 $ 12,018.00 $11,802.00
6/30/96 $ 11,652.00 $ 11,961.00 $11,767.00
7/31/96 $ 11,159.00 $ 11,457.00 $11,263.00
8/30/96 $ 11,632.00 $ 11,773.00 $11,583.00
9/30/96 $ 12,099.00 $ 12,277.00 $12,117.00
10/31/96 $ 12,381.00 $ 12,693.00 $12,351.00
11/30/96 $ 13,299.00 $ 13,664.00 $13,171.00
12/31/96 $ 13,573.00 $ 13,440.00 $13,025.00
1/31/97 $ 14,388.00 $ 14,060.00 $13,600.00
2/28/97 $ 14,076.00 $ 14,162.00 $13,675.00
3/31/97 $ 13,666.00 $ 13,678.00 $13,181.00
4/30/97 $ 13,811.00 $ 14,191.00 $13,681.00
5/31/97 $ 14,885.00 $ 15,081.00 $14,535.00
6/30/97 $ 15,690.00 $ 15,657.00 $15,107.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
-------------------------------------------------------- -----------------------------------------------
Lipper Growth One One Since Since
Class and With Without S&P/Barra & Income Year Year Inception Inception
Inception Date Load Load Value Index Funds Average w/load w/out load w/load w/out load
- -------------- ---- ------- ----------- ------------- ------ ---------- ------ ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A--9/14/95 $14,216.00* $15,043.00 $15,656.92 $15,106.71 26.99%* 34.38% 21.66%* 25.55%
Class B--9/19/95 $14,401.00+ $14,801.00 $15,131.02 $15,106.71 28.24%* 33.24% 22.73%+ 24.63%
Class C--2/9/96 $13,589.00 $13,589.00 $13,799.20 $13,621.03 32.36%* 33.36% 24.67% 24.67%
Class Y--8/18/95 N/A $15,690.00 $15,656.92 $15,106.71 N/A 34.66% N/A 27.26%
</TABLE>
Framlington Emerging Markets Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[Performance Graph]
<TABLE>
<CAPTION>
MSCI Emerging Market Lipper Emerging Markets
Class Y Index Funds Average
------- -------------------------- -----------------------
<C> <C> <C> <C>
12/31/96 $10,000.00 $ 10,000.00 $ 10,000.00
1/31/97 $10,590.00 $ 9,650.00 $ 10,803.00
2/28/97 $10,980.00 $ 9,808.00 $ 11,206.00
3/31/97 $11,060.00 $ 9,843.00 $ 10,964.00
4/30/97 $11,340.00 $ 9,896.00 $ 11,029.00
5/31/97 $12,060.00 $ 10,540.00 $ 11,463.00
6/30/97 $12,951.00 $ 11,121.00 $ 12,100.00
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Growth of a $10,000 Investment Aggregate Total Returns
-------------------------------------------------------- -------------------------------------------------
Lipper Emerging One One Since Since
Class & With Without MSCI Emerging Markets Year Year Inception Inception
Inception Date Load Load Markets Index Funds Average w/load w/out load w/load w/out load
- -------------- ---- ---- ------------- --------------- ------ ---------- ------ ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A - 1/14/97 $12,016.00* $12,716.00 $11,120.77 $ 12,100.40 N/A N/A 20.16%* 27.16%
Class B - 2/25/97 $11,121.00* $11,621.00 $10,648.78 $ 10,813.66 N/A N/A 11.21%* 16.21%
Class C - 3/3/97 $11,703.00* $11,803.00 $10,648.78 $ 10,813.66 N/A N/A 17.03%* 18.03%
Class Y - 12/31/96 N/A $12,951.00 $11,120.77 $ 12,100.40 N/A N/A N/A 29.51%
<FN>
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus, figures
reflect the deduction of a 4.00% back-end load.
Please refer to the preceding and following pages for additional information
on performance and index description.
</TABLE>
xix
<PAGE>
Framlington Healthcare Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[Performance Graph]
<TABLE>
<CAPTION>
S&P Healthcare Lipper Health/Biotechnology
Class Y Composite Funds Average
------- ------------- ---------------------------
<C> <C> <C> <C>
12/31/96 $ 10,000.00 $ 10,000.00 $ 10,000.00
1/31/97 $ 11,020.00 $ 11,093.00 $ 10,519.00
2/28/97 $ 10,590.00 $ 11,255.00 $ 10,557.00
3/31/97 $ 9,610.00 $ 10,482.00 $ 9,799.00
4/30/97 $ 9,030.00 $ 11,340.00 $ 9,801.00
5/31/97 $ 10,290.00 $ 12,034.00 $ 10,804.00
6/30/97 $ 10,890.00 $ 13,188.00 $ 11,355.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AGGREGATE TOTAL RETURNS
---------------------------------------------------------- -------------------------------------------
Lipper Health/ One One Since Since
Class and With Without S&P Healthcare Biotechnology Year Year Inception Inception
Inception Date Load Load Composite Funds Average w/load w/out load w/load w/out load
- -------------- ---- ------- -------------- -------------- ------- --------- ------ -----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A--2/14/97 $9,107.00* $ 9,637.00 $11,889.00 $10,736.05 N/A N/A (8.93)%* (3.63)%
Class B--1/31/97 $9,353.00* $ 9,846.00 $11,889.00 $10,736.05 N/A N/A (6.47)%* (1.54)%
Class C--1/13/97 $10,342.00* $10,442.00 $13,188.00 $11,354.74 N/A N/A 3.42%* 4.42%
Class Y--12/31/96 N/A $10,890.00 $13,188.00 $11,354.74 N/A N/A N/A 8.90%
</TABLE>
<TABLE>
<CAPTION>
Framlington International Growth Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
[Performance Graph]
Lipper International
Class Y MSCI EAFE Index Funds Average
------- --------------- --------------------
<S> <C> <C> <C>
12/31/96 $ 10,000.00 $ 10,000.00 $ 10,000.00
1/31/97 $ 9,940.00 $ 9,650.00 $ 9,969.00
2/28/97 $ 10,070.00 $ 9,808.00 $ 10,106.00
3/31/97 $ 9,990.00 $ 9,843.00 $ 10,130.00
4/30/97 $ 10,030.00 $ 9,896.00 $ 10,150.00
5/31/97 $ 10,760.00 $ 10,540.00 $ 10,753.00
6/30/97 $ 11,350.00 $ 11,121.00 $ 11,253.00
</TABLE>
<TABLE>
<CAPTION>
Growth of a $10,000 Investment Aggregate Total Returns
One One Since Since
Class & With Without MSCI EAFE Lipper International Year Year Inception Inception
Inception Date Load Load Index Funds Average w/load w/out load w/load w/out load
- -------------- ---- ---- ----- ------------------ ------ ---------- ------ ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A - 2/20/97 $10,620.00* $11,238.00 $11,524.10* $ 11,287.02 N/A N/A 6.20%* 12.38%
Class B - 3/31/97 $10,992.00* $11,492.00 $11,297.73* $ 11,105.11 N/A N/A 9.92%* 14.92%
Class C - 2/13/97 $11,196.00* $11,296.00 $11,524.10* $ 11,287.02 N/A N/A 11.96%* 12.96%
Class Y - 12/31/96 N/A $11,350.00 $11,120.77* $ 11,252.64 N/A N/A N/A 13.50%
<FN>
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will fluctuate
so that, an investor's shares, upon redemption, may be worth more or less than
original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments assuming
reinvestment of dividends. Aggregate total returns are derived by dividing the
initial investment into the value of shares held at the end of a period and
subtracting one from the result.
The S&P 500/BARRA Value Index is a capitalization-weighted index of all the
stocks in the S&P 500 that have low price-to-book ratios. The S&P Healthcare
Composite is a capitalization-weighted index of all of the stocks in the S&P
500 that are involved in the business of health care related products or
services. Figures for the Morgan Stanley (MSCI) Emerging Market and MSCI EAFE
indices, unmanaged indices used to portray the pattern of common stock price
movement in Europe, Australia, New Zealand and countries in the Far East,
include gross reinvestment of dividends.
</TABLE>
xix
<PAGE>
[This Page Intentionally Left Blank]
xx
<PAGE>
Munder Accelerating Growth Fund
Portfolio of Investments,
June 30, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 93.0%
Apparel -- 0.7%
<S> <C> <C>
38,000 Liz Claiborne, Inc. $1,771,750
---------
<CAPTION>
Automobile Parts & Equipment -- 3.6%
<S> <C> <C>
93,600 Johnson Controls, Inc. 3,843,450
321,600 Miller Industries, Inc.+ 5,145,600
---------
8,989,050
---------
<CAPTION>
Banking and Financial Services -- 14.8%
<S> <C> <C>
139,800 BankAmerica Corporation 9,025,838
26,100 Chase Manhattan Corporation 2,533,331
67,900 Envoy Corporation+ 2,257,675
55,000 Finova Group Inc. 4,207,500
89,600 Green Tree Financial Corporation 3,192,000
41,700 GreenPoint Financial Corporation 2,775,656
21,000 Household International Inc. 2,466,187
83,650 PMI Group Inc. 5,217,669
42,000 Travelers Group Inc. 2,648,625
43,651 Washington Mutual, Inc. 2,608,147
----------
36,932,628
----------
<CAPTION>
Computer Hardware, Software
or Services -- 2.5%
<S> <C> <C>
174,300 CCC Information Services Group+ 3,398,850
9,900 Parametric Technology Company+ 421,369
45,400 Saville Systems, ADS+ 2,360,800
---------
6,181,019
---------
<CAPTION>
Consumer Services -- 2.0%
<S> <C> <C>
191,700 CUC International Inc.+ 4,900,331
---------
<CAPTION>
Diversified -- 5.5%
<S> <C> <C>
79,400 Corrections Corporation of America+ 3,156,150
41,200 Textron, Inc. 2,734,650
110,900 Tyco International Ltd. 7,714,481
---------
13,605,281
----------
<CAPTION>
Drugs -- 4.9%
<S> <C> <C>
34,400 Pfizer, Inc. 4,110,800
38,000 Teva Pharmaceuticals, ADR 2,460,500
45,400 Warner-Lambert Company 5,640,950
---------
12,212,250
----------
<CAPTION>
Electrical Equipment -- 2.1%
<S> <C> <C>
79,200 General Electric Company 5,177,700
---------
<CAPTION>
Electronics -- 4.9%
<S> <C> <C>
60,900 CISCO Systems Inc.+ 4,087,913
<PAGE>
97,700 Electronics for Imaging, Inc.+ 4,616,325
41,100 Texas Instruments, Inc. 3,454,969
---------
12,159,207
----------
<CAPTION>
Food -- 1.6%
<S> <C> <C>
152,950 Richfood Holdings Inc. 3,976,700
---------
<CAPTION>
Hotels -- 4.5%
<S> <C> <C>
86,300 HFS, Inc.+ 5,005,400
130,600 Hilton Hotels Corporation 3,469,062
129,200 La Quinta Inns Inc. 2,826,250
---------
11,300,712
----------
<CAPTION>
Industrial Services -- 2.0%
<S> <C> <C>
345,300 Corporate Express Inc. 4,985,269
---------
<CAPTION>
Insurance -- 2.4%
<S> <C> <C>
40,200 American International Group Inc. 6,004,875
---------
<CAPTION>
Machinery -- 0.9%
<S> <C> <C>
154,300 JLG Industries, Inc. 2,102,338
---------
<CAPTION>
Medical Services and Supplies -- 10.4%
<S> <C> <C>
95,000 HBO & Company 6,543,125
246,000 HEALTHSOUTH Corporation+ 6,134,625
32,700 Kos Pharmeceuticals, Inc.+ 907,425
238,300 MedPartners, Inc.+ 5,153,237
98,900 Omnicare, Inc. 3,102,987
33,000 Oxford Health Plans, Inc.+ 2,367,750
40,900 Total Renal Care
Holdings Inc.+ 1,643,669
----------
25,852,818
----------
<CAPTION>
Office Equipment and Supplies -- 4.3%
<S> <C> <C>
147,300 Danka Business Systems, ADR 6,020,888
66,000 Pitney Bowes, Inc. 4,587,000
----------
10,607,888
----------
<CAPTION>
Oil Equipment and Services -- 4.5%
<S> <C> <C>
36,300 Diamond Offshore
Drilling, Inc.+ 2,826,863
75,500 Precision Drilling Corporation+ 3,652,312
30,900 Santa Fe International Corporation+ 1,050,600
21,100 SEACOR Holdings, Inc.+ 1,103,794
110,300 Veritas DGC Inc.+ 2,509,325
---------
11,142,894
----------
<CAPTION>
Petroleum -- Producing -- 1.2%
<S> <C> <C>
310,800 Chesapeake Energy Corporation+ 3,049,725
---------
<CAPTION>
Real Estate -- 3.2%
<S> <C> <C>
37,700 Beacon Properties Corporation 1,258,238
116,600 Cali Realty Corporation 3,964,400
27,900 Equity Residential Properties Trust 1,325,250
41,700 Simon DeBartolo Group, Inc. 1,334,400
---------
7,882,288
---------
<PAGE>
<CAPTION>
Recreation -- 0.5%
<S> <C> <C>
32,200 Carnival Corporation 1,328,250
---------
<CAPTION>
Retail -- Store -- 0.6%
<S> <C> <C>
58,400 TJX Companies, Inc. 1,540,300
---------
<CAPTION>
Telecommunications -- 15.9%
<S> <C> <C>
90,900 Ascend Communications, Inc.+ 3,579,188
79,400 Lucent Technologies+ 5,721,762
91,600 Motorola Inc. 6,961,600
137,300 Newbridge Networks+ 5,972,550
125,200 Teleport Communications Group Inc.+ 4,272,450
95,100 Tellabs, Inc.+ 5,313,711
242,000 WorldCom Inc.+ 7,744,000
----------
39,565,261
----------
<CAPTION>
TOTAL COMMON STOCKS
(Cost $177,874,931) 231,268,534
-----------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 4.9%
(Cost $12,289,416)
<S> <C> <C>
$12,289,416 Agreement with Lehman Brothers Holdings
Inc., 5.920% dated 06/30/1997 to be
repurchased at $12,291,437 on 07/01/1997,
collateralized by $38,066,000 U.S.
Treasury Strip Principal, 6.500%-7.625%
having maturities ranging from 01/15/2007
through 02/15/2027 and $6,795,000 U.S.
Treasury Inflation Index Securities,
3.375% due 01/15/2007 (value 12,537,941)
12,289,416
----------
<S> <C>
TOTAL INVESTMENTS 243,557,950
(Cost $190,164,347*) 97.9%
OTHER ASSETS AND
LIABILITIES (Net) 2.1 5,262,054
----- -----------
NET ASSETS 100.0% $248,820,004
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $190,979,374.
+ Non-income producing security
ABBREVIATIONS:
ADR -- American Depositary Receipt
ADS -- American Depositary Share
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Balanced Fund
Portfolio of Investments, June 30, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 54.8%
Advertising -- 0.7%
<S> <C> <C>
9,000 Omnicom Group, Inc. $ 554,625
-------
<CAPTION>
Apparel -- 0.1%
<S> <C> <C>
1,500 Liz Claiborne, Inc. 69,937
-------
<CAPTION>
Automobile Parts & Equipment -- 2.6%
<S> <C> <C>
19,100 Johnson Controls Inc. 784,294
13,659 Mark IV Industries Inc. 327,816
20,300 Miller Industries, Inc.+ 324,800
18,000 Pep Boy's -- Manny, Moe & Jack 613,125
-------
2,050,035
---------
<CAPTION>
Banking and Financial Services -- 7.5%
<S> <C> <C>
9,700 Associates First Capital Corporation 538,350
9,000 BankAmerica Corporation 581,063
5,800 Charter One Financial, Inc. 312,475
6,300 Chase Manhattan Corporation 611,493
3,500 Envoy Corporation+ 116,375
3,500 Finova Group Inc. 267,750
7,100 First Data Corporation 311,956
21,200 Green Tree Financial Corporation 755,250
2,400 GreenPoint Financial Corporation 159,750
1,400 Household International Inc. 164,413
7,600 MGIC Investment 364,325
11,000 Norwest Corporation 618,750
5,400 PMI Group Inc. 336,825
6,100 Summit Bancorp 305,763
2,800 Travelers Group Inc. 176,575
2,948 Washington Mutual, Inc. 176,143
---------
5,797,256
---------
<CAPTION>
Building Materials -- 1.5%
<S> <C> <C>
8,500 Home Depot, Inc. 585,969
19,600 Sherwin-Williams Company 605,150
---------
1,191,119
---------
<CAPTION>
Business Equipment & Supplies -- 0.8%
<S> <C> <C>
14,700 Avery Dennison Corporation 589,838
-------
<CAPTION>
Business Services -- 1.1%
<S> <C> <C>
11,200 Automatic Data Processing, Inc. 526,400
8,000 Equifax Inc. 297,500
-------
823,900
--------
<CAPTION>
Chemicals -- 0.7%
<S> <C> <C>
5,500 Merck & Company Inc. 569,250
-------
<CAPTION>
Computer Hardware, Software
or Services -- 1.4%
<S> <C> <C>
6,000 BMC Software Inc.+ 332,250
10,100 CCC Information Services Group+ 196,950
7,300 Oracle Corporation+ 367,737
<PAGE>
600 Parametric Technology Company+ 25,538
2,400 Saville Systems, ADS+ 124,800
---------
1,047,275
---------
<CAPTION>
Consumer Services -- 1.6%
<S> <C> <C>
20,400 Corporate Express Inc. 294,525
35,900 CUC International Inc.+ 917,694
---------
1,212,219
---------
<CAPTION>
Diversified -- 4.0%
<S> <C> <C>
4,500 Corrections Corporation of America+ 178,875
7,600 Harnischfeger Industries, Inc. 315,400
11,500 Textron, Inc. 763,312
14,700 Thermo Electron Corporation+ 499,800
19,200 Tyco International Ltd. 1,335,600
---------
3,092,987
---------
<CAPTION>
Drugs -- 1.9%
<S> <C> <C>
7,800 Pfizer, Inc. 932,100
2,400 Teva Pharmaceuticals, ADR 155,400
3,000 Warner-Lambert Company 372,750
---------
1,460,250
---------
<CAPTION>
Electrical Equipment -- 2.6%
<S> <C> <C>
11,000 Emerson Electric Company 605,688
10,900 Federal Signal Corporation 273,862
17,000 General Electric Company 1,111,375
---------
1,990,925
---------
<CAPTION>
Electronics -- 3.5%
<S> <C> <C>
20,500 Cabletron Systems Inc.+ 580,406
13,300 CISCO Systems Inc.+ 892,762
5,700 Electronics for Imaging, Inc.+ 269,325
6,100 Motorola Inc. 463,600
8,700 Rockwell International 513,300
---------
2,719,393
---------
<CAPTION>
Entertainment -- 0.4%
<S> <C> <C>
9,250 Mattell, Inc. 313,344
---------
<CAPTION>
Food and Beverages -- 1.7%
<S> <C> <C>
14,700 Albertson's, Inc. 536,550
8,950 Richfood Holdings Inc. 232,700
13,900 Sara Lee Corporation 578,588
---------
1,347,838
---------
<CAPTION>
Home Furnishings -- 0.4%
<S> <C> <C>
7,600 Leggett & Platt Inc. 326,800
---------
<CAPTION>
Hotels and Restaurants -- 0.9%
<S> <C> <C>
5,400 HFS, Inc.+ 313,200
9,000 Hilton Hotels Corporation 239,062
7,787 La Quinta Inns Inc. 170,341
-------
722,603
-------
<CAPTION>
Household Products -- 0.4%
<S> <C> <C>
6,200 Lancaster Colony Corporation 299,925
-------
<PAGE>
<CAPTION>
Insurance -- 2.4%
<S> <C> <C>
8,050 American International
Group Inc. 1,202,469
5,600 MBIA Inc. 631,750
---------
1,834,219
---------
<CAPTION>
Machinery -- 0.2%
<S> <C> <C>
8,600 JLG Industries, Inc. 117,175
-------
<CAPTION>
Manufactured Housing -- 0.7%
<S> <C> <C>
38,500 Clayton Homes, Inc. 548,625
-------
<CAPTION>
Medical Services & Supplies -- 2.8%
<S> <C> <C>
6,200 HBO & Company 427,025
41,400 HEALTHSOUTH Corporation+ 1,032,412
15,300 MedPartners, Inc.+ 330,862
2,200 Kos Pharmaceuticals 61,050
4,100 Omnicare, Inc. 128,638
2,100 Oxford Health Plans, Inc.+ 150,675
1,900 Total Renal Care
Holdings Inc.+ 76,356
---------
2,207,018
---------
<CAPTION>
Office Equipment and Supplies -- 0.9%
<S> <C> <C>
9,000 Danka Business Systems, ADR 367,875
4,200 Pitney Bowes, Inc. 291,900
-------
659,775
-------
<CAPTION>
Oil Equipment and Services -- 2.1%
<S> <C> <C>
2,300 Diamond Offshore Drilling, Inc.+ 179,112
4,500 Precision Drilling Corporation+ 217,688
11,400 Reading & Bates Corporation 304,950
1,900 Santa Fe International Corporation+ 64,600
1,400 SEACOR Holdings, Inc.+ 73,237
9,300 Transocean Offshore Inc. 675,413
6,500 Veritas DGC Inc.+ 147,875
---------
1,662,875
---------
<CAPTION>
Petroleum -- Producing -- 0.3%
<S> <C> <C>
20,400 Chesapeake Energy Corporation+ 200,175
-------
<CAPTION>
Pharmaceuticals -- 2.3%
<S> <C> <C>
8,400 American Home Products Corporation 642,600
9,000 Amgen, Inc.+ 523,125
13,600 Schering-Plough Corporation 651,100
---------
1,816,825
---------
<CAPTION>
Railroads -- 0.7%
<S> <C> <C>
16,600 Illinois Central Corporation 579,963
-------
<CAPTION>
Real Estate -- 0.6%
<S> <C> <C>
2,100 Beacon Properties Corporation 70,088
7,500 Cali Realty Corporation 255,000
1,500 Equity Residential Properties Trust 71,250
2,400 Simon Debartolo Group, Inc. 76,800
-------
473,138
-------
<CAPTION>
ecreation -- 0.8%
<S> <C> <C>
15,800 Carnival Corporation, Class A 651,750
------------
<CAPTION>
Restaurants -- 0.4%
<S> <C> <C>
11,200 Wendy's International, Inc. 290,500
------------
<CAPTION>
Retail -- Store -- 2.2%
<S> <C> <C>
17,593 Consolidated Stores Corporation+ 611,357
10,000 Costco Companies, Inc.+ 328,750
15,700 General Nutrition Companies, Inc.+ 439,600
3,400 TJX Companies, Inc. 89,675
5,100 Walgreen Company 273,488
------------
1,742,870
------------
<CAPTION>
Semiconductors -- 0.6%
<S> <C> <C>
1,600 Intel Corporation 226,900
2,500 Texas Instruments 210,156
------------
437,056
------------
<CAPTION>
Telecommunications -- 3.6%
<S> <C> <C>
5,700 Ascend Communications, Inc.+ 224,437
13,700 Century Telephone Enterprise 461,519
4,800 Lucent Technologies+ 345,900
8,800 Newbridge Networks+ 382,800
6,000 Tellabs, Inc.+ 335,250
7,200 Teleport Communications Group Inc.+ 245,700
26,100 WorldCom Inc.+ 835,200
------------
2,830,806
------------
<CAPTION>
Toiletries -- 0.4%
<S> <C> <C>
3,000 Gillette Company 284,250
------------
<S> <C>
TOTAL COMMON STOCKS
(Cost $31,554,548) 42,516,539
-----------
<CAPTION>
Principal
Amount
- ---------
ASSET BACKED SECURITIES -- 1.4%
<S> <C> <C>
$200,000 Banc One Credit Card Master Trust, Series
1994-C, Class A,
7.800% due 11/15/1998 205,274
500,000 Chase Manhattan Corporation, Series
1996-4, Class A, 6.730% due 02/15/2003 504,296
400,000 Union Acceptance Corporation, Class A3,
Series 1996-C,
6.630% due 10/08/2003++ 398,004
------------
<S> <C>
TOTAL ASSET BACKED SECURITIES
(Cost $1,115,802) 1,107,574
------------
<CAPTION>
COLLATERALIZED MORTGAGE
OBLIGATIONS-- 1.7%
(Cost $1,281,026)
<S> <C> <C>
Federal Home Mortgage Corporation:
750,000 Series 1541, Class F,
6.250% due 05/15/2019 738,125
550,000 Series 1702-A, Class PD, 6.500% due
04/15/2022 537,963
------------
1,276,088
------------
<CAPTION>
CORPORATE BONDS AND NOTES -- 10.7%
Finance -- 4.5%
<S> <C> <C>
300,000 American General Institutional Capital,
<PAGE>
7.570% due 12/01/2045+++ 285,750
400,000 AT&T Capital Corporation, MTN,
6.490% due 05/17/1999 400,500
540,000 Commercial Credit Company, 5.875% due
01/15/2003 515,700
500,000 Federal Home Loan Mortgage Corporation,
6.000% due 04/25/2000 496,000
500,000 First Maryland Bankcorp,
AIB,
7.200% due 07/01/2007 499,715
$140,000 Ford Motor Credit Corporation,
6.500% due 02/15/2006 134,400
540,000 Liberty Mutual Capital Corporation, MTN,
8.100% due 01/14/2005 568,350
575,000 SmithKline Beecham Capital Corporation,
MTN,
6.620% due 01/28/2002 574,281
---------
3,474,696
---------
<CAPTION>
Finance -- Foreign -- 1.6%
<S> <C> <C>
400,000 Abbey National Treasury,
6.625% due 05/23/2001 401,500
400,000 American Express Company, Global Bond,
6.750% due 06/23/2004 397,500
400,000 Bank of Austria AG,
7.250% due 02/15/2017+++ 393,000
90,000 Union Bank of Switzerland,
7.250% due 07/15/2006 90,900
---------
1,282,900
---------
<CAPTION>
Government Agency -- 1.2%
<S> <C> <C>
500,000 British Columbia Hydro,
12.500% due 01/15/2014 562,500
400,000 Tennessee Valley Authority,
6.375% due 06/15/2005 390,500
---------
953,000
---------
<CAPTION>
Industrial -- 1.1%
<S> <C> <C>
160,000 Anheuser Busch Companies,
9.000% due 12/01/2009 185,400
600,000 Wal-Mart Stores,
8.625% due 04/01/2001 638,250
---------
823,650
---------
<CAPTION>
Industrial -- Foreign -- 1.2%
<S> <C> <C>
550,000 International
Telecommunications Satellite,
8.375% due 10/14/2004 597,437
300,000 Toyota Motor Corporation,
5.625% due 03/17/1998 298,875
---------
896,312
---------
<CAPTION>
Supranational -- 0.5%
<S> <C> <C>
350,000 African Development Bank, Notes,
6.750% due 07/30/1999 353,063
---------
<CAPTION>
Utility -- Electric -- 0.6%
<S> <C> <C>
500,000 National Rural Utilities,
7.300% due 09/15/2006 508,125
---------
<S> <C>
TOTAL CORPORATE BONDS AND NOTES
(Cost $8,268,531) 8,291,746
---------
<CAPTION>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 4.5%
Federal Home Loan Mortgage Corporation (FHLMC) -- 0.8%
FHLMC:
<S> <C> <C>
226,406 Pool #E62394, Gold,
7.500% due 09/01/2010 229,873
361,240 Pool #200021,
10.500% due 11/01/2000 380,995
---------
610,868
---------
<CAPTION>
Federal National Mortgage Association
(FNMA) -- 3.0%
FNMA:
<S> <C> <C>
711,158 Pool #100081,
11.500% due 08/20/2016 800,720
229,027 Pool #250345,
7.000% due 09/01/2025 224,446
840,146 Pool #303020,
7.000% due 10/25/2025 823,343
448,700 Pool #303105,
11.000% due 11/01/2020 499,319
---------
2,347,828
---------
<CAPTION>
Government National Mortgage Association
(GNMA) - 10.7%
GNMA:
<S> <C> <C>
511,446 Pool #780096,
11.000% due 04/15/2021 569,463
---------
<CAPTION>
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $3,493,276) 3,528,159
---------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 20.8%
U.S. Treasury Bonds -- 5.0%
<S> <C> <C>
200,000 6.250% due 02/15/2007 195,626
3,250,000 8.000% due 11/15/2021 3,674,808
---------
3,870,434
---------
<CAPTION>
U.S. Treasury Inflation Index -- 1.9%
<S> <C> <C>
1,514,813 3.375% due 01/15/2007 1,477,897
---------
U.S. Treasury Notes -- 13.3%
<S> <C> <C>
500,000 8.625% due 08/15/1997 501,945
1,930,000 7.750% due 01/31/2000 1,999,171
3,175,000 7.500% due 11/15/2001 3,307,556
4,210,000 7.875% due 11/15/2004 4,538,927
---------
10,347,599
----------
U.S. Treasury Strip -- 0.6%
<S> <C> <C>
1,025,000 Zero coupon due 11/15/2014 437,029
---------
<CAPTION>
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $16,120,903) 16,132,959
----------
<CAPTION>
REPURCHASE AGREEMENT -- 8.2%
(Cost $6,364,369)
<S> <C> <C>
6,364,369 Agreement with Lehman Brothers Holdings
Inc., 5.920% dated 06/30/97 to be
repurchased at $6,365,416 on 07/01/97,
collateralized by $33,782,000 U.S.
Treasury Strip Principal, 7.875%-8.750%
having maturities ranging from 08/15/2020
through 11/15/2021 (value $6,492,330) 6,364,369
---------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $68,198,455*) 102.1% 79,217,434
OTHER ASSETS AND
LIABILITIES (Net) (2.1) (1,661,234)
---- ----------
NET ASSETS 100.0% $77,556,200
===== ===========
<FN>
- ----------------
* Aggregate cost for Federal tax purposes is $68,308,554.
+ Non-income producing security
++ Floating rate note. The interest rate shown reflects the rate currently in
effect.
+++ Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration to qualified institutional buyers.
ABBREVIATIONS:
ADR -- American Depositary Receipt
ADS -- American Depositary Share
MTN -- Medium Term Note
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Growth & Income Fund
Portfolio of Investments, June 30, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 85.9%
Automobile Parts & Equipment -- 4.4%
<S> <C> <C>
145,500 Genuine Parts Company $ 4,928,812
143,000 Johnson Controls, Inc. 5,871,938
----------
10,800,750
----------
<CAPTION>
Automobiles -- 2.4%
<S> <C> <C>
157,000 Ford Motor Company 5,926,750
----------
<CAPTION>
Banking and Finance -- 14.8%
<S> <C> <C>
97,000 BankAmerica Corporation 6,262,562
101,000 Charter One Financial, Inc. 5,441,375
44,000 CoreStates Financial Corporation 2,365,000
100,000 Federal National Mortgage Association 4,362,500
58,000 First Bank System, Inc. 4,951,750
75,000 Great Western Financial Corporation 4,031,250
99,000 Norwest Corporation 5,568,750
73,000 Summit Bancorp 3,659,125
----------
36,642,312
----------
<CAPTION>
Chemicals -- 4.6%
<S> <C> <C>
121,374 Avery Dennison Corporation 4,870,132
115,000 Imperial Chemical
Industries Plc, ADR 6,540,625
----------
11,410,757
----------
<CAPTION>
Diversified -- 1.7%
<S> <C> <C>
171,989 Federal Signal Corporation 4,321,224
----------
<CAPTION>
Electrical Machinery -- 5.2%
<S> <C> <C>
133,000 Cooper Industries, Inc. 6,616,750
94,000 General Electric Corporation 6,145,250
----------
12,762,000
----------
<CAPTION>
Food and Beverages -- 2.9%
<S> <C> <C>
114,000 Sara Lee Corporation 4,745,250
64,900 Sysco Corporation 2,368,850
----------
7,114,100
----------
<CAPTION>
Holding Companies -- Diversified -- 2.3%
<S> <C> <C>
84,000 Textron Inc. 5,575,500
----------
<CAPTION>
Insurance -- 2.0%
<S> <C> <C>
78,000 Lincoln National
Corporation Ltd. 5,021,250
----------
<CAPTION>
News and Publishing -- 2.1%
<S> <C> <C>
90,000 McGraw-Hill Companies Inc. 5,293,125
----------
<CAPTION>
Office Equipment -- 2.7%
<S> <C> <C>
86,000 Xerox Corporation 6,783,250
----------
<CAPTION>
Oil and Petroleum -- 9.9%
<S> <C> <C>
110,000 Ashland Inc. 5,101,250
69,000 Atlantic Richfield Company 4,864,500
70,000 British Petroleum
Company Plc, ADR 5,241,250
60,000 Exxon Corporation 3,690,000
78,000 Mobil Corporation 5,450,250
----------
24,347,250
----------
<CAPTION>
Pharmaceuticals -- 5.2%
<S> <C> <C>
83,000 American Home Products Corporation 6,349,500
80,000 Bristol-Myers Squibb 6,480,000
----------
12,829,500
----------
<CAPTION>
Railroads -- 2.3%
<S> <C> <C>
164,500 Illinois Central Corporation 5,747,219
----------
<CAPTION>
Real Estate -- 6.0%
<S> <C> <C>
73,000 Cali Realty Corporation 2,482,000
120,800 FelCor Suite Hotels Inc. 4,499,800
102,000 Health Care Property Investors, Inc. 3,595,500
162,000 Prentiss Properties Trust 4,151,250
----------
14,728,550
----------
<CAPTION>
Retail -- 5.8%
<S> <C> <C>
135,000 Albertson's Inc. 4,927,500
93,000 May Department Stores Company 4,394,250
95,000 Penney (J.C.) Company Inc. 4,957,812
----------
14,279,562
----------
<CAPTION>
Utilities -- Electric -- 6.3%
<S> <C> <C>
196,000 DPL Inc. 4,826,500
134,727 Duke Energy Corporation 6,458,476
172,000 Teco Energy, Inc. 4,396,750
----------
15,681,726
----------
<CAPTION>
Utilities -- Natural Gas -- 4.0%
<S> <C> <C>
80,931 El Paso Natural Gas Company 4,451,205
177,371 MCN Corporation Holding Company 5,431,987
----------
9,883,192
----------
<CAPTION>
Utilities -- Water -- 1.3%
<S> <C> <C>
147,000 American Water Works Company, Inc. 3,142,125
----------
<CAPTION>
TOTAL COMMON STOCKS
(Cost $160,897,308) 212,290,142
-----------
Principal
Amount
- ---------
<CAPTION>
CONVERTIBLE BONDS AND NOTES -- 3.1%
<S> <C> <C>
$1,600,000 Diamond Offshore Drilling, Conv. Sub. Note,
3.750% due 2/14/2007 1,856,000
5,150,000 Home Depot Inc.,
Conv. Sub. Note,
3.250% due 10/01/2001 5,883,875
----------
<CAPTION>
TOTAL CONVERTIBLE BONDS
AND NOTES
(Cost $6,752,637) 7,739,875
----------
<CAPTION>
Shares
- ------
CONVERTIBLE PREFERRED STOCK -- 4.6%
(Cost $10,292,910)
<S> <C> <C>
88,000 AirTouch Communications, Inc., Series C,
4.250%, Conv. Pfd. 4,224,000
74,000 Wendy's Financial I,
5.000%, Conv. Pfd. 4,301,250
26,000 WorldCom Inc.,
8.000%, Conv. Pfd. 2,931,500
----------
<CAPTION>
TOTAL CONVERTIBLE
PREFERRED STOCK 11,456,750
----------
<CAPTION>
Principal
Amount
- --------
REPURCHASE AGREEMENT -- 7.3%
(Cost $17,926,584)
<S> <C> <C>
$17,926,584 Agreement with Lehman Brothers Holdings
Inc., 5.920% dated 06/30/1997 to be
repurchased at $17,929,532 on 07/01/1997,
collateralized by $18,420,000 U.S.
Treasury Inflation Index Securities,
3.375% due 01/15/2007
(value $18,280,792) 17,926,584
----------
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $195,869,439*) 100.9% 249,413,351
OTHER ASSETS AND
LIABILITIES (Net) (0.9) (2,255,222)
----- ------------
NET ASSETS 100.0% $247,158,129
===== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
ABBREVIATION:
ADR -- American Depositary Receipt
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder International Equity Fund
Portfolio of Investments, June 30, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 99.3%
Argentina -- 0.7%
<S> <C> <C>
1,400 Alpargatas S.A.I.C., ADR+ $ 13,652
400 APCO Argentina Inc., ADR 10,400
2,794 Banco de Galicia Bueno, ADR 73,692
2,256 Banco Frances del Rio de la Plata, SA,
ADR 73,320
1,800 Buenos Aires
Embotelladora SA, ADR 2,475
6,700 Corporacion Mapfre, ADR 86,824
800 Disco SA, ADR+ 31,700
500 IRSA Inversiones Y Representaciones SA,
GDR 21,875
2,820 Metrogas SA, ADR 28,200
18,265 Perez Companc SA, ADR 293,013
6,000 Quilmes Industrial SA, ADR 69,750
4,800 Telecommunications de Argentina, ADR 252,000
11,800 Telefonica de Argentina, ADR 408,575
17,300 Y.P.F Sociedad Anonima, ADR 531,975
---------
1,897,451
---------
<CAPTION>
Australia -- 3.2%
<S> <C> <C>
45,000 Amcor Ltd. 299,395
7,700 Amcor Ltd., ADR 202,125
2,700 Ashton Mining Ltd., ADR 18,576
13,350 Australia & New Zealand Bank, ADR 492,281
9,600 Australian National Industries, ADR 46,800
6,700 Boral Ltd., ADR 168,338
47,240 Broken Hill Proprietary Ltd., ADR 1,405,390
3,700 Burns, Philip & Company Ltd., ADR 41,289
9,500 Coca-Cola Amatil Ltd., ADR 243,734
7,200 Coles Myer Ltd., ADR 300,600
1,200 Cortecs International Ltd., ADR+ 19,500
11,800 CSR Ltd., ADR 183,068
6,800 E-mail Ltd., ADR 48,738
800 FAI Insurance Ltd., ADR 8,300
1,500 FH Faulding & Company, ADR 34,476
14,400 Goodman Fielder Ltd., ADR 84,920
12,250 Great Central Mines Ltd., ADR 68,141
9,600 James Hardie Industries, ADR 61,694
6,100 Kidston Gold Mines Ltd., ADR 9,962
3,000 Mayne Nickless Ltd., ADR 87,550
400 Memtec Ltd., ADR 10,800
61,900 M.I.M. Holdings Ltd., ADR 183,454
13,400 National Australia Bank Ltd., ADR 955,587
35,100 News Corporation Ltd., ADR 675,675
6,700 North Ltd., ADR 127,905
1,600 Orbital Engineering Ltd., ADR+ 8,700
13,000 Pacific Dunlop
Olympic Ltd., ADR 151,125
2,300 Petsec Energy Ltd., ADR+ 52,325
42,500 Pioneer International Ltd., ADR 162,775
7,270 Rio Tinto Ltd., ADR 496,442
6,600 Santos Ltd., ADR 108,900
1,000 Simsmetal Ltd., ADR 29,183
600 Sons of Gwalia, ADR 11,182
5,600 Southcorp Holdings Ltd., ADR 105,000
17,900 Westpac Banking Ltd., ADR 535,881
13,700 WMC Ltd., ADR 351,062
47,000 Woodside Petroleum Ltd. 405,092
---------
8,195,965
---------
<CAPTION>
Austria -- 0.2%
<S> <C> <C>
2,840 EVN-Energie Versorgung Niederoesterreich
AG, ADR 73,840
13,300 OMV AG, ADR 340,734
1,300 Wolford AG, ADR 24,858
---------
439,432
---------
<CAPTION>
Belgium -- 0.2%
<S> <C> <C>
11,650 Petrofina SA, ADR 441,128
---------
<CAPTION>
Bermuda -- 0.2%
<S> <C> <C>
1,500 Comcast UK Cable Partners Ltd., ADR+ 18,000
5,100 Exel Ltd., ADR 269,025
600 LaSalle Re Holdings Ltd., ADR 17,700
400 Mutual Risk
Management Inc., ADR 18,350
2,700 PartnerRe Ltd., ADR 102,938
1,000 Sphere Drake
Holdings Ltd., ADR 8,563
---------
434,576
---------
<CAPTION>
Brazil -- 1.2%
<S> <C> <C>
7,225 Aracruz Celulose SA, ADR 147,209
6,400 Cemig-Companhia Energetica de Minas,
(New), ADR 339,200
2,500 Continental AG, ADR 62,088
1,900 Copene Petroquimica, ADR 35,211
3,600 Panamerican Beverages Inc., ADR, Class A 118,350
15,200 Telebras, ADR 2,306,600
---------
3,008,658
---------
<CAPTION>
Canada-- 3.2%
<S> <C> <C>
5,400 Aber Resources Ltd.+ 75,470
4,100 Abitibi-Consolidated Inc., ADR 73,288
2,000 Agnico Eagle Mines Ltd., ADR 19,250
3,650 Alberta Energy Company Ltd., ADR 91,706
800 Alliance Communications Corporation, ADR+ 7,900
3,600 Arakis Energy
Corporation, ADR+ 13,613
12,950 Bank of Montreal, ADR 506,669
30,800 BCE Inc., ADR 862,400
4,800 Biochem Pharmaceuticals Inc., ADR+ 106,800
9,700 Biomira Inc.+ 49,169
1,800 Biomira Inc., ADR+ 9,113
1,300 Biovail Corporation International, ADR+ 39,244
4,600 Brascan Ltd., Class A, ADR 113,275
12,934 Brookfield Properties Corporation+ 150,789
2,800 Cambior, Inc., ADR 31,675
6,100 Campbell Resource Inc., ADR+ 3,812
1,300 Canadian Marconi Company, ADR 22,912
6,600 Canadian Occidental Petroleum, ADR 148,500
16,800 Canadian Pacific Ltd., ADR 477,750
600 Chieftan Intenational, Inc., ADR 13,163
1,700 Clearnet Communication Inc., ADR 20,613
6,900 Cognos Inc. 214,352
2,000 Cognos Inc., ADR 62,250
2,900 Coho Energy, Inc.+ 31,080
4,400 Cominco, ADR 117,150
2,600 Corel, ADR+ 17,062
2,900 Cott Corporation, ADR 30,870
3,100 Dia Met Minerals Ltd.+ 58,927
6,300 Domatar Inc., ADR 54,337
1,000 Dreco Energy Services Ltd.+ 52,174
300 Dreco Energy Services Ltd., ADR+ 15,750
600 Fahnestock Viner Holdings Inc., ADR 11,325
1,300 Fairfax Financial Holdings Ltd.+ 376,552
1,300 Four Seasons Hotels, Inc., ADR 38,513
3,100 Goldcorp Inc., Class A, ADR 22,087
6,700 Golden Star Resources Ltd.+ 55,310
10,700 Gulf Canada Resources, ADR+ 88,944
2,900 Hollinger, Inc., ADR 24,786
3,000 Imperial Oil Ltd., ADR 154,125
11,700 Inmet Mining Corporation+ 64,390
1,100 Intertape Polymer Group Inc., ADR 23,100
2,800 IPL Energy Inc., ADR 93,275
1,400 Ipsco Inc., ADR 40,775
300 Jetform Corporation, ADR+ 3,938
12,500 Laidlaw Transportation Inc., Class A, ADR 193,750
2,200 Loewen Group Inc., ADR 76,450
6,100 Macmillan Bloedel Ltd., ADR 83,875
3,100 Magna International, Class A, ADR 186,581
5,600 MDS Inc. 122,466
7,300 Methanex Corporation, ADR+ 67,069
5,200 Mitel Corporation, ADR+ 27,300
8,100 Newbridge Network, ADR+ 352,350
23,500 Nova Corporation of
Alberta, ADR 199,750
<PAGE>
4,600 Numac Energy Inc., ADR+ 20,125
9,000 Philip Services Corporation 142,728
2,000 Philip Services Corporation, ADR 31,750
100 PLD Telekom Inc., ADR 500
1,500 PLD Telekom Inc., ADR 7,500
2,300 Potash Corporation of Saskatchewan, ADR 172,644
2,300 Precision Drilling Corporation+ 110,424
3,400 Quebecor Inc., Class A, ADR 63,325
14,900 Renaissance Energy Ltd.+ 414,323
17,800 Repap Enterprises Inc.+ 7,218
6,000 Repap Enterprises Inc., ADR+ 2,813
1,900 Rigel Energy Corporation, ADR+ 20,306
2,800 Rio Algom Ltd., ADR 67,550
4,600 Rogers Cantel Mobil Communications,
Class B, ADR+ 87,112
5,600 Royal Oak Mines, ADR+ 13,300
2,479 Stampeder Exploration Ltd., ADR+ 9,761
16,700 Stelco Inc. 124,559
9,900 Transcanada Pipeline Ltd., ADR 199,237
3,000 Tri-Link Resources Ltd.+ 55,940
16,000 Trilon Financial Corporation 103,117
5,900 Trimark Financial Corporation 269,163
5,000 Trizec Hahn Corporation, ADR 106,875
23,300 TVX Gold Inc.+ 123,169
7,900 TVX Gold Inc., ADR+ 41,969
1,700 Unican Security Systems, Ltd. 34,223
4,500 West Coast Energy Inc., ADR 81,844
---------
8,109,249
---------
<CAPTION>
Chile -- 0.5%
<S> <C> <C>
900 AFP Provida, ADR 19,687
1,200 Banco de Edwards, ADR 25,050
700 Banco Santander Chile, ADR 10,325
700 Banco Santiago SA, ADR+ 17,850
2,800 Chilgener SA, ADR 3,078
2,800 Chilgener SA, ADR 78,400
2,500 Compania Cervecerias Uniidas SA, ADR 54,844
9,675 Compania de Telecomunicaciones de Chile
SA, ADR 319,275
1,100 Cristalerias de Chile, ADR 26,262
3,100 Embotelladora Andina SA, ADR 66,456
10,400 Empresa Nacional
Electricidad SA, ADR 234,650
2,700 Empresas Telex Chile, ADR 15,187
5,700 Enersis SA, ADR 202,706
700 Laboratorio Chile SA, ADR 19,950
1,800 Madeco, ADR 44,100
1,300 Maderas Y Sinteticos Sociedad (Masisa),
ADR 21,612
1,000 Quimica Minera
Chile SA, ADR 66,125
300 Quinenco SA, ADR 5,550
900 Santa Isabel SA, ADR 29,025
800 Vina Concha Y Toro SA, ADR 24,750
---------
1,284,882
---------
<CAPTION>
China -- 5.6%
<S> <C> <C>
24,500 Amoy Properties Ltd., ADR 135,194
2,900 Amway Asia Pacific Ltd., ADR 126,513
2,800 APT Satellite Holdings Ltd., ADR+ 35,350
600 Asia Satellite Telecommunications
Holdings Ltd., ADR+ 18,075
63,448 Bank East Asia Ltd., ADR 263,309
750 Beijing Yanhua Petrochemical Company,
Ltd., ADR 8,625
900 Brilliance China
Automotive, ADR 9,225
14,000 Cathay Pacific Airways, ADR 144,375
9,300 CDL Hotels
International Ltd., ADR+ 37,814
13,200 Champion Technology Holdings, ADR 8,514
700 China Eastern Airlines Corporation Ltd.,
ADR+ 18,200
4,100 C.P. Pokphand, ADR 32,544
7,900 Dairy Farm
International Ltd., ADR 29,625
500 DSG International Ltd., ADR+ 8,000
2,800 Egana International Holdings Ltd., ADR+ 9,307
25,000 First Pacific Company Ltd., ADR 159,735
1,600 Gold Peak Industries Ltd., ADR 10,326
4,300 Guangshen Railway Company Ltd., ADR+ 94,063
12,150 Hang Lung Development, ADR 111,349
36,500 Hang Seng Bank Ltd., ADR 520,607
78,400 Henderson Land Development Company Ltd.,
<PAGE>
ADR 695,735
99,080 Hong Kong and China Gas Company Ltd., ADR 198,232
99,200 Hong Kong Electric Holdings Ltd., ADR 400,272
17,700 Hong Kong Land Holdings, ADR 236,738
23,232 Hong Kong Telecommunications Ltd., ADR 543,048
42,900 Hopewell Holdings Ltd., ADR 135,135
203,000 HSBC Holdings, ADR 6,105,224
6,100 Huaneng Power International, ADR+ 155,550
24,600 Hysan Development Ltd., ADR 145,113
22,900 Jardine Matheson & Company Ltd., ADR 163,520
7,900 Jardine Strategic Holding, ADR 59,373
1,500 Johnson Electric Holdings, ADR 44,726
45,300 New World Development Company Ltd., ADR 543,600
13,650 Peregrine Investment Holdings, ADR 56,306
2,800 Shandong Huaneng, ADR 30,100
4,700 Shanghai Chlor-Alkali Chemical Company,
ADR 13,442
3,200 Shanghai Petrochemicals Ltd., ADR 78,400
4,200 Shanghai Tire & Rubber Company Ltd., ADR 20,580
7,200 Shuntak Holdings Ltd., ADR 43,200
2,700 Singer Company, ADR 51,300
14,750 South China Morning Post, ADR 72,275
117,300 Sun Hung Kai Properties Ltd., ADR 1,411,894
78,000 Swire Pacific Ltd., ADR 702,000
10,500 Wharf Holdings Ltd., ADR 227,640
---------
13,914,153
----------
<CAPTION>
Columbia -- 0.0%#
<S> <C> <C>
1,400 Banco Ganadero SA, ADR 50,400
1,900 Banco Industrial Colombiano, ADR 34,200
---------
84,600
---------
<CAPTION>
Denmark -- 0.6%
<S> <C> <C>
2,900 ISS International Service Systems, ADR 53,287
5,600 Novo Nordisk AS, Series B 610,612
7,400 Novo Nordisk AS, Series B, ADR 406,075
12,900 Tele Danmark, Series B, ADR 337,012
---------
1,406,986
---------
<CAPTION>
Finland -- 0.1%
<S> <C> <C>
2,300 American Group Ltd., ADR 21,046
2,000 Instrumentarium Corporation, ADR 38,750
700 Rauma-Repola, ADR 16,100
2,300 Valmet Corporation, ADR 77,050
---------
152,946
---------
<CAPTION>
France -- 5.2%
<S> <C> <C>
30,500 Alcatel Alsthom Cie Generale D'Electric,
ADR 770,125
9,600 AXA Company 597,070
700 Bouygues Offshore SA, ADR 8,750
800 Business Objects SA, ADR 7,800
14,700 Campagnie de Suez, ADR 361,434
4,000 Canal Plus, ADR 155,779
350 Cardif SA 39,010
1,900 Carrefour SA 1,379,890
200 CIPE France 25,865
2,650 Claring SA, ADR 70,546
700 Clarins SA 93,147
163,000 Compagnie Financiere de Suez 400,795
5,800 Compagnie Generale des Eaux, ADR 148,677
500 Credit Lyonnais+ 25,184
2,500 Dassault Systemes SA, ADR+ 178,125
25,500 Elf Aquitaine, ADR 1,388,156
450 Essilor International 121,369
45,900 Eurotunnel SA+ 50,378
1,100 Genset, ADR+ 21,312
600 Groupe AB SA, ADR+ 5,100
16,950 Groupe Danone, ADR 560,288
650 Guilbert SA 92,024
9,000 Havas SA, ADR 162,191
750 Imetal SA 99,418
12,000 Lafarge SA, ADR 248,851
4,850 Lagardere Group 140,878
4,200 Lagardere Group, ADR 122,032
21,300 Louis Vuitton Moet
Hennessy, ADR 1,147,537
5,000 Pechiney SA, ADR 98,125
<PAGE>
11,050 Pernod Ricard, ADR 142,474
1,100 Pinault Printemps-Redoute SA 528,596
12,250 PSA Peugeot Citroen SA, ADR 296,085
14,800 Rhone-Poulenc SA, ADR 616,050
1,000 Salomon SA 76,250
400 Scor SA, ADR 16,250
6,800 SGS-Thompson Microelectronics, ADR 544,000
600 Skis Rossignols SA 12,619
19,100 Societe Generale, ADR 426,540
350 Sodexho SA 179,208
500 Stolt Comex Seaway SA 12,687
16,800 Total SA "B" 1,698,096
3,400 Valeo SA, ADR 211,235
---------
13,279,946
----------
<CAPTION>
Germany -- 6.7%
<S> <C> <C>
25,450 Bayer AG 978,044
34,000 Bayer AG, ADR 1,306,957
8,500 Bayerische Vereinsbank AG 347,516
3,200 Beiersdorf AG 165,142
1,350 Bilfinger & Berger Bau AG 54,961
14,100 Commerzbank AG 399,404
18,900 Commerzbank AG, ADR 535,509
19,000 Daimler Benz AG, ADR 1,548,500
19,300 Deutsche Bank AG, ADR 1,118,194
1,250 Deutsche Pfandbrief-und Hypothekenbank AG 71,891
133,300 Deutsche Telekom, ADR 3,215,862
1,200 Douglas Holding AG 47,822
21,800 Dresdner Bank AG, ADR 753,966
300 Fresenius AG 68,121
2,550 Gehe AG 174,001
22,500 Hoechst AG 954,471
600 Kali und Salz Beteiligungs AG+ 57,800
200 Leifheit AG 8,257
100 Linotype-Hell AG 8,572
2,600 Mannesmann AG 1,158,405
12,780 Normandy Mining Ltd., ADR 71,984
800 Puma AG, ADR 24,227
16,600 RWE AG, ADR 722,100
14,901 SAP AG, ADR 1,031,894
3,200 SGL Carbon AG, ADR+ 148,800
50 Varta AG 8,157
17,200 VEBA AG 966,541
6,800 Volkswagen AG, ADR 1,037,425
---------
16,984,523
----------
<CAPTION>
<S> <C> <C>
Greece -- 0.0%#
400 Anangel -- American Shipholdings Ltd, ADR 3,900
---------
<CAPTION>
Hungary -- 0.0%#
<S> <C> <C>
100 Euronet Services, Inc., ADR+ 1,106
---------
<CAPTION>
Indonesia -- 0.3%
<S> <C> <C>
6,900 Pt Indorayon Utama, ADR 14,470
5,083 Pt Indosat, ADR 152,172
20,600 Pt Telekomunikasi Indonesia, ADR 669,500
1,400 Pt Tri Polyta Indonesia, ADR 8,050
---------
844,192
---------
<CAPTION>
<S> <C> <C>
Ireland -- 0.3%
<S> <C> <C>
5,900 Bank of Ireland, ADR 262,550
3,700 CRH, ADR 197,487
3,300 Elan Corporation Plc, ADR 149,325
2,800 Jefferson Smurfit Group, ADR 81,550
3,500 Waterford Wedgwood Plc, ADR 45,719
---------
736,631
---------
<CAPTION>
Israel -- 0.2%
<S> <C> <C>
200 American-Israeli Paper Mills, ADR 8,750
2,000 Blue Square-Israel Ltd., ADR+ 34,500
1,600 Check Point Software Technologies Ltd.,
ADR+ 37,400
3,900 ECI Telecommunications Ltd., ADR 116,025
1,100 Elbit Medical Imaging Ltd., ADR+ 7,838
1,100 Elbit Systems Ltd., ADR+ 13,269
1,100 Elron Electronic
Industries Ltd., ADR 14,850
800 Elscint Ltd. ORD, ADR+ 6,900
800 ESC Medical Systems Ltd., ADR+ 20,400
1,560 Frutarom 1,354
400 Gilat Satellite Network Ltd., ADR+ 13,300
3,200 Koor Industries Ltd., ADR 56,400
800 Matav-Cable Systems Media Ltd., ADR+ 14,000
2,300 Scitex Corporation, ADR 20,269
1,000 Tadiran Ltd., ADR 28,625
500 Tecnomatrix Technologies Ltd., ADR+ 16,250
2,700 Teva Pharmaceutical, ADR 174,825
---------
584,955
---------
<CAPTION>
Italy -- 2.0%
<S> <C> <C>
4,472 Benetton Group SpA, ADR 144,781
2,200 De Rigo SpA, ADR 18,563
39,300 Ente Nazionale Idrocarburi SpA, ADR+ 2,235,188
32,300 Fiat, ADR 589,475
1,300 Fila Holding SpA, ADR 43,469
10,000 IMI, ADR 272,500
3,000 Industrie Natuzzi, ADR 76,875
19,600 Istituto Nazionale delle Assicurazioni,
ADR+ 301,350
2,400 Luxottica Group, ADR 162,750
26,142 Montedison SpA, ADR+ 176,459
500 SAES Getters SpA, ADR 4,813
18,800 Stet Societa Finanziaria Telefonica SpA,
ADR 1,097,450
---------
5,123,673
---------
<CAPTION>
Japan -- 22.9%
<S> <C> <C>
18,000 Amada Metrecs Company, Ltd. 188,457
14,670 Amway Japan Ltd., ADR 253,974
105,000 Aoki Corporation 123,675
9,200 Bandai Company Ltd., ADR 50,221
148,495 Bank of Tokyo, ADR 2,997,743
8,200 Canon Inc., ADR 1,119,300
86,000 Chiyoda Corporation 413,436
68,000 Chuo Trust and Banking Company, Ltd. 450,901
3,100 CSK Corporation, ADR 116,444
24,000 Daido Steel Company Ltd. 122,078
62,000 Daiei OMC Inc.+ 155,250
17,500 Dai'El Inc., ADR 224,682
77,000 Daishowa Paper Manufacturing Company,
Ltd. 423,243
37,000 Daiwabo Company Ltd. 106,853
13,250 Eisai Company Ltd., ADR 251,125
39,000 Fudo Construction 149,378
25,300 Fuji Photo Film Company Ltd., ADR 1,021,488
218,000 Fujita Corporation 380,404
127,000 Haseko 202,775
16,100 Hitachi Ltd., ADR 1,819,300
29,000 Hitachi Plant Engineer & Construction 134,607
92,000 Hokkaido Bank 121,206
22,800 Honda Motor Company Ltd., ADR 1,372,275
170,000 Industrial Bank of Japan 2,640,143
5,100 Ito-Yokado Ltd., ADR 1,185,750
43,700 Japan Airlines Company, ADR 396,031
335,000 Kajima Corporation 1,961,218
86,000 Kanematsu Corporation 238,608
24,000 Kanematsu-NNK Corporation 397,854
145,000 Kankaku Securities Company 253,021
16,000 Kawasaki Steel Corporation, ADR 521,245
16,000 KDD 1,107,010
119,000 Keisei Electric Railway 718,475
4,900 Kirin Brewery Company, ADR 509,600
43,000 KOA Oil Company, Ltd. 271,247
27,800 Kobe Steel Ltd., ADR 265,872
12,300 Komatsu Ltd., ADR 399,633
3,600 Kubota Corporation, ADR 358,200
4,600 Kyocera Corporation, ADR 731,400
591,000 Long Term Credit Bank of Japan 2,552,415
23,000 Makino Milling Machine Company 196,458
7,900 Makita Corporation, ADR 117,019
10,500 Matsushita Electric Industrial Company
Ltd., ADR 2,147,250
42,000 Matsuzakaya 310,012
38,500 Mitsubishi Corporation, ADR 961,701
4,000 Mitsui & Company Ltd., ADR 772,000
37,000 Nagasakiya Company+ 104,271
122,000 Navix Line+ 216,080
15,100 NEC Corporation, ADR 1,055,113
117,000 Nikko Securities Company Ltd. 214,370
92,000 Nippon Shinpan Company 332,313
153,200 Nippon Telegraph & Telephone Corporation,
ADR 7,468,500
74,500 Nissan Fire & Marine Insurance Company 409,501
61,700 Nissan Motor Company Ltd., ADR 971,775
13,000 Olympus Optical Company, ADR 116,948
101,000 Orient Corporation 411,526
48,000 Pacific Metals Company Ltd.+ 151,603
107,000 Penta-Ocean Construction 345,417
8,400 Pioneer Electronics Corporation, ADR 202,650
6,400 Ricoh Company Ltd., ADR 419,232
70,000 Sankyu 217,424
19,200 Sanyo Electric Corporation, ADR 432,000
65,000 Sato Kogyo 136,108
650 Sawako Corporation, ADR 11,796
15,800 Sega Enterprises, ADR 134,300
19,700 Shiseido Ltd., ADR 325,193
38,000 Shin Nikkei Company, Ltd. 129,302
57,000 Showa Sangyo 204,895
18,400 Sony Corporation, ADR 1,619,200
69,000 Sumitomo Construction 148,096
15,400 Sumitomo Metal Industries, ADR 438,482
33,000 Taiyo Toyo Sanso Company Ltd.+ 103,076
75,000 Takara Shuzo 541,160
6,100 TDK Corporation, ADR 456,356
31,000 Teisan 139,563
59,000 TOA Corporation 265,620
70,000 Tobishima Corporation 139,860
20,000 Tokai Pulp Company Ltd. 122,148
15,200 Tokio Marine & Fire
Insurance Ltd., ADR 984,200
122,000 Tokyu Department Store 447,062
165,000 Tomen Corporation 417,485
49,000 Toshiba Machine Company 172,290
51,000 Toyo Construction 104,568
91,770 Toyota Motor Corporation, ADR 5,437,373
17,000 Tsumura & Company 154,256
28,000 Universal Securities 89,901
1,500 Wacoal Corporation, ADR+ 93,469
299,000 Yamaichi Securities 889,578
44,000 Yuasa Corporation 156,245
---------
58,141,282
----------
<CAPTION>
Korea -- 0.8%
<S> <C> <C>
60,500 Korea Electric Power Corporation, ADR 1,130,594
18,400 Pohang Iron & Steel
Company, Ltd., ADR 588,800
26,077 SK Telecom Company Ltd., ADR 262,400
---------
1,981,794
---------
<CAPTION>
Luxembourg -- 0.2%
<S> <C> <C>
1,500 Espirito Santo Financial Holdings, ADR 29,812
2,600 Millicom International Cellular, ADR 124,150
11,050 Minorco SA, ADR 254,841
---------
408,803
---------
<CAPTION>
Malaysia -- 0.1%
<S> <C> <C>
55,600 Amalgamated Steelmills Berhad, ADR 42,515
10,700 Resorts World Berhad, ADR 161,094
---------
203,609
---------
<CAPTION>
Mexico -- 1.5%
<S> <C> <C>
3,800 Altos Hornos de
Mexico SA, ADR+ 45,125
2,700 Apasco SA, Series A, ADR 97,200
1,100 Bufete Industries, ADR+ 23,513
30,100 Cemex SA, ADR 291,594
2,300 Coca-Cola Femsa SA, ADR 118,738
3,300 Consorcio G. Grupo Dina, ADR+ 10,106
2,700 Controladora Comercial Mexicana SA de CV,
ADR 49,950
3,605 Desc de CV, Series C, ADR 104,996
5,600 Empresas La Moderna, ADR 119,700
5,100 Empress Ica, ADR 81,919
44,700 Grupo Carso SA, ADR 622,895
1,400 Grupo Casa Autrey, ADR 28,438
8,800 Grupo Elecktra, ADR 193,600
6,000 Grupo Financiero, ADR 18,000
10,800 Grupo Financiero, ADR+ 104,018
1,400 Grupo Imsa SA, ADR 37,800
1,100 Grupo Industrial Duango SA, ADR 16,775
3,000 Grupo Industrial Maseca SA, ADR 49,500
3,000 Grupo Iusacell, Series L, ADR 55,125
2,300 Grupo Mexicano de Desarrollo, Class L, ADR 3,881
800 Grupo Radio Central, ADR 9,400
7,600 Grupo Telivisa SA, ADR+ 230,850
3,500 Grupo Tribasa SA, ADR+ 18,813
1,400 Kimberly Clark Inc., ADR 28,194
25,800 Telefono de Mexico SA, ADR 1,231,950
2,900 Transport Matima Mexico, Class L, ADR 17,944
3,400 Tubos de Acero de Mexico, ADR+ 62,688
5,900 Vitro Sociedad Anomina, ADR 66,375
---------
3,739,087
---------
<CAPTION>
Netherland Antilles -- 0.1%
<S> <C> <C>
9,500 Verenigde Nederlandse Uitgeversbedrijven
Verenigd Bezit, ADR 213,750
---------
<CAPTION>
Netherlands -- 4.3%
<S> <C> <C>
57,600 ABN AMRO Holding, ADR 1,087,200
12,700 AEGON Insurance, ADR 889,794
7,000 Akzo Nobel, ADR 483,875
4,600 Baan Company, ADR 316,825
7,100 DSM, ADR 177,500
17,100 Elsevier, ADR 578,194
8,825 Fortis Amev, ADR 392,822
4,600 Gucci Group, ADR 296,125
60,405 ING Groep 2,784,988
4,400 KLM Royal Dutch Airlines, ADR 135,850
5,920 Koninklijke Ahold, ADR 503,570
4,300 Koninklijke Bols Wessanen NV, ADR 82,562
1,600 Madge Networks NV, ADR+ 10,200
7,300 New Holland NV, ADR 199,838
800 Oce Van Der Grinten, ADR 103,050
500 Orthofix International NV, ADR 5,188
16,600 Philips Electronics NV, ADR 1,193,125
2,400 Polygram NV, ADR 129,150
900 QIAGEN NV, ADR 43,369
2,300 Royal Nedlloyd Group, ADR 33,209
22,600 Royal PTT Nederland, ADR 895,525
4,200 Toolex Alpha NV, ADR 44,100
800 Van Ommeren, ADR 31,047
200 Velcro Industries NV, ADR 16,400
3,200 Wolters Kluwer, ADR 403,200
---------
10,836,706
----------
<CAPTION>
New Zealand -- 0.2%
<S> <C> <C>
1,625 Fletcher Challenge, Building, ADR 48,242
1,625 Fletcher Challenge, Energy, ADR 49,156
4,060 Fletcher Challenge, Forest, ADR 58,616
3,250 Fletcher Challenge, Paper, ADR 78,000
5,800 Telecommunications of New Zealand Ltd.,
ADR 236,350
500 Tranz Rail Holdings Ltd., ADR 8,438
---------
478,802
---------
<CAPTION>
Norway -- 0.3%
<S> <C> <C>
11,450 Norsk Hydro AS, ADR 620,447
4,700 Nycomed ASA, Class A, ADR+ 67,563
1,400 Petroleum Geo Services, ADR+ 68,425
5,600 Saga Petroleum, Class A, ADR 107,800
1,000 Unitor ASA, ADR 14,331
---------
878,566
---------
<CAPTION>
Peru -- 0.1%
<S> <C> <C>
3,100 Banco Wiese, ADR 20,150
500 Compania de Minas Buenaventura SA, ADR 9,844
11,700 Telefonica del Peru SA, ADR 306,394
---------
336,388
---------
<CAPTION>
Philippines -- 0.2%
<S> <C> <C>
2,600 Philippine Long Distance Telephone
Company, ADR 167,050
11,500 San Miguel Corporation,
Class B, ADR 303,022
---------
470,072
---------
<CAPTION>
Portugal -- 0.2%
<S> <C> <C>
5,400 Banco Comercial Portuges SA, ADR 100,575
1,500 Electricidade de
Portugal SA, ADR 54,000
9,500 Portugal Telecom SA, ADR 381,188
---------
535,763
---------
<CAPTION>
Russia -- 0.2%
<S> <C> <C>
1,500 Chernogorneft, ADR+ 16,500
6,200 Lukoil, ADR+ 483,600
500 Trade House GUM, ADR+ 41,750
1,300 Vimpel-Communications, ADR+ 49,400
---------
591,250
---------
<CAPTION>
Singapore -- 0.5%
<S> <C> <C>
9,000 Asia Pacific Resources International
Holdings, Class A, ADR 43,875
1,900 China Yuchai, ADR 5,938
4,400 Cycle & Carrigae Ltd., ADR 91,096
7,075 Development Bank of Singapore, ADR 356,403
35,000 Keppel Corporation Ltd. 155,452
8,750 Keppel Corporation Ltd., Class A 37,945
11,100 Sembawang Corporation Ltd., ADR 50,465
7,900 Neptune Orient Lines Ltd., ADR 28,291
22,100 United O/S Singapore, ADR 455,813
---------
1,225,278
---------
<CAPTION>
South Africa -- 0.6%
<S> <C> <C>
6,600 Driefontein Consolidated, ADR 44,550
8,466 Imperial Holdings Ltd., ADR 120,392
4,500 Kloof Gold Mining Ltd., ADR 26,719
24,400 Liberty Life Association of Africa Ltd.,
ADR 330,857
4,400 Pepkor Ltd., ADR 51,417
28,300 Sasol Ltd., ADR 367,900
3,100 Servgro International Ltd., ADR 49,137
13,800 South African Breweries, ADR 424,350
17,700 Wooltru Ltd., ADR+ 96,003
---------
1,511,325
---------
<CAPTION>
Spain -- 2.2%
<S> <C> <C>
11,300 Banco Bilbao Vizcaya, ADR 913,888
16,100 Banco Central Hispano, ADR 293,825
23,400 Banco Santander SA, ADR 723,938
30,300 Banesto Espanol de Credito, ADR+ 152,641
4,000 Compania Sevillana Electric, ADR 83,500
12,300 Corporacion Bancaria Argentaria, ADR 349,013
12,800 Empresa Nacional de Electricidad SA, ADR 1,088,800
14,750 Repsol, ADR 625,953
15,400 Telefonica de Espana SA, ADR 1,328,250
---------
5,559,808
---------
<CAPTION>
Sweden -- 2.2%
<S> <C> <C>
11,700 AGA AB, ADR 155,841
80,800 Astra AB, ADR 1,535,200
9,166 Atlas Copco, ADR 239,436
1,300 Autoliv Inc., ADR 50,863
500 Biacore International AB, ADR 5,906
3,800 Electrolux AB, ADR 275,975
47,000 Ericsson (L. M.) Telephone Company, Class
B, ADR 1,850,625
13,650 Sandvik AB, ADR 387,458
5,500 SKF AB, ADR 143,688
9,900 Svenska Cellulosa AB, ADR 207,400
2,300 Swedish Match Company, ADR+ 78,200
22,500 Volvo AB, Series B 602,094
---------
5,532,686
---------
<CAPTION>
Switzerland -- 6.9%
<S> <C> <C>
4,500 ABB AB, ADR 628,031
4,300 ABB AG, ADR 650,890
25,500 Credit Suisse Group, ADR 854,250
39,600 Nestle, ADR 2,648,250
61,166 Novartis, ADR+ 4,882,560
630 Roche Holdings Genuscheine AG 5,695,317
37,300 Swiss Bank Corporation, ADR+ 1,016,425
1,800 TAG Heuer International SA, ADR 27,113
51,500 Union Bank of Switzerland, ADR 1,178,151
---------
17,580,987
----------
<CAPTION>
Taiwan -- 0.0%#
<S> <C> <C>
3,638 Macronix International Company Ltd., ADR 104,138
---------
<CAPTION>
Thailand -- 0.0%#
<S> <C> <C>
4,900 Advanced Information Services PCL, ADR 44,563
13,650 Shinawatra Corporation, ADR 54,600
---------
99,163
---------
<CAPTION>
United Kingdom -- 25.4%
<S> <C> <C>
32,400 Abbey National Plc, ADR 884,183
674,400 Aegis Group Plc 704,732
3,500 Albert Fischer Group Plc, ADR 25,189
134,250 Alexon Group Plc 414,716
50,600 Allied Domeq Plc, ADR 376,930
5,500 Allied Irish Banks, ADR 256,781
18,900 AXA SA, ADR 597,712
50,500 BAA Plc, ADR 467,125
21,500 Barclays Plc, ADR 1,725,375
21,400 Bass Publishing Limited Company Plc, ADR 526,975
2,900 Bell Cable Media Plc, ADR+ 46,037
1,300 Bespak Plc, ADR 12,708
21,300 BG PLC, ADR 785,437
35,800 Blue Circle Industries Plc, ADR 254,965
5,900 Boc Group Plc, ADR 209,450
1,900 Body Shop International Plc, ADR 23,987
3,000 Booker Plc, ADR 54,812
4,700 British Airways Plc, ADR 540,206
3,400 British Biotech Plc, ADR+ 130,900
309,000 British Petroleum Company Plc 3,841,325
23,600 British Petroleum Company Plc, ADR 1,767,050
8,400 British Sky Broadcasting Group Plc, ADR 375,375
10,100 British Steel Plc, ADR 255,025
30,600 British Telecommunications Plc, ADR 2,272,050
44,660 BTR Plc, ADR 610,863
4,900 Burmah Castrol Plc, ADR 169,050
75,700 B.A.T. Industries Plc, ADR 1,386,256
35,900 Cable & Wireless Plc, ADR 1,002,956
12,050 Cadbury Schweppes Plc, ADR 441,331
5,600 Carlton Communications Plc, ADR 240,800
2,755 Christian Salvesen Plc, ADR 64,639
900 Christies International Plc, ADR 45,452
11,650 Coats Viyella Plc, ADR 74,150
1,400 COLT Telecom Group Plc, ADR 29,050
15,600 Compass Group Plc, ADR 174,960
360,250 Cordiant Plc 740,907
3,800 Cordiant Plc, ADR 23,512
19,800 Courtaulds Plc, ADR 116,325
2,300 Danka Business Systems Plc, ADR 94,012
227,300 Dixons Group Plc 1,767,702
6,500 Dixons Group Plc, ADR 151,532
400 Doncasters Plc, ADR+ 9,250
25,300 Druck Holdings Plc 99,010
1,000 Dr. Solomon's Group Plc, ADR+ 25,375
900 Eidos Plc, ADR+ 11,025
21,250 EMI Group Plc, ADR 381,004
6,425 Energy Group Plc, ADR 272,259
5,000 English China Clays Plc, ADR 51,542
160,050 Enterprise Oil Plc 1,799,087
7,000 Enterprise Oil Plc, ADR 241,500
104,600 Fairey Group Plc 845,695
65,350 Fine Art Development Plc 301,996
7,500 Gallaher Group Plc, ADR+ 138,281
500 Getty Communications Plc, ADR+ 7,375
97,600 Glaxo Wellcome Plc, ADR 4,080,900
25,700 Grand Metropolitan Plc, ADR 1,007,119
15,900 Guinness Plc, ADR 777,853
6,725 Hanson Trust Plc, ADR 168,125
8,500 Hills Down Holdings Plc, ADR 95,613
92,550 Huntingdon Life Sciences Group Plc 100,180
1,000 Huntingdon Life Sciences Group Plc, ADR+ 5,375
40,050 Huntleigh Technology Plc 102,377
8,900 Imperial Chemical Industries Plc, ADR 506,187
12,825 Imperial Tobacco Group Plc, ADR+ 164,320
16,400 Kingfisher Plc, ADR 372,230
14,300 Lasmo Plc, ADR 189,475
249,900 Laura Ashley Holdings Plc 314,199
2,500 Laura Ashley Holdings Plc, ADR 15,704
3,300 London International Group Plc, ADR 47,850
900 London Pacific Group Ltd. Plc, ADR 12,263
400 London & Overseas Freight Plc, ADR 5,895
640,000 Lonrho Plc 1,358,886
7,000 LucasVarity Plc, ADR 242,375
67,950 Manchester United Plc 686,864
22,900 Marks & Spenser Plc, ADR 1,138,595
71,850 Matthew Clark Plc 293,147
3,600 Medeva Plc, ADR 61,650
800 Micro Focus Group Plc, ADR+ 23,800
117,650 M.L. Laboritories Plc 306,619
8,300 National Grid Group Plc, ADR 303,156
14,900 National Power Plc, ADR 524,294
14,000 National Westminister
Bank Plc, ADR 1,135,750
6,800 NFC Plc, ADR 74,800
12,800 Orange Plc, ADR+ 208,000
27,100 Pearson Plc, ADR 313,632
163,650 Peek Plc 103,560
14,800 Peninsular & Oriental Steam Plc, ADR 307,794
8,200 Powergen Plc, ADR 397,700
72,850 Powerscreen International Plc 794,021
6,600 Premier Farnell Plc, ADR+ 103,950
2,200 Premier Oil Plc, ADR 16,931
18,700 Prudential Plc, ADR 904,721
6,900 Racal Electronics Plc, ADR 55,571
500 Ramco Energy Plc, ADR 8,937
20,500 Rank Group Plc, ADR+ 266,500
25,400 Redland Ltd. Plc, ADR 143,914
68,600 Reed International Plc 664,875
13,850 Reed International Plc, ADR 549,672
13,700 Reuters Holdings, Class B Plc, ADR 863,100
24,500 Rexam Plc, ADR 110,250
13,100 Rio Tinto Plc, ADR 928,462
1,900 Scottish Hydro-Electric Plc, ADR 131,681
4,200 Scottish Power Plc, ADR 273,262
5,400 Sedgwick Group Plc, ADR 56,700
2,300 Select Appointments
Holdings Plc, ADR 35,650
500 SELECT Software Tools Plc, ADR+ 6,625
27,100 Shell Transportation &
Trading Plc, ADR 3,407,825
19,000 Siebe Plc 321,786
10,500 Siebe Plc, ADR 355,380
26,900 Smithkline Beecham
Group Plc, ADR 2,464,712
23,083 Southern Electric Corporation Plc, ADR 170,349
1,600 Stolt-Nielsen SA Plc 30,200
1,150 Stolt-Nielsen SA Plc, ADR 22,281
4,300 Tate & Lyle Plc, ADR 129,000
4,400 Telewest Communications Plc, ADR+ 68,750
93,800 Tesco Plc 577,178
101,100 Tesco Plc, ADR 621,611
128,400 The 600 Group 253,382
5,675 Thorn EMI Plc, ADR 65,617
11,700 TI Group Plc, ADR 203,838
14,500 Tomkins Plc, ADR 259,188
1,700 Trinity International Plc, ADR 24,101
42,650 Ulster Television Plc 127,490
22,800 Unilever Plc, ADR 2,649,075
25,900 United Biscuits Holdings Plc, ADR 86,704
6,000 United News & Media Plc, ADR 140,250
14,950 Vodafone Group Plc, ADR 724,141
4,300 Waste Management International Plc, ADR+ 39,237
71,800 Watmoughs Holdings 258,268
3,300 Wembley Plc, ADR+ 76,547
9,500 Williams Holdings Ltd. Plc, ADR 153,180
4,100 Willis Corroon Group Plc, ADR 45,869
3,700 WPP Group Plc, ADR 150,775
8,416 Yorkshire Electricity Group Plc, ADR 129,943
15,900 Zeneca Group Plc, ADR 1,576,087
----------
64,359,814
----------
<CAPTION>
Venezuela -- 0.0%#
<S> <C> <C>
400 Banco Venezolano de Credito, ADR 11,493
3,200 Mavesa SA, ADR 32,400
8,200 Sidervrgica/Venez/Sivensa, ADR 42,025
---------
85,918
---------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $199,121,799) 251,803,941
------------
<CAPTION>
SHORT-TERM INVESTMENT -- 0.2%
(Cost $ 613,568)
<S> <C> <C>
613,568 Federated Prime Obligations Fund 613,568
---------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $199,735,367*) 99.5% 252,417,509
OTHER ASSETS AND
LIABILITIES (Net) 0.5 1,126,857
----- ------------
NET ASSETS 100.0% $253,544,366
===== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes is $200,428,732.
# Amount represents less than 0.1% of net assets.
+ Non-income producing security
ABBREVIATION:
ADR -- American Depositary Receipt
GDR -- Global Depositary Receipt
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder International Equity Fund
Portfolio of Investments, June 30, 1997
At June 30, 1997 sector diversification of the Munder International Equity Fund
was as follows:
<TABLE>
<CAPTION>
% of
Net Assets Value
---------- ---------
<S> <C> <C>
COMMON STOCKS:
Banking & Financial Services ........................ 20.9% $ 52,957,250
Telecommunications .................................. 9.9 25,139,445
Pharmaceuticals & Medical Supplies .................. 9.4 23,798,955
Oil & Gas ........................................... 8.4 21,559,531
Utilities ........................................... 5.1 12,962,160
Automotive .......................................... 5.0 12,727,568
Retail .............................................. 4.4 11,122,149
Food & Beverage ..................................... 4.3 10,892,008
Machinery & Heavy Equipment ......................... 3.2 8,102,318
Electronics ......................................... 2.6 6,506,790
Building & Building Materials ....................... 2.4 6,219,116
Electric & Electrical Equipment ..................... 2.3 5,778,978
Chemicals ........................................... 2.1 5,298,280
Metals & Mining ..................................... 1.9 4,953,008
Real Estate ......................................... 1.9 4,765,208
Transportation ...................................... 1.8 4,487,612
Diversified Industrial .............................. 1.4 3,625,848
Printing & Publishing ............................... 1.2 3,041,029
Broadcasting & Advertising .......................... 1.2 3,030,544
Commercial & Consumer Services ...................... 1.2 2,992,972
Conglomerates ....................................... 1.1 2,771,197
Iron/Steel .......................................... 1.1 2,705,567
Computers ........................................... 0.8 2,137,490
Forest Paper & Products ............................. 0.8 2,032,257
Engineering & Construction .......................... 0.8 2,013,946
Office Supplies ..................................... 0.7 1,733,607
Technology .......................................... 0.7 1,726,363
Entertainment ....................................... 0.7 1,721,678
Tobacco ............................................. 0.7 1,670,277
Apparel & Textiles .................................. 0.3 805,228
Health & Personal Care .............................. 0.3 701,879
Miscellaneous ....................................... 0.7 1,823,683
----- ------------
TOTAL COMMON STOCKS ................................. 99.3 251,803,941
SHORT-TERM INVESTMENT ............................... 0.2 613,568
----- ------------
TOTAL INVESTMENTS ................................... 99.5 252,417,509
OTHER ASSETS AND LIABILITIES (Net) ................ 0.5 1,126,857
----- ------------
NET ASSETS .......................................... 100.0% $253,544,366
===== ============
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Micro-Cap Equity Fund
Portfolio of Investments, June 30, 1997
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 88.1%
Advertising -- 1.3%
<S> <C> <C>
1,800 HA-LO Industries, Inc.+ $ 42,525
-------
<CAPTION>
Banking and Financial Services -- 9.2%
<S> <C> <C>
1,140 ACE Cash Express, Inc.+ 14,250
420 Dime Financial Corporation 10,710
4,000 Hamilton Bancorp, Inc.+ 107,000
1,200 Home Bancorp of Elgin, Inc.+ 19,800
800 Litchfield Financial Corporation 13,100
1,000 People's Bancshares, Inc. 15,250
600 SIS Bancorp, Inc. 17,550
5,000 Summit Holding Corporation+ 85,000
900 Vectra Banking Corporation+ 13,500
-------
296,160
-------
<CAPTION>
Broadcasting -- 0.6%
<S> <C> <C>
2,130 Medialink Worldwide Inc.+ 18,371
-------
<CAPTION>
Business Equipment and Supplies -- 0.7%
<S> <C> <C>
3,020 Raster Graphics, Inc.+ 21,895
-------
<CAPTION>
Chemicals -- 0.3%
<S> <C> <C>
2,360 American Materials & Technologies
Corporation+ 10,767
-------
<CAPTION>
Commercial Services -- 5.2%
<S> <C> <C>
730 Forrester Research, Inc.+ 21,489
1,000 F.Y.I. Incorporated+ 24,000
840 Lason Holdings, Inc.+ 23,625
2,560 META Group, Inc.+ 55,680
1,240 ONTRACK Data
International, Inc.+ 28,520
960 SOS Staffing Services, Inc.+ 14,880
-------
168,194
-------
<CAPTION>
Computer Hardware, Software
or Services -- 16.8%
<S> <C> <C>
2,620 Analytical Surveys, Inc.+ 36,025
2,000 Applied Voice Technology+ 37,000
2,500 Aris Corporation+ 54,688
2,780 Axent Technologies, Inc.+ 42,395
2,010 Emulex Corporation+ 30,653
440 Engineering Animation, Inc.+ 14,850
5,000 Great Plains Software, Inc.+ 135,000
5,000 HDS Network Systems, Inc.+ 32,500
5,000 RWD Technologies, Inc.+ 86,250
1,280 Simulation Sciences, Inc.+ 19,520
2,700 Technology Modeling Associates, Inc.+ 36,787
800 XcelleNet, Inc.+ 13,100
-------
538,768
-------
<CAPTION>
Electrical Equipment -- 4.5%
<S> <C> <C>
5,000 inTEST Corporation+ 45,000
5,000 ORBIT/FR, Inc.+ 48,750
1,070 QLogic Corporation+ 27,285
1,250 Trident International, Inc.+ 22,500
-------
143,535
-------
<CAPTION>
Energy -- 0.5%
<S> <C> <C>
940 Key Energy Group, Inc.+ 16,744
-------
<CAPTION>
Hotels and Restaurants -- 2.2%
<S> <C> <C>
2,200 Candlewood Hotel Company, Inc.+ 18,425
800 Logan's Roadhouse, Inc.+ 19,000
1,200 Schlotzsky's, Inc.+ 16,500
1,700 Shells Seafood
Restaurants, Inc.+ 17,850
-------
71,775
-------
<CAPTION>
Insurance -- 0.7%
<S> <C> <C>
1,000 FPIC Insurance Group, Inc.+ 22,500
-------
<CAPTION>
Leisure -- 4.2%
<S> <C> <C>
7,000 Racing Champions Corporation+ 108,500
1,000 Steiner Leisure Ltd.+ 27,875
-------
136,375
-------
<CAPTION>
<S> <C> <C>
Machinery -- 1.2%
<S> <C> <C>
1,030 Gradall Industries. Inc.+ 16,480
920 Hirsch International Corporation+ 20,470
-------
36,950
-------
<CAPTION>
Manufactured Housing -- 0.5%
<S> <C> <C>
2,130 Miller Building Systems, Inc.+ 17,040
-------
<CAPTION>
Medical and Medical Services -- 11.4%
<S> <C> <C>
2,020 Alliance Imaging, Inc.+ 20,705
5,000 Apple Orthodontix, Inc.+ 45,313
5,000 Ascent Pediatrics, Inc.+ 45,000
20 Assisted Living Concepts Inc. 553
5,000 Cholestech Corporation+ 28,750
1,090 CN Biosciences, Inc.+ 20,710
2,800 Home Health Corporation of America+ 26,600
1,200 Hooper Holmes, Inc. 27,525
1,060 MedQuist, Inc.+ 32,198
1,500 Morrison Health Care, Inc. 23,906
3,020 Neogen Corporation+ 23,028
1,500 Nitinol Medical
Technologies, Inc.+ 22,688
1,600 ResMed, Inc.+ 38,800
840 SMT Health Services, Inc.+ 9,712
-------
365,488
-------
<CAPTION>
Medical Supplies -- 1.0%
<S> <C> <C>
550 Sabratek Corporation+ 15,400
900 SeaMED Corporation+ 18,225
-------
33,625
-------
<CAPTION>
Metal Processing -- 0.7%
<S> <C> <C>
1,490 SIFCO Industries, Inc.+ 21,233
-------
<CAPTION>
Oil & Gas -- 0.6%
<S> <C> <C>
1,480 American Oilfield Divers Inc.+ 17,760
-------
<CAPTION>
Pharmaceuticals -- 1.5%
<S> <C> <C>
4,000 ChiRex Inc.+ 47,500
-------
<CAPTION>
Retail -- 3.4%
<S> <C> <C>
1,300 Fred's, Inc. 19,500
1,500 K & G Men's Center, Inc.+ 32,625
1,000 Mazel Stores, Inc.+ 17,500
1,700 Rent-Way, Inc.+ 25,075
5,070 Shop At Home, Inc.+ 14,259
-------
108,959
-------
<CAPTION>
Technology -- 3.3%
<S> <C> <C>
2,300 Ault, Inc.+ 19,837
1,230 Datum, Inc.+ 38,130
1,970 Excel Technology, Inc.+ 17,238
1,170 Spectran Corporation+ 22,815
850 Thermo Sentron, Inc.+ 9,456
-------
107,476
-------
<CAPTION>
Telecommunications -- 9.1%
<S> <C> <C>
1,800 ACE*COMM Corporation+ 35,325
3,000 Able Telecom Holding Corporation+ 22,500
5,000 Amerilink Corporation+ 47,031
1,340 Inter-Tel, Inc.+ 28,475
650 JPM Company+ 23,156
2,380 KVH Industries, Inc.+ 20,230
2,200 LCC International, Inc.+ 34,650
6,800 TALX Corporation+ 29,750
1,980 ViaSat, Inc.+ 28,710
3,450 Wave Technologies International, Inc.+ 24,150
-------
293,977
-------
<CAPTION>
Textiles -- 1.5%
<S> <C> <C>
1,000 Conso Products Company+ 12,250
2,300 Cutter & Buck, Inc.+ 37,375
-------
49,625
-------
<CAPTION>
Tobacco -- 3.9%
<S> <C> <C>
6,000 800-JR CIGAR, Inc.+ 124,500
-------
<CAPTION>
Transportation -- Trucking -- 0.4%
<S> <C> <C>
620 US Xpress Enterprises, Inc.+ 12,245
-------
<CAPTION>
Wireless Equipment -- 3.4%
<S> <C> <C>
780 Electromagnetic Sciences, Inc.+ 13,650
5,000 RF Micro Devices, Inc.+ 95,625
-------
109,275
-------
<PAGE>
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $2,315,096) 2,833,262
---------
<CAPTION>
Principal
Amount
- ---------
<CAPTION>
REPURCHASE AGREEMENT -- 12.2%
(Cost $392,443)
<S> <C> <C>
$392,443 Agreement with Lehman Brothers Holdings
Inc., 5.920% dated 06/30/1997 to be
repurchased at $392,508 on 07/01/1997,
collateralized by $1,970,000 U.S.
Treasury Strip Principal, 8.750%
due 08/15/2020 (value $401,250)
392,443
---------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $2,707,539*) 100.3% 3,225,705
OTHER ASSETS AND
LIABILITIES (Net) (0.3) (10,535)
----- ----------
NET ASSETS 100.0% $3,215,170
===== ==========
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $2,708,893.
+ Non-income producing security
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Mid-Cap Growth Fund
Portfolio of Investments, June 30, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 89.5%
Automobile Parts & Equipment -- 2.7%
<S> <C> <C>
8,000 Lear Corporation+ $ 355,000
7,100 Tower Automotive, Inc.+ 305,300
-------
660,300
-------
<CAPTION>
Basic Industries -- 7.9%
<S> <C> <C>
7,900 BMC Industries, Inc. 270,575
17,200 Pameco Corporation+ 305,300
9,200 Pentair, Inc. 302,450
15,200 Waters Corporation+ 545,300
14,100 Zoltek Companies, Inc.+ 539,325
-------
1,962,950
---------
<CAPTION>
Commercial Services -- 6.2%
<S> <C> <C>
21,100 AccuStaff, Inc.+ 499,806
23,000 COREStaff Inc.+ 621,000
6,000 Quintiles Transnational Corporation+ 417,750
-------
1,538,556
----------
<CAPTION>
Computer Hardware, Software
or Services -- 11.6%
<S> <C> <C>
15,000 BA Merchant Services, Inc.+ 285,938
15,550 Cadence Design Systems, Inc.+ 520,925
15,000 Fiserv, Inc.+ 669,375
27,000 Indus Group Inc.+ 546,750
1,900 Parametric Technology Company+ 80,869
45,900 Xylan Corporation+ 780,300
----------
2,884,157
----------
<CAPTION>
Electronics -- Semiconductors -- 2.1%
<S> <C> <C>
9,000 Maxim Integrated Products, Inc.+ 511,875
----------
<CAPTION>
Financial Services -- 8.5%
<S> <C> <C>
15,000 ContiFinancial Corporation+ 547,500
16,300 FIRSTPLUS Financial Group, Inc.+ 554,200
14,200 Green Tree Financial Corporation 505,875
25,000 Imperial Credit
Industries, Inc.+ 514,062
----------
2,121,637
----------
<CAPTION>
Health Care Products -- 3.0%
<S> <C> <C>
5,700 Elan Corporation+ 257,925
17,500 Kos Pharmaceuticals, Inc.+ 485,625
----------
743,550
----------
<CAPTION>
Investment Corporation -- 1.1%
<S> <C> <C>
8,300 Sirrom Capital Corporation 286,350
----------
<CAPTION>
Lodging -- 1.1%
<S> <C> <C>
13,000 Suburban Lodges of America, Inc.+ 273,000
----------
<CAPTION>
Medical Instruments & Supplies -- 7.2%
<S> <C> <C>
47,000 Cambridge Heart, Inc.+ 334,875
25,000 Heartport, Inc.+ 440,625
31,000 Physio-Control International Corporation+ 465,000
14,400 STERIS Corporation 538,200
----------
1,778,700
----------
<CAPTION>
Medical Services -- 9.0%
<S> <C> <C>
17,000 Applied Analytical Industries, Inc.+ 344,250
33,100 ESC Medical Systems Ltd.+ 844,050
16,400 Health Management Associates, Inc.,
Class A+ 467,400
27,000 MedPartners, Inc.+ 583,875
----------
2,239,575
----------
<CAPTION>
Office Equipment -- 7.6%
<S> <C> <C>
51,000 Corporate Express, Inc.+ 736,313
13,800 Danka Business Systems, ADR 564,075
12,300 Electronics for Imaging, Inc.+ 581,175
----------
1,881,563
----------
<CAPTION>
Oil & Gas -- 5.4%
<S> <C> <C>
32,400 Chesapeake Energy Corporation+ 317,925
4,700 Precision Drilling Corporation+ 227,362
10,000 Santa Fe International Corporation+ 340,000
15,500 United Meridian Corporation+ 465,000
----------
1,350,287
----------
<CAPTION>
Public Service -- 3.5%
<S> <C> <C>
13,700 Corrections Corporation of America+ 544,575
13,500 Equity Corporation International+ 326,531
----------
871,106
----------
<CAPTION>
Real Estate -- 3.2%
<S> <C> <C>
7,700 Beacon Properties Corporation 256,988
8,000 Cali Realty Corporation 272,000
5,500 Equity Residential Properties Trust 261,250
----------
790,238
----------
<CAPTION>
Recreation -- 1.2%
<S> <C> <C>
9,000 Signature Resorts, Inc.+ 311,062
----------
<CAPTION>
Telecommunications -- 6.3%
<S> <C> <C>
8,500 Andrew Corporation+ 239,063
28,900 Cascade Communications Corporation+ 798,362
9,000 Uniphase Corporation+ 524,250
----------
1,561,675
----------
<CAPTION>
Water Treatment Systems -- 1.9%
<S> <C> <C>
17,000 US Filter Corporation+ 463,250
----------
<CAPTION>
TOTAL COMMON STOCKS
(Cost $22,288,114) 22,229,831
----------
<CAPTION>
Principal
Amount
- ----------
REPURCHASE AGREEMENT -- 11.3%
(Cost $2,820,133)
<S> <C> <C>
$2,820,133 Agreement with Lehman Brothers Holdings
Inc., 5.920% dated 06/30/1997 to be
repurchased at $2,820,597 on 07/01/1997,
collateralized by $2,940,000 U.S.
Treasury Interest Strips, due
11/15/1997 (value $2,879,730) 2,820,133
----------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $25,108,247*) 100.8% 25,049,964
OTHER ASSETS AND
LIABILITIES (Net) (0.8) (198,314)
----- -----------
NET ASSETS 100.0% $24,851,650
===== ===========
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $25,282,539.
+ Non-income producing security
ABBREVIATION:
ADR -- American Depositary Receipt
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Multi-Season Growth Fund
Portfolio of Investments, June 30, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 91.3%
Advertising -- 2.0%
<S> <C> <C>
170,800 Omnicom, Inc. $10,525,550
-----------
<CAPTION>
Automobile Parts & Equipment -- 2.5%
<S> <C> <C>
216,400 Johnson Controls, Inc. 8,885,925
170,174 Mark IV Industries, Inc. 4,084,176
-----------
12,970,101
-----------
<CAPTION>
Banking and Financial Services -- 10.3%
<S> <C> <C>
195,000 Associates First Capital Corporation 10,822,500
88,800 Charter One Financial, Inc. 4,784,100
91,500 Chase Manhattan Corporation 8,881,219
280,000 Green Tree Financial Corporation 9,975,000
110,000 MGIC Investment Corporation 5,273,125
183,000 Norwest Corporation 10,293,750
85,000 Summit Bancorp 4,260,625
-----------
54,290,319
-----------
<CAPTION>
Building Materials -- 1.8%
<S> <C> <C>
300,000 Sherwin-Williams Company 9,262,500
-----------
<CAPTION>
Business Services -- 4.5%
<S> <C> <C>
189,300 Automatic Data Processing Inc. 8,897,100
162,000 Equifax Inc. 6,024,375
201,888 First Data Corporation 8,870,454
-----------
23,791,929
-----------
<CAPTION>
Chemicals -- Specialty -- 1.7%
<S> <C> <C>
225,000 Avery Dennison Corporation 9,028,125
-----------
<CAPTION>
Commerical Services -- 1.9%
<S> <C> <C>
384,000 CUC International, Inc.+ 9,816,000
-----------
<CAPTION>
Computer Hardware, Software
or Services -- 6.3%
<S> <C> <C>
108,000 BMC Software Inc.+ 5,980,500
310,000 Cabletron Systems, Inc.+ 8,776,875
132,000 CISCO Systems, Inc.+ 8,860,500
29,400 Intel Corporation 4,169,288
106,000 Oracle Systems Corporation+ 5,339,750
-----------
33,126,913
-----------
<CAPTION>
Diversified -- 9.8%
<S> <C> <C>
115,000 AlliedSignal Corporation 9,660,000
137,000 Rockwell International Corporation 8,083,000
167,600 Textron, Inc. 11,124,450
266,125 Thermo Electron Corporation+ 9,048,250
193,000 Tyco International Ltd. 13,425,562
-----------
51,341,262
-----------
<CAPTION>
Drugs -- 9.3%
<S> <C> <C>
124,000 American Home Products Corporation 9,486,000
149,800 Amgen Inc.+ 8,707,125
92,000 Merck & Co., Inc. 9,522,000
86,500 Pfizer, Inc. 10,336,750
226,600 Schering-Plough Corporation 10,848,475
-----------
48,900,350
-----------
<CAPTION>
Electrical Equipment -- 5.2%
<S> <C> <C>
164,000 Emerson Electric Company 9,030,250
160,333 Federal Signal Corporation 4,028,367
216,000 General Electric Company 14,121,000
-----------
27,179,617
-----------
<CAPTION>
Food and Beverages -- 3.2%
<S> <C> <C>
229,000 Albertson's, Inc. 8,358,500
200,000 Sara Lee Corporation 8,325,000
-----------
16,683,500
-----------
<CAPTION>
Home Furnishings -- 1.0%
<S> <C> <C>
117,000 Leggett & Platt Inc. 5,031,000
-----------
<CAPTION>
Household Products -- 0.8%
<S> <C> <C>
87,066 Lancaster Colony Corporation 4,211,818
-----------
<CAPTION>
Insurance -- Diversified -- 4.3%
<S> <C> <C>
87,000 American International Group Inc. 12,995,625
84,000 MBIA Inc. 9,476,250
-----------
22,471,875
-----------
<CAPTION>
Machinery -- 1.3%
<S> <C> <C>
50,000 Donaldson Company, Inc. 1,900,000
123,200 Harnischfeger Industries Inc. 5,112,800
-----------
7,012,800
-----------
<CAPTION>
Manufactured Housing -- 1.4%
<S> <C> <C>
531,250 Clayton Homes, Inc. 7,570,312
-----------
<CAPTION>
Medical Services and Supplies -- 4.2%
<S> <C> <C>
80,000 Boston Scientific Corporation+ 4,915,000
396,000 HEALTHSOUTH Rehabilitation Corporation+ 9,875,250
110,000 Johnson & Johnson Company 7,081,250
-----------
21,871,500
-----------
<CAPTION>
Oil & Gas -- 2.7%
<S> <C> <C>
174,000 Reading & Bates Corporation+ 4,654,500
128,500 Transocean Offshore Inc. 9,332,312
-----------
13,986,812
-----------
<CAPTION>
Railroad -- 1.6%
<S> <C> <C>
242,000 Illinois Central Corporation 8,454,875
-----------
<CAPTION>
Recreation -- 1.7%
<S> <C> <C>
220,000 Carnival Corporation, Class A 9,075,000
-----------
<CAPTION>
Restaurants -- 0.9%
<S> <C> <C>
182,400 Wendy's International, Inc. 4,731,000
-----------
<CAPTION>
Retail -- General -- 1.8%
<S> <C> <C>
273,438 Consolidated Stores Corporation+ 9,501,953
-----------
<CAPTION>
Retail -- Specialty -- 7.0%
<S> <C> <C>
150,000 Costco Companies, Inc.+ 4,931,250
223,000 General Nutrition
Companies, Inc.+ 6,244,000
150,000 Home Depot, Inc. 10,340,625
281,500 Pep Boy's -- Manny, Moe & Jack 9,588,594
103,000 Walgreen Company 5,523,375
-----------
36,627,844
-----------
<CAPTION>
Telecommunications -- 2.2%
<S> <C> <C>
194,000 Century Telephone Enterprises 6,535,375
150,000 WorldCom Inc.+ 4,800,000
-----------
11,335,375
-----------
<CAPTION>
Toiletries/Cosmetics -- 0.9%
<S> <C> <C>
50,000 Gillette Company 4,737,500
-----------
<CAPTION>
Toys -- 1.0%
<S> <C> <C>
150,000 Mattel, Inc. 5,081,250
-----------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $321,376,813) 478,617,080
-----------
<CAPTION>
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 8.8%
(Cost $45,932,683)
<S> <C>
$45,932,683 Agreement with Lehman Brothers Holdings,
Inc., 5.920% dated 06/30/1997 to be repurchased at $45,940,236 on
07/01/1997, collateralized by $135,288,000 U.S. Treasury Interest
Strips having maturities ranging from 02/15/2012 through
08/15/2013 (value $46,851,634) 45,932,683
-----------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $367,309,496*) 100.1% 524,549,763
OTHER ASSETS AND
LIABILITIES (Net) (0.1) (381,609)
----- ------------
NET ASSETS 100.0% $524,168,154
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Real Estate Equity Investment Fund
Portfolio of Investments, June 30, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 90.6%
Apartments -- 19.3%
<S> <C> <C>
57,300 Amli Residential Properties Inc. $1,346,550
57,700 Avalon Properties, Inc. 1,651,663
49,150 Bay Apartment Communities Inc. 1,818,550
56,900 Camden Property Trust 1,799,462
36,300 Equity Residential Properties Trust 1,724,250
55,300 Irvine Apartment Communities, Inc. 1,624,438
39,000 Security Capital Pacific Trust 892,125
----------
10,857,038
----------
<CAPTION>
Community Shopping Centers -- 13.1%
<S> <C> <C>
50,000 Agree Realty Corporation 1,025,000
94,700 Bradley Real Estate, Inc. 1,822,975
78,000 Commercial Net Lease Realty 1,194,375
47,050 Developers Diversified Realty Corporation 1,882,000
45,525 Kimco Realty Corporation 1,445,419
----------
7,369,769
----------
<CAPTION>
Hotels -- 9.4%
<S> <C> <C>
49,100 FelCor Suite Hotels, Inc. 1,828,975
69,400 Patriot American Hospitality, Inc. 1,769,700
39,900 Starwood Lodging Trust 1,703,231
----------
5,301,906
----------
<CAPTION>
Office & Industrial -- 33.3%
<S> <C> <C>
65,275 Arden Realty Group, Inc. 1,697,150
42,450 Beacon Properties Corporation 1,416,769
27,000 Boston Properties, Inc.+ 742,500
55,600 Cali Realty Corporation 1,890,400
68,400 Crescent Real Estate Equities Inc. 2,171,700
41,700 Duke Realty Investments, Inc. 1,688,850
49,450 Highwoods Properties Inc. 1,582,400
60,300 Kilroy Realty Corporation 1,522,575
63,700 Prentiss Properties Trust 1,632,312
71,400 Reckson Associates Realty Corporation 1,642,200
43,400 Spieker Properties, Inc. 1,527,137
36,300 TriNet Corporate Realty
Trust, Inc. 1,200,169
----------
18,714,162
----------
<CAPTION>
Regional Malls -- 8.5%
<S> <C> <C>
62,050 CBL & Associates Properties Inc. 1,489,200
57,850 JP Realty Inc. 1,569,181
54,250 Simon DeBartolo Group, Inc. 1,736,000
----------
4,794,381
----------
<CAPTION>
Storage -- 5.0%
<S> <C> <C>
54,300 Public Storage, Inc. 1,588,275
31,800 Storage USA 1,216,350
----------
2,804,625
----------
<CAPTION>
Other -- 2.0%
<S> <C> <C>
6,840 Crescent Operating, Inc.+ 82,080
41,300 Glenborough Realty Trust, Inc. 1,042,825
----------
1,124,905
----------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $41,610,624) 50,966,786
----------
<CAPTION>
Principal
Amount
- ------
REPURCHASE AGREEMENT -- 9.0%
(Cost $5,052,098)
<S> <C> <C>
$5,052,098 Agreement with Lehman Brothers
Holdings Inc., 5.920% dated 06/30/1997
to be repurchased at $5,052,929 on
07/01/1997, collateralized by $24,957,000
U.S. Treasury Interest Strips, having
maturities ranging from 11/15/1997 through
02/15/2027 (value $5,153,215)
5,052,098
----------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $46,662,722*) 99.6% 56,018,884
OTHER ASSETS AND
LIABILITIES (Net) 0.4 237,155
----- ------------
NET ASSETS 100.0% $ 56,256,039
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Small-Cap Value Fund
Portfolio of Investments, June 30, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 92.0%
Aerospace -- 1.0%
<S> <C> <C>
31,200 Rohr Industries, Inc.+ $ 684,450
---------
<CAPTION>
Airlines -- 0.8%
<S> <C> <C>
20,650 Midwest Express Holdings, Inc.+ 565,294
---------
<CAPTION>
Automobile Parts & Equipment -- 3.8%
<S> <C> <C>
99,400 Control Devices, Inc.+ 1,267,350
68,200 Strattec Security Corporation+ 1,406,625
---------
2,673,975
---------
<CAPTION>
Banking and Financial Services -- 17.4%
<S> <C> <C>
29,080 Carolina First Bancshares 428,930
20,500 Charter Financial Inc. 363,875
11,600 Coast Savings Financial Inc.+ 527,075
50,900 Commonwealth Bancorp Inc. 833,487
70,900 Flagstar Bancorp, Inc. 1,152,125
74,600 Home Bancorp, Inc. 1,230,900
140,500 Long Beach Financial Corporation+ 1,229,375
13,700 Long Island Bancorp, Inc. 497,481
33,500 McDonald & Company Investments 1,536,812
22,900 Metris Companies Inc. 751,406
15,700 Ocean Financial Corporation+ 553,425
13,630 Primary Bank+ 344,157
33,700 Provident Bankshares Corporation 1,402,763
32,600 SIS Bancorp, Inc.+ 953,550
29,900 Statewide Financial Corporation 538,200
----------
12,343,561
----------
<CAPTION>
Building Materials -- 5.2%
<S> <C> <C>
92,600 Dayton Superior Corporation+ 1,180,650
43,300 U.S. Home Corporation+ 1,150,156
90,900 Universal Forest Products, Inc. 1,329,412
---------
3,660,218
---------
<CAPTION>
Chemicals -- 1.5%
<S> <C> <C>
40,600 General Chemical Group, Inc. 1,086,050
---------
<CAPTION>
Computer Hardware, Software
or Services -- 1.4%
<S> <C> <C>
66,200 Sandisk Corporation+ 968,175
---------
<CAPTION>
Commercial Services -- 1.4%
<S> <C> <C>
99,500 First Aviation Services, Inc.+ 970,125
---------
<CAPTION>
Consumer Durables -- 1.0%
<S> <C> <C>
84,260 Lifetime Hoan Corporation+ 737,275
---------
<CAPTION>
Diversified Industrial -- 2.8%
<S> <C> <C>
38,400 Griffon Corporation+ 525,600
67,500 JLG Industries, Inc. 919,687
21,500 Watts Industries, Inc. 516,000
---------
1,961,287
---------
<CAPTION>
Electronics -- 6.2%
<S> <C> <C>
45,000 Checkmate Electronics, Inc.+ 405,000
65,100 Integrated Device Technology, Inc.+ 683,550
34,200 Integrated Process Equipment Corporation+ 865,687
35,000 inTEST Corporation 315,000
72,400 Microsemi Corporation+ 923,100
20,000 ORBIT/FR, Inc.+ 195,000
73,400 Pioneer-Standard
Electronics, Inc. 990,900
---------
4,378,237
---------
<CAPTION>
Food and Beverages -- 5.0%
<S> <C> <C>
70,200 Hudson Foods, Inc. 1,145,137
86,300 J&J Snack Foods Corporation+ 1,326,863
4,000 800-JR CIGAR Inc.+ 83,000
39,800 Worthington Foods, Inc. 975,100
---------
3,530,100
---------
<CAPTION>
Health Care -- 0.4%
<S> <C> <C>
12,500 Trigon Healthcare, Inc.+ 303,125
---------
<CAPTION>
Home Furnishings -- 1.9%
<S> <C> <C>
35,000 Toro Company 1,325,625
---------
<CAPTION>
Insurance -- 6.9%
<S> <C> <C>
40,000 ARM Financial Group, Inc. 800,000
15,400 Executive Risk, Inc. 800,800
51,000 IPC Holdings Ltd. 1,377,000
24,000 NAC Re Corporation 1,161,000
22,500 Philadelphia Consolidated Holding
Corporation+ 765,000
---------
4,903,800
---------
<CAPTION>
Leisure -- 1.8%
<S> <C> <C>
45,200 Steiner Leisure Ltd.+ 1,259,950
---------
<CAPTION>
Manufacturing -- 3.8%
<S> <C> <C>
54,900 Core Industries Inc. 1,358,775
63,100 Foamex International, Inc. 828,188
33,300 MotivePower Industries Inc.+ 532,800
---------
2,719,763
---------
<CAPTION>
Medical Supplies -- 3.9%
<S> <C> <C>
62,000 Bindley Western Industries, Inc. 1,422,125
72,900 Sullivan Dental Products, Inc. 1,330,425
---------
2,752,550
---------
<CAPTION>
Metals and Metal Processing -- 5.6%
<S> <C> <C>
69,700 Atchison Casting Corporation+ 1,158,763
146,100 Recycling Industries, Inc.+ 283,069
152,000 UNR Industries, Inc. 1,045,000
47,000 Quanex Corporation 1,442,312
---------
3,929,144
---------
<CAPTION>
Oil and Gas -- 6.5%
<S> <C> <C>
15,200 Cliffs Drilling Company+ 554,800
23,300 Colonial Gas Company 490,756
53,100 Houston Exploration Company+ 826,369
33,100 Marine Drilling
Companies, Inc.+ 649,588
11,700 North Carolina Natural Gas Corporation 390,487
23,100 Southern Union Company+ 528,412
32,300 Southwest Gas Corporation 641,963
24,200 Veritas DGC Inc.+ 550,550
---------
4,632,925
---------
<CAPTION>
Paper -- 1.8%
<S> <C> <C>
34,000 Schweitzer-Mauduit International, Inc. 1,275,000
---------
<CAPTION>
Real Estate -- 6.0%
<S> <C> <C>
24,100 Bay Apartment Communities, Inc. 891,700
12,600 Developers Diversified Realty Corporation 504,000
15,700 Golf Trust of America 436,656
21,800 JP Realty, Inc. 591,326
23,300 Kilroy Realty Corporation+ 588,326
23,200 Prentiss Properties Trust 594,500
27,600 Reckson Associates Realty Corporation 634,800
---------
4,241,308
---------
<CAPTION>
Recreation -- 0.6%
<S> <C> <C>
14,100 K2, Inc. 446,794
---------
<CAPTION>
Retail -- 0.9%
<S> <C> <C>
36,000 Mazel Stores, Inc.+ 630,000
---------
<CAPTION>
Telecommunications -- 3.5%
<S> <C> <C>
166,800 Century Communication Corporation, Class
A+ 896,550
34,950 REMEC, Inc.+ 821,325
54,600 ViaSat, Inc.+ 791,700
---------
2,509,575
---------
<CAPTION>
Transportation -- 0.9%
<S> <C> <C>
26,600 Roadway Express, Inc. 621,775
---------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $58,327,766) 65,110,081
----------
<CAPTION>
Principal
Amount
- ------
REPURCHASE AGREEMENT -- 7.5%
(Cost $5,328,971)
<S> <C> <C>
$5,328,971 Agreement with Lehman Brothers Holdings Inc., 5.920% dated
06/30/1997 to be repurchased at $5,329,847 on 07/01/1997,
collateralized by $28,945,000 U.S. Treasury Strip Principal, 8.000%
due 11/15/2021 (value $5,435,871)
5,328,971
---------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $63,656,737*) 99.5% 70,439,052
OTHER ASSETS AND
LIABILITIES (Net) 0.5% 334,389
----- -----------
NET ASSETS 100.0% $70,773,441
===== ===========
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
See Notes to Financial Statements.
</TABLE>
Munder Small Company Growth Fund
Portfolio of Investments, June 30, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 93.9%
Advertising -- 1.4%
<S> <C> <C>
195,400 HA-LO Industries, Inc.+ $4,616,325
---------
<CAPTION>
Aerospace & Defense -- 3.0%
<S> <C> <C>
144,000 AAR Corporation 4,653,000
221,250 REMEC, Inc.+ 5,199,375
---------
9,852,375
---------
<CAPTION>
Apparel -- 0.8%
<S> <C> <C>
119,600 K & G Men's Center, Inc.+ 2,601,300
---------
<CAPTION>
Automobile Parts & Equipment -- 1.3%
<S> <C> <C>
95,200 Tower Automotive, Inc.+ 4,093,600
---------
<CAPTION>
Banking and Financial Services -- 7.1%
<S> <C> <C>
243,400 Amresco, Inc.+ 5,233,100
112,000 Concord EFS Inc. 2,898,000
153,400 Financial Federal Corporation+ 3,374,800
105,030 HUBCO Inc. 3,045,870
151,000 Imperial Credit Industries, Inc.+ 3,104,938
172,750 Litchfield Financial Corporation 2,828,781
75,800 Sirrom Capital Corporation 2,615,100
---------
23,100,589
----------
<CAPTION>
Broadcast, Radio and Television -- 1.0%
<S> <C> <C>
136,300 Metro Networks, Inc.+ 3,305,275
----------
<CAPTION>
Building Materials -- 0.8%
<S> <C> <C>
107,908 Watsco, Inc., Class A 2,697,700
----------
<CAPTION>
Commercial Services -- 7.0%
<S> <C> <C>
114,500 Cort Business Services Corporation+ 3,377,750
91,200 Interim Services Inc.+ 4,058,400
121,000 F.Y.I. Incorporated+ 2,904,000
89,700 Metzler Group, Inc.+ 2,937,675
141,500 Nichols Research Corporation+ 2,971,500
155,460 Ontrack Data International, Inc.+ 3,575,580
110,500 Steiner Leisure Ltd.+ 3,080,188
----------
22,905,093
----------
<CAPTION>
Computer Hardware, Software
or Services -- 14.2%
<S> <C> <C>
150,800 Advanced Digital Information Corporation+ 2,431,650
156,700 Axent Technologies, Inc.+ 2,389,675
154,100 Boole & Babbage Inc.+ 3,274,625
134,700 Check Point Software Technologies Ltd.+ 3,148,613
234,300 Deltek Systems, Inc.+ 3,983,100
118,100 Engineering Animation Inc.+ 3,985,875
157,000 Factset Research Systems Inc. 3,846,500
222,800 Inter-Tel, Inc.+ 4,734,500
174,900 Metro Information Services, Inc.+ 3,454,275
117,300 National Instruments Corporation+ 4,134,825
136,900 Tecnomatix Technologies Ltd.+ 4,449,250
189,700 USCS International Inc. 6,212,675
----------
46,045,563
----------
<CAPTION>
Consumer Services -- 0.9%
<S> <C> <C>
228,300 Amscan Holdings Inc.+ 3,024,975
----------
<CAPTION>
Electrical Equipment -- 1.0%
<S> <C> <C>
125,800 Advanced Lighting Technologies, Inc.+ 3,176,450
----------
<CAPTION>
Electronics -- 6.0%
<S> <C> <C>
111,400 Berg Electronics Corporation+ 4,003,438
189,400 Computer Products Inc.+ 4,735,000
120,600 MRV Communications Inc.+ 3,557,700
167,900 Tracor, Inc.+ 4,218,488
173,500 Trident International, Inc.+ 3,123,000
----------
19,637,626
----------
<CAPTION>
Energy and Natural Resources -- 2.5%
<S> <C> <C>
142,500 Benton Oil & Gas Company+ 2,137,500
57,900 Key Energy Group, Inc. 1,031,344
142,400 Newpark Resources Inc.+ 4,806,000
----------
7,974,844
----------
<CAPTION>
Health Care Products -- 3.0%
<S> <C> <C>
121,800 ChiRex Inc.+ 1,446,375
250,200 Graham Field Health Products 3,408,975
97,200 Medicis Pharmaceutical Corporation+ 4,847,850
----------
9,703,200
----------
<CAPTION>
Hotels -- 1.6%
<S> <C> <C>
125,400 CapStar Hotel Company+ 4,012,800
44,200 Interstate Hotels Company+ 1,301,138
----------
5,313,938
----------
<CAPTION>
Insurance -- 3.9%
<S> <C> <C>
66,550 Allied Group, Inc. 2,528,900
75,600 CMAC Investment Corporation 3,609,900
67,200 Executive Risk Inc. 3,494,400
116,900 HCC Insurance Holdings Inc. 3,119,769
----------
12,752,969
----------
<CAPTION>
Leisure -- 1.1%
<S> <C> <C>
236,400 Racing Champions Corporation+ 3,664,200
----------
<CAPTION>
Machinery -- Tools -- 1.2%
<S> <C> <C>
77,400 Applied Power, Inc. 3,995,775
----------
<CAPTION>
Medical Services -- 9.5%
<S> <C> <C>
164,100 American HomePatient, Inc.+ 4,102,500
94,900 CRA Managed Care, Inc.+ 4,952,594
128,500 Curative Health Services Inc.+ 3,694,375
249,904 FPA Medical Management, Inc.+ 5,919,601
142,300 MedQuist, Inc.+ 4,322,363
164,900 OccuSystems, Inc.+ 4,782,100
120,100 Renal Treatment Centers, Inc.+ 3,227,687
----------
31,001,220
----------
<CAPTION>
Medical Supplies -- 6.5%
<S> <C> <C>
275,600 Molecular Devices Corporation+ 4,823,000
125,700 National Surgery Centers, Inc.+ 4,446,637
212,056 Serologicals Group Inc.+ 4,877,288
118,166 Sola International Inc.+ 3,958,561
232,900 Trex Medical Corporation+ 2,911,250
----------
21,016,736
----------
<CAPTION>
Oil and Gas -- 3.2%
<S> <C> <C>
77,600 Dreco Energy Services Ltd.+ 4,074,000
316,100 Tuboscope Vetco International
Corporation+ 6,282,487
----------
10,356,487
----------
<CAPTION>
Public Service -- 1.2%
<S> <C> <C>
156,900 Equity Corporation
International+ 3,795,018
----------
<CAPTION>
Restaurants -- 2.4%
<S> <C> <C>
129,800 CKE Restaurants Inc. 4,104,925
160,600 Landry's Seafood Restaurants, Inc.+ 3,693,800
----------
7,798,725
----------
<CAPTION>
Retail -- 1.0%
<S> <C> <C>
161,300 The Sports Authority, Inc.+ 3,135,269
----------
<CAPTION>
Telecommunications -- 9.4%
<S> <C> <C>
183,000 ACT Networks Inc.+ 2,333,250
60,000 Comverse Technology Inc.+ 3,120,000
97,500 Dynatech Corporation+ 3,485,624
282,400 LCC International, Inc.+ 4,447,800
295,600 Melita International Corporation+ 3,695,000
138,700 Natural Microsystems Corporation+ 4,993,200
112,800 P-COM, Inc.+ 3,722,400
136,800 Teledata Communications 4,702,500
----------
30,499,774
----------
<CAPTION>
Tobacco -- 0.5%
<S> <C> <C>
42,100 Schweiter-Mauduit International, Inc. 1,578,750
----------
<CAPTION>
Transportation -- Trucking -- 1.6%
<S> <C> <C>
116,900 Heartland Express, Inc.+ 2,747,150
94,900 Knight Transportation, Inc.+ 2,408,087
----------
5,155,237
----------
<CAPTION>
Waste Management -- 0.6%
<S> <C> <C>
86,100 American Disposal Services, Inc.+ 1,937,250
----------
<CAPTION>
Other -- 0.2%
<S> <C> <C>
41,200 Hanover Compressor Company 803,400
----------
<CAPTION>
Principal
Amount
- ---------
TOTAL COMMON STOCKS
<S> <C>
(Cost $240,730,543) 305,539,663
-----------
<CAPTION>
WARRANTS -- 0.0%#
(Cost $0)
<S> <C> <C>
2,748 Stevens International, Inc., expires
10/30/1997+ 5,166
----------
<CAPTION>
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 6.0%
(Cost $19,459,451)
<S> <C> <C>
$19,459,451 Agreement with Lehman Brothers Holdings Inc., 5.920% dated
06/30/97 to be repurchased at $19,462,651 on 07/01/1997,
collateralized by $110,926,000 U.S. Treasury Strip Principal,
6.250%-8.000% having maturities ranging from 11/15/2021 through
11/15/2024 (value $19,849,101)
19,459,451
----------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $260,189,994*) 99.9% 325,004,280
OTHER ASSETS AND
LIABILITIES (Net) 0.1 184,937
----- ------------
NET ASSETS 100.0% $325,189,217
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $260,793,542.
+ Non-income producing security
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Value Fund
Portfolio of Investments, June 30, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 97.4%
Aerospace -- 1.9%
<S> <C> <C>
16,500 Lockheed Martin Corporation $1,708,781
---------
<CAPTION>
Airlines -- 2.5%
<S> <C> <C>
34,900 Continental Airlines, Inc.+ 1,219,319
28,400 Northwest Airlines Corporation+ 1,033,050
---------
2,252,369
---------
<CAPTION>
Automobile Parts & Equipment -- 4.7%
<S> <C> <C>
36,000 Dura Automotive Systems, Inc.+ 1,008,000
48,700 Pep Boys -- Manny, Moe & Jack 1,658,844
65,000 Standard Products Company 1,641,250
---------
4,308,094
---------
<CAPTION>
Automobiles -- 1.9%
<S> <C> <C>
31,200 General Motors Corporation 1,737,450
---------
<CAPTION>
Banking and Financial Services -- 18.7%
<S> <C> <C>
38,300 Banc One Corporation 1,855,156
42,200 Cullen/Frost Bankers Inc. 1,788,225
18,400 First America Bank Corporation 841,800
23,600 First America Corporation 905,650
113,600 Hibernia Corporation, Class A 1,583,300
31,800 Mercantile Bankshares Corporation 1,272,000
38,600 Morgan Stanley, Dean Witter, Discover and
Company 1,662,213
55,700 Nationwide Financial Services, Inc. 1,479,531
29,500 Salomon, Inc. 1,640,938
26,600 Travelers Group, Inc. 1,677,462
39,200 Washington Mutual, Inc. 2,342,200
---------
17,048,475
---------
<CAPTION>
Containers -- 1.3%
<S> <C> <C>
38,200 Owens-Illinois, Inc.+ 1,184,200
---------
<CAPTION>
Electronics -- 5.3%
<S> <C> <C>
108,400 Integrated Process Equipment Corporation+ 2,743,875
25,100 Texas Instruments, Inc. 2,109,969
---------
4,853,844
---------
<CAPTION>
Home Furnishings and Housewares -- 3.0%
<S> <C> <C>
57,500 Furniture Brands International, Inc.+ 1,114,063
63,400 Maytag Corporation 1,656,325
---------
2,770,388
---------
<CAPTION>
Insurance -- 6.8%
<S> <C> <C>
22,600 Allstate Corporation 1,649,800
30,000 Hartford Life, Inc.+ 1,125,000
132,800 Reliance Group Holdings, Inc. 1,577,000
25,300 Torchmark Corporation 1,802,625
---------
6,154,425
---------
<CAPTION>
Machine -- Diversified -- 4.8%
<S> <C> <C>
30,100 Ingersoll-Rand Company 1,858,675
41,000 Tecumseh Products Company, Class A 2,454,875
---------
4,313,550
---------
<CAPTION>
Medical Services -- 6.6%
<S> <C> <C>
147,500 Beverly Enterprises, Inc.+ 2,396,875
13,600 Pacific Health Systems, Inc.+ 868,700
78,900 Trigon Healthcare, Inc.+ 1,913,325
15,200 United Healthcare Corporation 790,400
---------
5,969,300
---------
<CAPTION>
Metals -- 3.0%
<S> <C> <C>
32,500 AK Steel Holding Corporation 1,434,062
17,200 Aluminum Company of America 1,296,450
---------
2,730,512
---------
<CAPTION>
Office Supplies -- 1.3%
<S> <C> <C>
52,400 John H. Harland Company 1,195,375
---------
<CAPTION>
Oil and Gas -- 8.7%
<S> <C> <C>
15,500 ENSCO International, Inc.+ 817,625
80,400 McDermott International, Inc. 2,346,675
8,300 Santa Fe International Corporation+ 282,200
37,400 Tosco Corporation 1,119,662
53,500 USX-Marathon Group 1,544,812
46,500 Weatherford Enterra, Inc.+ 1,790,250
---------
7,901,224
---------
<CAPTION>
Pharmaceuticals -- 2.0%
<S> <C> <C>
123,100 Mylan Labs Inc. 1,815,725
---------
<CAPTION>
Real Estate -- 5.5%
<S> <C> <C>
28,000 Cali Realty Corporation 952,000
23,700 Kimco Realty Corporation 752,475
34,300 Patriot American
Hospitality, Inc. 874,650
27,500 Public Storage, Inc. 804,375
25,800 Simon DeBartolo Group, Inc. 825,600
19,150 Starwood Lodging Trust 817,466
---------
5,026,566
---------
<CAPTION>
Recreation -- 1.8%
<S> <C> <C>
40,100 Carnival Corporation, Class A 1,654,125
---------
<CAPTION>
Restaurants -- 2.0%
<S> <C> <C>
70,900 Wendy's International, Inc. 1,838,969
---------
<CAPTION>
Retail -- 7.1%
<S> <C> <C>
80,350 Arbor Drugs, Inc. 1,617,044
24,800 Costco Companies, Inc.+ 815,300
67,900 General Nutrition Companies, Inc.+ 1,901,200
79,900 Pier 1 Imports, Inc. 2,117,350
---------
6,450,894
---------
<CAPTION>
Telecommunications -- 6.5%
<S> <C> <C>
76,600 Allen Group, Inc.+ 1,589,450
32,300 GTE Corporation 1,417,162
19,200 Harris Corporation 1,612,800
64,200 U.S. West Media Group, Inc.+ 1,300,050
---------
5,919,462
---------
<CAPTION>
Tobacco -- 2.0%
<S> <C> <C>
56,300 RJR Nabisco Holdings Corporation 1,857,900
---------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $77,408,742) 88,691,628
----------
<CAPTION>
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 2.3%
(Cost $2,071,951)
<S> <C> <C>
$2,071,951 Agreement with Lehman Brothers Holdings Inc.,
5.920% dated 06/30/1997 to be repurchased at
$2,072,292 on 07/01/1997, collateralized by
$2,160,000 U.S. Treasury Interest Strips, due
11/15/1997 (value $2,115,720)
2,071,951
---------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $79,480,693*) 99.7% 90,763,579
OTHER ASSETS AND
LIABILITIES (Net) 0.3 229,184
----- ----------
NET ASSETS 100.0% $90,992,763
===== ===========
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $79,657,463.
+ Non-income producing security
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Framlington Emerging Markets Fund
Portfolio of Investments, June 30, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 75.5%
Argentina -- 1.3%
<S> <C> <C>
19,500 Astra Cia Argentina de Petroleo $ 41,346
1,600 Banco Frances del Rio de La Plata SA, ADR 52,000
900 Telefonica de Argentina, ADR 31,163
-------
124,509
-------
<CAPTION>
Brazil -- 10.9%
<S> <C> <C>
226,000 Centrais Electricas
Brasilieras SA+ 126,378
3,000 Centrais Electricas
Brasilieras SA+, ADR 90,360
4,800 Companhia Brasiliera de Distribuicao
Grupo Pao de Acucar, ADR+ 109,200
2,400 Companhia Energetica de Minas Gerais, ADR 127,200
230,000 Companhia de Saneamento Basico do Estado
de Sao Paulo+ 70,076
1,300 Companhia Siderurgica Nacional, ADR 42,870
2,200 Petroleo Brasileiro SA, ADR 61,107
2,630 Telebras, ADR 399,103
5,000 Usiminas Siderurgicas de Minas Gerais SA,
ADR+ 55,313
-------
1,081,607
---------
<CAPTION>
Chile -- 3.6%
<S> <C> <C>
8,100 Banco Santander Chile, ADR 119,475
1,600 Compania Cervecerias Unidas SA, ADR 35,100
1,100 Compania Telecomunicaciones de Chile SA,
ADR 36,300
2,900 Empresa Nacional Electricidad SA, ADR 65,431
400 Quimica Minera Chile SA, ADR 26,450
2,300 Santa Isabel SA, ADR 74,175
---------
356,931
---------
<CAPTION>
China -- 11.8%
<S> <C> <C>
20,000 Beijing Enterprises Holdings Ltd.+ 125,979
50,000 China Everbright IHD Pacific Ltd.+ 149,407
60,000 China Merchants Holdings International
Company Ltd. 186,646
30,000 China Resources Enterprise Ltd. 147,148
600,000 CNPC Hong Kong Ltd.+ 133,208
200,000 First Tractor Company Ltd.+ 131,659
120,000 Guangdong Kelon Elec Holding 114,621
120,000 Jiangsu Expressway Company Ltd.+ 42,596
25,000 New World Infrastructure Ltd.+ 70,670
7,000 Shanghai Industrial Holdings Ltd. 43,551
20,000 Tianjin Zhong Xin
Pharmaceutical Group Corporation Ltd.,
ADR+ 23,000
---------
1,168,485
---------
<CAPTION>
Egypt -- 1.3%
<S> <C> <C>
1,700 Commercial International Bank, ADR+ 35,572
750 Egypt International Pharmaceuticals+ 46,398
2,000 Torah Portland Cement Company+ 50,607
---------
132,577
---------
<CAPTION>
Greece -- 0.6%
<S> <C> <C>
500 National Bank of Greece 61,149
---------
<CAPTION>
Hungary -- 0.9%
<S> <C> <C>
4,000 Mol Magyar Olaj-es Gazipari, ADR 89,000
---------
<CAPTION>
India -- 3.2%
<S> <C> <C>
1,400 Bombay Suburban Electric Company Ltd.,
ADR 37,275
3,500 East India Hotels Ltd., GDR+ 58,144
2,200 Hindalco Industries Ltd., ADR 77,550
2,700 Indian Petrochemicals Ltd., ADR 37,800
1,100 State Bank of India, ADR+ 29,095
3,000 Tata Engineering & Locomotive
Company Ltd., ADR++ 46,125
1,800 Videsh Sanchar Nigam Ltd., ADR 37,485
---------
323,474
---------
<CAPTION>
Indonesia -- 5.1%
<S> <C> <C>
134,750 Pt Bank Dagang Nasional Indonesia 95,577
24,000 Pt Bunas Finance Indonesia 35,033
32,000 Pt Daya Guna Samudera+ 57,566
16,500 Pt Hanjaya Mandala Sampoerna 62,927
82,000 Pt Indah Kiat Pulp & Paper Corporation 48,047
70,000 Pt Lippo Securities 49,650
20,000 Pt Semen Gresik 44,819
67,000 Pt Telekomunikasi Indonesia 109,509
---------
503,128
---------
<CAPTION>
Jordan -- 1.8%
<S> <C> <C>
31,000 Jordan Cement Factories+ 178,392
---------
<CAPTION>
Korea -- 4.4%
<S> <C> <C>
3,000 Hyundai Electronics Industries Company 153,716
4,500 Korea Electric Power Corporation 134,291
6,000 L.G. Construction Ltd. 100,676
762 Samsung Electronics, ADR++ 44,291
---------
432,974
---------
<CAPTION>
Malaysia -- 2.0%
<S> <C> <C>
110 Bumi Armada Berhad+ 270
22,000 IOI Corporation Berhad 25,103
10,000 Lingkaran Trans Kota Holdings Berhad 20,800
30,000 Magnum Corporation Berhad+ 45,166
5,000 Malakoff Berhad 21,791
34,000 Renong Berhad+ 44,453
12,500 RHB Capital Berhad 38,629
---------
196,212
---------
<CAPTION>
Mexico -- 10.9%
<S> <C> <C>
15,600 Acer Computer Latino America, SA de CV+ 54,175
14,800 Alfa SA de CV+ 100,746
3,100 Bufete Industrial SA, ADR+ 66,263
14,400 Cemex SA de CV 62,510
20,000 Corporacion Geo, SA de CV, Series B+ 115,256
13,700 Desc SA de CV 98,774
12,100 Grupo Elektra SA 132,457
3,600 Grupo Industrial Maseca, ADR 59,400
34,900 Grupo Modelo SA de CV 241,522
9,800 Grupo Televisa SA+ 148,464
---------
1,079,567
---------
<CAPTION>
Peru -- 1.7%
<S> <C> <C>
3,300 Banco Wiese, ADR 21,450
20,000 Cementos Norte Pacasmayo SA 30,914
3,960 Credicorp Ltd, ADR 87,120
350 Ferreyros, ADR++ 8,400
800 Telefonica del Peru SA, ADR 20,950
---------
168,834
---------
<CAPTION>
Poland -- 0.6%
<S> <C> <C>
5,000 Bank Handlowy W Warszawie, ADR+,++ 61,875
---------
<CAPTION>
Russia -- 1.8%
<S> <C> <C>
800 Lukoil Holdings, ADR 62,400
7,050 Irkutskenegro, ADR 121,612
---------
184,012
---------
<CAPTION>
Slovakia -- 0.5%
<S> <C> <C>
2,000 Slovnaft AS, GDR+ 49,380
---------
<CAPTION>
South Africa -- 2.5%
<S> <C> <C>
6,500 Free State Consolidated Gold Mines Ltd. 32,521
23,000 Gencor Ltd. 105,951
5,000 Nedcor Ltd. 110,756
---------
249,228
---------
<CAPTION>
Taiwan -- 0.9%
<S> <C> <C>
7,925 Asustek Computer Inc., GDR+ 91,415
---------
<CAPTION>
Thailand -- 4.2%
<S> <C> <C>
2,300 Bangkok Bank Public Company Ltd. 16,442
9,000 Bank of Ayudhya Company Ltd. 14,639
7,000 Banpu Public Company Ltd. 106,265
4,200 BEC World Public Company Ltd.+ 37,446
14,500 Electricity Generating Authority+ 36,978
25,000 KCE Electronics Public Company Ltd. 79,317
8,000 KCE Electronics Public Company Ltd.+++ 25,382
52,500 Thai Telephone & Communication Public
Company Ltd.+ 22,666
120,000 Thai Telephone & Communication Public
Company Ltd., ADR+ 51,807
5,400 The Pizza Public Company Ltd. 25,265
---------
416,207
---------
<CAPTION>
Turkey -- 1.4%
<S> <C> <C>
10,000 Haci Omer Sabanci Holding AS+ 90,000
930,000 Vestel Elektronik Sanayi ve Ticaret AS 51,971
---------
141,971
---------
<CAPTION>
Venezuela -- 3.6%
<S> <C> <C>
6,200 Compania Anonima Nacional Telefonos de
Venezuela, ADR 267,375
9,000 Mavesa, SA, ADR 91,125
---------
358,500
---------
<CAPTION>
Zimbabwe -- 0.5%
<S> <C> <C>
20,000 NMBZ Holdings, ADR+ 54,500
---------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $6,611,880) 7,503,927
---------
<CAPTION>
INVESTMENT COMPANY SECURITIES -- 7.2%
<CAPTION>
India -- 2.7%
<S> <C> <C>
5,000 The India Magnum Fund NV 265,000
---------
<CAPTION>
Korea -- 0.8%
<S> <C> <C>
7,000 New Korea Trust 79,625
---------
<CAPTION>
Russia -- 1.3%
<S> <C> <C>
5,600 Fleming Russia Securities Fund 134,400
---------
<CAPTION>
<S> <C> <C>
Taiwan -- 2.4%
<S> <C> <C>
7 Formosa Fund 90,090
3,500 Taiwan Index Fund 56,175
2 The Lucky Dragon Fund 42,010
3,900 The R.O.C. Taiwan Fund 45,581
---------
233,856
---------
<CAPTION>
TOTAL INVESTMENT COMPANY SECURITIES
<S> <C>
(Cost $617,150) 712,881
---------
<CAPTION>
PREFERRED STOCKS -- 2.0%
<CAPTION>
Brazil -- 2.0%
<S> <C> <C>
8,718,000 Banco Bradesco+ 87,864
741,605 Telecomunicacoes de Rio Janeiro SA+ 114,353
---------
202,217
---------
<CAPTION>
TOTAL PREFERRED STOCKS
(Cost $181,792) 202,217
---------
<CAPTION>
WARRANTS -- 0.0%#
<CAPTION>
(Cost $0)
Indonesia -- 0.0%#
<S> <C> <C>
9,624 Pt Bank Dagang Nasional Indonesia+ 3,957
---------
<CAPTION>
RIGHTS -- 0.0%#
<CAPTION>
(Cost $0)
Greece -- 0.0%#
<S> <C> <C>
6,500 Hellenic Telecommunication Organization
SA, Expire 07/23/1997 757
---------
<CAPTION>
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 19.6%
(Cost $1,941,500)
<S> <C> <C>
$1,941,500 Agreement with Lehman Brothers Holdings
Inc., 5.920% dated 06/30/1997 to be
repurchased at $1,941,819 on 07/01/1997,
collateralized by $1,930,000 U.S.
Treasury Notes, 8.750% due 10/15/1997
(value $1,982,553) 1,941,500
---------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $9,352,322*) 104.3% 10,365,239
OTHER ASSETS AND
LIABILITIES (Net) (4.3) (431,561)
----- -----------
NET ASSETS 100.0% $ 9,933,678
===== ===========
<FN>
- ---------
* 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.
# Amount represents less than 0.1% of net assets.
ABBREVIATION:
ADR -- American Depositary Receipt
GDR -- Global Depositary Receipt
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Framlington Emerging Markets Fund
Portfolio of Investments, June 30, 1997
<TABLE>
<CAPTION>
SCHEDULE OF FORWARD FOREIGN CURRENCY CONTRACTS
Forward Foreign Currency Contracts to Buy
Contracts to Receive Unrealized
--------------------------------------------------------------- ----------
In Appreciation/
Value in Exchange (Depreciation)
Expiration Date Local Currency U.S. $ for U.S. $ of Contract
- --------------- -------------- ------ ---------- -----------
<S> <C> <C> <C> <C> <C>
07/01/1997 Indonesian Rupiah 67,556,023 27,778 27,824 $ (46)
07/01/1997 Indonesian Rupiah 123,208,212 50,661 50,744 (83)
07/02/1997 Thai Baht 2,002,325 80,415 77,610 2,805
07/02/1997 Thai Baht 2,634,706 105,811 102,120 3,691
07/03/1997 Hong Kong Dollar 445,735 57,534 57,568 (34)
07/03/1997 Hong Kong Dollar 376,981 48,659 48,668 (9)
-------
Net Unrealized Appreciation of Forward
Foreign Currency Contracts $6,324
======
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Framlington Healthcare Fund
Portfolio of Investments, June 30, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- DOMESTIC -- 73.6%
Biomedical/Gene Technology -- 18.6%
<S> <C> <C>
600 Agouron Pharmaceuticals Inc.+ $ 48,525
5,000 Alexion Pharmaceuticals, Inc.+ 44,375
6,000 Ariad Pharmaceuticals, Inc.+ 38,625
3,000 ArQule, Inc.+ 52,125
2,000 Autoimmune, Inc.+ 3,687
5,000 CardioGenesis Corporation+ 50,000
3,000 Ergo Science Corporation+ 33,000
2,000 Gilead Sciences, Inc.+ 55,250
2,000 IDEC Pharmaceuticals Corporation+ 48,500
3,000 Inhale Therapeutic Systems+ 74,250
5,000 La Jolla Pharmaceutical Company+ 23,125
2,000 Martek Biosciences Corporation+ 23,500
6,000 Medarex, Inc.+ 37,875
2,500 NCS Healthcare, Inc., Class A+ 75,938
2,000 Neurogen Corporation+ 45,500
1,500 ONYX Pharmaceuticals, Inc.+ 15,375
2,000 Pharmacyclics, Inc.+ 31,000
2,000 TranskaryoticTherapies, Inc.+ 61,750
-------
762,400
-------
<CAPTION>
Distributors -- 1.5%
<S> <C> <C>
2,000 Henry Schein, Inc.+ 62,500
-------
<CAPTION>
Drugs -- 13.5%
<S> <C> <C>
3,750 Ascent Pediatrics, Inc.+ 33,750
3,000 Aurora Biosciences Corporation+ 31,125
1,000 Dura Pharmaceuticals, Inc.+ 39,875
1,500 Jones Medical Industries, Inc. 71,250
600 Lilly (Eli) & Company 65,587
2,400 Nastech Pharmaceuticals Company, Inc.+ 25,200
5,000 Penederm, Inc.+ 67,500
600 Pfizer, Inc. 71,700
2,000 Sangstat Medical Corporation+ 46,250
6,000 Virus Research Institute, Inc.+ 40,500
500 Warner-Lambert Company 62,125
-------
554,862
-------
<CAPTION>
Health Management Services -- 9.4%
<S> <C> <C>
2,000 American HomePatient, Inc.+ 50,000
2,500 Occusystems Inc.+ 72,500
3,000 Pharmaceutical Product Development, Inc.+ 66,000
2,000 PhyCor, Inc.+ 68,875
6,000 Physician Reliance Network, Inc.+ 56,250
1,000 Quintiles TransNational Corporation+ 69,625
-------
383,250
-------
<CAPTION>
Hospital/Medical Services -- 7.2%
<S> <C> <C>
1,500 Curative Health Services, Inc.+ 43,125
2,000 PMR Corporation+ 47,000
2,000 Renal Care Group, Inc.+ 83,375
3,000 Res-Care, Inc.+ 57,375
1,500 Vencor Inc.+ 64,875
-------
295,750
-------
<CAPTION>
Managed Healthcare -- 3.1%
<S> <C> <C>
2,000 CompDent Corporation+ 42,125
500 PacifiCare Health Systems, Inc., Class B+ 31,938
1,000 United Healthcare Corporation 52,000
-------
126,063
-------
<CAPTION>
Medical Information Systems -- 3.5%
<S> <C> <C>
1,000 HBO & Company 68,875
4,000 HPR Inc.+ 74,000
-------
142,875
-------
<CAPTION>
Medical Instruments -- 15.7%
<S> <C> <C>
2,500 Bionx Implants, Inc.+ 42,500
2,000 CardioThoraic Systems, Inc.+ 28,000
4,000 Conceptus, Inc.+ 37,000
1,500 Cytyc Corporation+ 40,687
4,000 Endocardial Solutions Inc.+ 39,500
5,000 EndoSonics Corporation+ 54,375
1,000 Guidant Corporation 85,000
4,000 Gynecare, Inc.+ 25,000
2,000 Mentor Corporation 59,250
750 Molecular Devices Corporation+ 13,125
2,000 ResMed Inc.+ 48,500
3,000 SeaMED Corporation+ 60,750
1,500 Spine-Tech, Inc.+ 55,688
1,000 Theragenics Corporation+ 23,000
5,000 UROHEALTH Systems, Inc.+ 29,922
-------
642,297
-------
<CAPTION>
Pharmacy -- 1.1%
<S> <C> <C>
4,000 Capstone Pharmacy Services, Inc.+ 43,500
-------
<CAPTION>
TOTAL COMMON STOCKS -- DOMESTIC
<S> <C>
(Cost $2,755,112) 3,013,497
---------
<CAPTION>
COMMON STOCKS -- FOREIGN -- 10.4%
Biomedical/Gene Technology -- 3.4%
<S> <C> <C>
3,000 BioChem Pharma, Inc.+ 66,750
700 Cambridge Antibody Technology Group Plc+ 6,178
2,000 OXiGene, Inc.+ 65,413
-------
138,341
-------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Drugs -- 4.1%
70 Altana AG 74,658
10,000 Chemunex SA+ 25,525
2,000 Sankyo Company Ltd. 67,181
-------
167,364
-------
<CAPTION>
Medical Instruments -- 2.9%
<S> <C> <C>
6,000 Axis Biochemicals ASA+ 45,025
2,900 Biora AB+ 26,992
3,000 Kawasumi Laboratories 49,208
-------
121,225
-------
<CAPTION>
TOTAL COMMON STOCKS -- FOREIGN
<S> <C>
(Cost $383,073) 426,930
-------
<CAPTION>
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 15.2%
(Cost $624,668)
<S> <C> <C>
$624,668 Agreement with Lehman Brothers Holdings Inc., 5.920% dated
06/30/1997 to be repurchased at $624,771 on 07/01/1997,
collateralized by $625,000 U.S. Treasury Notes, 8.750% due
10/15/1997 (value $642,018)
624,668
-------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $3,762,853*) 99.2% 4,065,095
OTHER ASSETS AND
LIABILITIES (Net) 0.8 30,964
----- ----------
NET ASSETS 100.0% $4,096,059
===== ==========
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Framlington International Growth Fund
Portfolio of Investments, June 30, 1997
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 93.5%
Australia -- 2.4%
<S> <C> <C>
70,000 Email Ltd. $250,857
54,000 M.I.M. Holdings Ltd. 80,020
124,000 Sydney Harbour Casino Holdings Ltd.+ 195,000
16,800 WMC Ltd. 106,059
-------
631,936
-------
<CAPTION>
Belgium -- 1.2%
<S> <C> <C>
1,600 Barco Industries 324,090
-------
<CAPTION>
Brazil -- 1.6%
<S> <C> <C>
6,900 Centrais Electricas Brasilieras SA, ADR 207,828
1,400 Telebras, ADR 212,450
-------
420,278
-------
<CAPTION>
Chile -- 0.4%
<S> <C> <C>
5,500 Supermercados Unimarc SA+ 103,125
-------
<CAPTION>
China -- 4.9%
<S> <C> <C>
60,000 China Everbright-IHD Pacific Ltd. 179,288
60,000 China Merchants Holdings International
Company Ltd. 186,646
30,000 China Resources Enterprises Ltd. 147,148
200,000 First Tractor Company Ltd.+ 131,659
130,000 Guangdong Kelon Elec Holding 124,172
40,000 Hong Kong Telecommunications Ltd. 95,517
4,800 HSBC Holdings 144,360
12,000 Hutchinson Whampoa Ltd 103,778
200,000 Oriental Press Group, Ltd. 81,964
7,000 Sun Hung Kai Properties Ltd. 84,255
-------
1,278,787
---------
<CAPTION>
Czech Republic -- 0.3%
<S> <C> <C>
3,000 CKD Praha Holding, AS+ 81,614
-------
<CAPTION>
Finland -- 3.6%
<S> <C> <C>
5,000 Cultor Oy 264,792
4,000 Oy Nokia 301,959
1,750 Raision Tehtaat Oy 124,356
2,500 Sampo Insurance Company Ltd. 243,127
-------
934,234
-------
<CAPTION>
France -- 5.7%
<S> <C> <C>
4,000 AXA Company 248,779
2,500 Axime 295,659
900 Canal Plus 175,200
8,000 Lagardere Group 232,375
3,500 SGS-Thompson Microelectronics 276,346
1,600 Societe BIC, SA 261,643
-------
1,490,002
---------
<CAPTION>
Germany -- 5.7%
<S> <C> <C>
2,500 Adidas AG 276,671
200 Altana AG 213,309
7,000 Bayer AG 269,010
700 Mannesmann AG 311,878
2,000 SAP AG 415,150
---------
1,486,018
---------
<CAPTION>
<S> <C>
Hungary -- 0.3%
<S> <C> <C>
4,000 Mol Magyar Olaj-es
Gazipari, ADR 89,000
-------
<CAPTION>
Indonesia -- 0.5%
<S> <C> <C>
21,600 Pt Indofood Sukses 49,737
55,000 Pt Telekomunikas Indonesia 89,895
-------
139,632
-------
<CAPTION>
<S> <C> <C>
Italy -- 2.6%
<S> <C> <C>
2,900 Fila Holding SpA, ADR 96,969
27,000 SAES Getters SpA 260,248
96,000 Telecom Italia Mobile SpA 310,607
-------
667,824
-------
<CAPTION>
Japan -- 30.5%
<S> <C> <C>
7,000 Andor Company Ltd. 122,148
4,000 Canon Inc. 108,886
5,000 Chodai Company Ltd. 56,712
15,000 Consec Corporation 143,960
13,800 Credit Saison Company Ltd. 337,129
20 DDI Corporation 147,625
5,000 FCC Company Ltd. 126,511
24,000 Hankyu Department Store 253,370
2,400 Himiko Company, Ltd. 39,995
3,100 Keyence Corporation 459,800
4,300 Kitagawa Industries
Company Ltd. 127,558
13,000 Kokuyo Company 351,612
3,000 Lasertec Corporation 102,081
19,000 Minebea Company Ltd. 202,242
41,000 Mitsubishi Heavy Industries 314,435
5,000 Namco 192,819
4 Net One Systems Company Ltd 312,961
3,800 Nichiei Company Ltd. 440,955
16,000 Nomura Securities Company Ltd. 220,564
51,000 NTN Corporation 285,224
43,000 Obayashi Corporation 287,755
4,000 Oiles Corporation 128,430
22,000 Oji Paper Company, Ltd. 136,090
5,000 Pulstec Industrial Company, Ltd. 126,511
20,000 Ricoh Company Ltd. 261,746
4,000 Rohm Company 411,813
4,000 Secom 293,504
13,000 Sumitomo Bank Ltd. 213,236
17,000 Sumitomo Electric Industries 284,779
18,000 Sumitomo Trust & Banking 193,168
16,000 The Bank of Tokyo-Mitsubishi, Ltd. 321,075
11,000 Tostem Corporation 304,236
9,000 Ube-Nitto Kasei Company Ltd. 88,732
7,000 World Company, Ltd. 307,202
30,000 Yamato Kogyo Company, Ltd. 295,773
-------
8,000,637
---------
<CAPTION>
Malaysia -- 0.1%
<S> <C> <C>
12,000 Commerce Asset Holding Berhad 31,616
-------
<CAPTION>
Mexico -- 0.3%
<S> <C> <C>
10,300 ALFA, SA de CV 70,114
-------
<CAPTION>
Netherlands -- 4.7%
<S> <C> <C>
15,000 ABN AMRO Holdings 279,688
1,200 Akzo Nobel 164,451
3,500 Gucci Group 228,234
6,000 ING Groep 276,632
4,100 Philips Electronics NV 293,678
-------
1,242,683
---------
<CAPTION>
Portugal -- 1.0%
<S> <C> <C>
3,000 Telecel-Comunicacaoes Pessoais, SA+ 248,878
-------
<CAPTION>
Singapore -- 0.5%
<S> <C> <C>
12,000 Keppel Corporation Ltd. 53,298
3,000 Keppel Corporation Ltd., Class A 13,010
29,000 Singapore Technological Industries
Corporation 74,645
-------
140,953
-------
<CAPTION>
Slovakia -- 0.2%
<S> <C> <C>
2,000 Slovnaft AS, ADR 49,380
-------
<CAPTION>
Spain -- 1.8%
<S> <C> <C>
4,500 Sociedad General de Aguas de Barcelona,
SA 184,153
10,000 Telefonica de Espana SA 289,108
-------
473,261
-------
<CAPTION>
Sweden -- 4.4%
<S> <C> <C>
7,000 Autoliv AB 269,213
7,000 Ericsson (L.M.) Telephone Company,
Class B 275,548
9,000 Nordbanken AB 303,665
9,000 Pricer AB+ 309,482
-------
1,157,908
---------
<CAPTION>
Switzerland -- 5.3%
<S> <C> <C>
130 Disentronic Holding AG+ 262,990
300 Novartis AG 479,359
35 Roche Holdings AG 316,407
300 Schweiz Bankgesellschaft 342,986
-------
1,401,742
---------
<CAPTION>
United Kingdom -- 15.5%
<S> <C> <C>
39,000 BBA Group Plc 230,561
14,200 British Airways Plc 161,866
8,000 Cairn Energy Plc 64,614
21,000 Compass Group Plc 235,707
27,000 Dixons Group Plc 209,978
4,700 EMI Group Plc 84,335
40,000 European Motor Holdings Plc 59,285
24,000 Fairey Group Plc 194,041
9,700 Glaxo Wellcome Plc 200,302
18,600 Granada Group Plc 244,699
20,800 Jurys Hotel Group Plc 116,038
21,000 Laporte Plc 224,341
32,000 Lloyds TSB Group Plc 328,264
27,000 Ocean Group Plc 237,181
22,000 Royal & Sun Alliance Insurance Group Plc 162,300
15,600 Scottish Radio Holdings Plc 90,925
54,000 Shell Transportation & Trading Plc 368,248
12,200 Rio Tinto Plc 212,614
32,300 TI Group Plc 281,587
20,000 UMECO Plc 104,581
19,000 Whitbread Plc 239,995
-------
4,051,462
---------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $21,926,330) 24,515,174
----------
<CAPTION>
INVESTMENT COMPANY SECURITY -- 1.3%
(Cost $228,256)
Russia -- 1.3%
<S> <C> <C>
14,000 Fleming Russia Securities Fund 336,000
-------
<CAPTION>
RIGHTS -- 0.0% #
(Cost $0)
Malaysia -- 0.0% #
<S> <C> <C>
3,900 Commerce Asset Holding Berhad 317
-------
<CAPTION>
Principal
Amount
- ------
REPURCHASE AGREEMENT -- 5.8%
(Cost $1,518,996)
<S> <C> <C>
$1,518,996 Agreement with Lehman Brothers Holdings Inc., 5.920% dated
06/30/1997 to be repurchased at $1,519,246 on 07/01/1997,
collateralized by $1,565,000 U.S. Treasury Inflation Index
Securities, 3.375% due 01/15/2007 (value $1,553,173)
1,518,996
---------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $23,673,582*) 100.6% 26,370,487
OTHER ASSETS AND
LIABILITIES (Net) (0.6) (157,669)
----- -----------
NET ASSETS 100.0% $26,212,818
===== ===========
<FN>
- ---------
* Aggregate cost for Federal tax purposes is $23,680,086.
# Amount represents less than 0.1% of net assets.
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depositary Receipt
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Framlington International Growth Fund
Portfolio of Investments, June 30, 1997
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
SCHEDULE OF FORWARD FOREIGN CURRENCY CONTRACTS
Forward Foreign Currency Contracts to Buy
Contracts to Receive
----------------------------------------------------------------
Unrealized
----------
In Depreciation
Value in Exchange of
Expiration Date Local Currency U.S. $ for U.S. $ Contracts
- --------------- -------------- ------ ---------- ---------
<S> <C> <C> <C> <C> <C>
07/03/1997 Hong Kong Dollar 520,025 67,123 67,163 $ (40)
07/31/1997 French Franc 964,323 164,455 165,691 (1,236)
</TABLE>
<TABLE>
<CAPTION>
Forward Foreign Currency Contract to Sell
Contracts to Deliver
---------------------------------------------------------------
Unrealized
In Depreciation
Value in Exchange of
Expiration Date Local Currency U.S. $ for U.S. $ Contracts
- --------------- -------------- ------ ---------- ---------
<S> <C> <C> <C> <C> <C>
07/02/1997 Japanese Yen 10,462,620 91,285 91,233 $ (52)
-------
Net Unrealized Depreciation of Forward
Foreign Currency Contracts $(1,328)
=========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Framlington International Growth Fund
Portfolio of Investments, June 30, 1997
At June 30, 1997 sector diversification of the Munder Framlington International
Growth Fund was as follows:
<TABLE>
<CAPTION>
% of
Net Assets Value
---------- --------
<S> <C> <C>
COMMON STOCKS:
Banking & Financial Services ........................ 16.4% $ 4,306,486
Electronics ......................................... 7.3 1,911,730
Diversified Industrial .............................. 6.7 1,743,946
Pharmaceuticals & Medical Supplies .................. 4.8 1,272,064
Computers ........................................... 4.4 1,145,918
Food & Beverage ..................................... 4.2 1,099,326
Utilities ........................................... 3.7 970,490
Telecommunications .................................. 3.5 924,928
Apparel & Textiles .................................. 3.3 852,102
Commercial & Consumer Services ...................... 3.2 842,439
Metals & Mining ..................................... 3.2 833,845
Automotive .......................................... 3.1 817,228
Engineering & Construction .......................... 2.5 650,177
Chemicals ........................................... 2.4 631,463
Retail .............................................. 2.1 556,830
Transportation ...................................... 2.1 556,123
Oil & Gas ........................................... 2.0 521,862
Forest Paper & Products ............................. 1.8 487,702
Machinery & Heavy Equipment ......................... 1.8 478,874
Conglomerates ....................................... 1.8 474,103
Electric & Electrical Equipment ..................... 1.6 417,806
Broadcasting & Advertising .......................... 1.6 413,750
Entertainment ....................................... 1.5 387,819
Iron/Steel .......................................... 1.1 295,773
Office Supplies ..................................... 1.0 261,746
Real Estate ......................................... 0.9 231,403
Technology .......................................... 0.8 206,662
Health & Personal Care .............................. 0.8 200,302
Building & Building Materials ....................... 0.6 156,970
Printing & Publishing ............................... 0.3 81,964
Miscellaneous ....................................... 3.0 783,343
TOTAL COMMON STOCKS ................................. 93.5 24,515,174
---- ----------
REPURCHASE AGREEMENT ................................ 5.8 1,518,996
INVESTMENT COMPANY SECURITY ......................... 1.3 336,000
RIGHTS .............................................. 0.0# 317
---- ----------
TOTAL INVESTMENTS ................................... 100.6 26,370,487
OTHER ASSETS AND LIABILITIES (Net) .................. (0.6) (157,669)
---- ----------
NET ASSETS .......................................... 100.0% $26,212,818
===== ==========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Assets and Liabilities, Year Ended June 30, 1997
<TABLE>
<CAPTION>
EQUITY FUNDS
------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & International Micro-Cap Mid-Cap
Growth Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund Fund
------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying
schedules:
Securities ....... $231,268,534 $72,853,065 $231,486,767 $252,417,509 $ 2,833,262 $ 22,229,831
Repurchase
Agreements ..... 12,289,416 6,364,369 17,926,584 -- 392,443 2,820,133
------------ ----------- ------------ ------------ ----------- ------------
Total Investments .... 243,557,950 79,217,434 249,413,351 252,417,509 3,225,705 25,049,964
Cash ................. 5,599 2,856 119 1,138,901 134 1,403
Interest receivable .. 2,020 436,756 69,291 -- 67 463
Dividends receivable . 100,365 27,043 405,626 964,581 -- 5,430
Receivable for
investment
securities sold .... 783,266 535,993 -- 63,336 11,840 --
Receivable for Fund
shares sold ........ 5,711,140 75,677 68,314 69,001 71,007 10,815
Receivable from
investment advisor . -- -- -- -- 7,269 5,818
Unrealized
appreciation of
forward foreign
exchange contracts . -- -- -- -- -- --
Unamortized
organization costs . -- 3,477 3,038 -- -- 39,432
Prepaid expenses ..... 13,883 4,173 12,204 12,591 27,667 1,337
------------ ----------- ------------ ------------ ----------- ------------
Total Assets ... 250,174,223 80,303,409 249,971,943 254,665,919 3,343,689 25,114,662
------------ ----------- ------------ ------------ ----------- ------------
LIABILITIES:
Unrealized
depreciation of
forward foreign
exchange contracts . -- -- -- -- -- --
Payable for Fund
shares redeemed .... 98,014 2,082,640 23 646,900 -- --
Payable for investment
securities purchased 854,860 557,329 2,405,194 -- 121,400 225,864
Investment advisory
fee payable ........ 303,323 83,931 302,309 308,517 3,503 30,048
Administration fee
payable ............ 22,669 7,212 22,751 23,088 232 2,282
Shareholder servicing
fees payable ....... 17,419 1,195 43,805 27,628 36 216
Distribution fees
payable ............ 2,096 309 1,858 4,377 295 187
Transfer agent fee
payable ............ 5,770 1,659 5,208 5,348 85 585
Custodian fees payable 5,151 2,359 5,018 14,251 657 1,152
Due to custodian ..... -- -- -- -- -- --
Accrued
Trustees'/Directors'
fees and expenses .. 757 241 760 771 8 76
Accrued expenses and
other payables ..... 44,160 10,334 26,888 90,673 2,303 2,602
------------ ----------- ------------ ------------ ----------- ------------
Total
Liabilities... 1,354,219 2,747,209 2,813,814 1,121,553 128,519 263,012
------------ ----------- ------------ ------------ ----------- ------------
NET ASSETS ........... $248,820,004 $77,556,200 $247,158,129 $253,544,366 $ 3,215,170 $ 24,851,650
============ =========== ============ ============ =========== ============
Investments, at cost.. $190,164,347 $68,198,455 $195,869,439 $199,735,367 $ 2,707,539 $ 25,108,247
============ =========== ============ ============ =========== ============
<FN>
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
- ---------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund Fund
- ---------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$478,617,080 $50,966,786 $65,110,081 $305,544,829 $88,691,628 $ 8,423,739 $3,440,427 $24,851,491
45,932,683 5,052,098 5,328,971 19,459,451 2,071,951 1,941,500 624,668 1,518,996
------------ ----------- ----------- ------------ ----------- ----------- ---------- -----------
524,549,763 56,018,884 70,439,052 325,004,280 90,763,579 10,365,239 4,065,095 26,370,487
20,441 1,940 53,452 6,461 -- -- 454 116,490
7,566 831 876 3,200 341 319 103 250
319,989 251,446 43,524 3,507 105,085 16,346 158 40,081
-- -- -- 8,950,148 -- 149,051 -- 91,285
382,563 43,066 394,049 4,691,678 212,862 159,680 215,244 39,018
-- -- 2,288 -- -- 18,524 14,615 24,857
-- -- -- -- -- 6,324 -- --
49,319 33,018 -- -- 38,634 6,331 5,422 26,938
24,703 7,716 28,130 13,753 3,437 34,802 34,768 35,235
------------ ----------- ----------- ------------ ----------- ----------- ---------- -----------
525,354,344 56,356,901 70,961,371 338,673,027 91,123,938 10,756,616 4,335,859 26,744,641
------------ ----------- ----------- ------------ ----------- ----------- ---------- -----------
-- -- -- -- -- -- -- 1,328
205,848 20,799 22,525 5,220,425 -- -- -- --
-- -- 68,000 7,769,017 -- 592,373 225,522 480,882
629,445 64,028 73,222 370,395 102,989 14,360 4,966 38,117
47,589 4,912 5,915 28,539 8,060 1,644 1,644 1,644
48,186 175 9,368 29,572 1,570 645 23 179
79,784 4,266 659 9,486 1,378 186 706 338
41,784 1,015 944 6,327 1,619 3,383 3,383 3,383
9,694 1,551 1,973 6,217 2,312 784 661 1,011
-- -- -- -- 10,217 206,030 -- --
1,589 164 197 953 269 24 10 76
122,271 3,952 5,127 42,879 2,761 3,509 2,885 4,865
------------ ----------- ----------- ------------ ----------- ----------- ---------- -----------
1,186,190 100,862 187,930 13,483,810 131,175 822,938 239,800 531,823
------------ ----------- ----------- ------------ ----------- ----------- ---------- -----------
$524,168,154 $56,256,039 $70,773,441 $325,189,217 $90,992,763 $9,933,678 $4,096,059 $26,212,818
============ =========== =========== ============ =========== ========== ========== ===========
$367,309,496 $46,662,722 $63,656,737 $260,189,994 $79,480,693 $9,352,322 $3,762,853 $23,673,582
============ =========== =========== ============ =========== ========== ========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Assets and Liabilities, Year Ended June 30, 1997
(Continued)
<TABLE>
<CAPTION>
EQUITY FUNDS
---------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & International Micro-Cap Mid-Cap
Growth Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund Fund
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSETS consist of:
Undistributed net
investment income ...... $ -- $ 14,695 $ 131,333 $ 565,929 $ -- $ --
Accumulated net realized gain/(loss) on investments sold, forward foreign
exchange contracts, futures contracts and currency
transactions ........... 22,434,657 3,309,886 20,559,837 2,821,889 (59,387) (309,123)
Net unrealized
appreciation/
(depreciation) of
investments, futures
contracts, foreign
currency and net other
assets ................. 53,393,603 11,018,979 53,543,912 52,716,480 518,166 (58,283)
Par value ................ 16,980 5,961 16,230 16,088 2,508 23,644
Paid-in capital in excess
of par value ........... 172,974,764 63,206,699 172,906,817 197,423,980 2,753,883 25,195,412
------------ ----------- ------------ ------------ ---------- -----------
$248,820,004 $77,556,200 $247,158,129 $253,544,366 $3,215,170 $24,851,650
============ =========== ============ ============ ========== ===========
NET ASSETS:
Class A Shares ........... $ 6,270,002 $ 381,694 $ 3,661,771 $ 6,710,328 $ 184,484 $ 62,891
============ =========== ============ ============ ========== ===========
Class B Shares ........... $ 537,675 $ 198,932 $ 641,237 $ 1,150,821 $ 442,047 $ 105,603
============ =========== ============ ============ ========== ===========
Class C Shares ........... $ 281,202 $ 73,071 $ 765,780 $ 2,259,236 $ 111,164 $ 111,308
============ =========== ============ ============ ========== ===========
Class K Shares ........... $ 87,692,631 $ 6,588,155 $212,415,430 $135,593,222 $ 198,886 $ 1,099,894
============ =========== ============ ============ ========== ===========
Class Y Shares ........... $154,038,494 $70,314,348 $ 29,673,911 $107,830,759 $2,278,589 $23,471,954
============ =========== ============ ============ ========== ===========
SHARES OUTSTANDING:
Class A Shares ........... 430,699 29,338 240,724 426,459 14,396 6,004
============ =========== ============ ============ ========== ===========
Class B Shares ........... 37,932 15,335 42,277 73,912 34,575 10,199
============ =========== ============ ============ ========== ===========
Class C Shares ........... 19,646 5,626 50,529 144,038 8,689 10,769
============ =========== ============ ============ ========== ===========
Class K Shares ........... 6,022,064 505,705 13,948,572 8,616,911 15,518 105,087
============ =========== ============ ============ ========== ===========
Class Y Shares ........... 10,469,473 5,405,060 1,948,359 6,826,237 177,666 2,232,373
============ =========== ============ ============ ========== ===========
CLASS A SHARES:
Net asset value and
redemption price per
share .................. $14.56 $13.01 $15.21 $15.73 $12.81 $10.47
====== ====== ====== ====== ====== ======
Maximum sales charge ..... 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
Maximum offering price per
share .................. $15.41 $13.77 $16.10 $16.65 $13.56 $11.08
====== ====== ====== ====== ====== ======
CLASS B SHARES:
Net asset value and
offering price per
share* ................. $14.17 $12.97 $15.17 $15.57 $12.79 $10.35
====== ====== ====== ====== ====== ======
CLASS C SHARES:
Net asset value and
offering price per
share* ................. $14.31 $12.99 $15.16 $15.68 $12.79 $10.34
====== ====== ====== ====== ====== ======
CLASS K SHARES:
Net asset value, offering
price and redemption
price per share ........ $14.56 $13.03 $15.23 $15.74 $12.82 $10.47
====== ====== ====== ====== ====== ======
CLASS Y SHARES:
Net asset value, offering
price and redemption
price per share ........ $14.71 $13.01 $15.23 $15.80 $12.83 $10.51
====== ====== ====== ====== ====== ======
<FN>
- ----------------
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund Fund
--------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 410,980 $ -- $ 17,399 $ -- $ 40,728 $ 623 $ -- $ 7,821
26,651,724 454,156 502,604 38,696,712 5,223,122 216,301 (68,392) 100,372
157,240,267 9,356,162 6,782,315 64,814,286 11,282,886 1,015,562 302,239 2,697,402
291,633 39,055 58,782 14,979 65,020 7,689 3,765 23,096
339,573,550 46,406,666 63,412,341 221,663,240 74,381,007 8,693,503 3,858,447 23,384,127
------------ ----------- ----------- ------------ ----------- ---------- ---------- -----------
$524,168,154 $56,256,039 $70,773,441 $325,189,217 $90,992,763 $9,933,678 $4,096,059 $26,212,818
============ =========== =========== ============ =========== ========== ========== ===========
$ 16,693,224 $ 1,425,548 $ 1,163,673 $ 11,645,657 $ 1,587,369 $ 532,053 $ 664,182 $ 1,102,873
============ =========== =========== ============ =========== ========== ========== ===========
$ 84,865,281 $ 4,606,285 $ 373,107 $ 5,734,866 $ 934,775 $ 133,566 $1,062,682 $ 128,417
============ =========== =========== ============ =========== ========== ========== ===========
$ 9,252,614 $ 536,709 $ 196,703 $ 2,270,701 $ 526,624 $ 23,579 $ 164,405 $ 62,024
============ =========== =========== ============ =========== ========== ========== ===========
$237,329,554 $ 1,481,040 $50,768,693 $152,765,766 $ 7,940,480 $4,418,581 $ 118,776 $ 1,088,607
============ =========== =========== ============ =========== ========== ========== ===========
$176,027,481 $48,206,457 $18,271,265 $152,772,227 $80,003,515 $4,825,899 $2,086,014 $23,830,897
============ =========== =========== ============ =========== ========== ========== ===========
926,279 99,030 96,661 539,026 113,558 41,177 61,017 97,197
============ =========== =========== ============ =========== ========== ========== ===========
4,837,865 319,886 31,026 272,415 67,082 10,344 97,912 11,341
============ =========== =========== ============ =========== ========== ========== ===========
526,975 37,169 16,364 106,500 37,816 1,825 15,144 5,476
============ =========== =========== ============ =========== ========== ========== ===========
13,182,478 102,843 4,216,776 7,065,672 568,145 342,112 10,907 95,935
============ =========== =========== ============ =========== ========== ========== ===========
9,689,696 3,346,605 1,517,355 6,995,086 5,715,397 373,455 191,474 2,099,620
============ =========== =========== ============ =========== ========== ========== ===========
$18.02 $14.46 $12.04 $21.61 $13.98 $12.92 $10.89 $11.35
====== ====== ====== ====== ====== ====== ====== ======
5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
$19.07 $15.23 $12.74 $22.86 $14.79 $13.67 $11.52 $12.01
====== ====== ====== ====== ====== ====== ====== ======
$17.54 $14.40 $12.03 $21.05 $13.93 $12.91 $10.85 $11.32
====== ====== ====== ====== ====== ====== ====== ======
$17.56 $14.44 $12.02 $21.32 $13.93 $12.92 $10.86 $11.33
====== ====== ====== ====== ====== ====== ====== ======
<PAGE>
$18.00 $14.40 $12.04 $21.62 $13.98 $12.92 $10.89 $11.35
====== ====== ====== ====== ====== ====== ====== ======
$18.17 $14.40 $12.04 $21.84 $14.00 $12.92 $10.89 $11.35
====== ====== ====== ====== ====== ====== ====== ======
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Operations, Year Ended June 30, 1997
<TABLE>
<CAPTION>
EQUITY FUNDS
---------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & International Micro-Cap Mid-Cap
Growth Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund(a) Fund
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest ...................... $ 1,055,407 $2,042,427 $1,004,198 $ 65,895 $ 3,177 $111,714
Dividends (Net of foreign withholding taxes of $12,287, $178,255, $608, $95,
$1,305 and $20,716 for Munder Accelerating Growth Fund, Munder International
Equity Fund, Munder Value Fund, Munder Framlington Emerging Markets Fund,
Munder Framlington Healthcare Fund and Munder Framlington International
Growth Fund, respectively) .. 1,349,242 369,346 6,648,850 5,071,985 790 42,179
----------- ---------- ---------- ----------- -------- --------
Total investment income . 2,404,649 2,411,773 7,653,048 5,137,880 3,967 153,893
----------- ---------- ---------- ----------- -------- --------
EXPENSES:
Distribution and shareholder servicing fees:
Class A Shares .............. 16,419 981 5,324 13,505 79 373
Class B Shares .............. 3,607 1,249 3,519 10,398 513 658
Class C Shares .............. 2,146 337 2,683 18,452 48 985
Shareholder servicing fees:
Class K Shares .............. 241,615 10,587 484,610 306,838 145 1,810
Investment advisory fee ....... 2,040,543 445,259 1,650,704 1,720,496 6,479 180,531
Administration fee ............ 307,521 77,364 248,644 259,162 730 27,562
Transfer agent fee ............ 61,624 15,488 49,434 51,582 181 5,677
Custodian fees ................ 31,304 11,262 28,966 66,667 2,071 8,369
Legal and audit fees .......... 29,288 6,997 20,126 23,407 4,062 8,017
Trustees'/Directors' fees and
expenses .................... 8,399 2,155 6,832 7,144 22 777
Registration and filing fees .. 68,351 57,499 66,947 66,783 34,836 50,195
Amortization of organization
costs ....................... 1,003 3,466 1,823 273 -- 12,789
Other ......................... 37,616 47,442 16,016 121,923 1,169 1,300
----------- ---------- ---------- ----------- -------- --------
Total Expenses .......... 2,849,436 680,086 2,585,628 2,666,630 50,335 299,043
Fees waived and/or expenses
reimbursed by investment
advisor ..................... -- -- -- -- (41,485) (52,965)
----------- ---------- ---------- ----------- -------- --------
Net Expenses ............ 2,849,436 680,086 2,585,628 2,666,630 8,850 246,078
----------- ---------- ---------- ----------- -------- --------
NET INVESTMENT INCOME/(LOSS) .. (444,787) 1,731,687 5,067,420 2,471,250 (4,883) (92,185)
----------- ---------- ---------- ----------- -------- --------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ....... 26,335,644 4,253,299 27,808,188 6,298,100 (59,387) (224,362)
Forward foreign exchange
contracts ................. -- -- -- (189,893) -- --
Futures contracts ........... (806,620) -- -- -- -- --
Foreign currency transactions -- -- -- 41,140 -- --
Net change in unrealized
appreciation/ (depreciation)
of:
Securities ................ (15,381,711) 3,076,915 22,254,173 31,196,952 518,166 372,632
Forward foreign exchange
contracts ............... -- -- -- -- -- --
Futures contracts ......... -- -- -- -- -- --
Foreign currency and net
other assets ............ -- -- -- 33,376 -- --
----------- ---------- ----------- ------------ -------- --------
Net realized and unrealized
gain on investments ......... 10,147,313 7,330,214 50,062,361 37,379,675 458,779 148,270
----------- ---------- ----------- ------------ -------- --------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ... $ 9,702,526 $ 9,061,901 $55,129,781 $ 39,850,925 $453,896 $ 56,085
=========== =========== =========== ============ ======== ==========
<FN>
(a) The Munder Micro-Cap Equity Fund and the Munder Small-Cap Value Fund
commenced operations on December 26, 1996.
(b) The Munder Framlington Emerging Markets Fund, Munder Framlington Healthcare
Fund and Munder Framlington International Growth Fund commenced operations
on December 31, 1996.
See Notes to Financial Staements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund(a) Fund Fund Fund(b) Fund(b) Fund(b)
-------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 1,504,649 $ 149,595 $ 119,651 $ 888,154 $ 227,392 $ 20,916 $ 5,015 $ 43,649
4,853,361 1,655,599 299,140 607,778 841,976 38,334 1,877 140,469
------------ ---------- ---------- ----------- ----------- ---------- -------- ----------
6,358,010 1,805,194 418,791 1,495,932 1,069,368 59,250 6,892 184,118
------------ ---------- ---------- ----------- ----------- ---------- -------- ----------
30,811 1,559 558 17,843 2,347 285 241 759
731,958 27,446 648 21,679 2,689 95 1,240 175
73,808 1,829 223 13,938 4,397 49 125 63
467,641 872 20,442 300,433 7,516 1,346 52 570
4,252,990 259,015 95,022 1,884,242 401,505 25,210 11,440 71,843
480,310 39,493 14,220 283,755 61,224 9,644 9,644 9,644
130,660 7,885 2,381 56,335 12,044 19,562 19,551 19,711
56,669 12,099 5,320 28,508 14,325 11,500 3,013 20,504
46,980 5,712 5,595 31,841 9,841 4,198 4,083 4,617
13,401 1,153 326 7,863 1,706 55 36 225
92,986 50,243 33,574 86,077 56,517 30,601 30,580 30,648
59,190 15,000 -- 331 12,530 703 602 2,993
181,730 6,271 3,178 49,223 2,854 3,046 2,042 5,626
------------ ---------- ---------- ----------- ----------- ---------- -------- ----------
6,619,134 428,577 181,487 2,782,068 589,495 106,294 82,649 167,378
(1,063,247) (10,143) (16,708) -- (17,688) (73,369) (66,145) (72,552)
------------ ---------- ---------- ----------- ----------- ---------- -------- ----------
5,555,887 418,434 164,779 2,782,068 571,807 32,925 16,504 94,826
------------ ---------- ---------- ----------- ----------- ---------- -------- ----------
802,123 1,386,760 254,012 (1,286,136) 497,561 26,325 (9,612) 89,292
------------ ---------- ---------- ----------- ----------- ---------- -------- ----------
31,693,197 524,593 502,604 46,948,801 5,816,387 216,301 (68,392) 100,372
-- -- -- -- (8,775) (12,115) (3,036) (112,707)
-- -- -- -- -- -- -- --
-- -- -- -- (1,132) 3,233 4,441 28,243
75,394,082 7,273,750 6,782,315 6,246,976 10,966,509 1,012,917 302,242 2,696,905
-- -- -- -- -- 6,324 -- (1,328)
-- -- -- -- -- -- -- --
-- -- -- -- (158) (3,679) (3) 1,825
------------ ---------- ---------- ----------- ----------- ---------- -------- ----------
107,087,279 7,798,343 7,284,919 53,195,777 16,772,831 1,222,981 235,252 2,713,310
------------ ---------- ---------- ----------- ----------- ---------- -------- ----------
$107,889,402 $9,185,103 $7,538,931 $51,909,641 $17,270,392 $1,249,306 $225,640 $2,802,602
============ ========== ========== =========== =========== ========== ======== ==========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1997
<TABLE>
<CAPTION>
EQUITY FUNDS
----------------------------------------------------------------------------------
Munder
Munder Munder Munder Micro-Cap Munder
Accelerating Munder Growth & International Equity Mid-Cap
Growth Balanced Income Equity Fund Growth
Fund Fund Fund Fund (a) Fund
----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net investment
income/(loss) .......... $ (444,787) $ 1,731,687 $ 5,067,420 $ 2,471,250 $ (4,883) $ (92,185)
Net realized gain/(loss)
on investments sold,
forward foreign exchange
contracts, futures
contracts and foreign
currency transactions
during the period ...... 25,529,024 4,253,299 27,808,188 6,149,347 (59,387) (224,362)
Net change in unrealized
appreciation/
(depreciation) of
investments, forward
foreign exchange
contracts, futures
contracts, foreign
currency and net other
assets during the period (15,381,711) 3,076,915 22,254,173 31,230,328 518,166 372,632
------------ ----------- ----------- ----------- -------- ---------
Net increase in net assets
resulting from
operations ............. 9,702,526 9,061,901 55,129,781 39,850,925 453,896 56,085
Dividends to shareholders
from net investment
income:
Class A Shares ....... -- (8,318) (52,808) (78,899) -- --
Class B Shares ....... -- (2,044) (6,488) (4,180) -- --
Class C Shares ....... -- (697) (4,089) (9,762) -- --
Class K Shares ....... -- (101,038) (4,357,460) (1,698,687) -- --
Class Y Shares ....... -- (1,551,696) (605,671) (1,711,723) -- --
Distributions to
shareholders in excess
of net investment
income:
Class A Shares ....... -- -- -- -- -- --
Class B Shares ....... -- -- -- -- -- --
Class C Shares ....... -- -- -- -- -- --
Class K Shares ....... -- -- -- -- -- --
Class Y Shares ....... -- -- -- -- -- --
<FN>
- ----------------
(a) The Munder Micro-Cap Equity Fund and the Munder Small-Cap Value Fund
commenced operations on December 26, 1996.
(b) The Munder Framlington Emerging Markets Fund, Munder Framlington Healthcare
Fund and Munder Framlington International Growth Fund commenced operations
on December 31, 1996.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund(a) Fund Fund Fund(b) Fund(b) Fund(b)
----------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 802,123 $ 1,386,760 $ 254,012 $(1,286,136) $ 497,561 $ 26,325 $ (9,612) $ 89,292
31,693,197 524,593 502,604 46,948,801 5,806,480 207,419 (66,987) 15,908
75,394,082 7,273,750 6,782,315 6,246,976 10,966,351 1,015,562 302,239 2,697,402
------------ ------------ ----------- ----------- ----------- ----------- --------- ----------
107,889,402 9,185,103 7,538,931 51,909,641 17,270,392 1,249,306 225,640 2,802,602
-- (26,568) (3,816) -- (6,002) (1,011) -- --
-- (89,023) (712) -- -- (240) -- --
-- (6,949) (478) -- -- (9) -- --
(154,709) (15,055) (165,622) -- (24,802) (6,926) -- --
(342,031) (1,309,637) (65,985) -- (494,602) (11,088) -- --
-- (267) -- -- -- -- -- --
-- (1,176) -- -- -- -- -- --
-- (78) -- -- -- -- -- --
-- (148) -- -- -- -- -- --
-- (13,330) -- -- -- -- -- --
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1997
(Continued)
<TABLE>
<CAPTION>
EQUITY FUNDS
-----------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & International Micro-Cap Mid-Cap
Growth Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund(a) Fund
-----------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Distributions to shareholders from net realized gains:
Class A Shares ....... (522,917) (20,784) (134,569) (546,957) -- (24,793)
Class B Shares ....... (31,285) (5,581) (18,909) (107,481) -- (6,562)
Class C Shares ....... (20,795) (1,603) (5,330) (185,029) -- (10,643)
Class K Shares ....... (9,185,520) (239,099) (12,866,517) (12,841,026) -- (59,979)
Class Y Shares ....... (16,254,335) (3,044,683) (1,632,776) (10,403,715) -- (2,549,785)
Distributions to
shareholders from
capital:
Class A Shares ....... -- -- -- -- -- --
Class B Shares ....... -- -- -- -- -- --
Class C Shares ....... -- -- -- -- -- --
Class K Shares ....... -- -- -- -- -- --
Class Y Shares ....... -- -- -- -- -- --
Net increase/(decrease) in net assets from Fund share transactions:
Class A Shares ....... 103,837 (15,751) 2,249,127 1,586,450 162,834 (123,545)
Class B Shares ....... 247,942 113,805 350,066 128,920 393,839 56,661
Class C Shares ....... 178,689 68,515 609,503 537,498 104,830 67,620
Class K Shares ....... (16,295,182) 4,613,702 (11,139,950) 13,005,712 163,478 731,577
Class Y Shares ....... (24,267,204) 8,881,206 5,304,744 13,224,781 1,936,293 4,537,791
------------ ----------- ------------ ------------ ---------- -----------
Net increase/(decrease) in
net assets ............. (56,344,244) 17,747,835 32,818,654 40,746,827 3,215,170 2,674,427
NET ASSETS:
Beginning of period ...... 305,164,248 59,808,365 214,339,475 212,797,539 -- 22,177,223
------------ ----------- ------------ ------------ ---------- -----------
End of period ............ $248,820,004 $77,556,200 $247,158,129 $253,544,366 $3,215,170 $24,851,650
============ =========== ============ ============ ========== ===========
Undistributed net
investment
income ................. $ -- $ 14,675 $ 131,333 $ 565,929 $ -- $ --
============ =========== ============ ============ ========== ===========
<FN>
- ----------------
(a) The Munder Micro-Cap Equity Fund and the Munder Small-Cap Value Fund
commenced operations on December 26, 1996.
(b) The Munder Framlington Emerging Markets Fund, Munder Framlington Healthcare
Fund and Munder Framlington International Growth Fund commenced operations
on December 31, 1996.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund(a) Fund Fund Fund(b) Fund(b) Fund(b)
------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
(546,542) -- -- (851,894) (79,699) -- -- --
(3,444,755) -- -- (148,603) (12,823) -- -- --
(336,270) -- -- (76,100) (40,972) -- -- --
(8,634,692) -- -- (16,790,412) (105,852) -- -- --
(6,586,379) -- -- (16,925,786) (4,083,005) -- -- --
-- (1,392) -- -- -- -- -- --
-- (6,126) -- -- -- -- -- --
-- (408) -- -- -- -- -- --
-- (772) -- -- -- -- -- --
-- (69,426) -- -- -- -- -- --
4,430,458 1,049,132 1,040,188 5,574,247 908,590 463,104 642,857 978,276
3,919,132 2,331,806 341,448 4,212,334 754,012 126,009 1,020,404 118,950
2,174,706 507,369 181,247 1,705,453 91,401 20,318 162,935 58,068
57,472,777 1,405,136 45,442,173 33,713,592 6,095,828 4,031,349 105,000 1,000,059
15,585,646 22,213,807 16,466,067 37,806,434 33,396,573 4,062,866 1,939,223 21,254,863
------------ ----------- ----------- ------------ ----------- ---------- ---------- -----------
171,426,743 35,151,998 70,773,441 100,128,906 53,669,039 9,933,678 4,096,059 26,212,818
352,741,411 21,104,041 -- 225,060,311 37,323,724 -- -- --
------------ ----------- ----------- ------------ ----------- ---------- ---------- -----------
$524,168,154 $56,256,039 $70,773,441 $325,189,217 $90,992,763 $9,933,678 $4,096,059 $26,212,818
============ =========== =========== ============ =========== ========== ========== ===========
$ 410,980 $ -- $ 17,399 $ -- $ 40,728 $ 623 $ -- $ 7,821
============ =========== =========== ============ =========== ========== ========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1996
<TABLE>
<CAPTION>
EQUITY FUNDS
--------------------------------------------
Munder Munder
Accelerating Munder Growth &
Growth Balanced Income
Fund Fund Fund
--------------------------------------------
<S> <C> <C> <C>
Net investment income/(loss) .......................... $ (722,107) $ 1,381,793 $ 4,583,387
Net realized gain/(loss) on investments sold, forward
foreign exchange contracts, futures contracts and
foreign currency transactions during the year ....... 46,691,730 4,247,352 8,003,703
Net change in unrealized appreciation/(depreciation) of
investments, forward foreign exchange contracts,
futures contracts, foreign currency and net other
assets during the year .............................. 11,360,252 2,985,979 19,656,692
------------ ----------- ------------
Net increase in net assets resulting from operations .. 57,329,875 8,615,124 32,243,782
Dividends to shareholders from net investment income:
Class A Shares ...................................... -- (6,769) (17,557)
Class B Shares ...................................... -- (818) (3,116)
Class C Shares ...................................... -- (9) (307)
Class K Shares ...................................... -- (24,416) (4,155,513)
Class Y Shares ...................................... -- (1,271,592) (386,649)
Distributions to shareholders from net realized gains:
Class A Shares ...................................... (796,263) -- (6,398)
Class B Shares ...................................... (23,756) -- (1,242)
Class C Shares ...................................... (2,880) -- (73)
Class K Shares ...................................... (13,343,959) -- (1,184,869)
Class Y Shares ...................................... (25,626,027) -- (95,719)
Net increase/(decrease) in net assets from Fund share transactions :
Class A Shares ...................................... 1,113,624 16,571 711,591
Class B Shares ...................................... 209,740 53,676 150,951
Class C Shares ...................................... 115,764 2,488 30,096
Class K Shares ...................................... 18,983,889 1,416,161 35,683,395
Class Y Shares ...................................... (16,949,688) 1,666,588 10,645,427
------------ ----------- ------------
Net increase in net assets ............................ 21,010,319 10,467,004 73,613,799
NET ASSETS:
Beginning of year ..................................... 284,153,929 49,341,361 140,725,676
------------ ----------- ------------
End of year ........................................... $ 305,164,248 $ 59,808,365 $214,339,475
============= ============ ============
Undistributed net investment income ................... $ -- $ 11,028 $ 89,116
============= ============ ============
<FN>
- ----------------
(a) The Munder Mid-Cap Growth Fund and the Munder Value Fund commenced
operations on August 14, 1995 and August 18, 1995, respectively.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
Munder Munder
Munder Munder Munder Real Estate Small
International Mid-Cap Multi-Season Equity Company Munder
Equity Growth Growth Investment Growth Value
Fund Fund(a) Fund Fund Fund Fund(a)
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 2,087,756 $ (45,060) $ 1,120,982 $ 739,148 $ (923,176) $ 230,056
22,872,003 2,680,323 25,850,576 (76,088) 38,063,750 3,723,710
(2,940,128) (430,915) 45,244,470 1,921,177 31,842,217 316,535
------------ ----------- ------------ ----------- ------------ -----------
22,019,631 2,204,348 72,216,028 2,584,237 68,982,791 4,270,301
(14,197) -- (36,473) (9,939) -- (1,476)
(2,604) -- -- (54,551) -- (115)
(1,373) -- -- (52) -- (635)
(756,166) -- (421,941) -- -- (1,398)
(693,758) -- (556,971) (672,915) -- (166,818)
-- -- (309,579) -- (259,477) --
-- -- (1,793,378) -- (6,481) --
-- -- (122,961) -- (1,089) --
-- -- (3,520,868) -- (5,357,828) --
-- -- (3,008,122) -- (5,515,603) --
3,038,335 178,519 (2,077,788) 18,057 697,350 385,702
789,135 53,088 (93,613) 39,484 817,150 95,558
1,541,303 51,283 1,523,560 4,276 67,972 341,761
32,126,143 401,098 10,921,259 -- 32,039,504 996,793
5,054,716 19,288,887 20,686,357 12,487,433 (1,365,551) 31,404,051
------------ ----------- ------------ ----------- ------------ -----------
63,101,165 22,177,223 93,405,510 14,396,030 90,098,738 37,323,724
149,696,374 -- 259,335,901 6,708,011 134,961,573 --
------------ ----------- ------------ ----------- ------------ -----------
$212,797,539 $22,177,223 $352,741,411 $21,104,041 $225,060,311 $37,323,724
============ =========== ============ =========== ============ ===========
$ 1,746,683 $ -- $ 105,597 $ 17,227 $ -- $ 65,950
============ =========== ============ =========== ============ ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1997
<TABLE>
<CAPTION>
EQUITY FUNDS
-------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & International Micro-Cap Mid-Cap
Growth Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund(a) Fund
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ................. $ 101,714,828 $ 102,364 $ 3,240,200 $ 7,573,689 $ 176,161 $ 94,969
Issued as reinvestment
of dividends ....... 433,223 24,900 103,491 179,150 -- 4,730
Redeemed ............. (102,044,214) (143,015) (1,094,564) (6,166,389) (13,327) (223,244)
------------- ------------ ------------ ----------- ---------- ---------
Net increase/
(decrease) ......... $ 103,837 $ (15,751) $ 2,249,127 $ 1,586,450 $ 162,834 $ (123,545)
============= ============ ============ ============ ========== ==========
Class B Shares:
Sold ................. $ 3,390,164 $ 115,688 $ 419,009 $ 380,267 $ 393,839 $ 57,198
Issued as reinvestment
of dividends ....... 16,206 2,384 12,899 21,349 -- 4,952
Redeemed ............. (3,158,428) (4,267) (81,842) (272,696) -- (5,489)
------------- ------------ ------------ ----------- ---------- ----------
Net increase ......... $ 247,942 $ 113,805 $ 350,066 $ 128,920 $ 393,839 $ 56,661
============= ============ ============ ============ ========== ==========
Class C Shares:
Sold ................. $ 1,851,264 $ 68,415 $ 3,204,162 $ 2,511,095 $ 104,830 $ 85,141
Issued as reinvestment
of dividends ....... 52 122 2,457 35 -- 896
Redeemed ............. (1,672,627) (22) (2,597,116) (1,973,632) -- (18,417)
------------- ------------ ------------ ------------ ---------- -----------
Net increase ......... $ 178,689 $ 68,515 $ 609,503 $ 537,498 $ 104,830 $ 67,620
============= ============ ============ ============ ========== ===========
Class K Shares:
Sold. ................ $ 214,830,413 $ 6,581,712 $ 39,725,691 $ 40,942,377 $ 209,128 $ 859,841
Issued as reinvestment
of dividends ....... 6,756 -- 496 11,878 -- --
Redeemed ............. (231,132,351) (1,968,010) (50,866,137) (27,948,543) (45,650) (128,264)
------------- ------------ ------------ ------------ ---------- -----------
Net increase/
(decrease) ......... $ (16,295,182) $ 4,613,702 $(11,139,950) $ 13,005,712 $ 163,478 $ 731,577
============= ============ ============ ============ ========== ===========
Class Y Shares:
Sold ................. $ 34,636,181 $ 27,428,925 $ 11,770,423 $ 34,855,719 $1,979,362 $ 7,321,781
Issued as reinvestment
of dividends ....... 398,011 2,289 14,438 845,365 -- 299,113
Redeemed ............. (59,301,396) (18,550,008) (6,480,117) (22,476,303) (43,069) (3,083,103)
------------- ------------ ------------ ------------ ---------- -----------
Net increase/
(decrease) ......... $ (24,267,204) $ 8,881,206 $ 5,304,744 $ 13,224,781 $1,936,293 $ 4,537,791
============= ============ ============ ============ ========== ===========
<FN>
- ----------------
(a) The Munder Micro-Cap Equity Fund Class A Shares, Class B Shares, Class C
Shares, Class K Shares and Class Y Shares commenced operations on December
26, 1996, February 24, 1997, March 31, 1997, December 31, 1996 and December
26, 1996, respectively.
(b) The Munder Real Estate Equity Investment Fund Class K Shares commenced
operations on October 3, 1996.
(c) The Munder Small-Cap Value Fund Class A Shares, Class B Shares, Class C
Shares, Class K Shares and Class Y Shares commenced operations on January
10, 1997, February 11, 1997, Janaury 13, 1997, December 31, 1996 and
December 26, 1996, respectively.
(d) 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.
(e) 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.
<PAGE>
(f) 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Markets Healthcare Growth
Fund Fund(b) Fund(c) Fund Fund Fund(d) Fund(e) Fund(f)
-----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 7,599,306 $ 1,175,987 $ 1,099,006 $ 80,987,644 $ 1,753,575 $ 469,149 $ 668,481 $ 1,003,276
294,024 17,340 3,512 600,615 6,328 955 -- --
(3,462,872) (144,195) (62,330) (76,014,012) (851,313) (7,000) (25,624) (25,000)
------------ ----------- ----------- ------------- ----------- ---------- ---------- -----------
$ 4,430,458 $ 1,049,132 $ 1,040,188 $ 5,574,247 $ 908,590 $ 463,104 $ 642,857 $ 978,276
============ =========== =========== ============= =========== ========== ========== ===========
$ 11,008,276 $ 2,467,417 $ 337,176 $ 5,020,913 $ 801,674 $ 135,920 $1,020,479 $ 220,489
1,223,154 15,845 4,280 17,864 3,810 179 -- --
(8,312,298) (151,456) (8) (826,443) (51,472) (10,090) (75) (101,539)
------------ ----------- ----------- ------------- ----------- ---------- ---------- -----------
$ 3,919,132 $ 2,331,806 $ 341,448 $ 4,212,334 $ 754,012 $ 126,009 $1,020,404 $ 118,950
============ =========== =========== ============= =========== ========== ========== ===========
$ 11,554,085 $ 535,009 $ 180,840 $ 23,728,049 $ 136,163 $ 21,795 $ 162,935 $ 58,068
13,790 1,967 407 5,764 2,223 4 -- --
(9,393,169) (29,607) -- (22,028,360) (46,985) (1,481) -- --
------------ ----------- ----------- ------------- ----------- ---------- ---------- -----------
$ 2,174,706 $ 507,369 $ 181,247 $ 1,705,453 $ 91,401 $ 20,318 $ 162,935 $ 58,068
============ =========== =========== ============= =========== ========== ========== ===========
$ 86,220,708 $ 1,415,046 $46,367,097 $ 177,871,885 $ 6,662,501 $4,031,349 $ 105,000 $ 1,108,648
77,782 -- -- 17,337 351 -- -- --
(28,825,713) (9,910) (924,924) (144,175,630) (567,024) -- -- (108,589)
------------ ----------- ----------- ------------- ----------- ---------- ---------- -----------
$ 57,472,777 $ 1,405,136 $45,442,173 $ 33,713,592 $ 6,095,828 $4,031,349 $ 105,000 $ 1,000,059
============ =========== =========== ============= =========== ========== ========== ===========
$ 51,479,805 $23,238,587 $16,984,508 $ 57,984,178 $34,487,168 $4,285,017 $1,941,112 $21,627,250
886,972 100,318 22,034 822,966 331,479 1,133 -- --
(36,781,131) (1,125,098) (540,475) (21,000,710) (1,422,074) (223,284) (1,889) (372,387)
------------ ----------- ----------- ------------- ----------- ---------- ---------- -----------
$ 15,585,646 $22,213,807 $16,466,067 $ 37,806,434 $33,396,573 $4,062,866 $1,939,223 $21,254,863
============ =========== =========== ============= =========== ========== ========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1997
(Continued)
<TABLE>
<CAPTION>
EQUITY FUNDS
--------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Accelerating Munder Growth & International Micro-Cap Mid-Cap
Growth Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund(a) Fund
--------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold .......................... 7,376,349 8,188 234,161 501,239 15,641 8,528
Issued as reinvestment of
dividends ................... 33,248 2,066 7,787 13,029 -- 450
Redeemed ...................... (7,376,019) (11,276) (79,802) (403,802) (1,245) (20,417)
----------- ---------- ---------- ---------- ------- --------
Net increase/(decrease) ....... 33,578 (1,022) 162,146 110,466 14,396 (11,439)
=========== ========== ========== ========== ======= ========
Class B Shares:
Sold .......................... 253,156 9,389 29,848 26,727 34,575 5,698
Issued as reinvestment of
dividends ................... 1,273 198 980 1,578 -- 475
Redeemed ...................... (235,452) (331) (6,076) (18,613) -- (542)
----------- ---------- ---------- ---------- ------- --------
Net increase .................. 18,977 9,256 24,752 9,692 34,575 5,631
=========== ========== ========== ========== ======= ========
Class C Shares:
Sold .......................... 133,496 5,410 234,022 165,385 8,689 7,869
Issued as reinvestment of
dividends ................... 4 9 161 2 -- 86
Redeemed ...................... (121,579) (2) (185,999) (126,816) -- (1,815)
----------- ---------- ---------- ---------- ------- --------
Net increase .................. 11,921 5,417 48,184 38,571 8,689 6,140
=========== ========== ========== ========== ======= ========
Class K Shares:
Sold .......................... 15,187,815 525,081 2,900,852 2,865,640 20,097 81,024
Issued as reinvestment of
dividends ................... 518 -- 35 869 -- --
Redeemed ...................... (16,346,825) (158,306) (3,708,480) (1,945,295) (4,579) (12,315)
----------- ---------- ---------- ---------- ------- --------
Net increase/(decrease) ....... (1,158,492) 366,775 (807,593) 921,214 15,518 68,709
=========== ========== ========== ========== ======= ========
Class Y Shares:
Sold .......................... 2,517,095 2,239,730 847,658 2,420,567 181,860 645,678
Issued as reinvestment of
dividends ................... 30,267 184 1,088 61,722 -- 28,379
Redeemed ...................... (4,259,374) (1,501,310) (468,153) (1,561,205) (4,194) (294,692)
----------- ---------- ---------- ---------- ------- --------
Net increase/(decrease) ....... (1,712,012) 738,604 380,593 921,084 177,666 379,365
=========== ========== ======== ========== ======= ========
<FN>
- ----------------
(a) The Munder Micro-Cap Equity Fund Class A Shares, Class B Shares, Class C
Shares, Class K Shares and Class Y Shares commenced operations on December
26, 1996, February 24, 1997, March 31, 1997, December 31, 1996 and December
26, 1996, respectively.
(b) The Munder Real Estate Equity Investment Fund Class K Shares commenced
operations on October 3, 1996.
(c) The Munder Small-Cap Value Fund Class A Shares, Class B Shares, Class C
Shares, Class K Shares and Class Y Shares commenced operations on January
10, 1997, February 11, 1997, January 13, 1997, December 31, 1996 and
December 26, 1996, respectively.
(d) 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.
(e) 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.
<PAGE>
(f) 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Real Estate Munder Small Framlington Munder Framlington
Multi-Season Equity Small-Cap Company Munder Emerging Framlington International
Growth Investment Value Growth Value Markets Healthcare Growth
Fund Fund(b) Fund(c) Fund Fund Fund(d) Fund(e) Fund(f)
-----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
483,816 84,585 102,051 4,073,044 141,937 41,734 63,699 99,737
19,537 1,277 298 32,016 515 74 -- --
(220,758) (10,673) (5,688) (3,795,299) (65,495) (631) (2,682) (2,540)
---------- --------- --------- ---------- --------- ------- ------- ---------
282,595 75,189 96,661 309,761 76,957 41,177 61,017 97,197
========== ========= ========= ========== ========= ======= ======= =========
714,134 177,899 30,619 266,694 62,109 11,246 97,919 20,407
83,151 1,184 408 974 328 14 -- --
(536,526) (11,359) (1) (43,006) (4,251) (916) (7) (9,066)
---------- --------- --------- ---------- --------- ------- ------- ---------
260,759 167,724 31,026 224,662 58,186 10,344 97,912 11,341
========== ========= ========= ========== ========= ======= ======= =========
745,285 38,801 16,329 1,198,463 11,143 1,953 15,144 5,476
937 145 35 310 192 -- -- --
(603,919) (2,165) -- (1,095,914) (3,665) (128) -- --
---------- --------- --------- ---------- --------- ------- ------- ---------
142,303 36,781 16,364 102,859 7,670 1,825 15,144 5,476
========== ========= ========= ========== ========= ======= ======= =========
5,480,651 103,574 4,300,140 9,094,522 525,427 342,112 10,907 106,183
5,174 -- -- 924 30 -- -- --
(1,802,231) (731) (83,364) (7,327,720) (45,251) -- -- (10,248)
---------- --------- --------- ---------- --------- ------- ------- ---------
3,683,594 102,843 4,216,776 1,767,726 480,206 342,112 10,907 95,935
========== ========= ========= ========== ========= ======= ======= =========
3,198,676 1,714,854 1,565,794 2,938,830 2,741,436 393,313 191,665 2,135,815
58,502 7,437 1,870 43,474 28,172 88 -- --
(2,276,376) (80,307) (50,309) (1,054,932) (111,678) (19,946) (191) (36,195)
---------- --------- --------- ---------- --------- ------- ------- ---------
980,802 1,641,984 1,517,355 1,927,372 2,657,930 373,455 191,474 2,099,620
========== ========= ========= ========== ========= ======= ======= =========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1996
<TABLE>
<CAPTION>
EQUITY FUNDS
--------------------------------------------------------------
Munder Munder Munder
Accelerating Munder Growth & International
Growth Balanced Income Equity
Fund(a) Fund(b) Fund(c) Fund(d)
--------------------------------------------------------------
<S> <C> <C> <C> <C>
Amount
Class A Shares:
Sold .................................. $ 1,145,088 $ 65,148 $ 1,085,992 $ 3,493,085
Issued as reinvestment of dividends ... 677,255 6,383 6,515 10,130
Redeemed .............................. (708,719) (54,960) (380,916) (464,880)
------------ ------------ ------------ ------------
Net increase/(decrease) ............... $ 1,113,624 $ 16,571 $ 711,591 $ 3,038,335
============ ============ ============ ============
Class B Shares:
Sold .................................. $ 202,719 $ 81,707 $ 156,778 $ 799,832
Issued as reinvestment of dividends ... 14,881 302 1,396 2,604
Redeemed .............................. (7,860) (28,333) (7,223) (13,301)
------------ ------------ ------------ ------------
Net increase/(decrease) ............... $ 209,740 $ 53,676 $ 150,951 $ 789,135
============ ============ ============ ============
Class C Shares:
Sold .................................. $ 136,998 $ 12,513 $ 30,096 $ 1,570,934
Issued as reinvestment of dividends ... 160 -- -- --
Redeemed .............................. (21,394) (10,025) -- (29,631)
------------ ------------ ------------ ------------
Net increase .......................... $ 115,764 $ 2,488 $ 30,096 $ 1,541,303
============ ============ ============ ============
Class K Shares:
Sold .................................. $ 74,290,538 $ 1,521,143 $ 62,205,961 $ 46,236,105
Issued as reinvestment of dividends ... 3,882 -- 928 532
Redeemed .............................. (55,310,531) (104,982) (26,523,494) (14,110,494)
------------ ------------ ------------ ------------
Net increase .......................... $ 18,983,889 $ 1,416,161 $ 35,683,395 $ 32,126,143
============ ============ ============ ============
Class Y Shares:
Sold .................................. $ 38,068,446 $ 26,158,851 $ 13,447,579 $ 21,149,472
Issued as reinvestment of dividends ... 382,085 106 1,368 44,383
Redeemed .............................. (55,400,219) (24,492,369) (2,803,520) (16,139,139)
------------ ------------ ------------ ------------
Net increase/(decrease) ............... $(16,949,688) $ 1,666,588 $ 10,645,427 $ 5,054,716
============ ============ ============ ============
<FN>
- ----------------
(a) The Munder Accelerating Growth Fund and the Munder Small Company Growth Fund
Class C Shares commenced operations on September 26, 1995.
(b) The Munder Balanced Fund Class C Shares commenced operations on January 24,
1996.
(c) The Munder Growth & Income Fund Class C Shares commenced operations on
December 5, 1995.
(d) The Munder International Equity Fund Class C Shares commenced operations on
September 29, 1995.
(e) The Munder Mid-Cap Growth Fund Class A Shares, Class B Shares, Class C
Shares, Class K Shares and Class Y Shares commenced operations on December
22, 1995, January 26, 1996, November 9, 1995, October 2, 1995 and August
14, 1995, respectively.
(f) The Munder Real Estate Equity Investment Fund Class C Shares commenced
operations on January 5, 1996.
(g) The Munder Value Fund Class A Shares, Class B Shares, Class C Shares, Class
K Shares and Class Y Shares commenced operations on September 14, 1995,
September 19, 1995, February 9, 1996, November 30, 1995 and August 18, 1995,
respectively.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
-----------------------------------------------------------------------
Munder Munder
Munder Munder Real Estate Small
Mid-Cap Multi-Season Equity Company Munder
Growth Growth Investment Growth Value
Fund(e) Fund Fund(f) Fund(a) Fund(g)
-----------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 178,579 $ 1,866,202 $ 94,626 $ 982,874 $ 385,702
-- 236,573 3,521 218,328 --
(60) (4,180,563) (80,090) (503,852) --
----------- ------------ ----------- ------------ -----------
$ 178,519 $ (2,077,788) $ 18,057 $ 697,350 $ 385,702
=========== ============ =========== ============ ===========
$ 53,088 $ 7,291,485 $ 214,109 $ 829,305 $ 101,522
-- 622,220 1,494 1,740 37
-- (8,007,318) (176,119) (13,895) (6,001)
----------- ------------ ----------- ------------ -----------
$ 53,088 $ (93,613) $ 39,484 $ 817,150 $ 95,558
=========== ============ =========== ============ ===========
$ 51,504 $ 1,869,460 $ 4,981 $ 87,879 $ 341,761
-- 1,100 50 -- --
(221) (347,000) (755) (19,907) --
----------- ------------ ----------- ------------ -----------
$ 51,283 $ 1,523,560 $ 4,276 $ 67,972 $ 341,761
=========== ============ =========== ============ ===========
$ 428,161 $ 45,610,023 -- $ 54,634,185 $ 999,348
-- 49,029 -- 292 14
(27,063) (34,737,793) -- (22,594,973) (2,569)
----------- ------------ ----------- ------------ -----------
$ 401,098 $ 10,921,259 -- $ 32,039,504 $ 996,793
=========== ============ =========== ============ ===========
$19,316,468 $ 44,920,483 $12,521,999 $ 24,386,268 $31,713,079
-- 285,464 35,483 104,346 9,592
(27,581) (24,519,590) (70,049) (25,856,165) (318,620)
----------- ------------ ----------- ------------ -----------
$19,288,887 $ 20,686,357 $12,487,433 $ (1,365,551) $31,404,051
=========== ============ =========== ============ ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1996
(Continued)
<TABLE>
<CAPTION>
EQUITY FUNDS
----------------------------------------------------------
Munder Munder Munder
Accelerating Munder Growth & International
Growth Balanced Income Equity
Fund(a) Fund(b) Fund(c) Fund(d)
----------------------------------------------------------
<S> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ....................................... 75,683 5,551 89,004 242,557
Issued as reinvestment of dividends ........ 51,659 544 531 709
Redeemed ................................... (47,482) (4,916) (31,289) (31,547)
---------- ---------- ---------- ----------
Net increase/(decrease) .................... 79,860 1,179 58,246 211,719
========== ========== ========== ==========
Class B Shares:
Sold ....................................... 13,808 7,137 12,936 56,033
Issued as reinvestment of dividends ........ 1,152 25 118 184
Redeemed ................................... (596) (2,478) (616) (1,613)
---------- ---------- ---------- ----------
Net increase/(decrease) .................... 14,364 4,684 12,438 54,604
========== ========== ========== ==========
Class C Shares:
Sold ....................................... 9,081 1,066 2,345 107,537
Issued as reinvestment of dividends ........ 12 -- -- --
Redeemed ................................... (1,368) (857) -- (2,070)
---------- ---------- ---------- ----------
Net increase ............................... 7,725 209 2,345 105,467
========== ========== ========== ==========
Class K Shares:
Sold ....................................... 4,992,293 132,003 5,017,201 3,219,387
Issued as reinvestment of dividends ........ 296 -- 78 37
Redeemed ................................... (3,594,737) (8,633) (2,160,605) (977,910)
---------- ---------- ---------- ----------
Net increase ............................... 1,397,852 123,370 2,856,674 2,241,514
========== ========== ========== ==========
Class Y Shares:
Sold ....................................... 2,648,565 2,227,419 1,086,646 1,472,148
Issued as reinvestment of dividends ........ 28,990 9 112 3,097
Redeemed ................................... (3,517,122) (2,098,028) (224,398) (1,147,491)
---------- ---------- ---------- ----------
Net increase/(decrease) .................... (839,567) 129,400 862,360 327,754
========== ========== ========== ==========
<FN>
- ----------------
(a) The Munder Accelerating Growth Fund and the Munder Small Company Growth Fund
Class C Shares commenced operations on September 26, 1995.
(b) The Munder Balanced Fund Class C Shares commenced operations on January 24,
1996.
(c) The Munder Growth & Income Fund Class C Shares commenced operations on
December 5, 1995.
(d) The Munder International Equity Fund Class C Shares commenced operations on
September 29, 1995.
(e) The Munder Mid-Cap Growth Fund Class A Shares, Class B Shares, Class C
Shares, Class K Shares and Class Y Shares commenced operations on December
22, 1995, January 26, 1996, November 9, 1995, October 2, 1995 and August
14, 1995, respectively.
(f) The Munder Real Estate Equity Investment Fund Class C Shares commenced
operations on January 5, 1996.
(g) The Munder Value Fund Class A Shares, Class B Shares, Class C Shares, Class
K Shares and Class Y Shares commenced operations on September 14, 1995,
September 19, 1995, February 9, 1996, November 30, 1995 and August 18, 1995,
respectively.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
----------------------------------------------------------------------
Munder Munder
Munder Munder Real Estate Small
Mid-Cap Multi-Season Equity Company Munder
Growth Growth Investment Growth Value
Fund(e) Fund Fund(f) Fund(a) Fund(g)
----------------------------------------------------------------------
<S> <C> <C> <C> <C>
17,448 139,270 9,047 55,637 36,601
-- 17,884 330 13,200 --
(5) (296,421) (7,693) (27,481) --
--------- --------- --------- ---------- ---------
17,443 (139,267) 1,684 41,356 36,601
========= ========= ========= ========== =========
4,568 549,554 20,379 45,308 9,460
-- 47,936 142 107 3
-- (605,737) (16,664) (704) (567)
--------- --------- --------- ---------- ---------
4,568 (8,247) 3,857 44,711 8,896
========= ========= ========= ========== =========
4,650 140,236 453 4,594 30,146
-- 85 5 -- --
(21) (25,952) (70) (953) --
--------- --------- --------- ---------- ---------
4,629 114,369 388 3,641 30,146
========= ========= ========= ========== =========
38,842 3,335,619 -- 3,045,689 88,171
-- 3,710 -- 18 1
(2,464) (2,559,031) -- (1,156,557) (233)
--------- --------- --------- ---------- ---------
36,378 780,298 -- 1,889,150 87,939
========= ========= ========= ========== =========
1,855,470 3,304,727 1,213,257 1,351,024 3,087,099
-- 21,357 3,361 6,278 854
(2,462) (1,857,504) (6,570) (1,505,669) (30,486)
--------- --------- --------- ---------- ---------
1,853,008 1,468,580 1,210,048 (148,367) 3,057,467
========= ========= ========= ========== =========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Accelerating Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
----------------------------------------------------------------
Year Year Period Year Year
Ended Ended Ended Ended Ended
6/30/97(i) 6/30/96 6/30/95(d) 2/28/95(e) 2/28/94
---------- ------- ---------- ---------- -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 15.36 $ 14.82 $12.73 $13.98 $12.08
------- ------- ------ ------ ------
Income from investment operations:
Net investment income/(loss) ........................ (0.04) (0.05) (0.01) (0.03) (0.00)(f)
Net realized and unrealized gain/(loss) on
investments ....................................... 0.62 2.92 2.10 (0.88) 2.17
------- ------- ------ ------ ------
Total from investment operations .................... 0.58 2.87 2.09 (0.91) 2.17
------- ------- ------ ------ ------
Less distributions:
Dividends from net investment income ................ -- -- -- -- (0.02)
Distributions from net realized gains ............... (1.38) (2.33) -- (0.34) (0.25)
------- ------- ------ ------ ------
Total distributions ................................. (1.38) (2.33) -- (0.34) (0.27)
------- ------- ------ ------ ------
Net asset value, end of period ...................... $ 14.56 $ 15.36 $14.82 $12.73 $13.98
======= ======= ====== ====== ======
Total return (b) .................................... 4.83% 22.03% 16.42% (6.45)% 18.00%
======= ======= ====== ====== ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 6,270 $ 6,098 $4,701 $4,138 $5,152
Ratio of operating expenses to average net assets ... 1.20% 1.20% 1.20%(c) 1.18% 1.03%
Ratio of net investment income/(loss) to average net
assets ............................................ (0.32)% (0.42)% (0.21)%(c) (0.25)% (0.02)%
Portfolio turnover rate ............................. 88% 112% 31% 90% 34%
Ratio of operating expenses to average net assets
without waivers ................................... 1.20% 1.27% 1.44%(c) 1.41% 1.28%
Average commission rate(g) .......................... $0.0588 $0.0548 N/A N/A N/A
<FN>
- ----------------
(a) The Munder Accelerating Growth Fund Class A Shares, Class B Shares, Class C
Shares and Class Y Shares commenced operations on November 23, 1992, April
25, 1994, September 26, 1995 and December 1, 1991, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) Amount represents less than $0.01 per share.
(g) Average commission rate paid per share of securities purchased and sold
by the Fund.
(h) Amount rounds to less than 0.01%.
(i) 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.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
------------------------------------------------------------- -------------------------
Year Year Period Period Year Period
Ended Ended Ended Ended Ended Ended
6/30/97(i) 6/30/96 6/30/95(d) 2/28/95(e) 6/30/97(i) 6/30/96
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
$ 15.08 $ 14.70 $ 12.66 $ 12.88 $ 15.25 $ 16.30
-------- ------- ------- ------- -------- --------
(0.15) (0.05) (0.02) (0.07) (0.15) (0.05)
0.62 2.76 2.06 0.19 0.59 1.33
-------- ------- ------- ------- -------- --------
0.47 2.71 2.04 0.12 0.44 1.28
-------- ------- ------- ------- -------- --------
-- -- -- -- -- --
(1.38) (2.33) -- (0.34) (1.38) (2.33)
-------- ------- ------- ------- -------- --------
(1.38) (2.33) -- (0.34) (1.38) (2.33)
-------- ------- ------- ------- -------- --------
$ 14.17 $ 15.08 $14.70 $ 12.66 $ 14.31 $ 15.25
======== ======== ====== ======= ======== ========
4.15% 21.05% 16.11% 0.99% 3.89% 10.22%
======== ======== ====== ======= ======== ========
$ 538 $ 286 $ 67 $ 39 $ 281 $ 118
1.95% 1.95% 1.95%(c) 1.88%(c) 1.95% 1.95%(c)
(1.07)% (1.17)% (0.96)%(c) (0.95)%(c) (1.07)% (1.17)%(c)
88% 112% 31% 90% 88% 112%
1.95% 2.02% 2.19%(c) 2.11%(c) 1.95% 2.02%(c)
$0.0588 $0.0548 N/A N/A $0.0588 $0.0548
<CAPTION>
Y Shares
-------------------------------------------------------------------------
Year Year Period Year Year
Ended Ended Ended Ended Ended
6/30/97(i) 6/30/96 6/30/95(d) 2/28/95(e) 2/28/94
-------------------------------------------------------------------------
<S> <C> <C> <C> <C>
$ 15.47 $ 14.88 $ 12.77 $ 13.99 $ 12.08
-------- -------- -------- -------- --------
(0.01) (0.02) 0.00(f) 0.00(f) 0.02
0.63 2.94 2.11 (0.88) 2.16
-------- -------- -------- -------- --------
0.62 2.92 2.11 (0.88) 2.18
-------- -------- -------- -------- --------
-- -- -- -- (0.02)
(1.38) (2.33) -- (0.34) (0.25)
-------- -------- -------- -------- --------
(1.38) (2.33) -- (0.34) (0.27)
-------- -------- -------- -------- --------
$ 14.71 $ 15.47 $ 14.88 $ 12.77 $ 13.99
========= ========= ======== ======== ========
5.07% 22.31% 16.52% (6.22)% 18.08%
========= ========= ======== ======== ========
$154,038 $188,390 $193,701 $177,584 $240,680
0.95% 0.95% 0.95%(c) 0.93% 0.95%
(0.07)% (0.17)% 0.04%(c) 0.00%(h) 0.13%
88% 112% 31% 90% 34%
0.95% 1.02% 1.19%(c) 1.16% 1.20%
$ 0.0588 $ 0.0548 N/A N/A N/A
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Balanced Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
----------------------------------------------------------------
Year Year Period Year Year
Ended Ended Ended Ended Ended
6/30/97(g) 6/30/96(g) 6/30/95(d) 2/28/95(e) 2/28/94
---------- ---------- ---------- ---------- -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 12.35 $ 10.77 $ 9.95 $10.35 $ 9.86
------- ------- ------ ------ ------
Income from investment operations:
Net investment income ............................... 0.29 0.27 0.09 0.19 0.14
Net realized and unrealized gain/(loss) on
investments ....................................... 1.30 1.55 0.85 (0.41) 0.47
------- ------- ------ ------ ------
Total from investment operations .................... 1.59 1.82 0.94 (0.22) 0.61
------- ------- ------ ------ ------
Less distributions:
Dividends from net investment income ................ (0.27) (0.24) (0.12) (0.18) (0.12)
Distributions from net realized gains ............... (0.66) -- -- -- --
------- ------- ------ ------ ------
Total distributions ................................. (0.93) (0.24) (0.12) (0.18) (0.12)
------- ------- ------ ------ ------
Net asset value, end of period ...................... $ 13.01 $ 12.35 $10.77 $ 9.95 $10.35
======= ======= ====== ====== ======
Total return (b) .................................... 13.63% 17.06% 9.44% (2.07)% 6.20%
======= ======= ====== ====== ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 382 $ 375 $ 314 $ 286 $ 321
Ratio of operating expenses to average net assets ... 1.22% 1.15% 1.16%(c) 1.22% 1.02%(c)
Ratio of net investment income to average net assets 2.30% 2.29% 2.51%(c) 1.89% 1.67%(c)
Portfolio turnover rate ............................. 125% 197% 52% 116% 50%
Ratio of operating expenses to average net assets
without waivers ................................... 1.22% 1.26% 1.51%(c) 1.57% 1.27%(c)
Average commission rate (f) ......................... $0.0607 $0.0586 N/A N/A N/A
<FN>
- ----------------
(a) The Munder Balanced Fund Class A Shares, Class B Shares, Class C Shares and
Class Y Shares commenced operations on April 30, 1993, June 21, 1994,
January 24, 1996 and April 13, 1993, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) Average commission rate paid per share of securities purchased and sold
by the Fund.
(g) 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.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
----------------------------------------------------- -------------------------
Year Year Period Period Year Period
Ended Ended Ended Ended Ended Ended
6/30/97(g) 6/30/96(g) 6/30/95(d) 2/28/95(e) 6/30/97(g) 6/30/96(g)
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
$ 12.33 $ 10.76 $ 9.93 $ 9.56 $ 12.35 $ 11.67
------- -------- ------- ------ ------- -------
0.19 0.18 0.06 0.07 0.18 0.05
1.30 1.56 0.84 0.37 1.32 0.67
------- -------- ------- ------ ------- -------
1.49 1.74 0.90 0.44 1.50 0.72
------- -------- ------- ------ ------- -------
(0.19) (0.17) (0.07) (0.07) (0.20) (0.04)
(0.66) -- -- -- (0.66) --
------- -------- ------- ------ ------- -------
(0.85) (0.17) (0.07) (0.07) (0.86) (0.04)
------- -------- ------- ------ ------- -------
$ 12.97 $ 12.33 $10.76 $ 9.93 $ 12.99 $ 12.35
======= ======== ====== ====== ======= =======
12.73% 16.24% 9.11% 4.65% 12.84% 6.20%
======= ======== ====== ====== ======= =======
$ 199 $ 75 $ 15 $ 19 $ 73 $ 3
1.97% 1.90% 1.91%(c) 1.85%(c) 1.97% 1.90%(c)
1.55% 1.54% 1.76%(c) 1.26%(c) 1.55% 1.54%(c)
125% 197% 52% 116% 125% 197%
1.97% 2.01% 2.26%(c) 2.20%(c) 1.97% 2.01%(c)
$0.0607 $0.0586 N/A N/A $0.0607 $0.0586
<CAPTION>
Y Shares
----------------------------------------------------------------
Year Year Period Year Period
Ended Ended Ended Ended Ended
6/30/97(g) 6/30/96(g) 6/30/95(d) 2/28/95(e) 2/28/94
---------- ---------- ---------- ---------- -------
<S> <C> <C> <C> <C>
$ 12.35 $ 10.77 $ 9.95 $ 10.36 $ 10.00
------- ------- ------- ------- -------
0.31 0.30 0.10 0.21 0.16
1.31 1.55 0.85 (0.42) 0.32
------- ------- ------- ------- -------
1.62 1.85 0.95 (0.21) 0.48
------- ------- ------- ------- -------
(0.30) (0.27) (0.13) (0.20) (0.12)
(0.66) -- -- -- --
------- ------- ------- ------- -------
(0.96) (0.27) (0.13) (0.20) (0.12)
------- ------- ------- ------- -------
$ 13.01 $ 12.35 $ 10.77 $ 9.95 $ 10.36
======= ======= ======= ======= =======
13.91% 17.35% 9.57% (1.91)% 4.81%
======= ======= ======= ======= =======
$70,314 $57,637 $48,844 $45,610 $43,997
0.97% 0.90% 0.91%(c) 0.97% 0.95%(c)
2.55% 2.54% 2.76%(c) 2.14% 1.78%(c)
125% 197% 52% 116% 50%
0.97% 1.01% 1.26%(c) 1.32% 1.20%(c)
$0.0607 $0.0586 N/A N/A N/A
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Growth & Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
-------------------------------------------------
Year Year Period Period
Ended Ended Ended Ended
6/30/97(h) 6/30/96(h) 6/30/95(d) 2/28/95(e)
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 13.04 $ 11.14 $10.42 $10.10
------- ------- ------ ------
Income from investment operations:
Net investment income ............................... 0.31 0.32 0.10 0.23
Net realized and unrealized gain on investments ..... 3.14 1.98 0.80 0.24
------- ------- ------ ------
Total from investment operations .................... 3.45 2.30 0.90 0.47
------- ------- ------ ------
Less distributions:
Dividends from net investment income ................ (0.32) (0.31) (0.18) (0.15)
Distributions from net realized gains ............... (0.96) (0.09) -- (0.00)(f)
------- ------- ------ ------
Total distributions ................................. (1.28) (0.40) (0.18) (0.15)
------- ------- ------ ------
Net asset value, end of period ...................... $ 15.21 $ 3.04 $11.14 $10.42
======= ======= ====== ======
Total return (b) .................................... 28.10% 20.90% 8.69% 4.79%
======= ======= ====== ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 3,662 $ 1,025 $ 226 $ 128
Ratio of operating expenses to average net assets ... 1.20% 1.21% 1.09%(c) 0.53%(c)
Ratio of net investment income to average net assets 2.28% 2.56% 3.33%(c) 4.72%(c)
Portfolio turnover rate ............................. 62% 37% 13% 12%
Ratio of operating expenses to average net assets
without waivers ................................... 1.20% 1.28% 1.51%(c) 1.53%(c)
Average commission rate (g) ......................... $0.0562 $0.0591 N/A N/A
<FN>
- ----------------
(a) The Munder Growth & Income Fund Class A Shares, Class B Shares, Class C
Shares and Class Y Shares commenced operations on August 8, 1994, August 9,
1994, December 5, 1995 and July 5, 1994, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) Amount represents less than $0.01 per share.
(g) Average commission rate paid per share of securities purchased and sold
by the Fund.
(h) 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.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
----------------------------------------------------- ------------------------
Year Year Period Period Year Period
Ended Ended Ended Ended Ended Ended
6/30/97(h) 6/30/96(h) 6/30/95(d) 2/28/95(e) 6/30/97(h) 6/30/96(h)
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
$ 13.02 $ 11.13 $10.41 $10.10 $ 13.01 $ 12.60
------- ------- ------ ------ ------- -------
0.21 0.23 0.09 0.19 0.19 0.14
3.13 1.99 0.77 0.25 3.15 0.55
------- ------- ------ ------ ------- -------
3.34 2.22 0.86 0.44 3.34 0.69
------- ------- ------ ------ ------- -------
(0.23) (0.24) (0.14) (0.13) (0.23) (0.19)
(0.96) (0.09) -- (0.00)(f) (0.96) (0.09)
------- ------- ------ ------ ------- -------
(1.19) (0.33) (0.14) (0.13) (1.19) (0.28)
------- ------- ------ ------ ------- -------
$ 15.17 $ 13.02 $11.13 $10.41 $ 15.16 $ 13.01
======= ======= ====== ====== ======= =======
27.16% 20.09% 8.30% 4.47% 27.17% 5.57%
======= ======= ====== ====== ======= =======
$ 641 $ 228 $ 57 $ 51 $ 766 $ 31
1.95% 1.96% 1.84%(c) 1.27%(c) 1.95% 1.96%(c)
1.53% 1.81% 2.58%(c) 3.96%(c) 1.53% 1.81%(c)
62% 37% 13% 12% 62% 37%
1.95% 2.03% 2.26%(c) 2.27%(c) 1.95% 2.03%(c)
$0.0562 $0.0591 N/A N/A $0.0562 $0.0591
<CAPTION>
Y Shares
----------------------------------------------------
Year Year Period Period
Ended Ended Ended Ended
6/30/97(h) 6/30/96(h) 6/30/95(d) 2/28/95(e)
---------- ---------- ---------- ----------
<S> <C> <C> <C>
$ 13.05 $ 11.14 $10.43 $10.00
------- ------- ------ ------
0.35 0.35 0.11 0.25
3.14 1.98 0.79 0.34
------- ------- ------ ------
3.49 2.33 0.90 0.59
------- ------- ------ ------
(0.35) (0.33) (0.19) (0.16)
(0.96) (0.09) -- (0.00)(f)
------- ------- ------ ------
(1.31) (0.42) (0.19) (0.16)
------- ------- ------ ------
$ 15.23 $ 13.05 $11.14 $10.43
======= ======= ====== ======
28.43% 21.26% 8.69% 6.02%
======= ======= ====== ======
$29,674 $20,464 $7,860 $4,142
0.95% 0.96% 0.84%(c) 0.28%(c)
2.53% 2.81% 3.58%(c) 4.97%(c)
62% 37% 13% 12%
0.95% 1.03% 1.26%(c) 1.28%(c)
$0.0562 $0.0591 N/A N/A
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder International Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
----------------------------------------------------------------
Year Year Period Year Year
Ended Ended Ended Ended Ended
6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e,f) 2/28/94
---------- ---------- ---------- ------------ -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 15.09 $ 13.42 $12.29 $13.68 $10.64
------- ------- ------ ------ ------
Income from investment operations:
Net investment income ............................... 0.14 0.15 0.12 0.17 0.19
Net realized and unrealized gain/(loss) on
investments ....................................... 2.30 1.64 1.01 (1.48) 2.85
------- ------- ------ ------ ------
Total from investment operations .................... 2.44 1.79 1.13 (1.31) 3.04
------- ------- ------ ------ ------
Less distributions:
Dividends from net investment income ................ (0.21) (0.12) -- (0.02) --
Distributions from net realized gains ............... (1.59) -- -- -- --
Distributions from capital .......................... -- -- -- (0.06) --
------- ------- ------ ------ ------
Total distributions ................................. (1.80) (0.12) -- (0.08) --
------- ------- ------ ------ ------
Net asset value, end of period ...................... $ 15.73 $ 15.09 $13.42 $12.29 $13.68
======= ======= ====== ====== ======
Total return (b) .................................... 17.98% 13.37% 9.28% (9.67)% 28.57%
======= ======= ====== ====== ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 6,710 $ 4,767 $1,400 $1,339 $1,450
Ratio of operating expenses to average net assets ... 1.26% 1.26% 1.21%(c) 1.18% 1.13%
Ratio of net investment income to average net assets 0.98% 1.07% 2.57%(c) 1.31% 0.80%
Portfolio turnover rate ............................. 46% 75% 14% 20% 15%
Ratio of operating expenses to average net assets
without waivers ................................... 1.26% 1.33% 1.46%(c) 1.43% 1.38%
Average commission rate (h) ......................... $0.0065 $0.0288 N/A N/A N/A
<FN>
- ----------------
(a) The Munder International Equity Fund Class A Shares, Class B Shares, Class C
Shares and Class Y Shares commenced operations on November 30, 1992, March
9, 1994, September 29, 1995 and December 1, 1991, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) 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.
(g) Amount represents less than $0.01 per share.
(h) Average commission rate paid per share of securities purchased and sold
by the Fund.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
------------------------------------------------------------- ----------------------------
Year Year Period Period Year Period
Ended Ended Ended Ended Ended Ended
6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e,f) 6/30/97(f) 6/30/96(f)
---------- ---------- ---------- ------------ ---------- ----------
<S> <C> <C> <C> <C> <C>
$ 14.91 $ 13.35 $12.26 $13.45 $ 15.02 $ 14.13
------- ------- ------ ------ ------- -------
0.03 0.05 0.08 0.08 0.03 0.04
2.28 1.62 1.01 (1.21) 2.30 0.95
------- ------- ------ ------ ------- -------
2.31 1.67 1.09 (1.13) 2.33 0.99
------- ------- ------ ------ ------- -------
(0.06) (0.11) -- (0.00)(g) (0.08) (0.10)
(1.59) -- -- -- (1.59) --
-- -- -- (0.06) -- --
------- ------- ------ ------ ------- -------
(1.65) (0.11) -- (0.06) (1.67) (0.10)
------- ------- ------ ------ ------- -------
$ 15.57 $ 14.91 $13.35 $12.26 $ 15.68 $ 15.02
======= ======= ====== ====== ======= =======
17.18% 12.53% 8.89% (8.38)% 17.18% 7.06%
======= ======= ====== ====== ======= =======
$ 1,151 $ 957 $ 128 $ 118 $ 2,259 $ 1,584
2.01% 2.01% 1.96%(c) 1.88%(c) 2.01% 2.01%(c)
0.23% 0.32% 1.82(c) 0.61(c) 0.23% 0.32(c)
46% 75% 14% 20% 46% 75%
2.01% 2.08% 2.21%(c) 2.13%(c) 2.01% 2.08%(c)
$0.0065 $0.0288 N/A N/A $0.0065 $0.0288
<CAPTION>
Y Shares
------------------------------------------------------------------------
Year Year Period Year Year
Ended Ended Ended Ended Ended
6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e,f) 2/28/94
---------- ---------- ---------- ------------ -------
<S> <C> <C> <C> <C>
$ 15.15 $ 13.45 $ 12.30 $ 13.68 $ 10.64
-------- ------- ------- ------- -------
0.18 0.19 0.12 0.20 0.19
2.32 1.64 1.03 (1.47) 2.85
-------- ------- ------- ------- -------
2.50 1.83 1.15 (1.27) 3.04
-------- ------- ------- ------- -------
(0.26) (0.13) -- (0.05) --
(1.59) -- -- -- --
-- -- -- (0.06) --
-------- ------- ------- ------- -------
(1.85) (0.13) -- (0.11) --
-------- ------- ------- ------- -------
$ 15.80 $ 15.15 $ 13.45 $ 12.30 $ 13.68
======== ======= ======= ======= =======
18.35% 13.63% 9.35% (9.33)% 28.57%
======== ======= ======= ======= =======
$107,831 $89,435 $75,000 $68,263 $68,954
1.01% 1.01% 0.96%(c) 0.93% 1.03%
1.23% 1.32% 2.82(c) 1.56% 1.65%
46% 75% 14% 20% 15%
1.01% 1.08% 1.21%(c) 1.18% 1.28%
$ 0.0065 $0.0288 N/A N/A N/A
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Micro-Cap Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout The Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares B Shares C Shares Y Shares
--------- --------- --------- ----------
Period Period Period Period
Ended Ended Ended Ended
6/30/97(e) 6/30/97(e) 6/30/97(e) 6/30/97(e)
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 10.00 $ 11.00 $ 10.13 $ 10.00
------- ------- ------- -------
Income from investment operations:
Net investment loss ................................. (0.05) (0.05) (0.03) (0.03)
Net realized and unrealized gain on investments ..... 2.86 1.84 2.69 2.86
------- ------- ------- -------
Total from investment operations .................... 2.81 1.79 2.66 2.83
------- ------- ------- -------
Less distributions:
Dividends from net investment income ................ -- -- -- --
------- ------- ------- -------
Total distributions ................................. -- -- -- --
------- ------- ------- -------
Net asset value, end of period ...................... $ 12.81 $ 12.79 $ 12.79 $ 12.83
======= ======= ======== ========
Total return (b) .................................... 28.10% 16.27% 26.26% 28.30%
======= ======= ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 184 $ 442 $ 111 $ 2,279
Ratio of operating expenses to average net assets ... 1.50%(c) 2.25%(c) 2.25%(c) 1.25%(c)
Ratio of net investment loss to average net assets .. (0.88)%(c) (1.63)%(c) (1.63)%(c) (0.63)%(c)
Portfolio turnover rate ............................. 68% 68% 68% 68%
Ratio of operating expenses to average net assets
without waivers ................................... 7.90%(c) 8.65%(c) 8.65%(c) 7.65%(c)
Average commission rate (d) ......................... $0.0578 $0.0578 $0.0578 $0.0578
<FN>
- ----------------
(a) The Munder Micro-Cap Equity Fund Class A Shares, Class B Shares, Class C
Shares and Class Y Shares commenced operations on December 26, 1996,
February 24, 1997, March 31, 1997 and December 26, 1996, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(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.
</TABLE>
<PAGE>
[ This Page Intentionally Left Blank ]
<PAGE>
Munder Mid-Cap Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares B Shares
------------------------ ------------------------
Year Period Year Period
Ended Ended Ended Ended
6/30/97(e) 6/30/96(e) 6/30/97(e) 6/30/96(e)
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 11.56 $ 10.55 $ 11.53 $ 10.57
------- ------- ------- -------
Income from investment operations:
Net investment loss ................................. (0.07) (0.04) (0.14) (0.08)
Net realized and unrealized gain on investments ..... 0.18 1.05 0.16 1.04
------- ------- ------- -------
Total from investment operations .................... 0.11 1.01 0.02 0.96
------- ------- ------- -------
Less distributions:
Dividends from net investment income ................ -- -- -- --
Distributions from net realized gains ............... (1.20) -- (1.20) --
------- ------- ------- -------
Total distributions ................................. (1.20) -- (1.20) --
------- ------- ------- -------
Net asset value, end of period ...................... $ 10.47 $ 11.56 $ 10.35 $ 11.53
======= ======= ======= =======
Total return (b) .................................... 0.90% 9.57% 0.07% 9.08%
======= ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 63 $ 202 $ 106 $ 53
Ratio of operating expenses to average net assets ... 1.24% 1.20%(c) 1.99% 1.95%(c)
Ratio of net investment loss to average net assets .. (0.61)% (0.53)%(c) (1.36)% (1.28)%(c)
Portfolio turnover rate ............................. 162% 247% 162% 247%
Ratio of operating expenses to average net assets
without waivers and expenses reimbursed ........... 1.46% 1.38%(c) 2.21% 2.13%(c)
Average commission rate (d) ......................... $0.0592 $0.0600 $0.0592 $0.0600
<FN>
- ----------------
(a) The Munder Mid-Cap Growth Fund Class A Shares, Class B Shares, Class C
Shares and Class Y Shares commenced operations on December 22, 1995, January
26, 1996, November 9, 1995 and August 14, 1995.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(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.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
C Shares Y Shares
-------------------------- --------------------------
Year Period Year Period
Ended Ended Ended Ended
6/30/97(e) 6/30/96(e) 6/30/97(e) 6/30/96(e)
---------- ---------- ---------- ----------
<S> <C> <C> <C>
$ 11.51 $ 10.40 $ 11.58 $ 10.00
------- ------- ------- -------
(0.14) (0.09) (0.04) (0.03)
0.17 1.20 0.17 1.61
------- ------- ------- -------
0.03 1.11 0.13 1.58
------- ------- ------- -------
-- -- -- --
(1.20) -- (1.20) --
------- ------- ------- -------
(1.20) -- (1.20) --
------- ------- ------- -------
$ 10.34 $ 11.51 $ 10.51 $ 11.58
======= ======= ======= =======
0.17% 10.67% 1.07% 15.80%
======= ======= ======= =======
$ 1,110 $ 53 $23,472 $21,449
1.99% 1.95%(c) 0.99% 0.95%(c)
(1.36)% (1.28)%(c) (0.36)% (0.28)%(c)
162% 247% 162% 247%
2.21% 2.13%(c) 1.21% 1.13%(c)
$0.0592 $0.0600 $0.0592 $0.0600
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Multi-Season Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
--------------------------------------------------------------------
Year Year Period Year Period
Ended Ended Ended Ended Ended
6/30/97(h) 6/30/96(h) 6/30/95(d,e,f) 12/31/94 12/31/93
---------- ---------- -------------- -------- --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 14.83 $ 12.02 $10.38 $ 10.68 $10.16
------- ------- ------ ------- ------
Income from investment operations:
Net investment income/(loss) ........................ 0.04 0.06 0.01 0.01 (0.01)
Net realized and unrealized gain/(loss) on
investments ....................................... 3.90 3.20 1.63 (0.27) 0.53
------- ------- ------ ------- ------
Total from investment operations .................... 3.94 3.26 1.64 (0.26) 0.52
------- ------- ------ ------- ------
Less distributions:
Dividends from net investment income ................ -- (0.05) -- -- --
Distributions from net realized gains ............... (0.75) (0.40) -- (0.04) --
------- ------- ------ ------- ------
Total distributions ................................. (0.75) (0.45) -- (0.04) --
------- ------- ------ ------- ------
Net asset value, end of period ...................... $ 18.02 $ 14.83 $12.02 $10.38 $10.68
======= ======= ====== ====== ======
Total return (b) .................................... 27.57% 27.56% 15.80% (2.45)% 5.12%
======= ======= ====== ====== ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $16,693 $ 9,544 $9,409 $2,829 $2,104
Ratio of operating expenses to average net assets ... 1.25% 1.26% 1.65%(c) 1.75% 1.75%(c)
Ratio of net investment income/(loss) to average net
assets ............................................ 0.25% 0.44% 0.28%(c) 0.04% (0.18)%(c)
Portfolio turnover rate ............................. 33% 54% 27% 48% 238%
Ratio of operating expenses to average net assets
without waivers ................................... 1.50% 1.51% 1.97%(c) 3.05% 3.32%(c)
Average commission rate (g) ......................... $0.0599 $0.0592 N/A N/A N/A
<FN>
- ----------------
(a) The Munder Multi-Season Growth Fund Class A Shares, Class B Shares and Class
C Shares commenced operations on August 4, 1993, April 29, 1993 and
September 20, 1993, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
December 31.
(e) On June 23, 1995, the Munder Multi-Season Growth Fund acquired the assets
and certain liabilities of the Ambassador Established Company Growth Fund.
(f) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(g) Average commission rate paid per share of securities purchased and sold by
the Fund.
(h) 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.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares
----------------------------------------------------------------------------------
Year Year Period Year Period
Ended Ended Ended Ended Ended
6/30/97(h) 6/30/96(h) 6/30/95(d,e,f) 12/31/94 12/31/93
---------- ---------- -------------- -------- --------
<S> <C> <C> <C> <C>
$ 14.56 $ 11.85 $ 10.27 $ 10.65 $ 10.00
------- ------- ------- ------- -------
(0.08) (0.04) (0.03) (0.07) (0.04)
3.81 3.15 1.61 (0.27) 0.69
------- ------- ------- ------- -------
3.73 3.11 1.58 (0.34) 0.65
------- ------- ------- ------- -------
-- -- -- -- --
(0.75) (0.40) -- (0.04) --
------- ------- ------- ------- -------
(0.75) (0.40) -- (0.04) --
------- ------- ------- ------- -------
$ 17.54 $ 14.56 $ 11.85 $ 10.27 $ 10.65
======= ======= ======= ======= ========
26.61% 26.66% 15.38% (3.21)% 6.50%
======= ======= ======= ======= ========
$84,865 $66,630 $54,349 $46,549 $46,860
2.00% 2.01% 2.40%(c) 2.50% 2.50%(c)
(0.50)% (0.31)% (0.47)%(c) (0.71)% (0.69)%(c)
33% 54% 27% 48% 238%
2.25% 2.26% 2.72%(c) 2.89% 2.94%(c)
$0.0599 $0.0592 N/A N/A N/A
<CAPTION>
C Shares
---------------------------------------------------------------------------------
Year Year Period Year Period
Ended Ended Ended Ended Ended
6/30/97(h) 6/30/96(h) 6/30/95(d,e,f) 12/31/94 12/31/93
---------- ---------- -------------- -------- --------
<S> <C> <C> <C> <C>
$ 14.57 $ 11.86 $ 10.28 $ 10.66 $ 10.19
------- ------- ------- ------- -------
(0.08) (0.04) (0.02) (0.07) (0.01)
3.82 3.15 1.60 (0.27) 0.48
------- ------- ------- ------- -------
3.74 3.11 1.58 (0.34) 0.47
------- ------- ------- ------- -------
-- -- -- -- --
(0.75) (0.40) -- (0.04) --
------- ------- ------- ------- -------
(0.75) (0.40) -- (0.04) --
------- ------- ------- ------- -------
$ 17.56 $ 14.57 $ 11.86 $ 10.28 $ 10.66
======== ======== ======= ======= =======
26.66% 26.64% 15.37% (3.21)% 4.61%
======== ======== ======= ======= =======
$ 9,253 $ 5,605 $3,207 $2,071 $ 249
2.00% 2.01% 2.40%(c) 2.50% 2.50%(c)
(0.50)% (0.31)% (0.47)%(c) (0.65)% (0.99)%(c)
33% 54% 27% 48% 238%
2.25% 2.26% 2.72%(c) 4.57% 15.47%(c)
$0.0599 $0.0592 N/A N/A N/A
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Multi-Season Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Y Shares
-------------------------------------------------------------------------
Year Year Period Year Period
Ended Ended Ended Ended Ended
6/30/97(h) 6/30/96(h) 6/30/95(d,e,f) 12/31/94 12/31/93
---------- ---------- -------------- -------- --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 14.94 $ 12.10 $ 10.43 $10.70 $ 10.20
Income from investment operations:
Net investment income ................. 0.08 0.09 0.00(i) 0.04 0.00(i)
Net realized and unrealized gain/(loss)
on investments ...................... 3.94 3.22 1.67 (0.27) 0.50
-------- -------- ------- ------ -------
Total from investment operations ...... 4.02 3.31 1.67 (0.23) 0.50
-------- -------- ------- ------ -------
Less distributions:
Dividends from net investment income .. (0.04) (0.07) -- -- --
Distributions from net realized gains . (0.75) (0.40) -- (0.04) --
-------- -------- ------- ------ -------
Total distributions ................... (0.79) (0.47) -- (0.04) --
-------- -------- ------- ------ -------
Net asset value, end of period ........ $ 18.17 $ 14.94 $ 12.10 $10.43 $ 10.70
======== ======== ======= ====== =======
Total return (b) ...................... 27.96% 27.85% 16.01% (2.17)% 4.90%
======== ======== ======= ====== =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) .. $176,027 $130,129 $87,604 $3,244 $ 2,322
Ratio of operating expenses to average
net assets .......................... 1.00% 1.01% 1.40%(c) 1.50% 1.50%(c)
Ratio of net investment income to
average net assets .................. 0.50% 0.69% 0.53%(c) 0.29% 0.08%(c)
Portfolio turnover rate ............... 33% 54% 27% 48% 238%
Ratio of operating expenses to average
net assets without waivers .......... 1.25% 1.26% 1.72%(c) 2.53% 2.70%(c)
Average commission rate (g) ........... $ 0.0599 $ 0.0592 N/A N/A N/A
<FN>
- ----------------
(a) The Munder Multi-Season Growth Fund Class Y Shares commenced operations
on August 16, 1993.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was December 31.
(e) On June 23, 1995, the Munder Multi-Season Growth Fund acquired the assets
and certain liabilities of the Ambassador Established Company Growth Fund.
(f) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(g) Average commission rate paid per share of securities purchased and sold
by the Fund.
(h) 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.
(i) Amount represents less than $0.01 per share.
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
[ This Page Intentionally Left Blank ]
<PAGE>
Munder Real Estate Equity Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares B Shares
-------------------------------------- ---------------------------------------
Year Year Period Year Year Period
Ended Ended Ended Ended Ended Ended
6/30/97 6/30/96(f) 6/30/95(d) 6/30/97 6/30/96(f) 6/30/95(d)
------- ---------- ---------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 11.22 $ 10.09 $10.00 $ 11.22 $ 10.09 $10.00
------- ------- ------ ------- ------- ------
Income from investment operations:
Net investment income ................. 0.44 0.45 0.36 0.36 0.38 0.30
Net realized and unrealized gain on
investments ......................... 3.26 1.12 0.07 3.24 1.11 0.07
------- ------- ------ ------- ------- ------
Total from investment operations ...... 3.70 1.57 0.43 3.60 1.49 0.37
------- ------- ------ ------- ------- ------
Less distributions:
Dividends from net investment income .. (0.48) (0.44) (0.34) (0.38) (0.36) (0.28)
Distributions in excess of net
investment income ................... (0.01) -- -- (0.01) -- --
Distributions from paid-in capital .... (0.03) -- -- (0.03) -- --
------- ------- ------ ------- ------- ------
Total distributions ................... (0.52) (0.44) (0.34) (0.42) (0.36) (0.28)
------- ------- ------ ------- ------- ------
Net asset value, end of period ........ $ 14.40 $ 11.22 $10.09 $ 14.40 $ 11.22 $10.09
======= ======= ====== ======= ======= ======
Total return (b) ...................... 33.51% 15.92% 4.45% 32.52% 15.05% 3.87%
======= ======= ====== ======= ======= ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) .. $ 1,426 $ 267 $ 223 $ 4,606 $ 1,707 $1,496
Ratio of operating expenses to average
net assets .......................... 1.35% 1.25% 1.50%(c) 2.10% 2.00% 2.25%(c)
Ratio of net investment income to
average net assets .................. 3.80% 4.25% 5.03%(c) 3.05% 3.50% 4.28%(c)
Portfolio turnover rate ............... 15% 17% 3% 15% 17% 3%
Ratio of operating expenses to average
net assets without waivers and/or
expenses reimbursed ................. 1.38% 1.52% 7.23%(c) 2.13% 2.27% 7.98%(c)
Average commission rate (e) ........... $0.0600 $0.0600 N/A $0.0600 $0.0600 N/A
<FN>
- ----------------
(a) The Munder Real Estate Equity Investment Fund Class A Shares, Class B
Shares, Class C Shares and Class Y Shares commenced operations on September
30, 1994, October 3, 1994, January 5, 1996 and October 3, 1994,
respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) Average commission rate paid per share of securities purchased and sold
by the Fund.
(f) 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>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
C Shares Y Shares
-------------------------- ------------------------------------------
Year Period Year Year Period
Ended Ended Ended Ended Ended
6/30/97 6/30/96(f) 6/30/97 6/30/96(f) 6/30/95(d)
------- ---------- ------- ---------- ----------
<S> <C> <C> <C> <C>
$ 11.25 $ 10.76 $ 11.22 $ 10.09 $10.00
------- ------- ------- ------- ------
0.36 0.18 0.51 0.47 0.37
3.26 0.47 3.22 1.13 0.08
------- ------- ------- ------- ------
3.62 0.65 3.73 1.60 0.45
------- ------- ------- ------- ------
(0.39) (0.16) (0.51) (0.47) (0.36)
(0.01) -- (0.01) -- --
(0.03) -- (0.03) -- --
------- ------- ------- ------- ------
(0.43) (0.16) (0.55) (0.47) (0.36)
------- ------- ------- ------- ------
$ 14.44 $ 11.25 $ 14.40 $ 11.22 $10.09
======= ======= ======= ======= ======
32.57% 6.08% 33.79% 16.20% 4.64%
======= ======= ======= ======= ======
$ 537 $ 4 $48,206 $19,125 $4,989
2.10% 2.00%(c) 1.10% 1.00% 1.25%(c)
3.05% 3.50%(c) 4.05% 4.50% 5.28%(c)
15% 17% 15% 17% 3%
2.13% 2.27%(c) 1.13% 1.27% 6.98%(c)
$0.0600 $0.0600 $0.0600 $0.0600 N/A
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Small-Cap Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout The Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares B Shares C Shares Y Shares
-------- -------- -------- --------
Period Period Period Period
Ended Ended Ended Ended
6/30/97(e) 6/30/97(e) 6/30/97(e) 6/30/97(e)
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 10.22 $ 10.76 $ 10.22 $ 10.00
------- ------- ------- -------
Income from investment operations:
Net investment income ............................... 0.09 0.05 0.05 0.12
Net realized and unrealized gain on investments ..... 1.77 1.24 1.78 1.96
------- ------- ------- -------
Total from investment operations .................... 1.86 1.29 1.83 2.08
------- ------- ------- -------
Less distributions:
Dividends from net investment income ................ (0.04) (0.02) (0.03) (0.04)
------- ------- ------- -------
Total distributions ................................. (0.04) (0.02) (0.03) (0.04)
------- ------- ------- -------
Net asset value, end of period ...................... $ 12.04 $ 12.03 $ 12.02 $ 12.04
======= ======= ======= =======
Total return (b) .................................... 18.20% 12.03% 17.92% 20.86%
======= ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 1,164 $ 373 $ 197 $18,271
Ratio of operating expenses to average net assets ... 1.38%(c) 2.13%(c) 2.13%(c) 1.13%(c)
Ratio of net investment income to average net assets 1.93%(c) 1.18%(c) 1.18%(c) 2.18%(c)
Portfolio turnover rate ............................. 73% 73% 73% 73%
Ratio of operating expenses to average net assets
without waivers and expenses reimbursed ........... 1.51%(c) 2.26%(c) 2.26%(c) 1.26%(c)
Average commission rate (d) ......................... $0.0361 $0.0361 $0.0361 $0.0361
<FN>
- ----------------
(a) The Munder Small-Cap Value Fund Class A Shares, Class B Shares, Class C
Shares and Class Y Shares commenced operations on January 10, 1997, February
11, 1997, January 13, 1997, and December 26, 1996, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(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>
See Notes to Financial Statements.
</TABLE>
<PAGE>
[ This Page Intentionally Left Blank ]
<PAGE>
Munder Small Company Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares
----------------------------------------------------------------
Year Year Period Year Year
Ended Ended Ended Ended Ended
6/30/97(f) 6/30/96(f) 6/30/95(e) 2/28/95(d) 2/28/94
---------- ---------- ---------- ---------- -------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 21.08 $ 15.28 $13.89 $14.37 $12.72
------- ------- ------ ------ ------
Income from investment operations:
Net investment loss ................................. (0.12) (0.12) (0.02) (0.07) (0.05)
Net realized and unrealized gain/(loss) on
investments ....................................... 3.64 7.16 1.41 (0.39) 1.97
------- ------- ------ ------ ------
Total from investment operations .................... 3.52 7.04 1.39 (0.46) 1.92
------- ------- ------ ------ ------
Less distributions:
Dividends from net investment income ................ -- -- -- -- --
Distributions from net realized gains ............... (2.99) (1.24) -- (0.02) (0.27)
------- ------- ------ ------ ------
Total distributions ................................. (2.99) (1.24) -- (0.02) (0.27)
------- ------- ------ ------ ------
Net asset value, end of period ...................... $ 21.61 $ 21.08 $15.28 $13.89 $14.37
======= ======= ====== ====== ======
Total return (b) .................................... 18.88% 48.28% 10.01% (3.21)% 15.11%
======= ======= ====== ====== ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $11,646 $ 4,832 $2,871 $2,697 $3,269
Ratio of operating expenses to average net assets ... 1.22% 1.21% 1.21%(c) 1.23% 1.01%
Ratio of net investment loss to average net assets .. (0.62)% (0.66)% (0.41)%(c) (0.40)% (0.36)%
Portfolio turnover rate ............................. 98% 98% 39% 45% 47%
Ratio of operating expenses to average net assets
without waivers ................................... 1.22% 1.28% 1.46%(c) 1.48% 1.26%
Average commission rate (g) ......................... $0.0545 $0.0551 N/A N/A N/A
<FN>
- ----------------
(a) The Munder Small Company Growth Fund Class A Shares, Class B Shares, Class C
Shares and Class Y Shares commenced operations on November 23, 1992, April
28, 1994, September 26, 1995 and December 1, 1991, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(e) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(f) 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.
(g) Average commission rate paid per share of securities purchased and sold
by the Fund.
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
----------------------------------------------------------- ---------------------------
Year Year Period Period Year Period
Ended Ended Ended Ended Ended Ended
6/30/97(f) 6/30/96(f) 6/30/95(e) 2/28/95(d) 6/30/97(f) 6/30/96(f)
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
$ 20.74 $ 15.15 $13.81 $13.54 $ 20.93 $ 17.05
------- ------- ------ ------ ------- -------
(0.25) (0.26) (0.05) (0.05) (0.25) (0.21)
3.55 7.09 1.39 0.34 3.63 5.33
------- ------- ------ ------ ------- -------
3.30 6.83 1.34 0.29 3.38 5.12
------- ------- ------ ------ ------- -------
-- -- -- -- -- --
(2.99) (1.24) -- (0.02) (2.99) (1.24)
------- ------- ------ ------ ------- -------
(2.99) (1.24) -- (0.02) (2.99) (1.24)
------- ------- ------ ------ ------- -------
$ 21.05 $ 20.74 $15.15 $13.81 $ 21.32 $ 20.93
======= ======= ====== ====== ======= =======
18.06% 47.26% 9.70% 2.13% 18.26% 31.97%
======= ======= ====== ====== ======= =======
$ 5,735 $ 990 $ 46 $ 39 $ 2,271 $ 76
1.97% 1.96% 1.96%(c) 1.85%(c) 1.97% 1.96%(c)
(1.37)% (1.41)% (1.16)%(c) (1.02)%(c) (1.37)% (1.41)%(c)
98% 98% 39% 45% 98% 98%
1.97% 2.03% 2.21%(c) 2.10%(c) 1.97% 2.03%(c)
$0.0545 $0.0551 N/A N/A $0.0545 $0.0551
<CAPTION>
Y Shares
------------------------------------------------------------------------
Year Year Period Year Year
Ended Ended Ended Ended Ended
6/30/97(f) 6/30/96(f) 6/30/95(e) 2/28/95(d) 2/28/94
---------- ---------- ---------- ---------- -------
<S> <C> <C> <C> <C>
$ 21.21 $ 15.33 $ 13.93 $ 14.38 $ 12.72
-------- -------- ------- ------- -------
(0.07) (0.07) (0.01) (0.02) (0.04)
3.69 7.19 1.41 (0.41) 1.97
-------- -------- ------- ------- -------
3.62 7.12 1.40 (0.43) 1.93
-------- -------- ------- ------- -------
-- -- -- -- --
(2.99) (1.24) -- (0.02) (0.27)
-------- -------- ------- ------- -------
(2.99) (1.24) -- (0.02) (0.27)
-------- -------- ------- ------- -------
$ 21.84 $ 21.21 $ 15.33 $ 13.93 $ 14.38
======== ======== ======= ======= =======
19.26% 48.65% 10.05% (3.00)% 15.19%
======== ======== ======= ======= =======
$152,772 $107,492 $79,968 $72,207 $64,466
0.97% 0.96% 0.96%(c) 0.98% 0.95%
(0.37)% (0.41)% (0.16)%(c) (0.15)% (0.28)%
98% 98% 39% 45% 47%
0.97% 1.03% 1.21%(c) 1.23% 1.20%
$ 0.0545 $ 0.0551 N/A N/A N/A
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares B Shares
----------------------- -----------------------
Year Period Year Period
Ended Ended Ended Ended
6/30/97(e) 6/30/96(e) 6/30/97(e) 6/30/96(e)
<S> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 11.57 $ 10.38 $ 11.55 $ 10.41
------- ------- ------- -------
Income from investment operations:
Net investment income/(loss) ........................ 0.08 0.05 (0.01) (0.01)
Net realized and unrealized gain on investments ..... 3.64 1.19 3.61 1.16
------- ------- ------- -------
Total from investment operations .................... 3.72 1.24 3.60 1.15
------- ------- ------- -------
Less distributions:
Dividends from net investment income ................ (0.09) (0.05) -- (0.01)
Distributions from net realized gains ............... (1.22) -- (1.22) --
------- ------- ------- -------
Total distributions ................................. (1.31) (0.05) (1.22) (0.01)
------- ------- ------- -------
Net asset value, end of period ...................... $ 13.98 $ 11.57 $ 13.93 $ 11.55
======= ======= ======= =======
Total return (b) .................................... 34.38% 11.95% 33.24% 11.09%
======= ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 1,587 $ 424 $ 935 $ 103
Ratio of operating expenses to average net assets ... 1.27% 1.20%(c) 2.02% 1.95%(c)
Ratio of net investment income/(loss) to average net
assets ............................................ 0.70% 0.64%(c) (0.05)% (0.11)%(c)
Portfolio turnover rate ............................. 139% 223% 139% 223%
Ratio of operating expenses to average net assets
waivers and expenses reimbursed ................... 1.31% 1.30%(c) 2.06% 2.05%(c)
Average commission rate (d) ......................... $0.0508 $0.0602 $0.0508 $0.0602
<FN>
- ----------------
(a) The Munder Value Fund Class A Shares, Class B Shares, Class C Shares and
Class Y Shares commenced operations on September 14, 1995, September 19,
1995, February 9, 1996 and August 18, 1996, respectively.
(b) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(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>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
C Shares Y Shares
-------------------------- --------------------------
Year Period Year Period
Ended Ended Ended Ended
6/30/97(e) 6/30/96(e) 6/30/97(e) 6/30/96(e)
---------- ---------- ---------- ----------
<S> <C> <C> <C>
$ 11.54 $ 11.35 $ 11.59 $ 10.00
------- ------- ------- -------
(0.01) (0.01) 0.12 0.09
3.62 0.23 3.63 1.56
------- ------- ------- -------
3.61 0.22 3.75 1.65
------- ------- ------- -------
-- (0.03) (0.12) (0.06)
(1.22) -- (1.22) --
------- ------- ------- -------
(1.22) (0.03) (1.34) (0.06)
------- ------- ------- -------
$ 13.93 $ 11.54 $ 14.00 $ 11.59
======= ======= ======= =======
33.36% 1.90% 34.66% 16.52%
======= ======= ======= =======
$ 527 $ 348 $80,004 $35,432
2.02% 1.95%(c) 1.02% 0.95%(c)
(0.05)% (0.11)%(c) 0.95% 0.89%(c)
139% 223% 139% 223%
2.06% 2.05%(c) 1.06% 1.05%(c)
$0.0508 $0.0602 $0.0508 $0.0602
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Framlington Emerging Markets Fund(a)
Financial Highlights, For a Share Outstanding Throughout The Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares B Shares C Shares Y Shares
-------- -------- -------- --------
Period Period Period Period
Ended Ended Ended Ended
6/30/97(e) 6/30/97(e) 6/30/97(e) 6/30/97(e)
---------- ---------- ---------- ----------
<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 ............................... 0.05 0.01 0.01 0.07
Net realized and unrealized gain on investments ..... 2.71 1.79 1.96 2.88
------- ------- ------- -------
Total from investment operations .................... 2.76 1.80 1.97 2.95
------- ------- ------- -------
Less distributions:
Dividends from net investment income ................ (0.02) (0.02) (0.00)(f) (0.03)
Distributions from net realized gains ............... -- -- -- --
------- ------- ------- -------
Total distributions ................................. (0.02) (0.02) (0.00)(f) (0.03)
------- ------- ------- -------
Net asset value, end of period ...................... $ 12.92 $ 12.91 $ 12.92 $ 12.92
======= ======= ======= =======
Total return (b) .................................... 27.16% 16.21% 18.03% 29.51%
======= ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 532 $ 134 $ 24 $ 4,826
Ratio of operating expenses to average net assets ... 1.79%(c) 2.54%(c) 2.54%(c) 1.54%(c)
Ratio of net investment income to average net assets 1.14%(c) 0.39%(c) 0.39%(c) 1.39%(c)
Portfolio turnover rate ............................. 46% 46% 46% 46%
Ratio of operating expenses to average net assets
without expenses reimbursed ....................... 5.43%(c) 6.18%(c) 6.18%(c) 5.18%(c)
Average commission rate (d) ......................... $0.0029 $0.0029 $0.0029 $0.0029
<FN>
- ----------------
(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) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(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.
(f) Amount represents less than $0.01 per share.
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
[ This Page Intentionally Left Blank ]
<PAGE>
Munder Framlington Healthcare Fund(a)
Financial Highlights, For a Share Outstanding Throughout The Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares B Shares C Shares Y Shares
-------- -------- -------- --------
Period Period Period Period
Ended Ended Ended Ended
6/30/97 6/30/97 6/30/97 6/30/97
------- ------- ------- -------
<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) (0.02) (0.01) (0.03)
Net realized and unrealized gain/(loss) on
investments ....................................... (0.40) (0.15) 0.47 0.92
------- ------- ------- -------
Total from investment operations .................... (0.41) (0.17) 0.46 0.89
------- ------- ------- -------
Less distributions:
Dividends from net investment income ................ -- -- -- --
Distributions from net realized gains ............... -- -- -- --
------- ------- ------- -------
Total distributions ................................. -- -- -- --
------- ------- ------- -------
Net asset value, end of period ...................... $ 10.89 $ 10.85 $ 10.86 $ 10.89
======= ======= ======= =======
Total return (b) .................................... (3.63)% (1.54)% 4.42% 8.90%
======= ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 664 $ 1,063 $ 164 $ 2,086
Ratio of operating expenses to average net assets ... 1.55%(c) 2.30%(c) 2.30%(c) 1.30%(c)
Ratio of net investment loss to average net assets .. (0.95)%(c) (1.70)%(c) (1.70)%(c) (0.70)%(c)
Portfolio turnover rate ............................. 14% 14% 14% 14%
Ratio of operating expenses to average net assets
without expenses reimbursed ....................... 7.33%(c) 8.08%(c) 8.08%(c) 7.08%(c)
Average commission rate (d) ......................... $0.1441 $0.1441 $0.1441 $0.1441
<FN>
- ----------------
(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) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(d) Average commission rate paid per share of securities purchased and sold
by the Fund.
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Framlington International Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout The Period
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
A Shares B Shares C Shares Y Shares
-------- -------- -------- --------
Period Period Period Period
Ended Ended Ended Ended
6/30/97(e) 6/30/97(e) 6/30/97(e) 6/30/97(e)
---------- ---------- ---------- ----------
<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 ............................... 0.05 0.01 0.01 0.07
Net realized and unrealized gain on investments ..... 1.20 1.46 1.29 1.28
------- ------- ------- -------
Total from investment operations .................... 1.25 1.47 1.30 1.35
------- ------- ------- -------
Less distributions:
Dividends from net investment income ................ -- -- -- --
Distributions from net realized gains ............... -- -- -- --
------- ------- ------- -------
Total distributions ................................. -- -- -- --
------- ------- ------- -------
Net asset value, end of period ...................... $ 11.35 $ 11.32 $ 11.33 $ 11.35
======= ======= ======= =======
Total return (b) .................................... 12.38% 14.92% 12.96% 13.50%
======= ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 1,103 $ 128 $ 62 $23,831
Ratio of operating expenses to average net assets ... 1.55%(c) 2.30%(c) 2.30%(c) 1.30%(c)
Ratio of net investment income to average net assets 1.01%(c) 0.26%(c) 0.26%(c) 1.26%(c)
Portfolio turnover rate ............................. 15% 15% 15% 15%
Ratio of operating expenses to average net assets
without expenses reimbursed ....................... 2.56%(c) 3.31%(c) 3.31%(c) 2.31%(c)
Average commission rate (d) ......................... $0.0238 $0.0238 $0.0238 $0.0238
<FN>
- ----------------
(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) Total return represents aggregate total return for the period indicated and
does not reflect any applicable sales charges.
(c) Annualized.
(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>
See Notes to Financial Statements.
</TABLE>
<PAGE>
[ This Page Intentionally Left Blank ]
<PAGE>
The Munder Funds
Notes To Financial Statements, June 30, 1997
- -----------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
The Munder Funds, Inc. ("MFI") 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 Maryland corporation on November 18, 1992. The Munder
Funds Trust ("MFT") is registered under the 1940 Act, as an open-end investment
company, which was organized as a Massachusetts business trust on August 30,
1989. The Munder Framlington Funds Trust ("Framlington") is registered under the
1940 Act, as an open-end investment company, which was organized as a
Massachusetts business trust on October 30, 1996. MFI, MFT and Framlington
consist of 31 portfolios currently in operation. Information presented in these
financial statements pertains only to the equity funds set forth below (each a
"Fund", and collectively, the "Funds"). The financial statements for the other
remaining funds of MFI, MFT and the Framlington are presented in separate
reports.
EQUITY FUNDS
MFI:
Munder Micro-Cap Equity Fund
Munder Mid-Cap Growth Fund
Munder Multi-Season Growth Fund
Munder Real Estate Equity Investment Fund
Munder Small-Cap Value Fund
Munder Value Fund
MFT:
Munder Accelerating Growth Fund
Munder Balanced Fund
Munder Growth & Income Fund
Munder International Equity Fund
Munder Small Company Growth Fund
Framlington:
Munder Framlington Emerging Markets Fund
Munder Framlington Healthcare Fund
Munder Framlington International Growth Fund
The Funds offer five classes of shares -- Class A, Class B, Class C, Class
K and Class Y Shares. The Financial Highlights of Class K Shares of the Funds
are presented in a separate annual report. 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 Equity Funds in the preparation
of their financial statements:
Security Valuation: Securities (including financial futures, if any)
traded on a recognized stock exchange or on the NASDAQ National Market System
("NASDAQ") are valued at the last sale price on the securities exchange on which
such securities are primarily traded or at the last sale price on the national
securities market as of the close of business on the date of the valuation.
Securities traded on a national securities exchange or on NASDAQ for which there
were no sales on the date of valuation and securities traded on over-the-counter
markets, including listed securities for which the primary market is believed to
be over-the-counter, are valued at the mean between the most recently quoted bid
and asked prices. Restricted securities and securities and assets for which
market quotations are not readily available, are valued at fair value by the
advisor, under the supervision of the Boards of Trustees and Directors.
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
Boards of Trustees and Directors. Debt securities with remaining maturities of
60 days or less at the time of purchase are valued on an amortized cost basis,
unless the Boards of Trustees and Directors determine that such valuation does
not constitute fair value at that time. Under this method such securities are
valued initially at cost on the date of purchase (or on the 61st day before
maturity). Thereafter, a constant proportionate amortization of any discount or
premium is recorded until maturity of the security.
Forward Foreign Currency Contracts: Each Fund (except Munder Real Estate
Equity Investment Fund) may engage in forward foreign currency 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 unrealized 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 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 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 Munder International Equity
Fund, Munder Framlington International Growth Fund and Munder Framlington
Emerging Markets Fund 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
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.
Futures Contracts: Each Fund may enter into futures contracts for the
purpose of hedging against changes in the value of the portfolio securities held
and in the value of the securities it intends to purchase, or in order to
maintain liquidity. Upon entering into a futures contract, a Fund is required to
deposit with the broker an amount of cash or cash equivalents equal to a certain
percentage of the contract amount. This is known as the "initial margin."
Subsequent payments ("variation margin") are made or received by the Fund each
day, depending on the daily fluctuation of the value of the contract. The daily
changes in the contract are recorded as unrealized gains or losses. The Fund
recognizes a realized gain or loss when the contract is closed. The net
unrealized appreciation/ (depreciation), if any, is shown in the financial
statements.
There are several risks in connection with the use of futures contracts as
a hedging device. The change in value of futures contracts primarily corresponds
with the value of their underlying instruments, which may not correlate with the
change in value of the hedged investments. In addition, there is the risk that
the Fund may not be able to enter into a closing transaction because of an
illiquid secondary market.
Repurchase Agreements: The Funds may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the Fund takes
possession of an underlying debt obligation subject to an obligation of the
seller to repurchase, and the Fund to resell, the obligation at an agreed-upon
price and time, thereby determining the yield during the Fund's holding period.
This arrangement results in a fixed rate of return that is not subject to market
fluctuations during the Fund's holding period. The value of the collateral is at
least equal, at all times, to the total amount of the repurchase obligations,
including interest. In the event of counterparty default, the Fund has the right
to use the collateral to satisfy the terms of the repurchase agreement. However,
there could be potential loss to the Fund in the event the Fund is delayed or
prevented from exercising its right to dispose of the collateral securities,
including the risk of a possible decline in the value of the collateral
securities during the period while the Fund seeks to assert its rights. The
Fund's investment advisor, acting under the supervision of the Boards of
Trustees and Directors, reviews the value of the collateral and the
creditworthiness of those banks and dealers with which a Fund enters into
repurchase agreements to evaluate potential risks.
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 prorated
among the classes based on the relative average net assets of each class.
Securities purchased or sold on a when-issued or delayed delivery basis
may be settled a month or more after the trade date. Interest income is not
accrued until settlement date. Each Fund instructs the custodian to segregate
assets in a separate account with a current value at least equal to the amount
of its when-issued purchase commitments.
Dividends and Distributions to Shareholders: Dividends from net investment
income are declared and paid at least annually by Munder International Equity
Fund, Munder Multi-Season Growth Fund, Munder Mid-Cap Growth Fund, Munder
Micro-Cap Equity Fund, Munder Small-Cap Value Fund, Munder Value Fund, Munder
Framlington Emerging Markets Fund, Munder Framlington Healthcare Fund and Munder
Framlington International Growth Fund; quarterly (if available) by Munder
Accelerating Growth Fund, Munder Balanced Fund, Munder Growth & Income Fund, and
Munder Small Company Growth Fund; and monthly by Munder Real Estate Equity
Investment Fund. 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.
As determined at June 30, 1997, permanent differences resulting from
different book and tax accounting for organizational costs, net operating
losses, currency gains and losses and market discount of certain debt
instruments were reclassified at year end. These reclassifications had no effect
on net investment income, net assets or net asset value per share.
Federal Income Taxes: Each Fund intends to 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, Sub-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 $500 Million Exceeding $500 Million
------------------ ----------------------
<S> <C> <C>
Munder Multi-Season Growth Fund ..................... 1.00% 0.75%
<CAPTION>
Fees on Average
Daily Net Assets
----------------
<S> <C>
Munder Micro-Cap Equity Fund ........................ 1.00%
Munder Accelerating Growth Fund,
Munder Growth & Income Fund, Munder
International Equity Fund, Munder
Small-Cap Value Fund, and Munder
Small Company Growth Fund ......................... 0.75%
Munder Mid-Cap Growth Fund, Munder
Real Estate Equity Investment Fund and
Munder Value Fund ................................. 0.74%
Munder Balanced Fund ................................ 0.65%
Framlington Emerging Markets Fund ................... 1.25%
<CAPTION>
Fees on Assets Fees on Assets
up to $250 Million Exceeding $250 Million
------------------ ----------------------
<S> <C> <C>
Munder Framlington Healthcare Fund and Munder
Framlington International Growth Fund ............. 1.00% 0.75%
</TABLE>
Pursuant to a sub-advisory agreement with the Advisor, Framlington
Overseas Investment Management Limited (the "Sub-Advisor") provides sub-advisory
services to The Munder Framlington Funds and is responsible for the management
of each Fund's portfolio, including all decisions regarding purchases and sales
of portfolio securities. For its services with regard to the Munder Framlington
Healthcare Fund and the Munder Framlington International Growth 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 Munder Framlington 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.
The Advisor voluntarily waived fees and reimbursed expenses for the period
ended June 30, 1997, for the following Funds:
<TABLE>
<CAPTION>
Fund Fees Waived Expenses Reimbursed
---- ----------- -------------------
<S> <C> <C>
Munder Micro-Cap Equity Fund ........................ -- $41,485
Munder Mid-Cap Growth Fund .......................... -- 52,965
Munder Multi-Season Growth Fund ..................... $1,063,248 --
Munder Real Estate Equity Investment Fund ........... -- 10,143
Munder Small-Cap Value Fund ......................... -- 16,708
Munder Value Fund ................................... -- 17,688
Munder Framlington Emerging Markets Fund ............ -- 73,369
Munder Framlington Healthcare Fund .................. -- 66,145
Munder Framlington International Growth Fund ........ -- 72,552
</TABLE>
First Data Investor Services Group, Inc. ("Investor Services Group") (the
"Administrator"), serves as the Funds' administrator and assists in all aspects
of their administration and operations. Investor Services Group also serves as
the Funds' transfer agent and dividend disbursing agent ("Transfer Agent").
As compensation for its services for the Funds of MFI and MFT, the
Administrator and Transfer Agent are entitled to receive a fee, based on the
aggregate average daily net assets of the Funds and certain other investment
portfolios that are advised by the Advisor and for which Investor Services Group
provides services, computed daily and payable monthly, at an annual rate of
0.12% of the first $2.8 billion of net assets, plus 0.105% of the next $2.2
billion of net assets, plus 0.10% of all net assets in excess of $5 billion
(with a $1.2 million minimum fee per annum in the aggregate for all portfolios
with respect to the Administrator); 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 respect to the Transfer Agent. As
compensation for its services for The Munder Framlington Funds, 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 Munder Framlington
Funds and certain other investment portfolios that are advised by the Advisor
and for which Investor Services Group provides services, 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 $218,336 for its services to the
Funds for the period ended June 30, 1997. Prior to the end of the fourth quarter
of 1996, Boston Safe Deposit and Trust Company served as the custodian of
foreign securities. Morgan Stanley Trust Company ("Morgan Stanley") currently
serves as the custodian of foreign securities for the Funds.
Each Trustee of MFT and Framlington and each Director of MFI 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
MFT, MFI, Framlington and St. Clair Funds, Inc. The Trustees or Directors are
also reimbursed for any expenses incurred by them in connection with their
duties as Trustees or Directors. No officer, director or employee of the
Advisor, Sub-Advisor, Comerica, Morgan Stanley, FDI or Investor Services Group
currently receives any compensation from MFI or MFT or Framlington.
3. Shareholder Distribution and Service Plans
FDI serves as the distributor of the Funds' shares. For the period ended
June 30, 1997, the Distributor received $296,338, representing commissions
(sales charges) on sales of Class A Shares of the Funds. For the period ended
June 30, 1997, the Distributor received $65,986 in contingent deferred sales
charges from Class B and Class C Shares of the Funds.
The Funds have adopted Service 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 each Fund to the Distributor
for expenditures incurred by the Distributor in connection with the distribution
of Fund shares to investors and provision of certain shareholder services (which
include but are not limited to the payment of compensation, including
compensation to Service Organizations to obtain various distribution related
services for the 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 June 30,
1997, the effective rates, as a percentage of average daily net assets, under
the Plans and Class K Plans are as follows:
<TABLE>
<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>
The Funds ............. 0.25% 1.00% 1.00% 0.25%
</TABLE>
4. Securities Transactions
For the period ended June 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 Accelerating Growth Fund ..................... $224,058,134 $294,896,709
Munder Balanced Fund ................................ 57,062,737 52,657,370
Munder Growth & Income Fund ......................... 131,003,707 150,478,200
Munder International Equity Fund .................... 110,623,391 102,917,677
Munder Micro-Cap Equity Fund ........................ 3,083,199 708,716
Munder Mid-Cap Growth Fund .......................... 37,745,719 36,507,707
Munder Multi-Season Growth Fund ..................... 165,187,744 129,897,254
Munder Real Estate Equity Investment Fund ........... 28,627,903 4,902,277
Munder Small-Cap Value Fund ......................... 72,178,574 14,353,412
Munder Small Company Growth Fund .................... 269,340,027 233,990,457
Munder Value Fund ................................... 107,572,892 70,872,148
Munder Framlington Emerging Markets Fund ............ 8,816,592 1,622,072
Munder Framlington Healthcare Fund .................. 3,481,983 275,406
Munder Framlington International Growth Fund ........ 24,044,149 1,989,935
</TABLE>
For the period ended June 30, 1997, purchases and sales of U.S. Government
securities, excluding short-term investments were as follows:
<TABLE>
<CAPTION>
Cost of Purchases Proceeds from Sales
----------------- -------------------
<S> <C> <C>
Munder Balanced Fund ........... $30,374,800 $26,449,351
</TABLE>
At June 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 Accelerating Growth Fund ..................... $ 62,615,626 $ 10,037,050
Munder Balanced Fund ................................ 11,907,505 998,625
Munder Growth & Income Fund ......................... 53,904,545 360,633
Munder International Equity Fund .................... 59,936,136 7,947,359
Munder Micro-Cap Equity Fund ........................ 567,085 50,273
Munder Mid-Cap Growth Fund .......................... 2,356,056 2,588,631
Munder Multi-Season Growth Fund ..................... 158,869,735 1,629,468
Munder Real Estate Equity Investment Fund ........... 9,399,480 43,318
Munder Small-Cap Value Fund ......................... 7,320,009 537,694
Munder Small Company Growth Fund .................... 69,142,862 4,932,124
Munder Value Fund ................................... 11,863,786 757,670
Munder Framlington Emerging Markets Fund ............ 1,209,208 196,291
Munder Framlington Healthcare Fund .................. 459,775 157,533
Munder Framlington International Growth Fund ........ 3,139,357 448,956
</TABLE>
5. Geographic and Industry Concentration
The Munder International Equity Fund primarily invests in foreign
securities and Munder Framlington International Growth Fund and Munder
Framlington Emerging Markets Fund each intend to invest at least 65% of their
total net assets in foreign securities. Investing in securities of foreign
companies and/or foreign governments involves special risks and considerations
not typically associated with investing in U.S. companies and/or U.S. government
securities. These risks include revaluation of currencies and future adverse
political and economic developments. Moreover, securities of many foreign
companies and foreign governments and their markets may be less liquid and their
prices more volatile than those of securities of U.S. companies and the U.S.
government.
The Munder Real Estate Equity Investment Fund primarily invests in equity
securities of United States companies which are principally engaged in the real
estate industry or which own significant real estate assets, and accordingly, is
more susceptible to factors adversely affecting the U.S. real estate industry.
The Munder Framlington Healthcare Fund primarily invests in securities of
companies in healthcare industries. These industries are characterized by
rapidly changing technology and extensive government regulation.
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.
<PAGE>
Report of Ernst & Young LLP, Independent Auditors
To the Boards of Directors/Trustees and Shareholders of
The Munder Equity Funds
We have audited the accompanying statements of assets and liabilities of the
Munder Accelerating Growth Fund, Munder Balanced Fund, Munder Growth & Income
Fund, Munder International Equity Fund and Munder Small Company Growth Fund,
five of the portfolios constituting The Munder Funds Trust, Munder Micro-Cap
Equity Fund, Munder Mid-Cap Growth Fund, Munder Multi-Season Growth Fund, Munder
Real Estate Equity Investment Fund, Munder Small-Cap Value Fund and Munder Value
Fund, six of the portfolios constituting The Munder Funds, Inc., and Munder
Framlington Emerging Markets Fund, Munder Framlington Healthcare Fund and Munder
Framlington International Growth Fund, the three portfolios constituting The
Munder Framlington Funds Trust (collectively, the "Funds"), including the
portfolios of investments, as of June 30, 1997, and the related statements of
operations, changes in net assets and the financial highlights for each of the
periods indicated therein (except for the financial highlights of the Munder
Multi-Season Growth Fund for each of the two years in the period ended December
31, 1994). These financial statements and financial highlights are the
responsibility of the Funds' management. Our responsibility is to express an
opinion on these financial statements and financial highlights based on our
audits. The financial highlights for each of the two years in the period ended
December 31, 1994 of the Multi-Season Growth Fund were audited by other auditors
whose report dated February 14, 1995, expressed an unqualified opinion on those
financial highlights.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether the financial statements and financial
highlights are free of material misstatement. An audit includes examining, on a
test basis, evidence supporting the amounts and disclosures in the financial
statements. Our procedures included verification by examination of securities
owned as of June 30, 1997 and correspondence with brokers or other appropriate
auditing procedures when replies from brokers were not received. An audit also
includes assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our
opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of the
Munder Accelerating Growth Fund, Munder Balanced Fund, Munder Growth & Income
Fund, Munder International Equity Fund and Munder Small Company Growth Fund
portfolios of The Munder Funds Trust, the Munder Micro-Cap Equity Fund, Munder
Mid-Cap Growth Fund, Munder Multi-Season Growth Fund, Munder Real Estate Equity
Investment Fund, Munder Small-Cap Value Fund, and Munder Value Fund portfolios
of The Munder Funds, Inc., and the Munder Framlington Emerging Markets Fund,
Munder Framlington Healthcare Fund and Munder Framlington International Growth
Fund portfolios of The Munder Framlington Funds Trust at June 30, 1997, the
results of their operations and the changes in their net assets, and their
financial highlights for each of the indicated periods, in conformity with
generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
August 15, 1997
<PAGE>
The Munder Funds
Tax Information, June 30, 1997 (Unaudited)
- -----------------------------------------------------------------------------
The percentage of total net assets invested in U.S. Government and U.S.
Government Agency obligations at June 30, 1997, were as follows:
<TABLE>
<S> <C>
Munder Balanced Fund:
Federal Home Loan Mortgage Corporation ............ 0.8%
Federal National Mortgage Association ............. 3.0%
Government National Mortgage Association .......... 0.7%
U.S. Treasury Bonds ............................... 5.0%
U.S. Treasury Inflation Index Security ............ 1.9%
U.S. Treasury Notes ............................... 13.3%
U.S. Treasury Strip Principal ..................... 0.6%
</TABLE>
Of the distributions made by the following Funds, the corresponding percentage
represents the amount of each distribution which will qualify for the dividend
received deduction available to corporate shareholders:
<TABLE>
<S> <C>
Munder Balanced Fund ................................ 21.9%
Munder Growth & Income Fund ......................... 100.0%
Munder Multi-Season Growth Fund ..................... 100.0%
Munder Small-Cap Value Fund ......................... 39.2%
Munder Value Fund ................................... 13.6%
Munder Mid-Cap Growth Fund .......................... 44.2%
Munder Small Company Growth Fund .................... 8.5%
</TABLE>
<PAGE>
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Gerald L. Seizert, Vice President
Paul D. Tobias, Vice President
Richard H. Rose, Assistant Treasurer
Lisa Anne Rosen, Secretary and Assistant Treasurer
Teresa M.R. Hamlin, Assistant Secretary
Julie A. Tedesco, Assistant Secretary
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
ADMINISTRATOR AND TRANSFER AGENT
First Data Investor Services Group, Inc.
53 State Street
Boston, MA 02109
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
CUSTODIAN
Comerica Bank
411 West Lafayette
Detroit, MI 48226
LEGAL COUNSEL
Dechert Price & Rhoads
1500 K Street, N.W. Suite 500
Washington, D.C. 20005
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
<PAGE>
(OUTSIDE BACK COVER)
ANNEQ97 / F001AR / 07-97
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
(OUTSIDE FRONT COVER)
CLASS K SHARES
Annual
Report
[LOGO]
Investments
JUNE 30, 1997
for all seasons
THE MUNDER EQUITY FUNDS
Accelerating Growth
Balanced
Growth & Income
Index 500
International Equity
Micro-Cap Equity
Mid-Cap Growth
Multi-Season Growth
Real
Estate Equity Investment
Small-Cap Value
Small Company Growth
Value
THE
MUNDER FRAMLINGTON FUNDS
Framlington Emerging Markets
Framlington Healthcare
Framlington International Growth
THE MUNDER INCOME FUNDS
Bond
Intermediate Bond
International Bond
Short Term Treasury
U.S. Government Income
Michigan Triple Tax-Free Bond
Tax-Free Bond
Tax-Free Intermediate Bond
THE
MUNDER MONEY MARKET FUNDS
Cash Investment
Tax-Free Money Market
U.S. Treasury Money Market
(INSIDE FRONT COVER)
"... we hope to guide our
shareholders, as we do
our portfolio managers,
to focus on the level of
risk assumed to achieve
a rate of return."
The Munder Funds
Letter to shareholders
DEAR FELLOW SHAREHOLDERS:
It is with a great deal of pleasure that I
write you regarding the
status of the Munder Family of Mutual Funds. During
the past year we have
been very active developing new funds and have added
11 Funds to our Fund
Family. We have done so to address the unique and more
specific objectives of
our shareholders. We believe these investment options
can provide a strong
foundation enabling each shareholder to meet their own
personal asset
allocation needs.
All of this activity has been predicated on
our belief that investors
should focus on their long term needs and avoid the
easy temptation of merely
reviewing past performance. Instead, we hope to guide
our shareholders, as we
do our portfolio managers, to focus on the level of
risk assumed to achieve a
rate of return. Achieving superior returns while
assuming less risk is the
basis upon which Munder Capital Management was
founded. It is most visibly
reflected in our Multi-Season Growth Fund. The Fund's
risk measures are less
than the market, yet its return over the last three
years has been
above-median for its comparable Lipper mutual fund
peer group.
Also new to the Munder Funds this year is the
International Bond
Fund. This exciting addition provides investors
another high quality vehicle
through which they may diversify domestic portfolios.
We also developed the
Short Term Treasury Fund, which seeks to provide
investors a yiel that is
typically higher than money market instruments with
minimal fluctuation in
net asset value.
Further in this report you will find more
information detailing the
composition of each Fund's portfolio along with
performance information. We
are very pleased that the majority of the equity funds
reported above average
performance compared to similar funds. Nearly all of
the fix income funds
generated above-median total returns or yields for the
past year compared to
similar funds.
If you have any questions please call the Fund
at 1-800-4MUNDER, or
call your financial advisor. You may also contact us
through our website at
http://www.munder.com. Thank you very much for your
confidence in Munder
Capital Management and the Munder Family of Funds.
Very truly yours,
/s/ Lee Munder
--------------
Lee Munder President
Table of
Contents
------------------------------------------------------
- ------------------------
EQUITY FUNDS OVERVIEW
iii Munder Accelerating Growth Fund
iv Munder Balanced Fund
iv Munder Growth & Income Fund
v Munder Index 500 Fund
v Munder International Equity Fund
vi Munder Micro-Cap Equity Fund
vi Munder Mid-Cap Growth Fund
vi Munder Multi-Season Growth Fund
vii Munder Real Estate Equity
Investment Fund
viii Munder Small-Cap Value Fund
viii Munder Small Company Growth Fund
ix Munder Value Fund
ix Munder Framlington Emerging Markets
Fund
x Munder Framlington Healthcare Fund
xi Munder Framlington International
Growth Fund
FIXED INCOME FUNDS OVERVIEW
xii Munder Bond Fund
xii Munder Intermediate Bond Fund
xiii Munder International Bond Fund
xiii Munder U.S. Government Income Fund
xiv Munder Michigan Triple Tax-Free
Bond Fund
xiv Munder Tax-Free Bond Fund
xv Munder Tax-Free Intermediate Bond
Fund
xv Munder Short Term Treasury Fund
xvii Hypotheticals and Total Returns
PORTFOLIO OF INVESTMENTS --
Equity Funds:
1 Munder Accelerating Growth Fund
3 Munder Balanced Fund
8 Munder Growth & Income Fund
10 Munder Index 500 Fund
20 Munder International Equity Fund
34 Munder Micro-Cap Equity Fund
37 Munder Mid-Cap Growth Fund
39 Munder Multi-Season Growth Fund
41 Munder Real Estate Equity
Investment Fund
43 Munder Small-Cap Value Fund
46 Munder Small Company Growth Fund
49 Munder Value Fund
51 Munder Framlington Emerging Markets
Fund
56 Munder Framlington Healthcare Fund
58 Munder Framlington International
Growth Fund
------------------------------------------------------
- -------------------------
Mutual fund shares are not deposits or obligations of,
or guaranteed or
endorsed by any bank and are not federally insured by
the Federal Deposit
Insurance Corporation, the Federal Reserve Board, or
any other agency. All
mutual fund shares involve certain risks, including
possible loss of
principal.
i
------------------------------------------------------
- ------------------------
Income Funds:
63 Munder Bond Fund
66 Munder Intermediate Bond Fund
69 Munder International Bond Fund
72 Munder U.S. Government Income Fund
75 Munder Michigan Triple Tax-Free Bond
Fund
79 Munder Tax-Free Bond Fund
85 Munder Tax-Free Intermediate Bond
Fund
92 Munder Short Term Treasury Fund
Money Market Funds:
93 Munder Cash Investment Fund
95 Munder Money Market Fund
97 Munder Tax-Free Money Market Fund
105 Munder U.S. Treasury Money Market
Fund
106 Financial Statements
145 Financial Highlights
171 Notes to Financial Statements
Report of Ernst & Young LLP,
Independent
Auditors
ii
Management's Discussion of
Fund Performance
------------------------------------------------------
- ------------------------
Equity Funds Overview
Recent economic data has continued to be mixed,
pointing toward
continued growth and moderate inflation. Lacking a
rebound in inflation, the
Federal Reserve Board (the "Fed") elected at their
July, 1997 meeting to hold
monetary policies steady following a moderate increase
of interest rates in
early 1997.
With the markets continuing their unprecedented
progression, Fed
watching, particularly with respect to inflation-
related economic measures,
seems to have become a national pastime. Investors
continue to react with
"excessive exuberance" to every individual non-
inflationary report. All this
data-watching has increased volatility in the markets,
as many investors have
taken action and altered their portfolios following
the release of each
individual piece of data regarding the health of the
economy.
Particularly in light of these factors, we
believe the best course of
action is still to focus on individual investment
goals. It is of the utmost
importance to develop a plan, and invest in funds that
maintain strict
disciplines when the market's volatility increases.
This will result in an
overall portfolio that focuses on and meets long term
objectives. Further, it
will avoid the futility of attempting to outguess the
market on any given
day, thereby running the risk of increasing portfolio
volatility, and worse
yet, not meeting your long term plan.
The S&P 500 Index generated a total return of
34.70% for the year ended
June 30, 1997. The S&P 500 Index has now registered
ten consecutive positive
quarters. This type of growth has occurred only twice
since 1928. The returns
for small company stocks, measured by the Russell 2000
Index, were more mixed
than those in the larger company S&P 500 Index. The
Russell 2000 Index was
strong in the second half of 1996, but lagged
significantly in early 1997
before rebounding in May and June to register a one
year return of 16.33%.
[The performance data contained in the following
commentary are based
on the K class of shares.]
[Please note: In some of the following
commentary, the Munder Funds
are compared to various indices. It is important to
remember that the
returns for the Munder Funds reflect the deduction of
the Funds' expenses.
Since these indices are not actively managed funds,
there are no expenses
netted against their returns.]
MUNDER ACCELERATING GROWTH FUND
Fund Manager: The Munder Accelerating Growth Fund
Committee
The Fund earned a return of 4.83% for the year
ended June 30, 1997,
relative to the 23.96% average return for the Lipper
universe of growth stock
mutual funds. The Fund earned an above- median return
for the three months
ended June 30, 1997. The Fund adheres to an investment
style that leads it to
focus principally on smaller size companies. These
companies were especially
hard hit by investors during the early part of 1997.
As such, fears regarding
the strength of technology-based companies drove down
valuations of most
smaller companies across all industries. Since the
Fund invests in smaller
companies that demonstrate accelerating
iii
earnings, the slightest hint that a company's earnings
estimates will not
materialize can have a significant negative effect.
Despite this setback for smaller companies,
investors rewarded larger
cap names. We believe that the market is now
positioned to reward companies
across the entire capitalization spectrum that can
demonstrate visible
earnings. The Fund continues to seek out companies
with accelerating
earnings, positive earnings revisions and attractive
valuation. As investors
become more risk averse, we are placing increasing
emphasis on the visibility
of our companies' earnings streams.
MUNDER BALANCED FUND
Fund Managers: Leonard J. Barr II, CFA; Ann J. Conrad,
CFA; James C. Robinson
The Fund earned a return of 13.64% for the year
ended June 30, 1997,
relative to the 19.41% average return for the Lipper
universe of balanced
mutual funds. The Fund has earned above- median
returns for the three
months ended June 30, 1997. While this is an
attractive absolute return, we
are disappointed with the relative performance given
the overall level of the
market. The underperformance is attributable to the
mid-sized companies that
were selected based on the accelerating growth style.
These were particularly
hard hit in the first quarter of 1997 as investors
focused on large-cap
names. The equity portion of the Fund was helped by
the fact that it mirrors
the Multi-Season and the Accelerating Growth Fund
styles. While the Fund
benefits during strong markets for smaller stocks,
weaker small and mid cap
markets tend to cause the Fund to underperform.
MUNDER GROWTH & INCOME FUND
Fund Manager: Otto G. Hinzmann, Jr.
The Fund exhibited a return of 28.12% for the
year ended June 30, 1997,
relative to the 26.73% average return for the Lipper
universe of equity
income mutual funds. The Fund has earned above-median
returns for the
six-month, nine-month and one-year time periods ended
June 30, 1997.
We are particularly proud of the performance of
this Fund given its
defensive characteristics. The Fund's mandate is to
generate income in excess
of the general market. We are pleased with the Fund's
strong performance
given this mandate, especially since higher yielding
stocks have, in general,
tended to lag the overall market. Naturally, there is
often a trade-off
between yields and price return. REITs, which make up
6% of the Fund and have
an average yield of 6%, were up in price by only 3%
during the twelve months
ended June 30, 1997. The other three highest yielding
sectors of the Fund
(utilities with an average yield of 3.9% and energy
and consumer cyclicals
with average yields of 3.1%) made up 45% of the Fund
and were up in price by
an average of 8.6% for the second quarter of 1997.
iv
Good stock selection provided value to the Fund
and its shareholders
during the past fiscal year. Once again, the Fund's
utility sector (15% of
the Fund) outperformed the S&P Utility sector, with a
return of 8.0% versus
the 4.5% return for S&P 500 Index utilities. Strong
price gains came from the
consumer non-durable sector (+18.5%), finance sector
(+18.0%) and
conglomerates/ office equipment sector (+31.5%).
Overall we are very pleased
with the Fund's performance in delivering above
average returns with above
market dividends.
MUNDER INDEX 500 FUND
Fund Managers: Todd B. Johnson and Ken Schluchter
The Fund earned a return of 33.79% for the year
ended June 30, 1997,
compared to the 34.00% average return for the Lipper
universe of mutual funds
with the objective of tracking the S&P 500 Index. The
Fund has earned
above-median returns for the second quarter of 1997.
The Fund is carefully monitored to ensure that
sector weights and the
weights of individual stocks are in line with those of
the S&P 500 Index
universe. Cash is invested promptly to minimize the
impact of cash flows on
the Fund's overall performance. Discrepancies between
the total return of the
Fund and that of the S&P 500 Index are primarily due
to the expenses involved
in the operation of a mutual fund. These expenses are
reflected in the Fund's
performance. Since the S&P 500 Index is not an
actively managed fund, there
are no expenses netted against its return.
MUNDER INTERNATIONAL EQUITY FUND
Fund Managers: Todd B. Johnson and Theodore Miller
The Fund generated a return of 18.09% for the
year ended June 30, 1997,
relative to the 12.90% return for the FT-Actuaries
World ex-U.S. Index and
the 16.54% average return for the Lipper universe of
international equity
mutual funds. The Fund has earned above- median
returns for the
three-month, six-month, nine-month, one-year and
three-year time periods
ending June 30, 1997. It has outperformed the FT-
Actuaries World ex-U.S.
Index over the same time periods.
Wide industry and country diversification
contributed to the Fund's
strong absolute and relative performance. The top ten
stock performers in the
market quantitative portion (the portion of the Fund
focused on broad
diversification) came from ten different countries and
ten different industry
groups. Brilliance China Auto, a Chinese auto
manufacturer, was up 78.3% in
the month of June due to an overall favorable
investing environment connected
with the Hong Kong changeover. Macronix International
Co. Ltd., a Taiwanese
computer chip manufacturer, rallied 53.7% in the month
of June, 1997 due to
an announcement that production of DRAM chips would be
restricted to improve
prices. Siderurgica Venezolana Sivensa, an Venezuelan
industrial
conglomerate, rose 42.4% in the month of June, 1997
when the firm announced
that it would bid with Amoco Oil on several Venezuelan
oil tracts.
The performance of the economic quantitative
portion (stocks chosen on
the basis of country-specific economic models) was
enhanced by Japanese
stocks. Long Term Credit Bank, a Japanese thrift, and
Industrial Bank of
Japan, a Japanese bank, were up 32.7% and 29.5%,
respectively, in June on
projections of increased loan demand. Orient Corp., a
Japanese consumer
v
credit provider, announced a pact with top Japanese
insurers to allow
premiums to be charged on their credit cards. That
pact helped move the stock
up by 19% in June.
The performance of the Fund was also affected by
the U.S. Dollar since
the Fund's investments were not hedged back to the
U.S. Dollar.
MUNDER MICRO-CAP EQUITY FUND
Fund Manager: The Munder Micro-Cap Fund Committee
The Fund generated a return of 26.81% for the
period from inception
(12/31/96) through June 30, 1997, relative to the
11.45% average return for
the Lipper universe of micro cap mutual funds. The
Fund, which began
operation in December 1996, has also earned above-
median returns for the
six-month time period ending June 30, 1997.
The weightings of the technology and service
sectors were increased
during the second quarter of 1997 to 24% and 20%,
respectively. This
contributed to the strong performance of the Fund.
Among the strongest
technology holdings were Inter-Tel, Great Plains
Software and Viasat. Ha-Lo
Industries and LCC International were star performers
in the services sector.
In addition to the technology and service
sectors, finance and
healthcare holdings made a significant contribution to
returns. Hamilton
Bancorp and Nitinol Medical Technologies were among
the strong performers
from these sectors. During the second quarter of 1997,
the Fund's holdings
were increasingly tilted toward growth stocks based on
stock selection and
valuation.
MUNDER MID-CAP GROWTH FUND
Fund Manager: The Munder Mid-Cap Growth Fund Committee
The Fund generated a return of 0.90% for the
year ended June 30, 1997,
relative to the 15.61% average return for the Lipper
universe of mid-cap
mutual funds. The results for the year were a
disappointment. However, we
believe that as the market is beginning to broaden we
will see continued
strength in smaller technology and healthcare stocks
indicating that
investors are looking beyond the larger cap names,
such as IBM, Coke and
Gillette. As this broadening continues, we anticipate
that the Fund will
benefit from its superior financial and valuation
characteristics.
Specifically, the current portfolio has a three-year
average annual growth
rate which is five times that of the S&P 500 Index
while trading at a minimal
valuation premium. In fact, the current valuation
premium is the lowest since
the Fund's inception.
MUNDER MULTI-SEASON GROWTH FUND
Fund Managers: Leonard J. Barr II, CFA and Lee Munder,
CFA
The Fund generated a return of 27.55% for the
year ended June 30, 1997,
relative to the 23.96% average return for the Lipper
universe of growth stock
mutual funds. The Fund has earned above-median returns
for the
three-month, six-month, one-year and two-year time
periods ended June 30,
1997. The Fund follows Munder Capital Management's
flagship Demonstrated
Growth at a Reasonable Price methodology, which
focuses on those
vi
companies that are consistent strong growing
companies, with strong
financials and positive investor sentiment. These
"good consistent growers"
are the types of companies that tend not to surprise
investors with negative
earnings reports. This consistency of earnings
ultimately leads over time to
higher price valuations and enhanced performance.
The best performing sectors for the Fund were
telecommunications,
consumer cyclicals and services. The best performing
stocks were Worldcom,
Pfizer and Mattel. All three stocks were up by more
than 40% during the
second quarter of 1997. The weaker sectors included
capital goods and basic
industries.
During the quarter ended June 30, 1997, we
increased the weighting of
consumer cyclicals and decreased the weightings of the
healthcare, energy and
consumer staples sectors. The Fund continues to show
favorable growth and
valuation characteristics. The median expected
earnings per share growth over
the next twelve months for the companies in the Fund
is 16%. This compares
favorably with the 8% estimated earnings growth for
the companies in the S&P
500 Index universe. This significantly higher
estimated growth comes at only
a small premium in price, as shown by the price to
earnings ratio of 20 for
the Fund, only slightly higher than the price to
earnings ratio of 16 for the
S&P 500 Index universe.
MUNDER REAL ESTATE EQUITY INVESTMENT FUND
Fund Manager: Peter K. Hoglund, CFA
The Fund generated a return of 23.11% for the
period from inception
(10/3/96) through June 30, 1997, relative to the
25.63% return for the NAREIT
Index (equity only) and the 24.29% average return for
the Lipper universe of
real estate mutual funds.
This is a portfolio of high quality REITs,
typically of greater
financial stability than those in REIT indices. For
the quarter ended June
30, 1997, the Fund underperformed both its Lipper and
NAREIT benchmarks, as
high quality, more liquid REITs declined sharply in
value in May. Holdings
reports show that competing REIT funds have taken
fairly large positions in
non-REIT stocks, increasing both their volatility and
their correlation with
the stock market. Given our commitment to higher
quality REIT holdings, the
Fund is likely to underperform these funds in strong
markets but show strong
relative performance in more negative market
environments. In fact this has
been borne out recently as the Fund has moved in July
1997 to above average
returns on a year to date basis as REIT stocks have
gained relatively.
Currently, REIT multiples relative to the S&P
500 Index are more
attractive than at any time in the last two years.
Given favorable valuations
and fundamentals, we anticipate continued steady,
solid performance over the
longer-term from our high quality names.
vii
MUNDER SMALL-CAP VALUE FUND
Fund Managers: Gerald L. Seizert, CFA and Edward O.
Eberle
The Fund earned a return of 19.85% for the
period from inception
(12/31/96) through June 30, 1997, relative to the
10.20% return for the
Russell 2000 Index and the 8.99% average return for
the Lipper universe of
small cap mutual funds. The Fund, which began
operation in December 1996, has
earned above-median returns for the six-month time
period ending June
30, 1997.
In a reversal of the first quarter of 1997,
value stocks lagged growth
stocks in the small cap segment of the stock market
during the second
quarter. The Russell 2000 Growth Index rose by 17.56%
for the seccond quarter
of 1997, while the Russell 2000 Value Index was up by
only 15.09%.
The consumer cyclicals, finance and technology
sectors were the primary
contributors to the Fund's performance during the
quarter ended June 30,
1997. Strength in consumer cyclicals was led by
several specialty retail
companies. With the decline in long-term interest
rates throughout the
quarter, several banks and specialty finance stocks
were strong performers
within the finance sector. Technology holdings
benefited from an improvement
in the earnings outlook for several companies
represented in the Fund.
Several healthcare companies also made a significant
contribution to
performance.
Throughout the second quarter of 1997,
weightings in the capital goods
and consumer cyclicals sectors were reduced by taking
profits in stocks that
had achieved our price objectives. Holdings in the
energy, bank/thrift and
specialty finance sectors were increased. We remain
confident in our small
cap value discipline and believe that there are still
many good values in the
small cap segment of the market.
MUNDER SMALL COMPANY GROWTH FUND
Fund Managers: Carl P. Wilk and Michael Gura
The Fund generated a return of 18.93% for the
year ended June 30, 1997,
compared to the 13.71% average return for the Lipper
universe of small cap
mutual funds. The Fund has earned above-median returns
for the
three-month, nine-month, one-year, two-year, three-
year, five- year and
ten-year time periods ended June 30, 1997.
The Russell 2000 Index, a widely used benchmark
for small company
stocks, posted its best quarterly performance since
the first quarter of 1991
for both growth and value stocks for the second
quarter of 1997. The overall
Index rose 16.21% for the quarter, with the Russell
2000 Growth Index up by
17.6% and the Russell 2000 Value Index up by 15.1%.
Despite a difficult first
quarter for small cap growth stocks, the Fund was up
9.64% for the six-month
period ended June 30, 1997, handily beating the
Russell 2000 Growth Index
which was up only 5.2% for the same period.
viii
MUNDER VALUE FUND
Fund Managers: Gerald L. Seizert, CFA and Edward O.
Eberle
The Fund exhibited a return of 34.37% for the
year ended June 30, 1997,
relative to the 28.07% average return for the Lipper
universe of growth &
income funds. (There is no Lipper universe
representing value funds. The
growth & income universe is closest to the Fund in
terms of investment
characteristics.) The Fund has earned above-median
returns for the
three-month, nine-month and one-year time periods
ending June 30, 1997.
Good performance from holdings in the capital
goods, consumer
cyclicals, energy and finance sectors helped boost the
Fund's return during
the second quarter of 1997. Weaker sectors included
REITs, utilities,
transportation and technology. Since holdings of REITs
were decreased
throughout the second quarter of 1997, the negative
impact was significantly
reduced.
The broad market has continued to prefer large
capitalization, stable
growth stocks with little concern for valuation. In
this type of market,
value styles will tend to show relative
underperformance. Rather than chasing
the current hot sectors, we have held steady to our
discipline and continue
to find better value ideas in the mid cap rather than
the large cap sectors
of the market.
Exposure to the technology sector has been
gradually reduced. We
believe that the usual summer slowdown and uncertainty
over the strength of
demand for personal computers will provide good buying
opportunities in the
technology sector in the future. Weightings in the
consumer staples,
healthcare and consumer cyclicals sectors were
increased. We remain
overweighted in finance, with an increase in specialty
finance and insurance
holdings.
MUNDER FRAMLINGTON EMERGING MARKETS FUND
Fund Managers: Simon Key and William Calvert
The Fund earned a return of 28.69% for the
period from inception
(1/10/97) through June 30, 1997, relative to the
18.00% return for the MSCI
Emerging Markets Index and the 21.00% average return
for the Lipper universe
of emerging markets stock mutual funds. The Fund has
earned an
above-median return for the three-month period ending
June 30, 1997 and has
outperformed the Morgan Stanley Emerging Markets Index
for the same time
period.
The two strongest markets within the emerging
markets universe have
been South American and Chinese-related stocks. The
world's attention was
focused on Hong Kong at the end of the seond quarter
of 1997 as the island
city was handed back to Chinese rule. We remain
bullish on the economic
prospects for China. Even though there is uncertainty
surrounding the
political future of Hong Kong, we continue to believe
that the Chinese
economy will benefit from the increased visibility and
access to capital
that Hong Kong provides. Our Chinese stocks which
trade on the Hong Kong
Exchange have appreciated by 63.5% for the six-month
period ended June 30,
1997 and by 49.8% over the quarter ended June 30,
1997. We have slightly
reduced our exposure to China but retain an 8% target
allocation.
ix
All of the major countries in Latin and South
America had favorable
stock markets during the second quarter of 1997, with
strong returns from
Brazil (37%), Peru (29%), Mexico (20%), Chile (15%),
and Argentina (13%). In
this region, the Fund has been investing in both
infrastructure companies,
such as telecommunications and construction, and in
domestic consumer demand
companies, such as retail, food and beverages. We
believe that, as the area
continues to develop and as domestic income rises,
these types of companies
will experience near-term benefits. Over the course of
the second quarter of
1997, our weighting in this region was increased from
34.54% to 40.43%, and
we remain positive about its economic prospects. At
current price levels,
however, stocks in South America are beginning to look
fully valued.
Therefore, we do not anticipate adding further
holdings to our portfolio at
the current time.
We have repositioned the Fund slightly in other
areas. The weightings
in Malaysia and Thailand were reduced during the
second quarter of 1997, and
we have almost eliminated our allocation to Eastern
Europe, with the
exception of Russia. With the funds generated from
these reduced allocations,
we have diversified the portfolio into other, faster
growing markets such as
India, Egypt, and Venezuela. In addition, we are in
the process of investing
in some "frontier" markets, those which are newly
developed and which we
believe offer outstanding potential, such as Russia.
MUNDER FRAMLINGTON HEALTHCARE FUND
Fund Manager: Antony Milford
The Fund earned a return of 15.24% for the
period from inception
(4/1/97) through June 30, 1997 compared to the 15.76%
average return for the
Lipper universe of health/biotechnology mutual funds.
The S&P Healthcare
Index, which represents larger cap healthcare stocks,
had a 25.82% return.
The general healthcare sector significantly
outperformed the S&P 500
Index in the second quarter of 1997. The smaller
healthcare companies lagged
the larger companies at the beginning of the second
quarter of 1997, but began
to rally in May and June. One of the strongest sectors
was medical services.
Once Congress made public certain Medicare and
Medicaid proposals, companies
in this sector could resume budget planning. We have
been adding some quality
managed care names and specialized service providers
to the portfolio. The
weakest segment for the Fund was biotechnology, where
there were some
earnings and product development disappointments. We
adhere to our sell
discipline, triggered by product or earnings
disappointments. For that
reason, we sold several stocks during the second
quarter, including Boston
Scientific, Medic Computer Systems, and Liposome.
x
At the end of the second quarter of 1997, the
Fund's portfolio was
composed of approximately 19% biotechnology stocks,
25% medical devices
stocks, 26% drugs and drug delivery stocks, and 30%
medical services stocks.
Our investment philosophy is to buy the stocks of
companies which we believe
are creating innovative products or processes,
preferably early in the
company's development. We then hold on to the shares
as the new products
are brought to market. This means that we participate
fully in the growth of
the company. However, it also means that the Fund is
vulnerable to volatility
in the small cap sector when those stocks are out of
favor.
MUNDER FRAMLINGTON INTERNATIONAL GROWTH FUND
Fund Manager: The Munder Framlington International
Growth Fund Committee,
headed by Simon Key
The Fund earned a return of 14.99% for the
period from inception
(1/10/97) through June 30, 1997, relative to the
11.36% return for the Morgan
Stanley EAFE Index and the 12.53% average return for
the Lipper universe of
international equity mutual funds. The Fund has earned
an above-median
return for the three-month time period ending June 30,
1997.
The Nikkei 225 Index, after a prolonged period
of underperformance
relative to the U.S. and Europe, rose 19.9% in U.S.
dollar terms during the
second quarter of 1997. The major European markets
initially lagged the
Japanese market. However, weakening currencies renewed
hopes for economic
expansion and fueled growth in European stock markets
in June. The Fund
benefited from both of these occurrences. The Fund's
Japanese allocation had
been raised toward the end of March and therefore it
participated fully in
that country's rally. Our investments in Japanese
domestic consumer goods
companies and specialty exporters were especially
strong performers.
Increasing investor confidence and upward
revisions in consensus
estimates for the Japanese economy were behind its
recent stock market surge.
Since the market has absorbed the good economic news,
the probability of
strong performance is now lower. Although valuations
are still good, trading
volume has fallen and the Japanese market appears to
be narrowing. All of
these factors caused us to lower our target allocation
in Japan at the
beginning of July from 32% (neutral versus the EAFE
Index) to 30%
(underweighted versus the EAFE Index).
We are also underweighted in the U.K. (16.5%
versus 18.7% for the EAFE
Index) and neutral in Continental Europe (39.7%). The
U.K. has slightly
underperformed the other European markets due to
concern over the possibility
of rising interest rates. Finally, the Fund is
overweighted in the emerging
markets (9.0% versus 2.0% for the EAFE Index). We
believe that the emerging
markets remain one of the best investment
opportunities today in terms of
growth potential and valuation.
xi
Fixed Income Funds Overview
Interest rates fell sharply in the second
quarter of 1997 as economic
growth slowed and investors' fears of additional
tightening of monetary
policy receded. Market volatility declined to the
lowest levels seen in the
last six years, allowing mortgages to outperform on a
relative basis.
Corporate bonds continued to exhibit solid relative
performance, even though
lower interest rates brought about increased corporate
debt supply. Overall,
the strong performance in the second quarter almost
offset the negative
results of the first quarter. The net result was a
2.74% return for the
six-months ended June 30, 1997 for the Lehman Brothers
Government/ Corporate
Bond Index.
Current yields in the bond market appear to be
discounting continued
good news on the economic front, including moderate
growth, high corporate
profits and low inflation. The risks to the market are
that any of these
conditions reverse. By maintaining a similar duration
to their benchmarks,
Munder portfolios do not assume interest rate risk
relative to their
benchmarks. Corporate holdings are concentrated in
high quality intermediate
maturities which offer adequate yield and will
outperform lower quality and/or
longer maturity bonds if yield differentials between
corporate bonds and
Treasuries narrow. The weighting of mortgage-related
securities remains at
20% to 25%.
MUNDER BOND FUND
Fund Managers: James C. Robinson and Gregory A. Prost,
CFA
The Fund generated a return of 6.72% for the
year ended June 30, 1997,
compared to the 7.69% average return for the Lipper
universe of corporate
debt A rated funds and a 7.75% return for the Lehman
Government/Corporate
Bond Index.
The primary reason for the underperformance of
the Fund relative to its
Lipper universe is the Fund's focus on high-quality
bonds and its
underweighting in lower quality corporate bonds. With
the yield differential
between lower quality corporate bonds and Treasuries
as narrow as it
currently is, we do not believe that investors are
adequately rewarded for
the downside risk associated with lower quality
securities.
MUNDER INTERMEDIATE BOND FUND
Fund Manager: Anne K. Kennedy
The Fund generated a return of 6.34% for the
year ended June 30, 1997,
relative to the 7.22% return for the Lehman
Intermediate Government/Corporate
Bond Index and a 6.63% average return for the Lipper
universe of short
intermediate investment grade debt funds. The Fund has
earned an
above-median return for the three-month time period
ending June 30, 1997.
The portfolio's duration, (its price sensitivity
to changes in interest
rates), is similar to that of the Lehman Intermediate
Government/Corporate
Bond Index. This Index, and therefore the Fund, has a
longer duration
(greater sensitivity to changes in rates) than the
average fund in the Lipper
universe. This helps the performance of the Fund
relative to the Lipper
universe in strong markets characterized by rising
bond prices and falling
rates. This was the type of market experienced during
the second quarter of
1997, but of course the rate increase in the first
quarter had a negative
effect on the Fund's performance at that time.
xii
MUNDER INTERNATIONAL BOND FUND
Fund Managers: Sharon E. Fayolle and Gregory A. Prost,
CFA
The Fund earned a return of 3.04% for the period
from inception
(3/24/97) through June 30, 1997, relative to the 2.82%
return for the Salomon
Brothers Non-U.S. $ World Government Bond Index and
the 2.46% average return
for the Lipper universe of international income funds.
The biggest driver of performance was the
Japanese yen which rallied
sharply against the U.S. dollar. Signs of economic
strength in Japan led to
speculation about increases in Japanese interest
rates. This, combined with
political rhetoric addressing concerns over yen
weakness, helped spark the
rally. The yen rose by over 8% relative to the U.S.
dollar, with most of the
increase occurring in May.
In Europe, the high-yielding markets of Italy,
Spain and Sweden saw
excellent performance as their yields continued to
narrow relative to
Germany. The European Economic and Monetary Union
(EMU) hit some speed bumps
during the second quarter of 1997, with the Socialist
election victory in
France and the political wrangling between the German
government and the
Bundesbank (German central bank) over strict entry
requirements to the EMU.
Nonetheless, the markets continue to price the high
yield bonds as if EMU
will take place on time and with their inclusion.
The Fund is presently positioned to take
advantage of any breakdown in
progress toward European unity by being underweighted
in Spain and Italy in
favor of Germany. We remain overweighted in the dollar
bloc countries
(Canada, Australia and the United Kingdom) which
continue to attract foreign
capital due to their relatively high yields and strong
currencies. The Fund
has a neutral position in Japan.
MUNDER U.S. GOVERNMENT INCOME FUND
Fund Manager: Peter G. Root
The Fund exhibited a return of 7.49% for the
year ended June 30, 1997,
relative to the 7.40% return for the Lehman Government
Bond Index and a 7.01%
average return for the Lipper universe of general U.S.
government funds. The
Fund has earned above-median returns since inception.
The Fund continues to benefit from its holdings
of mortgage-related
securities guaranteed by the U.S. government. The
Fund's specific holdings of
these bonds show particularly strong performance in an
environment of falling
interest rates, as we saw during the second quarter of
1997.
xiii
MUNDER MICHIGAN TRIPLE TAX-FREE BOND FUND
Fund Manager: Talmadge D. Gunn
The Michigan Triple Tax-Free Bond Fund earned a
return of 8.00% for the
year ended June 30, 1997, relative to the 7.61%
average return for the Lipper
universe of Michigan municipal debt funds. The Fund
has earned
above-median returns for the three-month, six-month,
nine-month and one-year
time periods ending June 30, 1997.
In an environment in which investors were
focused on yield rather than
quality, the high quality nature of the Fund was a
negative for performance.
This was more than offset, for both the quarter and
the year ended June 30,
1997, by the positive impact of the longer average
maturity of the Fund
relative to its Lipper universe. During the second
quarter of 1997, there was
an increase in the supply of Michigan paper, creating
a less favorable supply
and demand balance in Michigan compared to the
national markets. This caused
Michigan funds to lag somewhat relative to national
benchmarks.
MUNDER TAX-FREE BOND FUND
Fund Manager: Talmadge D. Gunn
The Munder Tax-Free Bond Fund earned a return of
7.13% for the year
ended June 30, 1997, compared to the 7.81% average
return for the Lipper
universe of general municipal debt funds. The Fund has
earned
above-median returns for the three-month and six-
month time periods ending
June 30, 1997.
Investors were aggressively seeking yield in the
second quarter and
were therefore more focused on income than quality.
This caused the yield
differentials between quality tiers to narrow and led
to higher performance
for lower quality securities. In addition, the
modestly shorter average
maturity of the Fund held back returns in June. For
the second quarter of
1997 as a whole, however, the Fund's maturity
structure contributed
positively to performance, offsetting the lack of
lower quality holdings.
xiv
MUNDER TAX-FREE INTERMEDIATE BOND FUND
Fund Manager: Talmadge D. Gunn
The Fund earned a return of 5.04% for the year
ended June 30, 1997,
relative to the 6.55% average return for the Lipper
universe of intermediate
municipal debt funds. The performance of intermediate
securities lagged that
of longer-term securities for both the month of June
and the second quarter.
In addition, lower quality securities tended to
outperform higher quality
paper during the quarter ended June 30, 1997. In
general, the Fund has a
shorter maturity than the average fund in the Lipper
intermediate municipal
debt fund universe, and has a greater percentage of
defensive securities with
both higher quality and higher coupon characteristics.
These factors caused
the returns of the Fund to lag the returns of the
Lipper intermediate
municipal debt fund universe.
MUNDER SHORT TERM TREASURY FUND
Fund Manager: Sharon F. Fayolle
The Fund exhibited a return of 1.78% for the
period from inception
(4/25/97) through June 30, 1997, relative to the 1.95%
return for the Merrill
Lynch 0-3 Year Treasury Index and a 2.19% average
return for the Lipper
universe of short-term U.S. Treasury funds. A primary
goal of the Fund is to
provide higher returns than money market funds with
minimal price volatility.
This goal was achieved during the second the quarter
of 1997, with the Fund
generating a 1.84% return relative to the 1.21%
average return for the Lipper
universe of money market funds.
The Fund's duration (price sensitivity to
changes in interest rates) is
similar to that of the Merrill Lynch 0-3 Year Treasury
Index. This Index
currently has a duration of 1.3 years. This Index, and
therefore the Fund,
tends to have a shorter duration than the Lipper
universe of short U.S.
Treasury funds. As a result, the Fund will lag
relative to its Lipper
universe in strong markets like that experienced in
the second quarter of
1997. Its defensive nature, however, offers investors
downside protection in
more negative bond market environments characterized
by rising rates and
falling prices.
xv
[This Page Intentionally
Left Blank.]
xvi
Hypotheticals and Total Returns
The following graphs represent the performance of the
Funds since inception,
which includes a period of time when the Funds were
managed by Munder Capital
Management (approximately twenty-nine months) and a
period of time when the
Funds were managed by the predecessor. The Lipper
mutual fund averages were
derived from a universe of only those mutual funds
that were in existence as
of the inception date of the Funds and are comprised
of mutual funds which
are categorized under the Funds' respective objectives
by Lipper Analytical
Services, Inc.
Accelerating Growth Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000
Initial Investment
[ Performance Chart ]
<TABLE>
<CAPTION>
Class K S&P 500 Lipper
Growth Funds Average
------- ------- ---------
- ------------------
<S> <C> <C> <C>
11/23/92 $ 10,000.00 $10,000.00
$10,000.00
11/30/92 $ 10,187.00 $10,000.00
$10,000.00
12/31/92 $ 10,511.00 $10,123.00
$10,177.93
1/31/93 $ 10,665.00 $10,207.00
$10,310.25
2/28/93 $ 10,543.00 $10,346.00
$10,154.64
3/31/93 $ 11,128.00 $10,564.00
$10,444.00
4/30/93 $ 10,610.00 $10,309.00
$10,125.00
5/31/93 $ 11,151.00 $10,584.00
$10,502.00
6/30/93 $ 11,291.00 $10,615.00
$10,533.00
7/31/93 $ 11,344.00 $10,572.00
$10,498.00
8/31/93 $ 12,035.00 $10,973.00
$10,948.00
9/30/93 $ 12,244.00 $10,888.00
$10,055.00
10/31/93 $ 12,343.00 $11,114.00
$11,203.00
11/30/93 $ 11,749.00 $11,008.00
$10,996.00
12/31/93 $ 12,343.00 $11,141.00
$11,303.00
1/31/94 $ 12,592.00 $11,519.00
$11,667.00
2/28/94 $ 12,440.00 $11,207.00
$11,477.00
3/31/94 $ 11,702.00 $10,719.00
$10,939.00
4/30/94 $ 11,577.00 $10,856.00
$10,989.00
5/31/94 $ 11,257.00 $11,034.00
$11,045.00
6/30/94 $ 10,545.00 $10,764.00
$10,679.00
7/31/94 $ 10,901.00 $11,117.00
$10,962.00
8/31/94 $ 11,435.00 $11,572.00
$11,468.00
9/30/94 $ 11,257.00 $11,289.00
$11,246.00
10/31/94 $ 11,755.00 $11,542.00
$11,428.00
11/30/94 $ 11,097.00 $11,122.00
$11,002.00
12/31/94 $ 11,309.00 $11,287.00
$11,105.00
1/31/95 $ 11,190.00 $11,580.00
$11,183.00
2/28/95 $ 11,638.00 $12,030.00
$11,620.00
3/31/95 $ 12,031.00 $12,385.00
$11,948.00
4/30/95 $ 12,095.00 $12,749.00
$12,212.00
5/31/95 $ 12,507.00 $13,258.00
$12,590.00
6/30/95 $ 13,549.00 $13,565.00
$13,122.00
7/31/95 $ 14,564.00 $14,015.00
$13,747.00
8/31/95 $ 14,710.00 $14,050.00
$13,856.00
9/30/95 $ 15,048.00 $14,643.00
$14,264.00
10/31/95 $ 14,408.00 $14,590.00
$14,055.00
11/30/95 $ 14,609.00 $15,230.00
$14,556.00
12/31/95 $ 14,219.00 $15,523.00
$14,626.00
1/31/96 $ 14,661.00 $16,051.00
$14,947.00
2/29/96 $ 15,360.00 $16,201.00
$15,273.00
3/31/96 $ 15,726.00 $16,356.00
$15,411.00
4/30/96 $ 16,383.00 $16,597.00
$15,881.00
5/31/96 $ 17,018.00 $17,023.00
$16,279.00
6/30/96 $ 16,534.00 $17,090.00
$16,065.00
7/31/96 $ 14,908.00 $16,335.00
$15,136.00
8/30/96 $ 15,468.00 $16,680.00
$15,644.00
9/30/96 $ 16,674.00 $17,618.00
$16,523.00
10/31/96 $ 16,254.00 $18,104.00
$16,688.00
11/30/96 $ 16,545.00 $19,471.00
$17,714.00
12/31/96 $ 16,047.00 $19,085.00
$17,465.00
1/31/97 $ 16,952.00 $20,277.00
$18,371.00
2/28/97 $ 16,083.00 $20,436.00
$18,145.00
3/31/97 $ 14,809.00 $19,598.00
$17,344.00
4/30/97 $ 15,035.00 $20,767.00
$18,010.00
5/31/97 $ 16,511.00 $22,037.00
$19,296.00
6/30/97 $ 17,333.00 $23,016.00
$20,055.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
AVERAGE ANNUAL TOTAL RETURNS
------------------------------------------
- ----------------------------
Accelerating Lipper Growth
One Since
Growth Fund S&P 500 Funds Average
Year Inception
------------ ------- -------------
- ---- ---------
<S> <C> <C> <C>
<C> <C>
Class K $17,333.00 $23,016.00 $20,055.00
4.83% 12.69%
<FN>
All figures cited here represent past performance and
do not
guarantee future results. Investment return and
principal value of
an investment will fluctuate so that, an investor's
shares, upon
redemption, may be worth more or less than original
cost.
Average annual total returns are historical in nature
and measure
net investment income and capital gain or loss from
portfolio
investments assuming reinvestment of dividends.
Figures for the S&P 500, an unmanaged index of common
stock
prices, include reinvestment of dividends.
</FN>
</TABLE>
xvii
Balanced Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000
Initial Investment
[ Performance Chart ]
<TABLE>
<CAPTION>
60% S&P 500/
Class K S&P 500
40% Lehman Gov't/Corp. Lipper Balanced Funds Average
------- -------
- -------------------- -----------------------------
<S> <C> <C>
<C> <C>
4/16/93 $ 10,000.00 $ 10,000.00
$ 10,000.00 $ 10,000.00
4/30/93 $ 9,890.00 $ 10,000.00
$ 10,000.00 $ 10,157.00
5/31/93 $ 10,030.00 $ 10,267.00
$ 10,158.00 $ 10,273.00
6/30/93 $ 10,100.00 $ 10,297.00
$ 10,267.00 $ 10,294.00
7/31/93 $ 10,092.00 $ 10,255.00
$ 10,268.00 $ 10,602.00
8/31/93 $ 10,384.00 $ 10,644.00
$ 10,595.00 $ 10,638.00
9/30/93 $ 10,434.00 $ 10,562.00
$ 10,561.00 $ 10,739.00
10/31/93 $ 10,475.00 $ 10,780.00
$ 10,709.00 $ 10,589.00
11/30/93 $ 10,222.00 $ 10,678.00
$ 10,600.00 $ 10,774.00
12/31/93 $ 10,516.00 $ 10,807.00
$ 10,696.00 $ 11,033.00
1/31/94 $ 10,685.00 $ 11,174.00
$ 10,979.00 $ 10,822.00
2/28/94 $ 10,503.00 $ 10,871.00
$ 10,704.00 $ 10,422.00
3/31/94 $ 10,046.00 $ 10,398.00
$ 10,318.00 $ 10,440.00
4/30/94 $ 9,990.00 $ 10,531.00
$ 10,364.00 $ 10,483.00
5/31/94 $ 9,909.00 $ 10,703.00
$ 10,460.00 $ 10,291.00
6/30/94 $ 9,593.00 $ 10,441.00
$ 10,294.00 $ 10,522.00
7/31/94 $ 9,781.00 $ 10,784.00
$ 10,580.00 $ 10,794.00
8/31/94 $ 10,067.00 $ 11,225.00
$ 10,846.00 $ 10,593.00
9/30/94 $ 9,954.00 $ 10,950.00
$ 10,619.00 $ 10,650.00
10/31/94 $ 10,097.00 $ 11,196.00
$ 10,762.00 $ 10,390.00
11/30/94 $ 9,809.00 $ 10,789.00
$ 10,510.00 $ 10,489.00
12/31/94 $ 9,947.00 $ 10,949.00
$ 10,633.00 $ 10,626.00
1/31/95 $ 9,999.00 $ 11,232.00
$ 10,881.00 $ 10,952.00
2/28/95 $ 10,298.00 $ 11,670.00
$ 11,240.00 $ 11,149.00
3/31/95 $ 10,486.00 $ 12,013.00
$ 11,474.00 $ 11,346.00
4/30/95 $ 10,590.00 $ 12,367.00
$ 11,746.00 $ 11,719.00
5/31/95 $ 10,932.00 $ 12,861.00
$ 12,223.00 $ 11,959.00
6/30/95 $ 11,259.00 $ 13,159.00
$ 12,438.00 $ 12,240.00
7/31/95 $ 11,604.00 $ 13,595.00
$ 12,682.00 $ 12,343.00
8/31/95 $ 11,667.00 $ 13,629.00
$ 12,761.00 $ 12,622.00
9/30/95 $ 11,968.00 $ 14,204.00
$ 13,152.00 $ 12,585.00
10/31/95 $ 11,915.00 $ 14,153.00
$ 13,190.00 $ 12,974.00
11/30/95 $ 12,262.00 $ 14,773.00
$ 13,639.00 $ 13,144.00
12/31/95 $ 12,272.00 $ 15,058.00
$ 13,881.00 $ 13,383.00
1/31/96 $ 12,558.00 $ 15,570.00
$ 14,218.00 $ 13,436.00
2/29/96 $ 12,695.00 $ 15,715.00
$ 14,201.00 $ 13,487.00
3/31/96 $ 12,759.00 $ 15,866.00
$ 14,252.00 $ 13,631.00
4/30/96 $ 12,939.00 $ 16,100.00
$ 14,360.00 $ 13,800.00
5/31/96 $ 13,152.00 $ 16,514.00
$ 14,601.00 $ 13,811.00
6/30/96 $ 13,193.00 $ 16,577.00
$ 14,701.00 $ 13,415.00
7/31/96 $ 12,681.00 $ 15,845.00
$ 14,273.00 $ 13,663.00
8/30/96 $ 12,905.00 $ 16,180.00
$ 14,462.00 $ 14,171.00
9/30/96 $ 13,553.00 $ 17,090.00
$ 15,092.00 $ 14,436.00
10/31/96 $ 13,650.00 $ 17,561.00
$ 15,488.00 $ 15,098.00
11/30/96 $ 14,121.00 $ 18,887.00
$ 16,375.00 $ 14,934.00
12/31/96 $ 13,817.00 $ 18,513.00
$ 16,094.00 $ 15,366.00
1/31/97 $ 14,135.00 $ 19,669.00
$ 16,794.00 $ 15,374.00
2/28/97 $ 13,999.00 $ 19,824.00
$ 16,897.00 $ 14,937.00
3/31/97 $ 13,493.00 $ 19,011.00
$ 16,350.00 $ 15,361.00
4/30/97 $ 13,882.00 $ 20,144.00
$ 17,102.00 $ 16,047.00
5/31/97 $ 14,569.00 $ 21,376.00
$ 17,888.00 $ 16,529.00
6/30/97 $ 14,992.00 $ 22,326.00
$ 18,519.00 $ 16,430.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000
INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
-------------------------------------------
- ------------------- ----------------------------
60% S&P 500/
40% Lehman
Lipper Balanced One Since
Balanced Fund S&P 500 Gov't/Corp.
Funds Average Year Inception
------------ ---------- ------------
- - --------------- ------- ---------
<S> <C> <C> <C>
<C> <C> <C>
Class K $14,992.00 $22,326.00 $18,519.00
$16,430.00 13.64% 10.11%
</TABLE>
Growth & Income Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000
Initial Investment
[ Performance Chart ]
<TABLE>
<CAPTION>
Class K S&P 500 Lipper
Equity Income Funds Average
------- ------- ----------
- ------------------------
<S> <C> <C> <C>
7/5/94 $ 10,000.00 $ 10,000.00 $
10,000.00
7/31/94 $ 10,090.00 $ 10,328.00 $
10,263.00
8/31/94 $ 10,190.00 $ 10,750.00 $
10,591.00
9/30/94 $ 10,130.00 $ 10,487.00 $
10,400.00
10/31/94 $ 10,154.00 $ 10,723.00 $
10,459.00
11/30/94 $ 9,902.00 $ 10,333.00 $
10,058.00
12/31/94 $ 9,944.00 $ 10,486.00 $
10,131.00
1/31/95 $ 10,239.00 $ 10,757.00 $
10,323.00
2/28/95 $ 10,594.00 $ 11,176.00 $
10,654.00
3/31/95 $ 10,796.00 $ 11,506.00 $
10,909.00
4/30/95 $ 11,052.00 $ 11,844.00 $
11,156.00
5/31/95 $ 11,442.00 $ 12,317.00 $
11,491.00
6/30/95 $ 11,502.00 $ 12,602.00 $
11,643.00
7/31/95 $ 11,657.00 $ 13,020.00 $
11,970.00
8/31/95 $ 11,709.00 $ 13,053.00 $
12,102.00
9/30/95 $ 12,221.00 $ 13,603.00 $
12,501.00
10/31/95 $ 12,242.00 $ 13,555.00 $
12,363.00
11/30/95 $ 12,825.00 $ 14,149.00 $
12,890.00
12/31/95 $ 13,321.00 $ 14,422.00 $
13,209.00
1/31/96 $ 13,648.00 $ 14,912.00 $
13,516.00
2/29/96 $ 13,606.00 $ 15,051.00 $
13,635.00
3/31/96 $ 13,750.00 $ 15,195.00 $
13,818.00
4/30/96 $ 13,633.00 $ 15,419.00 $
13,987.00
5/31/96 $ 13,782.00 $ 15,816.00 $
14,213.00
6/30/96 $ 13,914.00 $ 15,877.00 $
14,232.00
7/31/96 $ 13,445.00 $ 15,176.00 $
13,709.00
8/30/96 $ 13,765.00 $ 15,497.00 $
14,065.00
9/30/96 $ 14,322.00 $ 16,368.00 $
14,601.00
10/31/96 $ 14,740.00 $ 16,819.00 $
14,932.00
11/30/96 $ 15,577.00 $ 18,089.00 $
15,777.00
12/31/96 $ 15,433.00 $ 17,731.00 $
15,693.00
1/31/97 $ 16,000.00 $ 18,838.00 $
16,285.00
2/28/97 $ 16,325.00 $ 18,986.00 $
16,464.00
3/31/97 $ 15,884.00 $ 18,208.00 $
15,954.00
4/30/97 $ 16,350.00 $ 19,294.00 $
16,421.00
5/31/97 $ 17,188.00 $ 20,473.00 $
17,372.00
6/30/97 $ 17,826.00 $ 21,383.00 $
18,016.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
AVERAGE ANNUAL TOTAL RETURNS
------------------------------------------
- ---- ----------------------------
Lipper
Equity
Growth & Income
Funds One Since
Income Fund S&P 500
Average Year Inception
----------- ------- ---------
- ---- ---- ---------
<S> <C> <C> <C>
<C> <C>
Class K $17,826.00 $21,383.00 $18,015.82
28.12% 21.36%
<FN>
Please refer to the preceding and following pages for
additional information
on performance and index description.
</FN>
</TABLE>
xviii
Index 500 Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000
Initial Investment
[ Performance Chart ]
<TABLE>
<CAPTION>
Class K S&P 500 Lipper S&P
500 Funds Average
------- ------- -----------
- -----------------
<S> <C> <C> <C>
12/7/92 $ 10,000.00 $ 10,000.00 $
10,000.00
12/31/92 $ 10,017.00 $ 10,122.00 $
10,120.00
1/31/93 $ 10,109.00 $ 10,207.00 $
10,198.00
2/28/93 $ 10,243.00 $ 10,346.00 $
10,335.00
3/31/93 $ 10,457.00 $ 10,564.00 $
10,550.00
4/30/93 $ 10,201.00 $ 10,309.00 $
10,288.00
5/31/93 $ 10,470.00 $ 10,584.00 $
10,557.00
6/30/93 $ 10,497.00 $ 10,615.00 $
10,582.00
7/31/93 $ 10,450.00 $ 10,572.00 $
10,535.00
8/31/93 $ 10,839.00 $ 10,972.00 $
10,927.00
9/30/93 $ 10,757.00 $ 10,888.00 $
10,843.00
10/31/93 $ 10,980.00 $ 11,113.00 $
11,063.00
11/30/93 $ 10,870.00 $ 11,007.00 $
10,953.00
12/31/93 $ 10,998.00 $ 11,140.00 $
11,082.00
1/31/94 $ 11,371.00 $ 11,519.00 $
11,451.00
2/28/94 $ 11,050.00 $ 11,206.00 $
11,132.00
3/31/94 $ 10,574.00 $ 10,718.00 $
10,646.00
4/30/94 $ 10,698.00 $ 10,856.00 $
10,782.00
5/31/94 $ 10,864.00 $ 11,033.00 $
10,953.00
6/30/94 $ 10,597.00 $ 10,763.00 $
10,682.00
7/31/94 $ 10,936.00 $ 11,116.00 $
11,028.00
8/31/94 $ 11,372.00 $ 11,571.00 $
11,472.00
9/30/94 $ 11,084.00 $ 11,288.00 $
11,189.00
10/31/94 $ 11,338.00 $ 11,542.00 $
11,438.00
11/30/94 $ 10,928.00 $ 11,122.00 $
11,021.00
12/31/94 $ 11,089.00 $ 11,287.00 $
11,181.00
1/31/95 $ 11,365.00 $ 11,579.00 $
11,468.00
2/28/95 $ 11,813.00 $ 12,030.00 $
11,909.00
3/31/95 $ 12,154.00 $ 12,384.00 $
12,254.00
4/30/95 $ 12,508.00 $ 12,749.00 $
12,609.00
5/31/95 $ 12,997.00 $ 13,257.00 $
13,104.00
6/30/95 $ 13,288.00 $ 13,565.00 $
13,402.00
7/31/95 $ 13,731.00 $ 14,015.00 $
13,839.00
8/31/95 $ 13,760.00 $ 14,050.00 $
13,871.00
9/30/95 $ 14,331.00 $ 14,642.00 $
14,448.00
10/31/95 $ 14,283.00 $ 14,590.00 $
14,396.00
11/30/95 $ 14,902.00 $ 15,230.00 $
15,021.00
12/31/95 $ 15,187.00 $ 15,523.00 $
15,303.00
1/31/96 $ 15,697.00 $ 16,051.00 $
15,816.00
2/29/96 $ 15,809.00 $ 16,200.00 $
15,955.00
3/31/96 $ 15,961.00 $ 16,356.00 $
16,110.00
4/30/96 $ 16,197.00 $ 16,597.00 $
16,343.00
5/31/96 $ 16,597.00 $ 17,024.00 $
16,759.00
6/30/96 $ 16,660.00 $ 17,089.00 $
16,822.00
7/31/96 $ 15,928.00 $ 16,335.00 $
16,076.00
8/30/96 $ 16,248.00 $ 16,680.00 $
16,407.00
9/30/96 $ 17,154.00 $ 17,618.00 $
17,323.00
10/31/96 $ 17,630.00 $ 18,104.00 $
17,798.00
11/30/96 $ 18,935.00 $ 19,471.00 $
19,130.00
12/31/96 $ 18,550.00 $ 19,085.00 $
18,747.00
1/31/97 $ 19,681.00 $ 20,277.00 $
19,906.00
2/28/97 $ 19,828.00 $ 20,436.00 $
20,057.00
3/31/97 $ 18,993.00 $ 19,598.00 $
19,226.00
4/30/97 $ 20,117.00 $ 20,767.00 $
20,364.00
5/31/97 $ 21,337.00 $ 22,037.00 $
21,594.00
6/30/97 $ 22,290.00 $ 23,016.00 $
22,555.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
AVERAGE ANNUAL TOTAL RETURNS
------------------------------------------
- ----------------------------
Lipper
S&P 500
One Since
Index 500 S&P 500 Funds Average
Year Inception
--------- ------- -------------
- ---- ---------
<S> <C> <C> <C>
<C> <C>
Class K $22,290.00 $23,016.36 $22,555.00
33.79% 19.20%
</TABLE>
International Equity
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000
Initial Investment
[ Performance Chart ]
<TABLE>
<CAPTION>
FT/S&P Actuaries
Lipper International
Class K World Index ex U.S.
Funds Average
------- -------------------
- --------------------
<S> <C> <C> <C>
11/23/92 $ 10,000.00 $ 10,000.00
$ 10,000.00
11/30/92 $ 10,134.00 $ 10,000.00
$ 10,000.00
12/31/92 $ 10,172.00 $ 10,031.43
$ 10,132.00
1/31/93 $ 10,044.00 $ 10,035.08
$ 10,172.00
2/28/93 $ 10,296.00 $ 10,375.68
$ 10,412.00
3/31/93 $ 10,634.00 $ 11,294.40
$ 11,013.00
4/30/93 $ 10,847.00 $ 12,340.30
$ 10,571.00
5/31/93 $ 11,050.00 $ 12,685.28
$ 11,819.00
6/30/93 $ 10,963.00 $ 12,374.65
$ 11,576.00
7/31/93 $ 11,331.00 $ 12,926.47
$ 11,929.00
8/31/93 $ 11,979.00 $ 13,534.57
$ 12,658.00
9/30/93 $ 11,882.00 $ 13,170.59
$ 12,575.00
10/31/93 $ 12,637.00 $ 13,522.88
$ 13,144.00
11/30/93 $ 12,250.00 $ 12,373.92
$ 12,644.00
12/31/93 $ 13,479.00 $ 13,259.03
$ 13,857.00
1/31/94 $ 13,856.00 $ 14,375.82
$ 14,699.00
2/28/94 $ 13,237.00 $ 14,353.90
$ 14,369.00
3/31/94 $ 12,231.00 $ 13,793.31
$ 13,721.00
4/30/94 $ 12,521.00 $ 14,364.13
$ 14,078.00
5/31/94 $ 12,628.00 $ 14,318.81
$ 14,052.00
6/30/94 $ 12,095.00 $ 14,492.03
$ 13,880.00
7/31/94 $ 12,657.00 $ 14,644.06
$ 14,283.00
8/31/94 $ 13,005.00 $ 14,994.88
$ 14,716.00
9/30/94 $ 12,618.00 $ 14,586.32
$ 14,345.00
10/31/94 $ 12,918.00 $ 15,052.62
$ 14,616.00
11/30/94 $ 12,453.00 $ 14,306.39
$ 13,923.00
12/31/94 $ 12,325.00 $ 14,367.78
$ 13,771.00
1/31/95 $ 11,741.00 $ 13,758.95
$ 13,113.00
2/28/95 $ 11,965.00 $ 13,650.78
$ 13,154.00
3/31/95 $ 12,296.00 $ 14,501.53
$ 13,589.00
4/30/95 $ 12,705.00 $ 15,082.59
$ 14,039.00
5/31/95 $ 12,891.00 $ 14,883.79
$ 14,171.00
6/30/95 $ 13,076.00 $ 14,615.55
$ 14,181.00
7/31/95 $ 13,690.00 $ 15,538.66
$ 14,956.00
8/31/95 $ 13,397.00 $ 14,973.69
$ 14,672.00
9/30/95 $ 13,758.00 $ 15,227.31
$ 14,911.00
10/31/95 $ 13,670.00 $ 14,829.70
$ 14,616.00
11/30/95 $ 13,738.00 $ 15,278.47
$ 14,791.00
12/31/95 $ 14,018.00 $ 15,869.02
$ 15,231.00
1/31/96 $ 14,156.00 $ 16,018.86
$ 15,566.00
2/29/96 $ 14,175.00 $ 16,007.16
$ 15,629.00
3/31/96 $ 14,372.00 $ 16,336.79
$ 15,892.00
4/30/96 $ 14,824.00 $ 16,858.65
$ 16,396.00
5/31/96 $ 14,745.00 $ 16,580.91
$ 16,348.00
6/30/96 $ 14,814.00 $ 16,662.04
$ 16,459.00
7/31/96 $ 14,333.00 $ 16,128.66
$ 15,862.00
8/30/96 $ 14,608.00 $ 16,222.91
$ 16,065.00
9/30/96 $ 14,873.00 $ 16,660.58
$ 16,412.00
10/31/96 $ 14,873.00 $ 16,513.72
$ 16,362.00
11/30/96 $ 15,452.00 $ 17,148.66
$ 17,095.00
12/31/96 $ 15,424.00 $ 16,899.51
$ 17,195.00
1/31/97 $ 15,258.00 $ 16,364.66
$ 17,122.00
2/28/97 $ 15,402.00 $ 16,674.46
$ 17,363.00
3/31/97 $ 15,336.00 $ 16,618.93
$ 17,420.00
4/30/97 $ 15,535.00 $ 16,718.30
$ 17,478.00
5/31/97 $ 16,707.00 $ 17,896.13
$ 18,509.00
6/30/97 $ 17,494.00 $ 18,814.57
$ 19,374.00
</TABLE>
<TABLE>
<CAPTION>
Growth of a $10,000
Investment Average Annual Total Returns
-----------------------------------------
- ----------- ----------------------------
Lipper
International FT/S&P Actuaries
International One Since
Equity Fund World Index ex U.S.
Funds Average Year Inception
--------------- -------------------
- --------------- ---- ---------
<S> <C> <C>
<C> <C> <C>
Class K $17,494.00 $18,814.57
$19,373.59 18.09% 12.92%
<FN>
All figures cited here represent past performance and
do not guarantee future
results. Investment return and principal value of an
investment will
fluctuate so that, and investor's shares, upon
redemption, may be worth more
or less than original cost.
Average annual total returns are historical in nature
and measure net
investment income and capital gain or loss from
portfolio investments
assuming reinvestment of dividends.
Figures for the S&P 500, an unmanaged index of common
stock prices, include
reinvestment of dividends. The Lehman Brothers
Government/ Corporate Bond
Index is a weighted composite of (i) Lehman Brothers
Government Bond Index,
which is comprised of all publicly issued, non-
convertible debt of the U.S.
Government or any agency thereof, quasi-federal
corporations, and corporate
debt guaranteed by the U.S. Government and (ii) Lehman
Brothers Corporate
Bond Index, which is comprised of all public fixed-
rate, non-convertible
investment-grade domestic corporate debt, excluding
collateralized mortgage
obligations. The FT/S&P Actuaries World Index ex U.S.
is an unmanaged index
used to portray global equity markets excluding the
U.S. The Index is
weighted based on the market capitalization of those
stocks selected to
represent each country and includes gross reinvestment
of dividends.
</FN>
</TABLE>
xix
Micro-Cap Equity Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000
Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
Lipper Micro-Cap
Class K Wilshire Micro-Cap
Index Fund Average
------- -------------------
- ----- ----------------
<S> <C> <C> <C>
12/31/96 $ 10,000.00 $ 10,000.00
$ 10,000.00
1/31/97 $ 10,464.00 $ 10,474.00
$ 10,421.00
2/28/97 $ 10,781.00 $ 10,253.00
$ 10,107.00
3/31/97 $ 10,010.00 $ 9,788.00
$ 9,494.00
4/30/97 $ 9,664.00 $ 9,474.00
$ 9,204.00
5/31/97 $ 11,117.00 $ 10,382.00
$ 10,343.00
6/30/97 $ 12,668.00 $ 11,052.00
$ 11,146.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
AGGREGATE TOTAL RETURNS
-----------------------------------------
- ------------------------------
Wilshire Lipper
Micro-Cap Micro-Cap Micro-Cap
One Since
Equity Fund Index Funds Average
Year Inception
----------- --------- -------------
- ---- ---------
<S> <C> <C> <C>
<C> <C>
Class K $12,681.00 $11,052.00 $11,145.33
N/A 26.68%
</TABLE>
Mid-Cap Growth Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000
Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
Lipper Mid-Cap
Class K S&P 400 Mid-Cap Index
Funds Average
------- ---------------------
- --------------
<S> <C> <C> <C>
10/2/95 $ 10,000.00 $ 10,000.00
$ 10,000.00
10/31/95 $ 9,753.00 $ 9,742.70
$ 9,756.00
11/30/95 $ 9,953.00 $ 10,168.21
$ 10,101.00
12/31/95 $ 10,209.00 $ 10,142.00
$ 10,178.00
1/31/96 $ 10,180.00 $ 10,290.00
$ 10,251.00
2/29/96 $ 10,598.00 $ 10,639.00
$ 10,611.00
3/31/96 $ 10,693.00 $ 10,767.00
$ 10,798.00
4/30/96 $ 11,396.00 $ 11,096.00
$ 11,352.00
5/31/96 $ 11,643.00 $ 11,246.00
$ 11,678.00
6/30/96 $ 10,978.00 $ 11,077.00
$ 11,344.00
7/31/96 $ 10,038.00 $ 10,328.00
$ 10,457.00
8/30/96 $ 10,817.00 $ 10,924.00
$ 11,054.00
9/30/96 $ 11,880.00 $ 11,400.00
$ 11,707.00
10/31/96 $ 11,425.00 $ 11,433.00
$ 11,563.00
11/30/96 $ 11,519.00 $ 12,077.00
$ 12,076.00
12/31/96 $ 11,405.00 $ 12,090.00
$ 12,031.00
1/31/97 $ 11,722.00 $ 12,544.00
$ 12,412.00
2/28/97 $ 11,246.00 $ 12,441.00
$ 12,046.00
3/31/97 $ 9,786.00 $ 11,911.00
$ 11,420.00
4/30/97 $ 9,585.00 $ 12,220.00
$ 11,595.00
5/31/97 $ 10,886.00 $ 13,288.00
$ 12,733.00
6/30/97 $ 11,077.00 $ 13,667.00
$ 13,216.00
</TABLE>
<TABLE>
<CAPTION>
Growth of a $10,000
Investment Average Annual Total Returns
---------------------------------------
- ------------ ----------------------------
Lipper
Mid-Cap S & P 400
Mid-Cap One Since
Growth Fund Mid-Cap Index
Funds Average Year Inception
----------- ------------
- ------------- ---- ---------
<S> <C> <C>
<C> <C> <C>
Class K $11,077.00 $13,666.71
$13,215.84 0.90% 6.04%
<FN>
Please refer to the preceding and following pages for
additional information
on performance and index description.
</FN>
</TABLE>
xx
Multi-Season Growth Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000
Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
Class K S&P 500 Lipper
Growth Funds Average
------- ------- -------
- --------------------
<S> <C> <C> <C> <C>
6/23/95 $ 10,000.00 $ 10,000.00 $
10,000.00
6/30/95 $ 9,852.00 $ 10,000.00 $
10,000.00
7/31/95 $ 10,189.00 $ 10,331.00 $
10,484.71
8/31/95 $ 10,164.00 $ 10,357.00 $
10,565.00
9/30/95 $ 10,598.00 $ 10,794.00 $
10,869.00
10/31/98 $ 10,607.00 $ 10,755.00 $
10,703.00
11/30/95 $ 11,221.00 $ 11,227.00 $
11,075.00
12/31/95 $ 11,240.00 $ 11,443.00 $
11,105.00
1/31/95 $ 11,714.00 $ 11,832.00 $
11,348.00
2/29/96 $ 11,883.00 $ 11,942.00 $
11,604.00
3/31/96 $ 11,958.00 $ 12,057.00 $
11,702.00
4/30/96 $ 12,144.00 $ 12,235.00 $
12,081.00
5/31/96 $ 12,382.00 $ 12,550.00 $
12,398.00
6/30/96 $ 12,568.00 $ 12,598.00 $
12,227.00
7/31/96 $ 12,059.00 $ 12,042.00 $
11,500.00
8/31/96 $ 12,390.00 $ 12,296.00 $
11,901.00
9/30/96 $ 13,250.00 $ 12,988.00 $
12,585.00
10/31/96 $ 13,369.00 $ 13,346.00 $
12,675.00
11/30/96 $ 14,182.00 $ 14,353.00 $
13,438.00
12/31/96 $ 13,750.00 $ 14,069.00 $
13,234.00
1/31/97 $ 14,258.00 $ 14,948.00 $
13,918.00
2/28/97 $ 14,267.00 $ 15,065.00 $
13,706.00
3/31/97 $ 13,652.00 $ 14,447.00 $
13,070.00
4/30/97 $ 14,329.00 $ 15,309.00 $
13,570.00
5/31/97 $ 15,380.00 $ 16,245.00 $
14,563.00
6/30/97 $ 16,030.00 $ 16,967.00 $
15,130.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
AVERAGE ANNUAL TOTAL RETURNS
----------------------------------------
- ----------------------------
Multi-Season Lipper Growth
One Since
Growth Fund S&P 500 Funds Average
Year Inception
----------- ------- -------------
- ---- ---------
<S> <C> <C> <C> <C>
Class K $16,030.00 $16,966.97 $15,129.66
27.55% 26.32%
</TABLE>
Real Estate Equity Investment Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000
Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
Lipper Real Estate
Class K NAREIT
Funds Average
------- ------ -
- -----------------
<S> <C> <C>
10/3/96 $ 10,000.00 $ 10,000.00
$ 10,000.00
10/31/96 $ 10,149.00 $ 10,297.00
$ 10,191.00
11/30/96 $ 10,640.00 $ 10,767.00
$ 10,641.00
12/31/96 $ 11,674.00 $ 11,885.00
$ 11,602.00
1/31/97 $ 11,798.00 $ 12,018.00
$ 11,798.00
2/28/97 $ 11,737.00 $ 11,994.00
$ 11,832.00
3/31/97 $ 11,809.00 $ 11,969.00
$ 11,797.00
4/30/97 $ 11,385.00 $ 11,641.00
$ 11,383.00
5/31/97 $ 11,629.00 $ 11,983.00
$ 11,786.00
6/30/97 $ 12,311.00 $ 12,566.00
$ 12,429.00
</TABLE>
<TABLE>
<CAPTION>
Growth of a $10,000
Investment Aggregate Total Returns
------------------------------------------
- --------- -----------------------
Real Estate
Equity Lipper
Real Estate One Since
Investment Fund NAREIT Funds
Average Year Inception
-------------- ------ ----------
- -------- ---- ---------
<S> <C> <C> <C>
<C> <C>
Class K $12,311.00 $12,566.00
$12,429.00 N/A 23.11%
<FN>
All figures cited here represent past performance and
do not guarantee future
results. Investment return and principal value of an
investment will
fluctuate so that, an investor's shares, upon
redemption, may be worth more
or less than original cost.
Average annual total returns are historical in nature
and measure net
investment income and capital gain or loss from
portfolio investments
assuming reinvestment of dividends. Aggregate total
returns are derived by
dividing the initial investment into the value of
shares held at the end of a
period and subtracting one from the result.
The Wilshire Micro-Cap Index consists of all issues in
the Wilshire 5000 index
that rank below the 2,501st company based on size.
The Wilshire 5000 index
contains all publicly traded U.S. stocks, but excludes
REITs and limited
partnerships. The S&P 400 Midcap Index is a
capitalization-weighted index
that measures the performance of the mid-range sector
of the U.S. stock market
where the median market capitalization is
approximately $700 million. Figures
for the S&P 500 Index, an unmanaged index of common
stock prices, includes
reinvestment of dividends. National Association of
Real Estate Investment
Trusts ("NAREIT") are equity real estate investment
trusts which are defined
as those which derive more than 75% of their income
from equity investments in
real estate assets. The NAREIT equity index includes
all tax qualified real
estate investment trusts listed on the New York Stock
Exchange, the American
Stock Exchange or the NASDAQ National Market System.
</FN>
</TABLE>
xxi
Small-Cap Value Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000
Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
Lipper Small Company
Class K Russell 2000
Growth Funds Average
------- ------------
- ---------------------
<S> <C> <C> <C>
12/31/96 $ 10,000.00 $ 10,000.00
$ 10,000.00
1/31/97 $ 10,833.00 $ 10,200.00
$ 10,249.00
2/28/97 $ 10,833.00 $ 9,952.00
$ 9,818.00
3/31/97 $ 10,456.00 $ 9,483.00
$ 9,314.00
4/30/97 $ 10,446.00 $ 9,509.00
$ 9,250.00
5/31/97 $ 11,280.00 $ 10,567.00
$ 10,357.00
6/30/97 $ 11,985.00 $ 11,020.00
$ 10,899.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
AGGREGATE TOTAL RETURNS
------------------------------------------
- ------------------------------
Lipper Small
Small-Cap Company Growth
One Since
Value Fund Russell 2000 Funds Average
Year Inception
---------- ------------ -------------
- ---- ---------
<S> <C> <C> <C> <C>
Class K $11,985.00 $11,020.00 $10,899.34
N/A 19.85%
</TABLE>
Small Company Growth Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000
Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
Lipper Small Company
Class K Russell 2000
Growth Funds Average
------- ------------------
- ----------------------
<S> <C> <C> <C>
11/23/92 $ 10,000.00 $ 10,000.00
$ 10,000.00
11/30/92 $ 10,187.00 $ 10,000.00
$ 10,000.00
12/31/92 $ 10,438.00 $ 10,348.00
$ 10,333.00
1/31/93 $ 10,739.00 $ 10,698.00
$ 10,574.00
2/28/93 $ 10,325.00 $ 10,451.00
$ 10,210.00
3/31/93 $ 10,731.00 $ 10,790.00
$ 10,570.00
4/30/93 $ 10,089.00 $ 10,494.00
$ 10,234.00
5/31/93 $ 10,511.00 $ 10,958.00
$ 10,775.00
6/30/93 $ 10,568.00 $ 11,027.00
$ 10,857.00
7/31/93 $ 10,552.00 $ 11,179.00
$ 10,926.00
8/31/93 $ 10,990.00 $ 11,662.00
$ 11,463.00
9/30/93 $ 11,412.00 $ 11,991.00
$ 11,828.00
10/31/93 $ 11,510.00 $ 12,300.00
$ 12,013.00
11/30/93 $ 11,080.00 $ 11,895.00
$ 11,623.00
12/31/93 $ 11,810.00 $ 12,302.00
$ 12,108.00
1/31/94 $ 11,777.00 $ 12,687.00
$ 12,432.00
2/28/94 $ 11,885.00 $ 12,641.00
$ 12,421.00
3/31/94 $ 11,157.00 $ 11,974.00
$ 11,765.00
4/30/94 $ 11,281.00 $ 12,045.00
$ 11,762.00
5/31/94 $ 10,983.00 $ 11,910.00
$ 11,557.00
6/30/94 $ 10,355.00 $ 11,505.00
$ 11,130.00
7/31/94 $ 10,529.00 $ 11,694.00
$ 11,332.00
8/31/94 $ 11,364.00 $ 12,346.00
$ 12,013.00
9/30/94 $ 11,455.00 $ 12,305.00
$ 12,061.00
10/31/94 $ 11,662.00 $ 12,256.00
$ 12,208.00
11/30/94 $ 11,050.00 $ 11,761.00
$ 11,759.00
12/31/94 $ 11,487.00 $ 12,077.00
$ 12,020.00
1/31/95 $ 11,098.00 $ 11,925.00
$ 11,891.00
2/28/95 $ 11,503.00 $ 12,421.00
$ 12,394.00
3/31/95 $ 11,926.00 $ 12,635.00
$ 12,717.00
4/30/95 $ 11,735.00 $ 12,916.00
$ 12,877.00
5/31/95 $ 11,909.00 $ 13,138.00
$ 13,077.00
6/30/95 $ 12,655.00 $ 13,819.00
$ 13,842.00
7/31/95 $ 13,789.00 $ 14,615.00
$ 14,865.00
8/31/95 $ 13,822.00 $ 14,918.00
$ 15,107.00
9/30/95 $ 14,303.00 $ 15,184.00
$ 15,514.00
10/31/95 $ 14,187.00 $ 14,505.00
$ 15,028.00
11/30/95 $ 14,609.00 $ 15,115.00
$ 15,580.00
12/31/95 $ 14,892.00 $ 15,513.00
$ 15,769.00
1/31/96 $ 15,007.00 $ 15,497.00
$ 15,669.00
2/29/96 $ 15,595.00 $ 15,980.00
$ 16,316.00
3/31/96 $ 16,574.00 $ 16,305.00
$ 16,709.00
4/30/96 $ 18,105.00 $ 17,177.00
$ 17,896.00
5/31/96 $ 19,093.00 $ 17,854.00
$ 18,582.00
6/30/96 $ 18,764.00 $ 17,121.00
$ 17,860.00
7/31/96 $ 16,859.00 $ 15,626.00
$ 16,298.00
8/30/96 $ 17,909.00 $ 16,533.00
$ 17,293.00
9/30/96 $ 19,298.00 $ 17,179.00
$ 18,194.00
10/31/96 $ 18,942.00 $ 16,914.00
$ 17,816.00
11/30/96 $ 19,805.00 $ 17,611.00
$ 18,378.00
12/31/96 $ 20,385.00 $ 18,073.00
$ 18,599.00
1/31/97 $ 20,581.00 $ 18,434.00
$ 19,074.00
2/28/97 $ 19,456.00 $ 17,987.00
$ 18,302.00
3/31/97 $ 17,990.00 $ 17,138.00
$ 17,342.00
4/30/97 $ 17,990.00 $ 17,186.00
$ 17,278.00
5/31/97 $ 20,591.00 $ 19,098.00
$ 19,293.00
6/30/97 $ 22,315.00 $ 19,917.00
$ 20,254.00
</TABLE>
<TABLE>
<CAPTION>
Growth of a $10,000 Investment
Average Annual Total Returns
-------------------------------------------
- -------- ----------------------------
Lipper Small
Small Company Russell
Company Growth One Since
Growth Fund 2000
Funds Average Year Inception
----------- ---- ----
- --------- ---- ---------
<S> <C> <C> <C>
<C> <C>
Class K $22,315.00 $19,916.82
$20,253.67 18.93% 19.05%
<FN>
Please refer to the preceding and following pages for
additional information
on performance and index description.
</FN>
</TABLE>
xxii
Value Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000
Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
Lipper Growth &
Class K S&P/BARRA Value Index
Income Funds Average
------- ---------------------
- --------------------
<S> <C> <C> <C>
11/30/95 $ 10,000.00 $ 10,000.00
$ 10,000.00
12/31/95 $ 9,906.00 $ 10,277.00
$ 10,165.00
1/31/96 $ 10,258.00 $ 10,584.00
$ 10,440.00
2/29/96 $ 10,461.00 $ 10,683.00
$ 10,584.00
3/31/96 $ 10,649.00 $ 10,933.00
$ 10,728.00
4/30/96 $ 10,751.00 $ 11,045.00
$ 10,910.00
5/31/96 $ 10,881.00 $ 11,211.00
$ 11,118.00
6/30/96 $ 10,733.00 $ 11,158.00
$ 11,079.00
7/31/96 $ 10,288.00 $ 10,687.00
$ 10,604.00
8/30/96 $ 10,714.00 $ 10,982.00
$ 10,906.00
9/30/96 $ 11,143.00 $ 11,452.00
$ 11,409.00
10/31/96 $ 11,394.00 $ 11,841.00
$ 11,629.00
11/30/96 $ 12,240.00 $ 12,746.00
$ 12,398.00
12/31/96 $ 12,484.00 $ 12,537.00
$ 12,264.00
1/31/97 $ 13,235.00 $ 13,115.00
$ 12,806.00
2/28/97 $ 12,947.00 $ 13,211.00
$ 12,872.00
3/31/97 $ 12,565.00 $ 12,759.00
$ 12,405.00
4/30/97 $ 12,699.00 $ 13,238.00
$ 12,870.00
5/31/97 $ 13,688.00 $ 14,068.00
$ 13,675.00
6/30/97 $ 14,422.00 $ 14,605.00
$ 14,214.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
AVERAGE ANNUAL TOTAL RETURNS
----------------------------------------
- ----------------------------
Lipper Growth
S&P/Barra & Income
One Since
Value Fund Value Index Funds Average
Year Inception
---------- ----------- -------------
- ---- ---------
<S> <C> <C> <C>
<C> <C>
Class K $14,422.00 $14,605.42 $14,213.86
34.37% 26.02%
</TABLE>
Bond Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000
Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
Lipper Corp Debt A
Class K Lehman Gov't/Corp Bond
Index Rated Funds Average
------- -------------------------
- -- -------------------
<S> <C> <C> <C>
11/23/92 $ 10,000.00 $ 10,000.00
$10,000.00
11/30/92 $ 9,959.00 $ 10,000.00
$10,000.00
12/31/92 $ 10,098.00 $ 10,171.13
$10,168.00
1/31/93 $ 10,298.00 $ 10,392.00
$10,389.00
2/28/93 $ 10,524.00 $ 10,608.00
$10,625.00
3/31/93 $ 10,608.00 $ 10,644.00
$10,662.00
4/30/93 $ 10,690.00 $ 10,725.00
$10,731.00
5/31/93 $ 10,656.00 $ 10,720.00
$10,733.00
6/30/93 $ 10,890.00 $ 10,963.00
$10,977.00
7/31/93 $ 10,948.00 $ 11,033.00
$11,063.00
8/31/93 $ 11,204.00 $ 11,286.00
$11,324.00
9/30/93 $ 11,261.00 $ 11,326.00
$11,358.00
10/31/93 $ 11,329.00 $ 11,372.00
$11,412.00
11/30/93 $ 11,193.00 $ 11,244.00
$11,257.00
12/31/93 $ 11,226.00 $ 11,293.00
$11,315.00
1/31/94 $ 11,395.00 $ 11,463.00
$11,489.00
2/28/94 $ 11,115.00 $ 11,213.00
$11,231.00
3/31/94 $ 10,850.00 $ 10,939.00
$10,928.00
4/30/94 $ 10,761.00 $ 10,848.00
$10,812.00
5/31/94 $ 10,761.00 $ 10,828.00
$10,776.00
6/30/94 $ 10,726.00 $ 10,803.00
$10,739.00
7/31/94 $ 10,886.00 $ 11,019.00
$10,933.00
8/31/94 $ 10,895.00 $ 11,023.00
$10,934.00
9/30/94 $ 10,747.00 $ 10,856.00
$10,763.00
10/31/94 $ 10,713.00 $ 10,844.00
$10,735.00
11/30/94 $ 10,684.00 $ 10,825.00
$10,713.00
12/31/94 $ 10,749.00 $ 10,896.00
$10,795.00
1/31/95 $ 10,932.00 $ 11,106.00
$10,985.00
2/28/95 $ 11,163.00 $ 11,363.00
$11,237.00
3/31/95 $ 11,225.00 $ 11,439.00
$11,318.00
4/30/95 $ 11,369.00 $ 11,599.00
$11,475.00
5/31/95 $ 11,784.00 $ 12,085.00
$11,953.00
6/30/95 $ 11,865.00 $ 12,182.00
$12,031.00
7/31/95 $ 11,854.00 $ 12,135.00
$11,979.00
8/31/95 $ 11,990.00 $ 12,290.00
$12,144.00
9/30/95 $ 12,097.00 $ 12,415.00
$12,274.00
10/31/95 $ 12,269.00 $ 12,597.00
$12,451.00
11/30/95 $ 12,440.00 $ 12,805.00
$12,646.00
12/31/95 $ 12,628.00 $ 12,993.00
$12,844.00
1/31/96 $ 12,701.00 $ 13,074.00
$12,902.00
2/29/96 $ 12,445.00 $ 12,797.00
$12,613.00
3/31/96 $ 12,365.00 $ 12,689.00
$12,513.00
4/30/96 $ 12,272.00 $ 12,602.00
$12,417.00
5/31/96 $ 12,243.00 $ 12,581.00
$12,394.00
6/30/96 $ 12,381.00 $ 12,749.00
$12,549.00
7/31/96 $ 12,406.00 $ 12,779.00
$12,601.00
8/30/96 $ 12,364.00 $ 12,748.00
$12,570.00
9/30/96 $ 12,572.00 $ 12,974.00
$12,798.00
10/31/96 $ 12,834.00 $ 13,277.00
$13,098.00
11/30/96 $ 13,072.00 $ 13,522.00
$13,357.00
12/31/96 $ 12,939.00 $ 13,371.00
$13,210.00
1/31/97 $ 12,941.00 $ 13,387.00
$13,232.00
2/28/97 $ 12,963.00 $ 13,415.00
$13,274.00
3/31/97 $ 12,809.00 $ 13,256.00
$13,096.00
4/30/97 $ 12,985.00 $ 13,449.00
$13,277.00
5/31/97 $ 13,079.00 $ 13,575.00
$13,395.00
6/30/97 $ 13,214.00 $ 13,738.00
$13,571.00
</TABLE>
<TABLE>
<CAPTION>
Growth of a $10,000 Investment
Average Annual Total Returns
------------------------------------------
- -- ----------------------------
Lehman Lipper
Corp
Gov't/Corp Debt A
Rated One Since
Bond Fund Bond Index Funds
Average Year Inception
--------- ---------- --------
- ----- ---- ---------
<S> <C> <C> <C>
<C> <C>
Class K $13,214.00 $13,737.94
$13,571.00 6.72% 6.24%
<FN>
All figures cited here represent past performance and
do not guarantee future
results. Investment return and principal value of an
investment will
fluctuate so that, and investor's shares, upon
redemption, may be worth more
or less than original cost.
Average annual total returns are historical in nature
and measure net
investment income and capital gain or loss from
portfolio investments
assuming reinvestment of dividends. Aggregate total
returns are derived by
dividing the initial investment into the value of
shares held at the end of a
period and subtracting one from the result.
The Russell 2000 Index is a capitalization weighted
total return index which
is comprised of 2,000 of the smallest capitalized U.S.
domiciled companies
whose stock is traded in the United States on the New
York Stock Exchange,
American Stock Exchange and the NASDAQ. Figures for
the S&P/BARRA Value and
S&P Healthcare Composite indices, unmanaged indices of
common stock prices,
include reinvestment of dividends. The Lehman Brothers
Government/Corporate
Bond Index is a weighted composite of (i) Lehman
Brothers Government Bond
Index, which is comprised of all publicly issued, non-
convertible debt of the
U.S. Government or any agency thereof, quasi-federal
corporations, and
corporate debt guaranteed by the U.S. Government and
(ii) Lehman Brothers
Corporate Bond Index, which is comprised of all public
fixed-rate,
non-convertible investment-grade domestic corporate
debt, excluding
collateralized mortgage obligations.
</FN>
</TABLE>
xxiii
Intermediate Bond Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000
Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
Lehman Int.
Gov't/Corp Lipper Short Invt. Grade Debt
Class K Bond Index
Funds Average
------- --------------------
- - -----------------------------
<S> <C> <C> <C>
11/20/92 $ 10,000.00 $ 10,000.00
$ 10,000.00
11/30/92 $ 9,961.00 $ 10,000.00
$ 10,000.00
12/31/92 $ 10,069.00 $ 10,130.00
$ 10,075.00
1/31/93 $ 10,241.00 $ 10,327.00
$ 10,182.00
2/28/93 $ 10,415.00 $ 10,490.00
$ 10,277.00
3/31/93 $ 10,461.00 $ 10,532.00
$ 10,314.00
4/30/93 $ 10,537.00 $ 10,617.00
$ 10,371.00
5/31/93 $ 10,502.00 $ 10,593.00
$ 10,375.00
6/30/93 $ 10,660.00 $ 10,759.00
$ 10,452.00
7/31/93 $ 10,695.00 $ 10,786.00
$ 10,490.00
8/31/93 $ 10,864.00 $ 10,957.00
$ 10,578.00
9/30/93 $ 10,910.00 $ 11,002.00
$ 10,611.00
10/31/93 $ 10,935.00 $ 11,032.00
$ 10,644.00
11/30/93 $ 10,835.00 $ 10,970.00
$ 10,642.00
12/31/93 $ 10,879.00 $ 11,020.00
$ 10,688.00
1/31/94 $ 11,004.00 $ 11,143.00
$ 10,761.00
2/28/94 $ 10,805.00 $ 10,978.00
$ 10,697.00
3/31/94 $ 10,594.00 $ 10,797.00
$ 10,623.00
4/30/94 $ 10,495.00 $ 10,723.00
$ 10,583.00
5/31/94 $ 10,495.00 $ 10,731.00
$ 10,595.00
6/30/94 $ 10,483.00 $ 10,732.00
$ 10,605.00
7/31/94 $ 10,595.00 $ 10,887.00
$ 10,684.00
8/31/94 $ 10,628.00 $ 10,921.00
$ 10,722.00
9/30/94 $ 10,520.00 $ 10,820.00
$ 10,711.00
10/31/94 $ 10,512.00 $ 10,819.00
$ 10,731.00
11/30/94 $ 10,481.00 $ 10,769.00
$ 10,713.00
12/31/94 $ 10,528.00 $ 10,808.00
$ 10,707.00
1/31/95 $ 10,675.00 $ 10,990.00
$ 10,807.00
2/28/95 $ 10,864.00 $ 11,218.00
$ 10,932.00
3/31/95 $ 10,920.00 $ 11,282.00
$ 10,989.00
4/30/95 $ 11,034.00 $ 11,421.00
$ 11,088.00
5/31/95 $ 11,359.00 $ 11,766.00
$ 11,272.00
6/30/95 $ 11,411.00 $ 11,845.00
$ 11,338.00
7/31/95 $ 11,405.00 $ 11,847.00
$ 11,373.00
8/31/95 $ 11,506.00 $ 11,955.00
$ 11,445.00
9/30/95 $ 11,590.00 $ 12,041.00
$ 11,507.00
10/31/95 $ 11,710.00 $ 12,176.00
$ 11,597.00
11/30/95 $ 11,863.00 $ 12,336.00
$ 11,690.00
12/31/95 $ 11,980.00 $ 12,465.00
$ 11,778.00
1/31/96 $ 12,060.00 $ 12,573.00
$ 11,869.00
2/29/96 $ 11,916.00 $ 12,425.00
$ 11,827.00
3/31/96 $ 11,835.00 $ 12,361.00
$ 11,820.00
4/30/96 $ 11,779.00 $ 12,317.00
$ 11,830.00
5/31/96 $ 11,751.00 $ 12,308.00
$ 11,852.00
6/30/96 $ 11,872.00 $ 12,439.00
$ 11,934.00
7/31/96 $ 10,894.00 $ 12,476.00
$ 11,990.00
8/30/96 $ 11,904.00 $ 12,486.00
$ 12,033.00
9/30/96 $ 12,053.00 $ 12,660.00
$ 12,143.00
10/31/96 $ 12,244.00 $ 12,884.00
$ 12,270.00
11/30/96 $ 12,395.00 $ 13,054.00
$ 12,372.00
12/31/96 $ 12,324.00 $ 12,970.00
$ 12,377.00
1/31/97 $ 12,371.00 $ 13,020.00
$ 12,437.00
2/28/97 $ 12,389.00 $ 13,045.00
$ 12,475.00
3/31/97 $ 12,290.00 $ 12,955.00
$ 12,464.00
4/30/97 $ 12,432.00 $ 13,107.00
$ 12,559.00
5/31/97 $ 12,522.00 $ 13,216.00
$ 12,642.00
6/30/97 $ 12,624.00 $ 13,337.00
$ 12,726.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT
AVERAGE ANNUAL TOTAL RETURNS
-------------------------------------------
- --- ----------------------------
Lehman Int. Lipper Short
Intermediate Gov't/Corp Invt. Grade
Debt One Since
Bond Fund Bond Index Funds
Average Year Inception
----------- ---------- ------------
- ---- ---- ---------
<S> <C> <C> <C>
<C> <C>
Class K $12,624.00 $13,337.00 $12,726.29
6.34% 5.18%
</TABLE>
U.S. Government Income Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000
Initial Investment
[Performance Chart]
<TABLE>
<CAPTION>
Lipper U.S. Gov't Grade
Class K Lehman Gov't/Corp Bond
Index Debt Funds Average
------- --------------------------
- - ------------------
<S> <C> <C> <C>
7/5/94 $ 10,000.00 $ 10,000.00
$ 10,000.00
7/31/94 $ 10,130.00 $ 10,199.00
$ 10,168.00
8/31/94 $ 10,126.00 $ 10,204.00
$ 10,165.00
9/30/94 $ 9,974.00 $ 10,049.00
$ 10,005.00
10/31/94 $ 9,951.00 $ 10,038.00
$ 9,977.00
11/30/94 $ 9,927.00 $ 10,020.00
$ 9,957.00
12/31/94 $ 9,989.00 $ 10,086.00
$ 10,030.00
1/31/95 $ 10,146.00 $ 10,280.00
$ 10,210.00
2/28/95 $ 10,368.00 $ 10,518.00
$ 10,440.00
3/31/95 $ 10,431.00 $ 10,589.00
$ 10,492.00
4/30/95 $ 10,555.00 $ 10,736.00
$ 10,621.00
5/31/95 $ 10,966.00 $ 11,186.00
$ 11,028.00
6/30/95 $ 11,047.00 $ 11,276.00
$ 11,095.00
7/31/95 $ 11,005.00 $ 11,232.00
$ 11,041.00
8/31/95 $ 11,135.00 $ 11,376.00
$ 11,178.00
9/30/95 $ 11,241.00 $ 11,491.00
$ 11,292.00
10/31/95 $ 11,391.00 $ 11,660.00
$ 11,453.00
11/30/95 $ 11,566.00 $ 11,852.00
$ 11,624.00
12/31/95 $ 11,707.00 $ 12,027.00
$ 11,795.00
1/31/96 $ 11,748.00 $ 12,102.00
$ 11,848.00
2/29/96 $ 11,541.00 $ 11,845.00
$ 11,582.00
3/31/96 $ 11,469.00 $ 11,746.00
$ 11,475.00
4/30/96 $ 11,392.00 $ 11,665.00
$ 11,385.00
5/31/96 $ 11,383.00 $ 11,645.00
$ 11,344.00
6/30/96 $ 11,525.00 $ 11,801.00
$ 11,477.00
7/31/96 $ 11,551.00 $ 11,829.00
$ 11,496.00
8/30/96 $ 11,542.00 $ 11,800.00
$ 11,455.00
9/30/96 $ 11,729.00 $ 12,009.00
$ 11,650.00
10/31/96 $ 12,001.00 $ 12,290.00
$ 11,909.00
11/30/96 $ 12,167.00 $ 12,516.00
$ 12,128.00
12/31/96 $ 12,044.00 $ 12,377.00
$ 11,987.00
1/31/97 $ 12,058.00 $ 12,391.00
$ 12,001.00
2/28/97 $ 12,105.00 $ 12,417.00
$ 12,015.00
3/31/97 $ 11,973.00 $ 12,270.00
$ 11,860.00
4/30/97 $ 12,155.00 $ 12,449.00
$ 12,038.00
5/31/97 $ 12,253.00 $ 12,565.00
$ 12,138.00
6/30/97 $ 12,388.00 $ 12,716.00
$ 12,281.00
</TABLE>
<TABLE>
<CAPTION>
Growth of a $10,000 Investment
Average Annual Total Returns
-------------------------------------------
- -------- ----------------------------
Lehman Lipper
U.S. Gov't
U.S. Gov't Gov't/Corp Grade
Debt One Since
Income Fund Bond Index Funds
Average Year Inception
----------- ---------- ---------
- ------- ---- ---------
<S> <C> <C> <C>
Class K $12,388.00 $12,716.00 $12,280.72 7.49% 7.43%
<FN>
Please refer to the preceding and following pages for
additional information
on performance and index description.
xxiv
</FN>
</TABLE>
Michigan Triple Tax-Free Bond Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000
Initial Investment
[Performance Chart ]
<TABLE>
<CAPTION>
Lipper MI
Lehman Muni Bond
Lehman Muni Bond Muni Debt
Class K 15 Year Index
20 Year Index Funds Average
------- ---------------
- ---------------- -------------
<S> <C> <C>
<C> <C>
1/3/94 $ 10,000.00 $ 10,000.00
$ 10,000.00 $ 10,000.00
1/31/94 $ 10,050.00 $ 10,132.00
$ 10,125.76 $ 10,123.00
2/28/94 $ 9,752.00 $ 9,826.00
$ 9,824.74 $ 9,856.00
3/31/94 $ 9,268.00 $ 9,360.00
$ 9,306.80 $ 9,451.00
4/30/94 $ 9,341.00 $ 9,465.00
$ 9,383.06 $ 9,490.00
5/31/94 $ 9,408.00 $ 9,563.00
$ 9,494.17 $ 9,575.00
6/30/94 $ 9,343.00 $ 9,492.00
$ 9,399.00 $ 9,517.00
7/31/94 $ 9,518.00 $ 9,681.00
$ 9,615.00 $ 9,687.00
8/31/94 $ 9,534.00 $ 9,711.00
$ 9,641.00 $ 9,711.00
9/30/94 $ 9,382.00 $ 9,548.00
$ 9,448.00 $ 9,561.00
10/31/94 $ 9,215.00 $ 9,359.00
$ 9,199.00 $ 9,364.00
11/30/94 $ 9,040.00 $ 9,159.00
$ 8,984.00 $ 9,176.00
12/31/94 $ 9,209.00 $ 9,385.00
$ 9,266.00 $ 9,412.00
1/31/95 $ 9,483.00 $ 9,702.00
$ 9,628.00 $ 9,698.00
2/28/95 $ 9,736.00 $ 10,022.00
$ 9,978.00 $ 9,975.00
3/31/95 $ 9,833.00 $ 10,146.00
$ 10,092.00 $ 10,043.00
4/30/95 $ 9,832.00 $ 10,150.00
$ 10,090.00 $ 10,040.00
5/31/95 $ 10,130.00 $ 10,503.00
$ 10,471.00 $ 10,343.00
6/30/95 $ 10,013.00 $ 10,383.00
$ 10,310.00 $ 10,201.00
7/31/95 $ 10,068.00 $ 10,483.00
$ 10,363.00 $ 10,265.00
8/31/95 $ 10,199.00 $ 10,641.00
$ 10,506.00 $ 10,384.00
9/30/95 $ 10,295.00 $ 10,737.00
$ 10,589.00 $ 10,447.00
10/31/95 $ 10,445.00 $ 10,893.00
$ 10,814.00 $ 10,626.00
11/30/95 $ 10,630.00 $ 11,087.00
$ 11,054.00 $ 10,827.00
12/31/95 $ 10,742.00 $ 11,204.00
$ 11,209.00 $ 10,948.00
1/31/96 $ 10,809.00 $ 11,307.00
$ 11,266.00 $ 11,004.00
2/29/96 $ 10,676.00 $ 11,234.00
$ 11,138.00 $ 10,912.00
3/31/96 $ 10,474.00 $ 11,069.00
$ 10,960.00 $ 10,739.00
4/30/96 $ 10,416.00 $ 11,020.00
$ 10,917.00 $ 10,695.00
5/31/96 $ 10,393.00 $ 11,011.00
$ 10,930.00 $ 10,696.00
6/30/96 $ 10,527.00 $ 11,136.00
$ 11,084.00 $ 10,804.00
7/31/96 $ 10,651.00 $ 11,255.00
$ 11,193.00 $ 10,904.00
8/30/96 $ 10,627.00 $ 11,252.00
$ 11,176.00 $ 10,904.00
9/30/96 $ 10,808.00 $ 11,398.00
$ 11,402.00 $ 11,052.00
10/31/96 $ 10,919.00 $ 11,550.00
$ 11,538.00 $ 11,159.00
11/30/96 $ 11,141.00 $ 11,790.00
$ 11,779.00 $ 11,349.00
12/31/96 $ 11,067.00 $ 11,725.00
$ 11,709.00 $ 11,301.00
1/31/97 $ 11,072.00 $ 11,767.00
$ 11,697.00 $ 11,296.00
2/28/97 $ 11,170.00 $ 11,889.00
$ 11,822.00 $ 11,395.00
3/31/97 $ 10,988.00 $ 11,722.00
$ 11,636.00 $ 11,251.00
4/30/97 $ 11,077.00 $ 11,837.00
$ 11,765.00 $ 11,341.00
5/31/97 $ 11,246.00 $ 12,028.00
$ 11,977.00 $ 11,498.00
6/30/97 $ 11,370.00 $ 12,172.00
$ 12,127.00 $ 11,610.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000
INVESTMENT AVERAGE ANNUAL TOTAL
RETURNS
-----------------------------------------
- ---------------------------- ----------------------------
Michigan Lehman Muni
Lipper Michigan
Triple Tax-Free Bond 15 Year Lehman
Muni Bond Muni Debt One Since
Bond Fund Index 20 Year
Index Funds Average Year Inception
--------------- ------------ -------
- -------- ---------------- ------ ---------
<S> <C> <C> <C>
<C> <C> <C>
Class K $11,370.00 $12,172.00
$12,127.00 $11,609.76 8.00% 3.75%
</TABLE>
Tax-Free Bond Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000
Initial Investment
[Performance Chart ]
<TABLE>
<CAPTION>
Lipper
Lehman Muni Bond
Lehman Muni Bond Muni Debt
Class K 15 Year Index
20 Year Index Funds Average
------- ----------------
- ---------------- -------------
<S> <C> <C>
<C> <C>
7/5/94 $ 10,000.00 $ 10,000.00
$ 10,000.00 $ 10,000.00
7/31/94 $ 10,130.00 $ 10,198.00
$ 10,229.00 $ 10,177.00
8/31/94 $ 10,168.00 $ 10,231.00
$ 10,257.00 $ 10,202.00
9/30/94 $ 10,048.00 $ 10,058.00
$ 10,052.00 $ 10,032.00
10/31/94 $ 9,946.00 $ 9,859.00
$ 9,787.00 $ 9,838.00
11/30/94 $ 9,778.00 $ 9,649.00
$ 9,558.00 $ 9,630.00
12/31/94 $ 9,965.00 $ 9,887.00
$ 9,858.00 $ 9,868.00
1/31/95 $ 10,201.00 $ 10,221.00
$ 10,244.00 $ 10,164.00
2/28/95 $ 10,464.00 $ 10,558.00
$ 10,615.00 $ 10,466.00
3/31/95 $ 10,577.00 $ 10,689.00
$ 10,737.00 $ 10,561.00
4/30/95 $ 10,583.00 $ 10,693.00
$ 10,735.00 $ 10,561.00
5/31/95 $ 10,903.00 $ 11,064.00
$ 11,140.00 $ 10,892.00
6/30/95 $ 10,787.00 $ 10,938.00
$ 10,969.00 $ 10,769.00
7/31/95 $ 10,871.00 $ 11,043.00
$ 11,026.00 $ 10,839.00
8/31/95 $ 10,997.00 $ 11,211.00
$ 11,177.00 $ 10,957.00
9/30/95 $ 11,057.00 $ 11,311.00
$ 11,266.00 $ 11,022.00
10/31/95 $ 11,203.00 $ 11,476.00
$ 11,506.00 $ 11,192.00
11/30/95 $ 11,425.00 $ 11,680.00
$ 11,760.00 $ 11,409.00
12/31/95 $ 11,548.00 $ 11,803.00
$ 11,925.00 $ 11,539.00
1/31/96 $ 11,611.00 $ 11,911.00
$ 11,986.00 $ 11,596.00
2/29/96 $ 11,513.00 $ 11,835.00
$ 11,850.00 $ 11,506.00
3/31/96 $ 11,318.00 $ 11,661.00
$ 11,660.00 $ 11,324.00
4/30/96 $ 11,230.00 $ 11,610.00
$ 11,614.00 $ 11,274.00
5/31/96 $ 11,219.00 $ 11,600.00
$ 11,629.00 $ 11,282.00
6/30/96 $ 11,339.00 $ 11,731.00
$ 11,793.00 $ 11,386.00
7/31/96 $ 11,437.00 $ 11,857.00
$ 11,909.00 $ 11,484.00
8/30/96 $ 11,413.00 $ 11,854.00
$ 11,890.00 $ 11,478.00
9/30/96 $ 11,544.00 $ 12,008.00
$ 12,131.00 $ 11,643.00
10/31/96 $ 11,664.00 $ 12,167.00
$ 12,276.00 $ 11,770.00
11/30/96 $ 11,886.00 $ 12,420.00
$ 12,531.00 $ 11,977.00
12/31/96 $ 11,794.00 $ 12,353.00
$ 12,457.00 $ 11,927.00
1/31/97 $ 11,804.00 $ 12,396.00
$ 12,444.00 $ 11,928.00
2/28/97 $ 11,917.00 $ 12,525.00
$ 12,578.00 $ 12,033.00
3/31/97 $ 11,700.00 $ 12,349.00
$ 12,380.00 $ 11,880.00
4/30/97 $ 11,803.00 $ 12,471.00
$ 12,517.00 $ 11,975.00
5/31/97 $ 12,009.00 $ 12,671.00
$ 12,742.00 $ 12,147.00
6/30/97 $ 12,147.00 $ 12,823.00
$ 12,902.00 $ 12,286.00
</TABLE>
<TABLE>
<CAPTION>
Growth of a $10,000
Investment Average Annual Total Returns
------------------------------------------
- ---------------- ----------------------------
Lehman Muni Lehman Muni
Lipper Michigan
Tax-Free Bond 15 Bond 20
Muni Debt One Since
Bond Fund Year Index Year Index
Funds Average Year Inception
--------- ----------- -----------
- ------------- ---- ---------
<S> <C> <C> <C>
<C> <C> <C>
Class K $12,147.00 $12,823.00 $12,902.00
$12,285.73 7.13% 6.73%
<FN>
All figures cited here represent past performance and
do not guarantee future
results. Investment return and principal value of an
investment will
fluctuate so that, an investor's shares, upon
redemption, may be worth more
or less than original cost.
Average annual total returns are historical in nature
and measure net
investment income and capital gain or loss from
portfolio investments
assuming reinvestment of dividends.
The Lehman Brothers Intermediate Government/Corporate
Bond Index is a
weighted composite of (I) Lehman Brothers Intermediate
Government Bond Index,
which is comprised of all publicly issued, non-
convertible debt of the U.S.
Government or any agency thereof, quasi-Federal
corporations and corporate
debt guaranteed by the U.S. Government with a maturity
of between one and ten
years and (ii) Lehman Brothers Corporate Bond Index.
The Lehman Brothers
Government/Corporate Bond Index is a weighted
composite of (i) Lehman
Brothers Government Bond Index, which is comprised of
all publicly issued,
non-convertible debt of the U.S. Government or any
agency thereof,
quasi-federal corporations, and corporate debt
guaranteed by the U.S.
Government and (ii) Lehman Brothers Corporate Bond
Index, which is comprised
of all public fixed-rate, non-convertible investment-
grade domestic corporate
debt, excluding collateralized mortgage obligations.
The Lehman 15-year
Municipal Bond Index is a performance benchmark for
the long-term investment
grade tax-exempt bond market.
</FN>
</TABLE>
xxv
Tax-Free Intermediate Bond Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000
Initial Investment
[Performance Chart ]
<TABLE>
<CAPTION>
Lehman Muni Bond
Lehman Muni Bond Lipper Intermediate Muni
Class K 10 Yr. Index
5 Yr. G/O Index Debt Funds Average
------- ------------
- ----------------- ------------------------
<S> <C> <C>
<C> <C>
2/9/87 $ 10,000.00 $ 10,000.00
$ 10,000.00 $ 10,000.00
2/28/87 $ 10,150.00 $ 10,108.00
$ 10,091.00 $ 10,085.00
3/31/87 $ 10,136.00 $ 10,049.00
$ 10,034.49 $ 10,013.00
4/30/87 $ 9,951.00 $ 9,489.00
$ 9,736.47 $ 9,556.00
5/31/87 $ 9,963.00 $ 9,538.00
$ 9,736.47 $ 9,520.00
6/30/87 $ 10,085.00 $ 9,803.00
$ 9,941.91 $ 9,722.00
7/31/87 $ 10,189.00 $ 9,936.00
$ 10,056.24 $ 9,829.00
8/31/87 $ 10,221.00 $ 9,921.00
$ 10,075.34 $ 9,845.00
9/30/87 $ 9,987.00 $ 9,573.00
$ 9,736.81 $ 9,528.00
10/31/87 $ 10,010.00 $ 9,629.00
$ 9,879.94 $ 9,605.00
11/30/87 $ 10,187.00 $ 9,831.00
$ 9,998.50 $ 9,787.00
12/31/87 $ 10,283.00 $ 10,038.00
$ 10,108.49 $ 9,933.00
1/31/88 $ 10,560.00 $ 10,375.00
$ 10,357.16 $ 10,248.00
2/29/88 $ 10,580.00 $ 10,446.00
$ 10,461.76 $ 10,310.00
3/31/88 $ 10,473.00 $ 10,340.00
$ 10,422.01 $ 10,204.00
4/30/88 $ 10,539.00 $ 10,439.00
$ 10,517.89 $ 10,255.00
5/31/88 $ 10,550.00 $ 10,340.00
$ 10,390.62 $ 10,246.00
6/30/88 $ 10,630.00 $ 10,480.00
$ 10,466.48 $ 10,346.00
7/31/88 $ 10,641.00 $ 10,579.00
$ 10,514.62 $ 10,401.00
8/31/88 $ 10,641.00 $ 10,576.00
$ 10,484.13 $ 10,414.00
9/30/88 $ 10,730.00 $ 10,736.00
$ 10,585.83 $ 10,551.00
10/31/88 $ 10,798.00 $ 10,902.00
$ 10,677.92 $ 10,694.00
11/30/88 $ 10,769.00 $ 10,777.00
$ 10,621.33 $ 10,624.00
12/31/88 $ 10,849.00 $ 10,822.00
$ 10,651.07 $ 10,727.00
1/31/89 $ 10,919.00 $ 11,062.00
$ 10,803.38 $ 10,864.00
2/28/89 $ 10,904.00 $ 10,962.00
$ 10,688.86 $ 10,792.00
3/31/89 $ 10,839.00 $ 10,921.00
$ 10,620.45 $ 10,772.00
4/30/89 $ 10,945.00 $ 11,130.00
$ 10,803.13 $ 10,964.00
5/31/89 $ 11,035.00 $ 11,355.00
$ 10,999.74 $ 11,134.00
6/30/89 $ 11,116.00 $ 11,487.00
$ 11,120.74 $ 11,257.00
7/31/89 $ 11,229.00 $ 11,653.00
$ 11,283.10 $ 11,383.00
8/31/89 $ 11,209.00 $ 11,584.00
$ 11,239.10 $ 11,321.00
9/30/89 $ 11,205.00 $ 11,530.00
$ 11,244.72 $ 11,303.00
10/31/89 $ 11,304.00 $ 11,661.00
$ 11,343.67 $ 11,409.00
11/30/89 $ 11,408.00 $ 11,856.00
$ 11,487.74 $ 11,561.00
12/31/89 $ 11,475.00 $ 11,978.00
$ 11,580.79 $ 11,654.00
1/31/90 $ 11,467.00 $ 11,942.00
$ 11,586.58 $ 11,602.00
2/28/90 $ 11,560.00 $ 12,031.00
$ 11,673.48 $ 11,701.00
3/31/90 $ 11,628.00 $ 12,011.00
$ 11,637.29 $ 11,701.00
4/30/90 $ 11,522.00 $ 11,931.00
$ 11,598.89 $ 11,619.00
5/31/90 $ 11,688.00 $ 12,190.00
$ 11,811.15 $ 11,840.00
6/30/90 $ 11,774.00 $ 12,304.00
$ 11,897.37 $ 11,936.00
7/31/90 $ 11,894.00 $ 12,475.00
$ 12,038.95 $ 12,093.00
8/31/90 $ 11,824.00 $ 12,296.00
$ 11,998.01 $ 11,957.00
9/30/90 $ 11,898.00 $ 12,299.00
$ 12,023.21 $ 11,993.00
10/31/90 $ 12,055.00 $ 12,569.00
$ 12,199.95 $ 12,155.00
11/30/90 $ 12,252.00 $ 12,826.00
$ 12,375.63 $ 12,363.00
12/31/90 $ 12,325.00 $ 12,857.00
$ 12,421.42 $ 12,413.00
1/31/91 $ 12,461.00 $ 13,069.00
$ 12,604.01 $ 12,564.00
2/28/91 $ 12,570.00 $ 13,182.00
$ 12,718.71 $ 12,661.00
3/31/91 $ 12,585.00 $ 13,175.00
$ 12,689.46 $ 12,679.00
4/30/91 $ 12,694.00 $ 13,357.00
$ 12,848.08 $ 12,834.00
5/31/91 $ 12,787.00 $ 13,458.00
$ 12,913.60 $ 12,931.00
6/30/91 $ 12,756.00 $ 13,442.00
$ 12,909.73 $ 12,916.00
7/31/91 $ 12,761.00 $ 13,582.00
$ 13,038.82 $ 13,059.00
8/31/91 $ 12,982.00 $ 13,766.00
$ 13,207.03 $ 13,202.00
9/30/91 $ 13,091.00 $ 13,977.00
$ 13,369.47 $ 13,361.00
10/31/91 $ 13,199.00 $ 14,091.00
$ 13,471.08 $ 13,475.00
11/30/91 $ 13,269.00 $ 14,114.00
$ 13,514.19 $ 13,507.00
12/31/91 $ 13,527.00 $ 14,415.00
$ 13,818.26 $ 13,782.00
1/31/92 $ 13,610.00 $ 14,445.00
$ 13,844.51 $ 13,807.00
2/29/92 $ 13,586.00 $ 14,424.00
$ 13,852.82 $ 13,812.00
3/31/92 $ 13,543.00 $ 14,402.00
$ 13,807.10 $ 13,790.00
4/30/92 $ 13,625.00 $ 14,538.00
$ 13,928.61 $ 13,905.00
5/31/92 $ 13,746.00 $ 14,709.00
$ 14,053.96 $ 14,069.00
6/30/92 $ 13,896.00 $ 14,964.00
$ 14,256.34 $ 14,287.00
7/31/92 $ 14,169.00 $ 15,454.00
$ 14,629.86 $ 14,729.00
8/31/92 $ 14,104.00 $ 15,271.00
$ 14,520.13 $ 14,561.00
9/30/92 $ 14,186.00 $ 15,399.00
$ 14,611.61 $ 14,647.00
10/31/92 $ 14,155.00 $ 15,242.00
$ 14,564.85 $ 14,489.00
11/30/92 $ 14,360.00 $ 15,520.00
$ 14,741.09 $ 14,765.00
12/31/92 $ 14,446.00 $ 15,701.00
$ 14,844.27 $ 14,901.00
1/31/93 $ 14,581.00 $ 15,965.00
$ 15,004.59 $ 15,082.00
2/28/93 $ 14,920.00 $ 16,549.00
$ 15,396.21 $ 15,577.00
3/31/93 $ 14,774.00 $ 16,308.00
$ 15,222.24 $ 15,382.00
4/30/93 $ 14,838.00 $ 16,463.00
$ 15,319.66 $ 15,518.00
5/31/93 $ 14,871.00 $ 16,521.00
$ 15,373.28 $ 15,580.00
6/30/93 $ 15,033.00 $ 16,847.00
$ 15,580.82 $ 15,811.00
7/31/93 $ 15,039.00 $ 16,889.00
$ 15,591.72 $ 15,808.00
8/31/93 $ 15,227.00 $ 17,239.00
$ 15,803.77 $ 16,113.00
9/30/93 $ 15,321.00 $ 17,451.00
$ 15,917.56 $ 16,312.00
10/31/93 $ 15,342.00 $ 17,480.00
$ 15,941.43 $ 16,344.00
11/30/93 $ 15,288.00 $ 17,337.00
$ 15,895.20 $ 16,220.00
12/31/93 $ 15,465.00 $ 17,706.00
$ 16,112.97 $ 16,512.00
1/31/94 $ 15,585.00 $ 17,924.00
$ 16,264.43 $ 16,686.00
2/28/94 $ 15,310.00 $ 17,433.00
$ 15,960.28 $ 16,303.00
3/31/94 $ 14,963.00 $ 16,767.00
$ 15,604.37 $ 15,810.00
4/30/94 $ 15,084.00 $ 16,978.00
$ 15,761.97 $ 15,884.00
5/31/94 $ 15,163.00 $ 17,087.00
$ 15,850.24 $ 16,017.00
6/30/94 $ 15,096.00 $ 17,013.00
$ 15,813.79 $ 15,966.00
7/31/94 $ 15,245.00 $ 17,299.00
$ 15,986.16 $ 16,171.00
8/31/94 $ 15,311.00 $ 17,366.00
$ 16,062.89 $ 16,232.00
9/30/94 $ 15,185.00 $ 17,132.00
$ 15,942.42 $ 16,057.00
10/31/94 $ 15,045.00 $ 16,882.00
$ 15,853.14 $ 15,866.00
11/30/94 $ 14,845.00 $ 16,563.00
$ 15,751.68 $ 15,616.00
12/31/94 $ 15,062.00 $ 16,861.00
$ 15,890.29 $ 15,863.00
1/31/95 $ 15,302.00 $ 17,298.00
$ 16,042.84 $ 16,178.00
2/28/95 $ 15,625.00 $ 17,787.00
$ 16,275.46 $ 16,541.00
3/31/95 $ 15,757.00 $ 18,028.00
$ 16,534.24 $ 16,691.00
4/30/95 $ 15,793.00 $ 18,050.00
$ 16,578.89 $ 16,730.00
5/31/95 $ 16,140.00 $ 18,622.00
$ 16,941.96 $ 17,133.00
6/30/95 $ 16,148.00 $ 18,506.00
$ 16,955.52 $ 17,077.00
7/31/95 $ 16,312.00 $ 18,778.00
$ 17,192.89 $ 17,240.00
8/31/95 $ 16,446.00 $ 19,033.00
$ 17,366.54 $ 17,413.00
9/30/95 $ 16,449.00 $ 19,155.00
$ 17,418.64 $ 17,501.00
10/31/95 $ 16,547.00 $ 19,376.00
$ 17,491.80 $ 17,680.00
11/30/95 $ 16,697.00 $ 19,636.00
$ 17,640.48 $ 17,877.00
12/31/95 $ 16,767.00 $ 19,756.00
$ 17,737.50 $ 18,002.00
1/31/96 $ 16,917.00 $ 19,956.00
$ 17,948.58 $ 18,163.00
2/29/96 $ 16,860.00 $ 19,874.00
$ 17,887.55 $ 18,107.00
3/31/96 $ 16,691.00 $ 19,627.00
$ 17,792.75 $ 17,895.00
4/30/96 $ 16,681.00 $ 19,557.00
$ 17,766.06 $ 17,857.00
5/31/96 $ 16,655.00 $ 19,503.00
$ 17,744.74 $ 17,849.00
6/30/96 $ 16,744.00 $ 19,688.00
$ 17,870.73 $ 17,957.00
7/31/96 $ 16,864.00 $ 19,877.00
$ 17,988.68 $ 18,134.00
8/30/96 $ 16,854.00 $ 18,978.00
$ 18,026.45 $ 18,167.00
9/30/96 $ 16,976.00 $ 20,082.00
$ 18,161.65 $ 18,295.00
10/31/96 $ 17,099.00 $ 20,336.00
$ 18,330.55 $ 18,482.00
11/30/96 $ 17,320.00 $ 20,747.00
$ 18,585.35 $ 18,767.00
12/31/96 $ 17,274.00 $ 20,654.00
$ 18,557.47 $ 18,722.00
1/31/97 $ 17,314.00 $ 20,736.00
$ 18,607.58 $ 18,560.00
2/28/97 $ 17,439.00 $ 20,931.00
$ 18,739.69 $ 18,902.00
3/31/97 $ 17,212.00 $ 20,650.00
$ 18,527.93 $ 18,702.00
4/30/97 $ 17,270.00 $ 20,802.00
$ 18,620.57 $ 18,796.00
5/31/97 $ 17,463.00 $ 21,097.00
$ 18,823.53 $ 19,040.00
6/30/97 $ 17,588.00 $ 21,330.00
$ 18,989.18 $ 19,224.00
</TABLE>
<TABLE>
<CAPTION>
GROWTH OF A $10,000
INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
-------------------------------------------
- ------------------------ ----------------------------
Tax-Free Lehman Muni Lehman Muni
Lipper Intermediate
Intermediate Bond 10 Year Bond 5 Yr.
G/O Muni Debt One Five Ten Since
Bond Fund Index Index
Funds Average Year Years Years Inception
----------- ------------ -------------
- -- ------------------- ------ ----- ----- ---------
<S> <C> <C> <C>
<C> <C> <C> <C> <C>
Class K $17,588.00 $21,330.00 $18,989.18
$ 19,223.90 5.04% 4.83% 5.72% 5.58%
<FN>
Please refer to the preceding and following pages for
additional information on performance and index
description.
The Lehman Brothers 10-year Municipal Bond Index is a
performance
benchmark for the intermediate term investment grade
tax-exempt bond market. The Lehman Brothers Municipal
Bond 5-year
Government/Obligation Index is an unmanaged index that
includes state and local government bonds secured by
the
taxing power of the issuer with four to six year
maturities.
The Index is a more appropriate comparison for the
Tax-Free
Intermediate Bond Fund than the Lehman Brothers 10-
year Municipal
Bond Index because the Advisor believes the Index
reflects a
broader market exposure and a security selection
process more
representative of the Fund's process.
</FN>
</TABLE>
xxv
Munder Accelerating Growth Fund
Portfolio of Investments,
June 30, 1997
------------------------------------------------------
- ------------------------
<TABLE>
<CAPTION>
Shares
Value
------
- -----
COMMON STOCKS -- 93.0%
Apparel -- 0.7%
<S> <C>
<C>
38,000 Liz Claiborne, Inc.
$1,771,750
- ---------
<CAPTION>
Automobile Parts & Equipment -- 3.6%
<S> <C>
<C>
93,600 Johnson Controls, Inc.
3,843,450
321,600 Miller Industries, Inc.+
5,145,600
- ---------
8,989,050
- ---------
<CAPTION>
Banking and Financial Services -- 14.8%
<S> <C>
<C>
139,800 BankAmerica Corporation
9,025,838
26,100 Chase Manhattan Corporation
2,533,331
67,900 Envoy Corporation+
2,257,675
55,000 Finova Group Inc.
4,207,500
89,600 Green Tree Financial Corporation
3,192,000
41,700 GreenPoint Financial Corporation
2,775,656
21,000 Household International Inc.
2,466,187
83,650 PMI Group Inc.
5,217,669
42,000 Travelers Group Inc.
2,648,625
43,651 Washington Mutual, Inc.
2,608,147
- ----------
36,932,628
- ----------
<CAPTION>
Computer Hardware, Software
or Services -- 2.5%
<S> <C>
<C>
174,300 CCC Information Services Group+
3,398,850
9,900 Parametric Technology Company+
421,369
45,400 Saville Systems, ADS+
2,360,800
- ---------
6,181,019
- ---------
<CAPTION>
Consumer Services -- 2.0%
<S> <C>
<C>
191,700 CUC International Inc.+
4,900,331
- ---------
<CAPTION>
Diversified -- 5.5%
<S> <C>
<C>
79,400 Corrections Corporation of America+
3,156,150
41,200 Textron, Inc.
2,734,650
110,900 Tyco International Ltd.
7,714,481
- ---------
13,605,281
- ----------
<CAPTION>
Drugs -- 4.9%
<S> <C>
<C>
34,400 Pfizer, Inc.
4,110,800
38,000 Teva Pharmaceuticals, ADR
2,460,500
45,400 Warner-Lambert Company
5,640,950
- ---------
12,212,250
- ----------
<CAPTION>
Electrical Equipment -- 2.1%
<S> <C>
<C>
79,200 General Electric Company
5,177,700
- ---------
<CAPTION>
Electronics -- 4.9%
<S> <C>
<C>
60,900 CISCO Systems Inc.+
4,087,913
97,700 Electronics for Imaging, Inc.+
4,616,325
41,100 Texas Instruments, Inc.
3,454,969
- ---------
12,159,207
- ----------
<CAPTION>
Food -- 1.6%
<S> <C>
<C>
152,950 Richfood Holdings Inc.
3,976,700
- ---------
<CAPTION>
Hotels -- 4.5%
<S> <C>
<C>
86,300 HFS, Inc.+
5,005,400
130,600 Hilton Hotels Corporation
3,469,062
129,200 La Quinta Inns Inc.
2,826,250
- ---------
11,300,712
- ----------
<CAPTION>
Industrial Services -- 2.0%
<S> <C>
<C>
345,300 Corporate Express Inc.
4,985,269
- ---------
<CAPTION>
Insurance -- 2.4%
<S> <C>
<C>
40,200 American International Group Inc.
6,004,875
- ---------
<CAPTION>
Machinery -- 0.9%
<S> <C>
<C>
154,300 JLG Industries, Inc.
2,102,338
- ---------
<CAPTION>
Medical Services and Supplies -- 10.4%
<S> <C>
<C>
95,000 HBO & Company
6,543,125
246,000 HEALTHSOUTH Corporation+
6,134,625
32,700 Kos Pharmeceuticals, Inc.+
907,425
238,300 MedPartners, Inc.+
5,153,237
98,900 Omnicare, Inc.
3,102,987
33,000 Oxford Health Plans, Inc.+
2,367,750
40,900 Total Renal Care
Holdings Inc.+
1,643,669
- ----------
25,852,818
- ----------
<CAPTION>
Office Equipment and Supplies -- 4.3%
<S> <C>
<C>
147,300 Danka Business Systems, ADR
6,020,888
66,000 Pitney Bowes, Inc.
4,587,000
- ----------
10,607,888
- ----------
<CAPTION>
Oil Equipment and Services -- 4.5%
<S> <C>
<C>
36,300 Diamond Offshore
Drilling, Inc.+
2,826,863
75,500 Precision Drilling Corporation+
3,652,312
30,900 Santa Fe International Corporation+
1,050,600
21,100 SEACOR Holdings, Inc.+
1,103,794
110,300 Veritas DGC Inc.+
2,509,325
- ---------
11,142,894
- ----------
<CAPTION>
Petroleum -- Producing -- 1.2%
<S> <C>
<C>
310,800 Chesapeake Energy Corporation+
3,049,725
- ---------
<CAPTION>
Real Estate -- 3.2%
<S> <C>
<C>
37,700 Beacon Properties Corporation
1,258,238
116,600 Cali Realty Corporation
3,964,400
27,900 Equity Residential Properties Trust
1,325,250
41,700 Simon DeBartolo Group, Inc.
1,334,400
- ---------
7,882,288
- ---------
<CAPTION>
Recreation -- 0.5%
<S> <C>
<C>
32,200 Carnival Corporation
1,328,250
- ---------
<CAPTION>
Retail -- Store -- 0.6%
<S> <C>
<C>
58,400 TJX Companies, Inc.
1,540,300
- ---------
<CAPTION>
Telecommunications -- 15.9%
<S> <C>
<C>
90,900 Ascend Communications, Inc.+
3,579,188
79,400 Lucent Technologies+
5,721,762
91,600 Motorola Inc.
6,961,600
137,300 Newbridge Networks+
5,972,550
125,200 Teleport Communications Group Inc.+
4,272,450
95,100 Tellabs, Inc.+
5,313,711
242,000 WorldCom Inc.+
7,744,000
- ----------
39,565,261
- ----------
<CAPTION>
TOTAL COMMON STOCKS
(Cost $177,874,931)
231,268,534
- -----------
Principal
Amount
---------
REPURCHASE AGREEMENT -- 4.9%
(Cost $12,289,416)
<S> <C>
<C>
$12,289,416 Agreement with Lehman Brothers Holdings
Inc., 5.920% dated 06/30/1997 to be
repurchased at $12,291,437 on
07/01/1997,
collateralized by $38,066,000 U.S.
Treasury Strip Principal, 6.500%-7.625%
having maturities ranging from
01/15/2007
through 02/15/2027 and $6,795,000 U.S.
Treasury Inflation Index Securities,
3.375% due 01/15/2007 (value
12,537,941)
12,289,416
- ----------
<S> <C>
TOTAL INVESTMENTS
243,557,950
(Cost $190,164,347*) 97.9%
OTHER ASSETS AND
LIABILITIES (Net) 2.1
5,262,054
-----
- -----------
NET ASSETS 100.0%
$248,820,004
=====
============
<FN>
---------
* Aggregate cost for Federal tax purposes is
$190,979,374.
+ Non-income producing security
ABBREVIATIONS:
ADR -- American Depositary Receipt
ADS -- American Depositary Share
See Notes to Financial Statements.
</FN>
</TABLE>
Munder Balanced Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- ------------------------
<TABLE>
<CAPTION>
Shares
Value
------
- -----
COMMON STOCKS -- 54.8%
Advertising -- 0.7%
<S> <C>
<C>
9,000 Omnicom Group, Inc.
$ 554,625
- -------
<CAPTION>
Apparel -- 0.1%
<S> <C>
<C>
1,500 Liz Claiborne, Inc.
69,937
- -------
<CAPTION>
Automobile Parts & Equipment -- 2.6%
<S> <C>
<C>
19,100 Johnson Controls Inc.
784,294
13,659 Mark IV Industries Inc.
327,816
20,300 Miller Industries, Inc.+
324,800
18,000 Pep Boy's -- Manny, Moe & Jack
613,125
- -------
2,050,035
- ---------
<CAPTION>
Banking and Financial Services -- 7.5%
<S> <C>
<C>
9,700 Associates First Capital Corporation
538,350
9,000 BankAmerica Corporation
581,063
5,800 Charter One Financial, Inc.
312,475
6,300 Chase Manhattan Corporation
611,493
3,500 Envoy Corporation+
116,375
3,500 Finova Group Inc.
267,750
7,100 First Data Corporation
311,956
21,200 Green Tree Financial Corporation
755,250
2,400 GreenPoint Financial Corporation
159,750
1,400 Household International Inc.
164,413
7,600 MGIC Investment
364,325
11,000 Norwest Corporation
618,750
5,400 PMI Group Inc.
336,825
6,100 Summit Bancorp
305,763
2,800 Travelers Group Inc.
176,575
2,948 Washington Mutual, Inc.
176,143
- ---------
5,797,256
- ---------
<CAPTION>
Building Materials -- 1.5%
<S> <C>
<C>
8,500 Home Depot, Inc.
585,969
19,600 Sherwin-Williams Company
605,150
- ---------
1,191,119
- ---------
<CAPTION>
Business Equipment & Supplies -- 0.8%
<S> <C>
<C>
14,700 Avery Dennison Corporation
589,838
- -------
<CAPTION>
Business Services -- 1.1%
<S> <C>
<C>
11,200 Automatic Data Processing, Inc.
526,400
8,000 Equifax Inc.
297,500
- -------
823,900
- --------
<CAPTION>
Chemicals -- 0.7%
<S> <C>
<C>
5,500 Merck & Company Inc.
569,250
- -------
<CAPTION>
Computer Hardware, Software
or Services -- 1.4%
<S> <C>
<C>
6,000 BMC Software Inc.+
332,250
10,100 CCC Information Services Group+
196,950
7,300 Oracle Corporation+
367,737
600 Parametric Technology Company+
25,538
2,400 Saville Systems, ADS+
124,800
- ---------
1,047,275
- ---------
<CAPTION>
Consumer Services -- 1.6%
<S> <C>
<C>
20,400 Corporate Express Inc.
294,525
35,900 CUC International Inc.+
917,694
- ---------
1,212,219
- ---------
<CAPTION>
Diversified -- 4.0%
<S> <C>
<C>
4,500 Corrections Corporation of America+
178,875
7,600 Harnischfeger Industries, Inc.
315,400
11,500 Textron, Inc.
763,312
14,700 Thermo Electron Corporation+
499,800
19,200 Tyco International Ltd.
1,335,600
- ---------
3,092,987
- ---------
<CAPTION>
Drugs -- 1.9%
<S> <C>
<C>
7,800 Pfizer, Inc.
932,100
2,400 Teva Pharmaceuticals, ADR
155,400
3,000 Warner-Lambert Company
372,750
- ---------
1,460,250
- ---------
<CAPTION>
Electrical Equipment -- 2.6%
<S> <C>
<C>
11,000 Emerson Electric Company
605,688
10,900 Federal Signal Corporation
273,862
17,000 General Electric Company
1,111,375
- ---------
1,990,925
- ---------
<CAPTION>
Electronics -- 3.5%
<S> <C>
<C>
20,500 Cabletron Systems Inc.+
580,406
13,300 CISCO Systems Inc.+
892,762
5,700 Electronics for Imaging, Inc.+
269,325
6,100 Motorola Inc.
463,600
8,700 Rockwell International
513,300
- ---------
2,719,393
- ---------
<CAPTION>
Entertainment -- 0.4%
<S> <C>
<C>
9,250 Mattell, Inc.
313,344
- ---------
<CAPTION>
Food and Beverages -- 1.7%
<S> <C>
<C>
14,700 Albertson's, Inc.
536,550
8,950 Richfood Holdings Inc.
232,700
13,900 Sara Lee Corporation
578,588
- ---------
1,347,838
- ---------
<CAPTION>
Home Furnishings -- 0.4%
<S> <C>
<C>
7,600 Leggett & Platt Inc.
326,800
- ---------
<CAPTION>
Hotels and Restaurants -- 0.9%
<S> <C>
<C>
5,400 HFS, Inc.+
313,200
9,000 Hilton Hotels Corporation
239,062
7,787 La Quinta Inns Inc.
170,341
- -------
722,603
- -------
<CAPTION>
Household Products -- 0.4%
<S> <C>
<C>
6,200 Lancaster Colony Corporation
299,925
- -------
<CAPTION>
Insurance -- 2.4%
<S> <C>
<C>
8,050 American International
Group Inc.
1,202,469
5,600 MBIA Inc.
631,750
- ---------
1,834,219
- ---------
<CAPTION>
Machinery -- 0.2%
<S> <C>
<C>
8,600 JLG Industries, Inc.
117,175
- -------
<CAPTION>
Manufactured Housing -- 0.7%
<S> <C>
<C>
38,500 Clayton Homes, Inc.
548,625
- -------
<CAPTION>
Medical Services & Supplies -- 2.8%
<S> <C>
<C>
6,200 HBO & Company
427,025
41,400 HEALTHSOUTH Corporation+
1,032,412
15,300 MedPartners, Inc.+
330,862
2,200 Kos Pharmaceuticals
61,050
4,100 Omnicare, Inc.
128,638
2,100 Oxford Health Plans, Inc.+
150,675
1,900 Total Renal Care
Holdings Inc.+
76,356
- ---------
2,207,018
- ---------
<CAPTION>
Office Equipment and Supplies -- 0.9%
<S> <C>
<C>
9,000 Danka Business Systems, ADR
367,875
4,200 Pitney Bowes, Inc.
291,900
- -------
659,775
- -------
<CAPTION>
Oil Equipment and Services -- 2.1%
<S> <C>
<C>
2,300 Diamond Offshore Drilling, Inc.+
179,112
4,500 Precision Drilling Corporation+
217,688
11,400 Reading & Bates Corporation
304,950
1,900 Santa Fe International Corporation+
64,600
1,400 SEACOR Holdings, Inc.+
73,237
9,300 Transocean Offshore Inc.
675,413
6,500 Veritas DGC Inc.+
147,875
- ---------
1,662,875
- ---------
<CAPTION>
Petroleum -- Producing -- 0.3%
<S> <C>
<C>
20,400 Chesapeake Energy Corporation+
200,175
- -------
<CAPTION>
Pharmaceuticals -- 2.3%
<S> <C>
<C>
8,400 American Home Products Corporation
642,600
9,000 Amgen, Inc.+
523,125
13,600 Schering-Plough Corporation
651,100
- ---------
1,816,825
- ---------
<CAPTION>
Railroads -- 0.7%
<S> <C>
<C>
16,600 Illinois Central Corporation
579,963
- -------
<CAPTION>
Real Estate -- 0.6%
<S> <C>
<C>
2,100 Beacon Properties Corporation
70,088
7,500 Cali Realty Corporation
255,000
1,500 Equity Residential Properties Trust
71,250
2,400 Simon Debartolo Group, Inc.
76,800
- -------
473,138
- -------
<CAPTION>
Recreation -- 0.8%
<S> <C>
<C>
15,800 Carnival Corporation, Class A
651,750
- ------------
<CAPTION>
Restaurants -- 0.4%
<S> <C>
<C>
11,200 Wendy's International, Inc.
290,500
- ------------
<CAPTION>
Retail -- Store -- 2.2%
<S> <C>
<C>
17,593 Consolidated Stores Corporation+
611,357
10,000 Costco Companies, Inc.+
328,750
15,700 General Nutrition Companies, Inc.+
439,600
3,400 TJX Companies, Inc.
89,675
5,100 Walgreen Company
273,488
- ------------
1,742,870
- ------------
<CAPTION>
Semiconductors -- 0.6%
<S> <C>
<C>
1,600 Intel Corporation
226,900
2,500 Texas Instruments
210,156
- ------------
437,056
- ------------
<CAPTION>
Telecommunications -- 3.6%
<S> <C>
<C>
5,700 Ascend Communications, Inc.+
224,437
13,700 Century Telephone Enterprise
461,519
4,800 Lucent Technologies+
345,900
8,800 Newbridge Networks+
382,800
6,000 Tellabs, Inc.+
335,250
7,200 Teleport Communications Group Inc.+
245,700
26,100 WorldCom Inc.+
835,200
- ------------
2,830,806
- ------------
<CAPTION>
Toiletries -- 0.4%
<S> <C>
<C>
3,000 Gillette Company
284,250
- ------------
<S>
<C>
TOTAL COMMON STOCKS
(Cost $31,554,548)
42,516,539
- -----------
<CAPTION>
Principal
Amount
---------
ASSET BACKED SECURITIES -- 1.4%
<S> <C>
<C>
$200,000 Banc One Credit Card Master Trust, Series
1994-C, Class A,
7.800% due 11/15/1998
205,274
500,000 Chase Manhattan Corporation, Series
1996-4, Class A, 6.730% due 02/15/2003
504,296
400,000 Union Acceptance Corporation, Class A3,
Series 1996-C,
6.630% due 10/08/2003++
398,004
- ------------
<S>
<C>
TOTAL ASSET BACKED SECURITIES
(Cost $1,115,802)
1,107,574
- ------------
<CAPTION>
COLLATERALIZED MORTGAGE
OBLIGATIONS-- 1.7%
(Cost $1,281,026)
<S> <C>
<C>
Federal Home Mortgage Corporation:
750,000 Series 1541, Class F,
6.250% due 05/15/2019
738,125
550,000 Series 1702-A, Class PD, 6.500% due
04/15/2022
537,963
- ------------
1,276,088
- ------------
<CAPTION>
CORPORATE BONDS AND NOTES -- 10.7%
Finance -- 4.5%
<S> <C>
<C>
300,000 American General Institutional Capital,
7.570% due 12/01/2045+++
285,750
400,000 AT&T Capital Corporation, MTN,
6.490% due 05/17/1999
400,500
540,000 Commercial Credit Company, 5.875% due
01/15/2003
515,700
500,000 Federal Home Loan Mortgage Corporation,
6.000% due 04/25/2000
496,000
500,000 First Maryland Bankcorp,
AIB,
7.200% due 07/01/2007
499,715
$140,000 Ford Motor Credit Corporation,
6.500% due 02/15/2006
134,400
540,000 Liberty Mutual Capital Corporation, MTN,
8.100% due 01/14/2005
568,350
575,000 SmithKline Beecham Capital Corporation,
MTN,
6.620% due 01/28/2002
574,281
- ---------
3,474,696
- ---------
<CAPTION>
Finance -- Foreign -- 1.6%
<S> <C>
<C>
400,000 Abbey National Treasury,
6.625% due 05/23/2001
401,500
400,000 American Express Company, Global Bond,
6.750% due 06/23/2004
397,500
400,000 Bank of Austria AG,
7.250% due 02/15/2017+++
393,000
90,000 Union Bank of Switzerland,
7.250% due 07/15/2006
90,900
- ---------
1,282,900
- ---------
<CAPTION>
Government Agency -- 1.2%
<S> <C>
<C>
500,000 British Columbia Hydro,
12.500% due 01/15/2014
562,500
400,000 Tennessee Valley Authority,
6.375% due 06/15/2005
390,500
- ---------
953,000
- ---------
<CAPTION>
Industrial -- 1.1%
<S> <C>
<C>
160,000 Anheuser Busch Companies,
9.000% due 12/01/2009
185,400
600,000 Wal-Mart Stores,
8.625% due 04/01/2001
638,250
- ---------
823,650
- ---------
<CAPTION>
Industrial -- Foreign -- 1.2%
<S> <C>
<C>
550,000 International
Telecommunications Satellite,
8.375% due 10/14/2004
597,437
300,000 Toyota Motor Corporation,
5.625% due 03/17/1998
298,875
- ---------
896,312
- ---------
<CAPTION>
Supranational -- 0.5%
<S> <C>
<C>
350,000 African Development Bank, Notes,
6.750% due 07/30/1999
353,063
- ---------
<CAPTION>
Utility -- Electric -- 0.6%
<S> <C>
<C>
500,000 National Rural Utilities,
7.300% due 09/15/2006
508,125
- ---------
<S>
<C>
TOTAL CORPORATE BONDS AND NOTES
(Cost $8,268,531)
8,291,746
- ---------
<CAPTION>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 4.5%
Federal Home Loan Mortgage Corporation (FHLMC) -- 0.8%
FHLMC:
<S> <C>
<C>
226,406 Pool #E62394, Gold,
7.500% due 09/01/2010
229,873
361,240 Pool #200021,
10.500% due 11/01/2000
380,995
- ---------
610,868
- ---------
<CAPTION>
Federal National Mortgage Association
(FNMA) -- 3.0%
FNMA:
<S> <C>
<C>
711,158 Pool #100081,
11.500% due 08/20/2016
800,720
229,027 Pool #250345,
7.000% due 09/01/2025
224,446
840,146 Pool #303020,
7.000% due 10/25/2025
823,343
448,700 Pool #303105,
11.000% due 11/01/2020
499,319
- ---------
2,347,828
- ---------
<CAPTION>
Government National Mortgage Association
(GNMA) - 10.7%
GNMA:
<S> <C>
<C>
511,446 Pool #780096,
11.000% due 04/15/2021
569,463
- ---------
<CAPTION>
TOTAL U.S. GOVERNMET AGENCY
OBLIGATIONS
(Cost $3,493,276)
3,528,159
- ---------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 20.8%
U.S. Treasury Bonds -- 5.0%
<S> <C>
<C>
200,000 6.250% due 02/15/2007
195,626
3,250,000 8.000% due 11/15/2021
3,674,808
- ---------
3,870,434
- ---------
<CAPTION>
U.S. Treasury Inflation Index -- 1.9%
<S> <C>
<C>
1,514,813 3.375% due 01/15/2007
1,477,897
- ---------
U.S. Treasury Notes -- 13.3%
<S> <C>
<C>
500,000 8.625% due 08/15/1997
501,945
1,930,000 7.750% due 01/31/2000
1,999,171
3,175,000 7.500% due 11/15/2001
3,307,556
4,210,000 7.875% due 11/15/2004
4,538,927
- ---------
10,347,599
- ----------
U.S. Treasury Strip -- 0.6%
<S> <C>
<C>
1,025,000 Zero coupon due 11/15/2014
437,029
- ---------
<CAPTION>
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $16,120,903)
16,132,959
- ----------
<CAPTION>
REPURCHASE AGREEMENT -- 8.2%
(Cost $6,364,369)
<S> <C>
<C>
6,364,369 Agreement with Lehman Brothers Holdings
Inc., 5.920% dated 06/30/97 to be
repurchased at $6,365,416 on 07/01/97,
collateralized by $33,782,000 U.S.
Treasury Strip Principal, 7.875%-8.750%
having maturities ranging from
08/15/2020
through 11/15/2021 (value $6,492,330)
6,364,369
- ---------
<CAPTION>
TOTAL INVESTMENTS
<S> <C>
(Cost $68,198,455*) 102.1%
79,217,434
OTHER ASSETS AND
LIABILITIES (Net) (2.1)
(1,661,234)
----
- -----------
NET ASSETS 100.0%
$ 77,556,200
=====
============
<FN>
----------------
* Aggregate cost for Federal tax purposes is
$68,308,554.
+ Non-income producing security
++ Floating rate note. The interest rate shown
reflects the rate currently in
effect.
+++ Security exempt from registration under Rule 144A
of the Securities Act
of 1933. These securities may be resold in
transactions exempt from
registration to qualified institutional buyers.
ABBREVIATIONS:
ADR -- American Depositary Receipt
ADS -- American Depositary Share
MTN -- Medium Term Note
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder Growth & Income Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- ------------------------
<TABLE>
<CAPTION>
Shares
Value
------
- -----
COMMON STOCKS -- 85.9%
Automobile Parts & Equipment -- 4.4%
<S> <C>
<C>
145,500 Genuine Parts Company
$ 4,928,812
143,000 Johnson Controls, Inc.
5,871,938
- ----------
10,800,750
- ----------
<CAPTION>
Automobiles -- 2.4%
<S> <C>
<C>
157,000 Ford Motor Company
5,926,750
- ----------
<CAPTION>
Banking and Finance -- 14.8%
<S> <C>
<C>
97,000 BankAmerica Corporation
6,262,562
101,000 Charter One Financial, Inc.
5,441,375
44,000 CoreStates Financial Corporation
2,365,000
100,000 Federal National Mortgage Association
4,362,500
58,000 First Bank System, Inc.
4,951,750
75,000 Great Western Financial Corporation
4,031,250
99,000 Norwest Corporation
5,568,750
73,000 Summit Bancorp
3,659,125
- ----------
36,642,312
- ----------
<CAPTION>
Chemicals -- 4.6%
<S> <C>
<C>
121,374 Avery Dennison Corporation
4,870,132
115,000 Imperial Chemical
Industries Plc, ADR
6,540,625
- ----------
11,410,757
- ----------
<CAPTION>
Diversified -- 1.7%
<S> <C>
<C>
171,989 Federal Signal Corporation
4,321,224
- ----------
<CAPTION>
Electrical Machinery -- 5.2%
<S> <C>
<C>
133,000 Cooper Industries, Inc.
6,616,750
94,000 General Electric Corporation
6,145,250
- ----------
12,762,000
- ----------
<CAPTION>
Food and Beverages -- 2.9%
<S> <C>
<C>
114,000 Sara Lee Corporation
4,745,250
64,900 Sysco Corporation
2,368,850
- ----------
7,114,100
- ----------
<CAPTION>
Holding Companies -- Diversified -- 2.3%
<S> <C>
<C>
84,000 Textron Inc.
5,575,500
- ----------
<CAPTION>
Insurance -- 2.0%
<S> <C>
<C>
78,000 Lincoln National
Corporation Ltd.
5,021,250
- ----------
<CAPTION>
News and Publishing -- 2.1%
<S> <C>
<C>
90,000 McGraw-Hill Companies Inc.
5,293,125
- ----------
<CAPTION>
Office Equipment -- 2.7%
<S> <C>
<C>
86,000 Xerox Corporation
6,783,250
- ----------
<CAPTION>
Oil and Petroleum -- 9.9%
<S> <C>
<C>
110,000 Ashland Inc.
5,101,250
69,000 Atlantic Richfield Company
4,864,500
70,000 British Petroleum
Company Plc, ADR
5,241,250
60,000 Exxon Corporation
3,690,000
78,000 Mobil Corporation
5,450,250
- ----------
24,347,250
- ----------
<CAPTION>
Pharmaceuticals -- 5.2%
<S> <C>
<C>
83,000 American Home Products Corporation
6,349,500
80,000 Bristol-Myers Squibb
6,480,000
- ----------
12,829,500
- ----------
<CAPTION>
Railroads -- 2.3%
<S> <C>
<C>
164,500 Illinois Central Corporation
5,747,219
- ----------
<CAPTION>
Real Estate -- 6.0%
<S> <C>
<C>
73,000 Cali Realty Corporation
2,482,000
120,800 FelCor Suite Hotels Inc.
4,499,800
102,000 Health Care Property Investors, Inc.
3,595,500
162,000 Prentiss Properties Trust
4,151,250
- ----------
14,728,550
- ----------
<CAPTION>
Retail -- 5.8%
<S> <C>
<C>
135,000 Albertson's Inc.
4,927,500
93,000 May Department Stores Company
4,394,250
95,000 Penney (J.C.) Company Inc.
4,957,812
- ----------
14,279,562
- ----------
<CAPTION>
Utilities -- Electric -- 6.3%
<S> <C>
<C>
196,000 DPL Inc.
4,826,500
134,727 Duke Energy Corporation
6,458,476
172,000 Teco Energy, Inc.
4,396,750
- ----------
15,681,726
- ----------
<CAPTION>
Utilities -- Natural Gas -- 4.0%
<S> <C>
<C>
80,931 El Paso Natural Gas Company
4,451,205
177,371 MCN Corporation Holding Company
5,431,987
- ----------
9,883,192
- ----------
<CAPTION>
Utilities -- Water -- 1.3%
<S> <C>
<C>
147,000 American Water Works Company, Inc.
3,142,125
- ----------
<CAPTION>
TOTAL COMMON STOCKS
(Cost $160,897,308)
212,290,142
- -----------
Principal
Amount
---------
<CAPTION>
CONVERTIBLE BONDS AND NOTES -- 3.1%
<S> <C>
<C>
$1,600,000 Diamond Offshore Drilling, Conv. Sub.
Note,
3.750% due 2/14/2007
1,856,000
5,150,000 Home Depot Inc.,
Conv. Sub. Note,
3.250% due 10/01/2001
5,883,875
- ----------
<CAPTION>
TOTAL CONVERTIBLE BONDS
AND NOTES
(Cost $6,752,637)
7,739,875
- ----------
<CAPTION>
Shares
------
CONVERTIBLE PREFERRED STOCK -- 4.6%
(Cost $10,292,910)
<S> <C>
<C>
88,000 AirTouch Communications, Inc., Series C,
4.250%, Conv. Pfd.
4,224,000
74,000 Wendy's Financial I,
5.000%, Conv. Pfd.
4,301,250
26,000 WorldCom Inc.,
8.000%, Conv. Pfd.
2,931,500
- ----------
<CAPTION>
TOTAL CONVERTIBLE
PREFERRED STOCK
11,456,750
- ----------
<CAPTION>
Principal
Amount
--------
REPURCHASE AGREEMENT -- 7.3%
(Cost $17,926,584)
<S> <C>
<C>
$17,926,584 Agreement with Lehman Brothers Holdings
Inc., 5.920% dated 06/30/1997 to be
repurchased at $17,929,532 on
07/01/1997,
collateralized by $18,420,000 U.S.
Treasury Inflation Index Securities,
3.375% due 01/15/2007
(value $18,280,792)
17,926,584
- ----------
TOTAL INVESTMENTS
<S> <C>
(Cost $195,869,439*) 100.9%
249,413,351
OTHER ASSETS AND
LIABILITIES (Net) (0.9)
(2,255,222)
-----
- ------------
NET ASSETS 100.0%
$247,158,129
=====
============
<FN>
----------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
ABBREVIATION:
ADR -- American Depositary Receipt
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder Index 500 Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- ------------------------
<TABLE>
<CAPTION>
Shares
Value
------
- -----
COMMON STOCKS -- 94.4%
Advertising -- 0.1%
<S> <C>
<C>
6,300 Interpublic Group of Companies, Inc.
$ 386,269
- ----------
<CAPTION>
Aerospace -- 1.9%
<S> <C>
<C>
21,600 AlliedSignal Inc.
1,814,400
55,098 Boeing Company
2,923,637
4,800 General Dynamics Corporation
360,000
14,771 Lockheed Martin Corporation
1,529,722
16,000 McDonnell Douglas Company
1,096,000
4,400 Northrop Grumman Corporation
386,375
12,600 Textron, Inc.
836,325
18,100 United Technologies Corporation
1,502,300
- ----------
10,448,759
- ----------
<CAPTION>
Airlines -- 0.3%
<S> <C>
<C>
6,900 AMR Corporation+
638,250
5,600 Delta Air Lines, Inc.
459,200
11,100 Southwest Airlines Company
287,213
6,100 US Airways Group, Inc.+
213,500
- ----------
1,598,163
- ----------
<CAPTION>
Apparel -- 0.4%
<S> <C>
<C>
5,900 Fruit of the Loom Inc.+
182,900
5,400 Liz Claiborne Inc.
251,775
22,100 NIKE, Inc., Class B
1,290,088
4,300 Reebok International, Inc.
201,025
4,900 V. F. Corporation
415,275
- ----------
2,341,063
- ----------
<CAPTION>
Automobiles -- 1.5%
<S> <C>
<C>
52,600 Chrysler Corporation
1,725,937
91,000 Ford Motor Company
3,435,250
55,800 General Motors Corporation
3,107,363
5,680 Navistar International Corporation+
97,980
- ----------
8,366,530
- ----------
<CAPTION>
Automobile Parts & Equipment -- 0.4%
<S> <C>
<C>
11,500 AutoZone, Inc.+
270,968
2,900 Cummins Engine, Inc.
204,631
7,900 Dana Corporation
300,200
4,800 Echlin Inc.
172,800
13,825 Genuine Parts Company
468,322
6,500 Johnson Controls Inc.
266,906
4,700 Pep Boys -- Manny,
Moe & Jack
160,094
9,600 TRW Inc.
545,400
- ----------
2,389,321
- ----------
<CAPTION>
Banks -- 7.7%
<S> <C>
<C>
32,941 Banc One Corporation
1,595,580
29,600 Bank of New York Inc.
1,287,600
54,332 BankAmerica Corporation
3,507,810
11,200 BankBoston
807,100
6,000 Bankers Trust New York Corporation
522,000
15,200 Barnett Banks Inc.
798,000
32,984 Chase Manhattan Corporation
3,201,509
35,400 Citicorp
4,267,912
8,100 Comerica Inc.
550,800
15,762 CoreStates Financial Corporation
847,207
8,100 Fifth Third Bancorporation
664,706
10,200 First Bank System Inc.
870,825
23,831 First Chicago Corporation
1,441,775
21,940 First Union Corporation
2,029,450
19,990 Fleet Financial Group Inc.
1,264,367
10,600 Great Western Financial Corporation
569,750
17,100 KeyCorp (New)
955,463
25,512 MBNA Corporation
934,377
19,800 Mellon Bank Corporation
893,475
14,100 Morgan (J.P.) &
Company, Inc.
1,471,687
43,889 Morgan Stanley, Dean Witter, Discover and
Company
1,889,970
16,900 National City Corporation
887,250
55,834 NationsBank Corporation
3,601,293
28,500 Norwest Corporation
1,603,125
24,600 PNC Bank Corporation
1,023,975
4,200 Republic New York Corporation
451,500
16,900 SunTrust Banks Inc.
930,556
11,250 U.S. Bancorp
721,406
12,300 Wachovia Corporation
717,244
6,766 Wells Fargo & Company
1,823,437
- ----------
42,131,149
- ----------
<CAPTION>
Broadcasting -- 0.0%#
<S> <C>
<C>
4,100 Meredith Corporation
118,900
- ----------
<CAPTION>
Building Materials -- 0.7%
<S> <C>
<C>
2,200 Centex Corporation
89,375
3,450 Crane Company
144,253
2,700 Fleetwood Enterprises
80,494
37,082 Home Depot Inc.
2,556,340
2,900 Kaufman & Broad Home Corporation
50,931
12,300 Masco Corporation
513,525
9,733 Pall Corporation
226,292
- ----------
3,661,210
- ----------
<CAPTION>
Business Equipment and Supplies -- 1.8%
<S> <C>
<C>
7,900 Avery Dennison Corporation
316,987
10,200 Ikon Office Solutions
254,363
76,000 International Business Machines
Corporation
6,854,250
11,100 Pitney Bowes Inc.
771,450
24,700 Xerox Corporation
1,948,212
- ----------
10,145,262
- ----------
<CAPTION>
Business Services -- 0.3%
<S> <C>
<C>
31,275 CUC International Inc.+
799,467
6,300 Deluxe Corporation
214,987
8,800 Federal Express Corporation+
508,200
2,300 Harland (John H.) Company
52,469
6,800 Moore Corporation Ltd.
133,875
- ----------
1,708,998
- ----------
<CAPTION>
Chemicals and Plastics -- 3.5%
<S> <C>
<C>
8,400 Air Products & Chemicals Inc.
682,500
17,850 Dow Chemical Company
1,555,181
86,300 duPont (E.I.) deNemours & Company
5,426,113
6,075 Eastman Chemical Company
385,763
5,000 Ecolab Inc.
238,750
10,950 Engelhard Corporation
229,266
2,800 FMC Corporation+
222,425
5,600 Grace (W.R.) & Company
308,700
4,600 Great Lakes Chemical Corporation
240,925
7,700 Hercules, Inc.
368,638
3,700 Kerr-McGee Corporation
234,488
5,600 Mallinckrodt Group Inc.
212,800
31,900 Minnesota Mining & Manufacturing Company
3,253,800
45,300 Monsanto Company
1,950,731
10,800 Morton International Inc.
326,025
5,100 Nalco Chemical Company
196,988
12,000 Praxair Inc.
672,000
3,300 Raychem Corporation
245,438
16,300 Rockwell International Corporation
961,700
4,800 Rohm & Haas Company
432,300
7,612 Sigma-Aldrich Corporation
266,896
5,300 Union Camp Corporation
265,000
9,600 Union Carbide Corporation
451,800
- ----------
19,128,227
- ----------
<CAPTION>
Coal -- 0.2%
<S> <C>
<C>
16,600 CSX Corporation
921,300
1,600 Eastern Enterprises
55,700
6,500 Fluor Corporation
358,719
- ----------
1,335,719
- ----------
<CAPTION>
Communication Equipment -- 1.5%
<S> <C>
<C>
11,900 Cabletron Systems, Inc.+
336,919
73,000 GTE Corporation
3,202,875
3,000 Harris Corporation
252,000
45,500 Motorola, Inc.
3,458,000
10,900 National Semiconductor Corporation+
333,813
6,000 Scientific-Atlanta Inc.
131,250
13,800 Tellabs, Inc.+
771,075
- ----------
8,485,932
- ----------
<CAPTION>
Computer Hardware, Software
or Services -- 6.5%
<S> <C>
<C>
25,400 3COM Corporation+
1,143,000
5,500 Adobe Systems Inc.
192,843
10,800 Advanced Micro Devices Inc.+
388,800
9,400 Amdahl Corporation+
82,837
16,824 AMP Inc.
702,402
9,700 Apple Computer Inc.
138,225
3,600 Autodesk, Inc.
137,925
22,400 Automatic Data
Processing Inc.
1,052,800
15,200 Bay Networks, Inc.
403,750
6,200 Ceridian Corporation+
261,950
50,700 CISCO Systems Inc.+
3,403,237
21,000 Compaq Computer Corporation+
2,084,250
27,850 Computer Associates International Inc.
1,550,897
5,900 Computer Sciences Corporation+
425,537
3,100 Data General Corporation+
80,600
12,800 Dell Computer Corporation+
1,503,200
11,700 Digital Equipment Corporation+
414,619
77,700 Hewlett-Packard Company
4,351,200
9,700 Honeywell, Inc.
735,988
3,600 Intergraph Corporation+
30,600
91,700 Microsoft Corporation+
11,588,588
26,500 Novell Inc.+
183,844
49,900 Oracle Systems Corporation+
2,513,713
9,800 Parametric Technology Corporation+
417,113
18,800 Seagate Technologies Inc.+
661,525
13,600 Silicon Graphics Inc.+
204,000
28,300 Sun Microsystems Inc.+
1,053,291
8,900 Tandem Computers Inc.+
180,225
13,400 Unisys Corporation+
102,175
- ----------
35,989,134
- ----------
<CAPTION>
Computer -- Semiconductors -- 2.1%
<S> <C>
<C>
13,900 Applied Materials+
984,293
18,900 EMC Corporation
737,100
62,700 Intel Corporation
8,891,644
10,900 LSI Logic Corporation+
348,800
16,000 Micron Technology Inc.
639,000
- ----------
11,600,837
- ----------
<CAPTION>
Consumer Non-Durables -- 3.4%
<S> <C>
<C>
17,600 Corning Inc.
979,000
250,900 General Electric Corporation
16,402,588
3,900 Grainger (W.W.), Inc.
304,931
13,200 Lowe's Companies Inc.
490,050
12,100 Newell Company
479,463
7,800 Whitman Corporation
197,438
- ----------
18,853,470
- ----------
<CAPTION>
Consumer Services -- 0.2%
<S> <C>
<C>
7,900 Block (H & R) Inc.
254,775
4,850 Manor Care Inc.
158,231
18,300 Service Corporation International
601,612
- ----------
1,014,618
- ----------
<CAPTION>
Consumer Staples -- 0.1%
<S> <C>
<C>
6,300 Pioneer Hi-Bred
International Inc.
504,000
- ----------
<CAPTION>
Containers -- 0.1%
<S> <C>
<C>
2,300 Ball Corporation
69,144
9,900 Crown Cork & Seal
Company Inc.+
529,031
- ----------
598,175
- ----------
<CAPTION>
Cosmetics -- Toiletry -- 0.2%
<S> <C>
<C>
4,300 Alberto-Culver Company, Class B
120,400
10,100 Avon Products Inc.
712,681
- ----------
833,081
- ----------
<CAPTION>
Diversified -- 1.2%
<S> <C>
<C>
2,200 Aeroquip-Vickers, Inc.
103,950
12,840 Cognizant Corporation+
520,020
13,200 Fortune Brands, Inc.
492,525
8,800 Loews Corporation
881,100
18,100 Raytheon Company
923,100
12,900 Tyco International Ltd.
897,356
12,200 Unilever NV
2,611,563
- ----------
6,429,614
- ----------
<CAPTION>
Electrical Equipment -- 0.5%
<S> <C>
<C>
9,100 Cooper Industries Inc.
452,725
3,100 Foster Wheeler Corporation
125,550
10,500 General Instrument Corporation
262,500
3,800 General Signal Corporation
165,775
2,500 Tektronix Inc.
150,000
14,700 Texas Instruments Inc.
1,235,719
4,100 Thomas & Betts Corporation
215,506
- ---------
2,607,775
- ---------
<CAPTION>
Electronics -- 0.7%
<S> <C>
<C>
5,900 Eaton Corporation
515,144
3,500 EG&G Inc.
78,750
34,000 Emerson Electric Company
1,872,125
4,100 Tandy Corporation
229,600
48,600 Westinghouse Electric Corporation
1,123,875
- ---------
3,819,494
- ---------
<CAPTION>
Energy and Resources -- 0.2%
<S> <C>
<C>
9,500 Burlington Resources, Inc.
419,187
13,500 Dresser Industries Inc.
502,875
- ---------
922,062
- ---------
<CAPTION>
Entertainment -- 1.5%
<S> <C>
<C>
7,600 Brunswick Corporation
237,500
51,636 Disney (Walt) Company
4,143,789
5,400 Harcourt General Corporation
257,175
9,800 Hasbro Inc.
278,075
8,900 ITT Corporation (New)+
543,456
2,800 King World Productions, Inc.+
98,000
22,311 Mattel, Inc.
755,785
42,700 Time Warner Inc.
2,060,275
- ---------
8,374,055
- ---------
<CAPTION>
Environmental Control -- 0.0%#
<S> <C>
<C>
4,500 Safety-Kleen Corporation
75,938
- ---------
<CAPTION>
Financial Services -- 3.4%
<S> <C>
<C>
36,200 American Express Company
2,696,900
18,529 American General Corporation
884,754
4,100 Beneficial Corporation
291,356
8,000 Countrywide Credit Industries
249,500
7,300 Dow Jones & Company Inc.
293,369
11,500 Equifax, Inc.
427,656
53,200 Federal Home Loan Mortgage Corporation
1,828,750
81,100 Federal National Mortgage Association
3,537,988
34,292 First Data Corporation
1,506,705
10,400 Green Tree Financial Corporation
370,500
7,900 Household International, Inc.
927,756
25,300 Merrill Lynch & Company Inc.
1,508,513
1,500 Pulte Corporation
51,844
8,300 Salomon Inc.
461,688
13,400 Schwab (Charles) Corporation
545,213
4,200 Temple-Inland Inc.
226,800
49,089 Travelers Group Inc.
3,095,675
- ---------
18,904,967
- ---------
<CAPTION>
Food and Beverages -- 7.3%
<S> <C>
<C>
19,200 Albertson's, Inc.
700,800
37,900 Anheuser-Busch
Companies Inc.
1,589,431
35,600 Campbell Soup Company
1,780,000
189,600 Coca-Cola Company
13,224,600
18,325 ConAgra Inc.
1,175,091
2,800 Coors (Adolph) Company, Class B
74,550
10,900 CPC International Inc.
1,006,206
2,900 Fleming Companies Inc.
52,200
28,200 Heinz (H.J.) Company
1,300,725
11,700 Hershey Foods Corporation
647,156
15,900 Kellogg Company
1,361,438
117,200 PepsiCo Inc.
4,402,325
185,800 Philip Morris Companies Inc.
8,244,875
10,500 Quaker Oats Company
471,188
8,100 Ralston-Purina Group
665,719
36,800 Sara Lee Corporation
1,531,800
28,300 Seagram Company Ltd.
1,139,075
14,100 UST Inc.
391,275
8,900 Wrigley (Wm) Jr. Company
596,300
- ----------
40,354,754
- ----------
<CAPTION>
Food Distribution -- 0.8%
<S> <C>
<C>
40,871 Archer-Daniels-Midland Company
960,468
16,117 Costco Companies Inc.+
529,846
12,300 General Mills Inc.
801,038
4,600 Giant Food, Inc., Class A
150,075
2,900 Great Atlantic & Pacific Tea Company Inc.
78,844
19,500 Kroger Company+
565,500
5,100 Supervalu Inc.
175,950
13,300 Sysco Corporation
485,450
11,400 Winn Dixie Stores Inc.
424,650
- ---------
4,171,821
- ---------
<CAPTION>
Freight and Shipping -- 0.0%#
<S> <C>
<C>
2,900 Caliber Systems Inc.
108,025
- ---------
<CAPTION>
Glass Products -- 0.2%
<S> <C>
<C>
4,100 Owens Corning Fiberglass Corporation+
176,813
13,800 PPG Industries Inc.
802,125
- ---------
978,938
- ---------
<CAPTION>
Health Care Facilities -- 0.6%
<S> <C>
<C>
7,600 Beverly Enterprises+
123,500
51,077 Columbia/HCA Healthcare Corporation
2,007,965
12,500 Humana Inc.+
289,063
23,100 Tenet Healthcare Corporation+
682,894
- ---------
3,103,422
- ---------
<CAPTION>
Health Care Products -- 3.7%
<S> <C>
<C>
59,100 Abbott Laboratories
3,944,925
5,000 Allergan, Inc.
159,062
4,200 Bausch & Lomb Inc.
197,925
9,400 Becton, Dickinson & Company
475,875
92,400 Merck & Company Inc.
9,563,400
49,400 Pfizer, Inc.
5,903,300
- ----------
20,244,487
- ----------
<CAPTION>
Holding Companies -- 0.1%
<S> <C>
<C>
7,100 Providian, LLC
228,088
17,800 Public Service Enterprise
445,000
- ---------
673,088
- ---------
<CAPTION>
Home Appliances -- 0.4%
<S> <C>
<C>
7,200 Black & Decker Corporation
267,750
19,100 Illinois Tool Works Inc.
953,806
7,400 Maytag Corporation
193,325
4,650 Snap-On, Inc.
183,094
6,800 Stanley Works
272,000
5,700 Whirlpool Corporation
311,006
- ---------
2,180,981
- ---------
<CAPTION>
Home Furnishings and Housewares -- 0.8%
<S> <C>
<C>
49,300 American Home Products Corporation
3,771,450
3,100 Armstrong World
227,462
11,400 Rubbermaid, Inc.
339,150
1,600 Springs Industries, Inc.
84,400
4,700 Tupperware Corporation
171,550
- ---------
4,594,012
- ---------
<CAPTION>
Hotels and Restaurants -- 0.9%
<S> <C>
<C>
11,700 Darden Restaurants Inc.
106,031
7,800 Harrah's Entertainment Corporation
142,350
12,100 HFS, Inc.+
701,800
19,100 Hilton Hotels Corporation
507,344
9,700 Marriott International Inc.
595,338
52,800 McDonald's Corporation
2,550,900
10,100 Wendy's International Inc.
261,969
- ---------
4,865,732
- ---------
<CAPTION>
Insurance -- 3.6%
<S> <C>
<C>
2,997 Aegon N.V.
209,977
11,514 Aetna Life & Casualty Company
1,178,745
33,660 Allstate Corporation
2,457,180
35,943 American International
Group, Inc.
5,368,985
12,750 AON Corporation
659,812
13,400 Chubb Corporation
896,125
5,700 CIGNA Corporation
1,011,750
14,000 Conseco, Inc.
518,000
6,200 General Re Corporation
1,128,400
9,000 Hartford Financial Services Group, Inc.
744,750
5,400 Jefferson-Pilot Corporation
377,325
7,900 Lincoln National Corporation
508,563
12,800 Marsh & McLennan Companies, Inc.
913,600
3,300 MBIA Inc.
372,281
9,000 MGIC Investment Corporation
431,438
9,700 SAFECO Corporation
452,869
6,400 St. Paul Companies Inc.
488,000
5,350 Torchmark Corporation
381,187
5,100 Transamerica Corporation
477,169
14,300 United Healthcare Corporation
743,600
10,700 UNUM Corporation
449,400
8,400 USF & G Corporation
201,600
- ----------
19,970,756
- ----------
<CAPTION>
Machinery and Heavy Equipment -- 0.7%
<S> <C>
<C>
14,500 Caterpillar Inc.
1,556,937
3,000 Cincinnati Milacron Inc.
77,812
19,600 Deere & Company
1,075,550
8,600 Dover Corporation
528,900
8,300 Ingersoll-Rand Company
512,525
5,700 Parker-Hannifin Corporation
345,919
- ----------
4,097,643
- ----------
<CAPTION>
Manufacturing -- 0.9%
<S> <C>
<C>
17,350 Alcan Aluminum Ltd.
601,828
13,300 Aluminum Company of America
1,002,487
14,900 Boston Scientific Corporation+
915,419
2,000 Briggs & Stratton Corporation
100,000
5,300 Brown-Forman Corporation, Class B
258,706
5,700 Case Corporation
392,587
2,400 Giddings & Lewis, Inc.
50,100
5,940 PACCAR Inc.
275,839
5,600 Reynolds Metals Company
399,000
13,200 Sherwin-Williams Company
407,550
11,500 Thermo Electron Corporation
391,000
- ----------
4,794,516
- ----------
<CAPTION>
Medical Instruments, Services
and Supplies -- 0.9%
<S> <C>
<C>
4,400 Bard (C.R.), Inc.
159,775
21,300 Baxter International Inc.
1,112,925
8,500 Biomet, Inc.+
158,312
8,300 Cardinal Health, Inc.
475,175
5,700 Guidant Corporation
484,500
26,200 HEALTHSOUTH Corporation
653,363
18,200 Medtronic, Inc.
1,474,200
1,900 Shared Medical Systems Corporation
102,600
6,950 St. Jude Medical, Inc.+
271,050
5,600 United States Surgical Corporation
208,600
- ----------
5,100,500
- ----------
<CAPTION>
Metals and Mining -- 0.7%
<S> <C>
<C>
13,427 Allegheny Teledyne, Inc.+
362,529
3,300 ASARCO Inc.
101,062
28,500 Barrick Gold Corporation
627,000
17,600 Battle Mountain Gold Company
100,100
7,100 Cyprus Amax Minerals Company
173,950
10,700 Echo Bay Mines Ltd.
61,525
15,300 Freeport McMoRan Copper & Gold, Class B
476,213
11,200 Homestake Mining Company
146,300
12,700 Inco Ltd.
381,794
500 NACCO Industries Inc., Class A
28,219
11,955 Newmont Mining Corporation
466,245
4,700 Phelps Dodge Corporation
400,381
18,300 Placer Dome, Inc.
299,663
- ----------
3,624,981
- ----------
<CAPTION>
Natural Gas -- 0.5%
<S> <C>
<C>
4,200 Columbia Gas System, Inc.
274,050
7,200 Consolidated Natural Gas Company
387,450
19,600 Enron Corporation
799,925
5,400 ENSEARCH Corporation
120,150
3,700 NICOR Inc.
132,738
10,600 Noram Energy Corporation
161,650
2,200 ONEOK Inc.
70,813
6,400 Pacific Enterprises Inc.
215,200
6,500 Sonat, Inc.
333,125
- ---------
2,495,101
- ---------
<CAPTION>
News and Publishing -- 0.9%
<S> <C>
<C>
10,900 Gannett Company Inc.
1,076,375
42,764 Kimberly-Clark Corporation
2,127,509
6,900 Knight-Ridder Inc.
338,531
7,300 New York Times Company, Class A
361,350
7,300 Times Mirror Company (New), Class A
403,325
9,400 Tribune Company
451,788
- ---------
4,758,878
- ---------
<CAPTION>
Oil -- 8.0%
<S> <C>
<C>
7,100 Amerada Hess Corporation
394,493
37,800 Amoco Corporation
3,286,237
5,700 Ashland Inc.
264,337
25,500 Atlantic Richfield Company
1,797,750
11,100 Baker Hughes Inc.
429,431
49,900 Chevron Corporation
3,689,481
8,100 Coastal Corporation
430,819
189,900 Exxon Corporation
11,678,850
9,700 Halliburton Company
768,725
2,600 Louisiana Land & Exploration Company
148,525
4,200 McDermott International, Inc.
122,588
60,200 Mobil Corporation
4,206,475
25,200 Occidental Petroleum Corporation
631,575
8,000 Oryx Energy Company+
169,000
3,600 Pennzoil Company
276,300
20,100 Phillips Petroleum Company
879,375
164,400 Royal Dutch Petroleum Company
8,939,250
7,574 Santa Fe Energy
Resources, Inc.+
111,243
13,100 Tenneco Inc.
591,956
20,100 Texaco Inc.
2,185,875
18,900 Union Pacific Corporation
1,332,450
19,455 Union Pacific Resources Group
483,943
19,100 Unocal Corporation
741,319
22,000 USX-Marathon Group Common (New)
635,250
- ---------
44,195,247
- ----------
<CAPTION>
Oil Equipment and Services -- 0.5%
<S> <C>
<C>
2,000 Helmerich & Payne, Inc.
115,250
18,900 Schlumberger Ltd.
2,362,500
4,100 Western Atlas, Inc.+
300,325
- ---------
2,778,075
- ---------
<CAPTION>
Paper and Forest Products -- 0.8%
<S> <C>
<C>
4,000 Bemis Company Inc.
173,500
3,700 Boise Cascade Corporation
130,656
7,300 Champion International Corporation
403,325
7,000 Georgia-Pacific Corporation
597,625
3,800 Harnischfeger Industries Inc.
157,700
23,019 International Paper Company
1,117,860
6,600 James River Corporation of Virginia
244,200
8,400 Louisiana Pacific Corporation
177,450
4,000 Mead Corporation
249,000
2,200 Potlatch Corporation
99,550
7,581 Stone Container Corporation
108,503
15,250 Weyerhaeuser Company
793,000
4,200 Willamette Industries Inc.
294,000
- ---------
4,546,369
- ---------
<CAPTION>
Personal Items -- 2.9%
<S> <C>
<C>
22,600 Colgate-Palmolive Company
1,474,650
42,560 Gillette Company
4,032,560
8,300 International Flavors & Fragrances, Inc.
419,150
2,900 Jostens Inc.
77,575
51,800 Proctor & Gamble Company
7,316,750
20,700 Warner-Lambert Company
2,571,975
- ----------
15,892,660
- ----------
<CAPTION>
Petroleum Refining -- 0.2%
<S> <C>
<C>
6,500 Rowan Companies
183,219
5,600 Sun Company
173,600
12,100 Williams Companies Inc.
529,375
- ---------
886,194
- ---------
<CAPTION>
Pharmaceuticals -- 3.9%
<S> <C>
<C>
6,500 ALZA Corporation+
188,093
76,420 Bristol-Myers Squibb Company
6,190,020
101,900 Johnson & Johnson
6,559,813
42,500 Lilly (Eli) & Company
4,645,781
38,820 Pharmacia & Upjohn Inc.+
1,348,995
56,000 Schering-Plough Corporation
2,681,000
- ----------
21,613,702
- ----------
<CAPTION>
Photographic Equipment and Supplies -- 0.4%
<S> <C>
<C>
25,100 Eastman Kodak Company
1,926,425
3,450 Polaroid Corporation
191,475
- ----------
2,117,900
- ----------
<CAPTION>
Printing and Publishing -- 0.3%
<S> <C>
<C>
5,800 American Greetings Corporation, Class A
215,325
11,200 Donnelly (RR) & Sons Company
410,200
13,040 Dun & Bradstreet Corporation
342,300
7,600 McGraw-Hill Inc.
446,975
7,750 Westvaco Corporation
243,641
- ----------
1,658,441
- ----------
<CAPTION>
Railroads -- 0.2%
<S> <C>
<C>
9,600 Norfolk Southern Corporation
967,200
- ----------
<CAPTION>
Research and Development -- 0.2%
<S> <C>
<C>
20,200 Amgen Inc.+
1,174,125
- ----------
<CAPTION>
Retail -- Store -- 3.2%
<S> <C>
<C>
11,100 American Stores Company
548,062
8,100 Charming Shoppes Inc.
42,272
7,500 Circuit City Stores-Circuit City Group
266,719
12,800 CVS Corporation
656,000
16,600 Dayton Hudson Corporation
882,912
8,700 Dillard's Inc.
301,237
15,900 Federated Department Store+
552,525
20,900 Gap Inc.
812,488
37,100 K mart Corporation
454,475
20,664 Limited Inc.
418,446
2,900 Longs Drug Stores Company
75,944
18,100 May Department Stores Company
855,225
2,800 Mercantile Stores Company
176,225
6,100 Nordstrom, Inc.
299,281
18,900 Penney (J.C.) Company Inc.
986,344
9,400 Rite Aid Corporation
468,825
2,800 Russell Corporation
82,950
30,000 Sears, Roebuck & Company
1,612,500
3,700 Stride Rite Corporation
47,638
12,000 TJX Companies, Inc.
316,500
21,850 Toys R Us Inc.+
764,750
18,900 Walgreen Company
1,013,513
173,300 Wal-Mart Stores, Inc.
5,859,706
10,300 Woolworth Corporation
247,200
- ----------
17,741,737
- ----------
<CAPTION>
Savings and Loan Associations -- 0.1%
<S> <C>
<C>
7,700 Ahmanson (H.F.) Company
331,100
4,400 Golden West Financial Corporation
308,000
- ----------
639,100
- ----------
<CAPTION>
Soaps and Detergents -- 0.1%
<S> <C>
<C>
3,900 Clorox Company
514,800
- ----------
<CAPTION>
Steel -- 0.2%
<S> <C>
<C>
8,200 Armco Inc.+
31,775
8,600 Bethlehem Steel Corporation+
89,762
3,700 Inland Steel Industries Inc.
96,663
6,700 Nucor Corporation
378,550
4,800 Timken Company
170,700
6,540 USX-U.S. Steel Group Inc.
229,309
7,325 Worthington Industries, Inc.
134,139
- ----------
1,130,898
- ----------
<CAPTION>
Technology -- 0.6%
<S> <C>
<C>
42,000 Ameritech Corporation
2,853,375
9,100 ITT Industries+
234,325
3,300 Millipore Corporation
145,200
3,300 Perkin-Elmer Corporation
262,556
- ----------
3,495,456
- ----------
<CAPTION>
Telecommunications -- 6.3%
<S> <C>
<C>
38,500 AirTouch
Communications, Inc.+
1,053,938
14,300 ALLTEL Corporation
478,156
6,937 Andrew Corporation+
195,103
124,206 AT&T Corporation
4,354,972
33,500 Bell Atlantic Corporation
2,541,812
76,000 BellSouth Corporation
3,524,500
24,900 Comcast Corporation Special, Class A
(non-voting)
532,237
9,000 DSC Communications Corporation+
200,250
12,500 Frontier Corporation
249,219
48,937 Lucent Technologies, Inc.
3,526,523
52,600 MCI Communications Corporation
2,013,594
19,800 Northern Telecommunications Ltd.
1,801,800
33,700 NYNEX Corporation
1,941,963
69,750 SBC Communications
4,315,781
32,900 Sprint Corporation
1,731,363
50,800 Tele-Communications Inc., Class A+
755,650
36,700 US West, Inc.
1,383,131
46,400 US West Media, Inc.+
939,600
27,000 Viacom Inc., Class B+
810,000
68,300 WorldCom, Inc.
2,185,600
- ----------
34,535,192
- ----------
<CAPTION>
Tire and Rubber -- 0.2%
<S> <C>
<C>
6,100 Cooper Tire & Rubber Company
134,200
4,100 Goodrich (B.F.) Company
177,581
11,900 Goodyear Tire & Rubber Company
753,419
- ----------
1,065,200
- ----------
<CAPTION>
Transportation -- 0.2%
<S> <C>
<C>
11,763 Burlington Northern Santa Fe
1,057,199
5,900 Ryder System, Inc.
194,700
- ----------
1,251,899
- ----------
<CAPTION>
Utilities -- 2.3%
<S> <C>
<C>
14,500 American Electric Power Company, Inc.
609,000
11,250 Baltimore Gas & Electric Company
300,234
11,500 Carolina Power & Light Company
412,563
16,200 Central & Southwest Corporation
344,250
12,034 Cinergy Corporation
418,934
18,000 Consolidated Edison Company
529,875
14,100 Dominion Resources, Inc.
516,412
11,100 DTE Energy Company
306,637
27,570 Duke Energy Company
1,321,637
31,400 Edison International
781,075
18,200 Entergy Corporation
498,225
14,000 FPL Group, Inc.
644,875
9,200 GPU, Inc.
330,050
17,900 Houston Industries, Inc.
383,731
3,400 National Service Industries, Inc.
165,538
11,000 Niagara Mohawk Power Corporation
94,188
5,300 Northern States Power Company
274,275
11,600 Ohio Edison Company
253,025
22,600 PacifiCorp
497,200
17,000 PECO Energy Company
357,000
2,600 Peoples Energy Corporation
97,338
31,300 PG & E Corporation
759,025
12,500 PP & L Resources Inc.
249,219
52,100 Southern Company
1,139,687
17,200 Texas Utilities Company
592,325
16,500 Unicom Corporation
367,125
7,800 Union Electric Company
293,963
- ----------
12,537,406
- ----------
<CAPTION>
Waste Management -- 0.4%
<S> <C>
<C>
16,200 Browning-Ferris Industries, Inc.
538,650
24,000 Laidlaw Inc., Class B (non-voting)
331,500
34,691 Waste Management, Inc.
1,114,447
- ----------
1,984,597
- ----------
<CAPTION>
TOTAL COMMON STOCKS
(Cost $392,856,337)
519,616,555
- -----------
SHORT-TERM INVESTMENT -- 0.5%
(Cost $2,797,858)
<S> <C>
<C>
2,797,858 SEI Daily Income Trust Government II
2,797,858
- ----------
<CAPTION>
Principal
Amount
---------
U.S. TREASURY BILLS -- 0.4%
(Cost $2,411,078)
<S> <C>
<C>
$2,450,000 4.560++ due 10/16/1997**
2,411,078
- ----------
<CAPTION>
REPURCHASE AGREEMENT -- 2.7%
(Cost $14,635,440)
<S> <C>
<C>
14,635,440 Agreement with Merrill Lynch &
Company Inc., 5.272% dated 06/30/1997,
to be repurchased at $14,637,583 on
07/01/1997, collateralized by
$15,114,000 U.S. Treasury Notes,
5.500-5.875% having maturities ranging
from 11/15/1998 through 11/30/2001
(value $15,045,281)
14,635,440
- ----------
<CAPTION>
TOTAL INVESTMENTS
<S> <C>
(Cost $412,700,713*) 98.0%
539,460,931
OTHER ASSETS AND
LIABILITIES (Net) 2.0
10,924,953
-----
- ------------
NET ASSETS 100.0%
$550,385,884
=====
============
<FN>
---------
* Aggregate cost for Federal tax purposes is
$413,139.262.
** Securities pledged as collateral for futures
contracts.
+ Non-income producing security
++ Rate represents annualized yield at date of
purchase.
# Amount represents less than 0.1% of net assets.
</FN>
</TABLE>
<TABLE>
<CAPTION>
Number
of
Unrealized
Contracts
Depreciation
---------
- ------------
FUTURES CONTRACTS -- LONG POSITION
<S> <C>
73 S&P 500 Index, September 1997
$ (295,655)
============
<FN>
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder International Equity Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- ------------------------
<TABLE>
<CAPTION>
Shares
Value
------
- -----
COMMON STOCKS -- 99.3%
Argentina -- 0.7%
<S> <C>
<C>
1,400 Alpargatas S.A.I.C., ADR+
$ 13,652
400 APCO Argentina Inc., ADR
10,400
2,794 Banco de Galicia Bueno, ADR
73,692
2,256 Banco Frances del Rio de la Plata, SA,
ADR
73,320
1,800 Buenos Aires
Embotelladora SA, ADR
2,475
6,700 Corporacion Mapfre, ADR
86,824
800 Disco SA, ADR+
31,700
500 IRSA Inversiones Y Representaciones SA,
GDR
21,875
2,820 Metrogas SA, ADR
28,200
18,265 Perez Companc SA, ADR
293,013
6,000 Quilmes Industrial SA, ADR
69,750
4,800 Telecommunications de Argentina, ADR
252,000
11,800 Telefonica de Argentina, ADR
408,575
17,300 Y.P.F Sociedad Anonima, ADR
531,975
- ---------
1,897,451
- ---------
<CAPTION>
Australia -- 3.2%
<S> <C>
<C>
45,000 Amcor Ltd.
299,395
7,700 Amcor Ltd., ADR
202,125
2,700 Ashton Mining Ltd., ADR
18,576
13,350 Australia & New Zealand Bank, ADR
492,281
9,600 Australian National Industries, ADR
46,800
6,700 Boral Ltd., ADR
168,338
47,240 Broken Hill Proprietary Ltd., ADR
1,405,390
3,700 Burns, Philip & Company Ltd., ADR
41,289
9,500 Coca-Cola Amatil Ltd., ADR
243,734
7,200 Coles Myer Ltd., ADR
300,600
1,200 Cortecs International Ltd., ADR+
19,500
11,800 CSR Ltd., ADR
183,068
6,800 E-mail Ltd., ADR
48,738
800 FAI Insurance Ltd., ADR
8,300
1,500 FH Faulding & Company, ADR
34,476
14,400 Goodman Fielder Ltd., ADR
84,920
12,250 Great Central Mines Ltd., ADR
68,141
9,600 James Hardie Industries, ADR
61,694
6,100 Kidston Gold Mines Ltd., ADR
9,962
3,000 Mayne Nickless Ltd., ADR
87,550
400 Memtec Ltd., ADR
10,800
61,900 M.I.M. Holdings Ltd., ADR
183,454
13,400 National Australia Bank Ltd., ADR
955,587
35,100 News Corporation Ltd., ADR
675,675
6,700 North Ltd., ADR
127,905
1,600 Orbital Engineering Ltd., ADR+
8,700
13,000 Pacific Dunlop
Olympic Ltd., ADR
151,125
2,300 Petsec Energy Ltd., ADR+
52,325
42,500 Pioneer International Ltd., ADR
162,775
7,270 Rio Tinto Ltd., ADR
496,442
6,600 Santos Ltd., ADR
108,900
1,000 Simsmetal Ltd., ADR
29,183
600 Sons of Gwalia, ADR
11,182
5,600 Southcorp Holdings Ltd., ADR
105,000
17,900 Westpac Banking Ltd., ADR
535,881
13,700 WMC Ltd., ADR
351,062
47,000 Woodside Petroleum Ltd.
405,092
- ---------
8,195,965
- ---------
<CAPTION>
Austria -- 0.2%
<S> <C>
<C>
2,840 EVN-Energie Versorgung Niederoesterreich
AG, ADR
73,840
13,300 OMV AG, ADR
340,734
1,300 Wolford AG, ADR
24,858
- ---------
439,432
- ---------
<CAPTION>
Belgium -- 0.2%
<S> <C>
<C>
11,650 Petrofina SA, ADR
441,128
- ---------
<CAPTION>
Bermuda -- 0.2%
<S> <C>
<C>
1,500 Comcast UK Cable Partners Ltd., ADR+
18,000
5,100 Exel Ltd., ADR
269,025
600 LaSalle Re Holdings Ltd., ADR
17,700
400 Mutual Risk
Management Inc., ADR
18,350
2,700 PartnerRe Ltd., ADR
102,938
1,000 Sphere Drake
Holdings Ltd., ADR
8,563
- ---------
434,576
- ---------
<CAPTION>
Brazil -- 1.2%
<S> <C>
<C>
7,225 Aracruz Celulose SA, ADR
147,209
6,400 Cemig-Companhia Energetica de Minas,
(New), ADR
339,200
2,500 Continental AG, ADR
62,088
1,900 Copene Petroquimica, ADR
35,211
3,600 Panamerican Beverages Inc., ADR, Class A
118,350
15,200 Telebras, ADR
2,306,600
- ---------
3,008,658
- ---------
<CAPTION>
Canada-- 3.2%
<S> <C>
<C>
5,400 Aber Resources Ltd.+
75,470
4,100 Abitibi-Consolidated Inc., ADR
73,288
2,000 Agnico Eagle Mines Ltd., ADR
19,250
3,650 Alberta Energy Company Ltd., ADR
91,706
800 Alliance Communications Corporation, ADR+
7,900
3,600 Arakis Energy
Corporation, ADR+
13,613
12,950 Bank of Montreal, ADR
506,669
30,800 BCE Inc., ADR
862,400
4,800 Biochem Pharmaceuticals Inc., ADR+
106,800
9,700 Biomira Inc.+
49,169
1,800 Biomira Inc., ADR+
9,113
1,300 Biovail Corporation International, ADR+
39,244
4,600 Brascan Ltd., Class A, ADR
113,275
12,934 Brookfield Properties Corporation+
150,789
2,800 Cambior, Inc., ADR
31,675
6,100 Campbell Resource Inc., ADR+
3,812
1,300 Canadian Marconi Company, ADR
22,912
6,600 Canadian Occidental Petroleum, ADR
148,500
16,800 Canadian Pacific Ltd., ADR
477,750
600 Chieftan Intenational, Inc., ADR
13,163
1,700 Clearnet Communication Inc., ADR
20,613
6,900 Cognos Inc.
214,352
2,000 Cognos Inc., ADR
62,250
2,900 Coho Energy, Inc.+
31,080
4,400 Cominco, ADR
117,150
2,600 Corel, ADR+
17,062
2,900 Cott Corporation, ADR
30,870
3,100 Dia Met Minerals Ltd.+
58,927
6,300 Domatar Inc., ADR
54,337
1,000 Dreco Energy Services Ltd.+
52,174
300 Dreco Energy Services Ltd., ADR+
15,750
600 Fahnestock Viner Holdings Inc., ADR
11,325
1,300 Fairfax Financial Holdings Ltd.+
376,552
1,300 Four Seasons Hotels, Inc., ADR
38,513
3,100 Goldcorp Inc., Class A, ADR
22,087
6,700 Golden Star Resources Ltd.+
55,310
10,700 Gulf Canada Resources, ADR+
88,944
2,900 Hollinger, Inc., ADR
24,786
3,000 Imperial Oil Ltd., ADR
154,125
11,700 Inmet Mining Corporation+
64,390
1,100 Intertape Polymer Group Inc., ADR
23,100
2,800 IPL Energy Inc., ADR
93,275
1,400 Ipsco Inc., ADR
40,775
300 Jetform Corporation, ADR+
3,938
12,500 Laidlaw Transportation Inc., Class A, ADR
193,750
2,200 Loewen Group Inc., ADR
76,450
6,100 Macmillan Bloedel Ltd., ADR
83,875
3,100 Magna International, Class A, ADR
186,581
5,600 MDS Inc.
122,466
7,300 Methanex Corporation, ADR+
67,069
5,200 Mitel Corporation, ADR+
27,300
8,100 Newbridge Network, ADR+
352,350
23,500 Nova Corporation of
Alberta, ADR
199,750
4,600 Numac Energy Inc., ADR+
20,125
9,000 Philip Services Corporation
142,728
2,000 Philip Services Corporation, ADR
31,750
100 PLD Telekom Inc., ADR
500
1,500 PLD Telekom Inc., ADR
7,500
2,300 Potash Corporation of Saskatchewan, ADR
172,644
2,300 Precision Drilling Corporation+
110,424
3,400 Quebecor Inc., Class A, ADR
63,325
14,900 Renaissance Energy Ltd.+
414,323
17,800 Repap Enterprises Inc.+
7,218
6,000 Repap Enterprises Inc., ADR+
2,813
1,900 Rigel Energy Corporation, ADR+
20,306
2,800 Rio Algom Ltd., ADR
67,550
4,600 Rogers Cantel Mobil Communications,
Class B, ADR+
87,112
5,600 Royal Oak Mines, ADR+
13,300
2,479 Stampeder Exploration Ltd., ADR+
9,761
16,700 Stelco Inc.
124,559
9,900 Transcanada Pipeline Ltd., ADR
199,237
3,000 Tri-Link Resources Ltd.+
55,940
16,000 Trilon Financial Corporation
103,117
5,900 Trimark Financial Corporation
269,163
5,000 Trizec Hahn Corporation, ADR
106,875
23,300 TVX Gold Inc.+
123,169
7,900 TVX Gold Inc., ADR+
41,969
1,700 Unican Security Systems, Ltd.
34,223
4,500 West Coast Energy Inc., ADR
81,844
- ---------
8,109,249
- ---------
<CAPTION>
Chile -- 0.5%
<S> <C>
<C>
900 AFP Provida, ADR
19,687
1,200 Banco de Edwards, ADR
25,050
700 Banco Santander Chile, ADR
10,325
700 Banco Santiago SA, ADR+
17,850
2,800 Chilgener SA, ADR
3,078
2,800 Chilgener SA, ADR
78,400
2,500 Compania Cervecerias Uniidas SA, ADR
54,844
9,675 Compania de Telecomunicaciones de Chile
SA, ADR
319,275
1,100 Cristalerias de Chile, ADR
26,262
3,100 Embotelladora Andina SA, ADR
66,456
10,400 Empresa Nacional
Electricidad SA, ADR
234,650
2,700 Empresas Telex Chile, ADR
15,187
5,700 Enersis SA, ADR
202,706
700 Laboratorio Chile SA, ADR
19,950
1,800 Madeco, ADR
44,100
1,300 Maderas Y Sinteticos Sociedad (Masisa),
ADR
21,612
1,000 Quimica Minera
Chile SA, ADR
66,125
300 Quinenco SA, ADR
5,550
900 Santa Isabel SA, ADR
29,025
800 Vina Concha Y Toro SA, ADR
24,750
- ---------
1,284,882
- ---------
<CAPTION>
China -- 5.6%
<S> <C>
<C>
24,500 Amoy Properties Ltd., ADR
135,194
2,900 Amway Asia Pacific Ltd., ADR
126,513
2,800 APT Satellite Holdings Ltd., ADR+
35,350
600 Asia Satellite Telecommunications
Holdings Ltd., ADR+
18,075
63,448 Bank East Asia Ltd., ADR
263,309
750 Beijing Yanhua Petrochemical Company,
Ltd., ADR
8,625
900 Brilliance China
Automotive, ADR
9,225
14,000 Cathay Pacific Airways, ADR
144,375
9,300 CDL Hotels
International Ltd., ADR+
37,814
13,200 Champion Technology Holdings, ADR
8,514
700 China Eastern Airlines Corporation Ltd.,
ADR+
18,200
4,100 C.P. Pokphand, ADR
32,544
7,900 Dairy Farm
International Ltd., ADR
29,625
500 DSG International Ltd., ADR+
8,000
2,800 Egana International Holdings Ltd., ADR+
9,307
25,000 First Pacific Company Ltd., ADR
159,735
1,600 Gold Peak Industries Ltd., ADR
10,326
4,300 Guangshen Railway Company Ltd., ADR+
94,063
12,150 Hang Lung Development, ADR
111,349
36,500 Hang Seng Bank Ltd., ADR
520,607
78,400 Henderson Land Development Company Ltd.,
ADR
695,735
99,080 Hong Kong and China Gas Company Ltd., ADR
198,232
99,200 Hong Kong Electric Holdings Ltd., ADR
400,272
17,700 Hong Kong Land Holdings, ADR
236,738
23,232 Hong Kong Telecommunications Ltd., ADR
543,048
42,900 Hopewell Holdings Ltd., ADR
135,135
203,000 HSBC Holdings, ADR
6,105,224
6,100 Huaneng Power International, ADR+
155,550
24,600 Hysan Development Ltd., ADR
145,113
22,900 Jardine Matheson & Company Ltd., ADR
163,520
7,900 Jardine Strategic Holding, ADR
59,373
1,500 Johnson Electric Holdings, ADR
44,726
45,300 New World Development Company Ltd., ADR
543,600
13,650 Peregrine Investment Holdings, ADR
56,306
2,800 Shandong Huaneng, ADR
30,100
4,700 Shanghai Chlor-Alkali Chemical Company,
ADR
13,442
3,200 Shanghai Petrochemicals Ltd., ADR
78,400
4,200 Shanghai Tire & Rubber Company Ltd., ADR
20,580
7,200 Shuntak Holdings Ltd., ADR
43,200
2,700 Singer Company, ADR
51,300
14,750 South China Morning Post, ADR
72,275
117,300 Sun Hung Kai Properties Ltd., ADR
1,411,894
78,000 Swire Pacific Ltd., ADR
702,000
10,500 Wharf Holdings Ltd., ADR
227,640
- ---------
13,914,153
- ----------
<CAPTION>
Columbia -- 0.0%#
<S> <C>
<C>
1,400 Banco Ganadero SA, ADR
50,400
1,900 Banco Industrial Colombiano, ADR
34,200
- ---------
84,600
- ---------
<CAPTION>
Denmark -- 0.6%
<S> <C>
<C>
2,900 ISS International Service Systems, ADR
53,287
5,600 Novo Nordisk AS, Series B
610,612
7,400 Novo Nordisk AS, Series B, ADR
406,075
12,900 Tele Danmark, Series B, ADR
337,012
- ---------
1,406,986
- ---------
<CAPTION>
Finland -- 0.1%
<S> <C>
<C>
2,300 American Group Ltd., ADR
21,046
2,000 Instrumentarium Corporation, ADR
38,750
700 Rauma-Repola, ADR
16,100
2,300 Valmet Corporation, ADR
77,050
- ---------
152,946
- ---------
<CAPTION>
France -- 5.2%
<S> <C>
<C>
30,500 Alcatel Alsthom Cie Generale D'Electric,
ADR
770,125
9,600 AXA Company
597,070
700 Bouygues Offshore SA, ADR
8,750
800 Business Objects SA, ADR
7,800
14,700 Campagnie de Suez, ADR
361,434
4,000 Canal Plus, ADR
155,779
350 Cardif SA
39,010
1,900 Carrefour SA
1,379,890
200 CIPE France
25,865
2,650 Claring SA, ADR
70,546
700 Clarins SA
93,147
163,000 Compagnie Financiere de Suez
400,795
5,800 Compagnie Generale des Eaux, ADR
148,677
500 Credit Lyonnais+
25,184
2,500 Dassault Systemes SA, ADR+
178,125
25,500 Elf Aquitaine, ADR
1,388,156
450 Essilor International
121,369
45,900 Eurotunnel SA+
50,378
1,100 Genset, ADR+
21,312
600 Groupe AB SA, ADR+
5,100
16,950 Groupe Danone, ADR
560,288
650 Guilbert SA
92,024
9,000 Havas SA, ADR
162,191
750 Imetal SA
99,418
12,000 Lafarge SA, ADR
248,851
4,850 Lagardere Group
140,878
4,200 Lagardere Group, ADR
122,032
21,300 Louis Vuitton Moet
Hennessy, ADR
1,147,537
5,000 Pechiney SA, ADR
98,125
11,050 Pernod Ricard, ADR
142,474
1,100 Pinault Printemps-Redoute SA
528,596
12,250 PSA Peugeot Citroen SA, ADR
296,085
14,800 Rhone-Poulenc SA, ADR
616,050
1,000 Salomon SA
76,250
400 Scor SA, ADR
16,250
6,800 SGS-Thompson Microelectronics, ADR
544,000
600 Skis Rossignols SA
12,619
19,100 Societe Generale, ADR
426,540
350 Sodexho SA
179,208
500 Stolt Comex Seaway SA
12,687
16,800 Total SA "B"
1,698,096
3,400 Valeo SA, ADR
211,235
- ---------
13,279,946
- ----------
<CAPTION>
Germany -- 6.7%
<S> <C>
<C>
25,450 Bayer AG
978,044
34,000 Bayer AG, ADR
1,306,957
8,500 Bayerische Vereinsbank AG
347,516
3,200 Beiersdorf AG
165,142
1,350 Bilfinger & Berger Bau AG
54,961
14,100 Commerzbank AG
399,404
18,900 Commerzbank AG, ADR
535,509
19,000 Daimler Benz AG, ADR
1,548,500
19,300 Deutsche Bank AG, ADR
1,118,194
1,250 Deutsche Pfandbrief-und Hypothekenbank AG
71,891
133,300 Deutsche Telekom, ADR
3,215,862
1,200 Douglas Holding AG
47,822
21,800 Dresdner Bank AG, ADR
753,966
300 Fresenius AG
68,121
2,550 Gehe AG
174,001
22,500 Hoechst AG
954,471
600 Kali und Salz Beteiligungs AG+
57,800
200 Leifheit AG
8,257
100 Linotype-Hell AG
8,572
2,600 Mannesmann AG
1,158,405
12,780 Normandy Mining Ltd., ADR
71,984
800 Puma AG, ADR
24,227
16,600 RWE AG, ADR
722,100
14,901 SAP AG, ADR
1,031,894
3,200 SGL Carbon AG, ADR+
148,800
50 Varta AG
8,157
17,200 VEBA AG
966,541
6,800 Volkswagen AG, ADR
1,037,425
- ---------
16,984,523
- ----------
<CAPTION>
<S> <C>
<C>
Greece -- 0.0%#
400 Anangel -- American Shipholdings Ltd, ADR
3,900
- ---------
<CAPTION>
Hungary -- 0.0%#
<S> <C>
<C>
100 Euronet Services, Inc., ADR+
1,106
- ---------
<CAPTION>
Indonesia -- 0.3%
<S> <C>
<C>
6,900 Pt Indorayon Utama, ADR
14,470
5,083 Pt Indosat, ADR
152,172
20,600 Pt Telekomunikasi Indonesia, ADR
669,500
1,400 Pt Tri Polyta Indonesia, ADR
8,050
- ---------
844,192
- ---------
<CAPTION>
<S> <C>
<C>
Ireland -- 0.3%
<S> <C>
<C>
5,900 Bank of Ireland, ADR
262,550
3,700 CRH, ADR
197,487
3,300 Elan Corporation Plc, ADR
149,325
2,800 Jefferson Smurfit Group, ADR
81,550
3,500 Waterford Wedgwood Plc, ADR
45,719
- ---------
736,631
- ---------
<CAPTION>
Israel -- 0.2%
<S> <C>
<C>
200 American-Israeli Paper Mills, ADR
8,750
2,000 Blue Square-Israel Ltd., ADR+
34,500
1,600 Check Point Software Technologies Ltd.,
ADR+
37,400
3,900 ECI Telecommunications Ltd., ADR
116,025
1,100 Elbit Medical Imaging Ltd., ADR+
7,838
1,100 Elbit Systems Ltd., ADR+
13,269
1,100 Elron Electronic
Industries Ltd., ADR
14,850
800 Elscint Ltd. ORD, ADR+
6,900
800 ESC Medical Systems Ltd., ADR+
20,400
1,560 Frutarom
1,354
400 Gilat Satellite Network Ltd., ADR+
13,300
3,200 Koor Industries Ltd., ADR
56,400
800 Matav-Cable Systems Media Ltd., ADR+
14,000
2,300 Scitex Corporation, ADR
20,269
1,000 Tadiran Ltd., ADR
28,625
500 Tecnomatrix Technologies Ltd., ADR+
16,250
2,700 Teva Pharmaceutical, ADR
174,825
- ---------
584,955
- ---------
<CAPTION>
Italy -- 2.0%
<S> <C>
<C>
4,472 Benetton Group SpA, ADR
144,781
2,200 De Rigo SpA, ADR
18,563
39,300 Ente Nazionale Idrocarburi SpA, ADR+
2,235,188
32,300 Fiat, ADR
589,475
1,300 Fila Holding SpA, ADR
43,469
10,000 IMI, ADR
272,500
3,000 Industrie Natuzzi, ADR
76,875
19,600 Istituto Nazionale delle Assicurazioni,
ADR+
301,350
2,400 Luxottica Group, ADR
162,750
26,142 Montedison SpA, ADR+
176,459
500 SAES Getters SpA, ADR
4,813
18,800 Stet Societa Finanziaria Telefonica SpA,
ADR
1,097,450
- ---------
5,123,673
- ---------
<CAPTION>
Japan -- 22.9%
<S> <C>
<C>
18,000 Amada Metrecs Company, Ltd.
188,457
14,670 Amway Japan Ltd., ADR
253,974
105,000 Aoki Corporation
123,675
9,200 Bandai Company Ltd., ADR
50,221
148,495 Bank of Tokyo, ADR
2,997,743
8,200 Canon Inc., ADR
1,119,300
86,000 Chiyoda Corporation
413,436
68,000 Chuo Trust and Banking Company, Ltd.
450,901
3,100 CSK Corporation, ADR
116,444
24,000 Daido Steel Company Ltd.
122,078
62,000 Daiei OMC Inc.+
155,250
17,500 Dai'El Inc., ADR
224,682
77,000 Daishowa Paper Manufacturing Company,
Ltd.
423,243
37,000 Daiwabo Company Ltd.
106,853
13,250 Eisai Company Ltd., ADR
251,125
39,000 Fudo Construction
149,378
25,300 Fuji Photo Film Company Ltd., ADR
1,021,488
218,000 Fujita Corporation
380,404
127,000 Haseko
202,775
16,100 Hitachi Ltd., ADR
1,819,300
29,000 Hitachi Plant Engineer & Construction
134,607
92,000 Hokkaido Bank
121,206
22,800 Honda Motor Company Ltd., ADR
1,372,275
170,000 Industrial Bank of Japan
2,640,143
5,100 Ito-Yokado Ltd., ADR
1,185,750
43,700 Japan Airlines Company, ADR
396,031
335,000 Kajima Corporation
1,961,218
86,000 Kanematsu Corporation
238,608
24,000 Kanematsu-NNK Corporation
397,854
145,000 Kankaku Securities Company
253,021
16,000 Kawasaki Steel Corporation, ADR
521,245
16,000 KDD
1,107,010
119,000 Keisei Electric Railway
718,475
4,900 Kirin Brewery Company, ADR
509,600
43,000 KOA Oil Company, Ltd.
271,247
27,800 Kobe Steel Ltd., ADR
265,872
12,300 Komatsu Ltd., ADR
399,633
3,600 Kubota Corporation, ADR
358,200
4,600 Kyocera Corporation, ADR
731,400
591,000 Long Term Credit Bank of Japan
2,552,415
23,000 Makino Milling Machine Company
196,458
7,900 Makita Corporation, ADR
117,019
10,500 Matsushita Electric Industrial Company
Ltd., ADR
2,147,250
42,000 Matsuzakaya
310,012
38,500 Mitsubishi Corporation, ADR
961,701
4,000 Mitsui & Company Ltd., ADR
772,000
37,000 Nagasakiya Company+
104,271
122,000 Navix Line+
216,080
15,100 NEC Corporation, ADR
1,055,113
117,000 Nikko Securities Company Ltd.
214,370
92,000 Nippon Shinpan Company
332,313
153,200 Nippon Telegraph & Telephone Corporation,
ADR
7,468,500
74,500 Nissan Fire & Marine Insurance Company
409,501
61,700 Nissan Motor Company Ltd., ADR
971,775
13,000 Olympus Optical Company, ADR
116,948
101,000 Orient Corporation
411,526
48,000 Pacific Metals Company Ltd.+
151,603
107,000 Penta-Ocean Construction
345,417
8,400 Pioneer Electronics Corporation, ADR
202,650
6,400 Ricoh Company Ltd., ADR
419,232
70,000 Sankyu
217,424
19,200 Sanyo Electric Corporation, ADR
432,000
65,000 Sato Kogyo
136,108
650 Sawako Corporation, ADR
11,796
15,800 Sega Enterprises, ADR
134,300
19,700 Shiseido Ltd., ADR
325,193
38,000 Shin Nikkei Company, Ltd.
129,302
57,000 Showa Sangyo
204,895
18,400 Sony Corporation, ADR
1,619,200
69,000 Sumitomo Construction
148,096
15,400 Sumitomo Metal Industries, ADR
438,482
33,000 Taiyo Toyo Sanso Company Ltd.+
103,076
75,000 Takara Shuzo
541,160
6,100 TDK Corporation, ADR
456,356
31,000 Teisan
139,563
59,000 TOA Corporation
265,620
70,000 Tobishima Corporation
139,860
20,000 Tokai Pulp Company Ltd.
122,148
15,200 Tokio Marine & Fire
Insurance Ltd., ADR
984,200
122,000 Tokyu Department Store
447,062
165,000 Tomen Corporation
417,485
49,000 Toshiba Machine Company
172,290
51,000 Toyo Construction
104,568
91,770 Toyota Motor Corporation, ADR
5,437,373
17,000 Tsumura & Company
154,256
28,000 Universal Securities
89,901
1,500 Wacoal Corporation, ADR+
93,469
299,000 Yamaichi Securities
889,578
44,000 Yuasa Corporation
156,245
- ---------
58,141,282
- ----------
<CAPTION>
Korea -- 0.8%
<S> <C>
<C>
60,500 Korea Electric Power Corporation, ADR
1,130,594
18,400 Pohang Iron & Steel
Company, Ltd., ADR
588,800
26,077 SK Telecom Company Ltd., ADR
262,400
- ---------
1,981,794
- ---------
<CAPTION>
Luxembourg -- 0.2%
<S> <C>
<C>
1,500 Espirito Santo Financial Holdings, ADR
29,812
2,600 Millicom International Cellular, ADR
124,150
11,050 Minorco SA, ADR
254,841
- ---------
408,803
- ---------
<CAPTION>
Malaysia -- 0.1%
<S> <C>
<C>
55,600 Amalgamated Steelmills Berhad, ADR
42,515
10,700 Resorts World Berhad, ADR
161,094
- ---------
203,609
- ---------
<CAPTION>
Mexico -- 1.5%
<S> <C>
<C>
3,800 Altos Hornos de
Mexico SA, ADR+
45,125
2,700 Apasco SA, Series A, ADR
97,200
1,100 Bufete Industries, ADR+
23,513
30,100 Cemex SA, ADR
291,594
2,300 Coca-Cola Femsa SA, ADR
118,738
3,300 Consorcio G. Grupo Dina, ADR+
10,106
2,700 Controladora Comercial Mexicana SA de CV,
ADR
49,950
3,605 Desc de CV, Series C, ADR
104,996
5,600 Empresas La Moderna, ADR
119,700
5,100 Empress Ica, ADR
81,919
44,700 Grupo Carso SA, ADR
622,895
1,400 Grupo Casa Autrey, ADR
28,438
8,800 Grupo Elecktra, ADR
193,600
6,000 Grupo Financiero, ADR
18,000
10,800 Grupo Financiero, ADR+
104,018
1,400 Grupo Imsa SA, ADR
37,800
1,100 Grupo Industrial Duango SA, ADR
16,775
3,000 Grupo Industrial Maseca SA, ADR
49,500
3,000 Grupo Iusacell, Series L, ADR
55,125
2,300 Grupo Mexicano de Desarrollo, Class L, ADR
3,881
800 Grupo Radio Central, ADR
9,400
7,600 Grupo Telivisa SA, ADR+
230,850
3,500 Grupo Tribasa SA, ADR+
18,813
1,400 Kimberly Clark Inc., ADR
28,194
25,800 Telefono de Mexico SA, ADR
1,231,950
2,900 Transport Matima Mexico, Class L, ADR
17,944
3,400 Tubos de Acero de Mexico, ADR+
62,688
5,900 Vitro Sociedad Anomina, ADR
66,375
- ---------
3,739,087
- ---------
<CAPTION>
Netherland Antilles -- 0.1%
<S> <C>
<C>
9,500 Verenigde Nederlandse Uitgeversbedrijven
Verenigd Bezit, ADR
213,750
- ---------
<CAPTION>
Netherlands -- 4.3%
<S> <C>
<C>
57,600 ABN AMRO Holding, ADR
1,087,200
12,700 AEGON Insurance, ADR
889,794
7,000 Akzo Nobel, ADR
483,875
4,600 Baan Company, ADR
316,825
7,100 DSM, ADR
177,500
17,100 Elsevier, ADR
578,194
8,825 Fortis Amev, ADR
392,822
4,600 Gucci Group, ADR
296,125
60,405 ING Groep
2,784,988
4,400 KLM Royal Dutch Airlines, ADR
135,850
5,920 Koninklijke Ahold, ADR
503,570
4,300 Koninklijke Bols Wessanen NV, ADR
82,562
1,600 Madge Networks NV, ADR+
10,200
7,300 New Holland NV, ADR
199,838
800 Oce Van Der Grinten, ADR
103,050
500 Orthofix International NV, ADR
5,188
16,600 Philips Electronics NV, ADR
1,193,125
2,400 Polygram NV, ADR
129,150
900 QIAGEN NV, ADR
43,369
2,300 Royal Nedlloyd Group, ADR
33,209
22,600 Royal PTT Nederland, ADR
895,525
4,200 Toolex Alpha NV, ADR
44,100
800 Van Ommeren, ADR
31,047
200 Velcro Industries NV, ADR
16,400
3,200 Wolters Kluwer, ADR
403,200
- ---------
10,836,706
- ----------
<CAPTION>
New Zealand -- 0.2%
<S> <C>
<C>
1,625 Fletcher Challenge, Building, ADR
48,242
1,625 Fletcher Challenge, Energy, ADR
49,156
4,060 Fletcher Challenge, Forest, ADR
58,616
3,250 Fletcher Challenge, Paper, ADR
78,000
5,800 Telecommunications of New Zealand Ltd.,
ADR
236,350
500 Tranz Rail Holdings Ltd., ADR
8,438
- ---------
478,802
- ---------
<CAPTION>
Norway -- 0.3%
<S> <C>
<C>
11,450 Norsk Hydro AS, ADR
620,447
4,700 Nycomed ASA, Class A, ADR+
67,563
1,400 Petroleum Geo Services, ADR+
68,425
5,600 Saga Petroleum, Class A, ADR
107,800
1,000 Unitor ASA, ADR
14,331
- ---------
878,566
- ---------
<CAPTION>
Peru -- 0.1%
<S> <C>
<C>
3,100 Banco Wiese, ADR
20,150
500 Compania de Minas Buenaventura SA, ADR
9,844
11,700 Telefonica del Peru SA, ADR
306,394
- ---------
336,388
- ---------
<CAPTION>
Philippines -- 0.2%
<S> <C>
<C>
2,600 Philippine Long Distance Telephone
Company, ADR
167,050
11,500 San Miguel Corporation,
Class B, ADR
303,022
- ---------
470,072
- ---------
<CAPTION>
Portugal -- 0.2%
<S> <C>
<C>
5,400 Banco Comercial Portuges SA, ADR
100,575
1,500 Electricidade de
Portugal SA, ADR
54,000
9,500 Portugal Telecom SA, ADR
381,188
- ---------
535,763
- ---------
<CAPTION>
Russia -- 0.2%
<S> <C>
<C>
1,500 Chernogorneft, ADR+
16,500
6,200 Lukoil, ADR+
483,600
500 Trade House GUM, ADR+
41,750
1,300 Vimpel-Communications, ADR+
49,400
- ---------
591,250
- ---------
<CAPTION>
Singapore -- 0.5%
<S> <C>
<C>
9,000 Asia Pacific Resources International
Holdings, Class A, ADR
43,875
1,900 China Yuchai, ADR
5,938
4,400 Cycle & Carrigae Ltd., ADR
91,096
7,075 Development Bank of Singapore, ADR
356,403
35,000 Keppel Corporation Ltd.
155,452
8,750 Keppel Corporation Ltd., Class A
37,945
11,100 Sembawang Corporation Ltd., ADR
50,465
7,900 Neptune Orient Lines Ltd., ADR
28,291
22,100 United O/S Singapore, ADR
455,813
- ---------
1,225,278
- ---------
<CAPTION>
South Africa -- 0.6%
<S> <C>
<C>
6,600 Driefontein Consolidated, ADR
44,550
8,466 Imperial Holdings Ltd., ADR
120,392
4,500 Kloof Gold Mining Ltd., ADR
26,719
24,400 Liberty Life Association of Africa Ltd.,
ADR
330,857
4,400 Pepkor Ltd., ADR
51,417
28,300 Sasol Ltd., ADR
367,900
3,100 Servgro International Ltd., ADR
49,137
13,800 South African Breweries, ADR
424,350
17,700 Wooltru Ltd., ADR+
96,003
- ---------
1,511,325
- ---------
<CAPTION>
Spain -- 2.2%
<S> <C>
<C>
11,300 Banco Bilbao Vizcaya, ADR
913,888
16,100 Banco Central Hispano, ADR
293,825
23,400 Banco Santander SA, ADR
723,938
30,300 Banesto Espanol de Credito, ADR+
152,641
4,000 Compania Sevillana Electric, ADR
83,500
12,300 Corporacion Bancaria Argentaria, ADR
349,013
12,800 Empresa Nacional de Electricidad SA, ADR
1,088,800
14,750 Repsol, ADR
625,953
15,400 Telefonica de Espana SA, ADR
1,328,250
- ---------
5,559,808
- ---------
<CAPTION>
Sweden -- 2.2%
<S> <C>
<C>
11,700 AGA AB, ADR
155,841
80,800 Astra AB, ADR
1,535,200
9,166 Atlas Copco, ADR
239,436
1,300 Autoliv Inc., ADR
50,863
500 Biacore International AB, ADR
5,906
3,800 Electrolux AB, ADR
275,975
47,000 Ericsson (L. M.) Telephone Company, Class
B, ADR
1,850,625
13,650 Sandvik AB, ADR
387,458
5,500 SKF AB, ADR
143,688
9,900 Svenska Cellulosa AB, ADR
207,400
2,300 Swedish Match Company, ADR+
78,200
22,500 Volvo AB, Series B
602,094
- ---------
5,532,686
- ---------
<CAPTION>
Switzerland -- 6.9%
<S> <C>
<C>
4,500 ABB AB, ADR
628,031
4,300 ABB AG, ADR
650,890
25,500 Credit Suisse Group, ADR
854,250
39,600 Nestle, ADR
2,648,250
61,166 Novartis, ADR+
4,882,560
630 Roche Holdings Genuscheine AG
5,695,317
37,300 Swiss Bank Corporation, ADR+
1,016,425
1,800 TAG Heuer International SA, ADR
27,113
51,500 Union Bank of Switzerland, ADR
1,178,151
- ---------
17,580,987
- ----------
<CAPTION>
Taiwan -- 0.0%#
<S> <C>
<C>
3,638 Macronix International Company Ltd., ADR
104,138
- ---------
<CAPTION>
Thailand -- 0.0%#
<S> <C>
<C>
4,900 Advanced Information Services PCL, ADR
44,563
13,650 Shinawatra Corporation, ADR
54,600
- ---------
99,163
- ---------
<CAPTION>
United Kingdom -- 25.4%
<S> <C>
<C>
32,400 Abbey National Plc, ADR
884,183
674,400 Aegis Group Plc
704,732
3,500 Albert Fischer Group Plc, ADR
25,189
134,250 Alexon Group Plc
414,716
50,600 Allied Domeq Plc, ADR
376,930
5,500 Allied Irish Banks, ADR
256,781
18,900 AXA SA, ADR
597,712
50,500 BAA Plc, ADR
467,125
21,500 Barclays Plc, ADR
1,725,375
21,400 Bass Publishing Limited Company Plc, ADR
526,975
2,900 Bell Cable Media Plc, ADR+
46,037
1,300 Bespak Plc, ADR
12,708
21,300 BG PLC, ADR
785,437
35,800 Blue Circle Industries Plc, ADR
254,965
5,900 Boc Group Plc, ADR
209,450
1,900 Body Shop International Plc, ADR
23,987
3,000 Booker Plc, ADR
54,812
4,700 British Airways Plc, ADR
540,206
3,400 British Biotech Plc, ADR+
130,900
309,000 British Petroleum Company Plc
3,841,325
23,600 British Petroleum Company Plc, ADR
1,767,050
8,400 British Sky Broadcasting Group Plc, ADR
375,375
10,100 British Steel Plc, ADR
255,025
30,600 British Telecommunications Plc, ADR
2,272,050
44,660 BTR Plc, ADR
610,863
4,900 Burmah Castrol Plc, ADR
169,050
75,700 B.A.T. Industries Plc, ADR
1,386,256
35,900 Cable & Wireless Plc, ADR
1,002,956
12,050 Cadbury Schweppes Plc, ADR
441,331
5,600 Carlton Communications Plc, ADR
240,800
2,755 Christian Salvesen Plc, ADR
64,639
900 Christies International Plc, ADR
45,452
11,650 Coats Viyella Plc, ADR
74,150
1,400 COLT Telecom Group Plc, ADR
29,050
15,600 Compass Group Plc, ADR
174,960
360,250 Cordiant Plc
740,907
3,800 Cordiant Plc, ADR
23,512
19,800 Courtaulds Plc, ADR
116,325
2,300 Danka Business Systems Plc, ADR
94,012
227,300 Dixons Group Plc
1,767,702
6,500 Dixons Group Plc, ADR
151,532
400 Doncasters Plc, ADR+
9,250
25,300 Druck Holdings Plc
99,010
1,000 Dr. Solomon's Group Plc, ADR+
25,375
900 Eidos Plc, ADR+
11,025
21,250 EMI Group Plc, ADR
381,004
6,425 Energy Group Plc, ADR
272,259
5,000 English China Clays Plc, ADR
51,542
160,050 Enterprise Oil Plc
1,799,087
7,000 Enterprise Oil Plc, ADR
241,500
104,600 Fairey Group Plc
845,695
65,350 Fine Art Development Plc
301,996
7,500 Gallaher Group Plc, ADR+
138,281
500 Getty Communications Plc, ADR+
7,375
97,600 Glaxo Wellcome Plc, ADR
4,080,900
25,700 Grand Metropolitan Plc, ADR
1,007,119
15,900 Guinness Plc, ADR
777,853
6,725 Hanson Trust Plc, ADR
168,125
8,500 Hills Down Holdings Plc, ADR
95,613
92,550 Huntingdon Life Sciences Group Plc
100,180
1,000 Huntingdon Life Sciences Group Plc, ADR+
5,375
40,050 Huntleigh Technology Plc
102,377
8,900 Imperial Chemical Industries Plc, ADR
506,187
12,825 Imperial Tobacco Group Plc, ADR+
164,320
16,400 Kingfisher Plc, ADR
372,230
14,300 Lasmo Plc, ADR
189,475
249,900 Laura Ashley Holdings Plc
314,199
2,500 Laura Ashley Holdings Plc, ADR
15,704
3,300 London International Group Plc, ADR
47,850
900 London Pacific Group Ltd. Plc, ADR
12,263
400 London & Overseas Freight Plc, ADR
5,895
640,000 Lonrho Plc
1,358,886
7,000 LucasVarity Plc, ADR
242,375
67,950 Manchester United Plc
686,864
22,900 Marks & Spenser Plc, ADR
1,138,595
71,850 Matthew Clark Plc
293,147
3,600 Medeva Plc, ADR
61,650
800 Micro Focus Group Plc, ADR+
23,800
117,650 M.L. Laboritories Plc
306,619
8,300 National Grid Group Plc, ADR
303,156
14,900 National Power Plc, ADR
524,294
14,000 National Westminister
Bank Plc, ADR
1,135,750
6,800 NFC Plc, ADR
74,800
12,800 Orange Plc, ADR+
208,000
27,100 Pearson Plc, ADR
313,632
163,650 Peek Plc
103,560
14,800 Peninsular & Oriental Steam Plc, ADR
307,794
8,200 Powergen Plc, ADR
397,700
72,850 Powerscreen International Plc
794,021
6,600 Premier Farnell Plc, ADR+
103,950
2,200 Premier Oil Plc, ADR
16,931
18,700 Prudential Plc, ADR
904,721
6,900 Racal Electronics Plc, ADR
55,571
500 Ramco Energy Plc, ADR
8,937
20,500 Rank Group Plc, ADR+
266,500
25,400 Redland Ltd. Plc, ADR
143,914
68,600 Reed International Plc
664,875
13,850 Reed International Plc, ADR
549,672
13,700 Reuters Holdings, Class B Plc, ADR
863,100
24,500 Rexam Plc, ADR
110,250
13,100 Rio Tinto Plc, ADR
928,462
1,900 Scottish Hydro-Electric Plc, ADR
131,681
4,200 Scottish Power Plc, ADR
273,262
5,400 Sedgwick Group Plc, ADR
56,700
2,300 Select Appointments
Holdings Plc, ADR
35,650
500 SELECT Software Tools Plc, ADR+
6,625
27,100 Shell Transportation &
Trading Plc, ADR
3,407,825
19,000 Siebe Plc
321,786
10,500 Siebe Plc, ADR
355,380
26,900 Smithkline Beecham
Group Plc, ADR
2,464,712
23,083 Southern Electric Corporation Plc, ADR
170,349
1,600 Stolt-Nielsen SA Plc
30,200
1,150 Stolt-Nielsen SA Plc, ADR
22,281
4,300 Tate & Lyle Plc, ADR
129,000
4,400 Telewest Communications Plc, ADR+
68,750
93,800 Tesco Plc
577,178
101,100 Tesco Plc, ADR
621,611
128,400 The 600 Group
253,382
5,675 Thorn EMI Plc, ADR
65,617
11,700 TI Group Plc, ADR
203,838
14,500 Tomkins Plc, ADR
259,188
1,700 Trinity International Plc, ADR
24,101
42,650 Ulster Television Plc
127,490
22,800 Unilever Plc, ADR
2,649,075
25,900 United Biscuits Holdings Plc, ADR
86,704
6,000 United News & Media Plc, ADR
140,250
14,950 Vodafone Group Plc, ADR
724,141
4,300 Waste Management International Plc, ADR+
39,237
71,800 Watmoughs Holdings
258,268
3,300 Wembley Plc, ADR+
76,547
9,500 Williams Holdings Ltd. Plc, ADR
153,180
4,100 Willis Corroon Group Plc, ADR
45,869
3,700 WPP Group Plc, ADR
150,775
8,416 Yorkshire Electricity Group Plc, ADR
129,943
15,900 Zeneca Group Plc, ADR
1,576,087
- ----------
64,359,814
- ----------
<CAPTION>
Venezuela -- 0.0%#
<S> <C>
<C>
400 Banco Venezolano de Credito, ADR
11,493
3,200 Mavesa SA, ADR
32,400
8,200 Sidervrgica/Venez/Sivensa, ADR
42,025
- ---------
85,918
- ---------
<CAPTION>
TOTAL COMMON STOCKS
<S>
<C>
(Cost $199,121,799)
251,803,941
- ------------
<CAPTION>
SHORT-TERM INVESTMENT -- 0.2%
(Cost $ 613,568)
<S> <C>
<C>
613,568 Federated Prime Obligations Fund
613,568
- ---------
<CAPTION>
TOTAL INVESTMENTS
<S> <C>
(Cost $199,735,367*) 99.5%
252,417,509
OTHER ASSETS AND
LIABILITIES (Net) 0.5
1,126,857
-----
- ------------
NET ASSETS 100.0%
$253,544,366
=====
============
<FN>
----------------
* Aggregate cost for Federal tax purposes is
$200,428,732.
# Amount represents less than 0.1% of net assets.
+ Non-income producing security
ABBREVIATION:
ADR -- American Depositary Receipt
GDR -- Global Depositary Receipt
See Notes to Financial
Statements.
</FN>
</TABLE>
32
Munder International Equity Fund
Portfolio of Investments, June 30, 1997
At June 30, 1997 sector diversification of the Munder
International Equity
Fund was as follows:
<TABLE>
<CAPTION>
% of
Net Assets Value
- ---------- ---------
<S>
<C> <C>
COMMON STOCKS:
Banking & Financial Services ........................
20.9% $ 52,957,250
Telecommunications ..................................
9.9 25,139,445
Pharmaceuticals & Medical Supplies ..................
9.4 23,798,955
Oil & Gas ...........................................
8.4 21,559,531
Utilities ...........................................
5.1 12,962,160
Automotive ..........................................
5.0 12,727,568
Retail ..............................................
4.4 11,122,149
Food & Beverage .....................................
4.3 10,892,008
Machinery & Heavy Equipment .........................
3.2 8,102,318
Electronics .........................................
2.6 6,506,790
Building & Building Materials .......................
2.4 6,219,116
Electric & Electrical Equipment .....................
2.3 5,778,978
Chemicals ...........................................
2.1 5,298,280
Metals & Mining .....................................
1.9 4,953,008
Real Estate .........................................
1.9 4,765,208
Transportation ......................................
1.8 4,487,612
Diversified Industrial ..............................
1.4 3,625,848
Printing & Publishing ...............................
1.2 3,041,029
Broadcasting & Advertising ..........................
1.2 3,030,544
Commercial & Consumer Services ......................
1.2 2,992,972
Conglomerates .......................................
1.1 2,771,197
Iron/Steel ..........................................
1.1 2,705,567
Computers ...........................................
0.8 2,137,490
Forest Paper & Products .............................
0.8 2,032,257
Engineering & Construction ..........................
0.8 2,013,946
Office Supplies .....................................
0.7 1,733,607
Technology ..........................................
0.7 1,726,363
Entertainment .......................................
0.7 1,721,678
Tobacco .............................................
0.7 1,670,277
Apparel & Textiles ..................................
0.3 805,228
Health & Personal Care ..............................
0.3 701,879
Miscellaneous .......................................
0.7 1,823,683
- ----- ------------
TOTAL COMMON STOCKS .................................
99.3 251,803,941
SHORT-TERM INVESTMENT ...............................
0.2 613,568
- ----- ------------
TOTAL INVESTMENTS ...................................
99.5 252,417,509
OTHER ASSETS AND LIABILITIES (Net) ................
0.5 1,126,857
- ----- ------------
NET ASSETS ..........................................
100.0% $253,544,366
===== ============
<FN>
See Notes to Financial
Statements.
</FN>
</TABLE>
33
Munder Micro-Cap Equity Fund
Portfolio of Investments, June 30, 1997
<TABLE>
<CAPTION>
Shares
Value
------
- -----
COMMON STOCKS -- 88.1%
Advertising -- 1.3%
<S> <C>
<C>
1,800 HA-LO Industries, Inc.+
$ 42,525
- -------
<CAPTION>
Banking and Financial Services -- 9.2%
<S> <C>
<C>
1,140 ACE Cash Express, Inc.+
14,250
420 Dime Financial Corporation
10,710
4,000 Hamilton Bancorp, Inc.+
107,000
1,200 Home Bancorp of Elgin, Inc.+
19,800
800 Litchfield Financial Corporation
13,100
1,000 People's Bancshares, Inc.
15,250
600 SIS Bancorp, Inc.
17,550
5,000 Summit Holding Corporation+
85,000
900 Vectra Banking Corporation+
13,500
- -------
296,160
- -------
<CAPTION>
Broadcasting -- 0.6%
<S> <C>
<C>
2,130 Medialink Worldwide Inc.+
18,371
- -------
<CAPTION>
Business Equipment and Supplies -- 0.7%
<S> <C>
<C>
3,020 Raster Graphics, Inc.+
21,895
- -------
<CAPTION>
Chemicals -- 0.3%
<S> <C>
<C>
2,360 American Materials & Technologies
Corporation+
10,767
- -------
<CAPTION>
Commercial Services -- 5.2%
<S> <C>
<C>
730 Forrester Research, Inc.+
21,489
1,000 F.Y.I. Incorporated+
24,000
840 Lason Holdings, Inc.+
23,625
2,560 META Group, Inc.+
55,680
1,240 ONTRACK Data
International, Inc.+
28,520
960 SOS Staffing Services, Inc.+
14,880
- -------
168,194
- -------
<CAPTION>
Computer Hardware, Software
or Services -- 16.8%
<S> <C>
<C>
2,620 Analytical Surveys, Inc.+
36,025
2,000 Applied Voice Technology+
37,000
2,500 Aris Corporation+
54,688
2,780 Axent Technologies, Inc.+
42,395
2,010 Emulex Corporation+
30,653
440 Engineering Animation, Inc.+
14,850
5,000 Great Plains Software, Inc.+
135,000
5,000 HDS Network Systems, Inc.+
32,500
5,000 RWD Technologies, Inc.+
86,250
1,280 Simulation Sciences, Inc.+
19,520
2,700 Technology Modeling Associates, Inc.+
36,787
800 XcelleNet, Inc.+
13,100
- -------
538,768
- -------
<CAPTION>
Electrical Equipment -- 4.5%
<S> <C>
<C>
5,000 inTEST Corporation+
45,000
5,000 ORBIT/FR, Inc.+
48,750
1,070 QLogic Corporation+
27,285
1,250 Trident International, Inc.+
22,500
- -------
143,535
- -------
<CAPTION>
Energy -- 0.5%
<S> <C>
<C>
940 Key Energy Group, Inc.+
16,744
- -------
<CAPTION>
Hotels and Restaurants -- 2.2%
<S> <C>
<C>
2,200 Candlewood Hotel Company, Inc.+
18,425
800 Logan's Roadhouse, Inc.+
19,000
1,200 Schlotzsky's, Inc.+
16,500
1,700 Shells Seafood
Restaurants, Inc.+
17,850
- -------
71,775
- -------
<CAPTION>
Insurance -- 0.7%
<S> <C>
<C>
1,000 FPIC Insurance Group, Inc.+
22,500
- -------
<CAPTION>
Leisure -- 4.2%
<S> <C>
<C>
7,000 Racing Champions Corporation+
108,500
1,000 Steiner Leisure Ltd.+
27,875
- -------
136,375
- -------
<CAPTION>
<S> <C>
<C>
Machinery -- 1.2%
<S> <C>
<C>
1,030 Gradall Industries. Inc.+
16,480
920 Hirsch International Corporation+
20,470
- -------
36,950
- -------
<CAPTION>
Manufactured Housing -- 0.5%
<S> <C>
<C>
2,130 Miller Building Systems, Inc.+
17,040
- -------
<CAPTION>
Medical and Medical Services -- 11.4%
<S> <C>
<C>
2,020 Alliance Imaging, Inc.+
20,705
5,000 Apple Orthodontix, Inc.+
45,313
5,000 Ascent Pediatrics, Inc.+
45,000
20 Assisted Living Concepts Inc.
553
5,000 Cholestech Corporation+
28,750
1,090 CN Biosciences, Inc.+
20,710
2,800 Home Health Corporation of America+
26,600
1,200 Hooper Holmes, Inc.
27,525
1,060 MedQuist, Inc.+
32,198
1,500 Morrison Health Care, Inc.
23,906
3,020 Neogen Corporation+
23,028
1,500 Nitinol Medical
Technologies, Inc.+
22,688
1,600 ResMed, Inc.+
38,800
840 SMT Health Services, Inc.+
9,712
- -------
365,488
- -------
<CAPTION>
Medical Supplies -- 1.0%
<S> <C>
<C>
550 Sabratek Corporation+
15,400
900 SeaMED Corporation+
18,225
- -------
33,625
- -------
<CAPTION>
Metal Processing -- 0.7%
<S> <C>
<C>
1,490 SIFCO Industries, Inc.+
21,233
- -------
<CAPTION>
Oil & Gas -- 0.6%
<S> <C>
<C>
1,480 American Oilfield Divers Inc.+
17,760
- -------
<CAPTION>
Pharmaceuticals -- 1.5%
<S> <C>
<C>
4,000 ChiRex Inc.+
47,500
- -------
<CAPTION>
Retail -- 3.4%
<S> <C>
<C>
1,300 Fred's, Inc.
19,500
1,500 K & G Men's Center, Inc.+
32,625
1,000 Mazel Stores, Inc.+
17,500
1,700 Rent-Way, Inc.+
25,075
5,070 Shop At Home, Inc.+
14,259
- -------
108,959
- -------
<CAPTION>
Technology -- 3.3%
<S> <C>
<C>
2,300 Ault, Inc.+
19,837
1,230 Datum, Inc.+
38,130
1,970 Excel Technology, Inc.+
17,238
1,170 Spectran Corporation+
22,815
850 Thermo Sentron, Inc.+
9,456
- -------
107,476
- -------
<CAPTION>
Telecommunications -- 9.1%
<S> <C>
<C>
1,800 ACE*COMM Corporation+
35,325
3,000 Able Telecom Holding Corporation+
22,500
5,000 Amerilink Corporation+
47,031
1,340 Inter-Tel, Inc.+
28,475
650 JPM Company+
23,156
2,380 KVH Industries, Inc.+
20,230
2,200 LCC International, Inc.+
34,650
6,800 TALX Corporation+
29,750
1,980 ViaSat, Inc.+
28,710
3,450 Wave Technologies International, Inc.+
24,150
- -------
293,977
- -------
<CAPTION>
Textiles -- 1.5%
<S> <C>
<C>
1,000 Conso Products Company+
12,250
2,300 Cutter & Buck, Inc.+
37,375
- -------
49,625
- -------
<CAPTION>
Tobacco -- 3.9%
<S> <C>
<C>
6,000 800-JR CIGAR, Inc.+
124,500
- -------
<CAPTION>
Transportation -- Trucking -- 0.4%
<S> <C>
<C>
620 US Xpress Enterprises, Inc.+
12,245
- -------
<CAPTION>
Wireless Equipment -- 3.4%
<S> <C>
<C>
780 Electromagnetic Sciences, Inc.+
13,650
5,000 RF Micro Devices, Inc.+
95,625
- -------
109,275
- -------
<CAPTION>
TOTAL COMMON STOCKS
<S>
<C>
(Cost $2,315,096)
2,833,262
- ---------
<CAPTION>
Principal
Amount
---------
<CAPTION>
REPURCHASE AGREEMENT -- 12.2%
(Cost $392,443)
<S> <C>
<C>
$392,443 Agreement with Lehman Brothers Holdings
Inc., 5.920% dated 06/30/1997 to be
repurchased at $392,508 on 07/01/1997,
collateralized by $1,970,000 U.S.
Treasury Strip Principal, 8.750%
due 08/15/2020 (value $401,250)
392,443
- ---------
<CAPTION>
TOTAL INVESTMENTS
<S> <C>
(Cost $2,707,539*) 100.3%
3,225,705
OTHER ASSETS AND
LIABILITIES (Net) (0.3)
(10,535)
-----
- ----------
NET ASSETS 100.0%
3,215,170
=====
==========
<FN>
---------
* Aggregate cost for Federal tax purposes is
$2,708,893.
+ Non-income producing security
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder Mid-Cap Growth Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- ------------------------
<TABLE>
<CAPTION>
Shares
Value
------
- -----
COMMON STOCKS -- 89.5%
Automobile Parts & Equipment -- 2.7%
<S> <C>
<C>
8,000 Lear Corporation+
$ 355,000
7,100 Tower Automotive, Inc.+
305,300
- -------
660,300
- -------
<CAPTION>
Basic Industries -- 7.9%
<S> <C>
<C>
7,900 BMC Industries, Inc.
270,575
17,200 Pameco Corporation+
305,300
9,200 Pentair, Inc.
302,450
15,200 Waters Corporation+
545,300
14,100 Zoltek Companies, Inc.+
539,325
- -------
1,962,950
- ---------
<CAPTION>
Commercial Services -- 6.2%
<S> <C>
<C>
21,100 AccuStaff, Inc.+
499,806
23,000 COREStaff Inc.+
621,000
6,000 Quintiles Transnational Corporation+
417,750
- -------
1,538,556
- ----------
<CAPTION>
Computer Hardware, Software
or Services -- 11.6%
<S> <C>
<C>
15,000 BA Merchant Services, Inc.+
285,938
15,550 Cadence Design Systems, Inc.+
520,925
15,000 Fiserv, Inc.+
669,375
27,000 Indus Group Inc.+
546,750
1,900 Parametric Technology Company+
80,869
45,900 Xylan Corporation+
780,300
- ----------
2,884,157
- ----------
<CAPTION>
Electronics -- Semiconductors -- 2.1%
<S> <C>
<C>
9,000 Maxim Integrated Products, Inc.+
511,875
- ----------
<CAPTION>
Financial Services -- 8.5%
<S> <C>
<C>
15,000 ContiFinancial Corporation+
547,500
16,300 FIRSTPLUS Financial Group, Inc.+
554,200
14,200 Green Tree Financial Corporation
505,875
25,000 Imperial Credit
Industries, Inc.+
514,062
- ----------
2,121,637
- ----------
<CAPTION>
Health Care Products -- 3.0%
<S> <C>
<C>
5,700 Elan Corporation+
257,925
17,500 Kos Pharmaceuticals, Inc.+
485,625
- ----------
743,550
- ----------
<CAPTION>
Investment Corporation -- 1.1%
<S> <C>
<C>
8,300 Sirrom Capital Corporation
286,350
- ----------
<CAPTION>
Lodging -- 1.1%
<S> <C>
<C>
13,000 Suburban Lodges of America, Inc.+
273,000
- ----------
<CAPTION>
Medical Instruments & Supplies -- 7.2%
<S> <C>
<C>
47,000 Cambridge Heart, Inc.+
334,875
25,000 Heartport, Inc.+
440,625
31,000 Physio-Control International Corporation+
465,000
14,400 STERIS Corporation
538,200
- ----------
1,778,700
- ----------
<CAPTION>
Medical Services -- 9.0%
<S> <C>
<C>
17,000 Applied Analytical Industries, Inc.+
344,250
33,100 ESC Medical Systems Ltd.+
844,050
16,400 Health Management Associates, Inc.,
Class A+
467,400
27,000 MedPartners, Inc.+
583,875
- ----------
2,239,575
- ----------
<CAPTION>
Office Equipment -- 7.6%
<S> <C>
<C>
51,000 Corporate Express, Inc.+
736,313
13,800 Danka Business Systems, ADR
564,075
12,300 Electronics for Imaging, Inc.+
581,175
- ----------
1,881,563
- ----------
<CAPTION>
Oil & Gas -- 5.4%
<S> <C>
<C>
32,400 Chesapeake Energy Corporation+
317,925
4,700 Precision Drilling Corporation+
227,362
10,000 Santa Fe International Corporation+
340,000
15,500 United Meridian Corporation+
465,000
- ----------
1,350,287
- ----------
<CAPTION>
Public Service -- 3.5%
<S> <C>
<C>
13,700 Corrections Corporation of America+
544,575
13,500 Equity Corporation International+
326,531
- ----------
871,106
- ----------
<CAPTION>
Real Estate -- 3.2%
<S> <C>
<C>
7,700 Beacon Properties Corporation
256,988
8,000 Cali Realty Corporation
272,000
5,500 Equity Residential Properties Trust
261,250
- ----------
790,238
- ----------
<CAPTION>
Recreation -- 1.2%
<S> <C>
<C>
9,000 Signature Resorts, Inc.+
311,062
- ----------
<CAPTION>
Telecommunications -- 6.3%
<S> <C>
<C>
8,500 Andrew Corporation+
239,063
28,900 Cascade Communications Corporation+
798,362
9,000 Uniphase Corporation+
524,250
- ----------
1,561,675
- ----------
<CAPTION>
Water Treatment Systems -- 1.9%
<S> <C>
<C>
17,000 US Filter Corporation+
463,250
- ----------
<CAPTION>
TOTAL COMMON STOCKS
(Cost $22,288,114)
22,229,831
- ----------
<CAPTION>
Principal
Amount
----------
REPURCHASE AGREEMENT -- 11.3%
(Cost $2,820,133)
<S> <C>
<C>
$2,820,133 Agreement with Lehman Brothers Holdings
Inc., 5.920% dated 06/30/1997 to be
repurchased at $2,820,597 on 07/01/1997,
collateralized by $2,940,000 U.S.
Treasury Interest Strips, due
11/15/1997 (value $2,879,730)
2,820,133
- ----------
<CAPTION>
TOTAL INVESTMENTS
<S> <C>
(Cost $25,108,247*) 100.8%
25,049,964
OTHER ASSETS AND
LIABILITIES (Net) (0.8)
(198,314)
-----
- -----------
NET ASSETS 100.0%
$24,851,650
=====
===========
<FN>
---------
* Aggregate cost for Federal tax purposes is
$25,282,539.
+ Non-income producing security
ABBREVIATION:
ADR -- American Depositary Receipt
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder Multi-Season Growth Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- ------------------------
<TABLE>
<CAPTION>
Shares
Value
------
- -----
COMMON STOCKS -- 91.3%
Advertising -- 2.0%
<S> <C>
<C>
170,800 Omnicom, Inc.
$10,525,550
- -----------
<CAPTION>
Automobile Parts & Equipment -- 2.5%
<S> <C>
<C>
216,400 Johnson Controls, Inc.
8,885,925
170,174 Mark IV Industries, Inc.
4,084,176
- -----------
12,970,101
- -----------
<CAPTION>
Banking and Financial Services -- 10.3%
<S> <C>
<C>
195,000 Associates First Capital Corporation
10,822,500
88,800 Charter One Financial, Inc.
4,784,100
91,500 Chase Manhattan Corporation
8,881,219
280,000 Green Tree Financial Corporation
9,975,000
110,000 MGIC Investment Corporation
5,273,125
183,000 Norwest Corporation
10,293,750
85,000 Summit Bancorp
4,260,625
- -----------
54,290,319
- -----------
<CAPTION>
Building Materials -- 1.8%
<S> <C>
<C>
300,000 Sherwin-Williams Company
9,262,500
- -----------
<CAPTION>
Business Services -- 4.5%
<S> <C>
<C>
189,300 Automatic Data Processing Inc.
8,897,100
162,000 Equifax Inc.
6,024,375
201,888 First Data Corporation
8,870,454
- -----------
23,791,929
- -----------
<CAPTION>
Chemicals -- Specialty -- 1.7%
<S> <C>
<C>
225,000 Avery Dennison Corporation
9,028,125
- -----------
<CAPTION>
Commerical Services -- 1.9%
<S> <C>
<C>
384,000 CUC International, Inc.+
9,816,000
- -----------
<CAPTION>
Computer Hardware, Software
or Services -- 6.3%
<S> <C>
<C>
108,000 BMC Software Inc.+
5,980,500
310,000 Cabletron Systems, Inc.+
8,776,875
132,000 CISCO Systems, Inc.+
8,860,500
29,400 Intel Corporation
4,169,288
106,000 Oracle Systems Corporation+
5,339,750
- -----------
33,126,913
- -----------
<CAPTION>
Diversified -- 9.8%
<S> <C>
<C>
115,000 AlliedSignal Corporation
9,660,000
137,000 Rockwell International Corporation
8,083,000
167,600 Textron, Inc.
11,124,450
266,125 Thermo Electron Corporation+
9,048,250
193,000 Tyco International Ltd.
13,425,562
- -----------
51,341,262
- -----------
<CAPTION>
Drugs -- 9.3%
<S> <C>
<C>
124,000 American Home Products Corporation
9,486,000
149,800 Amgen Inc.+
8,707,125
92,000 Merck & Co., Inc.
9,522,000
86,500 Pfizer, Inc.
10,336,750
226,600 Schering-Plough Corporation
10,848,475
- -----------
48,900,350
- -----------
<CAPTION>
Electrical Equipment -- 5.2%
<S> <C>
<C>
164,000 Emerson Electric Company
9,030,250
160,333 Federal Signal Corporation
4,028,367
216,000 General Electric Company
14,121,000
- -----------
27,179,617
- -----------
<CAPTION>
Food and Beverages -- 3.2%
<S> <C>
<C>
229,000 Albertson's, Inc.
8,358,500
200,000 Sara Lee Corporation
8,325,000
- -----------
16,683,500
- -----------
<CAPTION>
Home Furnishings -- 1.0%
<S> <C>
<C>
117,000 Leggett & Platt Inc.
5,031,000
- -----------
<CAPTION>
Household Products -- 0.8%
<S> <C>
<C>
87,066 Lancaster Colony Corporation
4,211,818
- -----------
<CAPTION>
Insurance -- Diversified -- 4.3%
<S> <C>
<C>
87,000 American International Group Inc.
12,995,625
84,000 MBIA Inc.
9,476,250
- -----------
22,471,875
- -----------
<CAPTION>
Machinery -- 1.3%
<S> <C>
<C>
50,000 Donaldson Company, Inc.
1,900,000
123,200 Harnischfeger Industries Inc.
5,112,800
- -----------
7,012,800
- -----------
<CAPTION>
Manufactured Housing -- 1.4%
<S> <C>
<C>
531,250 Clayton Homes, Inc.
7,570,312
- -----------
<CAPTION>
Medical Services and Supplies -- 4.2%
<S> <C>
<C>
80,000 Boston Scientific Corporation+
4,915,000
396,000 HEALTHSOUTH Rehabilitation Corporation+
9,875,250
110,000 Johnson & Johnson Company
7,081,250
- -----------
21,871,500
- -----------
<CAPTION>
Oil & Gas -- 2.7%
<S> <C>
<C>
174,000 Reading & Bates Corporation+
4,654,500
128,500 Transocean Offshore Inc.
9,332,312
- -----------
13,986,812
- -----------
<CAPTION>
Railroad -- 1.6%
<S> <C>
<C>
242,000 Illinois Central Corporation
8,454,875
- -----------
<CAPTION>
Recreation -- 1.7%
<S> <C>
<C>
220,000 Carnival Corporation, Class A
9,075,000
- -----------
<CAPTION>
Restaurants -- 0.9%
<S> <C>
<C>
182,400 Wendy's International, Inc.
4,731,000
- -----------
<CAPTION>
Retail -- General -- 1.8%
<S> <C>
<C>
273,438 Consolidated Stores Corporation+
9,501,953
- -----------
<CAPTION>
Retail -- Specialty -- 7.0%
<S> <C>
<C>
150,000 Costco Companies, Inc.+
4,931,250
223,000 General Nutrition
Companies, Inc.+
6,244,000
150,000 Home Depot, Inc.
10,340,625
281,500 Pep Boy's -- Manny, Moe & Jack
9,588,594
103,000 Walgreen Company
5,523,375
- -----------
36,627,844
- -----------
<CAPTION>
Telecommunications -- 2.2%
<S> <C>
<C>
194,000 Century Telephone Enterprises
6,535,375
150,000 WorldCom Inc.+
4,800,000
- -----------
11,335,375
- -----------
<CAPTION>
Toiletries/Cosmetics -- 0.9%
<S> <C>
<C>
50,000 Gillette Company
4,737,500
- -----------
<CAPTION>
Toys -- 1.0%
<S> <C>
<C>
150,000 Mattel, Inc.
5,081,250
- -----------
<CAPTION>
TOTAL COMMON STOCKS
<S>
(Cost $321,376,813)
478,617,080
- -----------
<CAPTION>
Principal
Amount
---------
REPURCHASE AGREEMENT -- 8.8%
(Cost $45,932,683)
<S>
$45,932,683 Agreement with Lehman Brothers Holdings,
Inc., 5.920% dated 06/30/1997 to be
repurchased at $45,940,236 on
07/01/1997,
collateralized by $135,288,000 U.S.
Treasury Interest Strips having
maturities ranging from 02/15/2012
through 08/15/2013 (value $46,851,634)
45,932,683
- -----------
<CAPTION>
TOTAL INVESTMENTS
<S> <C>
(Cost $367,309,496*) 100.1%
524,549,763
OTHER ASSETS AND
LIABILITIES (Net) (0.1)
(381,609)
-----
- ------------
NET ASSETS 100.0%
$524,168,154
=====
============
<FN>
---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder Real Estate Equity Investment Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- ------------------------
<TABLE>
<CAPTION>
Shares
Value
------
- -----
COMMON STOCKS -- 90.6%
Apartments -- 19.3%
<S> <C>
<C>
57,300 Amli Residential Properties Inc.
$1,346,550
57,700 Avalon Properties, Inc.
1,651,663
49,150 Bay Apartment Communities Inc.
1,818,550
56,900 Camden Property Trust
1,799,462
36,300 Equity Residential Properties Trust
1,724,250
55,300 Irvine Apartment Communities, Inc.
1,624,438
39,000 Security Capital Pacific Trust
892,125
- ----------
10,857,038
- ----------
<CAPTION>
Community Shopping Centers -- 13.1%
<S> <C>
<C>
50,000 Agree Realty Corporation
1,025,000
94,700 Bradley Real Estate, Inc.
1,822,975
78,000 Commercial Net Lease Realty
1,194,375
47,050 Developers Diversified Realty Corporation
1,882,000
45,525 Kimco Realty Corporation
1,445,419
- ----------
7,369,769
- ----------
<CAPTION>
Hotels -- 9.4%
<S> <C>
<C>
49,100 FelCor Suite Hotels, Inc.
1,828,975
69,400 Patriot American Hospitality, Inc.
1,769,700
39,900 Starwood Lodging Trust
1,703,231
- ----------
5,301,906
- ----------
<CAPTION>
Office & Industrial -- 33.3%
<S> <C>
<C>
65,275 Arden Realty Group, Inc.
1,697,150
42,450 Beacon Properties Corporation
1,416,769
27,000 Boston Properties, Inc.+
742,500
55,600 Cali Realty Corporation
1,890,400
68,400 Crescent Real Estate Equities Inc.
2,171,700
41,700 Duke Realty Investments, Inc.
1,688,850
49,450 Highwoods Properties Inc.
1,582,400
60,300 Kilroy Realty Corporation
1,522,575
63,700 Prentiss Properties Trust
1,632,312
71,400 Reckson Associates Realty Corporation
1,642,200
43,400 Spieker Properties, Inc.
1,527,137
36,300 TriNet Corporate Realty
Trust, Inc.
1,200,169
- ----------
18,714,162
- ----------
<CAPTION>
Regional Malls -- 8.5%
<S> <C>
<C>
62,050 CBL & Associates Properties Inc.
1,489,200
57,850 JP Realty Inc.
1,569,181
54,250 Simon DeBartolo Group, Inc.
1,736,000
- ----------
4,794,381
- ----------
<CAPTION>
Storage -- 5.0%
<S> <C>
<C>
54,300 Public Storage, Inc.
1,588,275
31,800 Storage USA
1,216,350
- ----------
2,804,625
- ----------
<CAPTION>
Other -- 2.0%
<S> <C>
<C>
6,840 Crescent Operating, Inc.+
82,080
41,300 Glenborough Realty Trust, Inc.
1,042,825
- ----------
1,124,905
- ----------
<CAPTION>
TOTAL COMMON STOCKS
<S>
<C>
(Cost $41,610,624)
50,966,786
- ----------
<CAPTION>
Principal
Amount
------
REPURCHASE AGREEMENT -- 9.0%
(Cost $5,052,098)
<S> <C>
<C>
$5,052,098 Agreement with Lehman Brothers
Holdings Inc., 5.920% dated 06/30/1997
to be repurchased at $5,052,929 on
07/01/1997, collateralized by $24,957,000
U.S. Treasury Interest Strips, having
maturities ranging from 11/15/1997
through
02/15/2027 (value $5,153,215)
5,052,098
- ----------
<CAPTION>
TOTAL INVESTMENTS
<S> <C>
(Cost $46,662,722*) 99.6%
56,018,884
OTHER ASSETS AND
LIABILITIES (Net) 0.4
237,155
-----
- ------------
NET ASSETS 100.0%
$ 56,256,039
=====
============
<FN>
---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder Small-Cap Value Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- ------------------------
<TABLE>
<CAPTION>
Shares
Value
------
- -----
COMMON STOCKS -- 92.0%
Aerospace -- 1.0%
<S> <C> <C>
31,200 Rohr Industries, Inc.+
$ 684,450
- ---------
Airlines -- 0.8%
20,650 Midwest Express Holdings, Inc.+
565,294
- ---------
Automobile Parts & Equipment -- 3.8%
99,400 Control Devices, Inc.+
1,267,350
68,200 Strattec Security Corporation+
1,406,625
- ---------
2,673,975
- ---------
Banking and Financial Services -- 17.4%
29,080 Carolina First Bancshares
428,930
20,500 Charter Financial Inc.
363,875
11,600 Coast Savings Financial Inc.+
527,075
50,900 Commonwealth Bancorp Inc.
833,487
70,900 Flagstar Bancorp, Inc.
1,152,125
74,600 Home Bancorp, Inc.
1,230,900
140,500 Long Beach Financial Corporation+
1,229,375
13,700 Long Island Bancorp, Inc.
497,481
33,500 McDonald & Company Investments
1,536,812
22,900 Metris Companies Inc.
751,406
15,700 Ocean Financial Corporation+
553,425
13,630 Primary Bank+
344,157
33,700 Provident Bankshares Corporation
1,402,763
32,600 SIS Bancorp, Inc.+
953,550
29,900 Statewide Financial Corporation
538,200
- ----------
12,343,561
- ----------
Building Materials -- 5.2%
92,600 Dayton Superior Corporation+
1,180,650
43,300 U.S. Home Corporation+
1,150,156
90,900 Universal Forest Products, Inc.
1,329,412
- ---------
3,660,218
- ---------
Chemicals -- 1.5%
40,600 General Chemical Group, Inc.
1,086,050
- ---------
Computer Hardware, Software
or Services -- 1.4%
66,200 Sandisk Corporation+
968,175
- ---------
Commercial Services -- 1.4%
99,500 First Aviation Services, Inc.+
970,125
- ---------
Consumer Durables -- 1.0%
84,260 Lifetime Hoan Corporation+
737,275
- ---------
Diversified Industrial -- 2.8%
38,400 Griffon Corporation+
525,600
67,500 JLG Industries, Inc.
919,687
21,500 Watts Industries, Inc.
516,000
- ---------
1,961,287
- ---------
Electronics -- 6.2%
45,000 Checkmate Electronics, Inc.+
405,000
65,100 Integrated Device Technology, Inc.+
683,550
34,200 Integrated Process Equipment Corporation+
865,687
35,000 inTEST Corporation
315,000
72,400 Microsemi Corporation+
923,100
20,000 ORBIT/FR, Inc.+
195,000
73,400 Pioneer-Standard
Electronics, Inc.
990,900
- ---------
4,378,237
- ---------
Food and Beverages -- 5.0%
70,200 Hudson Foods, Inc.
1,145,137
86,300 J&J Snack Foods Corporation+
1,326,863
4,000 800-JR CIGAR Inc.+
83,000
39,800 Worthington Foods, Inc.
975,100
- ---------
3,530,100
- ---------
Health Care -- 0.4%
12,500 Trigon Healthcare, Inc.+
303,125
- ---------
Home Furnishings -- 1.9%
35,000 Toro Company
1,325,625
- ---------
Insurance -- 6.9%
40,000 ARM Financial Group, Inc.
800,000
15,400 Executive Risk, Inc.
800,800
51,000 IPC Holdings Ltd.
1,377,000
24,000 NAC Re Corporation
1,161,000
22,500 Philadelphia Consolidated Holding
Corporation+
765,000
- ---------
4,903,800
- ---------
Leisure -- 1.8%
45,200 Steiner Leisure Ltd.+
1,259,950
- ---------
Manufacturing -- 3.8%
54,900 Core Industries Inc.
1,358,775
63,100 Foamex International, Inc.
828,188
33,300 MotivePower Industries Inc.+
532,800
- ---------
2,719,763
- ---------
Medical Supplies -- 3.9%
62,000 Bindley Western Industries, Inc.
1,422,125
72,900 Sullivan Dental Products, Inc.
1,330,425
- ---------
2,752,550
- ---------
Metals and Metal Processing -- 5.6%
69,700 Atchison Casting Corporation+
1,158,763
146,100 Recycling Industries, Inc.+
283,069
152,000 UNR Industries, Inc.
1,045,000
47,000 Quanex Corporation
1,442,312
- ---------
3,929,144
- ---------
Oil and Gas -- 6.5%
15,200 Cliffs Drilling Company+
554,800
23,300 Colonial Gas Company
490,756
53,100 Houston Exploration Company+
826,369
33,100 Marine Drilling
Companies, Inc.+
649,588
11,700 North Carolina Natural Gas Corporation
390,487
23,100 Southern Union Company+
528,412
32,300 Southwest Gas Corporation
641,963
24,200 Veritas DGC Inc.+
550,550
- ---------
4,632,925
- ---------
Paper -- 1.8%
34,000 Schweitzer-Mauduit International, Inc.
1,275,000
- ---------
Real Estate -- 6.0%
24,100 Bay Apartment Communities, Inc.
891,700
12,600 Developers Diversified Realty Corporation
504,000
15,700 Golf Trust of America
436,656
21,800 JP Realty, Inc.
591,326
23,300 Kilroy Realty Corporation+
588,326
23,200 Prentiss Properties Trust
594,500
27,600 Reckson Associates Realty Corporation
634,800
- ---------
4,241,308
- ---------
Recreation -- 0.6%
14,100 K2, Inc.
446,794
- ---------
Retail -- 0.9%
36,000 Mazel Stores, Inc.+
630,000
- ---------
Telecommunications -- 3.5%
166,800 Century Communication Corporation, Class
A+
896,550
34,950 REMEC, Inc.+
821,325
54,600 ViaSat, Inc.+
791,700
- ---------
2,509,575
- ---------
Transportation -- 0.9%
26,600 Roadway Express, Inc.
621,775
- ---------
TOTAL COMMON STOCKS
(Cost $58,327,766)
65,110,081
- ----------
Principal
Amount
------
REPURCHASE AGREEMENT -- 7.5%
(Cost $5,328,971)
$5,328,971 Agreement with Lehman Brothers Holdings
Inc., 5.920% dated 06/30/1997 to be
repurchased at $5,329,847 on 07/01/1997,
collateralized by $28,945,000 U.S.
Treasury Strip Principal, 8.000% due
11/15/2021 (value $5,435,871)
5,328,971
- ---------
TOTAL INVESTMENTS
(Cost $63,656,737*) 99.5%
70,439,052
OTHER ASSETS AND
LIABILITIES (Net) 0.5%
334,389
-----
- -----------
NET ASSETS 100.0%
$70,773,441
=====
===========
<FN>
---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder Small Company Growth Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- ------------------------
<TABLE>
<CAPTION>
Shares
Value
------
- -----
COMMON STOCKS -- 93.9%
Advertising -- 1.4%
<S> <C> <C>
195,400 HA-LO Industries, Inc.+
$4,616,325
- ---------
Aerospace & Defense -- 3.0%
144,000 AAR Corporation
4,653,000
221,250 REMEC, Inc.+
5,199,375
- ---------
9,852,375
- ---------
Apparel -- 0.8%
119,600 K & G Men's Center, Inc.+
2,601,300
- ---------
Automobile Parts & Equipment -- 1.3%
95,200 Tower Automotive, Inc.+
4,093,600
- ---------
Banking and Financial Services -- 7.1%
243,400 Amresco, Inc.+
5,233,100
112,000 Concord EFS Inc.
2,898,000
153,400 Financial Federal Corporation+
3,374,800
105,030 HUBCO Inc.
3,045,870
151,000 Imperial Credit Industries, Inc.+
3,104,938
172,750 Litchfield Financial Corporation
2,828,781
75,800 Sirrom Capital Corporation
2,615,100
- ---------
23,100,589
- ----------
Broadcast, Radio and Television -- 1.0%
136,300 Metro Networks, Inc.+
3,305,275
- ----------
Building Materials -- 0.8%
107,908 Watsco, Inc., Class A
2,697,700
- ----------
Commercial Services -- 7.0%
114,500 Cort Business Services Corporation+
3,377,750
91,200 Interim Services Inc.+
4,058,400
121,000 F.Y.I. Incorporated+
2,904,000
89,700 Metzler Group, Inc.+
2,937,675
141,500 Nichols Research Corporation+
2,971,500
155,460 Ontrack Data International, Inc.+
3,575,580
110,500 Steiner Leisure Ltd.+
3,080,188
- ----------
22,905,093
- ----------
Computer Hardware, Software
or Services -- 14.2%
150,800 Advanced Digital Information Corporation+
2,431,650
156,700 Axent Technologies, Inc.+
2,389,675
154,100 Boole & Babbage Inc.+
3,274,625
134,700 Check Point Software Technologies Ltd.+
3,148,613
234,300 Deltek Systems, Inc.+
3,983,100
118,100 Engineering Animation Inc.+
3,985,875
157,000 Factset Research Systems Inc.
3,846,500
222,800 Inter-Tel, Inc.+
4,734,500
174,900 Metro Information Services, Inc.+
3,454,275
117,300 National Instruments Corporation+
4,134,825
136,900 Tecnomatix Technologies Ltd.+
4,449,250
189,700 USCS International Inc.
6,212,675
- ----------
46,045,563
- ----------
Consumer Services -- 0.9%
228,300 Amscan Holdings Inc.+
3,024,975
- ----------
Electrical Equipment -- 1.0%
125,800 Advanced Lighting Technologies, Inc.+
3,176,450
- ----------
Electronics -- 6.0%
111,400 Berg Electronics Corporation+
4,003,438
189,400 Computer Products Inc.+
4,735,000
120,600 MRV Communications Inc.+
3,557,700
167,900 Tracor, Inc.+
4,218,488
173,500 Trident International, Inc.+
3,123,000
- ----------
19,637,626
- ----------
Energy and Natural Resources -- 2.5%
142,500 Benton Oil & Gas Company+
2,137,500
57,900 Key Energy Group, Inc.
1,031,344
142,400 Newpark Resources Inc.+
4,806,000
- ----------
7,974,844
- ----------
Health Care Products -- 3.0%
121,800 ChiRex Inc.+
1,446,375
250,200 Graham Field Health Products
3,408,975
97,200 Medicis Pharmaceutical Corporation+
4,847,850
- ----------
9,703,200
- ----------
Hotels -- 1.6%
125,400 CapStar Hotel Company+
4,012,800
44,200 Interstate Hotels Company+
1,301,138
- ----------
5,313,938
- ----------
Insurance -- 3.9%
66,550 Allied Group, Inc.
2,528,900
75,600 CMAC Investment Corporation
3,609,900
67,200 Executive Risk Inc.
3,494,400
116,900 HCC Insurance Holdings Inc.
3,119,769
- ----------
12,752,969
- ----------
Leisure -- 1.1%
236,400 Racing Champions Corporation+
3,664,200
- ----------
Machinery -- Tools -- 1.2%
77,400 Applied Power, Inc.
3,995,775
- ----------
Medical Services -- 9.5%
164,100 American HomePatient, Inc.+
4,102,500
94,900 CRA Managed Care, Inc.+
4,952,594
128,500 Curative Health Services Inc.+
3,694,375
249,904 FPA Medical Management, Inc.+
5,919,601
142,300 MedQuist, Inc.+
4,322,363
164,900 OccuSystems, Inc.+
4,782,100
120,100 Renal Treatment Centers, Inc.+
3,227,687
- ----------
31,001,220
- ----------
Medical Supplies -- 6.5%
275,600 Molecular Devices Corporation+
4,823,000
125,700 National Surgery Centers, Inc.+
4,446,637
212,056 Serologicals Group Inc.+
4,877,288
118,166 Sola International Inc.+
3,958,561
232,900 Trex Medical Corporation+
2,911,250
- ----------
21,016,736
- ----------
Oil and Gas -- 3.2%
77,600 Dreco Energy Services Ltd.+
4,074,000
316,100 Tuboscope Vetco International
Corporation+
6,282,487
- ----------
10,356,487
- ----------
Public Service -- 1.2%
156,900 Equity Corporation
International+
3,795,018
- ----------
Restaurants -- 2.4%
129,800 CKE Restaurants Inc.
4,104,925
160,600 Landry's Seafood Restaurants, Inc.+
3,693,800
- ----------
7,798,725
- ----------
Retail -- 1.0%
161,300 The Sports Authority, Inc.+
3,135,269
- ----------
Telecommunications -- 9.4%
183,000 ACT Networks Inc.+
2,333,250
60,000 Comverse Technology Inc.+
3,120,000
97,500 Dynatech Corporation+
3,485,624
282,400 LCC International, Inc.+
4,447,800
295,600 Melita International Corporation+
3,695,000
138,700 Natural Microsystems Corporation+
4,993,200
112,800 P-COM, Inc.+
3,722,400
136,800 Teledata Communications
4,702,500
- ----------
30,499,774
- ----------
Tobacco -- 0.5%
42,100 Schweiter-Mauduit International, Inc.
1,578,750
- ----------
Transportation -- Trucking -- 1.6%
116,900 Heartland Express, Inc.+
2,747,150
94,900 Knight Transportation, Inc.+
2,408,087
- ----------
5,155,237
- ----------
Waste Management -- 0.6%
86,100 American Disposal Services, Inc.+
1,937,250
- ----------
Other -- 0.2%
41,200 Hanover Compressor Company
803,400
- ----------
Principal
Amount
---------
TOTAL COMMON STOCKS
(Cost $240,730,543)
305,539,663
- -----------
WARRANTS -- 0.0%#
(Cost $0)
2,748 Stevens International, Inc., expires
10/30/1997+
5,166
- ----------
Principal
Amount
---------
REPURCHASE AGREEMENT -- 6.0%
(Cost $19,459,451)
$19,459,451 Agreement with Lehman Brothers Holdings
Inc., 5.920% dated 06/30/97 to be
repurchased at $19,462,651 on
07/01/1997,
collateralized by $110,926,000 U.S.
Treasury Strip Principal, 6.250%-8.000%
having maturities ranging from
11/15/2021
through 11/15/2024 (value $19,849,101)
19,459,451
- ----------
TOTAL INVESTMENTS
(Cost $260,189,994*) 99.9%
325,004,280
OTHER ASSETS AND
LIABILITIES (Net) 0.1
184,937
-----
- ------------
NET ASSETS 100.0%
$325,189,217
=====
============
<FN>
---------
* Aggregate cost for Federal tax purposes is
$260,793,542.
+ Non-income producing security
# Amount represents less than 0.1% of net assets.
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder Value Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- ------------------------
<TABLE>
<CAPTION>
Shares
Value
------
- -----
COMMON STOCKS -- 97.4%
Aerospace -- 1.9%
<S> <C> <C>
16,500 Lockheed Martin Corporation
$1,708,781
- ---------
Airlines -- 2.5%
34,900 Continental Airlines, Inc.+
1,219,319
28,400 Northwest Airlines Corporation+
1,033,050
- ---------
2,252,369
- ---------
Automobile Parts & Equipment -- 4.7%
36,000 Dura Automotive Systems, Inc.+
1,008,000
48,700 Pep Boys -- Manny, Moe & Jack
1,658,844
65,000 Standard Products Company
1,641,250
- ---------
4,308,094
- ---------
Automobiles -- 1.9%
31,200 General Motors Corporation
1,737,450
- ---------
Banking and Financial Services -- 18.7%
38,300 Banc One Corporation
1,855,156
42,200 Cullen/Frost Bankers Inc.
1,788,225
18,400 First America Bank Corporation
841,800
23,600 First America Corporation
905,650
113,600 Hibernia Corporation, Class A
1,583,300
31,800 Mercantile Bankshares Corporation
1,272,000
38,600 Morgan Stanley, Dean Witter, Discover and
Company
1,662,213
55,700 Nationwide Financial Services, Inc.
1,479,531
29,500 Salomon, Inc.
1,640,938
26,600 Travelers Group, Inc.
1,677,462
39,200 Washington Mutual, Inc.
2,342,200
- ---------
17,048,475
- ---------
Containers -- 1.3%
38,200 Owens-Illinois, Inc.+
1,184,200
- ---------
Electronics -- 5.3%
108,400 Integrated Process Equipment Corporation+
2,743,875
25,100 Texas Instruments, Inc.
2,109,969
- ---------
4,853,844
- ---------
Home Furnishings and Housewares -- 3.0%
57,500 Furniture Brands International, Inc.+
1,114,063
63,400 Maytag Corporation
1,656,325
- ---------
2,770,388
- ---------
Insurance -- 6.8%
22,600 Allstate Corporation
1,649,800
30,000 Hartford Life, Inc.+
1,125,000
132,800 Reliance Group Holdings, Inc.
1,577,000
25,300 Torchmark Corporation
1,802,625
- ---------
6,154,425
- ---------
Machine -- Diversified -- 4.8%
30,100 Ingersoll-Rand Company
1,858,675
41,000 Tecumseh Products Company, Class A
2,454,875
- ---------
4,313,550
- ---------
Medical Services -- 6.6%
147,500 Beverly Enterprises, Inc.+
2,396,875
13,600 Pacific Health Systems, Inc.+
868,700
78,900 Trigon Healthcare, Inc.+
1,913,325
15,200 United Healthcare Corporation
790,400
- ---------
5,969,300
- ---------
Metals -- 3.0%
32,500 AK Steel Holding Corporation
1,434,062
17,200 Aluminum Company of America
1,296,450
- ---------
2,730,512
- ---------
Office Supplies -- 1.3%
52,400 John H. Harland Company
1,195,375
- ---------
Oil and Gas -- 8.7%
15,500 ENSCO International, Inc.+
817,625
80,400 McDermott International, Inc.
2,346,675
8,300 Santa Fe International Corporation+
282,200
37,400 Tosco Corporation
1,119,662
53,500 USX-Marathon Group
1,544,812
46,500 Weatherford Enterra, Inc.+
1,790,250
- ---------
7,901,224
- ---------
Pharmaceuticals -- 2.0%
123,100 Mylan Labs Inc.
1,815,725
- ---------
Real Estate -- 5.5%
28,000 Cali Realty Corporation
952,000
23,700 Kimco Realty Corporation
752,475
34,300 Patriot American
Hospitality, Inc.
874,650
27,500 Public Storage, Inc.
804,375
25,800 Simon DeBartolo Group, Inc.
825,600
19,150 Starwood Lodging Trust
817,466
- ---------
5,026,566
- ---------
Recreation -- 1.8%
40,100 Carnival Corporation, Class A
1,654,125
- ---------
Restaurants -- 2.0%
70,900 Wendy's International, Inc.
1,838,969
- ---------
Retail -- 7.1%
80,350 Arbor Drugs, Inc.
1,617,044
24,800 Costco Companies, Inc.+
815,300
67,900 General Nutrition Companies, Inc.+
1,901,200
79,900 Pier 1 Imports, Inc.
2,117,350
- ---------
6,450,894
- ---------
Telecommunications -- 6.5%
76,600 Allen Group, Inc.+
1,589,450
32,300 GTE Corporation
1,417,162
19,200 Harris Corporation
1,612,800
64,200 U.S. West Media Group, Inc.+
1,300,050
- ---------
5,919,462
- ---------
Tobacco -- 2.0%
56,300 RJR Nabisco Holdings Corporation
1,857,900
- ---------
TOTAL COMMON STOCKS
(Cost $77,408,742)
88,691,628
- ----------
Principal
Amount
---------
REPURCHASE AGREEMENT -- 2.3%
(Cost $2,071,951)
$2,071,951 Agreement with Lehman Brothers Holdings
Inc.,
5.920% dated 06/30/1997 to be repurchased
at
$2,072,292 on 07/01/1997, collateralized
by
$2,160,000 U.S. Treasury Interest Strips,
due
11/15/1997 (value $2,115,720)
2,071,951
- ---------
TOTAL INVESTMENTS
(Cost $79,480,693*) 99.7%
90,763,579
OTHER ASSETS AND
LIABILITIES (Net) 0.3
229,184
-----
- ----------
NET ASSETS 100.0%
$90,992,763
=====
===========
<FN>
---------
* Aggregate cost for Federal tax purposes is
$79,657,463.
+ Non-income producing security
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder Framlington Emerging Markets Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- ------------------------
<TABLE>
<CAPTION>
Shares
Value
------
- -----
COMMON STOCKS -- 75.5%
Argentina -- 1.3%
<S> <C> <C>
19,500 Astra Cia Argentina de Petroleo
$ 41,346
1,600 Banco Frances del Rio de La Plata SA, ADR
52,000
900 Telefonica de Argentina, ADR
31,163
- -------
124,509
- -------
<CAPTION>
Brazil -- 10.9%
3,000 Centrais Electricas
Brasilieras SA, ADR
90,360
226,000 Centrais Electricas
Brasilieras SA+,+++
126,378
4,800 Companhia Brasiliera de Distribuicao
Grupo Pao de Acucar, ADR+
109,200
2,400 Companhia Energetica de Minas Gerais, ADR
127,200
230,000 Companhia de Saneamento Basico do Estado
de Sao Paulo+
70,076
1,300 Companhia Siderurgica Nacional, ADR
42,870
2,200 Petroleo Brasileiro SA, ADR
61,107
2,630 Telebras, ADR
399,103
5,000 Usiminas Siderurgicas de Minas Gerais SA,
ADR+
55,313
- -------
1,081,607
- ---------
Chile -- 3.6%
8,100 Banco Santander Chile, ADR
119,475
1,600 Compania Cervecerias Unidas SA, ADR
35,100
1,100 Compania Telecomunicaciones de Chile SA,
ADR
36,300
2,900 Empresa Nacional Electricidad SA, ADR
65,431
400 Quimica Minera Chile SA, ADR
26,450
2,300 Santa Isabel SA, ADR
74,175
- ---------
356,931
- ---------
China -- 11.8%
20,000 Beijing Enterprises Holdings Ltd.+
125,979
50,000 China Everbright IHD Pacific Ltd.+
149,407
60,000 China Merchants Holdings International
Company Ltd.
186,646
30,000 China Resources Enterprise Ltd.
147,148
600,000 CNPC Hong Kong Ltd.+
133,208
200,000 First Tractor Company Ltd.+
131,659
120,000 Guangdong Kelon Elec Holding
114,621
120,000 Jiangsu Expressway Company Ltd.+
42,596
25,000 New World Infrastructure Ltd.+
70,670
7,000 Shanghai Industrial Holdings Ltd.
43,551
20,000 Tianjin Zhong Xin
Pharmaceutical Group Corporation Ltd.,
ADR+
23,000
- ---------
1,168,485
- ---------
Egypt -- 1.3%
1,700 Commercial International Bank, ADR+
35,572
750 Egypt International Pharmaceuticals+
46,398
2,000 Torah Portland Cement Company+
50,607
- ---------
132,577
- ---------
Greece -- 0.6%
500 National Bank of Greece
61,149
- ---------
Hungary -- 0.9%
4,000 Mol Magyar Olaj-es Gazipari, ADR
89,000
- ---------
India -- 3.2%
1,400 Bombay Suburban Electric Company Ltd.,
ADR
37,275
3,500 East India Hotels Ltd., GDR+
58,144
2,200 Hindalco Industries Ltd., ADR
77,550
2,700 Indian Petrochemicals Ltd., ADR
37,800
1,100 State Bank of India, ADR+
29,095
3,000 Tata Engineering & Locomotive
Company Ltd., ADR++
46,125
1,800 Videsh Sanchar Nigam Ltd., ADR
37,485
- ---------
323,474
- ---------
Indonesia -- 5.1%
134,750 Pt Bank Dagang Nasional Indonesia
95,577
24,000 Pt Bunas Finance Indonesia
35,033
32,000 Pt Daya Guna Samudera+
57,566
16,500 Pt Hanjaya Mandala Sampoerna
62,927
82,000 Pt Indah Kiat Pulp & Paper Corporation
48,047
70,000 Pt Lippo Securities
49,650
20,000 Pt Semen Gresik
44,819
67,000 Pt Telekomunikasi Indonesia
109,509
- ---------
503,128
- ---------
Jordan -- 1.8%
31,000 Jordan Cement Factories+
178,392
- ---------
Korea -- 4.4%
3,000 Hyundai Electronics Industries Company
153,716
4,500 Korea Electric Power Corporation
134,291
6,000 L.G. Construction Ltd.
100,676
762 Samsung Electronics, ADR++
44,291
- ---------
432,974
- ---------
Malaysia -- 2.0%
110 Bumi Armada Berhad+
270
22,000 IOI Corporation Berhad
25,103
10,000 Lingkaran Trans Kota Holdings Berhad
20,800
30,000 Magnum Corporation Berhad+
45,166
5,000 Malakoff Berhad
21,791
34,000 Renong Berhad+
44,453
12,500 RHB Capital Berhad
38,629
- ---------
196,212
- ---------
Mexico -- 10.9%
15,600 Acer Computer Latino America, SA de CV+
54,175
14,800 Alfa SA de CV+
100,746
3,100 Bufete Industrial SA, ADR+
66,263
14,400 Cemex SA de CV
62,510
20,000 Corporacion Geo, SA de CV, Series B+
115,256
13,700 Desc SA de CV
98,774
12,100 Grupo Elektra SA
132,457
3,600 Grupo Industrial Maseca, ADR
59,400
34,900 Grupo Modelo SA de CV
241,522
9,800 Grupo Televisa SA+
148,464
- ---------
1,079,567
- ---------
Peru -- 1.7%
3,300 Banco Wiese, ADR
21,450
20,000 Cementos Norte Pacasmayo SA
30,914
3,960 Credicorp Ltd, ADR
87,120
350 Ferreyros, ADR++
8,400
800 Telefonica del Peru SA, ADR
20,950
- ---------
168,834
- ---------
Poland -- 0.6%
5,000 Bank Handlowy W Warszawie, ADR+,++
61,875
- ---------
Russia -- 1.8%
800 Lukoil Holdings, ADR
62,400
7,050 Irkutskenegro, ADR
121,612
- ---------
184,012
- ---------
Slovakia -- 0.5%
2,000 Slovnaft AS, GDR+
49,380
- ---------
South Africa -- 2.5%
6,500 Free State Consolidated Gold Mines Ltd.
32,521
23,000 Gencor Ltd.
105,951
5,000 Nedcor Ltd.
110,756
- ---------
249,228
- ---------
Taiwan -- 0.9%
7,925 Asustek Computer Inc., GDR+
91,415
- ---------
Thailand -- 4.2%
2,300 Bangkok Bank Public Company Ltd.
16,442
9,000 Bank of Ayudhya Company Ltd.
14,639
7,000 Banpu Public Company Ltd.
106,265
4,200 BEC World Public Company Ltd.+
37,446
14,500 Electricity Generating Authority+
36,978
25,000 KCE Electronics Public Company Ltd.
79,317
8,000 KCE Electronics Public Company Ltd.+++
25,382
52,500 Thai Telephone & Communication Public
Company Ltd.+
22,666
120,000 Thai Telephone & Communication Public
Company Ltd., ADR+
51,807
5,400 The Pizza Public Company Ltd.
25,265
- ---------
416,207
- ---------
Turkey -- 1.4%
10,000 Haci Omer Sabanci Holding AS+
90,000
930,000 Vestel Elektronik Sanayi ve Ticaret AS
51,971
- ---------
141,971
- ---------
Venezuela -- 3.6%
6,200 Compania Anonima Nacional Telefonos de
Venezuela, ADR
$ 267,375
9,000 Mavesa, SA, ADR
91,125
- ---------
358,500
- ---------
Zimbabwe -- 0.5%
20,000 NMBZ Holdings, ADR+
54,500
- ---------
TOTAL COMMON STOCKS
(Cost $6,611,880)
7,503,927
- ---------
INVESTMENT COMPANY SECURITIES -- 7.2%
India -- 2.7%
5,000 The India Magnum Fund NV
265,000
- ---------
Korea -- 0.8%
7,000 New Korea Trust
79,625
- ---------
Russia -- 1.3%
5,600 Fleming Russia Securities Fund
134,400
- ---------
Taiwan -- 2.4%
7 Formosa Fund
90,090
3,500 Taiwan Index Fund
56,175
2 The Lucky Dragon Fund
42,010
3,900 The R.O.C. Taiwan Fund
45,581
- ---------
233,856
- ---------
TOTAL INVESTMENT COMPANY SECURITIES
(Cost $617,150)
712,881
- ---------
PREFERRED STOCKS -- 2.0%
Brazil -- 2.0%
8,718,000 Banco Bradesco+
87,864
741,605 Telecomunicacoes de Rio Janeiro SA+
114,353
- ---------
202,217
- ---------
TOTAL PREFERRED STOCKS
(Cost $181,792)
202,217
- ---------
WARRANTS -- 0.0%#
(Cost $0)
Indonesia -- 0.0%#
9,624 Pt Bank Dagang Nasional Indonesia+
3,957
- ---------
RIGHTS -- 0.0%#
(Cost $0)
Greece -- 0.0%#
6,500 Hellenic Telecommunication Organization
SA, Expire 07/23/1997
757
- ---------
Principal
Amount
---------
REPURCHASE AGREEMENT -- 19.6%
(Cost $1,941,500)
$1,941,500 Agreement with Lehman Brothers Holdings
Inc., 5.920% dated 06/30/1997 to be
repurchased at $1,941,819 on 07/01/1997,
collateralized by $1,930,000 U.S.
Treasury Notes, 8.750% due 10/15/1997
(value $1,982,553)
1,941,500
- ---------
TOTAL INVESTMENTS
(Cost $9,352,322*) 104.3%
10,365,239
OTHER ASSETS AND
LIABILITIES (Net) (4.3)
(431,561)
-----
- -----------
NET ASSETS 100.0%
$ 9,933,678
=====
===========
<FN>
---------
* 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.
# Amount represents less than 0.1% of net assets.
ABBREVIATION:
ADR -- American Depositary Receipt
GDR -- Global Depositary Receipt
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder Framlington Emerging Markets Fund
Portfolio of Investments, June 30, 1997
<TABLE>
<CAPTION>
SCHEDULE OF FORWARD FOREIGN CURRENCY
CONTRACTS
Forward Foreign Currency Contracts
to Buy
Contracts to
Receive Unrealized
------------------------------------
- --------------------------- ----------
In Appreciation/
Value in Exchange (Depreciation)
Expiration Date Local Currency
U.S. $ for U.S. $ of Contract
--------------- --------------
- ------ ---------- -----------
<S> <C> <C>
<C> <C> <C>
07/01/1997 Indonesian Rupiah
67,556,023 27,778 27,824 $ (46)
07/01/1997 Indonesian Rupiah
123,208,212 50,661 50,744 (83)
07/02/1997 Thai Baht
2,002,325 80,415 77,610 2,805
07/02/1997 Thai Baht
2,634,706 105,811 102,120 3,691
07/03/1997 Hong Kong Dollar
445,735 57,534 57,568 (34)
07/03/1997 Hong Kong Dollar
376,981 48,659 48,668 (9)
- -------
Net
Unrealized Appreciation of Forward
Foreign Currency Contracts $6,324
======
<FN>
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder Framlington Healthcare Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- ------------------------
<TABLE>
<CAPTION>
Shares
Value
------
- -----
COMMON STOCKS -- DOMESTIC -- 73.6%
Biomedical/Gene Technology -- 18.6%
<S> <C> <C>
600 Agouron Pharmaceuticals Inc.+
$ 48,525
5,000 Alexion Pharmaceuticals, Inc.+
44,375
6,000 Ariad Pharmaceuticals, Inc.+
38,625
3,000 ArQule, Inc.+
52,125
2,000 Autoimmune, Inc.+
3,687
5,000 CardioGenesis Corporation+
50,000
3,000 Ergo Science Corporation+
33,000
2,000 Gilead Sciences, Inc.+
55,250
2,000 IDEC Pharmaceuticals Corporation+
48,500
3,000 Inhale Therapeutic Systems+
74,250
5,000 La Jolla Pharmaceutical Company+
23,125
2,000 Martek Biosciences Corporation+
23,500
6,000 Medarex, Inc.+
37,875
2,500 NCS Healthcare, Inc., Class A+
75,938
2,000 Neurogen Corporation+
45,500
1,500 ONYX Pharmaceuticals, Inc.+
15,375
2,000 Pharmacyclics, Inc.+
31,000
2,000 TranskaryoticTherapies, Inc.+
61,750
- -------
762,400
- -------
Distributors -- 1.5%
2,000 Henry Schein, Inc.+
62,500
- -------
Drugs -- 13.5%
3,750 Ascent Pediatrics, Inc.+
33,750
3,000 Aurora Biosciences Corporation+
31,125
1,000 Dura Pharmaceuticals, Inc.+
39,875
1,500 Jones Medical Industries, Inc.
71,250
600 Lilly (Eli) & Company
65,587
2,400 Nastech Pharmaceuticals Company, Inc.+
25,200
5,000 Penederm, Inc.+
67,500
600 Pfizer, Inc.
71,700
2,000 Sangstat Medical Corporation+
46,250
6,000 Virus Research Institute, Inc.+
40,500
500 Warner-Lambert Company
62,125
- -------
554,862
- -------
Health Management Services -- 9.4%
2,000 American HomePatient, Inc.+
50,000
2,500 Occusystems Inc.+
72,500
3,000 Pharmaceutical Product Development, Inc.+
66,000
2,000 PhyCor, Inc.+
68,875
6,000 Physician Reliance Network, Inc.+
56,250
1,000 Quintiles TransNational Corporation+
69,625
- -------
383,250
- -------
Hospital/Medical Services -- 7.2%
1,500 Curative Health Services, Inc.+
43,125
2,000 PMR Corporation+
47,000
2,000 Renal Care Group, Inc.+
83,375
3,000 Res-Care, Inc.+
57,375
1,500 Vencor Inc.+
64,875
- -------
295,750
- -------
Managed Healthcare -- 3.1%
2,000 CompDent Corporation+
42,125
500 PacifiCare Health Systems, Inc., Class B+
31,938
1,000 United Healthcare Corporation
52,000
- -------
126,063
- -------
Medical Information Systems -- 3.5%
1,000 HBO & Company
68,875
4,000 HPR Inc.+
74,000
- -------
142,875
- -------
Medical Instruments -- 15.7%
2,500 Bionx Implants, Inc.+
42,500
2,000 CardioThoraic Systems, Inc.+
28,000
4,000 Conceptus, Inc.+
37,000
1,500 Cytyc Corporation+
40,687
4,000 Endocardial Solutions Inc.+
39,500
5,000 EndoSonics Corporation+
54,375
1,000 Guidant Corporation
85,000
4,000 Gynecare, Inc.+
25,000
2,000 Mentor Corporation
59,250
750 Molecular Devices Corporation+
13,125
2,000 ResMed Inc.+
48,500
3,000 SeaMED Corporation+
60,750
1,500 Spine-Tech, Inc.+
55,688
1,000 Theragenics Corporation+
23,000
5,000 UROHEALTH Systems, Inc.+
29,922
- -------
642,297
- -------
Pharmacy -- 1.1%
4,000 Capstone Pharmacy Services, Inc.+
43,500
- -------
TOTAL COMMON STOCKS -- DOMESTIC
(Cost $2,755,112)
3,013,497
- ---------
COMMON STOCKS -- FOREIGN -- 10.4%
Biomedical/Gene Technology -- 3.4%
3,000 BioChem Pharma, Inc.+
66,750
700 Cambridge Antibody Technology Group Plc+
6,178
2,000 OXiGene, Inc.+
65,413
- -------
138,341
- -------
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
Drugs -- 4.1%
70 Altana AG
74,658
10,000 Chemunex SA+
25,525
2,000 Sankyo Company Ltd.
67,181
- -------
167,364
- -------
Medical Instruments -- 2.9%
6,000 Axis Biochemicals ASA+
45,025
2,900 Biora AB+
26,992
3,000 Kawasumi Laboratories
49,208
- -------
121,225
- -------
TOTAL COMMON STOCKS -- FOREIGN
(Cost $383,073)
426,930
- -------
Principal
Amount
---------
REPURCHASE AGREEMENT -- 15.2%
(Cost $624,668)
$624,668 Agreement with Lehman Brothers Holdings
Inc., 5.920% dated 06/30/1997 to be
repurchased at $624,771 on 07/01/1997,
collateralized by $625,000 U.S. Treasury
Notes, 8.750% due 10/15/1997
(value $642,018)
624,668
- -------
TOTAL INVESTMENTS
(Cost $3,762,853*) 99.2%
4,065,095
OTHER ASSETS AND
LIABILITIES (Net) 0.8
30,964
-----
- ----------
NET ASSETS 100.0%
$4,096,059
=====
==========
<FN>
---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder Framlington International Growth Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- ------------------------
<TABLE>
<CAPTION>
Shares
Value
------
- -----
COMMON STOCKS -- 93.5%
Australia -- 2.4%
<S> <C> <C>
70,000 Email Ltd.
$250,857
54,000 M.I.M. Holdings Ltd.
80,020
124,000 Sydney Harbour Casino Holdings Ltd.+
195,000
16,800 WMC Ltd.
106,059
- -------
631,936
- -------
Belgium -- 1.2%
1,600 Barco Industries
324,090
- -------
Brazil -- 1.6%
6,900 Centrais Electricas Brasilieras SA, ADR
207,828
1,400 Telebras, ADR
212,450
- -------
420,278
- -------
Chile -- 0.4%
5,500 Supermercados Unimarc SA+
103,125
- -------
China -- 4.9%
60,000 China Everbright-IHD Pacific Ltd.
179,288
60,000 China Merchants Holdings International
Company Ltd.
186,646
30,000 China Resources Enterprises Ltd.
147,148
200,000 First Tractor Company Ltd.+
131,659
130,000 Guangdong Kelon Elec Holding
124,172
40,000 Hong Kong Telecommunications Ltd.
95,517
4,800 HSBC Holdings
144,360
12,000 Hutchinson Whampoa Ltd
103,778
200,000 Oriental Press Group, Ltd.
81,964
7,000 Sun Hung Kai Properties Ltd.
84,255
- -------
1,278,787
- ---------
Czech Republic -- 0.3%
3,000 CKD Praha Holding, AS+
81,614
- -------
Finland -- 3.6%
5,000 Cultor Oy
264,792
4,000 Oy Nokia
301,959
1,750 Raision Tehtaat Oy
124,356
2,500 Sampo Insurance Company Ltd.
243,127
- -------
934,234
- -------
France -- 5.7%
4,000 AXA Company
248,779
2,500 Axime
295,659
900 Canal Plus
175,200
8,000 Lagardere Group
232,375
3,500 SGS-Thompson Microelectronics
276,346
1,600 Societe BIC, SA
261,643
- -------
1,490,002
- ---------
Germany -- 5.7%
2,500 Adidas AG
276,671
200 Altana AG
213,309
7,000 Bayer AG
269,010
700 Mannesmann AG
311,878
2,000 SAP AG
415,150
- ---------
1,486,018
- ---------
Hungary -- 0.3%
4,000 Mol Magyar Olaj-es
Gazipari, ADR
89,000
- -------
Indonesia -- 0.5%
21,600 Pt Indofood Sukses
49,737
55,000 Pt Telekomunikas Indonesia
89,895
- -------
139,632
- -------
Italy -- 2.6%
2,900 Fila Holding SpA, ADR
96,969
27,000 SAES Getters SpA
260,248
96,000 Telecom Italia Mobile SpA
310,607
- -------
667,824
- -------
Japan -- 30.5%
7,000 Andor Company Ltd.
122,148
4,000 Canon Inc.
108,886
5,000 Chodai Company Ltd.
56,712
15,000 Consec Corporation
143,960
13,800 Credit Saison Company Ltd.
337,129
20 DDI Corporation
147,625
5,000 FCC Company Ltd.
126,511
24,000 Hankyu Department Store
253,370
2,400 Himiko Company, Ltd.
39,995
3,100 Keyence Corporation
459,800
4,300 Kitagawa Industries
Company Ltd.
127,558
13,000 Kokuyo Company
351,612
3,000 Lasertec Corporation
102,081
19,000 Minebea Company Ltd.
202,242
41,000 Mitsubishi Heavy Industries
314,435
5,000 Namco
192,819
4 Net One Systems Company Ltd
312,961
3,800 Nichiei Company Ltd.
440,955
16,000 Nomura Securities Company Ltd.
220,564
51,000 NTN Corporation
285,224
43,000 Obayashi Corporation
287,755
4,000 Oiles Corporation
128,430
22,000 Oji Paper Company, Ltd.
136,090
5,000 Pulstec Industrial Company, Ltd.
126,511
20,000 Ricoh Company Ltd.
261,746
4,000 Rohm Company
411,813
4,000 Secom
293,504
13,000 Sumitomo Bank Ltd.
213,236
17,000 Sumitomo Electric Industries
284,779
18,000 Sumitomo Trust & Banking
193,168
16,000 The Bank of Tokyo-Mitsubishi, Ltd.
321,075
11,000 Tostem Corporation
304,236
9,000 Ube-Nitto Kasei Company Ltd.
88,732
7,000 World Company, Ltd.
307,202
30,000 Yamato Kogyo Company, Ltd.
295,773
- -------
8,000,637
- ---------
Malaysia -- 0.1%
12,000 Commerce Asset Holding Berhad
31,616
- -------
Mexico -- 0.3%
10,300 ALFA, SA de CV
70,114
- -------
Netherlands -- 4.7%
15,000 ABN AMRO Holdings
279,688
1,200 Akzo Nobel
164,451
3,500 Gucci Group
228,234
6,000 ING Groep
276,632
4,100 Philips Electronics NV
293,678
- -------
1,242,683
- ---------
Portugal -- 1.0%
3,000 Telecel-Comunicacaoes Pessoais, SA+
248,878
- -------
Singapore -- 0.5%
12,000 Keppel Corporation Ltd.
53,298
3,000 Keppel Corporation Ltd., Class A
13,010
29,000 Singapore Technological Industries
Corporation
74,645
- -------
140,953
- -------
Slovakia -- 0.2%
2,000 Slovnaft AS, ADR
49,380
- -------
Spain -- 1.8%
4,500 Sociedad General de Aguas de Barcelona,
SA
184,153
10,000 Telefonica de Espana SA
289,108
- -------
473,261
- -------
Sweden -- 4.4%
7,000 Autoliv AB
269,213
7,000 Ericsson (L.M.) Telephone Company,
Class B
275,548
9,000 Nordbanken AB
303,665
9,000 Pricer AB+
309,482
- -------
1,157,908
- ---------
Switzerland -- 5.3%
130 Disentronic Holding AG+
262,990
300 Novartis AG
479,359
35 Roche Holdings AG
316,407
300 Schweiz Bankgesellschaft
342,986
- -------
1,401,742
- ---------
United Kingdom -- 15.5%
39,000 BBA Group Plc
230,561
14,200 British Airways Plc
161,866
8,000 Cairn Energy Plc
64,614
21,000 Compass Group Plc
235,707
27,000 Dixons Group Plc
209,978
4,700 EMI Group Plc
84,335
40,000 European Motor Holdings Plc
59,285
24,000 Fairey Group Plc
194,041
9,700 Glaxo Wellcome Plc
200,302
18,600 Granada Group Plc
244,699
20,800 Jurys Hotel Group Plc
116,038
21,000 Laporte Plc
224,341
32,000 Lloyds TSB Group Plc
328,264
27,000 Ocean Group Plc
237,181
22,000 Royal & Sun Alliance Insurance Group Plc
162,300
15,600 Scottish Radio Holdings Plc
90,925
54,000 Shell Transportation & Trading Plc
368,248
12,200 Rio Tinto Plc
212,614
32,300 TI Group Plc
281,587
20,000 UMECO Plc
104,581
19,000 Whitbread Plc
239,995
- -------
4,051,462
- ---------
TOTAL COMMON STOCKS
(Cost $21,926,330)
24,515,174
- ----------
INVESTMENT COMPANY SECURITY -- 1.3%
(Cost $228,256)
Russia -- 1.3%
14,000 Fleming Russia Securities Fund
336,000
- -------
RIGHTS -- 0.0% #
(Cost $0)
Malaysia -- 0.0% #
3,900 Commerce Asset Holding Berhad
317
- -------
Principal
Amount
------
REPURCHASE AGREEMENT -- 5.8%
(Cost $1,518,996)
$1,518,996 Agreement with Lehman Brothers Holdings
Inc., 5.920% dated 06/30/1997 to be
repurchased at $1,519,246 on 07/01/1997,
collateralized by $1,565,000 U.S.
Treasury Inflation Index Securities,
3.375% due 01/15/2007 (value $1,553,173)
1,518,996
- ---------
TOTAL INVESTMENTS
(Cost $23,673,582*) 100.6%
26,370,487
OTHER ASSETS AND
LIABILITIES (Net) (0.6)
(157,669)
-----
- -----------
NET ASSETS 100.0%
$26,212,818
=====
===========
<FN>
---------
* Aggregate cost for Federal tax purposes is
$23,680,086.
# Amount represents less than 0.1% of net assets.
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depositary Receipt
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder Framlington International Growth Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- -----------------------
<TABLE>
<CAPTION>
SCHEDULE OF FORWARD FOREIGN CURRENCY
CONTRACTS
Forward Foreign Currency Contracts
to Buy
Contracts to
Receive
------------------------------------
- ----------------------------
Unrealized
- ----------
In Depreciation
Value in Exchange of
Expiration Date Local Currency
U.S. $ for U.S. $ Contracts
--------------- --------------
- ------ ---------- ---------
<S> <C> <C>
07/03/1997 Hong Kong Dollar
520,025 67,123 67,163 $ (40)
07/31/1997 French Franc
964,323 164,455 165,691 (1,236)
</TABLE>
<TABLE>
<CAPTION>
Forward Foreign Currency Contract to
Sell
Contracts to
Deliver
------------------------------------
- ---------------------------
Unrealized
In Depreciation
Value in Exchange of
Expiration Date Local Currency
U.S. $ for U.S. $ Contracts
--------------- --------------
- ------ ---------- ---------
<S> <C> <C>
<C> <C> <C>
07/02/1997 Japanese Yen
10,462,620 91,285 91,233 $ (52)
- -------
Net
Unrealized Depreciation of Forward
Foreign Currency Contracts $(1,328)
=========
<FN>
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder Framlington International Growth Fund
Portfolio of Investments, June 30, 1997
At June 30, 1997 sector diversification of the Munder
Framlington
International Growth Fund was as follows:
<TABLE>
<CAPTION>
% of
Net Assets Value
- ---------- --------
<S>
<C> <C>
COMMON STOCKS:
Banking & Financial Services ........................
16.4% $ 4,306,486
Electronics .........................................
7.3 1,911,730
Diversified Industrial ..............................
6.7 1,743,946
Pharmaceuticals & Medical Supplies ..................
4.8 1,272,064
Computers ...........................................
4.4 1,145,918
Food & Beverage .....................................
4.2 1,099,326
Utilities ...........................................
3.7 970,490
Telecommunications ..................................
3.5 924,928
Apparel & Textiles ..................................
3.2 852,102
Commercial & Consumer Services ......................
3.2 842,439
Metals & Mining .....................................
3.2 833,845
Automotive ..........................................
3.1 817,228
Engineering & Construction ..........................
2.5 650,177
Chemicals ...........................................
2.4 631,463
Retail ..............................................
2.1 556,830
Transportation ......................................
2.1 556,123
Oil & Gas ...........................................
2.0 521,862
Forest Paper & Products .............................
1.8 487,702
Machinery & Heavy Equipment .........................
1.8 478,874
Conglomerates .......................................
1.8 474,103
Electric & Electrical Equipment .....................
1.6 417,806
Broadcasting & Advertising ..........................
1.6 413,750
Entertainment .......................................
1.5 387,819
Iron/Steel ..........................................
1.1 295,773
Office Supplies .....................................
1.0 261,746
Real Estate .........................................
0.9 231,403
Technology ..........................................
0.8 206,662
Health & Personal Care ..............................
0.8 200,302
Building & Building Materials .......................
0.6 156,970
Printing & Publishing ...............................
0.3 81,964
Miscellaneous .......................................
3.0 783,343
TOTAL COMMON STOCKS .................................
93.5 24,515,174
- ---- ----------
REPURCHASE AGREEMENT ................................
5.8 1,518,996
INVESTMENT COMPANY SECURITY .........................
1.3 336,000
RIGHTS ..............................................
0.0# 317
- ---- ----------
TOTAL INVESTMENTS ...................................
100.6 26,370,487
OTHER ASSETS AND LIABILITIES (Net) ..................
(0.6) (157,669)
- ---- ----------
NET ASSETS ..........................................
100.0% $26,212,818
===== ==========
<FN>
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder Bond Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- -----------------------
<TABLE>
<CAPTION>
Principal
Amount
Value
------
- -----
ASSET BACKED SECURITIES -- 9.1%
<S> <C> <C>
$1,900,000 Advanta Mortgage Loan Trust,
Series 1997-2, Class A2,
7.050% due 05/25/2021
$ 1,910,545
2,500,000 Banc One Credit Card Master Trust,
Series 1994-C, Series A,
7.800% due 11/15/1998
2,565,930
Merrill Lynch Mortgage Investors, Inc.,
Class A:
531,348 Series 87-C,
10.100% due 12/15/2007
552,432
132,687 Series 89-B,
10.800% due 04/15/2009
133,472
Standard Credit Card Master Trust,
Class A:
3,100,000 Series 1994-2,
7.250% due 04/07/2008
3,161,601
3,000,000 Series 1995-10,
5.900% due 02/07/2001
2,980,435
2,300,000 Union Acceptance Corporation, Class A3,
Series 1996-C,
6.630% due 10/08/2003+
2,288,523
- ----------
TOTAL ASSET BACKED SECURITIES
(Cost $13,622,331)
13,592,938
- ----------
COLLATERALIZED MORTGAGE OBLIGATIONS
(CMO) -- 5.1%
2,098,654 CMO Trust, Class F, Series 60,
9.000% due 08/01/2016
2,144,440
3,595,000 Federal Home Mortgage Corporation,
Series #1541, Class F,
6.250% due 05/15/2019
3,538,080
1,925,000 Federal Home Mortgage Corporation,
Series 1702-A, Class PD,
6.500% due 04/15/2022
1,882,870
- ----------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS (CMO)
(Cost $7,623,169)
7,565,390
- ----------
CORPORATE BONDS AND NOTES -- 32.1%
Finance -- 13.0%
$2,600,000 American Express Company, Global Bond,
6.750% due 06/23/2004
$ 2,583,750
4,000,000 AT&T Capital Corporation, MTN,
6.490% due 05/17/1999
4,005,000
2,500,000 Federal Home Loan Mortgage Corporation,
6.000% due 04/25/2000
2,480,000
2,250,000 First Maryland Bancorp,
7.200% due 07/01/2007
2,248,717
2,500,000 Ford Motor Credit Corporation,
8.375% due 01/15/2000
2,606,250
3,000,000 Liberty Mutual Capital Corporation, MTN,
8.100% due 01/14/2005
3,157,500
2,400,000 SmithKline Beecham Capital Corporation,
Series E, MTN, 6.625% due 01/28/2002
2,397,000
- -----------
19,478,217
- -----------
Finance -- Foreign -- 4.0%
2,300,000 Abbey National Treasury,
6.625% due 05/23/2001
2,308,625
3,800,000 Bank Austria AG, 7.250% due 02/15/2017+++
3,733,500
- -----------
6,042,125
- -----------
Government Agency -- 4.1%
3,000,000 British Columbia Hydro Power Corporation,
12.500% due 01/15/2014
3,375,000
2,800,000 Tennessee Valley Authority,
6.375% due 06/15/2005
2,733,500
- ------------
6,108,500
- -----------
Industrial -- 4.6%
2,100,000 American General Institutional Capital,
7.570% due 12/01/2045+++
2,000,250
1,700,000 Anheuser Busch Companies, 9.000% due
12/01/2009
1,969,875
680,000 Columbia/HCA Healthcare Corporation,
8.700% due 02/10/2010
759,900
2,000,000 Wal-Mart Stores,
8.625% due 04/01/2001
2,127,500
- -----------
6,857,525
- -----------
Supranational -- 2.6%
3,950,000 African Development Bank, Notes,
6.750% due 07/30/1999
3,984,563
- ------------
Transportation -- 0.7%
1,000,000 Consolidated Rail Corporation, MTN,
7.000% due 07/01/1999
1,013,750
- ----------
Utility -- Electric -- 3.1%
2,500,000 Montana Power Company, Series A, MTN,
8.680% due 02/07/2022
2,625,000
2,000,000 National Rural Utilities,
7.300% due 09/15/2006
2,032,500
- -----------
4,657,500
- -----------
TOTAL CORPORATE BONDS AND NOTES
(Cost $48,212,802)
48,142,180
- ------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 15.1%
Federal Home Mortgage Corporation
(FHLMC) -- 1.9%
FHLMC:
2,029,980 Pool #E62394, GOLD,
7.500% due 09/01/2010
2,061,064
722,480 Pool #200021,
10.500% due 11/01/2000
761,991
- -----------
2,823,055
- -----------
Federal National Mortgage Association
(FNMA) -- 7.2%
FNMA:
$3,886,092 Pool #100081,
11.500% due 08/01/2016
4,375,497
2,107,048 Pool #250345,
7.000% due 09/01/2025
2,064,907
3,876,273 Pool #303105,
11.000% due 11/01/2020
4,313,565
- -----------
10,753,969
- -----------
Government National Mortgage Association (GNMA) --
6.0%
GNMA:
4,968,283 Pool #371438,
6.500% due 01/15/2024
4,752,473
3,864,255 Pool #780096,
11.000% due 04/15/2021
4,302,606
- -----------
9,055,079
- -----------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $22,572,126)
22,632,103
- -----------
U.S. TREASURY OBLIGATIONS -- 34.1%
U.S. Treasury Bonds -- 16.7%
22,075,000 8.000% due 11/15/2021
24,960,423
- -----------
U.S. Treasury Inflation
Index Security -- 4.9%
7,574,063 3.375% due 01/15/2007
7,389,482
- -----------
U.S. Treasury Notes -- 11.0%
2,500,000 7.875% due 01/15/1998
2,530,300
8,000,000 6.875% due 07/31/1999
8,114,079
2,600,000 7.500% due 11/15/2001
2,708,550
1,115,000 7.875% due 11/15/2004
1,202,115
400,000 6.250% due 02/15/2007
391,252
1,600,000 6.625% due 05/15/2007
1,612,064
- -----------
16,558,360
- -----------
U.S. Treasury Strip Principal -- 1.5%
5,150,000 5.892% due 11/15/2014++
2,195,805
- -----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $51,721,118)
51,104,070
- -----------
Principal
Amount
---------
REPURCHASE AGREEMENT -- 6.7%
(Cost $10,101,693)
$10,101,693 Agreement with Lehman Brothers Holdings
Inc., 5.920% dated 06/30/1997 to be
repurchased at $10,103,354 on
07/01/1997, collateralized by
$13,682,000 U.S. Treasury Strip
Principal, 5.875%-9.000% having
maturities ranging from 08/15/1997
through 05/15/2004
(value $10,307,243)
10,101,693
- -----------
TOTAL INVESTMENTS
(Cost $153,853,239*) 102.2%
153,138,374
OTHER ASSETS AND
LIABILITIES (Net) (2.2)
(3,223,725)
-----
- ----------------
NET ASSETS 100.0%
$149,914,649
=====
================
<FN>
---------
* Aggregate cost for Federal tax purposes is
$154,044,336.
+ Floating rate note. The interest rate shown
reflects the rate currently in
effect.
++ Annualized yield at date of purchase.
+++ Security exempt from registration under Rule 144A
of the Securities Act
of 1933. These securities may be resold in
transactions exempt from
registration to qualified institutional buyers.
ABBREVIATION:
MTN -- Medium Term Note
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder Intermediate Bond Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- -----------------------
<TABLE>
<CAPTION>
Principal
Amount
Value
------
- -----
ASSET BACKED SECURITIES -- 10.6%
<S> <C>
$ 5,500,000 Charming Shoppes Master Trust,
Series 1194-1, Class A,
7.000% due 04/15/2003
$ 5,516,022
5,000,000 Dayton Hudson Credit Card Master Trust,
Series 1995-1A,
6.100% due 02/25/2002
5,016,128
10,000,000 Discover Card Trust, Series 1991-DA,
8.000% due 10/16/2000
10,228,912
10,000,000 First Deposit Master Trust,
Series 1993-2A,
5.750% due 06/15/2001
9,990,583
10,000,000 Sears Credit Company, Master Trust,
Series 1995-4A,
6.250% due 01/15/2003++
10,047,395
11,320,000 Standard Credit Card and Trust,
Series 1990-6A,
9.375% due 07/10/1997
11,334,824
- ----------
TOTAL ASSET BACKED SECURITIES
(Cost $52,610,219)
52,133,864
- ----------
CORPORATE BONDS AND NOTES -- 28.6%
Banking and Financial Services -- 19.4%
10,000,000 American Express Bank, Ltd.,
5.725% due 02/10/2004+
9,821,000
5,000,000 Associates Corporation of North America,
6.000% due 03/15/2000
4,931,250
11,500,000 AT&T Capital Corporation, MTN,
6.180% due 12/03/1999
11,413,750
5,077,000 BankAmerica Corporation, MTN,
5.863% due 08/15/2003+
5,076,948
10,000,000 CIT Group Holdings, MTN,
6.700% due 05/02/2000
10,037,500
5,000,000 Discover Credit Card Corporation, MTN,
9.000% due 04/01/1998
5,114,850
10,000,000 First Data Corporation, MTN,
6.820% due 09/18/2001
10,012,500
Ford Motor Credit Corporation:
9,425,000 7.250% due 05/15/1999
9,578,156
2,260,000 6.500% due 02/15/2006
2,169,600
2,750,000 International Lease Finance Corporation,
5.500% due 01/15/1999
2,722,500
6,420,000 Liberty Mutual Capital Corporation, MTN,
8.100% due 01/14/2005
6,757,050
6,433,000 Midland American Capital,
12.750% due 11/15/2003
6,915,475
3,270,000 Union Bank of Switzerland,
7.250% due 07/15/2006
3,302,700
4,000,000 U.S. Leasing International, MTN,
9.880% due 03/06/2001
4,395,000
3,500,000 U.S. West Financial Services, Inc.,
8.375% due 10/18/1999
3,631,250
- ----------
95,879,529
- ----------
Government Agency -- 2.0%
10,000,000 Tennessee Valley Authority,
6.375% due 06/15/2005
9,762,500
- ----------
Industrial -- 5.3%
5,500,000 American General Institutional Capital,
Series A,
7.570% due 12/01/2045+++
5,238,750
4,178,000 Anheuser Busch Companies,
9.000% due 12/01/2009
4,841,257
5,470,000 Browning-Ferris Inc.,
7.875% due 03/15/2005
5,729,825
5,000,000 General Motors,
9.625% due 12/01/2000
5,443,750
4,500,000 Montana Power Company, MTN,
8.680% due 02/07/2022
4,725,000
- ----------
25,978,582
- ----------
Utility -- Telephone -- 1.9%
9,500,000 Michigan Bell Telephone,
5.875% due 09/15/1999
9,428,750
- ----------
TOTAL CORPORATE BONDS AND
NOTES
(Cost $141,565,291)
141,049,361
- -----------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 14.7%
Federal Home Loan Mortgage Corporation
(FHLMC) -- 5.5%
FHLMC:
5,656,850 Pool #A00813,
9.000% due 10/01/2020
5,978,583
1,707,024 Pool #E61740,
9.000% due 04/01/2010
1,776,372
14,847,624 Pool #E63967, Gold,
6.500% due 02/01/2011
14,564,592
4,774,402 Pool #G50249, REMIC,
8.500% due 03/01/2000
4,865,414
- ----------
27,184,961
- ----------
Federal National Mortgage Association
(FNMA) -- 8.5%
FNMA:
11,000,000 Global Bond,
6.550% due 09/12/2005
10,841,160
8,583,420 Pool #250550,
6.500% due 05/01/2026
8,210,578
10,206,046 Pool #303108,
6.500% due 09/01/2024
9,762,720
14,156,409 Pool #303922,
6.000% due 05/01/2016
13,351,263
- ----------
42,165,721
- ----------
Small Business Administration (SBA) -- 0.7%
3,423,867 SBA, Pool #502796,
6.500% due 11/25/2019++
3,453,826
- ----------
TOTAL U.S. GOVERNMENT
AGENCY OBLIGATIONS
(Cost $72,358,378)
72,804,508
- ----------
U.S. TREASURY OBLIGATIONS -- 42.4%
U.S. Treasury Inflation
Index Security -- 5.0%
25,246,875 3.375% due 01/15/2007
24,631,609
- ----------
U.S. Treasury Notes -- 33.1%
19,400,000 6.000% due 05/31/1998
19,439,380
33,500,000 8.250% due 07/15/1998
34,296,962
25,500,000 6.875% due 07/31/1999
25,863,627
28,000,000 6.125% due 07/31/2000
27,886,037
17,675,000 5.625% due 02/28/2001
17,278,018
6,000,000 6.625% due 07/31/2001
6,054,300
25,300,000 7.875% due 11/15/2004
27,276,689
2,400,000 6.250% due 02/15/2007
2,347,513
3,000,000 6.625% due 05/15/2007
3,022,620
- -----------
163,465,146
- -----------
U.S. Treasury Strip Principal -- 4.3%
34,005,000 6.841% due 11/15/2004++++
21,129,003
- ----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $210,293,930)
209,225,758
- -----------
REPURCHASE AGREEMENT -- 2.3%
(Cost $11,428,300)
11,428,300 Agreement with Lehman Brothers Holdings
Inc., 5.920% dated 06/30/1997 to be
repurchased at $11,430,179 on
07/01/1997, collateralized by
$12,435,000 U.S. Treasury Strip
Principal, 8.875%-9.250% having
maturities ranging from 05/15/1998
through 02/15/1999
(value $11,660,029)
11,428,300
- ----------
TOTAL INVESTMENTS
(Cost $488,256,118*) 98.6%
486,641,791
OTHER ASSETS AND
LIABILITIES (Net) 1.4
6,921,734
-----
- ------------
NET ASSETS 100.0%
$493,563,525
=====
============
<FN>
---------
* Aggregate cost for Federal tax purposes is
$488,750,613.
+ Floating rate note. The interest rate shown
reflects the rate currently in
effect.
++ Variable rate security. The interest rate shown
reflects the rate
currently in effect.
+++ Security exempt from registration under Rule 144A
of the Securities Act
of 1933. These securities may be resold in
transactions exempt from
registration to qualified institutional buyers.
++++ Annualized yield at date of purchase.
ABBREVIATION:
MTN -- Medium Term Note
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder International Bond Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- -----------------------
<TABLE>
<CAPTION>
Principal
Amount
Value
------
- -----
<S> <C> <C>
FOREIGN BONDS AND NOTES -- 82.2%
Australia -- 2.8%
Government -- 2.8%
AUD 2,000,000 Queensland Treasury
Corporation,
Government Bond, Series 5,
6.500% due 06/14/2005
$1,461,598
- ----------
Belguim -- 3.8%
Government -- 3.8%
BEL 61,000,000 Kingdom of Belgium, Series 10,
8.750% due 06/25/2002
1,993,220
- ----------
Canada -- 8.9%
Government -- 8.9%
Government of Canada:
CAD 850,000 10.250% due 12/01/1998
663,190
4,000,000 7.500% due 12/01/2003
3,123,067
1,000,000 8.000% due 06/01/2023
821,536
- ----------
4,607,793
- ----------
Denmark -- 3.0%
Government -- 3.0%
DKK 9,250,000 Kingdom of Denmark,
8.000% due 05/15/2003
1,574,613
- ----------
Finland -- 1.4%
Government -- 1.4%
FIM 3,000,000 Republic of Finland,
9.500% due 03/15/2004
703,473
- ----------
France -- 5.9%
Government -- 5.9%
Government of France:
FRF 13,500,000 5.500% due 04/25/2007
2,283,654
3,600,000 8.500% due 12/26/2012
767,329
- ----------
3,050,983
- ----------
Germany -- 9.8%
Finance -- 4.8%
DEM 2,600,000 Bayerische Vereinsbank New
York,
Global Bond,
4.500% due 06/24/2002
1,478,643
1,700,000 Suedwest LB Capital Markets,
5.000% due 02/08/1999
995,269
Government -- 2.9%
2,500,000 Federal Republic of Germany,
Series 95,
6.500% due 10/14/2005
1,522,263
Supranational -- 2.1%
DEM 1,750,000 International Bank of
Reconstruction & Development,
7.250% due 10/13/1999
1,078,729
- ----------
5,074,904
- ----------
Italy -- 4.6%
Government -- 4.6%
Government of Italy:
ITL 1,800,000,000 10.000% due 08/01/2003
1,235,614
1,700,000,000 9.500% due 01/01/2005
1,153,068
- ----------
2,388,682
- ----------
Japan -- 26.1%
Finance -- 9.0%
JPY 230,000,000 Asian Development Bank,
5.000% due 02/05/2003
2,320,268
250,000,000 Development Bank of Japan,
5.000% due 10/01/1999
2,367,982
Government -- 12.7%
650,000,000 Government of Japan, 10-Year
Issue:
Series 145,
5.500% due 03/20/2002
6,632,989
Supranational -- 4.4%
220,000,000 Interamer Development Bank,
6.000% due 10/30/2001
2,260,175
- ----------
13,581,414
- ----------
Netherlands -- 3.7%
Government -- 3.7%
NLG 3,300,000 Government of Netherlands,
Series 2,
8.250% due 06/15/2002
1,942,274
- ----------
Sweden -- 2.6%
Government -- 2.6%
SEK 10,500,000 Government of Sweden, Series
1038,
6.500% due 10/25/2006
1,349,273
- ----------
United Kingdom -- 9.6%
Finance -- 2.4%
GBP 750,000 General Electric Capital
Corporation,
7.500% due 12/01/1998
1,251,318
Government -- 4.7%
1,325,000 United Kingdom Treasury,
8.000% due 06/07/2021
2,430,624
Supranational -- 2.5%
GBP 750,000 European Investment Bank,
8.500% due 11/06/2001
1,305,180
- ----------
4,987,122
- ----------
TOTAL FOREIGN BONDS AND NOTES
(Cost $43,161,650)
42,715,349
- ----------
GOVERNMENT AGENCY OBLIGATIONS -- 10.4%
Federal National Mortgage
Association, Global Bond:
JPY 250,000,000 2.000% due 12/20/1999
2,223,476
GBP 600,000 6.875% due 06/07/2002
988,564
DEM 3,700,000 Tennessee Valley Authority,
Global
Bond,
6.375% due 09/18/2006
2,206,061
- ----------
TOTAL GOVERNMENT AGENCY OBLIGATIONS
(Cost $5,467,717)
5,418,101
- ----------
REPURCHASE AGREEMENTS -- 5.6%
U.S.$ 2,494,750 Agreement with Lehman Brothers
Holdings Inc., 5.920% dated
06/30/1997 to be repurchased
at
$2,495,159 on 07/01/1997
collateralized by $2,805,000
U.S.
Treasury Strip Principal,
8.870%
due 02/15/1999
(value $2,548,567)
2,494,750
400,000 Agreement with Morgan (J.P.) &
Company, 5.900% dated
06/30/1997
to be repurchased at $400,066
on
07/01/1997 collateralized by
$305,000
U.S. Treasury Notes, 12.000%
due
05/15/2005 (value $410,225)
400,000
- ----------
TOTAL REPURCHASE AGREEMENTS (Cost $2,894,750)
2,894,750
- ----------
TOTAL INVESTMENTS (Cost $51,524,117*) 98.2%
51,028,200
OTHER ASSETS AND LIABILITIES (Net) 1.8
941,944
---
- -----------
NET ASSETS 100%
$51,970,144
===
===========
<FN>
----------------
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
AUD -- Australian Dollar
BEL -- Belgian Francs
CAD -- Canadian Dollar
DEM -- German Deutsche Mark
DKK -- Danish Krone
FIM -- Finnish Markka
FRF -- French Franc
GBP -- Great British Pound
ITL -- Italian Lira
JPY -- Japanese Yen
NLG -- Netherlands Guilder
SEK -- Swedish Krona
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder U.S. Government Income Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- -----------------------
<TABLE>
<CAPTION>
Principal
Amount
Value
---------
- -----
ASSET BACKED SECURITY -- 2.0%
(Cost $4,953,972)
<S> <C> <C>
$5,000,000 Residential Accreditation Loans, Inc.,
Class A4, Series 1997-QS3,
7.750% due 04/25/2027
$ 5,053,125
- ------------
CORPORATE BONDS AND NOTES -- 3.5%
Finance -- 0.0%#
27,340 BankAmerica National Trust,
9.000% due 03/01/2008
27,434
- ------------
Industrial -- 3.5%
9,100,000 Raytheon Corporation,
6.500% due 07/15/2005
8,747,375
- ------------
TOTAL CORPORATE BONDS
AND NOTES
(Cost $8,865,098)
8,774,809
- ------------
PROMISSORY NOTE -- 3.2%
(Cost $7,967,637)
8,000,000 OPIC African Growth Fund,
6.525% due 05/15/2001
8,000,480
- ------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 77.0%
Federal Home Loan Mortgage
Corporation (FHLMC) -- 27.4%
FHLMC:
3,607,605 Pool #A01048, Gold,
8.500% due 02/01/2020
3,749,655
9,341,394 Pool #E00160, Gold,
7.000% due 11/01/2007
9,332,636
3,000,000 Series 16, Class PM,
6.500% due 04/25/2021
2,914,773
5,000,000 Series 43, Class D,
10.000% due 06/15/2020
5,600,257
1,645,288 Series 168, Class E,
8.000% due 12/15/2020
1,660,115
1,000,000 Series 1452, Class PH,
6.500% due 06/15/2006
999,094
1,000,000 Series 1542, Class E,
5.650% due 01/15/2015
997,830
$2,000,000 Series 1578, Class K,
6.900% due 09/15/2023
1,912,983
1,300,000 Series 1633, Class PL,
6.500% due 03/15/2023
1,246,778
9,115,000 Series 1669, Class G,
6.500% due 02/15/2023
8,916,810
3,000,000 Series 1671, Class F,
6.250% due 03/15/2022
2,933,326
4,811,145 Series 1685, Class G,
6.000% due 09/15/2023
4,565,618
8,560,000 Series 1702-A, Class PD,
6.500% due 04/15/2022
8,372,658
1,000,000 Series 1706, Class K,
7.000% due 03/15/2024
983,850
2,000,000 Series 1848, Class PE,
7.000% due 09/15/2025
1,945,107
8,943,000 Series 1865, Class PD,
7.000% due 12/15/2025
8,804,023
4,156,000 Series 1866, Class E,
7.000% due 01/15/2026
4,091,515
- ------------
69,027,028
- ------------
Federal Housing Authority/Veterans
Administration (FHA/VA) -- 2.4%
991,299 FHA, Azalea Garden,
Series 051-11086,
8.375% due 08/30/2030
1,030,332
5,135,635 FHA/VA, Pool #355533,
6.750% due 11/15/2028
4,927,000
- ------------
5,957,332
- ------------
Federal National Mortgage Association
(FNMA) -- 38.7%
FNMA:
4,000,000 MTN,
4.940% due 02/23/1999
3,930,320
211,617 Pool #040305,
11.500% due 02/01/2014
238,267
80,686 Pool #058255,
11.500% due 11/01/2010
90,848
100,120 Pool #081585,
11.500% due 07/01/2012
112,729
2,376,145 Pool #100081,
11.500% due 08/20/2016
2,675,391
340,621 Pool #210448,
11.500% due 11/01/2015
383,517
4,062,513 Pool #250323,
7.000% due 06/01/2002
4,077,747
5,463,118 Pool #303020,
7.000% due 10/25/2025
5,353,855
2,596,424 Pool #303105,
11.000% due 11/01/2020
2,889,333
2,889,059 Pool #303645,
11.000% due 09/01/2019
3,214,981
486,579 Pool #336457,
10.500% due 11/01/2020
535,389
3,187,718 Series 1989-98, Class D,
9.200% due 04/25/2019
3,276,574
5,000,000 Series 1990-117, Class E,
8.950% due 10/25/2020
5,303,440
7,193,017 Series 1990-120, Class G,
9.000% due 11/25/2019
7,381,842
6,623,284 Series 1991-98, Class H,
8.750% due 08/25/2021
6,899,599
5,000,000 Series 1993-98, Class G,
6.500% due 04/25/2019
4,956,430
5,000,000 Series 1993-120, Class HA,
6.500% due 01/25/2021
4,903,100
7,500,000 Series 1993-144, Class C,
7.000% due 07/25/2019
7,437,210
2,000,000 Series 1993-160, Class BC,
6.500% due 09/25/2022
1,950,618
3,000,000 Series 1993-198, Class T,
6.500% due 10/25/2023
2,688,696
1,360,000 Series 1994-60, Class PJ,
7.000% due 04/25/2024
1,309,006
7,634,900 Series 1996-28, Class PJ,
6.500% due 12/25/2024
7,244,222
10,000,000 Series 1997-14, Class PH,
6.500% due 12/18/2025
9,606,250
6,705,000 Series G-97-1, Class J,
6.750% due 02/18/2004
6,641,453
4,800,000 Series X-169A, Class K,
6.500% due 09/25/2022
4,596,000
- ------------
97,696,817
- ------------
Government National Mortgage
Association (GNMA) -- 5.5%
GNMA:
3,744,917 Pool #780096,
11.000% due 04/15/2021
4,169,731
10,100,000 Series 1996-11, Class PD,
7.000% due 06/20/2025
9,856,654
- ------------
14,026,385
- ------------
Small Business Administration
(SBA) -- 3.0%
7,606,131 SBA, Pool # 503548,
6.125% due 11/25/2021
7,568,100
- ------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $194,114,845)
194,275,662
- ------------
U.S. TREASURY OBLIGATIONS -- 9.8%
U.S. Treasury Bonds -- 7.7%
6,500,000 7.875% due 11/15/2004
7,007,845
2,000,000 8.750% due 11/15/2008
2,217,980
4,000,000 8.125% due 08/15/2019
4,563,640
5,000,000 8.000% due 11/15/2021
5,653,550
- ------------
19,443,015
- ------------
U.S. Treasury Notes -- 2.1%
2,000,000 9.125% due 05/15/1999
2,105,320
3,000,000 7.500% due 11/15/2001
3,125,250
- ------------
5,230,570
- ------------
TOTAL U.S. TREASURY
OBLIGATIONS
(Cost $24,500,156)
24,673,585
- ------------
REPURCHASE AGREEMENT -- 3.5%
(Cost $8,974,790)
8,974,790 Agreement with Lehman
Brothers Holdings Inc.,
5.920% dated 06/30/1997
to be repurchased at
$8,976,266 on
07/01/1997, collateralized
by $11,514,000 U.S.
Treasury Strip Principal,
7.875%-11.625% having
maturities ranging from
02/15/1999 through
11/15/2004
(value $9,155,217)
8,974,790
- ------------
TOTAL INVESTMENTS
(Cost $249,376,498*) 99.0%
249,752,451
OTHER ASSETS AND
LIABILITIES (Net) 1.0
2,657,075
-----
- ------------
NET ASSETS 100.0%
$252,409,526
=====
============
<FN>
---------
* Aggregate cost for Federal tax purposes is
$249,423,139.
# Amount represents less than 0.1% of net assets.
ABBREVIATION:
MTN -- Medium Term Note
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder Michigan Triple Tax-Free Bond Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- -----------------------
<TABLE>
<CAPTION>
Rating
Principal
- ------------------------------------
Amount
S&P Moody's Value
------
- ----- ------- -------
MUNICIPAL BONDS AND NOTES -- 97.0%
Michigan -- 97.0%
<S> <C>
<C> <C> <C>
$1,000,000 Bay City, Michigan, Electric Utility
Revenue
Refunding, (AMBAC Insured),
5.300% due 01/01/2010
AAA NR $ 995,000
840,000 Birmingham Public Schools, Michigan,
School
Building, GO, (MBIA Insured),
5.000% due 05/01/2014
AAA Aaa 791,700
1,000,000 Caledonia Community Schools, Michigan,
GO,
(AMBAC Insured),
5.500% due 05/01/2022
AAA Aaa 991,250
1,000,000 Central Michigan University Revenue,
(FGIC Insured),
5.500% due 10/01/2026
AAA Aaa 983,750
600,000 Clintondale Community Schools, Michigan,
GO,
5.250% due 05/01/2015
AA Aa 582,000
1,055,000 De Witt, Michigan, Public Schools, GO,
(AMBAC Insured, Q-SBLF),
5.500% due 05/01/2011
AAA Aaa 1,070,825
700,000 Dearborn School District, Michigan, GO,
(MBIA Insured),
5.000% due 05/01/2014
AAA Aaa 666,750
1,000,000 Detroit, Michigan, Sewer Disposal
Revenue,
Series A, (MBIA Insured),
5.000% due 07/01/2027
AAA Aaa 906,250
1,055,000 Detroit, Michigan, Water Supply System,
(MBIA Insured), Series B,
5.400% due 07/01/2011
AAA Aaa 1,070,825
1,000,000 Dexter Community Schools, Michigan, GO,
5.700% due 05/01/2014
AA Aa 1,013,750
1,000,000 Eastern Michigan University Revenue, GO,
(FGIC Insured),
5.500% due 06/01/2017
AAA Aaa 992,500
1,000,000 Ferris State University, Michigan,
Revenue Refunding,
(MBIA Insured),
5.250% due 10/01/2015
AAA Aaa 970,000
500,000 Grand Ledge, Michigan, Public Schools
District, GO,
Pre-refunded, (MBIA Insured, Q-SBLF),
6.600% due 05/01/2004
AAA Aaa 563,125
Grand Rapids, Michigan:
750,000 Building Authority, Refunding, and
Improvement Revenue,
5.500% due 04/01/2013
A+ A1 742,500
1,000,000 Community College Refunding, GO,
(MBIA Insured),
5.375% due 05/01/2016
AAA Aaa 976,250
1,000,000 Community College Refunding, GO,
(MBIA Insured),
5.375% due 05/01/2019
AAA Aaa 967,500
1,000,000 Hastings, Michigan, School District, GO,
(FGIC Insured, Q-SBLF),
5.625% due 05/01/2018
AAA Aaa 1,000,000
950,000 Hudsonville Public Schools, Michigan,
Series B, GO,
(FGIC Insured),
6.000% due 05/01/2014
AAA Aaa 997,500
1,000,000 Kalamazoo, Michigan, City School
District,
GO, (FGIC Insured),
5.700% due 05/01/2016
AAA Aaa 1,020,000
500,000 Kenowa Hills, Michigan, Public Schools,
GO,
(MBIA Insured),
5.625% due 05/01/2010
AAA Aaa 516,250
1,000,000 Lansing Board of Water & Light,
(Water Supply &
Electric Utility Systems Revenue),
Series A,
5.000% due 07/01/2013
AA Aa 940,000
890,000 Lansing Sewer Disposal Systems Revenue,
(FGIC Insured),
5.700% due 05/01/2009
AAA Aaa 913,363
1,000,000 Lincoln Consolidated School District,
Michigan, GO,
(FGIC Insured, Q-SBLF),
5.800% due 05/01/2014
AAA Aaa 1,015,000
1,000,000 Livonia Public School District, Michigan,
GO,
(FGIC Insured),
5.125% due 05/01/2022
AAA Aaa 932,500
1,000,000 Michigan Higher Education, Student Loan
Authority,
(AMBAC Insured), Series XII-M,
4.900% due 03/01/2002
AAA N/R 1,006,250
Michigan Municipal Bond Authority
Revenue,
State Revolving Fund:
1,000,000 6.500% due 10/01/2011
AA Aa 1,120,000
1,200,000 7.000% due 10/01/2002
AA Aa 1,335,000
600,000 Michigan Public Power Agency Revenue,
(Belle River Project), Series A,
5.250% due 01/01/2018
AA- A1 568,500
Michigan State Comprehensive
Transportation
Revenue, Series A, (MBIA Insured):
1,000,000 5.250% due 08/01/2012
AAA Aaa 990,000
500,000 5.250% due 08/01/2014
AAA Aaa 488,750
Michigan State Hospital Financing
Authority
Revenue:
1,000,000 (Henry Ford Continuing Care), Series A,
5.250% due 11/15/2025
AA Aa2 942,500
1,000,000 (Mercy Health Services), Series S,
5.500% due 08/15/2020
AA- Aa3 973,750
Michigan State Housing Development
Authority,
Series A:
(AMBAC Insured),
500,000 6.050% due 12/01/2027
AAA Aaa 506,875
1,000,000 6.450% due 12/01/2014
AA+ NR 1,041,250
1,000,000 Michigan State Trunk Line Highway
Revenue,
Series A,(FGIC Insured),
5.500% due 11/01/2016
AAA Aaa 987,500
500,000 Montrose, Michigan, School District, GO,
(MBIA Insured, Q-SBLF),
6.200% due 05/01/2017
AAA Aaa 543,125
1,000,000 Northview, Michigan, Public School
District,
GO,(MBIA Insured, Q-SBLF),
5.800% due 05/01/2021
AAA Aaa 1,017,500
650,000 Novi, Michigan, Community School
District,
GO,(FGIC Insured, Q-SBLF),
5.300% due 05/01/2014
AAA Aaa 632,937
500,000 Oakland Community College, Michigan,
Refunding and Improvement, GO,
(MBIA Insured),
5.250% due 05/01/2018
AAA Aaa 480,000
1,000,000 Plymouth-Canton, Michigan, Community
School
District, GO, Series A,
6.625% due 05/01/2016
AA Aa 1,056,250
1,000,000 Redford, Michigan, Unified School
District,
GO,(FGIC Insured, Q-SBLF),
5.750% due 05/01/2011
AAA Aaa 1,035,000
500,000 Rochester Community School District,
Michigan, GO, Pre-refunded, (Q-SBLF),
6.500% due 05/01/2002
AA NR 541,875
600,000 Royal Oak, Michigan, Hospital Finance
Authority, Hospital Revenue,
(William Beaumont Hospital), Series G,
5.500% due 11/15/2013
AA Aa 601,500
1,000,000 Saint Johns, Michigan, Public Schools
District, GO,
(FGIC Insured, Q-SBLF),
5.625% due 05/01/2020
AAA Aaa 1,000,000
1,000,000 South Redford, Michigan, School District,
GO,
(FGIC Insured, Q-SBLF),
5.350% due 05/01/2010
AAA Aaa 1,005,000
600,000 University of Michigan, Hospital Revenue,
Series A,
5.500% due 12/01/2021
AA Aa 582,000
1,000,000 Waterford Township School District,
Michigan,
GO, (FGIC Insured),
6.250% due 06/01/2010
AAA Aaa 1,068,750
1,000,000 West Bloomfield School District,
Michigan,
GO,(MBIA Insured),
5.125% due 05/01/2014
AAA Aaa 957,500
500,000 Willow Run, Michigan, Community Schools,
GO,
(AMBAC Insured, Q-SBLF),
5.000% due 05/01/2016
AAA Aaa 470,000
1,000,000 Ypsilanti, Michigan, School District, GO,
(FGIC Insured, Q-SBLF),
5.750% due 05/01/2020
AAA Aaa 1,007,500
- ---------
<S>
<C>
TOTAL MUNICIPAL BONDS AND NOTES (Cost $42,844,126)
43,577,900
- ---------
<CAPTION>
Shares
------
SHORT-TERM INVESTMENTS -- 4.9%
<S> <C>
<C> <C>
1,512,835 Dreyfus Tax-Exempt Cash Management
Fund 1,512,835
669,028 Navigator Tax-Free Money Market Fund
669,028
- ---------
TOTAL SHORT-TERM INVESTMENTS (Cost $2,181,863)
2,181,863
- ----------
TOTAL INVESTMENTS (Cost $45,025,989*)
101.9% 45,759,763
OTHER ASSETS AND LIABILITIES (Net)
(1.9) (854,337)
- ----- ----------
NET ASSETS
100.0% $44,905,426
===== ==========
<FN>
----------------
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Federal Guaranty Insurance Corporation
GO -- General Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
Q-SBLF -- Qualified School Bond Loan Fund
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder Tax-Free Bond Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- -----------------------
<TABLE>
<CAPTION>
Rating
Principal
- ------------------------------------
Amount
S&P Moody's Value
------
- ----- ------- -------
MUNICIPAL BONDS AND NOTES -- 98.2%
Arizona -- 1.0%
<S> <C>
<C> <C> <C>
$1,600,000 Phoenix, Arizona Water Systems Revenue,
ETM,
8.000% due 06/01/2003
AAA Aaa $ 1,882,000
- ------------
<CAPTION>
California -- 3.0%
<S> <C>
<C> <C> <C>
2,905,000 Perris, California Community Facilities
Revenue, ETM,
8.750% due 10/01/2021
NR Aaa 4,070,631
2,000,000 San Diego, California, Public Facility
Financing Authority,
Sewer Revenue, Series A, (FGIC
Insured),
5.250% due 05/15/2027
AAA Aaa 1,897,500
- ------------
5,968,131
- ------------
<CAPTION>
Florida -- 18.7%
<S> <C>
<C> <C> <C>
2,000,000 Florida State, Board of Education,
Administrative Capital Revenue,
8.400% due 06/01/2007
AA Aa 2,505,000
2,000,000 Florida State, Department of
Transportation,
Right of Way, GO,
5.300% due 07/01/2015
AA+ Aa2 1,990,000
2,500,000 Florida State, Turnpike Authority
Revenue,
Department of Transportation, Series
A,
(FGIC Insured),
5.500% due 07/01/2012
AAA Aaa 2,543,750
Gainesville, Florida, Utility Systems
Revenue:
2,465,000 ETM,
8.125% due 10/01/2014
AAA Aaa 3,118,225
3,000,000 Series A,
6.500% due 10/01/2012
AA Aa 3,371,250
5,000,000 Orlando, Florida, Utilities Commission,
Water
and Electric Revenue Refunding, Series
D,
6.750% due 10/01/2017
AA- Aa 5,837,500
1,375,000 Orlando & Orange Counties, Florida,
Expressway Authority Revenue, ETM,
(FGIC
Insured),
6.750% due 07/01/2019
AAA Aaa 1,491,875
4,135,000 Palm Beach County, Florida, GO,
6.750% due 07/01/2011
AA Aa 4,729,406
Port Everglades, Florida, Port Authority
Revenue, ETM:
2,000,000 7.500% due 11/01/2006
AAA Aaa 2,322,500
7,600,000 7.125% due 11/01/2016
AAA Aaa 8,987,000
- ------------
36,896,506
- ------------
<CAPTION>
Georgia -- 9.6%
Georgia State, GO:
<S> <C>
<C> <C> <C>
4,500,000 7.400% due 08/01/2007
AA+ Aaa 5,433,750
2,000,000 Series B,
6.250% due 03/01/2011
AA+ Aaa 2,227,500
5,130,000 Georgia State, Municipal Electric Power
Authority Revenue,
6.500% due 01/01/2012
A A 5,675,063
5,100,000 Metro Atlanta Rapid Transit Authority,
Series K,
6.250% due 07/01/2018
AA- A1 5,565,375
- ------------
18,901,688
- ------------
<CAPTION>
Hawaii -- 1.2%
<S> <C>
<C> <C> <C>
2,000,000 Honolulu, Hawaii, GO,
7.350% due 07/01/2008
AA Aa 2,390,000
- ------------
<CAPTION>
Illinois -- 9.2%
<S> <C>
<C> <C> <C>
1,000,000 Addison, Illinois, Single-family Mortgage
Revenue, ETM,
7.500% due 04/01/2011
AAA NR 1,163,750
2,200,000 Chicago, Illinois, Public Building
Commission
Revenue, ETM,
7.700% due 01/01/2006
AAA A1 2,614,260
2,500,000 Chicago, Illinois, Wastewater
Transmission
Revenue,(FGIC Insured),
5.375% due 01/01/2013
AAA Aaa 2,490,625
4,000,000 Illinois Educational Facilities Authority
Revenue,Northwestern University,
5.375% due 12/1/2021
AA Aa1 3,850,000
3,000,000 Illinois State,
(FGIC Insured),
5.125% due 12/01/2015
AAA Aaa 2,842,500
4,500,000 Illinois State, Sales Tax Revenue, Series
P,
6.500% due 06/15/2022
AAA A1 5,068,125
- ------------
18,029,260
- ------------
<CAPTION>
Maryland -- 4.4%
<S> <C>
<C> <C> <C>
3,000,000 Baltimore, Maryland, (Water Projects),
Series A,
(FGIC Insured),
5.000% due 07/01/2024
AAA Aaa 2,786,250
3,725,000 Baltimore, Maryland, Series A,
(FGIC Insured),
5.900% due 07/01/2010
AAA Aaa 3,995,063
2,000,000 Washington, Maryland, Suburban School
District,
(General Construction),
5.000% due 06/01/2011
AAA Aa1 1,962,500
- ------------
8,743,813
- ------------
<CAPTION>
Michigan -- 21.2%
<S> <C>
<C> <C> <C>
3,000,000 Detroit, Michigan, Sewer Disposal
Revenue,
Series A, (MBIA Insured),
5.00% due 07/01/2027
AAA Aaa 2,718,750
2,600,000 Clarkston, Michigan, Community Schools
District, GO,
(FGIC Insured, Q-SBLF),
5.550% due 05/01/2010
AAA Aaa 2,661,750
1,840,000 Grand Rapids, Michigan, Community
College,
GO,(MBIA Insured),
5.900% due 05/01/2019
AAA Aaa 1,872,200
1,000,000 Grand Rapids, Michigan, Water Supply
Revenue,
Pre-refunded, (FGIC Insured),
7.000% due 01/01/2000
AAA Aaa 1,081,250
1,000,000 Lake Orion, Michigan, Community School
District, Refunding, GO,
(AMBAC Insured, Q-SBLF),
5.800% due 05/01/2015
AAA Aaa 1,023,750
4,980,000 Michigan Municipal Bond Authority
Revenue,
(Pooled Project), Series B,
5.625% due 10/01/2019
AA Aa 4,930,200
5,800,000 Michigan State, Building Authority
Revenue,
Series I,
6.500% due 10/01/2004
AA- A1 6,438,000
3,500,000 Michigan State, Comprehensive
Transportation,
Series A,
(MBIA Insured),
5.250% due 08/01/2014
AAA Aaa 3,421,250
7,000,000 Michigan State, Environmental Protection
Program, GO,
6.250% due 11/01/2012
AA Aa 7,770,000
Michigan State, Hospital Financing
Authority
Revenue:
2,250,000 (Henry Ford Health System),
(AMBAC Insured),
6.000% due 09/01/2011
AAA Aaa 2,418,750
5,840,000 Michigan State, Trunk Line, Series A,
(FGIC Insured),
5.625% due 11/01/2020
AAA Aaa 5,810,800
1,515,000 Saline, Michigan, Area Schools District, GO,
(FGIC Insured, Q-SBLF),
5.350% due 05/01/2010
AAA Aaa 1,526,363
- ------------
41,673,063
- ------------
<CAPTION>
Nevada -- 1.5%
<S> <C>
<C> <C> <C>
3,000,000 Nevada State, Colorado River Community,
GO,
5.250% due 07/01/2020
AA Aa2 2,891,250
- ------------
<CAPTION>
New Mexico -- 3.0%
<S> <C>
<C> <C> <C>
4,455,000 Farmington, New Mexico, Power Authority
Revenue, Pre-refunded,
9.875% due 07/01/2005
AAA Aaa 5,858,325
- ------------
<CAPTION>
North Carolina -- 3.9%
<S> <C>
<C> <C> <C>
5,000,000 Charlotte, North Carolina, Water and
Sewer
Revenue, GO,
5.600% due 05/01/2021
AAA Aaa 5,112,500
2,500,000 North Carolina, Municipal Power Agency,
Catawba Electric Revenue, (AMBAC
Insured),
5.500% due 01/01/2013
AAA AAA 2,593,750
- ------------
7,706,250
- ------------
<CAPTION>
Ohio -- 1.7%
<S> <C>
<C> <C> <C>
2,000,000 Ohio State, GO,
6.650% due 09/01/2009
AA Aa 2,292,500
1,000,000 Ohio State Higher Education, Facilities
Community Revenue,
(Denison University Project),
5.150% due 11/01/2008
AA A1 1,000,000
- ------------
3,292,500
- ------------
<CAPTION>
Oklahoma -- 0.6%
<S> <C>
<C> <C> <C>
1,000,000 Blackwell, Oklahoma, Hospital and Trust
Authority, First Mortgage Revenue,
(Blackwell Regional Hospital), ETM,
8.350% due 05/01/2009
AAA NR 1,237,500
- ------------
<CAPTION>
South Carolina -- 6.1%
<S> <C>
<C> <C> <C>
2,215,000 South Carolina, State Highway, Series B,
5.650% due 07/01/2021
AAA Aaa 2,234,381
6,900,000 South Carolina, State Public Service
Authority Revenue, Series A,
(MBIA Insured),
5.750% due 01/01/2022
AAA Aaa 6,960,375
2,500,000 South Carolina, State Public Service
Authority Revenue,
Series B, Pre-refunded,
7.100% due 07/01/2001
AAA Aaa 2,784,375
- ------------
11,979,131
- ------------
<CAPTION>
Tennessee -- 3.7%
<S> <C>
<C> <C> <C>
Shelby County, Tennessee:
1,000,000 Refunding, Series A, GO,
5.500% due 04/01/2009
AA+ Aa 1,030,000
Series A, GO:
2,800,000 5.850% due 06/01/2017
AA+ Aa2 2,863,000
3,400,000 5.875% due 06/01/2019
AA+ Aa2 3,468,000
- ------------
7,361,000
- ------------
<CAPTION>
Texas -- 3.9%
<S> <C>
<C> <C> <C>
4,000,000 Houston, Texas, Airport Systems Revenue,
ETM,
9.500% due 07/01/2010
AAA Aaa 5,305,000
2,000,000 Spring, Texas,
Independent School District
Authority, GO,(PSFG),
6.875% due 08/15/2009
AAA Aaa 2,305,000
- ------------
7,610,000
- ------------
<CAPTION>
Virginia -- 2.0%
<S> <C>
<C> <C> <C>
2,000,000 Richmond, Virginia, Public Improvement,
Series A, GO,
5.500% due 01/15/2016
AA A1 1,985,000
2,115,000 Virginia College Building Authority,
Educational Facilities Revenue,
(21st Century College Project),
5.250% due 08/01/2016
AA Aa 2,051,550
- ------------
4,036,550
- ------------
<CAPTION>
Washington -- 3.5%
<S> <C>
<C> <C> <C>
1,815,000 Douglas County, Washington, Public
Utility
District No. 1, GO, (Wells
Hydroelectric
Project), Pre-refunded,
8.750% due 09/01/2006
A+ Aaa 2,402,606
4,750,000 Seattle, Washington, Drain & Wastewater
Utility Revenue,
(MBIA Insured),
5.250% due 12/01/2025
AAA Aaa 4,459,062
- ------------
6,861,668
- ------------
<CAPTION>
TOTAL MUNICIPAL BONDS AND NOTES
<S>
<C>
(Cost $184,194,078)
193,318,635
- ------------
<CAPTION>
Shares
-------
SHORT-TERM INVESTMENT -- 1.5%
(Cost $3,006,286)
<S> <C>
<C>
3,006,286 Navigator Tax-Free Money Market
Fund 3,006,286
<S>
<C> <C>
TOTAL INVESTMENTS (Cost $187,200,364*)
99.7% 196,324,921
OTHER ASSETS AND LIABILITIES (Net)
0.3% 593,598
- ---- ------------
NET ASSETS
100.0% $196,918,519
===== ============
<FN>
---------
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
ETM -- Escrowed to Maturity
FGIC -- Federal Guaranty Insurance Corporation
GO -- General Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
Q-SBLF -- Qualified School Bond Loan Fund Munder
See Notes to Financial
Statements.
</FN>
</TABLE>
Tax-Free Intermediate Bond Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- -----------------------
<TABLE>
<CAPTION>
Rating
Principal
- ------------------------------------
Amount
S&P Moody's Value
------
- ----- ------- -------
MUNICIPAL BONDS AND NOTES -- 97.9%
Alabama -- 2.2%
<S> <C>
<C> <C> <C>
$6,265,000 Alabama State Public School and College
Authority Revenue, Series A,
5.750% due 08/01/2003
AA- Aa $ 6,640,900
- ------------
<CAPTION>
California -- 4.9%
<S> <C>
<C> <C> <C>
6,100,000 Los Angeles County, California,
Metropolitan
Transportation Authority,
Sales Tax Revenue, Series B,
(AMBAC Insured),
8.000% due 07/01/2003
AAA Aaa 7,159,875
6,070,000 Sacramento County, California, Sanitation
District Financing Authority Revenue,
9.000% due 12/01/2002
AA Aa 7,352,287
- ------------
14,512,162
- ------------
<CAPTION>
Colorado -- 1.8%
<S> <C>
<C> <C> <C>
5,000,000 Arapahoe County, Colorado, School
District,
Cherry Creek Referendum,
5.500% due 12/15/2006
AA Aa2 5,231,250
- ------------
<CAPTION>
Delaware -- 0.9%
<S> <C>
<C> <C> <C>
2,500,000 Delaware State, GO, Series A,
5.000% due 01/01/2007
AA+ Aa1 2,531,250
- ------------
<CAPTION>
Florida -- 8.1%
<S> <C>
<C> <C> <C>
4,000,000 Dade County, Florida, School District,
(MBIA Insured),
6.000% due 07/15/2005
AAA Aaa 4,325,000
6,500,000 Florida State, Board of Education,
Capital
Outlay,Series D,
6.000% due 06/01/2005
AA Aa 6,987,500
Jacksonville, Florida, Electric Authority
Revenue:
5,000,000 Bulk Power Supply System Sherer,
Series 4-1-A, Pre-refunded,
6.750% due 10/01/2000
AA Aaa 5,425,000
3,650,000 St. John's River Power Park System,
Series 10,
6.500% due 10/01/2003
AA Aa1 4,019,562
3,000,000 Orlando, Florida, Utilities Commission,
Water and Electric Revenue,
Series A, Pre-refunded,
6.500% due 10/01/2001
AA- Aaa 3,288,750
- ------------
24,045,812
- ------------
<CAPTION>
Hawaii -- 2.5%
<S> <C>
<C> <C> <C>
3,000,000 Hawaii State, GO, Series BZ,
6.250% due 10/01/2002
AA Aa 3,228,750
3,650,000 Honolulu, Hawaii, City and County, GO,
Series A, ETM,
10.000% due 08/01/2000
AA Aaa 4,238,562
7,467,312
<CAPTION>
Illinois -- 3.2%
<S> <C>
<C> <C> <C>
4,500,000 Chicago, Illinois, Metropolitan Water
District, Capital Improvement,
6.700% due 01/01/2003
AA Aa 4,916,250
4,525,000 Lake County, Illinois, Adalai E.
Stevenson
School District, No. 125,
5.500% due 01/01/2003
NR Aa1 4,694,687
- ------------
9,610,937
- ------------
<CAPTION>
Maryland -- 4.9%
<S> <C>
<C> <C> <C>
5,000,000 Maryland State, State & Local Facilities,
Series 2, GO,
5.250% due 06/15/2006
AAA Aaa 5,175,000
3,750,000 Montgomery County, Maryland, Consolidated
Public Improvement, GO, Series B,
6.875% due 10/01/2000
AAA Aaa 4,035,937
5,000,000 Prince George's County, Maryland,
Consolidated Public Improvement, GO,
(MBIA Insured),
6.250% due 01/01/2005
AAA Aaa 5,475,000
- ------------
14,685,937
- ------------
<CAPTION>
Massachusetts -- 4.0%
<S> <C>
<C> <C> <C>
6,000,000 Massachusetts Water Resource Authority
Revenue,
Series A, Pre-refunded,
6.750% due 07/15/2002
AAA Aaa 6,697,500
5,000,000 Metropolitan Pier & Exposition Authority,
Dedicated State Tax Revenue,
(McCormick Plan Exposition),
(Series A), (AMBAC Insured),
5.750% due 06/15/2002
AAA Aaa 5,243,750
- ------------
11,941,250
- ------------
<CAPTION>
Michigan -- 28.2%
<S> <C>
<C> <C> <C>
2,500,000 Caledonia, Michigan, Community Schools,
(AMBAC Insured), Pre-refunded,
6.700% due 05/01/2002
AAA Aaa 2,775,000
9,200,000 Chippewa Valley, Michigan, Schools, GO,
(FGIC Insured, Q-SBLF), Pre-refunded,
6.375% due 05/01/2001
AAA Aaa 9,947,500
Gaylord, Michigan, Community Schools, GO:
1,075,000 7.000% due 05/01/2001
AA Aa 1,167,719
2,350,000 Pre-refunded, 6.600% due 05/01/2002
AA Aa 2,593,812
2,325,000 Kentwood, Michigan, Public School
District,
GO, Pre-refunded,
7.150% due 05/01/1999
A+ NR 2,487,750
2,000,000 Livonia, Michigan, Public Schools,
(FGIC Insured),
Series II, Pre-refunded,
6.300% due 05/01/2002
AAA Aaa 2,185,000
Michigan State Building Authority
Revenue,
Series I:
5,000,000 6.500% due 10/01/2004
AA- A1 5,550,000
(AMBAC Insured):
5,000,000 6.250% due 10/01/2003
AAA Aaa 5,425,000
5,600,000 6.000% due 10/01/2006
AAA Aaa 6,062,000
Michigan State Comprehensive
Transportation
Revenue,
3,000,000 Series 1988-I, Pre-refunded,
7.625% due 09/01/1998
AA- NR 3,176,250
Michigan State, Housing Development
Authority,
Series A, (AMBAC Insured):
1,095,000 5.300% due 12/01/2006
AAA Aaa 1,103,212
1,450,000 Rental Housing Revenue,
5.000% due 10/01/2003
AAA Aaa 1,459,063
Michigan State Hospital Finance Authority
Revenue, Pre-refunded:
1,000,000 McLaren Obligated Group, Series A,
7.500% due 09/15/2001
NR Aaa 1,133,750
2,900,000 Oakwood Hospital Obligated Group,
(FGIC Insured),
7.000% due 07/01/2000
AAA Aaa 3,164,625
Michigan State Trunk Line Highway
Revenue,
Series A:
3,160,000 5.625% due 10/01/2003
AA- A1 3,302,200
2,000,000 Pre-refunded,
7.000% due 08/15/1999
AAA NR 2,150,000
3,500,000 Michigan State Underground Storage Tank
Financial Assurance Authority,
Series I, (AMBAC Insured),
6.000% due 05/01/2006
AAA Aaa 3,784,375
1,000,000 Okemos, Michigan, Public School District,
GO,
Series I,
6.400% due 05/01/2001
AA Aa 1,068,750
6,875,000 Plymouth-Canton, Michigan, Community
School
District, Series B,
(Q-SBLF), GO, Pre-refunded,
6.800% due 05/01/2001
AA Aa 7,493,750
Rochester Community School District,
Michigan, GO:
3,350,000 6.000% due 05/01/2002
AA Aa 3,546,813
2,000,000 Pre-refunded,
6.500% due 05/01/2002
AA NR 2,167,500
1,250,000 Troy, Michigan, City School District, GO,
7.000% due 05/01/2001
AA Aa 1,360,938
3,000,000 University of Michigan, Hospital Revenue,
Series A,
7.500% due 12/01/2001
AA Aa 3,352,500
6,750,000 Western Michigan University Revenue,
Series A, (AMBAC Insured), Pre-
refunded,
6.500% due 07/15/2001
AAA Aaa 7,382,813
- ------------
83,840,320
- ------------
<CAPTION>
Minnesota -- 1.3%
<S> <C>
<C> <C> <C>
3,500,000 Minnesota State, GO, Pre-refunded,
6.250% due 08/01/2002
AAA Aaa 3,775,625
- ------------
<CAPTION>
New Mexico -- 1.3%
<S> <C>
<C> <C> <C>
4,000,000 New Mexico State,
4.625% due 09/01/2006
AA+ Aa1 3,920,000
- ------------
<CAPTION>
New York -- 3.4%
<S> <C>
<C> <C> <C>
Municipal Assistance Corporation,
City of New York:
3,600,000 Series G,
5.000% due 07/01/2003
AA- Aa2 3,658,500
3,375,000 Series J,
5.500% due 07/01/2002
AA- Aa2 3,510,000
2,500,000 New York State, Local Assistance
Corporation,
Series A, Pre-refunded,
7.250% due 04/01/2001
AAA Aaa 2,784,375
- ------------
9,952,875
- ------------
<CAPTION>
Ohio -- 3.0%
<S> <C>
<C> <C> <C>
5,000,000 Ohio State, Highway Capital Improvements,
Series B, GO,
4.400% due 05/01/2003
4,962,500
4,000,000 Ohio State, Public Facilities Community,
Higher Education Facilities, Series
II-A,
4.750% due 05/01/2001
AA- Aa3 4,030,000
- ------------
8,992,500
- ------------
<CAPTION>
Pennsylvania -- 1.8%
<S> <C>
<C> <C> <C>
5,000,000 Pennsylvania State, GO, Series 3,
6.000% due 11/15/2003
AA- A1 5,368,750
- ------------
<CAPTION>
Rhode Island -- 1.9%
<S> <C>
<C> <C> <C>
5,100,000 Rhode Island Depositors Economic
Protection
Corporation, Special Obligation,
Series A,
Pre-refunded,
6.950% due 08/01/2002
AAA Aaa 5,724,750
- ------------
<CAPTION>
South Carolina -- 3.0%
<S> <C>
<C> <C> <C>
South Carolina State Public Service
Authority
Revenue, Pre-refunded:
2,615,000 Santee Cooper, Series D, (AMBAC
Insured),
6.625% due 07/01/2002
AAA Aaa 2,902,650
2,440,000 6.500% due 07/01/2002
AAA Aaa 2,693,150
3,000,000 York County, South Carolina, Public
Facilities Corporation, COP,
Pre-refunded,
7.500% due 06/01/2001
NR Aaa 3,378,750
- ------------
8,974,550
- ------------
<CAPTION>
Tennessee -- 1.1%
<S> <C>
<C> <C> <C>
3,000,000 Tennessee State, Series B, GO,
6.850% due 06/01/2009
AA+ Aaa 3,296,250
- ------------
<CAPTION>
Texas -- 11.2%
<S> <C>
<C> <C> <C>
3,500,000 Austin, Texas, Independent School
District,(PSFG),
7.000% due 08/01/2006
AAA Aaa 4,055,625
2,480,000 Austin, Texas, Utility System Revenue,
Series A,
5.000% due 05/15/2001
A A2 2,501,700
1,750,000 Dallas County, Texas, GO,
5.500% due 08/15/2002
AAA Aaa 1,830,938
2,100,000 Dallas, Texas, GO, ETM,
7.000% due 05/01/2004
AAA Aaa 2,399,250
3,070,000 Dallas, Texas, Waterworks and Sewer
Authority
Revenue,
7.750% due 04/01/2003
AA Aa 3,545,850
4,085,000 Harris County, Texas, Toll Road, Series
A,
(AMBAC Insured), Pre-refunded,
6.500% due 08/15/2002
AAA Aaa 4,508,819
2,175,000 Plano, Texas, Independent School
District,
GO, (PSFG),
8.500% due 02/15/2003
AAA Aaa 2,588,250
3,500,000 Tarrant County, Texas, Water Control
Revenue,
Pre-refunded,
6.000% due 03/01/2001
AA Aaa 3,679,375
4,500,000 Texas State, GO, Series A, ETM,
6.100% due 08/01/2001
AAA Aaa 4,781,250
3,250,000 University of Texas, Permanent University
Funding, (PSFG),
5.000% due 07/01/2004
AAA Aaa 3,315,000
- ------------
33,206,057
- ------------
<CAPTION>
Virginia -- 3.7%
<S> <C>
<C> <C> <C>
1,600,000 Chesapeake, Virginia, Public Improvement
Revenue,
7.000% due 05/01/2004
AA Aa 1,806,000
1,600,000 Chesapeake, Virginia, Water & Sewer
Revenue,
7.000% due 12/01/2005
AA Aa 1,828,000
4,870,000 Hampton, Virginia, Public Improvement
Revenue,Series C,
6.000% due 08/01/2003
AA- Aa 5,235,250
2,190,000 Virginia State, Transportation Board
Contract
Revenue, Series B, (U.S. Route 58
Corridor),
5.200% due 05/15/2002
AA Aa 2,244,750
- ------------
11,114,000
- ------------
<CAPTION>
Washington -- 1.1%
<S> <C>
<C> <C> <C>
3,030,000 Washington, Suburban District, Series 1,
Pre-refunded,
6.900% due 06/01/2000
AAA Aaa 3,295,125
- ------------
<CAPTION>
Wisconsin -- 4.4%
<S> <C>
<C> <C> <C>
2,640,000 Wisconsin State, Clean Water Revenue,
Series I,
5.250% due 06/01/2005
AA+ Aa2 2,732,400
4,000,000 Wisconsin State, GO, Series C, Pre-
refunded,
6.250% due 05/01/2003
AA Aaa 4,320,000
5,775,000 Wisconsin State Transportation,
Series B, Pre-refunded,
5.750% due 07/01/2002
AAA NR 6,078,187
- ------------
13,130,587
- ------------
<CAPTION>
TOTAL MUNICIPAL BONDS AND NOTES
<S>
<C>
(Cost $284,540,274)
291,258,199
- ------------
<CAPTION>
Shares
------
SHORT-TERM INVESTMENT -- 0.3%
(Cost $918,331)
<S> <C>
<C>
918,331 Navigator Tax-Free Money Market
Fund 918,331
- -----------
<S>
<C> <C>
TOTAL INVESTMENTS (Cost $285,458,605*)
98.2% 292,176,530
OTHER ASSETS AND LIABILITIES (Net)
1.8% 5,461,369
- ----- -----------
NET ASSETS
100.0% $297,637,899
===== ===========
<FN>
---------
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
COP -- Certificates of Participation
ETM -- Escrow to Maturity
FGIC -- Federal Guaranty Insurance Corporation
GO -- General Obligation Bonds MBIA --
Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
Q-SBLF -- Qualified School Board Loan Fund
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder Short Term Treasury Fund
Portfolio of Investments,
June 30, 1997
------------------------------------------------------
- -----------------------
<TABLE>
<CAPTION>
Principal
Amount
Value
------
- -----
U.S. TREASURY OBLIGATIONS -- 97.0%
U.S. Treasury Notes -- 97.0%
<S> <C>
<C>
$3,000,000 5.750% due 09/30/1997
$ 3,002,430
5,000,000 5.750% due 10/31/1997
5,004,600
7,000,000 5.625% due 01/31/1998
6,999,439
4,000,000 5.875% due 04/30/1998
4,004,200
6,000,000 6.125% due 08/31/1998
6,015,659
6,000,000 6.000% due 09/30/1998
6,006,419
7,000,000 6.250% due 05/31/1999
7,018,130
2,000,000 6.750% due 06/30/1999
2,024,020
4,000,000 5.875% due 11/15/1999
3,973,160
5,000,000 5.875% due 02/15/2000
4,958,500
<CAPTION>
- ----------
TOTAL U.S. TREASURY OBLIGATIONS (Cost
$48,958,836) 49,006,557
- ----------
REPURCHASE AGREEMENT -- 1.5% (Cost $767,453)
<S> <C>
767,453 Agreement with Lehman Brothers
Holdings
Inc., 5.920% dated 06/30/1997 to
be
repurchased at $767,579 on
07/01/1997,
collateralized by $4,753,000 U.S.
Treasury Interest Strips, having
maturities ranging from 11/15/2023
through 02/15/2024 (value
$783,583)
767,453
- -------
<S>
<C> <C>
TOTAL INVESTMENTS (Cost $49,726,289*)
98.5% 49,774,010
OTHER ASSETS AND LIABILITIES (Net)
1.5 740,577
---
- -- ------------
NET ASSETS
100.0% $ 50,514,587
===== ============
<FN>
---------
* Aggregate cost for Federal tax purposes is
$49,729,557.
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder Cash Investment Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- -----------------------
<TABLE>
<CAPTION>
Rating
Principal
- ------------------------------------
Amount
S&P Moody's Value
------
- ----- ------- -------
CERTIFICATES OF DEPOSIT -- 23.2%
<S> <C>
<C> <C> <C>
$45,000,000 Bank of Nova Scotia,
5.660% due 08/27/1997
A1+/AA- P1/Aa3 $ 45,000,000
40,000,000 Bank Tokyo Mitsubishi,
5.750% due 09/08/1997
A1/A+ P1/Aa2 40,000,000
25,000,000 Caisse National de Credit Agricole,
5.800% due 03/10/1998
A1+/AA P1/Aa1 25,000,000
Canadian Imperial Bank of Commerce, NY:
40,000,000 5.470% due 08/27/1997
A1+/AA- P1/Aa3 40,000,000
6,000,000 5.880% due 01/14/1998
A1+/AA- P1/Aa3 6,000,000
25,000,000 Sanwa Bank,
5.760% due 09/12/1997
A1/A P1/Aa3 25,000,000
45,000,000 Societe Generale,
5.750% due 07/29/1997
A1+/AA- P1/Aa3 45,000,000
- -----------
<CAPTION>
TOTAL CERTIFICATES OF DEPOSIT
<S>
<C>
(Cost $226,000,000)
226,000,000
- -----------
<CAPTION>
COMMERCIAL PAPER -- 50.4%
<S> <C>
<C> <C> <C>
40,335,000 Broadway Capital Corporation,
5.600% due 07/30/1997+
A1/NR P1/NR 40,153,044
45,000,000 Columbia/HCA Healthcare Corporation,
5.620% due 08/01/1997+,+++
A2/A- P1/A2 44,782,225
25,000,000 CXC, Inc.,
5.590% due 08/06/1997+
A1+/NR P1/NR 24,860,250
40,000,000 Ford Motor Credit Company,
5.580% due 07/03/1997+
A1/A+ P1/A1 39,987,600
25,000,000 General Electric Capital Corporation,
5.500% due 08/04/1997+
A1+/NR P1/Aa2 24,870,139
25,000,000 General Motors Acceptance Corporation,
5.800% due 10/06/1997+,+++
A2/A- P1/A3 24,609,306
45,000,000 Golden Managers Acceptance Corporation,
5.550% due 07/28/1997+,+++
A1+/NR NR/NR 44,812,687
Gotham Funding Corporation:
25,000,000 5.430% due 07/24/1997+
A1/NR P1/NR 24,913,271
20,000,000 5.700% due 08/15/1997+
A1/NR P1/NR 19,857,500
50,000,000 Lloyds Bank,
5.700% due 02/08/1998+
A1+/NR P1/Aa2 48,234,584
45,000,000 New Center Asset Trust,
6.050% due 07/01/1997+
A1+/NR P1/NR 45,000,000
45,000,000 PHH Corporation,
5.570% due 07/07/1997+
A1/A+ P1/A2 44,958,225
20,000,000 Sanwa Business Credit Company,
5.620% due 07/10/1997+,+++
A2/A- P1/Aa3 19,971,900
25,000,000 Sheffield Receivables Corporation,
5.550% due 07/09/1997+
A1+/NR P1/NR 24,969,167
20,000,000 Strategic Asset Funding Corporation,
5.650% due 09/30/1997+
A1/NR P1/NR 19,714,361
- -----------
<CAPTION>
TOTAL COMMERCIAL PAPER
<S>
<C>
(Cost $491,694,259)
491,694,259
- -----------
<CAPTION>
CORPORATE NOTES -- 4.6%
<S> <C>
<C> <C> <C>
20,000,000 Morgan Guaranty Trust Company,
5.955% due 06/22/1997
A1+/AAA P1/Aa1 19,993,476
25,000,000 Sanwa Business Credit Company,
5.800% due 05/08/1998++
A2/A- P1/Aa3 25,000,000
- ----------
<CAPTION>
TOTAL CORPORATE NOTES
<S>
<C>
(Cost $44,993,476)
44,993,476
- -----------
<CAPTION>
REPURCHASE AGREEMENTS -- 22.0%
<S> <C>
<C>
70,723,630 Agreement with Lehman Brothers Holdings
Inc., 5.930% dated 06/30/1997
to be repurchased at $70,735,280 on
07/01/1997, collateralized by
$72,399,000 U.S. Treasury Bills due
07/17/1997 through 07/24/1997
(value $72,142,706)
70,723,630
48,000,000 Agreement with Morgan (J.P.) & Company,
5.900% dated 06/30/1997 to be
repurchased at $48,007,867 on
07/01/1997, collateralized by
$38,307,000 U.S. Treasury Bonds,
10.375% due 11/15/2012 (value
$49,080,844)
48,000,000
48,000,000 Agreement with Paine Webber Group, 5.840%
dated 06/30/1997 to be
repurchased at $48,007,787 on
07/01/1997, collateralized by
$43,710,000 U.S. Treasury Notes,
7.625% due 02/15/2025 (value
$49,003,281)
48,000,000
48,000,000 Agreement with Sanwa BGK Securities
Company L.P., 5.800% dated
06/30/1997 to be repurchased at
$48,007,733 on 07/01/1997,
collateralized by $48,624,000 U.S.
Treasury Notes, 6.000% due
05/31/1998 (value $48,959,992)
48,000,000
- -----------
<CAPTION>
TOTAL REPURCHASE AGREEMENTS
<S>
<C> <C>
(Cost $214,723,630)
214,723,630
- -----------
TOTAL INVESTMENTS (Cost $977,411,365*)
100.2% 977,411,365
OTHER ASSETS AND LIABILITIES (Net)
(0.2) (1,934,383)
- ----- -----------
NET ASSETS
100.0% $975,476,982
===== ===========
<FN>
---------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of
purchase.
++ Variable rate security. The interest rate shown
reflects the rate currently
in effect.
+++ Golden Managers Acceptance Corporation, rated D-1+
by Duff and Phelps,
Columbia/HCA Healthcare Corporaiton and General
Motors Acceptance
Corporation, rated F1 by Fitch, and Sanwa Business
Credit Company, rated
D-1 by Duff and Phelps are defined as being
"Eligible Securities" under
Rule 2a-7. Munder Money Market Fund Portfolio of
Investments, June 30,
1997
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder Money Market Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- -----------------------
<TABLE>
<CAPTION>
Rating
Principal
- ------------------------------------
Amount
S&P Moody's Value
------
- ----- ------- -------
BANKERS ACCEPTANCE -- 3.8% (Cost $4,933,617)
<S> <C>
<C> <C> <C>
$5,000,000 Bank Tokyo Mitsubishi,
5.690% due 09/23/1997
A1/A+ P1/Aa2 $ 4,933,617
- ----------
<CAPTION>
CERTIFICATES OF DEPOSIT -- 10.7%
<S> <C>
<C> <C> <C>
5,000,000 Bank of Nova Scotia,
5.660% due 08/27/1997
A1+/AA- P1/Aa3 5,000,000
4,000,000 Canadian Imperial Bank of Commerce, NY,
5.880% due 01/14/1998
A1+/AA- P1/Aa3 4,000,000
5,000,000 Societe Generale,
5.750% due 07/29/1997
A1+/AA- P1/Aa3 5,000,000
- ----------
<CAPTION>
TOTAL CERTIFICATES OF DEPOSIT
<S>
<C>
(Cost $14,000,000)
14,000,000
- ----------
<CAPTION>
COMMERCIAL PAPER -- DISCOUNT -- 58.7%
<S> <C>
<C> <C> <C>
6,000,000 Akzo Nobel, NV,
5.560% due 09/19/1997+
A1/NR P1/NR 5,925,867
5,000,000 American Express Company,
5.540% due 07/07/1997+
A1/A+ P1/Aa3 4,995,383
5,000,000 Apreco, Inc.,
5.550% due 07/22/1997+
A1/NR P1/NR 4,983,812
5,000,000 B.A.T. Capital Corporation,
5.620% due 07/15/1997+
A1/A+ P1/A2 4,989,072
5,000,000 Columbia/HCA Healthcare Corporation,
5.720% due 07/10/1997+,+++
A2/A- P1/A2 4,992,850
5,000,000 CXC, Inc.,
5.550% due 07/16/1997+
A1+/NR P1/NR 4,988,437
5,000,000 Ford Motor Credit Company,
5.550% due 07/21/1997+
A1/A+ P1/A1 4,984,583
5,000,000 General Motors Acceptance Corporation,
5.320% due 08/06/1997+,+++
A1/A+ P1/A1 4,973,400
6,000,000 Gotham Funding Corporation,
5.750% due 08/07/1997+
A2/A- P1/A3 5,964,542
5,000,000 International Lease Finance Corporation,
5.550% due 07/24/1997+
A1/NR P1/NR 4,982,271
5,000,000 National Rural Utilities Cooperative
Finance
Corporation,
5.530% due 08/21/1997+
A1/A+ P1/A1 4,960,829
5,000,000 Sanwa Business Credit Corporation,
5.660% due 07/14/1997+,+++
A2/A- P1/Aa3 4,989,780
5,000,000 Sheffield Receivables Corporation,
5.570% due 07/29/1997+
A1+/NR P1/NR 4,978,339
5,000,000 Southwestern Bell Capital Corporation,
5.530% due 07/22/1997+
A1+/AA- P1/A2 4,983,871
5,000,000 Strategic Asset Funding Corporation,
5.670% due 09/30/1997+
A1/NR P1/NR 4,928,338
- ----------
<CAPTION>
TOTAL COMMERCIAL PAPER -- DISCOUNT
<S>
<C>
(Cost $76,621,374)
76,621,374
- ----------
<CAPTION>
CORPORATE NOTES -- 6.7%
Banking & Finance -- 6.7%
<S> <C>
<C> <C> <C>
3,783,000 Capital One Funding Corporation,
5.390% due 04/01/2009++
A1+/AA- P1/NR 3,783,000
5,000,000 Morgan Guaranty Trust Company,
5.955% due 06/22/1998
A1+/AAA P1/Aa1 4,998,369
- ----------
<CAPTION>
TOTAL CORPORATE NOTES
<S>
<C>
(Cost $8,781,369)
8,781,369
- ----------
<CAPTION>
REPURCHASE AGREEMENT -- 20.1%
(Cost $26,198,102)
<S> <C>
<C>
26,198,102 Agreement with Lehman Brothers Holdings
Inc., 5.930%
dated 06/30/1997 to be repurchased at
$26,202,417 on
07/01/1997, collateralized by
$85,970,000 U.S. Treasury
Strip principal due 08/15/2014 (value
$26,722,916)
26,198,102
- ------------
<S>
<C> <C>
TOTAL INVESTMENTS (Cost $130,534,462*)
100.0% 130,534,462
OTHER ASSETS AND LIABILITIES (Net)
(0.0) (52,290)
- ----- ------------
NET ASSETS
100.0% $130,482,172
===== ============
<FN>
---------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of
purchase.
++ Variable rate security. The interest rate shown
reflects the rate currently
in effect.
+++ Columbia/HCA Healthcare Corporation, General
Motors Acceptance
Corporation and Sanwa Business Credit Corporation,
rated D-1 by Duff and
Phelps and F-1 by Fitch, are defined as being
"Eligible Securities" under
Rule 2a7.
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 1997
------------------------------------------------------
- -----------------------
<TABLE>
<CAPTION>
Rating
Principal
- ------------------------------------
Amount
S&P Moody's Value
------
- ----- ------- -------
MUNICIPAL BONDS AND NOTES -- 90.0%
Arizona -- 5.3%
<S> <C>
<C> <C> <C>
$3,400,000 Apache County, Arizona, Industrial
Development Authority, Industrial
Development Revenue, (Tucson Electric
- --
83C), (Bankers Trust Corporation,
NY, LOC), 4.200% due 12/15/2018+
AA- A1 $ 3,400,000
Pima County, Arizona, Industrial
Development
Authority Revenue:
3,000,000 (Barclays Bank, LOC),
4.150% due 03/15/2018+
AA Aa2 3,000,000
3,000,000 (Tucson Electric Project), Series A,
(Bank of America, LOC),
4.200% due 07/01/2022+
AA- Aa3 3,000,000
4,000,000 Pinal County, Arizona, Industrial
Development
Authority, Pollution Control Revenue,
(Magma Copper Company Project),
(Banque Nationale de Paris, LOC),
4.150% due 12/01/2011+
AA- Aa1 4,000,000
- ----------
13,400,000
- ----------
<CAPTION>
Arkansas -- 2.4%
<S> <C>
<C> <C> <C>
6,000,000 Little Rock, Arkansas, Health Facilities
Board, Hospital Revenue, (Southwest
Hospital), (FGIC Insured),
(SBPA -- Bank of Nova Scotia),
4.175% due 10/01/2018+
AAA Aaa 6,000,000
- ----------
<CAPTION>
California -- 13.2%
California State, School Cash Reserve
Pool,
Series A:
<S> <C>
<C> <C> <C>
8,000,000 (Industrial Bank of Japan, LOC),
4.750% due 07/02/1997
Sp1+ MIG1 8,000,190
5,000,000 Program Authority, (MBIA Insured),
4.750% due 07/02/1997
Sp1+ MIG1 5,043,300
Irvine Ranch, California, Water District:
5,100,000 (Construction Improvement Project),
(National Westminster, LOC),
3.800% due 06/01/2015+
Sp1+ MIG1 5,100,000
7,000,000 (Capital Improvement Project),
(Toronto Dominion Bank, LOC),
3.750% due 08/01/2016+
Sp1+ MIG1 7,000,000
5,000,000 Los Angeles County, California, GO, Tax
and
Revenue Anticipation Notes,
(Credit Suisse, NY, LOC;
Morgan Guaranty Trust Company, NY,
LOC),
4.500% due 06/30/1998
Sp1+ MIG1 5,031,200
3,500,000 Upland California, Multi-family Housing
Authority Revenue,
(Upland Village Green Project),
(Bank of Tokyo, LA, LOC),
4.150% due 09/01/2010+
NR Aa3 3,500,000
- ----------
33,674,690
- ----------
<CAPTION>
Colorado -- 2.0%
<S> <C>
<C> <C> <C>
5,000,000 Smith Creek Metropolitan District,
Colorado,
(Nationsbank of Texas, LOC),
4.200% due 10/01/2035+
AA- NR 5,000,000
- ----------
<CAPTION>
District of Columbia -- 3.4%
<S> <C>
<C> <C> <C>
District of Columbia, Revenue, Aces,
(Georgetown University),
(SBPA -- Sanwa Bank):
1,000,000 Series D,
4.150% due 04/01/2017+
A-1+ A1 1,000,000
7,800,000 Series E,
4.150% due 04/01/2018+
A+ A1 7,800,000
- ----------
8,800,000
- ----------
<CAPTION>
Florida -- 7.3%
<S> <C>
<C> <C> <C>
5,100,000 Dade County, Florida, Housing Finance
Authority, Multi-family Mortgage
Revenue,
(Miller Lake Apartments), Series L,
(John Hancock Mutual Life Insured),
4.200% due 02/01/2005+
AA+ NR 5,100,000
7,000,000 University Athletic Association, Inc.,
Florida, Capital Improvement Revenue,
(University of Florida Stadium
Project),
(Suntrust Bank Central, LOC),
4.000% due 02/01/2020+
NR Aa3 7,000,000
6,400,000 University of North Florida, Foundation,
Inc., Capital Improvement Revenue,
Series 1994,
(First Union National Bank of North
Carolina, LOC),
4.150% due 11/01/2024+
NR Aa3 6,400,000
- ----------
18,500,000
- ----------
<CAPTION>
Georgia -- 6.3%
<S> <C>
<C> <C> <C>
4,000,000 Burke County, Georgia, Development
Authority,
Pollution Control Revenue, (Oglethorpe
Power Corporation), Series A, (AMBAC
Insured),
3.600% due 12/01/1997
AAA Aaa 4,000,000
2,800,000 Dekalb County, Georgia, Private Hospital,
Hospital Authority, Revenue
Anticipation
Certificates, (Egleston Children's
Health),
Series A, (Suntrust Bank, Atlanta, GA,
LOC),
4.200% due 12/01/2017+
AA- Aa3 2,800,000
6,995,000 Georgia Municipal Association Pool Board,
Certificates of Participation,
(MBIA Insured), (Credit Suisse, LOC),
4.150% due 12/15/2020+
AAA Aaa 6,995,000
2,400,000 Glynn-Brunswick, Georgia, Memorial
Hospital
Authority, Revenue Anticipation
Certificates,
(Southeast Georgia Project),
(MBIA Insured),
(Suntrust Bank, Atlanta, GA, LOC),
4.150% due 08/01/2016+
AAA Aaa 2,400,000
- ----------
16,195,000
- ----------
<CAPTION>
Idaho -- 1.0%
<S> <C>
<C> <C> <C>
2,500,000 Idaho State, Tax Anticipation Notes,
4.625% due 06/30/1998
Sp1+ MIG1 2,517,800
- ----------
<CAPTION>
Illinois -- 3.5%
<S> <C>
<C> <C> <C>
5,000,000 Illinois Health Facilities Authority,
(Advocate Health Care), Series B,
4.200% due 08/15/2022+
AA/A1+ A1/VMIG1 5,000,000
4,000,000 Illinois State Development Finance
Authority,
Industrial Development Authority
Revenue,
(Lake Forest Academy Project),
(Northern Trust Company, LOC),
4.150% due 12/01/2024+
AA- NR 4,000,000
- ----------
9,000,000
- ----------
<CAPTION>
Indiana -- 2.1%
<S> <C>
<C> <C> <C>
5,300,000 Indiana State Development Finance
Authority
Revenue, (Educational Facility --
Indiana
Historical Society),
(NBD Bank, Detroit, LOC),
4.150% due 08/01/2031+
AA- NR 5,300,000
- ----------
<CAPTION>
Iowa -- 2.9%
<S> <C>
<C> <C> <C>
2,000,000 Cedar Rapids, Iowa, Pollution Control
Revenue, Refunding Bonds, (Iowa
Electric
Light & Power Company),
(Barclays Bank, LOC),
4.200% due 11/01/2003+
NR NR 2,000,000
5,300,000 Chillicothe, Iowa, Pollution Control
Revenue,
(Iowa Electric and Power Company),
(Barclays Bank, LOC),
4.200% due 11/01/2010+
NR NR 5,300,000
- ----------
7,300,000
- ----------
<CAPTION>
Maryland -- 2.5%
<S> <C>
<C> <C> <C>
3,400,000 Baltimore County, Maryland, Revenue
Bonds,
(Sheppard & Enoch Pratt Hospital),
(Societe Generale, LOC),
4.150% due 07/01/2022+
NR Aa2 3,400,000
3,000,000 Maryland State Health & Higher Education,
Facilities Authority Revenue, (Helix
Health
Hospital), Issue-A, (NationsBank,
LOC),
4.200% due 07/01/2026+
A+ NR 3,000,000
- ----------
6,400,000
- ----------
<CAPTION>
Michigan -- 4.2%
<S> <C>
<C> <C> <C>
4,500,000 Grand Rapids, Michigan, Water Supply,
(MBIA Insured), Pre-refunded,
7.875% due 01/01/2018
AAA Aaa 4,682,260
5,000,000 Michigan State, GO,
4.50% due 09/30/1997
SP1+ MIG1 5,012,855
1,100,000 Michigan State Strategic Fund Limited,
Obligation Revenue, (Community Care
Properties Project),
(National Bank of Detroit, LOC),
4.050% due 09/01/2007+
NR NR 1,100,000
- ----------
10,795,115
- ----------
<CAPTION>
Mississippi -- 2.4%
<S> <C>
<C> <C> <C>
6,000,000 Lawrence County, Mississippi, Pollution
Control Revenue,
(Georgia Pacific Corporation Project),
(Bank of Tokyo, NY, LOC),
4.250% due 12/01/2000+
NR Aa3 6,000,000
- ----------
<CAPTION>
Missouri -- 4.2%
<S> <C>
<C> <C> <C>
2,000,000 Columbia, Missouri, Special Obligation
Reserve, Series A,
(Toronto Dominion Bank, LOC),
4.200% due 06/01/2008+
NR Aa2 2,000,000
Missouri State Health & Educational
Facilities Authority:
4,000,000 (Cox Health Systems), (MBIA Insured),
(SBPA -- Chase Manhattan),
4.100% due 09/01/2015+
AAA Aaa1/VMIG1 4,000,000
4,600,000 (The Washington University), Series C,
(SPBA -- Morgan Guaranty Trust),
4.100% due 09/01/2030+
AA Aa1/VMIG1 4,600,000
- ----------
10,600,000
- ----------
<CAPTION>
Nebraska -- 2.7%
<S> <C>
<C> <C> <C>
2,000,000 Hamilton County, Nebraska, Industrial
Development Authority Revenue, (The
Lams
Company Project), (NationsBank, LOC),
4.250% due 07/01/2005+
NR NR 2,000,000
5,000,000 Nebraska Educational Facilities Authority
Revenue,
Educational Equipment & Improvement,
(FGIC Insured), (SBPA -- Mitsubishi
Bank
of New York exp. 04/15/1998),
4.250% due 12/01/2000+
AAA Aaa 5,000,000
- ----------
7,000,000
- ----------
<CAPTION>
Nevada -- 2.7%
<S> <C>
<C> <C> <C>
6,962,000 Clark County, Nevada, Airport
Improvement Revenue,
Series A-1, (MBIA Insured),
(SBPA -- National Westminster Bank,
exp. 02/19/1999),
4.150% due 07/01/2012+
AAA Aaa 6,962,000
<CAPTION>
- ----------
North Carolina -- 0.8%
<S> <C>
<C> <C> <C>
2,000,000 Charlotte, North Carolina, Airport
Revenue,
Series A, (MBIA Insured),
(SBPA -- Commerzbank Aktiengeselexp,
exp. 02/03/1998),
4.150% due 07/01/2016+
AAA Aaa 2,000,000
- ----------
<CAPTION>
Ohio -- 1.5%
<S> <C>
<C> <C> <C>
2,355,000 Cuyahoga County, Ohio, Industrial
Development
Revenue Refunding,
(Curtiss Wright Project),
(National City Bank, LOC),
4.250% due 12/01/2008+
NR NR 2,355,000
1,430,000 Ohio State, Special Obligation,
Elementary &
Secondary Educational Facilities,
Series A,
3.90% due 12/01/1997
AA- Aa3 1,430,000
- ----------
3,785,000
- ----------
<CAPTION>
Pennsylvania -- 1.4%
<S> <C>
<C> <C> <C>
1,000,000 Emmaus, Pennsylvania, General Authority
Revenue, Subseries D-10,
(Canadian Imperial Bank, LOC)
4.200% due 03/01/2024+
Sp1/A1+ NR 1,000,000
2,500,000 Temple University of the Commonwealth of
Pennsylvania, System of Higher
Education,
4.75% due 05/18/1998
Sp1+ NR 2,517,962
- ----------
3,517,962
- ----------
<CAPTION>
Tennessee -- 5.8%
<S> <C>
<C> <C> <C>
6,700,000 Chattanooga, Tennessee, Industrial
Development Authority Revenue, (Market
Street Ltd. Project), (ABN-Amro, LOC),
4.250% due 12/15/2012+
AAA NR 6,700,000
2,700,000 Clarkville, Tennessee, Public Building
Authority, (NationsBank, TN, LOC),
4.200% due 06/01/2024+
A+ NR 2,700,000
Metropolitan Government Nashville and
Davidson County, Tennessee,
Health and Education Facilities Board:
1,400,000 (Richland Place, Inc.),
(Societe Generale, LOC),
4.200% due 05/01/2023+
NR Aa1 1,400,000
2,100,000 (West Mead Place Project),
(NationsBank, GA, LOC),
4.200% due 10/01/2015+
A+ NR 2,100,000
2,000,000 Metropolitan Government Nashville and
Davidson County, Tennessee, Industrial
Development Board Revenue, Multi-
family
Housing, (Arbor Crest Apartments),
Series B, (NationsBank, GA, LOC),
4.200% due 12/01/2007+
NR Aa3 2,000,000
- ----------
14,900,000
- ----------
<CAPTION>
Texas -- 5.2%
<S> <C>
<C> <C> <C>
8,330,000 Bexar County, Texas, Health Facilities,
(RaboBank, Netherlands, LOC),
4.125% due 07/01/2011+
AAA NR 8,330,000
5,000,000 Texas State, Tax & Revenue
Anticipation Notes,
4.750% due 08/29/1997
SP1+ MIG1 5,009,550
- ----------
13,339,550
- ----------
<CAPTION>
Utah -- 3.4%
<S> <C>
<C> <C> <C>
Salt Lake City, Utah, Industrial
Development
Revenue:
2,700,000 (Leeds and Northrup Company),
(Wachovia Bank, Atlanta, GA, LOC),
4.300% due 04/01/2008+
NR NR 2,700,000
5,975,000 (Parkview Plaza Association),
(Bank One Arizona N.A., LOC),
4.000% due 12/01/2014+
5,975,000
- ----------
8,675,000
- ----------
<CAPTION>
Virginia -- 0.3%
<S> <C>
<C> <C> <C>
800,000 Tazwell County, Virginia, Industrial
Development Authority Revenue,
(Lowes Investment Corporation
Project),
(Wachovia Bank, LOC),
3.850% due 09/01/2005+
NR NR 800,000
- ----------
<CAPTION>
Washington -- 2.6%
<S> <C>
<C> <C> <C>
3,900,000 Seattle, Washington, Municipal Light &
Power
Revenue,
(SBPA -- Morgan Guaranty Trust exp.
03/31/2001),
4.150% due 06/01/2021
A+ Aa3 3,900,000
2,800,000 Washington State, Public Power Supply
Systems, (Nuclear Project No. 1),
Series 1A-1, (Bank of America, LOC),
4.000% due 07/01/2017+
A+ Aa3 2,800,000
- ----------
6,700,000
- ----------
<CAPTION>
Wisconsin -- 0.9%
<S> <C>
<C> <C> <C>
2,200,000 Prairie, Wisconsin, Industrial
Development
Authority Revenue, (Milwaukee Valve
Company
Project), Series A,
(National Bank of Detroit, LOC),
4.100% due 11/01/2001+
NR NR 2,200,000
- ----------
<CAPTION>
TOTAL MUNICIPAL BONDS AND NOTES (Cost $229,362,117)
229,362,117
- -----------
<CAPTION>
MUNICIPAL COMMERCIAL PAPER -- 8.8%
Louisana -- 2.0%
<S> <C>
<C> <C> <C>
5,000,000 West Baton Rouge, Louisiana, (Dow
Chemical,
SPA) 3.800% due 08/05/1997
A-1+ P1 5,000,000
- ----------
<CAPTION>
North Carolina -- 1.2%
<S> <C>
<C> <C> <C>
3,000,000 North Carolina State, (Union Bank of
Switzerland/ Morgan Guaranty, LOC)
3.750% due 09/04/1997
A-1+ NR 3,000,000
- ----------
<CAPTION>
Texas -- 3.9%
<S> <C>
<C> <C> <C>
5,000,000 Houston, Texas, (Swiss Bank, LOC),
3.700% due 09/10/1997
A-1+ P1 5,000,000
5,000,000 San Antonio, Texas,
3.550% due 10/08/1997
A-1+ P1 5,000,000
- ----------
10,000,000
- ----------
<CAPTION>
Wyoming -- 1.8%
<S> <C>
<C> <C> <C>
4,500,000 Lincoln County, Wyoming, (Union
Bank of Switzerland, LOC)
3.750% due 08/12/1997
A-1+ VMIG1 4,500,000
- ----------
<CAPTION>
TOTAL MUNICIPAL COMMERCIAL PAPER (Cost $22,500,000)
22,500,000
- ----------
<CAPTION>
Shares
------
SHORT-TERM INVESTMENTS -- 3.9%
<S> <C>
<C> <C>
5,000,000 Dreyfus Tax-Exempt Cash Management
Fund 5,000,000
5,000,000 Navigator Tax-Free Money Market Fund
5,000,000
- ----------
TOTAL SHORT-TERM INVESTMENTS (Cost $10,000,000)
10,000,000
- ----------
TOTAL INVESTMENTS (Cost $261,862,117*)
102.7% 261,862,117
OTHER ASSETS AND LIABILITIES (Net)
(2.7) (6,924,623)
- ------ ------------
NET ASSETS
100.0% $254,937,494
============
<FN>
---------
* Aggregate cost for Federal tax purposes.
+ Variable rate weekly demand notes are payable upon
not more than seven
calendar days' notice. The interest rate shown
reflects the rate currently
in effect.
ABBREVIATIONS:
FGIC -- Federal Guaranty Insurance Corporation
GO -- General Obligation Bonds
LOC -- Instruments supported by bank letter of credit
MBIA -- Municipal Bond Investors Assurance
SBPA -- Stand By Purchase Agreement
See Notes to Financial
Statements.
</FN>
</TABLE>
Munder U.S. Treasury
Money Market Fund Portfolio of Investments, June 30,
1997
------------------------------------------------------
- -----------------------
<TABLE>
<CAPTION>
Principal
Amount
Value
------
- -----
U.S. TREASURY OBLIGATIONS -- 51.6%
U.S. Treasury Bills -- 5.3%
<S> <C>
<C>
$15,000,000 5.129% due 08/07/1997+
$ 14,922,017
- -------------
<CAPTION>
U.S. Treasury Notes -- 46.3%
<S> <C>
<C>
50,000,000 5.625% due 08/31/1997
49,988,114
20,000,000 5.500% due 09/30/1997
19,999,004
20,000,000 5.625% due 10/31/1997
19,989,941
40,000,000 5.375% due 11/30/1997
39,975,997
129,953,056
- -----------
<CAPTION>
TOTAL U.S. TREASURY OBLIGATIONS (Cost $144,875,073)
144,875,073
- -----------
<CAPTION>
REPURCHASE AGREEMENTS -- 48.3%
<S> <C>
<C>
13,000,000 Agreement with Goldman
Sachs & Company,
5.800% dated 06/30/1997
to be repurchased
at $13,002,094 on
07/01/1997,
collateralized by
$10,585,000 U.S. Treasury
Bond, 9.000% due
11/15/2018
(value $13,273,590)
13,000,000
70,506,844 Agreement with Lehman
Brothers Holdings Inc.,
5.930% dated 06/30/1997
to be repurchased
at $70,518,458 on
07/01/1997,
collateralized by
$344,353,000 U.S.
Treasury Strip Principal,
7.250-9.875%,
having various maturities
between
11/15/2015 through
08/15/2020
(value $71,917,103)
70,506,844
13,000,000 Agreement with Merrill
Lynch & Company, Inc.,
5.600% dated 06/30/1997
to be repurchased
at $13,002,022 on
07/01/1997,
collateralized by
$13,360,000 U.S. Treasury
Notes, 4.750% due
10/31/1998
(value $13,330,775)
13,000,000
13,000,000 Agreement with Morgan
(J.P.) & Company,
5.900% dated 06/30/1997
to be repurchased
at $13,002,131 on
07/01/1997,
collateralized by
$10,375,000 U.S. Treasury
Bond, 10.375% due
11/15/2012
(value $13,292,969)
13,000,000
13,000,000 Agreement with Paine Webber
Group, 5.840%
dated 06/30/1997 to be
repurchased at
$13,002,109 on
07/01/1997, collateralized
by $12,700,000 U.S.
Treasury Notes, 8.125%
due 02/15/1998
(value $13,271,500)
13,000,000
13,000,000 Agreement with Sanwa BGK
Securities Company
L.P., 5.800% dated
06/30/1997 to be
repurchased at
$13,002,094 on 07/01/1997,
collateralized by
$13,277,000 U.S. Treasury
Notes, 5.250% due
12/31/1997
(value $13,260,404)
13,000,000
- ------------
<CAPTION>
TOTAL REPURCHASE AGREEMENTS (Cost $135,506,844)
135,506,844
- ------------
<S>
<C> <C>
TOTAL INVESTMENTS (Cost $280,381,917*)
99.9% 280,381,917
OTHER ASSETS AND LIABILITIES (Net)
0.1 363,787
- ----- ------------
NET ASSETS
100.0% $280,745,704
===== ============
<FN>
----------------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of
purchase.
See Notes to Financial
Statements.
</FN>
</TABLE>
The Munder Funds
Statements of Assets and Liabilities, Year Ended June
30, 1997
<TABLE>
<CAPTION>
EQUITY FUNDS
-----------------------------
- ------------------------------------------------------------------
- ----
Munder
Munder Munder Munder
Munder
Accelerating Munder
Growth & Munder International Micro-Cap Mid-
Cap
Growth Balanced
Income Index 500 Equity Equity
Growth
Fund Fund
Fund Fund Fund Fund Fund
-----------------------------
- ------------------------------------------------------------------
- ----
<S> <C> <C>
<C> <C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying
schedules:
Securities ....... $231,268,534 $72,853,065
$231,486,767 $524,825,491 $252,417,509 $ 2,833,262 $
22,229,831
Repurchase
Agreements ..... 12,289,416 6,364,369
17,926,584 14,635,440 -- 392,443
2,820,133
------------ -----------
- ------------ ------------ ------------ ----------- -----
- -------
Total Investments .... 243,557,950 79,217,434
249,413,351 539,460,931 252,417,509 3,225,705
25,049,964
Cash ................. 5,599 2,856
119 534,750 1,138,901 134 1,403
Interest receivable .. 2,020 436,756
69,291 84,823 -- 67 463
Dividends receivable . 100,365 27,043
405,626 708,544 964,581 --
5,430
Receivable for
investment
securities sold .... 783,266 535,993
- -- 11,954,714 63,336 11,840 --
Receivable for Fund
shares sold ........ 5,711,140 75,677
68,314 1,859,687 69,001 71,007 10,815
Receivable from
investment advisor . -- --
- -- -- -- 7,269 5,818
Unrealized
appreciation of
forward foreign
exchange contracts . -- --
- -- -- -- -- --
Unamortized
organization costs . -- 3,477
3,038 -- -- -- 39,432
Prepaid expenses ..... 13,883 4,173
12,204 23,755 12,591 27,667 1,337
------------ -----------
- ------------ ------------ ------------ ----------- -----
- -------
Total Assets ... 250,174,223 80,303,409
249,971,943 554,627,204 254,665,919 3,343,689
25,114,662
------------ -----------
- ------------ ------------ ------------ ----------- -----
- -------
LIABILITIES:
Unrealized
depreciation of
forward foreign
exchange contracts . -- --
- -- -- -- -- --
Variation margin ..... -- --
- -- 221,985 -- -- --
Payable for Fund
shares redeemed .... 98,014 2,082,640
23 3,755,420 646,900 -- --
Payable for investment
securities purchased 854,860 557,329
2,405,194 -- -- 121,400
225,864
Investment advisory
fee payable ........ 303,323 83,931
302,309 60,522 308,517 3,503
30,048
Administration fee
payable ............ 22,669 7,212
22,751 49,802 23,088 232 2,282
Shareholder servicing
fees payable ....... 17,419 1,195
43,805 12,016 27,628 36 216
Distribution fees
payable ............ 2,096 309
1,858 29,024 4,377 295 187
Transfer agent fee
payable ............ 5,770 1,659
5,208 10,064 5,348 85 585
Custodian fees payable 5,151 2,359
5,018 14,817 14,251 657 1,152
Due to custodian ..... -- --
- -- -- -- -- --
Accrued
Trustees'/Directors'
fees and expenses .. 757 241
760 1,663 771 8 76
Accrued expenses and
other payables ..... 44,160 10,334
26,888 86,007 90,673 2,303 2,602
------------ -----------
- ------------ ------------ ------------ ----------- -----
- -------
Total
Liabilities... 1,354,219 2,747,209
2,813,814 4,241,320 1,121,553 128,519
263,012
------------ -----------
- ------------ ------------ ------------ ----------- -----
- -------
NET ASSETS ........... $248,820,004 $77,556,200
$247,158,129 $550,383,884 $253,544,366 $ 3,215,170 $
24,851,650
============ ===========
============ ============ ============ ===========
============
Investments, at cost.. $190,164,347 $68,198,455
$195,869,439 $412,700,713 $199,735,367 $ 2,707,539 $
25,108,247
============ ===========
============ ============ ============ ===========
============
106
<FN>
See Notes to Financial
Statements.
</FN>
</TABLE>
<TABLE>
<CAPTION>
------------------------------------------------------
- ---------------------------------------------------------------
Munder Munder
Munder Munder
Munder Real Estate Munder Small
Framlington Munder Framlington
Multi-Season Equity Small-Cap
Company Munder Emerging Framlington
International
Growth Investment Value Growth
Value Markets Healthcare Growth
Fund Fund Fund Fund
Fund Fund Fund Fund
------------------------------------------------------
- ---------------------------------------------------------------
<S> <C> <C> <C>
<C> <C> <C> <C>
$478,617,080 $50,966,786 $65,110,081
$305,544,829 $88,691,628 $ 8,423,739 $3,440,427
$24,851,491
45,932,683 5,052,098 5,328,971
19,459,451 2,071,951 1,941,500 624,668 1,518,996
------------ ----------- ----------- ------
- ------ ----------- ----------- ---------- -----------
524,549,763 56,018,884 70,439,052
325,004,280 90,763,579 10,365,239 4,065,095
26,370,487
20,441 1,940 53,452
6,461 -- -- 454 116,490
7,566 831 876
3,200 341 319 103 250
319,989 251,446 43,524
3,507 105,085 16,346 158 40,081
-- -- --
8,950,148 -- 149,051 -- 91,285
382,563 43,066 394,049
4,691,678 212,862 159,680 215,244 39,018
-- -- 2,288
- -- -- 18,524 14,615 24,857
-- -- --
- -- -- 6,324 -- --
49,319 33,018 --
- -- 38,634 6,331 5,422 26,938
24,703 7,716 28,130
13,753 3,437 34,802 34,768 35,235
------------ ----------- ----------- ------
- ------ ----------- ----------- ---------- -----------
525,354,344 56,356,901 70,961,371
338,673,027 91,123,938 10,756,616 4,335,859
26,744,641
------------ ----------- ----------- ------
- ------ ----------- ----------- ---------- -----------
-- -- --
- -- -- -- -- 1,328
-- -- --
- -- -- -- -- --
205,848 20,799 22,525
5,220,425 -- -- -- --
-- -- 68,000
7,769,017 -- 592,373 225,522 480,882
629,445 64,028 73,222
370,395 102,989 14,360 4,966 38,117
47,589 4,912 5,915
28,539 8,060 1,644 1,644 1,644
48,186 175 9,368
29,572 1,570 645 23 179
79,784 4,266 659
9,486 1,378 186 706 338
41,784 1,015 944
6,327 1,619 3,383 3,383 3,383
9,694 1,551 1,973
6,217 2,312 784 661 1,011
-- -- --
- -- 10,217 206,030 -- --
1,589 164 197
953 269 24 10 76
122,271 3,952 5,127
42,879 2,761 3,509 2,885 4,865
------------ ----------- ----------- ------
- ------ ----------- ----------- ---------- -----------
1,186,190 100,862 187,930
13,483,810 131,175 822,938 239,800 531,823
------------ ----------- ----------- ------
- ------ ----------- ----------- ---------- -----------
$524,168,154 $56,256,039 $70,773,441
$325,189,217 $90,992,763 $9,933,678 $4,096,059
$26,212,818
============ =========== ===========
============ =========== ========== ==========
===========
$367,309,496 $46,662,722 $63,656,737
$260,189,994 $79,480,693 $9,352,322 $3,762,853
$23,673,582
============ =========== ===========
============ =========== ========== ==========
===========
<FN>
See Notes to Financial
Statements.
</FN>
</TABLE>
107
The Munder Funds
Statements of Assets and Liabilities, Year Ended
June 30, 1997
(Continued)
<TABLE>
<CAPTION>
INCOME
FUNDS
-----------
- ------------------------------------------------------------------
- -------
Munder Munder Munder U.S. Munder
Munder
Intermediate International Government Michigan
Bond
Bond Bond Income Triple Tax-Free
Fund
Fund Fund Fund Bond Fund
-----------
- ------------------------------------------------------------------
- -------
<S> <C>
<C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities ........................
$143,036,681 $475,213,491 $48,133,450 $240,777,661
$45,759,763
Repurchase Agreements .............
10,101,693 11,428,300 2,894,750 8,974,790 --
-----------
- - ------------ ----------- ------------ -----------
Total Investments .....................
153,138,374 486,641,791 51,028,200 249,752,451
45,759,763
Cash ..................................
5,861 5,767 1,136 4,899 --
Interest receivable ...................
2,096,238 7,856,956 942,690 1,932,674
499,836
Dividends receivable .................. --
- -- -- -- 7,325
Receivable for investment securities
sold ..............................
5,388,768 7,018,743 -- 6,120,408 --
Receivable for Fund shares sold .......
83,400 317,400 1,879 80,900 501
Unamortized organization costs ........ --
- -- 28,283 4,653 7,487
Prepaid expenses ......................
9,582 26,697 25,494 13,271 2,148
-----------
- - ------------ ----------- ------------ -----------
Total Assets ....................
160,722,223 501,867,354 52,027,682 257,909,256
46,277,060
-----------
- - ------------ ----------- ------------ -----------
LIABILITIES:
Payable for Fund shares redeemed ......
51,691 424,061 -- 250,120 372,728
Payable for investment securities
purchased .........................
10,602,588 7,309,242 -- 4,910,156
925,310
Dividends payable ..................... --
- -- -- -- --
Investment advisory fee payable .......
124,313 409,960 42,330 208,648
36,876
Administration fee payable ............
13,764 45,375 4,730 23,169 4,164
Shareholder servicing fees payable ....
7,161 66,843 21 39,842 8,975
Distribution fees payable .............
649 1,827 30 1,720 430
Transfer agent fee payable ............
3,308 11,029 1,015 5,374 942
Custodian fees payable ................
3,641 10,206 4,587 5,479 823
Accrued Trustees'/Directors' fees and
expenses ..........................
459 1,515 158 773 139
Accrued expenses and other payables ... --
23,771 4,667 54,449 21,247
-----------
- - ------------ ----------- ------------ -----------
Total Liabilities ...............
10,807,574 8,303,829 57,538 5,499,730
1,371,634
-----------
- - ------------ ----------- ------------ -----------
NET ASSETS ............................
$149,914,649 $493,563,525 $51,970,144 $252,409,526
$44,905,426
============ ============ =========== ============
===========
Investments, at cost ..................
$153,853,239 $488,256,118 $51,524,117 $249,376,498
$45,025,989
============ ============ =========== ============
===========
<FN>
See Notes to Financial
Statements.
</FN>
</TABLE>
108
<TABLE>
<CAPTION>
MONEY
MARKET FUNDS
---------------------------------------- -----
- ------------------------------------------------------
Munder Munder Munder
Munder Munder Munder Munder
Tax-Free Tax-Free Short Term Cash
Money Tax-Free U.S. Treasury
Bond Intermediate Treasury
Investment Market Money Market Money Market
Fund Bond Fund Fund Fund
Fund Fund Fund
-------------------------------------------------
- ------------------------------------------------------
<S> <C> <C> <C>
<C> <C> <C>
$196,324,921 $292,176,530 $49,006,557
$762,687,735 $104,336,360 $261,862,117 $144,875,073
-- -- 767,453
214,723,630 26,198,102 -- 135,506,844
------------ ------------ ----------- -----
- ------- ------------ ------------ ------------
196,324,921 292,176,530 49,774,010
977,411,365 130,534,462 261,862,117 280,381,917
-- -- 314
32,541 12,133 4,713,182 28,940
3,459,855 4,854,437 682,055
2,604,305 218,385 1,811,893 1,610,296
9,047 3,395 --
- -- -- 20,466 --
-- -- --
- -- -- -- --
279,810 1,040,570 73
11,961 -- -- --
10,959 -- 38,791
- -- 42,000 -- --
10,928 16,579 52,577
54,207 18,224 14,235 40,453
------------ ------------ ----------- -----
- ------- ------------ ------------ ------------
200,095,520 298,091,511 50,547,820
980,114,379 130,825,204 268,421,893 282,061,606
------------ ------------ ----------- -----
- ------- ------------ ------------ ------------
110,991 72,117 --
- -- 119,094 1,296 --
2,775,930 -- --
- -- -- 12,592,300 --
-- -- --
3,620,518 92,789 657,935 1,085,672
164,088 248,537 20,614
580,170 97,768 148,033 165,092
18,193 27,419 4,640
88,708 13,688 23,537 25,191
39,276 58,359 294
73,905 -- 28,056 5,279
653 1,514 39
18,892 1,631 1,094 1,129
4,417 6,783 1,101
59,635 4,161 6,428 6,355
3,724 5,629 1,435
60,519 3,911 4,694 10,966
607 915 155
2,962 457 786 841
59,122 32,339 4,955
132,088 9,533 20,240 15,377
------------ ------------ ----------- -----
- ------- ------------ ------------ ------------
3,177,001 453,612 33,233
4,637,397 343,032 13,484,399 1,315,902
------------ ------------ ----------- -----
- ------- ------------ ------------ ------------
$196,918,519 $297,637,899 $50,514,587
$975,476,982 $130,482,172 $254,937,494 $280,745,704
============ ============ ===========
============ ============ ============ ============
$187,200,364 $285,458,605 $49,726,289
$977,411,365 $130,534,462 $261,862,117 $280,381,917
============ ============ ===========
============ ============ ============ ============
<FN>
See Notes to Financial
Statements.
</FN>
</TABLE>
109
The Munder Funds
Statements of Assets and Liabilities, Year Ended
June 30, 1997
(Continued)
<TABLE>
<CAPTION>
EQUITY FUNDS
------------------------
- ------------------------------------------------------------------
- ------
Munder
Munder Munder Munder Munder
Accelerating Munder
Growth & Munder International Micro-Cap Mid-Cap
Growth Balanced
Income Index 500 Equity Equity Growth
Fund Fund
Fund Fund Fund Fund Fund
------------------------
- ------------------------------------------------------------------
- ------
<S> <C> <C>
<C> <C> <C> <C> <C>
NET ASSETS consist of:
Undistributed net
investment income ...... $ -- $
14,695 $ 131,333 $ 79,935 $ 565,929 $ --
$ --
Accumulated net realized
gain/(loss) on
investments sold,
forward foreign exchange
contracts, futures
contracts and currency
transactions ........... 22,434,657
3,309,886 20,559,837 27,251,181 2,821,889
(59,387) (309,123)
Net unrealized
appreciation/
(depreciation) of
investments, futures
contracts, foreign
currency and net other
assets ................. 53,393,603
11,018,979 53,543,912 126,464,563 52,716,480
518,166 (58,283)
Par value ................ 16,980
5,961 16,230 26,259 16,088 2,508
23,644
Paid-in capital in excess
of par value ........... 172,974,764
63,206,699 172,906,817 396,563,946 197,423,980
2,753,883 25,195,412
------------ ---------
- -- ------------ ------------ ------------ ---------- --
- ---------
$248,820,004
$77,556,200 $247,158,129 $550,385,884 $253,544,366
$3,215,170 $24,851,650
============
=========== ============ ============ ============
========== ===========
NET ASSETS:
Class A Shares ........... $ 6,270,002 $
381,694 $ 3,661,771 $ 88,987,892 $ 6,710,328 $ 184,484
$ 62,891
============
=========== ============ ============ ============
========== ===========
Class B Shares ........... $ 537,675 $
198,932 $ 641,237 $ 61,738,289 $ 1,150,821 $ 442,047
$ 105,603
============
=========== ============ ============ ============
========== ===========
Class C Shares ........... $ 281,202 $
73,071 $ 765,780 -- $ 2,259,236 $ 111,164
$ 111,308
============
=========== ============ ============ ============
========== ===========
Class K Shares ........... $ 87,692,631 $
6,588,155 $212,415,430 $ 61,253,627 $135,593,222 $
198,886 $ 1,099,894
============
=========== ============ ============ ============
========== ===========
Class Y Shares ........... $154,038,494
$70,314,348 $ 29,673,911 $338,406,076 $107,830,759
$2,278,589 $23,471,954
============
=========== ============ ============ ============
========== ===========
SHARES OUTSTANDING:
Class A Shares ........... 430,699
29,338 240,724 4,248,772 426,459 14,396
6,004
============
=========== ============ ============ ============
========== ===========
Class B Shares ........... 37,932
15,335 42,277 2,948,283 73,912 34,575
10,199
============
=========== ============ ============ ============
========== ===========
Class C Shares ........... 19,646
5,626 50,529 -- 144,038 8,689
10,769
============
=========== ============ ============ ============
========== ===========
Class K Shares ........... 6,022,064
505,705 13,948,572 2,924,959 8,616,911 15,518
105,087
============
=========== ============ ============ ============
========== ===========
Class Y Shares ........... 10,469,473
5,405,060 1,948,359 16,137,225 6,826,237
177,666 2,232,373
============
=========== ============ ============ ============
========== ===========
CLASS A SHARES:
Net asset value and
redemption price per
share .................. $14.56
$13.01 $15.21 $20.94 $15.73 $12.81
$10.47
======
====== ====== ====== ====== ======
======
Maximum sales charge ..... 5.50%
5.50% 5.50% 2.50% 5.50% 5.50%
5.50%
Maximum offering price per
share .................. $15.41
$13.77 $16.10 $21.48 $16.65 $13.56
$11.08
======
====== ====== ====== ====== ======
======
CLASS B SHARES:
Net asset value and
offering price per
share* ................. $14.17
$12.97 $15.17 $20.94 $15.57 $12.79
$10.35
======
====== ====== ====== ====== ======
======
CLASS C SHARES:
Net asset value and
offering price per
share* ................. $14.31
$12.99 $15.16 N/A $15.68 $12.79
$10.34
======
====== ====== ====== ====== ======
======
CLASS K SHARES:
Net asset value, offering
price and redemption
price per share ........ $14.56
$13.03 $15.23 $20.94 $15.74 $12.82
$10.47
======
====== ====== ====== ====== ======
======
CLASS Y SHARES:
Net asset value, offering
price and redemption
price per share ........ $14.71
$13.01 $15.23 $20.97 $15.80 $12.83
$10.51
======
====== ====== ====== ====== ======
======
<FN>
----------------
* Redemption price per share is equal to Net Asset
Value less any applicable
contingent deferred sales charge ("CDSC").
See Notes to Financial
Statements.
</FN>
</TABLE>
110
<TABLE>
<CAPTION>
-------------------------------------------------
- ------------------------------------------------------------------
- -
Munder Munder
Munder Munder
Munder Real Estate Munder Small
Framlington Munder Framlington
Multi-Season Equity Small-Cap
Company Munder Emerging Framlington
International
Growth Investment Value Growth
Value Markets Healthcare Growth
Fund Fund Fund Fund
Fund Fund Fund Fund
-------------------------------------------------
- ------------------------------------------------------------------
- -
<S> <C> <C> <C>
<C> <C> <C> <C>
$ 410,980 $ -- $ 17,399 $ --
$ 40,728 $ 623 $ -- $ 7,821
26,651,724 454,156 502,604
38,696,712 5,223,122 216,301 (68,392) 100,372
157,240,267 9,356,162 6,782,315
64,814,286 11,282,886 1,015,562 302,239 2,697,402
291,633 39,055 58,782
14,979 65,020 7,689 3,765 23,096
339,573,550 46,406,666 63,412,341
221,663,240 74,381,007 8,693,503 3,858,447
23,384,127
------------ ----------- ----------- ------
- ------ ----------- ---------- ---------- -----------
$524,168,154 $56,256,039 $70,773,441
$325,189,217 $90,992,763 $9,933,678 $4,096,059
$26,212,818
============ =========== ===========
============ =========== ========== ==========
===========
$ 16,693,224 $ 1,425,548 $ 1,163,673 $
11,645,657 $ 1,587,369 $ 532,053 $ 664,182 $ 1,102,873
============ =========== ===========
============ =========== ========== ==========
===========
$ 84,865,281 $ 4,606,285 $ 373,107 $
5,734,866 $ 934,775 $ 133,566 $1,062,682 $ 128,417
============ =========== ===========
============ =========== ========== ==========
===========
$ 9,252,614 $ 536,709 $ 196,703 $
2,270,701 $ 526,624 $ 23,579 $ 164,405 $ 62,024
============ =========== ===========
============ =========== ========== ==========
===========
$237,329,554 $ 1,481,040 $50,768,693
$152,765,766 $ 7,940,480 $4,418,581 $ 118,776 $
1,088,607
============ =========== ===========
============ =========== ========== ==========
===========
$176,027,481 $48,206,457 $18,271,265
$152,772,227 $80,003,515 $4,825,899 $2,086,014
$23,830,897
============ =========== ===========
============ =========== ========== ==========
===========
926,279 99,030 96,661
539,026 113,558 41,177 61,017 97,197
============ =========== ===========
============ =========== ========== ==========
===========
4,837,865 319,886 31,026
272,415 67,082 10,344 97,912 11,341
============ =========== ===========
============ =========== ========== ==========
===========
526,975 37,169 16,364
106,500 37,816 1,825 15,144 5,476
============ =========== ===========
============ =========== ========== ==========
===========
13,182,478 102,843 4,216,776
7,065,672 568,145 342,112 10,907 95,935
============ =========== ===========
============ =========== ========== ==========
===========
9,689,696 3,346,605 1,517,355
6,995,086 5,715,397 373,455 191,474 2,099,620
============ =========== ===========
============ =========== ========== ==========
===========
$18.02 $14.46 $12.04
$21.61 $13.98 $12.92 $10.89 $11.35
====== ====== ======
====== ====== ====== ====== ======
5.50% 5.50% 5.50%
5.50% 5.50% 5.50% 5.50% 5.50%
$19.07 $15.23 $12.74
$22.86 $14.79 $13.67 $11.52 $12.01
====== ====== ======
====== ====== ====== ====== ======
$17.54 $14.40 $12.03
$21.05 $13.93 $12.91 $10.85 $11.32
====== ====== ======
====== ====== ====== ====== ======
$17.56 $14.44 $12.02
$21.32 $13.93 $12.92 $10.86 $11.33
====== ====== ======
====== ====== ====== ====== ======
$18.00 $14.40 $12.04
$21.62 $13.98 $12.92 $10.89 $11.35
====== ====== ======
====== ====== ====== ====== ======
$18.17 $14.40 $12.04
$21.84 $14.00 $12.92 $10.89 $11.35
====== ====== ======
====== ====== ====== ====== ======
<FN>
See Notes to Financial
Statements.
111
</FN>
</TABLE>
The Munder Funds
Statements of Assets and Liabilities, Year Ended
June 30, 1997
(Continued)
<TABLE>
<CAPTION>
INCOME
FUNDS
-----------
- ------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder
Intermediate International Government Michigan
Bond
Bond Bond Income Triple Tax-Free
Fund
Fund Fund Fund Bond Fund
-----------
- ------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSETS consist of:
Undistributed net investment
income/(distributions in excess of
net investment income) .............. $ --
$ 19,585 $ 100,354 $ 19,676 $ 9,564
Accumulated net realized gain/(loss) on
investments sold ....................
(5,940,773) (23,750,854) 47,069 159,729
(34,467)
Net unrealized
appreciation/(depreciation) of
investments .........................
(714,865) (1,614,327) (499,521) 375,953
733,774
Par value .............................
15,657 52,923 52,866 25,014 4,658
Paid-in capital in excess of par value
156,554,630 518,856,198 52,269,376 251,821,275
44,191,897
-----------
- - ------------ ----------- ------------ -----------
$149,914,649 $493,563,525 $51,970,144 $252,409,526
$44,905,426
============ ============ =========== ============
===========
NET ASSETS:
Class A Shares ........................ $
817,699 $ 6,104,333 $ 168,047 $ 1,226,493 $
535,687
============ ============ =========== ============
===========
Class B Shares ........................ $
559,348 $ 463,950 $ 20,725 $ 1,596,003 $
312,009
============ ============ =========== ============
===========
Class C Shares ........................ $
44,825 $ 58,209 -- $ 9,916 $ 89,573
============ ============ =========== ============
===========
Class K Shares ........................ $
34,999,267 $325,330,846 $ 102,574 $194,479,253
$43,316,244
============ ============ =========== ============
===========
Class Y Shares ........................
$113,493,516 $161,606,187 $51,678,798 $ 55,097,861 $
651,913
============ ============ =========== ============
===========
SHARES OUTSTANDING:
Class A Shares ........................
85,391 654,077 17,114 121,605 55,562
============ ============ =========== ============
===========
Class B Shares ........................
58,424 49,795 2,108 158,204 32,354
============ ============ =========== ============
===========
Class C Shares ........................
4,671 6,227 -- 983 9,299
============ ============ =========== ============
===========
Class K Shares ........................
3,655,284 34,884,397 10,438 19,272,147
4,493,143
============ ============ =========== ============
===========
Class Y Shares ........................
11,852,913 17,328,408 5,256,897 5,461,234
67,584
============ ============ =========== ============
===========
CLASS A SHARES:
Net asset value and redemption price
per share ...........................
$9.58 $9.33 $9.82 $10.09 $9.64
===== ===== ===== ====== =====
Maximum sales charge ..................
4.00% 4.00% 4.00% 4.00% 4.00%
Maximum offering price per share ......
$9.98 $9.72 $10.23 $10.51 $10.04
===== ===== ===== ====== =====
CLASS B SHARES:
Net asset value and offering price per
share* ..............................
$9.57 $9.32 $9.83 $10.09 $9.64
===== ===== ===== ====== =====
CLASS C SHARES:
Net asset value and offering price per
share* ..............................
$9.60 $9.35 N/A $10.09 $9.63
===== ===== ===== ====== =====
CLASS K SHARES:
Net asset value, offering price and
redemption price per share ..........
$9.57 $9.33 $9.83 $10.09 $9.64
===== ===== ===== ====== =====
CLASS Y SHARES:
Net asset value, offering price and
redemption price per share ..........
$9.58 $9.33 $9.83 $10.09 $9.65
===== ===== ===== ====== =====
<FN>
----------------
* Redemption price per share is equal to Net Asset
Value less any applicable
contingent deferred sales charge ("CDSC").
See Notes to Financial
Statements.
</FN>
</TABLE>
112
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
---------------------------------------------
- ---------------------------------------------------------------
Munder
Munder Munder Munder
Cash Munder Munder Munder
Tax-Free Tax-Free Short Term
Investment Money Tax-Free U.S. Treasury
Bond Intermediate Treasury
Fund Market Money Market Money Market
Fund Bond Fund Fund
Fund Fund Fund
--------------------------------------------------
- ---------------------------------------------------------------
<S> <C> <C>
<C> <C> <C> <C>
$ 54,477 $ 33,210 $ 13,723
$ -- $ -- $ -- $ --
1,669,546 1,815,168 (33,546)
(4,951) 303 (155,534) 41,232
9,124,557 6,717,925 47,721
- -- -- -- --
18,723 28,578 5,048,934
975,481 130,482 255,050 280,704
186,051,216 289,043,018 45,437,755
974,506,452 130,351,387 254,837,978 280,423,768
------------ ------------ -----------
- ------------ ------------ ------------ ------------
$196,918,519 $297,637,899 $50,514,587
$975,476,982 $130,482,172 $254,937,494 $280,745,704
============ ============ ===========
============ ============ ============ ============
$ 2,489,509 $ 6,212,946 --
$ 96,192,245 $ 3,654,536 $ 5,204,522 $ 5,319,436
============ ============ ===========
============ ============ ============ ============
$ 240,407 $ 272,424 $ 33,817
- -- $ 451,340 -- --
============ ============ ===========
============ ============ ============ ============
-- -- --
- -- $ 1,755,195 -- --
============ ============ ===========
============ ============ ============ ============
$190,242,633 $283,641,254 $ 1,425,974
$599,857,977 -- $226,782,064 $ 41,877,078
============ ============ ===========
============ ============ ============ ============
$ 3,945,970 $ 7,511,275 $49,054,796
$279,426,760 $124,621,101 $ 22,950,908 $233,549,190
============ ============ ===========
============ ============ ============ ============
236,984 596,559 --
96,192,608 3,654,528 5,206,813 5,318,655
============ ============ ===========
============ ============ ============ ============
22,856 26,186 3,380
- -- 451,339 -- --
============ ============ ===========
============ ============ ============ ============
-- -- --
- -- 1,755,190 -- --
============ ============ ===========
============ ============ ============ ============
18,087,340 27,234,455 142,526
599,860,246 -- 226,881,870 41,870,928
============ ============ ===========
============ ============ ============ ============
375,420 720,979 4,903,028
279,427,819 124,620,812 22,961,008 233,514,889
============ ============ ===========
============ ============ ============ ============
$10.50 $10.41 N/A
$1.00 $1.00 $1.00 $1.00
====== ====== ===
===== ===== ===== =====
4.00% 4.00% --
- -- -- -- --
$10.94 $10.84 N/A
$1.00 $1.00 $1.00 $1.00
====== ====== ===
===== ===== ===== =====
$10.52 $10.40 $10.01
N/A $1.00 N/A N/A
====== ====== ======
=== ===== === ===
N/A N/A N/A
N/A $1.00 N/A N/A
=== === ===
===== ===== === ===
$10.52 $10.41 $10.01
$1.00 N/A $1.00 $1.00
====== ====== ======
===== ===== ===== =====
$10.51 $10.42 $10.01
$1.00 $1.00 $1.00 $1.00
====== ====== ======
===== ===== ===== =====
<FN>
See Notes to Financial
Statements.
113
</FN>
</TABLE>
The Munder Funds
Statements of Operations, Year Ended June 30, 1997
<TABLE>
<CAPTION>
EQUITY FUNDS
--------------------
- ------------------------------------------------------------------
- ---------
Munder
Munder Munder Munder Munder
Accelerating
Munder Growth & Munder International Micro-
Cap Mid-Cap
Growth
Balanced Income Index 500 Equity Equity
Growth
Fund Fund
Fund Fund Fund Fund(a) Fund
--------------------
- ------------------------------------------------------------------
- ---------
<S> <C> <C>
<C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest ...................... $ 1,055,407
$2,042,427 $1,004,198 $1,042,925 $ 65,895 $ 3,177
$111,714
Dividends (Net of foreign
withholding taxes of $12,287,
$178,255, $608, $20,716,
$1,305 and $95 for Munder
Accelerating Growth Fund, Munder
International Equity Fund,
Munder Value Fund, Munder
Framlington Emerging Markets
Fund, Munder Framlington
Healthcare Fund and Munder
Framlington International
Growth Fund, respectively) .. 1,349,242
369,346 6,648,850 7,220,957 5,071,985 790
42,179
----------- -----
- ----- ---------- ---------- ----------- -------- -
- -------
Total investment income . 2,404,649
2,411,773 7,653,048 8,263,882 5,137,880 3,967
153,893
----------- -----
- ----- ---------- ---------- ----------- -------- -
- -------
EXPENSES:
Distribution and shareholder
servicing fees:
Class A Shares .............. 16,419
981 5,324 48,763 13,505 79
373
Class B Shares .............. 3,607
1,249 3,519 153,426 10,398 513
658
Class C Shares .............. 2,146
337 2,683 -- 18,452 48
985
Shareholder servicing fees:
Class K Shares .............. 241,615
10,587 484,610 86,779 306,838 145
1,810
Investment advisory fee ....... 2,040,543
445,259 1,650,704 587,193 1,720,496 6,479
180,531
Administration fee ............ 307,521
77,364 248,644 405,016 259,162 730
27,562
Transfer agent fee ............ 61,624
15,488 49,434 79,305 51,582 181
5,677
Custodian fees ................ 31,304
11,262 28,966 40,465 66,667 2,071
8,369
Legal and audit fees .......... 29,288
6,997 20,126 44,718 23,407 4,062
8,017
Trustees'/Directors' fees and
expenses .................... 8,399
2,155 6,832 11,455 7,144 22
777
Registration and filing fees .. 68,351
57,499 66,947 72,611 66,783 34,836
50,195
Amortization of organization
costs ....................... 1,003
3,466 1,823 523 273 --
12,789
Other ......................... 37,616
47,442 16,016 152,787 121,923 1,169
1,300
----------- -----
- ----- ---------- ---------- ----------- -------- -
- -------
Total Expenses .......... 2,849,436
680,086 2,585,628 1,683,041 2,666,630 50,335
299,043
Fees waived and/or expenses
reimbursed by investment
advisor ..................... --
- -- -- 360,721) -- (41,485)
(52,965)
----------- -----
- ----- ---------- ---------- ----------- -------- -
- -------
Net Expenses ............ 2,849,436
680,086 2,585,628 1,322,320 2,666,630 8,850
246,078
----------- -----
- ----- ---------- ---------- ----------- -------- -
- -------
NET INVESTMENT INCOME/(LOSS) .. (444,787)
1,731,687 5,067,420 6,941,562 2,471,250 (4,883)
(92,185)
----------- -----
- ----- ---------- ---------- ----------- -------- -
- -------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ....... 26,335,644
4,253,299 27,808,188 18,477,266 6,298,100 (59,387)
(224,362)
Forward foreign exchange
contracts ................. -- -
- - -- -- (189,893) --
- --
Futures contracts ........... (806,620) -
- - -- 10,690,190 -- --
- --
Foreign currency transactions -- -
- - -- -- 41,140 --
- --
Net change in unrealized
appreciation/ (depreciation)
of:
Securities ................ (15,381,711)
3,076,915 22,254,173 78,347,172 31,196,952 518,166
372,632
Forward foreign exchange
contracts ............... --
- -- -- -- -- --
- --
Futures contracts ......... --
- -- -- (427,575) -- --
- --
Foreign currency and net
other assets ............ --
- -- -- -- 33,376 --
- --
----------- -----
- ----- ----------- ------------ ------------ -------- -
- -------
Net realized and unrealized
gain on investments ......... 10,147,313
7,330,214 50,062,361 107,087,053 37,379,675 458,779
148,270
----------- -----
- ----- ----------- ------------ ------------ -------- -
- -------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ... $ 9,702,526 $
9,061,901 $55,129,781 $114,028,615 $ 39,850,925 $453,896
$ 56,085
===========
=========== =========== ============ ============ ========
==========
<FN>
(a) The Munder Micro-Cap Equity Fund and the Munder
Small-Cap Value Fund
commenced operations on December 26, 1996.
(b) The Munder Framlington Emerging Markets Fund,
Munder Framlington Healthcare
Fund and Munder Framlington International Growth
Fund commenced operations
on December 31, 1996.
See Notes to Financial
Staements.
</FN>
</TABLE>
114
<TABLE>
<CAPTION>
---------------------------------------------------
- ----------------------------------------------------------------
Munder Munder
Munder Munder
Munder Real Estate Munder Small
Framlington Munder Framlington
Multi-Season Equity Small-Cap Company
Munder Emerging Framlington International
Growth Investment Value Growth
Value Markets Healthcare Growth
Fund Fund Fund(a) Fund
Fund Fund(b) Fund(b) Fund(b)
---------------------------------------------------
- ----------------------------------------------------------------
<S> <C> <C> <C>
<C> <C> <C> <C>
$ 1,504,649 $ 149,595 $ 119,651 $
888,154 $ 227,392 $ 20,916 $ 5,015 $ 43,649
4,853,361 1,655,599 299,140
607,778 841,976 38,334 1,877 140,469
------------ ---------- ---------- ---------
- -- ----------- ---------- -------- ----------
6,358,010 1,805,194 418,791
1,495,932 1,069,368 59,250 6,892 184,118
------------ ---------- ---------- ---------
- -- ----------- ---------- -------- ----------
30,811 1,559 558
17,843 2,347 285 241 759
731,958 27,446 648
21,679 2,689 95 1,240 175
73,808 1,829 223
13,938 4,397 49 125 63
467,641 872 20,442
300,433 7,516 1,346 52 570
4,252,990 259,015 95,022
1,884,242 401,505 25,210 11,440 71,843
480,310 39,493 14,220
283,755 61,224 9,644 9,644 9,644
130,660 7,885 2,381
56,335 12,044 19,562 19,551 19,711
56,669 12,099 5,320
28,508 14,325 11,500 3,013 20,504
46,980 5,712 5,595
31,841 9,841 4,198 4,083 4,617
13,401 1,153 326
7,863 1,706 55 36 225
92,986 50,243 33,574
86,077 56,517 30,601 30,580 30,648
59,190 15,000 --
331 12,530 703 602 2,993
181,730 6,271 3,178
49,223 2,854 3,046 2,042 5,626
------------ ---------- ---------- ---------
- -- ----------- ---------- -------- ----------
6,619,134 428,577 181,487
2,782,068 589,495 106,294 82,649 167,378
(1,063,247) (10,143) (16,708) --
(17,688) (73,369) (66,145) (72,552)
------------ ---------- ---------- ---------
- -- ----------- ---------- -------- ----------
5,555,887 418,434 164,779
2,782,068 571,807 32,925 16,504 94,826
------------ ---------- ---------- ---------
- -- ----------- ---------- -------- ----------
802,123 1,386,760 254,012
(1,286,136) 497,561 26,325 (9,612) 89,292
------------ ---------- ---------- ---------
- -- ----------- ---------- -------- ----------
31,693,197 524,593 502,604
46,948,801 5,816,387 216,301 (68,392) 100,372
-- -- -- --
(8,775) (12,115) (3,036) (112,707)
-- -- -- --
- -- -- -- --
-- -- -- --
(1,132) 3,233 4,441 28,243
75,394,082 7,273,750 6,782,315
6,246,976 10,966,509 1,012,917 302,242 2,696,905
-- -- -- --
- -- 6,324 -- (1,328)
-- -- -- --
- -- -- -- --
-- -- -- --
(158) (3,679) (3) 1,825
------------ ---------- ---------- ---------
- -- ----------- ---------- -------- ----------
107,087,279 7,798,343 7,284,919
53,195,777 16,772,831 1,222,981 235,252 2,713,310
------------ ---------- ---------- ---------
- -- ----------- ---------- -------- ----------
$107,889,402 $9,185,103 $7,538,931
$51,909,641 $17,270,392 $1,249,306 $225,640 $2,802,602
============ ========== ==========
=========== =========== ========== ======== ==========
<FN>
See Notes to Financial
Statements.
</FN>
</TABLE>
115
The Munder Funds
Statements of Operations, Year Ended June 30, 1997
(Continued)
<TABLE>
<CAPTION>
INCOME
FUNDS
-------
- ------------------------------------------------------------------
- ----
Munder Munder Munder U.S. Munder
Munder
Intermediate International Government Michigan
Bond
Bond Bond Income Triple Tax-Free
Fund
Fund Fund(a) Fund Bond Fund
-------
- ------------------------------------------------------------------
- ----
<S> <C>
<C> <C> <C> <C>
INVESTMENT INCOME:
Interest (Net of foreign withholding taxes
of $26,620 for the Munder International
Bond Fund) .............................
$10,972,765 $34,830,648 $ 1,361,933 $17,427,154
$1,940,216
Dividends .................................. --
102,036 -- 134,256 68,259
-------
- ---- ----------- ----------- ----------- ----------
Total investment income ..............
10,972,765 34,932,684 1,361,933 17,561,410
2,008,475
-------
- ---- ----------- ----------- ----------- ----------
EXPENSES:
Distribution and shareholder servicing fees:
Class A Shares ...........................
2,203 13,919 39 1,244 1,206
Class B Shares ...........................
5,482 2,627 11 13,452 2,779
Class C Shares ...........................
787 1,136 -- 93 568
Shareholder servicing fees:
Class K Shares ...........................
90,101 851,851 66 459,080 89,075
Investment advisory fee ....................
751,954 2,554,647 143,476 1,175,733 184,266
Administration fee .........................
169,932 577,425 32,343 265,637 41,620
Transfer agent fee .........................
33,758 114,649 6,471 52,628 8,382
Custodian fees .............................
23,404 64,212 15,821 31,943 4,175
Trustees'/Directors' fees and expenses .....
4,698 15,769 1,112 7,426 1,165
Amortization of organization costs ......... --
- -- 4,351 2,328 4,597
Registration and filing fees ...............
54,987 56,312 49,619 85,433 12,454
Other ......................................
17,486 91,911 12,379 46,939 27,098
-------
- ---- ----------- ----------- ----------- ----------
Total Expenses .......................
1,154,792 4,344,458 265,688 2,141,936 377,385
Fees waived and/or expenses reimbursed by
investment advisor ....................... --
- -- (9,944) -- (51,815)
-------
- ---- ----------- ----------- ----------- ----------
Net Expenses .........................
1,154,792 4,344,458 255,744 2,141,936 325,570
-------
- ---- ----------- ----------- ----------- ----------
NET INVESTMENT INCOME ......................
9,817,973 30,588,226 1,106,189 15,419,474 1,682,905
-------
- ---- ----------- ----------- ----------- ----------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ....................
(1,273,300) (2,962,876) (622,253) 92,451
23,364
Forward foreign exchange contracts ....... --
- -- (261,327) -- --
Foreign currency transactions ............ --
- -- 157,803 -- --
Net change in unrealized appreciation
/(depreciation) of:
Securities .............................
1,614,599 4,183,462 (495,917) 1,487,143 1,067,899
Foreign currency and net other assets .. --
- -- (3,604) -- --
-------
- ---- ----------- ----------- ----------- ----------
Net realized and unrealized gain/(loss) on
investments ..............................
341,299 1,220,586 (1,225,298) 1,579,594 1,091,263
-------
- ---- ----------- ----------- ----------- ----------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ................
$10,159,272 $31,808,812 $ (119,109) $16,999,068
$2,774,168
=========== =========== =========== ===========
==========
<FN>
----------------
(a) The Munder International Bond Fund commenced
operations on October 2, 1996.
(b) The Munder Short Term Treasury Fund commenced
operations on January 29,
1997.
See Notes to Financial
Statements.
</FN>
</TABLE>
116
<TABLE>
<CAPTION>
MONEY
MARKET FUNDS
--------------------------------------- -------
- ----------------------------------------------------
Munder Munder Munder Munder
Munder Munder Munder
Tax-Free Tax-Free Short Term Cash
Money Tax-Free U.S. Treasury
Bond Intermediate Treasury
Investment Market Money Market Money Market
Fund Bond Fund Fund(b) Fund
Fund Fund Fund
-------------------------------------------------
- ----------------------------------------------------
<S> <C> <C> <C>
<C> <C> <C>
$10,908,396 $15,448,637 $1,200,033
$54,284,274 $8,232,539 $8,648,751 $16,779,618
112,201 56,762 -- --
- -- 248,781 --
----------- ----------- ---------- -------
- ---- ---------- ---------- -----------
11,020,597 15,505,399 1,200,033
54,284,274 8,232,539 8,897,532 16,779,618
----------- ----------- ---------- -------
- ---- ---------- ---------- -----------
4,973 14,678 --
215,533 1,198 16,837 6,901
566 1,782 116 --
1,925 -- --
-- -- -- --
5,932 -- --
492,787 762,459 881
893,657 -- 321,453 64,376
1,006,688 1,584,769 51,885
3,454,159 599,286 879,155 1,101,183
227,508 358,214 23,349
1,115,110 169,405 283,803 355,592
45,257 71,265 5,614
272,348 49,679 61,353 69,816
22,947 35,426 3,923
185,157 26,494 28,424 88,545
6,303 9,804 737
30,930 4,186 7,911 9,797
5,432 -- 2,771 --
36,000 -- --
55,952 57,029 15,084
31,101 29,802 39,526 26,354
44,846 36,947 10,422
292,767 43,119 31,300 48,379
----------- ----------- ---------- -------
- ---- ---------- ---------- -----------
1,913,259 2,932,373 114,782
6,490,762 967,026 1,669,762 1,770,943
-- -- (5,153) --
- -- -- --
----------- ----------- ---------- -------
- ---- ---------- ---------- -----------
1,913,259 2,932,373 109,629
6,490,762 967,026 1,669,762 1,770,943
----------- ----------- ---------- -------
- ---- ---------- ---------- -----------
9,107,338 12,573,026 1,090,404
47,793,512 7,265,513 7,227,770 15,008,675
----------- ----------- ---------- -------
- ---- ---------- ---------- -----------
1,883,192 1,919,657 (33,546)
260 (10) 17,604 19,327
-- -- -- --
- -- -- --
-- -- -- --
- -- -- --
2,794,934 1,306,532 47,721 --
- -- -- --
-- -- -- --
- -- -- --
----------- ----------- ---------- -------
- ---- ---------- ---------- -----------
4,678,126 3,226,189 14,175
260 (10) 17,604 19,327
----------- ----------- ---------- -------
- ---- ---------- ---------- -----------
$13,785,464 $15,799,215 $1,104,579
$47,793,772 $7,265,503 $7,245,374 $15,028,002
=========== =========== ==========
=========== ========== ========== ===========
<FN>
See Notes to Financial
Statements.
</FN>
</TABLE>
117
The Munder Funds
Statements of Changes in Net Assets, Year Ended June
30, 1997
<TABLE>
<CAPTION>
EQUITY FUNDS
------------------------
- ------------------------------------------------------------------
- ------
Munder
Munder
Munder Munder Micro-Cap Munder
Accelerating Munder
Growth & Munder International Equity Mid-Cap
Growth Balanced
Income Index 500 Equity Fund Growth
Fund Fund
Fund Fund Fund (a) Fund
------------------------
- ------------------------------------------------------------------
- ------
<S> <C> <C>
<C> <C> <C> <C> <C>
Net investment
income/(loss) .......... $ (444,787) $
1,731,687 $ 5,067,420 $ 6,941,562 $ 2,471,250 $ (4,883)
$ (92,185)
Net realized gain/(loss)
on investments sold,
forward foreign exchange
contracts, futures
contracts and foreign
currency transactions
during the period ...... 25,529,024
4,253,299 27,808,188 29,167,456 6,149,347 (59,387)
(224,362)
Net change in unrealized
appreciation/
(depreciation) of
investments, forward
foreign exchange
contracts, futures
contracts, foreign
currency and net other
assets during the period (15,381,711)
3,076,915 22,254,173 77,919,597 31,230,328 518,166
372,632
------------ ---------
- -- ----------- ------------ ----------- -------- ----
- -----
Net increase in net assets
resulting from
operations ............. 9,702,526
9,061,901 55,129,781 114,028,615 39,850,925 453,896
56,085
Dividends to shareholders
from net investment
income:
Class A Shares ....... --
(8,318) (52,808) (954,317) (78,899) --
- --
Class B Shares ....... --
(2,044) (6,488) (554,409) (4,180) --
- --
Class C Shares ....... --
(697) (4,089) -- (9,762) --
- --
Class K Shares ....... --
(101,038) (4,357,460) (624,025) (1,698,687) --
- --
Class Y Shares ....... --
(1,551,696) (605,671) (4,739,789) (1,711,723) --
- --
Distributions to
shareholders in excess
of net investment
income:
Class A Shares ....... -- --
- -- -- -- -- --
Class B Shares ....... -- --
- -- -- -- -- --
Class C Shares ....... -- --
- -- -- -- -- --
Class K Shares ....... -- --
- -- -- -- -- --
Class Y Shares ....... -- --
- -- -- -- -- --
<FN>
----------------
(a) The Munder Micro-Cap Equity Fund and the Munder
Small-Cap Value Fund
commenced operations on December 26, 1996.
(b) The Munder Framlington Emerging Markets Fund,
Munder Framlington Healthcare
Fund and Munder Framlington International Growth
Fund commenced operations
on December 31, 1996.
See Notes to Financial
Statements.
</FN>
</TABLE>
118
<TABLE>
<CAPTION>
-------------------------------------------------
- ------------------------------------------------------------------
- ---------
Munder
Munder Munder
Munder
Munder Real Estate Munder
Small Framlington Munder
Framlington
Multi-Season Equity Small-Cap
Company Munder Emerging Framlington
International
Growth Investment Value
Growth Value Markets Healthcare
Growth
Fund Fund Fund(a)
Fund Fund Fund(b) Fund(b)
Fund(b)
-------------------------------------------------
- ------------------------------------------------------------------
- ---------
<S> <C> <C> <C>
<C> <C> <C> <C>
$ 802,123 $ 1,386,760 $ 254,012
$(1,286,136) $ 497,561 $ 26,325 $ (9,612) $
89,292
31,693,197 524,593 502,604
46,948,801 5,806,480 207,419 (66,987)
15,908
75,394,082 7,273,750 6,782,315
6,246,976 10,966,351 1,015,562 302,239
2,697,402
------------ ------------ ----------- ---
- -------- ----------- ----------- --------- ---------
- -
107,889,402 9,185,103 7,538,931
51,909,641 17,270,392 1,249,306 225,640
2,802,602
-- (26,568) (3,816)
- -- (6,002) (1,011) -- --
-- (89,023) (712)
- -- -- (240) -- --
-- (6,949) (478)
- -- -- (9) -- --
(154,709) (15,055) (165,622)
- -- (24,802) (6,926) -- --
(342,031) (1,309,637) (65,985)
- -- (494,602) (11,088) -- --
-- (267) --
- -- -- -- -- --
-- (1,176) --
- -- -- -- -- --
-- (78) --
- -- -- -- -- --
-- (148) --
- -- -- -- -- --
-- (13,330) --
- -- -- -- -- --
<FN>
See Notes to Financial
Statements.
</FN>
</TABLE>
119
The Munder Funds
Statements of Changes in Net Assets, Year Ended
June 30, 1997
(Continued)
<TABLE>
<CAPTION>
EQUITY FUNDS
------------------------
- ------------------------------------------------------------------
- -------
Munder
Munder Munder Munder Munder
Accelerating Munder
Growth & Munder International Micro-Cap Mid-Cap
Growth Balanced
Income Index 500 Equity Equity Growth
Fund Fund
Fund Fund Fund Fund(a) Fund
------------------------
- ------------------------------------------------------------------
- -------
<S> <C> <C>
<C> <C> <C> <C> <C>
Distributions to
shareholders from net
realized gains:
Class A Shares ....... (522,917)
(20,784) (134,569) (588,465) (546,957) --
(24,793)
Class B Shares ....... (31,285)
(5,581) (18,909) (427,819) (107,481) --
(6,562)
Class C Shares ....... (20,795)
(1,603) (5,330) -- (185,029) --
(10,643)
Class K Shares ....... (9,185,520)
(239,099) (12,866,517) (449,588) (12,841,026) --
(59,979)
Class Y Shares ....... (16,254,335)
(3,044,683) (1,632,776) (3,239,164) (10,403,715) --
(2,549,785)
Distributions to
shareholders from
capital:
Class A Shares ....... -- --
- -- -- -- -- --
Class B Shares ....... -- --
- -- -- -- -- --
Class C Shares ....... -- --
- -- -- -- -- --
Class K Shares ....... -- --
- -- -- -- -- --
Class Y Shares ....... -- --
- -- -- -- -- --
Net increase/(decrease) in
net assets from Fund
share transactions:
Class A Shares ....... 103,837
(15,751) 2,249,127 52,558,091 1,586,450 162,834
(123,545)
Class B Shares ....... 247,942
113,805 350,066 36,795,987 128,920 393,839
56,661
Class C Shares ....... 178,689
68,515 609,503 -- 537,498 104,830
67,620
Class K Shares ....... (16,295,182)
4,613,702 (11,139,950) 34,015,120 13,005,712
163,478 731,577
Class Y Shares ....... (24,267,204)
8,881,206 5,304,744 96,194,166 13,224,781
1,936,293 4,537,791
------------ ---------
- -- ------------ ----------- ------------ ---------- ---
- --------
Net increase/(decrease) in
net assets ............. (56,344,244)
17,747,835 32,818,654 322,014,403 40,746,827
3,215,170 2,674,427
NET ASSETS:
Beginning of period ...... 305,164,248
59,808,365 214,339,475 228,371,481 212,797,539 --
22,177,223
------------ ---------
- -- ------------ ----------- ------------ ---------- ---
- --------
End of period ............ $248,820,004
$77,556,200 $247,158,129 550,385,884 $253,544,366
$3,215,170 $24,851,650
============
=========== ============ =========== ============
========== ===========
Undistributed net
investment
income ................. $ -- $
14,675 $ 131,333 79,935 $ 565,929 $ --
$ --
============
=========== ============ =========== ============
========== ===========
<FN>
----------------
(a) The Munder Micro-Cap Equity Fund and the Munder
Small-Cap Value Fund
commenced operations on December 26, 1996.
(b) The Munder Framlington Emerging Markets Fund,
Munder Framlington Healthcare
Fund and Munder Framlington International Growth
Fund commenced operations
on December 31, 1996.
See Notes to Financial
Statements.
120
</FN>
</TABLE>
<TABLE>
<CAPTION>
-------------------------------------------------
- -----------------------------------------------------------------
Munder Munder
Munder Munder
Munder Real Estate Munder Small
Framlington Munder Framlington
Multi-Season Equity Small-Cap
Company Munder Emerging Framlington
International
Growth Investment Value Growth
Value Markets Healthcare Growth
Fund Fund Fund(a) Fund
Fund Fund(b) Fund(b) Fund(b)
-------------------------------------------------
- -----------------------------------------------------------------
<S> <C> <C> <C>
<C> <C> <C> <C>
(546,542) -- --
(851,894) (79,699) -- -- --
(3,444,755) -- --
(148,603) (12,823) -- -- --
(336,270) -- --
(76,100) (40,972) -- -- --
(8,634,692) -- --
(16,790,412) (105,852) -- -- --
(6,586,379) -- --
(16,925,786) (4,083,005) -- -- --
-- (1,392) --
- -- -- -- -- --
-- (6,126) --
- -- -- -- -- --
-- (408) --
- -- -- -- -- --
-- (772) --
- -- -- -- -- --
-- (69,426) --
- -- -- -- -- --
4,430,458 1,049,132 1,040,188
5,574,247 908,590 463,104 642,857 978,276
3,919,132 2,331,806 341,448
4,212,334 754,012 126,009 1,020,404 118,950
2,174,706 507,369 181,247
1,705,453 91,401 20,318 162,935 58,068
57,472,777 1,405,136 45,442,173
33,713,592 6,095,828 4,031,349 105,000 1,000,059
15,585,646 22,213,807 16,466,067
37,806,434 33,396,573 4,062,866 1,939,223 21,254,863
------------ ----------- ----------- ------
- ------ ----------- ---------- ---------- -----------
171,426,743 35,151,998 70,773,441
100,128,906 53,669,039 9,933,678 4,096,059
26,212,818
352,741,411 21,104,041 --
225,060,311 37,323,724 -- -- --
------------ ----------- ----------- ------
- ------ ----------- ---------- ---------- -----------
$524,168,154 $56,256,039 $70,773,441
$325,189,217 $90,992,763 $9,933,678 $4,096,059
$26,212,818
============ =========== ===========
============ =========== ========== ==========
===========
$ 410,980 $ -- $ 17,399 $ -
- - $ 40,728 $ 623 $ -- $ 7,821
============ =========== ===========
============ =========== ========== ==========
===========
<FN>
See Notes to Financial
Statements.
</FN>
</TABLE>
121
The Munder Funds
Statements of Changes in Net Assets, Year Ended
June 30, 1997
(Continued)
<TABLE>
<CAPTION>
INCOME
FUNDS
-----------
- ------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder
Intermediate International Government Michigan
Bond
Bond Bond Income Triple Tax-Free
Fund
Fund Fund(a) Fund Bond Fund
-----------
- ------------------------------------------------------------------
<S> <C>
<C> <C> <C> <C>
Net investment income ................. $
9,817,973 $ 30,588,226 $ 1,106,189 $ 15,419,474 $
1,682,905
Net realized gain/(loss) on investments
sold during the period ..............
(1,273,300) (2,962,876) (725,777) 92,451
23,364
Net change in unrealized
appreciation/(depreciation) of
investments during the period .......
1,614,599 4,183,462 (499,521) 1,487,143
1,067,899
-----------
- - ------------ ----------- ------------ -----------
Net increase/(decrease) in net assets
resulting from operations ...........
10,159,272 31,808,812 (119,109) 16,999,068
2,774,168
Dividends to shareholders from net
investment income:
Class A Shares .....................
(54,483) (329,669) (111) (31,453)
(21,787)
Class B Shares .....................
(29,919) (13,634) -- (75,633)
(10,562)
Class C Shares .....................
(3,606) (5,423) -- (485)
(2,210)
Class K Shares .....................
(2,194,881) (20,149,211) -- (11,212,087)
(1,624,310)
Class Y Shares .....................
(7,136,218) (10,089,041) (237,229) (3,165,621)
(22,751)
Distributions to shareholders from net
realized gains:
Class A Shares ..................... --
- -- -- (160) (54)
Class B Shares ..................... --
- -- -- (722) (32)
Class C Shares ..................... --
- -- -- (3) (10)
Class K Shares ..................... --
- -- -- (72,543) (4,034)
Class Y Shares ..................... --
- -- -- (19,022) (55)
Distributions in excess of net realized
capital gains:
Class A Shares ..................... --
- -- -- (30) --
Class B Shares ..................... --
- -- -- (81) --
Class C Shares ..................... --
- -- -- (1) --
Class K Shares ..................... --
- -- -- (11,014) --
Class Y Shares ..................... --
- -- -- (2,999) --
Net increase/(decrease) in net assets
from Fund share transactions:
Class A Shares .....................
(79,168) 744,889 168,043 960,997
73,547
Class B Shares .....................
260,017 360,152 20,740 1,099,256
52,035
Class C Shares .....................
(6,847) (2,000) -- 9,738 89,022
Class K Shares .....................
2,646,572 (45,876,064) 99,343 33,672,565
12,789,812
Class Y Shares .....................
(117,790) (21,825,653) 52,038,467 7,860,468
435,535
-----------
- - ------------ ----------- ------------ -----------
Net increase/(decrease) in net assets .
3,442,949 (65,376,842) 51,970,144 46,010,238
14,528,314
NET ASSETS:
Beginning of period ...................
146,471,700 558,940,367 -- 206,399,288
30,377,112
-----------
- - ------------ ----------- ------------ -----------
End of period ......................... $
149,914,649 $ 493,563,525 $ 51,970,144 $ 252,409,526 $
44,905,426
============= ============= ============ =============
============
Undistributed net investment income ... $ --
$ 19,585 $ 100,354 $ 27,555 $ 9,564
============= ============= ============ =============
============
<FN>
----------------
(a) The Munder International Bond Fund commenced
operations on October 2, 1996.
(b) The Munder Short Term Treasury Fund commenced
operations on January 29,
1997.
See Notes to Financial
Statements.
</FN>
</TABLE>
122
<TABLE>
<CAPTION>
MONEY
MARKET FUNDS
---------------------------------------- -----
- ---------------------------------------------------------
Munder Munder Munder
Munder Munder Munder Munder
Tax-Free Tax-Free Short Term Cash
Money Tax-Free U.S. Treasury
Bond Intermediate Treasury
Investment Market Money Market Money Market
Fund Bond Fund Fund(b) Fund
Fund Fund Fund
-------------------------------------------------
- ---------------------------------------------------------
<S> <C> <C> <C>
<C> <C> <C>
$ 9,107,338 $ 12,573,026 $ 1,090,404 $
47,793,512 $ 7,265,513 $ 7,227,770 $ 15,008,675
1,883,192 1,919,657 (33,546)
260 (10) 17,604 19,327
2,794,934 1,306,532 47,721
- -- -- -- --
------------ ------------ ----------- -----
- ------- ------------ ------------ ------------
13,785,464 15,799,215 1,104,579
47,793,772 7,265,503 7,245,374 15,028,002
(90,026) (234,435) --
(3,996,094) (15,771) (184,129) (126,065)
(2,157) (6,230) (534)
- -- (6,198) -- --
-- -- --
- -- (14,812) -- --
(8,895,270) (12,106,823) (18,093)
(28,603,926) -- (6,145,280) (1,992,551)
(108,734) (232,532) (1,061,825)
(15,193,492) (7,228,732) (898,361) (12,890,059)
(11,640) (13,709) --
- -- -- -- --
(361) (447) --
- -- -- -- --
-- -- --
- -- -- -- --
(1,496,506) (798,558) --
- -- -- -- --
(15,776) (14,053) --
- -- -- -- --
-- -- --
- -- -- -- --
-- -- --
- -- -- -- --
-- -- --
- -- -- -- --
-- -- --
- -- -- -- --
-- -- --
- -- -- -- --
1,312,356 1,165,835 --
(20,429,813) 3,631,506 (5,381,208) 3,698,908
235,233 221,595 33,542
- -- 326,972 -- --
-- -- --
- -- 1,755,190 -- --
(9,483,602) (52,431,479) 1,419,541
52,334,583 -- 34,181,594 (20,258,836)
1,969,365 2,175,949 49,037,377
(38,398,886) (98,775,028) (2,647,522) (76,339,867)
------------ ------------ ----------- -----
- ------- ------------ ------------ ------------
(2,801,654) (46,475,672) 50,514,587
(6,493,856) (93,061,370) 26,170,468 (92,880,468)
199,720,173 344,113,571 --
981,970,838 223,543,542 228,767,026 373,626,172
------------ ------------ ----------- -----
- ------- ------------ ------------ ------------
$196,918,519 $297,637,899 $50,514,587
$975,476,982 $130,482,172 $254,937,494 $280,745,704
============ ============ ===========
============ ============ ============ ============
$ 54,477 $ 33,210 $ 13,723 $
- -- $ -- $ -- $ --
============ ============ ===========
============ ============ ============ ============
<FN>
See Notes to Financial
Statements.
</FN>
</TABLE>
123
The Munder Funds
Statements of Changes in Net Assets, Year Ended June
30, 1996
<TABLE>
<CAPTION>
EQUITY FUNDS
- ---------------------------------------------------------------
Munder Munder
Accelerating Munder Growth & Munder
Growth Balanced Income Index 500
Fund Fund Fund Fund
- ---------------------------------------------------------------
<S>
<C> <C> <C> <C>
Net investment income/(loss)
.......................... $ (722,107) $ 1,381,793 $
4,583,387 $ 3,888,122
Net realized gain/(loss) on investments sold, forward
foreign exchange contracts, futures contracts and
foreign currency transactions during the year
....... 46,691,730 4,247,352 8,003,703 7,315,484
Net change in unrealized appreciation/(depreciation)
of
investments, forward foreign exchange contracts,
futures contracts, foreign currency and net other
assets during the year
.............................. 11,360,252 2,985,979
19,656,692 24,914,242
- ------------ ----------- ------------ ------------
Net increase in net assets resulting from operations
.. 57,329,875 8,615,124 32,243,782 36,117,848
Dividends to shareholders from net investment income:
Class A Shares
...................................... --
(6,769) (17,557) (186,136)
Class B Shares
...................................... --
(818) (3,116) (116,232)
Class C Shares
...................................... --
(9) (307) --
Class K Shares
...................................... --
(24,416) (4,155,513) (3,459,701)
Class Y Shares
...................................... --
(1,271,592) (386,649) (188,197)
Distributions to shareholders from net realized gains:
Class A Shares
...................................... (796,263) --
(6,398) (188,002)
Class B Shares
...................................... (23,756) --
(1,242) (113,627)
Class C Shares
...................................... (2,880) --
(73) --
Class K Shares
...................................... (13,343,959) --
(1,184,869) (6,596,398)
Class Y Shares
...................................... (25,626,027) --
(95,719) (245,657)
Net increase/(decrease) in net assets from Fund share
transactions :
Class A Shares
...................................... 1,113,624
16,571 711,591 20,401,871
Class B Shares
...................................... 209,740
53,676 150,951 14,297,759
Class C Shares
...................................... 115,764
2,488 30,096 --
Class K Shares
...................................... 18,983,889
1,416,161 35,683,395 13,217,252
Class Y Shares
...................................... (16,949,688)
1,666,588 10,645,427 27,067,032
- ------------ ----------- ------------ ------------
Net increase in net assets
............................ 21,010,319 10,467,004
73,613,799 100,007,812
NET ASSETS:
Beginning of year
..................................... 284,153,929 49,341,361
140,725,676 128,363,669
- ------------ ----------- ------------ ------------
End of year
........................................... $ 305,164,248 $
59,808,365 $214,339,475 $ 228,371,481
============= ============ ============ =============
Undistributed net investment income
................... $ -- $ 11,028 $ 89,116 $
10,913
============= ============ ============ =============
<FN>
----------------
(a) The Munder Mid-Cap Growth Fund and the Munder
Value Fund commenced
operations on August 14, 1995 and August 18, 1995,
respectively.
See Notes to Financial
Statements.
</FN>
</TABLE>
124
<TABLE>
<CAPTION>
-------------------------------------------------
- ------------------------------------
Munder Munder
Munder Munder Munder Real
Estate Small
International Mid-Cap Multi-Season
Equity Company Munder
Equity Growth Growth
Investment Growth Value
Fund Fund(a) Fund Fund
Fund Fund(a)
-------------------------------------------------
- ------------------------------------
<S> <C> <C> <C>
<C> <C>
$ 2,087,756 $ (45,060) $ 1,120,982 $
739,148 $ (923,176) $ 230,056
22,872,003 2,680,323 25,850,576
(76,088) 38,063,750 3,723,710
(2,940,128) (430,915) 45,244,470
1,921,177 31,842,217 316,535
------------ ----------- ------------ ----
- ------- ------------ -----------
22,019,631 2,204,348 72,216,028
2,584,237 68,982,791 4,270,301
(14,197) -- (36,473)
(9,939) -- (1,476)
(2,604) -- --
(54,551) -- (115)
(1,373) -- --
(52) -- (635)
(756,166) -- (421,941)
- -- -- (1,398)
(693,758) -- (556,971)
(672,915) -- (166,818)
-- -- (309,579)
- -- (259,477) --
-- -- (1,793,378)
- -- (6,481) --
-- -- (122,961)
- -- (1,089) --
-- -- (3,520,868)
- -- (5,357,828) --
-- -- (3,008,122)
- -- (5,515,603) --
3,038,335 178,519 (2,077,788)
18,057 697,350 385,702
789,135 53,088 (93,613)
39,484 817,150 95,558
1,541,303 51,283 1,523,560
4,276 67,972 341,761
32,126,143 401,098 10,921,259
- -- 32,039,504 996,793
5,054,716 19,288,887 20,686,357
12,487,433 (1,365,551) 31,404,051
------------ ----------- ------------ ----
- ------- ------------ -----------
63,101,165 22,177,223 93,405,510
14,396,030 90,098,738 37,323,724
149,696,374 -- 259,335,901
6,708,011 134,961,573 --
------------ ----------- ------------ ----
- ------- ------------ -----------
$212,797,539 $22,177,223 $352,741,411
$21,104,041 $225,060,311 $37,323,724
============ =========== ============
=========== ============ ===========
$ 1,746,683 $ -- $ 105,597 $
17,227 $ -- $ 65,950
============ =========== ============
=========== ============ ===========
<FN>
See Notes to Financial
Statements.
</FN>
</TABLE>
125
The Munder Funds
Statements of Changes in Net Assets, Year Ended
June 30, 1996
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
--------------------
- ------------------------------------------------------------------
- -----
Munder Munder U.S. Munder Munder
Munder
Munder
Intermediate Government Michigan Tax-Free
Tax-Free
Bond Bond
Income Triple Tax-Free Bond Intermediate
Fund Fund
Fund Bond Fund Fund Bond Fund
--------------------
- ------------------------------------------------------------------
- -----
<S> <C> <C>
<C> <C> <C> <C>
Net investment income ......... $ 10,822,078 $
31,808,695 $ 13,263,557 $ 1,403,364 $ 9,524,201 $
13,779,814
Net realized gain/(loss) on
investments sold during the
year ........................ 5,089,499
(5,532,526) 908,562 255,727 2,840,275
2,061,413
Net change in unrealized
depreciation of investments
during the year ............. (7,288,110)
(7,370,694) (7,214,132) (226,095) (1,250,772)
(2,983,212)
------------ -----
- ------- ------------ ----------- ------------ --------
- ----
Net increase in net assets
resulting from operations. .. 8,623,467
18,905,475 6,957,987 1,432,996 11,113,704
12,858,015
Dividends to shareholders from
net investment income:
Class A Shares .............. (55,109)
(333,474) (30,082) (22,125) (21,596)
(173,307)
Class B Shares .............. (4,655)
(1,689) (30,286) (10,899) (827)
(1,236)
Class C Shares .............. (696)
(697) -- -- -- --
Class K Shares .............. (2,050,434)
(20,905,073) (10,651,494) (1,358,233) (9,420,177)
(13,226,909)
Class Y Shares .............. (8,067,642)
(10,621,666) (1,983,906) (11,889) (69,317)
(371,368)
Distributions to shareholders
from net realized gains:
Class A Shares .............. --
- -- (5,751) -- (197) --
Class B Shares .............. --
- -- (5,860) -- (50) --
Class C Shares .............. --
- -- -- -- -- --
Class K Shares .............. --
- -- (1,176,686) -- (135,713) --
Class Y Shares .............. --
- -- (39,436) -- (1,077) --
Net increase/(decrease) in net
assets from Fund share
transactions:
Class A Shares .............. (4,363)
13,571 197,767 29,546 1,168,560
903,172
Class B Shares .............. 298,564
96,014 538,045 (3,044) 3,052
48,503
Class C Shares .............. 51,999
52,083 -- -- -- --
Class K Shares .............. (3,960,599)
78,332,591 (10,495,058) 3,900,063 (36,863,317)
1,629,331
Class Y Shares .............. (32,736,204)
29,845,423 35,490,250 (570,397) 407,472
(5,857,566)
------------ -----
- ------- ------------ ----------- ------------ -------
- -----
Net increase/(decrease) in net
assets. ..................... (37,905,672)
95,382,558 18,765,490 3,386,018 (33,819,483)
(4,191,365)
NET ASSETS:
Beginning of year ............. 184,377,372
463,557,809 187,633,798 26,991,094 233,539,656
348,304,936
------------ -----
- ------- ------------ ----------- ------------ -------
- -----
End of year ................... $146,471,700
$558,940,367 $206,399,288 $30,377,112 $199,720,173
$344,113,571
============
============ ============ =========== ============
============
Undistributed net investment
income ...................... $ 87,268 $
22,268 $ -- $ 293 $ 30,941 $
6,994
============
============ ============ =========== ============
============
<FN>
See Notes to Financial
Statements.
</FN>
</TABLE>
126
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
-------------------------------------------------
- --------------
Munder Munder Munder
Munder
Cash Money Tax-Free U.S.
Treasury
Investment Market Money Market
Money Market
Fund Fund Fund Fund
-------------------------------------------------
- --------------
<S> <C> <C> <C>
$ 52,211,411 $ 13,048,862 $ 7,523,896 $
16,173,434
1,334 313 (14,227)
8,412
-- -- --
- --
------------ ------------ ------------ ----
- --------
52,212,745 13,049,175 7,509,669
16,181,846
(3,466,266) (1,400) (259,717)
(76,366)
-- (8,089) --
- --
-- -- --
- --
(31,064,112) -- (6,237,517)
(3,424,423)
(17,681,033) (13,039,373) (1,026,662)
(12,672,645)
-- -- --
- --
-- -- --
- --
-- -- --
- --
-- -- --
- --
-- -- --
- --
64,092,621 23,022 2,053,372
502,834
-- (246,839) --
- --
-- -- --
- --
(11,105,184) -- (3,128,945)
(12,076,540)
(22,568,719) (40,117,628) 2,166,987
78,809,626
------------ ------------ ------------ ----
- --------
30,420,052 (40,341,132) 1,077,187
67,244,332
951,550,786 263,884,674 227,689,839
306,381,840
------------ ------------ ------------ ----
- --------
$981,970,838 $223,543,542 $228,767,026
$373,626,172
============ ============ ============
============
$ -- $ -- $ -- $
- --
============ ============ ============
============
See Notes to Financial
Statements.
</TABLE>
127
The Munder Funds
Statements of Changes - Capital Stock Activity, Year
Ended June 30, 1997
<TABLE>
<CAPTION>
EQUITY FUNDS
-----------------------------
- ------------------------------------------------------------------
- -----
Munder
Munder Munder Munder Munder
Accelerating Munder
Growth & Munder International Micro-Cap Mid-Cap
Growth Balanced
Income Index 500 Equity Equity Growth
Fund Fund
Fund Fund Fund Fund(a) Fund
-----------------------------
- ------------------------------------------------------------------
- -----
<S> <C> <C>
<C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ................. $ 101,714,828 $ 102,364
$ 3,240,200 $ 70,936,027 $ 7,573,689 $ 176,161 $
94,969
Issued as reinvestment
of dividends ....... 433,223 24,900
103,491 508,677 179,150 -- 4,730
Redeemed ............. (102,044,214)
(143,015) (1,094,564) (18,886,613) (6,166,389)
(13,327) (223,244)
------------- ------------
- ------------ ------------ ----------- ---------- -------
- --
Net increase/
(decrease) ......... $ 103,837 $
(15,751) $ 2,249,127 $ 52,558,091 $ 1,586,450 $ 162,834
$ (123,545)
============= ============
============ ============ ============ ==========
==========
Class B Shares:
Sold ................. $ 3,390,164 $ 115,688
$ 419,009 $ 39,980,269 $ 380,267 $ 393,839 $
57,198
Issued as reinvestment
of dividends ....... 16,206 2,384
12,899 213,891 21,349 -- 4,952
Redeemed ............. (3,158,428)
(4,267) (81,842) (3,398,173) (272,696) --
(5,489)
------------- ------------
- ------------ ------------ ----------- ---------- --------
- --
Net increase ......... $ 247,942 $ 113,805
$ 350,066 $ 36,795,987 $ 128,920 $ 393,839 $
56,661
============= ============
============ ============ ============ ==========
==========
Class C Shares:
Sold ................. $ 1,851,264 $ 68,415
$ 3,204,162 -- $ 2,511,095 $ 104,830 $
85,141
Issued as reinvestment
of dividends ....... 52 122
2,457 -- 35 -- 896
Redeemed ............. (1,672,627) (22)
(2,597,116) -- (1,973,632) --
(18,417)
------------- ------------
- ------------ ------------ ------------ ---------- --------
- ---
Net increase ......... $ 178,689 $ 68,515
$ 609,503 $ 537,498 $ 104,830 $
67,620
============= ============
============ ============ ============ ==========
===========
Class K Shares:
Sold. ................ $ 214,830,413 $ 6,581,712
$ 39,725,691 $ 38,905,085 $ 40,942,377 $ 209,128 $
859,841
Issued as reinvestment
of dividends ....... 6,756 --
496 2,006 11,878 -- --
Redeemed ............. (231,132,351) (1,968,010)
(50,866,137) (4,891,971) (27,948,543) (45,650)
(128,264)
------------- ------------
- ------------ ------------ ------------ ---------- --------
- ---
Net increase/
(decrease) ......... $ (16,295,182) $ 4,613,702
$(11,139,950) $ 34,015,120 $ 13,005,712 $ 163,478 $
731,577
============= ============
============ ============ ============ ==========
===========
Class Y Shares:
Sold ................. $ 34,636,181 $ 27,428,925
$ 11,770,423 $144,007,404 $ 34,855,719 $1,979,362 $
7,321,781
Issued as reinvestment
of dividends ....... 398,011 2,289
14,438 136,376 845,365 -- 299,113
Redeemed ............. (59,301,396) (18,550,008)
(6,480,117) (47,949,614) (22,476,303) (43,069)
(3,083,103)
------------- ------------
- ------------ ------------ ------------ ---------- -------
- ----
Net increase/
(decrease) ......... $ (24,267,204) $ 8,881,206
$ 5,304,744 $ 96,194,166 $ 13,224,781 $1,936,293 $
4,537,791
============= ============
============ ============ ============ ==========
===========
<FN>
----------------
(a) The Munder Micro-Cap Equity Fund Class A Shares,
Class B Shares, Class C
Shares, Class K Shares and Class Y Shares
commenced operations on December
26, 1996, February 24, 1997, March 31, 1997,
December 31, 1996 and December
26, 1996, respectively.
(b) The Munder Real Estate Equity Investment Fund
Class K Shares commenced
operations on October 3, 1996.
(c) The Munder Small-Cap Value Fund Class A Shares,
Class B Shares, Class C
Shares, Class K Shares and Class Y Shares
commenced operations on January
10, 1997, February 11, 1997, Janaury 13, 1997,
December 31, 1996 and
December 26, 1996, respectively.
(d) 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.
(e) 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.
(f) 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.
See Notes to Financial
Statements.
</FN>
</TABLE>
128
<TABLE>
<CAPTION>
---------------------------------------------------
- ------------------------------------------------------------------
- --
Munder Munder
Munder Munder
Munder Real Estate Munder Small
Framlington Munder Framlington
Multi-Season Equity Small-Cap Company
Munder Emerging Framlington International
Growth Investment Value Growth
Value Markets Healthcare Growth
Fund Fund(b) Fund(c) Fund
Fund Fund(d) Fund(e) Fund(f)
---------------------------------------------------
- ------------------------------------------------------------------
- --
<S> <C> <C> <C>
<C> <C> <C> <C>
$ 7,599,306 $ 1,175,987 $ 1,099,006 $
80,987,644 $ 1,753,575 $ 469,149 $ 668,481 $ 1,003,276
294,024 17,340 3,512
600,615 6,328 955 -- --
(3,462,872) (144,195) (62,330)
(76,014,012) (851,313) (7,000) (25,624)
(25,000)
------------ ----------- ----------- --------
- ----- ----------- ---------- ---------- -----------
$ 4,430,458 $ 1,049,132 $ 1,040,188 $
5,574,247 $ 908,590 $ 463,104 $ 642,857 $ 978,276
============ =========== ===========
============= =========== ========== ==========
===========
$ 11,008,276 $ 2,467,417 $ 337,176 $
5,020,913 $ 801,674 $ 135,920 $1,020,479 $ 220,489
1,223,154 15,845 4,280
17,864 3,810 179 -- --
(8,312,298) (151,456) (8)
(826,443) (51,472) (10,090) (75) (101,539)
------------ ----------- ----------- --------
- ----- ----------- ---------- ---------- -----------
$ 3,919,132 $ 2,331,806 $ 341,448 $
4,212,334 $ 754,012 $ 126,009 $1,020,404 $ 118,950
============ =========== ===========
============= =========== ========== ==========
===========
$ 11,554,085 $ 535,009 $ 180,840 $
23,728,049 $ 136,163 $ 21,795 $ 162,935 $ 58,068
13,790 1,967 407
5,764 2,223 4 -- --
(9,393,169) (29,607) --
(22,028,360) (46,985) (1,481) -- --
------------ ----------- ----------- --------
- ----- ----------- ---------- ---------- -----------
$ 2,174,706 $ 507,369 $ 181,247 $
1,705,453 $ 91,401 $ 20,318 $ 162,935 $ 58,068
============ =========== ===========
============= =========== ========== ==========
===========
$ 86,220,708 $ 1,415,046 $46,367,097 $
177,871,885 $ 6,662,501 $4,031,349 $ 105,000 $
1,108,648
77,782 -- --
17,337 351 -- -- --
(28,825,713) (9,910) (924,924)
(144,175,630) (567,024) -- --
(108,589)
------------ ----------- ----------- --------
- ----- ----------- ---------- ---------- -----------
$ 57,472,777 $ 1,405,136 $45,442,173 $
33,713,592 $ 6,095,828 $4,031,349 $ 105,000 $ 1,000,059
============ =========== ===========
============= =========== ========== ==========
===========
$ 51,479,805 $23,238,587 $16,984,508 $
57,984,178 $34,487,168 $4,285,017 $1,941,112 $21,627,250
886,972 100,318 22,034
822,966 331,479 1,133 -- --
(36,781,131) (1,125,098) (540,475)
(21,000,710) (1,422,074) (223,284) (1,889)
(372,387)
------------ ----------- ----------- --------
- ----- ----------- ---------- ---------- -----------
$ 15,585,646 $22,213,807 $16,466,067 $
37,806,434 $33,396,573 $4,062,866 $1,939,223 $21,254,863
============ =========== ===========
============= =========== ========== ==========
===========
<FN>
See Notes to Financial
Statements.
</FN>
</TABLE>
129
The Munder Funds
Statements of Changes - Capital Stock Activity,
Year Ended June 30, 1997
(Continued)
<TABLE>
<CAPTION>
EQUITY FUNDS
--------------------
- ------------------------------------------------------------------
- -------
Munder
Munder Munder Munder Munder
Accelerating
Munder Growth & Munder International Micro-Cap
Mid-Cap
Growth
Balanced Income Index 500 Equity Equity
Growth
Fund Fund
Fund Fund Fund Fund(a) Fund
--------------------
- ------------------------------------------------------------------
- -------
<S> <C> <C>
<C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold .......................... 7,376,349
8,188 234,161 3,909,821 501,239 15,641
8,528
Issued as reinvestment of
dividends ................... 33,248
2,066 7,787 28,123 13,029 --
450
Redeemed ...................... (7,376,019)
(11,276) (79,802) (1,037,817) (403,802) (1,245)
(20,417)
----------- -----
- ----- ---------- ---------- ---------- ------- ----
- ----
Net increase/(decrease) ....... 33,578
(1,022) 162,146 2,900,127 110,466 14,396
(11,439)
===========
========== ========== ========== ========== =======
========
Class B Shares:
Sold .......................... 253,156
9,389 29,848 2,204,357 26,727 34,575
5,698
Issued as reinvestment of
dividends ................... 1,273
198 980 11,719 1,578 --
475
Redeemed ...................... (235,452)
(331) (6,076) (184,249) (18,613) --
(542)
----------- -----
- ----- ---------- ---------- ---------- ------- ----
- ----
Net increase .................. 18,977
9,256 24,752 2,031,827 9,692 34,575
5,631
===========
========== ========== ========== ========== =======
========
Class C Shares:
Sold .......................... 133,496
5,410 234,022 -- 165,385 8,689
7,869
Issued as reinvestment of
dividends ................... 4
9 161 -- 2 -- 86
Redeemed ...................... (121,579)
(2) (185,999) -- (126,816) --
(1,815)
----------- -----
- ----- ---------- ---------- ---------- ------- ----
- ----
Net increase .................. 11,921
5,417 48,184 -- 38,571 8,689
6,140
===========
========== ========== ========== ========== =======
========
Class K Shares:
Sold .......................... 15,187,815
525,081 2,900,852 2,143,298 2,865,640 20,097
81,024
Issued as reinvestment of
dividends ................... 518
- -- 35 110 869 --
- --
Redeemed ...................... (16,346,825)
(158,306) (3,708,480) (274,797) (1,945,295) (4,579)
(12,315)
----------- -----
- ----- ---------- ---------- ---------- ------- ----
- ----
Net increase/(decrease) ....... (1,158,492)
366,775 (807,593) 1,868,611 921,214 15,518
68,709
===========
========== ========== ========== ========== =======
========
Class Y Shares:
Sold .......................... 2,517,095
2,239,730 847,658 7,982,383 2,420,567 181,860
645,678
Issued as reinvestment of
dividends ................... 30,267
184 1,088 7,662 61,722 --
28,379
Redeemed ...................... (4,259,374)
(1,501,310) (468,153) (2,653,658) (1,561,205) (4,194)
(294,692)
----------- -----
- ----- ---------- ---------- ---------- ------- ----
- ----
Net increase/(decrease) ....... (1,712,012)
738,604 380,593 5,336,387 921,084 177,666
379,365
===========
========== ======== ========== ========== =======
========
<FN>
----------------
(a) The Munder Micro-Cap Equity Fund Class A Shares,
Class B Shares, Class C
Shares, Class K Shares and Class Y Shares
commenced operations on December
26, 1996, February 24, 1997, March 31, 1997,
December 31, 1996 and December
26, 1996, respectively.
(b) The Munder Real Estate Equity Investment Fund
Class K Shares commenced
operations on October 3, 1996.
(c) The Munder Small-Cap Value Fund Class A Shares,
Class B Shares, Class C
Shares, Class K Shares and Class Y Shares
commenced operations on January
10, 1997, February 11, 1997, January 13, 1997,
December 31, 1996 and
December 26, 1996, respectively.
(d) 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.
(e) 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.
(f) 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.
See Notes to Financial
Statements.
</FN>
</TABLE>
130
<TABLE>
<CAPTION>
---------------------------------------------------
- --------------------------------------------------------------
Munder Munder
Munder Munder
Munder Real Estate Munder Small
Framlington Munder Framlington
Multi-Season Equity Small-Cap Company
Munder Emerging Framlington International
Growth Investment Value Growth
Value Markets Healthcare Growth
Fund Fund(b) Fund(c) Fund
Fund Fund(d) Fund(e) Fund(f)
---------------------------------------------------
- --------------------------------------------------------------
<S> <C> <C> <C>
<C> <C> <C> <C>
483,816 84,585 102,051 4,073,044
141,937 41,734 63,699 99,737
19,537 1,277 298 32,016
515 74 -- --
(220,758) (10,673) (5,688)
(3,795,299) (65,495) (631) (2,682) (2,540)
---------- --------- --------- ----------
- --------- ------- ------- ---------
282,595 75,189 96,661 309,761
76,957 41,177 61,017 97,197
========== ========= ========= ==========
========= ======= ======= =========
714,134 177,899 30,619 266,694
62,109 11,246 97,919 20,407
83,151 1,184 408 974
328 14 -- --
(536,526) (11,359) (1)
(43,006) (4,251) (916) (7) (9,066)
---------- --------- --------- ----------
- --------- ------- ------- ---------
260,759 167,724 31,026 224,662
58,186 10,344 97,912 11,341
========== ========= ========= ==========
========= ======= ======= =========
745,285 38,801 16,329 1,198,463
11,143 1,953 15,144 5,476
937 145 35 310
192 -- -- --
(603,919) (2,165) --
(1,095,914) (3,665) (128) -- --
---------- --------- --------- ----------
- --------- ------- ------- ---------
142,303 36,781 16,364 102,859
7,670 1,825 15,144 5,476
========== ========= ========= ==========
========= ======= ======= =========
5,480,651 103,574 4,300,140 9,094,522
525,427 342,112 10,907 106,183
5,174 -- -- 924
30 -- -- --
(1,802,231) (731) (83,364)
(7,327,720) (45,251) -- -- (10,248)
---------- --------- --------- ----------
- --------- ------- ------- ---------
3,683,594 102,843 4,216,776 1,767,726
480,206 342,112 10,907 95,935
========== ========= ========= ==========
========= ======= ======= =========
3,198,676 1,714,854 1,565,794 2,938,830
2,741,436 393,313 191,665 2,135,815
58,502 7,437 1,870 43,474
28,172 88 -- --
(2,276,376) (80,307) (50,309)
(1,054,932) (111,678) (19,946) (191) (36,195)
---------- --------- --------- ----------
- --------- ------- ------- ---------
980,802 1,641,984 1,517,355 1,927,372
2,657,930 373,455 191,474 2,099,620
========== ========= ========= ==========
========= ======= ======= =========
<FN>
See Notes to Financial
Statements.
</FN>
</TABLE>
131
The Munder Funds
Statements of Changes - Capital Stock Activity,
Year Ended June 30, 1997
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
--------------------
- ---------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder
Intermediate International Government Michigan
Bond Bond
Bond Income Triple Tax-Free
Fund Fund
Fund (a) Fund (b) Bond Fund(c)
--------------------
- ---------------------------------------------------------
<S> <C> <C>
<C> <C> <C>
Amount
Class A Shares:
Sold .......................... $ 722,605 $
3,845,090 $ 172,931 $ 1,484,727 $ 253,986
Issued as reinvestment of
dividends ................... 32,466
247,408 112 20,649 13,052
Redeemed ...................... (834,239)
(3,347,609) (5,000) (544,379) (193,491)
------------ -----
- ------- ----------- ------------ -----------
Net increase/(decrease) ....... $ (79,168) $
744,889 $ 168,043 $ 960,997 $ 73,547
============
============ =========== ============ ===========
Class B Shares:
Sold .......................... $ 505,619 $
356,872 $ 20,740 $ 1,934,087 $ 70,290
Issued as reinvestment of
dividends ................... 5,598
5,729 -- 7,163 6,877
Redeemed ...................... (251,200)
(2,449) -- (841,994) (25,132)
------------ -----
- ------- ----------- ------------ -----------
Net increase .................. $ 260,017 $
360,152 $ 20,740 $ 1,099,256 $ 52,035
============
============ =========== ============ ===========
Class C Shares:
Sold .......................... $ 650,966 $
2,475,363 -- $ 16,574 $ 89,041
Issued as reinvestment of
dividends ................... 437
3,113 -- 20 --
Redeemed ...................... (658,250)
(2,480,476) -- (6,856) (19)
------------ -----
- ------- ----------- ------------ -----------
Net increase/(decrease) ....... $ (6,847) $
(2,000) -- $ 9,738 $ 89,022
============
============ =========== ============ ===========
Class K Shares:
Sold .......................... $ 13,725,771 $
41,376,179 $ 115,302 $ 61,223,031 $20,579,426
Issued as reinvestment of
dividends ................... --
38,309 -- 3,554 301
Redeemed ...................... (11,079,199)
(87,290,552) (15,959) (27,554,020) (7,789,915)
------------ -----
- ------- ----------- ------------ -----------
Net increase/(decrease) ....... $ 2,646,572
$(45,876,064) $ 99,343 $ 33,672,565 $12,789,812
============
============ =========== ============ ===========
Class Y Shares:
Sold .......................... $ 20,310,569 $
32,107,963 $52,163,268 $ 8,849,219 $ 471,521
Issued as reinvestment of
dividends ................... 33,206
41,666 5,749 18,056 6,295
Redeemed ...................... (20,461,565)
(53,975,282) (130,550) (1,006,807) (42,281)
------------ -----
- ------- ----------- ------------ -----------
Net increase/(decrease) ....... $ (117,790)
$(21,825,653) $52,038,467 $ 7,860,468 $ 435,535
============
============ =========== ============ ===========
<FN>
----------------
(a) The Munder International Bond Fund Class A Shares,
Class B Shares, Class K
Shares, and Class Y Shares commenced operations on
October 17, 1996, June
9, 1997, March 25, 1997 and October 2, 1996,
respectively.
(b) The Munder U.S. Government Income Fund Class C
Shares commenced operations
on August 12, 1996.
(c) The Munder Michigan Triple Tax-Free Bond Fund
Class C Shares commenced
operations on October 4, 1996.
(d) The Munder Short Term Treasury Fund Class A, Class
B, Class K and Class Y
Shares commenced operations on April 9, 1997,
January 29, 1997, April 2,
1997 and April 4, 1997, respectively.
See Notes to Financial
Statements.
</FN>
</TABLE>
132
<TABLE>
<CAPTION>
-----------------------------------------------
Munder Munder Munder
Tax-Free Tax-Free Short Term
Bond Intermediate Treasury
Fund Bond Fund Fund(d)
-----------------------------------------------
<S> <C> <C>
$ 2,651,583 $ 4,542,574 --
30,725 114,181 --
(1,369,952) (3,490,920) --
------------ ------------ -----------
$ 1,312,356 $ 1,165,835 --
============ ============ ===========
$ 485,874 $ 221,204 $ 68,495
300 391 --
(250,941) -- (34,953)
------------ ------------ -----------
$ 235,233 $ 221,595 $ 33,542
============ ============ ===========
-- -- --
-- -- --
-- -- --
------------ ------------ -----------
-- -- --
============ ============ ===========
$ 26,287,176 $ 21,354,645 $ 1,425,010
976 10,316 22
(35,771,754) (73,796,440) (5,491)
------------ ------------ -----------
$ (9,483,602) $(52,431,479) $ 1,419,541
============ ============ ===========
$ 2,323,433 $ 3,244,759 $52,806,009
799 574 812,987
(354,867) (1,069,384) (4,581,619)
------------ ------------ -----------
$ 1,969,365 $ 2,175,949 $49,037,377
============ ============ ===========
<FN>
See Notes to Financial
Statements.
</FN>
</TABLE>
133
The Munder Funds
Statements of Changes - Capital Stock Activity,
Year Ended June 30, 1997
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
- ------------------------------------------------------------------
- --------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Triple
Tax-Free
Fund Fund Fund(a) Fund(b) Bond
Fund(c)
- ------------------------------------------------------------------
- --------
<S>
<C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ................................................
74,757 411,150 17,619 147,994 26,624
Issued as reinvestment of dividends .................
3,396 26,780 11 2,054 1,371
Redeemed ............................................
(86,692) (359,206) (516) (54,343) (20,187)
- ---------- ---------- ------- -------- -----
- -
Net increase/(decrease) .............................
(8,539) 78,724 17,114 95,705 7,808
========== ========== ======= ========
======
Class B Shares:
Sold ................................................
53,020 38,333 2,108 191,518 7,428
Issued as reinvestment of dividends .................
580 683 -- 701 726
Redeemed ............................................
(26,060) (276) -- (83,881) (2,621)
- ---------- ---------- ------- -------- -----
- -
Net increase ........................................
27,540 38,740 2,108 108,338 5,533
========== ========== ======= ========
======
Class C Shares:
Sold ................................................
67,270 264,896 -- 1,648 9,301
Issued as reinvestment of dividends .................
45 357 -- 2 --
Redeemed ............................................
(68,024) (264,567) -- (667) (2)
- ---------- ---------- ------- -------- -----
- -
Net increase/(decrease) .............................
(709) 686 -- 983 9,299
========== ========== ======= ========
======
Class K Shares:
Sold ................................................
1,434,648 4,430,395 12,057 6,094,852 2,153,255
Issued as reinvestment of dividends .................
- -- 4,108 -- 353 32
Redeemed ............................................
(1,159,269) (9,358,156) (1,619) (2,742,562)
(814,695)
- ---------- ---------- ------- -------- -----
- -
Net increase/(decrease) .............................
275,379 (4,923,653) 10,438 3,352,643 1,338,592
========== ========== ======= ========
======
Class Y Shares:
Sold ................................................
2,124,698 3,444,548 5,269,912 881,230 49,599
Issued as reinvestment of dividends .................
3,471 4,471 569 1,794 660
Redeemed ............................................
(2,135,075) (5,777,546) (13,584) (100,133)
(4,466)
- ---------- ---------- --------- -------- -----
- -
Net increase/(decrease) .............................
(6,906) (2,328,527) 5,256,897 782,891 45,793
========== ========== ========= ========
======
<FN>
----------------
(a) The Munder International Bond Fund Class A Shares,
Class B Shares, Class K
Shares and Class Y Shares commenced operations on
October 17, 1996, June 9, 1997, March 25, 1997 and
October 2, 1996,
respectively.
(b) The Munder U.S. Government Income Fund Class C
Shares commenced operations
on August 12, 1996.
(c) The Munder Michigan Triple Tax-Free Bond Fund
Class C Shares commenced
operations on October 4, 1996.
(d) The Munder Short Term Treasury Fund Class B, Class
K and Class Y
Shares commenced operations on April 9, 1997,
April 2, 1997,
and January 29, 1997, respectively.
See Notes to Financial
Statements.
</FN>
</TABLE>
134
<TABLE>
<CAPTION>
----------------------------------------------
Munder Munder Munder
Tax-Free Tax-Free Short Term
Bond Intermediate Treasury
Fund Bond Fund Fund(d)
----------------------------------------------
<S> <C> <C>
254,403 435,557 --
2,955 10,985 --
(130,788) (334,666) --
---------- ---------- ---------
126,570 111,876 --
========== ========== =========
46,477 21,323 6,865
27 36 --
(24,129) -- (3,485)
---------- ---------- ---------
22,375 21,359 3,380
========== ========== =========
-- -- --
-- -- --
-- -- --
---------- ---------- ---------
-- -- --
========== ========== =========
2,514,364 2,052,808 143,073
94 993 2
(3,433,740) (7,097,180) (549)
---------- ---------- ---------
(919,282) (5,043,379) 142,526
========== ========== =========
222,652 313,064 5,280,326
77 55 81,447
(33,925) (103,099) (458,745)
---------- ---------- ---------
188,804 210,020 4,903,028
========== ========== =========
<FN>
See Notes to Financial
Statements.
</FN>
</TABLE>
135
The Munder Funds
Statements of Changes - Capital Stock Activity,
Year Ended June 30, 1997
(Continued)
Since the Funds have sold, redeemed and reinvested
shares only at a constant
net asset value of $1.00 per share, the number of
shares represented by such
sales, redemptions and reinvestments are the same as
the amounts shown below
for such transactions.
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
- ------------------------------------------------------------------
Munder Munder Munder Munder
Cash Money Tax-Free U.S. Treasury
Investment Market Money Market Money Market
Fund Fund (a) Fund Fund
- ------------------------------------------------------------------
<S>
<C> <C> <C> <C>
Class A Shares:
Sold ................................................
$ 265,542,230 $ 28,917,566 $ 11,521,703 $ 23,806,876
Issued as reinvestment of dividends .................
3,974,343 10,575 182,115 126,067
Redeemed ............................................
(289,946,386) (25,296,635) (17,085,026) (20,234,035)
- ------------- ------------- ------------- -------------
Net increase/(decrease) .............................
$ (20,429,813) $ 3,631,506 $ (5,381,208) $ 3,698,908
============= ============= ============= =============
Class B Shares:
Sold ................................................
$ 3,601,653
Issued as reinvestment of dividends .................
5,117
Redeemed ............................................
(3,279,798)
- -------------
Net increase ........................................
$ 326,972
=============
Class C Shares:
Sold ................................................
$ 36,045,428
Issued as reinvestment of dividends .................
12,362
Redeemed ............................................
(34,302,600)
- -------------
Net increase ........................................
$ 1,755,190
=============
Class K Shares:
Sold ................................................
$ 977,051,641 $ 319,774,325 $ 119,384,579
Issued as reinvestment of dividends .................
102,409 7,415 77
Redeemed ............................................
(924,819,467) (285,600,146) (139,643,492)
- ------------- ------------- -------------
Net increase/(decrease) .............................
$ 52,334,583 $ 34,181,594 $ (20,258,836)
============= ============= =============
Class Y Shares:
Sold ................................................
$ 455,034,404 $ 301,972,601 $ 147,408,752 $ 675,428,907
Issued as reinvestment of dividends .................
5,498 7,034,959 2,621 10
Redeemed ............................................
(493,438,788) (407,782,588) (150,058,895) (751,768,784)
- ------------- ------------- ------------- -------------
Net decrease ........................................
$ (38,398,886) $ (98,775,028) $ (2,647,522) $ (76,339,867)
============= ============= ============= =============
<FN>
----------------
(a) The Munder Money Market Fund Class C Shares
commenced operations on October
17, 1996.
See Notes to Financial
Statements.
</FN>
</TABLE>
136
[This Page Intentionally Left
Blank]
137
The Munder Funds
Statements of Changes - Capital Stock Activity, Year
Ended June 30, 1996
<TABLE>
<CAPTION>
EQUITY
FUNDS
-----------
- ------------------------------------------------------------------
Munder
Munder Munder
Accelerating Munder Growth & Munder
International
Growth
Balanced Income Index 500 Equity
Fund(a)
Fund(b) Fund(c) Fund Fund(d)
-----------
- ------------------------------------------------------------------
<S> <C>
<C> <C> <C> <C>
Amount
Class A Shares:
Sold .................................. $
1,145,088 $ 65,148 $ 1,085,992 $ 21,789,661 $
3,493,085
Issued as reinvestment of dividends ...
677,255 6,383 6,515 87,729
10,130
Redeemed ..............................
(708,719) (54,960) (380,916) (1,475,519)
(464,880)
-----------
- - ------------ ------------ ------------ ------------
Net increase/(decrease) ............... $
1,113,624 $ 16,571 $ 711,591 $ 20,401,871 $
3,038,335
============ ============ ============ ============
============
Class B Shares:
Sold .................................. $
202,719 $ 81,707 $ 156,778 $ 14,411,687 $
799,832
Issued as reinvestment of dividends ...
14,881 302 1,396 9,649 2,604
Redeemed ..............................
(7,860) (28,333) (7,223) (123,577)
(13,301)
-----------
- - ------------ ------------ ------------ ------------
Net increase/(decrease) ............... $
209,740 $ 53,676 $ 150,951 $ 14,297,759 $
789,135
============ ============ ============ ============
============
Class C Shares:
Sold .................................. $
136,998 $ 12,513 $ 30,096 -- $
1,570,934
Issued as reinvestment of dividends ...
160 -- -- -- --
Redeemed ..............................
(21,394) (10,025) -- --
(29,631)
-----------
- - ------------ ------------ ------------ ------------
Net increase .......................... $
115,764 $ 2,488 $ 30,096 -- $
1,541,303
============ ============ ============
============
Class K Shares:
Sold .................................. $
74,290,538 $ 1,521,143 $ 62,205,961 $ 17,116,950 $
46,236,105
Issued as reinvestment of dividends ...
3,882 -- 928 2,396 532
Redeemed ..............................
(55,310,531) (104,982) (26,523,494) (3,902,094)
(14,110,494)
-----------
- - ------------ ------------ ------------ ------------
Net increase .......................... $
18,983,889 $ 1,416,161 $ 35,683,395 $ 13,217,252 $
32,126,143
============ ============ ============ ============
============
Class Y Shares:
Sold .................................. $
38,068,446 $ 26,158,851 $ 13,447,579 $ 57,654,834 $
21,149,472
Issued as reinvestment of dividends ...
382,085 106 1,368 150,375
44,383
Redeemed ..............................
(55,400,219) (24,492,369) (2,803,520) (30,738,177)
(16,139,139)
-----------
- - ------------ ------------ ------------ ------------
Net increase/(decrease) ...............
$(16,949,688) $ 1,666,588 $ 10,645,427 $ 27,067,032 $
5,054,716
============ ============ ============ ============
============
<FN>
----------------
(a) The Munder Accelerating Growth Fund and the Munder
Small Company Growth
Fund Class C Shares commenced operations on
September 26, 1995.
(b) The Munder Balanced Fund Class C Shares commenced
operations on January 24,
1996.
(c) The Munder Growth & Income Fund Class C Shares
commenced operations on
December 5, 1995.
(d) The Munder International Equity Fund Class C
Shares commenced operations on
September 29, 1995.
(e) The Munder Mid-Cap Growth Fund Class A Shares,
Class B Shares, Class C
Shares, Class K Shares and Class Y Shares
commenced operations on December
22, 1995, January 26, 1996, November 9, 1995,
October 2, 1995 and August
14, 1995, respectively.
(f) The Munder Real Estate Equity Investment Fund
Class C Shares commenced
operations on January 5, 1996.
(g) The Munder Value Fund Class A Shares, Class B
Shares, Class C Shares, Class
K Shares and Class Y Shares commenced operations
on September 14, 1995,
September 19, 1995, February 9, 1996, November 30,
1995 and August 18,
1995, respectively.
See Notes to Financial
Statements.
</FN>
</TABLE>
138
<TABLE>
<CAPTION>
---------------------------------------------------
- --------------------
Munder Munder
Munder Munder Real Estate Small
Mid-Cap Multi-Season Equity Company
Munder
Growth Growth Investment Growth
Value
Fund(e) Fund Fund(f) Fund(a)
Fund(g)
---------------------------------------------------
- --------------------
<S> <C> <C> <C> <C>
$ 178,579 $ 1,866,202 $ 94,626 $
982,874 $ 385,702
-- 236,573 3,521
218,328 --
(60) (4,180,563) (80,090)
(503,852) --
----------- ------------ ----------- --------
- ---- -----------
$ 178,519 $ (2,077,788) $ 18,057 $
697,350 $ 385,702
=========== ============ ===========
============ ===========
$ 53,088 $ 7,291,485 $ 214,109 $
829,305 $ 101,522
-- 622,220 1,494
1,740 37
-- (8,007,318) (176,119)
(13,895) (6,001)
----------- ------------ ----------- --------
- ---- -----------
$ 53,088 $ (93,613) $ 39,484 $
817,150 $ 95,558
=========== ============ ===========
============ ===========
$ 51,504 $ 1,869,460 $ 4,981 $
87,879 $ 341,761
-- 1,100 50 --
- --
(221) (347,000) (755)
(19,907) --
----------- ------------ ----------- --------
- ---- -----------
$ 51,283 $ 1,523,560 $ 4,276 $
67,972 $ 341,761
=========== ============ ===========
============ ===========
$ 428,161 $ 45,610,023 -- $
54,634,185 $ 999,348
-- 49,029 --
292 14
(27,063) (34,737,793) --
(22,594,973) (2,569)
----------- ------------ ----------- --------
- ---- -----------
$ 401,098 $ 10,921,259 -- $
32,039,504 $ 996,793
=========== ============ ===========
============ ===========
$19,316,468 $ 44,920,483 $12,521,999 $
24,386,268 $31,713,079
-- 285,464 35,483
104,346 9,592
(27,581) (24,519,590) (70,049)
(25,856,165) (318,620)
----------- ------------ ----------- --------
- ---- -----------
$19,288,887 $ 20,686,357 $12,487,433 $
(1,365,551) $31,404,051
=========== ============ ===========
============ ===========
<FN>
See Notes to Financial
Statements.
</FN>
</TABLE>
139
The Munder Funds
Statements of Changes - Capital Stock Activity,
Year Ended June 30, 1996
(Continued)
<TABLE>
<CAPTION>
EQUITY
FUNDS
-------
- ----------------------------------------------------------------
Munder
Munder Munder
Accelerating Munder Growth & Munder
International
Growth
Balanced Income Index 500 Equity
Fund(a)
Fund(b) Fund(c) Fund Fund(d)
-------
- ----------------------------------------------------------------
<S> <C>
<C> <C> <C> <C>
Shares
Class A Shares:
Sold .......................................
75,683 5,551 89,004 1,388,335 242,557
Issued as reinvestment of dividends ........
51,659 544 531 5,718 709
Redeemed ...................................
(47,482) (4,916) (31,289) (94,947) (31,547)
-------
- --- ---------- ---------- ---------- ----------
Net increase/(decrease) ....................
79,860 1,179 58,246 1,299,106 211,719
========== ========== ========== ========== ==========
Class B Shares:
Sold .......................................
13,808 7,137 12,936 923,629 56,033
Issued as reinvestment of dividends ........
1,152 25 118 606 184
Redeemed ...................................
(596) (2,478) (616) (7,779) (1,613)
-------
- --- ---------- ---------- ---------- ----------
Net increase/(decrease) ....................
14,364 4,684 12,438 916,456 54,604
========== ========== ========== ========== ==========
Class C Shares:
Sold .......................................
9,081 1,066 2,345 -- 107,537
Issued as reinvestment of dividends ........
12 -- -- -- --
Redeemed ...................................
(1,368) (857) -- -- (2,070)
-------
- --- ---------- ---------- ---------- ----------
Net increase ...............................
7,725 209 2,345 -- 105,467
========== ========== ========== ========== ==========
Class K Shares:
Sold .......................................
4,992,293 132,003 5,017,201 1,101,748 3,219,387
Issued as reinvestment of dividends ........
296 -- 78 160 37
Redeemed ...................................
(3,594,737) (8,633) (2,160,605) (246,829) (977,910)
-------
- --- ---------- ---------- ---------- ----------
Net increase ...............................
1,397,852 123,370 2,856,674 855,079 2,241,514
========== ========== ========== ========== ==========
Class Y Shares:
Sold .......................................
2,648,565 2,227,419 1,086,646 3,781,785 1,472,148
Issued as reinvestment of dividends ........
28,990 9 112 10,014 3,097
Redeemed ...................................
(3,517,122) (2,098,028) (224,398) (2,035,333) (1,147,491)
-------
- --- ---------- ---------- ---------- ----------
Net increase/(decrease) ....................
(839,567) 129,400 862,360 81,756,466 327,754
========== ========== ========== ========== ==========
<FN>
----------------
(a) The Munder Accelerating Growth Fund and the Munder
Small Company Growth
Fund Class C Shares commenced operations on
September 26, 1995.
(b) The Munder Balanced Fund Class C Shares commenced
operations on January 24,
1996.
(c) The Munder Growth & Income Fund Class C Shares
commenced operations on
December 5, 1995.
(d) The Munder International Equity Fund Class C
Shares commenced operations on
September 29, 1995.
(e) The Munder Mid-Cap Growth Fund Class A Shares,
Class B Shares, Class C
Shares, Class K Shares and Class Y Shares
commenced operations on December
22, 1995, January 26, 1996, November 9, 1995,
October 2, 1995 and August
14, 1995, respectively.
(f) The Munder Real Estate Equity Investment Fund
Class C Shares commenced
operations on January 5, 1996.
(g) The Munder Value Fund Class A Shares, Class B
Shares, Class C Shares, Class
K Shares and Class Y Shares commenced operations
on September 14, 1995,
September 19, 1995, February 9, 1996, November 30,
1995 and August 18,
1995, respectively.
See Notes to Financial
Statements.
</FN>
</TABLE>
140
<TABLE>
<CAPTION>
---------------------------------------------------
- -------------------
Munder Munder
Munder Munder Real Estate Small
Mid-Cap Multi-Season Equity Company
Munder
Growth Growth Investment Growth
Value
Fund(e) Fund Fund(f) Fund(a)
Fund(g)
---------------------------------------------------
- -------------------
<S> <C> <C> <C> <C>
17,448 139,270 9,047 55,637
36,601
-- 17,884 330 13,200
- --
(5) (296,421) (7,693)
(27,481) --
--------- --------- --------- ----------
- ---------
17,443 (139,267) 1,684 41,356
36,601
========= ========= ========= ==========
=========
4,568 549,554 20,379 45,308
9,460
-- 47,936 142 107
3
-- (605,737) (16,664)
(704) (567)
--------- --------- --------- ----------
- ---------
4,568 (8,247) 3,857 44,711
8,896
========= ========= ========= ==========
=========
4,650 140,236 453 4,594
30,146
-- 85 5 --
- --
(21) (25,952) (70)
(953) --
--------- --------- --------- ----------
- ---------
4,629 114,369 388 3,641
30,146
========= ========= ========= ==========
=========
38,842 3,335,619 -- 3,045,689
88,171
-- 3,710 -- 18
1
(2,464) (2,559,031) --
(1,156,557) (233)
--------- --------- --------- ----------
- ---------
36,378 780,298 -- 1,889,150
87,939
========= ========= ========= ==========
=========
1,855,470 3,304,727 1,213,257 1,351,024
3,087,099
-- 21,357 3,361 6,278
854
(2,462) (1,857,504) (6,570)
(1,505,669) (30,486)
--------- --------- --------- ----------
- ---------
1,853,008 1,468,580 1,210,048
(148,367) 3,057,467
========= ========= ========= ==========
=========
<FN>
See Notes to Financial
Statements.
</FN>
</TABLE>
141
The Munder Funds
Statements of Changes - Capital Stock Activity,
Year Ended June 30, 1996
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
--------------------
- ------------------------------------------------------------------
- --------
Munder Munder U.S. Munder Munder
Munder
Munder
Intermediate Government Michigan Tax-Free
Tax-Free
Bond Bond
Income Triple Tax-Free Bond Intermediate
Fund(a)
Fund(b) Fund(c) Bond Fund Fund
Bond Fund(d)
--------------------
- ------------------------------------------------------------------
- --------
<S> <C> <C>
<C> <C> <C> <C>
Amount
Class A Shares:
Sold .......................... $ 167,845 $
2,014,281 $ 1,478,021 $ 41,017 $ 2,179,685 $
2,549,824
Issued as reinvestment of
dividends ................... 35,561
242,083 13,144 13,168 11,915
73,671
Redeemed ...................... (207,769)
(2,242,793) (1,293,398) (24,639) (1,023,040)
(1,720,323)
------------ -----
- ------- ------------ ----------- ------------ --------
- ----
Net increase/(decrease) ....... $ (4,363) $
13,571 $ 197,767 $ 29,546 $ 1,168,560 $
903,172
============
============ ============ =========== ============
============
Class B Shares:
Sold .......................... $ 354,641 $
96,213 $ 980,455 $ 148 $ 26,539 $
49,579
Issued as reinvestment of
dividends ................... 298
1,622 -- 7,346 43 --
Redeemed ...................... (56,375)
(1,821) (442,410) (10,538) (23,530)
(1,076)
------------ -----
- ------- ------------ ----------- ------------ --------
- ----
Net increase/(decrease) ....... $ 298,564 $
96,014 $ 538,045 $ (3,044) $ 3,052 $
48,503
============
============ ============ =========== ============
============
Class C Shares:
Sold .......................... $ 52,020 $
52,083 -- -- -- --
Issued as reinvestment of
dividends ................... --
- -- -- -- -- --
Redeemed ...................... (21)
- -- -- -- -- --
------------ -----
- ------- ------------ ----------- ------------ --------
- ----
Net increase .................. $ 51,999 $
52,083 -- -- -- --
============
============ ============ =========== ============
============
Class K Shares:
Sold .......................... $ 7,620,896
$124,069,515 $ 30,943,020 $12,005,861 $ 13,383,991 $
58,335,796
Issued as reinvestment of
dividends ................... 2,631
54,365 7,512 1,703 913
17,860
Redeemed ...................... (11,584,126)
(45,791,289) (41,445,590) (8,107,501) (50,248,221)
(56,724,325)
------------ -----
- ------- ------------ ----------- ------------ --------
- ----
Net increase/(decrease) ....... $ (3,960,599) $
78,332,591 $(10,495,058) $ 3,900,063 $(36,863,317) $
1,629,331
============
============ ============ =========== ============
============
Class Y Shares:
Sold .......................... $ 17,350,760 $
74,492,394 $ 45,269,185 $ 52,000 $ 1,047,240 $
2,675,213
Issued as reinvestment of
dividends ................... 8,531
18,596 2,116 -- 43 --
Redeemed ...................... (50,095,495)
(44,665,567) (9,781,051) (622,397) (639,811)
(8,532,779)
------------ -----
- ------- ------------ ----------- ------------ --------
- ----
Net increase/(decrease) ....... $(32,736,204) $
29,845,423 $ 35,490,250 $ (570,397) $ 407,472 $
(5,857,566)
============
============ ============ =========== ============
============
<FN>
----------------
(a) The Munder Bond Fund Class B Shares and Class C
Shares commenced operations
on March 13, 1996 and March 25, 1996,
respectively.
(b) The Munder Intermediate Bond Fund Class C Shares
commenced operations on
April 19, 1996.
(c) The Munder U.S. Government Income Fund Class B
Shares commenced operations
on September 6, 1995.
(d) The Munder Tax-Free Intermediate Bond Fund Class B
Shares commenced
operations on May 16, 1996.
See Notes to Financial
Statements.
</FN>
</TABLE>
142
The Munder Funds
Statements of Changes - Capital Stock Activity,
Year Ended June 30, 1996
(Continued)
<TABLE>
<CAPTION>
INCOME
FUNDS
-----------
- ------------------------------------------------------------------
- ---------
Munder Munder U.S. Munder Munder Munder
Munder
Intermediate Government Michigan Tax-Free Tax-
Free
Bond
Bond Income Triple Tax-Free Bond
Intermediate
Fund(a)
Fund(b) Fund(c) Bond Fund Fund Bond
Fund(d)
-----------
- ------------------------------------------------------------------
- ---------
<S> <C>
<C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold .................................. 16,880
210,690 142,134 4,272 207,059
242,570
Issued as reinvestment of dividends ... 3,664
25,566 1,281 1,387 1,149 7,059
Redeemed .............................. (21,413)
(235,718) (126,939) (2,604) (97,794)
(164,183)
----------
- ---------- ---------- --------- ---------- ------
- ----
Net increase/(decrease) ............... (869)
538 16,476 3,055 110,414 85,446
==========
========== ========== ========= ==========
==========
Class B Shares:
Sold .................................. 36,695
10,176 94,331 16 2,558 4,928
Issued as reinvestment of dividends ... 31
175 -- 776 3 --
Redeemed .............................. (5,842)
(200) (44,465) (1,114) (2,220) (101)
----------
- ---------- ---------- --------- ---------- ------
- ----
Net increase/(decrease) ............... 30,884
10,151 49,866 (322) 341 4,827
==========
========== ========== ========= ==========
==========
Class C Shares:
Sold .................................. 5,381
5,541 -- -- -- --
Issued as reinvestment of dividends ... --
- -- -- -- -- --
Redeemed .............................. (1)
- -- -- -- -- --
----------
- ---------- ---------- --------- ---------- ------
- ----
Net increase .......................... 5,380
5,541 -- -- -- --
==========
========== ========== ========= ==========
==========
Class K Shares:
Sold .................................. 785,021
13,040,844 3,017,230 1,272,778 1,268,126
5,561,532
Issued as reinvestment of dividends ... 271
5,738 733 178 86 1,708
Redeemed .............................. (1,192,796)
(4,837,158) (4,054,798) (854,898) (4,799,660)
(5,418,489)
----------
- ---------- ---------- --------- ---------- ------
- ----
Net increase/(decrease) ............... (407,504)
8,209,424 (1,036,835) 418,058 (3,531,448)
144,751
==========
========== ========== ========= ==========
==========
Class Y Shares:
Sold .................................. 1,786,823
7,804,479 4,363,599 5,335 100,881
256,963
Issued as reinvestment of dividends ... 886
1,962 206 -- 7 --
Redeemed .............................. (5,062,631)
(4,706,955) (934,064) (66,086) (59,901)
(816,582)
----------
- ---------- ---------- --------- ---------- ------
- ----
Net increase/(decrease) ............... (3,274,922)
3,099,486 3,429,741 (60,751) 40,987
(559,619)
==========
========== ========== ========= ==========
==========
<FN>
----------------
(a) The Munder Bond Fund Class B Shares and Class C
Shares commenced operations
on March 13, 1996 and March 25, 1996,
respectively.
(b) The Munder Intermediate Bond Fund Class C Shares
commenced operations on
April 19, 1996.
(c) The Munder U.S. Government Income Fund Class B
Shares commenced operations
on September 6, 1995.
(d) The Munder Tax-Free Intermediate Bond Fund Class B
Shares commenced
operations on May 16, 1996.
See Notes to Financial
Statements.
</FN>
</TABLE>
143
The Munder Funds
Statements of Changes - Capital Stock Activity,
Year Ended June 30, 1996
(Continued)
Since the Funds have sold, redeemed and reinvested
shares only at a constant
net asset value of $1.00 per share, the number of
shares represented by such
sales, redemptions and reinvestments are the same as
the amounts shown below
for such transactions.
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
- ------------------------------------------------------------------
- -
Munder Munder Munder Munder
Cash Money Tax-Free U.S. Treasury
Investment Market Money Market Money Market
Fund Fund Fund Fund
- ------------------------------------------------------------------
- -
<S>
<C> <C> <C> <C>
Class A Shares:
Sold ................................................
$ 177,850,670 $ 188,589 $ 19,124,206 $ 3,933,444
Issued as reinvestment of dividends .................
3,466,426 1,387 259,761 80,190
Redeemed ............................................
(117,224,475) (166,954) (17,330,595) (3,510,800)
- ------------- ------------- ------------- -------------
Net increase ........................................
$ 64,092,621 $ 23,022 $ 2,053,372 $ 502,834
============= ============= ============= =============
Class B Shares:
Sold ................................................
$ 60,309
Issued as reinvestment of dividends .................
7,066
Redeemed ............................................
(314,214)
- -------------
Net decrease ........................................
$ (246,839)
=============
Class K Shares:
Sold ................................................
$ 600,348,964 $ 211,116,349 $ 322,484,040
Issued as reinvestment of dividends .................
40,539 7,943 46
Redeemed ............................................
(611,494,687) (214,253,237) (334,560,626)
- ------------- ------------- -------------
Net decrease ........................................
$ (11,105,184) $ (3,128,945) $ (12,076,540)
============= ============= =============
Class Y Shares:
Sold ................................................
$ 725,228,754 $ 694,479,788 $ 167,259,652 $ 560,496,273
Issued as reinvestment of dividends .................
- -- 12,905,901 1,408 --
Redeemed ............................................
(747,797,473) (747,503,317) (165,094,073) (481,686,647)
- ------------- ------------- ------------- -------------
Net increase/(decrease) .............................
$ (22,568,719) $ (40,117,628) $ 2,166,987 $ 78,809,626
============= ============= ============= =============
<FN>
See Notes to Financial
Statements.
</FN>
</TABLE>
144
Munder Accelerating Growth Fund(a)
Financial Highlights, For a Share Outstanding
Throughout Each Period
<TABLE>
<CAPTION>
K Shares
- ---------------------------------------------------------------
Year Year Period Year Year
Ended Ended Ended Ended Ended
6/30/97(h) 6/30/96 6/30/95(d) 2/28/95(e) 2/28/94
- ---------------------------------------------------------------
<S>
<C> <C> <C> <C> <C>
Net asset value, beginning of period ................
$ 15.36 $ 14.82 $ 12.73 $ 13.98 $ 12.08
- ------- -------- -------- -------- -------
Income from investment operations:
Net investment income/(loss). .......................
(0.05) (0.05) (0.01) (0.03) 0.00(g)
Net realized and unrealized gain/(loss) on
investments. ......................................
0.63 2.92 2.10 (0.88) 2.17
- ------- -------- -------- -------- -------
Total from investment operations ....................
0.58 2.87 2.09 (0.91) 2.17
- ------- -------- -------- -------- -------
Less distributions:
Dividends from net investment income ................
- -- -- -- -- (0.02)
Distributions from net realized gains. ..............
(1.38) (2.33) -- (0.34) (0.25)
- ------- -------- -------- -------- -------
Total distributions .................................
(1.38) (2.33) -- (0.34) (0.27)
- ------- -------- -------- -------- -------
Net asset value, end of period ......................
$ 14.56 $ 15.36 $ 14.82 $ 12.73 $ 13.98
======== ========= ========= ======== ========
Total return(b) .....................................
4.83% 22.03% 16.42% (6.45)% 18.00%
======== ========= ========= ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$87,693 $110,273 $ 85,685 $71,406 $53,914
Ratio of operating expenses to average net assets ...
1.20% 1.20% 1.20%(c) 1.18% 1.03%
Ratio of net investment income/(loss) to average net
assets. ...........................................
(0.32)% (0.42)% (0.21)%(c) (0.25)% (0.03)%
Portfolio turnover rate. ............................
88% 112% 31% 90% 34%
Ratio of operating expenses to average net assets
without waivers ...................................
1.20% 1.27% 1.44%(c) 1.41% 1.28%
Average commission rate paid (f). ...................
$0.0588 $ 0.0548 N/A N/A N/A
<FN>
(a) The Munder Accelerating Growth Fund Class K Shares
commenced operations on
November 23, 1992.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to
this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management
replaced Woodbridge Capital
Management, Inc. as investment advisor for the
Fund as a result of the
consolidation of the investment advisory
businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management,
Inc.
(f) Average commission rate paid per share of
securities purchased and sold by
the Fund.
(g) Amount represents less than $0.01 per share.
(h) 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.
</FN>
</TABLE>
145
Munder Balanced Fund(a)
Financial Highlights, For a Share Outstanding
Throughout Each Period
<TABLE>
<CAPTION>
K Shares
- --------------------------------------------------------------
Year Year Period Year Period
Ended Ended Ended Ended Ended
6/30/97(g) 6/30/96(g) 6/30/95(d) 2/28/95(e)2/28/94
- --------------------------------------------------------------
<S>
<C> <C> <C> <C> <C>
Net asset value, beginning of period ................
$ 12.37 $ 10.78 $ 9.97 $ 10.35 $ 9.97
- ------- ------- ------ ------- ------
Income from investment operations:
Net investment income ...............................
0.29 0.27 0.07 0.21 0.16
Net realized and unrealized gain/(loss) on
investments .......................................
1.30 1.57 0.86 (0.42) 0.34
- ------- ------- ------ ------- ------
Total from investment operations ....................
1.59 1.84 0.93 (0.21) 0.50
- ------- ------- ------ ------- ------
Less distributions:
Dividends from net investment income ................
(0.27) (0.25) (0.12) (0.17) (0.12)
Distributions from net realized gains ...............
(0.66) -- -- -- --
- ------- ------- ------ ------- ------
Total distributions .................................
(0.93) (0.25) (0.12) (0.17) (0.12)
- ------- ------- ------ ------- ------
Net asset value, end of period ......................
$ 13.03 $ 12.37 $ 10.78 $ 9.97 $ 10.35
======== ======== ======= ======= =======
Total return (b) ....................................
13.64% 17.17% 9.33% (1.95)% 5.03%
======== ======== ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$ 6,588 $ 1,718 $ 168 $ 151 $ 102
Ratio of operating expenses to average net assets ...
1.22% 1.15% 1.16%(c) 1.22% 1.00%(c)
Ratio of net investment income to average net assets.
2.30% 2.29% 2.51%(c) 1.89% 1.68%(c)
Portfolio turnover rate .............................
125% 197% 52% 116% 50%
Ratio of operating expenses to average net assets
without waivers ...................................
1.22% 1.26% 1.51%(c) 1.57% 1.25%(c)
Average commission rate paid (f). ...................
$0.0607 $0.0586 N/A N/A N/A
<FN>
(a) The Munder Balanced Fund Class K Shares commenced
operations on April 16,
1993.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this,
the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management
replaced Woodbridge Capital
Management, Inc. as investment advisor for the
Fund as a result of the
consolidation of the investment advisory
businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management,
Inc.
(f) Average commission rate paid per share of
securities purchased and sold by
the Fund.
(g) 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.
</FN>
</TABLE>
146
Munder Growth & Income Fund(a)
Financial Highlights, For a Share Outstanding
Throughout Each Period
<TABLE>
<CAPTION>
K Shares
- ----------------------------------------------------------
Year Year Period Period
Ended Ended Ended Ended
6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
- ----------------------------------------------------------
<S>
<C> <C> <C> <C>
Net asset value, beginning of period ................
$ 13.05 $ 11.14 $ 10.43 $ 10.00
- --------- --------- --------- ---------
Income from investment operations:
Net investment income ...............................
0.32 0.32 0.11 0.22
Net realized and unrealized gain on investments .....
3.14 1.99 0.78 0.36
- --------- --------- --------- ---------
Total from investment operations ....................
3.46 2.31 0.89 0.58
- --------- --------- --------- ---------
Less distributions:
Dividends from net investment income ................
(0.32) (0.31) (0.18) (0.15)
Distributions from net realized gains ...............
(0.96) (0.09) -- (0.00)(h)
- --------- --------- --------- ---------
Total distributions .................................
(1.28) (0.40) (0.18) (0.15)
- --------- --------- --------- ---------
Net asset value, end of period ......................
$ 15.23 $ 13.05 $ 11.14 $ 10.43
========= ========= ========= =========
Total return (b) ....................................
28.12% 20.97% 8.57% 5.94%
========= ========= ========= =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$212,415 $192,592 $132,583 $105,629
Ratio of operating expenses to average net assets ...
1.20% 1.21% 1.09%(c) 0.53%(c)
Ratio of net investment income to average net assets.
2.28% 2.56% 3.33%(c) 4.72%(c)
Portfolio turnover rate .............................
62% 37% 13% 12%
Ratio of operating expenses to average net assets
without waivers ...................................
1.20% 1.28% 1.51%(c) 1.53%(c)
Average commission rate paid (g) ....................
$ 0.0562 $ 0.0591 N/A N/A
<FN>
(a) The Munder Growth & Income Fund Class K Shares
commenced operations on July
5, 1994.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this,
the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management
replaced Woodbridge Capital
Management, Inc. as investment advisor for the
Fund as a result of the
consolidation of the investment advisory
businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management,
Inc.
(f) 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.
(g) Average commission rate paid per share of
securities purchased and sold by
the Fund.
(h) Amount represents less than $0.01 per share.
See Notes to Financial
Statements.
</FN>
</TABLE>
147
Munder Index 500 Fund(a)
Financial Highlights, For a Share Outstanding
Throughout Each Period
<TABLE>
<CAPTION>
K Shares
- -----------------------------------------------------------
Year Year Period Year Year
Ended Ended Ended Ended Ended
6/30/97 6/30/96(d) 6/30/95(e) 2/28/95(d,f)2/28/94
- -----------------------------------------------------------
<S>
<C> <C> <C> <C> <C>
Net asset value, beginning of period ................
$ 16.16 $ 13.80 $ 12.40 $ 12.06 $ 11.47
- -------- -------- ------- ------- -------
Income from investment operations:
Net investment income ...............................
0.31 0.33 0.10 0.30 0.30
Net realized and unrealized gain on investments .....
5.04 3.07 1.44 0.50 0.59
- -------- -------- ------- ------- -------
Total from investment operations ....................
5.35 3.40 1.54 0.80 0.89
- -------- -------- ------- ------- -------
Less distributions:
Dividends from net investment income ................
(0.30) (0.32) (0.14) (0.29) (0.30)
Distributions from net realized gains ...............
(0.27) (0.72) -- (0.17) --
- -------- -------- ------- ------- -------
Total distributions .................................
(0.57) (1.04) (0.14) (0.46) (0.30)
- -------- -------- ------- ------- -------
Net asset value, end of period ......................
$ 20.94 $ 16.16 $13.80 $12.40 $12.06
======== ======== ======= ======= =======
Total return (b) ....................................
33.79% 25.37% 12.49% 6.90% 7.89%
======== ======== ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$61,254 $17,068 $2,778 $1,746 $ 922
Ratio of operating expenses to average net assets ...
0.54% 0.51% 0.50%(c) 0.50% 0.33%
Ratio of net investment income to average net assets
1.76% 2.13% 2.41%(c) 2.49% 2.51%
Portfolio turnover rate .............................
11% 8% 6% 7% 1%
Ratio of operating expenses to average net assets
without waivers and/or expenses reimbursed ........
0.64% 0.69% 0.63%(c) 0.64% 0.50%
Average commission rate paid (g) ....................
$0.0153 $0.0240 N/A N/A N/A
<FN>
(a) The Munder Index 500 Fund Class K Shares commenced
operations on December
7, 1992.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the
average shares method,
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.
(e) Fiscal year end changed to June 30. Prior to this,
the fiscal year end was
the last day of February.
(f) On February 1, 1995, Munder Capital Management
replaced Woodbridge Capital
Management, Inc. as investment advisor for the
Fund as a result of the
consolidation of the investment advisory
businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management,
Inc.
(g) Average commission rate paid per share of
securities purchased and sold by
the Fund.
See Notes to Financial
Statements.
</FN>
</TABLE>
148
Munder International Equity Fund(a)
Financial Highlights, or a Share Outstanding
Throughout Each Period
<TABLE>
<CAPTION>
K Shares
- --------------------------------------------------------------
Year Year Period Year Year
Ended Ended Ended Ended Ended
6/30/97(d) 6/30/96(d) 6/30/95(e) 2/28/95(d,f)2/28/94
- --------------------------------------------------------------
<S>
<C> <C> <C> <C> <C>
Net asset value, beginning of period. ...............
$ 15.08 $ 13.42 $ 12.28 $ 13.68 $ 10.64
- -------- --------- -------- -------- --------
Income from investment operations:
Net investment income ...............................
0.14 0.15 0.11 0.17 0.19
Net realized and unrealized gain/(loss) on
investments .......................................
2.31 1.63 1.03 (1.48) 2.85
- -------- --------- -------- -------- --------
Total from investment operations ....................
2.45 1.78 1.14 (1.31) 3.04
- -------- --------- -------- -------- --------
Less distributions:
Dividends from net investment income ................
(0.20) (0.12) -- (0.03) --
Distributions from net realized gains ...............
(1.59) -- -- -- --
Distributions from capital ..........................
- -- -- -- (0.06) --
- -------- --------- -------- -------- --------
Total distributions .................................
(1.79) (0.12) -- (0.09) --
- -------- --------- -------- -------- --------
Net asset value, end of period ......................
$ 15.74 $ 15.08 $ 13.42 $ 12.28 $ 13.68
======== ========= ======== ======== ========
Total return (b) ....................................
18.09% 13.29% 9.28% (9.68)% 28.57%
======== ========= ======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$135,593 $116,053 $73,168 $63,159 $37,536
Ratio of operating expenses to average net assets ...
1.26% 1.26% 1.21%(c) 1.18% 1.11%
Ratio of net investment income to average net assets.
0.98% 1.07% 2.57%(c) 1.31% 1.18%
Portfolio turnover rate .............................
46% 75% 14% 20% 15%
Ratio of operating expenses to average net assets
without waivers ...................................
1.26% 1.33% 1.46%(c) 1.43% 1.36%
Average commission rate paid (g) ....................
$ 0.0065 $ 0.0288 N/A N/A N/A
<FN>
(a) The Munder International Equity Fund Class K
Shares commenced operations on
November 23, 1992.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the
average shares method,
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.
(e) Fiscal year end changed to June 30. Prior to this,
the fiscal year end was
the last day of February.
(f) On February 1, 1995, Munder Capital Management
replaced Woodbridge Capital
Management, Inc. as investment advisor for the
Fund as a result of the
consolidation of the investment advisory
businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management,
Inc.
(g) Average commission rate paid per share of
securities purchased and sold by
the Fund.
See Notes to Financial
Statements.
</FN>
</TABLE>
149
Munder Micro-Cap Equity Fund(a)
Financial Highlights, For a Share Outstanding
Throughout The Period
<TABLE>
<CAPTION>
K Shares
- --------
Period
Ended
6/30/97
- --------
<S> <C>
Net asset value, beginning of period ................
$ 10.11
- -------
Income from investment operations:
Net investment loss .................................
(0.05)
Net realized and unrealized gain on investments .....
2.76
- -------
Total from investment operations. ...................
2.71
- -------
Less distributions:
Dividends from net investment income ................
- --
Total distributions .................................
- --
- -------
Net asset value, end of period ......................
$ 12.82
=======
Total return (b) ....................................
26.81%
=======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$ 199
Ratio of operating expenses to average net assets ...
1.50%(c)
Ratio of net investment loss to average net assets ..
(0.88)%(c)
Portfolio turnover rate .............................
68%
Ratio of operating expenses to average net assets
without expenses reimbursed .......................
7.90%(c)
Average commission rate (d) .........................
$0.0578
<FN>
(a) The Munder Micro-Cap Equity Fund Class K Shares
commenced operations on
December 31, 1996.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(d) Average commission rate paid per share of
securities purchased and sold by
the Fund.
See Notes to Financial
Statements.
</FN>
</TABLE>
150
Munder Mid-Cap Growth Fund(a)
Financial Highlights, For a Share Outstanding
Throughout Each Period
<TABLE>
<CAPTION>
K Shares
- -------------------------
Year Period
Ended Ended
6/30/97(e) 6/30/96(e)
- -------------------------
<S>
<C> <C>
Net asset value, beginning of period ................
$ 11.56 $ 10.53
- -------- ---------
Income from investment operations:
Net investment loss .................................
(0.07) (0.04)
Net realized and unrealized gain on investments .....
0.18 1.07
- -------- ---------
Total from investment operations ....................
0.11 1.03
- -------- ---------
Less distributions:
Distributions from net realized gains ...............
(1.20) --
- -------- ---------
Total distributions .................................
(1.20) --
- -------- ---------
Net asset value, end of period ......................
$ 10.47 $ 11.56
======== =========
Total return (b) ....................................
0.90% 9.78%
======== =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$ 1,100 $ 421
Ratio of operating expenses to average net assets ...
1.24% 1.20%(c)
Ratio of net investment loss to average net assets ..
(0.61)% (0.53)% (c)
Portfolio turnover rate .............................
162% 247%
Ratio of operating expenses to average net assets
without waivers and/or expenses reimbursed ........
1.46% 1.38%(c)
Average commission rate paid (d) ....................
$0.0592 $ 0.0600
<FN>
(a) The Munder Mid-Cap Growth Fund Class K Shares
commenced operations on
October 2, 1995.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(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.
</FN>
</TABLE>
151
Munder Multi-Season Growth Fund(a)
Financial Highlights, For a Share Outstanding
Throughout Each Period
<TABLE>
<CAPTION>
K Shares
- ------------------------------------------
Year Year Period
Ended Ended Ended
6/30/97(e) 6/30/96(e) 6/30/95(d,g)
- ------------------------------------------
<S>
<C> <C> <C>
Net asset value, beginning of period ................
$ 14.83 $ 12.02 $ 12.20
- -------- -------- --------
Income from investment operations:
Net investment income ...............................
0.04 0.06 0.00(h)
Net realized and unrealized gain/(loss) on
investments .......................................
3.89 3.20 (0.18)
- -------- -------- --------
Total from investment operations ....................
3.93 3.26 (0.18)
- -------- -------- --------
Less distributions:
Dividends from net investment income ................
(0.01) (0.05) --
Distributions from net realized gains ...............
(0.75) (0.40) --
- -------- -------- --------
Total distributions .................................
(0.76) (0.45) --
- -------- -------- --------
Net asset value, end of period ......................
$ 18.00 $ 14.83 $ 12.02
======== ======== ========
Total return (b) ....................................
27.55% 27.56% (1.48)%
======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$237,330 $140,833 $104,767
Ratio of operating expenses to average net assets ...
1.25% 1.26% 1.20%(c)
Ratio of net investment income to average net assets.
0.25% 0.44% 0.28%(c)
Portfolio turnover rate. ............................
33% 54% 27%
Ratio of operating expenses to average net assets
without waivers ...................................
1.50% 1.51% 1.58%(c)
Average commission rate paid (f) ....................
$ 0.0599 $ 0.0592 N/A
<FN>
(a) The Munder Multi-Season Growth Fund Class K Shares
commenced operations on
June 23, 1995.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management
replaced Munder Capital
Management, Inc. as investment advisor for the
Fund as a result of the
consolidation of the investment advisory
businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management,
Inc.
(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.
(f) Average commission rate paid per share of
securities purchased and sold by
the Fund.
(g) On June 23, 1995, the Munder Multi-Season Growth
Fund acquired the assets
and certain liabilities of the Ambassador
Established Company Growth Fund.
(h) Amount represents less than $0.01 per share.
See Notes to Financial
Statements.
</FN>
</TABLE>
152
Munder Real Estate Equity Investment Fund(a)
Financial Highlights, For a Share Outstanding
Throughout The Period
<TABLE>
<CAPTION>
K Shares
- --------
Period
Ended
6/30/97
- --------
<S> <C> <C>
Net asset value, beginning of period ................
$ 12.07
- -------
Income from investment operations:
Net investment income ...............................
0.40
Net realized and unrealized gain on investments .....
2.36
- -------
Total from investment operations ....................
2.76
- -------
Less distributions:
Dividends from net investment income ................
(0.41)
- -------
Distributions in excess of net investment income ....
(0.00)(e)
Distributions from paid-in capital ..................
(0.02)
Total distributions .................................
(0.43)
- -------
Net asset value, end of period ......................
$ 14.40
=======
Total return (b) ....................................
23.11%
=======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$ 1,481
Ratio of operating expenses to average net assets ...
1.35%(c)
Ratio of net investment income to average net assets
3.80%(c)
Portfolio turnover rate .............................
15%
Ratio of operating expenses to average net assets
without waivers and/or expenses reimbursed ........
1.38%(c)
Average commission rate (d) .........................
$0.0600
<FN>
(a) The Munder Real Estate Equity Investment Fund
Class K Shares commenced
operations on October 3, 1996.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(d) Average commission rate paid per share of
securities purchased and sold by
the Fund.
See Notes to Financial
Statements.
</FN>
</TABLE>
153
Munder Small-Cap Value Fund(a)
Financial Highlights, For a Share Outstanding
Throughout The Period
<TABLE>
<CAPTION>
K Shares
- --------
Period
Ended
6/30/97(e)
- --------
<S> <C>
Net asset value, beginning of period ................
$ 10.08
- -------
Income from investment operations:
Net investment income ...............................
0.09
Net realized and unrealized loss on investments .....
1.91
- -------
Total from investment operations ....................
2.00
- -------
Less distributions:
Dividends from net investment income ................
(0.04)
- -------
Total distributions .................................
(0.04)
- -------
Net asset value, end of period ......................
$ 12.04
=======
Total return (b) ....................................
19.85%
=======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$50,769
Ratio of operating expenses to average net assets ...
1.38%(c)
Ratio of net investment income to average net assets
1.93%(c)
Portfolio turnover rate .............................
73%
Ratio of operating expenses to average net assets
without waivers and/or expenses reimbursed ........
1.51%(c)
Average commission rate (d) .........................
$0.0361
<FN>
(a) The Munder Small-Cap Value Fund Class K Shares
commenced operations on
December 31, 1996.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(d) Average commission rate paid per share of
securities purchased and sold by
the Fund.
(e) Per share numbers have been calculated using
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.
</FN>
</TABLE>
154
Munder Small Company Growth Fund(a)
Financial Highlights, For a Share Outstanding
Throughout Each Period
<TABLE>
<CAPTION>
K Shares
- -------------------------------------------------------------
Year Year Period Year Year
Ended Ended Ended Ended Ended
6/30/97 6/30/96(g) 6/30/95(d) 2/28/95(e)2/28/94
- -------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................
$ 21.08 $ 15.28 $ 13.89 $ 14.37 $ 12.72
- -------- -------- -------- ------- -------
Income from investment operations:
Net investment loss .................................
(0.12) (0.12) (0.02) (0.04) (0.05)
Net realized and unrealized gain/(loss) on
investments .......................................
3.65 7.16 1.41 (0.42) 1.97
- -------- -------- -------- ------- -------
Total from investment operations ....................
3.53 7.04 1.39 (0.46) 1.92
- -------- -------- -------- ------- -------
Less distributions:
Dividends from net investment income ................
- -- -- -- -- --
Distributions from net realized gains ...............
(2.99) (1.24) -- (0.02) (0.27)
- -------- -------- -------- ------- -------
Total distributions .................................
(2.99) (1.24) -- (0.02) (0.27)
- -------- -------- -------- ------- -------
Net asset value, end of period ......................
$ 21.62 $ 21.08 $ 15.28 $ 13.89 $ 14.37
======== ======== ======== ======= =======
Total return (b) ....................................
18.93% 48.28% 10.01% (3.21)% 15.11%
======== ======== ======== ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$152,766 $111,669 $ 52,077 $45,080 $32,431
Ratio of operating expenses to average net assets ...
1.22% 1.21% 1.21%(c) 1.23% 1.02%
Ratio of net investment loss to average net assets ..
(0.62)% (0.66)% (0.41)%(c) (0.40)% (0.38)%
Portfolio turnover rate .............................
98% 98% 39% 45% 47%
Ratio of operating expenses to average net assets
without waivers ...................................
1.22% 1.28% 1.46%(c) 1.48% 1.27%
Average commission rate paid (f) ....................
$ 0.0545 $ 0.0551 N/A N/A N/A
<FN>
(a) The Munder Small Company Growth Fund Class K
Shares commenced operations on
November 23, 1992.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this,
the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management
replaced Woodbridge Capital
Management, Inc. as investment advisor for the
Fund as a result of the
consolidation of the investment advisory
businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management,
Inc.
(f) Average commission rate paid per share of
securities purchased and sold by
the Fund.
(g) 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.
</FN>
</TABLE>
155
Munder Value Fund(a)
Financial Highlights, For a Share Outstanding
Throughout Each Period
<TABLE>
<CAPTION>
K Shares
- -----------------------
Year Period
Ended Ended
6/30/97 6/30/96(e)
- -----------------------
<S> <C> <C>
Net asset value, beginning of period ................
$ 11.57 $ 10.83
- ------- -------
Income from investment operations:
Net investment income ...............................
0.08 0.05
Net realized and unrealized gain on investments .....
3.64 0.74
- ------- -------
Total from investment operations ....................
3.72 0.79
- ------- -------
Less distributions:
Dividends from net investment income ................
(0.09) (0.05)
Distributions from net realized gains ...............
(1.22) --
- ------- -------
Total distributions .................................
(1.31) (0.05)
- ------- -------
Net asset value, end of period ......................
$ 13.98 $ 11.57
======= =======
Total return (b) ....................................
34.37% 7.33%
======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$ 7,940 $ 1,018
Ratio of operating expenses to average net assets ...
1.27% 1.20%(c)
Ratio of net investment income to average net assets
0.70% 0.64%(c)
Portfolio turnover rate .............................
139% 223%
Ratio of operating expenses to average net assets
without waivers and/or expenses reimbursed ........
1.31% 1.30%(c)
Average commission rate paid (d) ....................
$0.0508 $0.0602
<FN>
(a) The Munder Value Fund Class K Shares commenced
operations on November 30,
1995.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(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.
</FN>
</TABLE>
156
Munder Framlington Emerging Markets Fund(a)
Financial Highlights, For a Share Outstanding
Throughout The Period
<TABLE>
<CAPTION>
K Shares
- --------
Period
Ended
6/30/97
- --------
<S> <C> <C>
Net asset value, beginning of period ................
$ 10.06
- -------
Income from investment operations:
Net investment income ...............................
0.05
Net realized and unrealized gain on investments .....
2.84
- -------
Total from investment operations ....................
2.89
- -------
Less distributions:
Dividends from net investment income ................
(0.03)
Distributions from net realized gains ...............
- --
- -------
Total distributions .................................
(0.03)
- -------
Net asset value, end of period ......................
$ 12.92
=======
Total return (b) ....................................
28.69%
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$ 4,419
Ratio of operating expenses to average net assets ...
1.79%(c)
Ratio of net investment income to average net assets
1.14%(c)
Portfolio turnover rate. ............................
46%
Ratio of operating expenses to average net assets
without expenses reimbursed. ......................
5.43%(c)
Average commission rate (d) .........................
$0.0029
<FN>
(a) The Munder Framlington Emerging Markets Fund Class
K Shares commenced
operations on January 10, 1997.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(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.
</FN>
</TABLE>
157
Munder Framlington Healthcare Fund(a)
Financial Highlights, For a Share Outstanding
Throughout The Period
<TABLE>
<CAPTION>
K Shares
- --------
Period
Ended
6/30/97
- --------
<S> <C> <C>
Net asset value, beginning of period ................
$ 9.45
- -------
Income from investment operations:
Net investment loss .................................
(0.02)
Net realized and unrealized gain on investments .....
1.46
- -------
Total from investment operations ....................
1.44
- -------
Less distributions:
Dividends from net investment income ................
- --
Distributions from net realized gains ...............
- --
Total distributions .................................
- --
- -------
Net asset value, end of period ......................
$ 10.89
=======
Total return (b) ....................................
15.24%
=======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$ 119
Ratio of operating expenses to average net assets ...
1.55%(c)
Ratio of net investment loss to average net assets ..
(0.95)%(c)
Portfolio turnover rate .............................
14%
Ratio of operating expenses to average net assets
without expenses reimbursed .......................
7.33%(c)
Average commission rate (d) .........................
$0.1441
<FN>
(a) The Munder Framlington Healthcare Fund Class K
shares commenced operations
on April 1, 1997.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(d) Average commission rate paid per share of
securities purchased and sold by
the Fund.
See Notes to Financial
Statements.
</FN>
</TABLE>
158
Munder Framlington International Growth Fund(a)
Financial Highlights, For a Share Outstanding
Throughout The Period
<TABLE>
<CAPTION>
K Shares
- ----------
Period
Ended
6/30/97(e)
- ----------
<S> <C> <C>
Net asset value, beginning of period ................
$ 9.87
- -------
Income from investment operations:
Net investment income ...............................
0.05
Net realized and unrealized gain on investments .....
1.43
- -------
Total from investment operations ....................
1.48
- -------
Less distributions:
Dividends from net investment income ................
- --
Distributions from net realized gains ...............
- --
- -------
Total distributions .................................
- --
- -------
Net asset value, end of period ......................
$ 11.35
=======
Total return (b) ....................................
14.99%
=======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$ 1,089
Ratio of operating expenses to average net assets ...
1.55%(c)
Ratio of net investment income to average net assets
1.01%(c)
Portfolio turnover rate .............................
15%
Ratio of operating expenses to average net assets
without expenses reimbursed .......................
2.56%(c)
Average commission rate (d) .........................
$0.0238
<FN>
(a) The Munder Framlington International Growth Fund
Class K Shares commenced
operations on January 10, 1997.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(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.
</FN>
</TABLE>
159
Munder Bond Fund(a)
Financial Highlights, For a Share Outstanding
Throughout Each Period
<TABLE>
<CAPTION>
K Shares
- --------------------------------------------------------------
Year Year Period Year Year
Ended Ended Ended Ended Ended
6/30/97 6/30/96 6/30/95(e) 2/28/95(d,f) 2/28/94
- --------------------------------------------------------------
<S>
<C> <C> <C> <C> <C>
Net asset value, beginning of period ................
$ 9.53 $ 9.69 $ 9.31 $ 9.91 $ 9.92
- ------- ------- ------- ------- -------
Income from investment operations:
Net investment income ...............................
0.61 0.61 0.21 0.62 0.56
Net realized and unrealized gain/(loss) on
investments .......................................
0.01 (0.19) 0.37 (0.64) (0.01)
- ------- ------- ------- ------- -------
Total from investment operations ....................
0.62 0.42 0.58 (0.02) 0.55
- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income ................
(0.58) (0.58) (0.20) (0.58) (0.56)
Distributions from net realized gains ...............
- -- -- -- -- --
- ------- ------- ------- ------- -------
Total distributions .................................
(0.58) (0.58) (0.20) (0.58) (0.56)
- ------- ------- ------- ------- -------
Net asset value, end of period ......................
$ 9.57 $ 9.53 $ 9.69 $ 9.31 $ 9.91
======= ======= ======= ======= =======
Total return (b) ....................................
6.72% 4.35% 6.28% 0.44% 5.61%
======= ======= ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$34,999 $32,211 $36,718 $33,842 $26,458
Ratio of operating expenses to average net assets ...
0.96% 0.95% 0.95%(c) 0.92% 0.88%
Ratio of net investment income to average net assets
6.34% 6.26% 6.47%(c) 6.57% 5.76%
Portfolio turnover rate .............................
279% 507% 99% 165% 128%
Ratio of operating expenses to average net assets
without waivers ...................................
0.96% 1.04% 1.19%(c) 1.16% 1.02%
<FN>
----------------
(a) The Munder Bond Fund Class K Shares commenced
operations on November 23,
1992.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the
average shares method,
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.
(e) Fiscal year end changed to June 30. Prior to this,
the fiscal year end was
the last day of February.
(f) On February 1, 1995, Munder Capital Management
replaced Woodbridge Capital
Management, Inc. as investment advisor for the
Fund as a result of the
consolidation of the investment advisory
businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management,
Inc.
See Notes to Financial
Statements.
</FN>
</TABLE>
160
Munder Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding
Throughout Each Period
<TABLE>
<CAPTION>
K Shares
- ----------------------------------------------------------------
Year Year Period Year Year
Ended Ended Ended Ended Ended
6/30/97(f) 6/30/96 6/30/95(d) 2/28/95(e) 2/28/94
- ---------- ------- ---------- ---------- -------
<S>
<C> <C> <C> <C> <C>
Net asset value, beginning of period ................
$ 9.31 $ 9.51 $ 9.27 $ 9.91 $ 10.47
- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income ...............................
0.55 0.58 0.22 0.56 0.59
Net realized and unrealized gain/(loss) on
investments .......................................
0.02 (0.20) 0.24 (0.57) (0.20)
- -------- -------- -------- -------- --------
Total from investment operations ....................
0.57 0.38 0.46 (0.01) 0.39
- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income ................
(0.55) (0.58) (0.22) (0.62) (0.58)
Distributions from net realized gains. ..............
- -- -- -- (0.01) (0.37)
- -------- -------- -------- -------- --------
Total distributions .................................
(0.55) (0.58) (0.22) (0.63) (0.95)
- -------- -------- -------- -------- --------
Net asset value, end of period ......................
$ 9.33 $ 9.31 $ 9.51 $ 9.27 $ 9.91
======== ======== ======== ======== =========
Total return (b) ....................................
6.34% 4.04% 5.04% 0.54% 3.77%
======== ======== ======== ======== =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$325,331 $370,493 $300,596 $285,493 $112,332
Ratio of operating expenses to average net assets ...
0.93% 0.94% 0.95%(c) 0.93% 0.84%
Ratio of net investment income to average net assets
5.91% 6.08% 7.12%(c) 6.71% 5.55%
Portfolio turnover rate .............................
325% 494% 84% 80% 155%
Ratio of operating expenses to average net assets
without waivers ...................................
0.93% 1.02% 1.19%(c) 1.18% 0.98%
<FN>
----------------
(a) The Munder Intermediate Bond Fund Class K Shares
commenced operations on
November 20, 1992.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this,
the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management
replaced Woodbridge Capital
Management, Inc. as investment advisor for the
Fund as a result of the
consolidation of the investment advisory
businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management,
Inc.
(f) 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.
</FN>
</TABLE>
161
Munder International Bond Fund(a)
Financial Highlights, For a Share Outstanding
Throughout The Period
<TABLE>
<CAPTION>
K Shares
- --------
Period
Ended
6/30/97
- --------
<S> <C> <C>
Net asset value, beginning of period ................
$9.54
- -----
Income from investment operations:
Net investment income ...............................
0.09
Net realized and unrealized gain on investments .....
0.20
- -----
Total from investment operations ....................
0.29
- -----
Less distributions:
Dividends from net investment income ................
- --
- -----
Total distributions .................................
- --
- -----
Net asset value, end of period ......................
$9.83
=====
Total return (b) ....................................
3.04%
=====
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$ 103
Ratio of operating expenses to average net assets ...
1.14%(c)
Ratio of net investment income to average net assets
3.61%(c)
Portfolio turnover rate .............................
75%
Ratio of operating expenses to average net assets
without waivers expenses reimbursed ...............
1.18%(c)
<FN>
----------------
(a) The Munder International Bond Fund Class K Shares
commenced operations on
March 24, 1997.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
See Notes to Financial
Statements.
</FN>
</TABLE>
162
Munder U.S. Government Income Fund(a)
Financial Highlights, For a Share Outstanding
Throughout Each Period
<TABLE>
<CAPTION>
K Shares
- ---------------------------------------------------------
Year Year Period Period
Ended Ended Ended Ended
6/30/97 6/30/96(f) 6/30/95(d) 2/28/95(e)
- ---------------------------------------------------------
<S>
<C> <C> <C> <C>
Net asset value, beginning of period ................
$ 9.98 $ 10.30 $ 9.89 $ 10.00
- -------- -------- -------- --------
Income from investment operations:
Net investment income ...............................
0.65 0.71 0.23 0.47
Net realized and unrealized gain/(loss) on
investments .......................................
0.07 (0.27) 0.41 (0.12)
- -------- -------- -------- --------
Total from investment operations ....................
0.72 0.44 0.64 0.35
- -------- -------- -------- --------
Less distributions:
Dividends from net investment income ................
(0.61) (0.68) (0.23) (0.46)
Distributions from net realized gains ...............
(0.00)(g) (0.08) -- --
- -------- -------- -------- --------
Total distributions .................................
(0.61) (0.76) (0.23) (0.46)
- -------- -------- -------- --------
Net asset value, end of period ......................
$ 10.09 $ 9.98 $ 10.30 $ 9.89
======== ======== ======== ========
Total return (b) ....................................
7.49% 4.32% 6.55% 3.68%
======== ======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$197,479 $158,948 $174,674 $165,298
Ratio of operating expenses to average net assets ...
0.96% 0.97% 0.97%(c) 0.95%(c)
Ratio of net investment income to average net assets
6.51% 6.92% 6.96%(c) 7.02%(c)
Portfolio turnover rate .............................
130% 133% 42% 143%
Ratio of operating expenses to average net assets
without waivers and/or reimbursed expenses ........
0.96% 1.04% 1.21%(c) 1.19%(c)
<FN>
----------------
(a) The Munder U.S. Government Income Fund Class K
Shares commenced operations
on July 5, 1994.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this,
the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management
replaced Woodbridge Capital
Management, Inc. as investment advisor for the
Fund as a result of the
consolidation of the investment advisory
businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management,
Inc.
(f) 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.
(g) Amount represents less than $0.01 per share.
See Notes to Financial
Statements.
</FN>
</TABLE>
163
Munder Michigan Triple Tax-Free Bond Fund(a)
Financia Highlights, For a Share Outstanding
Throughout Each Period
<TABLE>
<CAPTION>
K Shares
- ------------------------------------------------------------------
Year Year Period Year Period
Ended Ended Ended Ended Ended
6/30/97(d) 6/30/96(d) 6/30/95(d,e) 2/28/95(d,f)2/28/94
- ------------------------------------------------------------------
<S>
<C> <C> <C> <C> <C>
Net asset value, beginning of period ................
$ 9.34 $ 9.34 $ 9.24 $ 9.73 $ 10.00
- ------- -------- -------- -------- --------
Income from investment operations:
Net investment income ...............................
0.43 0.48 0.16 0.44 0.05
Net realized and unrealized gain/(loss) on
investments .......................................
0.30 0.00(g) 0.10 (0.50) (0.30)
- ------- -------- -------- -------- --------
Total from investment operations ....................
0.73 0.48 0.26 (0.06) (0.25)
- ------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income ................
(0.43) (0.48) (0.16) (0.43) (0.02)
Distributions from net realized gains ...............
(0.00)(g) -- -- -- --
- ------- -------- -------- -------- --------
Total distributions .................................
(0.43) (0.48) (0.16) (0.43) (0.02)
- ------- -------- -------- -------- --------
Net asset value, end of period ......................
$ 9.64 $ 9.34 $ 9.34 $ 9.24 $ 9.73
======= ======== ======== ======== ========
Total return(b) .....................................
8.00% 5.14% 2.84% (0.16)% (2.48)%
======= ======== ======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$43,316 $29,476 $25,549 $27,731 $13,464
Ratio of operating expenses to average net assets ...
0.88% 0.51% 0.52%(c) 0.56% 0.46%(c)
Ratio of net investment income to average net assets
4.57% 5.01% 5.06%(c) 4.81% 3.48%(c)
Portfolio turnover rate. ............................
19% 31% 8% 53% 0%
Ratio of operating expenses to average net assets
without waivers ...................................
1.02% 1.09% 1.26%(c) 1.30% 1.20%(c)
<FN>
----------------
(a) The Munder Michigan Triple Tax-Free Bond Fund
Class K Shares commenced
operations on January 3, 1994.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the
average shares method,
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.
(e) Fiscal year end changed to June 30. Prior to this,
the fiscal year end was
the last day of February.
(f) On February 1, 1995, Munder Capital Management
replaced Woodbridge Capital
Management, Inc. as investment advisor for the
Fund as a result of the
consolidation of the investment advisory
businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management,
Inc.
(g) Amount represents less than $0.01 per share.
See Notes to Financial
Statements.
</FN>
</TABLE>
164
Munder Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding
Throughout Each Period
<TABLE>
<CAPTION>
K Shares
- ----------------------------------------------------------
Year Year Period Period
Ended Ended Ended Ended
6/30/97(f) 6/30/96(f) 6/30/95(d,f) 2/28/95(e)
- ----------------------------------------------------------
<S>
<C> <C> <C> <C> <C>
Net asset value, beginning of period ................
$ 10.35 $ 10.30 $ 10.14 $ 10.00
- -------- --------- --------- ---------
Income from investment operations:
Net investment income ...............................
0.47 0.46 0.15 0.31
Net realized and unrealized gain on investments .....
0.25 0.07 0.16 0.14
- -------- --------- --------- ---------
Total from investment operations ....................
0.72 0.53 0.31 0.45
- -------- --------- --------- ---------
Less distributions:
Dividends from net investment income ................
(0.47) (0.47) (0.15) (0.31)
Distributions from net realized gains ...............
(0.08) (0.01) -- --
- -------- --------- --------- ---------
Total distributions .................................
(0.55) (0.48) (0.15) (0.31)
- -------- --------- --------- ---------
Net asset value, end of period. .....................
$ 10.52 $ 10.35 $ 10.30 $ 10.14
======== ========= ========= =========
Total return (b) ....................................
7.13% 5.12% 3.09% 4.64%
======== ========= ========= =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$190,243 $196,645 $232,040 $251,636
Ratio of operating expenses to average net assets ...
0.95% 0.98% 1.02%(c) 0.93%(c)
Ratio of net investment income to average net assets
4.52% 4.42% 4.38%(c) 4.69%(c)
Portfolio turnover rate .............................
45% 15% 12% 50%
Ratio of operating expenses to average net assets
without waivers ...................................
0.95% 1.06% 1.26%(c) 1.17%(c)
<FN>
----------------
(a) The Munder Tax-Free Bond Fund Class K Shares
commenced operations on July
5, 1994.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this,
the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management
replaced Woodbridge Capital
Management, Inc. as investment advisor for the
Fund as a result of the
consolidation of the investment advisory
businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management,
Inc.
(f) 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.
</FN>
</TABLE>
165
Munder Tax-Free Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding
Throughout Each Period
<TABLE>
<CAPTION>
K Shares
- -----------------------------------------------------------------
Year Year Period Year Year
Ended Ended Ended Ended Ended
6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)2/28/94
- -----------------------------------------------------------------
<S>
<C> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................
$ 10.34 $ 10.37 $ 10.17 $ 10.44 $ 10.69
- -------- --------- --------- --------- ---------
Income from investment operations:
Net investment income ...............................
0.41 0.41 0.14 0.38 0.42
Net realized and unrealized gain/(loss) on
investments .......................................
0.10 (0.03) 0.20 (0.21) (0.14)
- -------- --------- --------- --------- ---------
Total from investment operations ....................
0.51 0.38 0.34 0.17 0.28
- -------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment income. ...............
(0.41) (0.41) (0.14) (0.42) (0.42)
Distributions from net realized gains. ..............
(0.03) -- -- (0.02) (0.11)
- -------- --------- --------- --------- ---------
Total distributions .................................
(0.44) (0.41) (0.14) (0.44) (0.53)
- -------- --------- --------- --------- ---------
Net asset value, end of period. .....................
$ 10.41 $ 10.34 $ 10.37 $ 10.17 $ 10.44
======== ========= ========= ========= =========
Total return (b) ....................................
5.04% 3.69% 3.35% 2.05% 2.62%
======== ========= ========= ========= =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$283,641 $333,768 $333,067 $345,658 $107,335
Ratio of operating expenses to average net assets ...
0.93% 0.96% 0.98%(c) 0.95% 0.84%
Ratio of net investment income to average net assets
3.96% 3.91% 4.01%(c) 4.19% 3.93%
Portfolio turnover rate .............................
31% 20% 5% 52% 38%
Ratio of operating expenses to average net assets
without waivers ...................................
0.93% 1.04% 1.22%(c) 1.19% 0.98%
<FN>
----------------
(a) The Munder Tax-Free Intermediate Bond Fund Class K
Shares commenced
operations on February 9, 1987.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this,
the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management
replaced Woodbridge Capital
Management, Inc. as investment advisor for the
Fund as a result of the
consolidation of the investment advisory
businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management,
Inc.
(f) 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.
</FN>
</TABLE>
166
Munder Short Term Treasury Fund(a)
Financial Highlights, For a Share Outstanding
Throughout The Period
<TABLE>
<CAPTION>
K Shares
- --------
Period
Ended
6/30/97(d)
- ----------
<S> <C> <C>
Net asset value, beginning of period ................
$ 9.96
- ------
Income from investment operations:
Net investment income ...............................
0.12
Net realized and unrealized gain on investments .....
0.06
- ------
Total from investment operations ....................
0.18
- ------
Less distributions:
Dividends from net investment income ................
(0.13)
- ------
Total distributions .................................
(0.13)
- ------
Net asset value, end of period ......................
$10.01
======
Total return (b) ....................................
1.78%
======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$1,426
Ratio of operating expenses to average net assets ...
0.77%(c)
Ratio of net investment income to average net assets
5.01%(c)
Portfolio turnover rate .............................
40%
Ratio of operating expenses to average net assets
without expenses reimbursed by investment advisor .
0.80%(c)
<FN>
----------------
(a) Munder Short Term Treasury Fund Class K Shares
commenced operations on
April 25, 1997.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the
average shares method,
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.
</FN>
</TABLE>
167
Munder Cash Investment Fund(a)
Financial Highlights, For a Share Outstanding
Throughout The Period
<TABLE>
<CAPTION>
K Shares
- -----------------------------------------------------------------
Year Year Period Year Year
Ended Ended Ended Ended Ended
6/30/97 6/30/96 6/30/95(d) 2/28/95(e) 2/28/94
- -----------------------------------------------------------------
<S>
<C> <C> <C> <C> <C>
Net asset value, beginning of period ................
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- -------- --------- --------- --------- ---------
Income from investment operations:
Net investment income ...............................
0.048 0.050 0.018 0.040 0.026
- -------- --------- --------- --------- ---------
Total from investment operations ....................
0.048 0.050 0.018 0.040 0.026
- -------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment income ................
(0.048) (0.050) (0.018) (0.040) (0.026)
- -------- --------- --------- --------- ---------
Total distributions .................................
(0.048) (0.050) (0.018) (0.040) (0.026)
- -------- --------- --------- --------- ---------
Net asset value, end of period. .....................
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ========= ========= ========= =========
Total return (b) ....................................
4.90% 5.10% 1.81% 4.08% 2.68%
======== ========= ========= ========= =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$599,858 $547,523 $558,628 $559,212 $293,827
Ratio of operating expenses to average net assets ...
0.70% 0.68% 0.67%(c) 0.70% 0.56%
Ratio of net investment income to average net assets
4.81% 4.98% 5.49%(c) 4.12% 2.65%
Ratio of operating expenses to average net assets
without waivers ...................................
0.70% 0.68% 0.69%(c) 0.73% 0.61%
<FN>
----------------
(a) The Munder Cash Investment Fund Class K Shares
commenced operations on
November 23, 1992.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this,
the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management
replaced Woodbridge Capital
Management, Inc. as investment advisor for the
Fund as a result of the
consolidation of the investment advisory
businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management,
Inc.
See Notes to Financial
Statements.
</FN>
</TABLE>
168
Munder Tax-Free Money Market Fund(a)
Financial Highlights, For a Share Outstanding
Throughout The Period
<TABLE>
<CAPTION>
K Shares
- --------------------------------------------------------------
Year Year Period Year Year
Ended Ended Ended Ended Ended
6/30/97 6/30/96 6/30/95(d) 2/28/95(e) 2/28/94
- --------------------------------------------------------------
<S>
<C> <C> <C> <C> <C>
Net asset value, beginning of period ................
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income. ..............................
0.028 0.030 0.011 0.024 0.020
- -------- -------- -------- -------- --------
Total from investment operations ....................
0.028 0.030 0.011 0.024 0.020
- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income ................
(0.028) (0.030) (0.011) (0.024) (0.020)
- -------- -------- -------- -------- --------
Total distributions .................................
(0.028) (0.030) (0.011) (0.024) (0.020)
- -------- -------- -------- -------- --------
Net asset value, end of period ......................
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total return (b) ....................................
2.90% 3.00% 1.12% 2.44% 1.99%
======== ======== ======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$226,782 $192,591 $195,730 $195,926 $211,832
Ratio of operating expenses to average net assets ...
0.68% 0.68% 0.69%(c) 0.70% 0.57%
Ratio of net investment income to average net assets
2.86% 2.99% 3.36%(c) 2.39% 1.96%
Ratio of operating expenses to average net assets
without waivers ...................................
0.68% 0.70% 0.74%(c) 0.75% 0.62%
<FN>
----------------
(a) The Munder Tax-Free Money Market Fund Class K
Shares commenced operations
on November 23, 1992.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this,
the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management
replaced Woodbridge Capital
Management, Inc. as investment advisor for the
Fund as a result of the
consolidation of the investment advisory
businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management,
Inc.
See Notes to Financial
Statements.
</FN>
</TABLE>
169
Munder U.S. Treasury Money Market Fund(a)
Financial Highlights, For a Share Outstanding
Throughout The Period
<TABLE>
<CAPTION>
K Shares
- ----------------------------------------------------------
Year Year Period Year Year
Ended Ended Ended Ended Ended
6/30/97 6/30/96 6/30/95(d) 2/28/95(e) 2/28/94
- ----------------------------------------------------------
<S>
<C> <C> <C> <C> <C>
Net asset value, beginning of period ................
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
- -------- ------- ------- ------- -------
Income from investment operations:
Net investment income ...............................
0.047 0.048 0.017 0.037 0.025
- -------- ------- ------- ------- -------
Total from investment operations ....................
0.047 0.048 0.017 0.037 0.025
- -------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income ................
(0.047) (0.048) (0.017) (0.037) (0.025)
- -------- ------- ------- ------- -------
Total distributions .................................
(0.047) (0.048) (0.017) (0.037) (0.025)
- -------- ------- ------- ------- -------
Net asset value, end of period ......................
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======= ======= ======= =======
Total return (b) ....................................
4.73% 4.89% 1.76% 3.83% 2.57%
======== ======= ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................
$41,877 $62,133 $74,210 $75,197 $72,433
Ratio of operating expenses to average net assets ...
0.69% 0.69% 0.70%(c) 0.70% 0.57%
Ratio of net investment income to average net assets
4.64% 4.74% 5.23%(c) 3.73% 2.56%
Ratio of operating expenses to average net assets
without waivers ...................................
0.69% 0.71% 0.75%(c) 0.75% 0.62%
<FN>
----------------
(a) The Munder U.S. Treasury Money Market Fund Class K
Shares commenced
operations on November 25, 1992.
(b) Total return represents aggregate total return for
the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this,
the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management
replaced Woodbridge Capital
Management, Inc. as investment advisor for the
Fund as a result of the
consolidation of the investment advisory
businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management,
Inc.
See Notes to Financial
Statements.
</FN>
</TABLE>
170
The Munder Funds
Notes to Financial Statements, June 30, 1997
1. Organization and Significant Accounting Policies
The Munder Funds, Inc. ("MFI") 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 Maryland corporation on
November 18, 1992. The Munder
Funds Trust ("MFT") is registered under the 1940 Act
as an open-end investment
company, which was organized as a Massachusetts
business trust on August 30,
1989. The Munder Framlington Funds Trust
("Framlington") is registered under
the 1940 Act as an open-end investment company, which
was organized as a
Massachusetts business trust on October 30, 1996. MFI,
MFT and Framlington
consist of 31 portfolios currently in operation.
Information presented in these
financial statements pertains to the following funds
only (each a "Fund"
collectively, the "Munder Funds") as follows:
MFI:
Equity Funds
Munder Micro-Cap Equity Fund
Munder Mid-Cap Growth Fund
Munder Multi-Season Growth Fund
Munder Real Estate Equity Investment Fund
Munder Small-Cap Value Fund
Munder Value Fund
Income Funds
Munder International Bond Fund
Munder Short Term Treasury Fund
Money Market Fund
Munder Money Market Fund
MFT:
Equity Funds
Munder Accelerating Growth Fund
Munder Balanced Fund
Munder Growth & Income Fund
Munder Index 500 Fund
Munder International Equity Fund
Munder Small Company Growth Fund
Income Funds
Munder Bond Fund
Munder Intermediate Bond Fund
Munder U.S. Government Income Fund
Munder Michigan Triple Tax-Free Bond Fund
Munder Tax-Free Bond Fund
Munder Tax-Free Intermediate Bond Fund
Money Market Funds
Munder Cash Investment Fund
Munder Tax-Free Money Market Fund
Munder U.S. Treasury Money Market Fund
Framlington:
Equity Funds
Munder Framlington Emerging Markets Fund
Munder Framlington Healthcare Fund
Munder Framlington International Growth
Fund
171
The Equity Funds (with the exception of the
Munder Index 500 Fund) and
the Income Funds offer five classes of shares -- Class
A, Class B, Class C,
Class K and Class Y Shares. The Munder Index 500 Fund
offers four classes of
shares -- Class A, Class B, Class K and Class Y
Shares. The Money Market
Funds of MFT offer three classes of shares -- Class A,
Class K and Class Y
Shares. Munder Money Market Fund offers four classes
of shares -- Class A,
Class B, Class C and Class Y Shares. The Financial
Highlights of Class A,
Class B, Class C and Class Y Shares are presented in
separate annual reports.
Each Fund is classified as a diversified management
investment company under
the 1940 Act, other than the Munder Tax-Free
Intermediate Bond Fund, Munder
Michigan Triple Tax-Free Bond Fund and Munder
International Bond Fund which
are each classified as non-diversified.
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: With respect to the Equity
and Income Funds,
securities (including financial futures, if any)
traded on a recognized stock
exchange or on the NASDAQ National Market System
("NASDAQ") are valued at the
last sale price on the securities exchange on which
such securities are
primarily traded or at the last sale price on the
national securities market
as of the close of business on the date of the
valuation. Securities traded
on a national securities exchange or on NASDAQ for
which there were no sales
on the date of valuation and securities traded on
over-the-counter markets,
including listed securities for which the primary
market is believed to be
over-the-counter, are valued at the mean between the
most recently quoted bid
and asked prices. Restricted securities, and
securities and assets for which
market quotations are not readily available, are
valued at fair value by the
advisor, under the supervision of the Boards of
Trustees and Directors.
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 Boards of
Trustees and Directors.
Debt securities with remaining maturities of 60 days
or less at the time of
purchase are valued on an amortized cost basis, unless
the Boards of Trustees
and Directors determine that such valuation does not
constitute fair value at
that time. Debt securities held by the Money Market
Funds are also valued on
an amortized cost basis, which approximates current
market value. Under this
method, securities are valued initially at cost when
purchased (or on the
61st day before maturity). Thereafter, a constant
proportionate amortization
of any discount or premium is recorded until maturity
of the security.
Regular review and monitoring of the valuation of
securities held by the
Money Market Funds is performed pursuant to procedures
established by the
Boards of Trustees and Directors. Each Money Market
Fund seeks to maintain a
net asset value per share of $1.00.
Forward Foreign Currency Contracts: Each Equity
Fund (except Munder Real
Estate Equity Investment Fund and Munder International
Bond Fund) may engage
in forward foreign currency contracts in an effort to
reduce the level of
volatility caused by changes in foreign currency
exchange rates. The Funds
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 unrealized
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.
172
The use of forward foreign currency 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 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 Munder
International Equity
Fund, Munder International Bond Fund, Framlington
Emerging Markets Fund and
Framlington International Growth Fund 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 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.
Futures Contracts: Each Equity Fund may enter
into futures contracts for
the purpose of hedging against changes in the value of
the portfolio
securities held and in the value of the securities it
intends to purchase, or
in order to maintain liquidity. Upon entering into a
futures contract, a Fund
is required to deposit with the broker an amount of
cash or cash equivalents
equal to a certain percentage of the contract amount.
This is known as the
"initial margin." Subsequent payments ("variation
margin") are made or
received by the Fund each day, depending on the daily
fluctuation of the
value of the contract. The daily changes in the
contract are recorded as
unrealized gains or losses. The Fund recognizes a
realized gain or loss when
the contract is closed. The net unrealized
appreciation/ (depreciation), if
any, is shown in the financial statements.
There are several risks in connection with the
use of futures contracts
as a hedging device. The change in value of futures
contracts primarily
corresponds with the value of their underlying
instruments, which may not
correlate with the change in value of the hedged
investments. In addition,
there is the risk that the Fund may not be able to
enter into a closing
transaction because of an illiquid secondary market.
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 Munder
Funds' investment
advisor, acting under the supervision of the Boards of
Trustees and
Directors, reviews the value of the collateral and the
creditworthiness of
those banks and dealers with which a Fund enters into
repurchase agreements
to evaluate potential risks.
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
173
that certain dividends from foreign securities are
recorded as soon as the
Fund is informed of the ex-dividend date. General
expenses of the Munder
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 prorated among the
classes based on the relative average net assets of
each class.
Securities purchased or sold on a when-issued or
delayed delivery basis
may be settled a month or more after the trade date.
Interest income is not
accrued until settlement date. Each Fund instructs the
custodian to segregate
assets in a separate account with a current value at
least equal to the
amount of its when-issued purchase commitments.
Dividends and Distributions to Shareholders:
Dividends from net
investment income are declared and paid at least
annually by the Equity Funds
(excluding the Munder Accelerating Growth Fund, Munder
Balanced Fund, Munder
Growth & Income Fund, Munder Index 500 Fund and Munder
Small Company Growth
Fund for which dividends are declared and paid
quarterly and the Munder Real
Estate Equity Investment Fund for which dividends are
declared and paid
monthly); declared and paid monthly by the Income
Funds (excluding the Munder
International Bond Fund for which dividends are
declared and paid quarterly);
and declared daily and paid monthly by the Money
Market 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.
As determined at June 30, 1997, permanent
differences resulting from
different book and tax accounting for organizational
costs, net operating
losses, currency gains and losses and market discount
of certain debt
instruments were reclassified at year end. These
reclassifications had no
effect on net investment income, net assets or net
asset value per share.
Federal Income Taxes: Each Fund intends to
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.
174
2. Investment Advisor, Sub-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 Between Fees on Assets
up to $250 and Exceeding
$250 Million $500 Million $500 Million
- -------------- -------------- --------------
<S>
<C> <C> <C>
Munder Index 500 Fund .............................
0.20% 0.12% 0.07%
<CAPTION>
Fees on Assets Fees on Assets
up to $500 Million Exceeding $500 Million
- ------------------ ----------------------
<S>
<C> <C>
Munder Multi-Season Growth Fund .....................
1.00% 0.75%
<CAPTION>
Fees on Assets Fees on Assets
up to $250 Million Exceeding $250 Million
- ------------------ ----------------------
<S>
<C> <C>
Munder Framlington Healthcare Fund and Munder
Framlington International Growth Fund .............
1.00% 0.75%
<CAPTION>
Fees on Average
Daily Net Assets
- ----------------
<S> <C> <C>
Munder Micro-Cap Equity .............................
1.00%
Munder Accelerating Growth Fund, Munder Growth &
Income Fund, Munder International Equity Fund,
Munder Small-Cap Value Fund, and Munder Small
Company Growth Fund ...............................
0.75%
Munder Mid-Cap Growth Fund, Munder Real Estate Equity
Investment Fund and Munder Value Fund .............
0.74%
Munder Balanced Fund ................................
0.65%
The Income Funds (excluding Munder Short Term
Treasury Fund) ....................................
0.50%
Munder Short Term Treasury Fund .....................
0.25%
The Money Market Funds (excluding Munder Money Market
Fund) .............................................
0.35%
Munder Money Market Fund ............................
0.40%
Munder Framlington Emerging Markets Fund ............
1.25%
</TABLE>
175
The Advisor voluntarily waived fees and
reimbursed expenses for the
period ended June 30, 1997 for the following Funds:
<TABLE>
<CAPTION>
Fund
Fees Waived Expenses Reimbursed
----
- ----------- -------------------
<S>
<C> <C>
Munder Index 500 Fund ...............................
$ 332,429 $23,292
Munder Micro-Cap Equity Fund ........................
- -- 41,485
Munder Mid-Cap Growth Fund ..........................
- -- 52,965
Munder Multi-Season Growth Fund .....................
1,063,248 --
Munder Real Estate Equity Investment Trust Fund .....
- -- 10,143
Munder Small-Cap Value Fund .........................
- -- 16,708
Munder Value Fund ...................................
- -- 17,688
Munder Framlington Emerging Markets Fund ............
- -- 73,369
Munder Framlington Healthcare Fund ..................
- -- 66,145
Munder Framlington International Growth Fund ........
- -- 72,552
Munder International Bond Fund ......................
- -- 9,944
Munder Michigan Triple Tax-Free Bond Fund ...........
51,815 --
Munder Short Term Treasury Fund .....................
- -- 5,153
</TABLE>
Pursuant to a sub-advisory agreement with the
Advisor, Framlington
Overseas Investment Management Limited (the "Sub-
Advisor") provides
sub-advisory services to the Funds of Framlington and
is responsible for the
management of each Fund's portfolio, including all
decisions regarding
purchases and sales of portfolio securities. For its
services with regard to
the Munder Framlington International Growth Fund and
the Munder Framlington
Munder 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
Framlington 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.
("Investor Services Group")
(the "Administrator"), serves as the Munder Funds'
administrator and assists
in all aspects of their administration and operations.
Investor Services
Group also serves as the Munder Funds' transfer agent
and dividend disbursing
agent ("Transfer Agent").
As compensation for its services for Funds of MFI
and MFT, the
Administrator and Transfer Agent are entitled to
receive a fee, based on the
aggregate average daily net assets of the Funds and
certain other investment
portfolios that are advised by the Advisor and for
which Investor Services
Group provides services, computed daily and payable
monthly, at an annual
rate of 0.12% of the first $2.8 billion of net assets,
plus 0.105% of the
next $2.2 billion of net assets, plus 0.10% of all net
assets in excess of $5
billion with a $1.2 million minimum fee per annum in
the aggregate for all
portfolios with respect to the Administrator; 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 net assets in excess of $5 billion with respect to
the Transfer Agent. As
compensation for its services for The Munder
Framlington Funds, 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 Munder
Framlington Funds and certain other investment
portfolios that are advised by
the Advisor, and for which Investor Services Group
provides services, 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.
176
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
the 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 $784,247 for its services to the Funds for the
period ended June 30,
1997. Prior to the fourth quarter 1996 Boston Safe
Deposit and Trust Company
served as the custodian of foreign securities. Morgan
Stanley Trust Company
("Morgan Stanley") currently serves as the custodian
of foreign securities
for the Munder Funds.
Each Trustee of MFT and Framlington and each
Director of MFI is paid an
aggregate fee consisting of a $20,000 annual retainer
per year, 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 MFT, MFI, Framlington and St. Clair
Funds, Inc. No officer,
director or employee of the Advisor, Sub-Advisor,
Comerica, Morgan Stanley,
FDI or Investor Services Group currently receives any
compensation from MFI,
MFT or Framlington.
3. Shareholder Distribution and Service Plans
FDI serves as the distributor of the Munder
Funds' shares. For the
period ended June 30, 1997, the Distributor received
$746,338, representing
commissions (sales charges) on sales of Class A Shares
of the Funds. For the
period ended June 30, 1997, the Distributor received
$99,432 in contingent
deferred sales charges from Class B and Class C Shares
of the Funds.
The Munder Funds have adopted Service 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
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 Munder Funds have
also adopted Shareholder Servicing Plans (the "Class K
Plans") for the Class
K Shares of the Funds. Under the Class K Plans, the
Munder Funds are
permitted to
177
enter into agreements with institutions that provide
shareholder services to
their customers. For the period ended June 30, 1997,
the effective rates, as
a percentage of average daily net assets, under the
Plans and Class K Plans
are as follows:
<TABLE>
<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>
The Equity Funds (excluding the Munder Index 500
Fund) .............................................
0.25% 1.00% 1.00% 0.25%
Munder Index 500 Fund ...............................
0.10% 0.45% N/A 0.25%
The Income Funds ....................................
0.25% 1.00% 1.00% 0.25%
The Money Market Funds:
Munder Money Market Fund ............................
0.25% 1.00% 1.00% N/A
Munder Tax-Free Money Market Fund ...................
0.25% N/A N/A 0.15%
Munder U.S. Treasury Money Market Fund ..............
0.25% N/A N/A 0.15%
Munder Cash Investment Fund .........................
0.25% N/A N/A 0.15%
</TABLE>
4. Securities Transactions
For the period ended June 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 Accelerating Growth Fund .....................
$224,058,134 $294,896,709
Munder Balanced Fund ................................
57,062,737 52,657,370
Munder Growth & Income Fund .........................
131,003,707 150,478,200
Munder Index 500 Fund ...............................
251,558,972 35,054,986
Munder International Equity Fund ....................
110,623,391 102,917,677
Munder Micro-Cap Equity Fund ........................
3,083,199 708,716
Munder Mid-Cap Growth Fund ..........................
37,745,719 36,507,707
Munder Multi-Season Growth Fund .....................
165,187,744 129,897,254
Munder Real Estate Equity Investment Fund ...........
28,627,903 4,902,277
Munder Small-Cap Value Fund .........................
72,187,574 14,353,412
Munder Small Company Growth Fund ....................
269,340,027 233,990,457
Munder Value Fund ...................................
107,572,892 70,872,148
Munder Framlington Emerging Markets Fund ............
8,816,592 1,622,072
Munder Framlington Healthcare Fund ..................
3,481,983 275,406
Munder Framlington International Growth Fund ........
24,044,149 1,989,935
Munder Bond Fund ....................................
220,885,863 212,776,432
Munder Intermediate Bond Fund .......................
654,150,148 734,289,957
Munder International Bond Fund ......................
74,322,706 24,700,087
Munder U.S. Government Income Fund ..................
26,122,438 28,770,813
Munder Michigan Triple Tax-Free Bond Fund ...........
19,904,014 6,771,926
Munder Tax-Free Bond Fund ...........................
88,739,848 93,867,818
Munder Tax-Free Intermediate Bond Fund ..............
97,427,608 143,751,862
Munder Short Term Treasury Fund .....................
- -- --
</TABLE>
178
For the period ended June 30, 1997, purchases and
sales of U.S.
Government securities, excluding short-term
investments were as follows:
<TABLE>
<CAPTION>
Cost of Purchases Proceeds from Sales
- ----------------- -------------------
<S>
<C> <C>
Munder Balanced Fund ................................
$ 30,374,800 $ 26,449,351
Munder Bond Fund ....................................
178,789,261 184,609,850
Munder Intermediate Bond Fund .......................
972,123,233 965,297,316
Munder U.S. Government Income Fund ..................
309,790,995 263,186,827
Munder Short Term Treasury Fund .....................
64,934,323 15,932,266
</TABLE>
At June 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 Accelerating Growth Fund .....................
$ 62,615,626 $10,637,050
Munder Balanced Fund ................................
11,907,505 998,625
Munder Growth & Income Fund .........................
53,904,545 360,633
Munder Index 500 Fund ...............................
129,839,811 3,079,593
Munder International Equity Fund ....................
59,936,136 7,947,359
Munder Micro-Cap Equity Fund ........................
567,085 48,919
Munder Mid-Cap Growth Fund ..........................
2,356,056 2,588,631
Munder Multi-Season Growth Fund .....................
158,869,735 1,629,468
Munder Real Estate Equity Investment Fund ...........
9,399,480 43,318
Munder Small-Cap Value Fund .........................
7,320,009 537,694
Munder Small Company Growth Fund ....................
69,142,862 4,932,124
Munder Value Fund ...................................
11,863,786 757,670
Munder Framlington Emerging Markets Fund ............
1,209,208 196,291
Munder Framlington Healthcare Fund ..................
459,775 157,333
Munder Framlington International Growth Fund ........
3,139,357 448,956
Munder Bond Fund ....................................
902,460 1,808,422
Munder Intermediate Bond Fund .......................
1,552,973 3,641,795
Munder International Bond Fund ......................
949,304 1,445,221
Munder U.S. Government Income Fund ..................
1,957,321 1,628,009
Munder Michigan Triple Tax-Free Bond Fund ...........
913,863 180,089
Munder Tax-Free Bond Fund ...........................
9,287,809 163,252
Munder Tax-Free Intermediate Bond Fund ..............
7,119,857 401,932
Munder Short Term Treasury ..........................
55,069 10,616
</TABLE>
5. Geographic and Industry Concentration
The Munder Tax-Free Intermediate Bond Fund and
Munder Michigan Triple
Tax-Free Bond Fund primarily invest in debt
obligations issued by the State
of Michigan and local governments in the State of
Michigan, its political
subdivisions, agencies and public authorities to
obtain funds for various
public purposes. The two Funds are more susceptible to
factors adversely
affecting issuers of Michigan municipal securities
than is a municipal bond
fund that is not concentrated in these issuers to the
same extent. Economic
changes affecting the state and certain of its public
179
bodies and municipalities may affect the ability of
issuers within the state
to pay interest on or repay principal of municipal
obligations held by these
Funds.
The Munder International Equity Fund and the
Munder International Bond
Fund primarily invest in foreign securities and the
Framlington International
Growth Fund and Framlington Emerging Markets Fund each
intend to invest as
least 65% of their total net assets in foreign
securities. Investing in
securities of foreign companies and/or foreign
governments involves special
risks and considerations not typically associated with
investing in U.S.
companies and/or U.S. government securities. These
risks include revaluation
of currencies and future adverse political and
economic developments.
Moreover, securities of many foreign companies and
foreign governments and
their markets may be less liquid and their prices more
volatile than those of
securities of U.S. companies and the U.S. government.
The Munder Real Estate Equity Investment Fund
primarily invests in
equity securities of United States companies which are
principally engaged in
the real estate industry or which own significant real
estate assets, and
accordingly, is more susceptible to factors adversely
affecting the U.S. real
estate industry.
The Munder Framlington Healthcare Fund primarily
invests in securities
of companies in healthcare industries. These
industries are characterized by
rapidly changing technology and extensive government
regulation.
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.
7. Capital Loss Carryforwards
As determined at June 30, 1997, the following
Funds had available for
Federal income tax purposes, unused capital losses as
follows:
<TABLE>
<CAPTION>
Expiring Expiring
Expiring Expiring Expiring Expiring Expiring
Fund 1998 1999
2000 2001 2002 2003 2005
---- -------- -------- --
- ------ -------- -------- -------- --------
<S> <C> <C>
<C> <C> <C> <C> <C>
Munder Bond Fund ......... -- --
- -- -- $ 857,708 $ 3,450,654 $ 978,938
Munder Intermediate Bond
Fund ................... -- --
- -- -- 1,509,730 10,362,763 11,240,318
Munder Cash Investment
Fund ................... -- $ 3,301 $
1,650 -- -- -- --
Munder Tax-Free Money
Market Fund ............ $11,123 20,091
57,257 $39,684 15,088 12,291 --
</TABLE>
180
Report of Ernst & Young LLP, Independent
Auditors
To the Boards of Directors/Trustees and Shareholders
of
The Munder Equity Funds
The Munder Income & Money Market Funds
We have audited the accompanying statements of assets
and liabilities of the
Munder Accelerating Growth Fund, Munder Balanced Fund,
Munder Growth & Income
Fund, Munder Index 500 Fund, Munder International
Equity Fund, Munder Small
Company Growth Fund, Munder Bond Fund, Munder
Intermediate Bond Fund, Munder
Michigan Triple Tax-Free Bond Fund, Munder Tax-Free
Bond Fund, Munder
Tax-Free Intermediate Bond Fund, Munder U.S.
Government Income Fund, Munder
Cash Investment Fund, Munder Tax-Free Money Market
Fund, Munder U.S. Treasury
Money Market Fund, fifteen portfolios constituting The
Munder Funds Trust,
Munder Micro-Cap Equity Fund, Munder Mid-Cap Growth
Fund, Munder Multi-Season
Growth Fund, Munder Real Estate Equity Investment
Fund, Munder Small-Cap
Value Fund, Munder Value Fund, Munder International
Bond Fund and Munder
Money Market Fund, eight of the portfolios
constituting The Munder Funds,
Inc., and Munder Framlington Emerging Markets Fund,
Munder Framlington
Healthcare Fund and Munder Framlington International
Growth Fund, three
portfolios constituting The Munder Framlington Funds
Trust, collectively,
(the "Funds") including the portfolios of investments,
as of June 30, 1997,
and the related statements of operations, changes in
net assets and the
financial highlights for each of the periods indicated
therein (except for
the financial highlights of the Multi-Season Growth
Fund and Money Market
Fund for each of the two years in the period ended
December 31, 1994). These
financial statements and financial highlights are the
responsibility of the
Funds' management. Our responsibility is to express an
opinion on these
financial statements and financial highlights based on
our audits. The
financial highlights for each of the two years in the
period ended December
31, 1994 of the Multi-Season Growth Fund and Money
Market Fund were audited
by other auditors whose report dated February 14,
1995, expressed an
unqualified opinion on those financial highlights.
We conducted our audits in accordance with generally
accepted auditing
standards. Those standards require that we plan and
perform the audit to
obtain reasonable assurance about whether the
financial statements and
financial highlights are free of material
misstatement. An audit includes
examining, on a test basis, evidence supporting the
amounts and disclosures
in the financial statements. Our procedures included
verification by
examination of securities owned as of June 30, 1997
and correspondence with
brokers or other appropriate auditing procedures when
replies from brokers
were not received. An audit also includes assessing
the accounting principles
used and significant estimates made by management, as
well as evaluating the
overall financial statement presentation. We believe
that our audits provide
a reasonable basis for our opinion.
In our opinion, the financial statements and financial
highlights referred to
above present fairly, in all material respects, the
financial position of
Munder Accelerating Growth Fund, Munder Balanced Fund,
Munder Growth & Income
Fund, Munder Index 500 Fund, Munder International
Equity Fund, Munder Small
Company Growth Fund, Munder Bond Fund, Munder
Intermediate Bond Fund, Munder
Michigan Triple Tax-Free Bond Fund, Munder Tax-Free
Bond Fund, Munder Tax-Free
Intermediate Bond Fund, Munder U.S. Government Income
Fund, Munder Cash
Investment Fund, Munder Tax-Free Money Market Fund,
Munder U.S. Treasury Money
Market Fund portfolios of The Munder Funds Trust,
Munder Micro-Cap Equity Fund,
Munder Mid-Cap Growth Fund, Munder Multi-Season Growth
Fund, Munder Real Estate
Equity Investment Fund, Munder Small-Cap Value Fund,
Munder Value Fund, Munder
International Bond Fund, Munder Short Term Treasury
Fund and Munder Money
Market Fund portfolios of The Munder Funds, Inc., and
Munder Framlington
Emerging Markets Fund, Munder Framlington Healthcare
Fund and Munder
Framlington International Growth Fund portfolios of
The Munder Framlington
Funds Trust, at June 30, 1997, the results of their
operations, changes in
their net assets, and their financial highlights for
each of the indicated
periods, in conformity with generally accepted
accounting principles.
/s/
Ernst & Young LLP
Boston, Massachusetts
August 15, 1997
181
The Munder Funds
Tax Information, June 30, 1997 (Unaudited)
The percentages of total net assets invested in U.S.
Government and U.S.
Government Agency obligations at June 30, 1997, were
as follows:
<TABLE>
<CAPTION>
<S> <C> <C>
Munder Balanced Fund:
Federal Home Loan Mortgage Corporation ............
0.8%
Federal National Mortgage Association .............
3.0%
Government National Mortgage Association ..........
0.7%
U.S. Treasury Bonds ...............................
5.0%
U.S. Treasury Inflation Index Security ............
1.9%
U.S. Treasury Notes ...............................
13.3%
U.S. Treasury Strip Principal .....................
0.6%
Munder Bond Fund:
Federal Home Loan Mortgage Corporation ............
1.9%
Federal National Mortgage Association .............
7.2%
Government National Mortgage Association ..........
6.0%
U.S. Treasury Inflation Index Security ............
4.9%
U.S. Treasury Bonds ...............................
16.7%
U.S. Treasury Notes ...............................
11.0%
U.S. Treasury Strip Principal .....................
1.5%
Munder Intermediate Bond Fund:
Federal Home Loan Mortgage Corporation ............
5.5%
Federal National Mortgage Association .............
8.5%
Small Business Administration .....................
0.7%
U.S. Treasury Inflation Index Security ............
5.0%
U.S. Treasury Notes ...............................
33.1%
U.S. Treasury Strip Principal .....................
4.3%
Munder U.S. Government Income Fund:
Federal Home Loan Mortgage Corporation ............
27.4%
Federal Housing Authority/Veterans Administration .
2.4%
Federal National Mortgage Association .............
38.7%
Government National Mortgage Association ..........
5.5%
Small Business Administration .....................
3.0%
U.S. Treasury Bonds ...............................
7.7%
U.S. Treasury Notes ...............................
2.1%
Munder Short Term Treasury Fund:
U.S. Treasury Notes ...............................
97.0%
Munder U.S. Treasury Money Market Fund:
U.S. Treasury Bills ...............................
5.3%
U.S. Treasury Notes ...............................
46.3%
</TABLE>
182
The Munder Funds
Tax Information, June 30, 1997 (Unaudited)
(Continued)
Of the distributions made by the following Funds, the
corresponding
percentage represents the amount of each distribution
which will qualify for
the dividend received deduction available to corporate
shareholders:
Munder Balanced Fund ................................
21.9%
Munder Growth & Income Fund .........................
100.0%
Munder Index 500 Fund ...............................
62.3%
Munder Multi-Season Growth Fund .....................
100.0%
Munder Small-Cap Value Fund .........................
39.2%
Munder Value Fund ...................................
13.6%
Munder Mid-Cap Growth Fund ..........................
44.2%
Munder Small Company Growth Fund ....................
8.5%
Of the distributions made from investment income, the
following percentages
are tax exempt for regular Federal income tax
purposes:
Munder Michigan Triple Tax-Free Bond Fund ...........
99.6%
Munder Tax-Free Bond Fund ...........................
99.9%
Munder Tax-Free Intermediate Bond Fund ..............
99.8%
Munder Tax-Free Money Market Fund ...................
100.0%
183
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO
and Treasurer
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Gerald L. Seizert, Vice President
Paul D. Tobias, Vice President
Richard H. Rose, Assistant Treasurer
Lisa Anne Rosen, Secretary and
Assistant Treasurer
Teresa M.R. Hamlin, Assistant Secretary
Julie A. Tedesco, Assistant Secretary
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
ADMINISTRATOR AND TRANSFER AGENT
First Data Investor Services Group,
Inc.
53 State Street
Boston, MA 02109
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
CUSTODIAN
Comerica Bank
411 West Lafayette
Detroit, MI 48226
LEGAL COUNSEL
Dechert Price & Rhoads
1500 K Street, N.W. Suite 500
Washington, D.C. 20005
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
(OUTSIDE
BACK COVER)
ANNK97 / F001AR / 07-97
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
