(OUTSIDE FRONT COVER)
CLASS A, B, C & Y SHARES
Semi-Annual
Report
[LOGO]
The Munder Funds
Investments DECEMBER 31, 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)
"...the key to these re-
sults has been the invest-
ment Munder has made
in our research capabili-
ties and personnel."
The Munder Funds
Letter to shareholders
DEAR FELLOW SHAREHOLDERS:
Once again, I am very pleased to report to you the results of The Munder
Family of Funds. In addition to being a stellar year for the financial
markets, 1997 proved to be an exceptional period for The Munder Funds. I take
pride in sharing with you that over 60% of our equity funds and over 70% of
our fixed income and money market funds returned above-average performance
for the year ended December 31, 1997. I hope that you are also pleased with
the performance of our mutual investment.
Also of importance to me is the fact that during the course of 1997 we
added several new funds to the Munder Family of Funds. Eight equity funds and
one bond fund were added, rounding out our line up of funds, and providing
shareholders with the depth and breadth of investment choices they are
demanding. Each one of these funds provided competitive returns in their
categories. In fact, Lipper Analytical Services ranked our Micro-Cap Equity
Fund as the second highest performing equity fund out of 4,977 equity funds
in the Lipper universe for the one-year period ended December 31, 1997.
While Munder Capital Management has historically been known for its
Multi-Season Growth Fund equity style, known as GARP, this year we saw all
the pieces of our strategy come together to bring our shareholders very
competitive returns in several styles, including Large-Cap Value, Small-Cap
Growth and Small-Cap Value, Technology, and Growth and Income. Similar
results were achieved in our Tax-Free Bond styles and Intermediate Bond
Funds.
With respect to our Equity Funds, the key to these results has been the
investment Munder Capital Management as advisor, has made in our research
capabilities and personnel. The variety of styles offered by the Funds also
allows us to continue to capitalize on good investments by "graduating"
stocks from one style to the next. This allows the Funds to continue to hold
strong performing stocks as they grow, but also allows us to adhere to our
style restrictions: so small cap stays small cap.
We value your faith in us and your continued support. If you have any
questions, please call the Funds at 1-800-4MUNDER, or contact your financial
advisor. You may also contact us through our website at
http://www.munder.com. Thank you 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
iii Munder Accelerating Growth Fund
iii Munder Balanced Fund
iv Munder Growth & Income Fund
iv Munder International Equity Fund
v Munder Micro-Cap Equity Fund
v Munder Mid-Cap Growth Fund
vi Munder Multi-Season Growth Fund
vi Munder Real Estate Equity Investment Fund
vii Munder Small-Cap Value Fund
vii Munder Small Company Growth Fund
viii Munder Value Fund
viii Munder Framlington Emerging Markets Fund
ix Munder Framlington Healthcare Fund
ix Munder Framlington International Growth Fund
PORTFOLIO OF INVESTMENTS --
1 Munder Accelerating Growth Fund
3 Munder Balanced Fund
8 Munder Growth & Income Fund
10 Munder International Equity Fund
25 Munder Micro-Cap Equity Fund
29 Munder Mid-Cap Growth Fund
31 Munder Multi-Season Growth Fund
33 Munder Real Estate Equity Investment Fund
35 Munder Small-Cap Value Fund
38 Munder Small Company Growth Fund
41 Munder Value Fund
43 Munder Framlington Emerging Markets Fund
48 Munder Framlington Healthcare Fund
52 Munder Framlington International Growth Fund
58 Financial Statements
80 Financial Highlights
122 Notes to Financial Statements
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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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The Investment Environment
The U.S. economy provided a strong foundation for the financial
markets during 1997. At year-end, the unemployment rate and the budget
deficit were at 24-year lows and inflation remained at its lowest point in
over a decade. This benign economic environment led to declining interest
rates during 1997 and corporate profits that have shown stronger and more
sustained growth than ever before. Although economic growth was stronger than
anticipated at the start of the year, inflationary pressures remained
minimal. The Consumer Price Index increased by only 1.7% for 1997, the lowest
rate of increase since 1986.
While the current economic environment remains positive, investors are
now focused on the potential impact of the turmoil in Southeast Asia on the
U.S. economy. The devaluation of Asian currencies and falling import prices
will help to keep U.S. inflation in check. What remains to be seen is the
impact on overall corporate profits and U.S. economic growth. At this point,
the U.S. labor market remains tight and most analysts anticipate that the
U.S. economy will grow by 2.0% to 2.5% in 1998. The still-developing Asian
situation, however, is the major wild card for the economy in 1998.
Equity Funds Overview
The S&P 500 Index (the "S&P 500") generated a return of 2.87% for the
fourth quarter of 1997, setting a record for twelve consecutive positive
quarters. With a 33.36% return for the year ended December 31, 1997, the S&P
500 exhibited the strongest three-year period in market history. The S&P 500
had a return of 10.61% for the six-month period ended December 31, 1997.
The positive performance in the second half of 1997 came about in very
different ways. In the third quarter small capitalization stocks led the
charge with the Russell 2000 Index increasing at an impressive 14.9%, while
the S&P 500 grew at only 7.5%. This story was reversed in the fourth quarter
with a resurgence in the largest domestic stocks, which were viewed as a safe
haven in the face of tumultuous and negative Southeast Asian markets. The
fourth quarter was less kind to other sectors of the stock market.
International markets, measured by the Morgan Stanley EAFE Index, declined by
7.77% in reaction to events in the Asian region in the fourth quarter. Small
company stocks, measured by the NASDAQ Composite, fell by 6.8% during the
fourth quarter.
One of the most notable events during the fourth quarter of 1997 was
the shift in the focus of investors from domestic concerns, such as the
extent of inflationary pressures and Federal Reserve policy, to the
international arena. The turmoil in Southeast Asian markets began during the
summer, as the speculative bubble in property in that region began to unwind.
The result was lower real growth prospects for countries in Southeast Asia,
along with balance of payments problems, currency instability and mounting
problems with loan repayments. Concerns about the impact of these
developments on both the global and the U.S. economy led to increased
volatility during the fourth quarter. Stock market fluctuations included a
554 point drop in the Dow Jones average on October 27th as the problems in
Southeast Asia spread to the Hong Kong market. These fourth quarter ups and
downs in the market helped to make 1997 the most volatile year in the stock
market since 1987.
ii
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Lower interest rates and continued good news on inflation will be a
positive for the stock market. However, favorable news from the U.S. economy
will be offset to some extent by concerns about the impact of the events in
Southeast Asia on U.S. corporate profits. Since current stock prices reflect
a fairly optimistic earnings outlook, there is little room for earnings
disappointments or rising interest rates. We anticipate a choppy trading
range environment until Southeast Asian markets stabilize and investors can
better gauge the effects of the weakened Asian economies on global and U.S.
markets.
We are emphasizing those stocks that should perform well in the more
mature phase of this expansion. Given a more difficult earnings environment
in 1998, and the increased uncertainty in Asian financial and currency
markets, companies that can generate consistent and steadily growing earnings
should provide investors the best relative performance.
The following paragraphs detail the performance of The Munder Funds.
Each Fund offers its shares to investors in several classes. These classes
have different sales charges and expenses, which affect performance.
Performance figures in the following narrative discussion represent the
performance of class Y shares, net of Fund expenses.
MUNDER ACCELERATING GROWTH FUND
Fund Manager: The Munder Accelerating Fund Committee
The Fund earned a return of 5.82% for the six-month period ended
December 31, 1997. This compares to the 9.19% average return for the Lipper
universe of growth stock mutual funds for the same time period. Several
factors combined to lead to the relatively weak performance for the period.
First, given the turmoil in the Asian markets, investors sought the perceived
safety associated with the stocks of larger companies than those generally
held in the Fund. Second, a handful of companies represented in the Fund
pre-announced disappointing earnings. Finally, the Fund's energy holdings,
which had been strong performers through the third quarter, succumbed to
significant profit-taking during the fourth quarter. Factors that were
positive for performance included the superior performance of the Fund's
telecommunications-related holdings and strong results from most of the
Fund's retail-oriented holdings.
MUNDER BALANCED FUND
Fund Manager: The Munder Balanced Fund Committee
The Fund earned a return of 8.60% for the six-month period ended
December 31, 1997. This compares to the average return of 7.90% for the
Lipper universe of balanced mutual funds for the same time period. The Fund
has above-average performance for the six-month and nine-month periods ended
December 31, 1997.
The equity holdings in the Fund that were focused on consistent and
above-average earnings growth had strong relative performance during the
fourth quarter. The more aggressive equity holdings fared less well. One
reason is that these holdings tend to have a smaller average capitalization.
This hurt their performance since large company stocks were by far the best
performers for the fourth quarter and for the year as a whole. The fixed
income portion of the Fund had strong competitive performance for the fourth
quarter of 1997, benefiting from the environment of declining interest rates.
iii
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MUNDER GROWTH & INCOME FUND
Fund Manager: Otto G. Hinzmann, Jr.
The Fund exhibited a return of 14.46% for the six-month period ended
December 31, 1997. This compares to the 11.11% average return for the Lipper
universe of equity income mutual funds for the same time period. In addition
to the three-month and one-year periods ended December 31, 1997, the Fund has
earned above-average returns for all time periods since inception.
We have been very pleased with the performance of this Fund.
Performance has been driven by the strong fundamentals of the companies that
make up the Fund's portfolio. Earnings growth for the past twelve months for
our portfolio companies has been 13%, comparable to that of the S&P 500. The
return on equity for the Fund's portfolio holdings was 18%, compared to 16%
for the S&P 500. The average quality of the portfolio (as measured by each
company's S&P rating) continues to be A-, compared to B+ for the S&P 500
universe.
The Fund's strong performance, especially in the fourth quarter of the
year was led by the Fund's utility sector holdings, up 18% versus 14.9% for
the S&P Utility sector. Other strong group performances for the fourth
quarter included consumer non-durables (+12%) and finance stocks (+8.5%). The
weakest group in the quarter was oil stocks. The S&P International Oils
sector was down 5.3%, reflecting substantial declines in the price of oil and
in earnings expectations for the group in the quarter. During the quarter,
the weighting of energy stocks in the Fund was reduced from 12% to 8%.
MUNDER INTERNATIONAL EQUITY FUND
Fund Managers: Todd B. Johnson and Theodore Miller
The Fund generated a return of (8.91)% for the six-month period ended
December 31, 1997. This compares to the return of (9.46)% for the
FT-Actuaries World ex-U.S. Index and the average return of (6.45)% for the
Lipper universe of international equity mutual funds for the same time
period. It outperformed the FT-Actuaries World ex-U.S. Index for the
one-month, six-month, nine- month, one-year, two-year and three-year periods
ended December 31, 1997.
The diversification of the 770 stock, 44 country Munder International
Equity Fund continued to provide a strong foundation for the Fund's
performance. For the fourth quarter, seven of the top ten stock performers
were Canadian and four of those were gold mining companies whose stock prices
responded positively to firmer gold prices.
In the top spot of the market quantitative portion, Copene, a Brazilian
petrochemical company, was up 43% in December because of lower oil prices.
Cognos Inc., a Canadian software provider, rallied 43% in December also on
the news that the company expects fourth quarter earnings to rise 20%. TVX
Gold, a Canadian gold mining company, rose 29% in December on higher gold
prices. Both Cognos Inc. and TVX Gold are held in the economic quantitative
portion of the Fund as well.
Other strong performers in the economic quantitative portion included
Aoki Corp., a Japanese engineering company, which was up 37% on news of a new
restructuring plan. Bema Gold Corp., a Canadian gold mining company, rose
27.8% on higher gold prices.
iv
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The performance of the Fund was affected by the U.S. dollar. The
strength of the dollar negatively impacted the portfolio by 10.3% in December
and has adversely affected the portfolio by almost 25 percent since the
beginning of the year. We do not hedge the currency risk in the Fund back to
the U.S. dollar as we believe that a major reason investors choose an
international portfolio is the diversification it provides away from the
U.S., including currency diversification. While this may have a positive or
negative effect in any one period, over the long run we believe that the
benefits of diversification outweigh the impact of exchange rate movements in
any individual time periods.
MUNDER MICRO-CAP EQUITY FUND
Fund Manager: The Munder Micro-Cap Equity Fund Committee
The Fund earned a return of 35.35% for the six-month period ended
December 31, 1997. This compares to the average return of 16.57% for the
Lipper universe of micro-cap mutual funds for the same time period. In
addition to the three-month and one-year periods ended December 31, 1997, the
Fund, which began operation in December, 1996, has also earned above-average
returns for the six-month and nine-month periods ended December 31, 1997.
The biggest year-end boost to performance came from the multi-industry
sector where strong stock selection added significantly to performance.
Outstanding performers in this group for the fourth quarter included
Dril-Quip, Bright Horizons and Somnus Medical Technologies. Technology, a
fairly large sector of the portfolio, was one of the weakest sectors of the
market in the fourth quarter. Here, however, good stock selection helped to
reduce the negative impact of the sector's overall weakness.
For the year as a whole, strong stock selection was a key to
performance, particularly in the financial, technology and consumer
non-durables sectors. The strength in stock selection helped the Fund to earn
an impressive return relative to all equity funds. The Fund earned the second
highest return of all stock funds for the year ended December 31, 1997. This
is an amazing feat, especially considering an environment where small cap
stocks significantly lagged the large cap segment of the market.
MUNDER MID-CAP GROWTH FUND
Fund Manager: The Munder Mid-Cap Fund Committee
The Fund earned a 2.60% return for the six-month period ended December
31, 1997. This compares to the average return of 10.55% for the Lipper
universe of mid cap mutual funds for the same time period.
The fourth quarter of 1997 proved to be a difficult one for mid cap
funds. As the financial difficulties in Asia spread, investors focused on
conservative investments such as large capitalization stocks. As a result,
mid cap and small cap stocks turned in relatively weak performance. In
addition, certain stocks held in the Fund, particularly technology stocks,
declined as a result of investors' worries about their exposure to Asian
markets. High-yielding utilities were the only mid cap segment that performed
well during the fourth quarter. This was one reason for the strong
v
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performance of value funds versus growth-oriented funds in the mid cap
segment of the market. In addition, the Fund's results reflect a handful of
companies that experienced earnings disappointments during the fourth
quarter.
We anticipate a volatile year for the stock market in 1998 as investors
adjust their earnings forecasts to account for the perceived impact of the
turmoil in Asian financial and currency markets. Our efforts with respect to
the Fund have taken into account both the domestic and global situation.
MUNDER MULTI-SEASON GROWTH FUND
Fund Managers: Leonard J. Barr II, CFA and Lee Munder, CFA
The Fund generated a return of 11.75% for the six-month period ended
December 31, 1997. This compares to the average return of 9.19% for the
Lipper universe of growth stock mutual funds for the same time period. In
addition to the three-month and one-year periods, the Fund has earned
above-average returns for the one-month, six-month, nine-month, two-year and
three-year periods ended December 31, 1997.
The best performing sectors for the quarter were healthcare (Schering
Plough, +21% and Pfizer, +24%), consumer staples (Walgreen, +23%) and
consumer cyclicals (Carnival, +20%, Costco, +9% and General Nutrition, +17%).
Weaker sectors included technology and transportation.
During the fourth quarter of 1997, we reduced our holdings in
healthcare because share prices were exceeding acceptable parameters. We
slightly increased our holdings in telecommunications and energy as market
weakness created attractive buying opportunities. The Fund continues to
emphasize growth at a reasonable price. Projected earnings per share growth
for the Fund's portfolio holdings over the next twelve months is 15%,
significantly higher than the 8% projected growth for the S&P 500 universe of
stocks. Yet, even with that significant premium in expected growth, the
price/earnings ratio for the Fund is only slightly higher at 24 times
earnings relative to 22 times earnings for the S&P 500.
MUNDER REAL ESTATE EQUITY INVESTMENT FUND
Fund Manager: Peter K. Hoglund, CFA
The Fund generated a return of 15.93% for the six-month period ended
December 31, 1997. This compares to the return of 13.77% for the NAREIT Index
(equity only) and the average return of 14.01% for the Lipper universe of
real estate mutual funds for the same time period. In addition to the
three-month and one-year periods, the Fund has earned above-average returns
relative to the Lipper universe for the one-month, six-month, nine-month and
two-year periods ended December 31, 1997. It has outperformed the NAREIT
Index for the one-month, six-month, nine- month, one-year and two-year
periods ended December 31, 1997.
The Fund's strong performance relative to the Lipper universe and the
longer-term NAREIT returns was delivered with significantly less volatility
than either the broad stock market or the Lipper universe of real estate
funds. By maintaining strict adherence to our philosophy of providing
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a well-diversified portfolio of high quality REITs, the Fund has performed
extremely well on a relative, absolute and risk-adjusted basis. We continue
to adhere to our investment philosophy of maintaining a high quality and
diversified REIT portfolio.
MUNDER SMALL-CAP VALUE FUND
Fund Managers: Gerald L. Seizert, CFA and Edward O. Eberle
The Fund earned a return of 20.52% for the six-month period ended
December 31, 1997. This compares to the return of 1.98% for the Russell 2000
Index, the 14.73% return for the Russell 2000 Value Index and the average
return of 10.62% for the Lipper universe of small cap mutual funds for the
same time period. In addition to the three-month and one-year periods ended
December 31, 1997, the Fund, which began operation in December, 1996, has
also earned above- average returns for the one-month, six-month and
nine-month periods ended December 31, 1997.
An overweighted position in financials, one of the strongest sectors of
the market during the fourth quarter and the strongest sector for the year,
helped to boost the performance of the Fund for both the fourth quarter and
the year. Strong performers in this group included ARM Financial Group, SIS
Bancorp and Coast Savings Financial. The consolidation in the financial
services sector has created attractive valuations for a number of banks and
savings and loan associations, and the Fund has taken advantage of these
opportunities. In the consumer services sector, both strong performance and
stock selection contributed positively to returns. In this group, Century
Communications was the leading performer for the fourth quarter of 1997. The
healthcare sector of the market had strong performance during the first three
quarters of the year, but weakened during the last three months. The Fund was
underweighted in this sector for both the quarter and the year, but still
showed strong performance due to holdings of both Trigon and Sullivan Dental
during the quarter. Trigon has since migrated from the Small-Cap Value Fund
to the Value Fund because of its increase in market capitalization.
MUNDER SMALL COMPANY GROWTH FUND
Fund Managers: Carl P. Wilk and Michael Gura
The Fund generated a return of 14.51% for the six-month period ended
December 31, 1997, compared to the return of 7.29% for the Russell 2000
Growth Index and the average return of 10.62% for the Lipper universe of
small cap mutual funds for the same time period. The Fund has earned
above-average returns for the one-month, six-month, nine-month, one-year,
two-year, three-year, five-year and ten-year periods ended December 31, 1997.
The Fund ended the six-month period with strong relative performance in
December, producing a strong return for the period and for the year. The
Fund's superior performance for the month of December was due to strong stock
selection. The largest gains came from the business equipment and services,
financials and healthcare sectors. In the business equipment sector, the
contribution to performance was due to both an overweighted position in a
sector that outperformed the market and from good stock selection.
Particularly strong returns for the fourth quarter came from Medquist,
FactSet Research and Cort Business Services. Strong stock selection in the
financials sector, the best performing sector of the stock market for the
year, also helped to boost returns. CMAC Investment, Financial Federal and
Hubco were among the leading stocks in
vii
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that group. In the healthcare sector, strong returns for the fourth quarter
came from holdings of Serologicals, Medicis Pharmaceutical, Graham Field
Health Products and Conmed. Good stock selection in the technology sector
helped to reduce the negative impact of exposure to that sector, one of the
weakest sectors of the stock market during the fourth quarter.
For both the fourth quarter and the year ended December 31, 1997, small
company value stocks significantly outperformed small company growth stocks.
As an example, the Russell 2000 Value Index earned 1.68% for the fourth
quarter and 31.80% for the year ended December 31, 1997, while the Russell
2000 Growth Index generated a return of -- 8.20% for the quarter and 12.93%
for the year. This wide differential in returns between small cap growth and
small cap value stocks is unusual from an historical perspective.
Nonetheless, the Fund outperformed the Russell 2000 Growth Index and its
Lipper benchmark for the year, a universe made up of both growth and value
small company funds.
MUNDER VALUE FUND
Fund Managers: Gerald L. Seizert, CFA and Edward O. Eberle
The Fund exhibited a return of 14.59% for the six-month period ended
December 31, 1997. This compares to the average return of 9.93% for the
Lipper universe of growth & income funds. (There is no Lipper universe
representing value funds. The Fund is included in the Lipper growth & income
universe since it is closest to the Fund in terms of investment
characteristics.) The Fund has earned above-average returns for the
one-month, six-month, nine-month, one-year and two- year periods ended
December 31, 1997.
The Fund's strong performance in December, the six-month period ending
December, and for the year was largely due to strong stock selection,
especially among the larger cap stocks in the Fund. The best gains came from
the holdings in the financials sector. This sector, a strong performer during
the fourth quarter and the top performing sector for the year, was
overweighted in the Fund. Stocks in that group which did particularly well
included First of America (bought by National City), Hartford Life,
Mercantile Bankshares and Reliance Group. Good contribution during the
quarter as a whole came from the retail and consumer durables sectors,
primarily due to Wendy's (retail) and Maytag (consumer durables). Energy, one
of the weakest sectors of the market during fourth the quarter, proved to be
a drag on performance. McDermott International, however, was one energy
holding that generated a strong return.
MUNDER FRAMLINGTON EMERGING MARKETS FUND
Fund Manager: The Munder Framlington Emerging Markets Fund Committee, headed by
William Calvert
The Fund earned a return of (12.70)% for the six-month period ended
December 31, 1997. This compares to the (24.91)% return for the MSCI Emerging
Markets Free Index and the average return of (19.15)% for the Lipper universe
of emerging markets mutual funds for the same time period. In addition to the
quarter and one-year periods, the Fund, which began operation in December
1996, has earned above-average returns for the one-month, six-month and
nine-month periods ended December 31, 1997.
viii
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The Southeast Asian markets continued to exhibit poor performance as
the extent of their economic problems became clearer and of more concern to
investors. Although the Fund had very little exposure to that region, poor
investor sentiment spread to other emerging markets even where the
fundamentals remained attractive.
Going forward, we believe that many of the markets which were
negatively affected by sentiment rather than fundamentals now look
attractive. With the exception of China and India, we do not include the
Asian markets in that category. We believe that those economies will
deteriorate further and we are skeptical about their governments' willingness
to take the necessary steps for improvement. Consequently, the Fund continues
to be heavily weighted towards Latin America, Eastern Europe and Africa with
China and India accounting for nearly all of our Asian stocks.
MUNDER FRAMLINGTON HEALTHCARE FUND
Fund Manager: Antony Milford
The Fund generated a return of 6.89% for the six-month period ended
December 31, 1997. This compares to the average return of 6.68% for the
Lipper universe of health/biotechnology mutual funds for the same time
period. The Fund has earned an above-average return for the six- month period
ended December 31, 1997.
With the financial woes of the Southeast Asian markets dominating the
headlines, investors began to focus on conservative investments. The small
capitalization companies in the Healthcare Fund fall into a more aggressive
category of investments and were therefore largely ignored during the
fourth quarter. We believe that many of the Fund's stocks have unreasonably
low valuations. We expect that the companies in the Fund will benefit when
investors once again focus on company fundamentals.
MUNDER FRAMLINGTON INTERNATIONAL GROWTH FUND
Fund Manager: The Munder Framlington International Growth Fund Committee,
headed by Simon Key
The Fund generated a return of (9.95)% for the six-month period ended
December 31, 1997. This compares to the return of (8.36)% for the Morgan
Stanley EAFE Index and the average return of (6.45)% for the Lipper universe
of international equity mutual funds for the same time period.
Foreign stocks continued to be affected by the malaise which spread
from Southeast Asia to the global economy. Despite the fact that the Fund
held no stocks in the emerging markets of that region, the Fund's holdings in
Latin America suffered from poor investor sentiment caused by Southeast
Asia's woes. Japan also suffered significantly from growing worries about the
impact of the turmoil in the Asian markets on its economy. Nevertheless,
Europe continued to provide good returns, particularly in specific sectors
such as financials. This enabled the Fund to post a positive return for the
month of December and for the year ended December 31, 1997.
We believe that Japan, currently underweighted in the Fund, now looks
relatively inexpensive. We are keeping a close watch on sentiment indicators
for an opportunity to increase Japanese holdings in the Fund. We consider
European economies to be in their best shape in many years. The ongoing
restructuring of several major European companies should continue to provide
attractive investment opportunities.
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Munder Accelerating Growth Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 74.5%
Automobile Parts & Equipment -- 4.0%
37,800 Lear Corporation+ $ 1,795,500
195,200 Miller Industries, Inc.+ 2,098,400
83,380 Tower Automotive, Inc.+ 3,507,171
------------
7,401,071
------------
Banking and Finance -- 11.7%
67,400 BankAmerica Corporation 4,920,200
79,620 Charter One Financial, Inc. 5,026,013
21,400 Chase Manhattan Corporation 2,343,300
112,300 Finova Group, Inc. 5,579,906
52,500 Green Tree Financial
Corporation 1,374,844
31,700 GreenPoint Financial
Corporation 2,300,231
------------
21,544,494
------------
Commercial Services -- 5.9%
47,800 ABR Information Services,
Inc.+ 1,141,225
206,773 Cendant Corporation+ 7,107,822
112,500 Equity Corporation
International+ 2,601,563
------------
10,850,610
------------
Communication Equipment -- 1.7%
60,300 Tellabs, Inc.+ 3,188,363
------------
Computer Hardware, Software
or Services -- 9.6%
69,000 Adaptec, Inc.+ 2,561,625
105,500 Fiserv, Inc.+ 5,182,688
277,000 Iomega Corporation+ 3,445,188
45,150 Parametric Technology
Corporation+ 2,138,981
106,000 Saville Systems, ADR+ 4,399,000
------------
17,727,482
------------
Diversified -- 7.5%
107,600 Corrections Corporation of
America+ 3,987,925
46,600 Textron, Inc. 2,912,500
152,300 Tyco International Ltd. 6,863,019
------------
13,763,444
------------
Drugs -- 1.2%
17,400 Warner-Lambert Company 2,157,600
------------
Food and Beverages -- 2.2%
73,400 Sara Lee Corporation 4,133,338
------------
Lodging -- 1.3%
71,600 CapStar Hotel Company+ 2,456,775
------------
Medical Instruments, Services,
and Supplies -- 7.0%
38,100 Elan Corporation Plc,
ADR+ 1,950,244
84,000 HBO & Company 4,032,000
201,500 HEALTHSOUTH
Corporation+ 5,591,625
51,021 Total Renal Care
Holdings, Inc.+ 1,403,078
------------
12,976,947
------------
Office Equipment and Supplies -- 2.4%
48,900 Pitney Bowes, Inc. 4,397,944
------------
Oil Equipment & Services -- 4.9%
82,600 Diamond Offshore
Drilling, Inc. 3,975,125
80,000 Precision Drilling Corp+ 1,950,000
79,900 Veritas DGC, Inc.+ 3,156,050
------------
9,081,175
------------
Publishing -- 1.2%
40,900 Applied Graphics
Technologies+ 2,177,926
------------
Real Estate -- 1.9%
45,500 Mack-Cali Realty
Corporation 1,865,500
38,000 Spieker Properties, Inc. 1,629,250
------------
3,494,750
------------
Recreation -- 0.9%
76,400 Signature Resorts, Inc.+ 1,671,250
------------
Retail -- Store -- 3.7%
129,400 Pier 1 Imports, Inc. 2,927,675
160,700 The Sports Authority, Inc.+ 2,370,325
44,600 TJX Companies, Inc. 1,533,125
------------
6,831,125
------------
Telecommunications -- 7.4%
47,300 ADC Telecommunications,
Inc.+ 1,974,775
29,100 Lucent Technologies, Inc. 2,324,363
87,300 Teleport Communications
Group Inc.+ 4,790,588
147,600 WorldCom, Inc.+ 4,464,900
------------
13,554,626
------------
TOTAL COMMON STOCKS
(Cost $109,280,552) 137,408,920
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENTS -- 26.1%
$ 8,088,000 Agreement with State Street Bank
and Trust Company, 6.000% dated
12/31/1997, to be repurchased at
$8,090,696 on 01/02/98,
collateralized by $7,990,000 U.S.
Treasury Note, 6.750% maturing
04/30/2000 (value $8,250,666) 8,088,000
40,000,000 Agreement with Lehman
Brothers, 6.500% dated
12/31/1997,
to be repurchased at
$40,014,444
on 01/02/1998,
collateralized by
$38,929,000 U.S.
Treasury Notes,
8.500-8.870%, having
maturities ranging from
08/15/2017 through
02/15/2020
(value $40,787,293) 40,000,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $48,088,000) 48,088,000
------------
TOTAL INVESTMENTS
(Cost $157,368,552*) 100.6% 185,496,920
OTHER ASSETS AND
LIABILITIES (Net) (0.6) (1,168,373)
---- ------------
NET ASSETS 100.0% $184,328,547
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.<PAGE>
Munder Balanced Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 47.4%
Advertising -- 0.7%
14,000 Omnicom Group, Inc. $ 593,250
------------
Aerospace -- 0.6%
4,800 Sundstrand Corporation 241,800
3,400 United Technologies
Corporation 247,563
------------
489,363
------------
Automobile Parts & Equipment -- 2.0%
11,300 Johnson Controls, Inc. 539,575
3,500 Lear Corporation+ 166,250
19,559 Mark IV Industries, Inc. 427,853
20,300 Miller Industries, Inc.+ 218,225
7,000 Tower Automotive, Inc.+ 294,438
------------
1,646,341
------------
Banking and Financial Services -- 6.9%
8,700 Associates First Capital
Corporation 618,787
11,700 BankAmerica Corporation 854,100
11,220 Charter One Financial, Inc. 708,262
6,300 Chase Manhattan Corporation 689,850
7,000 Finova Group, Inc. 347,813
17,200 Green Tree Financial
Corporation 450,425
2,400 GreenPoint Financial
Corporation 174,150
7,600 MGIC Investment 505,400
14,000 Norwest Corporation 540,750
6,900 Summit Bancorp 367,425
3,000 U.S. Bancorp 335,813
------------
5,592,775
------------
Building Materials -- 0.7%
19,600 Sherwin-Williams Company 543,900
------------
Business Equipment and Supplies -- 0.8%
14,700 Avery Dennison Corporation 657,825
------------
Business Services -- 1.8%
9,200 Automatic Data Processing, Inc. 564,650
8,000 Equifax, Inc. 283,500
7,100 First Data Corporation 207,675
7,600 Fiserv, Inc.+ 373,350
------------
1,429,175
------------
Commercial Services -- 2.2%
5,700 ABR Information Services,
Inc.+ 136,088
37,190 Cendant Corporation+ 1,278,403
9,900 Corrections Corporation
of America+ 366,919
------------
1,781,410
------------
Computer Hardware, Software
or Services -- 4.7%
8,900 Adaptec, Inc.+ 330,413
6,000 BMC Software, Inc.+ 393,750
20,500 Cabletron Systems, Inc.+ 307,500
12,450 CISCO Systems, Inc.+ 694,087
10,000 Hewlett-Packard Company 625,000
3,200 Intel Corporation 224,800
27,600 Iomega Corporation+ 343,275
10,950 Oracle Corporation+ 244,322
9,700 Parametric Technology
Company+ 459,537
4,800 Saville Systems Ireland Plc,
ADR+ 199,200
------------
3,821,884
------------
Consumer Non-Durables -- 0.2%
3,300 Newell Company 140,250
------------
Diversified -- 4.4%
11,500 Textron, Inc. 718,750
29,900 Thermo Electron
Corporation+ 1,330,550
32,900 Tyco International Ltd. 1,482,556
------------
3,531,856
------------
Drugs -- 2.5%
9,000 Amgen, Inc. 487,125
5,500 Merck & Company, Inc. 584,375
3,400 Pfizer, Inc. 253,513
8,500 Schering-Plough Corporation 528,062
1,500 Warner-Lambert Company 186,000
------------
2,039,075
------------
Electrical Equipment -- 0.7%
9,500 Emerson Electric Company 536,156
------------
Food and Beverages -- 1.1%
15,300 Sara Lee Corporation 861,581
------------
Home Furnishings -- 0.4%
7,600 Leggett & Platt, Inc. 318,250
------------
Hotels and Lodging -- 0.4%
4,800 CapStar Hotel Company+ 164,700
7,200 Signature Resorts, Inc.+ 157,500
------------
322,200
------------
Household Products -- 0.4%
6,200 Lancaster Colony Corporation 349,525
------------
Insurance -- 1.1%
2,325 American International
Group, Inc. 252,844
9,200 MBIA, Inc. 614,675
------------
867,519
------------
Manufactured Housing -- 0.9%
38,500 Clayton Homes, Inc. 693,000
------------
Medical Services and Supplies -- 2.1%
3,500 Elan Corporation Plc,
ADR+ 179,156
8,600 HBO & Company 412,800
36,400 HEALTHSOUTH
Corporation+ 1,010,100
3,166 Total Renal Care
Holdings, Inc.+ 87,065
------------
1,689,121
------------
Office Equipment and Supplies -- 0.5%
4,200 Pitney Bowes, Inc. 377,738
------------
Oil Equipment and Services -- 2.2%
4,600 Diamond Offshore
Drilling, Inc. 221,375
5,000 Precision Drilling Corporation+ 121,875
8,400 Reading & Bates
Corporation 351,750
4,300 Schlumberger Ltd. 346,150
10,000 Transocean Offshore, Inc. 481,875
6,500 Veritas DGC, Inc.+ 256,750
------------
1,779,775
------------
Publishing -- 0.2%
3,800 Applied Graphics
Technologies, Inc.+ 202,350
------------
Railroads -- 0.7%
16,600 Illinois Central Corporation 565,438
------------
Real Estate -- 0.6%
7,000 Equity Residential Properties
Trust+ 161,875
4,300 Mack-Cali Realty Corporation 176,300
3,600 Spieker Properties, Inc. 154,350
------------
492,525
------------
Recreation -- 0.8%
11,700 Carnival Corporation, Class A 647,887
------------
Restaurants -- 1.0%
4,900 Cracker Barrel Old Country
Store, Inc. 163,537
25,200 Wendy's International, Inc. 606,375
------------
769,912
------------
Retail -- Specialty -- 3.6%
11,993 Consolidated Stores
Corporation+ 526,942
10,000 Costco Companies, Inc.+ 446,250
9,000 General Nutrition
Companies, Inc.+ 306,000
12,500 Home Depot, Inc. 735,937
8,300 Pier 1 Imports, Inc. 187,788
17,100 The Sports Authority, Inc.+ 252,225
3,400 TJX Companies, Inc. 116,875
10,200 Walgreen Company 320,025
------------
2,892,042
------------
Telecommunications -- 2.8%
4,600 ADC Telecommunications,
Inc.+ 192,050
13,700 Century Telephone
Enterprise 682,431
1,800 Lucent Technologies 143,775
6,000 Teleport Communications
Group, Inc.+ 329,250
6,000 Tellabs, Inc.+ 317,250
19,700 WorldCom, Inc.+ 595,925
------------
2,260,681
------------
Toys -- 0.4%
9,250 Mattel, Inc. 344,563
------------
TOTAL COMMON STOCKS
(Cost $27,582,315) 38,237,367
------------
Principal
Amount
- ---------
ASSET BACKED SECURITIES -- 3.5%
$1,055,000 Advanta Mortgage Loan Trust,
Series 1997-2, Class A-2,
7.050% due 05/25/2021 1,068,525
200,000 Banc One Credit Card Master
Trust, Series 1994-C,
Class A,
7.800% due 12/15/2000 203,182
500,000 Chase Manhattan
Corporation,
Series 1996-4, Class A,
6.730% due 02/15/2003 505,345
600,000 Residential Accredit Loans,
Inc., Series 1997-QS5,
Class A 5,
7.250% due 06/25/2027 603,375
400,000 Union Acceptance
Corporation,
Series 1996-C, Class A3,
6.630% due 10/08/2003++ 405,556
------------
TOTAL ASSET BACKED SECURITIES
(Cost $2,784,222) 2,785,983
------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 1.6%
750,000 Federal Home Mortgage
Corporation,
Series 1541, Class F,
6.250% due 05/15/2019 747,675
550,000 Federal Home Mortgage
Corporation, Series 1702-A,
Class PD,
6.500% due 04/15/2022 553,405
------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $1,280,895) 1,301,080
------------
CORPORATE BONDS AND NOTES -- 15.0%
Finance -- 4.0%
150,000 American General Institutional
Capital,
7.570% due 12/01/2045+++ 154,773
400,000 AT&T Capital Corporation,
MTN,
6.490% due 05/17/1999 402,336
540,000 Commercial Credit Company,
5.875% due 01/15/2003 531,614
140,000 Ford Motor Credit
Corporation,
6.500% due 02/15/2006 140,864
500,000 GMAC,
6.375% due 12/01/2001 501,410
540,000 Liberty Mutual Capital
Corporation, MTN,
8.100% due 01/14/2005+++ 588,956
150,000 MIC Financing Trust I,
8.375% due 02/01/2027+++ 161,114
600,000 Pitney Bowes Credit
Corporation,
8.625% due 02/15/2008 700,590
------------
3,181,657
------------
Finance & Banking -- 1.7%
500,000 Countrywide Capital III,
8.050% due 06/15/2027 556,360
750,000 National Westminster Bank,
7.750% due 04/29/2049 796,875
------------
1,353,235
------------
Finance -- Foreign -- 3.2%
400,000 American Express Company,
Global Bond,
6.750% due 06/23/2004 410,340
400,000 Beta Finance Corporation,
6.625% due 07/02/2002 406,200
500,000 KFW International
Finance, Inc.,
8.000% due 02/15/2010 567,085
500,000 Swedish Export Credit Corp.,
6.010% due 06/19/2000 499,150
575,000 Toronto Dominion Bank,
6.750% due 06/13/2002 586,385
90,000 Union Bank of Switzerland,
7.250% due 07/15/2006 95,091
------------
2,564,251
------------
Government Agency -- 1.2%
500,000 British Columbia Hydro,
12.500% due 01/15/2014 548,900
400,000 Tennessee Valley Authority,
6.375% due 06/15/2005 408,116
------------
957,016
------------
Industrial -- 1.7%
600,000 Anheuser Busch Companies,
9.000% due 12/01/2009 720,888
600,000 Wal-Mart Stores,
8.625% due 04/01/2001 642,882
------------
1,363,770
------------
Industrial -- Foreign -- 1.1%
550,000 International
Telecommunications
Satellite,
8.375% due 10/14/2004 608,988
300,000 Toyota Motor Corporation,
5.625% due 03/17/1998 300,414
------------
909,402
------------
Supranational -- 1.1%
350,000 African Development Bank,
Notes,
6.750% due 07/30/1999 354,204
500,000 European Investment Bank,
7.250% due 04/23/2007 540,053
------------
894,257
------------
Utility -- Electric -- 1.0%
500,000 National Rural Utilities,
7.300% due 09/15/2006 531,755
300,000 Puget Sound Energy, Inc.,
7.020% due 12/01/2027 302,610
------------
834,365
------------
TOTAL CORPORATE BONDS
AND NOTES
(Cost $11,855,158) 12,057,953
------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 4.8%
Federal Home Loan Mortgage Corporation (FHLMC) -- 0.6%
FHLMC:
201,968 Pool #E62394, Gold,
7.500% due 09/01/2010 207,102
285,340 Pool #200021,
10.500% due 11/01/2000 299,807
------------
506,909
------------
Federal National Mortgage Association
(FNMA) -- 4.2%
FNMA:
1,000,000 Series 1993-183 Class H,
6.500% due 03/25/2022 1,003,920
798,483 Pool #303020,
7.000% due 10/25/2024 804,104
218,197 Pool #250345,
7.000% due 09/01/2025 219,746
200,000 7.150% due 08/27/2012 202,000
391,119 Pool #303105,
11.000% due 11/01/2020 430,786
622,766 Pool #100081,
11.500% due 08/20/2016 697,891
------------
3,358,447
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $3,800,699) 3,865,356
------------
U.S. TREASURY OBLIGATIONS -- 13.8%
U.S. Treasury Bonds -- 4.0%
2,875,000 6.875% due 08/15/2025 3,206,056
-----------
U.S. Treasury Notes -- 9.8%
970 3.625% due 07/15/2002 965
2,100,000 7.500% due 11/15/2001 2,225,664
530,000 7.750% due 01/31/2000 551,205
4,610,000 7.875% due 11/15/2004 5,153,381
------------
7,931,215
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $10,675,666) 11,137,271
------------
REPURCHASE AGREEMENT -- 14.7%
(Cost $11,859,000)
11,859,000 Agreement with State Street
Bank and Trust Company,
6.000% dated 12/31/1997,
to be repurchased at
$11,862,953 on
01/02/1998, collateralized
by $10,655,000 U.S.
Treasury Bond, 6.875%
maturing 08/15/2025
(value $12,096,760) 11,859,000
------------
TOTAL INVESTMENTS
(Cost $69,837,955*) 100.8% 81,244,010
OTHER ASSETS AND
LIABILITIES (Net) (0.8) (613,418)
---- ----------
NET ASSETS 100.0% $ 80,630,592
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
+ 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 Depository Receipt
MTN -- Medium Term Note
See Notes to Financial Statements.
<PAGE>
Munder Growth & Income Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 83.4%
Automobiles -- 2.0%
97,000 Ford Motor Company $ 4,722,688
------------
Automobile Parts & Equipment -- 2.0%
97,000 Johnson Controls, Inc. 4,631,750
------------
Banking and Finance -- 13.5%
93,000 Banc One Corporation 5,051,062
62,000 BankAmerica Corporation 4,526,000
70,350 Charter One Financial, Inc. 4,440,844
62,000 First of America Bank
Corporation 4,781,750
122,000 Norwest Corporation 4,712,250
64,500 Summit Bancorp 3,434,625
40,000 U.S. Bancorp 4,477,500
------------
31,424,031
------------
Chemicals -- 4.1%
105,074 Avery Dennison Corporation 4,702,062
75,000 Imperial Chemical
Industries Plc, ADR 4,870,312
------------
9,572,374
------------
Diversified -- 0.6%
69,200 Federal Signal Corporation 1,496,450
------------
Drugs -- 4.0%
62,000 American Home Products
Corporation 4,743,000
43,000 Merck & Co., Inc. 4,568,750
------------
9,311,750
------------
Drugs & Health Care -- 4.2%
53,000 Bristol-Myers Squibb
Company 5,015,125
90,000 Smithkline Beecham
Group Plc, ADR 4,629,375
------------
9,644,500
------------
Electrical Equipment -- 0.6%
30,000 Hubbell, Inc. 1,479,375
------------
Electrical Machinery -- 1.9%
89,000 Cooper Industries, Inc. 4,361,000
------------
Food and Beverages -- 4.7%
99,000 Sara Lee Corporation 5,574,937
117,500 Sysco Corporation 5,353,594
------------
10,928,531
------------
Holding Companies -- Diversified -- 2.1%
76,600 Textron, Inc. 4,787,500
------------
Insurance -- 5.1%
59,000 Lincoln National
Corporation 4,609,375
98,000 SAFECO Corporation 4,777,500
31,000 St. Paul Companies, Inc. 2,543,937
------------
11,930,812
------------
Office Equipment and Supplies -- 3.0%
31,200 Pitney Bowes, Inc. 2,806,050
58,000 Xerox Corporation 4,281,125
------------
7,087,175
------------
Oil and Petroleum -- 5.4%
57,000 Atlantic Richfield Company 4,567,125
35,000 British Petroleum
Company Plc, ADR 2,789,062
37,000 Exxon Corporation 2,263,938
41,000 Mobil Corporation 2,959,687
------------
12,579,812
------------
Paper -- 1.4%
62,000 Consolidated Papers, Inc. 3,309,250
------------
Printing and Publishing -- 2.5%
79,000 McGraw-Hill, Inc. 5,846,000
------------
Railroad -- 1.8%
123,000 Illinois Central Corporation 4,189,688
------------
Real Estate -- 6.4%
120,800 FelCor Suite Hotels, Inc. 4,288,400
102,000 Health Care Property
Investors, Inc. 3,856,875
162,000 Prentiss Properties Trust 4,525,875
50,350 Spieker Properties, Inc. 2,158,756
------------
14,829,906
------------
Retail -- Store -- 3.7%
81,000 May Department Stores
Company 4,267,688
70,000 Penney (J.C.) Company, Inc. 4,221,875
------------
8,489,563
------------
Telecommunications -- 4.3%
88,000 AT & T Corporation 5,390,000
80,000 BellSouth Corporation 4,505,000
------------
9,895,000
------------
Utilities -- Electric -- 4.7%
104,000 DPL, Inc. 2,990,000
40,727 Duke Energy Company 2,255,258
116,300 New Century Energies, Inc. 5,575,131
------------
10,820,389
------------
Utilities -- Natural Gas -- 5.4%
80,931 El Paso Natural Gas Company 5,381,912
177,371 MCN Corporation Holding
Company 7,161,354
------------
12,543,266
------------
TOTAL COMMON STOCKS
(Cost $145,730,758) 193,880,810
------------
Principal
Amount
- ---------
CONVERTIBLE BONDS AND NOTES -- 6.3%
$1,600,000 Diamond Offshore Drilling,
Conv. Sub. Note,
3.750% due 02/15/2007 2,144,000
5,150,000 Home Depot, Inc.,
Conv. Sub. Note,
3.250% due 10/01/2001 6,978,250
6,000,000 Mark IV Industries, Inc.,
4.750% due 11/01/2004 5,602,500
------------
TOTAL CONVERTIBLE BONDS
AND NOTES
(Cost $12,752,161) 14,724,750
------------
CONVERTIBLE PREFERRED STOCKS -- 4.6%
88,000 AirTouch Communications, Inc.,
Series C 4.250% Conv. Pfd. 5,483,500
93,000 Wendys Financial I
5.000%, Conv. Pfd. 5,115,000
------------
TOTAL CONVERTIBLE
PREFERRED STOCKS
(Cost $9,051,165) 10,598,500
------------
REPURCHASE AGREEMENT -- 5.9%
(Cost $13,788,000)
13,788,000 Agreement with State Street
Bank and Trust Company,
6.000% dated 12/31/1997,
to be repurchased at
$13,792,596 on 01/02/98,
collateralized by
$12,390,000 U.S. Treasury
Note, 6.875% maturing
08/15/2025 (value $14,066,528) 13,788,000
------------
TOTAL INVESTMENTS
(Cost $181,322,084*) 100.2% 232,992,060
OTHER ASSETS AND
LIABILITIES (Net) (0.2) (526,300)
---- ------------
NET ASSETS 100.0% $232,465,760
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
<PAGE>
Munder International Equity Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 99.7%
Argentina -- 0.8%
1,100 Alpargatas S.A.I.C., ADR+ $ 4,401
400 APCO Argentina Inc., ADR 13,800
2,094 Banco de Galicia Bueno, ADR 53,920
1,656 Banco Frances del Rio de la
Plata, SA, ADR 45,333
3,000 Banco Rio de La Plata SA+ 42,000
1,800 Buenos Aires
Embotelladora SA, ADR+ 2,475
9,800 Corporacion Mapfre, ADR 68,953
800 Disco SA, ADR+ 35,950
500 IRSA Inversiones Y
Representaciones SA, GDR 18,813
2,220 Metrogas SA, ADR 17,205
13,565 Perez Companc SA, ADR 193,206
4,000 Quilmes Industrial SA, ADR 54,750
7,100 Telecom Argentina SA, ADR 253,825
8,500 Telefonica de Argentina, ADR 316,625
2,800 Transportadora de Gas del
Sur SA, ADR 31,325
12,800 Y.P.F. Sociedad Anonima, ADR 437,600
------------
1,590,181
------------
Australia -- 2.7%
5,900 Amcor Ltd. 100,300
45,000 Amcor Ltd., ADR 197,969
2,100 Ashton Mining Ltd., ADR 9,444
9,850 Australia & New Zealand
Bank, ADR 323,819
7,100 Australian National
Industries, ADR 26,091
5,200 Boral Ltd., ADR 104,325
34,840 Broken Hill Proprietary
Ltd., ADR 644,540
2,800 Burns, Philip & Company
Ltd., ADR 2,629
7,000 Coca-Cola Amatil Ltd., ADR 104,592
5,500 Coles Myer Ltd., ADR 214,500
900 Cortecs International Ltd., ADR+ 12,825
8,500 CSR Ltd., ADR 115,226
5,000 E-mail Partners Ltd., ADR 23,620
500 FAI Insurances Ltd., ADR 3,656
1,200 FH Faulding & Company, ADR 24,026
10,600 Goodman Fielder Ltd., ADR 67,427
9,050 Great Central Mines Ltd.,
ADR 29,978
6,900 James Hardie Industries, ADR 40,234
4,700 Kidston Gold Mines Ltd.,
ADR+ 3,126
800 Lihir Gold Limited,
ADR+ 17,000
45,700 M.I.M. Holdings Ltd., ADR 55,982
2,400 Mayne Nickless Ltd., ADR 63,427
400 Memtec Ltd., ADR 14,400
9,900 National Australia Bank
Ltd., ADR 699,187
25,900 News Corporation Ltd., ADR 577,894
5,440 Normandy Mining Ltd 52,823
4,900 North Ltd., ADR 64,543
1,300 Orbital Engineering Ltd., ADR+ 4,550
9,600 Pacific Dunlop
Olympic Ltd., ADR 81,600
1,700 Petsec Energy Ltd., ADR+ 23,375
31,400 Pioneer International Ltd., ADR 85,722
5,370 Rio Tinto Ltd., ADR 250,634
5,100 Santos Ltd., ADR 85,425
700 Simsmetal Ltd., ADR 16,244
600 Sons of Gwalia, ADR 6,844
4,300 Southcorp Holdings Ltd., ADR 71,182
8,000 St. George Bank Ltd., ADR 45,376
3,000 Telstra Corporation Ltd.+ 125,250
13,200 Westpac Banking Ltd., ADR 419,100
10,100 WMC Ltd., ADR 137,612
40,000 Woodside Petroleum Ltd. 282,077
------------
5,228,574
------------
Austria -- 0.2%
2,240 EVN-Energie Versorgung
Niederoesterreich AG, ADR 58,785
9,800 OMV AG, ADR+ 271,548
1,000 Wolford AG, ADR 12,139
------------
342,472
------------
Belgium -- 0.2%
8,450 Petrofina SA, ADR 312,633
1,200 Xeikon N.V., ADR+ 16,800
------------
329,433
------------
Bermuda -- 0.2%
1,200 Comcast UK Cable
Partners Ltd., ADR+ 11,325
3,900 Exel Ltd., ADR 247,162
600 LaSalle Re Holdings Ltd., ADR 21,225
1,000 Mutual Risk
Management Ltd., ADR 29,938
2,000 PartnerRe Ltd., ADR 92,750
------------
402,400
------------
Brazil -- 1.0%
5,425 Aracruz Celulose SA, ADR 77,984
4,900 Cemig-Companhia Energetica
de Minas, (New), ADR 210,700
1,100 Centrais Eletricas
Brasileiras SA, ADR 27,350
5,000 Companhia Cervejaria Brahma,
ADR 60,625
1,800 Continental AG, ADR 39,892
1,300 Copene Petroquimica, ADR 19,802
2,600 Panamerican Beverages Inc.,
ADR, Class A 84,825
11,200 Telecomunicacoes
Brasileiras SA 1,304,100
------------
1,825,278
------------
Canada -- 3.7%
4,200 Aber Resources Ltd.+ 6,563
3,200 Abitibi-Consolidated Inc., ADR 44,800
1,400 Agnico Eagle Mines Ltd., ADR 7,613
3,800 AGRA, Inc. 29,250
2,950 Alberta Energy
Company Ltd., ADR 57,156
500 Alliance Communications
Corporation, ADR+ 6,375
2,700 Arakis Energy
Corporation, ADR+ 5,569
13,300 Aur Resources, Inc.+ 31,923
2,400 Avenor, Inc. 34,261
9,550 Bank of Montreal, ADR 423,781
22,700 BCE Inc., ADR 756,194
800 Bell Canada
International, Inc.+ 12,200
12,400 Bema Gold Corporation+ 30,225
900 Bema Gold Corporation+ 2,141
3,700 BioChem Pharmaceuticals,
Inc+ 77,237
1,200 Biomira Inc., ADR+ 2,550
1,000 Biovail Corporation
International, ADR+ 39,062
14,800 Brookfield Properties
Corporation 247,003
12,300 Cambior, Inc., ADR 72,262
4,500 Campbell Resource Inc., ADR+ 1,969
1,000 Canadian Marconi
Company, ADR 13,437
5,100 Canadian Occidental
Petroleum, ADR 115,387
12,400 Canadian Pacific Ltd., ADR 337,900
600 Chieftain International,
Inc., ADR+ 12,750
1,100 Clearnet Communications
Inc., ADR+ 12,513
9,300 Cognos, Inc.+ 213,900
9,000 Cognos, Inc., ADR+ 207,830
3,300 Cominco, ADR 50,944
2,000 Corel, ADR+ 3,250
2,300 Cott Corporation, ADR 19,406
4,800 Domatar, Inc., ADR 33,300
170 Dreco Energy Services Ltd.+ 5,734
8,950 EdperBrascan Corporation,
Class A 162,219
4,000 Encal Energy Ltd.+ 16,873
600 Fahnestock Viner
Holdings, Inc., ADR 10,463
2,100 Fairfax Financial Holdings Ltd.+ 470,242
1,000 Four Seasons Hotels, Inc., ADR 31,625
2,500 Gennum Corporation 52,920
2,500 Goldcorp Inc., Class A, ADR+ 9,688
7,200 Golden Star Resources Ltd.+ 25,192
9,406 Gulf Canada Resources, ADR+ 65,843
2,300 Hollinger, Inc., ADR 19,262
2,300 Imperial Oil Ltd., ADR 147,056
800 Intertape Polymer
Group Inc., ADR 17,500
1,400 Intrawest Corporation 24,325
2,200 IPL Energy Inc., ADR 99,000
1,100 Ipsco, Inc., ADR 42,419
300 Jetform Corporation, ADR+ 4,538
13,415 Laidlaw, Inc., Class B
(non-voting) 182,779
1,600 Loewen Group Inc., ADR 41,300
4,700 Macmillan Bloedel Ltd., ADR 49,937
2,200 Magna International,
Class A, ADR 138,187
10,200 MDS Inc. 235,184
5,600 Methanex Corporation, ADR+ 44,450
1,300 Microcell
Telecommunications, Inc.+ 8,775
4,000 Mitel Corporation, ADR+ 31,000
6,200 Newbridge Network, ADR 216,225
2,400 Newcourt Credit Group, Inc. 80,100
19,600 Norcen Energy Resources Ltd 224,930
17,300 Nova Corporation of
Alberta, ADR 165,431
3,400 Numac Energy Inc., ADR+ 13,175
16,300 Philip Services Corporation+ 236,108
1,400 Philip Services Corporation,
ADR+ 20,125
1,200 PLD Telekom Inc., ADR+ 6,525
1,700 Potash Corporation of
Saskatchewan, ADR 141,100
400 Precision Drilling
Corporation+ 9,750
4,800 Precision Drilling
Corporation+ 117,057
2,600 Quebecor Inc., Class A, ADR 46,712
1,300 Rigel Energy Corporation,
ADR+ 10,563
1,900 Rio Algom Ltd., ADR 32,300
3,400 Rogers Cantel Mobil
Communications,
Class B, ADR+ 31,450
2,500 Royal Group Technologies
Ltd.+ 57,969
4,300 Royal Oak Mines, ADR+ 6,719
2,000 Suncor Energy, Inc. 68,250
3,200 Supersol Ltd. 45,000
1,200 Tee-Comm Electronics, Inc.+ 0
2,100 Teleglobe, Inc. 63,787
7,100 Transcanada Pipelines Ltd., ADR 158,862
17,100 Trilon Financial Corporation 137,609
3,900 Trizec Hahn Corporation, ADR 90,431
52,700 TVX Gold, Inc.+ 178,747
1,800 Unican Security Systems, Ltd. 39,425
3,400 West Coast Energy, Inc., ADR 78,200
------------
7,121,812
------------
Chile -- 0.5%
600 AFP Provida, ADR 10,238
900 Banco BHIF, ADR 14,400
900 Banco de Edwards, ADR 15,300
400 Banco Santander Chile, ADR 5,650
700 Banco Santiago SA, ADR 15,575
2,200 Chilgener SA, ADR 53,900
1,900 Compania Cervecerias
Unidas SA, ADR 55,812
7,075 Compania de
Telecomunicaciones de Chile
SA, ADR 211,366
800 Cristalerias de Chile, ADR 11,600
2,500 Distribucion y Servicio D&S SA+ 46,406
2,200 Embotelladora Andina SA, ADR 45,788
7,500 Empresa Nacional
Electricidad SA,
ADR 132,656
2,100 Empresa Telex Chile, ADR 8,269
4,400 Enersis SA, ADR 127,600
700 Laboratorio Chile SA, ADR 15,575
2,400 Linea Aerea Nacional Chile SA+ 32,700
1,200 Madeco, ADR 18,300
1,000 Maderas Y Sinteticos
Sociedad (Masisa), ADR 9,500
700 Quimica Minera Chile SA, ADR 30,800
3,500 Quinenco SA, ADR+ 40,250
600 Santa Isabel SA, ADR 10,500
900 Supermercados Unimarc SA,
ADR+ 11,081
500 Vina Concha Y Toro SA, ADR 12,625
------------
935,891
------------
China -- 4.4%
18,100 Amoy Properties Ltd., ADR 79,423
2,300 Amway Asia Pacific Ltd., ADR 44,850
1,900 APT Satellite Holdings Ltd., ADR+ 22,325
7,200 Asia Pulp & Paper Company
Ltd., ADR 72,450
600 Asia Satellite
Telecommunications
Holdings Ltd., ADR 10,088
46,748 Bank East Asia Ltd., ADR 109,484
750 Beijing Yanhua Petrochemical
Company, Ltd., ADR+ 7,125
3,200 C.P. Pokphand, ADR 12,595
10,300 Cathay Pacific Airways, ADR 41,870
6,800 CDL Hotels
International Ltd., ADR 20,624
9,800 Champion Technology
Holdings, ADR 5,253
700 China Eastern Airlines
Corporation Ltd., ADR+ 11,331
900 China Southern Airlines
Company Ltd., ADR+ 11,869
21,000 China Telecom (Hong Kong)
Ltd.+ 704,812
5,800 Dairy Farm International
Ltd., ADR 31,320
500 DSG International Ltd., ADR+ 4,500
16,700 First Pacific Company Ltd., ADR 40,414
1,300 Gold Peak Industries Ltd., ADR 7,214
3,000 Guangshen Railway Company
Ltd., ADR+ 40,313
8,750 Hang Lung Development, ADR 61,539
26,900 Hang Seng Bank Ltd., ADR 259,477
57,800 Henderson Land Development
Company Ltd., ADR 272,238
73,080 Hong Kong and China
Gas Ltd., ADR 141,483
73,200 Hong Kong Electric
Holdings Ltd., ADR 278,160
13,100 Hong Kong Land
Holdings, ADR 125,760
17,132 Hong Kong
Telecommunications
Ltd., ADR 353,347
31,700 Hopewell Holdings Ltd., ADR 39,467
153,000 HSBC Holdings, ADR 3,771,196
4,700 Huaneng Power
International, ADR+ 108,981
18,200 Hysan Development Ltd., ADR 72,582
16,900 Jardine Matheson &
Company Ltd., ADR 85,767
5,800 Jardine Strategic Holding, ADR 30,624
1,200 Johnson Electric Holdings, ADR 34,534
33,400 New World Development
Company Ltd., ADR 231,028
6,800 Pearl Oriental Holdings 17,333
10,050 Peregrine Investment
Holdings, ADR 14,267
2,200 Shandong Huaneng, ADR 15,125
3,970 Shanghai Chlor-Alkali
Chemical Company, ADR 6,828
2,600 Shanghai
Petrochemicals Ltd., ADR 40,463
2,900 Shanghai Tire & Rubber
Company Ltd., ADR 7,250
5,500 Shuntak Holdings Ltd., ADR 14,729
1,800 Singer Company, ADR 15,413
10,850 South China Morning
Post, ADR 38,159
86,500 Sun Hung Kai
Properties Ltd., ADR 602,645
57,500 Swire Pacific Ltd., ADR 301,702
10,500 Wharf Holdings Ltd., ADR 115,186
------------
8,333,143
------------
Colombia -- 0.0%#
1,100 Banco Ganadero SA, ADR 48,125
1,300 Banco Industrial
Colombiano, ADR 18,200
------------
66,325
------------
Denmark -- 0.7%
2,300 ISS International Service
Systems, ADR+ 42,453
4,600 Novo Nordisk AS, Series B 657,920
5,400 Novo Nordisk AS, Series B,
ADR 390,825
9,500 Tele Danmark, Series B, ADR 292,719
------------
1,383,917
------------
Finland -- 0.1%
1,700 American Group Ltd., ADR+ 16,368
1,700 Instrumentarium
Corporation, ADR 28,900
700 Rauma-Repola, ADR 10,587
1,600 Valmet Corporation, ADR 44,000
------------
99,855
------------
France -- 6.1%
22,500 Alcatel Alsthom Cie Generale
D'Electric, ADR 569,531
3,600 AXA Company 278,561
700 Bouygues Offshore SA, ADR 15,225
800 Business Objects SA, ADR+ 8,300
3,000 Canal Plus, ADR 111,555
1,800 Carrefour SA 939,104
300 Chargeurs SA 17,945
1,950 Christian Dior SA 199,909
100 Cie Europenne de
Telesecurite C.E.T. 4,671
600 CIPE France 20,277
755 Claring SA, ADR 57,956
1,978 Clarins SA 30,365
1,300 Coflexip SA, ADR 72,150
4,500 Compagnie Generale des
Eaux, ADR 125,613
1,000 Companie Generale de
Geophysique SA, ADR+ 25,625
550 Credit Lyonnais 28,603
3,900 Dassault Systemes SA, ADR 120,413
18,800 Elf Aquitaine, ADR 1,102,150
500 Essilor International 149,539
49,200 Eurotunnel SA+ 47,414
36,200 France Telecom SA+ 1,303,200
800 Genset, ADR+ 15,800
600 Groupe AB SA, ADR+ 3,863
12,450 Groupe Danone, ADR 444,751
6,600 Havas SA, ADR 118,708
50 Intertechnique SA 10,966
8,900 Lafarge SA, ADR 194,652
5,200 Lagardere Group 171,937
2,900 Lagardere Group, ADR 95,889
15,700 Louis Vuitton Moet
Hennessy, ADR 520,062
3,500 LVMH (Moet Hennessy
Louis Vuitton) 580,959
3,800 Pechiney SA, ADR 74,100
8,150 Pernod Ricard, ADR 119,846
800 Pinault Printemps-Redoute SA 426,817
9,050 PSA Peugeot Citroen, ADR 285,283
10,900 Rhone-Poulnec SA, ADR 483,687
400 Scor SA, ADR 19,100
550 SEB SA 76,672
5,200 SGS-Thompson
Microelectronics, ADR+ 317,525
14,100 Societe Generale, ADR 384,211
500 Stolt Comex Seaway SA+ 25,000
5,500 Thomson CSF 173,357
14,800 Total SA, Class B 1,610,700
2,700 Valeo SA, ADR 183,125
------------
11,565,116
------------
Germany -- 8.0%
1,500 Altana AG 102,977
16,950 Bayer AG 633,169
25,100 Bayer AG, ADR 941,601
13,900 Commerzbank AG, ADR 549,370
16,700 Daimler-Benz AG 1,171,539
14,000 Daimler-Benz AG, ADR 1,011,500
14,200 Deutsche Bank AG, ADR 1,002,979
1,350 Deutsche Pfandbrief-und
Hypothekenbank AG 79,997
98,300 Deutsche Telekom, ADR 1,830,837
1,950 Deutz AG 14,308
50 DLW AG 5,698
16,100 Dresdner Bank AG, ADR 742,822
1,400 FAG Kugelfischer 18,483
250 Fresenius AG 45,999
2,750 Gehe AG 137,580
56 Heidelberger
Druckmaschinen AG 3,093
21,300 Hoechst AG, ADR 746,831
250 Kloeckner Werke AG 16,746
2,600 Mannesmann AG 1,313,766
300 Pfeiffer Vacuum
Technology AG, ADR+ 8,400
50 Porsche AG 83,382
800 Puma AG, ADR 16,256
500 Rheinmetall AG 9,742
12,200 RWE AG, ADR 653,554
1,400 SAP AG 425,304
11,001 SAP AG, ADR 1,204,697
100 SCHMALBACH LUBECA AG 16,482
2,300 SGL Carbon AG, ADR 98,613
17,900 VEBA AG+ 1,235,100
900 Volkswagen AG 506,295
5,000 Volkswagen AG, ADR 562,834
------------
15,189,954
------------
Greece -- 0.0%#
400 Anangel -- American
Shipholdings Ltd, ADR 3,500
------------
Hong Kong -- 0.0%#
1,050 Egana International Holdings
Ltd. 3,387
------------
Hungary -- 0.0%#
600 Euronet Services, Inc., ADR+ 4,650
600 Pannonplast Rt.+ 7,912
------------
12,562
------------
Indonesia -- 0.2%
3,300 Gulf Indonesia
Resources Ltd.+ 72,600
5,300 PT Indorayon Utama, ADR+ 1,590
3,883 PT Indosat, ADR 74,990
1,100 PT Pasifik Satelit
Nusantara, ADR+ 16,913
15,200 PT Telekomunikasi
Indonesia, ADR 168,150
1,100 PT Tri Polyta
Indonesia, ADR+ 756
------------
334,999
------------
Ireland -- 0.4%
4,300 Bank of Ireland, ADR 266,600
700 CBT Group Plc, ADR+ 57,487
2,800 CRH, ADR 161,700
2,400 Elan Corporation Plc, ADR+ 122,850
2,100 Jefferson Smurfit Group, ADR 57,225
1,400 Ryanair Holdings Plc, ADR+ 35,175
1,300 Saville Systems Ireland, ADR+ 53,950
500 Warner Chilcott
Laboratories, ADR+ 6,188
2,800 Waterford Wedgwood Plc, ADR 35,350
------------
796,525
------------
Israel -- 0.2%
200 American-Israeli Paper
Mills, ADR 8,450
1,300 Blue Square-Israel Ltd., ADR 16,088
1,300 Check Point Software
Technologies Ltd., ADR+ 52,975
2,700 ECI Telecommunications
Ltd., ADR 68,850
800 Elbit Medical Imaging
Ltd., ADR 5,200
900 Elbit Systems Ltd., ADR 12,375
800 Elron Electronic
Industries Ltd., ADR 12,800
800 Elscint Ltd., ADR+ 6,400
500 ESC Medical Systems Ltd., ADR+ 19,375
1,560 Frutarom+ 1,406
400 Gilat Satellite Network Ltd., ADR+ 11,450
2,300 Koor Industries Ltd., ADR 50,456
500 Matav-Cable Systems
Media Ltd., ADR+ 9,000
500 MEMCO Software Ltd.+ 10,125
300 NICE-Systems Ltd., ADR+ 12,600
1,600 Scitex Corporation, ADR 19,300
700 Tadiran Ltd. 24,763
500 Tecnomatrix Technologies
Ltd., ADR+ 16,875
2,100 Teva Pharmaceutical, ADR 99,356
------------
457,844
------------
Italy -- 2.1%
3,272 Benetton Group SpA, ADR 106,749
1,600 De Rigo SpA, ADR+ 10,000
29,000 Ente Nazionale Idrocarburi
SpA, ADR 1,654,812
23,930 Fiat, ADR 352,968
1,000 Fila Holding SpA, ADR 20,125
2,100 Industrie Natuzzi, ADR 43,313
14,500 Instituto Nazionale delle
Assicurazioni, ADR 293,625
7,200 Istituto Mobiliare Italiano
SpA, ADR 257,400
1,700 Luxottica Group, ADR 106,250
19,242 Montedison SpA, ADR 170,773
500 SAES Getters SpA, ADR 4,781
13,900 Telecom Italia SpA 889,600
------------
3,910,396
------------
Japan -- 18.1%
10,870 Amway Japan Ltd., ADR 100,548
112,000 Aoki Corporation 36,027
25,000 Ashikaga Bank Ltd. 40,208
6,700 Bandai Company Ltd., ADR 24,462
168,995 Bank of Tokyo, ADR 2,376,492
6,000 Canon Inc., ADR 700,500
30,000 Chiyoda Corporation 32,167
48,000 Chuo Trust and Banking
Company, Ltd. 106,610
2,500 CSK Corporation, ADR 64,375
12,900 Dai'El, Inc., ADR 95,138
34,000 Daifuku Company, Ltd. 165,352
34,000 Daishowa Paper
Manufacturing Company, Ltd. 187,486
8,000 Deodeo Corporation 69,235
9,750 Eisai Company Ltd., ADR 149,126
82,000 Fuji Bank 331,592
18,600 Fuji Photo Film Company
Ltd., ADR 710,288
145,000 Fujita Corporation 52,194
61,000 Hanwa Company, Ltd. 108,386
136,000 Haseko 69,786
11,900 Hitachi Ltd., ADR 823,331
31,000 Hitachi Plant Engineer &
Construction 69,089
16,800 Honda Motor
Company Ltd., ADR 1,241,100
132,000 Industrial Bank of Japan 940,185
46,000 Isetan Co 192,004
390,000 Ishikawajima-Harima
Heavy Industries
Company., Ltd. 582,446
323,000 Isuzu Motors Ltd. 502,175
3,900 Ito-Yokado Ltd., ADR 793,894
32,200 Japan Airlines Company, ADR 169,050
53,000 Japan Storage Battery Co., Ltd. 123,803
53,000 JGC Corporation 111,626
13,000 JUSCO Co. 183,197
149,000 Kajima Corporation 375,438
107,000 Kanebo, Ltd. 77,851
6,000 Kanematsu-NNK Corporation 32,626
155,000 Kankaku Securities Company 121,084
290,000 Kawasaki Heavy Industries Ltd. 448,648
11,800 Kawasaki Steel Corporation, ADR 161,436
46,000 Keisei Electric Railway 120,135
3,800 Kirin Brewery Company, ADR 278,825
20,500 Kobe Steel Ltd., ADR+ 82,718
9,100 Komatsu Ltd., ADR 183,256
2,600 Kubota Corporation, ADR 140,400
3,400 Kyocera Corporation, ADR 307,700
93,000 Long Term Credit
Bank of Japan 148,863
6,200 Makita Corporation, ADR 58,900
7,600 Matsushita Electric Industrial
Company Ltd., ADR 1,155,200
30,000 Mercian Corporation 89,607
28,400 Mitsubishi Corporation, ADR 449,657
448,000 Mitsubishi Electric
Corporation 1,145,991
3,000 Mitsui & Company Ltd., ADR 360,000
33,000 Mitsui Engineering &
Shipbuiding Co., Ltd. 20,977
100,000 Mitsukoshi Ltd. 265,758
41,000 Morinaga & Company 39,565
11,200 NEC Corporation, ADR 600,600
130,000 New Japan Securities
Company, Ltd. 106,533
51,000 Nihon Cement Company, Ltd. 105,070
70,000 Niigata Engineering Co. Ltd. 30,558
77,000 Nikon Corporation 760,741
65,000 Nippon Shinpan Company 73,179
113,100 Nippon Telegraph &
Telephone Corporation, ADR 4,898,644
37,000 Nissan Diesel Motor
Company, Ltd. 42,506
45,600 Nissan Motor
Company Ltd., ADR 376,200
7,900 Nokia Oyj, ADR 553,000
40,000 Okuma Corporation 142,146
9,600 Olympus Optical
Company, ADR 66,480
108,000 Orient Corporation 174,527
76,000 Penta-Ocean Construction 106,518
6,200 Pioneer Electronics
Corporation, ADR 101,138
4,900 Ricoh Company Ltd., ADR 305,059
75,000 Sankyo Aluminium
Industry Company 66,631
75,000 Sankyo Company, Ltd. 80,991
14,100 Sanyo Electric
Corporation, ADR 180,656
512 Sawako Corporation, ADR 3,384
11,600 Sega Enterprises, ADR 52,637
67,000 Seiyu Ltd. 211,412
19,000 Shinagawa Refractories
Company, Ltd. 43,800
14,500 Shiseido Ltd., ADR 198,375
6,000 Sho-Bond Corporation 108,448
30,000 Showa Sangyo 45,952
13,500 Sony Corporation, ADR 1,225,125
17,000 SS Pharmaceutical 46,741
11,400 Sumitomo Metal
Industries, ADR 146,330
71,000 Sumitomo Osaka Cement 89,178
33,000 Takara Shuzo 122,578
4,800 TDK Corporation, ADR 352,800
63,000 The Daiwa Bank, Ltd. 134,617
250,000 The Mitsui Trust &
Banking Company, Ltd. 484,414
31,000 TOA Corporation 40,599
11,200 Tokio Marine & Fire
Insurance Ltd, ADR 646,800
58,000 Tokyu Department Store 83,511
212,000 Tomen Corporation 146,129
6,000 Toshiba Ceramics Co., Ltd. 24,125
35,000 Toshiba Machine Company 72,375
70,000 Toshoku 536
72,170 Toyota Motor
Corporation, ADR 4,140,754
99,000 Unitika Ltd. 53,075
1,200 Wacoal Corporation, ADR+ 60,150
252,000 Yamaichi Securities 0
43,000 Yasuda Trust & Banking 42,812
47,000 Yuasa Corporation 41,395
------------
34,605,736
------------
Korea -- 0.4%
44,600 Korea Electric Power
Corporation, ADR 448,787
13,600 Pohang Iron & Steel
Company, Ltd., ADR 237,150
19,855 SK Telecom
Company Ltd., ADR 129,060
------------
814,997
------------
Luxembourg -- 0.1%
1,200 Espirito Santo Financial
Holdings, ADR 24,375
1,700 Millicom International
Cellular S.A.+ 63,963
7,750 Minorco SA, ADR 129,812
------------
218,150
------------
Malaysia -- 0.0%#
41,000 Amalgamated Steelmills
Berhad, ADR 7,175
7,900 Resorts World Berhad, ADR 66,518
------------
73,693
------------
Mexico -- 1.7%
2,900 Altos Hornos de
Mexico SA, ADR+ 33,712
2,100 Apasco SA, Series A, ADR 72,025
800 Bufete Industries, ADR+ 7,800
22,200 Cemex SA, ADR 201,088
1,700 Coca-Cola Femsa SA, ADR 98,600
2,500 Consorcio G. Grupo
Dina, ADR+ 13,438
2,000 Controladora Comercial
Mexican SA de CV, ADR 51,875
2,505 Desc de CV, Series C, ADR 93,937
4,000 Empresas Ica, ADR 65,750
4,400 Empresas La Moderna
SA de CV, ADR+ 95,425
33,000 Grupo Carso SA, ADR 433,125
1,100 Grupo Casa Autrey, ADR 22,481
6,500 Grupo Elektra, ADR 228,719
7,800 Grupo Financiero Bancomer
SA de CV, ADR+ 100,511
4,400 Grupo Financiero Serfin
SA de CV, ADR+ 11,550
1,100 Grupo Imsa SA, ADR 25,919
800 Grupo Industrial
Durango SA, ADR+ 11,400
2,400 Grupo Industrial
Maseca SA, ADR 37,200
2,100 Grupo Iusacell, Series L, ADR+ 45,544
500 Grupo Radio Central, ADR 7,125
5,600 Grupo Telivisa SA, ADR+ 216,650
2,800 Grupo Tribasa SA, ADR+ 16,625
1,000 Industries Bachoco SA+ 19,500
1,100 Kimberly Clark Inc., ADR 26,919
19,000 Telefono de Mexico SA, ADR 1,065,187
3,300 Tolmex SA de CV, ADR+ 192,182
2,000 Transport Matima Mexico,
Class L, ADR 14,750
2,700 Tubos de Acero de
Mexico, ADR+ 58,387
4,300 Vitro Sociedad Anomina, ADR 56,169
------------
3,323,593
------------
Netherlands -- 4.6%
51,300 ABN AMRO Holding, ADR 1,000,350
9,400 AEGON Insurance, ADR 842,475
5,100 Akzo Nobel, ADR 443,062
2,500 ASM Lithography
Holdings NV+ 168,750
6,800 Baan Company, ADR+ 224,400
500 Chicago Bridge & Iron
Company NV 8,125
5,200 DSM, ADR 118,763
12,600 Elsevier, ADR 406,350
6,525 Fortis Amev, ADR 285,664
3,200 Gucci Group, ADR 134,000
50,405 ING Groep 2,122,944
4,800 Ispat International NV,
Class A+ 103,800
3,400 KLM Royal Dutch Airlines,
ADR 128,350
13,060 Koninklijke Ahold, ADR 341,192
3,100 Koninklijke Bols Wessanen
NV, ADR 48,205
500 Koninklijke Van Ommeren, ADR 16,838
1,300 Madge Networks NV, ADR+ 5,038
5,400 New Holland NV, ADR 142,762
800 Oce Van Der Griten, ADR 87,400
500 Orthofix International
NV, ADR+ 5,875
12,300 Philips Electronics NV, ADR 744,150
1,800 Polygram NV, ADR 85,838
600 QIAGEN N.V. ADR+ 26,775
1,600 Royal Nedlloyd Group, ADR 18,224
16,700 Royal PTT Nederland, ADR 693,050
3,300 Toolex Alpha NV, ADR+ 31,763
200 Velcro Industries
NV, ADR 19,200
6,900 VNU-Verenigde Nederlandse
Uitgeversbedrijven
Verenigd Bezit, ADR 194,689
2,600 Wolters Kluwer, ADR 335,897
------------
8,783,929
------------
New Zealand -- 0.2%
1,325 Fletcher Challenge, Building, ADR 27,494
1,325 Fletcher Challenge, Energy, ADR 47,203
3,160 Fletcher Challenge, Forest, ADR 26,465
2,550 Fletcher Challenge, Paper, ADR 32,034
4,500 Telecommunications of New
Zealand Ltd., ADR 174,375
500 Tranz Rail Holdings Ltd., ADR 5,750
------------
313,321
------------
Norway -- 0.3%
1,800 Nera ASA, ADR 9,900
8,250 Norsk Hydro AS, ADR 420,750
1,100 Petroleum Geo--
Services, ADR+ 71,225
4,300 Saga Petroleum, Class A, ADR 71,487
1,700 Smedvig ASA, ADR 35,897
700 Unitor ASA, ADR 8,583
------------
617,842
------------
Peru -- 0.1%
2,500 Banco Wiese, ADR 12,500
500 Compania de Minas
Buenaventura SA, ADR 8,000
8,500 Telefonica del Peru SA, ADR 198,156
------------
218,656
------------
Philippines -- 0.1%
4,100 Philippine Long Distance
Telephone Company, ADR 92,250
8,000 San Miguel Corporation,
Class B, ADR 97,776
------------
190,026
------------
Portugal -- 0.4%
4,200 Banco Comercial
Portuges SA, ADR 85,050
10,900 Electricidade de
Portugal SA, ADR+ 422,375
6,900 Portugal Telecom SA, ADR 324,300
------------
831,725
------------
Russia -- 0.4%
1,200 Chernogorneft, ADR+ 13,710
4,800 Lukoil, ADR 442,800
2,200 Trade House GUM 12,210
10,000 Unified Energy Systems+ 302,400
1,000 Vimpel - Communications,
ADR+ 35,625
------------
806,745
------------
Singapore -- 0.3%
6,500 Asia Pacific Resources
International Holdings Ltd.,
Class A+ 12,187
500 Asia Pacific Wire & Cable
Corporation Ltd.+ 3,594
1,300 China Yuchai, ADR+ 3,575
3,200 Cycle & Carriage Ltd., ADR 26,390
5,475 Development Bank of
Singapore, ADR 187,103
29,750 Keppel Corporation Ltd. 85,429
6,100 Neptune Orient Lines Ltd.,
ADR 9,626
8,000 Sembawang Corporation Ltd.,
ADR 17,088
16,300 United Overseas Bank Ltd.,
ADR 180,902
------------
525,894
------------
South Africa -- 0.5%
5,100 Driefontein
Consolidated, ADR 33,787
3,900 Gold Fields of South
Africa Ltd. 60,450
1,600 Harmony Gold Mining
Company Ltd., ADR+ 3,600
6,265 Imperial Holdings Ltd., ADR 72,737
9,100 Iscor Ltd., ADR 26,927
3,300 Kloof Gold Mining Ltd., ADR 10,931
18,000 Liberty Life Association of
Africa Ltd., ADR 231,174
3,400 Pepkor Ltd., ADR 34,932
20,800 Sasol Ltd., ADR 219,700
3,100 Servgro International Ltd., ADR 35,142
10,200 South African Breweries., ADR 251,523
13,100 Wooltru Ltd., ADR 41,186
------------
1,022,089
------------
Spain -- 2.2%
25,100 Banco Bilbao Vizcaya, ADR 811,044
11,900 Banco Central Hispano, ADR 285,600
17,300 Banco Santander SA, ADR 563,331
22,300 Banesto Espanol de
Credito, ADR+ 109,783
3,100 Compania Sevillana
Electric, ADR 57,966
9,100 Corporacion Bancaria
Argentaria 278,119
37,700 Endesa S.A., ADR 685,669
10,850 Repsol, ADR 461,803
11,300 Telefonica de Espana SA, ADR 1,029,006
------------
4,282,321
------------
Sweden -- 2.2%
4,300 AGA AB, ADR 57,108
59,500 Astra AB, ADR 1,022,656
6,666 Atlas Copco, ADR 199,833
3,800 Autoliv Inc., ADR 124,450
500 Biacore International AB,
ADR+ 4,344
2,800 Electrolux AB, ADR 193,200
34,700 Ericsson (L.M.) Telephone
Company, Class B, ADR 1,294,744
10,050 Sandvik AB, ADR 288,566
4,300 SKF AB, ADR 90,300
7,100 Svenska Cellulosa AB, ADR 160,304
1,700 Swedish Match Company, ADR 56,525
22,500 Volvo AB, Series B 603,597
------------
4,095,627
------------
Switzerland -- 7.6%
1,200 ABB AB, ADR 141,300
2,900 ABB AG, ADR 364,188
5,000 Adecco SA, ADR 176,562
18,800 Credit Suisse Group, ADR 728,256
29,200 Nestle, ADR 2,191,174
45,166 Novartis, ADR 3,670,596
500 Roche Hldgs Ltd. 49,634
512 Roche Holding AG 5,082,503
7,800 Sulzer Medica, ADR+ 181,350
27,500 Swiss Bank Corporation, ADR 855,984
1,200 TAG Heuer
International SA, ADR+ 9,900
37,900 Union Bank of Switzerland,
ADR 1,095,613
------------
14,547,060
------------
Taiwan -- 0.3%
3,693 Macronix International
Company Ltd., ADR 51,702
29,600 Taiwan Semiconductor
Manufacturing Company+ 538,350
------------
590,052
------------
Thailand -- 0.0%#
3,800 Advanced Information Services
PCL, ADR 18,309
10,050 Shinawatra Corporation, ADR 16,698
------------
35,007
------------
United Kingdom -- 28.6%
23,900 Abbey National Plc, ADR 856,552
120,750 Airtours Plc 2,459,315
2,800 Albert Fisher Group Plc, ADR 16,556
143,550 Alexon Group Plc 627,177
37,300 Allied Domeq Plc, ADR 337,554
4,200 Allied Irish Banks, ADR 243,600
2,100 Amvescap Plc, ADR 181,125
268,000 Ashley (Laura) Holdings Plc 162,870
14,000 AXA SA, ADR 546,000
55,800 B.A.T Industries Plc, ADR 1,046,250
37,200 BAA Plc, ADR 298,392
15,800 Barclays Plc, ADR 1,725,162
15,800 Bass Publishing Limited
Company Plc, ADR 489,800
1,000 Bespak Plc, ADR 11,415
32,117 BG PLC, ADR 728,654
26,400 Blue Circle
Industries Plc, ADR 148,078
3,950 Bluebird Toys 5,807
4,600 Boc Group Plc, ADR 151,512
1,600 Body Shop
International Plc, ADR 18,790
2,100 Booker Plc, ADR 42,771
3,600 British Airways Plc, ADR 337,275
2,500 British Biotech Plc, ADR+ 41,563
309,000 British Petroleum
Company Plc 4,087,616
13,600 British Petroleum
Company Plc, ADR 1,083,750
6,200 British Sky Broadcasting
Group Plc, ADR 275,900
7,300 British Steel Plc, ADR 156,494
22,600 British Telecommunications
Plc, ADR 1,815,062
223,050 British-Borneo Petroleum
Syndicate Plc 1,560,692
32,960 BTR Plc, ADR 398,453
3,800 Burmah Castrol Plc, ADR 132,525
12,812 Cable & Wireless
Communications Plc+ 312,292
26,500 Cable & Wireless Plc, ADR 720,469
8,950 Cadbury Schweppes Plc, ADR 370,306
700 Cantab Pharmaceuticals Plc, ADR+ 6,825
4,300 Carlton Communications Plc,
ADR 167,700
2,755 Christian Salvesen Plc, ADR 45,251
600 Christies International Plc, ADR 27,101
8,450 Coats Viyella Plc, ADR 37,890
1,100 COLT Telecom Group Plc, ADR+ 46,888
11,500 Compass Group Plc, ADR 141,473
870 Cordiant Communications
Group 8,211
14,600 Courtaulds Plc, ADR 67,525
1,700 Danka Business Systems
Plc, ADR 27,094
500 Denison International Plc, ADR+ 8,625
22,850 Diageo Plc 865,444
2,000 Dixons Group Plc 20,071
5,000 Dixons Group Plc, ADR 150,535
400 Doncasters Plc, ADR+ 8,450
700 Dr. Solomon's
Group Plc, ADR+ 22,575
600 Eidos Plc, ADR+ 7,350
15,725 EMI Group Plc, ADR+ 261,381
4,925 Energy Group Plc, ADR 219,778
4,300 English China Clays Plc, ADR 56,786
5,400 Enterprise Oil Plc, ADR 152,550
6,200 Gallaher Group Plc, ADR 132,525
2,800 General Cable Plc+ 19,250
400 Gentia Software Plc+ 1,100
500 Getty Communications
Plc, ADR+ 7,438
57,200 Glaxo Wellcome Plc, ADR 2,738,450
12,200 Guinness Plc, ADR 558,077
4,825 Hanson Trust Plc, ADR 111,277
6,300 Hills Down Holdings Plc,
ADR 61,261
99,050 Huntingdon Life Sciences
Group Plc 75,651
1,000 Huntingdon Life Sciences
Group Plc, ADR+ 3,625
6,600 Imperial Chemical Industries
Plc, ADR 428,587
9,425 Imperial Tobacco Group Plc,
ADR 116,634
2,000 Ionica Group Plc, ADR+ 13,250
149,750 John Mowlem & Company Plc 218,908
12,100 Kingfisher Plc, ADR 337,868
10,500 Lasmo Plc, ADR 133,219
1,800 Laura Ashley Holdings Plc, ADR 5,470
62,000 Logica Plc 1,184,341
400 London & Overseas
Freight Plc, ADR+ 5,814
88,650 London Forfaiting Co. Plc 519,819
2,700 London International
Group Plc, ADR 35,775
600 London Pacific Group
Ltd. Plc, ADR 7,200
65,800 Low & Bonar Plc 348,006
5,400 LucasVarity Plc, ADR 188,325
121,750 M.L. Laboritories Plc+ 167,978
291,400 Manchester United Plc 765,799
16,900 Marks & Spencer Plc, ADR 997,624
3,200 Medeva Plc, ADR 35,200
500 Micro Focus Group Plc, ADR+ 20,188
6,100 National Grid Group Plc, ADR 289,555
11,000 National Power Plc, ADR 435,875
10,400 National Westminster
Bank Plc, ADR 1,040,000
5,000 NFC Plc, ADR 63,750
400 Novel Denim Holdings Ltd.+ 8,000
2,472 Nycomed Amersham Plc 90,533
9,400 Orange Plc, ADR+ 203,862
20,000 Pearson Plc, ADR 259,840
10,900 Peninsular & Oriental
Steam Plc, ADR 249,115
6,100 Powergen Plc, ADR 324,062
5,100 Premier Farnell Plc, ADR 68,531
1,600 Premier Oil Plc, ADC 13,928
13,800 Prudential Plc, ADR 840,241
5,300 Racal Electronics Plc, ADR 46,486
1,800 Ramco Energy Plc, ADR 23,963
15,100 Rank Group Plc, ADR 169,875
18,800 Redland Ltd. Plc, ADR 105,600
12,600 Reed International Plc 120,034
10,150 Reed International Plc, ADR 419,322
10,300 Rentokil Initial PLC, ADR 455,816
10,100 Reuters Holdings,
Class B Plc, ADR 669,125
18,100 Rexam Plc, ADR 83,713
9,700 Rio Tinto Plc, ADR 501,975
870 Saatchi & Saatchi Plc+ 7,776
253,400 Salvesen Christian Plc 407,885
59,100 Scholl Plc 250,445
1,600 Scottish Hydro-Electric
Plc, ADR 131,926
7,400 Scottish Power Plc, ADR 261,568
4,200 Sedgwick Group Plc, ADR 51,713
1,700 Select Appointments
Holdings Plc, ADR 31,025
500 SELECT Software Tools
Plc, ADR+ 2,813
1,700 Senetek Plc, ADR+ 8,341
60,000 Shell Transportation &
Trading Plc, ADR 2,625,000
4,000 Siebe Plc 78,512
7,800 Siebe Plc, ADR 306,197
1,417,500 Signet Group 710,114
400 Signet Group Plc+ 5,700
300 Smallworldwide Plc, ADR+ 6,563
39,700 Smithkline Beecham
Group Plc, ADR 2,042,069
16,983 Southern Electric
Corporation Plc, ADR 141,978
151,300 Standard Chartered 1,615,317
1,300 Stolt-Nielsen SA Plc 27,544
850 Stolt-Nielsen SA Plc, ADR 18,594
3,000 Tate & Lyle Plc, ADR 99,119
3,200 Telewest Communications
Plc, ADR+ 39,200
30,000 Tesco Plc 247,380
74,500 Tesco Plc, ADR 605,685
3,564 Thorn EMI Plc, ADR 36,308
8,500 TI Group Plc, ADR 130,399
10,700 Tomkins Plc, ADR 204,637
1,400 Trinity International Plc, ADR 22,305
35,600 Ulster Television Plc 139,604
67,300 Unilever Plc, ADR 2,321,850
19,100 United Biscuits Holdings
Plc, ADR 70,395
4,600 United News & Media Plc, ADR 106,950
11,050 Vodafone Group Plc, ADR 801,125
3,100 Waste Management
International Plc, ADR+ 19,375
2,500 Wembley Plc, ADR 49,275
7,000 Williams Holdings
Ltd. Plc, ADR 116,585
3,200 Willis Corroon
Group Plc, ADR 39,400
2,800 WPP Group Plc, ADR 126,350
1,000 Xenova Group Plc, ADR+ 2,250
11,400 Zeneca Group Plc, ADR 1,231,200
------------
54,601,612
------------
United States -- 0.0%#
600 Fresh Del Monte
Produce Inc.+ 8,775
550 National-Oilwell, Inc.+ 18,787
------------
27,562
------------
Venezuela -- 0.1%
500 Banco Venezolano de
Credito, ADR 6,941
1,700 Compania Anonima Nacional
Telefonos
de Venezuela, ADR 70,762
2,400 Mavesa SA, ADR 15,300
6,000 Sidervrgica/Venez/Sivensa,
ADR 25,105
------------
118,108
------------
TOTAL COMMON STOCKS
(Cost $169,932,183) 190,577,309
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 0.3%
(Cost $491,000)
$ 491,000 Agreement with State
Street Bank and Trust
Company, 6.000% dated
12/31/1997, to be
repurchased at $491,163
on 01/02/1998,
collateralized by $445,000
U.S. Treasury Bond,
6.875% maturing
08/15/2025 (value $505,214) 491,000
------------
TOTAL INVESTMENTS
(Cost $170,423,183*) 100.0% 191,068,309
OTHER ASSETS AND
LIABILITIES (Net) 0.0# 82,566
---- ------------
NET ASSETS 100.0% $191,150,875
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
# Amount represents less than 0.1% of net assets.
ABBREVIATION:
ADR --American Depository Receipt
See Notes to Financial Statements.
<PAGE>
Munder International Equity Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
At December 31, 1997 sector diversification of the Munder International
Equity Fund was as follows:
% of
Net Assets Value
-------------------
COMMON STOCKS:
Banking & Financial Services....... 16.6% $ 31,642,626
Oil & Gas.......................... 10.2 19,525,771
Telecommunications................. 10.0 19,031,827
Drugs & Health Care................ 9.1 17,428,852
Automotive......................... 5.8 11,183,856
Food & Beverage.................... 5.4 10,241,374
Machinery & Heavy Equipment........ 5.2 9,954,116
Utilities.......................... 4.3 8,183,713
Retail............................. 4.0 7,659,654
Chemicals.......................... 2.8 5,353,020
Electric & Electrical Equipment.... 2.6 5,062,336
Transportation..................... 2.5 4,742,381
Metals & Mining.................... 2.0 3,769,418
Printing & Publishing.............. 1.9 3,620,787
Electronics........................ 1.9 3,615,606
Building & Building Materials...... 1.4 2,690,558
Photography........................ 1.4 2,630,468
Software........................... 1.1 2,078,289
Household Appliances & Home
Furnishings...................... 1.0 1,963,481
Apparel & Textiles................. 1.0 1,927,197
Manufacturing...................... 1.0 1,963,237
Tobacco............................ 0.9 1,656,412
Diversified Industrial............. 0.9 1,633,626
Real Estate........................ 0.8 1,578,047
Conglomerates...................... 0.8 1,514,974
Forest Paper & Products............ 0.7 1,435,683
Business Services.................. 0.7 1,255,764
Entertainment...................... 0.7 1,247,630
Office Supplies.................... 0.6 1,235,397
Broadcasting & Advertising......... 0.6 1,110,069
Computers.......................... 0.4 699,599
Miscellaneous...................... 1.4 2,941,541
----- ------------
TOTAL COMMON
STOCKS........................... 99.7 190,577,309
REPURCHASE
AGREEMENT........................ 0.3 491,000
----- ------------
TOTAL INVESTMENTS ................. 100.0 191,068,309
OTHER ASSETS AND
LIABILITIES (Net)................ 0.0# 82,566
----- ------------
NET ASSETS......................... 100.0% $191,150,875
===== ============
See Notes to Financial Statements.
<PAGE>
Munder Micro-Cap Equity Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 96.8%
Aerospace -- 0.7%
9,000 Kellstrom Industries, Inc.+ $ 222,750
------------
Apparel -- 1.0%
16,000 Cutter & Buck, Inc.+ 298,000
------------
Banking and Financial Services -- 6.4%
24,000 ACE Cash Express, Inc.+ 273,000
11,000 American Capital
Strategies, Ltd. 199,375
8,700 Dime Financial Corporation 265,350
25,000 First International
Bancorp, Inc. 303,125
11,400 Home Bancorp of Elgin, Inc. 203,775
14,000 Litchfield Financial
Corporation 271,250
9,700 People's Bancshares, Inc. 220,675
6,200 SIS Bancorp, Inc. 249,162
------------
1,985,712
------------
Broadcasting -- 1.2%
15,000 Macrovision Corporation+ 238,125
10,000 Medialink Worldwide, Inc.+ 135,000
------------
373,125
------------
Building Materials -- 0.7%
14,000 Dayton Superior Corporation+ 231,000
------------
Business Services -- 2.8%
20,000 Diamond Technology
Partners, Inc.+ 310,000
10,000 Hagler Bailly, Inc.+ 225,000
15,000 Hall, Kinion & Associates, Inc.+ 328,125
------------
863,125
------------
Chemicals -- 1.7%
15,000 Brunswick Technologies, Inc.+ 219,375
23,400 Pioneer Companies, Inc. 307,125
------------
526,500
------------
Commercial Services-- 2.8%
8,000 COMARCO, Inc.+ 176,000
16,800 International Total
Services, Inc.+ 266,700
20,000 Securacom, Inc.+ 195,000
2,800 SOS Staffing Services, Inc.+ 52,850
10,000 SteriGenics International,
Inc.+ 190,000
----------
880,550
----------
Communication Equipment -- 0.1%
9,800 KVH Industries, Inc.+ 49,613
----------
Computers & Business Equipment -- 2.0%
35,000 Mizar, Inc.+ 210,000
20,000 ScanSource, Inc.+ 400,000
----------
610,000
----------
Computer Hardware, Software
or Services -- 12.0%
2,400 Analytical Surveys, Inc.+ 82,200
5,500 Applied Voice Technology+ 155,375
10,000 Aris Corporation 210,000
20,000 Box Hill Systems Corporation+ 208,750
10,000 Concord Communications, Inc.+ 207,500
15,000 FDP Corporation 159,375
15,000 H.T.E., Inc.+ 311,250
10,000 Logility, Inc.+ 97,500
30,000 Made2Manage Systems, Inc.+ 226,875
28,300 Neoware Systems, Inc.+ 67,212
20,000 NewCom, Inc.+ 295,000
13,500 Quadra Med Corp.+ 371,250
15,000 Simulation Sciences, Inc.+ 240,000
15,000 SPR, Inc.+ 255,000
30,000 Template Software, Inc.+ 442,500
25,000 UBICS, Inc.+ 375,000
----------
3,704,787
----------
Electrical Equipment-- 3.4%
18,000 Aehr Test Systems+ 144,000
15,000 FARO Technologies, Inc.+ 174,375
15,000 inTEST Corporation+ 105,000
20,000 Merrimac Industries, Inc. 255,000
10,000 ORBIT/FR, Inc.+ 161,250
19,800 Trans-Industries, Inc.+ 207,900
----------
1,047,525
----------
Electronics -- 7.5%
50,000 A.C.S. Electronics Ltd.+ 243,750
17,900 Applied Micro Circuits
Corporation+ 221,512
140,000 Dense-Pac Microsystems, Inc.+ 647,500
15,000 Frequency Electronics, Inc. 240,000
20,000 Herley Industries, Inc.+ 241,250
30,000 Hi-Shear Technologies
Corporation+ 176,250
12,000 JPM Company+ 255,000
50,000 Microdyne Corporation+ 300,000
----------
2,325,262
----------
Entertainment & Gaming -- 1.5%
20,000 Brass Eagle, Inc.+ 247,500
20,000 Silicon Gaming, Inc.+ 208,750
----------
456,250
----------
Gas & Pipeline Utilities -- 1.1%
60,000 Penn Octane Corporation+ 333,750
----------
Health Care Producers -- 0.9%
20,000 Medco Research, Inc.+ 280,000
----------
Industrial Machinery -- 1.6%
17,000 Metrika Systems Corporation+ 259,250
12,700 Park-Ohio Industries+ 231,775
----------
491,025
----------
Insurance -- 2.7%
6,200 FPIC Insurance Group, Inc.+ 180,575
10,200 INSpire Insurance
Solutions, Inc.+ 212,925
7,000 PAULA Financial+ 161,000
13,500 Penn America Group, Inc. 276,750
--------
831,250
--------
Leisure -- 1.2%
47,000 Racing Champions
Corporation+ 364,250
--------
Lodging -- 0.9%
20,000 Suburban Lodges of
America, Inc.+ 266,250
--------
Machinery -- 2.4%
15,000 Gradall Industries, Inc.+ 247,500
7,320 Hirsch International
Corporation+ 161,040
100,000 InterSystems, Inc. 187,500
15,000 Schmitt Industries, Inc.+ 138,750
--------
734,790
--------
Manufactured Housing -- 0.5%
14,690 Miller Building Systems, Inc.+ 143,228
--------
Medical and Medical Services -- 14.2%
20,000 Bioanalytical Systems, Inc.+ 152,500
16,000 Castle Dental Centers, Inc.+ 124,000
11,660 Cholestech Corporation+ 145,750
4,200 CN Biosciences, Inc.+ 105,000
20,000 Diagnostic Health Services,
Inc.+ 236,250
20,000 Home Health Corporation of
America+ 207,500
5,500 IMPATH, Inc.+ 180,125
25,000 Medirisk, Inc.+ 275,000
15,000 Meridian Diagnostics, Inc. 151,875
15,000 Morrison Health Care, Inc. 300,000
16,000 Neogen Corporation+ 182,000
40,000 Norland Medical Systems+ 300,000
20,000 Priority Healthcare
Corporation+ 302,500
30,000 ProMedCo Management
Company+ 303,750
15,000 SeaMED Corporation+ 277,500
30,000 Somnus Medical
Technologies, Inc.+ 382,500
35,000 Vision Twenty-One, Inc.+ 323,750
25,000 Young Innovations, Inc.+ 450,000
----------
4,400,000
----------
Metal Processing -- 0.9%
15,000 SIFCO Industries, Inc. 286,875
----------
Motion Pictures & Services -- 0.7%
50,000 Brilliant Digital
Entertainment, Inc.+ 234,375
----------
Oil & Gas -- 4.5%
17,000 American Oilfield Divers, Inc.+ 216,750
15,000 Dril-Quip Inc.+ 526,875
20,000 OYO Geospace Corporation+ 377,500
50,000 Petroleum Development
Corporation+ 262,500
----------
1,383,625
----------
Pharmaceuticals -- 1.0%
17,000 ChiRex, Inc.+ 299,625
----------
Printing and Publishing -- 0.7%
19,000 Schawk Inc. 213,750
----------
Restaurants -- 2.4%
14,000 Il Fornaio (America)
Corporation+ 208,250
20,000 Schlotzsky's, Inc.+ 292,500
22,000 Star Buffet, Inc.+ 253,000
----------
753,750
----------
Retail -- 5.8%
16,250 Freds, Inc. 333,125
11,000 Gadzooks, Inc.+ 231,000
13,000 Hot Topic, Inc.+ 295,750
16,000 Mark Bros. Jewelers, Inc.+ 264,000
10,000 Piercing Pagoda, Inc.+ 287,500
11,100 Rent-Way, Inc.+ 205,350
50,000 Shop At Home, Inc.+ 184,375
----------
1,801,100
----------
Schools -- 1.2%
20,000 Bright Horizons, Inc.+ 375,000
------------
Shoes -- 0.9%
25,000 Maxwell Shoe Company, Inc.+ 268,750
------------
Technology -- 0.5%
15,000 Excel Technology, Inc.+ 166,875
------------
Telecommunications -- 5.8%
20,000 Advanced Communication
Systems, Inc.+ 186,250
8,000 Alpha Industries, Inc.+ 129,000
30,000 EIS International, Inc.+ 165,000
20,000 Gilat Communications Ltd.+ 147,500
70,000 International FiberCom, Inc.+ 367,500
20,000 Melita International
Corporation+ 181,250
25,000 NACT Telecommunications,
Inc.+ 443,750
13,020 ViaSat, Inc.+ 177,398
------------
1,797,648
------------
Tobacco -- 1.7%
12,500 800-JR CIGAR, Inc.+ 312,500
23,000 Holt's Cigar Holdings, Inc.+ 209,875
------------
522,375
------------
Trucking & Freight Forwarding -- 1.4%
25,000 Dynamex, Inc.+ 281,250
17,000 Trailer Bridge, Inc.+ 150,875
------------
432,125
------------
TOTAL COMMON STOCKS
(Cost $29,229,977) 29,954,615
------------
<PAGE>
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 4.0%
(Cost $1,228,000)
$1,228,000 Agreement with State
Street Bank and Trust
Company, 6.000%
dated 12/31/1997,
to be repurchased at
$1,228,409 on 01/02/1998,
collateralized by
$1,225,000 U.S. Treasury
Note, 5.875% maturing 01/31/1999
(value $1,257,028) 1,228,000
------------
TOTAL INVESTMENTS
(Cost $30,457,977*) 100.8% 31,182,615
OTHER ASSETS AND
LIABILITIES (Net) (0.8) (249,493)
----- ------------
NET ASSETS 100.0% $ 30,933,122
===== ============
- ---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
See Notes to Financial Statements.
<PAGE>
Munder Mid-Cap Growth Fund
Portfolio of Investments, December 31, 1997
Shares Value
- ------ -----
COMMON STOCKS -- 92.8%
Automobile Parts & Equipment -- 4.6%
33,000 Mark IV Industries, Inc. $ 721,875
28,900 Miller Industries, Inc.+ 310,675
19,000 Tower Automotive, Inc.+ 799,188
----------
1,831,738
----------
Banking and Finance -- 2.9%
7,875 Charter One Financial, Inc. 497,109
31,264 Sovereign Bancorp, Inc. 648,728
----------
1,145,837
----------
Basic Industries -- 1.8%
18,600 Waters Corporation+ 699,825
----------
Chemicals -- 1.1%
9,700 Minerals Technologies, Inc. 440,744
----------
Commercial Services -- 4.6%
19,000 ABR Information
Services, Inc.+ 453,625
26,800 AccuStaff, Inc.+ 616,400
28,500 COREStaff, Inc.+ 755,250
----------
1,825,275
----------
Communication Equipment -- 5.2%
22,400 ADC Telecommunications, Inc.+ 935,200
18,300 Aspect Telecommunications
Corporation+ 382,013
48,300 Xylan Corporation+ 730,537
----------
2,047,750
----------
Computer Hardware, Software
or Services -- 11.0%
12,200 Adaptec, Inc.+ 452,925
30,000 Cadence Design Systems, Inc.+ 735,000
21,200 Fiserv, Inc.+ 1,041,450
39,500 Indus Group, Inc.+ 286,375
76,000 Iomega Corporation+ 945,250
19,000 Parametric Technology
Corporation+ 900,125
----------
4,361,125
----------
Electronics -- Semiconductors -- 3.9%
19,500 Altera Corporation+ 645,938
25,600 Maxim Integrated Products,
Inc.+ 883,200
----------
1,529,138
----------
Financial Services-- 5.1%
15,700 FINOVA Group, Inc. 780,093
27,700 Green Tree Financial
Corporation 725,394
24,584 Imperial Credit Industries,
Inc.+ 503,972
----------
2,009,459
----------
Gaming -- 1.9%
34,000 Mirage Resorts, Inc.+ 773,500
----------
Health Care Products -- 1.3%
10,300 Elan Corporation+ 527,231
----------
Insurance -- 4.8%
34,000 HCC Insurance Holdings, Inc. 722,500
19,800 Nationwide Financial
Services, Inc. 715,275
7,600 Vesta Insurance Group, Inc. 451,250
----------
1,889,025
----------
Investment Corporation -- 2.6%
19,500 Sirrom Capital Corporation 1,016,438
----------
Lodging -- 1.1%
13,200 CapStar Hotel Company+ 452,925
----------
Machinery -- 1.1%
9,700 Donaldson Company, Inc. 437,106
----------
Medical Instruments & Supplies -- 3.2%
26,000 STERIS Corporation+ 1,254,500
----------
Medical Services -- 7.3%
24,000 ESC Medical Systems Ltd.+ 930,000
23,000 HBO & Company 1,104,000
31,800 Total Renal Care Holdings, Inc.+ 874,500
----------
2,908,500
----------
Oil Equipment & Services -- 6.8%
7,800 Camco International, Inc. 496,762
7,000 Cooper Cameron Corporation+ 427,000
14,500 Diamond Offshore Drilling,
Inc. 697,812
27,800 Precision Drilling
Corporation+ 677,625
6,300 Smith International, Inc.+ 386,663
----------
2,685,862
----------
Paper and Forest Products -- 1.3%
12,000 Bemis Company, Inc. 528,750
----------
Printing -- 2.9%
31,000 Valassis Communications, Inc.+ 1,147,000
----------
Public Service -- 3.2%
34,500 Corrections Corporation of
America+ 1,278,656
----------
Publishing -- 1.4%
10,700 Applied Graphics
Technologies, Inc.+ 569,775
----------
Real Estate -- 4.6%
19,500 Equity Residential Properties
Trust+ 450,938
15,900 Mack-Cali Realty Corporation 651,900
17,000 Spieker Properties, Inc. 728,875
----------
1,831,713
----------
Recreation -- 1.1%
20,400 Signature Resorts, Inc.+ 446,250
----------
Retail -- 5.8%
16,000 General Nutrition
Companies, Inc.+ 544,000
48,900 Pier 1 Imports, Inc. 1,106,362
44,700 The Sports Authority, Inc.+ 659,325
----------
2,309,687
----------
Sporting Equipment -- 0.9%
12,800 Callaway Golf Company 365,600
----------
Telephone -- Long Distance -- 1.3%
16,500 LCI International, Inc.+ 507,375
-----------
TOTAL COMMON STOCKS
(Cost $35,798,882) 36,820,784
-----------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 5.9%
(Cost $2,326,000)
$2,326,000 Agreement with State
Street Bank and Trust
Company, 6.000% dated
12/31/97, to be repurchased
at $2,326,775 on
01/02/1998, collateralized
by $2,225,000 U.S. Treasury
Note, 7.500% maturing
11/15/2001
(value $2,376,576) 2,326,000
-----------
TOTAL INVESTMENTS
(Cost $38,124,882*) 98.7% 39,146,784
OTHER ASSETS AND
LIABILITIES (Net) 1.3 524,574
---- -----------
NET ASSETS 100.0% $39,671,358
==== ===========
- ---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
See Notes to Financial Statements.
<PAGE>
Munder Multi-Season Growth Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 98.2%
Advertising -- 2.5%
393,600 Omnicom, Inc. $ 16,678,800
------------
Aerospace -- 1.6%
98,075 Sundstrand Corporation 4,940,528
77,450 United Technologies
Corporation 5,639,328
------------
10,579,856
------------
Automobile Parts & Equipment -- 2.9%
279,750 Johnson Controls, Inc. 13,358,063
276,653 Mark IV Industries, Inc. 6,051,784
------------
19,409,847
------------
Banking and Financial Services -- 12.6%
226,000 Associates First Capital
Corporation 16,074,250
82,375 BankAmerica Corporation 6,013,375
111,117 Charter One Financial, Inc. 7,014,261
117,125 Chase Manhattan Corporation 12,825,187
323,825 Green Tree Financial
Corporation 8,480,167
126,775 MGIC Investment Corporation 8,430,538
316,000 Norwest Corporation 12,205,500
132,000 Summit Bancorp 7,029,000
61,875 U.S. Bancorp 6,926,133
------------
84,998,411
------------
Building Materials -- 1.5%
363,275 Sherwin-Williams Company 10,080,881
------------
Business Equipment and Supplies -- 1.8%
275,300 Avery Dennison Corporation 12,319,675
------------
Business Services -- 5.3%
249,700 Automatic Data
Processing, Inc. 15,325,337
212,175 Equifax, Inc. 7,518,952
430,188 First Data Corporation 12,582,999
------------
35,427,288
------------
Commercial Services -- 3.3%
636,687 Cendant Corporation+ 21,886,116
------------
Computer Hardware, Software or
Services -- 8.9%
130,975 Adaptec, Inc.+ 4,862,447
124,425 BMC Software, Inc.+ 8,165,391
372,600 Cabletron Systems, Inc.+ 5,589,000
235,800 CISCO Systems, Inc.+ 13,145,850
204,525 Hewlett-Packard Company 12,782,812
74,750 Intel Corporation 5,251,187
185,768 Oracle Systems Corporation+ 4,144,949
132,350 Parametric Technology
Corporation+ 6,270,081
-----------
60,211,717
-----------
Consumer Non-Durables -- 0.7%
118,325 Newell Company 5,028,813
-----------
Diversified -- 9.6%
230,000 AlliedSignal Corporation 8,955,625
220,200 Textron, Inc. 13,762,500
478,050 Thermo Electron Corporation+ 21,273,225
456,500 Tyco International Ltd. 20,571,031
-----------
64,562,381
-----------
Drugs -- 7.2%
202,400 Amgen, Inc.+ 10,954,900
131,875 Merck & Co., Inc. 14,011,719
117,600 Pfizer, Inc. 8,768,550
232,500 Schering-Plough Corporation 14,444,062
-----------
48,179,231
-----------
Electrical Equipment -- 4.3%
220,975 Emerson Electric Company 12,471,277
221,300 General Electric Company 16,237,887
-----------
28,709,164
-----------
Food and Beverages -- 2.0%
240,250 Sara Lee Corporation 13,529,078
-----------
Home Furnishings -- 0.9%
142,050 Leggett & Platt, Inc. 5,948,344
-----------
Household Products -- 1.0%
116,141 Lancaster Colony Corporation 6,547,449
-----------
Insurance -- 3.7%
101,762 American International
Group, Inc. 11,066,617
202,400 MBIA, Inc. 13,522,850
-----------
24,589,467
-----------
Machinery -- 0.3%
50,000 Donaldson Company, Inc. 2,253,125
-----------
Manufactured Housing -- 1.8%
667,143 Clayton Homes, Inc. 12,008,574
-----------
Medical Services & Supplies -- 3.2%
512,500 HEALTHSOUTH
Corporation+ 14,221,875
110,000 Johnson & Johnson Company 7,246,250
-----------
21,468,125
-----------
Oil Equipment and Services -- 4.2%
202,700 Reading & Bates Corporation+ 8,488,062
74,150 Schlumberger Ltd. 5,969,075
293,300 Transocean Offshore, Inc. 14,133,394
-----------
28,590,531
-----------
Railroad -- 1.6%
318,400 Illinois Central Corporation 10,845,500
-----------
Recreation -- 2.1%
260,475 Carnival Corporation, Class A 14,423,803
-----------
Restaurants -- 2.7%
111,600 Cracker Barrel
Old Country Store, Inc. 3,724,650
595,775 Wendy's International, Inc. 14,335,836
-----------
18,060,486
-----------
Retail -- Specialty -- 8.0%
316,170 Consolidated Stores
Corporation+ 13,891,719
189,950 Costco Companies, Inc.+ 8,476,519
258,025 General Nutrition
Companies, Inc.+ 8,772,850
264,200 Home Depot, Inc. 15,554,775
218,450 Walgreen Company 6,853,869
-----------
53,549,732
-----------
Telecommunications -- 3.5%
242,600 Century Telephone
Enterprises 12,084,513
389,925 WorldCom, Inc.+ 11,795,231
------------
23,879,744
------------
Toys -- 1.0%
178,125 Mattel, Inc. 6,635,156
------------
TOTAL COMMON STOCKS
(Cost $463,220,257) 660,401,294
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 1.9%
(Cost $12,986,000)
$12,986,000 Agreement with State
Street Bank and Trust
Company, 6.000% dated
12/31/1997, to be
repurchased at
$12,990,329 on
01/02/1998, collateralized
by $11,670,000 U.S.
Treasury Note, 6.875%
maturing 08/15/2025
(value $13,249,103) 12,986,000
------------
TOTAL INVESTMENTS
(Cost $476,206,257*) 100.1% 673,387,294
OTHER ASSETS AND
LIABILITIES (Net) (0.1) (766,571)
----- ------------
NET ASSETS 100.0% $672,620,723
===== ============
- ---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
See Notes to Financial Statements.
<PAGE>
Munder Real Estate Equity Investment Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 91.7%
Apartments -- 15.3%
57,300 Amli Residential
Properties, Inc. $ 1,274,925
78,900 Avalon Properties, Inc. 2,440,969
59,700 Bay Apartment Communities,
Inc. 2,328,300
75,025 Camden Property Trust 2,325,775
59,900 Equity Residential Properties
Trust 3,028,693
70,300 Irvine Apartment
Communities, Inc. 2,236,419
------------
13,635,081
------------
Community Shopping Centers -- 13.9%
50,000 Agree Realty Corporation 1,087,500
136,675 Bradley Real Estate, Inc. 2,870,175
70,000 Developers Diversified
Realty Corporation 2,677,500
129,700 IRT Property Company 1,532,081
75,450 Kimco Realty Corporation 2,659,613
32,000 Vornado Realty Trust 1,502,000
------------
12,328,869
------------
Hotels -- 8.7%
70,100 FelCor Suite Hotels, Inc. 2,488,550
76,201 Patriot American
Hospitality, Inc. 2,195,541
52,800 Starwood Lodging Trust 3,055,800
------------
7,739,891
------------
Office & Industrial -- 33.4%
77,975 Arden Realty Group, Inc. 2,397,731
27,000 Boston Properties, Inc. 892,688
74,900 Crescent Real Estate
Equities, Inc. 2,949,187
117,000 Duke Realty Investments, Inc. 2,837,250
116,995 Equity Office Properties
Trust 3,692,652
75,450 Highwoods Properties, Inc. 2,805,797
105,150 Kilroy Realty Corporation 3,023,062
74,700 Mack-Cali Realty Corporation 3,062,700
94,100 Prentiss Properties Trust 2,628,919
79,200 Reckson Associates Realty
Corporation 2,009,700
62,700 Spieker Properties, Inc. 2,688,263
29,200 Tower Realty Trust, Inc. 719,050
-------------
29,706,999
-------------
Regional Malls -- 7.4%
80,050 CBL & Associates
Properties, Inc. 1,976,234
91,450 JP Realty, Inc. 2,371,985
69,150 Simon DeBartolo Group, Inc. 2,260,341
-------------
6,608,560
-------------
Storage -- 4.6%
89,500 Public Storage, Inc. 2,629,062
35,700 Storage USA 1,425,769
-------------
4,054,831
-------------
Triple Net Lease -- 5.1%
34,000 CCA Prison Realty Trust 1,517,250
78,000 Commercial Net Lease Realty 1,394,250
41,600 TriNet Corporate Realty
Trust, Inc. 1,609,400
-------------
4,520,900
-------------
Other -- 3.3%
6,840 Crescent Operating, Inc.+ 167,580
93,775 Glenborough Realty Trust, Inc. 2,778,085
-------------
2,945,665
-------------
TOTAL COMMON STOCKS
(Cost $64,508,817) 81,540,796
-------------
WARRANTS -- 0.0%#
(Cost $0)
2,053 Security Capital Group, Inc.
expires 09/18/1998+ 10,778
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 7.9%
(Cost $7,053,000)
$7,053,000 Agreement with State Street
Bank and Trust Company,
6.000% dated 12/31/1997,
to be repurchased at
$7,055,351 on 01/02/1998,
collateralized by $6,970,000
U.S. Treasury Note, 6.750% maturing
04/30/2000 (value $7,197,389) 7,053,000
------------
TOTAL INVESTMENTS
(Cost $71,561,817*) 99.6% 88,604,574
OTHER ASSETS AND
LIABILITIES (Net) 0.4 400,441
---- ------------
NET ASSETS 100.0% $ 89,005,015
==== ============
- ----------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
<PAGE>
Munder Small-Cap Value Fund
Portfolio of Investments, December 31, 1997
Shares Value
- ------ -----
COMMON STOCKS -- 92.8%
Airlines -- 1.2%
43,450 Midwest Express
Holdings, Inc.+ $ 1,686,403
------------
Automobile Parts & Equipment -- 3.0%
158,533 Control Devices, Inc.+ 2,536,528
97,600 Motorcar Parts &
Accesories, Inc.+ 1,634,800
------------
4,171,328
------------
Banking and Financial Services -- 16.9%
61,180 Carolina First Bancshares 1,315,370
122,300 Commonwealth Bancorp, Inc. 2,430,712
112,200 Flagstar Bancorp, Inc. 2,221,209
74,600 Home Bancorp of Elgin, Inc. 1,333,475
209,100 Long Beach Financial
Corporation+ 2,430,787
28,300 Long Island Bancorp, Inc. 1,404,388
107,700 McDonald & Company
Investments 3,055,987
50,600 Metris Companies, Inc. 1,733,050
34,400 Ocean Financial Corporation 1,281,400
29,300 Prime Bancshares, Inc. 611,638
33,700 Provident Bankshares
Corporation 2,152,588
54,400 SIS Bancorp, Inc. 2,186,200
69,600 WSFS Financial Corporation+ 1,392,000
------------
23,548,804
------------
Building Materials -- 4.5%
134,800 Dayton Superior Corporation+ 2,224,200
61,700 U.S. Home Corporation+ 2,421,725
113,900 Universal Forest Products, Inc. 1,551,887
------------
6,197,812
------------
Chemicals -- 3.4%
86,200 General Chemical Group, Inc. 2,305,850
72,100 The Carbide/Graphite
Group, Inc.+ 2,433,375
------------
4,739,225
------------
Commercial Services -- 0.8%
154,800 First Aviation Services, Inc.+ 1,151,325
------------
Computer Hardware, Software
or Services -- 3.3%
56,500 3Dlabs, Inc. Ltd.+ 1,313,625
80,700 Computer Products, Inc.+ 1,825,837
36,400 Comverse Technology, Inc.+ 1,419,600
-------------
4,559,062
-------------
Consumer Durables -- 0.6%
84,260 Lifetime Hoan Corporation 832,068
-------------
Containers -- 1.0%
55,600 Ivex Packaging Corporation+ 1,334,400
-------------
Diversified Industrial -- 1.3%
119,200 Griffon Corporation+ 1,743,300
-------------
Electronics -- 7.0%
109,600 Integrated Device
Technology, Inc.+ 1,034,350
136,200 inTEST Corporation+ 953,400
42,100 Jabil Circuit, Inc.+ 1,673,475
54,000 Kuhlman Corporation 2,112,750
84,400 Microsemi Corporation+ 1,482,275
82,700 ORBIT/FR, Inc.+ 1,333,537
73,400 Pioneer-Standard
Electronics, Inc. 1,119,350
-------------
9,709,137
-------------
Food and Beverages -- 3.0%
66,100 Hudson Foods, Inc. 1,359,181
97,400 J&J Snack Foods Corporation+ 1,594,925
84,666 Worthington Foods, Inc. 1,185,324
-------------
4,139,430
-------------
Health Care -- 1.6%
67,300 Sierra Health Services, Inc.+ 2,262,963
-------------
Home Furnishings -- 1.9%
60,600 Toro Company 2,583,075
-------------
Hotels -- 1.0%
100,000 Suburban Lodges of
America, Inc.+ 1,331,250
-------------
Insurance -- 8.6%
88,000 ARM Financial Group, Inc. 2,321,000
35,500 ESG Re Ltd.+ 834,250
19,400 Executive Risk, Inc. 1,354,363
70,500 INSpire Insurance
Solutions, Inc.+ 1,471,687
82,700 IPC Holdings Ltd. 2,661,906
28,100 NAC Re Corporation 1,371,631
45,000 Philadelphia Consolidated
Holding Corporation+ 798,750
49,300 Stirling Cooke Brown Holdings
Ltd.+ 1,207,850
------------
12,021,437
------------
Leisure -- 1.1%
51,200 Steiner Leisure Ltd.+ 1,580,800
------------
Manufacturing -- 1.1%
134,900 Foamex International, Inc. 1,467,038
------------
Medical and Medical Services -- 0.9%
45,000 Bioanalytical Systems, Inc.+ 343,125
100,000 Vision Twenty-One, Inc.+ 925,000
------------
1,268,125
------------
Medical Supplies -- 2.5%
113,500 Bindley Western Industries, Inc. 3,504,313
------------
Metals and Metal Processing -- 6.1%
85,300 Atchison Casting Corporation+ 1,386,125
150,000 Novamerican Steel, Inc.+ 1,743,750
73,800 Quanex Corporation 2,075,625
146,100 Recycling Industries, Inc.+ 876,600
94,400 Rohn Industries, Inc. 486,750
68,800 TransTechnology Corporation 1,947,900
------------
8,516,750
------------
Oil and Gas -- 7.7%
20,000 Bayard Drilling
Technologies, Inc.+ 325,000
28,100 Cliffs Drilling Company+ 1,401,487
61,900 Colonial Gas Company 1,783,494
34,200 Giant Industries, Inc. 649,800
53,100 Houston Exploration Company+ 975,713
43,700 North Carolina Natural Gas
Corporation 1,518,575
64,470 Southern Union Company+ 1,539,221
73,800 Southwest Gas Corporation 1,379,137
30,100 Veritas DGC, Inc.+ 1,188,950
------------
10,761,377
------------
Real Estate -- 8.8%
53,600 Bay Apartment
Communities, Inc. 2,090,400
45,600 Developers Diversified
Realty Corporation 1,744,200
39,000 Golf Trust America 1,131,000
71,000 JP Realty, Inc. 1,841,562
69,000 Kilroy Realty Corporation 1,983,750
62,500 Prentiss Properties Trust 1,746,094
69,100 Reckson Associates
Realty Corporation 1,753,413
------------
12,290,419
------------
Retail -- 1.7%
105,000 Finlay Enterprises, Inc.+ 2,388,750
------------
Telecommunications -- 2.4%
348,700 Century Communications
Corporation, Class A+ 3,399,825
------------
Tobacco -- 0.6%
35,200 800-JR CIGAR, Inc.+ 880,000
------------
Transportation -- 0.8%
47,900 Roadway Express, Inc. 1,059,788
------------
TOTAL COMMON STOCKS
(Cost $111,784,795) 129,128,204
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 6.9%
(Cost $9,593,000)
$9,593,000 Agreement with State Street
Bank and Trust Company,
6.000% dated 12/31/1997,
to be repurchased at
$9,596,198 on 01/02/1998,
collateralized by $8,420,000
U.S. Treasury Note, 7.125%
maturing 02/15/2023
(value $9,786,936) 9,593,000
------------
TOTAL INVESTMENTS
(Cost $121,377,795*) 99.7% 138,721,204
OTHER ASSETS AND
LIABILITIES (Net) 0.3 376,134
----- ------------
NET ASSETS 100.0% $139,097,338
===== ============
- ----------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
See Notes to Financial Statements.
<PAGE>
Munder Small Company Growth Fund
portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 88.3%
Advertising -- 1.1%
181,600 HA-LO Industries, Inc.+ $ 4,721,600
------------
Aerospace & Defense -- 2.5%
147,150 AAR Corporation 5,702,062
220,800 REMEC, Inc.+ 4,968,000
------------
10,670,062
------------
Automobile Parts & Equipment -- 2.2%
566,400 Miller Industries, Inc.+ 6,088,800
76,100 Tower Automotive, Inc.+ 3,200,956
------------
9,289,756
------------
Banking and Financial Services -- 5.6%
96,300 Amresco, Inc.+ 2,913,075
278,130 Financial Federal Corporation+ 6,570,821
120,702 HUBCO, Inc. 4,722,466
229,115 Litchfield Financial
Corporation 4,439,103
38,000 Provident Bankshares
Corporation 2,427,250
51,950 Sirrom Capital Corporation 2,707,894
------------
23,780,609
------------
Broadcasting -- 1.3%
166,960 Metro Networks, Inc.+ 5,467,940
------------
Business Services -- 1.0%
162,260 Interim Services, Inc.+ 4,198,478
------------
Commercial Services -- 5.8%
116,500 Cort Business Services
Corporation+ 4,638,156
137,600 F.Y.I., Inc.+ 3,164,800
171,000 Lason Holdings, Inc.+ 4,552,875
79,200 Metzler Group, Inc.+ 3,177,900
151,600 Nichols Research Corporation+ 3,790,000
221,760 Ontrack Data
International, Inc.+ 5,530,140
------------
24,853,871
------------
Computer Hardware, Software
or Services -- 14.0%
278,900 Advanced Digital Information
Corporation+ 4,601,850
234,030 Axent Technologies, Inc.+ 4,037,018
245,720 Boole & Babbage, Inc.+ 7,340,885
290,610 Deltek Systems, Inc.+ 4,595,271
135,780 Engineering Animation, Inc.+ 6,245,880
137,000 Factset Research Systems, Inc.+ 4,212,750
227,080 Inter-Tel, Inc. 4,399,675
161,450 Metro Information
Services, Inc.+ 4,480,237
64,800 National Instruments
Corporation+ 1,879,200
406,240 Simulation Sciences, Inc.+ 6,499,840
236,480 Tecnomatix Technologies Ltd.,
ADR+ 7,981,200
200,200 USCS International, Inc.+ 3,403,400
------------
59,677,206
------------
Electrical Equipment -- 0.8%
252,650 Trident International, Inc.+ 3,284,450
------------
Electronics -- 8.4%
198,190 Berg Electronics Corporation+ 4,508,823
331,690 Computer Products, Inc.+ 7,504,486
135,700 DII Group, Inc.+ 3,697,825
200,500 Electromagnetic Sciences,
Inc.+ 4,060,125
151,100 Qlogic Corporation+ 4,457,450
182,280 Sawtek, Inc.+ 4,807,635
223,320 Tracor, Inc.+ 6,783,345
------------
35,819,689
------------
Energy and Natural Resources -- 1.3%
314,740 Newpark Resources, Inc.+ 5,507,950
------------
Funeral Services -- 1.1%
195,100 Equity Corporation
International+ 4,511,688
------------
Health Care Products -- 3.8%
411,260 Graham Field
Health Products 6,862,901
361,040 Helen of Troy Ltd.+ 5,821,770
70,900 Medicis Pharmaceutical
Corporation+ 3,624,763
------------
16,309,434
------------
Hotels -- 0.9%
104,950 CapStar Hotel Company+ 3,601,097
------------
Insurance -- 3.6%
139,340 Allied Group, Inc. 3,988,608
67,810 CMAC Investment Corporation 4,094,029
30,800 Executive Risk, Inc. 2,150,225
246,550 HCC Insurance Holdings, Inc. 5,239,187
------------
15,472,049
------------
Leisure -- 2.3%
474,460 Racing Champions
Corporation+ 3,677,065
199,420 Steiner Leisure Ltd.+ 6,157,092
------------
9,834,157
------------
Machinery -- Tools -- 1.1%
69,000 Applied Power, Inc. 4,761,000
------------
Managed Healthcare -- 2.3%
163,967 Concentra Managed Care,
Inc.+ 5,533,886
233,077 FPA Medical Management,
Inc.+ 4,341,059
------------
9,874,945
------------
Medical Services -- 7.1%
208,500 Assisted Living Concepts,
Inc.+ 4,117,875
501,200 Capital Senior Living
Corporation+ 5,231,275
150,900 Curative Health Services,
Inc.+ 4,583,588
168,140 MedQuist, Inc.+ 5,842,865
195,985 National Surgery Centers,
Inc.+ 5,144,606
145,890 Renal Treatment Centers,
Inc.+ 5,270,276
------------
30,190,485
------------
Medical Supplies -- 6.2%
207,200 CONMED Corporation+ 5,439,000
277,460 Molecular Devices Corporation+ 5,896,025
257,359 Serologicals Group, Inc.+ 6,691,334
106,205 Sola International, Inc.+ 3,451,662
360,900 Trex Medical Corporation+ 5,030,044
------------
26,508,065
------------
Oil and Gas -- 2.7%
180,400 National-Oilwell, Inc.+ 6,167,425
229,000 Tuboscope Vetco
International Corporation+ 5,510,312
------------
11,677,737
------------
Pharmaceuticals -- 0.5%
113,550 ChiRex, Inc.+ 2,001,319
------------
Restaurants -- 1.9%
190,500 Landry's Seafood Restaurants,
Inc.+ 4,572,000
249,000 Schlotzsky's, Inc.+ 3,641,625
------------
8,213,625
------------
Retail -- 2.6%
302,750 Eagle Hardware & Garden,
Inc.+ 5,865,781
345,890 The Sports Authority, Inc.+ 5,101,878
------------
10,967,659
------------
Telecommunications -- 5.0%
177,830 Comverse Technology, Inc.+ 6,935,370
59,900 Gilat Satellite Networks
Ltd., ADR+ 1,714,638
325,810 LCC International, Inc.+ 4,724,245
263,000 Melita International
Corporation+ 2,383,437
37,600 Natural Microsystems
Corporation+ 1,748,400
36,200 P-COM, Inc.+ 624,450
180,040 Teledata Communications Ltd.+ 3,285,730
------------
21,416,270
------------
Tobacco -- 1.8%
129,050 800-JR CIGAR, Inc.+ 3,226,250
114,070 Schweitzer-Mauduit
International, Inc. 4,249,107
------------
7,475,357
------------
Transporation -- Trucking -- 1.4%
132,500 Heartland Express, Inc.+ 3,560,937
88,050 Knight Transportation, Inc.+ 2,443,388
------------
6,004,325
------------
TOTAL COMMON STOCKS
(Cost $328,501,993) 376,090,823
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 10.7%
(Cost $45,810,000)
$45,810,000 Agreement with State
Street Bank and Trust
Company, 6.000% dated
12/31/1997, to be
repurchased at
$45,825,270 on
01/02/1998, collateralized
by $44,295,000 U.S.
Treasury Note, 9.250%
maturing 08/15/1998
(value $46,731,225) 45,810,000
------------
TOTAL INVESTMENTS
(Cost $374,311,993*) 99.0% 421,900,823
OTHER ASSETS AND
LIABILITIES (Net) 1.0 4,176,642
----- ------------
NET ASSETS 100.0% $426,077,465
===== ============
- ----------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
See Notes to Financial Statements.
<PAGE>
Munder Value Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 94.5%
Aerospace & Defense -- 2.0%
173,400 Howmet International, Inc.+ $ 2,601,000
------------
Airlines -- 1.3%
35,200 Continental Airlines, Inc.+ 1,694,000
------------
Automobile Parts & Equipment -- 2.6%
60,600 Dura Automotive Systems, Inc.+ 1,499,850
75,700 Standard Products Company 1,939,813
------------
3,439,663
------------
Banking and Financial Services -- 12.0%
38,650 Banc One Corporation 2,099,178
22,800 Chase Manhattan Corporation 2,496,600
54,150 First American Corporation 2,693,962
131,650 Hibernia Corporation, Class A 2,476,666
35,850 Mercantile Bankshares
Corporation 1,402,631
93,900 Paine Webber Group, Inc. 3,245,419
67,000 Sovereign Bancorp, Inc. 1,390,250
------------
15,804,706
------------
Building Materials -- 3.1%
68,150 Pulte Corporation 2,849,522
28,400 Texas Industries, Inc. 1,278,000
------------
4,127,522
------------
Chemicals -- 1.0%
88,600 Airgas, Inc.+ 1,240,400
------------
Computer Hardware, Software
or Services -- 3.3%
33,900 Compaq Computer
Corporation 1,913,231
38,600 Hewlett-Packard Company 2,412,500
------------
4,325,731
------------
Containers -- 2.1%
73,650 Owens-Illinois, Inc.+ 2,794,097
------------
Electric Utilities -- 2.2%
33,700 CMS Energy Corporation 1,484,906
29,200 New Century Energies, Inc. 1,399,775
------------
2,884,681
------------
Electronics -- 4.4%
51,700 Micron Technology, Inc.+ 1,344,200
57,000 Texas Instruments, Inc. 2,565,000
55,100 Xilinx, Inc.+ 1,931,944
------------
5,841,144
------------
Home Furnishings and Housewares -- 4.5%
122,050 Furniture Brands
International, Inc.+ 2,502,025
91,650 Maytag Corporation 3,419,691
------------
5,921,716
------------
Insurance -- 9.2%
19,650 Ace Ltd. 1,896,225
22,800 Allstate Corporation 2,071,950
41,450 Hartford Life, Inc. 1,878,203
62,200 Nationwide Financial
Services, Inc. 2,246,975
134,000 Reliance Group Holdings, Inc. 1,892,750
51,050 Torchmark Corporation 2,147,291
------------
12,133,394
------------
Medical Services -- 4.5%
157,850 Beverly Enterprises, Inc.+ 2,052,050
22,600 PacifiCare Health
Systems, Inc.+ 1,183,675
104,300 Trigon Healthcare, Inc.+ 2,724,837
------------
5,960,562
------------
Office Supplies -- 0.9%
52,900 John H. Harland Company 1,110,900
------------
Oil and Gas -- 11.1%
51,600 ENSCO International, Inc. 1,728,600
81,100 McDermott International, Inc. 2,970,287
90,800 Santa Fe Energy Resources,
Inc.+ 1,021,500
24,500 Santa Fe International
Corporation 996,844
45,900 Triton Energy Ltd.+ 1,339,706
53,950 USX-Marathon Group 1,820,813
85,500 Valero Energy Corporation 2,687,906
46,900 Weatherford Enterra, Inc.+ 2,051,875
------------
14,617,531
------------
Pharmaceuticals -- 2.0%
124,200 Mylan Labs, Inc. 2,600,438
------------
Real Estate -- 8.9%
90,600 Bradley Real Estate, Inc. 1,902,600
51,500 Kimco Realty Corporation 1,815,375
46,850 Mack-Cali Realty Corporation 1,920,850
45,499 Patriot American Hospitality,
Inc. 1,310,940
53,850 Public Storage, Inc. 1,581,844
55,900 Simon DeBartolo Group, Inc. 1,827,231
24,150 Starwood Lodging Trust 1,397,681
------------
11,756,521
------------
Restaurants -- 1.8%
96,550 Wendy's International, Inc. 2,323,234
------------
Retail -- 2.8%
93,100 American Stores Company 1,914,369
79,750 Pier 1 Imports, Inc. 1,804,344
------------
3,718,713
------------
Telecommunications -- 5.3%
38,700 Harris Corporation 1,775,362
60,500 MCI Communications
Corporation 2,590,156
89,850 U.S. West Media Group, Inc.+ 2,594,419
------------
6,959,937
------------
Tobacco -- 4.4%
62,650 Philip Morris Companies, Inc. 2,838,828
79,700 RJR Nabisco Holdings
Corporation 2,988,750
------------
5,827,578
------------
Transportation -- 3.0%
22,600 Burlington Northern Santa Fe
Corporation 2,100,387
47,100 CNF Transportation, Inc. 1,807,463
------------
3,907,850
------------
Utilities -- 2.1%
47,600 Edison International 1,294,125
35,500 People's Energy Corporation 1,397,813
------------
2,691,938
------------
TOTAL COMMON STOCK
(Cost $106,998,833) 124,283,256
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 5.2%
(Cost $6,803,000)
$6,803,000 Agreement with State Street
Bank and Trust Company,
6.000% dated 12/31/1997,
to be repurchased
at $6,805,268 on
01/02/1998, collateralized
by $6,765,000 U.S.
Treasury Note, 5.875%
maturing 01/31/1999
(value $6,941,871) 6,803,000
------------
TOTAL INVESTMENTS
(Cost $113,801,833*) 99.7% 131,086,256
OTHER ASSETS AND
LIABILITIES (Net) 0.3 372,090
----- ------------
NET ASSETS 100.0% $131,458,346
===== ============
- --------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
See Notes to Financial Statements.
<PAGE>
Munder Framlington Emerging Markets Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 84.7%
Argentina -- 6.0%
32,000 Banco Frances del Rio de La
Plata, SA, ADR $ 876,000
52,000 Telefonica de Argentina, ADR 1,859,000
----------
2,735,000
----------
Brazil -- 17.3%
39,000 Centrais Eletricas
Brasileiras SA, ADR 969,696
25,190,000 Centrais Eletrobras SA 1,252,672
19,200 Companhia Brasileira de
Distribuicao Grupo Pao de
Acucar, ADR 372,000
19,400 Companhia Energetica de
Minas Gerais, ADR 834,200
5,700 Companhia Siderurgica
Nacional, ADR 158,329
1,000,000 Light Services de
Eletricidade SA 416,630
36,800 Petroleo Brasileiro SA, ADR 860,605
2,937,500 Saneamento Basico do Estado 697,493
17,300 Telecomunicacoes do Rio de
Janeiro SA 2,014,369
39,400 Usiminas Siderurgicas de
Minas Gerais SA, ADR 216,700
----------
7,792,694
----------
Chile -- 4.1%
22,500 Banco Santander Chile, ADR 317,813
17,300 Compania Cervecerias Unidas
SA, ADR 508,187
19,100 Compania Telecomunicaciones
de Chile SA, ADR 570,612
10,100 Empresa Nacional
Electricidad SA, ADR 178,644
6,300 Quimica Minera Chile SA, ADR 277,200
----------
1,852,456
----------
China\Hong Kong -- 8.9%
3,200,000 China Foods Holdings Ltd. 1,053,039
2,590,000 CNPC Hong Kong Ltd.+ 726,965
800,000 First Tractor Company Ltd.+ 482,643
300,000 Huangshan Tourism
Development Company 238,200
1,200,000 Shanghai Chlor Alkali
Chemical Company 206,400
410,000 Shanghai Dazhong Taxi
Company 306,680
130,000 Shanghai Industrial Holdings
Ltd. 483,159
2,500,000 Zhejiang Expressway Company
Ltd. 506,517
----------
4,003,603
----------
Egypt -- 4.0%
19,000 Commercial International
Bank 397,575
15,000 Commercial International
Bank, ADR 302,689
15,000 Egypt America Bank 467,303
6,246 Egypt International
Pharmaceuticals 436,899
8,000 Torah Portland Cement
Company+ 183,371
----------
1,787,837
----------
Ghana -- 0.3%
198,229 Ghana Commercial Bank+ 70,169
85,018 Social Security Bank 63,952
----------
134,121
----------
Greece -- 0.1%
500 National Bank of Greece 43,996
----------
Hungary -- 2.7%
50,000 MOL Magyar Olaj-es
Gazipari, ADR 1,220,000
----------
India -- 2.7%
1,400 BSES Ltd., GDR 24,500
3,500 EIH Ltd. GDR 46,725
14,500 Gujarat Ambuja Cements
Ltd., GDR 103,313
2,200 Hindalco Industries Ltd., ADR 44,000
31,000 Mahanagar Telephone Nigam
GDR+ 478,950
20,000 Reliance Industries Ltd., GDR 172,000
9,900 State Bank of India, GDR+ 180,180
18,000 Tata Engineering and
Locomotive Company
Ltd., GDR++ 149,850
1,800 Videsh Sanchar Nigam Ltd., ADR+ 25,245
----------
1,224,763
----------
Indonesia -- 0.1%
48,000 PT Bunas Finance Indonesia 2,836
355,800 PT Indah Kiat Pulp & Paper
Corporation 63,074
----------
65,910
----------
Jordan -- 0.8%
88,000 Jordan Cement Factories 374,706
----------
Korea -- 0.0%#
1 Sungmi Telecom Electronics
Company 28
----------
Malaysia -- 0.1%
10,000 Lingkaran Trans Kota
Holdings Berhad 6,376
30,000 Magnum Corporation Berhad+ 18,049
5,000 Malakoff Berhad 10,413
625 RHB Capital Berhad 175
----------
35,013
----------
Mexico -- 16.2%
118,200 Acer Computer Latino
America, SA de CV+ 351,502
100,000 ALFA, SA de CV+ 677,777
10,550 Bufete Industrial SA, ADR+ 102,863
166,300 Corporacion Geo, SA de CV,
Series B+ 1,019,993
131,457 Desc SA de CV 1,237,932
60,000 Fomento Economico Mexico SA
de CV 479,524
617,000 Grupo Elektra SA 1,070,318
13,200 Grupo Industrial Maseca SA,
ADR 204,600
34,900 Grupo Modelo SA de CV 293,194
24,100 Grupo Televisa SA+ 469,130
40,000 Industria Bachoco, SA de CV+ 780,000
27,900 TV Azteca SA de CV ADR+ 629,494
----------
7,316,327
----------
Peru -- 2.1%
1,817 Cementos Norte Pacasmayo SA 2,600
52,960 Credicorp Ltd, ADR 953,280
63 Ferreyros SA, ADR 1,317
----------
957,197
----------
Poland -- 0.1%
4,800 KGHM Polska Miedz SA, GDR+ 34,680
----------
Russia -- 5.2%
72,050 Irkutskenergo, ADR 684,475
11,000 Lukoil Holdings, ADR 1,014,750
120,000 Trade House GUM, ADR 666,000
----------
2,365,225
----------
Slovakia -- 0.1%
2,000 Slovnaft AS, GDR 53,340
----------
South Africa -- 8.9%
1,000,000 Afribrand Holdings Ltd.+ 431,521
55,000 Barlow Ltd. 466,762
75,000 Ellerine Holdings Ltd. 483,921
27,500 Liberty Life Association of
Africa Ltd. 706,360
60,000 McCarthy Group Ltd. 114,045
124,300 McCarthy Retail Ltd. 255,420
765,000 Millennium Entertainment
Group Africa 754,546
18,100 Standard Bank Investment 799,651
----------
4,012,226
----------
Thailand -- 0.4%
7,000 Banpu Public Company Ltd. 28,058
4,200 BEC World Public Company
Ltd. 17,445
14,500 Electricity Generating Authority 27,103
33,000 KCE Electronics Public
Company Ltd. 82,928
5,400 The Pizza Public Company
Ltd. 9,533
-----------
165,067
-----------
Turkey -- 2.1%
25,000 Haci Omer Sabanci
Holding SA, ADR+ 381,250
6,930,000 Vestel Elektronik Sanayi ve
Ticaret AS 568,444
-----------
949,694
-----------
Venezuela -- 2.3%
21,200 Compania Anonima Nacional
Telefonos de Venezuela, ADR 882,450
28,100 Mavesa SA, ADR 179,138
-----------
1,061,588
-----------
Zimbabwe -- 0.2%
170,000 NMBZ Holdings, ADR 76,500
-----------
TOTAL COMMON STOCKS
(Cost $42,221,561) 38,261,971
-----------
INVESTMENT COMPANY SECURITIES -- 5.8%
Hong Kong -- 0.0%#
7,000 New Korea Trust 19,250
-----------
India -- 4.0%
67,000 Bombay Fund Ltd.+ 586,250
85,000 Is Himalayan Fund 903,125
8,900 The India Magnum Fund NV+ 302,600
-----------
1,791,975
-----------
Korea -- 0.1%
10,000 First Korea Smaller
Companies Fund+ 28,750
-----------
Russia -- 1.7%
37,900 Fleming Russia Securities
Fund+ 776,950
-----------
TOTAL INVESTMENT COMPANY SECURITIES
(Cost $3,505,324) 2,616,925
------------
PREFERRED STOCKS -- 0.5%
Brazil -- 0.5%
3,000 Centrais Eletricas
Brasileiras SA, ADR 76,800
2,570,000 Lojas Renner SA 80,597
741,605 Telecomunicacoes do Rio de
Janeiro SA 77,081
28,754 Telecomunicacoes do Rio de
Janeiro SA+ 2,756
------------
TOTAL PREFERRED STOCKS
(Cost $313,282) 237,234
------------
RIGHTS -- 0.0%#
(Cost $0)
Brazil -- 0.0%#
9,332 Saneamento Basico do Estado
expire 01/08/98 0
------------
WARRANTS -- 0.0%#
China -- 0.0%#
51,200 Peking Apparel International
Group Ltd., expire
03/31/99+ 2,379
------------
Indonesia -- 0.0%#
9,624 PT Bank Dagang Nasional
Indonesia, expire
02/14/2000++ 89
13,120 PT Indah Kiat Pulp & Paper
Corporation,
expire 04/31/2001+ 513
------------
602
------------
TOTAL WARRANTS
(Cost $0) 2,981
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 7.8%
(Cost $3,540,000)
$3,540,000 Agreement with State Street
Bank and Trust Company,
6.000% dated 12/31/1997,
to be repurchased at
$3,541,180 on 01/02/1998,
collateralized by $2,885,000
U.S. Treasury Bond,
7.875% maturing 02/15/2021
(value $3,611,659) 3,540,000
------------
TOTAL INVESTMENTS
(Cost $49,580,167*) 98.8% 44,659,111
OTHER ASSETS AND
LIABILITIES (Net) 1.2 560,103
---- ------------
NET ASSETS 100.0% $ 45,219,214
==== ============
- --------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
++ 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.
# Amount represents less than 0.1% of net assets.
ABBREVIATIONS:
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
See Notes to Financial Statements.
<PAGE>
Munder Framlington Emerging Markets Funds
Portfolio of Investments, December 31, 1997 (Unaudited)
At December 31, 1997 sector diversification of the Munder Framlington
Emerging Markets Fund was as follows:
% of
Net Assets Value
----------------------
COMMON STOCKS:
Utilities........................ 14.8% $ 6,657,422
Telecommunications............... 12.9 5,830,626
Oil & Gas........................ 8.5 3,875,659
Banking & Financial Services..... 6.6 2,969,301
Diversified Industrial........... 6.6 2,963,438
Food & Beverage.................. 5.8 2,605,757
Banking & Finance................ 3.3 1,512,649
Machinery & Heavy
Equipment..................... 3.3 1,472,868
Retail........................... 2.9 1,293,419
Broadcasting & Advertising....... 2.5 1,116,069
Real Estate...................... 2.3 1,019,993
Electronics...................... 2.2 1,002,903
Transportation................... 1.8 819,573
Building & Building
Materials..................... 1.8 813,840
Insurance........................ 1.6 706,360
Drugs & Health Care.............. 1.3 595,228
Metals & Mining.................. 1.2 557,955
Containers & Glass............... 1.1 508,187
Household Appliances &
Home Furnishings.............. 1.1 483,921
Manufacturing.................... 1.1 483,159
Health & Personal Care........... 0.8 381,250
Travel Services.................. 0.5 238,200
Chemicals........................ 0.5 206,400
Miscellaneous.................... 0.2 147,794
----- -----------
TOTAL COMMON
STOCKS........................ 84.7 38,261,971
REPURCHASE
AGREEMENT..................... 7.8 3,540,000
INVESTMENT COMPANY
SECURITIES.................... 5.8 2,616,925
TOTAL PREFERRED
STOCKS......................... 0.5 237,234
WARRANTS.......................... 0.0# 2,981
RIGHTS............................ 0.0# 0
----- -----------
TOTAL INVESTMENTS................. 98.8 44,659,111
OTHER ASSETS AND
LIABILITIES (Net)............... 1.2 560,103
----- -----------
NET ASSETS........................ 100.0% $45,219,214
===== ===========
See Notes to Financial Statements.
<PAGE>
Munder Framlington Healthcare Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- DOMESTIC -- 88.4%
Biotechnology -- 25.8%
4,500 Agouron Pharmaceuticals, Inc.+ $ 132,187
7,500 Alexion Pharmaceuticals, Inc.+ 93,750
10,000 Ariad Pharmaceuticals, Inc.+ 42,500
5,000 ArQule, Inc.+ 114,688
5,000 BioReliance Corporation+ 115,000
5,000 CardioGenesis Corporation+ 31,250
4,000 Centocor, Inc.+ 133,000
8,000 Connetics Corporation+ 24,500
12,000 Digene Corporation+ 103,500
5,000 Ergo Science Corporation+ 76,250
9,500 Gene Logic+ 76,000
3,700 Genset, ADR+ 73,075
13,000 Genzyme Transgenics
Corporation+ 125,125
3,500 Gilead Sciences, Inc.+ 133,875
8,000 ICOS Corporation+ 146,500
4,000 IDEC Pharmaceuticals
Corporation+ 137,500
3,000 Immunex Corporation (New)+ 162,000
3,000 Incyte Pharmacuticals, Inc.+ 135,000
7,000 Inhale Therapeutic Systems+ 182,000
5,000 La Jolla Pharmaceutical
Company+ 22,188
25,000 LifeCell Corporation+ 115,625
5,000 Martek Biosciences Corporation+ 41,250
12,000 Medarex, Inc.+ 63,000
8,000 Millennium Pharmaceuticals,
Inc.+ 152,000
4,000 NCS Healthcare, Inc.,
Class A+ 105,500
8,000 Neurex Corporation+ 111,000
5,000 Neurogen Corporation+ 67,500
1,500 ONYX Pharmaceuticals, Inc.+ 11,625
4,000 PAREXEL International
Corporation+ 148,000
5,000 Pharmacyclics, Inc.+ 128,125
2,400 QIAGEN N.V. ADR+ 107,100
3,500 SONUS Pharmaceuticals, Inc.+ 115,937
10,000 Synaptic Pharmaceutical
Corporation+ 108,750
19,000 Texas Biotechnology
Corporation+ 117,562
4,000 TranskaryoticTherapies, Inc. 140,500
4,000 Vical, Inc.+ 48,000
-----------
3,641,362
-----------
Commercial Services -- 1.0%
5,000 Boron, Lepore & Associates, Inc.+ 137,500
-----------
Distributors -- 1.3%
5,000 Henry Schein, Inc.+ 175,000
-----------
Drugs -- 19.3%
5,000 ALZA Corporation 159,062
12,000 Ascent Pediatrics, Inc.+ 70,500
6,000 BioChem Pharm, Inc+ 125,250
2,000 Cardinal Health, Inc. 150,250
9,000 Corixa Corporation+ 80,438
175 Crescendo Pharmaceuticals
Corporation+ 2,023
3,000 Dura Pharmaceuticals, Inc.+ 137,625
4,000 Guilford Pharmaceuticals,
Inc.+ 80,500
4,000 Jones Medical Industries,
Inc. 153,000
6,000 Magainin Pharmaceuticals,
Inc.+ 48,375
3,500 Medimmune, Inc.+ 150,063
12,000 Medirisk, Inc.+ 132,000
7,000 Nastech Pharmaceuticals
Company, Inc.+ 91,000
10,000 NPS Pharmaceuticals, Inc.+ 77,500
4,000 Omnicare, Inc. 124,000
15,000 OSI Pharmaceuticals, Inc.+ 101,250
7,500 Penederm, Inc.+ 75,000
2,000 Pfizer, Inc. 149,125
6,000 Pharmacopeia, Inc.+ 96,000
4,000 Sangstat Medical Corporation+ 162,000
4,000 Sepracor, Inc.+ 160,250
7,000 Trimeris, Inc.+ 91,000
6,000 US Bioscience, Inc.+ 54,375
5,000 ViroPharma, Inc.+ 88,125
12,000 Virus Research Institute, Inc.+ 54,000
6,000 Zonagen, Inc.+ 109,125
-----------
2,721,836
-----------
Health Management Systems-- 7.8%
5,000 Advance Paradiam, Inc.+ 158,750
4,000 National Data Corporation 144,500
7,000 Pharmaceutical Product
Development, Inc.+ 107,625
6,000 PhyCor, Inc.+ 162,000
9,000 Physician Reliance Network, Inc.+ 93,938
4,000 Quintiles TransNational
Corporation+ 153,000
12,000 Specialty Care Network, Inc.+ 163,500
4,000 Superior Consultant Holdings
Corporation+ 120,000
-----------
1,103,313
-----------
Hospital/Medical Services-- 8.5%
15,000 Amsurg Corporation+ 116,250
4,000 Centennial HealthCare
Corporation+ 91,000
4,000 Curative Health
Services, Inc.+ 121,500
4,500 Genesis Health Ventures, Inc.+ 118,687
7,000 Pediatric Services America, Inc.+ 133,875
7,000 PMR Corporation+ 140,000
8,000 Prime Medical Services, Inc.+ 110,500
5,000 Renal Care Group, Inc.+ 160,000
12,000 Renex Corporation 63,000
5,000 Resources Care, Inc.+ 145,000
-----------
1,199,812
-----------
Managed Healthcare -- 2.9%
10,000 American Oncology
Resources, Inc.+ 160,000
3,000 CompDent Corporation+ 60,844
3,500 Concentra Managed Care,
Inc.+ 118,125
4,000 FPA Medical Management, Inc.+ 74,500
-----------
413,469
-----------
Medical Information Systems-- 3.4%
5,600 HBO & Company 268,800
15,000 Physicians Computer Network,
Inc.+ 60,000
7,000 Transition Systems, Inc.
Massachusetts+ 154,875
-----------
483,675
-----------
Medical Instruments -- 14.8%
5,000 Bionx Implants, Inc.+ 107,500
3,000 Boston Scientific Corporation+ 137,625
5,000 Computer Motion, Inc.+ 52,500
4,000 Conceptus, Inc.+ 20,000
8,000 Cyberonics, Inc.+ 122,000
5,000 Cytyc Corporation+ 124,375
10,000 Endocardial Solutions, Inc.+ 101,250
9,000 EndoSonics Corporation+ 96,750
2,000 Guidant Corporation 124,500
3,000 Medtronic, Inc. 156,937
750 Molecular Devices Corporation+ 15,938
5,000 Molecular Dynamics, Inc.+ 81,250
7,000 Novoste Corporation+ 157,500
6,000 Perclose, Inc.+ 115,500
4,000 ResMed, Inc.+ 112,500
9,000 SeaMED Corporation+ 166,500
3,500 Theragenics Corporation+ 126,000
3,000 Urologix, Inc.+ 54,375
5,500 Wesley Jessen
VisionCare, Inc.+ 214,500
-----------
2,087,500
-----------
Medical Products -- 3.6%
4,000 Fresenius Medical Care AG+ 87,000
4,000 Gulf South Medical Supply,
Inc.+ 149,000
13,000 Hanger Orthopedic Group+ 167,375
8,000 Rochester Medical Corporation+ 108,000
-----------
511,375
-----------
TOTAL COMMON STOCKS -- DOMESTIC
(Cost $11,900,825) 12,474,842
-----------
Biotechnology -- 1.3%
700 Cambridge Antibody
Technology Group Plc+ 4,346
22,200 Celltech Group PLC+ 108,479
3,500 OXiGene, Inc.+ 62,595
-----------
175,420
-----------
Drugs -- 4.2%
51,500 AMRAD Corporation Ltd. 77,200
50,000 Chemunex SA+ 95,539
60 Disetronic Holdings AG 131,399
1,500 NeuroSearch A/S 100,483
3,000 Sankyo Company Ltd. 67,780
25,000 Shire Pharmaceuticals Group
PLC+ 117,849
-----------
590,250
-----------
Medical Instruments -- 2.2%
6,000 Axis Biochemicals ASA+ 43,055
10,000 Biora AB+ 103,276
44,224 Gyrus Group PLC+ 105,325
5,000 Kawasumi Laboratories 60,887
-----------
312,543
-----------
Medical Products -- 1.3%
10,000 Biocompatibles International
PLC+ 82,947
3,000 Ortivus AB 100,127
-----------
183,074
-----------
TOTAL COMMON STOCKS -- FOREIGN
(Cost $1,340,045) 1,261,287
-----------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 1.8%
(Cost $262,000)
$262,000 Agreement with State
Street Bank and Trust
Company, 6.000% dated
12/31/1997, to be
repurchased at $262,087
on 01/02/1998,
collateralized by $265,000
U.S. Treasury Note,
6.125% maturing 12/31/2001
(value $268,064) 262,000
-----------
TOTAL INVESTMENTS
(Cost $13,502,870*) 99.2% 13,998,129
OTHER ASSETS AND
LIABILITIES (Net) 0.8 110,045
----- -----------
NET ASSETS 100.0% $14,108,174
===== ===========
- -------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
<PAGE>
Munder Framlington Healthcare Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
(Continued)
<TABLE>
<CAPTION>
SCHEDULE OF FORWARD FOREIGN CURRENCY CONTRACTS
Forward Foreign Currency Contracts to Buy
Contracts to Receive
------------------------------------------------
Unrealized
In Exchange Depreciation
Expiration Date Local Currency Value in U.S.$ for U.S. $ of Contract
- --------------- ------------------------- -------------- ---------- -----------
<S> <C> <C> <C> <C>
01/06/1998 Australian Dollar 5,502 3,586 3,598 $ (12)
<CAPTION>
Net Unrealized Depreciation of Forward
Foreign Currency Contracts $ (12)
=====
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Framlington International Growth Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 91.8%
Australia -- 1.8%
22,000 Brambles Industries Ltd. $ 436,607
54,000 M.I.M. Holdings Ltd. 33,083
45,000 St. George Bank Ltd. 255,248
34,800 WMC Ltd. 121,343
-----------
846,281
-----------
Belgium -- 1.0%
2,600 Barco Industries 477,180
-----------
Brazil -- 1.1%
11,600 Centrais Eletricas
Brasileiras SA, ADR 296,960
2,100 Telecomunicacoes Brasileiras
SA, ADR 244,519
-----------
541,479
-----------
China\Hong Kong -- 3.9%
36,000 Cheung Kong (Holdings) Ltd. 235,772
160,000 Cheung Kong Infrastructure
Holdings 452,187
800,000 China Foods Holdings Ltd. 263,260
410,000 CNPC Hong Kong Ltd. 115,079
200,000 First Tractor Company Ltd.+ 120,661
100,000 Guangdong Kelon Electric
Holdings 102,594
40,000 Hong Kong
Telecommunications Ltd. 82,333
9,200 HSBC Holdings Plc, ADR 226,765
40,000 Hutchison Whampoa Ltd. 250,871
-----------
1,849,522
-----------
Denmark -- 1.5%
5,000 Novo Nordisk AS, Series B 715,130
-----------
Finland -- 4.0%
7,600 Cultor Oy 411,304
6,000 Oy Nokia 425,981
4,900 Raision Tehtaat Oy 581,605
15,400 Sampo Insurance Company Ltd. 500,060
-----------
1,918,950
-----------
France -- 6.7%
9,000 AXA Company 696,403
2,650 Canal Plus 492,706
15,500 Lagardere Group 512,503
11,000 Rhone Poulenc 492,747
7,500 SGS-Thomson
Microelectronics NV+ 464,194
7,400 Societe BIC SA 540,138
-----------
3,198,691
-----------
Germany -- 3.8%
3,200 Adidas AG 420,868
10,400 Bayerische Vereinsbank AG 680,441
1,400 Mannesmann AG 707,413
-----------
1,808,722
-----------
Italy -- 3.0%
155,000 Credito Italiano SpA 477,968
40,000 SAES Getters SpA 381,006
126,000 Telecom Italia Mobile SpA 581,566
-----------
1,440,540
-----------
Japan -- 20.7%
12,000 Andor Company Ltd. 49,858
20,000 ANRITSU Corporation 153,175
10,000 Canon, Inc. 232,825
20,000 Chodai Company Ltd. 64,333
15,000 Consec Corporation 36,302
13,800 Credit Saison Company Ltd. 340,323
35 DDI Corporation 92,479
7,000 FCC Company Ltd. 73,983
36,000 Fuji Bank 145,577
8,000 Fuji Machine MFG
Company Ltd. 193,000
7,000 Futaba Corporation 281,458
36,000 Hankyu Department Store 199,893
7,400 Himiko Company, Ltd. 46,757
12,000 JSR Corporation 39,152
22,000 Kawasumi Laboratories 267,902
3,300 Keyence Corporation 487,784
24,300 Kitagawa Industries
Company Ltd. 167,496
13,000 Kokuyo Company 224,018
33,000 Laox Company 265,375
3,000 Lasertec Corporation 76,281
9,000 Meitec Corporation 252,968
34,000 Minebea Company Ltd. 364,555
76,000 Mitsubishi Heavy Industries 316,642
14,000 Namco 406,372
34 Net One Systems Company Ltd. 80,723
5,200 Nichiei Company Ltd. 553,573
54,000 Nikko Securities
Company Ltd. 143,096
16,000 Nomura Securities
Company Ltd. 213,219
57,000 NTN Corporation 131,837
43,000 Obayashi Corporation 146,221
4,000 Oiles Corporation 96,806
60,000 Oji Paper Company, Ltd. 238,493
10,000 Pulstec Industrial
Company, Ltd. 183,810
20,000 Ricoh Company Ltd. 248,143
4,400 Riso Kagaku 251,727
5,000 Rohm Company 509,305
2,000 Sankyo Company, Ltd. 45,187
28,000 Sanyo Denki 143,034
6,000 Secom 383,243
13,000 Sumitomo Bank Ltd. 148,350
23,000 Sumitomo Electric Industries 313,548
41,000 Sumitomo Trust & Banking 212,897
16,000 The Bank of
Tokyo-Mitsubishi, Ltd. 220,571
16,000 Tostem Corporation 171,556
20,000 Toyo Corporation 125,603
16,000 Ube-Nitto Kasei Company Ltd. 52,692
9,000 World Company, Ltd. 199,893
41,000 Yamato Kogyo Company, Ltd. 246,496
-----------
9,838,531
-----------
Mexico -- 0.9%
20,300 ALFA, SA de CV 137,589
7,200 Desc SA de CV,
Series C, ADR 270,000
-----------
407,589
-----------
Netherlands -- 5.3%
23,000 ABN AMRO Holdings 448,056
3,000 Akzo Nobel 517,249
7,600 ASM Lithography Holdings NV 498,508
6,000 Gucci Group 241,462
11,000 ING Groep 463,295
6,000 Philips Electronics NV 359,825
-----------
2,528,395
-----------
Portugal -- 1.0%
4,500 Telecel-Comunicacaoes
Pessoais, SA+ 479,462
-----------
Russia -- 0.3%
25,000 Trade House GUM, ADR 138,750
-----------
Slovakia -- 0.1%
2,000 Slovnaft AS, GDR 53,340
-----------
Spain -- 2.2%
16,500 Banco Santander SA 551,263
16,700 Telefonica de Espana SA 476,830
-----------
1,028,093
-----------
Sweden -- 4.8%
11,500 Autoliv AB 374,407
11,000 Ericsson (L.M.) Telephone
Company, Class B 413,544
105,000 Nordbanken Holding AB+ 593,773
13,500 Ortivus AB 450,572
24,000 Pricer AB+ 444,338
-----------
2,276,634
-----------
Switzerland -- 8.0%
600 Clariant AG 500,958
210 Disetronic Holding AG 459,896
500 Novartis AG 810,977
70 Roche Holdings AG 694,874
500 Schweiz Bankgesellschaft 722,694
1,250 Zurich
Versicherungs-Gesellschaft 595,401
-----------
3,784,800
-----------
United Kingdom -- 21.6%
100,000 BBA Group Plc 666,855
60,000 British Airways Plc 551,880
60,000 Compass Group Plc 738,140
38,000 Diageo Plc 347,652
24,500 Fairey Group Plc 207,645
56,000 Granada Group Plc 855,414
25,000 Halifax Plc 314,949
53,000 Laporte Plc 583,252
84,000 Lloyds TSB Group Plc 1,092,805
6,000 Northern Rock Plc+ 58,834
50,000 Ocean Group Plc 489,260
51,000 Pearson Plc 662,601
130,000 Rentokil Initial 575,300
53,000 Royal & Sun Alliance
Insurance Group Plc 533,632
15,600 Scottish Radio Holdings Plc 96,214
133,000 Shell Transporation &
Trading Plc 932,792
48,000 Smithkline Beecham 494,721
30,000 Standard Chartered 320,287
60,000 Vodafone Group Plc 433,620
9,500 Zeneca Group Plc 336,503
-----------
10,292,356
-----------
United States -- 0.1%
4,000 Vical, Inc.+ 48,000
-----------
TOTAL COMMON STOCKS
(Cost $45,973,572) 43,672,445
-----------
INVESTMENT COMPANY SECURITY -- 0.5%
(Cost $256,912)
Russia -- 0.5%
11,000 Fleming Russia Securities
Fund+ 225,500
-----------
PREFERRED STOCKS -- 3.1%
Germany -- 3.1%
8,000 Fresenius Medical Care AG 431,363
300 Porsche AG 500,292
1,600 SAP AG 523,416
-----------
1,455,071
-----------
TOTAL PREFERRED STOCKS
(Cost $1,303,591) 1,455,071
-----------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 4.2%
(Cost $1,998,000)
$1,998,000 Agreement with State
Street Bank and Trust Company,
6.000% dated 12/31/1997,
to be repurchased at
$1,998,666 on 01/02/1998,
collateralized by $2,025,000
U.S. Treasury Note,
5.25% maturing 01/31/2001
(value $2,040,724) 1,998,000
-----------
TOTAL INVESTMENTS
(Cost $49,532,075*) 99.6% 47,351,016
OTHER ASSETS AND
LIABILITIES (Net) 0.4 207,971
----- -----------
NET ASSETS 100.0% $47,558,987
===== ===========
- --------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
ABBREVIATIONS:
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
See Notes to Financial Statements.<PAGE>
Munder Framlington International Growth Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
<TABLE>
<CAPTION>
SCHEDULE OF FORWARD FOREIGN CURRENCY CONTRACTS
Forward Foreign Currency Contracts to Buy
Contracts to Receive
------------------------------------------------
Unrealized
In Exchange Depreciation
Expiration Date Local Currency Value in U.S.$ for U.S.$ of Contract
- --------------- -------------- -------------- --------- -----------
<S> <C> <C> <C> <C>
01/05/1998 Italian Lira 803,318,500 454,109 461,943 $(7,834)
<CAPTION>
Net Unrealized Depreciation of Forward
Foreign Currency Contracts $(7,834)
=======
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Framlington International Growth Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
(Continued)
At December 31, 1997 sector diversification of the Munder Framlington
International Growth Fund was as follows:
% of
Net Assets Value
---------- -----
COMMON STOCKS:
Banking & Financial Services.. 15.4% $ 7,315,463
Drugs & Health Care........... 8.3 3,962,674
Electronics................... 7.5 3,573,207
Telecommunications............ 5.9 2,804,353
Machinery..................... 5.3 2,500,963
Insurance..................... 4.9 2,325,495
Chemicals..................... 4.6 2,186,050
Entertainment................. 4.2 1,999,926
Electric & Electrical
Equipment................... 3.7 1,777,622
Food & Beverage............... 3.4 1,603,821
Apparel & Textiles............ 3.0 1,449,117
Building & Building
Materials................... 2.8 1,323,536
Oil & Gas..................... 2.5 1,198,018
Printing & Publishing......... 2.5 1,175,104
Transportation................ 2.2 1,041,140
Retail........................ 2.1 1,018,753
Household Appliances &
Home Furnishings............ 1.8 870,829
Computers..................... 1.7 814,260
Business Services............. 1.6 762,525
Conglomerates................. 1.4 658,460
Broadcasting & Advertising.... 1.2 588,920
Forest Paper & Products....... 1.0 462,511
Automotive.................... 0.9 448,390
Diversified Industrial........ 0.9 436,607
Pharmeceuticals & Medical
Supplies.................... 0.7 313,088
Utilities..................... 0.6 296,960
Photography................... 0.5 232,825
Manufacturing................. 0.4 167,496
Miscellaneous................. 0.8 364,332
----- -----------
TOTAL COMMON
STOCKS...................... 91.8 43,672,445
REPURCHASE
AGREEMENT .................. 4.2 1,998,000
TOTAL PREFERRED
STOCKS...................... 3.1 1,455,071
INVESTMENT COMPANY
SECURITY.................... 0.5 225,500
----- -----------
TOTAL INVESTMENTS............. 99.6 47,351,016
OTHER ASSETS AND
LIABILITIES (Net)........... 0.4 207,971
----- -----------
NET ASSETS.................... 100.0% $47,558,987
===== ===========
<PAGE>
[ This Page Intentionally Left Blank ]<PAGE>
The Munder Funds
Statements of Assets and Liabilities, December 31, 1997 (Unaudited)
<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 ...................... $137,408,920 $69,385,010 $219,204,060 $190,577,309 $29,954,615 $36,820,784
Repurchase Agreements ........... 48,088,000 11,859,000 13,788,000 491,000 1,228,000 2,326,000
------------ ----------- ------------ ------------ ----------- -----------
Total Investments ................... 185,496,920 81,244,010 232,992,060 191,068,309 31,182,615 39,146,784
Cash ................................ 251 -- 894 -- -- 166
Interest receivable ................. 8,570 497,985 116,018 82 205 388
Dividends receivable ................ 108,443 33,081 608,055 1,082,567 -- 33,548
Receivable for investment securities
sold .............................. -- 14,278 1,890,012 35,106 507,233 467,191
Receivable for Fund shares sold ..... 109,236 82,112 139,443 -- 198,965 1,624
Receivable from investment advisor .. -- -- -- -- 39,334 6,481
Unamortized organization costs ...... -- 1,743 2,119 31,225 -- 33,038
Prepaid expenses .................... 36,395 20,924 30,182 -- 44,200 28,116
------------ ----------- ------------ ------------ ----------- -----------
Total Assets ................ 185,759,815 81,894,133 235,778,783 192,217,289 31,972,552 39,717,336
------------ ----------- ------------ ------------ ----------- -----------
LIABILITIES:
Due to custodian .................... -- 9,736 -- 545,700 36,492 --
Unrealized depreciation of forward
foreign exchange contracts ........ -- -- -- -- -- --
Payable for Fund shares redeemed .... 1,177,273 1,146,807 108,139 53,572 95,902 2,500
Payable for investment securities
purchased ......................... -- -- 2,911,680 6,540 848,682 --
Investment advisory fee payable ..... 120,305 44,560 151,042 124,374 24,536 25,135
Administration fee payable .......... 17,483 7,458 21,927 18,069 2,659 3,695
Shareholder servicing fees payable .. 15,744 6,189 42,848 20,837 329 245
Distribution fees payable ........... 2,980 253 2,397 33,797 11,189 486
Transfer agent fee payable .......... 1,589 480 2,628 -- 44 192
Custodian fees payable .............. 30,024 21,524 31,962 88,939 14,941 9,717
Accrued Trustees'/Directors' fees and
expenses .......................... 160 114 410 125 167 133
Accrued expenses and other payables . 65,710 26,420 39,990 174,461 4,489 3,875
------------ ----------- ------------ ------------ ----------- -----------
Total Liabilities ......... 1,431,268 1,263,541 3,313,023 1,066,414 1,039,430 45,978
------------ ----------- ------------ ------------ ----------- -----------
NET ASSETS .......................... $184,328,547 $80,630,592 $232,465,760 $191,150,875 $30,933,122 $39,671,358
============ =========== ============ ============ =========== ===========
Investments, at cost ................ $157,368,552 $69,837,955 $181,322,084 $170,423,183 $30,457,977 $38,124,882
============ =========== ============ ============ =========== ===========
<FN>
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>
$660,401,294 $81,551,574 $129,128,204 $376,090,823 $124,283,256 $41,119,111 $13,736,129 $45,353,016
12,986,000 7,053,000 9,593,000 45,810,000 6,803,000 3,540,000 262,000 1,998,000
------------ ----------- ------------ ------------ ------------ ----------- ----------- -----------
673,387,294 88,604,574 138,721,204 421,900,823 131,086,256 44,659,111 13,998,129 47,351,016
1,714 884 -- -- 110 658,658 1,364 491,405
2,164 1,176 1,599 7,635 1,134 590 44 333
603,148 489,756 104,604 28,699 258,056 93,010 813 111,610
-- -- 611,855 4,379,615 5 524,984 -- 151,969
672,807 74,538 300,062 1,258,611 185,565 63,779 37,869 94,461
-- -- -- -- -- 42,677 44,189 34,476
24,454 25,518 -- -- 32,317 5,627 4,820 23,945
32,857 17,088 32,634 33,698 20,830 68,086 59,937 85,933
------------ ----------- ------------ ------------ ------------ ----------- ----------- -----------
674,724,438 89,213,534 139,771,958 427,609,081 131,584,273 46,116,522 14,147,165 48,345,148
------------ ----------- ------------ ------------ ------------ ----------- ----------- -----------
-- -- 83,663 3,197 -- -- -- --
-- -- -- -- -- -- 12 7,834
1,183,475 118,179 -- 73,579 -- 47,576 4,800 1,963
-- -- 455,000 984,975 -- 710,905 3,586 667,037
432,598 52,551 82,656 250,156 79,449 47,241 11,481 39,869
60,826 7,716 11,976 36,286 11,673 1,970 597 2,079
53,531 418 14,641 32,454 2,149 5,867 26 305
153,613 6,782 3,614 15,951 2,259 504 6,549 760
8,000 1,118 1,605 4,764 1,478 2,834 3,024 2,286
67,662 11,870 16,148 51,135 17,773 72,849 7,986 57,784
1,638 255 500 1,117 384 256 63 188
142,372 9,630 4,817 78,002 10,762 7,306 867 6,056
------------ ----------- ------------ ------------ ------------ ----------- ----------- -----------
2,103,715 208,519 674,620 1,531,616 125,927 897,308 38,991 786,161
------------ ----------- ------------ ------------ ------------ ----------- ----------- -----------
$672,620,723 $89,005,015 $139,097,338 $426,077,465 $131,458,346 $45,219,214 $14,108,174 $47,558,987
============ =========== ============ ============ ============ =========== =========== ===========
$476,206,257 $71,561,817 $121,377,795 $374,311,993 $113,801,833 $49,580,167 $13,502,870 $49,532,075
============ =========== ============ ============ ============ =========== =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Assets and Liabilities, December 31, 1997 (Unaudited)
(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/(loss) ............... $ 108,889 $ 30,063 $ 88,529 $ 120,601 $ (83,456) $ (64,477)
Accumulated net realized
gain/(loss) on investments
sold, forward foreign
exchange contracts, futures
contracts and currency
transactions ................ 10,544,657 1,663,631 14,823,849 76,970 38,648 (2,878,215)
Net unrealized
appreciation/(depreciation)
of investments, futures
contracts, foreign currency
and net other assets ........ 28,128,368 11,406,055 51,669,976 20,630,034 724,638 1,021,902
Par value ..................... 16,162 6,316 15,870 14,423 18,609 37,724
Paid-in capital in excess of
par value ................... 145,530,471 67,524,527 165,867,536 170,308,847 30,234,683 41,554,425
------------ ------------ ------------ ------------ ------------ ------------
$184,328,547 $ 80,630,592 $232,465,760 $191,150,875 $ 30,933,122 $ 39,671,358
============ ============ ============ ============ ============ ============
NET ASSETS:
Class A Shares ................ $ 8,852,525 $ 483,601 $ 5,898,530 $ 6,863,070 $ 5,323,757 $ 95,324
============ ============ ============ ============ ============ ============
Class B Shares ................ $ 787,703 $ 369,190 $ 879,610 $ 1,022,851 $ 8,103,470 $ 468,103
============ ============ ============ ============ ============ ============
Class C Shares ................ $ 187,409 $ 86,240 $ 1,538,065 $ 2,091,228 $ 4,249,261 $ 91,718
============ ============ ============ ============ ============ ============
Class K Shares ................ $ 67,888,180 $ 29,787,962 $194,534,611 $ 93,297,847 $ 1,935,587 $ 1,098,288
============ ============ ============ ============ ============ ============
Class Y Shares ................ $106,612,730 $ 49,903,599 $ 29,614,944 $ 87,875,879 $ 11,321,047 $ 37,917,925
============ ============ ============ ============ ============ ============
SHARES OUTSTANDING:
Class A Shares ................ 783,609 37,889 403,142 519,081 319,700 9,109
============ ============ ============ ============ ============ ============
Class B Shares ................ 72,656 29,027 60,336 78,383 489,642 45,433
============ ============ ============ ============ ============ ============
Class C Shares ................ 17,028 6,772 105,644 158,998 256,605 8,922
============ ============ ============ ============ ============ ============
Class K Shares ................ 6,002,742 2,331,779 13,279,701 7,054,691 116,262 105,044
============ ============ ============ ============ ============ ============
Class Y Shares ................ 9,286,349 3,910,483 2,021,407 6,612,288 678,673 3,603,920
============ ============ ============ ============ ============ ============
CLASS A SHARES:
Net asset value and redemption
price per share ............. $ 11.30 $ 12.76 $ 14.63 $ 13.22 $ 16.65 $ 10.46
============ ============ ============ ============ ============ ============
Maximum sales charge .......... 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
Maximum offering price per
share ....................... $ 11.96 $ 13.50 $ 15.48 $ 13.99 $ 17.62 $ 11.07
============ ============ ============ ============ ============ ============
CLASS B SHARES:
Net asset value and offering
price per share* ............ $ 10.84 $ 12.72 $ 14.58 $ 13.05 $ 16.55 $ 10.30
============ ============ ============ ============ ============ ============
CLASS C SHARES:
Net asset value and offering
price per share* ............ $ 11.01 $ 12.73 $ 14.56 $ 13.15 $ 16.56 $ 10.28
============ ============ ============ ============ ============ ============
CLASS K SHARES:
Net asset value, offering price
and redemption price per
share ....................... $ 11.31 $ 12.77 $ 14.65 $ 13.22 $ 16.65 $ 10.46
============ ============ ============ ============ ============ ============
CLASS Y SHARES:
Net asset value, offering price
and redemption price per
share ....................... $ 11.48 $ 12.76 $ 14.65 $ 13.29 $ 16.68 $ 10.52
============ ============ ============ ============ ============ ============
<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>
$ 68,337 $ 163,157 $ 97,948 $ (1,019,615) $ 17,732 $ (113,089) $ (72,440) $ (186,027)
19,239,987 652,728 1,814,957 34,890,316 3,759,734 (3,258,888) 173,463 (241,635)
197,181,037 17,042,757 17,343,409 47,588,830 17,284,423 (4,919,981) 495,224 (2,195,451)
351,739 55,006 100,836 208,428 88,872 41,231 12,166 46,820
455,779,623 71,091,367 119,740,188 344,409,506 110,307,585 53,469,941 13,499,761 50,135,280
- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
$ 672,620,723 $ 89,005,015 $ 139,097,338 $ 426,077,465 $ 131,458,346 $ 45,219,214 $ 14,108,174 $ 47,558,987
============= ============= ============= ============= ============= ============= ============= =============
$ 19,970,627 $ 2,414,649 $ 2,396,570 $ 32,884,439 $ 2,475,131 $ 882,937 $ 2,427,406 $ 1,167,688
============= ============= ============= ============= ============= ============= ============= =============
$ 92,316,843 $ 6,790,804 $ 1,261,589 $ 11,029,413 $ 1,431,493 $ 381,609 $ 4,020,460 $ 183,141
============= ============= ============= ============= ============= ============= ============= =============
$ 10,887,401 $ 1,228,762 $ 842,791 $ 4,605,224 $ 752,426 $ 33,141 $ 2,315,215 $ 67,306
============= ============= ============= ============= ============= ============= ============= =============
$ 255,542,859 $ 2,058,559 $ 72,443,084 $ 159,508,107 $ 11,766,804 $ 29,243,207 $ 126,703 $ 1,867,288
============= ============= ============= ============= ============= ============= ============= =============
$ 293,902,993 $ 76,512,241 $ 62,153,304 $ 218,050,282 $ 115,032,492 $ 14,678,320 $ 5,218,390 $ 44,273,564
============= ============= ============= ============= ============= ============= ============= =============
1,042,953 149,339 173,766 1,617,512 167,548 80,533 208,693 115,055
============= ============= ============= ============= ============= ============= ============= =============
4,975,982 419,882 91,694 563,129 97,351 34,885 348,076 18,115
============= ============= ============= ============= ============= ============= ============= =============
586,279 75,758 61,281 231,489 51,209 3,029 200,437 6,643
============= ============= ============= ============= ============= ============= ============= =============
13,359,204 127,281 5,252,177 7,847,490 796,650 2,667,485 10,907 183,964
============= ============= ============= ============= ============= ============= ============= =============
15,209,481 4,728,377 4,504,719 10,583,185 7,774,437 1,337,217 448,464 4,358,243
============= ============= ============= ============= ============= ============= ============= =============
$ 19.15 $ 16.17 $ 13.79 $ 20.33 $ 14.77 $ 10.96 $ 11.63 $ 10.15
============= ============= ============= ============= ============= ============= ============= =============
5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
$ 20.26 $ 17.11 $ 14.59 $ 21.51 $ 15.63 $ 11.60 $ 12.31 $ 10.74
============= ============= ============= ============= ============= ============= ============= =============
$ 18.55 $ 16.17 $ 13.76 $ 19.59 $ 14.70 $ 10.94 $ 11.55 $ 10.11
============= ============= ============= ============= ============= ============= ============= =============
$ 18.57 $ 16.22 $ 13.75 $ 19.89 $ 14.69 $ 10.94 $ 11.55 $ 10.13
============= ============= ============= ============= ============= ============= ============= =============
$ 19.13 $ 16.17 $ 13.79 $ 20.33 $ 14.77 $ 10.96 $ 11.62 $ 10.15
============= ============= ============= ============= ============= ============= ============= =============
$ 19.32 $ 16.18 $ 13.80 $ 20.60 $ 14.80 $ 10.98 $ 11.64 $ 10.16
============= ============= ============= ============= ============= ============= ============= =============
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Operations, Period Ended December 31, 1997 (Unaudited)
<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>
INVESTMENT INCOME:
Interest ...................... $ 943,073 $ 1,282,954 $ 529,266 $ 106,348 $ 47,023 $ 70,187
Dividends (a) ................. 553,279 174,983 3,358,549 1,819,234 16,131 74,585
------------ ------------ ------------ ------------ ------------ ------------
Total investment income . 1,496,352 1,457,937 3,887,815 1,925,582 63,154 144,772
------------ ------------ ------------ ------------ ------------ ------------
EXPENSES:
Distribution and shareholder
servicing fees:
Class A Shares .............. 12,226 525 5,993 8,476 3,661 131
Class B Shares .............. 2,745 1,248 3,862 5,825 19,000 1,600
Class C Shares .............. 1,017 411 2,771 13,020 11,614 515
Shareholder servicing fees:
Class K Shares .............. 111,476 23,342 272,928 145,468 1,241 1,508
Investment advisory fee ....... 833,035 261,252 951,385 838,209 87,791 146,955
Administration fee ............ 119,855 43,371 136,883 120,599 9,473 21,429
Transfer agent fee ............ 21,551 7,865 24,889 21,890 1,710 3,861
Custodian fees ................ 32,642 22,162 35,325 85,950 14,509 9,933
Legal and audit fees .......... 9,765 3,457 10,464 9,076 857 1,973
Trustees'/Directors' fees and
expenses .................... 3,264 1,185 3,741 3,283 265 591
Amortization of organization
costs ....................... -- 1,734 919 -- -- 6,394
Registration and filing fees .. 19,233 15,758 15,922 16,913 34,276 17,834
Other ......................... 16,199 29,170 26,279 34,526 1,547 858
------------ ------------ ------------ ------------ ------------ ------------
Total Expenses .......... 1,183,008 411,480 1,491,361 1,303,235 185,944 213,582
Fees waived and/or expenses
reimbursed by investment
advisor ..................... -- -- -- -- (39,334) (6,481)
------------ ------------ ------------ ------------ ------------ ------------
Net Expenses ............ 1,183,008 411,480 1,491,361 1,303,235 146,610 207,101
------------ ------------ ------------ ------------ ------------ ------------
NET INVESTMENT INCOME/(LOSS) .. 313,344 1,046,457 2,396,454 622,347 (83,456) (62,329)
------------ ------------ ------------ ------------ ------------ ------------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ....... 42,305,627 5,283,129 33,484,865 11,539,832 1,193,560 (1,602,073)
Forward foreign exchange
contracts ................. -- -- -- 54,505 -- --
Futures contracts ........... 184,528 -- -- -- -- --
Foreign currency transactions -- -- -- (18,157) -- --
Net change in unrealized
appreciation/(depreciation)
of:
Securities ................ (25,265,235) 387,076 (1,873,936) (32,037,018) 206,472 1,080,185
Forward foreign exchange
contracts ............... -- -- -- -- -- --
Foreign currency and net
other assets ............ -- -- -- (49,428) -- --
------------ ------------ ------------ ------------ ------------ ------------
Net realized and unrealized
gain/(loss) on investments .. 17,224,920 5,670,205 31,610,929 (20,510,266) 1,400,032 (521,888)
------------ ------------ ------------ ------------ ------------ ------------
NET INCREASE/(DECREASE) IN NET
ASSETS RESULTING FROM
OPERATIONS .................. $ 17,538,264 $ 6,716,662 $ 34,007,383 $(19,887,919) $ 1,316,576 $ (584,217)
============ ============ ============ ============ ============ ============
<FN>
- ---------
(a) Net of foreign withholding taxes of $4,944, $176, $6,124, $142,326,
$567, $4,780, $43, and $20,763 for Munder Accelerating Growth
Fund, Munder Balanced Fund, Munder Growth & Income Fund, Munder
International Equity Fund, Munder Mid-Cap Growth Fund, Munder
Framlington Emerging Markets Fund, Munder Healthcare Fund and
Munder Framlington International Growth Fund, 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 Fund Fund Fund Fund Fund Fund
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 1,152,079 $ 104,132 $ 301,707 $ 859,209 $ 185,039 $ 226,047 $ 20,364 $ 81,976
2,784,974 2,110,593 824,254 310,935 923,143 137,518 3,381 148,044
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
3,937,053 2,214,725 1,125,961 1,170,144 1,108,182 363,565 23,745 230,020
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
23,975 2,486 2,184 27,302 2,661 826 2,215 1,486
451,030 28,760 3,765 44,583 6,421 1,899 13,137 911
51,208 3,776 2,316 21,460 3,365 128 6,052 573
315,130 2,319 83,463 210,867 11,405 32,327 159 1,702
2,866,503 268,881 427,747 1,457,302 433,621 246,918 51,664 212,764
322,207 39,209 61,543 209,673 63,231 10,117 2,646 10,897
58,164 7,300 11,429 38,299 11,627 21,141 20,406 21,286
75,689 12,769 17,598 56,012 19,256 63,114 7,809 49,871
24,637 3,297 4,916 16,062 5,123 2,061 362 3,373
8,832 1,078 1,700 5,757 1,739 594 155 634
24,865 7,500 -- -- 6,317 709 607 3,018
23,987 17,428 37,400 34,163 21,919 39,351 34,306 36,783
118,201 23,643 21,649 68,279 23,174 771 856 728
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
4,364,428 418,446 675,710 2,189,759 609,859 419,956 140,374 344,026
(627,047) -- -- -- -- (42,677) (44,189) (34,476)
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
3,737,381 418,446 675,710 2,189,759 609,859 377,279 96,185 309,550
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
199,672 1,796,279 450,251 (1,019,615) 498,323 (13,714) (72,440) (79,530)
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
24,431,703 928,576 7,077,576 67,881,060 7,902,619 (2,045,427) 246,823 34,168
-- -- -- -- -- (229,574) (4,250) (166,214)
-- -- -- 308,637 -- -- -- --
-- -- -- -- -- (106,118) (718) (46,824)
39,940,770 7,686,595 10,561,094 (17,225,456) 6,001,537 (5,933,973) 193,016 (4,877,964)
-- -- -- -- -- (6,325) (12) (6,506)
-- -- -- -- -- 4,755 (19) (8,381)
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
64,372,473 8,615,171 17,638,670 50,964,241 13,904,156 (8,316,662) 434,840 (5,071,721)
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
$ 64,572,145 $ 10,411,450 $ 18,088,921 $ 49,944,626 $ 14,402,479 $ (8,330,376) $ 362,400 $ (5,151,251)
============ ============ ============ ============ ============ ============ ============ ============
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31, 1997
(Unaudited)
<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 investment income/(loss) ...... $ 313,344 $ 1,046,457 $ 2,396,454 $ 622,347 $ (83,456) $ (62,329)
Net realized gain/(loss) on
investments sold, forward foreign
exchange contracts, futures
contracts and foreign currency
transactions during the period .. 42,490,155 5,283,129 33,484,865 11,576,180 1,193,560 (1,602,073)
Net change in unrealized
appreciation/(depreciation)
of investments, forward foreign
exchange contracts, futures
contracts, foreign currency and
net other assets during the
period .......................... (25,265,235) 387,076 (1,873,936) (32,086,446) 206,472 1,080,185
------------ ------------ ------------ ------------ ------------ ------------
Net increase/(decrease) in net
assets resulting from operations 17,538,264 6,716,662 34,007,383 (19,887,919) 1,316,576 (584,217)
Dividends to shareholders from net
investment income:
Class A Shares ................ (3,682) (4,648) (43,979) (29,856) -- --
Class B Shares ................ -- (2,349) (4,653) (3,227) -- --
Class C Shares ................ -- (675) (2,444) (6,407) -- --
Class K Shares ................ (57,870) (271,062) (2,076,265) (513,541) -- --
Class Y Shares ................ (142,903) (752,335) (311,917) (514,644) -- --
Distributions to shareholders in
excess of net investment income:
Class A Shares ................ -- -- -- -- -- --
Class B Shares ................ -- -- -- -- -- --
Class C Shares ................ -- -- -- -- -- --
Class K Shares ................ -- -- -- -- -- --
Class Y Shares ................ -- -- -- -- -- (2,148)
<FN>
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>
$ 199,672 $ 1,796,279 $ 450,251 $ (1,019,615) $ 498,323 $ (13,714) $ (72,440) $ (79,530)
24,431,703 928,576 7,077,576 68,189,697 7,902,619 (2,381,119) 241,855 (178,870)
39,940,770 7,686,595 10,561,094 (17,225,456) 6,001,537 (5,935,543) 192,985 (4,892,851)
- ------------ ------------ ------------ ------------ ------------ ------------ ------------ ------------
64,572,145 10,411,450 18,088,921 49,944,626 14,402,479 (8,330,376) 362,400 (5,151,251)
(12,066) (43,178) (5,131) -- (6,538) (1,252) -- (2,066)
-- (103,395) -- -- (743) (61) -- --
-- (14,343) -- -- (382) (4) -- --
(162,310) (39,898) (174,722) -- (29,753) (60,001) -- (2,557)
(367,939) (1,432,308) (189,849) -- (483,903) (38,680) -- (109,695)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31, 1997
(Unaudited)
(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>
Distributions to shareholders
from net realized gains:
Class A Shares ........... (1,509,306) (34,028) (709,636) (421,143) (200,426) (2,102)
Class B Shares ........... (102,109) (27,885) (130,526) (73,900) (284,505) (11,434)
Class C Shares ........... (53,814) (7,200) (71,978) (146,699) (166,726) (2,070)
Class K Shares ........... (23,723,055) (2,572,553) (33,747,171) (7,243,743) (55,740) (29,408)
Class Y Shares ........... (28,991,871) (4,287,718) (4,561,542) (6,435,614) (388,128) (922,005)
Net increase/(decrease) in net
assets from Fund share
transactions:
Class A Shares ........... 2,895,246 106,266 2,359,217 1,196,216 5,349,352 29,099
Class B Shares ........... 261,296 180,891 274,670 64,612 7,915,837 399,990
Class C Shares ........... (54,471) 14,912 720,471 87,465 4,393,510 (24,431)
Class K Shares ........... (1,189,629) 25,156,531 (11,123,451) (23,799,149) 1,690,201 18,988
Class Y Shares ........... (29,357,553) (21,140,417) 729,452 (4,665,942) 8,148,001 15,949,446
------------- ------------- ------------- ------------- ------------- -------------
Net increase/(decrease) in net
assets ..................... (64,491,457) 3,074,392 (14,692,369) (62,393,491) 27,717,952 14,819,708
NET ASSETS:
Beginning of period .......... 248,820,004 77,556,200 247,158,129 253,544,366 3,215,170 24,851,650
------------- ------------- ------------- ------------- ------------- -------------
End of period ................ $ 184,328,547 $ 80,630,592 $ 232,465,760 $ 191,150,875 $ 30,933,122 $ 39,671,358
============= ============= ============= ============= ============= =============
Undistributed net investment
income/ (loss) ............. $ 108,889 $ 30,063 $ 88,529 $ 120,601 $ (83,456) $ (64,477)
============= ============= ============= ============= ============= =============
<FN>
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>
(911,264) (20,080) (98,857) (2,406,705) (155,490) (14,951) -- (3,881)
(4,381,716) (57,106) (46,471) (1,802,078) (102,547) (9,632) -- (645)
(510,812) (9,143) (31,704) (739,949) (52,647) (635) -- (236)
(12,258,369) (17,626) (3,173,416) (29,901,527) (709,652) (716,289) -- (4,804)
(13,781,279) (626,049) (2,414,775) (37,145,834) (8,345,671) (352,563) -- (153,573)
2,212,387 766,483 1,069,240 17,268,635 800,993 445,347 1,693,933 194,744
2,391,342 1,550,251 834,102 6,206,860 456,907 335,733 2,929,055 76,474
1,083,194 606,406 628,434 2,584,343 205,421 14,591 2,135,954 22,222
3,409,212 370,430 13,712,486 15,473,320 3,342,881 31,140,354 -- 914,184
107,170,044 21,407,082 40,125,639 81,406,557 31,144,228 12,873,955 2,890,773 25,567,253
- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
148,452,569 32,748,976 68,323,897 100,888,248 40,465,583 35,285,536 10,012,115 21,346,169
524,168,154 56,256,039 70,773,441 325,189,217 90,992,763 9,933,678 4,096,059 26,212,818
- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
$ 672,620,723 $ 89,005,015 $ 139,097,338 $ 426,077,465 $ 131,458,346 $ 45,219,214 $ 14,108,174 $ 47,558,987
============= ============= ============= ============= ============= ============= ============= =============
$ 68,337 $ 163,157 $ 97,948 $ (1,019,615) $ 17,732 $ (113,089) $ (72,440) $ (186,027)
============= ============= ============= ============= ============= ============= ============= =============
<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 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>
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 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 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.
<FN>
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) (76,699) -- -- --
(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 - Capital Stock Activity, Period Ended December 31, 1997
(Unaudited)
<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>
Amount
Class A Shares:
Sold .................... $ 188,805,769 $ 107,350 $ 13,594,820 $ 12,096,309 $ 6,294,904 $ 71,459
Issued as reinvestment of
dividends ............. 1,387,381 36,925 509,461 176,415 137,190 1,922
Redeemed ................ (187,297,904) (38,009) (11,745,064) (11,076,508) (1,082,742) (44,282)
------------- ------------- ------------- ------------- ------------- -------------
Net increase ............ $ 2,895,246 $ 106,266 $ 2,359,217 $ 1,196,216 $ 5,349,352 $ 29,099
============= ============= ============= ============= ============= =============
Class B Shares:
Sold .................... $ 6,777,153 $ 216,647 $ 294,344 $ 199,930 $ 8,064,835 $ 469,752
Issued as reinvestment of
dividends ............. 47,704 3,272 49,479 19,405 127,415 574
Redeemed ................ (6,563,561) (39,028) (69,153) (154,723) (276,413) (70,336)
------------- ------------- ------------- ------------- ------------- -------------
Net increase ............ $ 261,296 $ 180,891 $ 274,670 $ 64,612 $ 7,915,837 $ 399,990
============= ============= ============= ============= ============= =============
Class C Shares:
Sold .................... $ 68,674 $ 12,677 $ 3,862,539 $ 25,966,153 $ 5,881,554 $ 35,341
Issued as reinvestment of
dividends ............. 6,791 2,235 10,265 1,133 76,181 497
Redeemed ................ (129,936) -- (3,152,333) (25,879,821) (1,564,225) (60,269)
------------- ------------- ------------- ------------- ------------- -------------
Net increase/(decrease) . $ (54,471) $ 14,912 $ 720,471 $ 87,465 $ 4,393,510 $ (24,431)
============= ============= ============= ============= ============= =============
Class K Shares:
Sold .................... $ 220,983,609 $ 29,837,514 $ 9,601,514 $ 8,789,340 $ 1,885,479 $ 373,173
Issued as reinvestment of
dividends ............. 28,288 -- 645 4,657 1,933 --
Redeemed ................ (222,201,526) (4,680,983) (20,725,610) (32,593,146) (197,211) (354,185)
------------- ------------- ------------- ------------- ------------- -------------
Net increase/(decrease) . $ (1,189,629) $ 25,156,531 $ (11,123,451) $ (23,799,149) $ 1,690,201 $ 18,988
============= ============= ============= ============= ============= =============
Class Y Shares:
Sold .................... $ 93,041,689 $ 11,647,186 $ 8,308,451 $ 21,735,923 $ 8,295,537 $ 17,708,586
Issued as reinvestment of
dividends ............. 293,948 18,244 76,842 201,715 246,160 152,033
Redeemed ................ (122,693,190) (32,805,847) (7,655,841) (26,603,580) (393,696) (1,911,173)
------------- ------------- ------------- ------------- ------------- -------------
Net increase/(decrease) . $ (29,357,553) $ (21,140,417) $ 729,452 $ (4,665,942) $ 8,148,001 $ 15,949,446
============= ============= ============= ============= ============= =============
<FN>
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>
$ 6,034,878 $ 919,563 $ 1,112,919 $ 459,610,032 $ 4,866,561 $ 529,578 $ 1,799,331 $ 194,905
660,094 43,828 78,109 1,478,013 133,984 14,296 -- 5,750
(4,482,585) (196,908) (121,788) (443,819,410) (4,199,552) (98,527) (105,398) (5,911)
- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
$ 2,212,387 $ 766,483 $ 1,069,240 $ 17,268,635 $ 800,993 $ 445,347 $ 1,693,933 $ 194,744
============= ============= ============= ============= ============= ============= ============= =============
$ 5,599,231 $ 1,621,061 $ 812,576 $ 6,712,061 $ 874,804 $ 418,327 $ 3,020,444 $ 77,055
1,685,220 42,149 21,558 384,920 19,472 3,531 -- 185
(4,893,109) (112,959) (32) (890,121) (437,369) (86,125) (91,389) (766)
- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
$ 2,391,342 $ 1,550,251 $ 834,102 $ 6,206,860 $ 456,907 $ 335,733 $ 2,929,055 $ 76,474
============= ============= ============= ============= ============= ============= ============= =============
$ 1,665,294 $ 627,877 $ 635,662 $ 14,991,347 $ 575,664 $ 19,152 $ 2,231,823 $ 3,106,666
27,188 7,061 17,070 217,426 17,693 498 -- 20
(609,288) (28,532) (24,298) (12,624,430) (387,936) (5,059) (95,869) (3,084,464)
- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
$ 1,083,194 $ 606,406 $ 628,434 $ 2,584,343 $ 205,421 $ 14,591 $ 2,135,954 $ 22,222
============= ============= ============= ============= ============= ============= ============= =============
$ 23,927,903 $ 383,224 $ 19,288,000 $ 225,759,587 $ 4,253,717 $ 35,899,947 -- $ 1,228,670
89,259 -- 620 391,585 352 13 -- --
(20,607,950) (12,794) (5,576,134) (210,677,852) (911,188) (4,759,606) -- (314,486)
- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
$ 3,409,212 $ 370,430 $ 13,712,486 $ 15,473,320 $ 3,342,881 $ 31,140,354 -- $ 914,184
============= ============= ============= ============= ============= ============= ============= =============
$ 149,034,367 $ 24,685,846 $ 40,081,604 $ 111,097,065 $ 32,867,662 $ 13,518,379 $ 2,909,403 $ 26,403,205
1,713,616 257,099 886,141 5,250,332 1,378,420 103,722 -- 92,171
(43,577,939) (3,535,863) (842,106) (34,940,840) (3,101,854) (748,146) (18,630) (928,123)
- ------------- ------------- ------------- ------------- ------------- ------------- ------------- -------------
$ 107,170,044 $ 21,407,082 $ 40,125,639 $ 81,406,557 $ 31,144,228 $ 12,873,955 $ 2,890,773 $ 25,567,253
============= ============= ============= ============= ============= ============= ============= =============
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1997
(Unaudited)
(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 .................... 12,134,098 8,557 811,629 833,699 359,798 6,728
Issued as reinvestment of
dividends ............. 125,555 2,933 34,555 13,570 8,580 187
Redeemed ................ (11,906,743) (2,939) (683,766) (754,648) (63,074) (3,810)
----------- ---------- ---------- ---------- ------- ---------
Net increase ............ 352,910 8,551 162,418 92,621 305,304 3,105
=========== ========== ========== ========== ======= =========
Class B Shares:
Sold .................... 473,560 16,190 19,176 13,654 463,289 41,363
Issued as reinvestment of
dividends ............. 4,496 261 3,402 1,512 8,014 57
Redeemed ................ (443,332) (2,759) (4,519) (10,695) (16,236) (6,186)
----------- ---------- ---------- ---------- ------- ---------
Net increase ............ 34,724 13,692 18,059 4,471 455,067 35,234
=========== ========== ========== ========== ======= =========
Class C Shares:
Sold .................... 5,385 968 255,792 1,728,148 335,155 3,163
Issued as reinvestment of
dividends ............. 631 178 703 88 4,788 49
Redeemed ................ (8,634) -- (201,380) (1,713,277) (92,027) (5,059)
----------- ---------- ---------- ---------- ------- ---------
Net increase/(decrease) . (2,618) 1,146 55,115 14,959 247,916 (1,847)
=========== ========== ========== ========== ======= =========
Class K Shares:
Sold .................... 14,824,962 2,172,790 575,536 637,795 111,790 32,299
Issued as reinvestment of
dividends ............. 2,558 -- 44 358 121 --
Redeemed ................ (14,846,842) (346,716) (1,244,451) (2,200,371) (11,167) (32,342)
----------- ---------- ---------- ---------- ------- ---------
Net increase/(decrease) . (19,322) 1,826,074 (668,871) (1,562,218) 100,744 (43)
=========== ========== ========== ========== ======= =========
Class Y Shares:
Sold .................... 4,944,808 886,672 522,598 1,517,466 508,131 1,521,412
Issued as reinvestment of
dividends ............. 26,175 1,448 5,318 15,433 15,366 14,689
Redeemed ................ (6,154,107) (2,382,697) (454,868) (1,746,850) (22,490) (164,554)
----------- ---------- ---------- ---------- ------- ---------
Net increase/(decrease) . (1,183,124) (1,494,577) 73,048 (213,951) 501,007 1,371,547
=========== ========== ========== ========== ======= =========
<FN>
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>
311,711 59,965 79,417 19,563,506 235,451 46,813 159,074 17,870
35,894 2,815 6,198 85,589 9,993 1,345 -- 576
(230,931) (12,471) (8,510) (18,570,609) (191,454) (8,800) (11,398) (589)
- ---------- --------- --------- ----------- --------- --------- ------- ---------
116,674 50,309 77,105 1,078,486 53,990 39,358 147,676 17,857
========== ========= ========= =========== ========= ========= ======= =========
305,800 104,392 59,040 312,973 56,927 31,602 258,064 6,825
94,569 2,698 1,630 21,081 1,425 333 -- 19
(262,251) (7,094) (2) (43,340) (28,083) (7,394) (7,901) (69)
- ---------- --------- --------- ----------- --------- --------- ------- ---------
138,118 99,996 60,668 290,714 30,269 24,541 250,163 6,775
========== ========= ========= =========== ========= ========= ======= =========
90,420 39,916 45,451 638,640 37,792 1,611 193,641 297,369
1,524 451 1,284 11,715 1,231 47 -- 2
(32,640) (1,778) (1,818) (525,366) (25,630) (454) (8,349) (296,204)
- ---------- --------- --------- ----------- --------- --------- ------- ---------
59,304 38,589 44,917 124,989 13,393 1,204 185,292 1,167
========== ========= ========= =========== ========= ========= ======= =========
1,251,575 25,266 1,387,469 9,628,532 289,061 2,755,999 -- 118,345
4,859 -- 47 20,358 25 1 -- --
(1,079,708) (828) (352,115) (8,867,072) (60,581) (430,627) -- (30,314)
- ---------- --------- --------- ----------- --------- --------- ------- ---------
176,726 24,438 1,035,401 781,818 228,505 2,325,373 -- 88,031
========== ========= ========= =========== ========= ========= ======= =========
7,675,267 1,598,031 2,979,212 4,735,756 2,167,560 1,019,473 258,605 2,337,487
92,328 16,446 64,839 264,990 93,915 9,748 -- 9,237
(2,247,811) (232,705) (56,687) (1,412,647) (202,435) (65,458) (1,619) (88,100)
- ---------- --------- --------- ----------- --------- --------- ------- ---------
5,519,784 1,381,772 2,987,364 3,588,099 2,059,040 963,763 256,986 2,258,624
========== ========= ========= =========== ========= ========= ======= =========
<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, 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.
<FN>
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.
(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.
<FN>
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>
Munder Accelerating Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
------------------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97 Ended Ended Ended Ended
(Unaudited) 6/30/97(g) 6/30/96 6/30/95(d) 2/28/95(e)
----------- ---------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ........... $ 14.56 $ 15.36 $ 14.82 $ 12.73 $ 13.98
-------- -------- -------- ------- -------
Income from investment operations:
Net investment income/(loss) ................... 0.01 (0.04) (0.05) (0.01) (0.03)
Net realized and unrealized gain/(loss) on
investments .................................. 0.72 0.62 2.92 2.10 (0.88)
-------- -------- -------- ------- -------
Total from investment operations ............... 0.73 0.58 2.87 2.09 (0.91)
-------- -------- -------- ------- -------
Less distributions:
Dividends from net investment income ........... (0.01) -- -- -- --
Distributions from net realized gains .......... (3.98) (1.38) (2.33) -- (0.34)
-------- -------- -------- ------- -------
Total distributions ............................ (3.99) (1.38) (2.33) -- (0.34)
-------- -------- -------- ------- -------
Net asset value, end of period ................. $ 11.30 $ 14.56 $ 15.36 $ 14.82 $ 12.73
======== ======== ======== ======= =======
Total return (b) ............................... 5.61% 4.83% 22.03% 16.42% (6.45)%
======== ======== ======== ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ........... $ 8,853 $ 6,270 $ 6,098 $ 4,701 $ 4,138
Ratio of operating expenses to average net
assets ....................................... 1.20%(c) 1.20% 1.20% 1.20%(c) 1.18%
Ratio of net investment income/(loss) to average
net assets ................................... 0.15%(c) (0.32)% (0.42)% (0.21)%(c) (0.25)%
Portfolio turnover rate ........................ 109% 88% 112% 31% 90%
Ratio of operating expenses to average net
assets without waivers ....................... 1.20%(c) 1.20% 1.27% 1.44%(c) 1.41%
Average commission rate(f) ..................... $ 0.0576 $ 0.0588 $ 0.0548 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 Managment, 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.
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
- ----------------------------------------------------------------------- --------------------------------------
Period Period
Ended Year Year Period Period Ended Year Period
12/31/97 Ended Ended Ended Ended 12/31/97 Ended Ended
(Unaudited) 6/30/97(g) 6/30/96 6/30/95(d) 2/28/95(e) (Unaudited) 6/30/97(g) 6/30/96
- ----------- ---------- ------- ---------- ---------- ----------- ---------- -------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 14.17 $ 15.08 $ 14.70 $ 12.06 $ 12.88 $ 14.31 $ 15.25 $ 16.30
- -------- -------- -------- ------- ------- -------- -------- --------
(0.02) (0.15) (0.05) (0.02) (0.07) (0.04) (0.15) (0.05)
0.67 0.62 2.76 2.06 0.19 0.72 0.59 1.33
- -------- -------- -------- ------- ------- -------- -------- --------
0.65 0.47 2.71 2.04 0.12 0.68 0.44 1.28
- -------- -------- -------- ------- ------- -------- -------- --------
-- -- -- -- -- -- -- --
(3.98) (1.38) (2.33) -- (0.34) (3.98) 1.38 (2.33)
- -------- -------- -------- ------- ------- -------- -------- --------
(3.98) (1.38) (2.33) -- (0.34) (3.98) 1.38 (2.33)
- -------- -------- -------- ------- ------- -------- -------- --------
$ 10.84 $ 14.17 $ 15.08 $ 14.70 $ 12.66 $ 11.01 $ 14.31 $ 15.25
======== ======== ======== ======= ======= ======== ======== ========
5.17% 4.15% 21.05% 16.11% 0.99% 5.35% 3.89% 10.22%
======== ======== ======== ======= ======= ======== ======== ========
$ 788 $ 538 $ 286 $ 67 $ 39 $ 187 $ 281 $ 118
1.95%(c) 1.95% 1.95% 1.95%(c) 1.88%(c) 1.95%(c) 1.95% 1.95%(c)
(0.60)%(c) (1.07)% (1.17)% (0.96)%(c) (0.95)%(c) (0.60)%(c) (1.07)% (1.17)%(c)
109% 88% 112% 31% 90% 109% 88% 112%
1.95%(c) 1.95% 2.02% 2.19%(c) 2.11%(c) 1.95%(c) 1.95% 2.02%(c)
$ 0.0576 $ 0.0588 $ 0.0548 N/A N/A $ 0.0576 $ 0.0588 $ 0.0548
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Accelerating Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
<TABLE>
<CAPTION>
Y Shares
------------------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97 Ended Ended Ended Ended
(Unaudited) 6/30/97(i) 6/30/96 6/30/95(d) 2/28/95(e)
----------- ---------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ........... $ 14.71 $ 15.47 $ 14.88 $ 12.77 $ 13.99
--------- --------- --------- --------- ---------
Income from investment operations:
Net investment income/(loss) ................... 0.03 (0.01) (0.02) 0.00(f) 0.00(f)
Net realized and unrealized gain/(loss) on
investments .................................. 0.74 0.63 2.94 2.11 (0.88)
--------- --------- --------- --------- ---------
Total from investment operations ............... 0.77 0.62 2.92 2.11 (0.88)
--------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment income ........... (0.02) -- -- -- --
Distributions from net realized gains .......... (3.98) (1.38) (2.33) -- (0.34)
--------- --------- --------- --------- ---------
Total distributions ............................ (4.00) (1.38) (2.33) -- (0.34)
--------- --------- --------- --------- ---------
Net asset value, end of period ................. $ 11.48 $ 14.71 $ 15.47 $ 14.88 $ 12.77
========= ========= ========= ========= =========
Total return (b) ............................... 5.81% 5.07% 22.31% 16.52% (6.22)%
========= ========= ========= ========= =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ........... $ 106,613 $ 154,038 $ 188,390 $ 193,701 $ 177,584
Ratio of operating expenses to average net
assets ....................................... 0.95%(c) 0.95% 0.95% 0.95%(c) 0.93%
Ratio of net investment income/(loss) to average
net assets ................................... 0.40%(c) (0.07)% (0.17)% 0.04%(c) 0.00%(h)
Portfolio turnover rate ........................ 109% 88% 112% 31% 90%
Ratio of operating expenses to average net
assets without waivers ....................... 0.95%(c) 0.95% 1.02% 1.19%(c) 1.16%
Average commission rate(g) ..................... $ 0.0576 $ 0.0588 $ 0.0548 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 Managment, 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 that 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.
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
[ This Page Intentionally Left Blank ]
<PAGE>
Munder Balanced Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
----------------------------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97 Ended Ended Ended Ended
(Unaudited) 6/30/97(g) 6/30/96(g) 6/30/95(d) 2/28/95(e)
----------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ....... $ 13.01 $ 12.35 $ 10.77 $ 9.95 $ 10.35
-------- -------- -------- ------- -------
Income from investment operations:
Net investment income ...................... 0.16 0.29 0.27 0.09 0.19
Net realized and unrealized gain/(loss) on
investments .............................. 0.92 1.30 1.55 0.85 (0.41)
-------- -------- -------- ------- -------
Total from investment operations ........... 1.08 1.59 1.82 0.94 (0.22)
-------- -------- -------- ------- -------
Less distributions:
Dividends from net investment income ....... (0.16) (0.27) (0.24) (0.12) (0.18)
Distributions from net realized gains ...... (1.17) (0.66) -- -- --
-------- -------- -------- ------- -------
Total distributions ........................ (1.33) (0.93) (0.24) (0.12) (0.18)
-------- -------- -------- ------- -------
Net asset value, end of period ............. $ 12.76 $ 13.01 $ 12.35 $ 10.77 $ 9.95
======== ======== ======== ======= =======
Total return (b) ........................... 8.46% 13.63% 17.06% 9.44% (2.07)%
======== ======== ======== ======= =======
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000's) ....... $ 484 $ 382 $ 375 $ 314 $ 286
Ratio of operating expenses to average net
assets ................................... 1.21%(c) 1.22% 1.15% 1.16%(c) 1.22%
Ratio of net investment income to average
net assets ............................... 2.42%(c) 2.30% 2.29% 2.51%(c) 1.89%
Portfolio turnover rate .................... 51% 125% 197% 52% 116%
Ratio of operating expenses to average net
assets without waivers ................... 1.21%(c) 1.22% 1.26% 1.51%(c) 1.57%
Average commission rate(f) ................. $ 0.0600 $ 0.0607 $ 0.0586 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.
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
- ------------------------------------------------------------------- --------------------------------------
Period Period
Ended Year Year Period Period Ended Year Period
12/31/97 Ended Ended Ended Ended 12/31/97 Ended Ended
(Unaudited) 6/30/97(g) 6/30/96(g) 6/30/95(d) 2/28/95(e) (Unaudited) 6/30/97(g) 6/30/96(g)
- ----------- ---------- ---------- ---------- ---------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 12.97 $ 12.33 $ 10.76 $ 9.93 $ 9.56 $ 12.99 $ 12.35 $ 11.67
- -------- -------- -------- ------- ------- -------- -------- --------
0.11 0.19 0.18 0.06 0.07 0.12 0.18 0.05
0.92 1.30 1.56 0.84 0.37 0.90 1.32 0.67
- -------- -------- -------- ------- ------- -------- -------- --------
1.03 1.49 1.74 0.90 0.44 1.02 1.50 0.72
- -------- -------- -------- ------- ------- -------- -------- --------
(0.11) (0.19) (0.17) (0.07) (0.07) (0.11) (0.20) (0.04)
(1.17) (0.66) -- -- -- (1.17) (0.66) --
- -------- -------- -------- ------- ------- -------- -------- --------
(1.28) (0.85) (0.17) (0.07) (0.07) (1.28) (0.86) (0.04)
- -------- -------- -------- ------- ------- -------- -------- --------
$ 12.72 $ 12.97 $ 12.33 $ 10.76 $ 9.93 $ 12.73 $ 12.99 $ 12.35
======== ======== ======== ======= ======= ======== ======== ========
8.10% 12.73% 16.24% 9.11% 4.65% 8.00% 12.84% 6.20%
======== ======== ======== ======= ======= ======== ======== ========
$ 369 $ 199 $ 75 $ 15 $ 19 $ 86 $ 73 $ 3
1.96%(c) 1.97% 1.90% 1.91%(c) 1.85%(c) 1.96%(c) 1.97% 1.90%(c)
1.67%(c) 1.55% 1.54% 1.76%(c) 1.26%(c) 1.67%(c) 1.55% 1.54%(c)
51% 125% 197% 52% 116% 51% 125% 197%
1.96%(c) 1.97% 2.01% 2.26%(c) 2.20%(c) 1.96%(c) 1.97% 2.01%(c)
$ 0.0600 $ 0.0607 $ 0.0586 N/A N/A $ 0.0600 $ 0.0607 $ 0.0586
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Balanced Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
<TABLE>
<CAPTION>
Y Shares
---------------------------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97 Ended Ended Ended Ended
(Unaudited) 6/30/97(g) 6/30/96(g) 6/30/95(d) 2/28/95(c)
----------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ........... $ 13.01 $ 12.35 $ 10.77 $ 9.95 $ 10.36
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income .......................... 0.19 0.31 0.30 0.10 0.21
Net realized and unrealized gain/(loss) on
investments .................................. 0.91 1.31 1.55 0.85 (0.42)
-------- -------- -------- -------- --------
Total from investment operations ............... 1.10 1.62 1.85 0.95 (0.21)
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income ........... (0.18) (0.30) (0.27) (0.13) (0.20)
Distributions from net realized gains .......... (1.17) (0.66) -- -- --
-------- -------- -------- -------- --------
Total distributions ............................ (1.35) (0.96) (0.27) (0.13) (0.20)
-------- -------- -------- -------- --------
Net asset value, end of period ................. $ 12.76 $ 13.01 $ 12.35 $ 10.77 $ 9.95
======== ======== ======== ======== ========
Total return (b) ............................... 8.60% 13.91% 17.35% 9.57% (1.91)%
======== ======== ======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ........... $ 49,904 $ 70,314 $ 57,637 $ 48,844 $ 45,610
Ratio of operating expenses to average net
assets ....................................... 0.96%(c) 0.97% 0.90% 0.91%(c) 0.97%
Ratio of net investment income to average net
assets ....................................... 2.67%(c) 2.55% 2.54% 2.76%(c) 2.14%
Portfolio turnover rate ........................ 51% 125% 197% 52% 116%
Ratio of operating expenses to average net
assets without waivers ....................... 0.96%(c) 0.97% 1.01% 1.26%(c) 1.32%
Average commission rate(f) ..................... $ 0.0600 $ 0.0607 $ 0.0586 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.
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
[ This Page Intentionally Left Blank ]
<PAGE>
Munder Growth & Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
----------------------------------------------------------------------------
Period
Ended Year Year Period Period
12/31/97 Ended Ended Ended Ended
(Unaudited) 6/30/97(h) 6/30/96(h) 6/30/95(d) 2/28/95(e)
----------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ....... $ 15.21 $ 13.04 $ 11.14 $ 10.42 $ 10.10
-------- -------- -------- ------- -------
Income from investment operations:
Net investment income ...................... 0.17 0.31 0.32 0.10 0.23
Net realized and unrealized gain on
investments .............................. 1.97 3.14 1.98 0.80 0.24
-------- -------- -------- ------- -------
Total from investment operations ........... 2.14 3.45 2.30 0.90 0.47
-------- -------- -------- ------- -------
Less distributions:
Dividends from net investment income ....... (0.16) (0.32) (0.31) (0.18) (0.15)
Distributions from net realized gains ...... (2.56) (0.96) (0.09) -- (0.00)(f)
-------- -------- -------- ------- -------
Total distributions ........................ (2.72) (1.28) (0.40) (0.18) (0.15)
-------- -------- -------- ------- -------
Net asset value, end of period ............. $ 14.63 $ 15.21 $ 13.04 $ 11.14 $ 10.42
======== ======== ======== ======= =======
Total return (b) ........................... 14.33% 28.10% 20.90% 8.69% 4.79%
======== ======== ======== ======= =======
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000's) ....... $ 5,899 $ 3,662 $ 1,025 $ 226 $ 128
Ratio of operating expenses to average net
assets ................................... 1.20%(c) 1.20% 1.21% 1.09%(c) 0.53%(c)
Ratio of net investment income to average
net assets ............................... 1.86%(c) 2.28% 2.56% 3.33%(c) 4.72%(c)
Portfolio turnover rate .................... 33% 62% 37% 13% 12%
Ratio of operating expenses to average net
assets without waivers ................... 1.20%(c) 1.20% 1.28% 15.51%(c) 1.53%(c)
Average commission rate(g) ................. $ 0.0600 $ 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 Managment, 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.
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
- ----------------------------------------------------------------------- -----------------------------------------
Period Period
Ended Year Year Period Period Ended Year Period
12/31/97 Ended Ended Ended Ended 12/31/97 Ended Ended
(Unaudited) 6/30/97(h) 6/30/96(h) 6/30/95(d) 2/28/95(e) (Unaudited) 6/30/97(h) 6/30/96(h)
- ----------- ---------- ---------- ---------- ---------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 15.17 $ 13.02 $ 11.13 $ 10.41 $ 10.10 $ 15.16 $ 13.01 $ 12.60
- -------- -------- -------- ------- ------- -------- -------- --------
0.10 0.21 0.23 0.09 0.19 0.11 0.19 0.14
1.97 3.13 1.99 0.77 0.25 1.95 3.15 0.55
- -------- -------- -------- ------- ------- -------- -------- --------
2.07 3.34 2.22 0.86 0.44 2.06 3.34 0.69
- -------- -------- -------- ------- ------- -------- -------- --------
(0.10) (0.23) (0.24) (0.14) (0.13) (0.10) (0.23) (0.19)
(2.56) (0.96) (0.09) -- (0.00)(f) (2.56) (0.96) (0.09)
- -------- -------- -------- ------- ------- -------- -------- --------
(2.66) (1.19) (0.33) (0.14) (0.13) (2.66) (1.19) (0.28)
- -------- -------- -------- ------- ------- -------- -------- --------
$ 14.58 $ 15.17 $ 13.02 $ 11.13 $ 10.41 $ 14.56 $ 15.16 $ 13.01
======== ======== ======== ======= ======= ======== ======== ========
13.88% 27.16% 20.09% 8.30% 4.47% 13.83% 27.17% 5.57%
======== ======== ======== ======= ======= ======== ======== ========
$ 880 $ 641 $ 228 $ 57 $ 51 $ 1,538 $ 766 $ 31
1.95%(c) 1.95% 1.96% 1.84%(c) 1.27%(c) 1.95% (c) 1.95% 1.96%(c)
1.11%(c) 1.53% 1.81% 2.58%(c) 3.96%(c) 1.11% (c) 1.53% 1.81%(c)
33% 62% 37% 13% 12% 33% 62% 37%
1.95%(c) 1.95% 2.03% 2.26%(c) 2.27%(c) 1.95% (c) 1.95% 2.03%(c)
$ 0.0600 $ 0.0562 $ 0.0591 N/A N/A $ 0.0600 $ 0.0562 $ 0.0591
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Growth & Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
<TABLE>
<CAPTION>
Y Shares
---------------------------------------------------------------------------
Period
Ended Year Year Period Period
12/31/97 Ended Ended Ended Ended
(Unaudited) 6/30/97(h) 6/30/96(h) 6/30/95(d) 2/28/95(e)
----------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ........... $ 15.23 $ 13.05 $ 11.14 $ 10.43 $ 10.00
-------- -------- -------- ------- -------
Income from investment operations:
Net investment income .......................... 0.18 0.35 0.35 0.11 0.25
Net realized and unrealized gain on investments 1.98 3.14 1.98 0.79 0.34
-------- -------- -------- ------- -------
Total from investment operations ............... 2.16 3.49 2.33 0.90 0.59
-------- -------- -------- ------- -------
Less distributions:
Dividends from net investment income ........... (0.18) (0.35) (0.33) (0.19) (0.16)
Distributions from net realized gains .......... (2.56) (0.96) (0.09) -- 0.00(f)
-------- -------- -------- ------- -------
Total distributions ............................ (2.74) (1.31) (0.42) (0.19) (0.16)
-------- -------- -------- ------- -------
Net asset value, end of period ................. $ 14.65 $ 15.23 $ 13.05 $ 11.14 $ 10.43
======== ======== ======== ======= =======
Total return (b) ............................... 14.45% 28.43% 21.26% 8.69% 6.02%
======== ======== ======== ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ........... $ 29,615 $ 29,674 $ 20,464 $ 7,860 $ 4,142
Ratio of operating expenses to average net
assets ....................................... 0.95%(c) 0.95% 0.96% 0.84%(c) 0.28%(c)
Ratio of net investment income to average net
assets ....................................... 2.11%(c) 2.53% 2.81% 3.58%(c) 4.97%(c)
Portfolio turnover rate ........................ 33% 62% 37% 13% 12%
Ratio of operating expenses to average net
assets without waivers ....................... 0.95%(c) 0.95% 1.03% 1.26%(c) 1.28%(c)
Average commission rate(g) ..................... $ 0.0600 $ 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 Managment, 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.
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
[ This Page Intentionally Left Blank ]
<PAGE>
Munder International Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
---------------------------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97 Ended Ended Ended Ended
(Unaudited) 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e,f)
----------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ........... $ 15.73 $ 15.09 $ 13.42 $ 12.29 $ 13.68
-------- -------- -------- ------- -------
Income from investment operations:
Net investment income/(loss) ................... 0.05 0.14 0.15 0.12 0.17
Net realized and unrealized gain/(loss) on
investments .................................. (1.49) 2.30 1.64 1.01 (1.48)
-------- -------- -------- ------- -------
Total from investment operations ............... (1.44) 2.44 1.79 1.13 (1.31)
-------- -------- -------- ------- -------
Less distributions:
Dividends from net investment income ........... (0.07) (0.21) (0.12) -- (0.02)
Distributions from net realized gains .......... (1.00) (1.59) -- -- --
Distributions from capital ..................... -- -- -- -- (0.06)
-------- -------- -------- ------- -------
Total distributions ............................ (1.07) (1.80) (0.12) -- (0.08)
-------- -------- -------- ------- -------
Net asset value, end of period ................. $ 13.22 $ 15.73 $ 15.09 $ 13.42 $ 12.29
======== ======== ======== ======= =======
Total return (b) ............................... (9.01)% 17.98% 13.37% 9.28% (9.67)%
======== ======== ======== ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ........... $ 6,863 $ 6,710 $ 4,767 $ 1,400 $ 1,339
Ratio of operating expenses to average net
assets ....................................... 1.26%(c) 1.26% 1.26% 1.21%(c) 1.18%
Ratio of net investment income/(loss) to average
net assets ................................... 0.46%(c) 0.98% 1.07% 2.57%(c) 1.31%
Portfolio turnover rate ........................ 24% 46% 75% 14% 20%
Ratio of operating expenses to average net
assets without waivers ....................... 1.26%(c) 1.26% 1.33% 1.46%(c) 1.43%
Average commission rate(h) ..................... $ 0.0080 $ 0.0065 $ 0.0288 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.
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
- ------------------------------------------------------------------------- -----------------------------------------
Period Period
Ended Year Year Period Period Ended Year Period
12/31/97 Ended Ended Ended Ended 12/31/97 Ended Ended
(Unaudited) 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e,f) (Unaudited) 6/30/97(f) 6/30/96(f)
- ----------- ---------- ---------- ---------- ------------ ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 15.57 $ 14.91 $ 13.35 $ 12.26 $ 13.45 $ 15.68 $ 15.02 $ 14.13
- --------- -------- -------- ------- ------- -------- -------- --------
(0.02) 0.03 0.05 0.08 0.08 (0.02) 0.03 0.04
(1.46) 2.28 1.62 1.01 (1.21) (1.47) 2.30 0.95
- --------- -------- -------- ------- ------- -------- -------- --------
(1.48) 2.31 1.67 1.09 (1.13) (1.49) 2.33 0.99
- --------- -------- -------- ------- ------- -------- -------- --------
(0.04) (0.06) (0.11) -- 0.00(g) (0.04) (0.08) (0.10)
(1.00) (1.59) -- -- -- (1.00) (1.59) --
-- -- -- -- (0.06) -- -- --
- --------- -------- -------- ------- ------- -------- -------- --------
(1.04) (1.65) (0.11) -- (0.06) (1.04) (1.67) (0.10)
- --------- -------- -------- ------- ------- -------- -------- --------
$ 13.05 $ 15.57 $ 14.91 $ 13.35 $ 12.26 $ 13.15 $ 15.68 $ 15.02
========= ======== ======== ======= ======= ======== ======== ========
(9.35)% 17.18% 12.53% 8.89% (8.38)% (9.35)% 17.18% 7.06%
========= ======== ======== ======= ======= ======== ======== ========
$ 1,023 $ 1,151 $ 957 $ 128 $ 118 $ 2,091 $ 2,259 $ 1,584
2.02%(c) 2.01% 2.01% 1.96%(c) 1.88%(c) 2.01%(c) 2.01% 2.01%(c)
(0.29)%(c) 0.23% 0.32% 1.82%(c) 0.61%(c) (0.29)%(c) 0.23% 0.32%(c)
24% 46% 75% 14% 20% 24% 46% 75%
2.02%(c) 2.01% 2.08% 2.21%(c) 2.13%(c) 2.01%(c) 2.01% 2.08%(c)
$ 0.0080 $ 0.0065 $ 0.0288 N/A N/A $ 0.0080 $ 0.0065 $ 0.0288
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder International Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
<TABLE>
<CAPTION>
Y Shares
---------------------------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97 Ended Ended Ended Ended
(Unaudited) 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e,f)
----------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ........... $ 15.80 $ 15.15 $ 13.45 $ 12.30 $ 13.68
-------- --------- -------- -------- --------
Income from investment operations:
Net investment income/(loss) ................... 0.06 0.18 0.19 0.12 0.20
Net realized and unrealized gain/(loss) on
investments .................................. (1.49) 2.32 1.64 1.03 (1.47)
-------- --------- -------- -------- --------
Total from investment operations ............... (1.43) 2.50 1.83 1.15 (1.27)
-------- --------- -------- -------- --------
Less distributions:
Dividends from net investment income ........... (0.08) (0.26) (0.13) -- (0.05)
Distributions from net realized gains .......... (1.00) (1.59) -- -- --
Distributions from capital ..................... -- -- -- -- (0.06)
-------- --------- -------- -------- --------
Total distributions ............................ (1.08) (1.85) (0.13) -- (0.11)
-------- --------- -------- -------- --------
Net asset value, end of period ................. $ 13.29 $ 15.80 $ 15.15 $ 13.45 $ 12.30
======== ========= ======== ======== ========
Total return (b) ............................... (8.92)% 18.35% 13.63% 9.35% (9.33)%
======== ========= ======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ........... $ 87,876 $ 107,831 $ 89,435 $ 75,000 $ 68,263
Ratio of operating expenses to average net
assets ....................................... 1.01%(c) 1.01% 1.01% 0.96%(c) 0.93%
Ratio of net investment income/(loss) to average
net assets ................................... 0.71%(c) 1.23% 1.32% 2.82%(c) 1.56%
Portfolio turnover rate ........................ 24% 46% 75% 14% 20%
Ratio of operating expenses to average net
assets without waivers ....................... 1.01%(c) 1.01% 1.08% 1.21%(c) 1.18%
Average commission rate (g) .................... $ 0.0080 $ 0.0065 $ 0.0288 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) Average commission rate paid per share of securities purchased and sold
by the Fund.
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
[ This Page Intentionally Left Blank ]
<PAGE>
Munder Micro-Cap Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares B Shares
-------------------------- ---------------------------
Period Period
Ended Period Ended Period
12/31/97 Ended 12/31/97 Ended
(Unaudited) 6/30/97(e) (Unaudited) 6/30/97(e)
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .................. $ 12.81 $ 10.00 $ 12.79 $ 11.00
-------- -------- -------- --------
Income from investment operations:
Net investment loss ................................... (0.04) (0.05) (0.06) (0.05)
Net realized and unrealized gain on investments ....... 4.52 2.86 4.46 1.84
-------- -------- -------- --------
Total from investment operations ...................... 4.48 2.81 4.40 1.79
-------- -------- -------- --------
Less distributions:
Dividends from net investment income .................. -- -- -- --
Distributions from net realized gains ................. (0.64) -- (0.64) --
-------- -------- -------- --------
Total distributions ................................... (0.64) -- (0.64) --
-------- -------- -------- --------
Net asset value, end of period ........................ $ 16.65 $ 12.81 $ 16.55 $ 12.79
======== ======== ======== ========
Total return (b) ...................................... 35.33% 28.10% 34.76% 16.27%
======== ======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) .................. $ 5,324 $ 184 $ 8,103 $ 442
Ratio of operating expenses to average net assets ..... 1.52%(c) 1.50%(c) 2.27%(c) 2.25%(c)
Ratio of net investment loss to average net assets .... (0.80)%(c) (0.88)%(c) (1.55)%(c) (1.63)%(c)
Portfolio turnover rate ............................... 65% 68% 65% 68%
Ratio of operating expenses to average net assets
without expenses reimbursed ......................... 1.96%(c) 7.90%(c) 2.71%(c) 8.65%(c)
Average commission rate (d) ........................... $ 0.0489 $ 0.0578 $ 0.0489 $ 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.
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
C Shares Y Shares
----------------------------- -----------------------------
Period Period
Ended Period Ended Period
12/31/97 Ended 12/31/97 Ended
(Unaudited) 6/30/97(e) (Unaudited) 6/30/97(e)
----------- ---------- ----------- ----------
<S> <C> <C> <C>
$ 12.79 $ 10.13 $ 12.83 $ 10.00
-------- --------- -------- --------
(0.07) (0.03) (0.03) (0.03)
4.48 2.69 4.52 2.86
-------- --------- -------- --------
4.41 2.66 4.49 2.83
-------- --------- -------- --------
-- -- -- --
(0.64) -- (0.64) --
-------- --------- -------- --------
(0.64) -- (0.64) --
-------- --------- -------- --------
$ 16.56 $ 12.79 $ 16.68 $ 12.83
======== ========= ======== ========
34.84% 26.26% 35.35% 28.30%
======== ========= ======== ========
$ 4,249 $ 111 $ 11,321 $ 2,279
2.27%(c) 2.25% (c) 1.27%(c) 1.25%(c)
(1.55)%(c) (1.63)% (c) (0.55)%(c) (0.63)%(c)
65% 68% 65% 68%
2.71%(c) 8.65% (c) 1.71%(c) 7.65%(c)
$ 0.0489 $ 0.0578 $ 0.0489 $ 0.0578
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Mid-Cap Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares B Shares
------------------------------------- ------------------------------------
Period Period
Ended Year Period Ended Year Period
12/31/97(e) Ended Ended 12/31/97(e) Ended Ended
(Unaudited) 6/30/97(e) 6/30/96(e) (Unaudited) 6/30/97(e) 6/30/96(e)
----------- ---------- ---------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period ...... $ 10.47 $ 11.56 $ 10.55 $ 10.35 $ 11.53 $ 10.57
-------- -------- -------- --------- -------- --------
Income from investment operations:
Net investment loss ....................... (0.03) (0.07) (0.04) (0.07) (0.14) (0.08)
Net realized and unrealized gain on
investments ............................. 0.28 0.18 1.05 0.28 0.16 1.04
-------- -------- -------- --------- -------- --------
Total from investment operations .......... 0.25 0.11 1.01 0.21 0.02 0.96
-------- -------- -------- --------- -------- --------
Less distributions:
Distributions in excess of net investment
income .................................. -- -- -- -- -- --
Distributions from net realized gains ..... (0.26) (1.20) -- (0.26) (1.20) --
-------- -------- -------- --------- -------- --------
Total distributions ....................... (0.26) (1.20) -- (0.26) (1.20) --
-------- -------- -------- --------- -------- --------
Net asset value, end of period ............ $ 10.46 $ 10.47 $ 11.56 $ 10.30 $ 10.35 $ 11.53
======== ======== ======== ========= ======== ========
Total return (b) .......................... 2.50% 0.90% 9.57% 2.14% 0.07% 9.08%
======== ======== ======== ========= ======== ========
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000's) ...... $ 95 $ 63 $ 202 $ 468 $ 106 $ 53
Ratio of operating expenses to average net
assets .................................. 1.27%(c) 1.24% 1.20%(c) 2.02%(c) 1.99% 1.95%(c)
Ratio of net investment loss to average net
assets .................................. (0.55)%(c) (0.61)% (0.53)%(c) (1.30)%(c) (1.36)% (1.28)%(c)
Portfolio turnover rate ................... 80% 162% 247% 80% 162% 247%
Ratio of operating expenses to average net
assets without waivers and expenses
expenses reimbursed ..................... 1.31%(c) 1.46% 1.38%(c) 2.06%(c) 2.21% 2.13%(c)
Average commission rate(d) ................ $ 0.0600 $ 0.0592 $ 0.0600 $ 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, 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>
<TABLE>
<CAPTION>
C Shares Y Shares
- ---------------------------------------------------- ---------------------------------------------------
Period Period
Ended Year Period Ended Year Period
12/31/97(e) Ended Ended 12/31/97(e) Ended Ended
(Unaudited) 6/30/97(e) 6/30/96(e) (Unaudited) 6/30/97(e) 6/30/96(e)
- ----------- ---------- ---------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C>
$ 10.34 $ 11.51 $ 10.40 $ 10.51 $ 11.58 $ 10.00
- --------- -------- -------- --------- -------- --------
(0.07) (0.14) (0.09) (0.02) (0.04) (0.03)
0.27 0.17 1.20 0.29 0.17 1.61
- --------- -------- -------- --------- -------- --------
0.20 0.03 1.11 0.27 0.13 1.58
- --------- -------- -------- --------- -------- --------
-- -- -- (0.00)(f) -- --
(0.26) (1.20) -- (0.26) (1.20) --
- --------- -------- -------- --------- -------- --------
(0.26) (1.20) -- (0.26) (1.20) --
- --------- -------- -------- --------- -------- --------
$ 10.28 $ 10.34 $ 11.51 $ 10.52 $ 10.51 $ 11.58
========= ======== ======== ========= ======== ========
1.95% 0.17% 10.67% 2.59% 1.07% 15.80%
========= ======== ======== ========= ======== ========
$ 92 $ 111 $ 53 $ 37,918 $ 23,472 $ 21,449
2.02%(c) 1.99% 1.95%(c) 1.02%(c) 0.99% 0.95%(c)
(1.30)%(c) (1.36)% (1.28)%(c) (0.29)%(c) (0.36)% (0.28)%(c)
80% 162% 247% 80% 162% 247%
2.06%(c) 2.21% 2.13%(c) 1.06%(c) 1.21% 1.13%(c)
$ 0.0600 $ 0.0592 $ 0.0600 $ 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
-------------------------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97(h) Ended Ended Ended Ended
(Unaudited) 6/30/97(h) 6/30/96(h) 6/30/95(d,e,f) 12/31/94
----------- ---------- ---------- -------------- --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ........... $ 18.02 $ 14.83 $ 12.02 $ 10.38 $ 10.68
-------- -------- -------- ------- -------
Income from investment operations:
Net investment income/(loss) ................... 0.01 0.04 0.06 0.01 0.01
Net realized and unrealized gain/(loss) on
investments .................................. 2.05 3.90 3.20 1.63 (0.27)
-------- -------- -------- ------- -------
Total from investment operations ............... 2.06 3.94 3.26 1.64 (0.26)
-------- -------- -------- ------- -------
Less distributions:
Dividends from net investment income ........... (0.01) -- (0.05) -- --
Distributions from net realized gains .......... (0.92) (0.75) (0.40) -- (0.04)
-------- -------- -------- ------- -------
Total distributions ............................ (0.93) (0.75) (0.45) -- (0.04)
-------- -------- -------- ------- -------
Net asset value, end of period ................. $ 19.15 $ 18.02 $ 14.83 $ 12.02 $ 10.38
======== ======== ======== ======= =======
Total return (b) ............................... 11.67% 27.57% 27.56% 15.80% (2.45)%
======== ======== ======== ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ........... $ 19,971 $ 16,693 $ 9,544 $ 9,409 $ 2,829
Ratio of operating expenses to average net
assets ....................................... 1.24%(c) 1.25% 1.26% 1.65%(c) 1.75%
Ratio of net investment income/(loss) to average
net assets ................................... 0.08%(c) 0.25% 0.44% 0.28%(c) 0.04%
Portfolio turnover rate ........................ 13% 33% 54% 27% 48%
Ratio of operating expenses to average net
assets without waivers ....................... 1.43%(c) 1.50% 1.51% 1.97%(c) 3.05%
Average commission rate (g) .................... $ 0.0543 $ 0.0599 $ 0.0592 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.
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares
- -------------------------------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97(h) Ended Ended Ended Ended
(Unaudited) 6/30/97(h) 6/30/96(h) 6/30/95(d,e,f) 12/31/94
----------- ---------- ---------- -------------- --------
<S> <C> <C> <C> <C>
$ 17.54 $ 14.56 $ 11.85 $ 10.27 $ 10.65
-------- -------- -------- -------- --------
(0.06) (0.08) (0.04) (0.03) (0.07)
1.99 3.81 3.15 1.61 (0.27)
-------- -------- -------- -------- --------
1.93 3.73 3.11 1.58 (0.34)
-------- -------- -------- -------- --------
-- -- -- -- --
(0.92) (0.75) (0.40) -- (0.04)
-------- -------- -------- -------- --------
(0.92) (0.75) (0.40) -- (0.04)
-------- -------- -------- -------- --------
$ 18.55 $ 17.54 $ 14.56 $ 11.85 $ 10.27
======== ======== ======== ======== ========
11.23% 26.61% 26.66% 15.38% (3.21)%
======== ======== ======== ======== ========
$ 92,317 $ 84,865 $ 66,630 $ 54,349 $ 46,549
1.99%(c) 2.00% 2.01% 2.40%(c) 2.50%
(0.67)%(c) (0.50)% (0.31)% (0.47)%(c) (0.71)%
13% 33% 54% 27% 48%
2.18%(c) 2.25% 2.26% 2.72%(c) 2.89%
$0.0543 $ 0.0599 $ 0.0592 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>
C Shares
--------------------------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97(h) Ended Ended Ended Ended
(Unaudited) 6/30/97(h) 6/30/96(h) 6/30/95(d,e,f) 12/31/94
----------- ---------- ---------- -------------- --------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ....... $ 17.56 $ 14.57 $ 11.86 $ 10.28 $ 10.66
-------- -------- -------- ------- -------
Income from investment operations:
Net investment income/(loss) ............... (0.06) (0.08) (0.04) (0.02) (0.07)
Net realized and unrealized gain/(loss) on
investments .............................. 1.99 3.82 3.15 1.60 (0.27)
-------- -------- -------- ------- -------
Total from investment operations ........... 1.93 3.74 3.11 1.58 (0.34)
-------- -------- -------- ------- -------
Less distributions:
Dividends from net investment income ....... -- -- -- -- --
Distributions from net realized gains ...... (0.92) (0.75) (0.40) -- (0.04)
-------- -------- -------- ------- -------
Total distributions ........................ (0.92) (0.75) (0.40) -- (0.04)
-------- -------- -------- ------- -------
Net asset value, end of period ............. $ 18.57 $ 17.56 $ 14.57 $ 11.86 $ 10.28
======== ======== ======== ======= =======
Total return (b) ........................... 11.21% 26.66% 26.64% 15.37% (3.21)%
======== ======== ======== ======= =======
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000's) ....... $ 10,887 $ 9,253 $ 5,605 $ 3,207 $ 2,071
Ratio of operating expenses to average net
assets ................................... 1.99%(c) 2.00% 2.01% 2.40%(c) 2.50%
Ratio of net investment income/(loss) to
average net assets ....................... (0.67)%(c) (0.50)% (0.31)% (0.47)%(c) (0.65)%
Portfolio turnover rate .................... 13% 33% 54% 27% 48%
Ratio of operating expenses to average net
assets without waivers ................... 2.18%(c) 2.25% 2.26% 2.72%(c) 4.57%
Average commission rate (g) ................ $ 0.0543 $ 0.0599 $ 0.0592 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.
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Y Shares
- ------------------------------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97(h) Ended Ended Ended Ended
(Unaudited) 6/30/97(h) 6/30/96(h) 6/30/95(d,e,f) 12/31/94
----------- ---------- ---------- -------------- --------
<S> <C> <C> <C> <C>
$ 18.17 $ 14.94 $ 12.10 $ 10.43 $ 10.70
--------- --------- --------- -------- -------
0.04 0.08 0.09 0.00(i) 0.04
2.05 3.94 3.22 1.67 (0.27)
--------- --------- --------- -------- -------
2.09 4.02 3.31 1.67 (0.23)
--------- --------- --------- -------- -------
(0.02) (0.04) (0.07) -- --
(0.92) (0.75) (0.40) -- (0.04)
--------- --------- --------- -------- -------
(0.94) (0.79) (0.47) -- (0.04)
--------- --------- --------- -------- -------
$ 19.32 $ 18.17 $ 14.94 $ 12.10 $ 10.43
========= ========= ========= ======== =======
11.75% 27.96% 27.85% 16.01% (2.17)%
========= ========= ========= ======== =======
$ 293,903 $ 176,027 $ 130,129 $ 87,604 $ 3,244
0.94%(c) 1.00% 1.01% 1.40%(c) 1.50%
0.38%(c) 0.50% 0.69% 0.53%(c) 0.29%
13% 33% 54% 27% 48%
1.18%(c) 1.25% 1.26% 1.72%(c) 2.53%
$ 0.0543 $ 0.0599 $ 0.0592 N/A N/A
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Real Estate Equity Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
------------------------------------------------------------
Period
Ended Year Year Period
12/31/97 Ended Ended Ended
(Unaudited) 6/30/97 6/30/96(f) 6/30/95(d)
----------- -------- ---------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .............. $ 14.40 $ 11.22 $ 10.09 $ 10.00
-------- -------- -------- -------
Income from investment operations:
Net investment income ............................. 0.37 0.44 0.45 0.36
Net realized and unrealized gain on investments ... 1.87 3.26 1.12 0.07
-------- -------- -------- -------
Total from investment operations .................. 2.24 3.70 1.57 0.43
-------- -------- -------- -------
Less distributions:
Dividends from net investment income .............. (0.33) (0.48) (0.44) (0.34)
Distributions in excess of net investment income .. -- (0.01) -- --
Distributions from net realized gains ............. (0.14) -- -- --
Distributions from paid-in capital ................ -- (0.03) -- --
-------- -------- -------- -------
Total distributions ............................... (0.47) (0.52) (0.44) (0.34)
-------- -------- -------- -------
Net asset value, end of period .................... $ 16.17 $ 14.40 $ 11.22 $ 10.09
======== ======== ======== =======
Total return (b) .................................. 15.72% 33.51% 15.92% 4.45%
======== ======== ======== =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) .............. $ 2,415 $ 1,426 $ 267 $ 223
Ratio of operating expenses to average net assets . 1.30%(c) 1.35% 1.25% 1.50%(c)
Ratio of net investment income to average net
assets .......................................... 4.80%(c) 3.80% 4.25% 5.03%(c)
Portfolio turnover rate ........................... 4% 15% 17% 3%
Ratio of operating expenses to average net assets
without waivers ................................. 1.30%(c) 1.38% 1.52% 7.23%(c)
Average commission rate(e) ........................ $ 0.0600 $ 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>
B Shares C Shares
- -------------------------------------------------------------- -------------------------------------------
Period Period
Ended Year Year Period Ended Year Period
12/31/97 Ended Ended Ended 12/31/97 Ended Ended
(Unaudited) 6/30/97 6/30/96(f) 6/30/95(d) (Unaudited) 6/30/97 6/30/96(f)
----------- -------- ---------- ---------- ----------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
$ 14.40 $ 11.22 $ 10.09 $ 10.00 $ 14.44 $ 11.25 $ 10.76
-------- -------- -------- ------- -------- -------- --------
0.31 0.36 0.38 0.30 0.31 0.36 0.18
1.87 3.24 1.11 0.07 1.88 3.26 0.47
-------- -------- -------- ------- -------- -------- --------
2.18 3.60 1.49 0.37 2.19 3.62 0.65
-------- -------- -------- ------- -------- -------- --------
(0.27) (0.38) (0.36) (0.28) (0.27) (0.39) (0.16)
-- (0.01) -- -- -- (0.01) --
(0.14) -- -- -- (0.14) -- --
-- (0.03) -- -- -- (0.03) --
-------- -------- -------- ------- -------- -------- --------
(0.41) (0.42) (0.36) (0.28) (0.41) (0.43) (0.16)
-------- -------- -------- ------- -------- -------- --------
$ 16.17 $ 14.40 $ 11.22 $ 10.09 $ 16.22 $ 14.44 $ 11.25
======== ======== ======== ======= ======== ======== ========
15.29% 32.52% 15.05% 3.87% 15.32% 32.57% 6.08%
======== ======== ======== ======= ======== ======== ========
$ 6,791 $ 4,606 $ 1,707 $ 1,496 $ 1,229 $ 537 $ 4
2.05%(c) 2.10% 2.00% 2.25%(c) 2.05%(c) 2.10% 2.00%(c)
4.05%(c) 3.05% 3.50% 4.28%(c) 4.05%(c) 3.05% 3.50%(c)
4% 15% 17% 3% 4% 15% 17%
2.05% 2.13% 2.27% 7.98%(c) 2.05%(c) 2.13% 2.27%(c)
$ 0.0600 $ 0.0600 $ 0.0600 N/A $ 0.0600 $ 0.0600 $ 0.0600
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Real Estate Equity Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
<TABLE>
<CAPTION>
Y Shares
-----------------------------------------------------------
Period
Ended Year Year Period
12/31/97 Ended Ended Ended
(Unaudited) 6/30/97 6/30/96(f) 6/30/95(d)
----------- -------- ---------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .............. $ 14.40 $ 11.22 $ 10.09 $ 10.00
-------- -------- -------- -------
Income from investment operations:
Net investment income ............................. 0.39 0.51 0.47 0.37
Net realized and unrealized gain on investments ... 1.88 3.22 1.13 0.08
-------- -------- -------- -------
Total from investment operations .................. 2.27 3.73 1.60 0.45
-------- -------- -------- -------
Less distributions:
Dividends from net investment income .............. (0.35) (0.51) (0.47) (0.36)
Distributions in excess of net investment income .. -- (0.01) -- --
Distributions from net realized gains ............. (0.14) -- -- --
Distributions from paid-in capital ................ -- (0.03) -- --
-------- -------- -------- -------
Total distributions ............................... (0.49) (0.55) (0.47) (0.36)
-------- -------- -------- -------
Net asset value, end of period .................... $ 16.18 $ 14.40 $ 11.22 $ 10.09
======== ======== ======== =======
Total return (b) .................................. 15.94% 33.79% 16.20% 4.64%
======== ======== ======== =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) .............. $ 76,512 $ 48,206 $ 19,125 $ 4,989
Ratio of operating expenses to average net assets . 1.05%(c) 1.10% 1.00% 1.25%(c)
Ratio of net investment income to average net
assets .......................................... 5.05%(c) 4.05% 4.50% 5.28%(c)
Portfolio turnover rate ........................... 4% 15% 17% 3%
Ratio of operating expenses to average net assets
without waivers ................................. 1.05%(c) 1.13% 1.27% 6.98%(c)
Average commission rate(e) ........................ $ 0.0600 $ 0.0600 $ 0.0600 N/A
<FN>
- ----------------
(a) The Munder Real Estate Equity Investment Fund Class A Shares, Class B
Shares, Class C 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>
[ This Page Intentionally Left Blank ]
<PAGE>
Munder Small-Cap Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares B Shares
-------------------------- ---------------------------
Period Period
Ended Period Ended Period
12/31/97(e) Ended 12/31/97(e) Ended
(Unaudited) 6/30/97(e) (Unaudited) 6/30/97(e)
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .................. $ 12.04 $ 10.22 $ 12.03 $ 10.76
-------- -------- ------- --------
Income from investment operations:
Net investment income ................................. 0.05 0.09 0.00(f) 0.05
Net realized and unrealized gain on investments ....... 2.38 1.77 2.37 1.24
-------- -------- ------- --------
Total from investment operations ...................... 2.43 1.86 2.37 1.29
-------- -------- ------- --------
Less distributions:
Dividends from net investment income .................. (0.04) (0.04) -- (0.02)
Distribution from net realized capital gains .......... (0.64) -- (0.64) --
-------- -------- ------- --------
Total distributions ................................... (0.68) (0.04) (0.64) (0.02)
-------- -------- ------- --------
Net asset value, end of period ........................ $ 13.79 $ 12.04 $ 13.76 $ 12.03
======== ======== ======= ========
Total return (b) ...................................... 20.29% 18.20% 20.04% 12.03%
======== ======== ======= ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) .................. $ 2,397 $ 1,164 $ 1,262 $ 373
Ratio of operating expenses to average net assets ..... 1.27%(c) 1.38%(c) 2.02%(c) 2.13%(c)
Ratio of net investment income/(loss) to average net
assets .............................................. 0.70%(c) 1.93%(c) (0.05)%(c) 1.18%(c)
Portfolio turnover rate ............................... 30% 73% 30% 73%
Ratio of operating expenses to average net assets
without waivers ..................................... 1.27%(c) 1.51%(c) 2.02%(c) 2.26%(c)
Average commission rate(d) ............................ $ 0.0590 $ 0.0361 $0.0590 $ 0.0361
<FN>
- ----------------
(a) The Munder Small-Cap 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.
(f) Amount represents less than $0.01 per share.
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
C Shares Y Shares
- --------------------------------- -----------------------------
Period Period
Ended Period Ended Period
12/31/97(e) Ended 12/31/97(e) Ended
(Unaudited) 6/30/97(e) (Unaudited) 6/30/97(e)
----------- ---------- ----------- ----------
<S> <C> <C> <C>
$ 12.02 $ 10.22 $ 12.04 $ 10.00
-------- -------- -------- --------
0.00(f) 0.05 0.07 0.12
2.37 1.78 2.38 1.96
-------- -------- -------- --------
2.37 1.83 2.45 2.08
-------- -------- -------- --------
-- (0.03) (0.05) (0.04)
(0.64) -- (0.64) --
-------- -------- -------- --------
(0.64) (0.03) (0.69) (0.04)
-------- -------- -------- --------
$ 13.75 $ 12.02 $ 13.80 $ 12.04
======== ======== ======== ========
20.11% 17.92% 20.51% 20.86%
======== ======== ======== ========
$ 843 $ 197 $ 62,153 $ 18,271
2.02%(c) 2.13%(c) 1.02%(c) 1.13%(c)
(0.05)%(c) 1.18%(c) 0.95%(c) 2.18%(c)
30% 73% 30% 73%
2.02%(c) 2.26%(c) 1.02%(c) 1.26%(c)
$ 0.0590 $ 0.0361 $ 0.0590 $ 0.0361
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Small Company Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
---------------------------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97(f) Ended Ended Ended Ended
(Unaudited) 6/30/97(f) 6/30/96(f) 6/30/95(e) 2/28/95(d)
----------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period .............. $ 21.61 $ 21.08 $ 15.28 $ 13.89 $ 14.37
-------- -------- -------- ------- -------
Income from investment operations:
Net investment loss ............................... (0.07) (0.12) (0.12) (0.02) (0.07)
Net realized and unrealized gain/(loss) on
investments ..................................... 2.90 3.64 7.16 1.41 (0.39)
-------- -------- -------- ------- -------
Total from investment operations .................. 2.83 3.52 7.04 1.39 (0.46)
-------- -------- -------- ------- -------
Less distributions:
Dividends from net investment income .............. -- -- -- -- --
Distributions from net realized capital gains ..... (4.11) (2.99) (1.24) -- (0.02)
-------- -------- -------- ------- -------
Total distributions ............................... (4.11) (2.99) (1.24) -- (0.02)
-------- -------- -------- ------- -------
Net asset value, end of period .................... $ 20.33 $ 21.61 $ 21.08 $ 15.28 $ 13.89
======== ======== ======== ======= =======
Total return (b) .................................. 14.50% 18.88% 48.28% 10.01% (3.21)%
======== ======== ======== ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) .............. $ 32,884 $ 11,646 $ 4,832 $ 2,871 $ 2,697
Ratio of operating expenses to average net assets . 1.22% (c) 1.22% 1.21% 1.21% (c) 1.23%
Ratio of net investment loss to average net assets (0.62)%(c) (0.62)% (0.66)% (0.41)%(c) (0.40)%
Portfolio turnover rate ........................... 61% 98% 98% 39% 45%
Ratio of operating expenses to average net assets
without waivers ................................. 1.22% (c) 1.22% 1.28% 1.46% (c) 1.48%
Average commission rate(g) ........................ $ 0.0476 $ 0.0545 $ 0.0551 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 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) 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
- --------------------------------------------------------------------------- -----------------------------------------
Period Period
Ended Year Year Period Period Ended Year Period
12/31/97(f) Ended Ended Ended Ended 12/31/97(f) Ended Ended
(Unaudited) 6/30/97(f) 6/30/96(f) 6/30/95(e) 2/28/95(d) (Unaudited) 6/30/97(f) 6/30/96(f)
----------- ---------- ---------- ---------- ---------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 21.05 $ 20.74 $ 15.15 $ 13.81 $ 13.54 $ 21.32 $ 20.93 $ 17.05
-------- -------- -------- ------- ------- -------- -------- --------
(0.16) (0.25) (0.26) (0.05) (0.05) (0.16) (0.25) (0.21)
2.81 3.55 7.09 1.39 0.34 2.84 3.63 5.33
-------- -------- -------- ------- ------- -------- -------- --------
2.65 3.30 6.83 1.34 0.29 2.68 3.38 5.12
-------- -------- -------- ------- ------- -------- -------- --------
-- -- -- -- -- -- -- --
(4.11) (2.99) (1.24) -- (0.02) (4.11) (2.99) (1.24)
-------- -------- -------- ------- ------- -------- -------- --------
(4.11) (2.99) (1.24) -- (0.02) (4.11) (2.99) (1.24)
-------- -------- -------- ------- ------- -------- -------- --------
$ 19.59 $ 21.05 $ 20.74 $ 15.15 $ 13.81 $ 19.89 $ 21.32 $ 20.93
======== ======== ======== ======= ======= ======== ======== ========
14.02% 18.06% 47.26% 9.70% 2.13% 13.97% 18.26% 31.97%
======== ======== ======== ======= ======= ======== ======== ========
$ 11,029 $ 5,735 $ 990 $ 46 $ 39 $ 4,605 $ 2,271 $ 76
1.97%(c) 1.97% 1.96% 1.96%(c) 1.85%(c) 1.97%(c) 1.97% 1.96%(c)
(1.37)%(c) (1.37)% (1.41)% (1.16)%(c) (1.02)%(c) (1.37)%(c) (1.37)% (1.41)%(c)
61% 98% 98% 39% 45% 61% 98% 98%
1.97%(c) 1.97% 2.03% 2.21%(c) 2.10%(c) 1.97%(c) 1.97% 2.03%(c)
$ 0.0476 $ 0.0545 $ 0.0551 N/A N/A $ 0.0476 $ 0.0545 $ 0.0551
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Small Company Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
<TABLE>
<CAPTION>
Y Shares
---------------------------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97(f) Ended Ended Ended Ended
(Unaudited) 6/30/97(f) 6/30/96(f) 6/30/95(e) 2/28/95(d)
----------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ........... $ 21.84 $ 21.21 $ 15.33 $ 13.93 $ 14.38
--------- --------- --------- -------- --------
Income from investment operations:
Net investment loss ............................ (0.04) (0.07) (0.07) (0.01) (0.02)
Net realized and unrealized gain/(loss) on
investments .................................. 2.91 3.69 7.19 1.41 (0.41)
--------- --------- --------- -------- --------
Total from investment operations ............... 2.87 3.62 7.12 1.40 (0.43)
--------- --------- --------- -------- --------
Less distributions:
Dividends from net investment income ........... -- -- -- -- --
Distributions from net realized capital gains .. (4.11) (2.99) (1.24) -- (0.02)
--------- --------- --------- -------- --------
Total distributions ............................ (4.11) (2.99) (1.24) -- (0.02)
--------- --------- --------- -------- --------
Net asset value, end of period ................. $ 20.60 $ 21.84 $ 21.21 $ 15.33 $ 13.93
========= ========= ========= ======== ========
Total return (b) ............................... 14.52% 19.26% 48.65% 10.05% (3.00)%
========= ========= ========= ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ........... $ 218,050 $ 152,772 $ 107,492 $ 79,968 $ 72,207
Ratio of operating expenses to average net
assets ....................................... 0.97% (c) 0.97% 0.96% 0.96% (c) 0.98%
Ratio of net investment loss to average net
assets ....................................... (0.37)%(c) (0.37)% (0.41)% (0.16)%(c) (0.15)%
Portfolio turnover rate ........................ 61% 98% 98% 39% 45%
Ratio of operating expenses to average net
assets without waivers ....................... 0.97% (c) 0.97% 1.03% 1.21% (c) 1.23%
Average commission rate(g) ..................... $ 0.0476 $ 0.0545 $ 0.0551 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 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) 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>
[ This Page Intentionally Left Blank ]
<PAGE>
Munder Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares B Shares
------------------------------------- ------------------------------------
Period Period
Ended Year Period Ended Year Period
12/31/97 Ended Ended 12/31/97 Ended Ended
(Unaudited) 6/30/97(e) 6/30/96(e) (Unaudited) 6/30/97(e) 6/30/96(e)
----------- ---------- ---------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period ....... $ 13.98 $ 11.57 $ 10.38 $ 13.93 $ 11.55 $ 10.41
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income/(loss) ............... 0.05 0.08 0.05 0.00(f) (0.01) (0.01)
Net realized and unrealized gain on
investments .............................. 1.94 3.64 1.19 1.93 3.61 1.16
-------- -------- -------- -------- -------- --------
Total from investment operations ........... 1.99 3.72 1.24 1.93 3.60 1.15
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income ....... (0.05) (0.09) (0.05) (0.01) -- (0.01)
Distributions from net realized gains ...... (1.15) (1.22) -- (1.15) (1.22) --
-------- -------- -------- -------- -------- --------
Total distributions ........................ (1.20) (1.31) (0.05) (1.16) (1.22) (0.01)
-------- -------- -------- -------- -------- --------
Net asset value, end of period ............. $ 14.77 $ 13.98 $ 11.57 $ 14.70 $ 13.93 $ 11.55
======== ======== ======== ======== ======== ========
Total return (b) ........................... 14.39% 34.38% 11.95% 14.00% 33.24% 11.09%
======== ======== ======== ======== ======== ========
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000's) ....... $ 2,475 $ 1,587 $ 424 $ 1,431 $ 935 $ 103
Ratio of operating expenses to average net
assets ................................... 1.25%(c) 1.27% 1.20%(c) 2.00%(c) 2.02% 1.95%(c)
Ratio of net investment income/(loss) to
average net assets ....................... 0.64%(c) 0.70% 0.64%(c) (0.10)%(c) (0.05)% (0.11)%(c)
Portfolio turnover rate .................... 48% 139% 223% 48% 139% 223%
Ratio of operating expenses to average net
assets without waivers ................... 1.25%(c) 1.31% 1.30%(c) 2.00%(c) 2.06% 2.05%(c)
Average commission rate(g) ................. $ 0.0601 $ 0.0508 $ 0.0602 $ 0.0601 $ 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, 1995, 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>
<TABLE>
<CAPTION>
C Shares Y Shares
- ----------------------------------------------- -------------------------------------------
Period Period
Ended Year Period Ended Year Period
12/31/97 Ended Ended 12/31/97 Ended Ended
(Unaudited) 6/30/97(e) 6/30/96(e) (Unaudited) 6/30/97(e) 6/30/96(e)
----------- ---------- ---------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C>
$ 13.93 $ 11.54 $ 11.35 $ 14.00 $ 11.59 $ 10.00
-------- -------- -------- --------- -------- --------
0.00(f) (0.01) (0.01) 0.06 0.12 0.09
1.92 3.62 0.23 1.96 3.63 1.56
-------- -------- -------- --------- -------- --------
1.92 3.61 0.22 2.02 3.75 1.65
-------- -------- -------- --------- -------- --------
(0.01) -- (0.03) (0.07) (0.12) (0.06)
(1.15) (1.22) -- (1.15) (1.22) --
-------- -------- -------- --------- -------- --------
(1.16) (1.22) (0.03) (1.22) (1.34) (0.06)
-------- -------- -------- --------- -------- --------
$ 14.69 $ 13.93 $ 11.54 $ 14.80 $ 14.00 $ 11.59
======== ======== ======== ========= ======== ========
13.93% 33.36% 1.90% 14.59% 34.66% 16.52%
======== ======== ======== ========= ======== ========
$ 752 $ 527 $ 348 $ 115,032 $ 80,004 $ 35,432
2.00% (c) 2.02% 1.95%(c) 1.00% (c) 1.02% 0.95%(c)
(0.11)%(c) (0.05)% (0.11)%(c) 0.89%(c) 0.95% 0.89%(c)
48% 139% 223% 48% 139% 223%
2.00%(c) 2.06% 2.05%(c) 1.00% (c) 1.06% 1.05%(c)
$ 0.0601 $ 0.0508 $ 0.0602 $ 0.0601 $ 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 Each Period
<TABLE>
<CAPTION>
A Shares B Shares
-------------------------- --------------------------
Period Period
Ended Period Ended Period
12/31/97(e) Ended 12/31/97(e) Ended
(Unaudited) 6/30/97(e) (Unaudited) 6/30/97(e)
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ........... $ 12.92 $ 10.18 $ 12.91 $ 11.13
-------- -------- --------- --------
Income from investment operations:
Net investment income/(loss) ................... (0.01) 0.05 (0.06) 0.01
Net realized and unrealized gain/(loss) on
investments .................................. (1.66) 2.71 (1.64) 1.79
-------- -------- --------- --------
Total from investment operations ............... (1.67) 2.76 (1.70) 1.80
-------- -------- --------- --------
Less distributions:
Dividends from net investment income ........... (0.02) (0.02) -- (0.02)
Distributions from net realized gains .......... (0.27) -- (0.27) 0.00
-------- -------- --------- --------
Total distributions ............................ (0.29) (0.02) (0.27) (0.02)
-------- -------- --------- --------
Net asset value, end of period ................. $ 10.96 $ 12.92 $ 10.94 $ 12.91
======== ======== ========= ========
Total return (b) ............................... (12.84)% 27.16% (13.09)% 16.21%
======== ======== ========= ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ........... $ 883 $ 532 $ 382 $ 134
Ratio of operating expenses to average net
assets ....................................... 1.98%(c) 1.79%(c) 2.73% (c) 2.54%(c)
Ratio of net investment income/(loss) to average
net assets ................................... (0.14)%(c) 1.14%(c) (0.89)% (c) 0.39%(c)
Portfolio turnover rate ........................ 52% 46% 52% 46%
Ratio of operating expenses to average net
assets without expenses reimbursed ........... 2.20%(c) 5.43%(c) 2.95% (c) 6.18%(c)
Average commission rate (d) .................... $ 0.0020 $ 0.0029 $ 0.0020 $ 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>
<TABLE>
<CAPTION>
C Shares Y Shares
- ------------------------------- --------------------------
Period Period
Ended Period Ended Period
12/31/97(e) Ended 12/31/97(e) Ended
(Unaudited) 6/30/97(e) (Unaudited) 6/30/97(e)
----------- ---------- ----------- ----------
<S> <C> <C> <C>
$ 12.92 $ 10.95 $ 12.92 $ 10.00
-------- -------- -------- --------
(0.06) 0.01 0.01 0.07
(1.65) 1.96 (1.65) 2.88
-------- -------- -------- --------
(1.71) 1.97 (1.64) 2.95
-------- -------- -------- --------
-- 0.00(f) (0.03) (0.03)
(0.27) -- (0.27) --
-------- -------- -------- --------
(0.27) 0.00(f) (0.30) (0.03)
-------- -------- -------- --------
$ 10.94 $ 12.92 $ 10.98 $ 12.92
======== ======== ======== ========
(13.16)% 18.03% (12.70)% 29.51%
======== ======== ======== ========
$ 33 $ 24 $ 14,678 $ 4,826
2.74%(c) 2.54%(c) 1.73%(c) 1.54%(c)
(0.90)%(c) 0.39%(c) 0.11%(c) 1.39%(c)
52% 46% 52% 46%
2.95%(c) 6.18%(c) 1.95%(c) 5.18%(c)
$ 0.0020 $ 0.0029 $ 0.0020 $ 0.0029
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Framlington Healthcare Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares B Shares
------------------------- ------------------------
Period Period
Ended Period Ended Period
12/31/97(e) Ended 12/31/97(e) Ended
(Unaudited) 6/30/97 (Unaudited) 6/30/97
----------- --------- ----------- --------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .............. $ 10.89 $ 11.30 $ 10.85 $ 11.02
--------- --------- -------- --------
Income from investment operations:
Net investment loss ............................... (0.07) (0.01) (0.12) (0.02)
Net realized and unrealized gain/(loss) on
investments ..................................... 0.81 (0.40) 0.82 (0.15)
--------- --------- -------- --------
Total from investment operations .................. 0.74 (0.41) 0.70 (0.17)
--------- --------- -------- --------
Less distributions:
Dividends from net investment income .............. -- -- -- --
Distributions from net realized gains ............. -- -- -- --
--------- --------- -------- --------
Total distributions ............................... -- -- -- --
--------- --------- -------- --------
Net asset value, end of period .................... $ 11.63 $ 10.89 $ 11.55 $ 10.85
========= ========= ======== ========
Total return (b) .................................. 6.80% (3.63)% 6.45% (1.54)%
========= ========= ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) .............. $ 2,427 $ 664 $ 4,020 $ 1,063
Ratio of operating expenses to average net assets . 1.69%(c) 1.55%(c) 2.44%(c) 2.30%(c)
Ratio of net investment loss to average net assets (1.23)%(c) (0.95)%(c) (1.98)%(c) (1.70)%(c)
Portfolio turnover rate ........................... 29% 14% 29% 14%
Ratio of operating expenses to average net assets
without expenses reimbursed ..................... 2.55%(c) 7.33%(c) 3.30%(c) 8.08%(c)
Average commission rate (d) ....................... $ 0.0460 $ 0.1441 $ 0.0460 $ 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.
(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
- ------------------------------- ---------------------------
Period Period
Ended Period Ended Period
12/31/97(e) Ended 12/31/97(e) Ended
(Unaudited) 6/30/97 (Unaudited) 6/30/97
----------- -------- ----------- --------
<S> <C> <C> <C>
$ 10.86 $ 10.40 $ 10.89 $ 10.00
-------- -------- -------- --------
(0.12) (0.01) (0.06) (0.03)
0.81 0.47 0.81 0.92
-------- -------- -------- --------
0.69 0.46 0.75 0.89
-------- -------- -------- --------
-- -- -- --
-- -- -- --
-------- -------- -------- --------
-- -- -- --
-------- -------- -------- --------
$ 11.55 $ 10.86 $ 11.64 $ 10.89
======== ======== ======== ========
6.35% 4.42% 6.89% 8.90%
======== ======== ======== ========
$ 2,315 $ 164 $ 5,218 $ 2,086
2.44%(c) 2.30%(c) 1.44%(c) 1.30%(c)
(1.98)%(c) (1.70)%(c) (0.98)%(c) (0.70)%(c)
29% 14% 29% 14%
3.30%(c) 8.08%(c) 2.30%(c) 7.08%(c)
$ 0.0460 $ 0.1441 $ 0.0460 $ 0.1441
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Framlington International Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares B Shares
----------------------------- -----------------------------
Period Period
Ended Period Ended Period
12/31/97(e) Ended 12/31/97(e) Ended
(Unaudited) 6/30/97(e) (Unaudited) 6/30/97(e)
----------- ---------- ----------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .............. $ 11.35 $ 10.10 $ 11.32 $ 9.85
--------- -------- --------- --------
Income from investment operations:
Net investment income/(loss) ...................... (0.03) 0.05 (0.07) 0.01
Net realized and unrealized gain/(loss) on
investments ..................................... (1.11) 1.20 (1.10) 1.46
--------- -------- --------- --------
Total from investment operations .................. (1.14) 1.25 (1.17) 1.47
--------- -------- --------- --------
Less distributions:
Dividends from net investment income .............. (0.02) -- -- --
Distributions from net realized gains ............. (0.04) -- (0.04) --
--------- -------- --------- --------
Total distributions ............................... (0.06) -- (0.04) --
--------- -------- --------- --------
Net asset value, end of period .................... $ 10.15 $ 11.35 $ 10.11 $ 11.32
========= ======== ========= ========
Total return (b) .................................. (10.08)% 12.38% (10.37)% 14.92%
========= ======== ========= ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) .............. $ 1,168 $ 1,103 $ 183 $ 128
Ratio of operating expenses to average net assets . 1.68% (c) 1.55%(c) 2.44% (c) 2.30%(c)
Ratio of net investment income/(loss) to average
net assets ...................................... (0.60)% (c) 1.01%(c) (1.36)% (c) 0.26%(c)
Portfolio turnover rate ........................... 22% 15% 22% 15%
Ratio of operating expenses to average net assets
without expenses reimbursed ..................... 1.84% (c) 2.56%(c) 2.61% (c) 3.31%(c)
Average commission rate (d) ....................... $ 0.0220 $ 0.0238 $ 0.0220 $ 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>
<TABLE>
<CAPTION>
C Shares Y Shares
- --------------------------------- -----------------------------
Period Period
Ended Period Ended Period
12/31/97(e) Ended 12/31/97(e) Ended
(Unaudited) 6/30/97(e) (Unaudited) 6/30/97(e)
----------- ---------- ----------- ----------
<S> <C> <C> <C>
$ 11.33 $ 10.03 $ 11.35 $ 10.00
-------- -------- -------- --------
(0.07) 0.01 (0.02) 0.07
(1.09) 1.29 (1.10) 1.28
-------- -------- -------- --------
(1.16) 1.30 (1.12) 1.35
-------- -------- -------- --------
-- -- (0.03) --
(0.04) -- (0.04) --
-------- -------- -------- --------
0.00 -- (0.07) --
-------- -------- -------- --------
$ 10.13 $ 11.33 $ 10.16 $ 11.35
======== ======== ======== ========
(10.27)% 12.96% (9.94)% 13.50%
======== ======== ======== ========
$ 67 $ 62 $ 44,274 $ 23,831
2.43%(c) 2.30%(c) 1.43%(c) 1.30%(c)
(1.35)%(c) 0.26%(c) (0.35)%(c) 1.26%(c)
22% 15% 22% 15%
2.59%(c) 3.31%(c) 1.59%(c) 2.31%(c)
$ 0.0220 $ 0.0238 $ 0.0220 $ 0.0238
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Notes To Financial Statements, December 31, 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 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
<PAGE>
recently quoted bid and asked prices. Restricted securities and securities
and assets for which market quotations are not readily available, are valued
at fair value by Munder Capital Management (the "Advisor") under 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.
Future 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
<PAGE>
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 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 on
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.
<PAGE>
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, 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%
Munder 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.
<PAGE>
The Advisor voluntarily waived fees and reimbursed expenses for the
period ended December 31, 1997, for the following Funds:
<TABLE>
<CAPTION>
Fund Fees Waived Expenses Reimbursed
---- ----------- -------------------
<S> <C> <C>
Munder Micro-Cap Equity Fund ........................ -- $39,334
Munder Mid-Cap Growth Fund .......................... -- 6,481
Munder Multi-Season Growth Fund ..................... $627,047 --
Munder Framlington Emerging Markets Fund ............ -- 42,677
Munder Framlington Healthcare Fund .................. -- 44,189
Munder Framlington International Growth Fund ........ -- 34,476
</TABLE>
Funds Distributor, Inc. ("FDI" or the "Distributor") entered into
Sub-Administration Agreements with First Data Investor Services Group prior
to November 1, 1997 and State Street Bank and Trust Company after October 31,
1997, under which FDI provides certain administrative services with respect
to the Funds. FDI's fee for these services is paid for by the administrator
out of its own resources at no additional cost to the Funds.
Comerica Bank ("Comerica") provides certain custodian and shareholder
services to the Funds. Prior to November 1, 1997, Comerica received as
compensation for its Custodian services fees, based on the aggregate average
daily net assets of the Funds and certain other investment portfolios advised
by the Advisor for which Comerica provided services, computed daily and
payable monthly at an annual rate of 0.03% of the first $100 million of
average daily net assets, 0.02% of the next $500 million of net assets and
0.01% of net assets in excess of $600 million. Comerica also received certain
transaction based fees. Comerica earned $289,400 for its services to the
Funds through October 31, 1997. After October 31, 1997, no compensation was
paid to Comerica for its services as custodian to the Funds. As of November
1, 1997 State Street Bank & Trust Company became the sub-custodian to the
Funds. For its services as sub-custodian, State Street receives a fee based
on the aggregate average daily net assets of the Funds and certain other
investment portfolios advised by the Advisor for which State Street provides
custodial services, as well as certain transaction based fees. As of
November 1, 1997, Comerica receives a fee of 0.01% of the aggregate average
daily net assets of the Funds beneficially owned by Comerica and its
customers as compensation for the shareholder services provided to the Funds.
State Street also serves as Sub-custodian to the Funds. As compensation
for its services, the Sub-custodian 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 Sub-custodian provides
services, computed daily and payable monthly at an annual rate of 0.01% of
average daily net assets. The Sub-custodian also receives certain transaction
based fees. Prior to November 1, 1997, Morgan Stanley Trust Company ("Morgan
Stanley") served 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, State Street or
Investor Services Group received any compensation from MFI, MFT or
Framlington.
3. Shareholder Distribution and Service Plans
FDI serves as the distributor of the Funds' shares. For the period
ended December 31, 1997, the Distributor received $38,658, representing
commissions (sales charges) on sales of Class A Shares of the Funds. For the
period ended December 31, 1997, the Distributor received $73,906 in
contingent deferred sales charges from Class B and Class C Shares of the
Funds.
<PAGE>
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 December 31, 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-I Fees 12b-I Fees 12b-I 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 December 31, 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 ..................... $119,868,767 $223,887,739
Munder Balanced Fund ................................ 24,360,449 28,100,712
Munder Growth & Income Fund ......................... 77,210,428 123,996,555
Munder International Equity Fund .................... 53,006,460 93,856,918
Munder Micro-Cap Equity Fund ........................ 36,184,737 10,463,354
Munder Mid-Cap Growth Fund .......................... 42,757,043 28,755,657
Munder Multi-Season Growth Fund ..................... 188,299,441 71,964,528
Munder Real Estate Equity Investment Fund ........... 24,105,431 2,991,059
Munder Small-Cap Value Fund ......................... 77,357,776 31,075,999
Munder Small Company Growth Fund .................... 234,076,708 216,192,750
Munder Value Fund ................................... 73,810,237 52,122,758
Munder Framlington Emerging Markets Fund ............ 56,704,381 15,372,996
Munder Framlington Healthcare Fund .................. 12,516,027 2,699,832
Munder Framlington International Growth Fund ........ 34,526,534 8,603,281
</TABLE>
For the period ended December 31, 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 ..... $12,570,892 $17,236,116
</TABLE>
<PAGE>
At December 31, 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 ..................... $ 31,295,908 $ 3,167,540
Munder Balanced Fund ................................ 12,396,437 990,382
Munder Growth & Income Fund ......................... 52,751,824 1,081,848
Munder International Equity Fund .................... 41,806,502 21,176,468
Munder Micro-Cap Equity Fund ........................ 2,676,714 1,952,076
Munder Mid-Cap Growth Fund .......................... 3,479,850 2,457,948
Munder Multi-Season Growth Fund ..................... 206,208,595 9,027,558
Munder Real Estate Equity Investment Fund ........... 17,138,192 95,435
Munder Small-Cap Value Fund ......................... 19,817,811 2,474,402
Munder Small Company Growth Fund .................... 61,369,989 13,781,159
Munder Value Fund ................................... 18,854,246 1,569,823
Munder Framlington Emerging Markets Fund ............ 1,288,866 6,208,847
Munder Framlington Healthcare Fund .................. 1,597,586 1,102,362
Munder Framlington International Growth Fund ........ 3,376,489 5,571,940
</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>
(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
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
First Data Investor Services Group, Inc.
53 State Street
Boston, MA 02109
ADMINISTRATOR & SUB-CUSTODIAN
State Street Bank & Trust Company
1776 Heritage Drive
North Quincy, 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
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
<PAGE>
(OUTSIDE BACK COVER)
SANNEQ97
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
<PAGE>
(OUTSIDE FRONT COVER)
CLASS K SHARES
Semi-Annual
Report
[LOGO]
Investments DECEMBER 31, 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
U.S. Government Income
Michigan Triple Tax-Free Bond
Tax-Free Bond
Tax-Free Intermediate Bond
Short Term Treasury
THE MUNDER MONEY MARKET FUNDS
Cash Investment
Tax-Free Money Market
U.S. Treasury Money Market
<PAGE>
(INSIDE FRONT COVER)
"...the key to these re-
sults has been the invest-
ment Munder has made
in our research capabili-
ties and personnel."
The Munder Funds
Letter to shareholders
DEAR FELLOW SHAREHOLDERS:
Once again, I am very pleased to report to you the results of The Munder
Family of Funds. In addition to being a stellar year for the financial
markets, 1997 proved to be an exceptional period for The Munder Funds. I take
pride in sharing with you that over 60% of our equity funds and over 70% of
our fixed income and money market funds returned above-average performance
for the year ended December 31, 1997. I hope that you are also pleased with
the performance of our mutual investment.
Also of importance to me is the fact that during the course of 1997 we
added several new funds to the Munder Family of Funds. Eight equity funds and
one bond fund were added, rounding out our line up of funds, and providing
shareholders with the depth and breadth of investment choices they are
demanding. Each one of these funds provided competitive returns in their
categories. In fact, Lipper Analytical Services ranked our Micro-Cap Equity
Fund as the second highest performing equity fund out of 4,977 equity funds
in the Lipper universe for the one-year period ended December 31, 1997.
While Munder Capital Management has historically been known for its
Multi-Season Growth Fund equity style, known as GARP, this year we saw all
the pieces of our strategy come together to bring our shareholders very
competitive returns in several styles, including Large-Cap Value, Small-Cap
Growth and Small-Cap Value, Technology, and Growth and Income. Similar
results were achieved in our Tax-Free Bond styles and Intermediate Bond
Funds.
With respect to our Equity Funds, the key to these results has been the
investment Munder Capital Management as advisor, has made in our research
capabilities and personnel. The variety of styles offered by the Funds also
allows us to continue to capitalize on good investments by "graduating"
stocks from one style to the next. This allows the Funds to continue to hold
strong performing stocks as they grow, but also allows us to adhere to our
style restrictions: so small cap stays small cap.
We value your faith in us and your continued support. If you have any
questions, please call the Funds at 1-800-4MUNDER, or contact your financial
advisor. You may also contact us through our website at
http://www.munder.com. Thank you for your confidence in Munder Capital
Management and the Munder Family of Funds.
Very truly yours,
/s/ Lee Munder
--------------
Lee Munder President
<PAGE>
Table of
Contents
- -----------------------------------------------------------------------------
EQUITY FUNDS OVERVIEW
iv Munder Accelerating Growth Fund
iv Munder Balanced Fund
v Munder Growth & Income Fund
v Munder Index 500 Fund
v Munder International Equity Fund
vi Munder Micro-Cap Equity Fund
vii Munder Mid-Cap Growth Fund
vii Munder Multi-Season Growth Fund
viii Munder Real Estate Equity Investment Fund
viii Munder Small-Cap Value Fund
viii Munder Small Company Growth Fund
ix Munder Value Fund
x Munder Framlington Emerging Markets Fund
x Munder Framlington Healthcare Fund
x 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
xiv Munder Tax-Free Intermediate Bond Fund
xiv Munder Short Term Treasury Fund
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
35 Munder Micro-Cap Equity Fund
39 Munder Mid-Cap Growth Fund
41 Munder Multi-Season Growth Fund
43 Munder Real Estate Equity Investment Fund
45 Munder Small-Cap Value Fund
48 Munder Small Company Growth Fund
51 Munder Value Fund
53 Munder Framlington Emerging Markets Fund
58 Munder Framlington Healthcare Fund
62 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
<PAGE>
Income Funds:
67 Munder Bond Fund
70 Munder Intermediate Bond Fund
73 Munder International Bond Fund
76 Munder U.S. Government Income Fund
79 Munder Michigan Triple Tax-Free Bond Fund
84 Munder Tax-Free Bond Fund
90 Munder Tax-Free Intermediate Bond Fund
97 Munder Short Term Treasury Fund
Money Market Funds:
98 Munder Cash Investment Fund
100 Munder Money Market Fund
102 Munder Tax-Free Money Market Fund
112 Munder U.S. Treasury Money Market Fund
114 Financial Statements
157 Financial Highlights
183 Notes to Financial Statements
ii
<PAGE>
Management's Discussion of
Fund Performance
- -----------------------------------------------------------------------------
The Investment Environment
The U.S. economy provided a strong foundation for the financial markets
during 1997. At year-end, the unemployment rate and the budget deficit were
at 24-year lows and inflation remained at its lowest point in over a decade.
This benign economic environment led to declining interest rates during 1997
and corporate profits that have shown stronger and more sustained growth than
ever before. Although economic growth was stronger than anticipated at the
start of the year, inflationary pressures remained minimal. The Consumer
Price Index increased by only 1.7% for 1997, the lowest rate of increase
since 1986.
While the current economic environment remains positive, investors are
now focused on the potential impact of the turmoil in Southeast Asia on the
U.S. economy. The devaluation of Asian currencies and falling import prices
will help to keep U.S. inflation in check. What remains to be seen is the
impact on overall corporate profits and U.S. economic growth. At this point,
the U.S. labor market remains tight and most analysts anticipate that the
U.S. economy will grow by 2.0% to 2.5% in 1998. The still-developing Asian
situation, however, is the major wild card for the economy in 1998.
Equity Funds Overview
The S&P 500 Index (the "S&P 500") generated a return of 2.87% for the
fourth quarter of 1997, setting a record for twelve consecutive positive
quarters. With a 33.36% return for the year ended December 31, 1997, the S&P
500 exhibited the strongest three-year period in market history. The S&P 500
had a return of 10.61% for the six-month period ended December 31, 1997.
The positive performance in the second half of 1997 came about in very
different ways. In the third quarter small capitalization stocks led the
charge with the Russell 2000 Index increasing at an impressive 14.9%, while
the S&P 500 grew at only 7.5%. This story was reversed in the fourth quarter
with a resurgence in the largest domestic stocks, which were viewed as a safe
haven in the face of tumultuous and negative Southeast Asian markets. The
fourth quarter was less kind to other sectors of the stock market.
International markets, measured by the Morgan Stanley EAFE Index, declined by
7.77% in reaction to events in the Asian region in the fourth quarter. Small
company stocks, measured by the NASDAQ Composite, fell by 6.8% during the
fourth quarter.
One of the most notable events during the fourth quarter of 1997 was
the shift in the focus of investors from domestic concerns, such as the
extent of inflationary pressures and Federal Reserve policy, to the
international arena. The turmoil in Southeast Asian markets began during the
summer, as the speculative bubble in property in that region began to unwind.
The result was lower real growth prospects for countries in Southeast Asia,
along with balance of payments problems, currency instability and mounting
problems with loan repayments. Concerns about the impact of these
developments on both the global and the U.S. economy led to increased
volatility during the fourth quarter. Stock market fluctuations included a
554 point drop in the Dow Jones average on October 27th as the problems in
Southeast Asia spread to the Hong Kong market. These fourth quarter ups and
downs in the market helped to make 1997 the most volatile year in the stock
market since 1987.
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Lower interest rates and continued good news on inflation will be a
positive for the stock market. However, favorable news from the U.S.economy
will be offset to some extent by concerns about the impact of the events in
Southeast Asia on U.S. corporate profits. Since current stock prices reflect
a fairly optimistic earnings outlook, there is little room for earnings
disappointments or rising interest rates. We anticipate a choppy trading
range environment until Southeast Asian markets stabilize and investors can
better gauge the effects of the weakened Asian economies on global and U.S.
markets.
We are emphasizing those stocks that should perform well in the more
mature phase of this expansion. Given a more difficult earnings environment
in 1998, and the increased uncertainty in Asian financial and currency
markets, companies that can generate consistent and steadily growing earnings
should provide investors the best relative performance.
The following paragraphs detail the performance of The Munder Funds. Each
Fund offers its shares to investors in several classes. These classes have
different sales charges and expenses, which affect performance. Performance
figures in the following narrative discussion represent the performance of
class K shares, net of Fund expenses.
MUNDER ACCELERATING GROWTH FUND
Fund Manager: The Munder Accelerating Fund Committee
The Fund earned a return of 5.67% for the six-month period ended
December 31, 1997. This compares to the 9.19% average return for the Lipper
universe of growth stock mutual funds for the same time period. Several
factors combined to lead to the relatively weak performance for the period.
First, given the turmoil in the Asian markets, investors sought the perceived
safety associated with the stocks of larger companies than those generally
held in the Fund. Second, a handful of companies represented in the Fund
pre-announced disappointing earnings. Finally, the Fund's energy holdings,
which had been strong performers through the third quarter, succumbed to
significant profit-taking during the fourth quarter. Factors that were
positive for performance included the superior performance of the Fund's
telecommunications-related holdings and strong results from most of the
Fund's retail-oriented holdings.
MUNDER BALANCED FUND
Fund Manager: The Munder Balanced Fund Committee
The Fund earned a return of 8.39% for the six-month period ended
December 31, 1997. This compares to the average return of 7.90% for the
Lipper universe of balanced mutual funds for the same time period. The Fund
has above-average performance for the six-month and nine-month periods ended
December 31, 1997.
The equity holdings in the Fund that were focused on consistent and
above-average earnings growth had strong relative performance during the
fourth quarter. The more aggressive equity holdings fared less well. One
reason is that these holdings tend to have a smaller average capitalization.
This hurt their performance since large company stocks were by far the best
performers for the fourth quarter and for the year as a whole. The fixed
income portion of the Fund had strong competitive performance for the fourth
quarter of 1997, benefiting from the environment of declining interest rates.
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MUNDER GROWTH & INCOME FUND
Fund Manager: Otto G. Hinzmann, Jr.
The Fund exhibited a return of 14.30% for the six-month period ended
December 31, 1997. This compares to the 11.11% average return for the Lipper
universe of equity income mutual funds for the same time period. In addition
to the three-month and one-year periods ended December 31, 1997, the Fund has
earned above-average returns for all time periods since inception.
We have been very pleased with the performance of this Fund.
Performance has been driven by the strong fundamentals of the companies that
make up the Fund's portfolio. Earnings growth for the past twelve months for
our portfolio companies has been 13%, comparable to that of the S&P 500. The
return on equity for the Fund's portfolio holdings was 18%, compared to 16%
for the S&P 500. The average quality of the portfolio (as measured by each
company's S&P rating) continues to be A-, compared to B+ for the S&P 500
universe.
The Fund's strong performance, especially in the fourth quarter of the
year was led by the Fund's utility sector holdings, up 18% versus 14.9% for
the S&P Utility sector. Other strong group performances for the fourth
quarter included consumer non-durables (+12%) and finance stocks (+8.5%). The
weakest group in the quarter was oil stocks. The S&P International Oils
sector was down 5.3%, reflecting substantial declines in the price of oil and
in earnings expectations for the group in the quarter. During the quarter,
the weighting of energy stocks in the Fund was reduced from 12% to 8%.
MUNDER INDEX 500 FUND
Fund Managers: Todd B. Johnson and Ken A. Schluchter
The Fund earned a return of 10.28% for the six-month period ended
December 31, 1997. This compares to the average return of 10.25% for the
Lipper universe of mutual funds with the objective of tracking the S&P 500
Index for the same time period. The Fund has earned above- average returns
for all time periods since inception.
The Fund continues to achieve its objective of tracking the total
return of the S&P 500 universe of stocks by a careful monitoring of the
weight of each security held in the Fund relative to its weight in the S&P
500 universe. Proprietary software is used in monitoring the Fund. Cash flows
are invested promptly to help ensure close tracking by the Fund to the S&P
500 Index.
MUNDER INTERNATIONAL EQUITY FUND
Fund Managers: Todd B. Johnson and Theodore Miller
The Fund generated a return of (9.07)% for the six-month period ended
December 31, 1997. This compares to the return of (9.46)% for the
FT-Actuaries World ex-U.S. Index and the average return of (6.45)% for the
Lipper universe of international equity mutual funds for the same time
period. It outperformed the FT-Actuaries World ex-U.S. Index for the
one-month, six-month, nine- month, one-year, two-year and three-year periods
ended December 31, 1997.
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The diversification of the 770 stock, 44 country Munder International
Equity Fund continued to provide a strong foundation for the Fund's
performance. For the fourth quarter, seven of the top ten stock performers
were Canadian and four of those were gold mining companies whose stock prices
responded positively to firmer gold prices.
In the top spot of the market quantitative portion, Copene, a Brazilian
petrochemical company, was up 43% in December because of lower oil prices.
Cognos Inc., a Canadian software provider, rallied 43% in December also on
the news that the company expects fourth quarter earnings to rise 20%. TVX
Gold, a Canadian gold mining company, rose 29% in December on higher gold
prices. Both Cognos Inc. and TVX Gold are held in the economic quantitative
portion of the Fund as well.
Other strong performers in the economic quantitative portion included
Aoki Corp., a Japanese engineering company, which was up 37% on news of a new
restructuring plan. Bema Gold Corp., a Canadian gold mining company, rose
27.8% on higher gold prices.
The performance of the Fund was affected by the U.S. dollar. The
strength of the dollar negatively impacted the portfolio by 10.3% in December
and has adversely affected the portfolio by almost 25 percent since the
beginning of the year. We do not hedge the currency risk in the Fund back to
the U.S. dollar as we believe that a major reason investors choose an
international portfolio is the diversification it provides away from the
U.S., including currency diversification. While this may have a positive or
negative effect in any one period, over the long run we believe that the
benefits of diversification outweigh the impact of exchange rate movements in
any individual time periods.
MUNDER MICRO-CAP EQUITY FUND
Fund Manager: The Munder Micro-Cap Equity Fund Committee
The Fund earned a return of 35.22% for the six-month period ended
December 31, 1997. This compares to the average return of 16.57% for the
Lipper universe of micro-cap mutual funds for the same time period. In
addition to the three-month and one-year periods ended December 31, 1997, the
Fund, which began operation in December, 1996, has also earned above-average
returns for the six-month and nine-month periods ended December 31, 1997.
The biggest year-end boost to performance came from the multi-industry
sector where strong stock selection added significantly to performance.
Outstanding performers in this group for the fourth quarter included
Dril-Quip, Bright Horizons and Somnus Medical Technologies. Technology, a
fairly large sector of the portfolio, was one of the weakest sectors of the
market in the fourth quarter. Here, however, good stock selection helped to
reduce the negative impact of the sector's overall weakness.
For the year as a whole, strong stock selection was a key to
performance, particularly in the financial, technology and consumer
non-durables sectors. The strength in stock selection helped the Fund to earn
an impressive return relative to all equity funds. The Fund earned the second
highest return of all stock funds for the year ended December 31, 1997. This
is an amazing feat, especially considering an environment where small cap
stocks significantly lagged the large cap segment of the market.
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MUNDER MID-CAP GROWTH FUND
Fund Manager: The Munder Mid-Cap Fund Committee
The Fund earned a 2.42% return for the six-month period ended December
31, 1997. This compares to the average return of 10.55% for the Lipper
universe of mid cap mutual funds for the same time period.
The fourth quarter of 1997 proved to be a difficult one for mid cap
funds. As the financial difficulties in Asia spread, investors focused on
conservative investments such as large capitalization stocks. As a result,
mid cap and small cap stocks turned in relatively weak performance. In
addition, certain stocks held in the Fund, particularly technology stocks,
declined as a result of investors' worries about their exposure to Asian
markets. High-yielding utilities were the only mid cap segment that performed
well during the fourth quarter. This was one reason for the strong
performance of value funds versus growth-oriented funds in the mid cap
segment of the market. In addition, the Fund's results reflect a handful of
companies that experienced earnings disappointments during the fourth
quarter.
We anticipate a volatile year for the stock market in 1998 as investors
adjust their earnings forecasts to account for the perceived impact of the
turmoil in Asian financial and currency markets. Our efforts with respect to
the Fund have taken into account both the domestic and global situation.
MUNDER MULTI-SEASON GROWTH FUND
Fund Managers: Leonard J. Barr II, CFA and Lee Munder, CFA
The Fund generated a return of 11.68% for the six-month period ended
December 31, 1997. This compares to the average return of 9.19% for the
Lipper universe of growth stock mutual funds for the same time period. In
addition to the three-month and one-year periods, the Fund has earned
above-average returns for the one-month, six-month, nine-month, two-year and
three-year periods ended December 31, 1997.
The best performing sectors for the quarter were healthcare (Schering
Plough, +21% and Pfizer, +24%), consumer staples (Walgreen, +23%) and
consumer cyclicals (Carnival, +20%, Costco, +9% and General Nutrition, +17%).
Weaker sectors included technology and transportation.
During the fourth quarter of 1997, we reduced our holdings in
healthcare share prices were exceeding acceptable parameters. We slightly
increased our holdings in telecommunications and energy as market weakness
created attractive buying opportunities. The Fund continues to emphasize
growth at a reasonable price. Projected earnings per share growth for the
Fund's portfolio holdings over the next twelve months is 15%, significantly
higher than the 8% projected growth for the S&P 500 universe of stocks. Yet,
even with that significant premium in expected growth, the price/earnings
ratio for the Fund is only slightly higher at 24 times earnings relative to
22 times earnings for the S&P 500.
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MUNDER REAL ESTATE EQUITY INVESTMENT FUND
Fund Manager: Peter K. Hoglund, CFA
The Fund generated a return of 15.72% for the six-month period ended
December 31, 1997. This compares to the return of 13.77% for the NAREIT Index
(equity only) and the average return of 14.01% for the Lipper universe of
real estate mutual funds for the same time period. In addition to the
three-month and one-year periods, the Fund has earned above-average returns
relative to the Lipper universe for the one-month, six-month, nine-month and
two-year periods ended December 31, 1997. It has outperformed the NAREIT
Index for the one-month, six-month, nine- month, one-year and two-year
periods ended December 31, 1997.
The Fund's strong performance relative to the Lipper universe and the
longer-term NAREIT returns was delivered with significantly less volatility
than either the broad stock market or the Lipper universe of real estate
funds. By maintaining strict adherence to our philosophy of providing a
well-diversified portfolio of high quality REITs, the Fund has performed
extremely well on a relative, absolute and risk-adjusted basis. We continue
to adhere to our investment philosophy of maintaining a high quality and
diversified REIT portfolio.
MUNDER SMALL-CAP VALUE FUND
Fund Managers: Gerald L. Seizert, CFA and Edward O. Eberle
The Fund earned a return of 20.29% for the six-month period ended
December 31, 1997. This compares to the return of 1.98% for the Russell 2000
Index, the 14.73% return for the Russell 2000 Value Index and the average
return of 10.62% for the Lipper universe of small cap mutual funds for the
same time period. In addition to the three-month and one-year periods ended
December 31, 1997, the Fund, which began operation in December, 1996, has
also earned above-average returns for the one-month, six-month and
nine-month periods ended December 31, 1997.
An overweighted position in financials, one of the strongest sectors of
the market during the fourth quarter and the strongest sector for the year,
helped to boost the performance of the Fund for both the fourth quarter and
the year. Strong performers in this group included ARM Financial Group, SIS
Bancorp and Coast Savings Financial. The consolidation in the financial
services sector has created attractive valuations for a number of banks and
savings and loan associations, and the Fund has taken advantage of these
opportunities. In the consumer services sector, both strong performance and
stock selection contributed positively to returns. In this group, Century
Communications was the leading performer for the fourth quarter of 1997. The
healthcare sector of the market had strong performance during the first three
quarters of the year, but weakened during the last three months. The Fund was
underweighted in this sector for both the quarter and the year, but still
showed strong performance due to holdings of both Trigon and Sullivan Dental
during the quarter. Trigon has since migrated from the Small-Cap Value Fund
to the Value Fund because of its increase in market capitalization.
MUNDER SMALL COMPANY GROWTH FUND
Fund Managers: Carl P. Wilk and Michael Gura
The Fund generated a return of 14.45% for the six-month period ended
December 31, 1997, compared to the return of 7.29% for the Russell 2000
Growth Index and the average return of
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10.62% for the Lipper universe of small cap mutual funds for the same time
period. The Fund has earned above-average returns for the one-month,
six-month, nine-month, one-year, two-year, three-year, five-year and ten-year
periods ended December 31, 1997.
The Fund ended the six-month period with strong relative performance in
December, producing a strong return for the period and for the year. The
Fund's superior performance for the month of December was due to strong stock
selection. The largest gains came from the business equipment and services,
financials and healthcare sectors. In the business equipment sector, the
contribution to performance was due to both an overweighted position in a
sector that outperformed the market and from good stock selection.
Particularly strong returns for the fourth quarter came from Medquist,
FactSet Research and Cort Business Services. Strong stock selection in the
financials sector, the best performing sector of the stock market for the
year, also helped to boost returns. CMAC Investment, Financial Federal and
Hubco were among the leading stocks in that group. In the healthcare sector,
strong returns for the fourth quarter came from holdings of Serologicals,
Medicis Pharmaceutical, Graham Field Health Products and Conmed. Good stock
selection in the technology sector helped to reduce the negative impact of
exposure to that sector, one of the weakest sectors of the stock market
during the fourth quarter.
For both the fourth quarter and the year ended December 31, 1997, small
company value stocks significantly outperformed small company growth stocks.
As an example, the Russell 2000 Value Index earned 1.68% for the fourth
quarter and 31.80% for the year ended December 31, 1997, while the Russell
2000 Growth Index generated a return of -- 8.20% for the quarter and 12.93%
for the year. This wide differential in returns between small cap growth and
small cap value stocks is unusual from an historical perspective.
Nonetheless, the Fund outperformed the Russell 2000 Growth Index and its
Lipper benchmark for the year, a universe made up of both growth and value
small company funds.
MUNDER VALUE FUND
Fund Managers: Gerald L. Seizert, CFA and Edward O. Eberle
The Fund exhibited a return of 14.40% for the six-month period ended
December 31, 1997. This compares to the average return of 9.93% for the
Lipper universe of growth & income funds. (There is no Lipper universe
representing value funds. The Fund is included in the Lipper growth & income
universe since it is closest to the Fund in terms of investment
characteristics.) The Fund has earned above-average returns for the
one-month, six-month, nine-month, one-year and two- year periods ended
December 31, 1997.
The Fund's strong performance in December, the six-month period ending
December, and for the year was largely due to strong stock selection,
especially among the larger cap stocks in the Fund. The best gains came from
the holdings in the financials sector. This sector, a strong performer during
the fourth quarter and the top performing sector for the year, was
overweighted in the Fund. Stocks in that group which did particularly well
included First of America (bought by National City), Hartford Life,
Mercantile Bankshares and Reliance Group. Good contribution during the
quarter as a whole came from the retail and consumer durables sectors,
primarily due to Wendy's (retail) and Maytag (consumer durables). Energy, one
of the weakest sectors of the market
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during fourth the quarter, proved to be a drag on performance. McDermott
International, however, was one energy holding that generated a strong
return.
MUNDER FRAMLINGTON EMERGING MARKETS FUND
Fund Manager: The Munder Framlington Emerging Markets Fund Committee,
headed by William Calvert
The Fund earned a return of (12.84)% for the six-month period ended
December 31, 1997. This compares to the (24.91)% return for the MSCI Emerging
Markets Free Index and the average return of (19.15)% for the Lipper universe
of emerging markets mutual funds for the same time period. In addition to the
quarter and one-year periods, the Fund, which began operation in December
1996, has earned above-average returns for the one-month, six-month and
nine-month periods ended December 31, 1997.
The Southeast Asian markets continued to exhibit poor performance as
the extent of their economic problems became clearer and of more concern to
investors. Although the Fund had very little exposure to that region, poor
investor sentiment spread to other emerging markets even where the
fundamentals remained attractive.
Going forward, we believe that many of the markets which were
negatively affected by sentiment rather than fundamentals now look
attractive. With the exception of China and India, we do not include the
Asian markets in that category. We believe that those economies will
deteriorate further and we are skeptical about their governments' willingness
to take the necessary steps for improvement. Consequently, the Fund continues
to be heavily weighted towards Latin America, Eastern Europe and Africa with
China and India accounting for nearly all of our Asian stocks.
MUNDER FRAMLINGTON HEALTHCARE FUND
Fund Manager: Antony Milford
The Fund generated a return of 6.70% for the six-month period ended
December 31, 1997. This compares to the average return of 6.68% for the
Lipper universe of health/biotechnology mutual funds for the same time
period. The Fund has earned an above-average return for the six- month period
ended December 31, 1997.
With the financial woes of the Southeast Asian markets dominating the
headlines, investors began to focus on conservative investments. The small
capitalization companies in the Healthcare Fund fall into a more aggressive
category of investments and were therefore largely ignored during the fourth
quarter. We believe that many of the Fund's stocks have unreasonably low
valuations. We expect that the companies in the Fund will benefit when
investors once again focus on company fundamentals.
MUNDER FRAMLINGTON INTERNATIONAL GROWTH FUND
Fund Manager: The Munder Framlington International Growth Fund Committee,
headed by Simon Key
The Fund generated a return of (10.08)% for the six-month period ended
December 31, 1997. This compares to the return of (8.36)% for the Morgan
Stanley EAFE Index and the average return of (6.45)% for the Lipper universe
of international equity mutual funds for the same time period.
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Foreign stocks continued to be affected by the malaise which spread
from Southeast Asia to the global economy. Despite the fact that the Fund
held no stocks in the emerging markets of that region, the Fund's holdings in
Latin America suffered from poor investor sentiment caused by Southeast
Asia's woes. Japan also suffered significantly from growing worries about the
impact of the turmoil in the Asian markets on its economy. Nevertheless,
Europe continued to provide good returns, particularly in specific sectors
such as financials. This enabled the Fund to post a positive return for the
month of December and for the year ended December 31, 1997.
We believe that Japan, currently underweighted in the Fund, now looks
relatively inexpen- sive. We are keeping a close watch on sentiment
indicators for an opportunity to increase Japanese holdings in the Fund. We
consider European economies to be in their best shape in many years. The
ongoing restructuring of several major European companies should continue to
provide attractive investment opportunities.
Fixed Income Funds Overview
During the fourth quarter of 1997, the focus of the financial markets
was primarily on the developing crisis in Southeast Asia. This crisis, which
began in the region's currency markets, spread to Asian equity markets. As
usually happens during periods of volatility in international markets, the
U.S. Treasury market benefited from its "safe haven" status. Additionally,
the U.S. fixed income market as a whole began to look more attractive to
investors on a fundamental basis. This was because the devaluation of foreign
currencies had the potential to lead to lower U.S. inflation through lower
import prices, allowing the Federal Reserve to hold short-term rates steady.
Until the events in Southeast Asia, investors had anticipated at least a
modest tightening in rates by the Federal Reserve.
During the fourth quarter, rates on the 30 year Treasury bond fell from
6.41% to 5.93%, a decline of almost one-half of a percentage point.
Short-term rates fell by a smaller 0.15 of a percentage point. The result was
a narrowing of the gap between shorter-term and longer-term rates.
U.S. Treasury bonds were the best performing asset class in the U.S.
fixed income market during the fourth quarter of 1997. The performance of
corporate bonds, which had experienced strong returns earlier in the year,
was hurt primarily by the weak performance of debt issued by Asian
governments and corporations. For example, the Government of Korea had been
the sixth largest issuer of investment grade corporate debt denominated in
U.S. dollars. (Note: Debt issued by foreign governments is included in the
corporate bond sector.) Korean debt began the fourth quarter with yields of
approximately 7.9%. By the end of the quarter, the yield on Korean debt had
jumped to almost 13% with a corresponding decline in price and had moved from
investment grade to junk bond status. Other corporate bonds also experienced
rising yields and declining prices for the fourth quarter as the market began
to price in a higher risk premium for the sector as a whole.
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Mortgage-backed securities underperformed during the fourth quarter as
a lower interest rate environment led to expectations of faster pre-payments
and therefore a significantly shorter expected maturity for these securities.
Heavy homeowner refinancing is expected as home mortgage rates fell to their
lowest level since late 1993.
Munder Capital Management has always maintained a focus on high quality
fixed income issues. Given the current volatility in the financial markets,
we anticipate that high quality debt will increasingly be awarded a premium
by other investors as well.
[Please note: In some of the following commentary, the Munder bond
funds are compared to various indices. It is important to remember that the
returns for the Munder bond funds are reported after the deduction of the
Funds' expenses. Since the various indices are not actively managed funds,
there are no expenses netted against their returns.]
MUNDER BOND FUND
Fund Managers: James C. Robinson and Gregory A. Prost, CFA
The Fund earned a 6.33% return for the six-month period ended December
31, 1997. This compares to the 6.83% return for the Lehman
Government/Corporate Bond Index and the average return of 6.27% for the
Lipper universe of Corporate Debt A Rated funds for the same time period. The
Fund has earned above-average returns for the three-month and six-month
periods ended December 31, 1997.
A key factor in the strong performance of the Fund for the fourth
quarter was its focus on high quality. The turmoil in the Southeast Asian
financial and currency markets led to a flight to quality. Issuers paid
dearly for perceived credit risk, as previously investment grade bonds issued
by countries such as Korea moved to junk bond status. In this environment,
the Fund's emphasis on quality was rewarded by the markets.
MUNDER INTERMEDIATE BOND FUND
Fund Manager: Anne K. Kennedy
The Fund generated a return of 4.39% for the six-month period ended
December 31, 1997. This compares to the 4.90% return for the Lehman
Intermediate Government/Corporate Bond Index and average return of 3.98% for
the Lipper universe of short intermediate investment grade debt funds for the
same time period. In addition to the three-month and one-year periods, the
Fund has earned above-average returns for the one-month, six-month,
nine-month and three-year periods ended December 31, 1997.
In the unsettled fixed income environment that characterized the fourth
quarter, the high quality of the portfolio was awarded a premium by
investors. As the economic and financial woes of Southeast Asian countries
deepened, investors became increasingly sensitive to the credit risk
associated with any fixed income issues. The flight to quality led to strong
performance of high quality issues and this helped to boost the performance
of the Fund.
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MUNDER INTERNATIONAL BOND FUND
Fund Managers: Sharon E. Fayolle and Gregory A. Prost, CFA
The Fund earned a return of (1.85)% for the six-month period ended
December 31, 1997. This compares to the return of (1.18)% for the Salomon
Brothers Non-U.S. $ World Government Bond Index and the average return of
0.91% for the Lipper universe of international income funds for the same time
period.
While most international bond markets saw increases in price and
decreases in yield for the quarter and the year ended December 31, 1997, the
strength of the U.S. dollar more than offset any gains. This gave the Fund
and its various benchmarks a negative return for the fourth quarter and the
year. Unexpectedly, the anglo-dollar bloc currencies of Canada and Australia
did not keep pace with the U.S. dollar. In fact, because of the relative
decline in the value of its currency, Australia was the worst performing
market in the Salomon Index, underperforming the average return by 7.5%. The
Australian dollar was indirectly impacted by the Asian crisis because of
Australia's geographic proximity to that region. The market is pricing into
Australian currency the negative effects of falling commodity prices on their
commodity-based economy. Japan, which was the second worst performing market
in the Salomon Index, was also negatively affected by the financial crisis in
the region.
Given relative currency movements during the fourth quarter, Fund
performance was held back by its overweighting of Canada and Australia. The
Fund's underweighting of Japan helped to protect it from the negative
performance of Japanese bonds. We are beginning the new year with a maximum
underweighting in Japan (10%) and a reduced weighting in the anglo-dollar
bloc countries.
MUNDER U.S. GOVERNMENT INCOME FUND
Fund Manager: Peter G. Root
The Fund exhibited a return of 5.71% for the six-month period ended
December 31, 1997. This compares to the 6.78% return for the Lehman
Government Bond Index and the average return of 6.30% for the Lipper universe
of general U.S. government funds for the same time period. The Fund has
earned above-average returns for the one-year, two-year, three-year,
five-year and ten-year periods ended December 31, 1997.
The performance of the Fund was held back during the fourth quarter by
the weak performance of mortgage-related government securities, which have a
relatively heavy weighting in the Fund. The presence of mortgage securities
in the portfolio had been a positive factor during much of the year. However,
in the fourth quarter, the significant decline in interest rates led to
investors' expectations that the rate of pre-payment for mortgage-related
securities would accelerate significantly. The result of faster pre-payments
is shorter maturities for mortgage-related securities, making them less
attractive in a strong bond market environment.
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MUNDER MICHIGAN TRIPLE TAX-FREE BOND FUND
MUNDER TAX-FREE BOND FUND
Fund Manager: Talmadge D. Gunn
The Munder Michigan Triple Tax-Free Bond Fund earned a return of 6.68%
for the six- month period ended December 31, 1997. This compares to return of
7.02% for the Lehman Brothers 20-Year Municipal Index and the average return
of 5.59% for the Lipper universe of Michigan municipal debt funds for the
same time period. In addition to the three-month and one- year periods, the
Fund has earned above-average returns for the one-month, six-month,
nine-month, two-year, three-year and five-year periods ended December 31,
1997.
The Munder Tax-Free Bond Fund earned a return of 6.66% for the
six-month period ended December 31, 1997. This compares to the 7.02% return
for the Lehman 20-Year Municipal Index and the average return of 5.95% for
the Lipper universe of general municipal debt funds for the same time period.
In addition to the three-month and one-year periods, the Fund has earned
above-average returns within its Lipper universe for the one-month,
six-month, nine-month, two- year and five-year periods ended December 31,
1997.
A number of features of the Funds helped them to outperform their
Lipper universes. A change in the structure of the Funds' portfolios has been
one factor in their positive performance. Part of the change was to increase
the emphasis on non-callable bonds. This has helped to make the performance
of each Fund more responsive to changes in interest rates. A lengthening of
the average maturity of the Funds has also boosted performance, given the
environment of declining interest rates. Finally, the high quality which
characterizes each of Munder's fixed income portfolios was a characteristic
that was prized by investors during the quarter and the year ended December
31, 1997.
xiv
<PAGE>
- -----------------------------------------------------------------------------
MUNDER TAX-FREE INTERMEDIATE BOND FUND
Fund Manager: Talmadge D. Gunn
The Fund earned a return of 3.73% for the six-month period ended
December 31, 1997, relative to the return of 4.15% for the Lehman Mutual Fund
Intermediate-Short Municipal Index and the average return of 4.56% for the
Lipper universe of intermediate municipal debt funds for the same time
period. The performance of the Fund relative to its Lipper universe continues
to reflect its shorter maturity and more defensive structure than the average
fund in the Lipper intermediate universe. It will therefore tend to
underperform intermediate universes but do well relative to shorter-term
municipal funds in strong markets such as those that characterized most of
1997.
MUNDER SHORT TERM TREASURY FUND
Fund Manager: Sharon E. Fayolle
The Fund exhibited a return of 1.16% for the six-month period ended
December 31, 1997, relative to the 3.37% return for the Merrill Lynch 0-3
Year Treasury Index and a 3.59% average return for the Lipper universe of
short-term U.S. Treasury funds for the same time period. The Fund began
operation in January 1997.
During the fourth quarter of 1997, interest rates declined sharply and
U.S. bond prices rose as turmoil in the Southeast Asian financial and
currency markets caused the U.S. Treasury market to benefit from its "safe
haven" status. Additionally, the U.S. Treasury market began to look more
attractive on a fundamental basis, as investors came to anticipate that the
Federal Reserve would hold monetary policy steady rather than engage in a
tightening of policy as had been expected.
The purpose of the Fund is to offer a defensive fixed income vehicle
for investors. Its goal is to provide higher returns than money market funds
with minimal price volatility. It is more defensive in nature than its Lipper
universe, particularly because of a much shorter average maturity. As a
result, the Fund tends to underperform its Lipper benchmark universe in
strong markets characterized by declining interest rates and rising bond
prices. The Fund has continued to meet its goal of earning returns higher
than money market returns with minimal price volatility.
xv
<PAGE>
Munder Accelerating Growth Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 74.5%
Automobile Parts & Equipment -- 4.0%
37,800 Lear Corporation+ $ 1,795,500
195,200 Miller Industries, Inc.+ 2,098,400
83,380 Tower Automotive, Inc.+ 3,507,171
------------
7,401,071
------------
Banking and Finance -- 11.7%
67,400 BankAmerica Corporation 4,920,200
79,620 Charter One Financial, Inc. 5,026,013
21,400 Chase Manhattan Corporation 2,343,300
112,300 Finova Group, Inc. 5,579,906
52,500 Green Tree Financial
Corporation 1,374,844
31,700 GreenPoint Financial
Corporation 2,300,231
------------
21,544,494
------------
Commercial Services -- 5.9%
47,800 ABR Information Services,
Inc.+ 1,141,225
206,773 Cendant Corporation+ 7,107,822
112,500 Equity Corporation
International+ 2,601,563
------------
10,850,610
------------
Communication Equipment -- 1.7%
60,300 Tellabs, Inc.+ 3,188,363
------------
Computer Hardware, Software
or Services -- 9.6%
69,000 Adaptec, Inc.+ 2,561,625
105,500 Fiserv, Inc.+ 5,182,688
277,000 Iomega Corporation+ 3,445,188
45,150 Parametric Technology
Corporation+ 2,138,981
106,000 Saville Systems, ADR+ 4,399,000
------------
17,727,482
------------
Diversified -- 7.5%
107,600 Corrections Corporation of
America+ 3,987,925
46,600 Textron, Inc. 2,912,500
152,300 Tyco International Ltd. 6,863,019
------------
13,763,444
------------
Drugs -- 1.2%
17,400 Warner-Lambert Company 2,157,600
------------
Food and Beverages -- 2.2%
73,400 Sara Lee Corporation 4,133,338
------------
Lodging -- 1.3%
71,600 CapStar Hotel Company+ 2,456,775
------------
Medical Instruments, Services,
and Supplies -- 7.0%
38,100 Elan Corporation Plc,
ADR+ 1,950,244
84,000 HBO & Company 4,032,000
201,500 HEALTHSOUTH
Corporation+ 5,591,625
51,021 Total Renal Care
Holdings, Inc.+ 1,403,078
------------
12,976,947
------------
Office Equipment and Supplies -- 2.4%
48,900 Pitney Bowes, Inc. 4,397,944
------------
Oil Equipment & Services -- 4.9%
82,600 Diamond Offshore
Drilling, Inc. 3,975,125
80,000 Precision Drilling Corp+ 1,950,000
79,900 Veritas DGC, Inc.+ 3,156,050
------------
9,081,175
------------
Publishing -- 1.2%
40,900 Applied Graphics
Technologies+ 2,177,926
------------
Real Estate -- 1.9%
45,500 Mack-Cali Realty
Corporation 1,865,500
38,000 Spieker Properties, Inc. 1,629,250
------------
3,494,750
------------
Recreation -- 0.9%
76,400 Signature Resorts, Inc.+ 1,671,250
------------
Retail -- Store -- 3.7%
129,400 Pier 1 Imports, Inc. 2,927,675
160,700 The Sports Authority, Inc.+ 2,370,325
44,600 TJX Companies, Inc. 1,533,125
------------
6,831,125
------------
Telecommunications -- 7.4%
47,300 ADC Telecommunications,
Inc.+ 1,974,775
29,100 Lucent Technologies, Inc. 2,324,363
87,300 Teleport Communications
Group Inc.+ 4,790,588
147,600 WorldCom, Inc.+ 4,464,900
------------
13,554,626
------------
TOTAL COMMON STOCKS
(Cost $109,280,552) 137,408,920
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENTS -- 26.1%
$ 8,088,000 Agreement with State Street Bank
and Trust Company, 6.000% dated
12/31/1997, to be repurchased at
$8,090,696 on 01/02/98,
collateralized by $7,990,000 U.S.
Treasury Note, 6.750% maturing
04/30/2000 (value $8,250,666) 8,088,000
40,000,000 Agreement with Lehman
Brothers, 6.500% dated
12/31/1997,
to be repurchased at
$40,014,444
on 01/02/1998,
collateralized by
$38,929,000 U.S.
Treasury Notes,
8.500-8.870%, having
maturities ranging from
08/15/2017 through
02/15/2020
(value $40,787,293) 40,000,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $48,088,000) 48,088,000
------------
TOTAL INVESTMENTS
(Cost $157,368,552*) 100.6% 185,496,920
OTHER ASSETS AND
LIABILITIES (Net) (0.6) (1,168,373)
---- ------------
NET ASSETS 100.0% $184,328,547
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.<PAGE>
Munder Balanced fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 47.4%
Advertising -- 0.7%
14,000 Omnicom Group, Inc. $ 593,250
------------
Aerospace -- 0.6%
4,800 Sundstrand Corporation 241,800
3,400 United Technologies
Corporation 247,563
------------
489,363
------------
Automobile Parts & Equipment -- 2.0%
11,300 Johnson Controls, Inc. 539,575
3,500 Lear Corporation+ 166,250
19,559 Mark IV Industries, Inc. 427,853
20,300 Miller Industries, Inc.+ 218,225
7,000 Tower Automotive, Inc.+ 294,438
------------
1,646,341
------------
Banking and Financial Services -- 6.9%
8,700 Associates First Capital
Corporation 618,787
11,700 BankAmerica Corporation 854,100
11,220 Charter One Financial, Inc. 708,262
6,300 Chase Manhattan Corporation 689,850
7,000 Finova Group, Inc. 347,813
17,200 Green Tree Financial
Corporation 450,425
2,400 GreenPoint Financial
Corporation 174,150
7,600 MGIC Investment 505,400
14,000 Norwest Corporation 540,750
6,900 Summit Bancorp 367,425
3,000 U.S. Bancorp 335,813
------------
5,592,775
------------
Building Materials -- 0.7%
19,600 Sherwin-Williams Company 543,900
------------
Business Equipment and Supplies -- 0.8%
14,700 Avery Dennison Corporation 657,825
------------
Business Services -- 1.8%
9,200 Automatic Data Processing, Inc. 564,650
8,000 Equifax, Inc. 283,500
7,100 First Data Corporation 207,675
7,600 Fiserv, Inc.+ 373,350
------------
1,429,175
------------
Commercial Services -- 2.2%
5,700 ABR Information Services,
Inc.+ 136,088
37,190 Cendant Corporation+ 1,278,403
9,900 Corrections Corporation
of America+ 366,919
------------
1,781,410
------------
Computer Hardware, Software
or Services -- 4.7%
8,900 Adaptec, Inc.+ 330,413
6,000 BMC Software, Inc.+ 393,750
20,500 Cabletron Systems, Inc.+ 307,500
12,450 CISCO Systems, Inc.+ 694,087
10,000 Hewlett-Packard Company 625,000
3,200 Intel Corporation 224,800
27,600 Iomega Corporation+ 343,275
10,950 Oracle Corporation+ 244,322
9,700 Parametric Technology
Company+ 459,537
4,800 Saville Systems Ireland Plc,
ADR+ 199,200
------------
3,821,884
------------
Consumer Non-Durables -- 0.2%
3,300 Newell Company 140,250
------------
Diversified -- 4.4%
11,500 Textron, Inc. 718,750
29,900 Thermo Electron
Corporation+ 1,330,550
32,900 Tyco International Ltd. 1,482,556
------------
3,531,856
------------
Drugs -- 2.5%
9,000 Amgen, Inc. 487,125
5,500 Merck & Company, Inc. 584,375
3,400 Pfizer, Inc. 253,513
8,500 Schering-Plough Corporation 528,062
1,500 Warner-Lambert Company 186,000
------------
2,039,075
------------
Electrical Equipment -- 0.7%
9,500 Emerson Electric Company 536,156
------------
Food and Beverages -- 1.1%
15,300 Sara Lee Corporation 861,581
------------
Home Furnishings -- 0.4%
7,600 Leggett & Platt, Inc. 318,250
------------
Hotels and Lodging -- 0.4%
4,800 CapStar Hotel Company+ 164,700
7,200 Signature Resorts, Inc.+ 157,500
------------
322,200
------------
Household Products -- 0.4%
6,200 Lancaster Colony Corporation 349,525
------------
Insurance -- 1.1%
2,325 American International
Group, Inc. 252,844
9,200 MBIA, Inc. 614,675
------------
867,519
------------
Manufactured Housing -- 0.9%
38,500 Clayton Homes, Inc. 693,000
------------
Medical Services and Supplies -- 2.1%
3,500 Elan Corporation Plc,
ADR+ 179,156
8,600 HBO & Company 412,800
36,400 HEALTHSOUTH
Corporation+ 1,010,100
3,166 Total Renal Care
Holdings, Inc.+ 87,065
------------
1,689,121
------------
Office Equipment and Supplies -- 0.5%
4,200 Pitney Bowes, Inc. 377,738
------------
Oil Equipment and Services -- 2.2%
4,600 Diamond Offshore
Drilling, Inc. 221,375
5,000 Precision Drilling Corporation+ 121,875
8,400 Reading & Bates
Corporation 351,750
4,300 Schlumberger Ltd. 346,150
10,000 Transocean Offshore, Inc. 481,875
6,500 Veritas DGC, Inc.+ 256,750
------------
1,779,775
------------
Publishing -- 0.2%
3,800 Applied Graphics
Technologies, Inc.+ 202,350
------------
Railroads -- 0.7%
16,600 Illinois Central Corporation 565,438
------------
Real Estate -- 0.6%
7,000 Equity Residential Properties
Trust+ 161,875
4,300 Mack-Cali Realty Corporation 176,300
3,600 Spieker Properties, Inc. 154,350
------------
492,525
------------
Recreation -- 0.8%
11,700 Carnival Corporation, Class A 647,887
------------
Restaurants -- 1.0%
4,900 Cracker Barrel Old Country
Store, Inc. 163,537
25,200 Wendy's International, Inc. 606,375
------------
769,912
------------
Retail -- Specialty -- 3.6%
11,993 Consolidated Stores
Corporation+ 526,942
10,000 Costco Companies, Inc.+ 446,250
9,000 General Nutrition
Companies, Inc.+ 306,000
12,500 Home Depot, Inc. 735,937
8,300 Pier 1 Imports, Inc. 187,788
17,100 The Sports Authority, Inc.+ 252,225
3,400 TJX Companies, Inc. 116,875
10,200 Walgreen Company 320,025
------------
2,892,042
------------
Telecommunications -- 2.8%
4,600 ADC Telecommunications,
Inc.+ 192,050
13,700 Century Telephone
Enterprise 682,431
1,800 Lucent Technologies 143,775
6,000 Teleport Communications
Group, Inc.+ 329,250
6,000 Tellabs, Inc.+ 317,250
19,700 WorldCom, Inc.+ 595,925
------------
2,260,681
------------
Toys -- 0.4%
9,250 Mattel, Inc. 344,563
------------
TOTAL COMMON STOCKS
(Cost $27,582,315) 38,237,367
------------
Principal
Amount
- ---------
ASSET BACKED SECURITIES -- 3.5%
$1,055,000 Advanta Mortgage Loan Trust,
Series 1997-2, Class A-2,
7.050% due 05/25/2021 1,068,525
200,000 Banc One Credit Card Master
Trust, Series 1994-C,
Class A,
7.800% due 12/15/2000 203,182
500,000 Chase Manhattan
Corporation,
Series 1996-4, Class A,
6.730% due 02/15/2003 505,345
600,000 Residential Accredit Loans,
Inc., Series 1997-QS5,
Class A 5,
7.250% due 06/25/2027 603,375
400,000 Union Acceptance
Corporation,
Series 1996-C, Class A3,
6.630% due 10/08/2003++ 405,556
------------
TOTAL ASSET BACKED SECURITIES
(Cost $2,784,222) 2,785,983
------------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 1.6%
750,000 Federal Home Mortgage
Corporation,
Series 1541, Class F,
6.250% due 05/15/2019 747,675
550,000 Federal Home Mortgage
Corporation, Series 1702-A,
Class PD,
6.500% due 04/15/2022 553,405
------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $1,280,895) 1,301,080
------------
CORPORATE BONDS AND NOTES -- 15.0%
Finance -- 4.0%
150,000 American General Institutional
Capital,
7.570% due 12/01/2045+++ 154,773
400,000 AT&T Capital Corporation,
MTN,
6.490% due 05/17/1999 402,336
540,000 Commercial Credit Company,
5.875% due 01/15/2003 531,614
140,000 Ford Motor Credit
Corporation,
6.500% due 02/15/2006 140,864
500,000 GMAC,
6.375% due 12/01/2001 501,410
540,000 Liberty Mutual Capital
Corporation, MTN,
8.100% due 01/14/2005+++ 588,956
150,000 MIC Financing Trust I,
8.375% due 02/01/2027+++ 161,114
600,000 Pitney Bowes Credit
Corporation,
8.625% due 02/15/2008 700,590
------------
3,181,657
------------
Finance & Banking -- 1.7%
500,000 Countrywide Capital III,
8.050% due 06/15/2027 556,360
750,000 National Westminster Bank,
7.750% due 04/29/2049 796,875
------------
1,353,235
------------
Finance -- Foreign -- 3.2%
400,000 American Express Company,
Global Bond,
6.750% due 06/23/2004 410,340
400,000 Beta Finance Corporation,
6.625% due 07/02/2002 406,200
500,000 KFW International
Finance, Inc.,
8.000% due 02/15/2010 567,085
500,000 Swedish Export Credit Corp.,
6.010% due 06/19/2000 499,150
575,000 Toronto Dominion Bank,
6.750% due 06/13/2002 586,385
90,000 Union Bank of Switzerland,
7.250% due 07/15/2006 95,091
------------
2,564,251
------------
Government Agency -- 1.2%
500,000 British Columbia Hydro,
12.500% due 01/15/2014 548,900
400,000 Tennessee Valley Authority,
6.375% due 06/15/2005 408,116
------------
957,016
------------
Industrial -- 1.7%
600,000 Anheuser Busch Companies,
9.000% due 12/01/2009 720,888
600,000 Wal-Mart Stores,
8.625% due 04/01/2001 642,882
------------
1,363,770
------------
Industrial -- Foreign -- 1.1%
550,000 International
Telecommunications
Satellite,
8.375% due 10/14/2004 608,988
300,000 Toyota Motor Corporation,
5.625% due 03/17/1998 300,414
------------
909,402
------------
Supranational -- 1.1%
350,000 African Development Bank,
Notes,
6.750% due 07/30/1999 354,204
500,000 European Investment Bank,
7.250% due 04/23/2007 540,053
------------
894,257
------------
Utility -- Electric -- 1.0%
500,000 National Rural Utilities,
7.300% due 09/15/2006 531,755
300,000 Puget Sound Energy, Inc.,
7.020% due 12/01/2027 302,610
------------
834,365
------------
TOTAL CORPORATE BONDS
AND NOTES
(Cost $11,855,158) 12,057,953
------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 4.8%
Federal Home Loan Mortgage Corporation (FHLMC) -- 0.6%
FHLMC:
201,968 Pool #E62394, Gold,
7.500% due 09/01/2010 207,102
285,340 Pool #200021,
10.500% due 11/01/2000 299,807
------------
506,909
------------
Federal National Mortgage Association
(FNMA) -- 4.2%
FNMA:
1,000,000 Series 1993-183 Class H,
6.500% due 03/25/2022 1,003,920
798,483 Pool #303020,
7.000% due 10/25/2024 804,104
218,197 Pool #250345,
7.000% due 09/01/2025 219,746
200,000 7.150% due 08/27/2012 202,000
391,119 Pool #303105,
11.000% due 11/01/2020 430,786
622,766 Pool #100081,
11.500% due 08/20/2016 697,891
------------
3,358,447
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $3,800,699) 3,865,356
------------
U.S. TREASURY OBLIGATIONS -- 13.8%
U.S. Treasury Bonds -- 4.0%
2,875,000 6.875% due 08/15/2025 3,206,056
-----------
U.S. Treasury Notes -- 9.8%
970 3.625% due 07/15/2002 965
2,100,000 7.500% due 11/15/2001 2,225,664
530,000 7.750% due 01/31/2000 551,205
4,610,000 7.875% due 11/15/2004 5,153,381
------------
7,931,215
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $10,675,666) 11,137,271
------------
REPURCHASE AGREEMENT -- 14.7%
(Cost $11,859,000)
11,859,000 Agreement with State Street
Bank and Trust Company,
6.000% dated 12/31/1997,
to be repurchased at
$11,862,953 on
01/02/1998, collateralized
by $10,655,000 U.S.
Treasury Bond, 6.875%
maturing 08/15/2025
(value $12,096,760) 11,859,000
------------
TOTAL INVESTMENTS
(Cost $69,837,955*) 100.8% 81,244,010
OTHER ASSETS AND
LIABILITIES (Net) (0.8) (613,418)
---- ----------
NET ASSETS 100.0% $ 80,630,592
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
+ 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 Depository Receipt
MTN -- Medium Term Note
See Notes to Financial Statements.
<PAGE>
Munder Growth & Income Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 83.4%
Automobiles -- 2.0%
97,000 Ford Motor Company $ 4,722,688
------------
Automobile Parts & Equipment -- 2.0%
97,000 Johnson Controls, Inc. 4,631,750
------------
Banking and Finance -- 13.5%
93,000 Banc One Corporation 5,051,062
62,000 BankAmerica Corporation 4,526,000
70,350 Charter One Financial, Inc. 4,440,844
62,000 First of America Bank
Corporation 4,781,750
122,000 Norwest Corporation 4,712,250
64,500 Summit Bancorp 3,434,625
40,000 U.S. Bancorp 4,477,500
------------
31,424,031
------------
Chemicals -- 4.1%
105,074 Avery Dennison Corporation 4,702,062
75,000 Imperial Chemical
Industries Plc, ADR 4,870,312
------------
9,572,374
------------
Diversified -- 0.6%
69,200 Federal Signal Corporation 1,496,450
------------
Drugs -- 4.0%
62,000 American Home Products
Corporation 4,743,000
43,000 Merck & Co., Inc. 4,568,750
------------
9,311,750
------------
Drugs & Health Care -- 4.2%
53,000 Bristol-Myers Squibb
Company 5,015,125
90,000 Smithkline Beecham
Group Plc, ADR 4,629,375
------------
9,644,500
------------
Electrical Equipment -- 0.6%
30,000 Hubbell, Inc. 1,479,375
------------
Electrical Machinery -- 1.9%
89,000 Cooper Industries, Inc. 4,361,000
------------
Food and Beverages -- 4.7%
99,000 Sara Lee Corporation 5,574,937
117,500 Sysco Corporation 5,353,594
------------
10,928,531
------------
Holding Companies -- Diversified -- 2.1%
76,600 Textron, Inc. 4,787,500
------------
Insurance -- 5.1%
59,000 Lincoln National
Corporation 4,609,375
98,000 SAFECO Corporation 4,777,500
31,000 St. Paul Companies, Inc. 2,543,937
------------
11,930,812
------------
Office Equipment and Supplies -- 3.0%
31,200 Pitney Bowes, Inc. 2,806,050
58,000 Xerox Corporation 4,281,125
------------
7,087,175
------------
Oil and Petroleum -- 5.4%
57,000 Atlantic Richfield Company 4,567,125
35,000 British Petroleum
Company Plc, ADR 2,789,062
37,000 Exxon Corporation 2,263,938
41,000 Mobil Corporation 2,959,687
------------
12,579,812
------------
Paper -- 1.4%
62,000 Consolidated Papers, Inc. 3,309,250
------------
Printing and Publishing -- 2.5%
79,000 McGraw-Hill, Inc. 5,846,000
------------
Railroad -- 1.8%
123,000 Illinois Central Corporation 4,189,688
------------
Real Estate -- 6.4%
120,800 FelCor Suite Hotels, Inc. 4,288,400
102,000 Health Care Property
Investors, Inc. 3,856,875
162,000 Prentiss Properties Trust 4,525,875
50,350 Spieker Properties, Inc. 2,158,756
------------
14,829,906
------------
Retail -- Store -- 3.7%
81,000 May Department Stores
Company 4,267,688
70,000 Penney (J.C.) Company, Inc. 4,221,875
------------
8,489,563
------------
Telecommunications -- 4.3%
88,000 AT & T Corporation 5,390,000
80,000 BellSouth Corporation 4,505,000
------------
9,895,000
------------
Utilities -- Electric -- 4.7%
104,000 DPL, Inc. 2,990,000
40,727 Duke Energy Company 2,255,258
116,300 New Century Energies, Inc. 5,575,131
------------
10,820,389
------------
Utilities -- Natural Gas -- 5.4%
80,931 El Paso Natural Gas Company 5,381,912
177,371 MCN Corporation Holding
Company 7,161,354
------------
12,543,266
------------
TOTAL COMMON STOCKS
(Cost $145,730,758) 193,880,810
------------
Principal
Amount
- ---------
CONVERTIBLE BONDS AND NOTES -- 6.3%
$1,600,000 Diamond Offshore Drilling,
Conv. Sub. Note,
3.750% due 02/15/2007 2,144,000
5,150,000 Home Depot, Inc.,
Conv. Sub. Note,
3.250% due 10/01/2001 6,978,250
6,000,000 Mark IV Industries, Inc.,
4.750% due 11/01/2004 5,602,500
------------
TOTAL CONVERTIBLE BONDS
AND NOTES
(Cost $12,752,161) 14,724,750
------------
CONVERTIBLE PREFERRED STOCKS -- 4.6%
88,000 AirTouch Communications, Inc.,
Series C 4.250% Conv. Pfd. 5,483,500
93,000 Wendys Financial I
5.000%, Conv. Pfd. 5,115,000
------------
TOTAL CONVERTIBLE
PREFERRED STOCKS
(Cost $9,051,165) 10,598,500
------------
REPURCHASE AGREEMENT -- 5.9%
(Cost $13,788,000)
13,788,000 Agreement with State Street
Bank and Trust Company,
6.000% dated 12/31/1997,
to be repurchased at
$13,792,596 on 01/02/98,
collateralized by
$12,390,000 U.S. Treasury
Note, 6.875% maturing
08/15/2025 (value $14,066,528) 13,788,000
------------
TOTAL INVESTMENTS
(Cost $181,322,084*) 100.2% 232,992,060
OTHER ASSETS AND
LIABILITIES (Net) (0.2) (526,300)
---- ------------
NET ASSETS 100.0% $232,465,760
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
<PAGE>
Munder Index 500 Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
Advertising -- 0.2%
9,850 Interpublic Group of
Companies, Inc. $ 490,653
12,800 Omnicom Group, Inc. 542,400
------------
1,033,053
------------
Aerospace -- 1.3%
79,298 Boeing Company 3,880,646
4,800 General Dynamics
Corporation 414,900
15,371 Lockheed Martin Corporation 1,514,044
5,300 Northrop Grumman
Corporation 609,500
18,500 United Technologies
Corporation 1,347,031
------------
7,766,121
------------
Airlines -- 0.4%
7,300 AMR Corporation+ 938,050
5,800 Delta Air Lines, Inc. 690,200
17,250 Southwest Airlines Company 424,781
7,200 US Airways Group, Inc.+ 450,000
------------
2,503,031
------------
Apparel -- 0.3%
5,800 Fruit Of The Loom, Inc.+ 148,625
5,500 Liz Claiborne, Inc. 229,969
22,700 NIKE, Inc., Class B 890,975
4,400 Reebok International Ltd. 126,775
9,900 V.F. Corporation 454,781
------------
1,851,125
------------
Automobiles -- 1.6%
53,200 Chrysler Corporation 1,871,975
94,600 Ford Motor Company 4,605,838
57,400 General Motors Corporation 3,479,875
5,780 Navistar International
Corporation+ 143,416
------------
10,101,104
------------
Automobile Parts & Equipment-- 0.4%
11,900 AutoZone, Inc.+ 345,100
3,100 Cummins Engine, Inc. 183,094
8,200 Dana Corporation 389,500
5,000 Echlin, Inc. 180,938
14,125 Genuine Parts Company 479,367
6,600 Johnson Controls, Inc. 315,150
5,000 Pep Boys -- Manny,
Moe & Jack 119,375
9,700 TRW, Inc. 517,737
------------
2,530,261
------------
Banks -- 9.1%
45,841 Banc One Corporation 2,489,739
29,900 Bank of New York, Inc. 1,728,594
55,032 BankAmerica Corporation 4,017,336
11,500 BankBoston 1,080,281
7,777 Bankers Trust New York
Corporation 874,426
15,600 Barnett Banks, Inc. 1,121,250
10,700 BB&T Corporation 685,469
33,384 Chase Manhattan Corporation 3,655,548
36,000 Citicorp 4,551,750
8,300 Comerica, Inc. 749,075
15,962 CoreStates Financial
Corporation 1,277,958
12,150 Fifth Third Bancorporation 993,263
23,331 First Chicago Corporation 1,948,138
49,180 First Union Corporation 2,520,475
19,690 Fleet Financial Group, Inc. 1,475,519
15,100 Huntington Bancshares, Inc. 543,600
17,100 KeyCorp (New) 1,210,894
39,468 MBNA Corporation 1,077,970
19,800 Mellon Bank Corporation 1,200,375
14,100 Morgan (J.P.) &
Company, Inc. 1,591,537
46,189 Morgan Stanley, Dean Witter,
Discover and Company 2,730,925
16,900 National City Corporation 1,111,175
56,034 NationsBank Corporation 3,407,568
59,000 Norwest Corporation 2,278,875
24,000 PNC Bank Corporation 1,369,500
4,300 Republic New York
Corporation 491,006
12,600 State Street Corporation 733,163
16,900 SunTrust Banks, Inc. 1,206,237
13,800 Synovus Financial Corporation 451,950
19,293 U.S. Bancorp 2,159,610
16,135 Wachovia Corporation 1,308,952
19,740 Washington Mutual, Inc. 1,259,659
6,866 Wells Fargo & Company 2,330,578
------------
55,632,395
------------
Broadcasting -- 0.4%
55,600 CBS Corporation 1,636,725
7,700 Clear Channel
Communications+ 611,669
4,200 Meredith Corporation 149,887
------------
2,398,281
------------
Building Materials -- 0.8%
2,100 Centex Corporation 132,169
3,650 Crane Company 158,319
2,800 Fleetwood Enterprises 118,825
57,823 Home Depot, Inc. 3,404,329
3,100 Kaufman & Broad Home
Corporation 69,556
13,000 Masco Corporation 661,375
10,033 Pall Corporation 207,558
1,700 Pulte Corporation 71,081
------------
4,823,212
------------
Business Equipment and Supplies -- 1.9%
8,100 Avery Dennison Corporation 362,475
10,400 Ikon Office Solutions 292,500
77,400 International Business
Machines Corporation 8,093,137
11,400 Pitney Bowes, Inc. 1,025,288
25,600 Xerox Corporation 1,889,600
------------
11,663,000
------------
Business Services -- 0.5%
62,214 Cendant Corporation+ 2,138,598
6,400 Deluxe Corporation 220,800
9,100 Federal Express Corporation+ 555,669
2,400 Harland (John H.) Company 50,400
7,100 Moore Corporation Ltd. 107,387
------------
3,072,854
------------
Chemicals and Plastics -- 3.1%
8,600 Air Products & Chemicals, Inc. 707,350
17,950 Dow Chemical Company 1,821,925
89,500 dupont (E.I.) de Nemours &
Company 5,375,594
6,075 Eastman Chemical Company 361,842
5,100 Ecolab, Inc. 282,731
11,450 Engelhard Corporation 198,944
2,900 FMC Corporation+ 195,206
5,800 Grace (W.R.) & Company 466,537
4,700 Great Lakes Chemical
Corporation 210,913
7,800 Hercules, Inc. 390,488
3,600 Kerr-McGee Corporation 227,925
5,800 Mallinckrodt Group, Inc. 220,400
32,800 Minnesota Mining &
Manufacturing Company 2,691,650
46,400 Monsanto Company 1,948,800
11,000 Morton International, Inc. 378,125
5,300 Nalco Chemical Company 209,681
12,400 Praxair, Inc. 558,000
6,800 Raychem Corporation 292,825
16,400 Rockwell International
Corporation 856,900
4,800 Rohm & Haas Company 459,600
7,912 Sigma-Aldrich Corporation 314,502
5,500 Union Camp Corporation 295,281
9,800 Union Carbide Corporation 420,788
------------
18,886,007
------------
Coal -- 0.2%
17,200 CSX Corporation 928,800
1,600 Eastern Enterprises 72,000
6,600 Fluor Corporation 246,675
------------
1,247,475
------------
Communication Equipment -- 1.3%
12,400 Cabletron Systems, Inc.+ 186,000
75,400 GTE Corporation 3,939,650
6,200 Harris Corporation 284,425
46,900 Motorola, Inc. 2,676,231
11,500 National Semiconductor
Corporation+ 298,281
6,100 Scientific-Atlanta, Inc. 102,175
14,200 Tellabs, Inc.+ 750,825
------------
8,237,587
------------
Computer Hardware, Software
or Services -- 6.5%
27,200 3COM Corporation+ 950,300
5,800 Adobe Systems, Inc. 239,250
11,200 Advanced Micro Devices, Inc.+ 200,900
17,324 AMP, Inc. 727,608
10,100 Apple Computer, Inc.+ 132,563
3,800 Autodesk, Inc. 140,600
23,100 Automatic Data
Processing, Inc. 1,417,762
16,600 Bay Networks, Inc.+ 424,337
6,300 Ceridian Corporation+ 288,619
79,050 CISCO Systems, Inc.+ 4,407,037
60,472 Compaq Computer
Corporation 3,412,888
43,075 Computer Associates
International, Inc. 2,277,591
6,000 Computer Sciences
Corporation+ 501,000
3,800 Data General Corporation+ 66,263
26,100 Dell Computer Corporation+ 2,192,400
12,000 Digital Equipment
Corporation+ 444,000
82,300 Hewlett Packard Company 5,143,750
10,100 Honeywell, Inc. 691,850
94,400 Microsoft Corporation+ 12,201,200
55 Netscape Communications
Corporation+ 1,341
27,500 Novell, Inc.+ 206,250
77,550 Oracle Systems Corporation+ 1,730,334
10,100 Parametric Technology
Corporation+ 478,487
19,300 Seagate Technologies, Inc.+ 371,525
18 Siebel Systems, Inc.+ 767
14,000 Silicon Graphics, Inc.+ 174,125
29,000 Sun Microsystems, Inc.+ 1,156,375
13,800 Unisys Corporation+ 191,475
------------
40,170,597
------------
Computer-- Semiconductors-- 1.9%
28,800 Applied Materials+ 867,600
39,000 EMC Corporation+ 1,070,062
129,300 Intel Corporation 9,083,325
11,200 LSI Logic Corporation+ 221,200
16,600 Micron Technology, Inc.+ 431,600
------------
11,673,787
------------
Consumer Non-Durables -- 3.5%
18,200 Corning, Inc. 675,675
259,100 General Electric Company 19,011,462
3,800 Grainger (W.W.), Inc. 369,313
13,700 Lowe's Companies, Inc. 653,319
12,500 Newell Company 531,250
8,000 Whitman Corporation 208,500
------------
21,449,519
------------
Consumer Services -- 0.2%
8,200 Block (H & R), Inc. 367,463
5,050 Manor Care, Inc. 176,750
19,800 Service Corporation
International 731,362
------------
1,275,575
------------
Consumer Staples -- 0.1%
6,400 Pioneer Hi-Bred
International, Inc. 686,400
------------
Containers -- 0.2%
2,200 Ball Corporation 77,688
10,100 Crown Cork & Seal
Company, Inc. 506,263
14,600 Owens-Illinois, Inc,+ 553,887
------------
1,137,838
------------
Cosmetics -- Toiletry -- 0.1%
4,400 Alberto-Culver Company,
Class B 141,075
10,400 Avon Products, Inc. 638,300
------------
779,375
------------
Diversified -- 1.9%
2,100 Aeroquip-Vickers, Inc. 103,031
44,600 AlliedSignal Corporation 1,736,612
12,940 Cognizant Corporation 576,639
13,500 Fortune Brands, Inc. 500,344
9,100 Loews Corporation 965,738
3,660 Raytheon Company
Class A 180,503
18,600 Raytheon Company
Class B 939,300
13,000 Textron, Inc. 812,500
11,800 Thermo Electron
Corporation+ 525,100
41,930 Tyco International Ltd. 1,889,471
50,500 Unilever NV 3,153,094
------------
11,382,332
------------
Electrical Equipment -- 0.4%
9,600 Cooper Industries, Inc. 470,400
3,300 Foster Wheeler Corporation 89,306
4,000 General Signal Corporation 168,750
3,950 Tektronix, Inc. 156,766
30,300 Texas Instruments, Inc. 1,363,500
4,300 Thomas & Betts Corporation 203,175
------------
2,451,897
------------
Electronics -- 0.5%
6,000 Eaton Corporation 535,500
3,600 EG & G, Inc. 74,925
35,000 Emerson Electric Company 1,975,312
6,500 KLA-Tencor Corporation+ 251,063
8,400 Tandy Corporation 323,925
------------
3,160,725
------------
Energy and Resources -- 0.2%
13,965 Burlington Resources, Inc. 625,807
13,800 Dresser Industries, Inc. 578,737
------------
1,204,544
------------
Entertainment -- 1.7%
7,800 Brunswick Corporation 236,437
53,236 Disney (Walt) Company 5,273,691
5,600 Harcourt General Corporation 306,600
10,000 Hasbro, Inc. 315,000
9,200 ITT Corporation (New) 762,450
2,900 King World Productions, Inc. 167,475
22,911 Mattel, Inc. 853,435
44,000 Time Warner, Inc. 2,728,000
------------
10,643,088
------------
Enviromental Control -- 0.0%#
4,600 Safety-Kleen Corporation 126,213
------------
Financial Services -- 3.8%
37,000 American Express Company 3,302,250
19,628 American General Corporation 1,061,139
4,200 Beneficial Corporation 349,125
8,400 Countrywide Credit Industries 360,150
7,500 Dow Jones & Company, Inc. 402,656
11,900 Equifax, Inc. 421,706
54,700 Federal Home Loan Mortgage
Corporation 2,293,981
84,000 Federal National Mortgage
Association 4,793,250
34,992 First Data Corporation 1,023,516
10,700 Green Tree Financial
Corporation 280,206
8,400 Household International, Inc. 1,071,525
26,100 Merrill Lynch & Company, Inc. 1,903,669
20,900 Schwab (Charles) Corporation 876,494
4,500 Temple-Inland, Inc. 235,406
90,313 Travelers Group, Inc. 4,865,613
------------
23,240,686
------------
Food and Beverages -- 7.0%
19,400 Albertson's, Inc. 919,075
38,700 Anheuser-Busch
Companies, Inc. 1,702,800
36,200 Campbell Soup Company 2,104,125
196,300 Coca-Cola Company 13,078,487
37,150 ConAgra, Inc. 1,218,984
2,900 Coors (Adolph) Company,
Class B 96,425
11,400 CPC International, Inc. 1,228,350
29,100 Heinz (H.J.) Company 1,478,644
11,500 Hershey Foods Corporation 712,281
32,500 Kellogg Company 1,612,813
121,000 PepsiCo, Inc. 4,408,937
191,100 Philip Morris Cos, Inc. 8,659,219
10,800 Quaker Oats Company 569,700
8,400 Ralston-Purina Company 780,675
37,800 Sara Lee Corporation 2,128,613
29,200 Seagram Company Ltd. 943,525
14,400 UST, Inc. 531,900
9,200 Wrigley (Wm) Jr. Company 731,975
------------
42,906,528
------------
Food Distribution -- 0.7%
44,014 Archer-Daniels-Midland
Company 954,554
12,600 General Mills, Inc. 902,475
4,600 Giant Food, Inc., Class A 154,963
3,100 Great Atlantic & Pacific Tea
Company, Inc. 92,031
20,000 Kroger Company+ 738,750
4,900 Supervalu, Inc. 205,187
13,800 Sysco Corporation 628,762
11,700 Winn Dixie Stores, Inc. 511,144
------------
4,187,866
------------
Freight and Shipping -- 0.0%#
3,100 Caliber Systems, Inc. 150,931
------------
Glass Products -- 0.2%
4,200 Owens Corning Fiberglass
Corporation 143,325
14,200 PPG Industries, Inc. 811,175
------------
954,500
------------
Health Care Facilities -- 0.4%
51,477 Columbia/HCA Healthcare
Corporation 1,525,006
12,900 Humana, Inc.+ 267,675
23,800 Tenet Healthcare Corporation+ 788,375
------------
2,581,056
------------
Health Care Products -- 3.7%
60,600 Abbott Laboratories 3,973,087
5,100 Allergan, Inc. 171,169
4,400 Bausch & Lomb, Inc. 174,350
9,600 Becton, Dickinson & Company 480,000
95,300 Merck & Co., Inc. 10,125,625
102,300 Pfizer, Inc. 7,627,744
------------
22,551,975
------------
Holding Companies -- 0.1%
7,500 Providian, LLC 338,906
18,200 Public Service Enterprise 576,713
------------
915,619
------------
Home Appliances -- 0.4%
7,400 Black & Decker Corporation 289,063
19,600 Illinois Tool Works, Inc. 1,178,450
7,700 Maytag Corporation 287,306
4,750 Snap-On, Inc. 207,219
7,100 Stanley Works 335,031
5,900 Whirlpool Corporation 324,500
------------
2,621,569
------------
Home Furnishings and Housewares -- 0.8%
51,100 American Home Products
Corporation 3,909,150
3,300 Armstrong World 246,675
11,800 Rubbermaid, Inc. 295,000
1,600 Springs Industries, Inc. 83,200
4,700 Tupperware Corporation 131,012
------------
4,665,037
------------
Hotels and Restaurants -- 0.8%
12,000 Darden Restaurants, Inc. 150,000
7,900 Harrah's Entertainment
Corporation+ 149,113
19,700 Hilton Hotels Corporation 586,075
10,100 Marriot International, Inc. 699,425
54,200 McDonald's Corporation 2,588,050
14,100 Mirage Resorts, Inc.+ 320,775
12,040 Tricon Global Restaurants,
Inc.+ 349,912
10,300 Wendy's International, Inc. 247,844
------------
5,091,194
------------
Insurance -- 4.0%
11,814 Aetna Life & Casualty
Company 833,625
34,260 Allstate Corporation 3,113,377
55,214 American International
Group, Inc. 6,004,522
13,150 AON Corporation 770,919
13,600 Chubb Corporation 1,028,500
5,900 CIGNA Corporation 1,021,069
4,300 Cincinnati Financial
Corporation 605,225
14,700 Conseco, Inc. 667,931
6,200 General Re Corporation 1,314,400
9,300 Hartford Financial Services
Group, Inc. 870,131
5,600 Jefferson-Pilot Corporation 436,100
8,000 Lincoln National Corporation 625,000
13,300 Marsh & McLennan
Companies, Inc. 991,681
7,000 MBIA, Inc. 467,688
9,000 MGIC Investment Corporation 598,500
5,700 Progressive Corporation 683,288
11,100 SAFECO Corporation 541,125
6,600 St. Paul Companies, Inc. 541,613
15,400 SunAmerica, Inc. 658,350
11,000 Torchmark, Inc. 462,688
5,000 Transamerica Corporation 532,500
14,700 United Healthcare Corporation 730,406
11,000 UNUM Corporation 598,125
8,700 USF & G Corporation 191,944
------------
24,288,707
------------
Machinery and Heavy Equipment -- 0.7%
29,600 Caterpillar, Inc. 1,437,450
3,200 Cincinnati Milacron, Inc. 83,000
19,800 Deere & Company 1,154,588
17,600 Dover Corporation 635,800
13,050 Ingersoll-Rand Company 528,525
8,750 Parker-Hannifin Corporation 401,406
------------
4,240,769
------------
Manufacturing -- 0.6%
17,950 Alcan Aluminum Ltd. 495,869
13,700 Aluminum Company of
America 964,138
15,400 Boston Scientific Corporation+ 706,475
2,000 Briggs & Stratton Corporation 97,125
5,500 Brown-Forman Corporation,
Class B 303,875
5,900 Case Corporation 356,581
6,040 PACCAR, Inc. 317,100
5,800 Reynolds Metals Company 348,000
13,600 Sherwin-Williams Company 377,400
------------
3,966,563
------------
Medical Instruments, Services,
and Supplies -- 2.3%
4,500 Bard (C.R.), Inc. 140,906
22,000 Baxter International, Inc. 1,109,625
8,800 Biomet, Inc. 225,500
8,600 Cardinal Health, Inc. 646,075
11,600 Guidant Corporation 722,100
15,600 HBO & Company 748,800
30,489 HEALTHSOUTH
Corporation+ 846,075
105,300 Johnson & Johnson Company 6,936,637
36,900 Medtronic, Inc. 1,930,331
1,900 Shared Medical Systems
Corporation 125,400
7,350 St. Jude Medical, Inc.+ 224,175
5,800 United States Surgical
Corporation 170,013
------------
13,825,637
------------
Metals and Mining -- 0.5%
13,927 Allegheny Teldyne, Inc. 360,361
3,300 ASARCO, Inc. 74,044
29,400 Barrick Gold Corporation 547,575
18,100 Battle Mountain Gold
Company 106,337
7,400 Cyprus Amax Minerals Company 113,775
11,000 Echo Bay Mines Ltd. 26,813
15,600 Freeport McMoRan Copper &
Gold, Class B 245,700
11,500 Homestake Mining Company 102,062
13,200 Inco Ltd. 224,400
800 NACCO Industries Inc.,
Class A 85,750
12,255 Newmont Mining Corporation 359,991
4,700 Phelps Dodge Corporation 292,575
18,900 Placer Dome, Inc. 239,794
------------
2,779,177
------------
Natural Gas -- 0.4%
4,400 Columbia Gas System, Inc. 345,675
7,500 Consolidated Natural Gas
Company 453,750
24,065 Enron Corporation 1,000,202
3,800 NICOR, Inc. 160,312
2,100 ONOEK, Inc. 84,788
6,500 Pacific Enterprises, Inc. 244,562
6,700 Sonat, Inc. 306,525
------------
2,595,814
------------
News and Publishing -- 0.9%
22,200 Gannett Company, Inc. 1,372,237
44,494 Kimberly-Clark Corporation 2,194,110
6,700 Knight-Ridder, Inc. 348,400
7,500 New York Times Company,
Class A 495,938
7,500 Times Mirror Company
(New), Class A 461,250
9,700 Tribune Company 603,825
------------
5,475,760
------------
Oil -- 7.6%
7,300 Amerada Hess Corporation 400,588
38,700 Amoco Corporation 3,294,337
7,200 Apache Corporation 252,450
5,900 Ashland, Inc. 316,756
25,300 Atlantic Richfield Company 2,027,163
13,300 Baker Hughes, Inc. 580,213
51,600 Chevron Corporation 3,973,200
8,300 Coastal Corporation 514,081
195,000 Exxon Corporation 11,931,562
19,900 Halliburton Company 1,033,556
8,600 Louisiana Land & Exploration
Company 163,400
4,400 McDermott International, Inc. 161,150
61,900 Mobil Corporation 4,468,406
26,100 Occidental Petroleum
Corporation 765,056
8,300 Oryx Energy Company+ 211,650
3,700 Pennzoil Company 247,206
20,700 Phillips Petroleum Company 1,006,538
169,700 Royal Dutch Petroleum Company 9,195,619
13,400 Tenneco, Inc. 529,300
41,600 Texaco, Inc. 2,262,000
19,500 Union Pacific Corporation 1,217,531
19,955 Union Pacific Resources Group 483,909
19,500 Unocal Corporation 756,844
22,600 Usx-Marathon Group
Common (New) 762,750
------------
46,555,265
------------
Oil Equipment and Services -- 0.6%
2,000 Helmerich & Payne, Inc. 135,750
39,000 Schlumberger Ltd. 3,139,500
4,200 Western Atlas, Inc. 310,800
------------
3,586,050
------------
Paper and Forest Products-- 0.7%
4,200 Bemis Company, Inc. 185,063
4,400 Boise Cascade Corporation 133,100
7,500 Champion International
Corporation 339,844
14,925 Fort James Corporation 570,881
7,300 Georgia-Pacific Corporation 443,475
3,900 Harnischfeger Industries, Inc. 137,719
23,819 International Paper Company 1,027,194
8,200 Mead Corporation 229,600
2,100 Potlatch Corporation 90,300
7,781 Stone Container Corporation 81,214
15,650 Weyerhaeuser Company 767,828
8,800 Willamette Indutries, Inc. 283,250
------------
4,289,468
------------
Personal Items -- 2.9%
23,400 Colgate-Palmolive Company 1,719,900
44,060 Gillette Company 4,425,276
8,600 International Flavors &
Fragrances, Inc. 442,900
3,200 Jostens, Inc. 73,800
106,900 Procter & Gamble Company 8,531,956
21,400 Warner-Lambert Company 2,653,600
------------
17,847,432
------------
Petroleum Refining -- 0.2%
4,700 Anadarko Petroleum
Corporation 285,231
6,800 Rowan Companies+ 207,400
5,800 Sun Company 243,963
25,000 Williams Companies, Inc. 709,375
------------
1,445,969
------------
Pharmaceuticals -- 3.1%
6,700 ALZA Corporation 213,144
78,920 Bristol-Myers Squibb
Company 7,467,805
88,000 Lilly (Eli) & Company 6,127,000
39,920 Pharmacia & Upjohn, Inc. 1,462,070
57,700 Schering-Plough Corporation 3,584,612
------------
18,854,631
------------
Photographic Equipment and Supplies -- 0.3%
25,700 Eastman Kodak Company 1,562,881
3,550 Polaroid Corporation 172,841
------------
1,735,722
------------
Printing and Publishing -- 0.3%
6,000 American Greetings
Corporation, Class A 234,750
11,500 Donnelley (R.R.) & Sons
Company 428,375
13,440 Dun & Bradstreet Corporation 415,800
7,800 McGraw-Hill, Inc. 577,200
8,050 Westvaco Corporation 253,072
------------
1,909,197
------------
Railroads -- 0.1%
29,600 Norfolk Southern Corporation 912,050
------------
Research and Development-- 0.2%
21,000 Amgen, Inc. 1,136,625
------------
Retail -- Store -- 3.4%
21,700 American Stores Company 446,206
8,300 Charming Shoppes, Inc.+ 38,906
7,700 Circuit City Stores --
Circuit City Group 273,831
16,717 Costco Companies, Inc.+ 745,996
13,600 CVS Corporation 871,250
17,100 Dayton Hudson Corporation 1,154,250
8,700 Dillard's, Inc. 306,675
16,500 Federated Department Store+ 710,531
31,650 Gap, Inc. 1,121,597
38,400 K mart Corporation+ 444,000
21,364 Limited, Inc. 544,782
3,200 Longs Drug Stores Company 102,800
18,200 May Department Stores
Company 958,912
2,900 Mercantile Stores Company 176,538
5,900 Nordstrom, Inc. 356,213
19,600 Penney (J.C.) Company, Inc. 1,182,125
9,700 Rite Aid Corporation 569,269
2,700 Russell Corporation 71,719
30,900 Sears, Roebuck & Company 1,398,225
12,800 TJX Companies, Inc. 440,000
22,350 Toys R Us, Inc.+ 702,628
179,200 Wal-Mart Stores, Inc. 7,067,200
38,800 Walgreen Company 1,217,350
10,600 Woolworth Corporation+ 215,975
------------
21,116,978
------------
Savings and Loan Associations -- 0.2%
7,500 Ahmanson (H.F.) Company 502,032
4,500 Golden West Financial
Corporation 440,156
------------
942,188
------------
Soaps and Detergents -- 0.1%
8,100 Clorox Company 640,406
------------
Steel -- 0.2%
8,400 Armco, Inc.+ 41,475
8,800 Bethlehem Steel Corporation+ 75,900
3,800 Inland Steel Industries, Inc. 65,075
6,900 Nucor Corporation 333,356
5,000 Timken Company 171,875
6,740 USX-U.S.Steel Group, Inc. 210,625
7,625 Worthington Industries, Inc. 125,813
------------
1,024,119
------------
Technology -- 0.7%
43,300 Ameritech Corporation 3,485,650
9,300 ITT Industries 291,787
3,400 Millipore Corporation 115,388
3,400 Perkin-Elmer Corporation 241,612
------------
4,134,437
------------
Telecommunications -- 7.3%
39,700 AirTouch
Communications, Inc.+ 1,650,031
14,700 ALLTEL Corporation 603,619
7,137 Andrew Corporation+ 171,288
128,106 AT & T Corporation 7,846,492
61,181 Bell Atlantic Corporation 5,567,471
78,400 BellSouth Corporation 4,414,900
27,500 Comcast Corporation Special,
Class A (non-voting) 867,969
9,300 DSC Communications
Corporation+ 223,200
12,900 Frontier Corporation 310,406
50,637 Lucent Technologies, Inc. 4,044,630
54,600 MCI Communications
Corporation 2,337,562
11,600 NEXTLEVEL Systems, Inc.+ 207,350
20,600 Northern
Telecommunications Ltd. 1,833,400
72,350 SBC Communications 5,299,637
33,900 Sprint Corporation 1,987,388
39,086 Tele-Communications Inc.,
Class A 1,091,965
47,800 US West Media, Inc.+ 1,380,225
37,700 US West, Inc.+ 1,701,213
27,800 Viacom Inc., Class B+ 1,151,963
71,400 WorldCom, Inc.+ 2,159,850
------------
44,850,559
------------
Tire and Rubber -- 0.2%
6,100 Cooper Tire & Rubber
Company 148,688
5,700 Goodrich (B.F.) Company 236,194
12,300 Goodyear Tire & Rubber
Company 782,587
------------
1,167,469
------------
Transportation -- 0.2%
12,263 Burlington Northern Santa Fe 1,139,693
6,100 Ryder System, Inc. 199,775
------------
1,339,468
------------
Utilities -- 2.6%
15,000 American Electric Power
Company, Inc. 774,375
11,650 Baltimore Gas & Electric
Company 396,828
11,900 Carolina Power & Light
Company 505,006
16,700 Central & Southwest
Corporation 451,944
12,434 Cinergy Corporation 476,378
18,400 Consolidated Edison Company 754,400
14,600 Dominion Resources, Inc. 621,412
11,500 DTE Energy Company 398,906
28,270 Duke Energy Company 1,565,451
31,300 Edison International 850,969
19,100 Entergy Corporation 571,806
18,127 FirstEnergy Corporation+ 525,683
14,300 FPL Group, Inc. 846,381
9,500 GPU, Inc. 400,188
22,395 Houston Industries, Inc. 597,676
3,500 National Service
Indutries, Inc. 173,469
11,400 Niagara Mohawk Power
Corporation+ 119,700
5,500 Northern States Power
Company 320,375
23,400 PacifiCorp 639,112
17,500 PECO Energy Company 424,375
2,700 People's Energy Corporation 106,313
34,400 PG & E Corporation 1,047,050
13,000 PP & L Resources, Inc. 311,188
53,900 Southern Company 1,394,662
19,015 Texas Utilities Company 790,311
17,000 Unicom Corporation 522,750
8,000 Union Electric Company 346,000
------------
15,932,708
------------
Waste Management -- 0.3%
16,800 Browning-Ferris
Industries, Inc. 621,600
25,900 Laidlaw Inc., Class B
(non-voting) 352,888
35,791 Waste Management, Inc. 984,252
------------
1,958,740
------------
TOTAL COMMON STOCKS
(Cost $444,466,044) 596,306,265
------------
U.S. TREASURY BILLS -- 0.4%
$2,000,0005.31%++ due 4/30/98** 1,966,250
600,000 5.32%++ due 6/25/98** 585,125
------------
2,551,375
------------
TOTAL U.S. TREASURY BILLS
(Cost $2,551,375) 2,551,375
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 3.3%
(Cost $20,404,000)
$20,404,000 Agreement with State
Street Bank and Trust
Company, 6.000% dated
12/31/1997, to be
repurchased at
$20,410,801 on 01/02/98,
collateralized by
$16,560,000 U.S.
Treasury Note,
10.750% maturing
02/15/2003
(value $20,813,850) 20,404,000
------------
TOTAL INVESTMENTS
(Cost $467,421,419*) 100.9% 619,261,640
OTHER ASSETS AND
LIABILITIES (Net) (0.9) (5,809,525)
----- ------------
NET ASSETS 100.0% $613,452,115
===== ============
- -----------
* Aggregate cost for Federal tax purposes.
** Securities pledged as collateral for futures contracts.
+ Non-income producing security
++ Rate represents annualized yield at date of purchase.
# Amount represents less than 0.1% of net assets.
Number
of Unrealized
Contracts Appreciation
--------- ------------
FUTURES CONTRACTS -- LONG POSITIONS
103 S&P 500 Index, March 1998 $143,521
========
<PAGE>
Munder International Equity Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 99.7%
Argentina -- 0.8%
1,100 Alpargatas S.A.I.C., ADR+ $ 4,401
400 APCO Argentina Inc., ADR 13,800
2,094 Banco de Galicia Bueno, ADR 53,920
1,656 Banco Frances del Rio de la
Plata, SA, ADR 45,333
3,000 Banco Rio de La Plata SA+ 42,000
1,800 Buenos Aires
Embotelladora SA, ADR+ 2,475
9,800 Corporacion Mapfre, ADR 68,953
800 Disco SA, ADR+ 35,950
500 IRSA Inversiones Y
Representaciones SA, GDR 18,813
2,220 Metrogas SA, ADR 17,205
13,565 Perez Companc SA, ADR 193,206
4,000 Quilmes Industrial SA, ADR 54,750
7,100 Telecom Argentina SA, ADR 253,825
8,500 Telefonica de Argentina, ADR 316,625
2,800 Transportadora de Gas del
Sur SA, ADR 31,325
12,800 Y.P.F. Sociedad Anonima, ADR 437,600
------------
1,590,181
------------
Australia -- 2.7%
5,900 Amcor Ltd. 100,300
45,000 Amcor Ltd., ADR 197,969
2,100 Ashton Mining Ltd., ADR 9,444
9,850 Australia & New Zealand
Bank, ADR 323,819
7,100 Australian National
Industries, ADR 26,091
5,200 Boral Ltd., ADR 104,325
34,840 Broken Hill Proprietary
Ltd., ADR 644,540
2,800 Burns, Philip & Company
Ltd., ADR 2,629
7,000 Coca-Cola Amatil Ltd., ADR 104,592
5,500 Coles Myer Ltd., ADR 214,500
900 Cortecs International Ltd., ADR+ 12,825
8,500 CSR Ltd., ADR 115,226
5,000 E-mail Partners Ltd., ADR 23,620
500 FAI Insurances Ltd., ADR 3,656
1,200 FH Faulding & Company, ADR 24,026
10,600 Goodman Fielder Ltd., ADR 67,427
9,050 Great Central Mines Ltd.,
ADR 29,978
6,900 James Hardie Industries, ADR 40,234
4,700 Kidston Gold Mines Ltd.,
ADR+ 3,126
800 Lihir Gold Limited,
ADR+ 17,000
45,700 M.I.M. Holdings Ltd., ADR 55,982
2,400 Mayne Nickless Ltd., ADR 63,427
400 Memtec Ltd., ADR 14,400
9,900 National Australia Bank
Ltd., ADR 699,187
25,900 News Corporation Ltd., ADR 577,894
5,440 Normandy Mining Ltd 52,823
4,900 North Ltd., ADR 64,543
1,300 Orbital Engineering Ltd., ADR+ 4,550
9,600 Pacific Dunlop
Olympic Ltd., ADR 81,600
1,700 Petsec Energy Ltd., ADR+ 23,375
31,400 Pioneer International Ltd., ADR 85,722
5,370 Rio Tinto Ltd., ADR 250,634
5,100 Santos Ltd., ADR 85,425
700 Simsmetal Ltd., ADR 16,244
600 Sons of Gwalia, ADR 6,844
4,300 Southcorp Holdings Ltd., ADR 71,182
8,000 St. George Bank Ltd., ADR 45,376
3,000 Telstra Corporation Ltd.+ 125,250
13,200 Westpac Banking Ltd., ADR 419,100
10,100 WMC Ltd., ADR 137,612
40,000 Woodside Petroleum Ltd. 282,077
------------
5,228,574
------------
Austria -- 0.2%
2,240 EVN-Energie Versorgung
Niederoesterreich AG, ADR 58,785
9,800 OMV AG, ADR+ 271,548
1,000 Wolford AG, ADR 12,139
------------
342,472
------------
Belgium -- 0.2%
8,450 Petrofina SA, ADR 312,633
1,200 Xeikon N.V., ADR+ 16,800
------------
329,433
------------
Bermuda -- 0.2%
1,200 Comcast UK Cable
Partners Ltd., ADR+ 11,325
3,900 Exel Ltd., ADR 247,162
600 LaSalle Re Holdings Ltd., ADR 21,225
1,000 Mutual Risk
Management Ltd., ADR 29,938
2,000 PartnerRe Ltd., ADR 92,750
------------
402,400
------------
Brazil -- 1.0%
5,425 Aracruz Celulose SA, ADR 77,984
4,900 Cemig-Companhia Energetica
de Minas, (New), ADR 210,700
1,100 Centrais Eletricas
Brasileiras SA, ADR 27,350
5,000 Companhia Cervejaria Brahma,
ADR 60,625
1,800 Continental AG, ADR 39,892
1,300 Copene Petroquimica, ADR 19,802
2,600 Panamerican Beverages Inc.,
ADR, Class A 84,825
11,200 Telecomunicacoes
Brasileiras SA 1,304,100
------------
1,825,278
------------
Canada -- 3.7%
4,200 Aber Resources Ltd.+ 6,563
3,200 Abitibi-Consolidated Inc., ADR 44,800
1,400 Agnico Eagle Mines Ltd., ADR 7,613
3,800 AGRA, Inc. 29,250
2,950 Alberta Energy
Company Ltd., ADR 57,156
500 Alliance Communications
Corporation, ADR+ 6,375
2,700 Arakis Energy
Corporation, ADR+ 5,569
13,300 Aur Resources, Inc.+ 31,923
2,400 Avenor, Inc. 34,261
9,550 Bank of Montreal, ADR 423,781
22,700 BCE Inc., ADR 756,194
800 Bell Canada
International, Inc.+ 12,200
12,400 Bema Gold Corporation+ 30,225
900 Bema Gold Corporation+ 2,141
3,700 BioChem Pharmaceuticals,
Inc+ 77,237
1,200 Biomira Inc., ADR+ 2,550
1,000 Biovail Corporation
International, ADR+ 39,062
14,800 Brookfield Properties
Corporation 247,003
12,300 Cambior, Inc., ADR 72,262
4,500 Campbell Resource Inc., ADR+ 1,969
1,000 Canadian Marconi
Company, ADR 13,437
5,100 Canadian Occidental
Petroleum, ADR 115,387
12,400 Canadian Pacific Ltd., ADR 337,900
600 Chieftain International,
Inc., ADR+ 12,750
1,100 Clearnet Communications
Inc., ADR+ 12,513
9,300 Cognos, Inc.+ 213,900
9,000 Cognos, Inc., ADR+ 207,830
3,300 Cominco, ADR 50,944
2,000 Corel, ADR+ 3,250
2,300 Cott Corporation, ADR 19,406
4,800 Domatar, Inc., ADR 33,300
170 Dreco Energy Services Ltd.+ 5,734
8,950 EdperBrascan Corporation,
Class A 162,219
4,000 Encal Energy Ltd.+ 16,873
600 Fahnestock Viner
Holdings, Inc., ADR 10,463
2,100 Fairfax Financial Holdings Ltd.+ 470,242
1,000 Four Seasons Hotels, Inc., ADR 31,625
2,500 Gennum Corporation 52,920
2,500 Goldcorp Inc., Class A, ADR+ 9,688
7,200 Golden Star Resources Ltd.+ 25,192
9,406 Gulf Canada Resources, ADR+ 65,843
2,300 Hollinger, Inc., ADR 19,262
2,300 Imperial Oil Ltd., ADR 147,056
800 Intertape Polymer
Group Inc., ADR 17,500
1,400 Intrawest Corporation 24,325
2,200 IPL Energy Inc., ADR 99,000
1,100 Ipsco, Inc., ADR 42,419
300 Jetform Corporation, ADR+ 4,538
13,415 Laidlaw, Inc., Class B
(non-voting) 182,779
1,600 Loewen Group Inc., ADR 41,300
4,700 Macmillan Bloedel Ltd., ADR 49,937
2,200 Magna International,
Class A, ADR 138,187
10,200 MDS Inc. 235,184
5,600 Methanex Corporation, ADR+ 44,450
1,300 Microcell
Telecommunications, Inc.+ 8,775
4,000 Mitel Corporation, ADR+ 31,000
6,200 Newbridge Network, ADR 216,225
2,400 Newcourt Credit Group, Inc. 80,100
19,600 Norcen Energy Resources Ltd 224,930
17,300 Nova Corporation of
Alberta, ADR 165,431
3,400 Numac Energy Inc., ADR+ 13,175
16,300 Philip Services Corporation+ 236,108
1,400 Philip Services Corporation,
ADR+ 20,125
1,200 PLD Telekom Inc., ADR+ 6,525
1,700 Potash Corporation of
Saskatchewan, ADR 141,100
400 Precision Drilling
Corporation+ 9,750
4,800 Precision Drilling
Corporation+ 117,057
2,600 Quebecor Inc., Class A, ADR 46,712
1,300 Rigel Energy Corporation,
ADR+ 10,563
1,900 Rio Algom Ltd., ADR 32,300
3,400 Rogers Cantel Mobil
Communications,
Class B, ADR+ 31,450
2,500 Royal Group Technologies
Ltd.+ 57,969
4,300 Royal Oak Mines, ADR+ 6,719
2,000 Suncor Energy, Inc. 68,250
3,200 Supersol Ltd. 45,000
1,200 Tee-Comm Electronics, Inc.+ 0
2,100 Teleglobe, Inc. 63,787
7,100 Transcanada Pipelines Ltd., ADR 158,862
17,100 Trilon Financial Corporation 137,609
3,900 Trizec Hahn Corporation, ADR 90,431
52,700 TVX Gold, Inc.+ 178,747
1,800 Unican Security Systems, Ltd. 39,425
3,400 West Coast Energy, Inc., ADR 78,200
------------
7,121,812
------------
Chile -- 0.5%
600 AFP Provida, ADR 10,238
900 Banco BHIF, ADR 14,400
900 Banco de Edwards, ADR 15,300
400 Banco Santander Chile, ADR 5,650
700 Banco Santiago SA, ADR 15,575
2,200 Chilgener SA, ADR 53,900
1,900 Compania Cervecerias
Unidas SA, ADR 55,812
7,075 Compania de
Telecomunicaciones de Chile
SA, ADR 211,366
800 Cristalerias de Chile, ADR 11,600
2,500 Distribucion y Servicio D&S SA+ 46,406
2,200 Embotelladora Andina SA, ADR 45,788
7,500 Empresa Nacional
Electricidad SA,
ADR 132,656
2,100 Empresa Telex Chile, ADR 8,269
4,400 Enersis SA, ADR 127,600
700 Laboratorio Chile SA, ADR 15,575
2,400 Linea Aerea Nacional Chile SA+ 32,700
1,200 Madeco, ADR 18,300
1,000 Maderas Y Sinteticos
Sociedad (Masisa), ADR 9,500
700 Quimica Minera Chile SA, ADR 30,800
3,500 Quinenco SA, ADR+ 40,250
600 Santa Isabel SA, ADR 10,500
900 Supermercados Unimarc SA,
ADR+ 11,081
500 Vina Concha Y Toro SA, ADR 12,625
------------
935,891
------------
China -- 4.4%
18,100 Amoy Properties Ltd., ADR 79,423
2,300 Amway Asia Pacific Ltd., ADR 44,850
1,900 APT Satellite Holdings Ltd., ADR+ 22,325
7,200 Asia Pulp & Paper Company
Ltd., ADR 72,450
600 Asia Satellite
Telecommunications
Holdings Ltd., ADR 10,088
46,748 Bank East Asia Ltd., ADR 109,484
750 Beijing Yanhua Petrochemical
Company, Ltd., ADR+ 7,125
3,200 C.P. Pokphand, ADR 12,595
10,300 Cathay Pacific Airways, ADR 41,870
6,800 CDL Hotels
International Ltd., ADR 20,624
9,800 Champion Technology
Holdings, ADR 5,253
700 China Eastern Airlines
Corporation Ltd., ADR+ 11,331
900 China Southern Airlines
Company Ltd., ADR+ 11,869
21,000 China Telecom (Hong Kong)
Ltd.+ 704,812
5,800 Dairy Farm International
Ltd., ADR 31,320
500 DSG International Ltd., ADR+ 4,500
16,700 First Pacific Company Ltd., ADR 40,414
1,300 Gold Peak Industries Ltd., ADR 7,214
3,000 Guangshen Railway Company
Ltd., ADR+ 40,313
8,750 Hang Lung Development, ADR 61,539
26,900 Hang Seng Bank Ltd., ADR 259,477
57,800 Henderson Land Development
Company Ltd., ADR 272,238
73,080 Hong Kong and China
Gas Ltd., ADR 141,483
73,200 Hong Kong Electric
Holdings Ltd., ADR 278,160
13,100 Hong Kong Land
Holdings, ADR 125,760
17,132 Hong Kong
Telecommunications
Ltd., ADR 353,347
31,700 Hopewell Holdings Ltd., ADR 39,467
153,000 HSBC Holdings, ADR 3,771,196
4,700 Huaneng Power
International, ADR+ 108,981
18,200 Hysan Development Ltd., ADR 72,582
16,900 Jardine Matheson &
Company Ltd., ADR 85,767
5,800 Jardine Strategic Holding, ADR 30,624
1,200 Johnson Electric Holdings, ADR 34,534
33,400 New World Development
Company Ltd., ADR 231,028
6,800 Pearl Oriental Holdings 17,333
10,050 Peregrine Investment
Holdings, ADR 14,267
2,200 Shandong Huaneng, ADR 15,125
3,970 Shanghai Chlor-Alkali
Chemical Company, ADR 6,828
2,600 Shanghai
Petrochemicals Ltd., ADR 40,463
2,900 Shanghai Tire & Rubber
Company Ltd., ADR 7,250
5,500 Shuntak Holdings Ltd., ADR 14,729
1,800 Singer Company, ADR 15,413
10,850 South China Morning
Post, ADR 38,159
86,500 Sun Hung Kai
Properties Ltd., ADR 602,645
57,500 Swire Pacific Ltd., ADR 301,702
10,500 Wharf Holdings Ltd., ADR 115,186
------------
8,333,143
------------
Colombia -- 0.0%#
1,100 Banco Ganadero SA, ADR 48,125
1,300 Banco Industrial
Colombiano, ADR 18,200
------------
66,325
------------
Denmark -- 0.7%
2,300 ISS International Service
Systems, ADR+ 42,453
4,600 Novo Nordisk AS, Series B 657,920
5,400 Novo Nordisk AS, Series B,
ADR 390,825
9,500 Tele Danmark, Series B, ADR 292,719
------------
1,383,917
------------
Finland -- 0.1%
1,700 American Group Ltd., ADR+ 16,368
1,700 Instrumentarium
Corporation, ADR 28,900
700 Rauma-Repola, ADR 10,587
1,600 Valmet Corporation, ADR 44,000
------------
99,855
------------
France -- 6.1%
22,500 Alcatel Alsthom Cie Generale
D'Electric, ADR 569,531
3,600 AXA Company 278,561
700 Bouygues Offshore SA, ADR 15,225
800 Business Objects SA, ADR+ 8,300
3,000 Canal Plus, ADR 111,555
1,800 Carrefour SA 939,104
300 Chargeurs SA 17,945
1,950 Christian Dior SA 199,909
100 Cie Europenne de
Telesecurite C.E.T. 4,671
600 CIPE France 20,277
755 Claring SA, ADR 57,956
1,978 Clarins SA 30,365
1,300 Coflexip SA, ADR 72,150
4,500 Compagnie Generale des
Eaux, ADR 125,613
1,000 Companie Generale de
Geophysique SA, ADR+ 25,625
550 Credit Lyonnais 28,603
3,900 Dassault Systemes SA, ADR 120,413
18,800 Elf Aquitaine, ADR 1,102,150
500 Essilor International 149,539
49,200 Eurotunnel SA+ 47,414
36,200 France Telecom SA+ 1,303,200
800 Genset, ADR+ 15,800
600 Groupe AB SA, ADR+ 3,863
12,450 Groupe Danone, ADR 444,751
6,600 Havas SA, ADR 118,708
50 Intertechnique SA 10,966
8,900 Lafarge SA, ADR 194,652
5,200 Lagardere Group 171,937
2,900 Lagardere Group, ADR 95,889
15,700 Louis Vuitton Moet
Hennessy, ADR 520,062
3,500 LVMH (Moet Hennessy
Louis Vuitton) 580,959
3,800 Pechiney SA, ADR 74,100
8,150 Pernod Ricard, ADR 119,846
800 Pinault Printemps-Redoute SA 426,817
9,050 PSA Peugeot Citroen, ADR 285,283
10,900 Rhone-Poulnec SA, ADR 483,687
400 Scor SA, ADR 19,100
550 SEB SA 76,672
5,200 SGS-Thompson
Microelectronics, ADR+ 317,525
14,100 Societe Generale, ADR 384,211
500 Stolt Comex Seaway SA+ 25,000
5,500 Thomson CSF 173,357
14,800 Total SA, Class B 1,610,700
2,700 Valeo SA, ADR 183,125
------------
11,565,116
------------
Germany -- 8.0%
1,500 Altana AG 102,977
16,950 Bayer AG 633,169
25,100 Bayer AG, ADR 941,601
13,900 Commerzbank AG, ADR 549,370
16,700 Daimler-Benz AG 1,171,539
14,000 Daimler-Benz AG, ADR 1,011,500
14,200 Deutsche Bank AG, ADR 1,002,979
1,350 Deutsche Pfandbrief-und
Hypothekenbank AG 79,997
98,300 Deutsche Telekom, ADR 1,830,837
1,950 Deutz AG 14,308
50 DLW AG 5,698
16,100 Dresdner Bank AG, ADR 742,822
1,400 FAG Kugelfischer 18,483
250 Fresenius AG 45,999
2,750 Gehe AG 137,580
56 Heidelberger
Druckmaschinen AG 3,093
21,300 Hoechst AG, ADR 746,831
250 Kloeckner Werke AG 16,746
2,600 Mannesmann AG 1,313,766
300 Pfeiffer Vacuum
Technology AG, ADR+ 8,400
50 Porsche AG 83,382
800 Puma AG, ADR 16,256
500 Rheinmetall AG 9,742
12,200 RWE AG, ADR 653,554
1,400 SAP AG 425,304
11,001 SAP AG, ADR 1,204,697
100 SCHMALBACH LUBECA AG 16,482
2,300 SGL Carbon AG, ADR 98,613
17,900 VEBA AG+ 1,235,100
900 Volkswagen AG 506,295
5,000 Volkswagen AG, ADR 562,834
------------
15,189,954
------------
Greece -- 0.0%#
400 Anangel -- American
Shipholdings Ltd, ADR 3,500
------------
Hong Kong -- 0.0%#
1,050 Egana International Holdings
Ltd. 3,387
------------
Hungary -- 0.0%#
600 Euronet Services, Inc., ADR+ 4,650
600 Pannonplast Rt.+ 7,912
------------
12,562
------------
Indonesia -- 0.2%
3,300 Gulf Indonesia
Resources Ltd.+ 72,600
5,300 PT Indorayon Utama, ADR+ 1,590
3,883 PT Indosat, ADR 74,990
1,100 PT Pasifik Satelit
Nusantara, ADR+ 16,913
15,200 PT Telekomunikasi
Indonesia, ADR 168,150
1,100 PT Tri Polyta
Indonesia, ADR+ 756
------------
334,999
------------
Ireland -- 0.4%
4,300 Bank of Ireland, ADR 266,600
700 CBT Group Plc, ADR+ 57,487
2,800 CRH, ADR 161,700
2,400 Elan Corporation Plc, ADR+ 122,850
2,100 Jefferson Smurfit Group, ADR 57,225
1,400 Ryanair Holdings Plc, ADR+ 35,175
1,300 Saville Systems Ireland, ADR+ 53,950
500 Warner Chilcott
Laboratories, ADR+ 6,188
2,800 Waterford Wedgwood Plc, ADR 35,350
------------
796,525
------------
Israel -- 0.2%
200 American-Israeli Paper
Mills, ADR 8,450
1,300 Blue Square-Israel Ltd., ADR 16,088
1,300 Check Point Software
Technologies Ltd., ADR+ 52,975
2,700 ECI Telecommunications
Ltd., ADR 68,850
800 Elbit Medical Imaging
Ltd., ADR 5,200
900 Elbit Systems Ltd., ADR 12,375
800 Elron Electronic
Industries Ltd., ADR 12,800
800 Elscint Ltd., ADR+ 6,400
500 ESC Medical Systems Ltd., ADR+ 19,375
1,560 Frutarom+ 1,406
400 Gilat Satellite Network Ltd., ADR+ 11,450
2,300 Koor Industries Ltd., ADR 50,456
500 Matav-Cable Systems
Media Ltd., ADR+ 9,000
500 MEMCO Software Ltd.+ 10,125
300 NICE-Systems Ltd., ADR+ 12,600
1,600 Scitex Corporation, ADR 19,300
700 Tadiran Ltd. 24,763
500 Tecnomatrix Technologies
Ltd., ADR+ 16,875
2,100 Teva Pharmaceutical, ADR 99,356
------------
457,844
------------
Italy -- 2.1%
3,272 Benetton Group SpA, ADR 106,749
1,600 De Rigo SpA, ADR+ 10,000
29,000 Ente Nazionale Idrocarburi
SpA, ADR 1,654,812
23,930 Fiat, ADR 352,968
1,000 Fila Holding SpA, ADR 20,125
2,100 Industrie Natuzzi, ADR 43,313
14,500 Instituto Nazionale delle
Assicurazioni, ADR 293,625
7,200 Istituto Mobiliare Italiano
SpA, ADR 257,400
1,700 Luxottica Group, ADR 106,250
19,242 Montedison SpA, ADR 170,773
500 SAES Getters SpA, ADR 4,781
13,900 Telecom Italia SpA 889,600
------------
3,910,396
------------
Japan -- 18.1%
10,870 Amway Japan Ltd., ADR 100,548
112,000 Aoki Corporation 36,027
25,000 Ashikaga Bank Ltd. 40,208
6,700 Bandai Company Ltd., ADR 24,462
168,995 Bank of Tokyo, ADR 2,376,492
6,000 Canon Inc., ADR 700,500
30,000 Chiyoda Corporation 32,167
48,000 Chuo Trust and Banking
Company, Ltd. 106,610
2,500 CSK Corporation, ADR 64,375
12,900 Dai'El, Inc., ADR 95,138
34,000 Daifuku Company, Ltd. 165,352
34,000 Daishowa Paper
Manufacturing Company, Ltd. 187,486
8,000 Deodeo Corporation 69,235
9,750 Eisai Company Ltd., ADR 149,126
82,000 Fuji Bank 331,592
18,600 Fuji Photo Film Company
Ltd., ADR 710,288
145,000 Fujita Corporation 52,194
61,000 Hanwa Company, Ltd. 108,386
136,000 Haseko 69,786
11,900 Hitachi Ltd., ADR 823,331
31,000 Hitachi Plant Engineer &
Construction 69,089
16,800 Honda Motor
Company Ltd., ADR 1,241,100
132,000 Industrial Bank of Japan 940,185
46,000 Isetan Co 192,004
390,000 Ishikawajima-Harima
Heavy Industries
Company., Ltd. 582,446
323,000 Isuzu Motors Ltd. 502,175
3,900 Ito-Yokado Ltd., ADR 793,894
32,200 Japan Airlines Company, ADR 169,050
53,000 Japan Storage Battery Co., Ltd. 123,803
53,000 JGC Corporation 111,626
13,000 JUSCO Co. 183,197
149,000 Kajima Corporation 375,438
107,000 Kanebo, Ltd. 77,851
6,000 Kanematsu-NNK Corporation 32,626
155,000 Kankaku Securities Company 121,084
290,000 Kawasaki Heavy Industries Ltd. 448,648
11,800 Kawasaki Steel Corporation, ADR 161,436
46,000 Keisei Electric Railway 120,135
3,800 Kirin Brewery Company, ADR 278,825
20,500 Kobe Steel Ltd., ADR+ 82,718
9,100 Komatsu Ltd., ADR 183,256
2,600 Kubota Corporation, ADR 140,400
3,400 Kyocera Corporation, ADR 307,700
93,000 Long Term Credit
Bank of Japan 148,863
6,200 Makita Corporation, ADR 58,900
7,600 Matsushita Electric Industrial
Company Ltd., ADR 1,155,200
30,000 Mercian Corporation 89,607
28,400 Mitsubishi Corporation, ADR 449,657
448,000 Mitsubishi Electric
Corporation 1,145,991
3,000 Mitsui & Company Ltd., ADR 360,000
33,000 Mitsui Engineering &
Shipbuiding Co., Ltd. 20,977
100,000 Mitsukoshi Ltd. 265,758
41,000 Morinaga & Company 39,565
11,200 NEC Corporation, ADR 600,600
130,000 New Japan Securities
Company, Ltd. 106,533
51,000 Nihon Cement Company, Ltd. 105,070
70,000 Niigata Engineering Co. Ltd. 30,558
77,000 Nikon Corporation 760,741
65,000 Nippon Shinpan Company 73,179
113,100 Nippon Telegraph &
Telephone Corporation, ADR 4,898,644
37,000 Nissan Diesel Motor
Company, Ltd. 42,506
45,600 Nissan Motor
Company Ltd., ADR 376,200
7,900 Nokia Oyj, ADR 553,000
40,000 Okuma Corporation 142,146
9,600 Olympus Optical
Company, ADR 66,480
108,000 Orient Corporation 174,527
76,000 Penta-Ocean Construction 106,518
6,200 Pioneer Electronics
Corporation, ADR 101,138
4,900 Ricoh Company Ltd., ADR 305,059
75,000 Sankyo Aluminium
Industry Company 66,631
75,000 Sankyo Company, Ltd. 80,991
14,100 Sanyo Electric
Corporation, ADR 180,656
512 Sawako Corporation, ADR 3,384
11,600 Sega Enterprises, ADR 52,637
67,000 Seiyu Ltd. 211,412
19,000 Shinagawa Refractories
Company, Ltd. 43,800
14,500 Shiseido Ltd., ADR 198,375
6,000 Sho-Bond Corporation 108,448
30,000 Showa Sangyo 45,952
13,500 Sony Corporation, ADR 1,225,125
17,000 SS Pharmaceutical 46,741
11,400 Sumitomo Metal
Industries, ADR 146,330
71,000 Sumitomo Osaka Cement 89,178
33,000 Takara Shuzo 122,578
4,800 TDK Corporation, ADR 352,800
63,000 The Daiwa Bank, Ltd. 134,617
250,000 The Mitsui Trust &
Banking Company, Ltd. 484,414
31,000 TOA Corporation 40,599
11,200 Tokio Marine & Fire
Insurance Ltd, ADR 646,800
58,000 Tokyu Department Store 83,511
212,000 Tomen Corporation 146,129
6,000 Toshiba Ceramics Co., Ltd. 24,125
35,000 Toshiba Machine Company 72,375
70,000 Toshoku 536
72,170 Toyota Motor
Corporation, ADR 4,140,754
99,000 Unitika Ltd. 53,075
1,200 Wacoal Corporation, ADR+ 60,150
252,000 Yamaichi Securities 0
43,000 Yasuda Trust & Banking 42,812
47,000 Yuasa Corporation 41,395
------------
34,605,736
------------
Korea -- 0.4%
44,600 Korea Electric Power
Corporation, ADR 448,787
13,600 Pohang Iron & Steel
Company, Ltd., ADR 237,150
19,855 SK Telecom
Company Ltd., ADR 129,060
------------
814,997
------------
Luxembourg -- 0.1%
1,200 Espirito Santo Financial
Holdings, ADR 24,375
1,700 Millicom International
Cellular S.A.+ 63,963
7,750 Minorco SA, ADR 129,812
------------
218,150
------------
Malaysia -- 0.0%#
41,000 Amalgamated Steelmills
Berhad, ADR 7,175
7,900 Resorts World Berhad, ADR 66,518
------------
73,693
------------
Mexico -- 1.7%
2,900 Altos Hornos de
Mexico SA, ADR+ 33,712
2,100 Apasco SA, Series A, ADR 72,025
800 Bufete Industries, ADR+ 7,800
22,200 Cemex SA, ADR 201,088
1,700 Coca-Cola Femsa SA, ADR 98,600
2,500 Consorcio G. Grupo
Dina, ADR+ 13,438
2,000 Controladora Comercial
Mexican SA de CV, ADR 51,875
2,505 Desc de CV, Series C, ADR 93,937
4,000 Empresas Ica, ADR 65,750
4,400 Empresas La Moderna
SA de CV, ADR+ 95,425
33,000 Grupo Carso SA, ADR 433,125
1,100 Grupo Casa Autrey, ADR 22,481
6,500 Grupo Elektra, ADR 228,719
7,800 Grupo Financiero Bancomer
SA de CV, ADR+ 100,511
4,400 Grupo Financiero Serfin
SA de CV, ADR+ 11,550
1,100 Grupo Imsa SA, ADR 25,919
800 Grupo Industrial
Durango SA, ADR+ 11,400
2,400 Grupo Industrial
Maseca SA, ADR 37,200
2,100 Grupo Iusacell, Series L, ADR+ 45,544
500 Grupo Radio Central, ADR 7,125
5,600 Grupo Telivisa SA, ADR+ 216,650
2,800 Grupo Tribasa SA, ADR+ 16,625
1,000 Industries Bachoco SA+ 19,500
1,100 Kimberly Clark Inc., ADR 26,919
19,000 Telefono de Mexico SA, ADR 1,065,187
3,300 Tolmex SA de CV, ADR+ 192,182
2,000 Transport Matima Mexico,
Class L, ADR 14,750
2,700 Tubos de Acero de
Mexico, ADR+ 58,387
4,300 Vitro Sociedad Anomina, ADR 56,169
------------
3,323,593
------------
Netherlands -- 4.6%
51,300 ABN AMRO Holding, ADR 1,000,350
9,400 AEGON Insurance, ADR 842,475
5,100 Akzo Nobel, ADR 443,062
2,500 ASM Lithography
Holdings NV+ 168,750
6,800 Baan Company, ADR+ 224,400
500 Chicago Bridge & Iron
Company NV 8,125
5,200 DSM, ADR 118,763
12,600 Elsevier, ADR 406,350
6,525 Fortis Amev, ADR 285,664
3,200 Gucci Group, ADR 134,000
50,405 ING Groep 2,122,944
4,800 Ispat International NV,
Class A+ 103,800
3,400 KLM Royal Dutch Airlines,
ADR 128,350
13,060 Koninklijke Ahold, ADR 341,192
3,100 Koninklijke Bols Wessanen
NV, ADR 48,205
500 Koninklijke Van Ommeren, ADR 16,838
1,300 Madge Networks NV, ADR+ 5,038
5,400 New Holland NV, ADR 142,762
800 Oce Van Der Griten, ADR 87,400
500 Orthofix International
NV, ADR+ 5,875
12,300 Philips Electronics NV, ADR 744,150
1,800 Polygram NV, ADR 85,838
600 QIAGEN N.V. ADR+ 26,775
1,600 Royal Nedlloyd Group, ADR 18,224
16,700 Royal PTT Nederland, ADR 693,050
3,300 Toolex Alpha NV, ADR+ 31,763
200 Velcro Industries
NV, ADR 19,200
6,900 VNU-Verenigde Nederlandse
Uitgeversbedrijven
Verenigd Bezit, ADR 194,689
2,600 Wolters Kluwer, ADR 335,897
------------
8,783,929
------------
New Zealand -- 0.2%
1,325 Fletcher Challenge, Building, ADR 27,494
1,325 Fletcher Challenge, Energy, ADR 47,203
3,160 Fletcher Challenge, Forest, ADR 26,465
2,550 Fletcher Challenge, Paper, ADR 32,034
4,500 Telecommunications of New
Zealand Ltd., ADR 174,375
500 Tranz Rail Holdings Ltd., ADR 5,750
------------
313,321
------------
Norway -- 0.3%
1,800 Nera ASA, ADR 9,900
8,250 Norsk Hydro AS, ADR 420,750
1,100 Petroleum Geo--
Services, ADR+ 71,225
4,300 Saga Petroleum, Class A, ADR 71,487
1,700 Smedvig ASA, ADR 35,897
700 Unitor ASA, ADR 8,583
------------
617,842
------------
Peru -- 0.1%
2,500 Banco Wiese, ADR 12,500
500 Compania de Minas
Buenaventura SA, ADR 8,000
8,500 Telefonica del Peru SA, ADR 198,156
------------
218,656
------------
Philippines -- 0.1%
4,100 Philippine Long Distance
Telephone Company, ADR 92,250
8,000 San Miguel Corporation,
Class B, ADR 97,776
------------
190,026
------------
Portugal -- 0.4%
4,200 Banco Comercial
Portuges SA, ADR 85,050
10,900 Electricidade de
Portugal SA, ADR+ 422,375
6,900 Portugal Telecom SA, ADR 324,300
------------
831,725
------------
Russia -- 0.4%
1,200 Chernogorneft, ADR+ 13,710
4,800 Lukoil, ADR 442,800
2,200 Trade House GUM 12,210
10,000 Unified Energy Systems+ 302,400
1,000 Vimpel - Communications,
ADR+ 35,625
------------
806,745
------------
Singapore -- 0.3%
6,500 Asia Pacific Resources
International Holdings Ltd.,
Class A+ 12,187
500 Asia Pacific Wire & Cable
Corporation Ltd.+ 3,594
1,300 China Yuchai, ADR+ 3,575
3,200 Cycle & Carriage Ltd., ADR 26,390
5,475 Development Bank of
Singapore, ADR 187,103
29,750 Keppel Corporation Ltd. 85,429
6,100 Neptune Orient Lines Ltd.,
ADR 9,626
8,000 Sembawang Corporation Ltd.,
ADR 17,088
16,300 United Overseas Bank Ltd.,
ADR 180,902
------------
525,894
------------
South Africa -- 0.5%
5,100 Driefontein
Consolidated, ADR 33,787
3,900 Gold Fields of South
Africa Ltd. 60,450
1,600 Harmony Gold Mining
Company Ltd., ADR+ 3,600
6,265 Imperial Holdings Ltd., ADR 72,737
9,100 Iscor Ltd., ADR 26,927
3,300 Kloof Gold Mining Ltd., ADR 10,931
18,000 Liberty Life Association of
Africa Ltd., ADR 231,174
3,400 Pepkor Ltd., ADR 34,932
20,800 Sasol Ltd., ADR 219,700
3,100 Servgro International Ltd., ADR 35,142
10,200 South African Breweries., ADR 251,523
13,100 Wooltru Ltd., ADR 41,186
------------
1,022,089
------------
Spain -- 2.2%
25,100 Banco Bilbao Vizcaya, ADR 811,044
11,900 Banco Central Hispano, ADR 285,600
17,300 Banco Santander SA, ADR 563,331
22,300 Banesto Espanol de
Credito, ADR+ 109,783
3,100 Compania Sevillana
Electric, ADR 57,966
9,100 Corporacion Bancaria
Argentaria 278,119
37,700 Endesa S.A., ADR 685,669
10,850 Repsol, ADR 461,803
11,300 Telefonica de Espana SA, ADR 1,029,006
------------
4,282,321
------------
Sweden -- 2.2%
4,300 AGA AB, ADR 57,108
59,500 Astra AB, ADR 1,022,656
6,666 Atlas Copco, ADR 199,833
3,800 Autoliv Inc., ADR 124,450
500 Biacore International AB,
ADR+ 4,344
2,800 Electrolux AB, ADR 193,200
34,700 Ericsson (L.M.) Telephone
Company, Class B, ADR 1,294,744
10,050 Sandvik AB, ADR 288,566
4,300 SKF AB, ADR 90,300
7,100 Svenska Cellulosa AB, ADR 160,304
1,700 Swedish Match Company, ADR 56,525
22,500 Volvo AB, Series B 603,597
------------
4,095,627
------------
Switzerland -- 7.6%
1,200 ABB AB, ADR 141,300
2,900 ABB AG, ADR 364,188
5,000 Adecco SA, ADR 176,562
18,800 Credit Suisse Group, ADR 728,256
29,200 Nestle, ADR 2,191,174
45,166 Novartis, ADR 3,670,596
500 Roche Hldgs Ltd. 49,634
512 Roche Holding AG 5,082,503
7,800 Sulzer Medica, ADR+ 181,350
27,500 Swiss Bank Corporation, ADR 855,984
1,200 TAG Heuer
International SA, ADR+ 9,900
37,900 Union Bank of Switzerland,
ADR 1,095,613
------------
14,547,060
------------
Taiwan -- 0.3%
3,693 Macronix International
Company Ltd., ADR 51,702
29,600 Taiwan Semiconductor
Manufacturing Company+ 538,350
------------
590,052
------------
Thailand -- 0.0%#
3,800 Advanced Information Services
PCL, ADR 18,309
10,050 Shinawatra Corporation, ADR 16,698
------------
35,007
------------
United Kingdom -- 28.6%
23,900 Abbey National Plc, ADR 856,552
120,750 Airtours Plc 2,459,315
2,800 Albert Fisher Group Plc, ADR 16,556
143,550 Alexon Group Plc 627,177
37,300 Allied Domeq Plc, ADR 337,554
4,200 Allied Irish Banks, ADR 243,600
2,100 Amvescap Plc, ADR 181,125
268,000 Ashley (Laura) Holdings Plc 162,870
14,000 AXA SA, ADR 546,000
55,800 B.A.T Industries Plc, ADR 1,046,250
37,200 BAA Plc, ADR 298,392
15,800 Barclays Plc, ADR 1,725,162
15,800 Bass Publishing Limited
Company Plc, ADR 489,800
1,000 Bespak Plc, ADR 11,415
32,117 BG PLC, ADR 728,654
26,400 Blue Circle
Industries Plc, ADR 148,078
3,950 Bluebird Toys 5,807
4,600 Boc Group Plc, ADR 151,512
1,600 Body Shop
International Plc, ADR 18,790
2,100 Booker Plc, ADR 42,771
3,600 British Airways Plc, ADR 337,275
2,500 British Biotech Plc, ADR+ 41,563
309,000 British Petroleum
Company Plc 4,087,616
13,600 British Petroleum
Company Plc, ADR 1,083,750
6,200 British Sky Broadcasting
Group Plc, ADR 275,900
7,300 British Steel Plc, ADR 156,494
22,600 British Telecommunications
Plc, ADR 1,815,062
223,050 British-Borneo Petroleum
Syndicate Plc 1,560,692
32,960 BTR Plc, ADR 398,453
3,800 Burmah Castrol Plc, ADR 132,525
12,812 Cable & Wireless
Communications Plc+ 312,292
26,500 Cable & Wireless Plc, ADR 720,469
8,950 Cadbury Schweppes Plc, ADR 370,306
700 Cantab Pharmaceuticals Plc, ADR+ 6,825
4,300 Carlton Communications Plc,
ADR 167,700
2,755 Christian Salvesen Plc, ADR 45,251
600 Christies International Plc, ADR 27,101
8,450 Coats Viyella Plc, ADR 37,890
1,100 COLT Telecom Group Plc, ADR+ 46,888
11,500 Compass Group Plc, ADR 141,473
870 Cordiant Communications
Group 8,211
14,600 Courtaulds Plc, ADR 67,525
1,700 Danka Business Systems
Plc, ADR 27,094
500 Denison International Plc, ADR+ 8,625
22,850 Diageo Plc 865,444
2,000 Dixons Group Plc 20,071
5,000 Dixons Group Plc, ADR 150,535
400 Doncasters Plc, ADR+ 8,450
700 Dr. Solomon's
Group Plc, ADR+ 22,575
600 Eidos Plc, ADR+ 7,350
15,725 EMI Group Plc, ADR+ 261,381
4,925 Energy Group Plc, ADR 219,778
4,300 English China Clays Plc, ADR 56,786
5,400 Enterprise Oil Plc, ADR 152,550
6,200 Gallaher Group Plc, ADR 132,525
2,800 General Cable Plc+ 19,250
400 Gentia Software Plc+ 1,100
500 Getty Communications
Plc, ADR+ 7,438
57,200 Glaxo Wellcome Plc, ADR 2,738,450
12,200 Guinness Plc, ADR 558,077
4,825 Hanson Trust Plc, ADR 111,277
6,300 Hills Down Holdings Plc,
ADR 61,261
99,050 Huntingdon Life Sciences
Group Plc 75,651
1,000 Huntingdon Life Sciences
Group Plc, ADR+ 3,625
6,600 Imperial Chemical Industries
Plc, ADR 428,587
9,425 Imperial Tobacco Group Plc,
ADR 116,634
2,000 Ionica Group Plc, ADR+ 13,250
149,750 John Mowlem & Company Plc 218,908
12,100 Kingfisher Plc, ADR 337,868
10,500 Lasmo Plc, ADR 133,219
1,800 Laura Ashley Holdings Plc, ADR 5,470
62,000 Logica Plc 1,184,341
400 London & Overseas
Freight Plc, ADR+ 5,814
88,650 London Forfaiting Co. Plc 519,819
2,700 London International
Group Plc, ADR 35,775
600 London Pacific Group
Ltd. Plc, ADR 7,200
65,800 Low & Bonar Plc 348,006
5,400 LucasVarity Plc, ADR 188,325
121,750 M.L. Laboritories Plc+ 167,978
291,400 Manchester United Plc 765,799
16,900 Marks & Spencer Plc, ADR 997,624
3,200 Medeva Plc, ADR 35,200
500 Micro Focus Group Plc, ADR+ 20,188
6,100 National Grid Group Plc, ADR 289,555
11,000 National Power Plc, ADR 435,875
10,400 National Westminster
Bank Plc, ADR 1,040,000
5,000 NFC Plc, ADR 63,750
400 Novel Denim Holdings Ltd.+ 8,000
2,472 Nycomed Amersham Plc 90,533
9,400 Orange Plc, ADR+ 203,862
20,000 Pearson Plc, ADR 259,840
10,900 Peninsular & Oriental
Steam Plc, ADR 249,115
6,100 Powergen Plc, ADR 324,062
5,100 Premier Farnell Plc, ADR 68,531
1,600 Premier Oil Plc, ADC 13,928
13,800 Prudential Plc, ADR 840,241
5,300 Racal Electronics Plc, ADR 46,486
1,800 Ramco Energy Plc, ADR 23,963
15,100 Rank Group Plc, ADR 169,875
18,800 Redland Ltd. Plc, ADR 105,600
12,600 Reed International Plc 120,034
10,150 Reed International Plc, ADR 419,322
10,300 Rentokil Initial PLC, ADR 455,816
10,100 Reuters Holdings,
Class B Plc, ADR 669,125
18,100 Rexam Plc, ADR 83,713
9,700 Rio Tinto Plc, ADR 501,975
870 Saatchi & Saatchi Plc+ 7,776
253,400 Salvesen Christian Plc 407,885
59,100 Scholl Plc 250,445
1,600 Scottish Hydro-Electric
Plc, ADR 131,926
7,400 Scottish Power Plc, ADR 261,568
4,200 Sedgwick Group Plc, ADR 51,713
1,700 Select Appointments
Holdings Plc, ADR 31,025
500 SELECT Software Tools
Plc, ADR+ 2,813
1,700 Senetek Plc, ADR+ 8,341
60,000 Shell Transportation &
Trading Plc, ADR 2,625,000
4,000 Siebe Plc 78,512
7,800 Siebe Plc, ADR 306,197
1,417,500 Signet Group 710,114
400 Signet Group Plc+ 5,700
300 Smallworldwide Plc, ADR+ 6,563
39,700 Smithkline Beecham
Group Plc, ADR 2,042,069
16,983 Southern Electric
Corporation Plc, ADR 141,978
151,300 Standard Chartered 1,615,317
1,300 Stolt-Nielsen SA Plc 27,544
850 Stolt-Nielsen SA Plc, ADR 18,594
3,000 Tate & Lyle Plc, ADR 99,119
3,200 Telewest Communications
Plc, ADR+ 39,200
30,000 Tesco Plc 247,380
74,500 Tesco Plc, ADR 605,685
3,564 Thorn EMI Plc, ADR 36,308
8,500 TI Group Plc, ADR 130,399
10,700 Tomkins Plc, ADR 204,637
1,400 Trinity International Plc, ADR 22,305
35,600 Ulster Television Plc 139,604
67,300 Unilever Plc, ADR 2,321,850
19,100 United Biscuits Holdings
Plc, ADR 70,395
4,600 United News & Media Plc, ADR 106,950
11,050 Vodafone Group Plc, ADR 801,125
3,100 Waste Management
International Plc, ADR+ 19,375
2,500 Wembley Plc, ADR 49,275
7,000 Williams Holdings
Ltd. Plc, ADR 116,585
3,200 Willis Corroon
Group Plc, ADR 39,400
2,800 WPP Group Plc, ADR 126,350
1,000 Xenova Group Plc, ADR+ 2,250
11,400 Zeneca Group Plc, ADR 1,231,200
------------
54,601,612
------------
United States -- 0.0%#
600 Fresh Del Monte
Produce Inc.+ 8,775
550 National-Oilwell, Inc.+ 18,787
------------
27,562
------------
Venezuela -- 0.1%
500 Banco Venezolano de
Credito, ADR 6,941
1,700 Compania Anonima Nacional
Telefonos
de Venezuela, ADR 70,762
2,400 Mavesa SA, ADR 15,300
6,000 Sidervrgica/Venez/Sivensa,
ADR 25,105
------------
118,108
------------
TOTAL COMMON STOCKS
(Cost $169,932,183) 190,577,309
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 0.3%
(Cost $491,000)
$ 491,000 Agreement with State
Street Bank and Trust
Company, 6.000% dated
12/31/1997, to be
repurchased at $491,163
on 01/02/1998,
collateralized by $445,000
U.S. Treasury Bond,
6.875% maturing
08/15/2025 (value $505,214) 491,000
------------
TOTAL INVESTMENTS
(Cost $170,423,183*) 100.0% 191,068,309
OTHER ASSETS AND
LIABILITIES (Net) 0.0# 82,566
---- ------------
NET ASSETS 100.0% $191,150,875
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
# Amount represents less than 0.1% of net assets.
ABBREVIATION:
ADR --American Depository Receipt
See Notes to Financial Statements.
<PAGE>
Munder International Equity Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
At December 31, 1997 sector diversification of the Munder International
Equity Fund was as follows:
% of
Net Assets Value
-------------------
COMMON STOCKS:
Banking & Financial Services....... 16.6% $ 31,642,626
Oil & Gas.......................... 10.2 19,525,771
Telecommunications................. 10.0 19,031,827
Drugs & Health Care................ 9.1 17,428,852
Automotive......................... 5.8 11,183,856
Food & Beverage.................... 5.4 10,241,374
Machinery & Heavy Equipment........ 5.2 9,954,116
Utilities.......................... 4.3 8,183,713
Retail............................. 4.0 7,659,654
Chemicals.......................... 2.8 5,353,020
Electric & Electrical Equipment.... 2.6 5,062,336
Transportation..................... 2.5 4,742,381
Metals & Mining.................... 2.0 3,769,418
Printing & Publishing.............. 1.9 3,620,787
Electronics........................ 1.9 3,615,606
Building & Building Materials...... 1.4 2,690,558
Photography........................ 1.4 2,630,468
Software........................... 1.1 2,078,289
Household Appliances & Home
Furnishings...................... 1.0 1,963,481
Apparel & Textiles................. 1.0 1,927,197
Manufacturing...................... 1.0 1,963,237
Tobacco............................ 0.9 1,656,412
Diversified Industrial............. 0.9 1,633,626
Real Estate........................ 0.8 1,578,047
Conglomerates...................... 0.8 1,514,974
Forest Paper & Products............ 0.7 1,435,683
Business Services.................. 0.7 1,255,764
Entertainment...................... 0.7 1,247,630
Office Supplies.................... 0.6 1,235,397
Broadcasting & Advertising......... 0.6 1,110,069
Computers.......................... 0.4 699,599
Miscellaneous...................... 1.4 2,941,541
----- ------------
TOTAL COMMON
STOCKS........................... 99.7 190,577,309
REPURCHASE
AGREEMENT........................ 0.3 491,000
----- ------------
TOTAL INVESTMENTS ................. 100.0 191,068,309
OTHER ASSETS AND
LIABILITIES (Net)................ 0.0# 82,566
----- ------------
NET ASSETS......................... 100.0% $191,150,875
===== ============
See Notes to Financial Statements.
<PAGE>
Munder Micro-Cap Equity Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 96.8%
Aerospace -- 0.7%
9,000 Kellstrom Industries, Inc.+ $ 222,750
------------
Apparel -- 1.0%
16,000 Cutter & Buck, Inc.+ 298,000
------------
Banking and Financial Services -- 6.4%
24,000 ACE Cash Express, Inc.+ 273,000
11,000 American Capital
Strategies, Ltd. 199,375
8,700 Dime Financial Corporation 265,350
25,000 First International
Bancorp, Inc. 303,125
11,400 Home Bancorp of Elgin, Inc. 203,775
14,000 Litchfield Financial
Corporation 271,250
9,700 People's Bancshares, Inc. 220,675
6,200 SIS Bancorp, Inc. 249,162
------------
1,985,712
------------
Broadcasting -- 1.2%
15,000 Macrovision Corporation+ 238,125
10,000 Medialink Worldwide, Inc.+ 135,000
------------
373,125
------------
Building Materials -- 0.7%
14,000 Dayton Superior Corporation+ 231,000
------------
Business Services -- 2.8%
20,000 Diamond Technology
Partners, Inc.+ 310,000
10,000 Hagler Bailly, Inc.+ 225,000
15,000 Hall, Kinion & Associates, Inc.+ 328,125
------------
863,125
------------
Chemicals -- 1.7%
15,000 Brunswick Technologies, Inc.+ 219,375
23,400 Pioneer Companies, Inc. 307,125
------------
526,500
------------
Commercial Services-- 2.8%
8,000 COMARCO, Inc.+ 176,000
16,800 International Total
Services, Inc.+ 266,700
20,000 Securacom, Inc.+ 195,000
2,800 SOS Staffing Services, Inc.+ 52,850
10,000 SteriGenics International,
Inc.+ 190,000
----------
880,550
----------
Communication Equipment -- 0.1%
9,800 KVH Industries, Inc.+ 49,613
----------
Computers & Business Equipment -- 2.0%
35,000 Mizar, Inc.+ 210,000
20,000 ScanSource, Inc.+ 400,000
----------
610,000
----------
Computer Hardware, Software
or Services -- 12.0%
2,400 Analytical Surveys, Inc.+ 82,200
5,500 Applied Voice Technology+ 155,375
10,000 Aris Corporation 210,000
20,000 Box Hill Systems Corporation+ 208,750
10,000 Concord Communications, Inc.+ 207,500
15,000 FDP Corporation 159,375
15,000 H.T.E., Inc.+ 311,250
10,000 Logility, Inc.+ 97,500
30,000 Made2Manage Systems, Inc.+ 226,875
28,300 Neoware Systems, Inc.+ 67,212
20,000 NewCom, Inc.+ 295,000
13,500 Quadra Med Corp.+ 371,250
15,000 Simulation Sciences, Inc.+ 240,000
15,000 SPR, Inc.+ 255,000
30,000 Template Software, Inc.+ 442,500
25,000 UBICS, Inc.+ 375,000
----------
3,704,787
----------
Electrical Equipment-- 3.4%
18,000 Aehr Test Systems+ 144,000
15,000 FARO Technologies, Inc.+ 174,375
15,000 inTEST Corporation+ 105,000
20,000 Merrimac Industries, Inc. 255,000
10,000 ORBIT/FR, Inc.+ 161,250
19,800 Trans-Industries, Inc.+ 207,900
----------
1,047,525
----------
Electronics -- 7.5%
50,000 A.C.S. Electronics Ltd.+ 243,750
17,900 Applied Micro Circuits
Corporation+ 221,512
140,000 Dense-Pac Microsystems, Inc.+ 647,500
15,000 Frequency Electronics, Inc. 240,000
20,000 Herley Industries, Inc.+ 241,250
30,000 Hi-Shear Technologies
Corporation+ 176,250
12,000 JPM Company+ 255,000
50,000 Microdyne Corporation+ 300,000
----------
2,325,262
----------
Entertainment & Gaming -- 1.5%
20,000 Brass Eagle, Inc.+ 247,500
20,000 Silicon Gaming, Inc.+ 208,750
----------
456,250
----------
Gas & Pipeline Utilities -- 1.1%
60,000 Penn Octane Corporation+ 333,750
----------
Health Care Producers -- 0.9%
20,000 Medco Research, Inc.+ 280,000
----------
Industrial Machinery -- 1.6%
17,000 Metrika Systems Corporation+ 259,250
12,700 Park-Ohio Industries+ 231,775
----------
491,025
----------
Insurance -- 2.7%
6,200 FPIC Insurance Group, Inc.+ 180,575
10,200 INSpire Insurance
Solutions, Inc.+ 212,925
7,000 PAULA Financial+ 161,000
13,500 Penn America Group, Inc. 276,750
--------
831,250
--------
Leisure -- 1.2%
47,000 Racing Champions
Corporation+ 364,250
--------
Lodging -- 0.9%
20,000 Suburban Lodges of
America, Inc.+ 266,250
--------
Machinery -- 2.4%
15,000 Gradall Industries, Inc.+ 247,500
7,320 Hirsch International
Corporation+ 161,040
100,000 InterSystems, Inc. 187,500
15,000 Schmitt Industries, Inc.+ 138,750
--------
734,790
--------
Manufactured Housing -- 0.5%
14,690 Miller Building Systems, Inc.+ 143,228
--------
Medical and Medical Services -- 14.2%
20,000 Bioanalytical Systems, Inc.+ 152,500
16,000 Castle Dental Centers, Inc.+ 124,000
11,660 Cholestech Corporation+ 145,750
4,200 CN Biosciences, Inc.+ 105,000
20,000 Diagnostic Health Services,
Inc.+ 236,250
20,000 Home Health Corporation of
America+ 207,500
5,500 IMPATH, Inc.+ 180,125
25,000 Medirisk, Inc.+ 275,000
15,000 Meridian Diagnostics, Inc. 151,875
15,000 Morrison Health Care, Inc. 300,000
16,000 Neogen Corporation+ 182,000
40,000 Norland Medical Systems+ 300,000
20,000 Priority Healthcare
Corporation+ 302,500
30,000 ProMedCo Management
Company+ 303,750
15,000 SeaMED Corporation+ 277,500
30,000 Somnus Medical
Technologies, Inc.+ 382,500
35,000 Vision Twenty-One, Inc.+ 323,750
25,000 Young Innovations, Inc.+ 450,000
----------
4,400,000
----------
Metal Processing -- 0.9%
15,000 SIFCO Industries, Inc. 286,875
----------
Motion Pictures & Services -- 0.7%
50,000 Brilliant Digital
Entertainment, Inc.+ 234,375
----------
Oil & Gas -- 4.5%
17,000 American Oilfield Divers, Inc.+ 216,750
15,000 Dril-Quip Inc.+ 526,875
20,000 OYO Geospace Corporation+ 377,500
50,000 Petroleum Development
Corporation+ 262,500
----------
1,383,625
----------
Pharmaceuticals -- 1.0%
17,000 ChiRex, Inc.+ 299,625
----------
Printing and Publishing -- 0.7%
19,000 Schawk Inc. 213,750
----------
Restaurants -- 2.4%
14,000 Il Fornaio (America)
Corporation+ 208,250
20,000 Schlotzsky's, Inc.+ 292,500
22,000 Star Buffet, Inc.+ 253,000
----------
753,750
----------
Retail -- 5.8%
16,250 Freds, Inc. 333,125
11,000 Gadzooks, Inc.+ 231,000
13,000 Hot Topic, Inc.+ 295,750
16,000 Mark Bros. Jewelers, Inc.+ 264,000
10,000 Piercing Pagoda, Inc.+ 287,500
11,100 Rent-Way, Inc.+ 205,350
50,000 Shop At Home, Inc.+ 184,375
----------
1,801,100
----------
Schools -- 1.2%
20,000 Bright Horizons, Inc.+ 375,000
------------
Shoes -- 0.9%
25,000 Maxwell Shoe Company, Inc.+ 268,750
------------
Technology -- 0.5%
15,000 Excel Technology, Inc.+ 166,875
------------
Telecommunications -- 5.8%
20,000 Advanced Communication
Systems, Inc.+ 186,250
8,000 Alpha Industries, Inc.+ 129,000
30,000 EIS International, Inc.+ 165,000
20,000 Gilat Communications Ltd.+ 147,500
70,000 International FiberCom, Inc.+ 367,500
20,000 Melita International
Corporation+ 181,250
25,000 NACT Telecommunications,
Inc.+ 443,750
13,020 ViaSat, Inc.+ 177,398
------------
1,797,648
------------
Tobacco -- 1.7%
12,500 800-JR CIGAR, Inc.+ 312,500
23,000 Holt's Cigar Holdings, Inc.+ 209,875
------------
522,375
------------
Trucking & Freight Forwarding -- 1.4%
25,000 Dynamex, Inc.+ 281,250
17,000 Trailer Bridge, Inc.+ 150,875
------------
432,125
------------
TOTAL COMMON STOCKS
(Cost $29,229,977) 29,954,615
------------
<PAGE>
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 4.0%
(Cost $1,228,000)
$1,228,000 Agreement with State
Street Bank and Trust
Company, 6.000%
dated 12/31/1997,
to be repurchased at
$1,228,409 on 01/02/1998,
collateralized by
$1,225,000 U.S. Treasury
Note, 5.875% maturing 01/31/1999
(value $1,257,028) 1,228,000
------------
TOTAL INVESTMENTS
(Cost $30,457,977*) 100.8% 31,182,615
OTHER ASSETS AND
LIABILITIES (Net) (0.8) (249,493)
----- ------------
NET ASSETS 100.0% $ 30,933,122
===== ============
- ---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
See Notes to Financial Statements.
<PAGE>
Munder Mid-Cap Growth Fund
Portfolio of Investments, December 31, 1997
Shares Value
- ------ -----
COMMON STOCKS -- 92.8%
Automobile Parts & Equipment -- 4.6%
33,000 Mark IV Industries, Inc. $ 721,875
28,900 Miller Industries, Inc.+ 310,675
19,000 Tower Automotive, Inc.+ 799,188
----------
1,831,738
----------
Banking and Finance -- 2.9%
7,875 Charter One Financial, Inc. 497,109
31,264 Sovereign Bancorp, Inc. 648,728
----------
1,145,837
----------
Basic Industries -- 1.8%
18,600 Waters Corporation+ 699,825
----------
Chemicals -- 1.1%
9,700 Minerals Technologies, Inc. 440,744
----------
Commercial Services -- 4.6%
19,000 ABR Information
Services, Inc.+ 453,625
26,800 AccuStaff, Inc.+ 616,400
28,500 COREStaff, Inc.+ 755,250
----------
1,825,275
----------
Communication Equipment -- 5.2%
22,400 ADC Telecommunications, Inc.+ 935,200
18,300 Aspect Telecommunications
Corporation+ 382,013
48,300 Xylan Corporation+ 730,537
----------
2,047,750
----------
Computer Hardware, Software
or Services -- 11.0%
12,200 Adaptec, Inc.+ 452,925
30,000 Cadence Design Systems, Inc.+ 735,000
21,200 Fiserv, Inc.+ 1,041,450
39,500 Indus Group, Inc.+ 286,375
76,000 Iomega Corporation+ 945,250
19,000 Parametric Technology
Corporation+ 900,125
----------
4,361,125
----------
Electronics -- Semiconductors -- 3.9%
19,500 Altera Corporation+ 645,938
25,600 Maxim Integrated Products,
Inc.+ 883,200
----------
1,529,138
----------
Financial Services-- 5.1%
15,700 FINOVA Group, Inc. 780,093
27,700 Green Tree Financial
Corporation 725,394
24,584 Imperial Credit Industries,
Inc.+ 503,972
----------
2,009,459
----------
Gaming -- 1.9%
34,000 Mirage Resorts, Inc.+ 773,500
----------
Health Care Products -- 1.3%
10,300 Elan Corporation+ 527,231
----------
Insurance -- 4.8%
34,000 HCC Insurance Holdings, Inc. 722,500
19,800 Nationwide Financial
Services, Inc. 715,275
7,600 Vesta Insurance Group, Inc. 451,250
----------
1,889,025
----------
Investment Corporation -- 2.6%
19,500 Sirrom Capital Corporation 1,016,438
----------
Lodging -- 1.1%
13,200 CapStar Hotel Company+ 452,925
----------
Machinery -- 1.1%
9,700 Donaldson Company, Inc. 437,106
----------
Medical Instruments & Supplies -- 3.2%
26,000 STERIS Corporation+ 1,254,500
----------
Medical Services -- 7.3%
24,000 ESC Medical Systems Ltd.+ 930,000
23,000 HBO & Company 1,104,000
31,800 Total Renal Care Holdings, Inc.+ 874,500
----------
2,908,500
----------
Oil Equipment & Services -- 6.8%
7,800 Camco International, Inc. 496,762
7,000 Cooper Cameron Corporation+ 427,000
14,500 Diamond Offshore Drilling,
Inc. 697,812
27,800 Precision Drilling
Corporation+ 677,625
6,300 Smith International, Inc.+ 386,663
----------
2,685,862
----------
Paper and Forest Products -- 1.3%
12,000 Bemis Company, Inc. 528,750
----------
Printing -- 2.9%
31,000 Valassis Communications, Inc.+ 1,147,000
----------
Public Service -- 3.2%
34,500 Corrections Corporation of
America+ 1,278,656
----------
Publishing -- 1.4%
10,700 Applied Graphics
Technologies, Inc.+ 569,775
----------
Real Estate -- 4.6%
19,500 Equity Residential Properties
Trust+ 450,938
15,900 Mack-Cali Realty Corporation 651,900
17,000 Spieker Properties, Inc. 728,875
----------
1,831,713
----------
Recreation -- 1.1%
20,400 Signature Resorts, Inc.+ 446,250
----------
Retail -- 5.8%
16,000 General Nutrition
Companies, Inc.+ 544,000
48,900 Pier 1 Imports, Inc. 1,106,362
44,700 The Sports Authority, Inc.+ 659,325
----------
2,309,687
----------
Sporting Equipment -- 0.9%
12,800 Callaway Golf Company 365,600
----------
Telephone -- Long Distance -- 1.3%
16,500 LCI International, Inc.+ 507,375
-----------
TOTAL COMMON STOCKS
(Cost $35,798,882) 36,820,784
-----------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 5.9%
(Cost $2,326,000)
$2,326,000 Agreement with State
Street Bank and Trust
Company, 6.000% dated
12/31/97, to be repurchased
at $2,326,775 on
01/02/1998, collateralized
by $2,225,000 U.S. Treasury
Note, 7.500% maturing
11/15/2001
(value $2,376,576) 2,326,000
-----------
TOTAL INVESTMENTS
(Cost $38,124,882*) 98.7% 39,146,784
OTHER ASSETS AND
LIABILITIES (Net) 1.3 524,574
---- -----------
NET ASSETS 100.0% $39,671,358
==== ===========
- ---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
See Notes to Financial Statements.
<PAGE>
Munder Multi-Season Growth Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 98.2%
Advertising -- 2.5%
393,600 Omnicom, Inc. $ 16,678,800
------------
Aerospace -- 1.6%
98,075 Sundstrand Corporation 4,940,528
77,450 United Technologies
Corporation 5,639,328
------------
10,579,856
------------
Automobile Parts & Equipment -- 2.9%
279,750 Johnson Controls, Inc. 13,358,063
276,653 Mark IV Industries, Inc. 6,051,784
------------
19,409,847
------------
Banking and Financial Services -- 12.6%
226,000 Associates First Capital
Corporation 16,074,250
82,375 BankAmerica Corporation 6,013,375
111,117 Charter One Financial, Inc. 7,014,261
117,125 Chase Manhattan Corporation 12,825,187
323,825 Green Tree Financial
Corporation 8,480,167
126,775 MGIC Investment Corporation 8,430,538
316,000 Norwest Corporation 12,205,500
132,000 Summit Bancorp 7,029,000
61,875 U.S. Bancorp 6,926,133
------------
84,998,411
------------
Building Materials -- 1.5%
363,275 Sherwin-Williams Company 10,080,881
------------
Business Equipment and Supplies -- 1.8%
275,300 Avery Dennison Corporation 12,319,675
------------
Business Services -- 5.3%
249,700 Automatic Data
Processing, Inc. 15,325,337
212,175 Equifax, Inc. 7,518,952
430,188 First Data Corporation 12,582,999
------------
35,427,288
------------
Commercial Services -- 3.3%
636,687 Cendant Corporation+ 21,886,116
------------
Computer Hardware, Software or
Services -- 8.9%
130,975 Adaptec, Inc.+ 4,862,447
124,425 BMC Software, Inc.+ 8,165,391
372,600 Cabletron Systems, Inc.+ 5,589,000
235,800 CISCO Systems, Inc.+ 13,145,850
204,525 Hewlett-Packard Company 12,782,812
74,750 Intel Corporation 5,251,187
185,768 Oracle Systems Corporation+ 4,144,949
132,350 Parametric Technology
Corporation+ 6,270,081
-----------
60,211,717
-----------
Consumer Non-Durables -- 0.7%
118,325 Newell Company 5,028,813
-----------
Diversified -- 9.6%
230,000 AlliedSignal Corporation 8,955,625
220,200 Textron, Inc. 13,762,500
478,050 Thermo Electron Corporation+ 21,273,225
456,500 Tyco International Ltd. 20,571,031
-----------
64,562,381
-----------
Drugs -- 7.2%
202,400 Amgen, Inc.+ 10,954,900
131,875 Merck & Co., Inc. 14,011,719
117,600 Pfizer, Inc. 8,768,550
232,500 Schering-Plough Corporation 14,444,062
-----------
48,179,231
-----------
Electrical Equipment -- 4.3%
220,975 Emerson Electric Company 12,471,277
221,300 General Electric Company 16,237,887
-----------
28,709,164
-----------
Food and Beverages -- 2.0%
240,250 Sara Lee Corporation 13,529,078
-----------
Home Furnishings -- 0.9%
142,050 Leggett & Platt, Inc. 5,948,344
-----------
Household Products -- 1.0%
116,141 Lancaster Colony Corporation 6,547,449
-----------
Insurance -- 3.7%
101,762 American International
Group, Inc. 11,066,617
202,400 MBIA, Inc. 13,522,850
-----------
24,589,467
-----------
Machinery -- 0.3%
50,000 Donaldson Company, Inc. 2,253,125
-----------
Manufactured Housing -- 1.8%
667,143 Clayton Homes, Inc. 12,008,574
-----------
Medical Services & Supplies -- 3.2%
512,500 HEALTHSOUTH
Corporation+ 14,221,875
110,000 Johnson & Johnson Company 7,246,250
-----------
21,468,125
-----------
Oil Equipment and Services -- 4.2%
202,700 Reading & Bates Corporation+ 8,488,062
74,150 Schlumberger Ltd. 5,969,075
293,300 Transocean Offshore, Inc. 14,133,394
-----------
28,590,531
-----------
Railroad -- 1.6%
318,400 Illinois Central Corporation 10,845,500
-----------
Recreation -- 2.1%
260,475 Carnival Corporation, Class A 14,423,803
-----------
Restaurants -- 2.7%
111,600 Cracker Barrel
Old Country Store, Inc. 3,724,650
595,775 Wendy's International, Inc. 14,335,836
-----------
18,060,486
-----------
Retail -- Specialty -- 8.0%
316,170 Consolidated Stores
Corporation+ 13,891,719
189,950 Costco Companies, Inc.+ 8,476,519
258,025 General Nutrition
Companies, Inc.+ 8,772,850
264,200 Home Depot, Inc. 15,554,775
218,450 Walgreen Company 6,853,869
-----------
53,549,732
-----------
Telecommunications -- 3.5%
242,600 Century Telephone
Enterprises 12,084,513
389,925 WorldCom, Inc.+ 11,795,231
------------
23,879,744
------------
Toys -- 1.0%
178,125 Mattel, Inc. 6,635,156
------------
TOTAL COMMON STOCKS
(Cost $463,220,257) 660,401,294
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 1.9%
(Cost $12,986,000)
$12,986,000 Agreement with State
Street Bank and Trust
Company, 6.000% dated
12/31/1997, to be
repurchased at
$12,990,329 on
01/02/1998, collateralized
by $11,670,000 U.S.
Treasury Note, 6.875%
maturing 08/15/2025
(value $13,249,103) 12,986,000
------------
TOTAL INVESTMENTS
(Cost $476,206,257*) 100.1% 673,387,294
OTHER ASSETS AND
LIABILITIES (Net) (0.1) (766,571)
----- ------------
NET ASSETS 100.0% $672,620,723
===== ============
- ---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
See Notes to Financial Statements.
<PAGE>
Munder Real Estate Equity Investment Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 91.7%
Apartments -- 15.3%
57,300 Amli Residential
Properties, Inc. $ 1,274,925
78,900 Avalon Properties, Inc. 2,440,969
59,700 Bay Apartment Communities,
Inc. 2,328,300
75,025 Camden Property Trust 2,325,775
59,900 Equity Residential Properties
Trust 3,028,693
70,300 Irvine Apartment
Communities, Inc. 2,236,419
------------
13,635,081
------------
Community Shopping Centers -- 13.9%
50,000 Agree Realty Corporation 1,087,500
136,675 Bradley Real Estate, Inc. 2,870,175
70,000 Developers Diversified
Realty Corporation 2,677,500
129,700 IRT Property Company 1,532,081
75,450 Kimco Realty Corporation 2,659,613
32,000 Vornado Realty Trust 1,502,000
------------
12,328,869
------------
Hotels -- 8.7%
70,100 FelCor Suite Hotels, Inc. 2,488,550
76,201 Patriot American
Hospitality, Inc. 2,195,541
52,800 Starwood Lodging Trust 3,055,800
------------
7,739,891
------------
Office & Industrial -- 33.4%
77,975 Arden Realty Group, Inc. 2,397,731
27,000 Boston Properties, Inc. 892,688
74,900 Crescent Real Estate
Equities, Inc. 2,949,187
117,000 Duke Realty Investments, Inc. 2,837,250
116,995 Equity Office Properties
Trust 3,692,652
75,450 Highwoods Properties, Inc. 2,805,797
105,150 Kilroy Realty Corporation 3,023,062
74,700 Mack-Cali Realty Corporation 3,062,700
94,100 Prentiss Properties Trust 2,628,919
79,200 Reckson Associates Realty
Corporation 2,009,700
62,700 Spieker Properties, Inc. 2,688,263
29,200 Tower Realty Trust, Inc. 719,050
-------------
29,706,999
-------------
Regional Malls -- 7.4%
80,050 CBL & Associates
Properties, Inc. 1,976,234
91,450 JP Realty, Inc. 2,371,985
69,150 Simon DeBartolo Group, Inc. 2,260,341
-------------
6,608,560
-------------
Storage -- 4.6%
89,500 Public Storage, Inc. 2,629,062
35,700 Storage USA 1,425,769
-------------
4,054,831
-------------
Triple Net Lease -- 5.1%
34,000 CCA Prison Realty Trust 1,517,250
78,000 Commercial Net Lease Realty 1,394,250
41,600 TriNet Corporate Realty
Trust, Inc. 1,609,400
-------------
4,520,900
-------------
Other -- 3.3%
6,840 Crescent Operating, Inc.+ 167,580
93,775 Glenborough Realty Trust, Inc. 2,778,085
-------------
2,945,665
-------------
TOTAL COMMON STOCKS
(Cost $64,508,817) 81,540,796
-------------
WARRANTS -- 0.0%#
(Cost $0)
2,053 Security Capital Group, Inc.
expires 09/18/1998+ 10,778
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 7.9%
(Cost $7,053,000)
$7,053,000 Agreement with State Street
Bank and Trust Company,
6.000% dated 12/31/1997,
to be repurchased at
$7,055,351 on 01/02/1998,
collateralized by $6,970,000
U.S. Treasury Note, 6.750% maturing
04/30/2000 (value $7,197,389) 7,053,000
------------
TOTAL INVESTMENTS
(Cost $71,561,817*) 99.6% 88,604,574
OTHER ASSETS AND
LIABILITIES (Net) 0.4 400,441
---- ------------
NET ASSETS 100.0% $ 89,005,015
==== ============
- ----------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
<PAGE>
Munder Small-Cap Value Fund
Portfolio of Investments, December 31, 1997
Shares Value
- ------ -----
COMMON STOCKS -- 92.8%
Airlines -- 1.2%
43,450 Midwest Express
Holdings, Inc.+ $ 1,686,403
------------
Automobile Parts & Equipment -- 3.0%
158,533 Control Devices, Inc.+ 2,536,528
97,600 Motorcar Parts &
Accesories, Inc.+ 1,634,800
------------
4,171,328
------------
Banking and Financial Services -- 16.9%
61,180 Carolina First Bancshares 1,315,370
122,300 Commonwealth Bancorp, Inc. 2,430,712
112,200 Flagstar Bancorp, Inc. 2,221,209
74,600 Home Bancorp of Elgin, Inc. 1,333,475
209,100 Long Beach Financial
Corporation+ 2,430,787
28,300 Long Island Bancorp, Inc. 1,404,388
107,700 McDonald & Company
Investments 3,055,987
50,600 Metris Companies, Inc. 1,733,050
34,400 Ocean Financial Corporation 1,281,400
29,300 Prime Bancshares, Inc. 611,638
33,700 Provident Bankshares
Corporation 2,152,588
54,400 SIS Bancorp, Inc. 2,186,200
69,600 WSFS Financial Corporation+ 1,392,000
------------
23,548,804
------------
Building Materials -- 4.5%
134,800 Dayton Superior Corporation+ 2,224,200
61,700 U.S. Home Corporation+ 2,421,725
113,900 Universal Forest Products, Inc. 1,551,887
------------
6,197,812
------------
Chemicals -- 3.4%
86,200 General Chemical Group, Inc. 2,305,850
72,100 The Carbide/Graphite
Group, Inc.+ 2,433,375
------------
4,739,225
------------
Commercial Services -- 0.8%
154,800 First Aviation Services, Inc.+ 1,151,325
------------
Computer Hardware, Software
or Services -- 3.3%
56,500 3Dlabs, Inc. Ltd.+ 1,313,625
80,700 Computer Products, Inc.+ 1,825,837
36,400 Comverse Technology, Inc.+ 1,419,600
-------------
4,559,062
-------------
Consumer Durables -- 0.6%
84,260 Lifetime Hoan Corporation 832,068
-------------
Containers -- 1.0%
55,600 Ivex Packaging Corporation+ 1,334,400
-------------
Diversified Industrial -- 1.3%
119,200 Griffon Corporation+ 1,743,300
-------------
Electronics -- 7.0%
109,600 Integrated Device
Technology, Inc.+ 1,034,350
136,200 inTEST Corporation+ 953,400
42,100 Jabil Circuit, Inc.+ 1,673,475
54,000 Kuhlman Corporation 2,112,750
84,400 Microsemi Corporation+ 1,482,275
82,700 ORBIT/FR, Inc.+ 1,333,537
73,400 Pioneer-Standard
Electronics, Inc. 1,119,350
-------------
9,709,137
-------------
Food and Beverages -- 3.0%
66,100 Hudson Foods, Inc. 1,359,181
97,400 J&J Snack Foods Corporation+ 1,594,925
84,666 Worthington Foods, Inc. 1,185,324
-------------
4,139,430
-------------
Health Care -- 1.6%
67,300 Sierra Health Services, Inc.+ 2,262,963
-------------
Home Furnishings -- 1.9%
60,600 Toro Company 2,583,075
-------------
Hotels -- 1.0%
100,000 Suburban Lodges of
America, Inc.+ 1,331,250
-------------
Insurance -- 8.6%
88,000 ARM Financial Group, Inc. 2,321,000
35,500 ESG Re Ltd.+ 834,250
19,400 Executive Risk, Inc. 1,354,363
70,500 INSpire Insurance
Solutions, Inc.+ 1,471,687
82,700 IPC Holdings Ltd. 2,661,906
28,100 NAC Re Corporation 1,371,631
45,000 Philadelphia Consolidated
Holding Corporation+ 798,750
49,300 Stirling Cooke Brown Holdings
Ltd.+ 1,207,850
------------
12,021,437
------------
Leisure -- 1.1%
51,200 Steiner Leisure Ltd.+ 1,580,800
------------
Manufacturing -- 1.1%
134,900 Foamex International, Inc. 1,467,038
------------
Medical and Medical Services -- 0.9%
45,000 Bioanalytical Systems, Inc.+ 343,125
100,000 Vision Twenty-One, Inc.+ 925,000
------------
1,268,125
------------
Medical Supplies -- 2.5%
113,500 Bindley Western Industries, Inc. 3,504,313
------------
Metals and Metal Processing -- 6.1%
85,300 Atchison Casting Corporation+ 1,386,125
150,000 Novamerican Steel, Inc.+ 1,743,750
73,800 Quanex Corporation 2,075,625
146,100 Recycling Industries, Inc.+ 876,600
94,400 Rohn Industries, Inc. 486,750
68,800 TransTechnology Corporation 1,947,900
------------
8,516,750
------------
Oil and Gas -- 7.7%
20,000 Bayard Drilling
Technologies, Inc.+ 325,000
28,100 Cliffs Drilling Company+ 1,401,487
61,900 Colonial Gas Company 1,783,494
34,200 Giant Industries, Inc. 649,800
53,100 Houston Exploration Company+ 975,713
43,700 North Carolina Natural Gas
Corporation 1,518,575
64,470 Southern Union Company+ 1,539,221
73,800 Southwest Gas Corporation 1,379,137
30,100 Veritas DGC, Inc.+ 1,188,950
------------
10,761,377
------------
Real Estate -- 8.8%
53,600 Bay Apartment
Communities, Inc. 2,090,400
45,600 Developers Diversified
Realty Corporation 1,744,200
39,000 Golf Trust America 1,131,000
71,000 JP Realty, Inc. 1,841,562
69,000 Kilroy Realty Corporation 1,983,750
62,500 Prentiss Properties Trust 1,746,094
69,100 Reckson Associates
Realty Corporation 1,753,413
------------
12,290,419
------------
Retail -- 1.7%
105,000 Finlay Enterprises, Inc.+ 2,388,750
------------
Telecommunications -- 2.4%
348,700 Century Communications
Corporation, Class A+ 3,399,825
------------
Tobacco -- 0.6%
35,200 800-JR CIGAR, Inc.+ 880,000
------------
Transportation -- 0.8%
47,900 Roadway Express, Inc. 1,059,788
------------
TOTAL COMMON STOCKS
(Cost $111,784,795) 129,128,204
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 6.9%
(Cost $9,593,000)
$9,593,000 Agreement with State Street
Bank and Trust Company,
6.000% dated 12/31/1997,
to be repurchased at
$9,596,198 on 01/02/1998,
collateralized by $8,420,000
U.S. Treasury Note, 7.125%
maturing 02/15/2023
(value $9,786,936) 9,593,000
------------
TOTAL INVESTMENTS
(Cost $121,377,795*) 99.7% 138,721,204
OTHER ASSETS AND
LIABILITIES (Net) 0.3 376,134
----- ------------
NET ASSETS 100.0% $139,097,338
===== ============
- ----------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
See Notes to Financial Statements.
<PAGE>
Munder Small Company Growth Fund
portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 88.3%
Advertising -- 1.1%
181,600 HA-LO Industries, Inc.+ $ 4,721,600
------------
Aerospace & Defense -- 2.5%
147,150 AAR Corporation 5,702,062
220,800 REMEC, Inc.+ 4,968,000
------------
10,670,062
------------
Automobile Parts & Equipment -- 2.2%
566,400 Miller Industries, Inc.+ 6,088,800
76,100 Tower Automotive, Inc.+ 3,200,956
------------
9,289,756
------------
Banking and Financial Services -- 5.6%
96,300 Amresco, Inc.+ 2,913,075
278,130 Financial Federal Corporation+ 6,570,821
120,702 HUBCO, Inc. 4,722,466
229,115 Litchfield Financial
Corporation 4,439,103
38,000 Provident Bankshares
Corporation 2,427,250
51,950 Sirrom Capital Corporation 2,707,894
------------
23,780,609
------------
Broadcasting -- 1.3%
166,960 Metro Networks, Inc.+ 5,467,940
------------
Business Services -- 1.0%
162,260 Interim Services, Inc.+ 4,198,478
------------
Commercial Services -- 5.8%
116,500 Cort Business Services
Corporation+ 4,638,156
137,600 F.Y.I., Inc.+ 3,164,800
171,000 Lason Holdings, Inc.+ 4,552,875
79,200 Metzler Group, Inc.+ 3,177,900
151,600 Nichols Research Corporation+ 3,790,000
221,760 Ontrack Data
International, Inc.+ 5,530,140
------------
24,853,871
------------
Computer Hardware, Software
or Services -- 14.0%
278,900 Advanced Digital Information
Corporation+ 4,601,850
234,030 Axent Technologies, Inc.+ 4,037,018
245,720 Boole & Babbage, Inc.+ 7,340,885
290,610 Deltek Systems, Inc.+ 4,595,271
135,780 Engineering Animation, Inc.+ 6,245,880
137,000 Factset Research Systems, Inc.+ 4,212,750
227,080 Inter-Tel, Inc. 4,399,675
161,450 Metro Information
Services, Inc.+ 4,480,237
64,800 National Instruments
Corporation+ 1,879,200
406,240 Simulation Sciences, Inc.+ 6,499,840
236,480 Tecnomatix Technologies Ltd.,
ADR+ 7,981,200
200,200 USCS International, Inc.+ 3,403,400
------------
59,677,206
------------
Electrical Equipment -- 0.8%
252,650 Trident International, Inc.+ 3,284,450
------------
Electronics -- 8.4%
198,190 Berg Electronics Corporation+ 4,508,823
331,690 Computer Products, Inc.+ 7,504,486
135,700 DII Group, Inc.+ 3,697,825
200,500 Electromagnetic Sciences,
Inc.+ 4,060,125
151,100 Qlogic Corporation+ 4,457,450
182,280 Sawtek, Inc.+ 4,807,635
223,320 Tracor, Inc.+ 6,783,345
------------
35,819,689
------------
Energy and Natural Resources -- 1.3%
314,740 Newpark Resources, Inc.+ 5,507,950
------------
Funeral Services -- 1.1%
195,100 Equity Corporation
International+ 4,511,688
------------
Health Care Products -- 3.8%
411,260 Graham Field
Health Products 6,862,901
361,040 Helen of Troy Ltd.+ 5,821,770
70,900 Medicis Pharmaceutical
Corporation+ 3,624,763
------------
16,309,434
------------
Hotels -- 0.9%
104,950 CapStar Hotel Company+ 3,601,097
------------
Insurance -- 3.6%
139,340 Allied Group, Inc. 3,988,608
67,810 CMAC Investment Corporation 4,094,029
30,800 Executive Risk, Inc. 2,150,225
246,550 HCC Insurance Holdings, Inc. 5,239,187
------------
15,472,049
------------
Leisure -- 2.3%
474,460 Racing Champions
Corporation+ 3,677,065
199,420 Steiner Leisure Ltd.+ 6,157,092
------------
9,834,157
------------
Machinery -- Tools -- 1.1%
69,000 Applied Power, Inc. 4,761,000
------------
Managed Healthcare -- 2.3%
163,967 Concentra Managed Care,
Inc.+ 5,533,886
233,077 FPA Medical Management,
Inc.+ 4,341,059
------------
9,874,945
------------
Medical Services -- 7.1%
208,500 Assisted Living Concepts,
Inc.+ 4,117,875
501,200 Capital Senior Living
Corporation+ 5,231,275
150,900 Curative Health Services,
Inc.+ 4,583,588
168,140 MedQuist, Inc.+ 5,842,865
195,985 National Surgery Centers,
Inc.+ 5,144,606
145,890 Renal Treatment Centers,
Inc.+ 5,270,276
------------
30,190,485
------------
Medical Supplies -- 6.2%
207,200 CONMED Corporation+ 5,439,000
277,460 Molecular Devices Corporation+ 5,896,025
257,359 Serologicals Group, Inc.+ 6,691,334
106,205 Sola International, Inc.+ 3,451,662
360,900 Trex Medical Corporation+ 5,030,044
------------
26,508,065
------------
Oil and Gas -- 2.7%
180,400 National-Oilwell, Inc.+ 6,167,425
229,000 Tuboscope Vetco
International Corporation+ 5,510,312
------------
11,677,737
------------
Pharmaceuticals -- 0.5%
113,550 ChiRex, Inc.+ 2,001,319
------------
Restaurants -- 1.9%
190,500 Landry's Seafood Restaurants,
Inc.+ 4,572,000
249,000 Schlotzsky's, Inc.+ 3,641,625
------------
8,213,625
------------
Retail -- 2.6%
302,750 Eagle Hardware & Garden,
Inc.+ 5,865,781
345,890 The Sports Authority, Inc.+ 5,101,878
------------
10,967,659
------------
Telecommunications -- 5.0%
177,830 Comverse Technology, Inc.+ 6,935,370
59,900 Gilat Satellite Networks
Ltd., ADR+ 1,714,638
325,810 LCC International, Inc.+ 4,724,245
263,000 Melita International
Corporation+ 2,383,437
37,600 Natural Microsystems
Corporation+ 1,748,400
36,200 P-COM, Inc.+ 624,450
180,040 Teledata Communications Ltd.+ 3,285,730
------------
21,416,270
------------
Tobacco -- 1.8%
129,050 800-JR CIGAR, Inc.+ 3,226,250
114,070 Schweitzer-Mauduit
International, Inc. 4,249,107
------------
7,475,357
------------
Transporation -- Trucking -- 1.4%
132,500 Heartland Express, Inc.+ 3,560,937
88,050 Knight Transportation, Inc.+ 2,443,388
------------
6,004,325
------------
TOTAL COMMON STOCKS
(Cost $328,501,993) 376,090,823
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 10.7%
(Cost $45,810,000)
$45,810,000 Agreement with State
Street Bank and Trust
Company, 6.000% dated
12/31/1997, to be
repurchased at
$45,825,270 on
01/02/1998, collateralized
by $44,295,000 U.S.
Treasury Note, 9.250%
maturing 08/15/1998
(value $46,731,225) 45,810,000
------------
TOTAL INVESTMENTS
(Cost $374,311,993*) 99.0% 421,900,823
OTHER ASSETS AND
LIABILITIES (Net) 1.0 4,176,642
----- ------------
NET ASSETS 100.0% $426,077,465
===== ============
- ----------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
See Notes to Financial Statements.
<PAGE>
Munder Value Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 94.5%
Aerospace & Defense -- 2.0%
173,400 Howmet International, Inc.+ $ 2,601,000
------------
Airlines -- 1.3%
35,200 Continental Airlines, Inc.+ 1,694,000
------------
Automobile Parts & Equipment -- 2.6%
60,600 Dura Automotive Systems, Inc.+ 1,499,850
75,700 Standard Products Company 1,939,813
------------
3,439,663
------------
Banking and Financial Services -- 12.0%
38,650 Banc One Corporation 2,099,178
22,800 Chase Manhattan Corporation 2,496,600
54,150 First American Corporation 2,693,962
131,650 Hibernia Corporation, Class A 2,476,666
35,850 Mercantile Bankshares
Corporation 1,402,631
93,900 Paine Webber Group, Inc. 3,245,419
67,000 Sovereign Bancorp, Inc. 1,390,250
------------
15,804,706
------------
Building Materials -- 3.1%
68,150 Pulte Corporation 2,849,522
28,400 Texas Industries, Inc. 1,278,000
------------
4,127,522
------------
Chemicals -- 1.0%
88,600 Airgas, Inc.+ 1,240,400
------------
Computer Hardware, Software
or Services -- 3.3%
33,900 Compaq Computer
Corporation 1,913,231
38,600 Hewlett-Packard Company 2,412,500
------------
4,325,731
------------
Containers -- 2.1%
73,650 Owens-Illinois, Inc.+ 2,794,097
------------
Electric Utilities -- 2.2%
33,700 CMS Energy Corporation 1,484,906
29,200 New Century Energies, Inc. 1,399,775
------------
2,884,681
------------
Electronics -- 4.4%
51,700 Micron Technology, Inc.+ 1,344,200
57,000 Texas Instruments, Inc. 2,565,000
55,100 Xilinx, Inc.+ 1,931,944
------------
5,841,144
------------
Home Furnishings and Housewares -- 4.5%
122,050 Furniture Brands
International, Inc.+ 2,502,025
91,650 Maytag Corporation 3,419,691
------------
5,921,716
------------
Insurance -- 9.2%
19,650 Ace Ltd. 1,896,225
22,800 Allstate Corporation 2,071,950
41,450 Hartford Life, Inc. 1,878,203
62,200 Nationwide Financial
Services, Inc. 2,246,975
134,000 Reliance Group Holdings, Inc. 1,892,750
51,050 Torchmark Corporation 2,147,291
------------
12,133,394
------------
Medical Services -- 4.5%
157,850 Beverly Enterprises, Inc.+ 2,052,050
22,600 PacifiCare Health
Systems, Inc.+ 1,183,675
104,300 Trigon Healthcare, Inc.+ 2,724,837
------------
5,960,562
------------
Office Supplies -- 0.9%
52,900 John H. Harland Company 1,110,900
------------
Oil and Gas -- 11.1%
51,600 ENSCO International, Inc. 1,728,600
81,100 McDermott International, Inc. 2,970,287
90,800 Santa Fe Energy Resources,
Inc.+ 1,021,500
24,500 Santa Fe International
Corporation 996,844
45,900 Triton Energy Ltd.+ 1,339,706
53,950 USX-Marathon Group 1,820,813
85,500 Valero Energy Corporation 2,687,906
46,900 Weatherford Enterra, Inc.+ 2,051,875
------------
14,617,531
------------
Pharmaceuticals -- 2.0%
124,200 Mylan Labs, Inc. 2,600,438
------------
Real Estate -- 8.9%
90,600 Bradley Real Estate, Inc. 1,902,600
51,500 Kimco Realty Corporation 1,815,375
46,850 Mack-Cali Realty Corporation 1,920,850
45,499 Patriot American Hospitality,
Inc. 1,310,940
53,850 Public Storage, Inc. 1,581,844
55,900 Simon DeBartolo Group, Inc. 1,827,231
24,150 Starwood Lodging Trust 1,397,681
------------
11,756,521
------------
Restaurants -- 1.8%
96,550 Wendy's International, Inc. 2,323,234
------------
Retail -- 2.8%
93,100 American Stores Company 1,914,369
79,750 Pier 1 Imports, Inc. 1,804,344
------------
3,718,713
------------
Telecommunications -- 5.3%
38,700 Harris Corporation 1,775,362
60,500 MCI Communications
Corporation 2,590,156
89,850 U.S. West Media Group, Inc.+ 2,594,419
------------
6,959,937
------------
Tobacco -- 4.4%
62,650 Philip Morris Companies, Inc. 2,838,828
79,700 RJR Nabisco Holdings
Corporation 2,988,750
------------
5,827,578
------------
Transportation -- 3.0%
22,600 Burlington Northern Santa Fe
Corporation 2,100,387
47,100 CNF Transportation, Inc. 1,807,463
------------
3,907,850
------------
Utilities -- 2.1%
47,600 Edison International 1,294,125
35,500 People's Energy Corporation 1,397,813
------------
2,691,938
------------
TOTAL COMMON STOCK
(Cost $106,998,833) 124,283,256
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 5.2%
(Cost $6,803,000)
$6,803,000 Agreement with State Street
Bank and Trust Company,
6.000% dated 12/31/1997,
to be repurchased
at $6,805,268 on
01/02/1998, collateralized
by $6,765,000 U.S.
Treasury Note, 5.875%
maturing 01/31/1999
(value $6,941,871) 6,803,000
------------
TOTAL INVESTMENTS
(Cost $113,801,833*) 99.7% 131,086,256
OTHER ASSETS AND
LIABILITIES (Net) 0.3 372,090
----- ------------
NET ASSETS 100.0% $131,458,346
===== ============
- --------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
See Notes to Financial Statements.
<PAGE>
Munder Framlington Emerging Markets Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 84.7%
Argentina -- 6.0%
32,000 Banco Frances del Rio de La
Plata, SA, ADR $ 876,000
52,000 Telefonica de Argentina, ADR 1,859,000
----------
2,735,000
----------
Brazil -- 17.3%
39,000 Centrais Eletricas
Brasileiras SA, ADR 969,696
25,190,000 Centrais Eletrobras SA 1,252,672
19,200 Companhia Brasileira de
Distribuicao Grupo Pao de
Acucar, ADR 372,000
19,400 Companhia Energetica de
Minas Gerais, ADR 834,200
5,700 Companhia Siderurgica
Nacional, ADR 158,329
1,000,000 Light Services de
Eletricidade SA 416,630
36,800 Petroleo Brasileiro SA, ADR 860,605
2,937,500 Saneamento Basico do Estado 697,493
17,300 Telecomunicacoes do Rio de
Janeiro SA 2,014,369
39,400 Usiminas Siderurgicas de
Minas Gerais SA, ADR 216,700
----------
7,792,694
----------
Chile -- 4.1%
22,500 Banco Santander Chile, ADR 317,813
17,300 Compania Cervecerias Unidas
SA, ADR 508,187
19,100 Compania Telecomunicaciones
de Chile SA, ADR 570,612
10,100 Empresa Nacional
Electricidad SA, ADR 178,644
6,300 Quimica Minera Chile SA, ADR 277,200
----------
1,852,456
----------
China\Hong Kong -- 8.9%
3,200,000 China Foods Holdings Ltd. 1,053,039
2,590,000 CNPC Hong Kong Ltd.+ 726,965
800,000 First Tractor Company Ltd.+ 482,643
300,000 Huangshan Tourism
Development Company 238,200
1,200,000 Shanghai Chlor Alkali
Chemical Company 206,400
410,000 Shanghai Dazhong Taxi
Company 306,680
130,000 Shanghai Industrial Holdings
Ltd. 483,159
2,500,000 Zhejiang Expressway Company
Ltd. 506,517
----------
4,003,603
----------
Egypt -- 4.0%
19,000 Commercial International
Bank 397,575
15,000 Commercial International
Bank, ADR 302,689
15,000 Egypt America Bank 467,303
6,246 Egypt International
Pharmaceuticals 436,899
8,000 Torah Portland Cement
Company+ 183,371
----------
1,787,837
----------
Ghana -- 0.3%
198,229 Ghana Commercial Bank+ 70,169
85,018 Social Security Bank 63,952
----------
134,121
----------
Greece -- 0.1%
500 National Bank of Greece 43,996
----------
Hungary -- 2.7%
50,000 MOL Magyar Olaj-es
Gazipari, ADR 1,220,000
----------
India -- 2.7%
1,400 BSES Ltd., GDR 24,500
3,500 EIH Ltd. GDR 46,725
14,500 Gujarat Ambuja Cements
Ltd., GDR 103,313
2,200 Hindalco Industries Ltd., ADR 44,000
31,000 Mahanagar Telephone Nigam
GDR+ 478,950
20,000 Reliance Industries Ltd., GDR 172,000
9,900 State Bank of India, GDR+ 180,180
18,000 Tata Engineering and
Locomotive Company
Ltd., GDR++ 149,850
1,800 Videsh Sanchar Nigam Ltd., ADR+ 25,245
----------
1,224,763
----------
Indonesia -- 0.1%
48,000 PT Bunas Finance Indonesia 2,836
355,800 PT Indah Kiat Pulp & Paper
Corporation 63,074
----------
65,910
----------
Jordan -- 0.8%
88,000 Jordan Cement Factories 374,706
----------
Korea -- 0.0%#
1 Sungmi Telecom Electronics
Company 28
----------
Malaysia -- 0.1%
10,000 Lingkaran Trans Kota
Holdings Berhad 6,376
30,000 Magnum Corporation Berhad+ 18,049
5,000 Malakoff Berhad 10,413
625 RHB Capital Berhad 175
----------
35,013
----------
Mexico -- 16.2%
118,200 Acer Computer Latino
America, SA de CV+ 351,502
100,000 ALFA, SA de CV+ 677,777
10,550 Bufete Industrial SA, ADR+ 102,863
166,300 Corporacion Geo, SA de CV,
Series B+ 1,019,993
131,457 Desc SA de CV 1,237,932
60,000 Fomento Economico Mexico SA
de CV 479,524
617,000 Grupo Elektra SA 1,070,318
13,200 Grupo Industrial Maseca SA,
ADR 204,600
34,900 Grupo Modelo SA de CV 293,194
24,100 Grupo Televisa SA+ 469,130
40,000 Industria Bachoco, SA de CV+ 780,000
27,900 TV Azteca SA de CV ADR+ 629,494
----------
7,316,327
----------
Peru -- 2.1%
1,817 Cementos Norte Pacasmayo SA 2,600
52,960 Credicorp Ltd, ADR 953,280
63 Ferreyros SA, ADR 1,317
----------
957,197
----------
Poland -- 0.1%
4,800 KGHM Polska Miedz SA, GDR+ 34,680
----------
Russia -- 5.2%
72,050 Irkutskenergo, ADR 684,475
11,000 Lukoil Holdings, ADR 1,014,750
120,000 Trade House GUM, ADR 666,000
----------
2,365,225
----------
Slovakia -- 0.1%
2,000 Slovnaft AS, GDR 53,340
----------
South Africa -- 8.9%
1,000,000 Afribrand Holdings Ltd.+ 431,521
55,000 Barlow Ltd. 466,762
75,000 Ellerine Holdings Ltd. 483,921
27,500 Liberty Life Association of
Africa Ltd. 706,360
60,000 McCarthy Group Ltd. 114,045
124,300 McCarthy Retail Ltd. 255,420
765,000 Millennium Entertainment
Group Africa 754,546
18,100 Standard Bank Investment 799,651
----------
4,012,226
----------
Thailand -- 0.4%
7,000 Banpu Public Company Ltd. 28,058
4,200 BEC World Public Company
Ltd. 17,445
14,500 Electricity Generating Authority 27,103
33,000 KCE Electronics Public
Company Ltd. 82,928
5,400 The Pizza Public Company
Ltd. 9,533
-----------
165,067
-----------
Turkey -- 2.1%
25,000 Haci Omer Sabanci
Holding SA, ADR+ 381,250
6,930,000 Vestel Elektronik Sanayi ve
Ticaret AS 568,444
-----------
949,694
-----------
Venezuela -- 2.3%
21,200 Compania Anonima Nacional
Telefonos de Venezuela, ADR 882,450
28,100 Mavesa SA, ADR 179,138
-----------
1,061,588
-----------
Zimbabwe -- 0.2%
170,000 NMBZ Holdings, ADR 76,500
-----------
TOTAL COMMON STOCKS
(Cost $42,221,561) 38,261,971
-----------
INVESTMENT COMPANY SECURITIES -- 5.8%
Hong Kong -- 0.0%#
7,000 New Korea Trust 19,250
-----------
India -- 4.0%
67,000 Bombay Fund Ltd.+ 586,250
85,000 Is Himalayan Fund 903,125
8,900 The India Magnum Fund NV+ 302,600
-----------
1,791,975
-----------
Korea -- 0.1%
10,000 First Korea Smaller
Companies Fund+ 28,750
-----------
Russia -- 1.7%
37,900 Fleming Russia Securities
Fund+ 776,950
-----------
TOTAL INVESTMENT COMPANY SECURITIES
(Cost $3,505,324) 2,616,925
------------
PREFERRED STOCKS -- 0.5%
Brazil -- 0.5%
3,000 Centrais Eletricas
Brasileiras SA, ADR 76,800
2,570,000 Lojas Renner SA 80,597
741,605 Telecomunicacoes do Rio de
Janeiro SA 77,081
28,754 Telecomunicacoes do Rio de
Janeiro SA+ 2,756
------------
TOTAL PREFERRED STOCKS
(Cost $313,282) 237,234
------------
RIGHTS -- 0.0%#
(Cost $0)
Brazil -- 0.0%#
9,332 Saneamento Basico do Estado
expire 01/08/98 0
------------
WARRANTS -- 0.0%#
China -- 0.0%#
51,200 Peking Apparel International
Group Ltd., expire
03/31/99+ 2,379
------------
Indonesia -- 0.0%#
9,624 PT Bank Dagang Nasional
Indonesia, expire
02/14/2000++ 89
13,120 PT Indah Kiat Pulp & Paper
Corporation,
expire 04/31/2001+ 513
------------
602
------------
TOTAL WARRANTS
(Cost $0) 2,981
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 7.8%
(Cost $3,540,000)
$3,540,000 Agreement with State Street
Bank and Trust Company,
6.000% dated 12/31/1997,
to be repurchased at
$3,541,180 on 01/02/1998,
collateralized by $2,885,000
U.S. Treasury Bond,
7.875% maturing 02/15/2021
(value $3,611,659) 3,540,000
------------
TOTAL INVESTMENTS
(Cost $49,580,167*) 98.8% 44,659,111
OTHER ASSETS AND
LIABILITIES (Net) 1.2 560,103
---- ------------
NET ASSETS 100.0% $ 45,219,214
==== ============
- --------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
++ 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.
# Amount represents less than 0.1% of net assets.
ABBREVIATIONS:
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
See Notes to Financial Statements.
<PAGE>
Munder Framlington Emerging Markets Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
At December 31, 1997 sector diversification of the Munder Framlington
Emerging Markets Fund was as follows:
% of
Net Assets Value
----------------------
COMMON STOCKS:
Utilities........................ 14.8% $ 6,657,422
Telecommunications............... 12.9 5,830,626
Oil & Gas........................ 8.5 3,875,659
Banking & Financial Services..... 6.6 2,969,301
Diversified Industrial........... 6.6 2,963,438
Food & Beverage.................. 5.8 2,605,757
Banking & Finance................ 3.3 1,512,649
Machinery & Heavy
Equipment..................... 3.3 1,472,868
Retail........................... 2.9 1,293,419
Broadcasting & Advertising....... 2.5 1,116,069
Real Estate...................... 2.3 1,019,993
Electronics...................... 2.2 1,002,903
Transportation................... 1.8 819,573
Building & Building
Materials..................... 1.8 813,840
Insurance........................ 1.6 706,360
Drugs & Health Care.............. 1.3 595,228
Metals & Mining.................. 1.2 557,955
Containers & Glass............... 1.1 508,187
Household Appliances &
Home Furnishings.............. 1.1 483,921
Manufacturing.................... 1.1 483,159
Health & Personal Care........... 0.8 381,250
Travel Services.................. 0.5 238,200
Chemicals........................ 0.5 206,400
Miscellaneous.................... 0.2 147,794
----- -----------
TOTAL COMMON
STOCKS........................ 84.7 38,261,971
REPURCHASE
AGREEMENT..................... 7.8 3,540,000
INVESTMENT COMPANY
SECURITIES.................... 5.8 2,616,925
TOTAL PREFERRED
STOCKS......................... 0.5 237,234
WARRANTS.......................... 0.0# 2,981
RIGHTS............................ 0.0# 0
----- -----------
TOTAL INVESTMENTS................. 98.8 44,659,111
OTHER ASSETS AND
LIABILITIES (Net)............... 1.2 560,103
----- -----------
NET ASSETS........................ 100.0% $45,219,214
===== ===========
See Notes to Financial Statements.
<PAGE>
Munder Framlington Healthcare Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- DOMESTIC -- 88.4%
Biotechnology -- 25.8%
4,500 Agouron Pharmaceuticals, Inc.+ $ 132,187
7,500 Alexion Pharmaceuticals, Inc.+ 93,750
10,000 Ariad Pharmaceuticals, Inc.+ 42,500
5,000 ArQule, Inc.+ 114,688
5,000 BioReliance Corporation+ 115,000
5,000 CardioGenesis Corporation+ 31,250
4,000 Centocor, Inc.+ 133,000
8,000 Connetics Corporation+ 24,500
12,000 Digene Corporation+ 103,500
5,000 Ergo Science Corporation+ 76,250
9,500 Gene Logic+ 76,000
3,700 Genset, ADR+ 73,075
13,000 Genzyme Transgenics
Corporation+ 125,125
3,500 Gilead Sciences, Inc.+ 133,875
8,000 ICOS Corporation+ 146,500
4,000 IDEC Pharmaceuticals
Corporation+ 137,500
3,000 Immunex Corporation (New)+ 162,000
3,000 Incyte Pharmacuticals, Inc.+ 135,000
7,000 Inhale Therapeutic Systems+ 182,000
5,000 La Jolla Pharmaceutical
Company+ 22,188
25,000 LifeCell Corporation+ 115,625
5,000 Martek Biosciences Corporation+ 41,250
12,000 Medarex, Inc.+ 63,000
8,000 Millennium Pharmaceuticals,
Inc.+ 152,000
4,000 NCS Healthcare, Inc.,
Class A+ 105,500
8,000 Neurex Corporation+ 111,000
5,000 Neurogen Corporation+ 67,500
1,500 ONYX Pharmaceuticals, Inc.+ 11,625
4,000 PAREXEL International
Corporation+ 148,000
5,000 Pharmacyclics, Inc.+ 128,125
2,400 QIAGEN N.V. ADR+ 107,100
3,500 SONUS Pharmaceuticals, Inc.+ 115,937
10,000 Synaptic Pharmaceutical
Corporation+ 108,750
19,000 Texas Biotechnology
Corporation+ 117,562
4,000 TranskaryoticTherapies, Inc. 140,500
4,000 Vical, Inc.+ 48,000
-----------
3,641,362
-----------
Commercial Services -- 1.0%
5,000 Boron, Lepore & Associates, Inc.+ 137,500
-----------
Distributors -- 1.3%
5,000 Henry Schein, Inc.+ 175,000
-----------
Drugs -- 19.3%
5,000 ALZA Corporation 159,062
12,000 Ascent Pediatrics, Inc.+ 70,500
6,000 BioChem Pharm, Inc+ 125,250
2,000 Cardinal Health, Inc. 150,250
9,000 Corixa Corporation+ 80,438
175 Crescendo Pharmaceuticals
Corporation+ 2,023
3,000 Dura Pharmaceuticals, Inc.+ 137,625
4,000 Guilford Pharmaceuticals,
Inc.+ 80,500
4,000 Jones Medical Industries,
Inc. 153,000
6,000 Magainin Pharmaceuticals,
Inc.+ 48,375
3,500 Medimmune, Inc.+ 150,063
12,000 Medirisk, Inc.+ 132,000
7,000 Nastech Pharmaceuticals
Company, Inc.+ 91,000
10,000 NPS Pharmaceuticals, Inc.+ 77,500
4,000 Omnicare, Inc. 124,000
15,000 OSI Pharmaceuticals, Inc.+ 101,250
7,500 Penederm, Inc.+ 75,000
2,000 Pfizer, Inc. 149,125
6,000 Pharmacopeia, Inc.+ 96,000
4,000 Sangstat Medical Corporation+ 162,000
4,000 Sepracor, Inc.+ 160,250
7,000 Trimeris, Inc.+ 91,000
6,000 US Bioscience, Inc.+ 54,375
5,000 ViroPharma, Inc.+ 88,125
12,000 Virus Research Institute, Inc.+ 54,000
6,000 Zonagen, Inc.+ 109,125
-----------
2,721,836
-----------
Health Management Systems-- 7.8%
5,000 Advance Paradiam, Inc.+ 158,750
4,000 National Data Corporation 144,500
7,000 Pharmaceutical Product
Development, Inc.+ 107,625
6,000 PhyCor, Inc.+ 162,000
9,000 Physician Reliance Network, Inc.+ 93,938
4,000 Quintiles TransNational
Corporation+ 153,000
12,000 Specialty Care Network, Inc.+ 163,500
4,000 Superior Consultant Holdings
Corporation+ 120,000
-----------
1,103,313
-----------
Hospital/Medical Services-- 8.5%
15,000 Amsurg Corporation+ 116,250
4,000 Centennial HealthCare
Corporation+ 91,000
4,000 Curative Health
Services, Inc.+ 121,500
4,500 Genesis Health Ventures, Inc.+ 118,687
7,000 Pediatric Services America, Inc.+ 133,875
7,000 PMR Corporation+ 140,000
8,000 Prime Medical Services, Inc.+ 110,500
5,000 Renal Care Group, Inc.+ 160,000
12,000 Renex Corporation 63,000
5,000 Resources Care, Inc.+ 145,000
-----------
1,199,812
-----------
Managed Healthcare -- 2.9%
10,000 American Oncology
Resources, Inc.+ 160,000
3,000 CompDent Corporation+ 60,844
3,500 Concentra Managed Care,
Inc.+ 118,125
4,000 FPA Medical Management, Inc.+ 74,500
-----------
413,469
-----------
Medical Information Systems-- 3.4%
5,600 HBO & Company 268,800
15,000 Physicians Computer Network,
Inc.+ 60,000
7,000 Transition Systems, Inc.
Massachusetts+ 154,875
-----------
483,675
-----------
Medical Instruments -- 14.8%
5,000 Bionx Implants, Inc.+ 107,500
3,000 Boston Scientific Corporation+ 137,625
5,000 Computer Motion, Inc.+ 52,500
4,000 Conceptus, Inc.+ 20,000
8,000 Cyberonics, Inc.+ 122,000
5,000 Cytyc Corporation+ 124,375
10,000 Endocardial Solutions, Inc.+ 101,250
9,000 EndoSonics Corporation+ 96,750
2,000 Guidant Corporation 124,500
3,000 Medtronic, Inc. 156,937
750 Molecular Devices Corporation+ 15,938
5,000 Molecular Dynamics, Inc.+ 81,250
7,000 Novoste Corporation+ 157,500
6,000 Perclose, Inc.+ 115,500
4,000 ResMed, Inc.+ 112,500
9,000 SeaMED Corporation+ 166,500
3,500 Theragenics Corporation+ 126,000
3,000 Urologix, Inc.+ 54,375
5,500 Wesley Jessen
VisionCare, Inc.+ 214,500
-----------
2,087,500
-----------
Medical Products -- 3.6%
4,000 Fresenius Medical Care AG+ 87,000
4,000 Gulf South Medical Supply,
Inc.+ 149,000
13,000 Hanger Orthopedic Group+ 167,375
8,000 Rochester Medical Corporation+ 108,000
-----------
511,375
-----------
TOTAL COMMON STOCKS -- DOMESTIC
(Cost $11,900,825) 12,474,842
-----------
Biotechnology -- 1.3%
700 Cambridge Antibody
Technology Group Plc+ 4,346
22,200 Celltech Group PLC+ 108,479
3,500 OXiGene, Inc.+ 62,595
-----------
175,420
-----------
Drugs -- 4.2%
51,500 AMRAD Corporation Ltd. 77,200
50,000 Chemunex SA+ 95,539
60 Disetronic Holdings AG 131,399
1,500 NeuroSearch A/S 100,483
3,000 Sankyo Company Ltd. 67,780
25,000 Shire Pharmaceuticals Group
PLC+ 117,849
-----------
590,250
-----------
Medical Instruments -- 2.2%
6,000 Axis Biochemicals ASA+ 43,055
10,000 Biora AB+ 103,276
44,224 Gyrus Group PLC+ 105,325
5,000 Kawasumi Laboratories 60,887
-----------
312,543
-----------
Medical Products -- 1.3%
10,000 Biocompatibles International
PLC+ 82,947
3,000 Ortivus AB 100,127
-----------
183,074
-----------
TOTAL COMMON STOCKS -- FOREIGN
(Cost $1,340,045) 1,261,287
-----------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 1.8%
(Cost $262,000)
$262,000 Agreement with State
Street Bank and Trust
Company, 6.000% dated
12/31/1997, to be
repurchased at $262,087
on 01/02/1998,
collateralized by $265,000
U.S. Treasury Note,
6.125% maturing 12/31/2001
(value $268,064) 262,000
-----------
TOTAL INVESTMENTS
(Cost $13,502,870*) 99.2% 13,998,129
OTHER ASSETS AND
LIABILITIES (Net) 0.8 110,045
----- -----------
NET ASSETS 100.0% $14,108,174
===== ===========
- -------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
<PAGE>
Munder Framlington Healthcare Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
(Continued)
<TABLE>
<CAPTION>
SCHEDULE OF FORWARD FOREIGN CURRENCY CONTRACTS
Forward Foreign Currency Contracts to Buy
Contracts to Receive
------------------------------------------------
Unrealized
In Exchange Depreciation
Expiration Date Local Currency Value in U.S.$ for U.S. $ of Contract
- --------------- ------------------------- -------------- ---------- -----------
<S> <C> <C> <C> <C>
01/06/1998 Australian Dollar 5,502 3,586 3,598 $ (12)
<CAPTION>
Net Unrealized Depreciation of Forward
Foreign Currency Contracts $ (12)
=====
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Framlington International Growth Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 91.8%
Australia -- 1.8%
22,000 Brambles Industries Ltd. $ 436,607
54,000 M.I.M. Holdings Ltd. 33,083
45,000 St. George Bank Ltd. 255,248
34,800 WMC Ltd. 121,343
-----------
846,281
-----------
Belgium -- 1.0%
2,600 Barco Industries 477,180
-----------
Brazil -- 1.1%
11,600 Centrais Eletricas
Brasileiras SA, ADR 296,960
2,100 Telecomunicacoes Brasileiras
SA, ADR 244,519
-----------
541,479
-----------
China\Hong Kong -- 3.9%
36,000 Cheung Kong (Holdings) Ltd. 235,772
160,000 Cheung Kong Infrastructure
Holdings 452,187
800,000 China Foods Holdings Ltd. 263,260
410,000 CNPC Hong Kong Ltd. 115,079
200,000 First Tractor Company Ltd.+ 120,661
100,000 Guangdong Kelon Electric
Holdings 102,594
40,000 Hong Kong
Telecommunications Ltd. 82,333
9,200 HSBC Holdings Plc, ADR 226,765
40,000 Hutchison Whampoa Ltd. 250,871
-----------
1,849,522
-----------
Denmark -- 1.5%
5,000 Novo Nordisk AS, Series B 715,130
-----------
Finland -- 4.0%
7,600 Cultor Oy 411,304
6,000 Oy Nokia 425,981
4,900 Raision Tehtaat Oy 581,605
15,400 Sampo Insurance Company Ltd. 500,060
-----------
1,918,950
-----------
France -- 6.7%
9,000 AXA Company 696,403
2,650 Canal Plus 492,706
15,500 Lagardere Group 512,503
11,000 Rhone Poulenc 492,747
7,500 SGS-Thomson
Microelectronics NV+ 464,194
7,400 Societe BIC SA 540,138
-----------
3,198,691
-----------
Germany -- 3.8%
3,200 Adidas AG 420,868
10,400 Bayerische Vereinsbank AG 680,441
1,400 Mannesmann AG 707,413
-----------
1,808,722
-----------
Italy -- 3.0%
155,000 Credito Italiano SpA 477,968
40,000 SAES Getters SpA 381,006
126,000 Telecom Italia Mobile SpA 581,566
-----------
1,440,540
-----------
Japan -- 20.7%
12,000 Andor Company Ltd. 49,858
20,000 ANRITSU Corporation 153,175
10,000 Canon, Inc. 232,825
20,000 Chodai Company Ltd. 64,333
15,000 Consec Corporation 36,302
13,800 Credit Saison Company Ltd. 340,323
35 DDI Corporation 92,479
7,000 FCC Company Ltd. 73,983
36,000 Fuji Bank 145,577
8,000 Fuji Machine MFG
Company Ltd. 193,000
7,000 Futaba Corporation 281,458
36,000 Hankyu Department Store 199,893
7,400 Himiko Company, Ltd. 46,757
12,000 JSR Corporation 39,152
22,000 Kawasumi Laboratories 267,902
3,300 Keyence Corporation 487,784
24,300 Kitagawa Industries
Company Ltd. 167,496
13,000 Kokuyo Company 224,018
33,000 Laox Company 265,375
3,000 Lasertec Corporation 76,281
9,000 Meitec Corporation 252,968
34,000 Minebea Company Ltd. 364,555
76,000 Mitsubishi Heavy Industries 316,642
14,000 Namco 406,372
34 Net One Systems Company Ltd. 80,723
5,200 Nichiei Company Ltd. 553,573
54,000 Nikko Securities
Company Ltd. 143,096
16,000 Nomura Securities
Company Ltd. 213,219
57,000 NTN Corporation 131,837
43,000 Obayashi Corporation 146,221
4,000 Oiles Corporation 96,806
60,000 Oji Paper Company, Ltd. 238,493
10,000 Pulstec Industrial
Company, Ltd. 183,810
20,000 Ricoh Company Ltd. 248,143
4,400 Riso Kagaku 251,727
5,000 Rohm Company 509,305
2,000 Sankyo Company, Ltd. 45,187
28,000 Sanyo Denki 143,034
6,000 Secom 383,243
13,000 Sumitomo Bank Ltd. 148,350
23,000 Sumitomo Electric Industries 313,548
41,000 Sumitomo Trust & Banking 212,897
16,000 The Bank of
Tokyo-Mitsubishi, Ltd. 220,571
16,000 Tostem Corporation 171,556
20,000 Toyo Corporation 125,603
16,000 Ube-Nitto Kasei Company Ltd. 52,692
9,000 World Company, Ltd. 199,893
41,000 Yamato Kogyo Company, Ltd. 246,496
-----------
9,838,531
-----------
Mexico -- 0.9%
20,300 ALFA, SA de CV 137,589
7,200 Desc SA de CV,
Series C, ADR 270,000
-----------
407,589
-----------
Netherlands -- 5.3%
23,000 ABN AMRO Holdings 448,056
3,000 Akzo Nobel 517,249
7,600 ASM Lithography Holdings NV 498,508
6,000 Gucci Group 241,462
11,000 ING Groep 463,295
6,000 Philips Electronics NV 359,825
-----------
2,528,395
-----------
Portugal -- 1.0%
4,500 Telecel-Comunicacaoes
Pessoais, SA+ 479,462
-----------
Russia -- 0.3%
25,000 Trade House GUM, ADR 138,750
-----------
Slovakia -- 0.1%
2,000 Slovnaft AS, GDR 53,340
-----------
Spain -- 2.2%
16,500 Banco Santander SA 551,263
16,700 Telefonica de Espana SA 476,830
-----------
1,028,093
-----------
Sweden -- 4.8%
11,500 Autoliv AB 374,407
11,000 Ericsson (L.M.) Telephone
Company, Class B 413,544
105,000 Nordbanken Holding AB+ 593,773
13,500 Ortivus AB 450,572
24,000 Pricer AB+ 444,338
-----------
2,276,634
-----------
Switzerland -- 8.0%
600 Clariant AG 500,958
210 Disetronic Holding AG 459,896
500 Novartis AG 810,977
70 Roche Holdings AG 694,874
500 Schweiz Bankgesellschaft 722,694
1,250 Zurich
Versicherungs-Gesellschaft 595,401
-----------
3,784,800
-----------
United Kingdom -- 21.6%
100,000 BBA Group Plc 666,855
60,000 British Airways Plc 551,880
60,000 Compass Group Plc 738,140
38,000 Diageo Plc 347,652
24,500 Fairey Group Plc 207,645
56,000 Granada Group Plc 855,414
25,000 Halifax Plc 314,949
53,000 Laporte Plc 583,252
84,000 Lloyds TSB Group Plc 1,092,805
6,000 Northern Rock Plc+ 58,834
50,000 Ocean Group Plc 489,260
51,000 Pearson Plc 662,601
130,000 Rentokil Initial 575,300
53,000 Royal & Sun Alliance
Insurance Group Plc 533,632
15,600 Scottish Radio Holdings Plc 96,214
133,000 Shell Transporation &
Trading Plc 932,792
48,000 Smithkline Beecham 494,721
30,000 Standard Chartered 320,287
60,000 Vodafone Group Plc 433,620
9,500 Zeneca Group Plc 336,503
-----------
10,292,356
-----------
United States -- 0.1%
4,000 Vical, Inc.+ 48,000
-----------
TOTAL COMMON STOCKS
(Cost $45,973,572) 43,672,445
-----------
INVESTMENT COMPANY SECURITY -- 0.5%
(Cost $256,912)
Russia -- 0.5%
11,000 Fleming Russia Securities
Fund+ 225,500
-----------
PREFERRED STOCKS -- 3.1%
Germany -- 3.1%
8,000 Fresenius Medical Care AG 431,363
300 Porsche AG 500,292
1,600 SAP AG 523,416
-----------
1,455,071
-----------
TOTAL PREFERRED STOCKS
(Cost $1,303,591) 1,455,071
-----------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 4.2%
(Cost $1,998,000)
$1,998,000 Agreement with State
Street Bank and Trust Company,
6.000% dated 12/31/1997,
to be repurchased at
$1,998,666 on 01/02/1998,
collateralized by $2,025,000
U.S. Treasury Note,
5.25% maturing 01/31/2001
(value $2,040,724) 1,998,000
-----------
TOTAL INVESTMENTS
(Cost $49,532,075*) 99.6% 47,351,016
OTHER ASSETS AND
LIABILITIES (Net) 0.4 207,971
----- -----------
NET ASSETS 100.0% $47,558,987
===== ===========
- --------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security
ABBREVIATIONS:
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
See Notes to Financial Statements.<PAGE>
Munder Framlington International Growth Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
<TABLE>
<CAPTION>
SCHEDULE OF FORWARD FOREIGN CURRENCY CONTRACTS
Forward Foreign Currency Contracts to Buy
Contracts to Receive
------------------------------------------------
Unrealized
In Exchange Depreciation
Expiration Date Local Currency Value in U.S.$ for U.S.$ of Contract
- --------------- -------------- -------------- --------- -----------
<S> <C> <C> <C> <C>
01/05/1998 Italian Lira 803,318,500 454,109 461,943 $(7,834)
<CAPTION>
Net Unrealized Depreciation of Forward
Foreign Currency Contracts $(7,834)
=======
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Framlington International Growth Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
(Continued)
At December 31, 1997 sector diversification of the Munder Framlington
International Growth Fund was as follows:
% of
Net Assets Value
---------- -----
COMMON STOCKS:
Banking & Financial Services.. 15.4% $ 7,315,463
Drugs & Health Care........... 8.3 3,962,674
Electronics................... 7.5 3,573,207
Telecommunications............ 5.9 2,804,353
Machinery..................... 5.3 2,500,963
Insurance..................... 4.9 2,325,495
Chemicals..................... 4.6 2,186,050
Entertainment................. 4.2 1,999,926
Electric & Electrical
Equipment................... 3.7 1,777,622
Food & Beverage............... 3.4 1,603,821
Apparel & Textiles............ 3.0 1,449,117
Building & Building
Materials................... 2.8 1,323,536
Oil & Gas..................... 2.5 1,198,018
Printing & Publishing......... 2.5 1,175,104
Transportation................ 2.2 1,041,140
Retail........................ 2.1 1,018,753
Household Appliances &
Home Furnishings............ 1.8 870,829
Computers..................... 1.7 814,260
Business Services............. 1.6 762,525
Conglomerates................. 1.4 658,460
Broadcasting & Advertising.... 1.2 588,920
Forest Paper & Products....... 1.0 462,511
Automotive.................... 0.9 448,390
Diversified Industrial........ 0.9 436,607
Pharmeceuticals & Medical
Supplies.................... 0.7 313,088
Utilities..................... 0.6 296,960
Photography................... 0.5 232,825
Manufacturing................. 0.4 167,496
Miscellaneous................. 0.8 364,332
----- -----------
TOTAL COMMON
STOCKS...................... 91.8 43,672,445
REPURCHASE
AGREEMENT .................. 4.2 1,998,000
TOTAL PREFERRED
STOCKS...................... 3.1 1,455,071
INVESTMENT COMPANY
SECURITY.................... 0.5 225,500
----- -----------
TOTAL INVESTMENTS............. 99.6 47,351,016
OTHER ASSETS AND
LIABILITIES (Net)........... 0.4 207,971
----- -----------
NET ASSETS.................... 100.0% $47,558,987
===== ===========
<PAGE>
Munder Bond Fund
Portfolio of Investments, December 31, 1997
Principal
Amount Value
- --------- -----
ASSET BACKED SECURITIES -- 9.8%
$1,900,000 Advanta Mortgage Loan Trust,
Series 1997-2, Class A2,
7.050% due 05/25/2021 $ 1,924,358
2,500,000 Banc One Credit Card Master
Trust, Series 1994-C,
Series A,
7.800% due 12/15/2000 2,539,775
Merrill Lynch Mortgage
Investors, Inc., Class A,
460,032 Series 87-C,
10.100% due 12/15/2007 472,968
65,127 Series 89-B,
10.800% due 04/15/2009 65,908
5,500,000 Residential Accredit Loans, Inc.,
Series 1997 QS5 Class A 5,
7.250% due 06/25/2027 5,530,938
Standard Credit Card Master
Trust, Class A,
6,000,000 Series 1995-10,
5.900% due 02/07/2001 5,993,760
5,940,000 Series 1994-2,
7.250% due 04/07/2008 6,309,230
2,300,000 Union Acceptance Corporation, Class
A3, Series 1996-C, 6.630% due
10/08/2003+ 2,331,947
------------
TOTAL ASSET BACKED SECURITIES
(Cost $24,961,076) 25,168,884
------------
COLLATERALIZED MORTGAGE OBLIGATIONS
(CMO) -- 4.0%
1,443,659 CMO Trust, Class F, Series 60,
9.000% due 08/01/2016 1,466,036
3,595,000 Federal Home Mortgage
Corporation, Series #1541,
Class F,
6.250% due 05/15/2019 3,583,855
1,925,000 Federal Home Mortgage
Corporation, Series 1702-A,
Class PD,
6.500% due 04/15/2022 1,936,916
3,066,000 Federal Home Mortgage
Corporation, Series 1752
Class K,
8.000% due 07/15/2007 3,202,192
------------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS (CMO)
(Cost $10,105,828) 10,188,999
------------
CORPORATE BONDS AND NOTES -- 39.9%
Finance -- Domestic -- 18.1%
4,600,000 American Express Company,
Global Bond,
6.750% due 06/23/2004 4,718,910
2,100,000 American General Institutional
Capital,
7.570% due 12/01/2045++ 2,166,822
4,000,000 AT&T Capital Corporation,
MTN,
6.490% due 05/17/1999 4,023,360
24,780 Bank of America National Trust,
9.000% due 03/01/2008 25,145
4,500,000 Countrywide Capital III,
Subordinated Capital Income
Secs Series B,
8.050% due 06/15/2027++ 5,007,240
2,500,000 Ford Motor Credit Corporation,
8.375% due 01/15/2000 2,610,600
5,500,000 GMAC, Senior Note,
6.375% due 12/01/2001 5,515,510
4,550,000 KFW International Finance, Inc.,
8.000% due 02/15/2010 5,160,474
3,540,000 Liberty Mutual Capital
Corporation, MTN,
8.100% due 01/14/2005++ 3,860,936
2,100,000 MIC Financing Trust I,
Capital Trust,
8.375% due 02/01/2027++ 2,255,589
5,250,000 National Westminster Bank,
7.750% due 04/29/2049 5,578,125
4,520,000 Pitney Bowes Credit
Corporation,
8.625% due 02/15/2008 5,277,778
------------
46,200,489
------------
Finance -- Foreign -- 5.5%
4,600,000 Beta Finance Corporation,
6.625% due 07/02/2002 4,671,300
4,500,000 Swedish Export Credit Corp.,
6.010% due 06/19/2000 4,492,350
4,800,000 Toronto Dominion Bank,
6.750% due 06/13/2002 4,895,040
------------
14,058,690
------------
Government Agency -- Foreign -- 2.3%
5,015,000 British Columbia Hydro Power
Corporation,
12.500% due 01/15/2014 5,505,467
401,000 Manitoba Province Canada,
9.500% due 09/15/1998 410,331
------------
5,915,798
------------
Industrial -- 5.1%
3,895,000 Anheuser Busch Companies,
9.000% due 12/01/2009 4,679,765
3,480,000 Motorola Inc., Debenture,
6.500% due 09/01/2025 3,585,096
4,400,000 Wal-Mart Stores,
8.625% due 04/01/2001 4,714,468
------------
12,979,329
------------
Supranational -- 4.3%
3,950,000 African Development Bank,
Notes,
6.750% due 07/30/1999 3,997,439
6,500,000 European Investment Bank,
7.250% due 04/23/2007 6,995,625
------------
10,993,064
------------
Transportation -- 0.4%
1,000,000 Consolidated Rail Corporation,
MTN,
7.000% due 07/01/1999 1,014,010
------------
Utility -- Electric -- 4.2%
2,500,000 Montana Power Company,
Series A, MTN,
8.680% due 02/07/2022 2,754,175
4,100,000 National Rural Utilities,
7.300% due 09/15/2006 4,360,391
3,700,000 Puget Sound Energy, Inc.,
7.020% due 12/01/2027 3,732,190
------------
10,846,756
------------
TOTAL CORPORATE BONDS AND NOTES
(Cost $100,805,125) 102,008,136
------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 19.3%
Federal Home Loan Mortgage Corporation
(FHLMC) -- 0.9%
FHLMC:
1,810,868 Pool #E62394, Gold,
7.500% due 09/01/2010 1,856,900
570,680 Pool #200021,
10.500% due 11/01/2000 599,614
------------
2,456,514
------------
Federal Housing Authority
(FHA) - 1.4%
3,471,337 FHA,
Project Loan 234 1015,
8.125% due 07/01/2035 3,585,782
------------
Federal National Mortgage Association
(FNMA) -- 11.4%
FNMA:
3,403,078 Pool #100081,
11.500% due 08/01/2016 3,813,591
Pool #250345,
2,007,410 7.000% due 09/01/2025 2,021,662
3,800,000 7.150% due 08/27/2012 3,838,000
3,378,834 Pool #303105,
11.000% due 11/01/2020 3,721,516
6,547,000 REMIC Trust 1990-41 Class D,
9.500% due 04/25/2020 6,987,941
6,150,000 REMIC Trust 1993 183 Class H,
6.500% due 03/25/2022 6,174,108
2,510,000 REMIC Trust 1997 G1 Class K,
6.750% due 02/18/2004 2,570,290
------------
29,127,108
------------
Government Agency Debentures -- 1.8%
4,600,000 Tennessee Valley Authority,
6.375% due 06/15/2005 4,693,334
------------
Government National Mortgage Association
(GNMA) -- 3.8% GNMA:
4,810,848 Pool #371438,
6.500% due 01/15/2024 4,768,849
4,764,477 Pool #780359,
7.500% due 12/15/2023 4,897,454
------------
9,666,303
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $49,257,543) 49,529,041
------------
U.S. TREASURY OBLIGATIONS -- 22.5%
U.S. Treasury Bonds -- 11.4%
26,125,000 6.875% due 08/15/2025 29,133,294
------------
U.S. Treasury Inflation Index Security -- 1.0%
2,799,555 3.375% due 01/15/2007 2,726,067
------------
U.S. Treasury Notes -- 10.1%
2,385,000 7.875% due 01/15/1998 2,388,005
3,000,000 6.875% due 07/31/1999 3,053,700
11,400,000 7.750% due 01/31/2000 11,856,114
1,000,000 7.500% due 11/15/2001 1,059,840
6,765,000 7.875% due 11/15/2004 7,562,390
------------
25,920,049
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $56,550,987) 57,779,410
------------
REPURCHASE AGREEMENT -- 2.5%
(Cost $6,358,000)
6,358,000 Agreement with State Street Bank
and Trust Company,
6.000% dated 12/31/1997,
to be repurchased at $6,360,119
on 01/02/1998, collateralized
by $5,130,000
U.S. Treasury Note,
8.125% maturing
05/15/2021
(value $6,488,711) 6,358,000
------------
TOTAL INVESTMENTS
(Cost $248,038,559*) 98.0% 251,032,470
OTHER ASSETS AND
LIABILITIES (Net) 2.0 5,080,319
----- ------------
NET ASSETS 100.0% $256,112,789
===== ============
- ---------
* Aggregate cost for Federal tax purposes.
+ Floating rate note. The interest 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.
ABBREVIATION:
MTN -- Medium Term Note
<PAGE>
Munder Intermediate Bond Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Principal
Amount Value
- --------- -----
ASSET BACKED SECURITIES -- 13.3%
$11,147,000 Banc One Credit Card
Master Trust,
Series 1994-C, Class A,
7.800% due 12/15/2000 $ 11,324,349
11,550,000 California Infrastructure
SCE-1, Series 1997-1,
Class A1,
5.980% due 12/26/2000 11,557,276
5,500,000 Charming Shoppes
Master Trust,
Series 1194-1, Class A,
7.000% due 04/15/2003 5,563,800
5,000,000 Dayton Hudson Credit Card,
Series 1995-1A,
6.100% due 02/25/2002 5,004,900
10,000,000 Discover Card Trust,
Series 1991-DA,
8.000% due 10/16/2000 10,120,400
10,000,000 First Deposit Master Trust,
Series 1993-2A,
5.750% due 06/15/2001 9,992,000
10,000,000 Sears Credit Company,
Master Trust,
Series 1995-4A,
6.250% due 01/15/2003++ 10,018,400
11,320,000 Standard Credit Card
and Trust, Series 1990-6A,
7.850% due 02/07/2002 11,703,748
------------
TOTAL ASSET BACKED SECURITIES
(Cost $75,420,765) 75,284,873
------------
CORPORATE BONDS AND NOTES -- 30.2%
Banking and Financial Services -- 21.3%
10,000,000 America Express Bank, Ltd.,
5.934% due 02/10/2004+ 9,823,000
Associates Corporation of
North America:
5,000,000 6.000% due 03/15/2000 4,990,350
2,570,000 MTN,
8.250% due 10/15/2004 2,828,645
11,500,000 AT&T Capital Corporation,
MTN,
6.180% due 12/03/1999 11,507,360
5,897,000 BankAmerica Corporation,
MTN,
5.925% due 08/15/2003+ 5,897,000
10,000,000 Beneficial Corporation,
6.390% due 10/07/2002 10,022,400
5,000,000 Discover Credit Card
Corporation, MTN,
9.000% due 04/01/1998 5,038,050
4,250,000 Federal Home Loan Mortgage
Corporation,
6.000% due 04/25/2000 4,253,825
Ford Motor Credit Corporation:
9,425,000 7.250% due 05/15/1999 9,584,000
2,260,000 6.500% due 02/15/2006 2,273,944
2,750,000 International Lease Finance
Corporation,
5.500% due 01/15/1999 2,738,890
7,980,000 KFW International
Finance, Inc.,
8.000% due 02/15/2010 9,050,677
6,420,000 Liberty Mutual Capital
Corporation, MTN,
8.100% due 01/14/2005 7,002,037
2,750,000 MIC Financing Trust I,
8.375% due 02/01/2027 2,953,747
6,433,000 Midland American Capital,
12.750% due 11/15/2003 6,775,364
10,000,000 Norwest Financial Inc.,
6.375% due 09/15/2002 10,056,200
4,465,388 Textron Financial Corporation
Receivables,
6.050% due 03/16/2009 4,465,477
4,000,000 U.S. Leasing International,
MTN,
9.880% due 03/06/2001 4,415,520
3,500,000 U.S. West Financial Services,
Inc.,
8.375% due 10/18/1999 3,626,420
3,270,000 Union Bank Switzerland,
7.250% due 07/15/2006 3,454,984
------------
120,757,890
------------
Industrial -- 6.2%
1,180,000 Alcan Aluminum,
9.200% due 03/15/2001 1,188,036
2,750,000 American General Institutional
Capital, Series A,
7.570% due 12/01/2045+++ 2,837,505
4,178,000 Anheuser Busch Companies,
9.000% due 12/01/2009 5,019,783
1,365,000 Columbia Pictures
Entertainment Inc.,
9.875% due 02/01/1998 1,367,853
5,000,000 General Motors,
9.625% due 12/01/2000 5,449,400
10,000,000 Merck & Co,
5.760% due 05/03/2037 10,225,000
4,500,000 Montana Power Company,
MTN,
8.680% due 02/07/2022 4,957,515
4,100,000 Times Mirror Co.,
6.610% due 09/15/2027 4,195,940
-----------
35,241,032
-----------
Utility -- Electric -- 1.0%
5,625,000 National Rural Utilities,
6.300% due 11/19/2001 5,618,757
-----------
Utility -- Telephone -- 1.7%
9,500,000 Michigan Bell Telephone,
5.875% due 09/15/1999 9,490,690
-----------
TOTAL CORPORATE BONDS AND NOTES
(Cost $170,037,099) 171,108,369
------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 28.9%
Federal Home Loan Mortgage Corporation (FHLMC) -- 6.6%
FHLMC:
5,174,228 Pool #A00813,
9.000% due 10/01/2020 5,475,886
1,421,149 Pool #E61740,
9.000% due 04/01/2010 1,481,178
13,835,709 Pool #E63697, Gold,
6.500% due 02/01/2011 13,861,305
9,393,196 Pool #E63967, Gold,
6.500% due 02/01/2011 9,410,010
3,446,358 Pool #F70013, Gold,
7.000% due 12/01/2011 3,498,984
4,064,926 Pool #G50249, REMIC,
8.500% due 03/01/2000 4,152,647
-----------
37,880,010
-----------
Federal National Mortgage Association
(FNMA) -- 9.2%
FNMA:
6,000,000 7.150% due 08/27/2012 6,060,000
11,000,000 Global Bond,
6.550% due 09/12/2005 11,332,970
3,398,785 Pool #070225,
7.500% due 08/01/2018 3,470,874
8,288,665 Pool #250550,
6.500% due 05/01/2026 8,188,040
9,743,976 Pool #303108,
6.500% due 09/01/2024 9,633,966
13,682,678 Pool #303922,
6.000% due 05/01/2016 13,382,754
-----------
52,068,604
-----------
Government Agency Debentures -- 12.5%
50,000,000 AID-Israel,
0.000% due 02/15/2004 34,735,500
17,675,000 Federal Home Loan Bank,
5.285% due 02/21/2001 17,351,547
8,304,013 Government National
Mortgage Association,
Pool #780359,
7.500% due 12/15/2023 8,535,778
10,000,000 Tennessee Valley Authority,
6.375% due 06/15/2005 10,202,900
------------
70,825,725
------------
Small Business Administration (SBA) -- 0.6%
3,400,880 SBA, Pool #502796,
6.500% due 11/25/2019 3,434,889
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $160,145,705) 164,209,228
------------
U.S. TREASURY OBLIGATIONS -- 25.5%
U.S. Treasury Inflation Index
Security -- 0.9%
5,090,100 3.375% due 01/15/2007 4,956,485
------------
U.S. Treasury Notes -- 24.6%
10,000,000 6.000% due 05/31/1998 10,019,800
15,850,000 8.250% due 07/15/1998 16,076,496
25,500,000 6.875% due 07/31/1999 25,956,450
15,000,000 6.000% due 08/15/1999 15,072,000
18,420,000 7.750% due 01/31/2000 19,156,984
1,650,000 7.750% due 02/15/2001 1,744,298
6,000,000 6.625% due 07/31/2001 6,167,340
42,795,000 7.500% due 11/15/2001 45,355,853
------------
139,549,221
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $144,669,180) 144,505,706
------------
REPURCHASE AGREEMENT -- 0.7%
(Cost $4,162,000)
4,162,000 Agreement with State Street
Bank and Trust Company,
6.000% dated 12/31/1997,
to be repurchased at
$4,163,387 on 01/02/1998,
collateralized by
$3,740,000 U.S. Treasury
Note, 6.875% maturing
08/15/2025
(value $4,246,071) 4,162,000
------------
TOTAL INVESTMENTS
(Cost $554,434,749*) 98.6% 559,270,176
OTHER ASSETS AND
LIABILITIES (Net) 1.4 8,112,487
----- ------------
NET ASSETS 100.0% $567,382,663
===== ============
- ----------
* Aggregate cost for Federal tax purposes.
+ 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.
ABBREVIATION:
MTN -- Medium Term Note
<PAGE>
Munder International Bond Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Principal
Amount Value
- --------- -----
Australia -- 2.8%
Government -- 2.8%
AUD 2,000,000 Queensland Treasury Corporation,
Government Bond, Series 5,
6.500% due 06/14/2005 $ 1,326,507
------------
Belgium -- 3.9%
Government -- 3.9%
BEF 61,000,000 Kingdom of Belgium, Series 10,
8.750% due 06/25/2002 1,899,922
------------
Canada -- 6.6%
Government -- 6.6%
Government of Canada:
CAD 3,000,000 7.500% due 12/01/2003 2,310,696
1,000,000 8.000% due 06/01/2023 886,113
------------
3,196,809
------------
Denmark -- 5.4%
Government -- 5.4%
DKK 15,750,000 Kingdom of Denmark,
8.000% due 05/15/2003 2,595,386
------------
Finland -- 1.4%
Government -- 1.4%
FIM 3,000,000 Republic of Finland,
9.500% due 03/15/2004 672,664
------------
France -- 18.0%
Finance -- 4.3%
FRF 12,000,000 Case Refinance Hypo,
8.500% due 03/05/1999 2,092,648
Government-- 9.5% Government of France:
22,500,000 5.500% due 04/25/2007 3,796,045
3,600,000 8.500% due 12/26/2012 774,851
Supranational -- 4.2%
12,000,000 Eurofima,
5.625% due 11/25/1999 2,040,808
------------
8,704,352
------------
Germany -- 14.5%
Finance -- 4.9%
DEM 2,600,000 Bayerische Vereinsbank New York,
Global Bond,
4.500% due 06/24/2002 1,420,717
1,700,000 Sudwest LB Capital Markets,
5.000% due 02/08/1999 953,879
Government -- 7.5%
6,000,000 Federal Republic of Germany, Series 95,
6.500% due 10/14/2005 3,597,099
Supranational -- 2.1%
1,750,000 International Bank of Reconstruction
& Development,
7.250% due 10/13/1999 1,019,970
------------
6,991,665
------------
Japan -- 18.2%
Finance -- 4.3%
JPY 230,000,000 Asian Development Bank,
5.000% due 02/05/2003 2,071,973
Government-- 9.8%
580,000,000 Government of Japan,
2.600% due 09/20/2007 4,715,692
Supranational-- 4.1%
220,000,000 Intermediate America Development Bank,
6.000% due 10/30/2001 1,994,524
------------
8,782,189
------------
Netherlands -- 5.0%
Government -- 5.0%
NLG 4,300,000 Government of Netherlands, Series 2,
8.250% due 06/15/2002 2,406,337
------------
Sweden -- 2.8%
Government -- 2.8%
SEK 10,500,000 Government of Sweden, Series 1038,
6.500% due 10/25/2006 1,370,776
------------
United Kingdom -- 7.9%
Finance -- 2.5%
GBP 750,000 General Electric Capital Corporation,
7.500% due 12/01/1998 1,229,565
Government -- 2.7%
650,000 United Kingdom Treasury,
8.000% due 06/07/2021 1,296,163
Supranational-- 2.7%
GBP 750,000 European Investment Bank,
8.500% due 11/06/2001 1,294,239
------------
3,819,967
------------
TOTAL FOREIGN BONDS AND NOTES
(Cost $43,728,649) 41,766,574
------------
GOVERNMENT AGENCY OBLIGATIONS -- 6.5%
GBP 600,000 Federal National Mortgage Association,
Global Bond,
6.875% due 06/07/2002 987,348
DEM 3,700,000 Tennessee Valley Authority,
Global Bond,
6.375% due 09/18/2006 2,173,579
------------
TOTAL GOVERNMENT AGENCY OBLIGATIONS
(Cost $3,317,161) 3,160,927
REPURCHASE AGREEMENT -- 4.5%
(Cost $2,187,000)
U.S.$ 2,187,000 Agreement with State Street
Bank and Trust Company, 6.000%
dated 12/31/1997, to be repurchased at
$2,187,729 on 01/02/1998,
collateralized by $1,775,000 U.S.
Treasury Bond, 10.75% maturing
02/15/2003 (value $2,230,953) 2,187,000
------------
TOTAL INVESTMENTS (Cost $49,232,810*) 97.5% 47,114,501
OTHER ASSETS AND LIABILITIES (Net) 2.5 1,192,638
----- ------------
NET ASSETS 100.0% $ 48,307,139
===== ============
- ---------
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
AUD -- Australian Dollar
BEF -- Belgian Francs
CAD -- Canadian Dollar
DEM -- German Deutsche Mark
DKK -- Danish Krone
FIM -- Finnish Markka
FRF -- French Franc
GBP -- Great British Pound
JPY -- Japanese Yen
NLG -- Netherlands Guilder
SEK -- Swedish Krona
<PAGE>
Munder U.S. Government Income Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Principal
Amount Value
- --------- -----
ASSET BACKED SECURITY -- 1.8%
(Cost $4,954,150)
$ 5,000,000 Residential Accreditation
Loans, Inc., Class A4,
Series 1997-QS3,
7.750% due 04/25/2027 $ 5,087,250
------------
CORPORATE BONDS AND NOTES -- 1.6%
Finance -- 0.0% +
25,574 BankAmerica National Trust,
9.000% due 03/01/2008 25,950
------------
Industrial -- 1.6%
4,500,000 International Business
Machines Corporation,
6.220% due 08/01/2027 4,553,955
------------
TOTAL CORPORATE BONDS
AND NOTES
(Cost $4,524,950) 4,579,905
------------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 81.1%
Federal Home Loan Mortgage Corporation
(FHLMC) -- 28.1%
FHLMC:
3,141,229 Pool #A01048, Gold,
8.500% due 02/01/2020 3,268,166
8,437,354 Pool #E00160, Gold,
7.000% due 11/01/2007 8,559,105
2,492,683 Pool #G00479, Gold,
9.000% due 04/01/2025 2,646,258
1,000,000 Series 1452, Class PH,
6.500% due 06/15/2006 1,011,760
597,407 Series 1542, Class E,
5.650% due 01/15/2015 595,704
9,150,000 Series 1574, Class PG,
6.500% due 02/15/2021 9,255,499
3,000,000 Series 16, Class PM,
6.500% due 04/25/2021 3,007,380
1,300,000 Series 1633, Class PL
6.500% due 03/15/2023 1,305,278
3,800,000 Series 1647, Class VC,
6.300% due 06/15/2006 3,736,654
3,000,000 Series 1671, Class F,
6.250% due 03/15/2022 2,990,490
1,089,795 Series 168, Class E,
8.000% due 12/15/2020 1,095,429
4,811,145 Series 1685, Class G,
6.000% due 09/15/2023 4,712,757
8,560,000 Series 1702A, Class PD,
6.500% due 04/15/2022 8,612,986
1,000,000 Series 1706, Class K,
7.000% due 03/15/2024 1,023,290
2,000,000 Series 1848, Class PE,
7.000% due 09/15/2025 2,076,280
8,943,000 Series 1865, Class PD,
7.000% due 12/15/2025 9,139,478
4,156,000 Series 1866, Class E,
7.000% due 01/15/2026 4,247,100
5,000,000 Series 43, Class D,
10.000% due 06/15/2020 5,710,950
5,000,000 Series T-7, Class A6,
7.030% due 08/25/2028 5,166,150
------------
78,160,714
------------
Federal Housing Authority/Veterans Administration (FHA/VA) -- 0.4%
989,947 FHA, Azalea Garden,
Series 051-11086,
8.375% due 08/30/2030 1,027,225
------------
Federal National Mortgage Association
(FNMA) -- 43.6%
FNMA:
178,589 Pool #040305,
11.500% due 02/01/2014 198,106
72,236 Pool #058255,
11.500% due 11/01/2010 80,155
98,757 Pool #081585,
11.500% due 07/01/2012 109,578
2,080,807 Pool #100081,
11.500% due 08/01/2016 2,331,814
328,001 Pool #210448,
11.500% due 11/01/2015 364,347
3,640,689 Pool #250323,
7.000% due 07/01/2002 3,688,345
5,192,204 Pool #303020,
7.000% due 10/01/2024 5,228,757
2,263,227 Pool #303105,
11.000% due 11/01/2020 2,492,764
2,461,966 Pool #303645,
11.000% due 09/01/2019 2,714,638
265,567 Pool #336457,
10.500% due 11/01/2020 288,947
2,421,653 Series 1989-98, Class D,
9.200% due 04/25/2019 2,486,771
5,000,000 Series 1990-117, Class E,
8.950% due 10/25/2020 5,391,850
5,722,373 Series 1990-120, Class G,
9.000% due 11/25/2019 5,863,029
5,000,000 Series 1990-45, Class J,
9.500% due 05/25/2020 5,633,450
5,879,951 Series 1991-98, Class H,
8.750% due 08/25/2021 6,183,945
5,000,000 Series 1993-120, Class HA,
6.500% due 01/25/2021 5,029,650
7,500,000 Series 1993-144, Class C,
7.000% due 07/25/2019 7,577,250
2,000,000 Series 1993-160, Class BC,
6.500% due 09/25/2022 2,009,800
5,100,000 Series 1993-163, Class BJ,
7.000% due 07/25/2006 5,210,313
2,000,000 Series 1993-168, Class PG,
6.250% due 01/25/2020 1,990,300
3,000,000 Series 1993-198, Class T,
6.500% due 10/25/2023 2,843,550
2,500,000 Series 1993-209, Class H,
6.000% due 03/25/2008 2,475,950
10,319,600 Series 1993-226, Class PN,
9.000% due 05/25/2022 11,741,744
2,000,000 Series 1993-83, Class VE
6.600% due 12/25/2005 1,996,680
1,500,000 Series 1994-37, Class N,
6.500% due 03/25/2024 1,451,325
1,467,000 Series 1994-60, Class PJ,
7.000% due 04/25/2024 1,500,580
5,000,000 Series 1995-M1, Class C,
6.965% due 07/25/2010 5,167,750
7,634,900 Series 1996-28, Class PJ,
6.500% due 12/25/2024 7,629,937
5,150,000 Series 1996-70, Class PJ,
6.500% due 02/25/2026 5,191,406
9,500,000 Series 1997-60, Class PD,
6.500% due 01/18/2024 9,532,300
6,705,000 Series G97-1,Class J,
6.750% due 02/18/2004 6,777,883
------------
121,182,914
------------
Government National Mortgage Association
(GNMA) -- 8.8%
GNMA:
9,892,054 Pool #008565,
6.875% due 12/20/2024 10,184,166
3,811,745 Pool #780359,
7.500% due 12/15/2023 3,918,131
10,100,000 Series 1996-11, Class PD,
7.000% due 06/20/2025 10,383,204
------------
24,485,501
------------
Small Business Administration
(SBA) -- 0.2%
556,269 SBA, Pool # 503548,
6.125% due
11/25/2021+++ 556,269
------------
TOTAL U.S. GOVERNMENT
AGENCY OBLIGATIONS
(Cost $221,358,098) 225,412,623
------------
U.S. TREASURY OBLIGATIONS -- 11.9%
U.S. Treasury Bonds-- 9.2%
1,800,000 8.750% due 11/15/2008 2,048,130
4,000,000 8.125% due 08/15/2019 5,002,080
14,750,000 8.000% due 11/15/2021 18,390,742
------------
25,440,952
------------
U.S. Treasury Note -- 2.7%
6,750,000 7.875% due 11/15/2004 7,545,623
------------
TOTAL U.S. TREASURY
OBLIGATIONS
(Cost $31,328,859) 32,986,575
------------
REPURCHASE AGREEMENT -- 2.9%
(Cost $7,961,000)
7,961,000 Agreement with State Street
Bank and Trust Company,
6.000% dated 12/31/1997,
to be repurchased at
$7,963,654 on 01/02/1998, collateralized by
$7,155,000 U.S. Treasury
Bond, 6.875% maturing
08/15/2025
(value $8,123,165) 7,961,000
------------
TOTAL INVESTMENTS
(Cost $270,127,057*) 99.3% 276,027,353
OTHER ASSETS AND
LIABILITIES (Net) 0.7 1,861,677
----- ------------
NET ASSETS 100.0% $277,889,030
===== ============
- ---------
* Aggregate cost for Federal tax purposes.
+++ Variable rate security. The interest rate shown reflects the
rate currently in effect.
+ Amount represents less than 0.1% of net assets.
<PAGE>
Munder Michigan Triple Tax-Free Bond Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
<TABLE>
<CAPTION>
Rating
Principal ------------------
Amount S&P Moody's Value
- --------- ------ -------- ------
Michigan -- 97.7%
<S> <C> <C> <C>
$ 1,000,000 Bay City, Michigan, Electric Utility
Revenue Refunding,
(AMBAC Insured),
5.300% due 01/01/2010 AAA Aaa $1,040,170
1,000,000 Caledonia Community Schools, Michigan, GO,
(AMBAC Insured),
5.500% due 05/01/2022 AAA Aaa 1,022,850
1,000,000 Central Michigan University Revenue,
(FGIC Insured),
5.500% due 10/01/2026 AAA Aaa 1,028,640
600,000 Clintondale Community Schools, Michigan, GO,
5.250% due 05/01/2015 AA Aa2 610,542
1,055,000 De Witt, Michigan, Public Schools, GO,
(AMBAC Insured, Q-SBLF),
5.500% due 05/01/2011 AAA Aaa 1,110,187
700,000 Dearborn School District, Michigan, GO,
(MBIA Insured),
5.000% due 05/01/2014 AAA Aaa 702,051
1,000,000 Detroit, Michigan, Sewer Disposal Revenue,
Series A, (MBIA Insured),
5.000% due 07/01/2027 AAA Aaa 979,090
1,055,000 Detroit, Michigan, Water Supply System,
(MBIA Insured), Series B,
5.400% due 07/01/2011 AAA Aaa 1,130,095
1,000,000 Dexter Community Schools, Michigan, GO,
5.700% due 05/01/2014 AA Aa2 1,047,390
1,000,000 Eastern Michigan University Revenue, GO,
(FGIC Insured),
5.500% due 06/01/2017 AAA Aaa 1,038,620
1,000,000 Ferris State University, Michigan,
Revenue Refunding,
(MBIA Insured),
5.250% due 10/01/2015 AAA Aaa 1,011,950
Grand Rapids, Michigan:
750,000 Building Authority, Refunding, and Improvement
Revenue,
5.500% due 04/01/2013 A+ A1 769,695
1,000,000 Community College Refunding, GO,
(MBIA Insured),
5.375% due 05/01/2016 AAA Aaa 1,023,750
1,000,000 Community College Refunding, GO,
(MBIA Insured),
5.375% due 05/01/2019 AAA Aaa 1,015,700
1,000,000 Hastings, Michigan, School District, GO,
(FGIC Insured, Q-SBLF),
5.625% due 05/01/2018 AAA Aaa 1,042,930
500,000 Holland, Michigan, Water Supply Systems,
5.375% due 07/01/2017 A+ A1 510,125
Hudsonville Public Schools, Michigan:
1,000,000 Refunding,
5.150% due 05/01/2027 AAA Aaa 976,470
950,000 Series B, GO, (FGIC Insured),
Pre-refunded,
6.000% due 05/01/2004 AAA Aaa 1,052,989
1,000,000 Kalamazoo, Michigan, City School District, GO,
(FGIC Insured),
5.700% due 05/01/2016 AAA Aaa 1,060,880
1,500,000 Kalamazoo, Michigan, Hospital Finance Authority
Revenue, Series A,
6.250% due 06/01/2014 AAA Aaa 1,730,025
500,000 Kenowa Hills, Michigan, Public Schools, GO,
(MBIA Insured),
5.625% due 05/01/2010 AAA Aaa 533,365
1,000,000 Lansing Board of Water & Light,
(Water Supply & Electric Utility Systems Revenue),
Series A,
5.000% due 07/01/2013 AA Aa 998,740
890,000 Lansing Sewer Disposal Systems Revenue,
(FGIC Insured),
5.700% due 05/01/2009 AAA Aaa 954,828
1,000,000 Livonia Public School District, Michigan, GO,
(FGIC Insured),
5.125% due 05/01/2022 AAA Aaa 993,850
1,250,000 Michigan Municipal Bond Authority Revenue,
State Revolving Fund,
5.125% due 10/01/2020 AA+ Aa1 1,255,463
600,000 Michigan Public Power Agency Revenue,
(Belle River Project), Series A,
5.250% due 01/01/2018 AA- A1 599,934
1,000,000 Michigan State Building Authority Revenue,
Facilities Project, Series II,
5.000% due 10/15/2014 AA- A1 994,180
500,000 Michigan State Comprehensive,
Refunding Series A,
6.000% due 08/01/2003 AAA Aaa 543,380
Michigan State Comprehensive Transportation Revenue
Series A, (MBIA Insured):
1,000,000 5.250% due 08/01/2012 AAA Aaa 1,031,480
500,000 5.250% due 08/01/2014 AAA Aaa 511,585
Michigan State Hospital Finance Authority Revenue:
1,000,000 (Henry Ford Continuing Care), Series A,
5.250% due 11/15/2025 AA Aa2 991,440
1,000,000 (Mercy Health Services), Series S,
5.500% due 08/15/2020 AA- Aa3 1,026,340
1,000,000 (Mercy Health Services), Series W,
5.250% due 08/15/2027 AAA Aaa 991,260
500,000 Hospital, Henry Ford Health, Series A,
5.250% due 11/15/2020 AA Aa2 498,680
Michigan State Housing Development Authority, Series A:
(AMBAC Insured):
500,000 6.050% due 12/01/2027 AAA Aaa 528,305
1,000,000 6.450% due 12/01/2014 AA+ NR 1,072,360
1,000,000 Michigan State Trunk Line Highway Revenue, Series A,
(FGIC Insured),
5.500% due 11/01/2016 AAA Aaa 1,029,930
1,500,000 Michigan State University Revenues,
General Series A,
5.125% due 02/15/2016 AAA Aaa 1,500,975
500,000 Montrose, Michigan, School District, GO,
(MBIA Insured, Q-SBLF),
6.200% due 05/01/2017 AAA Aaa 575,820
1,000,000 Northview, Michigan, Public Schools District, GO,
(MBIA Insured, Q-SBLF),
5.800% due 05/01/2021 AAA Aaa 1,055,700
500,000 Oakland Community College, Michigan, Refunding and
Improvement, GO, (MBIA Insured),
5.250% due 05/01/2018 AAA Aaa 502,955
1,000,000 Plymouth-Canton, Michigan, Community School District,
GO, Series A
6.625% due 05/01/2016 AA Aa2 1,074,080
1,000,000 Redford, Michigan Union School District, Refunding,
5.000% due 05/01/2022 AAA Aaa 994,490
1,000,000 Redford, Michigan, Unified School District, GO,
(FGIC Insured, Q-SBLF),
5.750% due 05/01/2011 AAA Aaa 1,100,090
1,750,000 Rochester Community School District, Michigan, GO,
5.000% due 05/01/2019 AAA Aaa 1,752,240
750,000 Rochester Community School District, Michigan, GO,
(Q,SBLF), Pre-refunded,
6.500% due 05/01/2009 AA NR 815,895
600,000 Royal Oak, Michigan, Hospital Finance Authority,
Hospital Revenue, (William Beaumont Hospital),
Series G,
5.500% due 11/15/2013 AA Aa3 621,660
1,000,000 Saint Johns, Michigan, Public Schools District,
GO, (FGIC Insured, Q-SBLF),
5.625% due 05/01/2020 AAA Aaa 1,037,940
1,000,000 South Lake, Michigan, Public Schools System,
5.125% due 05/01/2014 AAA Aaa 1,019,230
1,000,000 South Redford, Michigan, School District, GO,
(FGIC Insured, Q-SBLF),
5.350% due 05/01/2010 AAA Aaa 1,044,200
600,000 University of Michigan,
Hospital Revenue, Series A,
5.500% due 12/01/2021 AA Aa2 609,540
1,000,000 West Bloomfield School District, Michigan, GO,
(MBIA Insured),
5.125% due 05/01/2014 AAA Aaa 1,006,420
1,000,000 Williamston, Michigan, Community School District,
5.500% due 05/01/2025 AAA Aaa 1,066,510
500,000 Willow Run, Michigan, Community Schools, GO,
(AMBAC Insured, Q-SBLF),
5.000% due 05/01/2016 AAA Aaa 496,965
------------
TOTAL MUNICIPAL BONDS AND NOTES (Cost $48,225,311) 50,733,979
------------
<CAPTION>
Shares
- ------
SHORT-TERM INVESTMENT -- 0.7%
(Cost $367,599)
<S> <C> <C> <C>
367,599 Navigator Tax-Free Money Market Fund 367,599
-----------
TOTAL INVESTMENTS (Cost $48,592,910*) 98.4% 51,101,578
OTHER ASSETS AND LIABILITIES (Net) 1.6 30,869
----- -----------
NET ASSETS 100.0% $51,932,447
===== ===========
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
COP -- Certificates of Participation
ETM -- Escrowed to Maturity
FGIC -- Federal Guaranty Insurance Corporation
GO -- Government Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
Q-SBLF-- Qualified School Bond Loan Fund
SBPA -- Stand by Purchase Agreement
</TABLE>
<PAGE>
Munder Tax-Free Bond Fund
Portfolio of Investment, December 31, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal Rating
Amount ----------------
- --------- S&P Moody's Value
---- -------- -----
MUNICIPAL BONDS AND NOTES -- 98.2%
Arizona -- 0.9%
<S> <C> <C> <C> <C>
$1,600,000 Phoenix, Arizona Water Systems Revenue, ETM,
8.000% due 06/01/2003 AAA Aaa $ 1,886,832
------------
<CAPTION>
California -- 3.1%
<S> <C> <C> <C> <C>
2,905,000 Perris, California Community
Facilities Revenue, ETM,
8.750% due 10/01/2021 AAA Aaa 4,303,060
2,000,000 San Diego, California, Public
Facility Financing Authority,
Sewer Revenue, Series A, (FGIC Insured),
5.250% due 05/15/2027 AAA Aaa 2,002,440
------------
6,305,500
------------
<CAPTION>
District of Columbia -- 0.7%
<S> <C> <C> <C> <C>
1,500,000 District of Columbia, Washington, Revenue,
Smithsonian Institution,
5.000% due 02/01/2028 AAA Aaa 1,461,600
------------
<CAPTION>
Florida -- 17.2%
<S> <C> <C> <C> <C>
2,000,000 Florida State, Board of Education,
Administrative Capital Revenue,
8.400% due 06/01/2007 AA+ Aa2 2,591,800
2,000,000 Florida State, Department of Transportation,
Right of Way, GO,
5.300% due 07/01/2015 AA+ Aa2 2,040,840
2,500,000 Florida State, Turnpike Authority Revenue,
Department of Transportation, Series A,
(FGIC Insured),
5.500% due 07/01/2012 AAA Aaa 2,635,475
3,000,000 Gainesville, Florida, Utility Systems Revenue,
Series A,
6.500% due 10/01/2012 AA Aa 3,516,330
7,385,000 Orlando, Florida, Utilities Commission, Water and
Electric Revenue Refunding, Series D,
6.750% due 10/01/2017 AA- Aa2 9,080,005
Palm Beach County, Florida:
2,285,000 Criminal Justice,
5.750% due 06/01/2013 AAA Aaa 2,553,602
3,000,000 GO,
6.750% due 07/01/2011 AA Aa2 3,615,540
7,600,000 Port Everglades, Florida,
Port Authority Revenue, ETM,
7.125% due 11/01/2016 AAA Aaa 9,353,320
------------
35,386,912
------------
<CAPTION>
Georgia -- 6.7%
<S> <C> <C> <C> <C>
Georgia State, GO:
4,500,000 7.400% due 08/01/2007 AAA Aaa 5,567,130
2,000,000 Series B,
6.250% due 03/01/2011 AAA Aaa 2,303,160
5,100,000 Metro Atlanta Rapid Transit Authority, Series K,
6.250% due 07/01/2018 AA- A1 5,862,042
-----------
13,732,332
-----------
<CAPTION>
Hawaii -- 2.4%
<S> <C> <C> <C> <C>
Honolulu, Hawaii, GO:
2,400,000 5.000% due 10/01/2013 AA Aa2 2,428,200
2,000,000 7.350% due 07/01/2008 AA NR 2,464,140
-----------
4,892,340
-----------
<CAPTION>
Illinois -- 12.0%
<S> <C> <C> <C> <C>
1,000,000 Addison, Illinois, Single-family
Mortgage Revenue, ETM,
7.500% due 04/01/2011 AAA NR 1,197,520
2,500,000 Chicago, Illinois, Park District,
5.375% due 01/01/2025 AAA Aaa 2,507,375
2,500,000 Chicago, Illinois, Wastewater
Transmission Revenue,
(FGIC Insured),
5.375% due 01/01/2013 AAA Aaa 2,668,550
2,000,000 Du Page County, Illinois, Stormwater Project,
5.600% due 01/01/2021 AAA Aaa 2,177,660
5,000,000 Illinois Educational Facilities
Authority Revenue,
Northwestern University,
Mandatory Put 11/01/2015,
5.250% due 11/01/2032 AA+ Aa1 5,045,350
3,000,000 Illinois State,
(FGIC Insured),
5.125% due 12/01/2015 AAA Aaa 3,015,780
Illinois State, Sales Tax Revenue:
4,500,000 Series P,
6.500% due 06/15/2022 AAA Aa3 5,447,655
2,500,000 Series Y,
5.250% due 06/15/2009 NR Aa3 2,637,825
-----------
24,697,715
-----------
<CAPTION>
Maryland -- 3.5%
<S> <C> <C> <C> <C>
3,000,000 Baltimore, Maryland, (Water Projects), Series A,
(FGIC Insured),
5.000% due 07/01/2024 AAA Aaa 3,027,090
3,725,000 Baltimore, Maryland, Series A,
(FGIC Insured),
5.900% due 07/01/2010 AAA Aaa 4,187,720
----------
7,214,810
----------
<CAPTION>
Massachusetts -- 1.4%
<S> <C> <C> <C> <C>
3,000,000 Massachusetts State, Turnpike Authority Revenue,
Department of Transportation, Senior Series A,
5.125% due 01/01/2023 AAA Aaa 2,973,240
----------
<CAPTION>
Michigan -- 20.4%
<S> <C> <C> <C> <C>
3,000,000 Detroit, Michigan, Sewer Disposal Revenue,
Series A, (MBIA Insured),
5.000% due 07/01/2027 AAA Aaa 2,937,270
4,500,000 Michigan Municipal Bond Authority Revenue,
(Pooled Project), Series B,
5.625% due 10/01/2019 AA Aa1 4,655,115
3,000,000 Michigan State, Building Authority Revenue,
Series I,
6.500% due 10/01/2004 AA- A1 3,404,700
3,000,000 Michigan State, Comprehensive Transportation,
Series A, (MBIA Insured),
5.250% due 08/01/2014 AAA Aaa 3,069,510
7,000,000 Michigan State, Enviromental
Protection Program, GO,
6.250% due 11/01/2012 AA Aa2 8,131,270
Michigan State, Hospital
Financing Authority Revenue:
2,250,000 (Henry Ford Health System),
(AMBAC Insured),
6.000% due 09/01/2011 AAA Aaa 2,522,362
3,000,000 (Mercy Health Services), Series S,
5.250% due 08/15/2027 AAA Aaa 2,973,780
5,500,000 Michigan State, Trunk Line, Series A,
(FGIC Insured),
5.625% due 11/01/2020 AAA Aaa 5,721,210
4,500,000 Rochester Community School District,
Michigan, GO,
Pre-refunded, (Q-SBLF),
5.000% due 05/01/2019 AAA Aaa 4,505,760
2,500,000 Rockford, Michigan, Public School System,
5.250% due 05/01/2022 AAA Aaa 2,503,975
1,500,000 South Lake, Michigan, Public Schools System,
5.125% due 05/01/2014 AAA Aaa 1,528,845
-----------
41,953,797
-----------
<CAPTION>
Minnesota -- 3.7%
<S> <C> <C> <C> <C>
7,000,000 University of Minnesota, Series A,
5.500% due 07/01/2021 AA Aa3 7,501,970
-----------
<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 Aa 3,031,080
-----------
<CAPTION>
New Mexico -- 0.5%
<S> <C> <C> <C> <C>
1,000,000 Bernalillo County, New Mexico, Gross Receipts,
5.750% due 10/01/2017 AA Aa3 1,094,050
-----------
<CAPTION>
New York -- 3.4%
<S> <C> <C> <C> <C>
3,000,000 New York City, New York, Municipal Water Finance,
Series B,
5.125% due 06/15/2030 AAA Aaa 2,947,200
4,000,000 Triborough, New York, Bridge & Tunnel Authority,
General Purpose Series A,
5.250% due 01/01/2028 A+ Aa3 3,998,240
-----------
6,945,440
-----------
<CAPTION>
North Carolina -- 1.3%
<S> <C> <C> <C> <C>
2,500,000 North Carolina, Municipal Power Agency, Catawba
Electric Revenue, (AMBAC Insured), ETM,
5.500% due 01/01/2013 AAA Aaa 2,671,250
-----------
<CAPTION>
Ohio -- 2.4%
<S> <C> <C> <C> <C>
2,500,000 Columbus, Ohio, Series 2,
5.000% due 06/15/2015 AAA Aaa 2,509,775
2,000,000 Ohio State, GO,
6.650% due 09/01/2009 AA+ Aa1 2,381,960
-----------
4,891,735
-----------
<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 1,257,720
-----------
<CAPTION>
Pennsylvania -- 1.0%
<S> <C> <C> <C> <C>
2,000,000 Pennsylvania State, GO,
5.000% due 10/15/2015 AA- Aa3 1,990,340
-----------
<CAPTION>
South Carolina -- 1.1%
<S> <C> <C> <C> <C>
2,215,000 South Carolina, State Highway, Series B,
5.650% due 07/01/2021 AAA Aaa 2,334,145
-----------
<CAPTION>
Texas -- 4.5%
<S> <C> <C> <C> <C>
4,000,000 Houston, Texas, Airport Systems Revenue, ETM,
9.500% due 07/01/2010 AAA Aaa 5,426,480
1,500,000 San Antonio, Texas, Electric & Gas Revenue,
Series A,
5.000% due 02/01/2012 AA Aa1 1,539,330
2,000,000 Spring, Texas, Independent School District
Authority, GO, (PSFG),
6.875% due 08/15/2009 AAA Aaa 2,374,080
-----------
9,339,890
-----------
<CAPTION>
Virginia -- 6.4%
<S> <C> <C> <C> <C>
4,000,000 Fairfax County, Virginia, Water
Authority Revenue, Refunding,
5.000% due 04/01/2021 AA Aa2 4,044,240
5,000,000 Richmond, Virginia, Series B,
5.000% due 01/15/2021 AAA Aaa 4,926,350
2,000,000 Richmond, Virginia, Public Improvement,
Series A, GO,
5.500% due 01/15/2016 AA A1 2,060,580
2,115,000 Virginia College Building Authority,
Educational Facilities Revenue,
(21st Century College Project),
5.250% due 08/01/2016 AA Aa 2,164,005
-----------
13,195,175
-----------
<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 A 2,444,660
4,750,000 Seattle, Washington, Drain & Wastewater
Utility Revenue, (MBIA Insured),
5.250% due 12/01/2025 AAA Aaa 4,747,434
-----------
7,192,094
-----------
<CAPTION>
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $188,201,495)
201,949,967
------------
<CAPTION>
Shares
- ------------
SHORT-TERM INVESTMENT -- 2.3%
(Cost $4,696,935)
<S> <C> <C> <C>
4,696,935 Navigator Tax-Free Money Market Fund 4,696,935
------------
TOTAL INVESTMENTS (Cost $192,898,430*) 100.5% 206,646,902
OTHER ASSETS AND LIABILITIES (Net) (0.5) (927,044)
----- ------------
NET ASSETS 100.0% $205,719,858
===== ============
<FN>
- -------------
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
COP -- Certificates of Participation
ETM -- Escrowed to Maturity
FGIC -- Federal Guaranty Insurance Corporation
GO -- Government Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
Q-SBLF-- Qualified School Bond Loan Fund
SBPA -- Stand by Purchase Agreement
</TABLE>
<PAGE>
Munder Tax-Free Intermediate Bond Fund
Portfolio of Investments, December 31, 1997
<TABLE>
<CAPTION>
Rating
Principal -----------------
Amount S&P Moody's Value
- ------ --- ------- -----
Alabama -- 1.2%
<S> <C> <C> <C> <C>
$ 3,500,000 Alabama State Public School and College Authority
Revenue, Series A,
5.750% due 08/01/2003 AA- Aa $ 3,785,880
------------
<CAPTION>
California -- 4.7%
<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 7,204,527
6,070,000 Sacramento County, California, Sanitation District
Financing Authority Revenue,
9.000% due 12/01/2002 AA Aa 7,343,850
------------
14,548,377
------------
<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 5,415,900
------------
<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 2,601,550
------------
<CAPTION>
Florida -- 8.0%
<S> <C> <C> <C> <C>
4,000,000 Dade County, Florida, School District,
(MBIA Insured),
6.000% due 07/15/2005 AAA Aaa 4,444,440
6,500,000 Florida State, Board of Education, Capital Outlay,
Series D,
6.000% due 06/01/2005 AA+ Aa2 7,207,525
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 AAA Aaa 5,419,900
3,650,000 St. John's River Power Park System, Series 10,
6.500% due 10/01/2003 AA Aa1 4,065,406
3,000,000 Orlando, Florida, Utilities Commission,
Water and Electric Revenue,
Series A, Pre-refunded,
6.500% due 10/01/2001 AA- Aa2 3,298,380
------------
24,435,651
------------
<CAPTION>
Hawaii -- 2.4%
<S> <C> <C> <C> <C>
3,000,000 Hawaii State, GO, Series BZ,
6.250% due 10/01/2002 A+ Aa3 3,261,690
3,650,000 Honolulu, Hawaii, City and County, GO,
Series A, ETM,
10.000% due 08/01/2000 AA Aaa 4,179,505
------------
7,441,195
------------
<CAPTION>
Illinois -- 8.3%
<S> <C> <C> <C> <C>
4,500,000 Chicago, Illinois, Metropolitan Water District,
Capital Improvement,
6.700% due 01/01/2003 AA Aa 4,995,675
6,000,000 Illinois Educational Facilities Authority Revenues,
Mandatory Put 11/01/2007,
4.850% due 11/01/2032 AA+ Aa1 6,104,760
4,000,000 Illinois State Sales Tax Revenue, Series Y,
5.250% due 06/15/2007 NR Aa3 4,239,360
4,525,000 Lake County, Illinois, Adalai E. Stevenson
School District, No. 125,
5.500% due 01/01/2003 NR Aa1 4,768,943
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 5,302,550
------------
25,411,288
------------
<CAPTION>
Maryland -- 7.3%
Maryland State:
<S> <C> <C> <C> <C>
2,000,000 4.850% due 10/15/2002 AAA Aaa 2,066,200
3,000,000 5.250% due 06/15/2006 AAA Aaa 3,207,090
5,000,000 State & Local Facilities Series 2, GO,
5.000% due 08/01/2004 AAA Aaa 5,215,300
2,275,000 State & Local Facilities Series 3, GO,
5.000% due 10/15/2005 AAA Aaa 2,388,591
3,750,000 Montgomery County, Maryland, Consolidated Public
Improvement, GO, Series B,
6.875% due 10/01/2000 AAA Aaa 4,028,475
5,000,000 Prince George's County, Maryland,
Consolidated Public Improvement, GO,
(MBIA Insured),
6.250% due 01/01/2005 AAA Aaa 5,583,050
------------
22,488,706
------------
<CAPTION>
Massachusetts -- 2.2%
<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 6,723,900
-----------
<CAPTION>
Michigan -- 25.1%
<S> <C> <C> <C> <C>
2,500,000 Caledonia, Michigan, Community Schools,
(AMBAC Insured), Pre-refunded,
6.700% due 05/01/2002 AAA Aaa 2,786,125
Chippewa Valley, Michigan, Schools, GO:
2,000,000 (FGIC Insured, Q-SBLF), Pre-refunded,
6.375% due 05/01/2001 AAA Aaa 2,169,180
4,200,000 (FGIC Insured, Q-SBLF), Pre-refunded,
6.375% due 05/01/2001 AAA Aaa 4,555,278
3,000,000 (FGIC Insured, Q-SBLF), Pre-refunded,
6.375% due 05/01/2001 AAA Aaa 3,253,770
2,000,000 Detroit, Michigan, Water Supply Systems Revenue,
Senior Lien Series A,
5.250% due 07/01/2006 AAA Aaa 2,122,600
2,350,000 Gaylord, Michigan, Community Schools, GO,
Pre-refunded,
6.600% due 05/01/2002 AA Aa2 2,604,834
2,000,000 Livonia, Michigan, Public Schools,
(FGIC Insured),
Series II, Pre-refunded,
6.300% due 05/01/2002 AAA Aaa 2,197,600
Michigan State Building Authority Revenue,
Series I:
5,000,000 6.500% due 10/01/2004 AA- A1 5,674,500
(AMBAC Insured):
5,600,000 6.000% due 10/01/2006 AAA Aaa 6,253,800
5,000,000 6.250% due 10/01/2003 AAA Aaa 5,508,350
Michigan State Hospital Finance
Authority Revenue, Pre-refunded:
5,250,000 McLaren Obligated Group, Series A,
7.500% due 09/15/2001 NR Aaa 5,945,677
2,900,000 Oakwood Hospital Obligated Group,
(FGIC Insured),
7.000% due 07/01/2000 AAA Aaa 3,156,476
1,450,000 Michigan State Housing Development Authority,
Series A, Rental Housing Revenue,
5.000% due 10/01/2003 AAA Aaa 1,493,660
1,095,000 Michigan State Housing Single Family Mortgage,
Series A,
5.300% due 12/01/2006 AAA Aaa 1,141,986
3,160,000 Michigan State Trunk Line Highway Revenue,
Series A,
5.625% due 10/01/2003 AA- A1 3,376,586
3,500,000 Michigan State Underground Storage Tank Financial
Assurance Authority,
Series I, (AMBAC Insured),
6.000% due 05/01/2006 AAA Aaa 3,892,280
5,875,000 Plymouth-Canton, Michigan, Community
School District,
Series B, (Q-SBLF), GO, Pre-refunded,
6.800% due 05/01/2001 AA Aa2 6,413,503
Rochester Community School District, Michigan, GO:
3,350,000 6.000% due 05/01/2002 AA Aa2 3,582,859
2,000,000 Pre-refunded,
6.500% due 05/01/2002 AA NR 2,175,720
3,000,000 University of Michigan, Hospital Revenue,
Series A,
7.500% due 12/01/2001 AA Aa2 3,364,230
5,000,000 Western Michigan University Revenue, Series A,
(AMBAC Insured), Pre-refunded,
6.500% due 07/15/2001 AAA Aaa 5,476,700
------------
77,145,714
------------
<CAPTION>
Minnesota -- 1.2%
<S> <C> <C> <C> <C>
3,500,000 Minnesota State, GO, Pre-refunded,
6.250% due 08/01/2002 AAA Aaa 3,795,365
------------
<CAPTION>
Missouri -- 1.3%
<S> <C> <C> <C> <C>
3,500,000 Missouri State Regional Convention and Sport,
Series A, Pre-refunded,
6.900% due 08/15/2003 AAA Aaa 3,967,635
------------
<CAPTION>
New Jersey -- 1.3%
<S> <C> <C> <C> <C>
3,500,000 New Jersey State,
6.500% due 07/15/2005 AA+ Aa1 3,998,225
------------
<CAPTION>
New Mexico -- 1.3%
<S> <C> <C> <C> <C>
4,000,000 New Mexico State,
4.625% due 09/01/2006 AA+ Aa1 4,047,400
------------
<CAPTION>
New York -- 5.3%
<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 3,746,016
5,000,000 Series J,
5.500% due 07/01/2002 AA- Aa2 5,290,500
2,000,000 New York City Transport Finance Authority,
5.500% due 08/15/2007 NR Aa3 2,174,800
5,000,000 Triborough, New York, Bridge & Tunnel Authority,
General Purpose Series A,
5.000% due 01/01/2001 A+ Aa3 5,128,050
------------
16,339,366
------------
<CAPTION>
Oregon -- 0.7%
<S> <C> <C> <C> <C>
2,000,000 Washington County OR Unified Sewer Agency,
Agency Sewer Revenue, Pre-refunded,
6.125% due 10/01/2004 AAA Aaa 2,211,340
------------
<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 5,453,800
------------
<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 5,750,352
------------
<CAPTION>
South Carolina -- 2.9%
<S> <C> <C> <C> <C>
South Carolina State Public Service Authority
Revenue, Pre-refunded:
Santee Cooper, Series D, (AMBAC Insured):
2,440,000 6.500% due 07/01/2002 AAA Aaa 2,707,766
2,615,000 6.625% due 07/01/2002 AAA Aaa 2,915,202
3,000,000 York County, South Carolina, Public Facilities
Corporation, COP,
Pre-refunded,
7.500% due 06/01/2001 NR Aaa 3,378,090
------------
9,001,058
------------
<CAPTION>
Tennessee -- 1.1%
<S> <C> <C> <C> <C>
3,000,000 Tennessee State, Series B, GO,
Pre-refunded,
6.850% due 06/01/2001 AA+ Aaa 3,303,600
------------
<CAPTION>
Texas -- 12.1%
<S> <C> <C> <C> <C>
3,500,000 Austin, Texas, Independent School District, (PSFG),
7.000% due 08/01/2006 AAA Aaa 4,147,535
2,480,000 Austin, Texas, Utility System Revenue, Series A,
5.000% due 05/15/2001 A A2 2,533,617
Dallas, Texas, GO, ETM:
2,750,000 6.000% due 02/15/2005 AAA Aaa 3,028,465
2,100,000 7.000% due 05/01/2004 AAA Aaa 2,424,366
5,070,000 Dallas, Texas, Waterworks and Sewer
Authority Revenue,
7.750% due 04/01/2003 AA Aa2 5,922,064
4,085,000 Harris County, Texas, Toll Road, Series A,
(AMBAC Insured), Pre-refunded,
6.500% due 08/15/2002 AAA Aaa 4,533,043
2,175,000 Plano, Texas, Independent School District,
GO, (PSFG),
8.500% due 02/15/2003 AAA Aaa 2,598,103
3,500,000 Tarrant County, Texas, Water Control Revenue,
Pre-refunded,
6.000% due 03/01/2001 AAA Aaa 3,694,565
4,500,000 Texas State, GO, Series A, ETM,
6.100% due 08/01/2001 AAA Aaa 4,800,465
3,250,000 University of Texas, Permanent University Funding,
(PSFG),
5.000% due 07/01/2004 AAA Aaa 3,379,090
------------
37,061,313
------------
<CAPTION>
Virginia -- 2.5%
<S> <C> <C> <C> <C>
4,870,000 Hampton, Virginia, Public Improvement Revenue,
Series C,
6.000% due 08/01/2003 AA- Aa3 5,310,151
2,190,000 Virginia State, Transportation Board Contract
Revenue,
Series B, (U.S. Route 58 Corridor),
5.200% due 05/15/2002 AA Aa2 2,277,074
------------
7,587,225
------------
<CAPTION>
Wisconsin -- 3.1%
<S> <C> <C> <C> <C>
Wisconsin State:
2,000,000 6.000% due 05/01/2003 AA Aa2 2,167,380
4,000,000 Series C, Pre-refunded,
6.250% due 05/01/2003 AA Aaa 4,367,040
2,640,000 Wisconsin State, Clean Water Revenue, Series I,
5.250% due 06/01/2005 AA+ Aa2 2,811,389
------------
9,345,809
------------
<CAPTION>
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $292,141,545) 301,860,649
------------
Shares
- ------------
<CAPTION>
SHORT-TERM INVESTMENT -- 1.4%
(Cost $4,456,322)
<S> <C> <C> <C>
4,656,322 Navigator Tax-Free Money Market Fund 4,456,322
------------
TOTAL INVESTMENTS (Cost $296,597,867*) 98.8% 306,316,971
OTHER ASSETS AND LIABILITIES (Net) (0.2) 597,091
----- ------------
NET ASSETS 100.0% $306,914,062
===== ============
<FN>
- -------------
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
COP -- Certificates of Participation
ETM -- Escrowed to Maturity
FGIC -- Federal Guaranty Insurance Corporation
GO -- Government Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
Q-SBLF-- Qualified School Bond Loan Fund
SBPA -- Stand by Purchase Agreement
</TABLE>
<PAGE>
Munder Short Term Treasury Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
Principal
Amount Value
- --------- -----
U.S. TREASURY OBLIGATIONS -- 92.5%
U.S. Treasury Notes -- 92.5%
$1,000,000 5.875% due 04/30/1998 $ 1,001,510
6,000,000 6.125% due 08/31/1998 6,020,040
6,000,000 6.000% due 09/30/1998 6,017,940
4,000,000 5.875% due 10/31/1998 4,007,440
4,000,000 5.750% due 12/31/1998 4,006,080
10,000,000 6.250% due 05/31/1999 10,079,800
7,000,000 6.750% due 06/30/1999 7,108,780
5,000,000 5.875% due 07/31/1999 5,014,250
3,000,000 5.750% due 09/30/1999 3,004,110
4,000,000 5.875% due 11/15/1999 4,014,000
3,000,000 7.875% due 11/15/1999 3,115,440
3,000,000 5.625% due 11/30/1999 2,996,850
------------
TOTAL U.S. TREASURY OBLIGATIONS (Cost $56,193,202) 56,386,240
------------
REPURCHASE AGREEMENT -- 6.4% (Cost $3,900,632)
3,900,632 Agreement with Lehman Brothers Holdings
Inc., 6.500% dated 12/31/1997,
to be repurchased at $3,902,021 on
01/02/1998, collateralized by $3,900,632
U.S. Treasury Notes, 8.875% maturing
08/15/2017 (value $3,979,547) 3,900,632
------------
TOTAL INVESTMENTS (Cost $60,093,834*) 98.9% 60,286,872
OTHER ASSETS AND LIABILITIES (Net) 1.1 662,459
----- ------------
NET ASSETS 100.0% $ 60,949,331
===== ============
- -------------
* Aggregate cost for Federal tax purposes.
<PAGE>
Munder Cash Investment Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
<TABLE>
<CAPTION>
Rating
Principal ----------------
Amount S&P Moody's Value
- --------- --- ------- -----
CERTIFICATES OF DEPOSIT -- 16.4%
<S> <C> <C> <C> <C>
$45,000,000 Bank of Nova Scotia,
5.760% due 01/26/1998 A1+/AA- P1/Aa3 $ 45,000,000
50,000,000 Bank Tokyo Mitsubishi,
6.531% due 01/20/1998+ A1/A+ P1/Aa2 50,000,000
25,000,000 Caisse Nationale 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 5.850% due 01/09/1998 A1+/AA- P1/Aa3 40,000,000
6,000,000 5.880% due 01/14/1998 A1+/AA- P1/Aa3 6,000,000
20,000,000 National Westminster Bank,
5.790% due 07/30/1998 A1+/AA P1/Aa2 20,000,000
-------------
<CAPTION>
TOTAL CERTIFICATES OF DEPOSIT
(Cost $186,000,000) 186,000,000
-------------
<CAPTION>
COMMERCIAL PAPER -- 57.4%
<S> <C> <C> <C> <C>
45,000,000 Broadway Capital Corporation,
5.630% due 01/26/1998+ A1/NR P1/NR 44,824,062
50,000,000 Browning Ferris Industries, Inc.,
5.850% due 01/13/1998+ A1/A P2/A3 49,902,500
45,000,000 CXC, Inc.,
5.600% due 01/26/1998+ A1+/NR P1/NR 44,825,000
19,800,000 Deutsche Bank Finance, Inc.,
6.000% due 01/02/1998+ A1+/AAA P1/Aa1 19,796,700
16,000,000 Enterprise Funding Corporation,
5.620% due 01/30/1998+ A1+/NR P1/NR 15,927,564
50,000,000 General Motors Acceptance Corporation,
6.780% due 01/02/1998+ A2/A+ P1/A1 49,990,583
50,000,000 Golden Managers Acceptance Corporation,
5.970% due 01/29/1998+ A1+/NR P1/NR 49,767,833
Gotham Funding Corporation:
25,000,000 5.640% due 01/21/1998+ A1/NR P1/NR 24,921,667
20,000,000 5.900% due 02/12/1998+ A1/NR P1/NR 19,862,333
45,000,000 International Lease Finance Corporation,
5.570% due 01/06/1998+ A1/A+ P1/A1 44,965,188
50,000,000 Lloyds Bank,
5.700% due 02/09/1998+ A1+/NR P1/Aa1 49,691,250
50,000,000 National Rural Utilities Cooperative
Finance Corporation,
5.580% due 04/01/1998+ A1+/AA P1/A1 49,302,500
50,000,000 New Center Asset Trust,
6.750% due 01/02/1998+ A1+/NR P1/NR 49,990,625
15,000,000 Preferred Receivables Funding Corporation,
6.200% due 01/02/1998+ A1/NR P1/NR 14,997,417
30,000,000 Sanwa Business Credit Company,
6.650% due 02/13/1998+ A2/BBB+ P1/Aa3 29,761,709
Sheffield Receivables Corporation:
25,000,000 5.900% due 01/12/1998+ A1+/NR P1/NR 24,954,931
25,000,000 5.980% due 01/15/1998+ A1+/NR P1/NR 24,941,861
40,000,000 Toyota Motor Credit Company,
5.700% due 03/02/1998+ A1+/AAA P1/Aaa 39,620,000
--------------
TOTAL COMMERCIAL PAPER
(Cost $648,043,723) 648,043,723
--------------
<CAPTION>
CORPORATE NOTES -- 6.2%
<S> <C> <C> <C> <C>
25,000,000 Jackson National Life Insurance,
5.790% due 09/23/1998++ AA A1 25,000,000
20,000,000 Morgan Guaranty Trust Company,
5.955% due 06/22/1998 A1+/AAA P1/Aa1 19,996,848
25,000,000 Sanwa Business Credit Company,
6.265% due 05/08/1998+ A2/BB+ P1/Aa3 25,000,000
--------------
TOTAL CORPORATE NOTES
(Cost $69,996,848) 69,996,848
--------------
<CAPTION>
REPURCHASE AGREEMENTS -- 21.2%
<S> <C> <C>
139,173,343 Agreement with Lehman Brothers Holdings Inc., 6.500% dated
12/31/1997, to be repurchased at $139,223,600 on 01/02/1998,
collateralized by $140,130,000 U.S. Treasury Notes,
5.500-5.750% having maturities ranging from 11/15/1998 through
08/15/2003 (value $141,919,370) 139,173,343
50,000,000 Agreement with Paine Webber, 6.470% dated 12/31/1997, to be
repurchased at $50,017,972 on 01/02/1998, collateralized by
$49,700,000 U.S. Treasury Note, 5.875% maturing 01/31/1999
(value $51,114,923) 50,000,000
50,000,000 Agreement with Sanwa BGK Securities Company L.P., 6.500% dated
12/31/1997 to be repurchased at $50,018,055 on 01/02/1998,
collateralized by $31,839,000 U.S. Treasury Bond, 11.25%
maturing 02/15/2015 (value $51,021,998) 50,000,000
--------------
<CAPTION>
TOTAL REPURCHASE AGREEMENTS
<S> <C> <C> <C>
(Cost $239,173,343) 239,173,343
--------------
TOTAL INVESTMENTS (Cost $1,143,213,914*) 101.2% 1,143,213,914
OTHER ASSETS AND LIABILITIES (Net) (1.2) (13,781,643)
----- --------------
NET ASSETS 100.0% $ 1,129,432,271
===== ==============
<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.
<PAGE>
Munder Money Market Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
</TABLE>
<TABLE>
<CAPTION>
Rating
Principal -----------------
Amount S&P Moody's Value
- ------ --- ------- -----
CERTIFICATES OF DEPOSIT -- 16.9%
<S> <C> <C> <C> <C>
$5,000,000 Bank of Nova Scotia,
5.760% due 01/26/1998 A1+/AA- P1/Aa3 $ 5,000,000
5,000,000 Bank of Tokyo Mitsubishi,
6.531% due 01/20/1998+ A1/A+ P1/Aa2 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 National Westminster Bank Plc,
5.790% due 07/30/1998 NR Aa3 5,000,000
-------------
<CAPTION>
TOTAL CERTIFICATES OF DEPOSIT
<S> <C>
(Cost $19,000,000) 19,000,000
-------------
<CAPTION>
COMMERCIAL PAPER -- DISCOUNT -- 48.6%
<S> <C> <C> <C> <C>
5,000,000 ABN AMRO North America,
5.680% due 01/12/1998 A1/AA P1/Aa1 4,991,322
5,000,000 Apreco Incorporated,
5.900% due 01/12/1998+ A1/NR P1/NR 4,990,986
5,000,000 Beta Finance Incorporated,
5.670% due 02/20/1998+ A1+/AAA P1/NR 4,960,625
5,000,000 Broadway Capital Corporation,
6.200% due 01/12/1998+ A1/NR P1/NR 4,990,528
5,000,000 First Chicago Financial Corporation,
5.590% due 01/05/1998+ A1/NR P1/NR 4,996,894
5,000,000 Gotham Funding Corporation,
6.200% due 01/12/1998+ A1/NR P1/NR 4,990,528
5,000,000 International Lease Finance Corporation,
5.570% due 01/13/1998+ A1/A+ P1/A1 4,990,717
5,000,000 Matterhorn Capital Corporation,
5.720% due 01/27/1998+ A1+/NR P1/NR 4,979,344
5,000,000 National Rural Utilities Cooperative Finance,
5.650% due 03/20/1998+ A1+/AA P1/A1 4,938,792
5,000,000 Sanwa Business Credit Corporation,
5.650% due 01/26/1998+ A2/BBB+ P1/Aa3 4,980,382
5,000,000 Strategic Asset Funding Corporation,
5.680% due 01/30/1998+ A1/NR P1/NR 4,977,122
-------------
<CAPTION>
TOTAL COMMERCIAL PAPER -- DISCOUNT
<S> <C>
(Cost $54,787,240) 54,787,240
-------------
<CAPTION>
CORPORATE NOTES -- 7.8%
Banking & Finance -- 7.8%
<S> <C> <C> <C> <C>
3,726,000 Capital One Funding Corporation,
6.000% due 04/01/2009++ A1+/AA- P1/NR 3,726,000
5,000,000 Morgan Guaranty Trust Company,
5.955% due 06/22/1998+ A1+/AAA P1/Aa1 4,999,212
-------------
TOTAL CORPORATE NOTES
(Cost $8,725,212) 8,725,212
-------------
<CAPTION>
REPURCHASE AGREEMENTS -- 27.6%
<S> <C> <C> <C>
26,137,934 Agreement with Lehman Brothers Holdings Inc.,
6.500% dated 12/31/1997, to be repurchased at
$26,147,373 on 01/02/1998, collateralized by
$7,201,000 U.S. Treasury Note, 5.870% due
11/30/2001 (value $7,259,569) and $63,575,000
U.S. Treasury Strip, 8.870% due 08/15/2017
(value $19,401,817) 26,137,934
5,000,000 Agreement with Morgan (J.P.) & Company, 6.250%
dated 12/31/1997, to be repurchased at $5,001,736
on 01/02/1998, collateralized by $3,740,000 U.S.
Treasury Note, 8.875% maturing 02/15/2019
(value $5,106,269) 5,000,000
-------------
<PAGE>
<CAPTION>
TOTAL REPURCHASE AGREEMENTS
<S> <C> <C>
(Cost $31,137,934) 31,137,934
------------
TOTAL INVESTMENTS (Cost $113,650,386*) 100.9% 113,650,386
OTHER ASSETS AND LIABILITIES (Net) (0.9) (981,972)
---- -------------
NET ASSETS 100.0% $ 112,668,414
==== =============
<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.
<PAGE>
Munder Tax-Free Money Market Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
</TABLE>
<TABLE>
<CAPTION>
Rating
Principal -----------------
Amount S&P Moody's Value
- ------ --- ------- -----
MUNICIPAL BONDS AND NOTES -- 95.8%
Arizona -- 2.9%
<CAPTION>
<S> <C> <C> <C> <C>
$ 2,000,000 Apache County, Arizona, Industrial Development
Authority, Industrial Development Revenue
(Tucson Electric Power), (Barclays Bank, LOC),
3.750% due 12/01/2020+ A-1+ VMIG1 $ 2,000,000
3,400,000 Apache County, Arizona, Industrial Development
Authority, Industrial Development Revenue,
(Tucson Electric -- 83C),
(Bankers Trust Corporation, NY, LOC),
3.800% due 12/15/2018+ A-1 A1 3,400,000
4,000,000 Pinal County, Arizona, Industrial Development
Authority, Pollution Control Revenue,
(Magma Copper Company Project),
(Banque Nationale de Paris, LOC),
4.200% due 12/01/2011+ A-1+ VMIG1 4,000,000
------------
9,400,000
------------
<CAPTION>
California -- 4.0%
<S> <C> <C> <C> <C>
6,900,000 Irvine Ranch, California, Water District,
(Capital Improvement Project),
(Toronto Dominion Bank, LOC),
5.000% due 08/01/2016+ NR VMIG1 6,900,000
2,500,000 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 SP-1+ MIG1 2,507,714
3,500,000 Upland California, Multi-family Housing Authority
Revenue, (Upland Village Green Project),
(Bank of Toyko, LA, LOC),
3.900% due 09/01/2010+ NR VMIG1 3,500,000
------------
12,907,714
------------
<CAPTION>
District of Columbia -- 2.7%
District of Columbia, Revenue, Aces,
(Georgetown University), (SBPA -- Sanwa Bank):
<S> <C> <C> <C> <C>
1,000,000 Series D,
3.800% due 04/01/2017+ A-1+ A1 1,000,000
7,800,000 Series E,
3.800% due 04/01/2018+ A-1+ A1 7,800,000
------------
8,800,000
------------
<CAPTION>
Florida -- 6.0%
<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),
3.850% due 02/01/2005+ A-1+ NR 5,100,000
6,000,000 Dade County, Florida, Water & Sewer Systems
Revenue Bonds, (FGIC Insured),
(SBPA--Commerzbank A.G., exp. 12/09/1997),
3.650% due 10/05/2022+ AAA Aaa 6,000,000
1,900,000 University Athletic Association, Inc.,
4.950% due 02/01/2020+ NR VMIG1 1,900,000
6,300,000 University of North Florida, Foundation, Inc.,
Capital Improvement Revenue, Series 1994,
(First Union National Bank of North Carolina,
LOC),
4.200% due 11/01/2024+ NR VMIG1 6,300,000
------------
19,300,000
------------
<CAPTION>
Georgia -- 3.8%
<S> <C> <C> <C> <C>
2,800,000 DeKalb County, Georgia, Private Hospital,
Hospital Authority, Revenue Anticipation
Certificates, (Egleston Children's Health)
Series A, (Suntrust Bank, Atlanta, GA, LOC),
3.700% due 12/01/2017+ A-1+ VMIG1 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+ A-1+ VMIG1 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),
3.650% due 08/01/2016+ AAA Aaa 2,400,000
------------
12,195,000
------------
<CAPTION>
Idaho -- 0.8%
<S> <C> <C> <C> <C>
2,500,000 Idaho State, Tax Anticipation Notes,
4.625% due 06/30/1998 SP-1+ MIG1 2,508,826
------------
<CAPTION>
Illinois -- 3.4%
<S> <C> <C> <C> <C>
4,900,000 Illinois Health Facilities Authority,
(Advocate Health Care), Series B,
3.800% due 08/15/2022+ A-1+ VMIG1 4,900,000
4,000,000 Illinois State Development Finance Authority,
Industrial Development Authority Revenue,
(Lake Forest Academy Project),
(Northern Trust Company, LOC),
3.950% due 12/01/2024+ A-1+ NR 4,000,000
2,000,000 Illinois State Toll Highway Authority, Toll
Highway Priority Revenue, Series B,
(MBIA Insured), (Societe Generale, LOC),
3.650% due 01/01/2010+ AAA Aaa 2,000,000
------------
10,900,000
------------
<CAPTION>
Indiana -- 2.7%
<S> <C> <C> <C> <C>
1,400,000 Indiana Health Facility Hospital Revenue,
Deaconess Hospital, Inc.,
3.700% due 01/01/2022+ NR Aa3 1,400,000
7,300,000 Indiana State Development Finance Authority
Revenue, (Educational Facility -- Indiana
Historical Society), (NBD Bank, Detroit, LOC),
3.800% due 08/01/2031+ A-1+ NR 7,300,000
------------
8,700,000
------------
<CAPTION>
Iowa -- 2.6%
<S> <C> <C> <C> <C>
2,000,000 Cedar Rapids, Iowa, Pollution Control Revenue,
Refunding Bonds, (Iowa Electric Light & Power
Company), (Barclays Bank, LOC),
3.850% 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),
3.850% due 11/01/2010+ NR VMIG1 5,300,000
1,000,000 Iowa Student Loan Liquidity Corporation,
Student Loan Revenue, Series A,
6.000% due 03/01/1998 NR Aa1 1,003,294
------------
8,303,294
------------
<CAPTION>
Louisiana -- 1.5%
<S> <C> <C> <C> <C>
5,000,000 West Baton Rouge Parish, Louisiana,
Industrial District Number 3 Pollution Control
Revenue,
(Dow Chemical Co. Project),
3.700% due 09/01/2003+ NR A1 5,000,000
------------
<CAPTION>
Maryland -- 6.5%
<S> <C> <C> <C> <C>
8,000,000 Anne Arundel County, Maryland, GO,
Bond Anticipation Notes, Series A,
3.750% due 02/10/1998 A-1+ P1 8,000,000
6,600,000 Baltimore County, Maryland, Bond
Anticipation Notes,
3.850% due 02/10/1998 A-1+ P1 6,600,000
3,300,000 Baltimore County, Maryland,
Revenue Bonds, (Sheppard & Enoch Pratt Hospital),
(Societe Generale, LOC),
3.750% due 07/01/2022+ NR VMIG1 3,300,000
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-1+ NR 3,000,000
------------
20,900,000
------------
<CAPTION>
Massachusetts -- 3.1%
<S> <C> <C> <C> <C>
10,000,000 Massachusetts State Health & Education Facilities
Authority Revenue, Variable Option
Harvard University,
3.800% due 02/01/2016+ A-1+ VMIG1 10,000,000
------------
<CAPTION>
Michigan -- 7.4%
<S> <C> <C> <C> <C>
4,000,000 Kalamazoo Michigan City School District,
Strategic Aid Notes,
4.000% due 04/15/1998 SP-1+ Aa 4,003,334
Michigan State Strategic Fund Limited,
Obligation Revenue:
1,000,000 (Community Care Properties Project),
(National Bank of Detroit, LOC),
4.050% due 09/01/2007+ NR NR 1,000,000
3,000,000 (Van Andel Research Institute Project),
4.150% due 11/01/2027 A-1+ NR 3,000,000
6,000,000 Michigan State Strategic Fund Limited, Pollution
Control Revenue Bonds, (Dow Chemical Co. Project),
3.650% due 01/15/1998 NR P1 6,000,000
10,000,000 Michigan State, GO,
4.500% due 09/30/1998 SP-1+ MIG1 10,055,518
------------
24,058,852
------------
<CAPTION>
Minnesota -- 0.3%
<S> <C> <C> <C> <C>
1,000,000 Minnesota School Districts, Tax & Aid Anticipation
Certificates Indebtedness, Series B,
3.850% due 09/03/1998 NR MIG1 1,000,000
------------
<CAPTION>
Mississipi -- 1.8%
<S> <C> <C> <C> <C>
6,000,000 Lawrence County, Mississippi, Pollution Control
Revenue, (Georgia Pacific Corporation Project),
(Bank of Toyko, NY, LOC),
4.275% due 12/01/2000+ NR Aa3 6,000,000
------------
<CAPTION>
Missouri -- 0.6%
<S> <C> <C> <C> <C>
2,000,000 Columbia, Missouri, Special Obligation Reserve,
Series A, (Toronto Dominion Bank, LOC),
3.700% due 06/01/2008+ AA VMIG1 2,000,000
------------
<CAPTION>
Nebraska -- 3.1%
<S> <C> <C> <C> <C>
1,825,000 Hamilton County, Nebraska, Industrial Development
Authority Revenue, (The Lams Company Project),
(Nationsbank, LOC),
4.250% due 07/01/2005+ NR P1 1,825,000
3,100,000 Lancaster County, Nebraska, Hospital Authority
Number 1 Hospital Revenue, Refunding Bond,
(Byan Memorial Hospital Project),
(MBIA Insured) (SBPA -- Commerzbank A.G.,
exp. 6/1/98),
3.650% due 06/01/2012+ AAA Aaa 3,100,000
5,000,000 Nebraska Educational Facilities Authority Revenue,
Educational Equipment & Improvement,
( FGIC Insured), ( SBPA -- Mitsubishi Bank of
New York, exp. 04/15/1998),
4.050% due 12/01/2000+ AAA Aaa 5,000,000
------------
9,925,000
------------
<CAPTION>
Nevada -- 2.1%
<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),
3.650% due 07/01/2012+ AAA Aaa 6,962,000
------------
<CAPTION>
New Mexico -- 3.2%
<S> <C> <C> <C> <C>
5,000,000 Farmington, New Mexico, Pollution Control Revenue,
(El Paso Electric Co.), Series A,
3.700% due 11/01/2013+ NR Aa3 5,000,000
5,200,000 New Mexico State, Subordinated Tax & Revenue
Anticipation Notes, Series A,
4.500% due 06/30/1998 SP-1+ MIG1 5,219,056
------------
10,219,056
------------
<CAPTION>
New York -- 3.4%
<S> <C> <C> <C> <C>
6,000,000 New York State Local Government Assistance Corp.,
Series B,
(Credit Suisse, NY, LOC; First Boston, LOC),
3.500% due 04/01/2023+ A-1+ VMIG1 6,000,000
5,000,000 New York, New York, Revenue Anticipation Notes,
Series A,
4.500% due 06/30/1998 SP-1+ MIG1 5,018,035
------------
11,018,035
------------
<CAPTION>
North Carolina -- 0.6%
<S> <C> <C> <C> <C>
2,000,000 Charlotte, North Carolina, Airport Revenue,
Series A, (MBIA Insured), (SBPA -- Commerzbank
Aktiengeselexp, exp. 02/03/1998),
3.650% due 07/01/2016+ AAA Aaa 2,000,000
------------
<CAPTION>
Ohio -- 2.2%
<S> <C> <C> <C> <C>
2,290,000 Cuyahoga County, Ohio, Industrial Development
Revenue Refunding, (Curtiss Wright Project),
(National City Bank, LOC),
4.200% due 12/01/2008+ NR NR 2,290,000
2,500,000 Ohio State Special Obligation, Elementary &
Secondary Education Capital Facilities B,
4.500% due 12/01/1998 AAA Aaa 2,515,507
2,215,000 Summit County, Ohio, Bond Anticipation Notes,
4.875% due 11/19/1998 A+ MIG1 2,235,225
------------
7,040,732
------------
<CAPTION>
Pennsylvania -- 5.9%
Delaware Valley, Pennsylvania, Registered Finance:
<S> <C> <C> <C> <C>
5,000,000 Authority Local Government Revenue,
3.650% due 12/01/2020+ A-1+ VMIG1 5,000,000
2,000,000 Series A,
3.650% due 12/01/2017+ A-1+ VMIG1 2,000,000
5,000,000 Philadelphia, Pennsylvania, Water & Wastewater,
Variable Series B,
3.820% due 08/05/1998 A-1+ VMIG1 4,998,677
2,500,000 Temple University of The Commonwealth of
Pennsylvania, System of Higher Education,
4.750% due 05/18/1998 SP-1+ NR 2,507,668
4,665,000 York County, Pennsylvania, Industrial Development
Authority,
Industrial Development Revenue,
(New Edgecomb Corporation Project),
(Banque Nationale Paris, LOC),
3.950% due 07/01/2009+ NR Aa3 4,665,000
------------
19,171,345
------------
<CAPTION>
South Carolina -- 2.5%
<S> <C> <C> <C> <C>
6,000,000 Piedmont, South Carolina, Municipal Power Agency
Electric Revenue, Refunding Bond, Series B, (MBIA
Insured), (SBPA -- Credit Suisse; First Boston,
exp. 01/01/2019),
3.600% due 10/10/2019+ AAA Aaa 6,000,000
2,000,000 South Carolina Educational Facilities Authority,
(Variable Furman University Project), Series B,
4.100% due 10/01/2026+ AAA Aaa 2,000,000
------------
8,000,000
------------
<CAPTION>
Tennessee -- 4.1%
<S> <C> <C> <C> <C>
6,700,000 Chattanooga, Tennessee, Industrial Development
Authority Revenue, (Market Street Ltd. Project),
(ABN -- Amro, LOC),
3.800% due 12/15/2012+ A-1+ NR 6,700,000
2,500,000 Clarksville, Tennessee, Public Building Authority,
(NationsBank, TN, LOC),
4.200% due 06/01/2024+ A-1 NR 2,500,000
2,000,000 Metropolitan Government Nashville and Davidson
County, Tennessee, Industrial Development Board
Revenue, Multi-family Housing, (Arbor Crest
Apartments), Series B,
4.200% due 12/01/2007+ NR VMIG1 2,000,000
2,000,000 Metropolitan Government Nashville and Davidson
County, Tennessee, Health and Facilities Board,
(West Mead Place Project), (NationsBank, GA, LOC),
4.200% due 10/01/2015+ A-1+ NR 2,000,000
------------
13,200,000
------------
<CAPTION>
Texas -- 12.0%
<S> <C> <C> <C> <C>
1,900,000 Harris County, Texas, Health Facilities
Development Corp. Hospital Revenue,
(Tirr Project), (Texas Commerce Bank N.A., LOC),
5.000% due 10/01/2017+ NR NR 1,900,000
6,000,000 Harris County, Texas, Subordinated Lien
Toll Road, Series E,
(SBPA -- Morgan Guaranty Trust, exp. 10/01/1998),
3.800% due 08/01/2015+ A-1+ VMIG1 6,000,000
8,000,000 Houston, Texas, Water & Sewer Systems,
3.700% due 01/08/1998 A-1 P1 8,000,000
7,000,000 Lower Colorado River Authority Texas Revenue,
Refunding Junior Lien, 3rd Supplement Series,
(MBIA Insured), (SBPA -- Baverische Vereinbank),
3.650% due 01/01/2013+ A-1+ VMIG1 7,000,000
3,000,000 San Antonio, Texas, Electric & Gas, Series A,
3.600% due 04/08/1998 A-1+ P1 3,000,000
2,000,000 Texas State, Refunding Bonds,
Veterans Housing Assistance Fund I,
3.650% due 12/01/2016+ A-1+ VMIG1 2,000,000
11,000,000 Texas State, Tax & Revenue Anticipation Notes,
4.750% due 08/31/1998 SP-1+ MIG1 11,066,986
------------
38,966,986
------------
<CAPTION>
Utah -- 0.8%
<S> <C> <C> <C> <C>
2,700,000 Salt Lake City, Utah, Industrial Development
Revenue,
(Leeds and Northrup Company),
(Wachovia Bank, Atlanta, GA, LOC),
4.050% due 04/01/2008+ NR NR 2,700,000
------------
<CAPTION>
Virginia -- 0.2%
<S> <C> <C> <C> <C>
800,000 Tazwell County, Virginia, Industrial Development
Authority Revenue, (Lowes Investment Corporation
Project), (Wachovia Bank, LOC),
4.450% due 09/01/2005+ NR NR 800,000
------------
<CAPTION>
Washington -- 2.0%
<S> <C> <C> <C> <C>
3,900,000 Seattle, Washington, Municipal Light & Power
Revenue, (SBPA -- Morgan Guaranty Trust exp.
03/31/2001),
3.650% due 06/01/2021 A-1+ VMIG1 3,900,000
2,700,000 Washington State, Public Power Supply Systems,
(Nuclear Project No. 1), Series 1A-1,
(Bank of America, LOC),
4.100% due 07/01/2017+ A-1+ VMIG1 2,700,000
------------
6,600,000
------------
<CAPTION>
Wisconsin -- 0.7%
<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),
4.150% due 11/01/2001+ NR NR 2,200,000
------------
<CAPTION>
Wyoming -- 1.4%
<S> <C> <C> <C> <C>
4,500,000 Lincoln County, Wyoming, Pollution Control
Revenue, (Pacificorp Project),
3.800% due 03/10/1998 A-1+ P1 4,500,000
------------
<CAPTION>
Puerto Rico -- 1.5%
<S> <C> <C> <C> <C>
5,000,000 Puerto Rico Commonwealth, Tax & Revenue
Anticipation, Notes Series A,
4.500% due 07/30/1998 SP-1+ MIG1 5,021,132
------------
<S> <C>
TOTAL MUNICIPAL BONDS AND NOTES (Cost $310,297,972) 310,297,972
------------
<CAPTION>
Shares
- ------
SHORT-TERM INVESTMENTS -- 1.6%
<S> <C> <C> <C>
2,517,125 Dreyfus Tax-Exempt Cash Management 2,517,125
2,752,206 Navigator Tax-Free Money Market Fund 2,752,206
------------
TOTAL SHORT-TERM INVESTMENTS (Cost $5,269,331) 5,269,331
------------
TOTAL INVESTMENTS (Cost $315,567,303*) 97.4% 315,567,303
OTHER ASSETS AND LIABILITIES (Net) 2.6 8,312,652
----- ------------
NET ASSETS 100.0% $323,879,955
===== ============
<FN>
- -------------
* Aggregate cost for Federal tax purposes.
+ Variable rate security. 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
</TABLE>
<PAGE>
Munder U.S. Treasury Money Market Fund
Portfolio of Investments, December 31, 1997 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- --------- -----
U.S. TREASURY OBLIGATIONS -- 41.0%
U.S. Treasury Notes -- 41.0%
<S> <C> <C>
$35,000,000 5.125% due 04/30/1998 $34,973,034
10,000,000 5.125% due 06/30/1998 9,983,516
------------
TOTAL U.S. TREASURY OBLIGATIONS (Cost $44,956,550) 44,956,550
------------
REPURCHASE AGREEMENTS -- 57.6%
5,000,000 Agreement with Goldman Sachs & Company, 6.350% dated
12/31/1997, to be repurchased at $5,001,764 on 01/02/1998,
collateralized by $4,110,000 U.S. Treasury Note, 13.125%
maturing 05/15/2001 (value $5,105,224) 5,000,000
23,228,948 Agreement with Lehman Brothers Holdings Inc., 5.870% dated
12/31/1997, to be repurchased at $23,236,523 on 01/02/1998,
collateralized by $23,505,000 U.S. Treasury Note, 5.875%
due 11/30/2001 (value $23,696,176) 23,228,948
5,000,000 Agreement with Merrill Lynch & Company Inc., 6.500% dated
12/31/1997, to be repurchased at $5,001,806 on 01/02/1998,
collateralized by $3,180,000 U.S. Treasury Note, 11.25% maturing
02/15/2015 (value $5,119,800) 5,000,000
5,000,000 Agreement with Morgan (J.P.) & Company, 6.250% dated
12/31/1997, to be repurchased at $5,001,736 on 01/02/1998,
collateralized by $3,740,000 U.S. Treasury Note, 8.875%
maturing 02/15/2019 (value $5,106,269) 5,000,000
15,000,000 Agreement with Paine Webber, 6.470% dated 12/31/1997, to be
repurchased at $15,005,392 on 01/02/1998, collateralized by
$14,705,000 U.S. Treasury Note, 6.875% maturing 03/31/2000
(value $15,312,061) 15,000,000
5,000,000 Agreement with Sanwa BGK Securities Company L.P., 6.500% dated
12/31/1997, to be repurchased at $5,001,806 on 01/02/1998,
collateralized by $3,184,000 U.S. Treasury Note, 11.25% maturing
02/15/2015 (value $5,105,843) 5,000,000
5,000,000 Agreement with State Street Bank and Trust Company, 6.000% dated
12/31/1997, to be repurchased at $5,001,667 on 01/02/1998,
collateralized by $5,005,000 U.S. Treasury Note, 6.375%
maturing 04/30/1999 (value $5,100,996) 5,000,000
------------
<CAPTION>
TOTAL REPURCHASE AGREEMENTS (Cost $63,228,948) 63,228,948
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $108,185,498*) 98.6% 108,185,498
OTHER ASSETS AND LIABILITIES (Net) 1.4 1,523,148
----- ------------
NET ASSETS 100.0% $109,708,646
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
</TABLE>
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<PAGE>
The Munder Funds
Statements of Assets and Liabilities, December 31, 1997 (Unaudited)
<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 ....... $137,408,920 $69,385,010 $219,204,060 $598,857,640 $190,577,309 $29,954,615 $36,820,784
Repurchase
Agreements ..... 48,088,000 11,859,000 13,788,000 20,404,000 491,000 1,228,000 2,326,000
------------ ----------- ------------ ------------ ------------ ----------- -----------
Total Investments .... 185,496,920 81,244,010 232,992,060 619,261,640 191,068,309 31,182,615 39,146,784
Cash ................. 251 -- 894 5 -- -- 166
Interest receivable .. 8,570 497,985 116,018 7,481 82 205 388
Dividends receivable.. 108,443 33,081 608,055 819,307 1,082,567 -- 33,548
Receivable for
investment
securities sold .... -- 14,278 1,890,012 -- 35,106 507,233 467,191
Receivable for Fund
shares sold ........ 109,236 82,112 139,443 8,163,097 -- 198,965 1,624
Receivable from
investment advisor.. -- -- -- -- -- 39,334 6,481
Unamortized
organization costs.. -- 1,743 2,119 -- 31,225 -- 33,038
Receivable for future
variation margin ... -- -- -- 721 -- -- --
Prepaid expenses ..... 36,395 20,924 30,182 45,813 -- 44,200 28,116
------------ ----------- ------------ ------------ ------------ ----------- -----------
Total Assets.. 185,759,815 81,894,133 235,778,783 628,298,064 192,217,289 31,972,552 39,717,336
------------ ----------- ------------ ------------ ------------ ----------- -----------
LIABILITIES:
Due to custodian ..... -- 9,736 -- -- 545,700 36,492 --
Unrealized
depreciation of
forward foreign
exchange contracts.. -- -- -- -- -- -- --
Payable for Fund
shares redeemed .... 1,177,273 1,146,807 108,139 14,533,491 53,572 95,902 2,500
Payable for investment
securities purchased -- -- 2,911,680 -- 6,540 848,682 --
Investment advisory
fee payable ........ 120,305 44,560 151,042 33,060 124,374 24,536 25,135
Administration fee
payable ............ 17,483 7,458 21,927 56,124 18,069 2,659 3,695
Shareholder servicing
fees payable ....... 15,744 6,189 42,848 25,299 20,837 329 245
Distribution fees
payable ............ 2,980 253 2,397 79,424 33,797 11,189 486
Transfer agent fee
payable ............ 1,589 480 2,628 5,499 -- 44 192
Custodian fees payable 30,024 21,524 31,962 90,240 88,939 14,941 9,717
Accrued
Trustees'/Directors'
fees and expenses .. 160 114 410 1,197 125 167 133
Accrued expenses and
other payables ..... 65,710 26,420 39,990 21,615 174,461 4,489 3,875
------------ ----------- ------------ ------------ ------------ ----------- -----------
Total
Liabilities.. 1,431,268 1,263,541 3,313,023 14,845,949 1,066,414 1,039,430 45,978
------------ ----------- ------------ ------------ ------------ ----------- -----------
NET ASSETS ........... $184,328,547 $80,630,592 $232,465,760 $613,452,115 $191,150,875 $30,933,122 $39,671,358
============ =========== ============ ============ ============ =========== ===========
Investments, at cost.. $157,368,552 $69,837,955 $181,322,084 $467,421,419 $170,423,183 $30,457,977 $38,124,882
============ =========== ============ ============ ============ =========== ===========
See Notes to Financial Statements.
<PAGE>
<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
------------ ---------- --------- ------- ------ -------- - ----------- -------------
<C> <C> <C> <C> <C> <C> <C> <C>
$660,401,294 $81,551,574 $129,128,204 $376,090,823 $124,283,256 $41,119,111 $13,736,129 $45,353,016
12,986,000 7,053,000 9,593,000 45,810,000 6,803,000 3,540,000 262,000 1,998,000
------------ ----------- ------------ ------------ ------------ ----------- ----------- -----------
673,387,294 88,604,574 138,721,204 421,900,823 131,086,256 44,659,111 13,998,129 47,351,016
1,714 884 -- -- 110 658,658 1,364 491,405
2,164 1,176 1,599 7,635 1,134 590 44 333
603,148 489,756 104,604 28,699 258,056 93,010 813 111,610
-- -- 611,855 4,379,615 5 524,984 -- 151,969
672,807 74,538 300,062 1,258,611 185,565 63,779 37,869 94,461
-- -- -- -- -- 42,677 44,189 34,476
24,454 25,518 -- -- 32,317 5,627 4,820 23,945
-- -- -- -- -- -- -- --
32,857 17,088 32,634 33,698 20,830 68,086 59,937 85,933
------------ ----------- ------------ ------------ ------------ ----------- ----------- -----------
674,724,438 89,213,534 139,771,958 427,609,081 131,584,273 46,116,522 14,147,165 48,345,148
------------ ----------- ------------ ------------ ------------ ----------- ----------- -----------
-- -- 83,663 3,197 -- -- -- --
-- -- -- -- -- -- 12 7,834
1,183,475 118,179 -- 73,579 -- 47,576 4,800 1,963
-- -- 455,000 984,975 -- 710,905 3,586 667,037
432,598 52,551 82,656 250,156 79,449 47,241 11,481 39,869
60,826 7,716 11,976 36,286 11,673 1,970 597 2,079
53,531 418 14,641 32,454 2,149 5,867 26 305
153,613 6,782 3,614 15,951 2,259 504 6,549 760
8,000 1,118 1,605 4,764 1,478 2,834 3,024 2,286
67,662 11,870 16,148 51,135 17,773 72,849 7,986 57,784
1,638 255 500 1,117 384 256 63 188
142,372 9,630 4,817 78,002 10,762 7,306 867 6,056
------------ ----------- ------------ ------------ ------------ ----------- ----------- -----------
2,103,715 208,519 674,620 1,531,616 125,927 897,308 38,991 786,161
------------ ----------- ------------ ------------ ------------ ----------- ----------- -----------
$672,620,723 $89,005,015 $139,097,338 $426,077,465 $131,458,346 $45,219,214 $14,108,174 $47,558,987
============ =========== ============ ============ ============ =========== =========== ===========
$476,206,257 $71,561,817 $121,377,795 $374,311,993 $113,801,833 $49,580,167 $13,502,870 $49,532,075
============ =========== ============ ============ ============ =========== =========== ===========
</TABLE>
See Notes to Financial Statements.
<PAGE>
The Munder Funds
Statements of Assets and Liabilities, December 31, 1997 (Unaudited)
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------------------------------------
Munder
Munder Munder Munder U.S. Michigan
Munder Intermediate International Government Triple
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
------ ------------ ------------- ---------- ---------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities ............................. $244,674,470 $555,108,176 $44,927,501 $268,066,353 $51,101,578
Repurchase Agreements .................. 6,358,000 4,162,000 2,187,000 7,961,000 --
------------ ------------ ----------- ------------ -----------
Total Investments .......................... 251,032,470 559,270,176 47,114,501 276,027,353 51,101,578
Cash ....................................... -- -- 51,119 -- 3,131
Interest receivable ........................ 4,903,237 8,462,285 1,124,413 2,088,089 597,477
Receivable for investment securities sold .. 245,859 355,366 -- 108,571 --
Receivable for Fund shares sold ............ 332,478 163,865 2,012 59,859 300,506
Unamortized organization costs ............. -- -- 25,019 3,490 5,188
Prepaid expenses ........................... 25,620 45,232 43,987 30,925 2,369
Receivable from advisor .................... -- -- -- -- --
------------ ------------ ----------- ------------ -----------
Total Assets ......................... 256,539,664 568,296,924 48,361,051 278,318,287 52,010,249
------------ ------------ ----------- ------------ -----------
LIABILITIES:
Due to custodian ........................... 241,954 425,558 -- 123,430 --
Payable for Fund shares redeemed ........... 3,861 7,396 -- 12,892 --
Payable for investment securities purchased -- -- -- -- 3,131
Dividends payable .......................... -- -- -- -- --
Investment advisory fee payable ............ 108,185 240,964 20,711 117,655 21,837
Administration fee payable ................. 23,479 52,406 4,509 25,597 4,749
Shareholder servicing fees payable ......... 8,697 75,087 18 44,835 10,519
Distribution fees payable .................. 1,136 3,325 67 1,590 377
Transfer agent fee payable ................. 3,645 6,879 566 3,406 --
Custodian fees payable ..................... 23,767 63,038 26,458 31,893 12,488
Accrued Trustees'/Directors' fees and
expenses ................................. 742 1,170 74 541 104
Accrued expenses and other payables ........ 11,409 38,438 1,509 67,418 24,597
------------ ------------ ----------- ------------ -----------
Total Liabilities .................... 426,875 914,261 53,912 429,257 77,802
------------ ------------ ----------- ------------ -----------
NET ASSETS ................................. $256,112,789 $567,382,663 $48,307,139 $277,889,030 $51,932,447
============ ============ =========== ============ ===========
Investments, at cost ....................... $248,038,559 $554,434,749 $49,232,810 $270,127,057 $48,592,910
============ ============ =========== ============ ===========
See Notes to Financial Statements.
<PAGE>
<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
-------- ------------ -------- ---------- ------ ------------ -------------
<C> <C> <C> <C> <C> <C> <C>
$206,646,902 $306,316,971 $56,386,240 $ 904,040,571 $ 82,512,452 $315,567,303 $ 44,956,550
------------ ------------ ----------- -------------- ------------ ------------ ------------
-- -- 3,900,632 239,173,343 31,137,934 -- 63,228,948
206,646,902 306,316,971 60,286,872 1,143,213,914 113,650,386 315,567,303 108,185,498
-- -- 1,429 1,239 -- 457,185 --
3,387,979 5,051,174 568,396 3,863,498 581,440 2,107,023 322,006
-- -- -- -- -- 4,590,000 --
-- 48,573 5,073 47,135 -- 2,001,657 2,291,148
8,243 -- 34,601 -- 23,852 -- --
27,669 34,600 69,796 60,760 17,813 26,005 29,902
-- -- 13,880 -- -- -- --
------------ ------------ ----------- -------------- ------------ ------------ ------------
210,070,793 311,451,318 60,980,047 1,147,186,546 114,273,491 324,749,173 110,828,554
------------ ------------ ----------- -------------- ------------ ------------ ------------
-- -- -- -- -- -- --
9,778 -- -- 12,748,063 1,450,000 102,700 614,082
4,097,824 4,226,137 -- -- -- -- --
-- -- -- 4,205,245 50,962 555,912 414,805
88,052 130,839 12,849 326,414 42,444 89,748 31,493
19,567 28,471 5,589 101,404 11,545 27,890 9,856
42,138 62,063 34 83,756 -- 23,043 5,851
1,269 2,502 144 25,712 5,641 19,642 313
2,426 6,969 704 13,256 949 3,163 303
27,800 40,544 8,871 84,136 22,243 36,130 38,433
365 528 126 2,055 52 667 --
61,716 39,203 2,399 164,234 21,241 10,323 4,772
------------ ------------ ----------- -------------- ------------ ------------ ------------
4,350,935 4,537,256 30,716 17,754,275 1,605,077 869,218 1,119,908
------------ ------------ ----------- -------------- ------------ ------------ ------------
$205,719,858 $306,914,062 $60,949,331 $1,129,432,271 $112,668,414 $323,879,955 $109,708,646
============ ============ =========== ============== ============ ============ ============
$192,898,430 $296,597,867 60,093,834 $1,143,213,914 $113,650,386 $315,567,303 $108,185,498
============ ============ ========== ============== ============ ============ ============
</TABLE>
See Notes to Financial Statements.
<PAGE>
The Munder Funds
Statements of Assets and Liabilities, December 31, 1997 (Unaudited)
(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/
(loss) ............. $ 108,889 $ 30,063 $ 88,529 $ 132,155 $ 120,601 $ (83,456) $ (64,477)
Accumulated net
realized gain/(loss)
on investments sold,
forward foreign
exchange contracts
futures contracts
and currency
transactions ....... 10,544,657 1,663,631 14,823,849 2,439,834 76,970 38,648 (2,878,215)
Net unrealized
appreciation/
(depreciation) of
investments, futures
contracts, foreign
currency and net
other assets ....... 28,128,368 11,406,055 51,669,976 151,992,559 20,630,034 724,638 1,021,902
Par value ............ 16,162 6,316 15,870 29,282 14,423 18,609 37,724
Paid-in capital in
excess of par value 145,530,471 67,524,527 165,867,536 458,858,285 170,308,847 30,234,683 41,554,425
------------ ----------- ----------- ------------ ------------ ----------- -----------
$184,328,547 $80,630,592 $232,465,760 $613,452,115 $191,150,875 $30,933,122 $39,671,358
============ =========== ============ ============ ============ =========== ===========
NET ASSETS:
Class A Shares ....... $ 8,852,525 $ 483,601 $ 5,898,530 $133,773,463 $ 6,863,070 $ 5,323,757 $ 95,324
============ =========== ============ ============ ============ =========== ===========
Class B Shares ....... $ 787,703 $ 369,190 $ 879,610 $ 87,064,631 $ 1,022,851 $ 8,103,470 $ 468,103
============ =========== ============ ============ ============ =========== ===========
Class C Shares ....... $ 187,409 $ 86,240 $ 1,538,065 -- $ 2,091,228 $ 4,249,261 $ 91,718
============ =========== ============ ============ ============ =========== ===========
Class K Shares ....... $ 67,888,180 $29,787,962 $194,534,611 $119,072,024 $ 93,297,847 $ 1,935,587 $ 1,098,288
============ =========== ============ ============ ============ =========== ===========
Class Y Shares ....... $106,612,730 $49,903,599 $ 29,614,944 $273,541,997 $ 87,875,879 $11,321,047 $37,917,925
============ =========== ============ ============ ============ =========== ===========
SHARES OUTSTANDING:
Class A Shares ....... 783,609 37,889 403,142 6,388,049 519,081 319,700 9,109
============ =========== ============ ============ ============ =========== ===========
Class B Shares ....... 72,656 29,027 60,336 4,154,114 78,383 489,642 45,433
============ =========== ============ ============ ============ =========== ===========
Class C Shares ....... 17,028 6,772 105,644 -- 158,998 256,605 8,922
============ =========== ============ ============ ============ =========== ===========
Class K Shares ....... 6,002,742 2,331,779 13,279,701 5,689,351 7,054,691 116,262 105,044
============ =========== ============ ============ ============ =========== ===========
Class Y Shares ....... 9,286,349 3,910,483 2,021,407 13,050,642 6,612,288 678,673 3,603,920
============ =========== ============ ============ ============ =========== ===========
CLASS A SHARES:
Net asset value and
redemption price per
share .............. $ 11.30 $ 12.76 $ 14.63 $ 20.94 $ 13.22 $ 16.65 $ 10.46
============ =========== ============ ============ ============ =========== ===========
Maximum sales charge.. 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
Maximum offering price
per share .......... $ 11.96 $ 13.50 $ 15.48 $ 21.48 $ 13.99 $ 17.62 $ 11.07
============ =========== ============ ============ ============ =========== ===========
CLASS B SHARES:
Net asset value and
offering price per
share* ............. $ 10.84 $ 12.72 $ 14.58 $ 20.96 $ 13.05 $ 16.55 $ 10.30
============ =========== ============ ============ ============ =========== ===========
CLASS C SHARES:
Net asset value and
offering price per
share* ............. $ 11.01 $ 12.73 $ 14.56 N/A $ 13.15 $ 16.56 $ 10.28
============ =========== ============ ============ ============ =========== ===========
CLASS K SHARES:
Net asset value,
offering price and
redemption price per
share .............. $ 11.31 $ 12.77 $ 14.65 $ 20.93 $ 13.22 $ 16.65 $ 10.46
============ =========== ============ ============ ============ =========== ===========
CLASS Y SHARES:
Net asset value,
offering price and
redemption price per
share .............. $ 11.48 $ 12.76 $ 14.65 $ 20.96 $ 13.29 $ 16.68 $ 10.52
============ =========== ============ ============ ============ =========== ===========
<FN>
- ----------------
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
</TABLE>
See Notes to Financial Statements.
<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
------------ ----------- --------- ------- ------ ----------- ----------- -------------
<C> <C> <C> <C> <C> <C> <C> <C>
$ 68,337 $ 163,157 $ 97,948 $ (1,019,615) $ 17,732 $ (113,089) $ (72,440) $ (186,027)
19,239,987 652,728 1,814,957 34,890,316 3,759,734 (3,258,888) 173,463 (241,635)
197,181,037 17,042,757 17,343,409 47,588,830 17,284,423 (4,919,981) 495,224 (2,195,451)
351,739 55,006 100,836 208,428 88,872 41,231 12,166 46,820
455,779,623 71,091,367 119,740,188 344,409,506 110,307,585 53,469,941 13,499,761 50,135,280
------------ ----------- ----------- ------------ ------------ ----------- ----------- ------------
$672,620,723 $89,005,015 $139,097,338 $426,077,465 $131,458,346 $45,219,214 $14,108,174 $ 47,558,987
============ =========== ============ ============ ============ =========== =========== ============
$ 19,970,627 $ 2,414,649 $ 2,396,570 $ 32,884,439 $ 2,475,131 $ 882,937 $ 2,427,406 $ 1,167,688
============ =========== ============ ============ ============ =========== =========== ============
$ 92,316,843 $ 6,790,804 $ 1,261,589 $ 11,029,413 $ 1,431,493 $ 381,609 $ 4,020,460 $ 183,141
============ =========== ============ ============ ============ =========== =========== ============
$ 10,887,401 $ 1,228,762 $ 842,791 $ 4,605,224 $ 752,426 $ 33,141 $ 2,315,215 $ 67,306
============ =========== ============ ============ ============ =========== =========== ============
$255,542,859 $ 2,058,559 $ 72,443,084 $159,508,107 $ 11,766,804 $29,243,207 $ 126,703 $ 1,867,288
============ =========== ============ ============ ============ =========== =========== ============
$293,902,993 $76,512,241 $ 62,153,304 $218,050,282 $115,032,492 $14,678,320 $ 5,218,390 $ 44,273,564
============ =========== ============ ============ ============ =========== =========== ============
1,042,953 149,339 173,766 1,617,512 167,548 80,533 208,693 115,055
============ =========== ============ ============ ============ =========== =========== ============
4,975,982 419,882 91,694 563,129 97,351 34,885 348,076 18,115
============ =========== ============ ============ ============ =========== =========== ============
586,279 75,758 61,281 231,489 51,209 3,029 200,437 6,643
============ =========== ============ ============ ============ =========== =========== ============
13,359,204 127,281 5,252,177 7,847,490 796,650 2,667,485 10,907 183,964
============ =========== ============ ============ ============ =========== =========== ============
15,209,481 4,728,377 4,504,719 10,583,185 7,774,437 1,337,217 448,464 4,358,243
============ =========== ============ ============ ============ =========== =========== ============
$ 19.15 $ 16.17 $ 13.79 $ 20.33 $ 14.77 $ 10.96 $ 11.63 $ 10.15
============ =========== ============ ============ ============ =========== =========== ============
5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
$ 20.26 $ 17.11 $ 14.59 $ 21.51 $ 15.63 $ 11.60 $ 12.31 $ 10.74
============ =========== ============ ============ ============ =========== =========== ============
$ 18.55 $ 16.17 $ 13.76 $ 19.59 $ 14.70 $ 10.94 $ 11.55 $ 10.11
============ =========== ============ ============ ============ =========== =========== ============
$ 18.57 $ 16.22 $ 13.75 $ 19.89 $ 14.69 $ 10.94 $ 11.55 $ 10.13
============ =========== ============ ============ ============ =========== =========== ============
$ 19.13 $ 16.17 $ 13.79 $ 20.33 $ 14.77 $ 10.96 $ 11.62 $ 10.15
============ =========== ============ ============ ============ =========== =========== ============
$ 19.32 $ 16.18 $ 13.80 $ 20.60 $ 14.80 $ 10.98 $ 11.64 $ 10.16
============ =========== ============ ============ ============ =========== =========== ============
</TABLE>
See Notes to Financial Statements.
<PAGE>
The Munder Funds
Statements of Assets and Liabilities, December 31, 1997 (Unaudited)
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------------------------------------
Munder
Munder Munder Munder U.S. Michigan
Munder Intermediate International Government Triple
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
------ ------------ ------------- ---------- ---------
<S> <C> <C> <C> <C> <C>
NET ASSETS consist of:
Undistributed net investment income ........ $ 87,653 $ (48,922) $ 156,921 $ 225,209 $ (20,382)
Accumulated net realized gain/(loss) on
investments sold ......................... (4,073,344) (22,930,261) (140,701) (177,782) 165,941
Net unrealized appreciation/(depreciation)
of investments ........................... 2,993,911 4,835,427 (2,155,736) 5,900,296 2,508,667
Par value .................................. 25,895 59,976 51,002 26,971 5,174
Paid-in capital in excess of par value ..... 257,078,674 585,466,443 50,395,653 271,914,336 49,273,047
------------ ------------ ----------- ------------ -----------
$256,112,789 $567,382,663 $48,307,139 $277,889,030 $51,932,447
============ ============ =========== ============ ===========
NET ASSETS:
Class A Shares ............................. $ 968,970 $ 7,194,986 $ 152,262 $ 3,475,061 $ 528,305
============ ============ =========== ============ ===========
Class B Shares ............................. $ 457,106 $ 578,125 $ 21,282 $ 1,217,771 $ 378,791
============ ============ =========== ============ ===========
Class C Shares ............................. $ 164,350 $ 852,322 $ -- $ 33,617 $ 93,265
============ ============ =========== ============ ===========
Class K Shares ............................. $ 41,158,044 $353,475,036 $ 85,396 $211,414,765 $50,303,643
============ ============ =========== ============ ===========
Class Y Shares ............................. $213,364,319 $205,282,194 $48,048,199 $ 61,747,816 $ 628,443
============ ============ =========== ============ ===========
SHARES OUTSTANDING:
Class A Shares ............................. 97,989 759,812 16,110 337,498 52,624
============ ============ =========== ============ ===========
Class B Shares ............................. 46,237 61,166 2,253 118,210 37,724
============ ============ =========== ============ ===========
Class C Shares ............................. 16,583 90,000 -- 3,263 9,299
============ ============ =========== ============ ===========
Class K Shares ............................. 4,162,044 37,366,176 9,024 20,517,649 5,011,356
============ ============ =========== ============ ===========
Class Y Shares ............................. 21,572,256 21,699,066 5,072,861 5,994,056 62,569
============ ============ =========== ============ ===========
CLASS A SHARES:
Net asset value and redemption price per
share .................................... $ 9.89 $ 9.47 $ 9.45 $ 10.30 $ 10.04
============ ============ =========== ============ ===========
Maximum sales charge ....................... 4.00% 4.00% 4.00% 4.00% 4.00%
Maximum offering price per share ........... $ 10.30 $ 9.86 $ 9.84 $ 10.73 $ 10.46
============ ============ =========== ============ ===========
CLASS B SHARES:
Net asset value and offering price per
share* ................................... $ 9.89 $ 9.45 $ 9.45 $ 10.30 $ 10.04
============ ============ =========== ============ ===========
CLASS C SHARES:
Net asset value and offering price per
share* ................................... $ 9.91 $ 9.47 N/A $ 10.30 $ 10.03
============ ============ =========== ============ ===========
CLASS K SHARES:
Net asset value, offering price and
redemption price per share ............... $ 9.89 $ 9.46 $ 9.46 $ 10.30 $ 10.04
============ ============ =========== ============ ===========
CLASS Y SHARES:
Net asset value, offering price and
redemption price per share ............... $ 9.89 $ 9.46 $ 9.47 $ 10.30 $ 10.04
============ ============ =========== ============ ===========
<FN>
- ----------------
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
</TABLE>
See Notes to Financial Statements.
<PAGE>
<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
-------- ------------ ---------- ---------- ------ ------------ -------------
<C> <C> <C> <C> <C> <C> <C>
$ (42,669) $ (51,484) $ 1,660 $ -- $ -- $ -- $ --
2,028,722 356,561 29,626 (4,951) 303 (155,684) 41,582
13,748,473 9,719,104 193,038 -- -- -- --
19,085 29,320 6,069 1,129,436 112,670 323,992 109,667
189,966,247 296,860,561 60,718,938 1,128,307,786 112,555,441 323,711,647 109,557,397
------------ ------------ ----------- -------------- ------------ ------------ ------------
$205,719,858 $306,914,062 $60,949,331 $1,129,432,271 $112,668,414 $323,879,955 $109,708,646
============ ============ =========== ============== ============ ============ ============
$ 4,218,620 $ 7,686,672 -- $ 88,557,050 $ 11,420,158 $107,961,418 $ 11,570,312
============ ============ =========== ============== ============ ============ ============
$ 336,375 $ 385,985 $ 167,880 -- $ 367,713 -- --
============ ============ =========== ============== ============ ============ ============
$ 40,755 $ -- $ 14,501 $ -- $ 1,000,440 -- --
============ ============ =========== ============== ============ ============ ============
$197,124,103 $291,251,221 $ 600,705 $ 689,621,835 -- $191,012,810 $ 46,191,801
============ ============ =========== ============== ============ ============ ============
$ 4,000,005 $ 7,590,184 $60,166,245 $ 351,253,386 $ 99,880,103 $ 24,905,727 $ 51,946,533
============ ============ =========== ============== ============ ============ ============
391,867 73,346 -- 88,557,674 11,419,415 108,004,871 11,568,603
============ ============ =========== ============== ============ ============ ============
31,209 36,914 16,702 -- 367,742 -- --
============ ============ =========== ============== ============ ============ ============
3,783 -- 1,444 -- 1,000,148 -- --
============ ============ =========== ============== ============ ============ ============
18,287,177 27,823,634 59,822 689,623,469 -- 191,151,813 46,175,157
============ ============ =========== ============== ============ ============ ============
371,357 724,871 5,991,496 351,254,819 99,882,822 24,835,620 51,923,304
============ ============ =========== ============== ============ ============ ============
$ 10.77 $ 10.47 $ -- $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============ =========== ============== ============ ============ ============
4.00% 4.00% -- -- -- -- --
$ 11.22 $ 10.91 $ -- $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============ =========== ============== ============ ============ ============
$ 10.78 $ 10.46 $ 10.05 N/A $ 1.00 N/A N/A
============ ============ =========== ============== ============ ============ ============
$ 10.77 N/A $ 10.04 N/A $ 1.00 N/A N/A
============ ============ =========== ============== ============ ============ ============
$ 10.78 $ 10.47 $ 10.04 $ 1.00 N/A $ 1.00 $ 1.00
============ ============ =========== ============== ============ ============ ============
$ 10.77 $ 10.47 $ 10.04 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============ =========== ============== ============ ============ ============
</TABLE>
See Notes to Financial Statements.
<PAGE>
The Munder Funds
Statements of Operations, Period Ended December 31, 1997 (Unaudited)
<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>
INVESTMENT INCOME:
Interest .................. $ 943,073 $1,282,954 $ 529,266 $ 896,286 $ 106,348 $ 47,023 $ 70,187
Dividends (a) ............. 553,279 174,983 3,358,549 4,752,279 1,819,234 16,131 74,585
------------ ---------- ----------- ----------- ------------ ---------- -----------
Total investment
income ............ 1,496,352 1,457,937 3,887,815 5,648,565 1,925,582 63,154 144,772
------------ ---------- ----------- ----------- ------------ ---------- -----------
EXPENSES:
Distribution and
shareholder servicing
fees:
Class A Shares .......... 12,226 525 5,993 57,776 8,476 3,661 131
Class B Shares .......... 2,745 1,248 3,862 173,467 5,825 19,000 1,600
Class C Shares .......... 1,017 411 2,771 -- 13,020 11,614 515
Shareholder servicing
fees:
Class K Shares .......... 111,476 23,342 272,928 113,858 145,468 1,241 1,508
Investment advisory fee ... 833,035 261,252 951,385 448,291 838,209 87,791 146,955
Administration fee ........ 119,855 43,371 136,883 322,494 120,599 9,473 21,429
Transfer agent fee ........ 21,551 7,865 24,889 79,283 21,890 1,710 3,861
Custodian fees ............ 32,642 22,162 35,325 120,456 85,950 14,509 9,933
Legal and audit fees ...... 9,765 3,457 10,464 43,395 9,076 857 1,973
Trustees'/Directors' fees
and expenses .............. 3,264 1,185 3,741 8,830 3,283 265 591
Amortization of
organization costs ...... -- 1,734 919 -- -- -- 6,394
Registration and filing
fees .................... 19,233 15,758 15,922 28,093 16,913 34,276 17,834
Other ..................... 16,199 29,170 26,279 55,207 34,526 1,547 858
------------ ---------- ----------- ----------- ------------ ---------- -----------
Total Expenses ...... 1,183,008 411,480 1,491,361 1,451,150 1,303,235 185,944 213,582
Fees waived and/or
expenses reimbursed by
investment advisor ...... -- -- -- (239,088) -- (39,334) (6,481)
------------ ---------- ----------- ----------- ------------ ---------- -----------
Net Expenses ........ 1,183,008 411,480 1,491,361 1,212,062 1,303,235 146,610 207,101
------------ ---------- ----------- ----------- ------------ ---------- -----------
NET INVESTMENT
INCOME/(LOSS) ........... 313,344 1,046,457 2,396,454 4,436,503 622,347 (83,456) (62,329)
------------ ---------- ----------- ----------- ------------ ---------- -----------
NET REALIZED AND
UNREALIZED GAIN/(LOSS)
ON INVESTMENTS:
Net realized gain/(loss)
from:
Security transactions ... 42,305,627 5,283,129 33,484,865 25,724,713 11,539,832 1,193,560 (1,602,073)
Forward foreign exchange
contracts ............. -- -- -- -- 54,505 -- --
Futures contracts ....... 184,528 -- -- 3,048,696 -- -- --
Foreign currency
transactions .......... -- -- -- -- (18,157) -- --
Net change in unrealized
appreciation/
(depreciation) of:
Securities ............ (25,265,235) 387,076 (1,873,936) 25,080,017 (32,037,018) 206,472 1,080,185
Forward foreign
exchange contracts .. -- -- -- -- -- -- --
Futures contracts ..... -- -- -- 447,993 -- -- --
Foreign currency and
net other assets .... -- -- -- (14) (49,428) -- --
------------ ---------- ----------- ----------- ------------ ---------- -----------
Net realized and
unrealized gain/(loss)
on investments .......... 17,224,920 5,670,205 31,610,929 54,301,405 (20,510,266) 1,400,032 (521,888)
------------ ---------- ----------- ----------- ------------ ---------- -----------
NET INCREASE/(DECREASE)
IN NET ASSETS RESULTING
FROM OPERATIONS ......... $ 17,538,264 $6,716,662 $34,007,383 $58,737,908 $(19,887,919) $1,316,576 $ (584,217)
============ ========== =========== =========== ============ ========== ===========
<FN>
- ----------------
(a) Net of foreign withholding taxes of $4,944, $176, $6,124, $5,296,
$142,326, $567, $4,780, $43, and $20,763 for Munder Accelerating Growth
Fund, Munder Balanced Fund, Munder Growth & Income Fund, Munder Index 500
Fund, Munder International Equity Fund, Munder Mid-Cap Growth Fund,
Munder Framlington Emerging Markets Fund, Munder Healthcare Fund and
Munder Framlington International Growth Fund, respectively
</TABLE>
See Notes to Financial Statements.
<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
------------ ----------- --------- ------- ------ ----------- ----------- -------------
<C> <C> <C> <C> <C> <C> <C> <C>
$ 1,152,079 $ 104,132 $ 301,707 $ 859,209 $ 185,039 $ 226,047 $ 20,364 $ 81,976
2,784,974 2,110,593 824,254 310,935 923,143 137,518 3,381 148,044
----------- ----------- ----------- ------------ ----------- ----------- -------- -----------
3,937,053 2,214,725 1,125,961 1,170,144 1,108,182 363,565 23,745 230,020
----------- ----------- ----------- ------------ ----------- ----------- -------- -----------
23,975 2,486 2,184 27,302 2,661 826 2,215 1,486
451,030 28,760 3,765 44,583 6,421 1,899 13,137 911
51,208 3,776 2,316 21,460 3,365 128 6,052 573
315,130 2,319 83,463 210,867 11,405 32,327 159 1,702
2,866,503 268,881 427,747 1,457,302 433,621 246,918 51,664 212,764
322,207 39,209 61,543 209,673 63,231 10,117 2,646 10,897
58,164 7,300 11,429 38,299 11,627 21,141 20,406 21,286
75,689 12,769 17,598 56,012 19,256 63,114 7,809 49,871
24,637 3,297 4,916 16,062 5,123 2,061 362 3,373
8,832 1,078 1,700 5,757 1,739 594 155 634
24,865 7,500 -- -- 6,317 709 607 3,018
23,987 17,428 37,400 34,163 21,919 39,351 34,306 36,783
118,201 23,643 21,649 68,279 23,174 771 856 728
----------- ----------- ----------- ------------ ----------- ----------- -------- -----------
4,364,428 418,446 675,710 2,189,759 609,859 419,956 140,374 344,026
(627,047) -- -- -- -- (42,677) (44,189) (34,476)
----------- ----------- ----------- ------------ ----------- ----------- -------- -----------
3,737,381 418,446 675,710 2,189,759 609,859 377,279 96,185 309,550
----------- ----------- ----------- ------------ ----------- ----------- -------- -----------
199,672 1,796,279 450,251 (1,019,615) 498,323 (13,714) (72,440) (79,530)
----------- ----------- ----------- ------------ ----------- ----------- -------- -----------
24,431,703 928,576 7,077,576 67,881,060 7,902,619 (2,045,427) 246,823 34,168
-- -- -- -- -- (229,574) (4,250) (166,214)
-- -- -- 308,637 -- -- -- --
-- -- -- -- -- (106,118) (718) (46,824)
39,940,770 7,686,595 10,561,094 (17,225,456) 6,001,537 (5,933,973) 193,016 (4,877,964)
-- -- -- -- -- (6,325) (12) (6,506)
-- -- -- -- -- -- -- --
-- -- -- -- -- 4,755 (19) (8,381)
----------- ----------- ----------- ------------ ----------- ----------- -------- -----------
64,372,473 8,615,171 17,638,670 50,964,241 13,904,156 (8,316,662) 434,840 (5,071,721)
----------- ----------- ----------- ------------ ----------- ----------- -------- -----------
$64,572,145 $10,411,450 $18,088,921 $ 49,944,626 $14,402,479 $(8,330,376) $362,400 $(5,151,251)
=========== =========== =========== ============ =========== =========== ======== ===========
</TABLE>
See Notes to Financial Statements.
<PAGE>
The Munder Funds
Statements of Operations, Period Ended December 31, 1997 (Unaudited)
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
--------------------------------------------------------------------
Munder
Munder Munder Munder U.S. Michigan
Munder Intermediate International Government Triple
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
------ ------------ ------------- ---------- ---------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest (Net of foreign withholding
taxes of $11,978 for the Munder
International Bond Fund) ......................... $ 6,367,716 $18,079,697 $ 1,193,137 $ 9,467,556 $1,314,690
----------- ----------- ----------- ----------- ----------
Total investment income ....................... 6,367,716 18,079,697 1,193,137 9,467,556 1,314,690
----------- ----------- ----------- ----------- ----------
EXPENSES:
Distribution and shareholder servicing fees:
Class A Shares .................................... 1,184 8,792 205 2,380 658
Class B Shares .................................... 2,637 2,334 107 6,733 1,798
Class C Shares .................................... 295 973 2 97 467
Shareholder servicing fees:
Class K Shares .................................... 48,077 433,022 128 261,486 59,202
Investment advisory fee ............................. 467,968 1,340,683 129,241 678,583 122,537
Administration fee .................................. 100,995 289,341 27,892 146,449 26,445
Transfer agent fee .................................. 18,247 52,180 5,094 26,537 4,887
Custodian fees ...................................... 25,788 71,091 23,553 35,722 13,176
Legal and Audit fees ................................ 8,214 23,389 2,321 11,500 2,245
Trustees'/Directors' fees and expenses .............. 2,773 7,920 762 4,008 724
Amortization of organization costs .................. -- -- 3,290 1,163 2,318
Registration and filing fees ........................ 29,275 26,111 15,189 18,436 859
Other ............................................... 11,165 12,574 12,365 41,134 15,479
----------- ----------- ----------- ----------- ----------
Total Expenses ................................ 716,618 2,268,410 220,149 1,234,228 250,795
Fees waived and/or expenses reimbursed
by investmen advisor .............................. -- -- -- -- --
----------- ----------- ----------- ----------- ----------
Net Expenses .................................. 716,618 2,268,410 220,149 1,234,228 250,795
----------- ----------- ----------- ----------- ----------
NET INVESTMENT INCOME ............................... 5,651,098 15,811,287 972,988 8,233,328 1,063,895
----------- ----------- ----------- ----------- ----------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ............................. 1,867,429 820,593 383,630 1,166,104 290,684
Forward foreign exchange contracts ................ -- -- (411,643) -- --
Foreign currency transactions ..................... -- -- (76,977) -- --
Net change in unrealized appreciation/
(depreciation) of:
Securities ........................................ 3,708,776 6,449,754 (1,622,392) 5,524,343 1,774,893
Foreign currency and net other assets ............. -- -- (33,823) -- --
Net realized and unrealized gain/(loss) on
investments ....................................... 5,576,205 7,270,347 (1,761,205) 6,690,447 2,065,577
----------- ----------- ----------- ----------- ----------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ....................... $11,227,303 $23,081,634 $ (788,217) $14,923,775 $3,129,472
=========== =========== =========== =========== ==========
See Notes to Financial Statements.
<PAGE>
<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
-------- ------------ ---------- ---------- ------ ------------ -------------
<C> <C> <C> <C> <C> <C> <C>
$ 6,048,586 $ 8,328,838 $1,642,197 $29,241,499 $3,556,095 $5,379,526 $4,881,785
----------- ----------- ---------- ----------- ---------- ---------- ----------
6,048,586 8,328,838 1,642,197 29,241,499 3,556,095 5,379,526 4,881,785
----------- ----------- ---------- ----------- ---------- ---------- ----------
4,301 8,834 -- 126,939 11,819 40,870 4,514
1,409 1,561 557 -- 2,632 -- --
193 -- 42 -- 7,087 -- --
247,921 366,789 34 471,098 -- 172,629 32,849
515,067 771,366 70,892 1,796,945 250,047 511,924 311,438
111,160 166,473 30,599 554,013 67,455 157,831 96,019
20,048 29,952 5,571 70,155 11,741 25,414 17,121
31,017 45,455 9,609 115,407 22,850 40,020 38,239
8,952 13,558 1,910 43,213 4,949 12,813 8,045
3,039 4,551 838 15,157 1,833 4,325 2,586
2,738 -- 4,190 -- 18,148 -- --
15,901 17,430 33,955 23,444 9,572 20,039 11,422
13,122 260 561 59 13,487 4,027 4,524
----------- ----------- ---------- ----------- ---------- ---------- ----------
974,868 1,426,229 158,758 3,216,430 421,620 989,892 526,757
-- -- (13,880) -- -- -- --
----------- ----------- ---------- ----------- ---------- ---------- ----------
974,868 1,426,229 144,878 3,216,430 421,620 989,892 526,757
----------- ----------- ---------- ----------- ---------- ---------- ----------
5,073,718 6,902,609 1,497,319 26,025,069 3,134,475 4,389,634 4,355,028
----------- ----------- ---------- ----------- ---------- ---------- ----------
3,434,649 1,046,039 79,372 -- -- (150) 350
-- -- -- -- -- -- --
-- -- -- -- -- -- --
4,623,916 3,001,179 145,317 -- -- -- --
-- -- -- -- -- -- --
----------- ----------- ---------- ----------- ---------- ---------- ----------
8,058,565 4,047,218 224,689 -- -- (150) 350
----------- ----------- ---------- ----------- ---------- ---------- ----------
$13,132,283 $10,949,827 $1,722,008 $26,025,069 $3,134,475 $4,389,484 $4,355,378
=========== =========== ========== =========== ========== ========== ==========
</TABLE>
See Notes to Financial Statements.
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31, 1997 (Unaudited)
<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 investment
income/(loss) .......... $ 313,344 $1,046,457 $ 2,396,454 $ 4,436,503 $ 622,347 $ (83,456) $ (62,329)
Net realized gain/(loss)
on investments sold,
forward foreign exchange
contracts, futures
contracts and foreign
currency transactions
during the period ...... 42,490,155 5,283,129 33,484,865 28,773,409 11,576,180 1,193,560 (1,602,073)
Net change in unrealized
appreciation/
(depreciation) of
investments, forward
foreign exchange
contracts, futures
contracts, foreign
currency and net other
assets during the period (25,265,235) 387,076 (1,873,936) 25,527,996 (32,086,446) 206,472 1,080,185
------------ ---------- ----------- ----------- ------------ ----------- ------------
Net increase/(decrease) in
net assets resulting
from operations ........ 17,538,264 6,716,662 34,007,383 58,737,908 (19,887,919) 1,316,576 (584,217)
Dividends to shareholders
from net investment
income:
Class A Shares ....... (3,682) (4,648) (43,979) (862,406) (29,856) -- --
Class B Shares ....... -- (2,349) (4,653) (356,200) (3,227) -- --
Class C Shares ....... -- (675) (2,444) -- (6,407) -- --
Class K Shares ....... (57,870) (271,062) (2,076,265) (688,818) (513,541) -- --
Class Y Shares ....... (142,903) (752,335) (311,917) (2,476,859) (514,644) -- --
Distributions to
shareholders in excess
of net investment
income:
Class A Shares ....... -- -- -- -- -- -- --
Class B Shares ....... -- -- -- -- -- -- --
Class C Shares ....... -- -- -- -- -- -- --
Class K Shares ....... -- -- -- -- -- -- --
Class Y Shares ....... -- -- -- -- -- -- (2,148)
See Notes to Financial Statements.
<PAGE>
<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
------------ ----------- --------- ------- ------ ----------- ----------- -------------
<C> <C> <C> <C> <C> <C> <C> <C>
$ 199,672 $ 1,796,279 $ 450,251 $ (1,019,615) $ 498,323 $ (13,714) $(72,440) $ (79,530)
24,431,703 928,576 7,077,576 68,189,697 7,902,619 (2,381,119) 241,855 (178,870)
39,940,770 7,686,595 10,561,094 (17,225,456) 6,001,537 (5,935,543) 192,985 (4,892,851)
----------- ----------- ----------- ------------ ----------- ----------- -------- -----------
64,572,145 10,411,450 18,088,921 49,944,626 14,402,479 (8,330,376) 362,400 (5,151,251)
(12,066) (43,178) (5,131) -- (6,538) (1,252) -- (2,066)
-- (103,395) -- -- (743) (61) -- --
-- (14,343) -- -- (382) (4) -- --
(162,310) (39,898) (174,722) -- (29,753) (60,001) -- (2,557)
(367,939) (1,432,308) (189,849) -- (483,903) (38,680) -- (109,695)
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
-- -- -- -- -- -- -- --
</TABLE>
See Notes to Financial Statements.
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31, 1997 (Unaudited)
(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>
Distributions to
shareholders from net
realized gains:
Class A Shares ... (1,509,306) (34,028) (709,636) (10,783,436) (421,143) (200,426) (2,102)
Class B Shares ... (102,109) (27,885) (130,526) (7,428,003) (73,900) (284,505) (11,434)
Class C Shares ... (53,814) (7,200) (71,978) -- (146,699) (166,726) (2,070)
Class K Shares ... (23,723,055) (2,572,553) (33,747,171) (10,764,825) (7,243,743) (55,740) (29,408)
Class Y Shares ... (28,991,871) (4,287,718) (4,561,542) (24,608,492) (6,435,614) (388,128) (922,005)
Net increase/(decrease)
in net assets from Fund
share transactions:
Class A Shares ... 2,895,246 106,266 2,359,217 45,796,293 1,196,216 5,349,352 29,099
Class B Shares ... 261,296 180,891 274,670 26,092,130 64,612 7,915,837 399,990
Class C Shares ... (54,471) 14,912 720,471 -- 87,465 4,393,510 (24,431)
Class K Shares ... (1,189,629) 25,156,531 (11,123,451) 60,882,560 (23,799,149) 1,690,201 18,988
Class Y Shares ... (29,357,553) (21,140,417) 729,452 (70,473,621) (4,665,942) 8,148,001 15,949,446
------------ ------------ ------------ ------------ ------------ ----------- -----------
Net increase/
(decrease) in net
assets ............. (64,491,457) 3,074,392 (14,692,369) 63,066,231 (62,393,491) 27,717,952 14,819,708
NET ASSETS:
Beginning of period .. 248,820,004 77,556,200 247,158,129 550,385,884 253,544,366 3,215,170 24,851,650
------------ ------------ ------------ ------------ ------------ ----------- -----------
End of period ........ $184,328,547 $ 80,630,592 $232,465,760 $613,452,115 $191,150,875 $30,933,122 $39,671,358
============ ============ ============ ============ ============ =========== ===========
Undistributed net
investment income/
(loss) ............. $ 108,889 $ 30,063 $ 88,529 $ 132,155 $ 120,601 $ (83,456) $ (64,477)
============ ============ ============ ============ ============ =========== ===========
See Notes to Financial Statements.
<PAGE>
<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
------------ ----------- --------- ------- ------ ----------- ----------- -------------
<C> <C> <C> <C> <C> <C> <C> <C>
(911,264) (20,080) (98,857) (2,406,705) (155,490) (14,951) -- (3,881)
(4,381,716) (57,106) (46,471) (1,802,078) (102,547) (9,632) -- (645)
(510,812) (9,143) (31,704) (739,949) (52,647) (635) -- (236)
(12,258,369) (17,626) (3,173,416) (29,901,527) (709,652) (716,289) -- (4,804)
(13,781,279) (626,049) (2,414,775) (37,145,834) (8,345,671) (352,563) -- (153,573)
2,212,387 766,483 1,069,240 17,268,635 800,993 445,347 1,693,933 194,744
2,391,342 1,550,251 834,102 6,206,860 456,907 335,733 2,929,055 76,474
1,083,194 606,406 628,434 2,584,343 205,421 14,591 2,135,954 22,222
3,409,212 370,430 13,712,486 15,473,320 3,342,881 31,140,354 -- 914,184
107,170,044 21,407,082 40,125,639 81,406,557 31,144,228 12,873,955 2,890,773 25,567,253
------------ ----------- ------------ ------------ ------------ ----------- ----------- -----------
148,452,569 32,748,976 68,323,897 100,888,248 40,465,583 35,285,536 10,012,115 21,346,169
524,168,154 56,256,039 70,773,441 325,189,217 90,992,763 9,933,678 4,096,059 26,212,818
------------ ----------- ------------ ------------ ------------ ----------- ----------- -----------
$672,620,723 $89,005,015 $139,097,338 $426,077,465 $131,458,346 $45,219,214 $14,108,174 $47,558,987
============ =========== ============ ============ ============ =========== =========== ===========
$ 68,337 $ 163,157 $ 97,948 $ (1,019,615) $ 17,732 $ (113,089) $ (72,440) $ (186,027)
============ =========== ============ ============ ============ =========== =========== ===========
</TABLE>
See Notes to Financial Statements.
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31, 1997 (Unaudited)
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
----------------------------------------------------------------------
Munder
Munder Munder Munder U.S. Michigan
Munder Intermediate International Government Triple
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
------ ------------ ------------- ---------- ---------
<S> <C> <C> <C> <C> <C>
Net investment income ...................... $ 5,651,098 $ 15,811,287 $ 972,988 $ 8,233,328 $ 1,063,895
Net realized gain/(loss) on investments
and foreign currency sold during
the period ............................... 1,867,429 820,593 (104,990) 1,166,104 290,684
Net change in unrealized
appreciation/(depreciation) of
investments and foreign currency during
the period ............................... 3,708,776 6,449,754 (1,656,215) 5,524,343 1,774,893
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) in net assets
resulting from operations ................ 11,227,303 23,081,634 (788,217) 14,923,775 3,129,472
Dividends to shareholders from net
investment income:
Class A Shares ........................... (27,282) (197,288) (2,820) (55,332) (11,320)
Class B Shares ........................... (12,718) (11,733) (375) (33,516) (6,706)
Class C Shares ........................... (1,502) (5,602) -- (503) (1,706)
Class K Shares ........................... (1,090,124) (10,079,111) (1,574) (6,140,034) (1,058,657)
Class Y Shares ........................... (4,431,819) (5,586,060) (911,650) (1,806,289) (15,452)
Distributions to shareholders
from net realized gains:
Class A Shares ........................... -- -- (260) (16,343) (923)
Class B Shares ........................... -- -- (37) (5,781) (661)
Class C Shares ........................... -- -- -- (106) (164)
Class K Shares ........................... -- -- (147) (1,012,624) (87,429)
Class Y Shares ........................... -- -- (82,339) (290,979) (1,099)
Distributions in excess of net
realized capital gains:
Class A Shares ........................... -- -- -- (2,191) --
Class B Shares ........................... -- -- -- (775) --
Class C Shares ........................... -- -- -- (14) --
Class K Shares ........................... -- -- -- (135,784) --
Class Y Shares ........................... -- -- -- (39,018) --
Net increase/(decrease) in net assets
from Fund share transactions:
Class A Shares ........................... 123,128 1,041,603 (9,680) 2,223,683 (29,576)
Class B Shares ........................... (122,338) 107,610 1,399 (413,476) 52,617
Class C Shares ........................... 117,467 790,911 -- 23,354 --
Class K Shares ........................... 4,955,122 23,412,265 (14,011) 12,788,160 5,108,574
Class Y Shares ........................... 95,460,903 41,264,909 (1,853,294) 5,473,297 (49,949)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) in net assets ...... 106,198,140 73,819,138 (3,663,005) 25,479,504 7,027,021
NET ASSETS:
Beginning of period ........................ 149,914,649 493,563,525 51,970,144 252,409,526 44,905,426
------------ ------------ ----------- ------------ -----------
End of period .............................. $256,112,789 $567,382,663 $48,307,139 $277,889,030 $51,932,447
============ ============ =========== ============ ===========
Undistributed net investment income ........ $ 87,653 $ (48,922) $ 156,921 $ 225,209 $ (20,382)
============ ============ =========== ============ ===========
See Notes to Financial Statements.
<PAGE>
<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
-------- ------------ -------- ---------- ------ ------------ -------------
<C> <C> <C> <C> <C> <C> <C>
$ 5,073,718 $ 6,902,609 $ 1,497,319 $ 26,025,069 $ 3,134,475 $ 4,389,634 $ 4,355,028
3,434,649 1,046,039 79,372 -- -- (150) 350
4,623,916 3,001,179 145,317 -- -- -- --
------------ ------------ ----------- -------------- ------------ ------------- --------------
13,132,283 10,949,827 1,722,008 26,025,069 3,134,475 4,389,484 4,355,378
(88,070) (161,172) -- (2,347,811) (79,064) (488,422) (84,575)
(6,278) (6,065) (2,471) -- (7,974) -- --
(855) -- (150) -- (27,810) -- --
(4,972,602) (6,636,616) -- (15,855,584) -- (3,434,235) (1,048,053)
(103,059) (183,450) (1,506,761) (7,821,674) (3,019,627) (466,977) (3,222,400)
(62,615) (62,353) -- -- -- -- --
(5,007) (3,013) (44) -- -- -- --
(599) -- (4) -- -- -- --
(2,947,365) (2,377,413) -- -- -- -- --
(59,887) (61,867) (16,152) -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
-- -- -- -- -- -- --
1,657,414 1,444,990 -- (7,634,934) 7,764,808 102,798,058 6,249,948
89,415 112,758 134,199 -- (83,597) -- --
40,146 -- 14,429 -- (755,050) -- --
2,171,104 6,219,521 (826,679) 89,763,223 -- (35,730,058) 4,304,229
(42,686) 41,016 10,916,369 71,827,000 (24,739,919) 1,874,611 (181,591,585)
------------ ------------ ----------- -------------- ------------ ------------- --------------
8,801,339 9,276,163 10,434,744 153,955,289 (17,813,758) 68,942,408 (171,037,058)
196,918,519 297,637,899 50,514,587 975,476,982 130,482,172 254,937,494 280,745,704
------------ ------------ ----------- -------------- ------------ ------------- --------------
$205,719,858 $306,914,062 $60,949,331 $1,129,432,271 $112,668,414 $323,879,955 $ 109,708,646
============ ============ =========== ============== ============ ============ =============
$ (42,669) $ (51,484) $ 1,660 $ -- $ -- $ -- $ --
============ ============ =========== ============== ============ ============ =============
</TABLE>
See Notes to Financial Statements.
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, 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>
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
fro 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 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
<PAGE>
<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)
------------ ----------- --------- ------- ------ ----------- ----------- -------------
<C> <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) -- -- -- -- -- --
</TABLE>
See Notes to Financial Statements.
<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 & 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 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.
<PAGE>
<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)
------------ ----------- --------- ------- ------ ----------- ----------- -------------
<C> <C> <C> <C> <C> <C> <C> <C>
(546,542) -- -- (851,894) (76,699) -- -- --
(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
============ =========== =========== ============ =========== ========== ========== ===========
</TABLE>
See Notes to Financial Statements.
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1997
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------------------------------------
Munder
Munder Munder Munder U.S. Michigan
Munder Intermediate International Government Triple
Bond Bond Bond Income Tax-Free
Fund Fund Fund 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.
<PAGE>
<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
-------- ------------ ---------- ---------- ------ ------------ -------------
<C> <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 $ -- $ -- $ -- $ --
============ ============ =========== ============ ============ ============ ============
</TABLE>
See Notes to Financial Statements.
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1997
(Unaudited)
<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>
Amount
Class A Shares:
Sold .............. $ 188,805,769 $ 107,350 $ 13,594,820 $ 62,146,991 $ 12,096,309 $ 6,294,904 $ 71,459
Issued as
reinvestment
of dividends .... 1,387,381 36,925 509,461 3,805,626 176,415 137,190 1,922
------------- ------------ ------------ ------------- ------------ ----------- -----------
Redeemed .......... (187,297,904) (38,009) (11,745,064) (20,156,324) (11,076,508) (1,082,742) (44,282)
Net increase ...... $ 2,895,246 $ 106,266 $ 2,359,217 $ 45,796,293 $ 1,196,216 $ 5,349,352 $ 29,099
============= ============ ============ ============= ============ =========== ===========
Class B Shares:
Sold .............. $ 6,777,153 $ 216,647 $ 294,344 $ 26,428,807 $ 199,930 $ 8,064,835 $ 469,752
Issued as
reinvestment
of dividends .... 47,704 3,272 49,479 2,646,791 19,405 127,415 574
Redeemed .......... (6,563,561) (39,028) (69,153) (2,983,468) (154,723) (276,413) (70,336)
------------- ------------ ------------ ------------- ------------ ----------- -----------
Net increase ...... $ 261,296 $ 180,891 $ 274,670 $ 26,092,130 $ 64,612 $ 7,915,837 $ 399,990
============= ============ ============ ============= ============ =========== ===========
Class C Shares:
Sold .............. $ 68,674 $ 12,677 $ 3,862,539 -- $ 25,966,153 $ 5,881,554 $ 35,341
Issued as
reinvestment
of dividends .... 6,791 2,235 10,265 -- 1,133 76,181 497
Redeemed .......... (129,936) -- (3,152,333) -- (25,879,821) (1,564,225) (60,269)
------------- ------------ ------------ ------------- ------------ ----------- -----------
Net increase/
(decrease) ...... $ (54,471) $ 14,912 $ 720,471 -- $ 87,465 $ 4,393,510 $ (24,431)
============= ============ ============ ============= ============ =========== ===========
Class K Shares:
Sold .............. $ 220,983,609 $ 29,837,514 $ 9,601,514 $ 75,605,313 $ 8,789,340 $ 1,885,479 $ 373,173
Issued as
reinvestment
of dividends .... 28,288 -- 645 24,118 4,657 1,933 --
Redeemed .......... (222,201,526) (4,680,983) (20,725,610) (14,746,871) (32,593,146) (197,211) (354,185)
------------- ------------ ------------ ------------- ------------ ----------- -----------
Net increase/
(decrease) ...... $ (1,189,629) $ 25,156,531 $(11,123,451) $ 60,882,560 $(23,799,149) $ 1,690,201 $ 18,988
============= ============ ============ ============= ============ =========== ===========
Class Y Shares:
Sold .............. $ 93,041,689 $ 11,647,186 $ 8,308,451 $ 54,960,564 $ 21,735,923 $ 8,295,537 $17,708,586
Issued as
reinvestment
of dividends .... 293,948 18,244 76,842 654,693 201,715 246,160 152,033
Redeemed .......... (122,693,190) (32,805,847) (7,655,841) (126,088,878) (26,603,580) (393,696) (1,911,173)
------------- ------------ ------------ ------------- ------------ ----------- -----------
Net increase/
(decrease) ...... $ (29,357,553) $(21,140,417) $ 729,452 $ (70,473,621) $ (4,665,942) $ 8,148,001 $15,949,446
============= ============ ============ ============= ============ =========== ===========
See Notes to Financial Statements.
<PAGE>
<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
------------ ----------- --------- ------- ------ ----------- ----------- -------------
<C> <C> <C> <C> <C> <C> <C> <C>
$ 6,034,878 $ 919,563 $ 1,112,919 $459,610,032 $ 4,866,561 $ 529,578 $1,799,331 $ 194,905
660,094 43,828 78,109 1,478,013 133,984 14,296 -- 5,750
(4,482,585) (196,908) (121,788) (443,819,410) (4,199,552) (98,527) (105,398) (5,911)
------------ ----------- ----------- ------------ ----------- ----------- ---------- -----------
$ 2,212,387 $ 766,483 $ 1,069,240 $ 17,268,635 $ 800,993 $ 445,347 $1,693,933 $ 194,744
============ =========== =========== ============= =========== =========== ========== ===========
$ 5,599,231 $ 1,621,061 $ 812,576 $ 6,712,061 $ 874,804 $ 418,327 $3,020,444 $ 77,055
1,685,220 42,149 21,558 384,920 19,472 3,531 -- 185
(4,893,109) (112,959) (32) (890,121) (437,369) (86,125) (91,389) (766)
------------ ----------- ----------- ------------ ----------- ----------- ---------- -----------
$ 2,391,342 $ 1,550,251 $ 834,102 $ 6,206,860 $ 456,907 $ 335,733 $2,929,055 $ 76,474
============ =========== =========== ============= =========== =========== ========== ===========
$ 1,665,294 $ 627,877 $ 635,662 $ 14,991,347 $ 575,664 $ 19,152 $2,231,823 $ 3,106,666
27,188 7,061 17,070 217,426 17,693 498 -- 20
(609,288) (28,532) (24,298) (12,624,430) (387,936) (5,059) (95,869) (3,084,464)
------------ ----------- ----------- ------------ ----------- ----------- ---------- -----------
$ 1,083,194 $ 606,406 $ 628,434 $ 2,584,343 $ 205,421 $ 14,591 $2,135,954 $ 22,222
============ =========== =========== ============= =========== =========== ========== ===========
$ 23,927,903 $ 383,224 $19,288,000 $225,759,587 $ 4,253,717 $35,899,947 -- $ 1,228,670
89,259 -- 620 391,585 352 13 -- --
(20,607,950) (12,794) (5,576,134) (210,677,852) (911,188) (4,759,606) -- (314,486)
------------ ----------- ----------- ------------ ----------- ----------- ---------- -----------
$ 3,409,212 $ 370,430 $13,712,486 $ 15,473,320 $ 3,342,881 $31,140,354 -- $ 914,184
============ =========== =========== ============= =========== =========== ========== ===========
$149,034,367 $24,685,846 $40,081,604 $ 111,097,065 $32,867,662 $13,518,379 $2,909,403 $26,403,205
1,713,616 257,099 886,141 5,250,332 1,378,420 103,722 -- 92,171
(43,577,939) (3,535,863) (842,106) (34,940,840) (3,101,854) (748,146) (18,630) (928,123)
------------ ----------- ----------- ------------ ----------- ----------- ---------- -----------
$107,170,044 $21,407,082 $40,125,639 $ 81,406,557 $31,144,228 $12,873,955 $2,890,773 $25,567,253
============ =========== =========== ============= =========== =========== ========== ===========
</TABLE>
See Notes to Financial Statements.
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1997
(Unaudited)
(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>
Shares
Class A Shares:
Sold ................. 12,134,098 8,557 811,629 2,863,219 833,699 359,798 6,728
Issued as reinvestment
of dividends ....... 125,555 2,933 34,555 182,714 13,570 8,580 187
Redeemed ............. (11,906,743) (2,939) (683,766) (906,656) (754,648) (63,074) (3,810)
----------- ---------- ---------- ---------- ---------- ------- ---------
Net increase ......... 352,910 8,551 162,418 2,139,277 92,621 305,304 3,105
=========== ========== ========== ========== ========== ======= =========
Class B Shares:
Sold ................. 473,560 16,190 19,176 1,214,820 13,654 463,289 41,363
Issued as reinvestment
of dividends ....... 4,496 261 3,402 127,069 1,512 8,014 57
Redeemed ............. (443,332) (2,759) (4,519) (136,058) (10,695) (16,236) (6,186)
----------- ---------- ---------- ---------- ---------- ------- ---------
Net increase ......... 34,724 13,692 18,059 1,205,831 4,471 455,067 35,234
=========== ========== ========== ========== ========== ======= =========
Class C Shares:
Sold ................. 5,385 968 255,792 -- 1,728,148 335,155 3,163
Issued as reinvestment
of dividends ....... 631 178 703 -- 88 4,788 49
Redeemed ............. (8,634) -- (201,380) -- (1,713,277) (92,027) (5,059)
----------- ---------- ---------- ---------- ---------- ------- ---------
Net increase/
(decrease) ......... (2,618) 1,146 55,115 -- 14,959 247,916 (1,847)
=========== ========== ========== ========== ========== ======= =========
Class K Shares:
Sold ................. 14,824,962 2,172,790 575,536 3,446,501 637,795 111,790 32,299
Issued as reinvestment
of dividends ....... 2,558 -- 44 1,159 358 121 --
Redeemed ............. (14,846,842) (346,716) (1,244,451) (683,268) (2,200,371) (11,167) (32,342)
----------- ---------- ---------- ---------- ---------- ------- ---------
Net increase/
(decrease) ......... (19,322) 1,826,074 (668,871) 2,764,392 (1,562,218) 100,744 (43)
=========== ========== ========== ========== ========== ======= =========
Class Y Shares:
Sold ................. 4,944,808 886,672 522,598 2,541,697 1,517,466 508,131 1,521,412
Issued as reinvestment
of dividends ....... 26,175 1,448 5,318 31,416 15,433 15,366 14,689
Redeemed ............. (6,154,107) (2,382,697) (454,868) (5,659,696) (1,746,850) (22,490) (164,554)
----------- ---------- ---------- ---------- ---------- ------- ---------
Net increase/
(decrease) ......... (1,183,124) (1,494,577) 73,048 (3,086,583) (213,951) 501,007 1,371,547
=========== ========== ========== ========== ========== ======= =========
See Notes to Financial Statements.
<PAGE>
<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
------------ ----------- --------- ------- ------ ----------- ----------- -------------
<C> <C> <C> <C> <C> <C> <C> <C>
311,711 59,965 79,417 19,563,506 235,451 46,813 159,074 17,870
35,894 2,815 6,198 85,589 9,993 1,345 -- 576
(230,931) (12,471) (8,510) (18,570,609) (191,454) (8,800) (11,398) (589)
---------- --------- --------- ----------- --------- --------- ------- ---------
116,674 50,309 77,105 1,078,486 53,990 39,358 147,676 17,857
========== ========= ========= =========== ========= ========= ======= =========
305,800 104,392 59,040 312,973 56,927 31,602 258,064 6,825
94,569 2,698 1,630 21,081 1,425 333 -- 19
(262,251) (7,094) (2) (43,340) (28,083) (7,394) (7,901) (69)
---------- --------- --------- ----------- --------- --------- ------- ---------
138,118 99,996 60,668 290,714 30,269 24,541 250,163 6,775
========== ========= ========= =========== ========= ========= ======= =========
90,420 39,916 45,451 638,640 37,792 1,611 193,641 297,369
1,524 451 1,284 11,715 1,231 47 -- 2
(32,640) (1,778) (1,818) (525,366) (25,630) (454) (8,349) (296,204)
---------- --------- --------- ----------- --------- --------- ------- ---------
59,304 38,589 44,917 124,989 13,393 1,204 185,292 1,167
========== ========= ========= =========== ========= ========= ======= =========
1,251,575 25,266 1,387,469 9,628,532 289,061 2,755,999 -- 118,345
4,859 -- 47 20,358 25 1 -- --
(1,079,708) (828) (352,115) (8,867,072) (60,581) (430,627) -- (30,314)
---------- --------- --------- ----------- --------- --------- ------- ---------
176,726 24,438 1,035,401 781,818 228,505 2,325,373 -- 88,031
========== ========= ========= =========== ========= ========= ======= =========
7,675,267 1,598,031 2,979,212 4,735,756 2,167,560 1,019,473 258,605 2,337,487
92,328 16,446 64,839 264,990 93,915 9,748 -- 9,237
(2,247,811) (232,705) (56,687) (1,412,647) (202,435) (65,458) (1,619) (88,100)
---------- --------- --------- ----------- --------- --------- ------- ---------
5,519,784 1,381,772 2,987,364 3,588,099 2,059,040 963,763 256,986 2,258,624
========== ========= ========= =========== ========= ========= ======= =========
</TABLE>
See Notes to Financial Statements.
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1997
(Unaudited)
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------------------------------------
Munder
Munder Munder Munder U.S. Michigan
Munder Intermediate International Government Triple
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
------ ------------ ------------- ---------- ---------
<S> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ....................................... $ 322,565 $ 33,549,135 $ 16,600 $ 2,963,798 $ 178,327
Issued as reinvestment of dividends ........ 19,005 151,806 3,082 41,292 8,055
Redeemed ................................... (218,442) (32,659,338) (29,362) (781,407) (215,958)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) .................... $ 123,128 $ 1,041,603 $ (9,680) $ 2,223,683 $ (29,576)
============ ============ =========== ============ ===========
Class B Shares:
Sold ....................................... $ 458,343 $ 272,469 $ 1,293 $ 1,220,494 $ 49,103
Issued as reinvestment of dividends ........ 1,044 3,665 106 254 5,491
Redeemed ................................... (581,725) (168,524) -- (1,634,224) (1,977)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) .................... $ (122,338) $ 107,610 $ 1,399 $ (413,476) $ 52,617
============ ============ =========== ============ ===========
Class C Shares:
Sold ....................................... $ 117,306 $ 2,200,104 -- $ 41,374 --
Issued as reinvestment of dividends ........ 161 4,191 -- 494 --
Redeemed ................................... -- (1,413,384) -- (18,514) --
------------ ------------ ----------- ------------ -----------
Net increase ............................... $ 117,467 $ 790,911 -- $ 23,354 --
============ ============ =========== ============ ===========
Class K Shares:
Sold ....................................... $ 7,993,703 $ 47,403,228 $ 8,989 $ 25,549,505 $ 7,029,211
Issued as reinvestment of dividends ........ -- 13,508 -- 1,441 --
Redeemed ................................... (3,038,581) (24,004,471) (23,000) (12,762,786) (1,920,637)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) .................... $ 4,955,122 $ 23,412,265 $ (14,011) $ 12,788,160 $ 5,108,574
============ ============ =========== ============ ===========
Class Y Shares:
Sold ....................................... $114,288,228 $ 60,770,353 $ 2,174,234 $ 6,864,577 $ 44,581
Issued as reinvestment of dividends ........ 31,413 39,871 376,060 19,867 4,213
Redeemed ................................... (18,858,738) (19,545,315) (4,403,588) (1,411,147) (98,743)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) .................... $ 95,460,903 $ 41,264,909 $(1,853,294) $ 5,473,297 $ (49,949)
============ ============ =========== ============ ===========
<FN>
- ----------------
(a) The Munder Tax-Free Bond Fund Class C shares commenced operations on
July 7, 1997.
(b) The Munder Short Term Treasury Fund Class C shares commenced operations
on July 2, 1997.
See Notes to Financial Statements.
<PAGE>
<CAPTION>
-----------------------------------------------
Munder Munder Munder
Tax-Free Tax-Free Short Term
Bond Intermediate Treasury
Fund(a) Bond Fund Fund(b)
------- ------------ ----------
<C> <C> <C>
$ 2,805,410 $ 3,419,192 --
27,696 100,402 --
(1,175,692) (2,074,604) --
------------ ------------ ------------
$ 1,657,414 $ 1,444,990 --
============ ============ ============
$ 90,399 $ 112,593 $ 214,679
14 165 21
(998) -- (80,501)
------------ ------------ ------------
$ 89,415 $ 112,758 $ 134,199
============ ============ ============
$ 40,146 -- $ 27,037
-- -- 7
-- -- (12,615)
------------ ------------ ------------
$ 40,146 -- $ 14,429
============ ============ ============
$ 12,880,832 $ 22,226,915 $ 600,000
821 6,681 --
(10,710,549) (16,014,075) (1,426,679)
------------ ------------ ------------
$ 2,171,104 $ 6,219,521 $ (826,679)
============ ============ ============
$ 330,168 $ 752,353 $ 24,833,909
1,610 671 1,231,988
(374,464) (712,008) (15,149,528)
------------ ------------ ------------
$ (42,686) $ 41,016 $ 10,916,369
============ ============ ============
</TABLE>
See Notes to Financial Statements.
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1997
(Unaudited)
<TABLE>
<CAPTION>
INCOME FUNDS
--------------------------------------------------------------------
Munder
Munder Munder Munder U.S. Michigan
Munder Intermediate International Government Triple
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
------ ------------ ------------- ----------- ---------
<S> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ............................................ 33,106 3,543,288 1,723 288,255 18,260
Issued as reinvestment of dividends ............. 1,947 16,109 321 4,017 814
Redeemed ........................................ (22,455) (3,453,662) (3,048) (76,379) (22,014)
---------- ---------- -------- ---------- --------
Net increase/(decrease) ......................... 12,598 105,735 (1,004) 215,893 (2,940)
========== ========== ======== ========== ========
Class B Shares:
Sold ............................................ 46,564 28,886 134 119,221 5,015
Issued as reinvestment of dividends ............. 107 390 11 25 554
Redeemed ........................................ (58,858) (17,905) -- (159,240) (201)
---------- ---------- -------- ---------- --------
Net increase/(decrease) ......................... (12,187) 11,371 145 (39,994) 5,368
========== ========== ======== ========== ========
Class C Shares:
Sold ............................................ 11,896 233,366 -- 4,030 --
Issued as reinvestment of dividends ............. 16 443 -- 48 --
Redeemed ........................................ -- (150,036) -- (1,798) --
---------- ---------- -------- ---------- --------
Net increase .................................... 11,912 83,773 -- 2,280 --
========== ========== ======== ========== ========
Class K Shares:
Sold ............................................ 818,466 5,026,214 922 2,485,946 713,521
Issued as reinvestment of dividends ............. -- 1,435 -- 140 --
Redeemed ........................................ (311,706) (2,545,870) (2,336) (1,240,584) (195,306)
---------- ---------- -------- ---------- --------
Net increase/(decrease) ......................... 506,760 2,481,779 (1,414) 1,245,502 518,215
========== ========== ======== ========== ========
Class Y Shares
Sold ............................................ 11,641,064 6,440,120 222,838 668,232 4,485
Issued as reinvestment of dividends ............. 3,214 4,234 39,079 1,934 427
Redeemed ........................................ (1,924,935) (2,073,696) (445,954) (137,344) (9,927)
---------- ---------- -------- ---------- --------
Net increase/(decrease) ......................... 9,719,343 4,370,658 (184,037) 532,822 (5,015)
========== ========== ======== ========== ========
<FN>
- ----------------
(a) The Munder Tax-Free Bond Fund Class C shares commenced operations on
July 7, 1997.
(b) The Munder Short Term Treasury Fund Class C shares commenced operations
on July 2, 1997.
See Notes to Financial Statements.
<PAGE>
<CAPTION>
-----------------------------------------------
Munder Munder Munder
Tax-Free Tax-Free Short Term
Bond Intermediate Treasury
Fund(a) Bond Fund Fund(b)
-------- ------------ ----------
261,106 325,254 --
2,577 9,576 --
(108,800) (197,043) --
--------- --------- ----------
154,883 137,787 --
========= ========= ==========
8,444 10,714 21,330
1 14 2
(93) -- (8,010)
--------- --------- ----------
8,352 10,728 13,322
========= ========= ==========
3,782 -- 2,697
-- -- 1
-- -- (1,254)
--------- --------- ----------
3,782 -- 1,444
========= ========= ==========
1,196,536 2,110,386 59,821
76 637 --
(996,774) (1,521,842) (142,525)
--------- --------- ----------
199,838 589,181 (82,704)
========= ========= ==========
30,527 71,408 2,474,144
150 65 122,912
(34,739) (67,582) (1,508,588)
--------- --------- ----------
(4,062) 3,891 1,088,468
========= ========= ==========
</TABLE>
See Notes to Financial Statements.
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1997
(Unaudited)
(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 ...................................... $ 509,835,826 $ 307,030,025 $ 120,487,946 $ 15,909,377
Issued as reinvestment of dividends ....... 2,314,398 74,229 487,302 75,509
Redeemed .................................. (519,785,158) (299,339,446) (18,177,190) (9,734,938)
------------- ------------- ------------- -------------
Net increase/(decrease) ................... $ (7,634,934) $ 7,764,808 $ 102,798,058 $ 6,249,948
============= ============= ============= =============
Class B Shares:
Sold ...................................... $ 7,498,084
Issued as reinvestment of dividends ....... 7,122
Redeemed .................................. (7,588,803)
-------------
Net decrease .............................. $ (83,597)
=============
Class C Shares:
Sold ...................................... $ 43,291,475
Issued as reinvestment of dividends ....... 26,603
Redeemed .................................. (44,073,128)
-------------
Net decrease .............................. $ (755,050)
=============
Class K Shares:
Sold ...................................... $ 865,877,139 $ 214,331,812 $ 71,182,529
Issued as reinvestment of dividends ....... 74,997 3,424 2
Redeemed .................................. (776,188,913) (250,065,294) (66,878,302)
------------- ------------- -------------
Net increase/(decrease) ................... $ 89,763,223 $ (35,730,058) $ 4,304,229
============= ============= =============
Class Y Shares:
Sold ...................................... $ 349,207,306 $ 196,871,169 $ 59,457,828 $ 67,761,009
Issued as reinvestment of dividends ....... 24,701 2,756,773 932 8
Redeemed .................................. (277,405,007) (224,367,861) (57,584,149) (249,352,602)
------------- ------------- ------------- -------------
Net increase/(decrease) ................... $ 71,827,000 $ (24,739,919) $ 1,874,611 $(181,591,585)
============= ============= ============= =============
</TABLE>
See Notes to Financial Statements.
<PAGE>
[THIS PAGE INTENTIONALLY LEFT BLANK]
<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 & 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, 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.
<PAGE>
<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)
------------ ----------- --------- ------- ------ ----------- ----------- -------------
<C> <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
============ =========== =========== ============= =========== ========== ========== ===========
</TABLE>
See Notes to Financial Statements.
<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 & 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.
<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)
------------ ----------- --------- ------- ------ ----------- ----------- -------------
<C> <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
========== ========= ========= ========== ========= ======= ======= =========
</TABLE>
See Notes to Financial Statements.
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1997
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
------------------------------------------------------------------------------
Munder
Munder Munder Munder U.S. Michigan
Munder Intermediate International Government Triple
Bond Bond Bond Income 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/(decrease) .................... $ 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 24, 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 Shares, Class K Shares and
Class Y Shares commenced operations on April 4, 1997, April 2, 1997 and
January 29, 1997, respectively.
See Notes to Financial Statements.
<PAGE>
<CAPTION>
-----------------------------------------------
Munder Munder Munder
Tax-Free Tax-Free Short Term
Bond Intermediate Treasury
Fund Bond Fund Fund(d)
-------- ------------ ----------
<C> <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
============ ============ ===========
</TABLE>
See Notes to Financial Statements.
<PAGE>
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 24, 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 Shares, Class K Shares
and Class Y Shares commenced operations on April 4, 1997, April 2, 1997
and January 29, 1997, respectively.
See Notes to Financial Statements.
<PAGE>
<CAPTION>
-----------------------------------------------
Munder Munder Munder
Tax-Free Tax-Free Short Term
Bond Intermediate Treasury
Fund Bond Fund Fund(d)
-------- ------------ ----------
<C> <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
========== ========== =========
</TABLE>
See Notes to Financial Statements.
<PAGE>
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.
<PAGE>
Munder Accelerating Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
</TABLE>
<TABLE>
<CAPTION>
K Shares
-----------------------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97 Ended Ended Ended Ended
(Unaudited) 6/30/97(g) 6/30/96 6/30/95(d) 2/28/95(e)
----------- ---------- --------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ........... $ 14.56 $ 15.36 $ 14.82 $ 12.73 $ 13.98
-------- -------- --------- -------- --------
Income from investment operations:
Net investment income/(loss) ................... 0.01 (0.05) (0.05) (0.01) (0.03)
Net realized and unrealized gain on investments 0.73 0.63 2.92 2.10 0.88
-------- -------- --------- -------- --------
Total from investment operations ............... 0.74 0.58 2.87 2.09 (0.91)
-------- -------- --------- -------- --------
Less distributions:
Dividends from net investment income ........... (0.01) -- -- -- --
Distributions from net realized gains .......... (3.98) (1.38) (2.33) -- (0.34)
-------- -------- --------- -------- --------
Total distributions ............................ (3.99) (1.38) (2.33) -- (0.34)
-------- -------- --------- -------- --------
Net asset value, end of period ................. $ 11.31 $ 14.56 $ 15.36 $ 14.82 $ 12.73
======== ======== ========= ======== ========
Total return (b) ............................... 5.67% 4.83% 22.03% 16.42% (6.45)%
======== ======== ========= ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ........... $ 67,888 $ 87,693 $ 110,273 $ 85,685 $ 71,406
Ratio of operating expenses to average net
assets ....................................... 1.20%(c) 1.20% 1.20% 1.20%(c) 1.18%
Ratio of net investment income/(loss) to average
net assets ................................... 0.15%(c) (0.32)% (0.42)% (0.21)%(c) (0.25)%
Portfolio turnover rate ........................ 109% 88% 112% 31% 90%
Ratio of operating expenses to average net
assets without waivers ....................... 1.20%(c) 1.20% 1.27% 1.44%(c) 1.41%
Average commission rate (f) .................... $ 0.0576 $ 0.0588 $ 0.0548 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 Managment, 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>
Munder Balanced Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
---------------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97 Ended Ended Ended Ended
(Unaudited) 6/30/97(g) 6/30/96(g) 6/30/95(d) 2/28/95(e)
----------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 13.03 $ 12.37 $ 10.78 $ 9.97 $ 10.35
-------- -------- -------- ------- -------
Income from investment operations:
Net investment income ............................... 0.16 0.29 0.27 0.07 0.21
Net realized and unrealized gain/(loss) on
investments ....................................... 0.91 1.30 1.57 0.86 (0.42)
-------- -------- -------- ------- -------
Total from investment operations .................... 1.07 1.59 1.84 0.93 (0.21)
-------- -------- -------- ------- -------
Less distributions:
Dividends from net investment income ................ (0.16) (0.27) (0.25) (0.12) (0.17)
Distributions from net realized gains ............... (1.17) (0.66) -- -- --
-------- -------- -------- ------- -------
Total distributions ................................. (1.33) (0.93) (0.25) (0.12) (0.17)
-------- -------- -------- ------- -------
Net asset value, end of period ...................... $ 12.77 $ 13.03 $ 12.37 $ 10.78 $ 9.97
======== ======== ======== ======= =======
Total return (b) .................................... 8.39% 13.64% 17.17% 9.33% (1.95)%
======== ======== ======== ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 29,788 $ 6,588 $ 1,718 $ 168 $ 151
Ratio of operating expenses to average net assets ... 1.21%(c) 1.22% 1.15% 1.16%(c) 1.22%
Ratio of net investment income to average net assets 2.42%(c) 2.30% 2.29% 2.51%(c) 1.89%
Portfolio turnover rate ............................. 51% 125% 197% 52% 116%
Ratio of operating expenses to average net assets
without waivers ................................... 1.21%(c) 1.22% 1.26% 1.51%(c) 1.57%
Average commission rate (f) ......................... $ 0.0600 $ 0.0607 $ 0.0586 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.
</TABLE>
<PAGE>
Munder Growth & Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
----------------------------------------------------------------
Period
Ended Year Year Period Period
12/31/97 Ended Ended Ended Ended
(Unaudited) 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
----------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 15.23 $ 13.05 $ 11.14 $ 10.43 $ 10.00
--------- --------- --------- --------- ---------
Income from investment operations:
Net investment income ............................... 0.15 0.32 0.32 0.11 0.22
Net realized and unrealized gain on investments ..... 1.99 3.14 1.99 0.78 0.36
--------- --------- --------- --------- ---------
Total from investment operations .................... 2.14 3.46 2.31 0.89 0.58
--------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment income ................ (0.16) (0.32) (0.31) (0.18) (0.15)
Distributions from net realized gains ............... (2.56) (0.96) (0.09) -- (0.00)(h)
--------- --------- --------- --------- ---------
Total distributions ................................. (2.72) (1.28) (0.40) (0.18) (0.15)
--------- --------- --------- --------- ---------
Net asset value, end of period ...................... $ 14.65 $ 15.23 $ 13.05 $ 11.14 $ 10.43
========= ========= ========= ========= =========
Total return (b) .................................... 14.31% 28.12% 20.97% 8.57% 5.94%
========= ========= ========= ========= =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 194,535 $ 212,415 $ 192,592 $ 132,583 $ 105,629
Ratio of operating expenses to average net assets ... 1.20%(c) 1.20% 1.21% 1.09%(c) 0.53%(c)
Ratio of net investment income to average net assets 1.86%(c) 2.28% 2.56% 3.33%(c) 4.72%(c)
Portfolio turnover rate ............................. 33% 62% 37% 13% 12%
Ratio of operating expenses to average net assets
without waivers ................................... 1.20%(c) 1.20% 1.28% 15.51%(c) 1.53%(c)
Average commission rate (g) ......................... $ 0.0600 $ 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 Managment, 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.
</TABLE>
<PAGE>
Munder Index 500 Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97 Ended Ended Ended Ended
(Unaudited) 6/30/97 6/30/96(d) 6/30/95(e) 2/28/95(d,f)
----------- ------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 20.94 $ 16.16 $ 13.80 $ 12.40 $ 12.06
--------- -------- -------- ------- -------
Income from investment operations:
Net investment income ............................... 0.15 0.31 0.33 0.10 0.30
Net realized and unrealized gain on investments ..... 1.98 5.04 3.07 1.44 0.50
--------- -------- -------- ------- -------
Total from investment operations .................... 2.13 5.35 3.40 1.54 0.80
--------- -------- -------- ------- -------
Less distributions:
Dividends from net investment income ................ (0.15) (0.30) (0.32) (0.14) (0.29)
Distributions from net realized gains ............... (1.99) (0.27) (0.72) -- (0.17)
--------- -------- -------- ------- -------
Total distributions ................................. (2.14) (0.57) (1.04) (0.14) (0.46)
--------- -------- -------- ------- -------
Net asset value, end of period ...................... $ 20.93 $ 20.94 $ 16.16 $ 13.80 $ 12.40
========= ======== ======== ======= =======
Total return (b) .................................... 10.27% 33.79% 25.37% 12.49% 6.90%
========= ======== ======== ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 119,072 $ 61,254 $ 17,068 $ 2,778 $ 1,746
Ratio of operating expenses to average net assets ... 0.51%(c) 0.54% 0.51% 0.50%(c) 0.50%
Ratio of net investment income to average net assets 1.38%(c) 1.76% 2.13% 2.41%(c) 2.49%
Portfolio turnover rate ............................. 8% 11% 8% 6% 7%
Ratio of operating expenses to average net assets
without waivers ................................... 0.62%(c) 0.64% 0.69% 0.63%(c) 0.64%
Average commission rate (g) ......................... $ 0.0184 $ 0.0153 $ 0.0240 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 Managment, Inc.
(g) Average commission rate paid per share of securities purchased and sold
by the Fund.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder International Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
-----------------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97 Ended Ended Ended Ended
(Unaudited) 6/30/97(d) 6/30/96(d) 6/30/95(e) 2/28/95(d,f)
----------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 15.74 $ 15.08 $ 13.42 $ 12.28 $ 13.68
-------- --------- --------- -------- --------
Income from investment operations:
Net investment income ............................... 0.04 0.14 0.15 0.11 0.17
Net realized and unrealized gain/(loss) on
investments ....................................... (1.49) 2.31 1.63 1.03 (1.48)
-------- --------- --------- -------- --------
Total from investment operations .................... (1.45) 2.45 1.78 1.14 (1.31)
-------- --------- --------- -------- --------
Less distributions:
Dividends from net investment income ................ (0.07) (0.20) (0.12) -- (0.03)
Distributions from net realized gains ............... (1.00) (1.59) -- -- --
Distributions from capital .......................... -- -- -- -- (0.06)
-------- --------- --------- -------- --------
Total distributions ................................. (1.07) (1.79) (0.12) -- (0.09)
-------- --------- --------- -------- --------
Net asset value, end of period ...................... $ 13.22 $ 15.74 $ 15.08 $ 13.42 $ 12.28
======== ========= ========= ======== ========
Total return (b) .................................... (9.07)% 18.09% 13.29% 9.28% (9.68)%
======== ========= ========= ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 93,298 $ 135,593 $ 116,053 $ 73,168 $ 63,159
Ratio of operating expenses to average net assets ... 1.26%(c) 1.26% 1.26% 1.21%(c) 1.18%
Ratio of net investment income to average net assets 0.46%(c) 0.98% 1.07% 2.57%(c) 1.31%
Portfolio turnover rate ............................. 24% 46% 75% 14% 20%
Ratio of operating expenses to average net assets
without waivers ................................... 1.26%(c) 1.26% 1.33% 1.46%(c) 1.43%
Average commission rate (g) ......................... $ 0.0080 $ 0.0065 $ 0.0288 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.
</TABLE>
<PAGE>
Munder Micro-Cap Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
------------------------
Period
Ended Period
12/31/97 Ended
(Unaudited) 6/30/97(e)
----------- ----------
<S> <C> <C>
Net asset value, beginning of period ................ $ 12.82 $ 10.12
------- --------
Income from investment operations:
Net investment loss ................................. (0.03) (0.05)
Net realized and unrealized gain on investments ..... 4.50 2.75
------- --------
Total from investment operations .................... 4.47 2.70
------- --------
Less distributions:
Dividends from net investment income ................ -- --
Distributions from net realized gains ............... (0.64) --
------- --------
Total distributions ................................. (0.64) --
------- --------
Net asset value, end of period ...................... $ 16.65 $ 12.82
======= ========
Total return (b) .................................... 35.22% 26.68%
======= ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 1,936 $ 199
Ratio of operating expenses to average net assets ... 1.52%(c) 1.50%(c)
Ratio of net investment loss to average net assets .. (0.80)%(c) (0.88)%(c)
Portfolio turnover rate ............................. 65% 68%
Ratio of operating expenses to average net assets
without expenses reimbursed ....................... 1.96%(c) 7.90%(c)
Average commission rate (d) ......................... $0.0489 $ 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.
(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>
Munder Mid-Cap Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
-------------------------------------------
Period
Ended Year Period
12/31/97(e) Ended Ended
(Unaudited) 6/30/97(e) 6/30/96(e)
----------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period ................ $ 10.47 $ 11.56 $ 10.53
-------- -------- --------
Income from investment operations:
Net investment loss ................................. (0.03) (0.07) (0.04)
Net realized and unrealized gain on investments ..... 0.28 0.18 1.07
-------- -------- --------
Total from investment operations .................... 0.25 0.11 1.03
-------- -------- --------
Less distributions:
Dividends from net investment income ................ -- -- --
Distributions from net realized gains ............... (0.26) (1.20) --
-------- -------- --------
Total distributions ................................. (0.26) (1.20) --
-------- -------- --------
Net asset value, end of period ...................... $ 10.46 $ 10.47 $ 11.56
======== ======== ========
Total return (b) .................................... 2.41% 0.90% 9.78%
======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 1,098 $ 1,100 $ 421
Ratio of operating expenses to average net assets ... 1.27% (c) 1.24% 1.20%(c)
Ratio of net investment loss to average net assets .. (0.55)%(c) (0.61)% (0.53)%(c)
Portfolio turnover rate ............................. 80% 162% 247%
Ratio of operating expenses to average net assets
without expenses reimbursed ....................... 1.31% (c) 1.46% 1.38%(c)
Average commission rate (d) ......................... $ 0.0600 $ 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.
</TABLE>
<PAGE>
Munder Multi-Season Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
----------------------------------------------------
Period
Ended Year Year Period
12/31/97(e) Ended Ended Ended
(Unaudited) 6/30/97(e) 6/30/96(e) 6/30/95(d,g)
----------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 18.00 $ 14.83 $ 12.02 $ 12.20
--------- --------- --------- ---------
Income from investment operations:
Net investment income ............................... 0.01 0.04 0.06 0.00(h)
Net realized and unrealized gain/(loss) on
investments ....................................... 2.05 3.89 3.20 (0.18)
--------- --------- --------- ---------
Total from investment operations .................... 2.06 3.93 3.26 (0.18)
--------- --------- --------- ---------
Less distributions:
Dividends from net investment income ................ (0.01) (0.01) (0.05) --
Distributions from net realized gains ............... (0.92) (0.75) (0.40) --
--------- --------- --------- ---------
Total distributions ................................. (0.93) (0.76) (0.45) --
--------- --------- --------- ---------
Net asset value, end of period ...................... $ 19.13 $ 18.00 $ 14.83 $ 12.02
========= ========= ========= =========
Total return (b) .................................... 11.68% 27.55% 27.56% (1.48)%
========= ========= ========= =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 255,543 $ 237,330 $ 140,833 $ 104,767
Ratio of operating expenses to average net assets ... 1.24%(c) 1.25% 1.26% 1.20%(c)
Ratio of net investment income to average net assets 0.08%(c) 0.25% 0.44% 0.28%(c)
Portfolio turnover rate ............................. 13% 33% 54% 27%
Ratio of operating expenses to average net assets
without waivers ................................... 1.43%(c) 1.50% 1.51% 1.58%(c)
Average commission rate (f) ......................... $ 0.0543 $ 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 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) 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.
</TABLE>
<PAGE>
Munder Real Estate Equity Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
----------------------
Period
Ended Period
12/31/97 Ended
(Unaudited) 6/30/97
----------- --------
<S> <C> <C>
Net asset value, beginning of period ................ $ 14.40 $ 12.07
-------- --------
Income from investment operations:
Net investment income ............................... 0.37 0.40
Net realized and unrealized gain on investments ..... 1.87 2.38
-------- --------
Total from investment operations .................... 2.24 2.78
-------- --------
Less distributions:
Dividends from net investment income ................ (0.33) (0.41)
Distributions in excess of net investment income .... -- (0.01)
Distributions from net realized gains ............... (0.14) --
Distributions from paid-in capital .................. -- (0.03)
-------- --------
Total distributions ................................. (0.47) (0.45)
-------- --------
Net asset value, end of period ...................... $ 16.17 $ 14.40
======== ========
Total return (b) .................................... 15.72% 23.11%
======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 2,059 $ 1,481
Ratio of operating expenses to average net assets ... 1.30%(c) 1.35%(c)
Ratio of net investment income to average net assets 4.80%(c) 3.80%(c)
Portfolio turnover rate ............................. 4% 15%
Ratio of operating expenses to average net assets
without waivers ................................... 1.30%(c) 1.38%(c)
Average commission rate (d) ......................... $ 0.0600 $ 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.
</TABLE>
<PAGE>
Munder Small-Cap Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
------------------------
Period
Ended Period
12/31/97(e) Ended
(Unaudited) 6/30/97(e)
----------- ----------
<S> <C> <C>
Net asset value, beginning of period ................ $ 12.04 $ 10.08
-------- --------
Income from investment operations:
Net investment income ............................... 0.05 0.09
Net realized and unrealized gain on investments ..... 2.39 1.91
-------- --------
Total from investment operations .................... 2.44 2.00
-------- --------
Less distributions:
Dividends from net investment income ................ (0.04) (0.04)
Distributions from net realized capital gains ....... (0.64) --
-------- --------
Total distributions ................................. (0.68) (0.04)
-------- --------
Net asset value, end of period ...................... $ 13.80 $ 12.04
======== ========
Total return (b) .................................... 20.29% 19.85%
======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 72,443 $ 50,769
Ratio of operating expenses to average net assets ... 1.27%(c) 1.38%(c)
Ratio of net investment income to average net assets 0.70%(c) 1.93%(c)
Portfolio turnover rate ............................. 30% 73%
Ratio of operating expenses to average net assets
without waivers ................................... 1.27%(c) 1.51%(c)
Average commission rate (d) ......................... $ 0.0590 $ 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 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>
Munder Small Company Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
---------------------------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97(g) Ended Ended Ended Ended
(Unaudited) 6/30/97(g) 6/30/96(g) 6/30/95(d) 2/28/95(e)
----------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ........... $ 21.62 $ 21.08 $ 15.28 $ 13.89 $ 14.37
--------- --------- --------- -------- --------
Income from investment operations:
Net investment loss ............................ (0.07) (0.12) (0.12) (0.02) (0.04)
Net realized and unrealized gain/(loss) on
investments .................................. 2.89 3.65 7.16 1.41 (0.42)
--------- --------- --------- -------- --------
Total from investment operations ............... 2.82 3.53 7.04 1.39 (0.46)
--------- --------- --------- -------- --------
Less distributions:
Dividends from net investment income ........... -- -- -- -- --
Distributions from net realized gains .......... (4.11) (2.99) (1.24) -- (0.02)
--------- --------- --------- -------- --------
Total distributions ............................ (4.11) (2.99) (1.24) -- (0.02)
--------- --------- --------- -------- --------
Net asset value, end of period ................. $ 20.33 $ 21.62 $ 21.08 $ 15.28 $ 13.89
========= ========= ========= ======== ========
Total return (b) ............................... 14.44% 18.93% 48.28% 10.01% (3.21)%
========= ========= ========= ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ........... $ 159,508 $ 152,766 $ 111,669 $ 52,077 $ 45,080
Ratio of operating expenses to average net
assets ....................................... 1.22%(c) 1.22% 1.21% 1.21%(c) 1.23%
Ratio of net investment loss to average net
assets ....................................... (0.62)%(c) (0.62)% (0.66)% (0.41)%(c) (0.40)%
Portfolio turnover rate ........................ 61% 98% 98% 39% 45%
Ratio of operating expenses to average net
assets without waivers ....................... 1.22%(c) 1.22% 1.28% 1.46%(c) 1.48%
Average commission rate (f) .................... $ 0.0476 $ 0.0545 $ 0.0551 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.
</TABLE>
<PAGE>
Munder Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
-------------------------------------
Period
Ended Year Period
12/31/97 Ended Ended
(Unaudited) 6/30/97(e) 6/30/96(e)
----------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period ................ $ 13.98 $ 11.57 $ 10.83
-------- -------- --------
Income from investment operations:
Net investment income ............................... 0.05 0.08 0.05
Net realized and unrealized gain on investments ..... 1.94 3.64 0.74
-------- -------- --------
Total from investment operations .................... 1.99 3.72 0.79
-------- -------- --------
Less distributions:
Dividends from net investment income ................ (0.05) (0.09) (0.05)
Distributions from net realized gains ............... (1.15) (1.22) --
-------- -------- --------
Total distributions ................................. (1.20) (1.31) (0.05)
-------- -------- --------
Net asset value, end of period ...................... $ 14.77 $ 13.98 $ 11.57
======== ======== ========
Total return (b) .................................... 14.39% 34.37% 7.33%
======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 11,767 $ 7,940 $ 1,018
Ratio of operating expenses to average net assets ... 1.25%(c) 1.27% 1.20%(c)
Ratio of net investment income to average net assets 0.64%(c) 0.70% 0.64%(c)
Portfolio turnover rate ............................. 48% 139% 223%
Ratio of operating expenses to average net assets
without waivers ................................... 1.25%(c) 1.31% 1.30%(c)
Average commission rate (d) ......................... $ 0.0601 $ 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.
</TABLE>
<PAGE>
Munder Framlington Emerging Markets Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
--------------------------
Period
Ended Period
12/31/97(e) Ended
(Unaudited) 6/30/97(e)
----------- ----------
<S> <C> <C>
Net asset value, beginning of period .................. $ 12.92 $ 10.06
--------- --------
Income from investment operations:
Net investment income/(loss) .......................... (0.01) 0.05
Net realized and unrealized gain/(loss) on investments (1.66) 2.84
--------- --------
Total from investment operations ...................... (1.67) 2.89
--------- --------
Less distributions:
Dividends from net investment income .................. (0.02) (0.03)
Distributions from net realized gains ................. (0.27) --
--------- --------
Total distributions ................................... (0.29) (0.03)
--------- --------
Net asset value, end of period ........................ $ 10.96 $ 12.92
========= ========
Total return (b) ...................................... (12.84)% 28.69%
========= ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) .................. $ 29,243 $ 4,419
Ratio of operating expenses to average net assets ..... 1.98%(c) 1.79%(c)
Ratio of net investment income/(loss) to average net
assets .............................................. (0.14)%(c) 1.14%(c)
Portfolio turnover rate ............................... 52% 46%
Ratio of operating expenses to average net assets
without expenses reimbursed ......................... 2.20%(c) 5.43%(c)
Average commission rate (d) ........................... $ 0.0020 $ 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.
</TABLE>
<PAGE>
Munder Framlington Healthcare Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
--------------------------
Period
Ended Period
12/31/97(e) Ended
(Unaudited) 6/30/97
----------- --------
<S> <C> <C>
Net asset value, beginning of period .................. $ 10.89 $ 9.45
--------- --------
Income from investment operations:
Net investment loss ................................... (0.07) (0.02)
Net realized and unrealized gain on investments ....... 0.80 1.46
--------- --------
Total from investment operations ...................... 0.73 1.44
--------- --------
Less distributions:
Dividends from net investment income .................. -- --
Distributions from net realized gains ................. -- --
--------- --------
Total distributions ................................... -- --
--------- --------
Net asset value, end of period ........................ $ 11.62 $ 10.89
========= ========
Total return (b) 6.70% 15.24%
========= ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) .................. $ 127 $ 119
Ratio of operating expenses to average net assets ..... 1.69%(c) 1.55%(c)
Ratio of net investment loss to average net assets .... (1.23)%(c) (0.95)%(c)
Portfolio turnover rate ............................... 29% 14%
Ratio of operating expenses to average net assets
without expenses reimbursed ......................... 2.55%(c) 7.33%(c)
Average commission rate (d) ........................... $ 0.0460 $ 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.
(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>
Munder Framlington International Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
--------------------------
Period
Ended Period
12/31/97(e) Ended
(Unaudited) 6/30/97(e)
----------- ----------
<S> <C> <C>
Net asset value, beginning of period .................. $ 11.35 $ 9.87
-------- --------
Income from investment operations:
Net investment income/(loss) .......................... (0.03) 0.05
Net realized and unrealized gain/(loss) on investments (1.11) 1.43
-------- --------
Total from investment operations ...................... (1.14) 1.48
-------- --------
Less distributions:
Dividends from net investment income .................. (0.02) --
Distributions from net realized gains ................. (0.04) --
-------- --------
Total distributions ................................... (0.06) --
-------- --------
Net asset value, end of period ........................ $ 10.15 $ 11.35
======== ========
Total return (b) ...................................... (10.08)% 14.99%
======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) .................. $ 1,867 $ 1,089
Ratio of operating expenses to average net assets ..... 1.68%(c) 1.55%(c)
Ratio of net investment income/(loss) to average net
assets .............................................. (0.60)%(c) 1.01%(c)
Portfolio turnover rate ............................... 22% 15%
Ratio of operating expenses to average net assets
without expenses reimbursed ......................... 1.85%(c) 2.56%(c)
Average commission rate (d) ........................... $ 0.0220 $ 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.
</TABLE>
<PAGE>
Munder Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
-----------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97(e) Ended Ended Ended Ended
(Unaudited) 6/30/97 6/30/96 6/30/95(e) 2/28/95(d,f)
----------- ------- ------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 9.57 $ 9.53 $ 9.69 $ 9.31 $ 9.91
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income ............................... 0.29 0.61 0.61 0.21 0.62
Net realized and unrealized gain/(loss) on
investments ....................................... 0.31 0.01 (0.19) 0.37 (0.64)
-------- -------- -------- -------- --------
Total from investment operations .................... 0.60 0.62 0.42 0.58 (0.02)
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income ................ (0.28) (0.58) (0.58) (0.20) (0.58)
-------- -------- -------- -------- --------
Total distributions ................................. (0.28) (0.58) (0.58) (0.20) (0.58)
-------- -------- -------- -------- --------
Net asset value, end of period ...................... $ 9.89 $ 9.57 $ 9.53 $ 9.69 $ 9.31
======== ======== ======== ======== ========
Total return (b) .................................... 6.33% 6.72% 4.35% 6.28% 0.44%
======== ======== ======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 41,158 $ 34,999 $ 32,211 $ 36,718 $ 33,842
Ratio of operating expenses to average net assets ... 0.96%(c) 0.96% 0.95% 0.95%(c) 0.92%
Ratio of net investment income to average net assets 5.84%(c) 6.34% 6.26% 6.47%(c) 6.57%
Portfolio turnover rate ............................. 102% 279% 507% 99% 165%
Ratio of operating expenses to average net assets
without waivers ................................... 0.96%(c) 0.96% 1.04% 1.19%(c) 1.16%
<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.
</TABLE>
<PAGE>
Munder Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
---------------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97(f) Ended Ended Ended Ended
(Unaudited) 6/30/97(f) 6/30/96 6/30/95(d) 2/28/95(e)
----------- ---------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 9.33 $ 9.31 $ 9.51 $ 9.27 $ 9.91
--------- --------- --------- --------- ---------
Income from investment operations:
Net investment income ............................... 0.28 0.55 0.58 0.22 0.56
Net realized and unrealized gain/(loss) on
investments ....................................... 0.13 0.02 (0.20) 0.24 (0.57)
--------- --------- --------- --------- ---------
Total from investment operations .................... 0.41 0.57 0.38 0.46 (0.01)
--------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment income ................ (0.28) (0.55) (0.58) (0.22) (0.62)
Distributions from net realized gains ............... -- -- -- -- (0.01)
--------- --------- --------- --------- ---------
Total distributions ................................. (0.28) (0.55) (0.58) (0.22) (0.63)
--------- --------- --------- --------- ---------
Net asset value, end of period ...................... $ 9.46 $ 9.33 $ 9.31 $ 9.51 $ 9.27
========= ========= ========= ========= =========
Total return (b) .................................... 4.40% 6.34% 4.04% 5.04% 0.54%
========= ========= ========= ========= =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 353,475 $ 325,331 $ 370,493 $ 300,596 $ 285,493
Ratio of operating expenses to average net assets ... 0.93%(c) 0.93% 0.94% 0.95%(c) 0.93%
Ratio of net investment income to average net assets 5.81%(c) 5.91% 6.08% 7.12%(c) 6.71%
Portfolio turnover rate ............................. 74% 325% 494% 84% 80%
Ratio of operating expenses to average net assets
without waivers ................................... 0.93%(c) 0.93% 1.02% 1.19%(c) 1.18%
<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.
</TABLE>
<PAGE>
Munder International Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
---------------------
Period
Ended Period
12/31/97 Ended
(Unaudited) 6/30/97
----------- -------
<S> <C> <C>
Net asset value, beginning of period ................ $ 9.83 $ 9.54
------- -------
Income from investment operations:
Net investment income ............................... 0.20 0.09
Net realized and unrealized gain/(loss) on
investments ....................................... (0.38) 0.20
------- -------
Total from investment operations .................... (0.18) 0.29
------- -------
Less distributions:
Dividends from net investment income ................ (0.17) --
Distributions from net realized gains ............... (0.02) --
------- -------
Total distributions ................................. (0.19) --
------- -------
Net asset value, end of period ...................... $ 9.46 $ 9.83
======= =======
Total return (b) .................................... (1.86)% 3.04%
======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 85 $ 103
Ratio of operating expenses to average net assets ... 1.10%(c) 1.14%(c)
Ratio of net investment income to average net assets 3.51%(c) 3.61%(c)
Portfolio turnover rate ............................. 60% 75%
Ratio of operating expenses to average net assets
without waivers ................................... 1.10%(c) 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.
</TABLE>
<PAGE>
Munder U.S. Government Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
----------------------------------------------------------------------------
Period
Ended Year Year Period Period
12/31/97 Ended Ended Ended Ended
(Unaudited) 6/30/97 6/30/96(f) 6/30/95(d) 2/28/95(e)
----------- --------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ....... $ 10.09 $ 9.98 $ 10.30 $ 9.89 $ 10.00
--------- --------- --------- --------- ---------
Income from investment operations:
Net investment income ...................... 0.31 0.65 0.71 0.23 0.47
Net realized and unrealized gain/(loss) on
investments .............................. 0.26 0.07 (0.27) 0.41 (0.12)
--------- --------- --------- --------- ---------
Total from investment operations ........... 0.57 0.72 0.44 0.64 0.35
--------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment income ....... (0.30) (0.61) (0.68) (0.23) (0.46)
Distributions from net realized gains ...... (0.05) (0.00)(g) (0.08) -- --
Distributions in excess of net realized
capital gains ............................ (0.01) -- -- -- --
--------- --------- --------- --------- ---------
Total distributions ........................ (0.36) (0.61) (0.76) (0.23) (0.46)
--------- --------- --------- --------- ---------
Net asset value, end of period ............. $ 10.30 $ 10.09 $ 9.98 $ 10.30 $ 9.89
========= ========= ========= ========= =========
Total return (b) ........................... 5.71% 7.49% 4.32% 6.55% 3.68%
========= ========= ========= ========= =========
Ratios to average net assets/supplemental
data:
Net assets, end of period (in 000's) ....... $ 211,415 $ 197,479 $ 158,948 $ 174,674 $ 165,298
Ratio of operating expenses to average net
assets ................................... 0.96%(c) 0.96% 0.97% 0.97%(c) 0.95%(c)
Ratio of net investment income to average
net assets ............................... 6.02%(c) 6.51% 6.92% 6.96%(c) 7.02%(c)
Portfolio turnover rate .................... 42% 130% 133% 42% 143%
Ratio of operating expenses to average net
assets without waivers ................... 0.96%(c) 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.
</TABLE>
<PAGE>
Munder Michigan Triple Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
-------------------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97 Ended Ended Ended Ended
(Unaudited) 6/30/97(d) 6/30/96(d) 6/30/95(d,e) 2/28/95(d,f)
----------- ---------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 9.64 $ 9.34 $ 9.34 $ 9.24 $ 9.73
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income ............................... 0.21 0.43 0.48 0.16 0.44
Net realized and unrealized gain/(loss) on
investments ....................................... 0.43 0.30 0.00(g) 0.10 (0.50)
-------- -------- -------- -------- --------
Total from investment operations .................... 0.64 0.73 0.48 0.26 (0.06)
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income ................ (0.22) (0.43) (0.48) (0.16) (0.43)
Distributions from net realized gains ............... 0.02 0.00(g) -- -- --
-------- -------- -------- -------- --------
Total distributions ................................. (0.24) (0.43) (0.48) (0.16) (0.43)
-------- -------- -------- -------- --------
Net asset value, end of period ...................... $ 10.04 $ 9.64 $ 9.34 $ 9.34 $ 9.24
======== ======== ======== ======== ========
Total return (b) .................................... 6.69% 8.00% 5.14% 2.84% (0.16)%
======== ======== ======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 50,304 $ 43,316 $ 29,476 $ 25,549 $ 27,731
Ratio of operating expenses to average net assets ... 1.02%(c) 0.88% 0.51% 0.52%(c) 0.56%
Ratio of net investment income to average net assets 4.34%(c) 4.57% 5.01% 5.06%(c) 4.81%
Portfolio turnover rate ............................. 18% 19% 31% 8% 53%
Ratio of operating expenses to average net assets
without waivers ................................... 1.02%(c) 1.02% 1.09% 1.26%(c) 1.30%
<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.
</TABLE>
<PAGE>
Munder Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
-----------------------------------------------------------------
Period
Ended Year Year Period Period
12/31/97 Ended Ended Ended Ended
(Unaudited) 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 ................ $ 10.52 $ 10.35 $ 10.30 $ 10.14 $ 10.00
--------- --------- --------- --------- ---------
Income from investment operations:
Net investment income ............................... 0.27 0.47 0.46 0.15 0.31
Net realized and unrealized gain on investments ..... 0.42 0.25 0.07 0.16 0.14
--------- --------- --------- --------- ---------
Total from investment operations .................... 0.69 0.72 0.53 0.31 0.45
--------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment income ................ (0.27) (0.47) (0.47) (0.15) (0.31)
Distributions from net realized gains ............... (0.16) (0.08) (0.01) -- --
--------- --------- --------- --------- ---------
Total distributions ................................. (0.43) (0.55) (0.48) (0.15) (0.31)
--------- --------- --------- --------- ---------
Net asset value, end of period ...................... $ 10.78 $ 10.52 $ 10.35 $ 10.30 $ 10.14
========= ========= ========= ========= =========
Total return (b) .................................... 6.65% 7.13% 5.12% 3.09% 4.64%
========= ========= ========= ========= =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 197,124 $ 190,243 $ 196,645 $ 232,040 $ 251,636
Ratio of operating expenses to average net assets ... 0.95%(c) 0.95% 0.98% 1.02%(c) 0.93%(c)
Ratio of net investment income to average net assets 4.92%(c) 4.52% 4.42% 4.38%(c) 4.69%(c)
Portfolio turnover rate ............................. 33% 45% 15% 12% 50%
Ratio of operating expenses to average net assets
without waivers ................................... 0.95%(c) 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.
</TABLE>
<PAGE>
Munder Tax-Free Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
-----------------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97 Ended Ended Ended Ended
(Unaudited) 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
----------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 10.41 $ 10.34 $ 10.37 $ 10.17 $ 10.44
--------- --------- --------- --------- ---------
Income from investment operations:
Net investment income ............................... 0.24 0.41 0.41 0.14 0.38
Net realized and unrealized gain/(loss) on
investments ....................................... 0.15 0.10 (0.03) 0.20 (0.21)
--------- --------- --------- --------- ---------
Total from investment operations .................... 0.39 0.51 0.38 0.34 0.17
--------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment income ................ (0.24) (0.41) (0.41) (0.14) (0.42)
Distributions from net realized gains ............... (0.09) (0.03) -- -- (0.02)
--------- --------- --------- --------- ---------
Total distributions ................................. (0.33) (0.44) (0.41) (0.14) (0.44)
--------- --------- --------- --------- ---------
Net asset value, end of period ...................... $ 10.47 $ 10.41 $ 10.34 $ 10.37 $ 10.17
========= ========= ========= ========= =========
Total return (b) .................................... 3.73% 5.04% 3.69% 3.35% 2.05%
========= ========= ========= ========= =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 291,251 $ 283,641 $ 333,768 $ 333,067 $ 345,658
Ratio of operating expenses to average net assets ... 0.93%(c) 0.93% 0.96% 0.98%(c) 0.95%
Ratio of net investment income to average net assets 4.47%(c) 3.96% 3.91% 4.01%(c) 4.19%
Portfolio turnover rate ............................. 15% 31% 20% 5% 52%
Ratio of operating expenses to average net assets
without waivers ................................... 0.93%(c) 0.93% 1.04% 1.22%(c) 1.19%
<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.
</TABLE>
<PAGE>
Munder Short Term Treasury Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
------------------------
Period
Ended Period
12/31/97(d) Ended
(Unaudited) 6/30/97(d)
----------- ----------
<S> <C> <C>
Net asset value, beginning of period ................ $ 10.01 $ 9.96
------- -------
Income from investment operations:
Net investment income ............................... 0.09 0.12
Net realized and unrealized gain on investments ..... 0.02 0.06
------- -------
Total from investment operations .................... 0.11 0.18
------- -------
Less distributions:
Dividends from net investment income ................ (0.08) (0.13)
------- -------
Total distributions ................................. (0.08) (0.13)
------- -------
Net asset value, end of period ...................... $ 10.04 $ 10.01
======= =======
Total return (b) .................................... 1.16% 1.78%
======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 601 $ 1,426
Ratio of operating expenses to average net assets ... 0.76%(c) 0.77%(c)
Ratio of net investment income to average net assets 5.04%(c) 5.01%(c)
Portfolio turnover rate ............................. 52% 40%
Ratio of operating expenses to average net assets
without expenses reimbursed ....................... 0.80%(c) 0.80%(c)
<FN>
- ----------------
(a) The Munder Short Term Treasury Fund Class K Shares commenced operations
on April 2, 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.
</TABLE>
<PAGE>
Munder Cash Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
---------------------------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97(f) Ended Ended Ended Ended
(Unaudited) 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
----------- ------- ------- ---------- ----------
<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 ............................. 0.030 0.048 0.050 0.018 0.040
--------- --------- --------- --------- ---------
Total from investment operations .................. 0.030 0.048 0.050 0.018 0.040
--------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment income .............. (0.030) (0.048) (0.050) (0.018) (0.040)
--------- --------- --------- --------- ---------
Total distributions ............................... (0.030) (0.048) (0.050) (0.018) (0.040)
--------- --------- --------- --------- ---------
Net asset value, end of period .................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ========= =========
Total return (b) .................................. 2.54% 4.90% 5.10% 1.81% 4.08%
========= ========= ========= ========= =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) .............. $ 689,622 $ 599,858 $ 547,523 $ 558,628 $ 559,212
Ratio of operating expenses to average net assets . 0.66%(c) 0.70% 0.68% 0.67%(c) 0.70%
Ratio of net investment income to average net
assets .......................................... 5.04%(c) 4.81% 4.98% 5.49%(c) 4.12%
Ratio of operating expenses to average net assets
without waivers ................................. 0.66%(c) 0.70% 0.68% 0.69%(c) 0.73%
<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.
(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.
</TABLE>
<PAGE>
Munder Tax-Free Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
------------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97 Ended Ended Ended Ended
(Unaudited) 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
----------- ------- ------- ---------- ----------
<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 ............................... 0.01 0.028 0.030 0.011 0.024
--------- --------- --------- --------- ---------
Total from investment operations .................... 0.01 0.028 0.030 0.011 0.024
--------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment income ................ (0.010) (0.028) (0.030) (0.011) (0.024)
--------- --------- --------- --------- ---------
Total distributions ................................. (0.010) (0.028) (0.030) (0.011) (0.024)
--------- --------- --------- --------- ---------
Net asset value, end of period ...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========= ========= =========
Total return (b) .................................... 1.50% 2.90% 3.00% 1.12% 2.44%
========= ========= ========= ========= =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 191,013 $ 226,782 $ 192,591 $ 195,730 $ 195,926
Ratio of operating expenses to average net assets ... 0.68%(c) 0.68% 0.68% 0.69%(c) 0.70%
Ratio of net investment income to average net assets 3.00%(c) 2.86% 2.99% 3.36%(c) 2.39%
Ratio of operating expenses to average net assets
without waivers ................................... 0.68%(c) 0.68% 0.70% 0.74%(c) 0.75%
<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.
</TABLE>
<PAGE>
Munder U.S. Treasury Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
---------------------------------------------------------
Period
Ended Year Year Period Year
12/31/97 Ended Ended Ended Ended
(Unaudited) 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
----------- ------- ------- ---------- ----------
<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 ............................... 0.020 0.047 0.048 0.017 0.037
-------- -------- -------- -------- --------
Total from investment operations .................... 0.020 0.047 0.048 0.017 0.037
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income ................ (0.020) (0.047) (0.048) (0.017) (0.037)
-------- -------- -------- -------- --------
Total distributions ................................. (0.020) (0.047) (0.048) (0.017) (0.037)
-------- -------- -------- -------- --------
Net asset value, end of period ...................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total return (b) .................................... 2.42% 4.73% 4.89% 1.76% 3.83%
======== ======== ======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 46,192 $ 41,877 $ 62,133 $ 74,210 $ 75,197
Ratio of operating expenses to average net assets ... 0.70%(c) 0.69% 0.69% 0.70%(c) 0.70%
Ratio of net investment income to average net assets 4.79%(c) 4.64% 4.74% 5.23%(c) 3.73%
Ratio of operating expenses to average net assets
without waivers ................................... 0.70%(c) 0.69% 0.71% 0.75%(c) 0.75%
<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.
</TABLE>
<PAGE>
The Munder Funds
Notes To Financial Statements, December 31, 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
<PAGE>
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 Munder 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 the 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.
These 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.
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
<PAGE>
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, Munder Framlington Emerging Markets
Fund and Munder 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 that certain dividends from foreign
securities are recorded as soon as the Fund is informed of the ex-dividend
date.
<PAGE>
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.
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.
<PAGE>
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 Exceeding
Million $500 Million
-------------- --------------
<S> <C> <C>
Munder Multi-Season Growth Fund ..................... 1.00% 0.75%
<CAPTION>
Fees on Assets Fees on Assets
up to Exceeding
$250 Million $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>
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>
<PAGE>
The Advisor voluntarily waived fees and reimbursed expenses for the
period ended December 31, 1997 for the following Funds:
<TABLE>
<CAPTION>
Fund Fees Waived Expenses Reimbursed
---- ----------- -------------------
<S> <C> <C>
Munder Index 500 Fund ............................... $ 239,088 $ --
Munder Micro-Cap Equity Fund ........................ -- 39,334
Munder Mid-Cap Growth Fund .......................... -- 6,481
Munder Multi-Season Growth Fund ..................... 627,047 --
Munder Framlington Emerging Markets Fund ............ -- 42,677
Munder Framlington Healthcare Fund .................. -- 44,189
Munder Framlington International Growth Fund ........ -- 34,476
Munder Short Term Treasury Fund ..................... -- 13,880
</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 International Growth Fund and the Munder Framlington
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.
Funds Distributor, Inc. ("FDI" or the "Distributor") entered into
Sub-Administration Agreements with First Data Investor Services Group prior
to November 1, 1997 and State Street Bank and Trust Company after October 31,
1997, under which FDI provides certain administrative services with respect
to the Munder Funds. FDI's fee for these services is paid for by the
administrator out of its own resources at no additional cost to the Munder
Funds.
Comerica Bank ("Comerica") provides certain custodian and shareholder
services to the Munder Funds. Prior to November 1, 1997, Comerica received as
compensation for its Custodian services fees, based on the aggregate average
daily net assets of the Munder Funds and certain other investment portfolios
advised by the Advisor for which Comerica provided services, computed daily
and payable monthly at an annual rate of 0.03% of the first $100 million of
average daily net assets, 0.02% of the next $500 million of net assets and
0.01% of net assets in excess of $600 million. Comerica also received certain
transaction based fees. After October 31, 1997, no compensation was be paid
to Comerica for its services as custodian to the funds. Comerica earned $
757,723 for its services to the Munder Funds for the period ended December
31, 1997. As compensation for certain shareholder services provided to the
Munder Funds as of November 1, 1997, Comerica receives a fee of 0.01% of the
aggregate average daily net assets of the Munder Funds beneficially owned by
Comerica and its customers.
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, State Street or Investor Services Group received 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 December 31, 1997, the Distributor received $66,719,
representing commissions (sales charges) on sales of Class A Shares of the
Funds. For the period ended December 31, 1997, the Distributor received
$95,229 in contingent deferred sales charges from Class B and Class C Shares
of the Funds.
<PAGE>
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 Munder 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 Munder
Funds). The Munder Funds have also adopted Shareholder Servicing Plans (the
"Class K Plans") for the Class K Shares of the Munder Funds. Under the Class
K Plans, the Munder Funds are permitted to enter into agreements with
institutions that provide shareholder services to their customers. For the
period ended December 31, 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>
<PAGE>
4. Securities Transactions
For the period ended December 31, 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 ..................... $119,868,767 $223,887,739
Munder Balanced Fund ................................ 24,360,449 28,100,712
Munder Growth & Income Fund ......................... 77,210,428 123,996,555
Munder Index 500 Fund ............................... 71,729,951 45,849,072
Munder International Equity Fund .................... 53,006,460 93,856,918
Munder Micro-Cap Equity Fund ........................ 36,184,737 10,463,354
Munder Mid-Cap Growth Fund .......................... 42,757,043 28,755,657
Munder Multi-Season Growth Fund ..................... 188,299,441 71,964,528
Munder Real Estate Equity Investment Fund ........... 24,105,431 2,991,059
Munder Small-Cap Value Fund ......................... 77,357,776 31,075,999
Munder Small Company Growth Fund .................... 234,076,708 216,192,750
Munder Value Fund ................................... 73,810,237 52,122,758
Munder Framlington Emerging Markets Fund ............ 56,704,381 15,372,996
Munder Framlington Healthcare Fund .................. 12,516,027 2,699,832
Munder Framlington International Growth Fund ........ 34,526,534 8,603,281
Munder Bond Fund .................................... 133,312,703 63,011,197
Munder Intermediate Bond Fund ....................... 259,824,908 147,724,796
Munder International Bond Fund ...................... 29,055,987 28,620,334
Munder U.S. Government Income Fund .................. -- 16,984,494
Munder Michigan Triple Tax-Free Bond Fund ........... 12,771,678 8,692,044
Munder Tax-Free Bond Fund ........................... 69,968,978 65,845,069
Munder Tax-Free Intermediate Bond Fund .............. 55,963,046 44,829,559
Munder Short Term Treasury Fund ..................... -- --
</TABLE>
For the period ended December 31, 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 ................................ $ 12,570,892 $ 17,236,116
Munder Bond Fund .................................... 145,078,152 116,476,564
Munder Intermediate Bond Fund ....................... 209,660,203 233,700,333
Munder U.S. Government Income Fund .................. 128,663,465 91,076,893
Munder Short Term Treasury Fund ..................... 35,316,406 28,118,008
</TABLE>
<PAGE>
At December 31, 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 ..................... $ 31,295,908 $ 3,167,540
Munder Balanced Fund ................................ 12,396,437 990,382
Munder Growth & Income Fund ......................... 52,751,824 1,081,848
Munder Index 500 Fund ............................... 158,431,540 6,438,981
Munder International Equity Fund .................... 41,806,502 21,176,468
Munder Micro-Cap Equity Fund ........................ 2,676,714 1,952,076
Munder Mid-Cap Growth Fund .......................... 3,479,850 2,457,948
Munder Multi-Season Growth Fund ..................... 206,208,595 9,027,558
Munder Real Estate Equity Investment Fund ........... 17,138,182 95,435
Munder Small-Cap Value Fund ......................... 19,817,811 2,474,402
Munder Small Company Growth Fund .................... 61,369,989 13,781,159
Munder Value Fund ................................... 18,854,246 1,569,823
Munder Framlington Emerging Markets Fund ............ 1,288,866 6,208,847
Munder Framlington Healthcare Fund .................. 1,597,586 1,102,362
Munder Framlington International Growth Fund ........ 3,376,489 5,571,940
Munder Bond Fund .................................... 3,813,371 819,460
Munder Intermediate Bond Fund ....................... 6,500,823 1,665,396
Munder International Bond Fund ...................... 218,522 2,374,258
Munder U.S. Government Income Fund .................. 6,383,210 482,914
Munder Michigan Triple Tax-Free Bond Fund ........... 2,508,667 --
Munder Tax-Free Bond Fund ........................... 13,748,473 --
Munder Tax-Free Intermediate Bond Fund .............. 9,719,104 --
Munder Short Term Treasury Fund ..................... 193,038 --
</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 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 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 Munder Framlington
International Growth Fund and Munder 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.
<PAGE>
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 December 31, 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
1998 1999 2000 2001 2002 2003 2005
-------- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Munder Bond Fund .................. -- -- -- -- $ 857,708 $ 3,430,654 $ 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>
<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
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
First Data Investor Services Group, Inc.
53 State Street
Boston, MA 02109
ADMINISTRATOR & SUB-CUSTODIAN
State Street Bank & Trust Company
1776 Heritage Drive
North Quincy, 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
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
<PAGE>
(OUTSIDE BACK COVER)
SANNK97
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
