(OUTSIDE FRONT COVER)
CLASS A, B, C & Y SHARES
Annual
Report
[LOGO]
The Munder Funds
Investments JUNE 30, 1999
for all seasons
THE MUNDER EQUITY FUNDS
Balanced
Growth & Income
International Equity
Micro-Cap Equity
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
(INSIDE FRONT COVER)
At The Munder Funds, we take
great pride in applying a
"truth in labeling" attitude
to investment management.
The Munder Funds
Letter to shareholders
Dear fellow shareholders:
On the following pages you will find the most recent financial
information for The Munder Funds. I hope you are pleased with the performance
and operations of the Funds.
I applaud you for staying with your commitment to a long-term investment
strategy during an investment market which was anything but smooth sailing.
Despite the constant market turmoil, which has cast a doubt over the market
since June, 1998, most Fund shareholders have maintained their long-term
focus. Those that have stayed the course have been well rewarded. The pay-off
came as the market broadened out in April of this year as it did in late
1998. Not surprisingly (but long-awaited nonetheless) we are encouraged that
the market is finally beginning to recognize the value that even companies
which are not part of the very largest in the S&P 500 index can bring to a
portfolio. Further, we believe that the economic conditions favor increased
emphasis on these types of securities.
At The Munder Funds, we take great pride in applying a "truth in
labeling" attitude to investment management. Munder Capital Management, the
advisor to The Munder Funds has followed this in very large institutional
accounts and personal portfolios throughout its 15 year history. Hopefully
you take comfort in knowing that each mutual fund we manage adheres to a very
disciplined style of investing. That is to say, that if we define a mutual
fund as being a "growth-oriented equity fund" it does invest in common stocks
which are growing through earnings expansion and is almost exclusively
invested in stocks. Our strict adherence to a discipline makes the job of
meeting your long-term investment goals much more simple. This measure of
consistency contributes to the likelihood that your strategy will be
successful.
Toward this end we have created a full family of funds. Some of our
funds, such as the Index 500, Multi-Season Growth or most of our bond funds,
should be considered core holdings in your portfolio. We have also become
well respected and enjoyed much notoriety for the extensive array of mutual
funds which invest in niche strategies. The NetNet Fund, Real Estate Fund,
and International Bond Fund are examples of these.
If you have any questions, about any of these mutual fund offerings, or
your current investments, please call your financial advisor. You may also
contact the Fund at 1-800-4MUNDER with your inquiries. You may also contact
us through our website at http://www.munder.com. Thank you very much for your
confidence in Munder Capital Management and the Munder Family of Mutual
Funds.
Very truly yours
Very truly yours
/s/ Lee Munder
- ---------------------
Lee Munder, President
Table of
Contents
EQUITY FUNDS OVERVIEW
iii Munder Balanced Fund
iv Munder Growth & Income Fund
iv Munder International Equity Fund
v Munder Micro-Cap Equity Fund
v Munder Multi-Season Growth Fund
vi Munder Real Estate Equity Investment Fund
vi Munder Small-Cap Value Fund
vii Munder Small Company Growth Fund
vii Munder Value Fund
vii Munder Framlington Emerging Markets Fund
viii Munder Framlington Healthcare Fund
ix Munder Framlington International Growth Fund
xi Hypotheticals and Total Returns
PORTFOLIO OF INVESTMENTS --
1 Munder Balanced Fund
6 Munder Growth & Income Fund
8 Munder International Equity Fund
20 Munder Micro-Cap Equity Fund
22 Munder Multi-Season Growth Fund
24 Munder Real Estate Equity Investment Fund
25 Munder Small-Cap Value Fund
27 Munder Small Company Growth Fund
29 Munder Value Fund
31 Munder Framlington Emerging Markets Fund
36 Munder Framlington Healthcare Fund
39 Munder Framlington International Growth Fund
44 Financial Statements
62 Financial Highlights
101 Notes to Financial Statements
Report of Ernst & Young LLP, Independent Auditors
- ------------------------------------------------------------------------------
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.
Management's Discussion and
Analysis of Fund Operations
The Investment Environment
Coming into 1999 the US economy seemed to shrug off the problems that
plagued the rest of the world, showing strong performance across many sectors
of the economy. Spending in the US continued to be fueled not only by strong
consumer demand, but increased public sector outlays as states and the
Federal government anticipated surpluses and moved to spend on infrastructure
and other improvements. The manufacturing sector saw improved health as well,
as inventories stayed under control and improvement in our net trade balance.
This was also reflected in the steady rise in the Purchasing Managers' Index,
which increased steadily throughout the period. At the end of June the
Index recorded its highest reading since July 1997. Production and new orders
were two of the Index's components that showed significant increases.
Looking at the various sectors of the economy, capital goods spending
remained strong. Public sector spending increased as the improved finances of
state and local governments translated into higher spending. Export orders
also appear to be on an upward trend.
While there is firm fundamental support for expanding domestic demand,
there are also indicators of a near-term moderation in growth. Retail sales,
which increased at a 14.5% annualized rate during the first quarter, slowed
to a still strong but more moderate pace of 7.9% during the second quarter.
Employment growth and hours worked also slowed. In addition, the significant
increase in mortgage rates that occurred during the quarter should slow
housing purchases and construction, along with the sales of related goods
such as furniture.
In the midst of strong economic growth, inflation remained subdued. The
Consumer Price Index (CPI), after a large jump in April, remained unchanged
throughout the rest of the second calendar quarter. With industrial capacity
continuing to grow faster than production, firms have very little pricing
power. This has helped to keep inflation subdued in spite of strong economic
growth.
The combination of strong domestic growth and a strengthening of the
global economy caused the Federal Reserve to increase the Federal Funds rate
by 0.25 percentage point on June 29. At the time, policy makers indicated the
need to remain alert to the potential for "inflationary forces that could
undermine growth". Whether the Federal Reserve sees the need for further
tightening of monetary policy this year depends upon the strength seen in the
economic data released over the next months. As of this writing, the market
has factored in another or 0.25 percentage point increase in anticipation of
when the Federal Reserve meets again in late August. Whether that is the last
increase or not is uncertain at this time.
The Stock Market
The first quarter of 1999 represented a continuation of the very narrow
performance that has characterized the stock market for the previous six
quarters. Again, large stocks significantly outperformed smaller stocks as
the S&P 500 Index returned 4.98% for the first quarter, and the S&P 600 Index
(an index of small company stocks) returned -- 9.00%. In fact, two companies
(Microsoft and America Online) accounted for over half of the return of the
S&P500 Index, and only 10 companies accounted for the entire increase.
Early in the second quarter of 1999, however, the stock market
experienced a dramatic shift away from growth stocks (stocks purchased with
the anticipation of above-average long-term
earnings growth) to value stocks (stocks with relative valuations below the
average market valuations). This shift came about as investors reasoned that
rising interest rates would have less of a negative impact on value stocks
than on growth stocks. In addition, a recovering global economy was likely to
be more of a positive for value-oriented cyclical stocks than for growth
stocks.
The shift lasted exactly one week (from April 12th to April 19th). The
magnitude was so great, however, that this one-week of performance caused
value stocks to outperform growth stocks for the entire quarter. In that one
week time period, large value stocks outperformed large growth stocks by more
than 11 percentage points. Mid-cap value stocks outperformed mid-cap growth
stocks by 8 percentage points and small-cap value stocks outperformed
small-cap growth stocks by 4 percentage points. Many of the large growth
stocks which had led the S&P 500 over the past several years, such as
Microsoft, Wal-Mart, General Electric, Merck and Cisco Systems, saw their
stock prices decline by 10% to 15% during that week. Value-oriented cyclical
stocks (the stocks of companies that are highly sensitive to the strength of
the economy) such as Alcoa and Caterpillar Tractor, which had lagged the
overall market in recent periods, had price increases of over 20% during that
week. Overall, traditional growth sectors of the market, such as Healthcare
and Business Services, were the worst performing sectors, while more cyclical
sectors such as Basic Materials and Capital Goods were the best performing
sectors for the first time since late 1997.
The Fed has been extremely outspoken about slowing the economy in an
effort to avoid inflation. Our discipline focuses on companies that have
demonstrated an ability to grow their earnings throughout an economic cycle
- -- these are precisely the types of companies investors gravitate to in times
when the economy is slowing and earnings are decelerating. Recent history
reinforces the wisdom of this discipline.
[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 Balanced Fund
Fund Manager: The Munder Balanced Fund Committee
The Fund earned a return of 11.21% for the year ending June 30, 1999,
relative to the 6.36% return for the 60% S&P 500 / 40% Lehman Gov't/Corp. and
the 9.98% average return for the Lipper universe of balanced mutual funds.
The asset allocation of the Fund was approximately 35% fixed income and 65%
equities during the month. The Fund has earned above-average returns for the
one-month, three-month, six-month, and one-year time periods ending June 30,
1999.
The first half of 1999 was characterized by a strong equity market and
negative bond market. The stock portion of the Fund, therefore, was the key
to the strong absolute and relative performance of the Fund during the
quarter.
The equity portion of this Fund consists of stocks from our large and
small cap disciplines, as well as growth and value sectors. As a result, in a
significant reversal from the first quarter of this year, the strongest
performance came from the Fund's holdings of smaller capitalization stocks.
This was a reflection of the broadening out of the market. Investors were
once again focusing on
valuation and fundamentals, rather than simply capitalization. In another
shift from prior quarters, value stocks were especially strong performers.
These are stocks whose relative valuation is below that of the market. This
renewed focus on value stocks came about because market participants reasoned
that higher interest rates would have less of a negative impact on stocks
with relatively low valuations.
Munder Growth & Income Fund
Fund Manager: Otto G. Hinzmann, Jr.
The Fund earned a return of 7.22% for the year ending June 30, 1999,
relative to the 14.48% average return for the Lipper universe of equity
income mutual funds and the 22.74% return for the S&P 500 Index.
In a reversal of performance trends that characterized the previous six
quarters, cyclical stocks, those most sensitive to the economic environment,
outperformed growth stocks during the second quarter. While the S&P 500 Index
was up by 6.7% during the second quarter of 1999 on the basis of price, the
basic industry sector of the S&P 500 universe rose by 19.2% while the capital
goods sector generated a 13.3% return. The Fund was underweighted in stocks
in these sectors and this held back the Fund's performance during the period.
Also holding back returns was the relative weakness in the performance of the
Fund's healthcare holdings.
A key positive for the Fund's performance was the strong returns from
consumer cyclical holdings, up by 12.6% relative to the 4.9% return for the
S&P 500 consumer cyclical sector, as well as strong returns generated by
communication holdings, up by 19% compared with 12.7% for the S&P 500
communication sector.
The Fund's emphasis on high quality, established companies with strong
fundamentals, conservative valuations and significantly above-market dividend
yields represents a defensive investment strategy. This is a strategy that
should appeal to conservative investors in today's high valuation, high
volatility market.
Munder International Equity Fund
Fund Managers: Theodore Miller and Todd B. Johnson
The Fund generated a return of 11.30% for the year ending June 30,
1999, relative to the 8.78% return for the FT/S&P Actuaries World ex-U.S.
Index and the 4.83% average return for the Lipper universe of international
equity mutual funds. The Fund has earned above-average returns for all time
periods for the last five years ending June 30, 1999.
The diversification of the 621 stock, 43 country Munder International
Equity Fund was a key factor in the strong relative performance of the Fund.
China, Indonesia and Russia, among the strongest markets worldwide during the
quarter, all had monthly dollar-based returns in excess of thirty percent
during the month of June alone. Significant strength was also seen in the
stock markets of the Asian emerging economies. These securities are held as
part of the Fund's strategy of holding predominantly all ADR's of foreign
companies trading in the U.S. with a market capitalization above $200
million. The theory behind this strategy is to replicate the global indices,
but provide the comfort of investing in companies with U.S. reporting
obligations, subject to certain U.S. standards, with the liquidity that U.S.
markets provide, in U.S. currency. We are very pleased by the performance of
this portion of the Fund.
For the second portion of the Fund, which is made up of companies
selected by our proprietary economic quantitative modeling software, we
attempt to find those companies best suited to perform within their specific
markets, based upon an analysis of the specific economic data in those
countries. This portion represents 15% of the Fund. We rely exclusively on
the software for timing of our buy/sell discipline. If you look at the ADR
portion of the portfolio as an attempt to replicate the global investment
indices, then this portion provides the Fund the opportunity to outperform,
if possible. Even though past returns are not a predictor of future
performance, we are pleased that we have been able to provide above average
returns for the standard periods through the last five years.
The Fund is not hedged to any particular currency, and relative
strength or weakness in foreign currencies impact the holdings of the Fund
since in most cases ADR's tend to trade relative to their parent securities
in their home countries. As a result, strength in the U.S. dollar has
negatively affected the Fund by approximately 9.22 percentage points for the
year.
Munder Micro-Cap Equity Fund
Fund Manager: The Munder Micro-Cap Fund Committee
The Fund earned a return of 9.43% for the year ending June 30, 1999,
relative to the -0.90% return for the Wilshire Micro-Cap Index and the 18.32%
average return for the Lipper universe of micro-cap mutual funds. The Fund
has earned above-average returns for the three-month and two- year time
periods ending June 30, 1999.
Smaller capitalization stocks rebounded during the second quarter of
1999 as the market broadened out. This was a key positive factor in the
strong absolute performance of the Fund. Relative performance was helped by
strong stock selection, primarily in the technology, healthcare and consumer
cyclicals sectors.
In addition, the second quarter of 1999 saw increased activity of small
companies coming to market via Initial Public Offerings (IPO's). The Fund was
well-positioned to take advantage of many of these IPO's. While much of the
enthusiasm surrounding the technology and Internet sectors has helped the
performance of this Fund, we continue to caution and remind shareholders of
the volatility of these sectors and markets, and that there can be no
assurance that these conditions will continue.
Munder Multi-Season Growth Fund
Fund Manager: Leonard J. Barr II, CFA
The Fund generated a return of 11.70% for the year ending June 30,
1999, relative to the 22.74% return for the S&P 500 Index and the 18.87%
average return for the Lipper universe of growth stock mutual funds. The Fund
earned an above-average return for the one-month time period ending June 30,
1999.
During the second quarter of 1999, the stock market experienced a
dramatic shift away from growth stocks and toward value stocks. Growth stocks
are chosen on the basis of anticipated above- average earnings growth while
value stocks are those whose relative valuations tend to be below the average
market valuation. This shift occurred largely because investors reasoned that
rising interest rates would have less of a negative impact on value stocks.
As a result of this shift,
healthcare and business services, traditional growth areas, were among the
worst performing sectors of the overall market. Value sectors, such as
capital goods, were the best performing sectors for the first time since late
1997.
For the period, the best performing sectors were capital goods,
technology and diversified companies. Healthcare, basic industries and
services were among the weaker sectors.
The earnings per share growth rate for the Fund's holdings over the
next twelve months is estimated at 17%. This compares with estimated earnings
per share growth of 10% for the S&P 500 universe of stocks. The price paid
for those earnings, represented by the price to earnings ratio of the Fund
over the next twelve months is 26 relative to 27 for the S&P 500 stocks.
Munder Real Estate Equity Investment Fund
Fund Managers: Peter K. Hoglund, CFA and Robert E. Crosby, CFA
The Fund generated a return of -6.35% for the year ending June 30,
1999, relative to the -8.98% return for the NAREIT Index (equity only) and
the -5.55% average return for the Lipper universe of real estate mutual
funds. The Fund has earned above-average returns relative to the Lipper
universe for the one-month, two-year and three-year time periods ending June
30, 1999. It has outperformed the NAREIT Index for the same time periods and
for the three-month, six- month, and one-year time periods as well.
The second quarter of 1999 was strong for REITs as investors shifted
away from high valuation, high volatility stocks in a search for value and
strong fundamentals. Strong first quarter cash flow, and expectations for
strong cash flow growth in the second quarter, made REITs an attractive
sector of the equity market. Even with the rally in this sector of the market
during the second quarter, REITs still appear to offer the potential for
competitive risk-adjusted returns going forward.
Munder Small-Cap Value Fund
Fund Managers: Gerald L. Seizert, CFA, Edward O. Eberle, CFA and Brian R.
Wall, CFA
The Fund earned a return of -5.01% for the year ending June 30, 1999,
relative to the 1.50% return for the Russell 2000 Index, the 5.71% return for
the Russell 2000 Value Index and the 1.93% average return for the Lipper
universe of small cap mutual funds. The Fund has earned above- average
returns for the one-month and three-month time periods ending June 30, 1999.
During the second quarter of 1999, there was a significant rebound in
small company stocks and in value stocks. The shift toward value stocks
occurred largely because investors reasoned that rising interest rates would
have less of a negative impact on value stocks than on the higher valuation
growth stocks. In addition, the greater strength of the global economy will
have more of an impact on value-oriented cyclical stocks than on growth
stocks. The resurgence of both small capitalization stocks and value stocks
were positive for the Fund's performance.
Particularly strong results for the second quarter of 1999 occurred in
the financials, autos and transportation, consumer cyclical and technology
sectors of the Fund. Strong stock selection was a key to performance in each
group. Consolidation activity drove up the returns in the financials sector.
Autos and transportation benefited from overall market strength. Weaker
sectors of the Fund included utilities and energy.
Munder Small Company Growth Fund
Fund Manager: The Small Company Growth Fund Committee
The Fund generated a return of -10.62% for the year ending June 30,
1999, compared to the 8.30% return for the Russell 2000 Growth Index and the
1.93% average return for the Lipper universe of small cap mutual funds. The
Fund has earned above-average returns for the one- month and three-month time
periods ending June 30, 1999.
Strong performance in the basic industry and technology sectors offset
weakness among the consumer cyclical and transportation holdings. Strength in
the basic industries group came largely from strong stock selection.
Technology holdings, which we have overweighted in the Fund, benefited from
overall market strength. Consumer cyclicals suffered from overall weakness in
the small cap sector of the market.
The quality of the securities in the Fund remains high and the
valuation reasonable. As of June 30, earnings growth for the securities in
the Fund was 23%, with a 19% return on shareholders' equity. The valuation
levels of the companies in the Fund remained attractive at 19 times estimated
1999 earnings.
Munder Value Fund
Fund Managers: Gerald L. Seizert, CFA, Edward O. Eberle, CFA and Brian R.
Wall, CFA
The Fund earned a return of -0.16% for the year ending June 30, 1999,
relative to the 16.36% return for the Russell 1000 Value Index and the 14.48%
average return for the Lipper universe of growth & income mutual funds.
(There is no Lipper universe representing value funds. The growth & income
universe is closest to the Fund in terms of investment characteristics.)
During the second quarter of 1999, there was a significant rebound in
the performance of value stocks relative to growth stocks. Investors reasoned
that rising interest rates would have less of a negative impact on the
lower-valuation value stocks. In addition, renewed strength in the global
economy was better for value-oriented cyclical stocks than for growth stocks.
Technology, financials and communication services were the best
performing sectors of the Fund during the quarter. Technology benefited from
both overall market strength and strong stock selection. Good stock selection
in the financials sector helped to overcome the sector's weak overall market
performance. Communication services gained on the strength of GTE Corp. in
another strong sector of the market.
Munder Framlington Emerging Markets Fund
Fund Manager: The Munder Framlington Emerging Markets Fund Committee,
headed by William Calvert
The Fund earned a return of 29.33% for the year ending June 30, 1999,
relative to the 28.71% return for the MSCI Emerging Markets Free Index and
the 16.02% average return for the Lipper universe of emerging markets mutual
funds. The Fund has earned above-average returns for the one-month,
three-month, six-month, one-year and two-year time periods ending June 30,
1999.
Emerging markets enjoyed a strong quarter led by a resurgence in Asian
markets. The catalyst for this rebound was evidence that the pace of economic
recovery in Asia was quicker than previously supposed. Korea has been the
leader, with its GDP (Gross Domestic Product) growing by
4.6% in the first quarter of 1999. Inflation is benign across the region,
currencies have been strong and interest rates have remained low. The pace of
industrial and financial restructuring has continued to be strong and this is
encouraging increased foreign investment. In addition, recent numbers from
Germany and Japan suggest that the pace of economic growth in other countries
is recovering as well. As a major exporting region, Asia is poised to be the
main beneficiary from such an event.
Having been the laggard for so long, the Chinese markets finally
started to participate in the rebound following a substantial cut in interest
rates on savings deposits as well as in the government taxation of equities.
The government has effectively given its stamp of approval for a bull market.
This was not lost on market participants who readily created one as they
switched from savings deposits to stocks. With the continuing prospect of
membership in the World Trade Organization and signs of a pick up in exports,
the Chinese stock market should continue to perform well. We increased the
Fund's overweighted position in China during June.
The end of the war in Kosovo and evidence of an economic recovery in
Germany had only a limited impact on Eastern European markets. Hungary has
been the worst performer as investors focus on its current account and budget
deficits. Russia is now the star performer in this region, helped by further
strength in oil prices and encouraging words from the IMF. With the Russian
economy showing tentative signs of recovery and commodity prices remaining
firm, this improvement in the Russian markets may continue.
One concern of investors has been the impact of higher U.S. interest
rates on emerging markets. The most significant aspect of the Asian crisis
was the shift from pegged to floating exchange rates. As a consequence, the
interest rate links between the U.S. and emerging markets are no longer as
direct as they were in the past. In addition, following the devaluation in
Brazil, a tight linkage with the U.S. dollar no longer exists in either
Brazil or Mexico, the two largest Latin countries. This helps to isolate
these economies from interest rate increases in the U.S.
The Brazilian real has adjusted downwards following its surge to the
1.65 level. This, along with the pick up in commodity prices, should improve
the chances of Brazil finally producing export growth. Although Mexico is
inextricably linked to the U.S. economy it need not be undone by a rise in
U.S. interest rates. It is far more important for Mexico and other emerging
markets that the U.S. economy remains strong.
Munder Framlington Healthcare Fund
Fund Manager: Antony Milford
The Fund generated a -10.42% return for the year ending June 30, 1999,
compared to the 14.02% return for the S&P Healthcare Index and the 7.98%
average return for the Lipper universe of health/biotechnology mutual funds.
The Fund earned above-average returns for the three-month time period ending
June 30, 1999.
Shortly after we wrote in our last report that the bear market in U.S.
small capitalization healthcare stocks showed no signs of abating, there was
an abrupt change in market sentiment. The large pharmaceutical stocks sold
off by 25% and the biotech sector rallied. There were specific reasons why
the large drug stocks suffered price declines during the quarter. There was a
general move away from drug stocks and towards more economically sensitive
stocks as the evidence of a
global economic rebound became clearer. More specifically, talk of the
introduction of Medicare drug benefits intensified, culminating in President
Clinton's recent proposals. This also had a negative impact on drug stocks.
Our own concern about the large drug companies, apart from high valuations,
is that there are major drug patent expirations that start in the year 2000.
The drug industry will have to accelerate its development of new drugs or
suffer a decline in growth compared to the 1996 to 1999 period.
The recent acquisitions of biotechnology companies by larger drug
companies (Sugen acquired by Pharmacia & Upjohn and Alza and Perclose
acquired by Abbott) are clear illustrations of the growing belief in the
growth prospects of the biotechnology industry. In the U.K., the Celltech/
Chiroscience deal illustrates another ongoing trend mergers of two biotech
companies designed to diversify risk and achieve sufficient critical mass to
attract wider investment interest. There are still many well-financed biotech
companies with late stage products that will offer substantial returns,
provided the clinical results pan out.
The device sector in general has rallied less strongly than the
biotechs. In this sector, however, Minimed (insulin pumps), Perclose
(suturing devices for the sealing of arterial puncture sites) and Molecular
Devices (specialized laboratory equipment) have been notable exceptions. We
are particularly interested in companies that will be providing the equipment
and services necessary for the pharmaceutical industry to make the best use
of the developments that will come out of the revolution related to gene
research.
The biggest excitement in the healthcare service sector has been among
the healthcare companies using the Internet to distribute healthcare
information, products and databases. We have added selectively to our
holdings in the healthcare information technology area on the grounds that
Internet companies will need the access to doctors that is provided by these
information-focused companies. We have also added to the Fund's positions in
the pharmacy benefit managers. These firms stand to benefit from any new
Medicare drug coverage as well as from E-Commerce opportunities.
In our view, the better climate in the biotechnology sector seems to be
firmly established, as does the broadening out of the U.S. market which is so
vital to the Healthcare Fund. Finally, and importantly, there are still many
inexpensive stocks in the healthcare sector and a virtual absence of
speculative money.
Munder Framlington International Growth Fund
Fund Manager: The Munder Framlington International Growth Fund Committee,
headed by Simon Key
The Fund generated a return of 7.35% for the year ending June 30, 1999,
relative to the 7.92% return for the Morgan Stanley EAFE Index and the 4.83%
average return for the Lipper universe of international equity mutual funds.
The Fund has earned above-average returns for the three-month, six-month,
one-year and two-year time periods ending June 30, 1999.
The economic backdrop in the U.K. improved during the second quarter of
1999. Despite the stronger economy and an upturn in the housing market,
inflationary pressures remained subdued. Consolidation activity continued
with Wal-Mart outbidding Kingfisher for Asda, Lloyds Bank announcing an
agreed purchase of Scottish Widows and Whitbread in a contested bid for
Allied
Domecq's pubs business. Even with all of this positive news, the British
stock market struggled as yields rose throughout the quarter. Not until the
end of the second quarter of 1999 were interest rates cut to 5%. They now
stand 2.5 percentage points below the interest rate highs of 1998. This cut
in rates should stimulate consumer activity over the next quarters.
After a lackluster first quarter of 1999, Continental Europe began to
show some signs of a rebound. German data in particular seem to demonstrate
that the economy had bottomed out and that upgrades in expectations regarding
both GDP and earnings are likely. The euro has continued to be weak relative
to the dollar and sterling, a factor that should help the recovery of
Europe's exporters.
Emerging markets rallied strongly during the second quarter, led by the
markets in Asia. The re-emergence of the Asian economies, a result of falling
interest rates, corporate restructuring and a pick up in intra-Asian trade
volumes, has occurred much more rapidly than anticipated. This has led to
continued upward revisions to earnings forecasts for Asian companies.
Japanese stocks continued their advance in the second quarter of 1999,
with the Topix index gaining 11.8% in local currency. The improved market was
largely due to restructuring announcements from a number of companies and
better news on the Japanese economy. The release of strong GDP data during
the quarter sent a clear signal to investors that the Japanese economy has at
least stabilized. Foreign investors, who are mostly underweighted in Japanese
equities, were the main buyers.
In Latin America, subdued inflation in Brazil has allowed interest
rates to fall there although this has not yet translated into renewed
interest in the Brazilian equity market. One reason for investors' caution is
that the risk premium attached to Brazilian debt has remained stubbornly
high.
Hypotheticals and Total Returns
The following graphs represent the performance of the Funds since inception,
which includes a period of time when the Funds were managed by Munder Capital
Management (approximately fifty-three months) and a period of time when the
Funds were managed by the predecessor. The chart following each line graph
sets forth performance information and the growth of a hypothetical $10,000
investment for the class(es) of each Fund shown in the line graph as well as
certain other classes of shares offered by the Fund. These classes have
different sales charges and expenses than the class(es) shown in the line
graph, which affect performance. The Lipper mutual fund averages were derived
from a universe of only those mutual funds that were in existence as of the
inception date of the Funds and are comprised of mutual funds which are
categorized under the Funds' respective objectives by Lipper Analytical
Services, Inc.
Balanced Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
60% S&P 500/40% Lipper Balanced
Class Y S&P 500 Lehman Gov't/Corp. Funds Average
4/13/93 10,000.00 10,000.00 10,000.00 10,000.00
4/30/93 9,860.00 9,758.00 9,885.75 9,890.00
5/31/93 10,000.00 10,018.00 10,039.84 10,045.00
6/30/93 10,070.00 10,047.00 10,149.00 10,158.00
7/31/93 10,061.00 10,007.00 10,151.00 10,181.00
8/31/93 10,352.00 10,386.00 10,473.00 10,484.00
9/30/93 10,403.00 10,306.00 10,440.00 10,514.00
10/31/1993 10,444.00 10,519.00 10,586.00 10,620.00
11/30/1993 10,192.00 10,419.00 10,477.00 10,481.00
12/31/1993 10,484.00 10,545.00 10,571.00 10,662.00
1/31/94 10,663.00 10,903.00 10,850.00 10,925.00
2/28/94 10,481.00 10,607.00 10,589.00 10,715.00
3/31/94 10,026.00 10,146.00 10,199.00 10,321.00
4/30/94 9,977.00 10,276.00 10,243.00 10,341.00
5/31/94 9,886.00 10,444.00 10,336.00 10,393.00
6/30/94 9,571.00 10,188.00 10,173.00 10,211.00
7/31/94 9,773.00 10,522.00 10,455.00 10,441.00
8/31/94 10,059.00 10,953.00 10,715.00 10,707.00
9/30/94 9,946.00 10,685.00 10,491.00 10,505.00
10/31/1994 10,084.00 10,925.00 10,631.00 10,556.00
11/30/1994 9,797.00 10,528.00 10,385.00 10,300.00
12/31/1994 9,940.00 10,683.00 10,505.00 10,399.00
1/31/95 9,981.00 10,960.00 10,750.00 10,539.00
2/28/95 10,281.00 11,387.00 11,103.00 10,859.00
3/31/95 10,473.00 11,723.00 11,333.00 11,054.00
4/30/95 10,587.00 12,068.00 11,600.00 11,250.00
5/31/95 10,930.00 12,549.00 12,072.00 11,624.00
6/30/95 11,264.00 12,840.00 12,282.00 11,852.00
7/31/95 11,609.00 13,266.00 12,520.00 12,120.00
8/31/95 11,672.00 13,299.00 12,598.00 12,225.00
9/30/95 11,968.00 13,860.00 12,982.00 12,502.00
10/31/1995 11,926.00 13,810.00 13,021.00 12,466.00
11/30/1995 12,274.00 14,416.00 13,462.00 12,857.00
12/31/1995 12,280.00 14,694.00 13,699.00 13,039.00
1/31/96 12,577.00 15,193.00 14,030.00 13,278.00
2/29/96 12,704.00 15,334.00 14,010.00 13,323.00
3/31/96 12,786.00 15,482.00 14,058.00 13,376.00
4/30/96 12,956.00 15,710.00 14,162.00 13,505.00
5/31/96 13,180.00 16,115.00 14,397.00 13,668.00
6/30/96 13,218.00 16,176.00 14,497.00 13,684.00
7/31/96 12,715.00 15,462.00 14,080.00 13,301.00
8/30/96 12,940.00 15,789.00 14,264.00 13,544.00
9/30/96 13,597.00 16,677.00 14,882.00 14,038.00
10/31/1996 13,694.00 17,137.00 15,271.00 14,313.00
11/30/1996 14,157.00 18,430.00 16,140.00 14,979.00
12/31/1996 13,859.00 18,066.00 15,864.00 14,822.00
1/31/97 14,179.00 19,194.00 16,547.00 15,256.00
2/28/97 14,042.00 19,344.00 16,648.00 15,284.00
3/31/97 13,542.00 18,551.00 16,112.00 14,854.00
4/30/97 13,933.00 19,658.00 16,849.00 15,276.00
5/31/97 14,623.00 20,859.00 17,617.00 15,951.00
6/30/97 15,057.00 21,787.00 18,235.00 16,430.00
7/31/97 15,982.85 23,521.25 18,812.68 17,350.08
8/31/97 15,508.16 22,204.06 18,096.30 16,897.24
9/30/97 16,223.09 23,420.84 18,804.95 17,530.89
10/31/1997 16,013.81 22,638.58 18,548.45 17,229.36
11/30/1997 16,177.15 23,686.75 19,103.05 17,484.35
12/31/1997 16,351.87 24,094.16 19,380.42 17,713.40
1/31/98 16,301.18 24,361.61 19,618.80 17,823.22
2/28/98 16,954.85 26,118.08 20,451.82 18,557.54
3/31/98 17,421.11 27,455.32 21,105.46 19,079.00
4/30/98 17,433.31 27,732.62 21,275.57 19,201.11
5/31/98 17,201.44 27,363.78 21,147.06 19,007.18
6/30/98 17,502.47 28,474.75 21,147.06 19,290.39
07/31/1998 17,008.02 28,061.56 22,291.86 19,039.95
08/31/1998 15,203.47 24,003.86 20,533.03 17,373.95
09/30/1998 15,829.85 25,542.51 21,557.63 18,060.22
10/31/1998 16,548.52 27,619.11 22,549.28 18,769.99
11/30/1998 17,136.00 29,292.83 23,424.19 19,426.94
12/31/1998 18,141.88 30,980.10 24,255.75 20,042.77
01/31/1999 18,336.00 32,275.07 24,932.48 20,333.40
02/28/1999 17,503.54 31,271.31 24,229.39 19,780.33
03/31/1999 18,044.40 32,522.16 24,859.35 20,219.45
04/30/1999 18,656.11 33,780.77 25,460.95 20,860.41
05/31/1999 18,581.48 32,983.54 24,995.01 20,560.02
06/30/1999 19,462.25 34,814.13 25,797.35 21,090.47
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
60% S&P Lipper One Five
500/40% Balanced One Year Five Years Since Since
Class and With Without Lehman Funds Year w/out Years w/out Inception Inception
Inception Date Load Load S&P 500 Gov't/Corp. Average w/load load w/load load w/load w/out load
- -------------------------------------------------------------------- ---------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A -- 4/30/93 $18,377* $19,439 $35,671 $26,200 $21,090 4.70%* 10.76% 13.62%* 14.92% 10.37%* 11.37%
Class B -- 6/21/94 $18,840+ $18,940 $34,164 $25,344 $20,656 5.16%* 9.96% 13.72%++ 13.96% 13.43%+ 13.55%
Class C -- 1/24/96 N/A $15,174 $22,910 $18,118 $15,824 9.15%* 10.11% N/A N/A N/A 12.92%
Class Y -- 4/13/93 N/A $19,463 $34,814 $25,797 $21,090 N/A 11.21% N/A 15.25% N/A 11.31%
<FN>
- -------
* Reflects the deduction of the maximum sales charge of 5.50% for Class A Shares, of 5.00% for Class B Shares,
and of 1.00% for Class C Shares.
++Based upon the declining Contingent Deferred Sales Charge ("CDSC")
schedule as defined in the prospectus, figures reflect the deduction of a
1.00% back-end load.
++Reflects the deduction of a 2.00% back-end CDSC.
All figures cited here represent past performance and do not guarantee
future results. Investment return and principal value of an investment
will fluctuate so that an investor's shares, upon redemption, may be worth
more or less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
Figures for the Standard & Poor's Composite 500 Index ("S&P 500"), an
unmanaged index of common stock prices, include reinvestment of dividends.
The Lehman Brothers Government/Corporate Bond Index is a weighted
composite of (i) Lehman Brothers Government Bond Index, which is comprised
of all publicly issued, non-convertible debt of the U.S. Government or any
agency thereof, quasi-federal corporations, and corporate debt guaranteed
by the U.S. Government and (ii) Lehman Brothers Corporate Bond Index,
which is comprised of all public fixed-rate, non-convertible
investment-grade domestic corporate debt, excluding collateralized
mortgage obligations.
</TABLE>
Growth & Income Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
Lipper Equity Income
Class Y S&P 500 Funds Average
7/5/94 10,000.00 10,000.00 10,000.00
7/31/94 10,090.00 10,328.00 10,263.00
8/31/94 10,190.00 10,750.00 10,590.00
9/30/94 10,140.00 10,487.00 10,400.00
10/31/1994 10,167.00 10,723.00 10,459.00
11/30/1994 9,905.00 10,333.00 10,058.00
12/31/1994 9,951.00 10,486.00 10,131.00
1/31/95 10,246.00 10,757.00 10,323.00
2/28/95 10,602.00 11,176.00 10,654.00
3/31/95 10,809.00 11,506.00 10,909.00
4/30/95 11,066.00 11,844.00 11,156.00
5/31/95 11,456.00 12,317.00 11,491.00
6/30/95 11,523.00 12,602.00 11,643.00
7/31/95 11,678.00 13,020.00 11,970.00
8/31/95 11,740.00 13,053.00 12,102.00
9/30/95 12,251.00 13,603.00 12,501.00
10/31/1995 12,272.00 13,555.00 12,363.00
11/30/1995 12,856.00 14,149.00 12,890.00
12/31/1995 13,361.00 14,422.00 13,209.00
1/31/96 13,700.00 14,912.00 13,516.00
2/29/96 13,657.00 15,051.00 13,635.00
3/31/96 13,799.00 15,195.00 13,818.00
4/30/96 13,682.00 15,419.00 13,987.00
5/31/96 13,842.00 15,816.00 14,213.00
6/30/96 13,972.00 15,877.00 14,232.00
7/31/96 13,512.00 15,176.00 13,709.00
8/30/96 13,823.00 15,497.00 14,065.00
9/30/96 14,391.00 16,368.00 14,601.00
10/31/1996 14,822.00 16,819.00 14,932.00
11/30/1996 15,663.00 18,089.00 15,777.00
12/31/1996 15,517.00 17,731.00 15,693.00
1/31/97 16,088.00 18,838.00 16,285.00
2/28/97 16,414.00 18,986.00 16,464.00
3/31/97 15,992.00 18,208.00 15,954.00
4/30/97 16,449.00 19,294.00 16,421.00
5/31/97 17,304.00 20,473.00 17,372.00
6/30/97 17,945.00 21,383.00 18,016.00
7/31/97 19,252.83 23,085.09 19,169.02
8/31/97 18,509.67 21,792.32 18,618.87
9/30/97 19,535.11 22,986.54 19,555.40
10/31/1997 19,298.73 22,218.79 18,970.70
11/30/1997 19,808.22 23,247.52 19,554.99
12/31/1997 20,539.14 23,647.38 20,018.45
1/31/98 20,652.11 23,909.86 20,004.43
2/28/98 21,591.78 25,633.77 21,126.68
3/31/98 22,762.05 26,946.21 22,068.93
4/30/98 22,536.71 27,218.37 22,073.35
5/31/98 22,171.61 26,750.21 21,720.17
6/30/98 22,131.71 27,836.27 21,854.84
07/31/1998 21,252.75 27,541.21 21238.53
08/31/1998 18,917.07 23,558.75 18,653.80
09/30/1998 19,923.46 25,068.86 19,655.51
10/31/1998 20,833.96 27,106.96 20,889.88
11/30/1998 21,673.57 28,749.64 21,752.63
12/31/1998 22,657.55 30,405.62 22,342.13
01/31/1999 22,517.07 31,676.58 22,225.95
02/28/1999 22,280.65 30,691.44 21,801.43
03/31/1999 23,494.94 31,919.09 22,296.33
04/30/1999 23,494.94 33,154.36 23,861.53
05/31/1999 23,147.22 32,371.92 23,620.53
06/30/1999 23,728.21 34,168.56 24,348.04
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
Lipper Equity One One Since Since
Class and With Without Income Funds Year Year Inception Inception
Inception Date Load Load S&P 500 Average w/load w/out load w/load w/out load
- --------------------------------------------------------------------- ------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-- 8/8/94 $21,929* $23,210 $33,078 $23,651 1.07%* 6.96% 17.40%* 18.77%
Class B-- 8/9/94 $22,195+ $22,395 $33,078 $23,651 1.38%* 6.18% 17.70%+ 17.91%
Class C-- 12/5/95 N/A $17,398 $24,145 $18,862 5.23%* 6.18% N/A 16.78%
Class Y-- 07/5/94 N/A $23,727 $34,169 $24,348 N/A* 7.22% N/A 18.91%
</TABLE>
International Equity Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
FT/S&P Actuaries Lipper International
Class Y World Index ex U.S. Funds Average
12/01/1991 10,000.00 10,000.00 10,000.00
12/31/1991 10,520.00 10,468.17 10,487.00
1/31/92 10,646.00 10,212.86 10,569.00
2/29/92 10,776.00 9,847.48 10,576.00
3/31/92 10,486.00 9,185.01 10,214.00
4/30/92 10,736.00 9,164.46 10,476.00
5/31/92 11,187.00 9,776.53 10,990.00
6/30/92 10,766.00 9,303.71 10,686.00
7/31/92 10,416.00 9,048.41 10,308.00
8/31/92 10,175.00 9,673.08 10,378.00
9/30/92 10,195.00 9,434.35 10,149.00
10/31/1992 10,365.00 8,962.20 9,850.00
11/30/1992 10,616.00 9,072.94 9,903.00
12/31/1992 10,656.00 9,101.46 10,033.00
1/31/93 10,522.00 9,104.77 10,071.00
2/28/93 10,785.00 9,413.79 10,302.00
3/31/93 11,140.00 10,247.35 10,882.00
4/30/93 11,363.00 11,196.29 11,441.00
5/31/93 11,576.00 11,509.28 11,679.00
6/30/93 11,485.00 11,227.45 11,443.00
7/31/93 11,870.00 11,728.12 11,786.00
8/31/93 12,549.00 12,279.84 12,540.00
9/30/93 12,448.00 11,949.60 12,497.00
10/31/1993 13,238.00 12,269.23 13,091.00
11/30/1993 12,833.00 11,226.79 12,589.00
12/31/1993 14,120.00 12,029.84 13,846.00
1/31/94 14,515.00 13,043.10 14,671.00
2/28/94 13,867.00 13,023.21 14,330.00
3/31/94 12,823.00 12,514.59 13,657.00
4/30/94 13,127.00 13,032.49 14,011.00
5/31/94 13,238.00 12,991.38 13,986.00
6/30/94 12,691.00 13,148.54 13,822.00
7/31/94 13,279.00 13,286.47 14,205.00
8/31/94 13,644.00 13,604.77 14,658.00
9/30/94 13,248.00 13,234.08 14,309.00
10/31/1994 13,563.00 13,657.16 14,578.00
11/30/1994 13,076.00 12,980.11 13,887.00
12/31/1994 12,942.00 13,035.81 13,721.00
1/31/95 12,328.00 12,483.42 13,051.00
2/28/95 12,574.00 12,385.28 13,108.00
3/31/95 12,921.00 13,157.16 13,573.00
4/30/95 13,361.00 13,684.35 14,028.00
5/31/95 13,555.00 13,503.98 14,175.00
6/30/95 13,749.00 13,260.61 14,196.00
7/31/95 14,403.00 14,098.14 14,954.00
8/31/95 14,097.00 13,585.54 14,642.00
9/30/95 14,475.00 13,815.65 14,902.00
10/31/1995 14,383.00 13,454.91 14,617.00
11/30/1995 14,465.00 13,862.07 14,778.00
12/31/1995 14,757.00 14,397.88 15,220.00
1/31/96 14,911.00 14,533.82 15,533.00
2/29/96 14,932.00 14,523.21 15,599.00
3/31/96 15,149.00 14,822.28 15,848.00
4/30/96 15,623.00 15,295.76 16,328.00
5/31/96 15,540.00 15,043.77 16,272.00
6/30/96 15,623.00 15,122.01 16,402.00
7/31/96 15,107.00 14,637.93 15,837.00
8/30/96 15,406.00 14,723.47 16,028.00
9/30/96 15,685.00 15,120.68 16,374.00
10/31/1996 15,695.00 14,987.39 16,326.00
11/30/1996 16,304.00 15,563.65 17,060.00
12/31/1996 16,293.00 15,337.53 17,168.00
1/31/97 16,118.00 14,852.12 17,073.00
2/28/97 16,270.00 15,133.28 17,667.00
3/31/97 16,200.00 15,082.89 17,393.00
4/30/97 16,409.00 15,173.07 17,453.00
5/31/97 17,653.00 16,242.04 18,458.00
6/30/97 18,490.00 17,076.00 19,324.00
7/31/97 18,864.42 17,364.58 19,851.55
8/30/97 17,589.19 16,063.98 18,410.32
9/30/97 18,454.58 16,921.79 19,546.24
10/31/1997 17,050.18 15,598.51 18,072.45
11/30/1997 16,710.88 15,369.21 17,904.38
12/31/1997 16,841.23 15,458.35 18,052.99
1/31/98 17,386.88 16,093.69 18,477.23
2/28/98 18,704.81 17,133.34 19,696.73
3/31/98 19,389.41 17,678.18 20,703.23
4/30/98 19,567.79 17,768.34 20,986.87
5/31/98 19,289.93 17,633.30 21,007.85
6/30/98 19,320.79 17,550.43 20,846.09
07/31/1998 19,178.18 17,615.02 21,193.54
08/31/1998 16,209.40 15,259.89 18,211.61
09/30/1998 16,094.31 14,928.75 17,576.02
10/31/1998 17,851.81 16,518.66 18,932.89
11/30/1998 18,608.73 17,400.76 19,921.19
12/31/1998 19,094.41 17,962.80 20,546.71
01/31/1999 19,566.05 17,916.10 20,614.52
02/28/1999 19,382.13 17,512.99 20,084.72
03/31/1999 20,244.63 18,369.37 20,791.71
04/30/1999 21,200.18 19,295.19 21,673.27
05/31/1999 20,311.89 18,322.71 20,752.16
06/30/1999 21,502.17 19,099.60 21,800.14
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
FT/S&P Lipper One Five
Actuaries International One Year Five Years Since Since
Class and With Without World Index Funds Year w/out Years w/out Inception Inception
Inception Date Load Load ex U.S. Average w/load load w/load load w/load w/out load
- ------------------------------------------------------------------ ----------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A -- 11/30/92 $18,830* $19,932 $21,051 $21,856 4.74%* 10.80% 9.55%* 10.80% 10.09%* 11.05%
Class B -- 3/9/94 $14,893+ $14,993 $14,666 $14,963 5.08%* 10.08% 9.73%++ 10.00% 7.79%+ 7.92%
Class C -- 9/29/95 N/A $14,292 $13,825 $14,442 9.07%* 10.07% N/A N/A N/A 9.98%
Class Y -- 12/1/91 N/A $21,501 $19,100 $21,800 N/A* 11.30% N/A 11.12% N/A 10.63%
- ---------
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus,
figures reflect the deduction of a 3.00% back-end load for the Growth &
Income Fund and 1.00% for the International Equity Fund.
++ Reflects the deduction of a 2.00% back-end CDSC.
Please refer to the preceding and following pages for additional
information on performance and index description.
</TABLE>
Micro-Cap Equity Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
Wilshire Micro-Cap Lipper Micro-Cap
Class Y Index Funds Average
12/26/1996 10,000.00 10,000.00 10,000.00
12/30/1996 10,120.00 10,000.00 10,000.00
1/31/97 10,600.00 10,474.00 10,421.00
2/28/97 10,910.00 10,253.00 10,107.00
3/31/97 10,130.00 9,788.00 9,494.00
4/30/97 9,780.00 9,474.00 9,204.00
5/31/97 11,260.00 10,382.00 10,343.00
6/30/97 12,830.00 11,052.00 11,146.00
7/31/97 14,669.95 11,620.07 11,936.25
8/30/97 16,050.39 12,119.74 12,585.58
9/30/97 18,059.90 13,252.93 13,784.99
10/31/1997 17,969.60 12,791.73 13,294.24
11/30/1997 17,700.06 12,546.13 13,066.91
12/31/1997 17,365.53 12,419.41 12,885.28
1/31/98 17,115.46 12,331.23 12,748.70
2/28/98 18,393.99 13,083.44 13,653.86
3/31/98 19,048.81 13,724.53 14,419.84
4/30/98 18,965.00 14,016.86 14,664.97
5/31/98 17,779.69 13,328.63 13,861.33
6/30/98 17,728.13 13,265.99 13,825.29
07/31/1998 16,720.84 12,422.02 12,932.45
08/31/1998 12,311.56 9,807.18 10,291.64
09/30/1998 12,706.76 10,167.11 10,812.40
10/31/1998 13,091.77 10,380.62 11,036.22
11/30/1998 14,984.84 11,179.93 12,092.38
12/31/1998 16,396.41 11,497.44 13,218.19
01/31/1999 16,183.26 12,026.32 13,683.47
02/28/1999 15,450.16 11,202.51 12,848.77
03/31/1999 14,951.12 10,873.16 12,623.92
04/30/1999 17,086.14 11,862.62 13,720.94
05/31/1999 17,849.89 12,154.44 14,290.36
06/30/1999 19,401.04 13,146.24 15,516.47
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
Wilshire One One Since Since
Class and With Without Micro-Cap Lipper Micro-Cap Year Year Inception Inception
Inception Date Load Load Index Funds Average w/load w/out load w/load w/out load
- -------------------------------------------------------------------- ----------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-- 12/26/96 $18,230* $19,288 $13,146 $15,516 3.10%* 9.10% 27.00%* 29.88%
Class B-- 2/24/97 $16,934+ $17,234 $12,822 $15,338 3.29%* 8.29% 25.15%+ 26.09%
Class C-- 3/31/97 N/A $18,724 $13,429 $16,372 7.29%* 8.29% N/A 32.12%
Class Y-- 12/26/97 N/A $19,402 $13,146 $15,516 N/A* 9.43% N/A 30.19%
- ---------
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus,
figures reflect the deduction of a 3.00% back-end load.
All figures cited here represent past performance and do not guarantee
future results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more
or less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
Figures for the S&P 500 Index, an unmanaged index of common stock prices,
includes reinvestment of dividends. The FT/S&P Actuaries World Index ex
U.S. is an unmanaged index used to portray global equity markets excluding
the U.S. The Index is weighted based on the market capitalization of those
stocks selected to represent each country and includes gross reinvestment
of dividends. The Wilshire Micro-Cap Index consists of all issues in the
Wilshire 5000 Index that rank below the 2,501st company based on size. The
Wilshire 5000 Index contains all publicly traded U.S. stocks, but excludes
REITs and limited partnerships.
</TABLE>
Multi-Season Growth Fund
CLASS B & Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class B
Class B- Lipper Growth
No Load S&P 500 Funds Average
4/29/93 10,000.00 10,000.00 10,000.00
4/30/93 10,030.00 10,000.00 10,000.00
5/31/93 10,060.00 10,266.84 10,157.00
6/30/93 10,160.00 10,296.81 10,273.00
7/31/93 10,110.00 10,255.35 10,294.00
8/31/93 10,340.00 10,643.61 10,602.00
9/30/93 10,430.00 10,561.99 10,638.00
10/31/1993 10,390.00 10,780.33 10,739.00
11/30/1993 10,310.00 10,677.58 10,589.00
12/31/1993 10,650.00 10,806.67 10,774.00
1/31/94 10,930.00 11,173.72 11,033.00
2/28/94 10,800.00 10,870.60 10,822.00
3/31/94 10,320.00 10,397.58 10,422.00
4/30/94 10,350.00 10,530.79 10,440.00
5/31/94 10,360.00 10,702.94 10,483.00
6/30/94 10,010.00 10,441.03 10,291.00
7/31/94 10,170.00 10,783.64 10,522.00
8/31/94 10,670.00 11,224.74 10,794.00
9/30/94 10,430.00 10,950.48 10,593.00
10/31/1994 10,550.00 11,196.14 10,650.00
11/30/1994 10,140.00 10,788.90 10,390.00
12/31/1994 10,308.00 10,948.63 10,489.00
1/31/95 10,509.00 11,232.36 10,626.00
2/28/95 10,920.00 11,669.67 10,952.00
3/31/95 11,161.00 12,013.47 11,149.00
4/30/95 11,241.00 12,366.96 11,346.00
5/31/95 11,583.00 12,860.50 11,719.00
6/30/95 11,894.00 13,158.69 11,959.00
7/31/95 12,295.00 13,594.87 12,240.00
8/31/95 12,255.00 13,628.81 12,343.00
9/30/95 12,777.00 14,203.65 12,622.00
10/31/1995 12,787.00 14,152.90 12,585.00
11/30/1995 13,510.00 14,773.49 12,974.00
12/31/1995 13,523.00 15,058.07 13,144.00
1/31/96 14,082.00 15,569.98 13,383.00
2/29/96 14,279.00 15,714.83 13,436.00
3/31/96 14,361.00 15,866.13 13,487.00
4/30/96 14,579.00 16,099.83 13,631.00
5/31/96 14,848.00 16,514.33 13,800.00
6/30/96 15,065.00 16,577.29 13,811.00
7/31/96 14,444.00 15,845.31 13,415.00
8/30/96 14,827.00 16,180.04 13,663.00
9/30/96 15,851.00 17,089.88 14,171.00
10/31/1996 15,986.00 17,561.04 14,436.00
11/30/1996 16,948.00 18,887.27 15,098.00
12/31/1996 16,421.00 18,513.13 14,934.00
1/31/97 17,019.00 19,669.12 15,366.00
2/28/97 17,008.00 19,823.54 15,374.00
3/31/97 16,279.00 19,010.54 14,937.00
4/30/97 17,073.00 20,144.44 15,361.00
5/31/97 18,313.00 21,376.02 16,047.00
6/30/97 19,074.00 22,326.00 16,529.00
7/31/97 20,520.38 24,103.15 17,919.09
8/30/97 19,508.73 22,753.37 17,324.18
9/30/97 20,649.99 24,000.26 18,289.13
10/31/1997 20,127.54 23,198.65 17,595.97
11/30/1997 20,584.44 24,272.75 17,891.59
12/31/1997 21,214.32 24,690.24 18,061.56
1/31/98 20,974.60 24,964.30 18,146.45
2/28/98 22,826.66 26,764.23 19,516.50
3/31/98 23,844.73 28,134.55 20,383.03
4/30/98 23,811.34 28,418.71 20,625.59
5/31/98 23,101.77 27,929.91 20,021.26
6/30/98 23,574.28 29,063.87 20,748.03
07/31/1998 23,023.24 28,755.79 24,007.93
08/31/1998 19,134.61 24,597.71 20,068.23
09/30/1998 20,278.86 26,174.42 21,274.33
10/31/1998 21,811.94 28,302.40 22,816.72
11/30/1998 22,771.67 30,017.52 24,238.20
12/31/1998 24,249.55 31,746.53 26,133.63
01/31/1999 24,746.67 33,073.54 27,226.02
02/28/1999 23,801.34 32,044.95 26,156.04
03/31/1999 24,808.14 33,326.75 27,291.21
04/30/1999 25,341.52 34,616.49 27,973.49
05/31/1999 24,609.15 33,799.55 27,369.26
06/30/1999 26,198.90 35,675.42 29,030.57
Multi-Season Growth Fund
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
Lipper Growth
Class Y S&P 500 Funds Average
8/16/93 10,000.00 10,000.00 10,000.00
8/31/93 10,147.00 10,000.00 10,000.00
9/30/93 10,235.00 9,923.31 10,094.96
10/31/1993 10,167.00 10,128.44 10,235.88
11/30/1993 10,098.00 10,031.90 10,049.54
12/31/1993 10,490.00 10,153.18 10,335.05
1/31/94 10,765.00 10,498.03 10,662.13
2/28/94 10,647.00 10,213.24 10,493.18
3/31/94 10,196.00 9,768.82 10,002.24
4/30/94 10,235.00 9,893.97 10,042.00
5/31/94 10,245.00 10,055.71 10,089.00
6/30/94 9,912.00 9,809.64 9,749.00
7/31/94 10,088.00 10,131.53 10,003.00
8/31/94 10,588.00 10,545.96 10,474.00
9/30/94 10,363.00 10,288.28 10,275.00
10/31/1994 10,480.00 10,519.09 10,443.00
11/30/1994 10,078.00 10,136.47 10,053.00
12/31/1994 10,263.00 10,286.54 10,148.00
1/31/95 10,469.00 10,553.12 10,221.00
2/28/95 10,883.00 10,963.99 10,618.00
3/31/95 11,138.00 11,287.00 10,917.00
4/30/95 11,227.00 11,619.11 11,159.00
5/31/95 11,581.00 12,082.80 11,499.00
6/30/95 11,906.00 12,362.96 11,995.00
7/31/95 12,309.00 12,772.76 12,573.00
8/31/95 12,290.00 12,804.64 12,669.00
9/30/95 12,821.00 13,344.71 13,044.00
10/31/1995 12,831.00 13,297.03 12,857.00
11/30/1995 13,579.00 13,880.09 13,309.00
12/31/1995 13,607.00 14,147.46 13,359.00
1/31/96 14,177.00 14,628.41 13,653.00
2/29/96 14,380.00 14,764.50 13,958.00
3/31/96 14,478.00 14,906.65 14,077.00
4/30/96 14,712.00 15,126.22 14,517.00
5/31/96 14,998.00 15,515.65 14,886.00
6/30/96 15,222.00 15,574.80 14,686.00
7/31/96 14,621.00 14,887.09 13,830.00
8/30/96 15,018.00 15,201.58 14,302.00
9/30/96 16,057.00 16,056.40 15,115.00
10/31/1996 16,210.00 16,499.07 15,241.00
11/30/1996 17,200.00 17,745.10 16,174.00
12/31/1996 16,680.00 17,393.58 15,930.00
1/31/97 17,302.00 18,479.66 16,756.00
2/28/97 17,312.00 18,624.74 16,533.00
3/31/97 16,573.00 17,860.90 15,787.00
4/30/97 17,398.00 18,926.23 16,395.00
5/31/97 18,674.00 20,083.33 17,569.00
6/30/97 19,478.00 20,976.00 18,257.00
7/31/97 20,968.07 22,645.69 19,792.41
8/30/97 19,959.50 21,377.53 19,135.31
9/30/97 21,139.11 22,549.02 20,201.14
10/31/1997 20,625.43 21,795.88 19,435.52
11/30/1997 21,097.75 22,805.03 19,762.04
12/31/1997 21,766.55 23,197.28 19,949.77
1/31/98 21,540.18 23,454.77 20,043.54
2/28/98 23,455.10 25,145.86 21,556.83
3/31/98 24,524.65 26,433.32 22,513.95
4/30/98 24,502.58 26,700.30 22,781.87
5/31/98 23,792.01 26,241.06 22,114.36
6/30/98 24,401.08 27,306.44 22,917.11
07/31/1998 23,760.74 27,016.99 22,443.94
08/31/1998 19,761.81 23,110.33 18,760.89
09/30/1998 20,955.42 24,591.71 19,888.42
10/31/1998 22,566.90 26,591.01 21,330.33
11/30/1998 23,575.64 28,202.43 22,659.21
12/31/1998 25,112.77 29,826.89 24,431.16
01/31/1999 25,650.18 31,073.65 25,452.38
02/28/1999 24,685.73 30,107.26 24,452.10
03/31/1999 25,747.22 31,311.55 25,513.32
04/30/1999 26,321.38 32,523.31 26,151.16
05/31/1999 25,589.65 31,755.76 25,586.29
06/30/1999 27,260.65 33,518.20 27,139.38
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
One One Five Five Since Since
Class and With Without Lipper Growth Year Year Years Years Inception Inception
Inception Date Load Load S&P 500 Funds Average w/load w/out load w/load w/out load w/load w/out load
- ------------------------------------------------------------ --------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-- 8/4/93 $25,419* $26,895 $34,782 $28,363 5.21%* 11.34% 20.69%* 22.07% 17.11%* 18.23%
Class B-- 4/29/93 N/A $26,198 $35,675 $29,031 5.66%* 10.66% 21.03%+ 21.22% N/A 16.89%
Class C-- 9/20/93 N/A $25,741 $33,773 $26,893 9.70%* 10.70% N/A 21.22% N/A 17.78%
Class Y-- 8/16/93 N/A $27,259 $33,518 $27,139 N/A* 11.70% N/A 22.43% N/A 18.62%
<FN>
- -------
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus,
figures reflect the deduction of a 2.00% back-end load.
All figures cited here represent past performance and do not guarantee
future results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more
or less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
Please refer to the preceding and following pages for additional
information on performance and index description.
</TABLE>
Real Estate Equity Investment Fund
CLASS B & Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class B
Class B-2% Lipper Real Estate
Back-end Load NAREIT Funds Average
10/03/1994 10,000.00 10,000.00 10,000.00
10/31/1994 9,710.00 9,667.00 9,631.38
11/30/1994 9,459.00 9,347.02 9,252.95
12/31/1994 10,210.00 10,039.64 9,994.49
1/31/95 9,818.00 9,809.73 9,628.73
2/28/95 9,901.00 9,601.76 9,766.63
3/31/95 9,948.00 9,559.51 9,771.74
4/30/95 9,852.00 9,272.73 9,694.07
5/31/95 10,186.00 9,664.97 10,116.47
6/30/95 10,387.00 9,812.84 10,334.78
7/31/95 10,536.00 9,986.53 10,573.98
8/31/95 10,602.00 10,094.38 10,692.86
9/30/95 10,743.00 10,251.85 10,918.05
10/31/1995 10,470.00 10,011.96 10,603.28
11/30/1995 10,564.00 10,108.08 10,668.23
12/31/1995 11,321.00 10,663.01 11,363.54
1/31/96 11,353.00 10,829.35 11,550.15
2/29/96 11,500.00 10,969.05 11,656.24
3/31/96 11,524.00 10,907.62 11,688.85
4/30/96 11,497.00 11,725.70 11,701.84
5/31/96 11,733.00 12,008.28 12,016.08
6/30/96 11,949.00 12,161.99 12,172.51
7/31/96 11,868.00 12,253.00 12,115.88
8/30/96 12,447.00 12,736.00 12,620.73
9/30/96 12,814.00 12,958.00 12,951.70
10/31/1996 13,106.00 13,342.00 13,235.24
11/30/1996 13,742.00 13,951.00 13,839.80
12/31/1996 15,068.00 15,400.00 15,203.76
1/31/97 15,219.00 15,573.00 15,403.54
2/28/97 15,133.00 15,542.00 15,442.94
3/31/97 15,218.00 15,509.00 15,419.87
4/30/97 14,662.00 15,084.00 14,888.99
5/31/97 14,967.00 15,528.00 15,385.79
6/30/97 15,835.00 16,282.00 16,247.00
7/31/97 16,536.33 16,785.11 16,960.24
8/30/97 16,478.45 16,744.83 16,880.53
9/30/97 18,124.65 18,206.65 18,450.42
10/31/1997 17,455.85 17,715.07 17,848.94
11/30/1997 17,672.31 18,097.72 18,063.12
12/31/1997 18,255.49 18,524.83 18,539.99
1/31/98 18,007.22 18,426.64 18,306.39
2/28/98 17,641.67 18,113.39 18,267.94
3/31/98 18,080.95 18,437.62 18,689.93
4/30/98 17,487.89 17,836.55 18,170.35
5/31/98 17,292.03 17,711.70 17,912.33
6/30/98 16,820.49 17,591.26 17,729.63
07/31/1998 15,946.02 16,450.93 16,562.23
08/31/1998 14,389.69 14,897.97 14,937.48
09/30/1998 15,471.80 15,741.19 15,726.17
10/31/1998 15,077.27 15,449.98 15,432.09
11/30/1998 15,193.36 15,677.09 15,746.91
12/31/1998 15,020.16 15,282.03 15,624.08
01/31/1999 14,652.16 14,962.64 15,264.73
02/28/1999 14,592.09 14,611.01 15,035.76
03/31/1999 14,298.79 14,545.26 14,891.42
04/30/1999 15,774.42 15,925.61 16,452.04
05/31/1999 16,094.64 16,275.97 16,805.75
06/30/1999 15,659.32 16,012.30 16,580.56
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
Lipper Real Estate
Class Y NAREIT Funds Average
9/30/94 10,000.00 10,000.00 10,000.00
10/31/1994 9,718.00 9,667.00 9,631.38
11/30/1994 9,475.00 9,347.02 9,252.95
12/31/1994 10,236.00 10,039.64 9,994.49
1/31/95 9,851.00 9,809.73 9,628.73
2/28/95 9,943.00 9,601.76 9,766.63
3/31/95 9,998.00 9,559.51 9,771.74
4/30/95 9,910.00 9,272.73 9,694.07
5/31/95 10,254.00 9,664.97 10,116.47
6/30/95 10,464.00 9,812.84 10,334.78
7/31/95 10,624.00 9,986.53 10,573.98
8/31/95 10,699.00 10,094.38 10,692.86
9/30/95 10,851.00 10,251.85 10,918.05
10/31/1995 10,583.00 10,011.96 10,603.28
11/30/1995 10,676.00 10,108.08 10,668.23
12/31/1995 11,462.00 10,663.01 11,363.54
1/31/96 11,505.00 10,829.35 11,550.15
2/29/96 11,663.00 10,969.05 11,656.24
3/31/96 11,698.00 10,907.62 11,688.85
4/30/96 11,679.00 11,725.70 11,701.84
5/31/96 11,930.00 12,008.28 12,016.08
6/30/96 12,159.00 12,161.99 12,172.51
7/31/96 12,086.00 12,253.00 12,115.88
8/30/96 12,687.00 12,736.00 12,620.73
9/30/96 13,071.00 12,958.00 12,951.70
10/31/1996 13,380.00 13,342.00 13,235.24
11/30/1996 14,041.00 13,951.00 13,839.80
12/31/1996 15,408.00 15,400.00 15,203.76
1/31/97 15,575.00 15,573.00 15,403.54
2/28/97 15,497.00 15,542.00 15,442.94
3/31/97 15,595.00 15,509.00 15,419.87
4/30/97 15,049.00 15,084.00 14,888.99
5/31/97 15,374.00 15,528.00 15,385.79
6/30/97 16,268.00 16,282.00 16,247.00
7/31/97 17,013.73 16,785.11 16,960.24
8/30/97 16,957.58 16,744.83 16,880.53
9/30/97 18,677.08 18,206.65 18,450.42
10/31/1997 18,004.70 17,715.07 17,848.94
11/30/1997 18,242.37 18,097.72 18,063.12
12/31/1997 18,860.78 18,524.83 18,539.99
1/31/98 18,615.59 18,426.64 18,306.39
2/28/98 18,252.59 18,113.39 18,267.94
3/31/98 18,721.68 18,437.62 18,689.93
4/30/98 18,122.59 17,836.55 18,170.35
5/31/98 17,934.11 17,711.70 17,912.33
6/30/98 17,770.91 17,591.26 17,729.63
07/31/1998 16,569.89 16,450.93 16,562.23
08/31/1998 14,965.92 14,897.97 14,937.48
09/30/1998 16,103.33 15,741.19 15,726.17
10/31/1998 15,718.46 15,449.98 15,432.09
11/30/1998 15,852.07 15,677.09 15,746.91
12/31/1998 15,671.35 15,282.03 15,624.08
01/31/1999 15,314.05 14,962.64 15,264.73
02/28/1999 15,263.51 14,611.01 15,035.76
03/31/1999 14,958.24 14,545.26 14,891.42
04/30/1999 16,527.36 15,925.61 16,452.04
05/31/1999 16,876.09 16,275.97 16,805.75
06/30/1999 16,643.20 16,012.30 16,580.56
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
Lipper One One Since Since
Class and With Without Real Estate Year Year Inception Inception
Inception Date Load Load NAREIT Funds Average w/load w/out load w/load w/out load
- ------------------------------------------------------------------ ----------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-- 9/30/94 $15,535* $16,436 $16,012 $16,581 (11.79)%* (6.66)% 9.72%* 11.03%
Class B-- 10/3/94 $15,659+ $15,859 $16,012 $16,581 (11.64)%* (7.37)% 9.92%+ 10.21%
Class C-- 1/5/96 N/A $14,096 $15,018 $14,316 (8.19)%* (7.34)% N/A 10.35%
Class Y-- 10/3/94 N/A $16,643 $16,012 $16,581 N/A (6.35)% N/A 11.34%
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus,
figures reflect the deduction of a 2.00% back-end load.
Figures for the S&P 500, an unmanaged index of common stock prices,
includes reinvestment of dividends. National Association of Real Estate
Investment Trusts ("NAREIT") are equity real estate investment trusts
which are defined as those which derive more than 75% of their income from
equity investments in real estate assets. The NAREIT equity index includes
all tax qualified real estate investment trusts listed on the New York
Stock Exchange, the American Stock Exchange or the NASDAQ National Market
System.
</TABLE>
Small-Cap Value Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
Lipper Small Company
Class Y Russell 2000 Growth Funds Average
12/26/1996 10,000.00 10,000.00 10,000.00
12/30/1996 10,080.00 10,000.00 10,000.00
1/31/97 10,920.00 10,200.00 10,249.00
2/28/97 10,920.00 9,952.00 9,818.00
3/31/97 10,540.00 9,483.00 9,314.00
4/30/97 10,530.00 9,509.00 9,250.00
5/31/97 11,380.00 10,567.00 10,357.00
6/30/97 12,086.00 11,020.00 10,899.00
7/31/97 12,878.96 11,532.43 11,578.01
8/30/97 13,531.93 11,796.52 11,789.89
9/30/97 14,817.46 12,660.03 12,683.56
10/31/1997 14,344.78 12,104.25 12,120.41
11/30/1997 14,234.33 12,025.58 11,942.24
12/31/1997 14,565.99 12,236.02 12,042.55
1/31/98 14,312.54 12,042.69 11,835.42
2/28/98 15,104.02 12,932.65 12,756.22
3/31/98 15,753.50 13,465.47 13,349.38
4/30/98 15,996.10 13,539.53 13,458.85
5/31/98 15,213.89 12,809.75 12,699.77
6/30/98 15,087.61 12,836.65 12,800.10
07/31/1998 14,251.50 11,799.90 11,900.35
08/31/1998 11,550.84 9,508.36 9,494.10
09/30/1998 12,082.18 10,252.87 10,026.72
10/31/1998 12,008.48 10,671.18 10,436.81
11/30/1998 12,666.54 11,230.35 11,085.98
12/31/1998 13,625.40 11,925.51 11,827.63
01/31/1999 13,211.19 12,084.12 11,777.96
02/28/1999 12,480.61 11,105.31 10,806.28
03/31/1999 12,164.85 11,278.55 10,918.66
04/30/1999 12,894.74 12,289.11 11,651.30
05/31/1999 13,286.74 12,468.53 11,895.98
06/30/1999 14,332.41 13,032.11 12,615.69
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
Lipper Small One One Since Since
Class and With Without Russell Company Growth Year Year Inception Inception
Inception Date Load Load 2000 Funds Average w/load w/out load w/load w/out load
- -------------------------------------------------------------------- -------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-- 1/10/97 $13,175* $13,935 $13,032 $12,616 (10.42)%* (5.19)% 11.80%* 14.37%
Class B-- 2/11/97 $12,734+ $13,034 $12,777 $12,320 (10.44)%* (5.85)% 10.67%+ 11.76%
Class C-- 1/13/97 N/A $13,701 $13,032 $12,616 (6.91)%* (6.00)% N/A 13.64%
Class Y-- 12/26/96 N/A $14,331 $13,032 $12,616 N/A (5.01)% N/A 15.40%
</TABLE>
Small Company Growth Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
Lipper Small
Company Growth
Class Y Russell 2000 Funds Average
12/01/1991 10,000.00 10,000.00 10,000.00
12/31/1991 10,970.00 10,800.00 11,128.00
1/31/92 11,261.00 11,675.90 11,665.00
2/29/92 11,501.00 12,016.00 11,875.00
3/31/92 10,951.00 11,609.00 11,408.00
4/30/92 10,755.00 11,203.00 10,923.00
5/31/92 10,715.00 11,351.00 10,917.00
6/30/92 10,333.00 10,815.00 10,443.00
7/31/92 10,959.00 11,191.00 10,799.00
8/31/92 10,969.00 10,875.00 10,568.00
9/30/92 11,341.00 11,126.00 10,805.00
10/31/1992 11,907.00 11,480.00 11,261.00
11/30/1992 12,611.00 12,358.00 12,183.00
12/31/1992 12,922.00 12,789.00 12,588.00
1/31/93 13,294.00 13,222.00 12,884.00
2/28/93 12,782.00 12,916.00 12,425.00
3/31/93 13,284.00 13,335.00 12,864.00
4/30/93 12,490.00 12,969.00 12,458.00
5/31/93 13,013.00 13,543.00 13,138.00
6/30/93 13,083.00 13,628.00 13,234.00
7/31/93 13,063.00 13,816.00 13,324.00
8/31/93 13,605.00 14,413.00 13,989.00
9/30/93 14,128.00 14,819.00 14,460.00
10/31/1993 14,249.00 15,201.00 14,685.00
11/30/1993 13,716.00 14,700.00 14,175.00
12/31/1993 14,620.00 15,203.00 14,781.00
1/31/94 14,580.00 15,680.00 15,179.00
2/28/94 14,723.00 15,623.00 15,173.00
3/31/94 13,822.00 14,798.00 14,350.00
4/30/94 13,976.00 14,886.00 14,355.00
5/31/94 13,607.00 14,719.00 14,097.00
6/30/94 12,829.00 14,219.00 13,596.00
7/31/94 13,054.00 14,453.00 13,830.00
8/31/94 14,088.00 15,258.00 14,662.00
9/30/94 14,211.00 15,207.00 14,743.00
10/31/1994 14,467.00 15,147.00 14,930.00
11/30/1994 13,710.00 14,535.00 14,378.00
12/31/1994 14,251.00 14,926.00 14,705.00
1/31/95 13,779.00 14,738.00 14,549.00
2/28/95 14,282.00 15,351.00 15,150.00
3/31/95 14,805.00 15,615.00 15,548.00
4/30/95 14,569.00 15,962.00 15,736.00
5/31/95 14,784.00 16,237.00 15,977.00
6/30/95 15,717.00 17,079.00 16,931.00
7/31/95 17,142.00 18,063.00 18,190.00
8/31/95 17,173.00 18,436.00 18,499.00
9/30/95 17,778.00 18,766.00 19,008.00
10/31/1995 17,634.00 17,926.00 18,432.00
11/30/1995 18,167.00 18,680.00 19,108.00
12/31/1995 18,528.00 19,173.00 19,367.00
1/31/96 18,671.00 19,152.00 19,226.00
2/29/96 19,398.00 19,749.00 20,018.00
3/31/96 20,621.00 20,151.00 20,490.00
4/30/96 22,538.00 21,228.00 21,981.00
5/31/96 23,772.00 22,065.00 22,836.00
6/30/96 23,364.00 21,159.00 21,968.00
7/31/96 21,007.00 19,311.00 20,007.00
8/30/96 22,318.00 20,433.00 21,227.00
9/30/96 24,047.00 21,231.00 22,340.00
10/31/1996 23,606.00 20,904.00 21,865.00
11/30/1996 24,697.00 21,765.00 22,524.00
12/31/1996 25,415.00 22,336.00 22,821.00
1/31/97 25,670.00 22,782.00 23,425.00
2/28/97 24,266.00 22,230.00 22,472.00
3/31/97 22,455.00 21,181.00 21,310.00
4/30/97 22,455.00 21,240.00 21,207.00
5/31/97 25,708.00 23,603.00 23,645.00
6/30/97 27,864.00 24,614.00 24,842.00
7/31/97 29,586.27 25,758.55 26,389.66
8/30/97 30,210.54 26,348.42 26,872.59
9/30/97 33,769.35 28,277.13 28,909.53
10/31/1997 32,009.96 27,035.76 27,625.95
11/30/1997 31,065.67 26,860.03 27,219.84
12/31/1997 31,907.55 27,330.08 27,448.49
1/31/98 30,838.65 26,898.26 26,976.38
2/28/98 32,682.80 28,886.04 29,075.14
3/31/98 34,091.43 30,076.15 30,427.13
4/30/98 34,214.15 30,241.57 30,676.64
5/31/98 31,456.49 28,611.55 28,946.47
6/30/98 31,362.12 28,671.63 29,175.15
07/31/1998 29,463.05 26,355.94 27,123.03
08/31/1998 22,677.71 21,237.61 21,638.75
09/30/1998 24,773.13 22,900.52 22,852.68
10/31/1998 26,185.20 23,834.86 23,787.36
11/30/1998 27,936.99 25,083.81 25,266.93
12/31/1998 29,602.03 26,636.49 26,957.29
01/31/1999 29,486.59 26,990.76 26,844.07
02/28/1999 25,903.97 24,804.51 24,629.43
03/31/1999 24,637.26 25,191.46 24,885.58
04/30/1999 25,553.77 27,448.61 26,555.40
05/31/1999 26,187.50 27,849.36 27,113.06
06/30/1999 28,038.96 29,108.15 28,753.41
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
Lipper Small One Five
Company One Year Five Years Since Since
Class and With Without Russell Growth Year w/out Years w/out Inception Inception
Inception Date Load Load 2000 Funds Average w/load load w/load load w/load w/out load
- -------------------------------------------------------------- ----------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-- 11/23/92 $21,103* $22,336 $23,553 $23,443 (15.81)%* (10.92)% 15.31%* 16.62% 11.98%* 12.94%
Class B-- 4/28/94 $19,112+ $19,212 $24,997 $19,914 (15.65)%* (11.55)% 15.54%++ 15.77% 13.33%+ 13.45%
Class C-- 9/26/95 N/A $15,387 $15,511 $15,328 (12.40)%* (11.58)% N/A N/A N/A 12.14%
Class Y-- 12/1/91 N/A $28,035 $29,108 $28,753 N/A (10.62)% N/A 16.92% N/A 14.57%
- ---------
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus,
figures reflect the deduction of a 3.00% back-end load for the Small-Cap
Value Fund and 1.00% for the Small Company Growth Fund.
++ Reflects the deduction of a 2.00% back-end CDSC.
All figures cited here represent past performance and do not guarantee
future results. Investment return and principal value of an investment
will fluctuate so that an investor's shares, upon redemption, may be worth
more or less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
Please refer to the preceding and following pages for additional
information on performance and index description.
</TABLE>
Value Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
S&P 500/BARRA Lipper Growth & Income
Class Y Value Index Funds Average
8/18/95 10,000.00 10,000.00 10,000.00
8/31/95 10,080.00 10,000.00 10,000.00
9/30/95 10,350.00 10,347.00 10,304.00
10/31/1995 10,450.00 10,186.00 10,171.00
11/30/1995 10,830.00 10,719.00 10,618.00
12/31/1995 10,741.00 11,016.00 10,796.00
1/31/96 11,111.00 11,346.00 11,089.00
2/29/96 11,342.00 11,452.00 11,243.00
3/31/96 11,551.00 11,720.00 11,395.00
4/30/96 11,662.00 11,840.00 11,584.00
5/31/96 11,812.00 12,018.00 11,802.00
6/30/96 11,652.00 11,961.00 11,767.00
7/31/96 11,159.00 11,457.00 11,263.00
8/30/96 11,632.00 11,773.00 11,583.00
9/30/96 12,099.00 12,277.00 12,117.00
10/31/1996 12,381.00 12,693.00 12,351.00
11/30/1996 13,299.00 13,664.00 13,171.00
12/31/1996 13,573.00 13,440.00 13,025.00
1/31/97 14,388.00 14,060.00 13,600.00
2/28/97 14,076.00 14,162.00 13,675.00
3/31/97 13,666.00 13,678.00 13,181.00
4/30/97 13,811.00 14,191.00 13,681.00
5/31/97 14,885.00 15,081.00 14,535.00
6/30/97 15,690.00 15,657.00 15,107.00
7/31/97 16,990.07 16,909.56 16,218.88
8/30/97 16,687.65 16,145.25 15,677.16
9/30/97 17,920.87 17,091.36 16,472.00
10/31/1997 17,247.04 16,464.11 15,893.83
11/30/1997 17,426.41 17,091.39 16,319.78
12/31/1997 17,978.83 17,470.82 16,597.22
1/31/98 17,723.53 17,255.93 16,607.18
2/28/98 18,987.22 18,550.12 17,739.79
3/31/98 19,841.64 19,490.61 18,522.11
4/30/98 20,048.00 19,720.60 18,649.92
5/31/98 19,584.89 19,442.54 18,262.00
6/30/98 19,786.61 19,590.30 18,570.63
07/31/1998 18,716.42 19,164.84 18,114.66
08/31/1998 15,229.55 16,083.13 15,428.25
09/30/1998 16,178.35 17,060.99 16,270.64
10/31/1998 16,825.48 18,396.86 17,482.80
11/30/1998 17,533.84 19,355.34 18,391.90
12/31/1998 18,382.47 20,034.71 19,188.27
01/31/1999 18,726.23 20,439.41 19,506.80
02/28/1999 17,415.39 19,999.96 18,915.74
03/31/1999 17,539.04 20,605.96 19,530.50
04/30/1999 19,080.72 22,382.20 20,653.51
05/31/1999 18,966.24 21,986.03 20,356.10
06/30/1999 19,759.03 22,830.30 21,231.41
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
S&P 500/ Lipper Growth One One Since Since
Class and With Without BARRA & Income Year Year Inception Inception
Inception Date Load Load Value Index Funds Average w/load w/out load w/load w/out load
- --------------------------------------------------------------------- -----------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-- 9/14/95 $17,811* $18,840 $22,830 $21,231 (5.71)%* (0.23)% 16.43%* 18.17%
Class B-- 9/19/95 $17,964+ $18,264 $22,063 $21,231 (5.98)%* (1.23)% 16.76%+ 17.27%
Class C-- 2/9/96 N/A $16,748 $20,121 $19,143 (2.18)%* (1.23)% N/A 16.44%
Class Y-- 8/18/95 N/A $19,757 $22,830 $21,231 N/A (0.16)% N/A 19.25%
</TABLE>
Framlington Emerging Markets Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
MSCI Emerging Lipper Emerging
Class Y Markets Index Markets Funds Average
12/31/1996 10,000.00 10,000.00 10,000.00
1/31/97 10,590.00 9,650.00 10,803.00
2/28/97 10,980.00 9,808.00 11,206.00
3/31/97 11,060.00 9,843.00 10,964.00
4/30/97 11,340.00 9,896.00 11,029.00
5/31/97 12,060.00 10,540.00 11,463.00
6/30/97 12,951.00 11,121.00 12,100.00
7/31/97 13,281.77 11,323.40 12,460.58
8/30/97 13,071.92 10,015.55 11,334.14
9/30/97 13,492.83 10,091.67 11,787.51
10/31/1997 11,537.72 8,435.62 9,991.09
11/30/1997 11,086.60 8,127.72 9,631.41
12/31/1997 11,306.11 8,323.60 9,777.81
1/31/98 10,018.34 7,671.03 9,072.83
2/28/98 11,111.35 8,471.89 9,880.31
3/31/98 11,533.58 8,839.57 10,254.78
4/30/98 11,646.61 8,743.22 10,345.02
5/31/98 10,379.46 7,545.40 9,021.89
6/30/98 9,310.37 6,753.88 8,214.43
07/31/98 9,454.63 6,965.82 8,525.94
08/31/98 6,764.79 4,925.53 6,072.18
09/30/98 7,302.59 5,224.02 6,288.35
10/31/98 7,891.90 5,767.84 6,842.35
11/30/98 8,191.80 6,241.95 7,213.89
12/31/98 8,222.93 6,128.35 7,161.95
01/31/99 8,264.04 6,024.78 7,072.43
02/28/99 8,253.30 6,079.00 7,013.72
03/31/99 9,184.27 6,861.37 7,778.22
04/30/99 10,549.05 7,700.52 8,744.28
05/31/99 10,466.77 7,631.98 8,649.84
06/30/99 12,038.88 8,482.19 9,687.82
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
MSCI Emerging Lipper One One Since Since
Class and With Without Markets Emerging Markets Year Year Inception Inception
Inception Date Load Load Index Funds Average w/load w/out load w/load w/out load
- ------------------------------------------------------------------------ ------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-- 1/14/97 $11,200* $11,849 $8,482 $9,688 22.92%* 30.03% 4.71%* 7.14%
Class B-- 2/25/97 $10,289+ $10,589 $8,122 $8,658 23.16%* 28.16% 1.22%+ 2.47%
Class C-- 3/3/97 N/A $10,747 $8,122 $8,658 27.01%* 28.01% N/A 3.14%
Class Y-- 12/31/96 N/A $12,040 $8,482 $9,688 N/A 29.33% N/A 7.71%
- ---------
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus,
figures reflect the deduction of a 3.00% back-end load.
The Russell 2000 Index is a capitalization weighted total return index
which is comprised of 2,000 of the smallest capitalized U.S. domiciled
companies whose stock is traded in the United States on the New York Stock
Exchange, American Stock Exchange and the NASDAQ. The S&P 500/BARRA Value
Index is a capitalization-weighted index of all the stocks in the S&P 500
that have low price-to-book ratios. Figures for the Morgan Stanley (MSCI)
Emerging Market Index, an unmanaged index used to portray the pattern of
common stock price movement in Europe, Australia, New Zealand and
countries in the Far East, include gross reinvestment of dividends.
</TABLE>
Framlington Healthcare Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
Lipper Health/
S&P Healthcare Biotechnology
Class Y Composite Funds Average
12/31/1996 10,000.00 10,000.00 10,000.00
1/31/97 11,020.00 11,093.00 10,519.00
2/28/97 10,590.00 11,255.00 10,557.00
3/31/97 9,610.00 10,482.00 9,799.00
4/30/97 9,030.00 11,340.00 9,801.00
5/31/97 10,290.00 12,034.00 10,804.00
6/30/97 10,890.00 13,188.00 11,355.00
7/31/97 11,120.00 13,445.17 11,734.26
8/30/97 11,120.00 12,356.11 11,446.77
9/30/97 12,339.86 13,071.53 12,475.83
10/31/1997 11,699.42 13,207.47 12,087.83
11/30/1997 11,649.11 13,767.47 12,076.95
12/31/1997 11,638.63 14,371.86 12,121.64
1/31/98 11,848.13 15,375.01 12,338.62
2/28/98 12,598.11 16,236.02 13,091.27
3/31/98 12,948.34 16,804.28 13,542.92
4/30/98 12,937.98 17,200.86 13,588.97
5/31/98 12,138.41 16,868.88 13,084.82
6/30/98 11,838.59 16,868.88 13,299.41
07/31/1998 11,100.00 18,196.46 13,261.24
08/31/1998 8,380.50 16,153.00 11,293.27
09/30/1998 9,810.21 18,070.36 12,578.44
10/31/1998 10,239.90 18,724.51 13,056.43
11/30/1998 10,810.26 19,868.58 13,736.67
12/31/1998 11,787.51 20,724.91 14,880.93
01/31/1999 12,130.53 20,826.46 15,050.57
02/28/1999 10,838.63 21,078.46 14,561.43
03/31/1999 10,323.79 21,641.26 14,715.78
04/30/1999 10,112.15 20,295.17 14,178.65
05/31/1999 10,374.06 19,712.70 14,066.64
06/30/1999 10,606.44 20,637.23 14,691.20
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
Lipper Health/ One One Since Since
Class and With Without S&P Healthcare Biotechnology Year Year Inception Inception
Inception Date Load Load Composite Funds Average w/load w/out load w/load w/out load
- ----------------------------------------------------------------------- -----------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-- 2/14/97 $8,826* $9,342 $18,604 $13,891 (15.62)%* (10.69)% (5.12)%* (2.83)%
Class B-- 1/31/97 $9,127+ $9,406 $18,604 $13,891 (15.79)%* (11.40)% (3.72)%+ (2.50)%
Class C-- 1/13/97 N/A $9,967 $20,637 $14,691 (12.28)%* (11.40)% N/A (0.13)%
Class Y-- 12/31/96 N/A $10,606 $20,637 $14,691 N/A (10.42)% N/A 2.38%
</TABLE>
Framlington International Growth Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment--Class Y
MSCI EAFE Lipper International
Class Y Index Funds Average
12/31/1996 10,000.00 10,000.00 10,000.00
1/31/97 9,940.00 9,650.00 9,969.00
2/28/97 10,070.00 9,808.00 10,106.00
3/31/97 9,990.00 9,843.00 10,130.00
4/30/97 10,030.00 9,896.00 10,150.00
5/31/97 10,760.00 10,540.00 10,753.00
6/30/97 11,350.00 11,121.00 11,253.00
7/31/97 11,540.00 11,303.38 11,560.21
8/30/97 10,789.90 10,461.28 10,720.94
9/30/97 11,329.39 11,049.21 11,382.42
10/31/1997 10,459.30 10,202.84 10,524.18
11/30/1997 10,198.86 10,100.81 10,426.31
12/31/1997 10,221.30 10,191.72 10,512.85
1/31/98 10,764.05 10,660.53 10,759.90
2/28/98 11,468.02 11,347.07 11,470.05
3/31/98 11,870.54 11,698.83 12,056.17
4/30/98 12,031.98 11,793.59 12,221.34
5/31/98 12,112.60 11,739.34 12,233.56
6/30/98 12,014.49 11,830.91 12,139.36
07/31/1998 12,257.17 11,953.95 12,341.02
08/31/1998 10,555.88 10,475.25 10,604.64
09/30/1998 9,911.97 10,156.80 10,234.53
10/31/1998 10,656.36 11,218.19 11,024.64
11/30/1998 11,300.00 11,795.92 11,600.13
12/31/1998 11,819.80 12,264.22 11,964.37
01/31/1999 12,031.38 12,231.11 12,003.85
02/28/1999 11,568.17 11,942.45 11,695.35
03/31/1999 12,182.44 12,444.04 12,107.03
04/30/1999 12,595.42 12,950.51 12,620.37
05/31/1999 12,121.84 12,286.15 12,084.00
06/30/1999 12,897.63 12,767.76 12,694.24
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
Lipper One One Since Since
Class and With Without MSCI EAFE International Year Year Inception Inception
Inception Date Load Load Index Funds Average w/load w/out load w/load w/out load
- ------------------------------------------------------------------- ---------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class A-- 2/20/97 $12,037* $12,740 $8,482 $12,733 1.48%* 7.36% 8.18%* 10.81%
Class B-- 3/19/97 $12,504+ $12,804 $8,122 $12,528 1.23%* 6.23% 10.27%+ 11.43%
Class C-- 2/13/97 N/A $12,594 $8,122 $12,733 5.13%* 6.13% N/A 10.19%
Class Y-- 12/31/96 N/A $12,898 $8,482 $12,694 N/A* 7.35% N/A 10.72%
- ---------
* Reflects the deduction of the maximum sales charge of 5.50% for Class A
Shares, of 5.00% for Class B Shares, and of 1.00% for Class C Shares.
+ Based upon the declining CDSC schedule as defined in the prospectus,
figures reflect the deduction of a 3.00% back-end load.
All figures cited here represent past performance and do not guarantee
future results. Investment return and principal value of an investment
will fluctuate so that an investor's shares, upon redemption, may be worth
more or less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
The S&P Healthcare Composite is a capitalization-weighted index of all of
the stocks in the S&P 500 that are involved in the business of health care
related products or services. Figures for the MSCI EAFE Index, an
unmanaged index used to portray the pattern of common stock price movement
in Europe, Australia, New Zealand and countries in the Far East, include
gross reinvestment of dividends.
Munder Balanced Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 69.6%
Advertising -- 1.4%
3,700 Interpublic Group of Companies,
Inc. $ 320,512
4,400 Omnicom Group, Inc. 352,000
-----------
672,512
-----------
Automobile Parts and Equipment -- 2.1%
1,856 Borg-Warner Automotive, Inc. 102,080
18,130 Dura Automotive Systems, Inc.+ 602,822
3,900 Johnson Controls, Inc. 270,319
-----------
975,221
-----------
Banking and Financial Services -- 7.6%
7,700 Associates First Capital Corporation 341,206
3,300 Chase Manhattan Corporation 285,862
1,500 Fannie Mae 102,563
5,900 First American Corporation 245,219
16,400 Flagstar Bancorp, Inc. 414,100
13,200 Fleet Financial Group, Inc. 585,750
5,400 Goldman Sachs Group, Inc. 390,150
5,000 Mellon Bank Corporation 181,875
20,800 Ocean Financial Corporation 377,000
8,500 U.S. Bancorp 289,000
11,200 UST Corporation 338,800
-----------
3,551,525
-----------
Broadcasting -- 0.3%
3,300 Young Broadcasting, Inc.+ 140,456
-----------
Building Materials -- 4.0%
4,200 Centex Construction Products, Inc. 143,325
14,570 Craftmade International, Inc. 189,410
17,600 Dayton Superior Corporation+ 326,700
3,930 Elcor Corporation 171,692
9,500 Masco Corporation 274,313
15,000 Pulte Corporation 345,937
6,200 Southdown, Inc. 398,350
-----------
1,849,727
-----------
Business Services -- 1.5%
14,200 International Telecommunication
Data Systems, Inc.+ 227,200
4,770 Steiner Leisure Ltd., ADR+ 144,591
8,188 Tetra Tech, Inc.+ 135,094
6,820 URS Corporation+ 199,911
-----------
706,796
-----------
Chemicals -- 0.5%
11,100 Crompton & Knowles
Corporation 217,144
-----------
Chemicals -- Specialty -- 0.3%
2,400 Avery Dennison Corporation 144,900
-----------
Commercial Services -- 0.4%
5,025 Manitowoc Company, Inc. 209,166
-----------
Computer Hardware, Software or
Services -- 5.1%
5,950 Advanced Digital Information
Corporation+ 240,975
5,700 Analytical Surveys, Inc.+ 141,788
5,600 BMC Software, Inc.+ 302,400
9,000 Ceridian Corporation+ 294,187
6,400 Compuware Corporation+ 203,600
2,500 Fundtech Ltd.+ 64,844
14,100 InterVoice, Inc.+ 203,569
7,200 Microsoft Corporation+ 649,350
7,650 Wall Data, Inc.+ 73,153
5,350 Zomax, Inc.+ 235,400
-----------
2,409,266
-----------
Computer / Peripherals -- 0.3%
2,200 Sun Microsystems, Inc.+ 151,525
-----------
Consumer Non-Durables -- 0.6%
12,400 Ivex Packaging Corporation+ 272,800
-----------
Distributors -- 0.4%
9,250 JLG Industries, Inc. 188,469
-----------
Diversified -- 1.9%
4,000 Textron, Inc. 329,250
4,500 Tyco International Ltd. 426,375
2,000 United Technologies Corporation 143,375
-----------
899,000
-----------
Drugs -- 2.2%
4,500 Amgen, Inc.+ 273,937
2,300 Cardinal Health, Inc. 147,488
5,000 Merck & Company, Inc. 370,000
4,400 Schering-Plough Corporation 233,200
-----------
1,024,625
-----------
Electrical Equipment -- 2.5%
3,300 General Electric Company 372,900
2,000 Honeywell, Inc. 231,750
5,810 SLI, Inc.+ 156,870
2,800 Texas Instruments, Inc. 406,000
-----------
1,167,520
-----------
Electronics -- 6.3%
12,400 Aeroflex, Inc.+ 244,900
6,300 Anaren Microwave, Inc.+ 131,513
6,700 ATMI, Inc.+ 199,325
7,150 C-Cube Microsystems, Inc.+ 226,566
5,000 CISCO Systems, Inc.+ 322,187
2,650 CTS Corporation 185,500
10,000 FLIR Systems, Inc.+ 151,250
14,900 General Semiconductor, Inc.+ 135,962
5,050 GlobeSpan, Inc.+ 200,737
11,150 Herley Industries, Inc.+ 145,647
8,900 Innovex, Inc. 124,600
6,550 ITI Technologies, Inc.+ 148,194
11,400 MKS Instruments, Inc.+ 212,325
8,750 Unitrode Corporation+ 251,016
4,700 Xilinx, Inc.+ 269,075
-----------
2,948,797
-----------
Environmental -- 0.5%
10,000 Republic Services, Inc.+ 247,500
-----------
Financial Services -- 1.3%
7,300 Automatic Data Processing, Inc. 321,200
3,750 Fiserv, Inc.+ 117,422
5,500 SunGard Data Systems+ 189,750
-----------
628,372
-----------
Food and Beverages -- 2.3%
12,600 ConAgra, Inc. 335,475
18,300 J&J Snack Foods Corporation+ 439,200
10,000 SYSCO Corporation 298,125
-----------
1,072,800
-----------
Grocery -- 0.3%
3,000 Safeway, Inc.+ 148,500
-----------
Health Care -- 1.5%
56 Coram Healthcare Corporation+ 98
11,300 Province Healthcare Company+ 220,350
12,700 Trigon Healthcare, Inc.+ 461,962
-----------
682,410
-----------
Home Furnishings -- 0.4%
6,200 Leggett & Platt, Inc. 172,438
-----------
Household Products -- 1.0%
6,700 Maytag Corporation 466,906
-----------
Insurance -- 2.1%
8,800 Ace Ltd., ADR 248,600
1,887 American International Group,
Inc. 220,897
20,200 ARM Financial Group, Inc. 171,700
2,700 Marsh & McLennan Companies,
Inc. 203,850
2,500 UnumProvident Corporation 136,875
-----------
981,922
-----------
Machinery and Heavy Equipment --
1.1%
4,000 Ingersoll-Rand Company 258,500
8,400 Terex Corporation+ 255,675
-----------
514,175
-----------
Manufacturing -- 0.2%
4,900 Penn Engineering &
Manufacturing Corporation 110,250
-----------
Manufactured Housing -- 0.6%
25,000 Clayton Homes, Inc. 285,937
-----------
Medical Services and Supplies -- 3.7%
6,000 Abbott Laboratories 273,000
5,900 Baxter International, Inc. 357,687
4,000 Biomet, Inc. 159,000
7,650 ICU Medical, Inc.+ 135,309
2,800 Johnson & Johnson Company 274,400
10,100 Orthofix International N.V., ADR+ 150,238
2,200 Stryker Corporation 132,275
19,035 US Oncology, Inc.+ 228,420
-----------
1,710,329
-----------
Oil Equipment and Services -- 1.8%
8,500 Burlington Resources, Inc. 367,625
13,900 USX-Marathon Group 452,619
-----------
820,244
-----------
Real Estate -- 1.2%
11,700 Kilroy Realty Corporation 285,187
8,800 Mack-Cali Realty Corporation 272,250
-----------
557,437
-----------
Recreation -- 0.9%
7,860 Brass Eagle, Inc.+ 147,375
6,100 Carnival Corporation, Class A 295,850
-----------
443,225
-----------
Restaurants -- 1.0%
5,660 Dave & Buster's, Inc.+ 164,140
10,300 Wendy's International, Inc. 291,619
-----------
455,759
-----------
Retail -- 1.2%
6,600 Cutter & Buck, Inc.+ 111,375
5,800 Family Dollar Stores, Inc. 139,200
10,340 Happy Kids, Inc.+ 89,829
4,600 Wal-Mart Stores, Inc. 221,950
-----------
562,354
-----------
Retail-- Building Supplies-- 1.1%
5,700 Home Depot, Inc. 367,294
2,800 Lowe's Companies, Inc. 158,725
-----------
526,019
-----------
Retail -- Specialty -- 1.2%
4,600 Dollar General Corporation 133,400
13,750 Office Depot, Inc.+ 303,359
11,050 Office Max, Inc.+ 132,600
-----------
569,359
-----------
Retirement / Aged Care -- 0.3%
12,500 Capital Senior Living
Corporation+ 125,000
-----------
Semiconductors -- 2.1%
4,100 Altera Corporation+ 150,931
11,200 Intel Corporation 666,400
2,200 Maxim Integrated Products, Inc.+ 146,300
-----------
963,631
-----------
Telecommunications -- 3.9%
7,800 AudioCodes Ltd.+ 210,600
7,450 CenturyTel, Inc. 296,137
10,550 Gilat Communications Ltd.+ 168,800
9,650 Inet Technologies, Inc.+ 231,600
3,960 Lucent Technologies, Inc. 267,053
3,900 MCI Worldcom, Inc.+ 335,644
5,400 SBC Communications, Inc. 313,200
-----------
1,823,034
-----------
Thrift -- 0.5%
7,789 Charter One Financial, Inc. 216,632
-----------
Transportation -- 0.6%
7,600 CNF Transportation, Inc. 291,650
-----------
Utilities -- 1.0%
9,900 Edison International 264,825
5,400 New Century Energies, Inc. 209,587
-----------
474,412
-----------
Waste Management -- 0.4%
9,300 Azurix Corporation+ 186,000
-----------
TOTAL COMMON STOCKS
(Cost $26,830,574) 32,565,744
-----------
ASSET BACKED SECURITIES -- 3.4%
600,000 Residential Accredit Loans, Inc.,
Series 1997-QS5, Class A5,
7.250% due 06/25/2027 601,194
600,000 Residential Asset Securities
Corporation, Series 1997-KS3,
Class A16,
6.900% due 08/25/2027 587,592
400,000 Union Acceptance Corporation,
Series 1996-C, Class A3,
6.630% due 10/08/2003++ 401,768
-----------
TOTAL ASSET BACKED SECURITIES
(Cost $1,606,495) 1,590,554
-----------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 2.5%
600,000 Federal Home Mortgage
Corporation,
Series 1541, Class F,
6.250% due 05/15/2019 598,350
550,000 Federal Home Mortgage
Corporation,
Series 1702-A, Class PD,
6.500% due 04/15/2022 547,321
-----------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $1,133,719) 1,145,671
-----------
CORPORATE BONDS AND NOTES -- 11.3%
Finance -- 2.7%
300,000 Associates Corporation of
North America,
5.800% due 04/20/2004 289,737
500,000 Countrywide Capital III,
8.050% due 06/15/2027 504,850
300,000 Pitney Bowes Credit
Corporation,
8.625% due 02/15/2008 336,951
150,000 Transamerica Capital III,
7.625% due 11/15/2037 147,495
-----------
1,279,033
-----------
Finance -- Foreign -- 1.5%
300,000 Abbey National Plc,
6.700% due 06/29/2049 279,681
450,000 Westdeutsche Landesbank,
6.750% due 06/15/2005 443,812
-----------
723,493
-----------
Food and Beverages -- 1.1%
500,000 Coca Cola Enterprises,
6.625% due 09/30/2002 498,750
-----------
Government Agency -- 0.9%
400,000 Tennessee Valley Authority,
6.375% due 06/15/2005 399,664
-----------
Industrial -- 2.7%
500,000 American Greetings Corporation,
6.100% due 08/01/2028 466,790
300,000 Harris Corporation,
6.350% due 02/01/2028 286,263
500,000 Racers-Kellogg, Series 1998 144A,
5.750% due 02/02/2001 498,865
-----------
1,251,918
-----------
Supranational -- 0.8%
350,000 African Development Bank,
6.750% due 07/30/1999 350,242
-----------
Utility -- Electric -- 1.6%
500,000 National Rural Utilities
Cooperative Finance,
6.125% due 05/15/2005 485,660
300,000 Puget Sound Energy, Inc.,
7.020% due 12/01/2027 284,412
-----------
770,072
-----------
TOTAL CORPORATE BONDS AND NOTES
(Cost $5,457,195) 5,273,172
-----------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 3.4%
Federal Home Loan Mortgage
Corporation(FHLMC) -- 0.4% FHLMC:
105,018 Pool #E62394, Gold,
7.500% due 09/01/2010 106,615
92,930 Pool #200021,
10.500% due 11/01/2000 97,558
-----------
204,173
-----------
Federal National Mortgage Association
(FNMA) -- 2.6%
FNMA:
500,000 Pool #380137,
7.280% due 03/01/2008 519,735
239,944 Pool #303105,
11.000% due 11/01/2020 263,847
378,238 Pool #100081,
11.500% due 08/01/2016 423,865
-----------
1,207,447
-----------
Government National Mortgage Association
(GNMA) -- 0.4%
167,575 GNMA, Pool #780584,
7.000% due 06/15/2027 165,857
-----------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $1,608,864) 1,577,477
-----------
U.S. TREASURY OBLIGATIONS -- 7.0%
U.S. Treasury Bonds -- 6.0%
400,000 3.875% due 04/15/2029 394,248
2,000,000 8.000% due 11/15/2021 2,406,200
-----------
2,800,448
-----------
U.S. Treasury Notes -- 1.0%
$ 440,000 7.875% due 11/15/2004 479,613
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $3,552,244) 3,280,061
-----------
REPURCHASE AGREEMENT -- 3.4%
(Cost $1,610,000)
$1,610,000 Agreement with State Street
Bank and Trust Company,
4.750% dated 06/30/1999,
to be repurchased at
$1,610,212 on 07/01/1999,
collateralized by $1,620,000
U.S. Treasury Note, 5.250%
maturing 01/31/2001
(value $1,644,300) 1,610,000
-----------
OTHER INVESTMENTS**
(Cost $4,211,746) 9.0% 4,211,746
---- -----------
TOTAL INVESTMENTS
(Cost $46,010,837*) 109.6% 51,254,425
OTHER ASSETS AND
LIABILITIES (Net) (9.6) (4,471,853)
----- -----------
NET ASSETS 100.0% $46,782,572
===== ===========
- -------
* Aggregate cost for Federal tax purposes is $46,091,052.
** As of June 30, 1999, the market value of the securities on loan is
$4,197,873. Collateral received for securities loaned of $4,211,746 is
invested in State Street Navigator Securities Lending Trust-Prime
Portfolio.
+ Non-income producing security.
++ Floating rate note. The interest rate shown reflects the rate currentl
in effect.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder Growth & Income Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 87.8%
Aerospace -- 2.2%
78,000 United Technologies
Corporation $ 5,591,625
------------
Automobile Parts and Equipment -- 2.6%
97,000 Johnson Controls, Inc. 6,723,313
------------
Banking and Finance -- 6.4%
79,000 Federal National Mortgage
Association 5,401,625
165,000 U.S. Bancorp 5,610,000
122,000 Wells Fargo & Company 5,215,500
------------
16,227,125
------------
Building Materials -- 2.2%
199,000 Masco Corporation 5,746,125
------------
Computer Software -- 2.0%
143,000 Dun & Bradstreet Corporation 5,067,563
------------
Drugs -- 3.5%
83,000 American Home Products
Corporation 4,772,500
56,600 Merck & Co., Inc. 4,188,400
------------
8,960,900
------------
Drugs and Health Care -- 1.6%
87,000 Abbott Laboratories 3,958,500
------------
Electrical Equipment -- 2.5%
57,000 General Electric Company 6,441,000
------------
Electrical Machinery -- 1.6%
81,000 Cooper Industries, Inc. 4,212,000
------------
Food and Beverages -- 10.0%
68,000 Anheuser-Busch Companies, Inc. 4,823,750
173,000 ConAgra, Inc. 4,606,125
67,000 General Mills, Inc. 5,385,125
125,000 PepsiCo, Inc. 4,835,938
197,000 Sysco Corporation 5,873,062
------------
25,524,000
------------
Holding Companies-- Diversified-- 2.2%
67,200 Textron, Inc. 5,531,400
------------
Household Furnishings and Appliances -- 4.7%
232,000 Leggett & Platt, Inc. 6,452,500
79,000 Maytag Corporation 5,505,312
------------
11,957,812
------------
Insurance -- 6.9%
118,000 Lincoln National Corporation 6,172,875
89,300 Marsh & McLennan Companies,
Inc. 6,742,150
83,000 XL Capital Ltd. 4,689,500
------------
17,604,525
------------
Manufacturing Specialize -- 1.9%
79,074 Avery Dennison Corporation 4,774,093
------------
Medical Instruments, Services, and
Supplies --1.7%
71,000 Baxter International, Inc. 4,304,375
------------
Office Equipment and Supplies -- 4.4%
76,000 Pitney Bowes, Inc. 4,883,000
107,000 Xerox Corporation 6,319,687
------------
11,202,687
------------
Oil and Petroleum -- 5.4%
50,097 BP Amoco Plc, ADR 5,435,524
56,000 Exxon Corporation 4,319,000
41,000 Mobil Corporation 4,059,000
------------
13,813,524
------------
Oil Equipment and Services -- 1.3%
52,000 Schlumberger Ltd. 3,311,750
------------
Paper and Forest Products -- 2.0%
110,000 Georgia-Pacific Corporation 5,211,250
------------
Printing and Publishing -- 4.0%
150,800 Central Newspapers, Inc. 5,673,850
86,000 McGraw-Hill, Inc. 4,638,625
------------
10,312,475
------------
Real Estate -- 4.3%
65,000 Apartment Investment &
Management Company $ 2,778,750
74,000 Boston Properties, Inc. 2,654,750
55,000 Duke Realty Investments, Inc. 1,240,937
32,000 Kimco Realty Corporation 1,252,000
39,000 Mack-Cali Realty Corporation 1,206,563
80,000 Prentiss Properties Trust 1,880,000
------------
11,013,000
------------
Telecommunications -- 4.4%
126,000 BellSouth Corporation 5,906,250
92,000 SBC Communications, Inc. 5,336,000
------------
11,242,250
------------
Utilities -- Electric -- 5.8%
97,000 Consolidated Edison Company 4,389,250
116,300 New Century Energies, Inc. 4,513,894
141,000 Texas Utilities Company 5,816,250
------------
14,719,394
------------
Utilities -- Natural Gas -- 4.2%
137,262 El Paso Natural Gas Company 4,829,907
283,671 MCN Corporation Holding
Company 5,886,173
------------
10,716,080
------------
TOTAL COMMON STOCKS
(Cost $173,705,287) 224,166,766
------------
Principal
Amount
- ---------
CONVERTIBLE BONDS AND NOTES -- 2.7%
(Cost $2,450,965)
2,450,000 Home Depot, Inc.,
Conv. Sub. Note,
3.250% due 10/01/2001 6,811,000
------------
Shares
- -------
CONVERTIBLE PREFERRED STOCK -- 2.2%
(Cost $4,862,225)
93,000 Wendy's Financial I, 5.000%
Conv. Pfd. 5,626,500
------------
REPURCHASE AGREEMENT -- 3.9%
(Cost $10,114,000)
$10,114,000 Agreement with State Street
Bank and Trust Company,
4.750% dated 06/30/1999,
to be repurchased at
$10,115,334 on 07/01/1999,
collateralized by
$10,550,000 U.S.
Treasury Note, 4.50%
maturing 09/30/2000
(value $10,317,278) 10,114,000
------------
OTHER INVESTMENTS**
(Cost $5,435,774) 2.1% 5,435,774
------------
TOTAL INVESTMENTS
(Cost $196,568,251*) 98.7% 252,154,040
OTHER ASSETS AND
LIABILITIES (Net) 1.3 3,222,083
----- ------------
NET ASSETS 100.0% $255,376,123
===== ============
- -------
* Aggregate cost for Federal tax purposes is $196,568,253.
** As of June 30, 1999 the market value of the securities on loan
is $5,176,386. Collateral received for securities loaned of
$5,435,774 is invested in State Street Navigator Securities Lending
Trust-Prime Portfolio.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder International Equity Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 95.7%
Argentina -- 0.4%
1,100 Alpargatas S.A.I.C., ADR $ 1,001
2,681 Banco de Galicia Bueno, ADR 54,290
1,656 Banco Frances del Rio
de la Plata SA, ADR 31,464
3,000 Banco Rio de La Plata SA 28,500
10,100 Corporacion Mapfre, ADR 57,680
508 IRSA Inversiones Y
Representaciones SA, GDR 15,685
2,220 Metrogas SA, ADR 18,731
13,865 Perez Companc SA, ADR 167,789
4,000 Quilmes Industrial SA, ADR 49,500
7,100 Telecom Argentina SA, ADR 189,925
8,500 Telefonica de Argentina, ADR 266,688
2,800 Transportadora de Gas
del Sur SA, ADR 26,250
------------
907,503
------------
Australia -- 3.0%
6,450 Amcor Ltd. 145,125
2,100 Ashton Mining Ltd., ADR 4,928
9,850 Australia & New Zealand Bank,
ADR 365,681
5,200 Boral Ltd., ADR 71,500
35,640 Broken Hill Proprietary Ltd., ADR 844,222
2,800 Burns, Philip & Company Ltd.,
ADR+ 3,165
7,000 Coca-Cola Amatil Ltd., ADR 56,352
5,500 Coles Myer Ltd., ADR 258,500
900 Cortecs International Ltd., ADR+ 1,125
8,500 CSR Ltd., ADR 97,095
5,000 E-mail Partners Ltd., ADR 19,223
1,200 FH Faulding & Company, ADR 29,192
19,152 Goldfields Ltd., ADR 65,835
10,900 Goodman Fielder Ltd., ADR 38,823
6,900 James Hardie Industries, ADR 36,490
4,700 Kidston Gold Mines Ltd., ADR+ 2,237
800 Lihir Gold Ltd., ADR+ 12,100
46,700 M.I.M. Holdings Ltd., ADR 66,064
2,400 Mayne Nickless Ltd., ADR 41,012
11,400 National Australia Bank Ltd., ADR 957,600
26,300 News Corporation Ltd., ADR 928,719
6,139 Normandy Mining Ltd. 40,825
4,900 North Ltd., ADR 49,559
1,300 Orbital Engineering Ltd., ADR+ 2,925
9,600 Pacific Dunlop Olympic
Ltd., ADR 55,200
1,700 Petsec Energy Ltd., ADR+ 2,763
32,100 Pioneer International Ltd., ADR 81,696
5,370 Rio Tinto Ltd., ADR 351,746
5,100 Santos Ltd., ADR 66,938
700 Simsmetal Ltd., ADR 12,383
600 Sons of Gwalia, ADR 7,887
4,300 Southcorp Holdings Ltd., ADR 86,711
8,000 St. George Bank Ltd., ADR 55,459
8,900 Telstra Corporation Ltd. 1,018,642
13,500 Westpac Banking Ltd., ADR 450,563
10,100 WMC Ltd., ADR 176,750
27,700 Woodside Petroleum Ltd. 187,322
------------
6,692,357
------------
Austria -- 0.1%
7,800 Bank Austria Aktiengeselschaft,
ADR 82,015
2,240 EVN-Energie Versorgung
Niederoesterreich AG, ADR 65,486
9,800 OMV AG, ADR 174,750
1,000 Wolford AG, ADR 8,515
------------
330,766
------------
Belgium -- 0.0% #
1,200 Xeikon NV, ADR+ 27,300
------------
Bermuda -- 0.1%
300 ESG Re Ltd. 4,500
400 Frontline Ltd., ADR+ 1,892
600 LaSalle Re Holdings Ltd., ADR 10,200
2,000 PartnerRe Ltd., ADR 74,750
3,900 XL Capital Ltd., Class A 220,350
------------
311,692
------------
Brazil -- 0.7%
5,425 Aracruz Celulose SA, ADR 119,350
5,996 Cemig-Companhia Energetica
de Minas, ADR 125,982
1,100 Centrais Eletricas Brasileiras SA,
ADR 10,407
3,410 Centrais Geradoras doSuldo
Brasil SA, ADR+ 11,509
5,000 Companhia Cervejaria
Brahma, ADR 40,156
2,700 Companhia Siderurgica
Nacional, ADR 70,875
1,800 Continental AG, ADR 42,677
11,200 Embratel Participacoes SA,
ADR 155,400
2,600 Panamerican Beverages Inc.,
Class A, ADR 61,912
1,120 Tele Celular Sul Participacoes SA 24,290
1,933 Tele Centro Oeste Celular
Participacoes SA, ADR+ 7,611
2,240 Tele Centro Sul Participacoes
SA, ADR 124,320
400 Tele Nordeste Celular
Participacoes SA, ADR 10,800
11,200 Tele Norte Leste Participacoes
SA, ADR 207,900
2,240 Tele Sudeste Celular
Participacoes SA, ADR 64,960
200 Telemig Celular Participacoes
SA, ADR 4,925
4,480 Telesp Celular Participacoes
SA, ADR 119,840
11,200 Telesp Participacoes SA, ADR 256,200
------------
1,459,114
------------
Canada -- 2.6%
3,200 Abitibi-Consolidated, Inc., ADR 36,400
1,400 Agnico Eagle Mines Ltd., ADR 8,663
2,950 Alberta Energy Company
Ltd., ADR 95,322
500 Alliance Atlantis Communications
Corp., Class B+ 5,197
9,550 Bank of Montreal, ADR 349,172
2,600 BCE Mobile Communications,
Inc.+ 79,137
23,000 BCE, Inc., ADR 1,134,187
800 Bell Canada International, Inc.+ 10,100
3,700 BioChem Pharmaceuticals, Inc. 69,375
1,200 Biomira, Inc., ADR+ 4,350
1,000 Biovail Corporation
International, ADR+ 51,062
4,600 Campbell Resource, Inc., ADR+ 1,438
15,900 Canadian Imperial Bank of
Commerce 381,600
1,000 Canadian Marconi Company, ADR 12,000
2,000 Canadian National Railway
Company 134,000
5,100 Canadian Occidental Petroleum,
ADR 82,237
12,700 Canadian Pacific Ltd., ADR 302,419
1,600 Celestica, Inc.+ 69,300
1,100 Clearnet Communications, Inc.,
ADR+ 15,331
3,300 Cominco, ADR 56,512
2,000 Corel, ADR+ 7,750
2,300 Cott Corporation, ADR 8,338
400 Decoma International, Inc. 3,400
4,800 Domatar, Inc., ADR 45,600
800 Dorel Industries, Inc.+ 17,150
10,250 EdperBrascan Corporation,
Class A 153,750
4,400 Enbridge, Inc. 101,200
4,000 Encal Energy Ltd.+ 19,750
600 Fahnestock Viner Holdings, Inc.,
ADR 9,375
1,000 Four Seasons Hotels, Inc., ADR 44,063
2,500 Goldcorp, Inc., Class A, ADR+ 12,500
9,106 Gulf Canada Resources, ADR 38,131
16,900 Imperial Oil Ltd., ADR 320,044
800 Intertape Polymer Group
Inc., ADR 23,400
1,400 Intrawest Corporation 21,438
1,650 Ipsco, Inc., ADR 34,856
300 Jetform Corporation, ADR+ 1,256
1,600 Loewen Group, Inc., ADR 900
4,700 Macmillan Bloedel Ltd., ADR 84,600
2,200 Magna International, Class A, ADR 124,850
5,600 Methanex Corporation, ADR+ 21,000
1,300 Microcell Telecommunications, Inc.+ 10,156
4,000 Mitel Corporation, ADR+ 26,500
6,200 Newbridge Network, ADR+ 178,250
2,400 Newcourt Credit Group, Inc. 31,050
3,250 NOVA Chemicals Corporation 75,766
3,400 Numac Energy, Inc., ADR+ 8,925
1,700 Potash Corporation of
Saskatchewan, ADR 87,975
1,900 Rio Algom Ltd., ADR 26,838
3,400 Rogers Cantel Mobil
Communications, Class B,
ADR+ 55,887
11,400 Royal Bank of Canada 505,875
2,500 Royal Group Technologies Ltd.+ 73,594
4,300 Royal Oak Mines, ADR+ 0
2,000 Suncor Energy, Inc. 82,250
3,200 Supersol Ltd. 46,800
270 Talisman Energy, Inc.+ 7,172
4,200 Teleglobe, Inc. 124,950
2,800 Telesystem International
Wireless, Inc.+ 50,750
16,252 Transcanada Pipelines Ltd., ADR 227,528
3,900 Trizec Hahn Corporation, ADR 79,462
3,400 West Coast Energy, Inc., ADR 67,150
------------
5,758,031
------------
Chile -- 0.3%
600 AFP Provida, ADR 13,200
900 Banco de Edwards, ADR 13,050
400 Banco Santander Chile, ADR 6,200
3,200 Banco Santiago SA, ADR 61,400
1,900 Compania Cervecerias Unidas SA,
ADR 54,388
7,075 Compania de Telecomunicaciones
de Chile SA, ADR 175,106
800 Cristalerias de Chile, ADR 12,350
2,500 Distribucion y Servicio D&S SA 46,875
2,200 Embotelladora Andina SA, ADR 44,000
7,500 Empresa Nacional Electricidad
SA, ADR 90,937
2,100 Empresa Telex Chile, ADR+ 2,100
2,660 Enersis S.A., ADR 60,847
2,200 Gener SA, ADR 39,050
700 Laboratorio Chile SA, ADR 12,600
2,400 Linea Aerea Nacional
Chile SA, ADR 17,250
1,200 Madeco, ADR 12,150
1,000 Maderas Y Sintelicos Sociedad
(Masisa), ADR 10,500
700 Quimica Minera Chile SA, ADR 24,763
3,500 Quinenco SA, ADR 32,813
500 Vina Concha Y Toro SA, ADR 18,000
------------
747,579
------------
China\Hong Kong -- 4.2%
18,500 Amoy Properties Ltd., ADR 87,032
2,300 Amway Asia Pacific Ltd., ADR 26,738
1,440 Asia Pulp & Paper Company Ltd.+ 3,780
7,200 Asia Pulp & Paper Company
Ltd., ADR+ 69,300
600 Asia Satellite Telecommunications
Holdings Ltd., ADR 13,838
47,848 Bank East Asia Ltd., ADR 121,183
750 Beijing Yanhua Petrochemical
Company Ltd., ADR 8,531
3,200 C.P. Pokphand, ADR+ 4,279
10,300 Cathay Pacific Airways, ADR 78,990
6,800 CDL Hotels International Ltd.,
ADR 28,485
24,100 China Telecom (Hong Kong)
Ltd.+ 1,373,700
5,800 Dairy Farm International Ltd.,
ADR 34,800
500 DSG International Ltd., ADR+ 3,500
580 Egana International Holdings
Ltd., ADR 4,572
17,000 First Pacific Company Ltd., ADR 72,307
3,700 Glorious Sun Enterprises Ltd. 12,638
1,300 Gold Peak Industries Ltd., ADR 2,781
3,000 Guangshen Railway Company
Ltd., ADR 22,875
8,750 Hang Lung Development, ADR 54,133
27,300 Hang Seng Bank Ltd., ADR 305,245
59,100 Henderson Land Development
Company Ltd., ADR 339,734
90,307 Hong Kong and China Gas
Ltd., ADR 130,945
74,800 Hong Kong Electric Holdings
Ltd., ADR 241,023
13,400 Hong Kong Land Holdings,
ADR 108,540
17,432 Hong Kong Telecommunications
Ltd., ADR 469,574
32,200 Hopewell Holdings Ltd., ADR 24,486
10,800 HSBC Holdings Plc, ADR 3,825,181
4,700 Huaneng Power International,
ADR 80,487
18,600 Hysan Development Ltd., ADR 56,098
17,200 Jardine Matheson & Company
Ltd., ADR 87,290
5,800 Jardine Strategic Holding, ADR 30,160
2,400 Johnson Electric Holdings, ADR 98,987
34,200 New World Development
Company Ltd., ADR 204,973
500 Peak International Ltd.+ 3,391
2,200 Shandong Huaneng, ADR 11,413
3,970 Shanghai Chlor-Alkali Chemical
Company, ADR+ 5,876
1,600 Shanghai Erfangji Co., Ltd., ADR+ 1,856
2,600 Shanghai Petrochemicals Ltd., ADR 59,962
3,190 Shanghai Tire & Rubber
Company Ltd., ADR 6,316
5,500 Shuntak Holdings Ltd., ADR 14,709
1,800 Singer Company, ADR 8,325
11,150 South China Morning Post, ADR 31,257
88,400 Sun Hung Kai PropertiesLtd.,
ADR 806,112
61,500 Swire Pacific Ltd., ADR 310,647
7,700 Television Broadcasts Ltd. 72,250
800 VTech Holdings Ltd., ADR 25,417
1,800 Yanzhou Coal Mining Company
Ltd., ADR 31,950
------------
9,415,666
------------
Colombia -- 0.0% #
1,100 Banco Ganadero SA, ADR 19,869
700 Banco Industrial Colombiano,
ADR 3,325
------------
23,194
------------
Denmark -- 0.4%
6,200 Novo Nordisk AS, Series B,
ADR 331,700
19,000 Tele Danmark, Series B, ADR 489,250
------------
820,950
------------
Finland -- 1.5%
1,700 American Group Ltd., ADR 12,223
1,700 Instrumentarium Corporation,
ADR 34,850
36,400 Nokia Oyj, ADR 3,332,875
700 Rauma-Repola, ADR 7,875
1,600 Valmet Corporation, ADR+ 35,600
------------
3,423,423
------------
France -- 6.4%
13,200 Accor SA, ADR 331,336
2,500 Alcatel 351,778
25,800 Alcatel Alsthom Cie Generale
D'Electric, ADR 732,075
7,800 Alstom+ 249,600
4,300 Axa 524,383
700 Bouygues Offshore SA, ADR 10,981
800 Business Objects SA, ADR+ 29,200
3,000 Canal Plus, ADR 168,297
800 Cap Gemini SA 125,681
2,372 Clarins SA 45,603
1,300 Coflexip SA, ADR 56,550
1,000 Companie Generale de
Geophysique SA, ADR+ 10,750
3,900 Dassault Systemes SA, ADR 129,431
21,500 Elf Aquitaine, ADR 1,581,594
36,800 France Telecom SA 2,833,600
800 Genset, ADR+ 12,500
12,750 Groupe Danone, ADR 657,167
8,900 Lafarge SA, ADR 281,965
2,900 Lagardere Group, ADR 107,920
300 Legrand SA 61,047
17,600 Louis Vuitton Moet Hennessy,
ADR 1,051,600
3,800 Pechiney SA, ADR 81,225
8,150 Pernod Ricard, ADR 136,523
600 PSA Peugeot Citroen 94,632
9,050 PSA Peugeot Citroen, ADR 356,842
6,500 Rhodia SA, ADR 123,500
10,900 Rhone-Poulnec SA, ADR 502,762
400 Scor SA, ADR 20,150
16,200 Societe Generale, ADR 570,798
400 Sodexho Alliance, SA 68,861
11,400 STMicroelectronics NV 790,875
4,200 Thomson CSF, ADR 145,906
24,405 Total SA, ADR 1,572,597
2,700 Valeo SA, ADR 222,664
13,500 Vivendi, ADR 218,628
------------
14,259,021
------------
Germany -- 7.3%
25,500 Bayer AG, ADR 1,061,982
14,200 Commerzbank AG, ADR 431,091
14,371 Daimler Chrysler Aerospace AG 1,277,223
19,700 Deutsche Bank AG, ADR 1,201,203
102,100 Deutsche Telekom, ADR 4,313,725
16,400 Dresdner Bank AG, ADR 640,735
7,800 Fresenius Medical Care AG, ADR 156,488
21,600 Hoechst AG, ADR 993,600
15,200 Mannesmann AG 2,267,293
428 Pfeiffer Vacuum Technology
AG, ADR 14,071
12,500 RWE AG, ADR 578,436
49,004 SAP AG, ADR 1,631,239
2,300 SGL Carbon AG, ADR 59,728
18,200 VEBA AG 1,078,350
51,400 Volkswagen AG, ADR 658,082
------------
16,363,246
------------
Greece -- 0.1%
400 Anangel-American
Shipholdings Ltd., ADR+ 2,163
15,000 Hellenic Telecommunication
Organization SA (OTE), ADR 165,937
------------
168,100
------------
Hungary -- 0.1%
7,700 Magyar Tavkozlesi Rt., ADR 211,750
------------
Indonesia -- 0.1%
3,300 Gulf Indonesia Resources Ltd.+ 37,950
7,150 PT Indorayon Utama, ADR+ 2,555
3,883 PT Indosat, ADR 75,718
1,100 PT Pasifik Satelit Nusantara,
ADR+ 8,938
16,740 PT Telekomunikasi Indonesia,
ADR 208,204
1,100 PT Tri Polyta Indonesia, ADR+ 1,306
------------
334,671
------------
Ireland -- 0.6%
12,600 Allied Irish Banks, ADR 343,350
4,300 Bank of Ireland, ADR 297,775
1,400 CBT Group Plc, ADR+ 23,100
14,000 CRH, ADR 255,500
4,800 Elan Corporation Plc, ADR+ 133,200
700 ESAT Telecom Group Plc, ADR+ 30,712
2,100 Jefferson Smurfit Group, ADR 49,481
1,400 Ryanair Holdings Plc, ADR+ 74,200
1,300 Saville Systems Ireland, ADR+ 18,850
500 Warner Chilcott Laboratories,
ADR+ 4,063
2,800 Waterford Wedgwood Plc, ADR 30,800
------------
1,261,031
------------
Israel -- 0.2%
200 American-Israeli Paper Mills,
ADR 11,250
1,300 Blue Square-Israel Ltd., ADR 20,638
1,300 Check Point Software
Technologies Ltd.+ 69,712
2,700 ECI Telecommunications Ltd.,
ADR 89,606
800 Elbit Medical Imaging Ltd., ADR 7,250
900 Elbit Systems Ltd., ADR 15,750
800 Elron Electronic Industries
Ltd., ADR 19,600
400 Gilat Satellite Network Ltd.,
ADR+ 21,000
2,300 Koor Industries Ltd., ADR 53,763
500 Matav-Cable Systems Media
Ltd., ADR 22,250
300 NICE-Systems Ltd., ADR+ 8,269
500 Orckit Communications Ltd.+ 12,375
1,600 Scitex Corporation, ADR+ 16,000
2,100 Teva Pharmaceutical, ADR 102,900
------------
470,363
------------
Italy -- 2.1%
3,272 Benetton Group SpA, ADR 129,448
1,600 De Rigo SpA, ADR 8,700
29,400 Ente Nazionale Idrocarburi
SpA, ADR 1,764,000
24,230 Fiat, ADR 390,709
1,000 Fila Holding SpA, ADR 11,813
2,100 Industrie Natuzzi, ADR 40,819
14,800 Instituto Nazionale delle
Assicurazioni, ADR 344,100
11,286 Istituto Bancario San Paolo
di Torino, ADR 310,365
8,500 Luxottica Group, ADR 132,281
10,162 Montedison SpA 165,130
500 SAES Getters SpA, ADR 2,625
14,200 Telecom Italia SpA 1,493,662
------------
4,793,652
------------
Japan -- 19.7%
10,870 Amway Japan Ltd., ADR 54,350
135,000 Asahi Breweries Ltd. 1,680,665
6,700 Bandai Company Ltd., ADR 24,453
180,895 Bank of Tokyo, ADR 2,634,283
30,700 Canon, Inc., ADR 894,138
2,500 CSK Corporation, ADR 56,406
13,200 Dai'El, Inc., ADR 91,163
9,750 Eisai Company Ltd., ADR 192,227
18,900 Fuji Photo Film Company Ltd.,
ADR 718,200
12,200 Hitachi Ltd., ADR 1,152,137
17,100 Honda Motor Company Ltd.,
ADR 1,483,425
15,600 Ito-Yokado Ltd., ADR 1,058,850
32,700 Japan Airlines Company, ADR 218,681
12,800 Kawasaki Heavy Industries Ltd. 138,824
11,800 Kawasaki Steel Corporation,
ADR 220,451
70,000 Kinden Corporation 755,146
3,800 Kirin Brewery Company, ADR 451,250
20,900 Kobe Steel Ltd., ADR 93,296
9,100 Komatsu Ltd., ADR 232,597
21,000 Komori Corporation 378,441
2,600 Kubota Corporation, ADR 156,325
6,800 Kyocera Corporation, ADR 407,575
6,200 Makita Corporation, ADR 70,138
106,000 Marui Company Ltd. 1,752,501
7,600 Matsushita Electric Industrial
Company Ltd., ADR 1,507,175
77,200 Minolta Co., Ltd. 395,668
28,800 Mitsubishi Corporation, ADR 390,444
3,000 Mitsui & Company Ltd., ADR 429,000
11,200 NEC Corporation, ADR 707,000
102,000 NGK Insulators, Ltd. 1,065,785
117,300 Nippon Telegraph & Telephone
Corporation, ADR 7,345,912
46,500 Nissan Motor Company Ltd.,
ADR 447,563
100,000 NTT Mobile Communications
Network, Inc., ADR 6,778,540
9,600 Olympus Optical Company, ADR 141,972
48,100 Onward Kashiyama Co., Ltd. 528,834
6,200 Pioneer Electronics
Corporation, ADR 122,063
2,900 Q.P. Corporation, ADR 41,713
4,900 Ricoh Company Ltd., ADR 337,414
14,400 Sanyo Electric Corporation, ADR 298,800
512 Sawako Corporation, ADR 2,666
11,900 Sega Enterprises, ADR 39,373
14,800 Shiseido Ltd., ADR 221,933
13,800 Sony Corporation, ADR 1,523,175
11,400 Sumitomo Metal Industries, ADR 142,300
16,000 Sumitomo Special Metals Co.,
Ltd. 277,755
46,100 Sumitomo Trust & Banking Co.,
Ltd., ADR 221,792
4,800 TDK Corporation, ADR 441,900
11,200 Tokio Marine & Fire Insurance
Ltd., ADR 628,600
26,300 Tokyo Kikai Seisakusho, Ltd. 150,012
36,700 Toyoda Machine Works, Ltd. 256,660
72,170 Toyota Motor Corporation, ADR 4,618,880
1,200 Wacoal Corporation, ADR 62,100
------------
44,040,551
------------
Korea -- 0.8%
47,700 Korea Electric Power
Corporation, ADR 977,850
800 Korea Telecom Corporation,
ADR+ 32,000
13,900 Pohang Iron & Steel Company,
Ltd., ADR 467,388
21,275 SK Telecom Company Ltd.,
ADR 361,669
------------
1,838,907
------------
Luxembourg -- 0.0% #
1,200 Espirito Santo Financial
Holdings, ADR 19,650
1,700 Millicom International
Cellular SA+ 53,550
------------
73,200
------------
Malaysia -- 0.0% #
41,900 Amsteel Corporation Berhad --
39,500 Resorts World Berhad 93,033
------------
93,033
------------
Mexico -- 1.4%
2,900 Altos Hornos de Mexico SA,
ADR+ 4,350
2,100 Apasco SA, Series A, ADR 68,582
800 Bufete Industries, ADR+ 1,525
22,500 Cemex SA, ADR 221,636
5,100 Coca-Cola Femsa SA, ADR 98,812
2,500 Consorcio G. Grupo Dina, ADR+ 3,750
2,000 Controladora Comercial
Mexican SA de CV, ADR 42,000
2,505 Desc de CV, Series C, ADR 56,676
4,000 Empresas Ica, ADR 27,000
37,800 Grupo Carso SA, ADR 350,304
1,100 Grupo Casa Autrey, ADR 3,988
13,300 Grupo Elektra, ADR 78,137
7,800 Grupo Financiero Bancomer
SA de CV, ADR 56,406
4,400 Grupo Financiero Serfin SA de
CV, ADR+ 880
1,100 Grupo Imsa SA, ADR 17,600
800 Grupo Industrial Durango SA,
ADR+ 8,625
2,400 Grupo Industrial Maseca SA,
ADR 21,450
2,100 Grupo Iusacell, Series L, ADR+ 27,300
500 Grupo Radio Central, ADR 2,625
5,600 Grupo Telivisa SA, ADR+ 250,950
2,800 Grupo Tribasa SA, ADR+ 3,675
1,000 Industries Bachoco SA 9,313
5,200 Kimberly Clark, Inc., ADR 106,967
4,400 Savia SA de CV, ADR+ 100,650
19,300 Telefono de Mexico SA, ADR 1,559,681
200 Transport Matima Mexico,
Class L, ADR+ 1,050
2,700 Tubos de Acero de Mexico, ADR 29,362
4,300 Vitro Sociedad Anomina, ADR 22,038
------------
3,175,332
------------
Netherlands -- 5.0%
52,500 ABN AMRO Holding, ADR 1,158,281
19,200 AEGON Insurance, ADR 1,420,800
10,500 Akzo Nobel, ADR 444,937
5,000 ASM Lithography Holdings NV+ 296,875
6,800 Baan Company, ADR 107,950
1,200 Benckiser NV 64,350
5,200 DSM, ADR 139,371
12,900 Elsevier, ADR 304,763
7,200 Equant NV+ 677,700
14,850 Fortis Amev, ADR 458,478
3,200 Gucci Group, ADR 224,000
33,105 ING Groep NV 1,820,775
4,800 Ispat International NV, Class A 53,100
3,400 KLM Royal Dutch Airlines, ADR 97,113
14,260 Koninklijke Ahold, ADR 493,752
11,316 Koninklijke Philips Electronics
N.V., ADR 1,141,501
500 Koninklijke Van Ommeren,
ADR 15,050
3,100 Koninklijke Wessanen NV, CVA 39,306
5,400 New Holland NV, ADR 92,475
2,500 Oce Van Der Griten, ADR 63,438
600 QIAGEN NV, ADR+ 40,800
1,600 Royal Nedlloyd Group, ADR 19,792
16,983 Royal PTT Nederland, ADR 815,184
16,983 TNT Post Group NV, ADR 407,592
3,300 Toolex Alpha NV, ADR+ 44,241
6,900 VNU-Verenigde Nederlandse
Uitgeversbedrijven Verengd
Bezit, ADR 275,624
10,400 Wolters Kluwer, ADR 413,825
------------
11,131,073
------------
New Zealand -- 0.1%
1,325 Fletcher Challenge, Building,
ADR 19,461
1,325 Fletcher Challenge, Energy, ADR 35,941
3,160 Fletcher Challenge, Forest, ADR 18,170
2,550 Fletcher Challenge, Paper, ADR 19,284
4,500 Telecommunications of
New Zealand Ltd., ADR 157,219
500 Tranz Rail Holdings Ltd., ADR 2,656
------------
252,731
------------
Norway -- 0.2%
1,800 Nera ASA, ADR 4,838
8,250 Norsk Hydro AS, ADR 315,562
2,200 Petroleum Geo-Services, ADR+ 32,725
4,300 Saga Petroleum, Class A, ADR 72,025
1,700 Smedvig ASA, ADR 15,748
------------
440,898
------------
Panama -- 0.0% #
700 Banco Latinoamericano
de Exportaciones SA 18,725
------------
Peru -- 0.1%
500 Compania de Minas
Buenaventura SA, ADR 7,656
8,500 Telefonica del Peru SA, ADR 128,563
------------
136,219
------------
Philippines -- 0.2%
4,100 Philippine Long Distance
Telephone Company, ADR 123,512
10,065 San Miguel Corporation,
Class B, ADR 219,552
------------
343,064
------------
Portugal -- 0.4%
4,200 Banco Comercial Portuges SA,
ADR 108,413
10,900 Electricidade de Portugal SA,
ADR 391,037
6,900 Portugal Telecom SA, ADR 284,194
------------
783,644
------------
Russia -- 0.3%
4,800 Lukoil, ADR 190,080
9,300 Mosenergo, ADR 41,664
4,400 Rostelecom, ADR 43,175
17,000 Surgutneftegaz 134,895
15,100 Unified Energy Systems 132,125
1,000 Vimpel-Communications,
ADR+ 23,187
------------
565,126
------------
Singapore -- 0.3%
6,500 Asia Pacific Resources
International Holdings Ltd.,
Class A 7,719
1,300 China Yuchai, ADR+ 1,706
3,200 Cycle & Carriage Ltd., ADR 36,851
6,022 Development Bank of Singapore,
ADR 294,377
12,875 Keppel Corporation Ltd. 87,750
6,100 Neptune Orient Lines Ltd., ADR+ 29,819
16,600 United Overseas Bank Ltd., ADR 220,423
------------
678,645
------------
South Africa -- 0.2%
3,900 Gold Fields of South Africa
Ltd., ADR 7,800
1,600 Harmony Gold Mining
Company Ltd., ADR 7,750
6,515 Imperial Holdings Ltd., ADR 63,908
9,100 Iscor Ltd., ADR 28,504
9,200 Liberty Life Association of Africa
Ltd., ADR 117,859
3,400 Pepkor Ltd., ADR 27,385
21,200 Sasol Ltd., ADR 153,700
13,400 Wooltru Ltd., ADR 21,763
------------
428,669
------------
Spain -- 2.9%
9,100 Argentaria, Caja Postal YBanco,
Hipothecario de Espana SA,
ADR 418,600
77,000 Banco Bilbao Vizcaya, ADR 1,126,125
115,260 Banco Santander Central
Hispano S.A., ADR+ 1,224,637
22,700 Banesto Espanol de Credito,
ADR+ 187,202
3,100 Compania Sevillana Electric,
ADR 71,838
40,300 Endesa SA, ADR 856,375
37,350 Repsol, ADR 758,672
12,069 Telefonica de Espana SA, ADR 1,775,599
------------
6,419,048
------------
Sweden -- 1.9%
4,300 AGA AB, ADR 53,186
5,066 Atlas Copco, ADR 138,153
3,800 Autoliv, Inc., ADR 114,950
500 Biacore International AB, ADR+ 4,500
7,000 Electrolux AB, ADR 294,000
70,900 Ericsson (L.M.) Telephone
Company, Class B, ADR 2,335,269
19,500 Forenings Sparbanken AB, ADR 275,651
700 Pricer AB, ADR 709
10,350 Sandvik AB, ADR 229,214
4,300 SKF AB, ADR 79,550
7,100 Svenska Cellulosa AB, ADR 184,003
1,700 Swedish Match Company, ADR 60,669
18,400 Volvo AB, ADR 540,500
------------
4,310,354
------------
Switzerland -- 5.1%
12,000 ABB AB, ADR 163,500
2,900 ABB AG, ADR 428,911
5,000 Adecco SA, ADR 335,000
19,100 Credit Suisse Group, ADR 825,976
1,700 Mettler Toledo International, Inc.+ 42,181
29,700 Nestle, ADR 2,674,738
46,066 Novartis, ADR 3,362,158
29,200 Roche Holdings Ltd. 3,000,553
4,100 Sulzer Medica, ADR 76,875
1,200 TAG Heuer International SA,
ADR 12,450
41,000 UBS AG, ADR 611,665
------------
11,534,007
------------
Taiwan -- 0.7%
4,483 Macronix International
Company Ltd., ADR 40,627
43,500 Taiwan Semiconductor
Manufacturing Company 1,479,000
------------
1,519,627
------------
Thailand -- 0.0% #
3,800 Advanced Information
Services PCL, ADR 36,686
18,997 Shin Corporations, PCL, ADR 41,986
------------
78,672
------------
United Kingdom -- 26.2%
24,300 Abbey National Plc, ADR 912,375
19,100 Admiral Plc 273,065
2,800 Albert Fisher Group Plc, ADR 5,738
38,200 Allied Domeq Plc, ADR 367,599
28,588 Allied Zurich AG, Plc, ADR 718,736
4,200 Amvescap Plc, ADR 195,300
2,400 ARM Holdings Plc, ADR+ 83,700
115,000 Ashtead Group Plc 317,220
67,236 Astra Zeneca Group Plc, ADR 2,634,811
16,000 AXA SA, ADR 997,000
38,100 BAA Plc, ADR 366,336
18,200 Barclays Plc, ADR 2,174,900
28,714 Bass Publishing Limited
Company Plc, ADR 428,915
1,000 Bespak Plc, ADR 12,807
32,117 BG Plc, ADR 983,583
26,800 Blue Circle Industries Plc, ADR 180,135
4,600 BOC Group Plc, ADR 185,438
1,600 Body Shop International Plc,
ADR 14,628
38,100 BP Amoco Plc, ADR 4,133,850
59,000 Britannic Plc 894,648
3,600 British Airways Plc, ADR 257,175
28,591 British American Tobacco Plc,
ADR 550,377
2,500 British Biotech Plc, ADR+ 9,063
6,200 British Sky Broadcasting Group
Plc, ADR 347,975
7,300 British Steel Plc, ADR 190,256
22,900 BritishTelecommunications
Plc, ADR 3,921,625
3,800 Burmah Castrol Plc, ADR 119,700
12,312 Cable & Wireless Communications
Plc+ 597,132
26,900 Cable & Wireless Plc, ADR 1,065,912
17,900 Cadbury Schweppes Plc, ADR 476,587
65,100 Capita Group Plc 673,660
4,300 Carlton Communications Plc,
ADR 184,363
8,450 Coats Viyella Plc, ADR 20,379
4,400 COLT Telecom Group Plc, ADR+ 380,050
23,500 Compass Group Plc, ADR 232,993
870 Cordiant Communications Group 11,963
1,700 Danka Business Systems Plc, ADR 9,563
37,183 Diageo Plc, ADR 1,598,869
900 Dialog Corp. Plc+ 5,288
5,000 Dixons Group Plc, ADR 281,628
600 Eidos Plc, ADR+ 19,838
16,025 EMI Group Plc, ADR 257,267
4,300 English China Clays Plc, ADR+ 50,173
5,400 Enterprise Oil Plc, ADR 103,950
6,200 Gallaher Group Plc, ADR 151,513
400 Gentia Software Plc+ 700
61,300 Glaxo Wellcome Plc, ADR 3,471,112
4,825 Hanson Trust Plc, ADR 214,109
3,150 Hillsdown Holdings Plc 28,599
400 ICON Plc, ADR+ 7,850
6,600 Imperial Chemical Industries
Plc, ADR 262,350
9,425 Imperial Tobacco Group Plc, ADR 205,609
64,580 Invensys Plc, ADR 611,274
24,700 Kingfisher Plc, ADR 568,427
9,921 LASMO Plc 22,364
10,500 LASMO Plc, ADR 71,531
1,800 Laura Ashley Holdings Plc, ADR+ 2,057
2,700 London International Group
Plc, ADR 37,125
600 London Pacific Group Ltd. Plc,
ADR 13,800
17,200 Marks & Spencer Plc, ADR 599,435
3,200 Medeva Plc, ADR 22,400
500 MERANT Plc, ADR+ 9,750
10,670 National Grid Group Plc, ADR 370,850
11,000 National Power Plc, ADR 338,250
10,400 National Westminster Bank Plc,
ADR 1,351,350
3,750 NFC Plc, ADR 59,297
9,400 Orange Plc, ADR+ 709,700
20,300 Pearson Plc, ADR 408,293
11,200 Peninsular & Oriental Steam Plc,
ADR 336,309
6,900 Powergen Plc, ADR 295,837
5,100 Premier Farnell Plc, ADR 37,931
1,600 Premier Oil Plc, ADC 4,666
14,100 Prudential Plc, ADR 1,042,359
5,300 Racal Electronics Plc, ADR 64,577
1,800 Ramco Energy Plc, ADR+ 9,788
15,400 Rank Group Plc, ADR 123,200
11,700 Reed International Plc, ADR 316,631
873,200 Rentokil Initial Plc 3,385,899
10,600 Rentokil Initial Plc, ADR 413,529
8,753 Reuters Group Plc, ADR 709,540
14,311 Rexam Plc, ADR 58,138
9,700 Rio Tinto Plc, ADR 652,325
870 Saatchi & Saatchi Plc 14,518
1,600 Scottish & Southern Energy
Plc, ADR 163,678
7,400 Scottish Power Plc, ADR 257,313
1,700 Select Appointments Holdings
Plc, ADR 40,800
140,600 Sema Group Plc 1,352,995
1,700 Senetek Plc, ADR+ 2,444
62,300 Shell Transportation & Trading
Plc, ADR 2,889,162
1,700 Shire Pharmaceuticals Group
Plc, ADR+ 44,200
400 Signet Group Plc 10,050
300 Smallworldwide Plc, ADR+ 2,213
42,500 Smithkline Beecham Group
Plc, ADR 2,807,656
20,094 South African Breweries, ADR+ 174,499
500 Stolt Comex Seaway SA+ 5,375
1,300 Stolt-Nielsen SA Plc 19,825
850 Stolt-Nielsen SA Plc, ADR 14,556
3,000 Tate & Lyle Plc, ADR 75,234
900 Taylor Nelson Sofres Plc, ADR 33,621
6,807 Telewest Communications Plc,
ADR+ 311,420
76,200 Tesco Plc, ADR 592,023
8,500 TI Group Plc, ADR 115,760
12,300 Tomkins Plc, ADR 224,475
1,400 Trinity Plc 24,848
62,053 Unilever Plc, ADR 2,311,474
17,244 United Biscuits (Holdings) Plc 51,644
4,600 United News & Media Plc, ADR 89,413
10,100 United Utilities Plc, ADR 247,450
11,050 Vodafone Group Plc, ADR 2,176,850
2,500 Wembley Plc, ADR 56,903
6,461 Williams Plc, ADR 128,779
2,800 WPP Group Plc, ADR 240,100
1,000 Xenova Group Plc, ADR 1,531
------------
58,715,853
------------
Venezuela -- 0.0% #
1,700 Compania Anonima Nacional
Telefonos de Venezuela, ADR 46,325
2,400 Mavesa SA, ADR 7,800
1,000 Sidervrgica/Venez/Sivensa, ADR 3,001
------------
57,126
------------
TOTAL COMMON STOCKS
(Cost $158,216,872) 214,413,913
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 4.2%
(Cost $9,503,000)
$9,503,000 Agreement with State Street
Bank and Trust Company,
4.750% dated 06/30/1999,
to be repurchased at
$9,504,254 on 07/01/1999,
collateralized by
$9,585,000 U.S. Treasury
Notes, 5.625%-6.250%,
maturing 12/31/1999-
02/15/2007 (value
$9,697,793) 9,503,000
------------
OTHER INVESTMENTS**
(Cost $45,629,693) 20.4% 45,629,693
---- ------------
TOTAL INVESTMENTS
(Cost $213,349,565*) 120.3% 269,546,606
OTHER ASSETS AND
LIABILITIES (Net) (20.3) (45,521,781)
----- ------------
NET ASSETS 100.0% $224,024,825
===== ============
- ------
* Aggregate cost for Federal tax purposes is 214,310,625.
** As of June 30, 1999, the market value of the securities on loan is
$44,117,384. Collateral received for securities loaned includes $242,380
in U.S. Government securities and the remaining $45,387,313 is invested
in State Street Navigator Securities
Lending Trust-Prime Portfolio.
+ Non-income producing security.
# Amount represents less than 0.1% of net assets.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder International Equity Fund
Portfolio of Investments, June 30, 1999
At June 30, 1999 sector diversification of the Munder International Equity
Fund was as follows:
% of
Net Assets Value
---------- -----
COMMON STOCKS:
Telecommunications............... 17.7% $39,689,744
Banking and Financial Services... 13.1 29,254,023
Oil and Gas...................... 7.4 16,642,968
Drugs and Health Care............ 7.4 16,505,978
Business Services................ 4.7 10,518,655
Automotive....................... 4.7 10,421,032
Utilities........................ 4.5 10,128,223
Food and Beverages............... 4.5 10,113,785
Machinery and Heavy
Equipment..................... 3.1 7,049,458
Retail........................... 2.9 6,392,520
Electronics...................... 2.9 6,520,602
Electric and Electrial Equipment. 2.1 4,655,305
Metals and Mining................ 1.7 3,858,709
Chemicals........................ 1.7 3,823,363
Printing and Publishing.......... 1.4 3,235,909
Manufacturing.................... 1.2 2,724,185
Household Appliances and
HomeFurnishings............... 1.2 2,730,923
Construction and Mining
Equipment..................... 1.2 2,753,341
Photography...................... 1.1 2,550,830
Insurance........................ 1.1 2,480,477
Transportation................... 1.0 2,233,139
Miscellaneous.................... 1.0 2,311,474
Diversified...................... 1.0 2,195,962
Software......................... 0.9 1,952,414
Real Estate...................... 0.7 1,533,561
Building and Building Materials.. 0.7 1,455,650
Tobacco.......................... 0.6 1,401,828
Industrial Machinery............. 0.6 1,288,449
Broadcasting and Advertising..... 0.6 1,364,081
Apparel and Textiles............. 0.5 1,002,640
Other............................ 2.5 5,624,685
---- -----------
TOTAL COMMON STOCKS ............. 95.7 214,413,913
REPURCHASE
AGREEMENT .................... 4.2 9,503,000
OTHER INVESTMENTS ............... 20.4 45,629,693
---- -----------
TOTAL INVESTMENTS ............... 120.3 269,546,606
OTHER ASSETS AND
LIABILITIES (Net) ............ (20.3) (45,521,781)
----- ------------
NET ASSETS ...................... 100.0% $224,024,825
===== ============
See Notes to Financial Statements.
Munder Micro-Cap Equity Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 94.2%
Aerospace -- 0.8%
4,350 Integral Systems, Inc.+ $ 98,962
17,300 Integral Systems, Inc.+*** 322,016
------------
420,978
------------
Banking and Financial Services -- 2.7%
33,400 ACE Cash Express, Inc.+ 471,775
47,700 American Capital Strategies Ltd. 870,525
------------
1,342,300
------------
Building Materials -- 2.9%
27,800 Craftmade International, Inc. 361,400
26,200 Dayton Superior Corporation+ 486,338
64,750 U.S. Concrete, Inc.+ 615,125
------------
1,462,863
------------
Business Services -- 3.8%
11,100 Charles River Associates,Inc.+ 278,194
64,000 International Telecommunication
DataSystems, Inc.+ 1,024,000
42,950 Workflow Management, Inc.+ 612,037
------------
1,914,231
------------
Commercial Services -- 5.0%
20,350 COMARCO, Inc.+ 403,184
54,150 Insurance Auto Auctions, Inc.+ 873,169
46,850 Koala Corporation+ 1,253,238
------------
2,529,591
------------
Computers and Business Equipment -- 4.2%
88,500 Integrated Measurement
Systems, Inc.+ 1,139,437
44,600 ScanSource, Inc.+ 964,475
------------
2,103,912
------------
Computer Hardware, Software or
Services -- 17.0%
54,500 Advanced Digital Information
Corporation+ 2,207,250
46,250 CAIS Internet, Inc.+ 849,844
54,600 Launch Media, Inc.+ 975,975
51,200 MapQuest.com, Inc.+ 835,200
46,500 SBS Technologies, Inc.+ 941,625
55,950 Timberline Software Corporation 881,212
77,300 Wiztec Solutions Ltd.+ 1,835,875
------------
8,526,981
------------
Electrical Equipment -- 1.9%
117,500 Ault, Inc.+ 962,031
------------
Electronics -- 14.5%
71,000 Aeroflex, Inc.+ 1,402,250
47,360 Anaren Microwave, Inc.+ 988,640
63,700 B.I., Inc.+ 541,450
43,800 Comptek Research, Inc.+ 353,137
84,570 Herley Industries, Inc.+ 1,104,696
100,450 inTEST Corporation+ 703,150
99,100 JPM Company+ 1,288,300
70,200 Trimble Navigation Ltd.+ 903,825
------------
7,285,448
------------
Health Care Products -- 5.0%
74,600 Colorado MEDTech, Inc.+ 1,636,537
49,400 ICU Medical, Inc.+ 873,763
------------
2,510,300
------------
Industrial Machinery -- 0.9%
27,250 Park-Ohio Industries+ 461,547
------------
Machinery -- 4.1%
86,150 Applied Science and Technology,
Inc.+ 1,938,375
18,100 Bolt Technology Corporation+ 104,075
------------
2,042,450
------------
Manufactured Housing -- 0.5%
34,750 Nobility Homes, Inc. 260,625
------------
Medical and Medical Services -- 5.9%
41,750 Moore Medical Corporation+ 435,766
129,900 Polymedica Corporation+ 1,299,000
100,600 Zoll Medical Corporation+ 1,207,200
------------
2,941,966
------------
Restaurants -- 2.1%
163,000 Roadhouse Grill, Inc.+ 1,049,313
------------
Retail -- 10.2%
33,450 Cutter & Buck, Inc.+ 564,469
70,650 Gildan Activewear, Inc.+ 1,192,219
94,230 Happy Kids, Inc.+ 818,623
35,100 Tropical Sportswear
International Corporation+ 1,118,812
78,150 Ultimate Electronics, Inc.+ 1,421,353
------------
5,115,476
------------
Telecommunications -- 9.5%
82,300 Advanced Communication
Systems, Inc.+ 1,126,481
52,150 AudioCodes Ltd.+ 1,408,050
71,250 Gilat Communications Ltd., ADR+ 1,140,000
111,400 TTI Team Telecom International
Ltd.+ 1,114,000
------------
4,788,531
------------
Toys -- 3.2%
54,450 JAKKS Pacific, Inc.+ 1,623,291
------------
TOTAL COMMON STOCKS
(Cost $37,535,089) 47,341,834
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 5.7%
(Cost $2,854,000)
$2,854,000 Agreement with State Street
Bank and Trust Company,
4.750% dated 06/30/1999,
to be repurchased at
$2,854,377 on 07/01/1999,
collateralized by
$2,660,000 U.S. Treasury
Note, 7.875% maturing
11/15/2004 (value
$2,911,452) 2,854,000
------------
OTHER INVESTMENTS**
(Cost $3,126,900) 6.2% 3,126,900
---- ------------
TOTAL INVESTMENTS
(Cost $43,515,989*) 106.1% 53,322,734
OTHER ASSETS AND
LIABILITIES (Net) (6.1)% (3,051,365)
----- ------------
NET ASSETS 100.0% $ 50,271,369
===== ============
<FN>
- -------
Aggregate cost for Federal tax purposes is $43,433,048.
** As of June 30, 1999, the market value of the securities on loan is
$3,178,100. Collateral received for securities loaned of $3,126,900 is
invested in State Street Navigator Securities Lending Trust-Prime
Portfolio.
***Restricted security which is subject to restrictions on resale under
federal securities laws. These securities may only be resold upon
registration under federal securities laws or in transactions exempt from
such registration. At June 30, 1999, this security represents 0.6% of net
assets.
Security Acquisition Date Acquisition Cost
-------- ---------------- ----------------
Integral Systems 06/08/99 $311,400
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder Multi-Season Growth Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 98.0%
Advertising -- 4.8%
219,000 Interpublic Group of
Companies, Inc. $ 18,970,875
246,350 Omnicom, Inc. 19,708,000
------------
38,678,875
------------
Automobile Parts and Equipment -- 2.7%
281,550 Johnson Controls, Inc. 19,514,934
101,760 Tower Automotive, Inc.+ 2,588,520
------------
22,103,454
------------
Banking and Financial Services -- 11.3%
415,000 Associates First Capital
Corporation, Class A 18,389,687
424,150 Automatic Data Processing, Inc. 18,662,600
120,000 Federal National Mortgage
Association 8,205,000
163,500 Fiserv, Inc.+ 5,119,594
364,000 Fleet Financial Group, Inc. 16,152,500
220,000 Mellon Bank Corporation 8,002,500
245,000 SunGuard Data Systems, Inc.+ 8,452,500
233,900 U.S. Bancorp 7,952,600
------------
90,936,981
------------
Building Materials -- 2.2%
625,000 Masco Corporation 18,046,875
------------
Chemicals -- 1.1%
150,000 Avery Dennison Corporation 9,056,250
------------
Computer Hardware, Software or
Services -- 10.4%
309,550 BMC Software, Inc.+ 16,715,700
278,000 Ceridian Corporation+ 9,087,125
278,800 Compuware Corporation+ 8,869,325
390,200 Microsoft Corporation+ 35,191,163
200,000 Sun Microsystems, Inc.+ 13,775,000
------------
83,638,313
------------
Diversified -- 7.9%
230,000 Allied Signal Corporation 14,490,000
236,000 Textron, Inc. 19,425,750
225,146 Tyco International Ltd. 21,332,584
115,900 United Technologies
Corporation 8,308,581
------------
63,556,915
------------
Drugs -- 6.8%
257,000 Amgen, Inc.+ 15,644,875
124,000 Cardinal Health, Inc. 7,951,500
294,800 Merck & Co., Inc. 21,815,200
172,600 Schering-Plough Corporation 9,147,800
------------
54,559,375
------------
Electrical Equipment -- 4.2%
199,800 General Electric Company 22,577,400
100,575 Honeywell, Inc. 11,654,128
------------
34,231,528
------------
Electronics -- 2.1%
268,200 CISCO Systems, Inc.+ 17,282,138
------------
Environmental Services -- 1.4%
445,000 Republic Services, Inc., Class A+ 11,013,750
------------
Food and Beverages -- 2.1%
555,000 SYSCO Corporation 16,545,938
------------
Home Furnishings -- 1.2%
345,950 Leggett & Platt, Inc. 9,621,734
------------
Hotels and Restaurants -- 2.5%
200,000 Brinker International, Inc.+ 5,437,500
510,940 Wendy's International, Inc. 14,465,989
------------
19,903,489
------------
Insurance -- 3.3%
87,093 American International Group,
Inc. 10,195,324
110,400 Marsh & McLennan Companies,
Inc. 8,335,200
143,200 UNUM Corporation 7,840,200
------------
26,370,724
------------
Manufactured Housing -- 1.3%
896,448 Clayton Homes, Inc. 10,253,124
------------
Medical Services and Supplies-- 7.3%
369,900 Abbott Laboratories 16,830,450
260,900 Biomet, Inc. 10,370,775
605,000 HEALTHSOUTH Corporation+ 9,037,188
170,000 Johnson & Johnson Company 16,660,000
96,200 Stryker Corporation 5,784,025
------------
58,682,438
------------
Office Equipment and Supplies -- 0.3%
36,500 Pitney Bowes, Inc. 2,345,125
------------
Recreation -- 2.4%
403,000 Carnival Corporation, Class A 19,545,500
------------
Retail -- Building Supplies -- 3.3%
276,000 Home Depot, Inc. 17,784,750
150,000 Lowe's Companies, Inc. 8,503,125
------------
26,287,875
------------
Retail Grocery -- 0.9%
150,000 Safeway, Inc.+ 7,425,000
------------
Retail -- Specialty -- 3.0%
256,900 Dollar General Corporation 7,450,100
745,750 Office Depot, Inc.+ 16,453,109
------------
23,903,209
------------
Retail -- Store -- 2.4%
325,000 Family Dollar Stores, Inc. 7,800,000
89,200 TJX Companies, Inc. 2,971,475
171,800 Wal-Mart Stores, Inc. 8,289,350
------------
19,060,825
------------
Semiconductors -- 4.1%
280,000 Altera Corporation+ 10,307,500
215,000 Intel Corporation 12,792,500
149,600 Maxim Integrated Products,
Inc.+ 9,948,400
------------
33,048,400
------------
Telecommunications -- 7.9%
367,585 CenturyTel, Inc. 14,611,504
145,695 Lucent Technologies, Inc. 9,825,306
200,000 MCI WorldCom, Inc.+ 17,212,500
375,000 SBC Communications 21,750,000
------------
63,399,310
------------
Thrift -- 1.1%
315,311 Charter One Financial, Inc. 8,769,587
------------
TOTAL COMMON STOCKS
(Cost $532,653,606) 788,266,732
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 4.3%
(Cost $34,676,000)
$34,676,000 Agreement with State Street
Bank and Trust Company,
4.750% dated 06/30/1999,
to be repurchased at
$34,680,575 on 07/01/1999,
collateralized by
$34,860,000 U.S. Treasury
Note, 6.375% maturing
01/15/2000 (value
$35,372,651) 34,676,000
------------
OTHER INVESTMENTS**
(Cost $3,372,170) 0.4% 3,372,170
----- ------------
TOTAL INVESTMENTS
(Cost $570,701,776*) 102.7% 826,314,902
OTHER ASSETS AND
LIABILITIES (Net) (2.7) (22,028,153)
----- ------------
NET ASSETS 100.0% $804,286,749
===== ============
- ------
* Aggregate cost for Federal tax purposes is $570,818,187.
** As of June 30, 1999, the market value of the securities on loan is
$3,194,279. Collateral received for securities loaned of $3,372,170 is
invested in State Street Navigator Securities Lending Trust-Prime
Portfolio.
+ Non-income producing security.
See Notes to Financial Statements.
Munder Real Estate Equity Investment Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 98.2%
Apartments -- 14.9%
73,075 Apartment Investment &
Management Company $ 3,123,956
86,634 Avalon Bay Community, Inc. 3,205,458
106,650 Camden Property Trust 2,959,538
63,125 Equity Residential Properties
Trust 2,844,570
------------
12,133,522
------------
Community Shopping Centers -- 17.0%
137,050 Bradley Real Estate, Inc. 2,843,788
161,575 Developers Diversified Realty
Corporation 2,686,184
226,375 IRT Property Company 2,235,453
130,750 JDN Realty Corporation 2,925,531
78,500 Kimco Realty Corporation 3,071,313
------------
13,762,269
------------
Hotels -- 5.5%
86,600 Felcor Lodging Trust, Inc. 1,796,950
87,525 Starwood Hotels & Resorts
Worldwide, Inc. 2,674,983
------------
4,471,933
------------
Office and Industrial -- 33.7%
80,625 Boston Properties, Inc. 2,892,422
132,200 Brandywine Realty Trust 2,619,212
80,200 CenterPoint Properties
Corporation 2,937,325
133,800 Corporate Office Properties
Trust, Inc. 1,095,487
127,825 Duke Realty Investments, Inc. 2,884,052
102,469 Equity Office Properties Trust 2,625,768
114,325 Kilroy Realty Corporation 2,786,672
93,700 Mack-Cali Realty Corporation 2,898,844
121,100 Reckson Associates Realty
Corporation 2,845,850
28,307 Reckson Associates Realty
Corporation, Class B+ 675,830
9,696 Reckson Services Industries,
Inc.+ 146,652
75,525 Spieker Properties, Inc. 2,936,034
------------
27,344,148
------------
Regional Malls -- 8.5%
80,050 CBL & Associates Properties,
Inc. 2,111,319
102,600 JP Realty, Inc. 2,109,712
105,825 Simon DeBartolo Group, Inc. 2,685,309
------------
6,906,340
------------
Storage -- 3.6%
104,200 Public Storage, Inc. 2,917,600
------------
Triple Net Lease -- 2.7%
170,000 Commercial Net Lease Realty 2,188,750
------------
Other -- 12.3%
176,300 Correctional Properties Trust 2,776,725
6,840 Crescent Operating, Inc.+ 46,598
106,250 Crescent Real Estate Equities,
Inc. 2,523,437
122,750 Glenborough Realty Trust, Inc. 2,148,125
3,526 Vornado Operating, Inc.+ 28,208
70,525 Vornado Realty Trust 2,490,414
------------
10,013,507
------------
TOTAL COMMON STOCKS
(Cost $81,708,179) 79,738,069
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 1.4%
(Cost $1,149,000)
1,149,000 Agreement with State Street
Bank and Trust Company,
4.750% dated 06/30/1999,
to be repurchased at
$1,149,152 on 07/01/1999,
collateralized by $1,045,000
U.S. Treasury Bond, 7.500%
maturing 11/15/2016
(value $1,175,625) 1,149,000
------------
TOTAL INVESTMENTS
(Cost $82,857,179*) 99.6% 80,887,069
OTHER ASSETS AND
LIABILITIES (Net) 0.4 363,473
---- ------------
NET ASSETS 100.0% $81,250,542
==== ============
- -------
* Aggregate cost for Federal tax purposes is $82,857,179.
+ Non-income producing security.
See Notes to Financial Statements.
Munder Small-Cap Value Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 95.3%
Airlines -- 2.5%
107,875 Midwest Express Holdings, Inc.+ $ 3,667,750
------------
Apparel and Textiles -- 0.9%
47,500 Kellwood Company 1,288,438
------------
Automobile Parts and Equipment -- 4.5%
57,000 Detroit Diesel Corporation 1,403,625
153,900 Dura Automotive Systems, Inc.+ 5,117,175
------------
6,520,800
------------
Banking and Financial Services -- 17.1%
137,100 Financial Federal Corporation+ 3,016,200
144,200 Flagstar Bancorp, Inc. 3,641,050
270,600 Long Beach Financial
Corporation+ 3,974,437
151,800 Metris Companies, Inc. 6,185,850
95,800 Ocean Financial Corporation 1,736,375
88,000 Riggs National Corporation 1,809,500
146,200 UST Corporation 4,422,550
------------
24,785,962
------------
Building Materials -- 11.8%
152,700 Dayton Superior Corporation+ 2,834,494
90,400 Elcor Corporation 3,949,350
59,450 Lone Star Industries, Inc. 2,233,091
74,200 Pulte Corporation 1,711,237
87,500 U.S. Home Corporation+ 3,106,250
156,000 Universal Forest Products,Inc. 3,354,000
------------
17,188,422
------------
Commercial Services -- 1.8%
182,100 Tokheim Corporation+ 2,082,769
50,000 TurboChef Technologies, Inc.+ 481,250
------------
2,564,019
------------
Computer Hardware, Software or
Services -- 4.3%
64,100 Datastream Systems, Inc.+ 1,025,600
81,100 Inter-Tel, Inc. 1,480,075
99,300 Visio Corporation+ 3,779,606
------------
6,285,281
------------
Construction and Mining
Equipment -- 2.0%
96,600 Terex Corporation+ 2,940,263
------------
Containers -- 1.9%
124,400 Ivex Packaging Corporation+ 2,736,800
------------
Electronics -- 3.3%
147,400 Methode Electronics, Inc.,
Class A 3,371,775
77,900 SMART Modular Technologies,
Inc.+ 1,353,512
------------
4,725,287
------------
Food and Beverages -- 6.0%
264,100 Del Monte Foods Company+ 4,423,675
125,300 J&J Snack Foods Corporation+ 3,007,200
136,200 Merkert American Corporation+ 1,293,900
------------
8,724,775
------------
Health Care -- 1.3%
129,200 Sierra Health Services, Inc.+ 1,865,325
------------
Health Care Products -- 2.3%
183,300 Helen of Troy Ltd.+ 3,287,944
------------
Home Furnishings -- 3.8%
173,900 Heilig-Meyers Company 1,184,694
196,400 Quaker Fabric Corporation+ 822,425
87,800 Toro Company 3,457,125
------------
5,464,244
------------
Hotels -- 0.8%
185,900 Suburban Lodges of America,
Inc.+ 1,196,731
------------
Insurance -- 1.7%
95,100 ARM Financial Group, Inc. 808,350
110,300 ESG Re Ltd. 1,654,500
------------
2,462,850
------------
Medical Supplies -- 2.0%
125,644 Bindley Western Industries, Inc. 2,897,665
------------
Metals and Metal Processing -- 2.5%
80,400 Quanex Corporation 2,291,400
68,800 Trans Technology Corporation 1,354,500
------------
3,645,900
------------
Oil and Gas -- 4.6%
120,600 Houston Exploration
Company+ 2,283,862
45,600 Marine Drilling Companies, Inc.+ 624,150
36,600 North Carolina Natural Gas
Corporation 1,246,688
89,900 Southwest Gas Corporation 2,573,387
------------
6,728,087
------------
Printing and Publishing -- 1.0%
39,100 Central Newspapers, Inc.,
Class A 1,471,138
------------
Real Estate -- 10.2%
96,000 Center Point Properties
Corporation 3,516,000
155,900 JDN Realty Corporation 3,488,262
166,000 Kilroy Realty Corporation 4,046,250
158,500 Reckson Associates Realty
Corporation 3,724,750
------------
14,775,262
------------
Restaurants -- 1.3%
97,900 Ruby Tuesday, Inc. 1,860,100
------------
Shoes -- 0.7%
108,900 Maxwell Shoe, Inc.+ 986,906
------------
Telecommunications -- 2.3%
71,400 Century Communications
Corporation, Class A+ 3,284,400
------------
Telecommunications Equipment -- 1.9%
175,000 REMEC, Inc.+ 2,821,875
------------
Transportation -- 2.8%
101,200 Varlen Corporation 4,098,600
------------
TOTAL COMMON STOCKS
(Cost $122,655,273) 138,274,824
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 5.7%
(Cost $8,180,000)
$8,180,000 Agreement with State Street
Bank and Trust Company,
4.750% dated 06/30/1999,
to be repurchased at
$8,181,079 on 07/01/1999,
collateralized by
$6,675,000 U.S. Treasury
Bond, 10.375%
maturing 11/15/2012
(value $8,343,750) $ 8,180,000
------------
OTHER INVESTMENTS**
(Cost $14,541,947) 10.0% 14,541,947
----- ------------
TOTAL INVESTMENTS
(Cost $145,377,220*) 111.0% 160,996,771
OTHER ASSETS AND
LIABILITIES (Net) (11.0) (15,946,505)
----- ------------
NET ASSETS 100.0% $145,050,266
===== ============
- -------
* Aggregate cost for Federal tax purposes is $145,410,872.
** As of June 30, 1999, the market value of the securities on loan is
$14,061,873. Collateral received for securities loaned of $14,541,947 is
invested in State Street Navigator Securities Lending Trust-Prime
Portfolio. + Non-income producing security.
See Notes to Financial Statements.
Munder Small Company Growth Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 94.6%
Aerospace and Defense -- 2.2%
366,200 Aeroflex, Inc.+ $ 7,232,450
------------
Apparel and Textiles -- 1.1%
127,950 Kellwood Company 3,470,644
------------
Automobile Parts and Equipment -- 1.5%
282,360 Keystone Automotive Industries,
Inc.+ 4,906,005
------------
Banking and Financial Services -- 5.0%
136,300 Affiliated Managers Group,Inc.+ 4,114,556
159,850 Financial Federal Corporation+ 3,516,700
231,915 Litchfield Financial Corporation 3,928,061
262,350 Southwest Bancorporation of
Texas, Inc.+ 4,722,300
------------
16,281,617
------------
Building Materials -- 2.2%
87,200 Centex Construction Products,
Inc. 2,975,700
98,150 Elcor Corporation 4,287,928
------------
7,263,628
------------
Business Services -- 4.7%
232,063 Tetra Tech, Inc.+ 3,829,031
246,575 URS Corporation+ 7,227,730
211,900 Wackenhut Corrections
Corporation+ 4,198,269
------------
15,255,030
------------
Commercial Services -- 7.8%
269,900 Comfort Systems USA, Inc.+ 4,858,200
142,800 F.Y.I., Inc.+ 4,480,350
267,150 International Telecommunication
Data Systems, Inc.+ 4,274,400
60,500 Kroll-O'Gara Company+ 1,334,781
157,350 Manitowoc Company, Inc. 6,549,694
147,200 Pre-Paid Legal Services, Inc.+ 4,002,000
------------
25,499,425
------------
Computer Hardware, Software or
Services -- 11.6%
173,850 Apex PC Solutions, Inc.+ 3,563,925
92,825 AVT Corporation+ 3,515,747
229,750 Cybex Computer Products
Corporation+ 6,404,281
46,850 Fundtech Ltd.+ 1,215,172
227,250 Gerber Scientific, Inc. 5,013,703
278,530 Inter-Tel, Inc. 5,083,172
272,550 InterVoice, Inc.+ 3,934,941
159,200 Maxwell Technologies, Inc.+ 3,830,750
131,350 MICROS Systems, Inc.+ 4,465,900
60,200 Wall Data, Inc.+ 575,663
------------
37,603,254
------------
Distributors -- 5.0%
106,700 Advance Paradigm, Inc.+ 6,508,700
145,300 JLG Industries, Inc. 2,960,487
147,700 Miami Computer Supply
Corporation+ 2,787,838
238,700 Watsco, Inc. 3,908,712
------------
16,165,737
------------
Electronics -- 8.8%
112,300 CTS Corporation 7,861,000
96,000 EG & G, Inc. 3,420,000
130,000 FLIR Systems, Inc.+ 1,966,250
112,800 Quanta Services, Inc.+ 4,963,200
255,100 SBS Technologies, Inc.+ 5,165,775
197,000 SLI, Inc.+ 5,319,000
------------
28,695,225
------------
Food and Beverages -- 0.6%
91,500 Hain Food Group, Inc.+ 1,887,187
------------
Health Care Products -- 6.5%
226,125 Alpharma, Inc. 8,041,570
355,110 Helen of Troy Ltd.+ 6,369,786
268,890 Morrison Health Care, Inc. 6,722,250
------------
21,133,606
------------
Homebuilders -- 0.3%
42,450 National R.V. Holdings, Inc.+ 1,029,413
------------
Insurance -- 0.6%
38,700 FPIC Insurance Group, Inc.+ 1,876,950
------------
Leisure -- 3.1%
118,750 Action Performance Companies,
Inc.+ 3,918,750
202,630 Steiner Leisure Ltd.+ 6,142,222
------------
10,060,972
------------
Medical Products -- 3.2%
180,700 Datascope Corporation+ 5,804,988
329,910 Hanger Orthopedic Group+ 4,680,598
------------
10,485,586
------------
Medical Services -- 6.1%
506,200 Capital Senior Living
Corporation+ 5,062,000
239,900 Province Healthcare Company+ 4,678,050
169,000 Res-Care, Inc.+ 3,844,750
520,422 US Oncology, Inc.+ 6,245,059
------------
19,829,859
------------
Medical Supplies -- 3.5%
166,800 CONMED Corporation+ 5,108,250
170,010 Molecular Devices Corporation+ 6,375,375
------------
11,483,625
------------
Restaurants -- 5.3%
247,375 Consolidated Products, Inc.+ 4,452,750
100,450 Papa John's International, Inc.+ 4,488,859
279,200 Ruby Tuesday, Inc. 5,304,800
284,050 Schlotzsky's, Inc.+ 3,106,797
------------
17,353,206
------------
Retail -- 11.1%
317,720 Casey's General Stores, Inc. 4,765,800
64,950 Fossil, Inc.+ 3,141,956
169,950 Office Max, Inc.+ 2,039,400
196,650 Pacific Sunwear of California,
Inc.+ 4,793,344
172,150 Rent-Way, Inc.+ 4,239,194
315,850 Sunglass Hut International, Inc.+ 5,428,672
178,600 The Men's Wearhouse, Inc.+ 4,554,300
189,800 Whitehall Jewellers, Inc.+ 5,065,287
54,800 Zale Corporation+ 2,196,724
------------
36,224,677
------------
Telecommunications -- 3.9%
200,100 DSP Communications, Inc.+ 5,777,887
129,350 Gilat Satellite Networks
Ltd., ADR+ 6,790,875
------------
12,568,762
------------
Transporation -- Trucking -- 0.5%
150,200 U.S. Xpress Enterprises, Inc.,
Class A+ 1,605,262
------------
TOTAL COMMON STOCKS
(Cost $264,769,552) 307,912,120
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 6.6%
(Cost $21,259,000)
$21,259,000 Agreement with State Street
Bank and Trust Company,
4.750% dated 06/30/1999,
to be repurchased at
$21,261,805 on 07/01/1999,
collateralized by
$21,210,000 U.S. Treasury
Note, 6.500% maturing
05/31/2002 (value
$21,687,225) 21,259,000
------------
OTHER INVESTMENTS**
(Cost $59,323,706) 18.2% 59,323,706
----- ------------
TOTAL INVESTMENTS
(Cost $345,352,258*) 119.4% 388,494,826
OTHER ASSETS AND
LIABILITIES (Net) (19.4) (63,013,740)
----- ------------
NET ASSETS 100.0% $325,481,086
===== ============
- -------
* Aggregate cost for Federal tax purposes is $343,723,358.
** As of June 30, 1999, the market value of the securities on loan is
$57,464,099. Collateral received for securities loaned of $59,323,706 is
invested in State Street Navigator Securities Lending Trust-Prime
Portfolio.
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder Value Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 97.2%
Airlines -- 1.4%
113,100 America West Holdings
Corporation+ $ 2,134,762
------------
Automobiles -- 0.9%
25,800 Ford Motor Company 1,456,088
------------
Banking and Financial Services -- 16.8%
51,615 Bank One Corporation 3,074,318
49,400 Chase Manhattan Corporation 4,279,275
45,150 Citigroup, Inc. 2,144,625
60,250 First American Corporation 2,504,141
111,000 Fleet Financial Group, Inc. 4,925,625
69,400 Goldman Sachs Group, Inc. 5,014,150
110,600 Heller Financial, Inc. 3,076,063
15,900 Morgan Stanley, Dean Witter &
Company 1,629,750
------------
26,647,947
------------
Broadcasting -- 2.6%
56,250 MediaOne Group, Inc.+ 4,183,594
------------
Building Materials -- 2.7%
67,700 Southdown, Inc. 4,349,725
------------
Chemicals -- 2.4%
12,000 Dow Chemical Company 1,522,500
47,900 Praxair, Inc. 2,344,106
------------
3,866,606
------------
Computer Hardware, Software or
Services -- 5.2%
28,700 Applied Materials, Inc.+ 2,120,213
69,300 Compuware Corporation+ 2,204,606
24,300 Honeywell, Inc. 2,815,762
8,600 International Business Machines
Corporation 1,111,550
------------
8,252,131
------------
Cosmetics -- Toiletry -- 1.4%
39,900 Avon Products, Inc. 2,214,450
------------
Electric Utilities -- 2.7%
50,700 Edison International 1,356,225
37,300 GPU, Inc. 1,573,594
59,000 SCANA Corporation 1,379,125
------------
4,308,944
------------
Electronics -- 4.5%
31,700 Intel Corporation 1,886,150
33,100 Jabil Circuit, Inc.+ 1,493,637
26,500 Teradyne, Inc.+ 1,901,375
13,200 Texas Instruments, Inc. 1,914,000
------------
7,195,162
------------
Food and Beverages -- 2.5%
103,200 ConAgra, Inc. 2,747,700
61,900 Nabisco Group Holdings
Corporation 1,210,919
------------
3,958,619
------------
Home Furnishings and Housewares -- 6.0%
144,550 Furniture Brands International,
Inc.+ 4,029,331
79,800 Maytag Corporation 5,561,063
------------
9,590,394
------------
Insurance -- 3.9%
112,050 Ace Ltd. 3,165,413
31,200 Lincoln National Corporation 1,632,150
42,450 Torchmark Corporation 1,448,606
------------
6,246,169
------------
Machinery and Heavy Equipment -- 1.7%
46,100 Caterpillar, Inc. 2,766,000
------------
Manufacturing -- 1.3%
39,100 PACCAR, Inc. 2,086,963
------------
Medical Services -- 3.7%
26,800 Baxter International, Inc. 1,624,750
52,800 St. Jude Medical, Inc.+ 1,881,000
63,900 Trigon Healthcare, Inc.+ 2,324,362
------------
5,830,112
------------
Metals and Mining -- 3.0%
38,400 Alcoa, Inc. 2,376,000
131,100 Inco Ltd. 2,359,800
------------
4,735,800
------------
Oil and Gas -- 8.9%
28,500 Atlantic Richfield Company 2,381,531
93,000 Burlington Resources, Inc. 4,022,250
29,800 Elf Aquitaine, ADR 2,192,163
84,300 ENSCO International, Inc. 1,680,731
23,800 Mobil Corporation 2,356,200
24,600 Texaco, Inc. 1,537,500
------------
14,170,375
------------
Paper and Forest Products-- 0.9%
31,600 Georgia-Pacific Group 1,497,050
------------
Pharmaceuticals -- 1.0%
27,600 Pharmacia & Upjohn, Inc. 1,568,025
------------
Pollution Control -- 6.8%
138,200 Azurix Corporation+ 2,764,000
156,500 Republic Services, Inc.+ 3,873,375
78,700 Waste Management, Inc. 4,230,125
------------
10,867,500
------------
Real Estate -- 4.0%
41,600 Apartment Investment &
Management Company 1,778,400
32,700 Boston Properties, Inc. 1,173,113
60,050 Public Storage, Inc. 1,681,400
42,300 Spieker Properties, Inc. 1,644,412
------------
6,277,325
------------
Retail -- Store -- 1.9%
65,800 Sears, Roebuck & Company 2,932,212
------------
Telecommunications -- 8.2%
60,900 ALLTEL Corporation 4,354,350
66,600 GTE Corporation 5,044,950
38,800 Motorola, Inc. 3,676,300
------------
13,075,600
------------
Tobacco -- 0.4%
20,633 R.J. Reynolds Tobacco Holdings,
Inc.+ 649,950
------------
Transportation -- 2.4%
97,400 CNF Transportation, Inc. 3,737,725
------------
TOTAL COMMON STOCKS
(Cost $133,116,127) 154,599,228
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 2.3%
(Cost $3,676,000)
$3,676,000 Agreement with State Street
Bank and Trust Company,
4.750% dated 06/30/1999,
to be repurchased at
$3,676,485 on 07/01/1999,
collateralized by $2,770,000
U.S. Treasury Bond, 12.750%
maturing 11/15/2010
(value $3,754,649) 3,676,000
------------
OTHER INVESTMENTS**
(Cost $3,556,640) 2.2% 3,556,640
---- ------------
TOTAL INVESTMENTS
(Cost $140,348,767*) 101.7% 161,831,868
OTHER ASSETS AND
LIABILITIES (Net) (1.7) (2,761,715)
----- ------------
NET ASSETS 100.0% $159,070,153
===== ============
- -------
* Aggregate cost for Federal tax purposes is $141,537,890.
** As of June 30, 1999, the market value of the securities on loan is
$3,560,778. Collateral received for securities loaned of $3,556,640 is
invested in State Street Navigator Securities Lending Trust-Prime
Portfolio.
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder Framlington Emerging Markets Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 97.1%
Brazil -- 12.4%
4,750 Aracruz Celulose SA, ADR $ 104,500
80,000 Banco Bradesco SA, ADR 402,144
100,000 Centrais Eletricas Brasileiras
SA, ADR 1,008,470
20,200 Companhia Brasileira
de Distribuicao Grupo Pao
de Acucar, GDR 377,488
77,000 Companhia Cervejaria
Brahma, ADR 871,062
48,000 Companhia Energetica
de Minas-Gerais, ADR 1,008,528
7,750 Companhia Vale do Rio Doce,
ADR 152,330
26,000 Embratel Participacoes SA, ADR 360,750
40,800 Petroleo Brasileiro SA, ADR 633,718
5,000 Tele Centro Sul Participacoes
SA, ADR 277,500
23,000 Tele Norte Leste Participacoes
SA, ADR 426,938
6,710 Telecomunicacoes Brasileiras
SA, ADR 419
7,510 Telecomunicacoes Brasileiras
SA, ADR 677,308
7,000 Telesp Celular Participacoes
SA, ADR 160,125
9,800 Telesp Celular Participacoes
SA, ADR 262,150
13,830 Uniao De Bancos Brasileiros
SA (Unibanco) 332,784
------------
7,056,214
------------
Chile -- 2.4%
29,500 Compania Telecomunicaciones
de Chile SA, ADR 730,125
17,000 Enersis SA, ADR 388,875
6,664 Quimica Minera Chile SA, ADR 235,739
------------
1,354,739
------------
China\Hong Kong -- 6.6%
250,000 China Telecom (Hong Kong)
Ltd.+ 694,391
470,000 Heilongjiang Electric Power
Company Ltd. 220,900
650,000 Legend Holdings Ltd. 624,146
180,000 New World Infrastructure Ltd.+ 338,721
930,000 Shanghai Dazhong Taxi
Company+ 632,400
1,900,000 Shanghai Diesel Engine
Company Ltd. 505,400
3,000,000 Shanghai Petrochemical
Company Ltd. 707,602
------------
3,723,560
------------
Czech Republic -- 0.6%
4,500 Ceske Radiokomunikace, GDR+ 155,250
12,513 SPT Telecom AS, GDR+ 203,336
------------
358,586
------------
Egypt -- 2.4%
28,500 Al-Ahram Beverages Company
S.A.E, GDR 815,100
13,000 Industrial and Engineering
Enterprises 102,845
35,000 Orascom Construction
Industries+ 471,740
------------
1,389,685
------------
Ghana -- 0.8%
642,263 Social Security Bank 462,478
------------
Greece -- 1.8%
43,000 Hellenic Telecommunication
Organization SA 920,318
1,600 National Bank of Greece+ 104,509
------------
1,024,827
------------
Hungary -- 1.7%
17,000 Magyar Tavkozlesi Rt, ADR 467,500
14,000 MOL Magyar Olaj-es Gazipari
Rt, GDR 336,000
3,700 OTP Bank Rt, GDR 153,550
------------
957,050
------------
India -- 6.5%
51,000 BSES Ltd., GDR 516,375
31,200 Hindalco Industries Ltd.,
ADR++ 610,740
30,525 Pentafour Software & Exports
Ltd., GDR 839,438
137,000 Tata Engineering and Locomotive
Company Ltd., GDR+ 787,750
74,955 Videsh Sanchar Nigam Ltd.,
ADR 953,802
------------
3,708,105
------------
Indonesia -- 1.0%
10,000,000 PT Lippo Bank+ 541,516
------------
Mexico -- 15.5%
100,000 ALFA SA de CV 415,120
362,000 Cemex SA de CV 1,792,535
13,906 Cemex SA de CV 68,491
290,000 Desc SA de CV 322,871
12,000 Fomento Economico Mexicano
SA de CV, ADR 478,500
75,000 Grupo Carso SA de CV, ADR 695,047
272,000 Grupo Elektra SA 158,626
19,700 Grupo Industrial Maseca SA,
ADR 176,069
79,600 Grupo Modelo SA de CV 227,043
49,600 Grupo Televisa SA+ 1,109,702
145,000 Organizacion Soriana SA de CV 681,105
29,250 Telefono de Mexico SA, ADR 2,363,766
26,300 Tubos de Acero de Mexico SA,
ADR 286,012
12,000 TV Azteca SA de CV, ADR 62,250
------------
8,837,137
------------
Peru -- 2.1%
1 Cementos Norte Pacasmayo SA 1
58,256 Credicorp Ltd., ADR 640,816
83 Ferreyros SA, ADR 1,089
35,000 Telefonica del Peru SA, ADR 529,375
------------
1,171,281
------------
Poland -- 3.1%
19,000 Bank Handlowy w Warszawie,
GDR 301,150
16,500 Elektrim Spolka Akcyjna SA 233,223
17,500 KGHM Polska Miedz SA, GDR 236,250
10,500 ProKom, GDR 172,200
90,000 Telekomunikacja Polska SA,
GDR+ 641,250
33,000 Wielkopolski Bank Kredytowy
SA 193,302
------------
1,777,375
------------
Russia -- 1.1%
9,000 Lukoil Holdings, ADR 356,400
28,050 Rostelecom, ADR 275,241
------------
631,641
------------
Senegal -- 1.0%
11,782 Sonatel Communications
Corporation+ 547,142
------------
Singapore -- 1.8%
1,000,000 China Everbright Pacific Ltd.+ 998,891
------------
Slovakia -- 0.0% #
2,000 Slovnaft AS, GDR 26,391
------------
South Africa -- 7.4%
230,000 AECI Ltd. 514,584
203,840 Dimension Data Holdings Ltd. 901,977
80,000 Ellerine Holdings Ltd. 318,197
56,588 Imperial Holdings Ltd. 562,691
155,000 Pepkor Ltd. 624,213
242,000 Standard Bank Investment
Corporation Ltd. 800,116
520,000 The Education Investment
Corporation Ltd. 490,354
------------
4,212,132
------------
South Korea -- 16.4%
9,579 Dacom Corporation 1,034,449
35,000 Hankuk Electric Glass
Company Ltd. 1,496,760
26,000 Housing & Commercial Bank,
Korea 819,871
40,000 Kookmin Bank, GDR 812,095
100 Korea Telecom Corporation 6,635
6,415 Korea Telecom Corporation,
ADR+ 256,600
8,088 L.G. Chemicals Ltd. 220,105
38,000 LG Electronics 1,050,540
2,610 Pohang Iron & Steel Company
Ltd. 308,916
15,571 Samsung Electronics 1,708,438
33,902 SK Corporation, GDR 975,323
37,920 SK Telecom Company Ltd.,
ADR 644,640
------------
9,334,372
------------
Taiwan -- 3.1%
60,000 Asustek Computer, Inc. 864,000
39,000 Synnex Technology International
Corporation, GDR 881,400
------------
1,745,400
------------
Thailand -- 6.5%
63,000 Advanced Info Service Public
Company Ltd. 854,237
47,600 KCE Electronics Public
Company Ltd.+ 119,403
1,500,000 National Finance Public
Company Ltd.+ 905,085
31,600 Siam Cement Public Company
Ltd.+ 959,783
104,200 Total Access Communication
Public Company Ltd. 333,440
685,000 United Broadcasting
Corporation Public
Company Ltd.+ 538,712
------------
3,710,660
------------
Turkey -- 2.9%
9,391,100 Carsi Buyuk Magazacilik AS 322,596
106,279 Haci Omer Sabanci Holding
SA, ADR 576,564
5,300,000 Koc Holding AS 332,733
3,930,000 Vestel Elektronik Sanayi ve
Ticaret AS+ 428,277
------------
1,660,170
------------
TOTAL COMMON STOCKS
(Cost $47,472,668) 55,229,352
------------
INVESTMENT COMPANY SECURITIES -- 1.4%
India -- 0.7%
33,000 Is Himalayan Fund 435,270
------------
South Africa -- 0.7%
385,355 Hosken Consolidated
Investments Ltd.+ 382,545
------------
TOTAL INVESTMENT COMPANY SECURITIES
(Cost $731,931) 817,815
------------
PREFERRED STOCKS -- 0.6%
Brazil -- 0.6%
6,696,358 Telecomunicacoes do Rio de
Janeiro SA 114,600
417 Telecomunicacoes do Rio de
Janiero SA+ 21
6,696,358 Telerj Celular SA 218,610
------------
333,231
------------
TOTAL PREFERRED STOCKS
(Cost $932,630) 333,231
------------
RIGHTS -- 0.0% #
(Cost $0)
Indonesia -- 0.0% #
36,000,000 PT Lippo Bank, expiring,
07/12/1999 --
------------
OTHER INVESTMENTS**
(Cost $11,437,692) 20.1% 11,437,692
----- ------------
TOTAL INVESTMENTS
(Cost $60,574,921*) 119.2% 67,818,090
OTHER ASSETS AND
LIABILITIES (Net) (19.2) (10,944,301)
----- ------------
NET ASSETS 100.0% $ 56,873,789
===== ============
- ------
* Aggregate cost for Federal tax purposes is $60,658,165.
** As of June 30, 1999, the market value of the securities on loan is
$11,223,771. Collateral received for securities loaned consists of
$11,437,692 invested in State Street Navigator Securities Lending
Trust-Prime Portfolio.
+ 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 1% of net assets.
ABBREVIATIONS:
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
See Notes to Financial Statements.
Munder Framlington Emerging Markets Fund
Portfolio of Investments, June 30, 1999
At June 30, 1999 sector diversification of the Munder Framlington Emerging
Markets Fund was as follows:
% of
Net Assets Value
---------- -----
COMMON STOCKS:
Telecommunications............... 23.9% $13,621,437
Banking and Financial
Services...................... 11.4 6,469,415
Electronics...................... 7.7 4,403,881
Utilities........................ 5.7 3,245,993
Building and Building
Materials..................... 5.5 3,106,823
Oil and Gas...................... 5.3 3,035,434
Diversified...................... 5.1 2,905,027
Food and Beverages............... 4.5 2,567,774
Computer Hardware, Software or
Services...................... 4.4 2,517,184
Retail........................... 3.8 2,164,027
Broadcasting and Advertising..... 3.3 1,865,914
Household Appliances and Home
Furnishings................... 3.2 1,814,957
Metals and Mining................ 2.2 1,236,147
Real Estate...................... 1.8 998,892
Investment Company Securities.... 1.6 901,977
Building Construction............ 1.4 810,460
Automobiles...................... 1.4 787,750
Chemicals........................ 1.3 734,689
Transportation................... 1.1 632,400
Investment Companies............. 0.9 490,355
Industrial Machinery............. 0.9 505,400
Steel............................ 0.5 308,916
Other............................ 0.2 104,500
----- ----------
TOTAL COMMON STOCKS ............. 97.1 55,229,352
INVESTMENT COMPANY
SECURITIES ................. 1.4 817,815
PREFERRED STOCKS ................ 0.6 333,231
OTHER INVESTMENTS ............... 20.1 11,437,692
----- -----------
TOTAL INVESTMENTS ............... 119.2 67,818,090
OTHER ASSETS AND
LIABILITIES (Net) ............ (19.2) (10,944,301)
----- -----------
NET ASSETS ...................... 100.0% $56,873,789
===== ===========
See Notes to Financial Statements.
Munder Framlington Healthcare Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- DOMESTIC -- 81.2%
Biotechnology -- 21.6%
12,000 Abegenix, Inc.+ $ 238,500
12,500 Alexion Pharmaceuticals, Inc.+ 110,937
35,000 Ariad Pharmaceuticals, Inc.+ 43,750
7,000 Biomatrix, Inc.+ 151,375
13,125 Cell Genesys, Inc.+ 55,781
5,000 Centocor, Inc.+ 233,125
16,700 CombiChem, Inc.+ 67,844
15,000 Corixa Corporation+ 267,187
8,000 Coulter Pharmaceutical, Inc.+ 180,500
40,000 Cubist Pharmaceuticals, Inc.+ 157,500
30,000 Gene Logic+ 108,750
5,000 Gilead Sciences, Inc.+ 261,250
8,000 Guilford Pharmaceuticals, Inc.+ 102,000
6,000 ICOS Corporation+ 244,875
4,875 Invitrogen Corporation+ 120,352
21,500 La Jolla Pharmaceutical Company+ 17,469
30,000 Medarex, Inc.+ 123,750
7,000 Millennium Pharmaceuticals, Inc.+ 252,000
16,000 NPS Pharmaceuticals, Inc.+ 106,000
1,500 ONYX Pharmaceuticals, Inc.+ 13,313
25,000 OSI Pharmaceuticals, Inc.+ 106,250
9,000 Pharmacyclics, Inc.+ 252,000
15,000 Synaptic Pharmaceutical
Corporation+ 71,250
7,000 Transkaryotic Therapies, Inc.+ 231,000
4,275 V.I. Technologies Inc.+ 21,375
12,000 Vical, Inc.+ 145,500
------------
3,683,633
------------
Contract Sales and Research
Organizations -- 6.6%
4,800 Accredo Health, Inc.+ 157,200
25,000 Aurora Bioscience Corporation+ 181,250
8,000 BioReliance Corporation+ 52,000
8,000 PAREXEL International
Corporation+ 106,500
7,000 Pharmaceutical Product
Development, Inc.+ 191,625
5,000 Quintiles TransNational
Corporation+ 210,000
19,100 US Oncology, Inc.+ 229,200
------------
1,127,775
------------
Distribution and Marketing Services
-- 5.6%
5,000 Advance Paradiam, Inc.+ 305,000
20,000 Healthworld Corporation+ 225,000
5,000 Henry Schein, Inc.+ 158,437
4,000 NCS Healthcare, Inc., Class A+ 21,750
10,000 Omnicare, Inc. 126,250
10,000 PSS World Medical, Inc.+ 111,875
------------
948,312
------------
Drugs -- 11.4%
18,600 AVANT Immunotherapeutics, Inc.+ 39,525
20,000 Collagenex Pharmaceuticals, Inc.+ 200,000
8,000 Connetics Corporation+ 49,000
175 Crescendo Pharmaceuticals Corporation+ 3,019
10,000 GelTex Pharmaceuticals, Inc.+ 180,000
6,000 Jones Medical Industries, Inc. 236,250
13,000 Martek Biosciences Corporation+ 110,500
7,500 Medicis Pharmaceutical Corporation+ 190,313
4,000 Medimmune, Inc.+ 271,000
6,000 PathoGenesis Corporation+ 85,125
2,000 Sepracor, Inc.+ 162,500
15,000 Serologicals Corporation+ 121,875
2,125 United Therapeutics Corporation+ 25,234
7,300 US Bioscience, Inc.+ 66,912
4,000 Watson Pharmaceuticals, Inc.+ 140,250
8,000 Zonagen, Inc.+ 74,000
------------
1,955,503
------------
Drug Delivery -- 2.6%
10,000 Anesta Corporation+ 204,375
7,000 Inhale Therapeutic Systems+ 166,688
24,000 Nastech Pharmaceuticals
Company, Inc.+ 79,500
------------
450,563
------------
Hospital/Medical Services -- 4.0%
15,190 American Healthcorp, Inc.+ 126,267
8,000 Amsurg Corporation, Class A+ 60,500
15,000 Amsurg Corporation, Class B+ 114,375
7,000 Carematrix Corporation+ 87,062
2,500 Express Scripts, Inc., ClassA+ 150,469
3,000 TLC The Laser Center, Inc.+ 144,000
------------
682,673
------------
Managed Health Care -- 8.1%
7,000 Curative Health Services, Inc.+ 38,500
15,000 Hanger Orthopedic Group+ 212,812
8,000 IMPATH, Inc.+ 216,000
7,000 Pediatrix Medical Group, Inc.+ 148,750
40,000 ProMedCo Management
Company+ 153,750
10,000 Renal Care Group, Inc.+ 258,750
25,000 Renex Corporation+ 135,938
10,000 Res-Care, Inc.+ 227,500
------------
1,392,000
------------
Medical Devices -- 19.2%
25,000 Aksys Ltd.+ 145,313
5,000 Bionx Implants, Inc.+ 27,500
15,000 Cyberonics, Inc.+ 187,500
12,000 Cytyc Corporation+ 234,000
18,000 Endocardial Solutions, Inc.+ 169,875
30,500 EndoSonics Corporation+ 213,500
20,000 EPIX Medical, Inc.+ 110,000
8,000 Gliatech, Inc.+ 204,000
2,615 Horizon Medical Products,Inc.+ 15,690
40,000 LifeCell Corporation+ 165,000
13,000 Lifecore Biomedical, Inc.+ 149,500
40,000 LJL Biosystems, Inc.+ 180,000
3,000 Medtronic, Inc. 233,625
2,500 MiniMed, Inc.+ 192,344
9,000 Molecular Devices Corporation+ 337,500
6,400 Novoste Corporation+ 134,400
7,800 ResMed, Inc.+ 258,862
12,000 SeaMED Corporation+ 141,000
25,000 Theragenics Corporation+ 173,437
------------
3,273,046
------------
Medical Information Systems -- 2.1%
15,000 First Consulting Group, Inc.+ 159,375
10,000 QuadraMed Corporation+ 81,250
5,000 Superior Consultant Holdings
Corporation+ 123,438
------------
364,063
------------
TOTAL COMMON STOCKS -- DOMESTIC
(Cost $15,080,465) 13,877,568
------------
COMMON STOCKS -- FOREIGN -- 15.9%
Biotechnology -- 9.6%
700 Cambridge Antibody Technology
Group Plc+ 2,122
30,000 Celltech Group Plc+ 231,709
5,000 Cerep+ 80,922
3,700 Genset, ADR+ 57,812
8,650 Karo Bio AB+ 88,905
30,400 KS Biomedix Holdings+ 200,537
12,000 Maxim Pharmaceutical+ 114,501
2,500 NeuroSearch A/S 50,955
10,200 Oxford Asymmetry International
Plc+ 57,623
800,000 Oxford BioMedica Plc+ 258,505
22,500 Oxford Glyco Sciences+ 110,830
108,000 Peptide Therapeutics Group+ 132,783
37,500 Shield Diagnostics Group Plc+ 248,259
------------
1,635,463
------------
Drugs -- 4.0%
64,000 AMRAD Corporation Ltd.+ 36,892
34,000 Bioglan Pharma Plc+ 196,953
150 CliniChem Development, Inc.+ 975
1,750 H. Lundbeck A/S 47,075
25,000 Shire Pharmaceuticals Group Plc+ 208,459
4,000 Teva Pharmaceutical, ADR 196,000
------------
686,354
------------
Medical Devices -- 2.3%
13,828 Biocompatibles International Plc 23,976
10,000 Biora AB+ 42,408
50,000 Chemunex SA+ 33,503
5,000 Kawasumi Laboratories 74,812
7,500 NMT Group Plc+ 21,212
6,000 Ortivus AB 33,219
2,400 QIAGEN N.V., ADR+ 163,200
------------
392,330
------------
TOTAL COMMON STOCKS -- FOREIGN
(Cost $2,989,599) 2,714,147
------------
WARRANTS -- DOMESTIC -- 0.0% #
(Cost $0)
Drugs -- 0.0% #
2,400 AVANT Immunotherapeutics,
Inc., expires 08/24/03+ --
------------
WARRANTS -- FOREIGN -- 0.0% #
(Cost $2,653)
Medical Devices -- 0.0% #
3,828 Biocompatibles International
Plc, expires 12/15/99+ 332
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 1.2%
(Cost $207,000)
$207,000 Agreement with State Street
Bank and Trust Company,
4.750% dated 06/30/1999,
to be repurchased at
$207,027 on 07/01/1999,
collateralized by $195,000
U.S. Treasury Note, 7.8750%
maturing 11/15/2004
(value $213,434) 207,000
------------
OTHER INVESTMENTS**
(Cost $3,841,217) 22.5% 3,841,217
---- ------------
TOTAL INVESTMENTS
(Cost $22,120,934*) 120.8% 20,640,264
OTHER ASSETS AND
LIABILITIES (Net) (20.8) (3,561,013)
----- ------------
NET ASSETS 100.0% $ 17,079,251
===== ============
- -------
* Aggregate cost for Federal tax purposes is $22,120,938.
** As of June 30, 1998, the market value of the securities on loan is
$3,708,111. Collateral received for securities loaned of $3,841,217 is
invested in State Street Navigator Securities Lending Trust-Prime
Portfolio.
+ Non-income producing security.
# Amount represents less than 0.1% of net assets.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder Framlington International Growth Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 95.4%
Australia -- 1.8%
25,000 Broken Hill Proprietary
Company Ltd. $ 289,209
63,275 ecorp Ltd.+ 110,844
50,000 Publishing & Broadcasting Ltd. 329,534
80,000 Telstra Corporation Ltd. 457,817
------------
1,187,404
------------
Belgium -- 0.9%
16,200 Lernout & Hauspie Speech
Products NV+ 574,087
------------
Brazil -- 0.8%
10,750 Companhia Energetica de Minas
Gerais, ADR 225,868
525 Companhia Siderurgica
Nacional, ADR 13,781
3,000 Telecomunicacoes Brasileiras
SA, ADR 270,563
------------
510,212
------------
China\Hong Kong -- 2.8%
40,000 Cheung Kong (Holdings) Ltd. 355,734
140,000 China Telecom (Hong Kong) Ltd.+ 388,859
299,500 Heilongjiang Electric Power
Company Ltd. 140,765
25,000 Hutchison Whampoa Ltd. 226,362
200,000 New World Infrastructure Ltd.+ 376,356
260,000 Pacific Century Insurance
Holdings Ltd.+ 212,578
510,000 Shanghai Diesel Engine
Company Ltd., B Shares 135,660
------------
1,836,314
------------
Finland -- 4.3%
10,600 Nokia AB Oyj 928,796
61,000 Raisio Group 565,937
18,400 Sampo Insurance, A Shares 532,991
20,000 Tieto Corporation, B Shares 832,927
------------
2,860,651
------------
France -- 6.6%
6,300 AXA Company 768,282
3,000 Castorama Dubois 711,287
4,600 Elf Aquitaine SA 674,774
3,800 Publicis SA 803,032
4,350 Societe Generale 766,350
8,000 Vivendi 647,786
------------
4,371,511
------------
Germany -- 3.3%
7,400 Bayerische Vereinsbank AG 480,582
15,000 Hoechst AG 678,815
7,000 Mannesmann AG 1,046,313
------------
2,205,710
------------
Ireland -- 1.7%
14,000 Global TeleSystems Group,
Inc.+ 1,134,000
------------
Italy -- 2.9%
335,000 Banca Di Roma 481,742
90,000 ENI 537,176
90,000 Telecom Italia 935,188
------------
1,954,106
------------
Japan -- 24.2%
3,800 Aiful Corporation 465,537
80,000 Asahi Bank, Ltd. 383,566
13,000 Computer Engineering &
Consulting Ltd. 342,812
18,800 Credit Saison Company Ltd. 393,188
70 DDI Corporation 435,728
8,000 Family Mart Company Ltd. 367,033
6,000 Fast Retailing Company Ltd. 644,788
27,000 FCC Company Ltd. 401,753
17,000 Fuji Machine MFG Company Ltd. 524,180
34,000 Fujisawa Pharmaceutical
Company Ltd. 553,691
12,000 Honda Motor Company Ltd. 508,886
4,000 Keyence Corporation 700,339
20,000 Kokuyo Company 322,394
120,000 Marubeni Corporation 250,971
25,000 Marui Company Ltd. 413,326
15,000 Meitec Corporation 502,191
76,000 Mitsubishi Heavy Industries 308,473
6,000 Nichiei Company Ltd. 525,750
40,000 Nikko Securities Company Ltd. 258,246
32,000 Nomura Securities Company Ltd. 374,837
4 NTT Mobile Communications
Network, Inc. 54,229
16 NTT Mobile Communications
Network, Inc.+ 216,913
40,000 Onward Kashiyama Company Ltd. 439,778
5,200 Orix Corporation 464,247
3,000 Promise Company Ltd. 177,317
30,000 Ricoh Company Ltd. 413,160
7,000 Rohm Company 1,096,553
13,000 Shin-Etsu Chemical Company Ltd. 435,232
8,000 Sony Corporation 863,024
28,000 Sumitomo Bank Ltd. 347,425
32,000 Sumitomo Electric Industries 363,991
41,000 Sumitomo Trust & Banking 197,256
40,000 The Bank of Tokyo-Mitsubishi Ltd. 569,728
5,000 Tokyo Electron Ltd. 339,340
43,000 Ube-Nitto Kasei Company Ltd. 142,184
10,000 World Company Ltd. 727,453
5,000 Yamanouchi Pharmaceutical
Company Ltd. 191,370
47,000 Yamato Kogyo Company, Ltd. 342,291
------------
16,059,180
------------
Netherlands -- 6.8%
30,000 ABN AMRO Holdings 649,436
7,855 Equant NV+ 723,901
12,500 Getronics NV 480,634
11,000 ING Groep NV 595,316
15,000 STMicroelectronics 998,894
10,700 United Pan-Europe
Communicatins NV+ 580,183
29,000 Vedior NV 493,262
------------
4,521,626
------------
Portugal -- 1.7%
24,300 Banco Comercial Portugues, SA
(BCP) 629,498
3,700 Telecel-Comunicacaoes
Pessoais SA 476,768
------------
1,106,266
------------
Singapore -- 0.6%
50,000 Datacraft Asia Ltd. 218,000
40,500 Overseas Union Bank Ltd. 195,123
------------
413,123
------------
Slovakia -- 0.0% #
2,000 Slovnaft AS, GDR 26,391
------------
South Korea -- 2.5%
859 Dacom Corporation 92,765
6,000 Hyundai Motor Company Ltd. 142,289
100 Korea Telecom Corporation 6,635
3,210 Korea TelecomCorporation, ADR+ 128,400
17,000 LG Electronics 469,978
5,246 Samsung Electronics 575,587
12,585 SK Telecom Company Ltd., ADR 213,945
------------
1,629,599
------------
Spain -- 3.1%
32,000 Argentaria SA 728,687
25,000 Cortefiel SA 657,167
14,565 Telefonica de Espana SA 701,320
------------
2,087,174
------------
Sweden -- 3.8%
17,000 Autoliv, Inc., ADR 518,671
30,000 Ericsson (L.M.) Telephone
Company, Class B 963,011
105,000 Nordbanken Holding AB 614,737
81,000 Orvitus AB, Series B 448,463
------------
2,544,882
------------
Switzerland -- 5.3%
1,451 Adecco SA 777,238
500 Novartis AG 729,857
70 Roche Holdings AG 719,311
2,500 UBS AG-- Registered 745,933
950 Zurich Allied AG 540,029
------------
3,512,368
------------
Thailand -- 0.6%
121,000 Total Access Communication
Public Company Ltd. 387,200
------------
United Kingdom -- 21.7%
65,541 BAA Plc 631,528
163,000 BBA Group Plc 1,248,674
50,000 BP Amoco Plc 895,310
74,000 Compass Group Plc 734,265
10,000 HSBC Holdings Plc 364,756
30,000 Laporte Plc 338,578
60,000 Lloyds TSB Group Plc 814,764
80,000 Logica Plc 841,465
42,000 National Westminster Bank Plc 890,424
115,000 Norwich Union Plc 778,549
60,000 Ocean Group Plc 988,309
8,420 Pizza Express Plc 122,103
80,000 Sema Group Plc 769,841
80,000 Senior Engineering Group Plc 162,669
87,000 Smithkline Beecham Plc 1,131,354
78,000 Vodafone Group Plc 1,534,385
70,000 Whitbread Plc 1,084,618
157,692 Williams Plc 1,041,475
------------
14,373,067
------------
TOTAL COMMON STOCKS
(Cost $53,056,014) 63,294,871
------------
PREFERRED STOCKS -- 2.0%
Germany -- 2.0%
12,000 Fresenius Medical Care AG 420,587
300 Porsche AG 705,102
575 SAP AG 229,686
------------
1,355,375
------------
TOTAL PREFERRED STOCKS
(Cost $1,333,527) 1,355,375
------------
OTHER INVESTMENTS**
(Cost $2,382,310) 3.6% 2,382,310
----- ------------
TOTAL INVESTMENTS
(Cost $56,771,851*) 101.0% 67,032,556
OTHER ASSETS AND
LIABILITIES (Net) (1.0) (671,890)
----- ------------
NET ASSETS 100.0% $ 66,360,666
===== ============
- ------
* Aggregate cost for Federal tax purposes is $56,775,294.
** As of June 30, 1999, the market value of the securities on loan is
$2,317,187. Collateral received for securities loaned includes $599,400 in
U.S. Government securities and the remaining $1,782,910 invested in State
Street Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
# Amount represents less than 0.1% of net assets.
ABBREVIATIONS:
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
See Notes to Financial Statements.
Munder Framlington International Growth Fund
Portfolio of Investments, June 30, 1999
At June 30, 1999 sector diversification of the Munder Framlington
International Growth Fund was as follows:
% of
Net Assets Value
---------- -----
COMMON STOCKS:
Banking and Financial Services... 17.5% $11,588,695
Telecommunications............... 15.6 10,359,462
Electronics...................... 9.2 6,119,993
Drugs and Health Care............ 5.0 3,325,582
Insurance........................ 4.3 2,832,430
Diversified Industrial........... 4.3 2,819,955
Retail........................... 4.2 2,793,600
Oil and Gas...................... 3.2 2,133,651
Machinery........................ 3.1 2,081,327
Software......................... 3.0 2,017,205
Electric and Electrical Equipment 2.8 1,842,756
Automotive....................... 2.6 1,707,260
Air Travel....................... 2.4 1,619,837
Food and Beverages............... 2.1 1,422,304
Apparel and Textiles............. 1.8 1,167,232
Restaurants...................... 1.6 1,084,618
Industrial Machinery............. 1.6 1,046,313
Chemicals........................ 1.4 915,994
Computers........................ 1.3 893,794
Private Placements............... 1.2 777,238
Building and Building Materials.. 1.2 776,721
Advertising...................... 1.2 803,032
Business Services................ 0.9 604,106
Pharmaceuticals and Medical
Supplies...................... 0.7 448,463
Communication Services........... 0.7 489,142
Building Construction............ 0.6 376,357
Real Estate...................... 0.5 355,734
Forest Paper and Products........ 0.5 322,394
Broadcasting and Advertising..... 0.5 329,533
Other............................ 0.4 240,143
---- ----------
TOTAL COMMON STOCKS ............. 95.4 63,294,871
PREFERRED STOCKS ................ 2.0 1,355,375
OTHER INVESTMENTS ............... 3.6 2,382,310
----- ----------
TOTAL INVESTMENTS ............... 101.0 67,032,556
OTHER ASSETS AND
LIABILITIES (Net) ............ (1.0) (671,890)
----- ----------
NET ASSETS ...................... 100.0% $ 66,360,666
===== ==========
See Notes to Financial Statements.
The Munder Funds
Statements of Assets and Liabilities, June 30, 1999
</TABLE>
<TABLE>
<CAPTION>
EQUITY FUNDS
--------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & International Micro-Cap Multi-Season
Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund
-------- -------- ------------- --------- ------------
<S> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities ..................... $49,644,425 $242,040,040 $260,043,606 $50,468,734 $791,638,902
Repurchase Agreements .......... 1,610,000 10,114,000 9,503,000 2,854,000 34,676,000
----------- ------------ ------------ ----------- ------------
Total Investments .................. 51,254,425 252,154,040 269,546,606 53,322,734 826,314,902
Cash ............................... 947 315 4,378 384 293
Interest receivable ................ 154,113 21,241 1,254 377 4,575
Dividends receivable ............... 24,766 355,356 805,164 556 424,657
Receivable for investment securities
sold ............................. 94,568 8,551,559 632,297 353,888 6,650,983
Receivable for Fund shares sold .... 127,658 821,696 375,721 102,436 1,073,947
Receivable from investment advisor .. -- -- -- 667 --
Unamortized organization costs ..... -- -- -- -- --
Prepaid expenses and other assets .. 20,027 29,063 25,438 22,220 101,969
----------- ------------ ------------ ----------- ------------
Total Assets ................. 51,676,504 261,933,270 271,390,858 53,803,262 834,571,326
----------- ------------ ------------ ----------- ------------
LIABILITIES:
Due to custodian ................... -- -- -- -- --
Unrealized depreciation of foreign
currency and net other assets .... -- -- -- -- --
Payable for Fund shares redeemed ... 322,515 826,460 973,857 81,333 23,778,677
Payable for investment securities
purchased ........................ 287,783 -- 498,603 243,364 2,046,813
Payable upon return of securities
loaned ........................... 4,211,746 5,435,774 45,629,693 3,126,900 3,372,170
Investment advisory fee payable .... 23,998 155,788 132,884 38,894 479,988
Administration fee payable ......... 2,351 23,311 19,167 4,325 68,928
Shareholder servicing fees payable . 5,270 41,777 21,761 497 58,844
Distribution fees payable .......... 1,925 5,236 4,556 17,504 104,736
Transfer agent fee payable ......... 2,749 9,861 7,946 292 38,354
Custodian fees payable ............. 9,215 15,522 37,223 5,033 50,519
Accrued Trustees'/Directors' fees
and expenses ..................... 288 1,117 1,028 168 6,113
Accrued expenses and other payables 26,092 42,301 39,315 13,583 279,435
----------- ------------ ------------ ----------- ------------
Total Liabilities ................ 4,893,932 6,557,147 47,366,033 3,531,893 30,284,577
----------- ------------ ------------ ----------- ------------
NET ASSETS ......................... $46,782,572 $255,376,123 $224,024,825 $50,271,369 $804,286,749
=========== ============ ============ =========== ============
Investments, at cost ............... $46,010,837 $196,568,251 $213,349,565 $43,515,989 $570,701,776
=========== ============ ============ =========== ============
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- --------- ------- ------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$79,738,069 $152,816,771 $367,235,826 $158,155,868 $67,818,090 $20,433,264 $67,032,556
1,149,000 8,180,000 21,259,000 3,676,000 -- 207,000 --
----------- ------------ ------------ ------------ ----------- ----------- -----------
80,887,069 160,996,771 388,494,826 161,831,868 67,818,090 20,640,264 67,032,556
663 49 200 39 -- 1,064 1,829,004
152 1,079 2,805 485 -- 27 --
559,226 127,481 14,548 268,285 163,867 690 124,530
-- 1,528,200 4,936,105 1,632,681 1,061,291 395,986 561,708
481,163 287,219 1,598,664 2,166,146 124,348 9,874 71,992
-- -- -- -- 28,057 8,995 46,460
3,739 -- -- 13,654 3,527 3,020 15,006
20,772 23,846 35,239 25,224 24,771 17,974 26,888
----------- ------------ ------------ ------------ ----------- ----------- -----------
81,952,784 162,964,645 395,082,387 165,938,382 69,223,951 21,077,894 69,708,144
----------- ------------ ------------ ------------ ----------- ----------- -----------
-- -- -- -- 88,285 -- --
-- -- -- -- 6 -- 2,599
593,885 2,633,948 3,111,282 2,416,597 290,888 33,180 230,228
-- 568,839 6,804,928 725,750 439,875 88,124 638,461
-- 14,541,947 59,323,706 3,556,640 11,437,692 3,841,217 2,382,310
50,150 84,374 191,167 93,900 56,201 13,825 53,000
7,606 12,580 28,397 14,203 4,845 1,510 5,728
333 14,203 24,416 1,743 6,929 10 313
6,353 5,284 14,136 4,809 1,321 7,468 905
3,702 5,348 14,489 6,770 1,695 826 2,391
7,859 11,651 24,981 11,789 19,158 7,407 24,532
360 429 1,173 566 194 95 296
31,994 35,776 62,626 35,462 3,073 4,981 6,715
----------- ------------ ------------ ------------ ----------- ----------- -----------
702,242 17,914,379 69,601,301 6,868,229 12,350,162 3,998,643 3,347,478
----------- ------------ ------------ ------------ ----------- ----------- -----------
$81,250,542 $145,050,266 $325,481,086 $159,070,153 $56,873,789 $17,079,251 $66,360,666
=========== ============ ============ ============ =========== =========== ===========
$82,857,179 $145,377,220 $345,352,258 $140,348,767 $60,574,921 $22,120,934 $56,771,851
=========== ============ ============ ============ =========== =========== ===========
</TABLE>
See Notes Financial Statements.
The Munder Funds
Statements of Assets and Liabilities, June 30, 1999
<TABLE>
<CAPTION>
EQUITY FUNDS
--------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & International Micro-Cap Multi-Season
Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund
-------- -------- ------------- --------- ------------
<S> <C> <C> <C> <C> <C>
NET ASSETS consist of:
Undistributed net investment
income/(loss) .................... $ 14,245 $ 30,504 $ 201,333 $ -- $ --
Accumulated net realized gain/(loss)
on investments sold, futures
contracts and currency
transactions ..................... 8,183,927 8,853,924 7,112,369 (6,745,700) 42,077,650
Net unrealized
appreciation/(depreciation) of
investments, foreign currency and
net other assets ................. 5,243,588 55,585,789 56,187,310 9,806,745 255,613,126
Par value .......................... 3,605 17,031 13,777 27,822 365,293
Paid-in capital in excess of par
value ............................ 33,337,207 190,888,875 160,510,036 47,182,502 506,230,680
----------- ------------ ------------ ----------- ------------
$46,782,572 $255,376,123 $224,024,825 $50,271,369 $804,286,749
=========== ============ ============ =========== ============
NET ASSETS:
Class A Shares ..................... $ 1,572,035 $ 5,577,513 $ 16,023,705 $ 9,844,307 $ 49,602,385
=========== ============ ============ =========== ============
Class B Shares ..................... $ 1,828,558 $ 3,700,237 $ 1,103,671 $13,811,282 $ 99,695,622
=========== ============ ============ =========== ============
Class C Shares ..................... $ 360,497 $ 1,365,846 $ 2,110,998 $ 6,332,788 $ 13,076,470
=========== ============ ============ =========== ============
Class K Shares ..................... $27,205,977 $205,364,409 $106,105,803 $ 2,739,830 $327,354,520
=========== ============ ============ =========== ============
Class Y Shares ..................... $15,815,505 $ 39,368,118 $ 98,680,648 $17,543,162 $314,557,752
=========== ============ ============ =========== ============
SHARES OUTSTANDING:
Class A Shares ..................... 121,288 372,214 988,689 542,030 2,249,795
=========== ============ ============ =========== ============
Class B Shares ..................... 141,506 247,784 69,119 774,083 4,727,557
=========== ============ ============ =========== ============
Class C Shares ..................... 27,841 91,632 131,173 354,803 619,243
=========== ============ ============ =========== ============
Class K Shares ..................... 2,095,730 13,694,453 6,540,313 150,931 14,852,121
=========== ============ ============ =========== ============
Class Y Shares ..................... 1,218,359 2,624,906 6,047,962 960,377 14,080,537
=========== ============ ============ =========== ============
CLASS A SHARES:
Net asset value and redemption price
per share ........................ $ 12.96 $ 14.98 $ 16.21 $ 18.16 $ 22.05
=========== ============ ============ =========== ============
Maximum sales charge ............... 5.50% 5.50% 5.50% 5.50% 5.50%
Maximum offering price per share ... $ 13.71 $ 15.85 $ 17.15 $ 19.22 $ 23.33
=========== ============ ============ =========== ============
CLASS B SHARES:
Net asset value and offering price
per share* ....................... $ 12.92 $ 14.93 $ 15.97 $ 17.84 $ 21.09
=========== ============ ============ =========== ============
CLASS C SHARES:
Net asset value and offering price
per share* ....................... $ 12.95 $ 14.91 $ 16.09 $ 17.85 $ 21.12
=========== ============ ============ =========== ============
CLASS K SHARES:
Net asset value, offering price and
redemption price per share ....... $ 12.98 $ 15.00 $ 16.22 $ 18.15 $ 22.04
=========== ============ ============ =========== ============
CLASS Y SHARES:
Net asset value, offering price and
redemption price per share ....... $ 12.98 $ 15.00 $ 16.32 $ 18.27 $ 22.34
=========== ============ ============ =========== ============
<FN>
- ----------------
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- --------- ------- ------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ -- $ 16,492 $ -- $ -- $ -- $ (3,654) $ (104,043)
(1,946,987) (3,837,651) (60,278,517) (474,885) (13,677,531) (585,973) 136,151
(1,970,110) 15,619,551 43,142,568 21,483,101 7,237,953 (1,480,674) 10,254,920
63,506 110,566 19,547 102,769 48,969 16,457 51,840
85,104,133 133,141,308 342,597,488 137,959,168 63,264,398 19,133,095 56,021,798
----------- ------------ ------------ ------------ ----------- ----------- -----------
$81,250,542 $145,050,266 $325,481,086 $159,070,153 $ 56,873,789 $17,079,251 $66,360,666
=========== ============ ============ ============ ============ =========== ===========
$ 3,529,813 $ 6,014,962 $ 25,728,767 $ 2,978,583 $ 960,685 $ 3,382,278 $ 2,868,528
=========== ============ ============ ============ ============ =========== ===========
$ 5,336,647 $ 3,287,455 $ 8,744,520 $ 3,764,697 $ 1,120,788 $ 6,682,046 $ 545,869
=========== ============ ============ ============ ============ =========== ===========
$ 1,251,356 $ 1,844,538 $ 3,839,366 $ 1,828,453 $ 497,277 $ 1,651,724 $ 172,011
=========== ============ ============ ============ ============ =========== ===========
$ 2,277,092 $ 74,471,758 $123,341,371 $ 10,487,361 $ 36,437,866 $ 60,300 $ 1,833,899
=========== ============ ============ ============ ============ =========== ===========
$68,855,634 $ 59,431,553 $163,827,062 $140,011,059 $ 17,857,173 $ 5,302,903 $60,940,359
276,304 458,995 1,556,316 192,686 82,197 323,450 224,314
=========== ============ ============ ============ ============ =========== ===========
417,990 252,221 556,693 246,186 97,732 650,667 43,473
=========== ============ ============ ============ ============ =========== ===========
97,612 141,853 240,424 119,713 43,336 160,878 13,670
=========== ============ ============ ============ ============ =========== ===========
178,130 5,678,394 7,458,160 678,314 3,140,092 5,775 143,847
=========== ============ ============ ============ ============ =========== ===========
5,380,547 4,525,093 9,735,349 9,039,953 1,533,531 504,928 4,758,733
=========== ============ ============ ============ ============ =========== ===========
$ 12.78 $ 13.10 $ 16.53 $ 15.46 $ 11.69 $ 10.46 $ 12.79
=========== ============ ============ ============ ============ =========== ===========
5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
$ 13.52 $ 13.86 $ 17.49 $ 16.36 $ 12.37 $ 11.07 $ 13.53
=========== ============ ============ ============ ============ =========== ===========
$ 12.77 $ 13.03 $ 15.71 $ 15.29 $ 11.47 $ 10.27 $ 12.56
=========== ============ ============ ============ ============ =========== ===========
$ 12.82 $ 13.00 $ 15.97 $ 15.27 $ 11.47 $ 10.27 $ 12.58
=========== ============ ============ ============ ============ =========== ===========
$ 12.78 $ 13.11 $ 16.54 $ 15.46 $ 11.60 $ 10.44 $ 12.75
=========== ============ ============ ============ ============ =========== ===========
$ 12.80 $ 13.13 $ 16.83 $ 15.49 $ 11.64 $ 10.50 $ 12.81
=========== ============ ============ ============ ============ =========== ===========
</TABLE>
See Notes Financial Statements.
The Munder Funds
Statements of Operations, Year Ended June 30, 1999
<TABLE>
<CAPTION>
EQUITY FUNDS
--------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & International Micro-Cap Multi-Season
Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund
-------- -------- ------------- --------- ------------
<S> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest ........................... $ 1,503,856 $ 799,642 $ 197,635 $ 46,257 $ 1,960,896
Dividends (a) ...................... 422,210 5,744,335 4,256,713 77,228 6,466,935
Other .............................. 16,598 22,533 422,611 16,182 45,467
------------ ----------- ----------- ----------- -----------
Total investment income ...... 1,942,664 6,566,510 4,876,959 139,667 8,473,298
------------ ----------- ----------- ----------- -----------
EXPENSES:
Distribution and shareholder
servicing fees:
Class A Shares ................... 2,752 14,718 16,677 19,674 100,839
Class B Shares ................... 9,120 24,950 9,592 127,395 948,914
Class C Shares ................... 1,491 9,852 17,822 57,284 125,706
Shareholder servicing fees:
Class K Shares ................... 70,693 503,308 249,986 6,020 740,531
Investment advisory fee ............ 417,501 1,851,765 1,537,543 432,863 6,861,477
Administration fee ................. 68,581 262,917 218,250 46,203 796,216
Transfer agent fee ................. 22,206 82,262 67,462 14,904 255,799
Custodian fees ..................... 53,402 63,517 198,762 22,217 150,803
Legal and audit fees ............... 9,503 33,518 28,306 5,549 139,162
Trustees'/Directors' fees and
expenses ......................... 2,524 8,962 7,368 1,284 25,324
Amortization of organization costs . -- 1,216 -- -- --
Registration and filing fees ....... 33,457 42,804 38,392 40,635 114,214
Other .............................. 13,561 33,767 29,775 40,048 155,689
Total Expenses ............... 704,791 2,933,556 2,419,935 814,076 10,414,674
Fees waived and/or expenses
reimbursed by investment advisor .. -- -- -- (50,658) (1,250,000)
------------ ----------- ----------- ----------- -----------
Net Expenses ................. 704,791 2,933,556 2,419,935 763,418 9,164,674
------------ ----------- ----------- ----------- -----------
NET INVESTMENT INCOME/(LOSS) ....... 1,237,873 3,632,954 2,457,024 (623,751) (691,376)
------------ ----------- ----------- ----------- -----------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ............ 14,076,577 10,528,419 9,076,275 (6,696,854) 89,416,385
Futures contracts ................ -- -- -- -- --
Foreign currency transactions .... -- -- 2,655 -- --
Net change in unrealized appreciation/
(depreciation) of:
Securities ....................... (10,208,561) 1,735,753 10,052,611 10,124,607 9,480,176
Foreign currency and net other
assets ......................... -- -- (6,945) -- --
------------ ----------- ----------- ----------- -----------
Net realized and unrealized
gain/(loss) on investments ....... 3,868,016 12,264,172 19,124,596 3,427,753 98,896,561
------------ ----------- ----------- ----------- -----------
NET INCREASE/(DECREASE) IN NET
ASSETS RESULTING FROM OPERATIONS .. $ 5,105,889 $15,897,126 $21,581,620 $ 2,804,002 $98,205,185
============ =========== =========== =========== ===========
- ----------------
<FN>
(a) Net of foreign withholding taxes of $646, $14,733, $382,077, $9,774,
$50,772, $201, $99,445 for Munder Balanced Fund, Munder Growth & Income
Fund, Munder International Equity Fund, Munder Value Fund, Munder
Framlington Emerging Markets Fund, Munder Framlington Healthcare Fund and
Munder Framlington International Growth Fund, respectively.
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- --------- ------- ------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 126,287 $ 533,561 $ 1,016,996 $ 392,739 $ 229,840 $ 20,190 $ 64,790
4,941,487 1,688,906 1,472,878 2,390,933 678,391 6,278 805,337
-- 94,413 172,111 29,061 56,210 37,683 35,099
------------ ----------- ------------ ----------- ----------- ----------- ----------
5,067,774 2,316,880 2,661,985 2,812,733 964,441 64,151 905,226
------------ ----------- ------------ ----------- ----------- ----------- ----------
7,993 15,374 52,064 12,320 1,134 10,366 5,139
56,177 28,749 107,763 21,110 4,912 75,939 5,792
12,460 17,721 47,642 12,058 3,029 23,360 1,744
4,548 164,091 325,840 26,646 73,189 312 4,479
652,005 1,022,524 2,558,572 1,187,734 538,218 192,182 626,144
94,060 145,544 363,930 171,327 45,835 20,469 66,652
30,350 47,797 116,530 57,398 13,154 5,924 20,539
26,098 41,728 93,395 46,226 144,325 33,288 152,650
16,101 18,223 46,442 21,609 20,776 8,998 31,709
3,014 4,549 12,121 5,309 1,452 647 2,077
14,645 -- -- 12,490 1,401 1,200 5,965
43,362 41,043 53,841 43,786 34,633 31,849 34,145
21,762 22,399 76,334 23,337 7,706 26,400 6,264
982,575 1,569,742 3,854,474 1,641,350 889,764 430,934 963,299
-- -- -- -- (118,477) (59,761) (93,638)
------------ ----------- ------------ ----------- ----------- ----------- ----------
982,575 1,569,742 3,854,474 1,641,350 771,287 371,173 869,661
------------ ----------- ------------ ----------- ----------- ----------- ----------
4,085,199 747,138 (1,192,489) 1,171,383 193,154 (307,022) 35,565
------------ ----------- ------------ ----------- ----------- ----------- ----------
(1,754,780) (3,939,228) (57,804,325) (179,786) (6,956,063) (468,293) 535,867
-- -- (1,330,354) -- -- -- --
-- -- -- (81) (342,635) (4,377) (101,989)
(9,497,908) (5,751,711) 16,665,056 (3,617,545) 19,152,085 (1,882,951) 3,805,159
-- -- -- 8 (1,468) (14) (6,130)
------------ ----------- ------------ ----------- ----------- ----------- ----------
(11,252,688) (9,690,939) (42,469,623) (3,797,404) 11,851,919 (2,355,635) 4,232,907
------------ ----------- ------------ ----------- ----------- ----------- ----------
$ (7,167,489) $(8,943,801) $(43,662,112) $(2,626,021) $12,045,073 $(2,662,657) $4,268,472
============ =========== ============ =========== =========== =========== ==========
</TABLE>
See Notes Financial Statements.
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1999
<TABLE>
<CAPTION>
EQUITY FUNDS
--------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & International Micro-Cap Multi-Season
Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund
-------- -------- ------------- --------- ------------
<S> <C> <C> <C> <C> <C>
Net investment income/(loss) ....... $ 1,237,873 $ 3,632,954 $ 2,457,024 $ (623,751) $ (691,376)
Net realized gain/(loss) on
investments sold ................. 14,076,577 10,528,419 9,078,930 (6,696,854) 89,416,385
Net change in unrealized
appreciation/(depreciation) of
investments ...................... (10,208,561) 1,735,753 10,045,666 10,124,607 9,480,176
------------ ------------ ------------ ----------- ------------
Net increase/(decrease) in net
assets resulting from operations .. 5,105,889 15,897,126 21,581,620 2,804,002 98,205,185
Dividends to shareholders from net
investment income:
Class A Shares ................. (20,597) (75,395) (59,090) -- --
Class B Shares ................. (9,726) (11,422) (6,706) -- --
Class C Shares ................. (1,589) (4,869) (12,169) -- --
Class K Shares ................. (495,656) (2,515,841) (1,142,060) -- --
Class Y Shares ................. (653,889) (546,965) (1,239,749) -- (345,882)
Distributions to shareholders in
excess of net investment income:
Class A Shares ................. -- -- -- -- --
Class B Shares ................. -- -- -- -- --
Class C Shares ................. -- -- -- -- --
Class K Shares ................. -- -- -- -- --
Class Y Shares ................. -- -- -- -- --
Distributions to shareholders from
net realized gains:
Class A Shares ................. (111,254) (453,417) (76,269) (158,713) (2,451,617)
Class B Shares ................. (91,842) (202,291) (13,857) (282,930) (7,432,162)
Class C Shares ................. (12,800) (66,154) (25,947) (123,793) (1,028,461)
Class K Shares ................. (3,289,822) (18,732,778) (1,540,788) (44,400) (22,000,121)
Class Y Shares ................. (3,992,119) (3,210,916) (1,475,693) (301,983) (21,500,520)
Distributions to shareholders in
excess of realized gains:
Class A Shares ................. -- -- -- -- --
Class B Shares ................. -- -- -- -- --
Class C Shares ................. -- -- -- -- --
Class K Shares ................. -- -- -- -- --
Class Y Shares ................. -- -- -- -- --
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 ................. 701,203 (4,014,850) 8,893,119 (1,056,169) 14,240,459
Class B Shares ................. 1,149,209 1,998,157 (67,178) (2,329,218) (4,872,510)
Class C Shares ................. 239,877 (421,392) 99,990 (1,095,036) (1,410,384)
Class K Shares ................. (3,404,875) (2,066,361) (7,374,138) (354,975) 56,882,761
Class Y Shares ................. (28,897,431) 5,560,859 (10,808,955) 599,445 (60,956,845)
Net increase/(decrease) in net
assets ........................... (33,785,422) (8,866,509) 6,732,130 (2,343,770) 47,329,903
NET ASSETS:
Beginning of period ................ 80,567,994 264,242,632 217,292,695 52,615,139 756,956,846
------------ ------------ ------------ ----------- ------------
End of period ...................... $ 46,782,572 $255,376,123 $224,024,825 $50,271,369 $804,286,749
============ ============ ============ =========== ============
Undistributed net investment
income/(loss) .................... $ 14,245 $ 30,504 $ 201,333 $ -- $ --
============ ============ ============ =========== ============
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- --------- ------- ------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 4,085,199 $ 747,138 $ (1,192,489) $ 1,171,383 $ 193,154 $ (307,022) $ 35,565
(1,754,780) (3,939,228) (59,134,679) (179,867) (7,298,698) (472,670) 433,878
(9,497,908) (5,751,711) 16,665,056 (3,617,537) 19,150,617 (1,882,965) 3,799,029
------------ ------------ ------------ ------------ ----------- ----------- -----------
(7,167,489) (8,943,801) (43,662,112) (2,626,021) 12,045,073 (2,662,657) 4,268,472
(148,737) (32,483) -- (17,723) -- -- --
(229,771) (590) -- -- -- -- --
(51,338) (365) -- -- -- -- --
(90,219) (301,291) -- (30,305) -- -- --
(3,909,906) (420,084) -- (770,952) -- -- --
-- (11,564) -- -- -- -- --
-- (4,201) -- -- -- -- --
-- (2,599) -- -- -- -- --
-- (26,396) -- -- -- -- --
-- -- (245,135) -- -- -- --
(92,242) (182,203) (1,595,064) (239,222) -- (34,003) (1,318)
(173,403) (68,000) (920,567) (65,020) -- (61,201) (264)
(39,951) (42,037) (370,434) (41,943) -- (18,261) (92)
(60,204) (1,344,886) (9,282,837) (416,053) -- (1,180) (904)
(2,367,839) (1,361,469) (12,457,292) (5,372,785) -- (38,003) (31,731)
-- -- -- -- -- (6,191) --
-- -- -- -- -- (11,143) --
-- -- -- -- -- (3,325) --
-- -- -- -- -- (215) --
-- -- -- -- -- (6,919) --
(21,931) -- -- -- -- -- --
(38,530) -- -- -- -- -- --
(8,546) -- -- -- -- -- --
(12,479) -- -- -- -- -- --
(522,878) -- -- -- -- -- --
49,263 (1,568,355) 4,650,565 (3,384,827) 238,069 (995,684) 892,175
(576,360) 337,976 (2,785,595) 1,530,743 479,951 (905,614) (36,560)
(26,150) 116,967 (1,252,201) 672,528 277,007 (1,224,944) (27,499)
480,851 (2,862,277) (7,189,080) (3,137,313) (3,994,617) (82,506) (479,640)
(1,066,406) (5,824,485) (9,567,847) (16,271,565) 429,997 483,685 (7,524,088)
------------ ------------ ------------ ------------ ----------- ----------- -----------
(16,074,265) (22,542,143) (84,677,599) (30,170,458) 9,475,480 (5,568,161) (2,941,449)
97,324,807 167,592,409 410,158,685 189,240,611 47,398,309 22,647,412 69,302,115
------------ ------------ ------------ ------------ ----------- ----------- -----------
$ 81,250,542 $145,050,266 $325,481,086 $159,070,153 $56,873,789 $17,079,251 $66,360,666
============ ============ ============ ============ =========== =========== ===========
$ -- $ 16,492 $ -- $ -- $ -- $ (3,654) $ (104,043)
============ ============ ============ ============ =========== =========== ===========
</TABLE>
See Notes Financial Statements.
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1998
<TABLE>
<CAPTION>
EQUITY FUNDS
--------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & International Micro-Cap Multi-Season
Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund
-------- -------- ------------- --------- ------------
<S> <C> <C> <C> <C> <C>
Net investment income/(loss) ....... $ 2,081,463 $ 4,576,922 $ 2,440,184 $ (363,504) $ (86,750)
Net realized gain/(loss) on
investments sold ................. 5,703,535 47,077,678 12,355,064 2,381,269 57,519,549
Net change in unrealized
appreciation/(depreciation) of
investments ...................... 4,433,170 306,124 (6,574,836) (836,028) 88,892,683
------------ ------------ ------------ ----------- ------------
Net increase/(decrease) in net
assets resulting from operations .. 12,218,168 51,960,724 8,220,412 1,181,737 146,325,482
Dividends to shareholders from net
investment income:
Class A Shares ................. (12,304) (105,754) (81,341) -- (12,065)
Class B Shares ................. (7,042) (10,894) (7,796) -- --
Class C Shares ................. (1,440) (8,114) (14,540) -- --
Class K Shares ................. (640,005) (3,798,603) (1,386,400) -- (162,310)
Class Y Shares ................. (1,397,675) (639,004) (1,473,592) -- (367,945)
Distributions to shareholders from
net realized gains:
Class A Shares ................. (34,027) (709,636) (421,143) (200,426) (911,264)
Class B Shares ................. (27,885) (130,526) (73,900) (284,509) (4,381,717)
Class C Shares ................. (7,200) (71,978) (146,699) (166,726) (510,812)
Class K Shares ................. (2,572,553) (33,747,169) (7,243,743) (55,740) (12,258,369)
Class Y Shares ................. (4,287,718) (4,561,542) (6,435,614) (388,128) (13,781,279)
Distributions to shareholders in
excess of realized gains:
Class A Shares ................. -- -- -- -- --
Class B Shares ................. -- -- -- -- --
Class C Shares ................. -- -- -- -- --
Class K Shares ................. -- -- -- -- --
Class Y Shares ................. -- -- -- -- --
Net increase/(decrease) in net
assets from Fund share
tranactions:
Class A Shares ................. 440,063 5,491,229 (176,367) 10,885,938 11,650,530
Class B Shares ................. 432,175 1,022,079 21,870 15,922,896 2,131,348
Class C Shares ................. 39,185 1,002,578 (393,285) 7,605,168 3,287,255
Class K Shares ................. 25,358,644 (2,599,559) (24,045,346) 2,744,686 (7,678,546)
Class Y Shares ................. (26,488,592) 3,990,672 (2,594,187) 12,155,073 109,458,384
------------ ------------ ------------ ----------- ------------
Net increase/(decrease) in net
assets ........................... 3,011,794 17,084,503 (36,251,671) 49,399,969 232,788,692
NET ASSETS:
Beginning of period ................ 77,556,200 247,158,129 253,544,366 3,215,170 524,168,154
------------ ------------ ------------ ----------- ------------
End of period ...................... $ 80,567,994 $264,242,632 $217,292,695 $52,615,139 $756,956,846
============ ============ ============ =========== ============
Undistributed net investment
income/(loss) .................... $ -- $ 136,706 $ 41,238 $ -- $ --
============ ============ ============ =========== ============
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- --------- ------- ------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 3,557,590 $ 888,525 $ (1,943,180) $ 1,172,506 $ 445,711 $ (208,621) $ 224,653
3,087,322 8,250,295 86,273,022 16,249,019 (5,791,184) 260,574 (457,298)
(1,828,364) 14,588,947 (38,336,774) 13,817,752 (12,928,226) 100,052 3,758,489
----------- ------------ ------------ ------------ ------------ ----------- -----------
4,816,548 23,727,767 45,993,068 31,239,277 (18,273,699) 152,005 3,525,844
(108,959) (26,178) -- (36,542) (2,697) -- (2,066)
(212,532) -- -- (743) (61) -- --
(36,424) -- -- (382) (4) -- --
(76,887) (330,560) -- (64,557) (133,371) -- (2,557)
(2,999,226) (414,148) -- (1,079,848) (92,010) -- (122,744)
(20,080) (98,858) (2,406,705) (155,490) (2,952) -- (2,543)
(57,106) (46,471) (1,802,093) (102,547) (1,902) -- (423)
(9,143) (31,704) (739,949) (52,647) (125) -- (155)
(17,626) (3,173,416) (29,901,527) (709,652) (141,436) -- (3,147)
(626,049) (2,414,775) (37,145,834) (8,345,671) (69,616) -- (100,609)
-- -- -- -- (11,999) -- (1,338)
-- -- -- -- (7,730) -- (222)
-- -- -- -- (510) -- (81)
-- -- -- -- (574,853) -- (1,657)
-- -- -- -- (282,947) -- (52,964)
2,724,813 4,300,790 1,838,033 2,771,389 330,315 4,350,716 420,739
2,284,249 2,782,374 9,490,901 1,157,493 584,974 7,733,693 442,098
1,003,579 1,717,806 4,338,208 543,586 133,643 3,228,224 83,236
617,619 23,335,289 19,006,863 5,094,370 40,278,768 37,061 936,727
33,785,992 47,491,052 76,298,503 67,989,812 15,732,843 3,049,654 37,971,159
----------- ------------ ------------ ------------ ------------ ----------- -----------
41,068,768 96,818,968 84,969,468 98,247,848 37,464,631 18,551,353 43,089,297
56,256,039 70,773,441 325,189,217 90,992,763 9,933,678 4,096,059 26,212,818
----------- ------------ ------------ ------------ ------------ ----------- -----------
$97,324,807 $167,592,409 $410,158,685 $189,240,611 $ 47,398,309 $22,647,412 $69,302,115
=========== ============ ============ ============ ============ =========== ===========
$ 138,196 $ 126,140 $ -- $ 14,983 $ (127,776) $ (2,990) $ (45,004)
=========== ============ ============ ============ ============ =========== ===========
</TABLE>
See Notes Financial Statements.
The Munder Funds
Statements of Changes -- Capital Stock Activity, Year Ended June 30, 1999
<TABLE>
<CAPTION>
EQUITY FUNDS
--------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & International Micro-Cap Multi-Season
Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund
-------- -------- ------------- --------- ------------
<S> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ............................... $ 1,140,908 $ 36,363,414 $ 154,582,825 $ 9,475,953 $ 785,755,717
Issued in connection with Fund
reorganization ................... -- -- -- -- 3,645,184
Issued as reinvestment of dividends 110,159 289,589 76,045 111,618 1,788,540
Redeemed ........................... (549,864) (40,667,853) (145,765,751) (10,643,740) (776,948,982)
------------ ------------ ------------- ------------ -------------
Net increase/(decrease) ............ $ 701,203 $ (4,014,850) $ 8,893,119 $ (1,056,169) $ 14,240,459
============ ============ ============= ============ =============
Class B Shares
Sold ............................... $ 1,373,486 $ 2,903,698 $ 419,856 $ 4,873,253 $ 11,477,272
Issued in connection with Fund
reorganization ................... -- -- -- -- 423,609
Issued as reinvestment of dividends 25,182 82,783 8,577 127,867 2,980,135
Redeemed ........................... (249,459) (988,324) (495,611) (7,330,338) (19,753,526)
------------ ------------ ------------- ------------ -------------
Net increase/(decrease) ............ $ 1,149,209 $ 1,998,157 $ (67,178) $ (2,329,218) $ (4,872,510)
============ ============ ============= ============ =============
Class C Shares:
Sold ............................... $ 365,546 $ 5,675,166 $ 784,962 $ 2,511,654 $ 14,691,587
Issued in connection with Fund
reorganization ................... -- -- -- -- 27,285
Issued as reinvestment of dividends 3,270 22,089 2,507 41,160 69,569
Redeemed ........................... (128,939) (6,118,647) (687,479) (3,647,850) (16,198,825)
------------ ------------ ------------- ------------ -------------
Net increase/(decrease) ............ $ 239,877 $ (421,392) $ 99,990 $ (1,095,036) $ (1,410,384)
============ ============ ============= ============ =============
Class K Shares:
Sold ............................... $ 9,051,179 $ 43,942,687 $ 16,375,849 $ 874,607 $ 110,054,804
Issued in connection with Fund
reorganization ................... -- -- -- -- 30,893,203
Issued as reinvestment of dividends -- 2,558 862 325 147,907
Redeemed ........................... (12,456,054) (46,011,606) (23,750,849) (1,229,907) (84,213,153)
------------ ------------ ------------- ------------ -------------
Net increase/(decrease) ............ $ (3,404,875) $ (2,066,361) $ (7,374,138) $ (354,975) $ 56,882,761
============ ============ ============= ============ =============
Class Y Shares:
Sold ............................... $ 10,363,069 $ 64,513,627 $ 11,617,421 $ 5,619,141 $ 61,127,513
Issued in connection with Fund
reorganization ................... -- -- -- -- 8,653,859
Issued as reinvestment of dividends 25,568 87,471 84,636 174,800 1,623,598
Redeemed ........................... (39,286,068) (59,040,239) (22,511,012) (5,194,496) (132,361,815)
------------ ------------ ------------- ------------ -------------
Net increase/(decrease) ............ $(28,897,431) $ 5,560,859 $ (10,808,955) $ 599,445 $ (60,956,845)
============ ============ ============= ============ =============
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- --------- ------- ------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 3,097,125 $ 204,932,864 $ 516,745,495 $ 243,685,685 $ 1,420,206 $ 882,935 $ 18,526,567
-- -- -- -- -- -- --
126,652 147,666 857,595 77,126 -- 13,738 1,313
(3,174,514) (206,648,885) (512,952,525) (247,147,638) (1,182,137) (1,892,357) (17,635,705)
------------ ------------- ------------- ------------- ------------ ----------- ------------
$ 49,263 $ (1,568,355) $ 4,650,565 $ (3,384,827) $ 238,069 $ (995,684) $ 892,175
============ ============= ============= ============= ============ =========== ============
$ 1,967,281 $ 1,605,943 $ 8,733,728 $ 3,512,851 $ 1,650,573 $ 1,720,586 $ 462,021
-- -- -- -- -- -- --
137,336 29,154 350,225 21,686 -- 39,333 203
(2,680,977) (1,297,121) (11,869,548) (2,003,794) (1,170,622) (2,665,533) (498,784)
------------ ------------- ------------- ------------- ------------ ----------- ------------
$ (576,360) $ 337,976 $ (2,785,595) $ 1,530,743 $ 479,951 $ (905,614) $ (36,560)
============ ============= ============= ============= ============ =========== ============
$ 689,276 $ 1,563,402 $ 2,114,641 $ 1,891,202 $ 481,365 $ 402,803 $ 181,063
-- -- -- -- -- -- --
25,554 15,741 77,875 9,682 -- 3,123 77
(740,980) (1,462,176) (3,444,717) (1,228,356) (204,358) (1,630,870) (208,639)
------------ ------------- ------------- ------------- ------------ ----------- ------------
$ (26,150) $ 116,967 $ (1,252,201) $ 672,528 $ 277,007 $(1,224,944) $ (27,499)
============ ============= ============= ============= ============ =========== ============
$ 1,114,941 $ 30,619,211 $ 57,197,271 $ 3,272,167 $ 17,037,605 $ 43,800 $ 502,556
-- -- -- -- -- -- --
-- 87 18,166 193 -- -- --
(634,090) (33,481,575) (64,404,517) (6,409,673) (21,032,222) (126,306) (982,196)
------------ ------------- ------------- ------------- ------------ ----------- ------------
$ 480,851 $ (2,862,277) $ (7,189,080) $ (3,137,313) $ (3,994,617) $ (82,506) $ (479,640)
============ ============= ============= ============= ============ =========== ============
$ 18,204,684 $ 60,951,348 $ 96,528,187 $ 75,168,143 $ 6,623,826 $ 1,004,715 $ 8,894,961
-- -- -- -- -- -- --
1,286,467 302,524 1,414,591 761,480 -- 17,579 8,595
(20,557,557) (67,078,357) (107,510,625) (92,201,188) (6,193,829) (538,609) (16,427,644)
------------ ------------- ------------- ------------- ------------ ----------- ------------
$ (1,066,406) $ (5,824,485) $ (9,567,847) $ (16,271,565) $ 429,997 $ 483,685 $ (7,524,088)
============ ============= ============= ============= ============ =========== ============
</TABLE>
See Notes Financial Statements.
The Munder Funds
Statements of Changes -- Capital Stock Activity, Year Ended June 30, 1999
<TABLE>
<CAPTION>
EQUITY FUNDS
--------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & International Micro-Cap Multi-Season
Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund
-------- -------- ------------- --------- ------------
<S> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ............................... 94,099 2,500,882 9,829,257 593,060 38,411,153
Issued in connection with Fund
reorganizaton .................... -- -- -- -- 189,419
Issued as reinvestment of dividends 9,486 21,050 5,276 7,866 92,718
Redeemed ........................... (44,882) (2,760,800) (9,262,579) (695,471) (37,949,040)
---------- ---------- ---------- -------- ----------
Net increase/(decrease) ............ 58,703 (238,868) 571,954 (94,545) 744,250
========== ========== ========== ======== ==========
Class B Shares:
Sold ............................... 111,387 201,879 27,512 324,276 597,140
Issued in connection with Fund
reorganizaton .................... -- -- -- -- 22,939
Issued as reinvestment of dividends 2,172 6,054 599 9,133 161,175
Redeemed ........................... (20,174) (68,980) (34,578) (507,788) (1,016,015)
---------- ---------- ---------- -------- ----------
Net increase/(decrease) ............ 93,385 138,953 (6,467) (174,379) (234,761)
========== ========== ========== ======== ==========
Class C Shares:
Sold ............................... 29,333 396,608 51,188 166,176 750,825
Issued in connection with Fund
reorganizaton .................... -- -- -- -- 1,474
Issued as reinvestment of dividends 283 1,617 168 2,938 3,756
Redeemed ........................... (10,311) (420,836) (47,992) (256,106) (832,142)
---------- ---------- ---------- -------- ----------
Net increase/(decrease) ............ 19,305 (22,611) 3,364 (86,992) (76,087)
========== ========== ========== ======== ==========
Class K Shares:
Sold ............................... 745,255 3,015,495 1,116,407 57,922 4,506,451
Issued in connection with Fund
reorganizaton .................... -- -- -- -- 1,608,086
Issued as reinvestment of dividends -- 186 60 23 7,679
Redeemed ........................... (1,002,737) (3,158,624) (1,623,278) (86,489) (4,127,521)
---------- ---------- ---------- -------- ----------
Net increase/(decrease) ............ (257,482) (142,943) (506,811) (28,544) 1,994,695
========== ========== ========== ======== ==========
Class Y Shares:
Sold ............................... 865,614 4,418,808 792,809 402,801 4,819,485
Issued in connection with Fund
reorganizaton .................... -- -- -- -- 444,900
Issued as reinvestment of dividends 2,203 6,324 5,889 12,267 83,310
Redeemed ........................... (3,153,292) (4,027,938) (1,509,586) (354,262) (6,599,730)
---------- ---------- ---------- -------- ----------
Net increase/(decrease) ............ (2,285,475) 397,194 (710,888) 60,806 (1,252,035)
========== ========== ========== ======== ==========
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- --------- ------- ------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
240,492 17,282,016 31,110,553 17,219,329 136,734 81,639 1,557,057
-- -- -- -- -- -- --
10,178 12,700 53,566 5,660 -- 1,298 113
(248,777) (17,290,366) (30,655,150) (17,388,370) (124,885) (181,202) (1,467,146)
---------- ---------- ---------- ---------- -------- ------- ----------
1,893 4,350 508,969 (163,381) 11,849 (98,265) 90,024
========== ========== ========== ========== ======== ======= ==========
155,151 131,184 563,596 241,284 186,048 164,817 38,471
-- -- -- -- -- -- --
11,127 2,515 22,966 1,609 -- 3,771 18
(214,152) (109,601) (761,308) (139,996) (145,442) (258,818) (44,954)
---------- ---------- ---------- ---------- -------- ------- ----------
(47,874) 24,098 (174,746) 102,897 40,606 (90,230) (6,465)
========== ========== ========== ========== ======== ======= ==========
54,141 129,366 131,826 131,656 52,223 38,586 14,652
-- -- -- -- -- -- --
2,053 1,361 5,021 719 -- 299 7
(59,643) (125,088) (221,158) (85,949) (23,616) (166,856) (17,543)
---------- ---------- ---------- ---------- -------- ------- ----------
(3,449) 5,639 (84,311) 46,426 28,607 (127,971) (2,884)
========== ========== ========== ========== ======== ======= ==========
87,288 2,569,270 3,443,786 219,174 2,088,599 3,932 43,933
-- -- -- -- -- -- --
-- 8 1,135 14 -- -- --
(52,699) (2,834,248) (3,995,528) (451,292) (2,485,396) (11,980) (90,573)
---------- ---------- ---------- ---------- -------- ------- ----------
34,589 (264,970) (550,607) (232,104) (396,797) (8,048) (46,640)
========== ========== ========== ========== ======== ======= ==========
1,409,073 5,090,624 5,745,898 5,266,369 708,935 94,073 779,551
-- -- -- -- -- -- --
103,706 25,949 87,075 55,701 -- 1,657 740
(1,656,986) (5,589,940) (6,419,767) (6,460,284) (768,253) (51,824) (1,433,472)
---------- ---------- ---------- ---------- -------- ------- ----------
(144,207) (473,367) (586,794) (1,138,214) (59,318) 43,906 (653,181)
========== ========== ========== ========== ======== ======= ==========
</TABLE>
See Notes Financial Statements.
The Munder Funds
Statements of Changes -- Capital Stock Activity, Year Ended June 30, 1998
<TABLE>
<CAPTION>
EQUITY FUNDS
--------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & International Micro-Cap Multi-Season
Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund
-------- -------- ------------- --------- ------------
<S> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ............................... $ 465,440 $ 52,339,094 $ 15,657,100 $13,663,946 $ 125,767,920
Issued as reinvestment of dividends 42,874 550,030 197,002 137,190 658,823
Redeemed ........................... (68,251) (47,397,895) (16,030,469) (2,915,198) (114,776,213)
------------ ------------ ------------ ----------- -------------
Net increase/(decrease) ............ $ 440,063 $ 5,491,229 $ (176,367) $10,885,938 $ 11,650,530
============ ============ ============ =========== =============
Class B Shares
Sold ............................... $ 509,380 $ 1,136,459 $ 305,470 $16,787,807 $ 12,159,704
Issued as reinvestment of dividends 4,555 52,424 20,842 127,415 1,685,590
Redeemed ........................... (81,760) (166,804) (304,442) (992,326) (11,713,946)
------------ ------------ ------------ ----------- -------------
Net increase ....................... $ 432,175 $ 1,022,079 $ 21,870 $15,922,896 $ 2,131,348
============ ============ ============ =========== =============
Class C Shares:
Sold ............................... $ 67,088 $ 9,979,727 $ 26,112,696 $10,789,550 $ 5,465,341
Issued as reinvestment of dividends 2,435 13,871 1,467 76,181 27,187
Redeemed ........................... (30,338) (8,991,020) (26,507,448) (3,260,563) (2,205,273)
------------ ------------ ------------ ----------- -------------
Net increase/(decrease) ............ $ 39,185 $ 1,002,578 $ (393,285) $ 7,605,168 $ 3,287,255
============ ============ ============ =========== =============
Class K Shares:
Sold ............................... $ 36,238,336 $ 37,934,509 $ 19,678,745 $ 3,286,508 $ 50,186,632
Issued as reinvestment of dividends -- 791 4,812 1,933 89,260
Redeemed ........................... (10,879,692) (40,534,859) (43,728,903) (543,755) (57,954,438)
------------ ------------ ------------ ----------- -------------
Net increase/(decrease) ............ $ 25,358,644 $ (2,599,559) $(24,045,346) $ 2,744,686 $ (7,678,546)
============ ============ ============ =========== =============
Class Y Shares:
Sold ............................... $ 17,891,800 $ 41,828,650 $ 37,273,610 $13,665,453 $ 192,274,534
Issued as reinvestment of dividends 20,638 93,667 234,936 246,160 1,713,798
Redeemed ........................... (44,401,030) (37,931,645) (40,102,733) (1,756,540) (84,529,948)
------------ ------------ ------------ ----------- -------------
Net increase/(decrease) ............ $(26,488,592) $ 3,990,672 $ (2,594,187) $12,155,073 $ 109,458,384
============ ============ ============ =========== =============
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- --------- ------- ------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
$ 3,008,839 $ 141,413,374 $ 851,622,256 $ 182,928,935 $ 725,997 $4,670,335 $ 551,489
79,679 94,875 1,616,927 148,415 15,685 -- 5,750
(363,705) (137,207,459) (851,401,150) (180,305,961) (411,367) (319,619) (136,500)
----------- ------------- ------------- ------------- ----------- ---------- -----------
$ 2,724,813 $ 4,300,790 $ 1,838,033 $ 2,771,389 $ 330,315 $4,350,716 $ 420,739
=========== ============= ============= ============= =========== ========== ===========
$ 3,140,780 $ 2,934,233 $ 12,987,682 $ 1,975,392 $ 731,828 $8,010,359 $ 446,549
74,933 21,465 384,944 19,472 3,531 -- 185
(931,464) (173,324) (3,881,725) (837,371) (150,385) (276,666) (4,636)
----------- ------------- ------------- ------------- ----------- ---------- -----------
$ 2,284,249 $ 2,782,374 $ 9,490,901 $ 1,157,493 $ 584,974 $7,733,693 $ 442,098
=========== ============= ============= ============= =========== ========== ===========
$ 1,122,807 $ 2,449,191 $ 19,422,073 $ 3,033,439 $ 357,347 $3,413,905 $ 3,196,011
13,557 17,092 217,318 17,693 498 -- 20
(132,785) (748,477) (15,301,183) (2,507,546) (224,202) (185,681) (3,112,795)
----------- ------------- ------------- ------------- ----------- ---------- -----------
$ 1,003,579 $ 1,717,806 $ 4,338,208 $ 543,586 $ 133,643 $3,228,224 $ 83,236
=========== ============= ============= ============= =========== ========== ===========
$ 699,056 $ 42,055,711 $ 258,655,493 $ 7,292,813 $48,204,012 $ 37,061 $ 2,491,379
-- 610 385,586 364 15 -- --
(81,437) (18,721,032) (240,034,216) (2,198,807) (7,925,259) -- (1,554,652)
----------- ------------- ------------- ------------- ----------- ---------- -----------
$ 617,619 $ 23,335,289 $ 19,006,863 $ 5,094,370 $40,278,768 $ 37,061 $ 936,727
=========== ============= ============= ============= =========== ========== ===========
$40,212,699 $ 95,281,559 $ 182,007,606 $ 102,254,412 $19,650,219 $3,416,348 $42,572,415
541,776 925,440 5,087,805 1,469,009 117,261 -- 96,952
(6,968,483) (48,715,947) (110,796,908) (35,733,609) (4,034,637) (366,694) (4,698,208)
----------- ------------- ------------- ------------- ----------- ---------- -----------
$33,785,992 $ 47,491,052 $ 76,298,503 $ 67,989,812 $15,732,843 $3,049,654 $37,971,159
=========== ============= ============= ============= =========== ========== ===========
</TABLE>
See Notes Financial Statements.
The Munder Funds
Statements of Changes -- Capital Stock Activity, Year Ended June 30, 1998
<TABLE>
<CAPTION>
EQUITY FUNDS
--------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & International Micro-Cap Multi-Season
Balanced Income Equity Equity Growth
Fund Fund Fund Fund Fund
-------- -------- ------------- --------- ------------
<S> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ............................... 35,128 3,300,696 1,068,198 783,470 6,081,224
Issued as reinvestment of dividends 3,375 37,128 14,938 8,580 35,825
Redeemed ........................... (5,256) (2,967,466) (1,092,860) (169,871) (5,537,783)
---------- ------- ------- ------- ---------
Net increase/(decrease) ............ 33,247 370,358 (9,724) 622,179 579,266
========== ========== ========== ======== ==========
Class B Shares:
Sold ............................... 38,372 73,692 20,825 963,594 634,260
Issued as reinvestment of dividends 356 3,590 1,610 8,014 94,589
Redeemed ........................... (5,942) (10,728) (20,761) (57,721) (604,396)
---------- ------- ------- ------- ---------
Net increase ....................... 32,786 66,554 1,674 913,887 124,453
========== ========== ========== ======== ==========
Class C Shares:
Sold ............................... 5,032 645,741 1,737,363 618,833 278,253
Issued as reinvestment of dividends 193 935 110 4,788 1,524
Redeemed ........................... (2,315) (582,962) (1,753,702) (190,515) (111,422)
---------- ------- ------- ------- ---------
Net increase/(decrease) ............ 2,910 63,714 (16,229) 433,106 168,355
========== ========== ========== ======== ==========
Class K Shares:
Sold ............................... 2,660,260 2,399,900 1,372,285 194,137 2,532,388
Issued as reinvestment of dividends -- 53 369 121 4,859
Redeemed ........................... (812,753) (2,511,129) (2,942,441) (30,301) (2,862,299)
---------- ------- ------- ------- ---------
Net increase/(decrease) ............ 1,847,507 (111,176) (1,569,787) 163,957 (325,052)
========== ========== ========== ======== ==========
Class Y Shares:
Sold ............................... 1,351,069 2,641,745 2,573,626 810,899 9,751,713
Issued as reinvestment of dividends 1,626 6,391 17,653 15,366 92,338
Redeemed ........................... (3,253,921) (2,368,783) (2,658,666) (104,360) (4,201,175)
---------- ------- ------- ------- ---------
Net increase/(decrease) ............ (1,901,226) 279,353 (67,387) 721,905 5,642,876
========== ========== ========== ======== ==========
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- --------- ------- ------ ----------- ----------- -------------
<S> <C> <C> <C> <C> <C> <C> <C>
193,510 9,885,606 38,939,088 11,436,014 65,933 389,454 48,119
5,166 7,030 85,371 10,894 1,497 -- 576
(23,295) (9,534,652) (38,516,138) (11,204,399) (38,259) (28,756) (11,602)
--------- ---------- ----------- ---------- --------- ------- ---------
175,381 357,984 508,321 245,509 29,171 360,698 37,093
========= ========== =========== ========== ========= ======= =========
201,381 207,462 634,390 127,593 59,988 665,972 38,978
4,841 1,630 21,081 1,425 333 -- 19
(60,244) (11,995) (196,447) (52,811) (13,539) (22,987) (400)
--------- ---------- ----------- ---------- --------- ------- ---------
145,978 197,097 459,024 76,207 46,782 642,985 38,597
========= ========== =========== ========== ========= ======= =========
71,494 170,434 864,580 189,854 32,857 289,644 309,736
875 1,284 11,715 1,232 47 -- 2
(8,477) (51,868) (658,060) (155,615) (20,000) (15,939) (298,660)
--------- ---------- ----------- ---------- --------- ------- ---------
63,892 119,850 218,235 35,471 12,904 273,705 11,078
========= ========== =========== ========== ========= ======= =========
45,991 2,985,358 11,225,265 484,866 3,932,077 2,916 230,623
-- 47 20,358 25 1 -- --
(5,293) (1,258,817) (10,302,528) (142,618) (737,301) -- (136,071)
--------- ---------- ----------- ---------- --------- ------- ---------
40,698 1,726,588 943,095 342,273 3,194,777 2,916 94,552
========= ========== =========== ========== ========= ======= =========
2,604,804 6,789,601 8,089,789 6,579,214 1,600,701 300,623 3,728,279
35,106 68,847 264,990 99,537 11,233 -- 9,641
(461,761) (3,377,343) (5,027,722) (2,215,981) (392,540) (31,075) (425,626)
--------- ---------- ----------- ---------- --------- ------- ---------
2,178,149 3,481,105 3,327,057 4,462,770 1,219,394 269,548 3,312,294
========= ========== =========== ========== ========= ======= =========
</TABLE>
See Notes Financial Statements.
Munder Balanced Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
--------------------------------------------------------------------------------
Year Year Year Year Period Year
Ended Ended Ended Ended Ended Ended
6/30/99(f) 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
---------- ------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $13.48 $13.01 $12.35 $10.77 $ 9.95 $10.35
------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income .............. 0.21 0.30 0.29 0.27 0.09 0.19
Net realized and unrealized
gain/(loss) on investments ....... 1.02 1.66 1.30 1.55 0.85 (0.41)
------ ------ ------ ------ ------ ------
Total from investment operations ... 1.23 1.96 1.59 1.82 0.94 (0.22)
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income (0.23) (0.32) (0.27) (0.24) (0.12) (0.18)
Distributions from net realized
gains ............................ (1.52) (1.17) (0.66) -- -- --
------ ------ ------ ------ ------ ------
Total distributions ................ (1.75) (1.49) (0.93) (0.24) (0.12) (0.18)
------ ------ ------ ------ ------ ------
Net asset value, end of period ..... $12.96 $13.48 $13.01 $12.35 $10.77 $ 9.95
====== ====== ====== ====== ====== ======
Total return (b) ................... 10.76% 15.93% 13.63% 17.06% 9.44% (2.07)%
====== ====== ====== ====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $1,572 $ 844 $ 382 $ 375 $ 314 $ 286
Ratio of operating expenses to
average net assets ............... 1.22% 1.17% 1.22% 1.15% 1.16%(c) 1.22%
Ratio of net investment income to
average net assets ............... 1.73% 2.41% 2.30% 2.29% 2.51%(c) 1.89%
Portfolio turnover rate ............ 116% 79% 125% 197% 52% 116%
Ratio of operating expenses to
average net assets without waivers 1.22% 1.17% 1.22% 1.26% 1.51%(c) 1.57%
<FN>
- ----------------
(a) The Munder Balanced Fund Class A Shares, Class B Shares and Class C
Shares commenced operations on April 30, 1993, June 21, 1994 and
January 24, 1996, 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.
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
B Shares
--------------------------------------------------------------------------------
Year Year Year Year Period Period
Ended Ended Ended Ended Ended Ended
6/30/99(f) 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
---------- ------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
$13.44 $12.97 $12.33 $10.76 $ 9.93 $ 9.56
------ ------ ------ ------ ------ ------
0.12 0.21 0.19 0.18 0.06 0.07
1.01 1.64 1.30 1.56 0.84 0.37
------ ------ ------ ------ ------ ------
1.13 1.85 1.49 1.74 0.90 0.44
------ ------ ------ ------ ------ ------
(0.13) (0.21) (0.19) (0.17) (0.07) (0.07)
(1.52) (1.17) (0.66) -- -- --
------ ------ ------ ------ ------ ------
(1.65) (1.38) (0.85) (0.17) (0.07) (0.07)
------ ------ ------ ------ ------ ------
$12.92 $13.44 $12.97 $12.33 $10.76 $ 9.93
====== ====== ====== ====== ====== ======
9.96% 15.11% 12.73% 16.24% 9.11% 4.65%
====== ====== ====== ====== ====== ======
$1,829 $ 647 $ 199 $ 75 $ 15 $ 19
1.97% 1.92% 1.97% 1.90% 1.91%(c) 1.85%(c)
0.94% 1.66% 1.55% 1.54% 1.76%(c) 1.26%(c)
116% 79% 125% 197% 52% 116%
1.97% 1.92% 1.97% 2.01% 2.26%(c) 2.20%(c)
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
C Shares
----------------------------------------------------
Year Year Year Period
Ended Ended Ended Ended
6/30/99(f) 6/30/98 6/30/97(f) 6/30/96(f)
---------- ------- ---------- ----------
<S> <C> <C> <C> <C>
$13.45 $12.99 $12.35 $11.67
------ ------ ------ ------
0.12 0.22 0.18 0.05
1.03 1.62 1.32 0.67
------ ------ ------ ------
1.15 1.84 1.50 0.72
------ ------ ------ ------
(0.13) (0.21) (0.20) (0.04)
(1.52) (1.17) (0.66) --
------ ------ ------ ------
(1.65) (1.38) (0.86) (0.04)
------ ------ ------ ------
$12.95 $13.45 $12.99 $12.35
====== ====== ====== ======
10.11% 15.00% 12.84% 6.20%
====== ====== ====== ======
$ 360 $ 115 $ 73 $ 3
1.97% 1.92% 1.97% 1.90%(c)
0.94% 1.66% 1.55% 1.54%(c)
116% 79% 125% 197%
1.97% 1.92% 1.97% 2.01%(c)
</TABLE>
See Notes Financial Statements.
Munder Balanced Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Y Shares
--------------------------------------------------------------------------------
Year Year Year Year Period Year
Ended Ended Ended Ended Ended Ended
6/30/99(f) 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
---------- ------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 13.48 $ 13.01 $ 12.35 $ 10.77 $ 9.95 $ 10.36
------- ------- ------- ------- ------- -------
Income from investment operations:
Net investment income .............. 0.26 0.37 0.31 0.30 0.10 0.21
Net realized and unrealized
gain/(loss) on investments ....... 1.02 1.62 1.31 1.55 0.85 (0.42)
------- ------- ------- ------- ------- -------
Total from investment operations ... 1.28 1.99 1.62 1.85 0.95 (0.21)
------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income (0.26) (0.35) (0.30) (0.27) (0.13) (0.20)
Distributions from net realized
gains ............................ (1.52) (1.17) (0.66) -- -- --
------- ------- ------- ------- ------- -------
Total distributions ................ (1.78) (1.52) (0.96) (0.27) (0.13) (0.20)
------- ------- ------- ------- ------- -------
Net asset value, end of period ..... $ 12.98 $ 13.48 $ 13.01 $ 12.35 $ 10.77 $ 9.95
======= ======= ======= ======= ======= =======
Total return (b) ................... 11.21% 16.23% 13.91% 17.35% 9.57% (1.91)%
======= ======= ======= ======= ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $15,816 $47,215 $70,314 $57,637 $48,844 $45,610
Ratio of operating expenses to
average net assets ............... 0.97% 0.92% 0.97% 0.90% 0.91%(c) 0.97%
Ratio of net investment income to
average net assets ............... 2.09% 2.66% 2.55% 2.54% 2.76%(c) 2.14%
Portfolio turnover rate ............ 116% 79% 125% 197% 52% 116%
Ratio of operating expenses to
average net assets without waivers 0.97% 0.92% 0.97% 1.01% 1.26%(c) 1.32%
<FN>
- ----------------
(a) The Munder Balanced Fund Class Y Shares commenced operations on April 13,
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) Per share numbers have been calculated using the average shares method.
</TABLE>
See Notes Financial Statements.
Munder Growth & Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
--------------------------------------------------------------------------------
Year Year Year Year Period Period
Ended Ended Ended Ended Ended Ended
6/30/99 6/30/98 6/30/97(g) 6/30/96(g) 6/30/95(d) 2/28/95(e)
------- ------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $15.62 $15.21 $13.04 $11.14 $10.42 $10.10
------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income .............. 0.20 0.29 0.31 0.32 0.10 0.23
Net realized and unrealized gain on
investments ...................... 0.73 2.96 3.14 1.98 0.80 0.24
------ ------ ------ ------ ------ ------
Total from investment operations ... 0.93 3.25 3.45 2.30 0.90 0.47
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income (0.18) (0.28) (0.32) (0.31) (0.18) (0.15)
Distributions from net realized
gains ............................ (1.39) (2.56) (0.96) (0.09) -- (0.00)(f)
------ ------ ------ ------ ------ ------
Total distributions ................ (1.57) (2.84) (1.28) (0.40) (0.18) (0.15)
------ ------ ------ ------ ------ ------
Net asset value, end of period ..... $14.98 $15.62 $15.21 $13.04 $11.14 $10.42
====== ====== ====== ====== ====== ======
Total return (b) ................... 6.96% 23.03% 28.10% 20.90% 8.69% 4.79%
====== ====== ====== ====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $5,578 $9,545 $3,662 $1,025 $ 226 $ 128
Ratio of operating expenses to
average net assets ............... 1.21% 1.19% 1.20% 1.21% 1.09%(c) 0.53%(c)
Ratio of net investment income to
average net assets ............... 1.44% 1.78% 2.28% 2.56% 3.33%(c) 4.72%(c)
Portfolio turnover rate ............ 50% 73% 62% 37% 13% 12%
Ratio of operating expenses to
average net assets without waivers 1.21% 1.19% 1.20% 1.28% 15.51%(c) 1.53%(c)
<FN>
- ----------------
(a) The Munder Growth & Income Fund Class A Shares, Class B Shares and Class
C Shares commenced operations on August 8, 1994, August 9, 1994 and
December 5, 1995, 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) Per share numbers have been calculated using the average shares method.
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
B Shares
--------------------------------------------------------------------------------
Year Year Year Year Period Period
Ended Ended Ended Ended Ended Ended
6/30/99 6/30/98 6/30/97(g) 6/30/96(g) 6/30/95(d) 2/28/95(e)
------- ------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
$15.57 $15.17 $13.02 $11.13 $10.41 $10.10
------ ------ ------ ------ ------ ------
0.10 0.17 0.21 0.23 0.09 0.19
0.72 2.95 3.13 1.99 0.77 0.25
------ ------ ------ ------ ------ ------
0.82 3.12 3.34 2.22 0.86 0.44
------ ------ ------ ------ ------ ------
(0.07) (0.16) (0.23) (0.24) (0.14) (0.13)
(1.39) (2.56) (0.96) (0.09) -- (0.00)(f)
------ ------ ------ ------ ------ ------
(1.46) (2.72) (1.19) (0.33) (0.14) (0.13)
------ ------ ------ ------ ------ ------
$14.93 $15.57 $15.17 $13.02 $11.13 $10.41
====== ====== ====== ====== ====== ======
6.18% 22.09% 27.16% 20.09% 8.30% 4.47%
====== ====== ====== ====== ====== ======
$3,700 $1,694 $ 641 $ 228 $ 57 $ 51
1.97% 1.94% 1.95% 1.96% 1.84%(c) 1.27%(c)
0.69% 1.03% 1.53% 1.81% 2.58%(c) 3.96%(c)
50% 73% 62% 37% 13% 12%
1.97% 1.94% 1.95% 2.03% 2.26%(c) 2.27%(c)
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
C Shares
----------------------------------------------------
Year Year Year Period
Ended Ended Ended Ended
6/30/99 6/30/98 6/30/97(g) 6/30/96(g)
------- ------- ---------- ----------
<S> <C> <C> <C> <C>
$15.55 $15.16 $13.01 $12.60
------ ------ ------ ------
0.09 0.16 0.19 0.14
0.73 2.95 3.15 0.55
------ ------ ------ ------
0.82 3.11 3.34 0.69
------ ------ ------ ------
(0.07) (0.16) (0.23) (0.19)
(1.39) (2.56) (0.96) (0.09)
------ ------ ------ ------
(1.46) (2.72) (1.19) (0.28)
------ ------ ------ ------
$14.91 $15.55 $15.16 $13.01
====== ====== ====== ======
6.18% 22.05% 27.17% 5.57%
====== ====== ====== ======
$1,366 $1,776 $ 766 $ 31
1.97% 1.94% 1.95% 1.96%(c)
0.69% 1.03% 1.53% 1.81%(c)
50% 73% 62% 37%
1.97% 1.94% 1.95% 2.03%(c)
</TABLE>
See Notes Financial Statements.
Munder Growth & Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Y Shares
--------------------------------------------------------------------------------
Year Year Year Year Period Period
Ended Ended Ended Ended Ended Ended
6/30/99 6/30/98 6/30/97(g) 6/30/96(g) 6/30/95(d) 2/28/95(e)
------- ------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 15.64 $ 15.23 $ 13.05 $ 11.14 $10.43 $10.00
------- ------- ------- ------- ------ ------
Income from investment operations:
Net investment income .............. 0.25 0.32 0.35 0.35 0.11 0.25
Net realized and unrealized gain on
investments ...................... 0.72 2.97 3.14 1.98 0.79 0.34
------- ------- ------- ------- ------ ------
Total from investment operations ... 0.97 3.29 3.49 2.33 0.90 0.59
------- ------- ------- ------- ------ ------
Less distributions:
Dividends from net investment income (0.22) (0.32) (0.35) (0.33) (0.19) (0.16)
Distributions from net realized
gains ............................ (1.39) (2.56) (0.96) (0.09) -- (0.00)(f)
------- ------- ------- ------- ------ ------
Total distributions ................ (1.61) (2.88) (1.31) (0.42) (0.19) (0.16)
------- ------- ------- ------- ------ ------
Net asset value, end of period ..... $ 15.00 $ 15.64 $ 15.23 $ 13.05 $11.14 $10.43
======= ======= ======= ======= ====== ======
Total return (b) ................... 7.22% 23.32% 28.43% 21.26% 8.69% 6.02%
======= ======= ======= ======= ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $39,368 $34,840 $29,674 $20,464 $7,860 $4,142
Ratio of operating expenses to
average net assets ............... 0.96% 0.94% 0.95% 0.96% 0.84%(c) 0.28%(c)
Ratio of net investment income to
average net assets ............... 1.69% 2.03% 2.53% 2.81% 3.58%(c) 4.97%(c)
Portfolio turnover rate ............ 50% 73% 62% 37% 13% 12%
Ratio of operating expenses to
average net assets without waivers 0.96% 0.94% 0.95% 1.03% 1.26%(c) 1.28%(c)
<FN>
- ----------------
(a) The Munder Growth & Income Fund Class Y 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) Amount represents less than $0.01 per share.
(g) Per share numbers have been calculated using the average shares method.
</TABLE>
See Notes Financial Statements.
Munder International Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
--------------------------------------------------------------------------------
Year Year Year Year Period Year
Ended Ended Ended Ended Ended Ended
6/30/99(f) 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e,f)
---------- ------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 15.03 $15.73 $15.09 $13.42 $12.29 $13.68
------- ------ ------ ------ ------ ------
Income from investment operations:
Net investment income .............. 0.20 0.15 0.14 0.15 0.12 0.17
Net realized and unrealized
gain/(loss) on investments ....... 1.38 0.34 2.30 1.64 1.01 (1.48)
------- ------ ------ ------ ------ ------
Total from investment operations ... 1.58 0.49 2.44 1.79 1.13 (1.31)
------- ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income (0.17) (0.19) (0.21) (0.12) -- (0.02)
Distributions from net realized
gains ............................ (0.23) (1.00) (1.59) -- -- --
Distributions from capital ......... -- -- -- -- -- (0.06)
------- ------ ------ ------ ------ ------
Total distributions ................ (0.40) (1.19) (1.80) (0.12) -- (0.08)
------- ------ ------ ------ ------ ------
Net asset value, end of period ..... $ 16.21 $15.03 $15.73 $15.09 $13.42 $12.29
======= ====== ====== ====== ====== ======
Total return (b) ................... 10.80% 4.30% 17.98% 13.37% 9.28% (9.67)%
======= ====== ====== ====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $16,024 $6,264 $6,710 $4,767 $1,400 $1,339
Ratio of operating expenses to
average net assets ............... 1.29% 1.25% 1.26% 1.26% 1.21%(c) 1.18%
Ratio of net investment income to
average net assets ............... 1.33% 1.03% 0.98% 1.07% 2.57%(c) 1.31%
Portfolio turnover rate ............ 23% 41% 46% 75% 14% 20%
Ratio of operating expenses to
average net assets without waivers 1.29% 1.25% 1.26% 1.33% 1.46%(c) 1.43%
<FN>
- ----------------
(a) The Munder International Equity Fund Class A Shares, Class B Shares and
Class C Shares commenced operations on November 30, 1992, March 9, 1994
and September 29, 1995, 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.
(g) Amount represents less than $0.01 per share.
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
B Shares
----------------------------------------------------------------------------------
Year Year Year Year Period Period
Ended Ended Ended Ended Ended Ended
6/30/99(f) 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e,f)
---------- ------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
$14.83 $15.57 $14.91 $13.35 $12.26 $13.45
------ ------ ------ ------ ------ ------
0.05 0.05 0.03 0.05 0.08 0.08
1.42 0.32 2.28 1.62 1.01 (1.21)
------ ------ ------ ------ ------ ------
1.47 0.37 2.31 1.67 1.09 (1.13)
------ ------ ------ ------ ------ ------
(0.10) (0.11) (0.06) (0.11) -- (0.00)(g)
(0.23) (1.00) (1.59) -- -- --
-- -- -- -- -- (0.06)
------ ------ ------ ------ ------ ------
(0.33) (1.11) (1.65) (0.11) -- (0.06)
------ ------ ------ ------ ------ ------
$15.97 $14.83 $15.57 $14.91 $13.35 $12.26
====== ====== ====== ====== ====== ======
10.08% 3.54% 17.18% 12.53% 8.89% (8.38)%
====== ====== ====== ====== ====== ======
$1,104 $1,121 $1,151 $ 957 $ 128 $ 118
2.04% 2.00% 2.01% 2.01% 1.96%(c) 1.88%(c)
0.36% 0.28% 0.23% 0.32% 1.82%(c) 0.61%(c)
23% 41% 46% 75% 14% 20%
2.04% 2.00% 2.01% 2.08% 2.21%(c) 2.13%(c)
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
C Shares
----------------------------------------------------
Year Year Year Period
Ended Ended Ended Ended
6/30/99(f) 6/30/98 6/30/97(f) 6/30/96(f)
---------- ------- ---------- ----------
<S> <C> <C> <C> <C>
$14.95 $15.68 $15.02 $14.13
------ ------ ------ ------
0.05 0.04 0.03 0.04
1.42 0.34 2.30 0.95
------ ------ ------ ------
1.47 0.38 2.33 0.99
------ ------ ------ ------
(0.10) (0.11) (0.08) (0.10)
(0.23) (1.00) (1.59) --
-- -- -- --
------ ------ ------ ------
(0.33) (1.11) (1.67) (0.10)
------ ------ ------ ------
$16.09 $14.95 $15.68 $15.02
====== ====== ====== ======
10.07% 3.50% 17.18% 7.06%
====== ====== ====== ======
$2,111 $1,911 $2,259 $1,584
2.04% 2.00% 2.01% 2.01%(c)
0.36% 0.28% 0.23% 0.32%(c)
23% 41% 46% 75%
2.04% 2.00% 2.01% 2.08%(c)
</TABLE>
See Notes Financial Statements.
Munder International Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Y Shares
-----------------------------------------------------------------------------------
Year Year Year Year Period Year
Ended Ended Ended Ended Ended Ended
6/30/99(f) 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e,f)
---------- ------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 15.10 $ 15.80 $ 15.15 $ 13.45 $ 12.30 $ 13.68
------- -------- -------- ------- ------- -------
Income from investment operations:
Net investment income .............. 0.19 0.19 0.18 0.19 0.12 0.20
Net realized and unrealized
gain/(loss) on investments ....... 1.46 0.33 2.32 1.64 1.03 (1.47)
------- -------- -------- ------- ------- -------
Total from investment operations ... 1.65 0.52 2.50 1.83 1.15 (1.27)
------- -------- -------- ------- ------- -------
Less distributions:
Dividends from net investment income (0.20) (0.22) (0.26) (0.13) -- (0.05)
Distributions from net realized
gains ............................ (0.23) (1.00) (1.59) -- -- --
Distributions from capital ......... -- -- -- -- -- (0.06)
------- -------- -------- ------- ------- -------
Total distributions ................ (0.43) (1.22) (1.85) (0.13) -- (0.11)
------- -------- -------- ------- ------- -------
Net asset value, end of period ..... $ 16.32 $ 15.10 $ 15.80 $ 15.15 $ 13.45 $ 12.30
======= ======== ======== ======= ======= =======
Total return (b) ................... 11.30% 4.48% 18.35% 13.63% 9.35% (9.33)%
======= ======== ======== ======= ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $98,681 $102,081 $107,831 $89,435 $75,000 $68,263
Ratio of operating expenses to
average net assets ............... 1.04% 1.00% 1.01% 1.01% 0.96%(c) 0.93%
Ratio of net investment income to
average net assets ............... 1.32% 1.28% 1.23% 1.32% 2.82%(c) 1.56%
Portfolio turnover rate ............ 23% 41% 46% 75% 14% 20%
Ratio of operating expenses to
average net assets without waivers 1.04% 1.00% 1.01% 1.08% 1.21%(c) 1.18%
<FN>
- ----------------
(a) The Munder International Equity Fund Class Y Shares commenced operations
on December 1, 1991.
(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.
</TABLE>
See Notes Financial Statements.
Munder Micro-Cap Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
--------------------------------------
Year Year Period
Ended Ended Ended
6/30/99(d) 6/30/98(d) 6/30/97(d)
---------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period $17.00 $ 12.81 $10.00
------ ------- ------
Income from investment operations:
Net investment loss ................ (0.18) (0.17) (0.05)
Net realized and unrealized gain on
investments ...................... 1.64 5.00 2.86
------ ------- ------
Total from investment operations ... 1.46 4.83 2.81
------ ------- ------
Less distributions:
Distributions from net realized
gains ............................ (0.30) (0.64) --
------ ------- ------
Total distributions ................ (0.30) (0.64) --
------ ------- ------
Net asset value, end of period ..... $18.16 $ 17.00 $12.81
====== ======= ======
Total return (b) ................... 9.10% 38.01% 28.10%
====== ======= ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $9,844 $10,821 $ 184
Ratio of operating expenses to
average net assets ............... 1.53% 1.53% 1.50%(c)
Ratio of net investment loss to
average net assets ............... (1.21)% (0.97)% (0.88)%(c)
Portfolio turnover rate ............ 184% 172% 68%
Ratio of operating expenses to
average net assets without
expenses reimbursed .............. 1.64% 1.78% 7.90%(c)
<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) Per share numbers have been calculated using the average shares method.
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
B Shares C Shares
----------------------------------------- ----------------------------------------
Year Year Period Year Year Period
Ended Ended Ended Ended Ended Ended
6/30/99(d) 6/30/98(d) 6/30/97(d) 6/30/99(d) 6/30/98(d) 6/30/97(d)
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
$ 16.83 $ 12.79 $11.00 $16.84 $12.79 $10.13
------- ------- ------ ------ ------ ------
(0.28) (0.29) (0.05) (0.28) (0.29) (0.03)
1.59 4.97 1.84 1.59 4.98 2.69
------- ------- ------ ------ ------ ------
1.31 4.68 1.79 1.31 4.69 2.66
------- ------- ------ ------ ------ ------
(0.30) (0.64) -- (0.30) (0.64) --
------- ------- ------ ------ ------ ------
(0.30) (0.64) -- (0.30) (0.64) --
------- ------- ------ ------ ------ ------
$ 17.84 $ 16.83 $12.79 $17.85 $16.84 $12.79
======= ======= ====== ====== ====== ======
8.29% 36.87% 16.27% 8.29% 36.95% 26.26%
======= ======= ====== ====== ====== ======
$13,811 $15,965 $ 442 $6,333 $7,441 $ 111
2.28% 2.28% 2.25%(c) 2.28% 2.28% 2.25%(c)
(1.96)% (1.72)% (1.63)%(c) (1.96)% (1.72)% (1.63)%(c)
184% 172% 68% 184% 172% 68%
2.39% 2.53% 8.65%(c) 2.39% 2.53% 8.65%(c)
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
Y Shares
----------------------------------------
Year Year Period
Ended Ended Ended
6/30/99(d) 6/30/98(d) 6/30/97(d)
---------- ---------- ----------
<S> <C> <C> <C>
$ 17.05 $ 12.83 $10.00
------- ------- ------
(0.14) (0.13) (0.03)
1.66 4.99 2.86
------- ------- ------
1.52 4.86 2.83
------- ------- ------
(0.30) (0.64) --
------- ------- ------
(0.30) (0.64) --
------- ------- ------
$ 18.27 $ 17.05 $12.83
======= ======= ======
9.43% 38.19% 28.30%
======= ======= ======
$17,543 $15,337 $2,279
1.28% 1.28% 1.25%(c)
(0.94)% (0.72)% (0.63)%(c)
184% 172% 68%
1.39% 1.53% 7.65%(c)
</TABLE>
See Notes Financial Statements.
Munder Multi-Season Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
------------------------------------------------------------------------------
Year Year Year Year Period Year
Ended Ended Ended Ended Ended Ended
6/30/99 6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(d,e) 12/31/94
------- ---------- ---------- ---------- ------------ --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 21.46 $ 18.02 $ 14.83 $12.02 $10.38 $10.68
------- ------- ------- ------ ------ ------
Income from investment operations:
Net investment income/(loss) ....... (0.03) 0.00(g) 0.04 0.06 0.01 0.01
Net realized and unrealized
gain/(loss) on investments ....... 2.20 4.37 3.90 3.20 1.63 (0.27)
------- ------- ------- ------ ------ ------
Total from investment operations ... 2.17 4.37 3.94 3.26 1.64 (0.26)
------- ------- ------- ------ ------ ------
Less distributions:
Dividends from net investment income -- (0.01) -- (0.05) -- --
Distributions from net realized
gains ............................ (1.58) (0.92) (0.75) (0.40) -- (0.04)
------- ------- ------- ------ ------ ------
Total distributions ................ (1.58) (0.93) (0.75) (0.45) -- (0.04)
------- ------- ------- ------ ------ ------
Net asset value, end of period ..... $ 22.05 $ 21.46 $ 18.02 $14.83 $12.02 $10.38
======= ======= ======= ====== ====== ======
Total return (b) ................... 11.34% 25.02% 27.57% 27.56% 15.80% (2.45)%
======= ======= ======= ====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $49,602 $32,311 $16,693 $9,544 $9,409 $2,829
Ratio of operating expenses to
average net assets ............... 1.22% 1.21% 1.25% 1.26% 1.65%(c) 1.75%
Ratio of net investment
income/(loss) to average net
assets ........................... (0.14)% 0.00%(g) 0.25% 0.44% 0.28%(c) 0.04%
Portfolio turnover rate ............ 53% 34% 33% 54% 27% 48%
Ratio of operating expenses to
average net assets without waivers 1.38% 1.39% 1.50% 1.51% 1.97%(c) 3.05%
<FN>
- ----------------
(a) The Munder Multi-Season Growth Fund Class A Shares and Class B Shares
commenced operations on August 4, 1993 and April 29, 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 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.
(f) Per share numbers have been calculated using the average shares method.
(g) Amount represents less than 0.01.
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
B Shares
------------------------------------------------------------------------------
Year Year Year Year Period Year
Ended Ended Ended Ended Ended Ended
6/30/99 6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(d,e) 12/31/94
------- ---------- ---------- ---------- ------------ --------
<S> <C> <C> <C> <C> <C> <C>
$ 20.70 $ 17.54 $ 14.56 $ 11.85 $ 10.27 $ 10.65
------- -------- ------- ------- ------- -------
(0.18) (0.14) (0.08) (0.04) (0.03) (0.07)
2.15 4.22 3.81 3.15 1.61 (0.27)
------- -------- ------- ------- ------- -------
1.97 4.08 3.73 3.11 1.58 (0.34)
------- -------- ------- ------- ------- -------
-- -- -- -- -- --
(1.58) (0.92) (0.75) (0.40) -- (0.04)
------- -------- ------- ------- ------- -------
(1.58) (0.92) (0.75) (0.40) -- (0.04)
------- -------- ------- ------- ------- -------
$ 21.09 $ 20.70 $ 17.54 $ 14.56 $ 11.85 $ 10.27
======= ======== ======= ======= ======= =======
10.66% 24.12% 26.61% 26.66% 15.38% (3.21)%
======= ======== ======= ======= ======= =======
$99,696 $102,700 $84,865 $66,630 $54,349 $46,549
1.97% 1.96% 2.00% 2.01% 2.40%(c) 2.50%
(0.83)% (0.75)% (0.50)% (0.31)% (0.47)%(c) (0.71)%
53% 34% 33% 54% 27% 48%
2.14% 2.14% 2.25% 2.26% 2.72%(c) 2.89%
</TABLE>
See Notes Financial Statements.
Munder Multi-Season Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
C Shares
------------------------------------------------------------------------------
Year Year Year Year Period Year
Ended Ended Ended Ended Ended Ended
6/30/99 6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(d,e) 12/31/94
------- ---------- ---------- ---------- ------------ --------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 20.73 $ 17.56 $14.57 $11.86 $10.28 $10.66
------- ------- ------ ------ ------ ------
Income from investment operations:
Net investment income/(loss) ....... (0.19) (0.14) (0.08) (0.04) (0.02) (0.07)
Net realized and unrealized
gain/(loss) on investments ....... 2.16 4.23 3.82 3.15 1.60 (0.27)
------- ------- ------ ------ ------ ------
Total from investment operations ... 1.97 4.09 3.74 3.11 1.58 (0.34)
------- ------- ------ ------ ------ ------
Less distributions:
Dividends from net investment income -- -- -- -- -- --
Distributions from net realized
gains ............................ (1.58) (0.92) (0.75) (0.40) -- (0.04)
------- ------- ------ ------ ------ ------
Total distributions ................ (1.58) (0.92) (0.75) (0.40) -- (0.04)
------- ------- ------ ------ ------ ------
Net asset value, end of period ..... $ 21.12 $ 20.73 $17.56 $14.57 $11.86 $10.28
======= ======= ====== ====== ====== ======
Total return (b) ................... 10.70% 24.09% 26.66% 26.64% 15.37% (3.21)%
======= ======= ====== ====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $13,076 $14,411 $9,253 $5,605 $3,207 $2,071
Ratio of operating expenses to
average net assets ............... 1.97% 1.96% 2.00% 2.01% 2.40%(c) 2.50%
Ratio of net investment
income/(loss) to average net
assets ........................... (0.83)% (0.75)% (0.50)% (0.31)% (0.47)%(c) (0.65)%
Portfolio turnover rate ............ 53% 34% 33% 54% 27% 48%
Ratio of operating expenses to
average net assets without waivers 2.13% 2.14% 2.25% 2.26% 2.72%(c) 4.57%
<FN>
- ----------------
(a) The Munder Multi-Season Growth Fund Class C Shares and Class Y Shares
commenced operations on September 20, 1993 and August 16 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 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.
(f) Per share numbers have been calculated using the average shares method.
</TABLE>
See Notes Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
Y Shares
------------------------------------------------------------------------------
Year Year Year Year Period Year
Ended Ended Ended Ended Ended Ended
6/30/99 6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(d,e) 12/31/94
------- ---------- ---------- ---------- ------------ --------
<S> <C> <C> <C> <C> <C> <C>
$ 21.66 $ 18.17 $ 14.94 $ 12.10 $ 10.43 $10.70
-------- -------- -------- -------- ------- ------
0.04 0.05 0.08 0.09 0.00(h) 0.04
2.25 4.38 3.94 3.22 1.67 (0.27)
-------- -------- -------- -------- ------- ------
2.29 4.43 4.02 3.31 1.67 (0.23)
-------- -------- -------- -------- ------- ------
(0.03) (0.02) (0.04) (0.07) -- --
(1.58) (0.92) (0.75) (0.40) -- (0.04)
-------- -------- -------- -------- ------- ------
(1.61) (0.94) (0.79) (0.47) -- (0.04)
-------- -------- -------- -------- ------- ------
$ 22.34 $ 21.66 $ 18.17 $ 14.94 $ 12.10 $10.43
======== ======== ======== ======== ======= ======
11.70% 25.28% 27.96% 27.85% 16.01% (2.17)%
======== ======== ======== ======== ======= ======
$314,558 $332,156 $176,027 $130,129 $87,604 $3,244
0.97% 0.96% 1.00% 1.01% 1.40%(c) 1.50%
0.17% 0.25% 0.50% 0.69% 0.53%(c) 0.29%
53% 34% 33% 54% 27% 48%
1.14% 1.14% 1.25% 1.26% 1.72%(c) 2.53%
</TABLE>
See Notes Financial Statements.
Munder Real Estate Equity Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
------------------------------------------------------------------
Year Year Year Year Period
Ended Ended Ended Ended Ended
6/30/99(e) 6/30/98(e) 6/30/97 6/30/96(e) 6/30/95(d)
---------- ---------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $14.94 $14.40 $11.22 $10.09 $10.00
------ ------ ------ ------ ------
Income from investment operations:
Net investment income .............. 0.57 0.64 0.44 0.45 0.36
Net realized and unrealized
gain/(loss) on investments ....... (1.63) 0.66 3.26 1.12 0.07
------ ------ ------ ------ ------
Total from investment operations ... (1.06) 1.30 3.70 1.57 0.43
------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income (0.60) (0.62) (0.48) (0.44) (0.34)
Distributions in excess of net
investment income ................ -- -- (0.01) -- --
Distributions from net realized
gains ............................ (0.39) (0.14) -- -- --
Distributions from capital ......... (0.11) -- (0.03) -- --
------ ------ ------ ------ ------
Total distributions ................ (1.10) (0.76) (0.52) (0.44) (0.34)
------ ------ ------ ------ ------
Net asset value, end of period ..... $12.78 $14.94 $14.40 $11.22 $10.09
====== ====== ====== ====== ======
Total return (b) ................... (6.66)% 8.93% 33.51% 15.92% 4.45%
====== ====== ====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $3,530 $4,099 $1,426 $ 267 $ 223
Ratio of operating expenses to
average net assets ............... 1.27% 1.28% 1.35% 1.25% 1.50%(c)
Ratio of net investment income to
average net assets ............... 4.40% 4.15% 3.80% 4.25% 5.03%(c)
Portfolio turnover rate ............ 22% 15% 15% 17% 3%
Ratio of operating expenses to
average net assets without waivers 1.27% 1.28% 1.38% 1.52% 7.23%(c)
<FN>
- ----------------
(a) The Munder Real Estate Equity Investment Fund Class A Shares, Class B
Shares and Class C Shares commenced operations on September 30, 1994,
October 3, 1994 and January 5, 1996, 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) Per share numbers have been calculated using the average shares method.
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
B Shares C Shares
-------------------------------------------------------------- -------------------------------------------------
Year Year Year Year Period Year Year Year Period
Ended Ended Ended Ended Ended Ended Ended Ended Ended
6/30/99(e) 6/30/98(e) 6/30/97 6/30/96(e) 6/30/95(d) 6/30/99(e) 6/30/98(e) 6/30/97 6/30/96(e)
---------- ---------- ------- ---------- ---------- ---------- ---------- ------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$14.93 $14.40 $11.22 $10.09 $10.00 $14.98 $14.44 $11.25 $10.76
------ ------ ------ ------ ------ ------ ------ ------ ------
0.47 0.53 0.36 0.38 0.30 0.48 0.53 0.36 0.18
(1.63) 0.65 3.24 1.11 0.07 (1.64) 0.66 3.26 0.47
------ ------ ------ ------ ------ ------ ------ ------ ------
(1.16) 1.18 3.60 1.49 0.37 (1.16) 1.19 3.62 0.65
------ ------ ------ ------ ------ ------ ------ ------ ------
(0.51) (0.51) (0.38) (0.36) (0.28) (0.51) (0.51) (0.39) (0.16)
-- -- (0.01) -- -- -- -- (0.01) --
(0.39) (0.14) -- -- -- (0.39) (0.14) -- --
(0.10) -- (0.03) -- -- (0.10) -- (0.03) --
------ ------ ------ ------ ------ ------ ------ ------ ------
(1.00) (0.65) (0.42) (0.36) (0.28) (1.00) (0.65) (0.43) (0.16)
------ ------ ------ ------ ------ ------ ------ ------ ------
$12.77 $14.93 $14.40 $11.22 $10.09 $12.82 $14.98 $14.44 $11.25
====== ====== ====== ====== ====== ====== ====== ====== ======
(7.37)% 8.12% 32.52% 15.05% 3.87% (7.34)% 8.17% 32.57% 6.08%
====== ====== ====== ====== ====== ====== ====== ====== ======
$5,337 $6,956 $4,606 $1,707 $1,496 $1,251 $1,513 $ 537 $ 4
2.02% 2.03% 2.10% 2.00% 2.25%(c) 2.02% 2.03% 2.10% 2.00%(c)
3.70% 3.40% 3.05% 3.50% 4.28%(c) 3.73% 3.40% 3.05% 3.50%(c)
22% 15% 15% 17% 3% 22% 15% 15% 17%
2.02% 2.03% 2.13% 2.27% 7.98%(c) 2.02% 2.03% 2.13% 2.27%(c)
</TABLE>
See Notes Financial Statements.
Munder Real Estate Equity Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Y Shares
------------------------------------------------------------------
Year Year Year Year Period
Ended Ended Ended Ended Ended
6/30/99(e) 6/30/98(e) 6/30/97 6/30/96(e) 6/30/95(d)
---------- ---------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 14.95 $ 14.40 $ 11.22 $ 10.09 $10.00
------- ------- ------- ------- ------
Income from investment operations:
Net investment income .............. 0.60 0.68 0.51 0.47 0.37
Net realized and unrealized
gain/(loss) on investments ....... (1.62) 0.66 3.22 1.13 0.08
------- ------- ------- ------- ------
Total from investment operations ... (1.02) 1.34 3.73 1.60 0.45
------- ------- ------- ------- ------
Less distributions:
Dividends from net investment income (0.64) (0.65) (0.51) (0.47) (0.36)
Distributions in excess of net
investment income ................ -- -- (0.01) -- --
Distributions from net realized
gains ............................ (0.39) (0.14) -- -- --
Distributions from capital ......... (0.10) -- (0.03) -- --
------- ------- ------- ------- ------
Total distributions ................ (1.13) (0.79) (0.55) (0.47) (0.36)
------- ------- ------- ------- ------
Net asset value, end of period ..... $ 12.80 $ 14.95 $ 14.40 $ 11.22 $10.09
======= ======= ======= ======= ======
Total return (b) ................... (6.35)% 9.24% 33.79% 16.20% 4.64%
======= ======= ======= ======= ======
Ratios to average net assets
supplemental data:
Net assets, end of period (in 000's) $68,856 $82,611 $48,206 $19,125 $4,989
Ratio of operating expenses to
average net assets ............... 1.02% 1.03% 1.10% 1.00% 1.25%(c)
Ratio of net investment income to
average net assets ............... 4.73% 4.40% 4.05% 4.50% 5.28%(c)
Portfolio turnover rate ............ 22% 15% 15% 17% 3%
Ratio of operating expenses to
average net assets without waivers 1.02% 1.03% 1.13% 1.27% 6.98%(c)
<FN>
- ----------------
(a) The Munder Real Estate Equity Investment Fund Class Y Shares commenced
operations on October 3, 1994.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) Per share numbers have been calculated using the average shares method.
</TABLE>
See Notes Financial Statements.
Munder Small-Cap Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
--------------------------------------
Year Year Period
Ended Ended Ended
6/30/99(d) 6/30/98(d) 6/30/97(d)
---------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period $14.24 $12.04 $10.22
------ ------ ------
Income from investment operations:
Net investment income/(loss) ....... 0.06 0.08 0.09
Net realized and unrealized
gain/(loss) on investments ....... (0.86) 2.82 1.77
------ ------ ------
Total from investment operations ... (0.80) 2.90 1.86
------ ------ ------
Less distributions:
Dividends from net investment income (0.05) (0.06) (0.04)
Dividends in excess of net
investment income ................ (0.02) -- --
Distribution from net realized
capital gains .................... (0.27) (0.64) --
------ ------ ------
Total distributions ................ (0.34) (0.70) (0.04)
------ ------ ------
Net asset value, end of period ..... $13.10 $14.24 $12.04
====== ====== ======
Total return (b) ................... (5.19)% 24.36% 18.20%
====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $6,015 $6,474 $1,164
Ratio of operating expenses to
average net assets ............... 1.23% 1.27% 1.38%(c)
Ratio of net investment
income/(loss) to average net
assets ........................... 0.49% 0.56% 1.93%(c)
Portfolio turnover rate ............ 69% 53% 73%
Ratio of operating expenses to
average net assets without waivers 1.23% 1.27% 1.51%(c)
- ----------------
(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) Per share numbers have been calculated using the average shares method.
(e) Amount represents less than $0.01 per share.
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
B Shares C Shares Y Shares
------------------------------------ ------------------------------------ -----------------------------------
Year Year Period Year Year Period Year Year Period
Ended Ended Ended Ended Ended Ended Ended Ended Ended
6/30/99(d) 6/30/98(d) 6/30/97(d) 6/30/99(d) 6/30/98(d) 6/30/97(d) 6/30/99(d) 6/30/98(d) 6/30/97(d)
---------- ---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
$14.19 $12.03 $10.76 $14.18 $12.02 $10.22 $ 14.25 $ 12.04 $ 10.00
------ ------ ------ ------ ------ ------ ------- ------- -------
(0.03) (0.03) 0.05 (0.03) (0.03) 0.05 0.09 0.11 0.12
(0.84) 2.83 1.24 (0.86) 2.83 1.78 (0.85) 2.84 1.96
------ ------ ------ ------ ------ ------ ------- ------- -------
(0.87) 2.80 1.29 (0.89) 2.80 1.83 (0.76) 2.95 2.08
------ ------ ------ ------ ------ ------ ------- ------- -------
(0.00)(e) -- (0.02) (0.00)(e) -- (0.03) (0.09) (0.10) (0.04)
(0.02) -- -- (0.02) -- -- -- -- --
(0.27) (0.64) -- (0.27) (0.64) -- (0.27) (0.64) --
------ ------ ------ ------ ------ ------ ------- ------- -------
(0.29) (0.64) (0.02) (0.29) (0.64) (0.03) (0.36) (0.74) (0.04)
------ ------ ------ ------ ------ ------ ------- ------- -------
$13.03 $14.19 $12.03 $13.00 $14.18 $12.02 $ 13.13 $ 14.25 $ 12.04
====== ====== ====== ====== ====== ====== ======= ======= =======
(5.85)% 23.58% 12.03% (6.00)% 23.60% 17.92% (5.01)% 24.84% 20.86%
====== ====== ====== ====== ====== ====== ======= ======= =======
$3,287 $3,237 $ 373 $1,845 $1,932 $ 197 $59,432 $71,251 $18,271
1.98% 2.02% 2.13%(c) 1.98% 2.02% 2.13%(c) 0.98% 1.02% 1.13%(c)
(0.27)% (0.19)% 1.18%(c) (0.27)% (0.19)% 1.18%(c) 0.72% 0.81% 2.18%(c)
69% 53% 73% 69% 53% 73% 69% 53% 73%
1.98% 2.02% 2.26%(c) 1.98% 2.02% 2.26%(c) 0.98% 1.02% 1.26%(c)
</TABLE>
See Notes Financial Statements.
Munder Small Company Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
--------------------------------------------------------------------------------
Year Year Year Year Period Year
Ended Ended Ended Ended Ended Ended
6/30/99(f) 6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(e) 2/28/95(d)
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 19.96 $ 21.61 $ 21.08 $15.28 $13.89 $14.37
------- ------- ------- ------ ------ ------
Income from investment operations:
Net investment loss ................ (0.07) (0.13) (0.12) (0.12) (0.02) (0.07)
Net realized and unrealized
gain/(loss) on investments ....... (2.15) 2.59 3.64 7.16 1.41 (0.39)
------- ------- ------- ------ ------ ------
Total from investment operations ... (2.22) 2.46 3.52 7.04 1.39 (0.46)
------- ------- ------- ------ ------ ------
Less distributions:
Distributions from net realized
capital gains .................... (1.21) (4.11) (2.99) (1.24) -- (0.02)
------- ------- ------- ------ ------ ------
Total distributions ................ (1.21) (4.11) (2.99) (1.24) -- (0.02)
------- ------- ------- ------ ------ ------
Net asset value, end of period ..... $ 16.53 $ 19.96 $ 21.61 $21.08 $15.28 $13.89
======= ======= ======= ====== ====== ======
Total return (b) ................... (10.92)% 12.41% 18.88% 48.28% 10.01% (3.21)%
======= ======= ======= ====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $25,729 $20,909 $11,646 $4,832 $2,871 $2,697
Ratio of operating expenses to
average net assets ............... 1.22% 1.20% 1.22% 1.21% 1.21%(c) 1.23%
Ratio of net investment loss to
average net assets ............... (0.44)% (0.57)% (0.62)% (0.66)% (0.41)%(c) (0.40)%
Portfolio turnover rate ............ 108% 123% 98% 98% 39% 45%
Ratio of operating expenses to
average net assets without waivers 1.22% 1.20% 1.22% 1.28% 1.46%(c) 1.48%
<FN>
- ----------------
(a) The Munder Small Company Growth Fund Class A Shares, Class B Shares and
Class C Shares commenced operations on November 23, 1992, April 28, 1994
and September 26, 1995, 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.
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
B Shares
--------------------------------------------------------------------------------
Year Year Year Year Period Period
Ended Ended Ended Ended Ended Ended
6/30/99(f) 6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(e) 2/28/95(d)
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
$ 19.16 $ 21.05 $20.74 $15.15 $13.81 $13.54
------- ------- ------ ------ ------ ------
(0.19) (0.28) (0.25) (0.26) (0.05) (0.05)
(2.05) 2.50 3.55 7.09 1.39 0.34
------- ------- ------ ------ ------ ------
(2.24) 2.22 3.30 6.83 1.34 0.29
------- ------- ------ ------ ------ ------
(1.21) (4.11) (2.99) (1.24) -- (0.02)
------- ------- ------ ------ ------ ------
(1.21) (4.11) (2.99) (1.24) -- (0.02)
------- ------- ------ ------ ------ ------
$ 15.71 $ 19.16 $21.05 $20.74 $15.15 $13.81
======= ======= ====== ====== ====== ======
(11.55)% 11.51% 18.06% 47.26% 9.70% 2.13%
======= ======= ====== ====== ====== ======
$ 8,745 $14,013 $5,735 $ 990 $ 46 $ 39
1.97% 1.95% 1.97% 1.96% 1.96%(c) 1.85%(c)
(1.19)% (1.32)% (1.37)% (1.41)% (1.16)%(c) (1.02)%(c)
108% 123% 98% 98% 39% 45%
1.97% 1.95% 1.97% 2.03% 2.21%(c) 2.10%(c)
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
C Shares
----------------------------------------------------
Year Year Year Period
Ended Ended Ended Ended
6/30/99(f) 6/30/98(f) 6/30/97(f) 6/30/96(f)
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
$ 19.46 $21.32 $20.93 $17.05
------- ------ ------ ------
(0.19) (0.28) (0.25) (0.21)
(2.09) 2.53 3.63 5.33
------- ------ ------ ------
(2.28) 2.25 3.38 5.12
------- ------ ------ ------
(1.21) (4.11) (2.99) (1.24)
------- ------ ------ ------
(1.21) (4.11) (2.99) (1.24)
------- ------ ------ ------
$ 15.97 $19.46 $21.32 $20.93
======= ====== ====== ======
(11.58)% 11.50% 18.26% 31.97%
======= ====== ====== ======
$ 3,839 $6,319 $2,271 $ 76
1.97% 1.95% 1.97% 1.96%(c)
(1.19)% (1.32)% (1.37)% (1.41)%(c)
108% 123% 98% 98%
1.97% 1.95% 1.97% 2.03%(c)
</TABLE>
See Notes Financial Statements.
Munder Small Company Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Y Shares
--------------------------------------------------------------------------------
Year Year Year Year Period Year
Ended Ended Ended Ended Ended Ended
6/30/99(f) 6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(e) 2/28/95(d)
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 20.26 $ 21.84 $ 21.21 $ 15.33 $ 13.93 $ 14.38
-------- -------- -------- -------- ------- -------
Income from investment operations:
Net investment loss ................ (0.03) (0.07) (0.07) (0.07) (0.01) (0.02)
Net realized and unrealized
gain/(loss) on investments ....... (2.17) 2.60 3.69 7.19 1.41 (0.41)
-------- -------- -------- -------- ------- -------
Total from investment operations ... (2.20) 2.53 3.62 7.12 1.40 (0.43)
-------- -------- -------- -------- ------- -------
Less distributions:
Dividends in excess of net
investment income ................ (0.02) -- -- -- -- --
Distributions from net realized
capital gains .................... (1.21) (4.11) (2.99) (1.24) -- (0.02)
-------- -------- -------- -------- ------- -------
Total distributions ................ (1.23) (4.11) (2.99) (1.24) -- (0.02)
-------- -------- -------- -------- ------- -------
Net asset value, end of period ..... $ 16.83 $ 20.26 $ 21.84 $ 21.21 $ 15.33 $ 13.93
======== ======== ======== ======== ======= =======
Total return (b) ................... (10.62)% 12.57% 19.26% 48.65% 10.05% (3.00)%
======== ======== ======== ======== ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $163,827 $209,081 $152,772 $107,492 $79,968 $72,207
Ratio of operating expenses to
average net assets ............... 0.97% 0.95% 0.97% 0.96% 0.96%(c) 0.98%
Ratio of net investment loss to
average net assets ............... (0.19)% (0.32)% (0.37)% (0.41)% (0.16)%(c) (0.15)%
Portfolio turnover rate ............ 108% 123% 98% 98% 39% 45%
Ratio of operating expenses to
average net assets without waivers 0.97% 0.95% 0.97% 1.03% 1.21%(c) 1.23%
<FN>
- ----------------
(a) The Munder Small Company Growth Fund Class Y Shares commenced operations
on December 1, 1991.
(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) 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.
</TABLE>
See Notes Financial Statements.
Munder Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
----------------------------------------------------
Year Year Year Period
Ended Ended Ended Ended
6/30/99(d) 6/30/98(d) 6/30/97(d) 6/30/96(d)
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $16.19 $13.98 $11.57 $10.38
------ ------ ------ ------
Income from investment operations:
Net investment income/(loss) ....... 0.07 0.10 0.08 0.05
Net realized and unrealized
gain/(loss) on investments ....... (0.21) 3.35 3.64 1.19
------ ------ ------ ------
Total from investment operations ... (0.14) 3.45 3.72 1.24
------ ------ ------ ------
Less distributions:
Dividends from net investment income (0.04) (0.09) (0.09) (0.05)
Distributions from net realized
gains ............................ (0.55) (1.15) (1.22) --
------ ------ ------ ------
Total distributions ................ (0.59) (1.24) (1.31) (0.05)
------ ------ ------ ------
Net asset value, end of period ..... $15.46 $16.19 $13.98 $11.57
====== ====== ====== ======
Total return (b) ................... (0.23)% 25.53% 34.38% 11.95%
====== ====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $2,979 $5,763 $1,587 $ 424
Ratio of operating expenses to
average net assets ............... 1.23% 1.24% 1.27% 1.20%(c)
Ratio of net investment
income/(loss) to average net
assets ........................... 0.47% 0.61% 0.70% 0.64%(c)
Portfolio turnover rate ............ 138% 92% 139% 223%
Ratio of operating expenses to
average net assets without waivers 1.23% 1.24% 1.31% 1.30%(c)
<FN>
- ----------------
(a) The Munder Value Fund Class A Shares, Class B Shares and Class C Shares
commenced operations on September 14, 1995, September 19, 1995 and
February 9, 1996, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
B Shares C Shares
------------------------------------------------------------------ --------------------------------------
Year Year Year Period Year Year Year Period
Ended Ended Ended Ended Ended Ended Ended Ended
6/30/99(d) 6/30/98(d) 6/30/97(d) 6/30/96(d) 6/30/99(d) 6/30/98(d) 6/30/97(d) 6/30/96(d)
---------- ---------- ---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$16.11 $13.93 $11.55 $10.41 $16.09 $13.93 $11.54 $11.35
------ ------ ------ ------ ------ ------ ------ ------
(0.03) (0.02) (0.01) (0.01) (0.03) (0.02) (0.01) (0.01)
(0.24) 3.36 3.61 1.16 (0.24) 3.34 3.62 0.23
------ ------ ------ ------ ------ ------ ------ ------
(0.27) 3.34 3.60 1.15 (0.27) 3.32 3.61 0.22
------ ------ ------ ------ ------ ------ ------ ------
-- (0.01) -- (0.01) -- (0.01) -- (0.03)
(0.55) (1.15) (1.22) -- (0.55) (1.15) (1.22) --
------ ------ ------ ------ ------ ------ ------ ------
(0.55) (1.16) (1.22) (0.01) (0.55) (1.16) (1.22) (0.03)
------ ------ ------ ------ ------ ------ ------ ------
$15.29 $16.11 $13.93 $11.55 $15.27 $16.09 $13.93 $11.54
====== ====== ====== ====== ====== ====== ====== ======
(1.23)% 24.93% 33.24% 11.09% (1.23)% 24.78% 33.36% 1.90%
====== ====== ====== ====== ====== ====== ====== ======
$3,765 $2,309 $ 935 $ 103 $1,828 $1,179 $ 527 $ 348
1.98% 1.99% 2.02% 1.95%(c) 1.98% 1.99% 2.02% 1.95%(c)
(0.21)% (0.14)% (0.05)% (0.11)%(c) (0.19)% (0.14)% (0.05)% (0.11)%(c)
138% 92% 139% 223% 138% 92% 139% 223%
1.98% 1.99% 2.06% 2.05%(c) 1.98% 1.99% 2.06% 2.05%(c)
</TABLE>
See Notes Financial Statements.
Munder Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Y Shares
----------------------------------------------------
Year Year Year Period
Ended Ended Ended Ended
6/30/99(d) 6/30/98(d) 6/30/97(d) 6/30/96(d)
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 16.23 $ 14.00 $ 11.59 $ 10.00
-------- -------- ------- -------
Income from investment operations:
Net investment income .............. 0.11 0.13 0.12 0.09
Net realized and unrealized
gain/(loss) on investments ....... (0.22) 3.38 3.63 1.56
-------- -------- ------- -------
Total from investment operations ... (0.11) 3.51 3.75 1.65
-------- -------- ------- -------
Less distributions:
Dividends from net investment income (0.08) (0.13) (0.12) (0.06)
Distributions from net realized
gains ............................ (0.55) (1.15) (1.22) --
-------- -------- ------- -------
Total distributions ................ (0.63) (1.28) (1.34) (0.06)
-------- -------- ------- -------
Net asset value, end of period ..... $ 15.49 $ 16.23 $ 14.00 $ 11.59
======== ======== ======= =======
Total return (b) ................... (0.16)% 26.12% 34.66% 16.52%
======== ======== ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $140,011 $165,235 $80,004 $35,432
Ratio of operating expenses to
average net assets ............... 0.98% 0.99% 1.02% 0.95%(c)
Ratio of net investment income to
average net assets ............... 0.78% 0.86% 0.95% 0.89%(c)
Portfolio turnover rate ............ 138% 92% 139% 223%
Ratio of operating expenses to
average net assets without waivers 0.98% 0.99% 1.06% 1.05%(c)
<FN>
- ----------------
(a) The Munder Value Fund Class Y Shares commenced operations on August 18,
1995.
(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.
</TABLE>
See Notes Financial Statements.
Munder Framlington Emerging Markets Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares B Shares
-------------------------------------- --------------------------------------
Year Year Period Year Year Period
Ended Ended Ended Ended Ended Ended
6/30/99(d) 6/30/98(d) 6/30/97(d) 6/30/99(d) 6/30/98(d) 6/30/97(d)
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 8.99 $ 12.92 $10.18 $ 8.95 $ 12.91 $11.13
------ ------- ------ ------ ------- ------
Income from investment operations:
Net investment income/(loss) ....... 0.03 0.11 0.05 (0.03) 0.02 0.01
Net realized and unrealized
gain/(loss) on investments ....... 2.67 (3.73) 2.71 2.55 (3.71) 1.79
------ ------- ------ ------ ------- ------
Total from investment operations ... 2.70 (3.62) 2.76 2.52 (3.69) 1.80
------ ------- ------ ------ ------- ------
Less distributions:
Dividends from net investment income -- (0.04) (0.02) -- (0.00)(e) (0.02)
Distributions from net realized
gains ............................ -- (0.05) -- -- (0.05) --
Distributions in excess of net
realized gains ................... -- (0.22) -- -- (0.22) --
------ ------- ------ ------ ------- ------
Total distributions ................ -- (0.31) (0.02) -- (0.27) (0.02)
------ ------- ------ ------ ------- ------
Net asset value, end of period ..... $11.69 $ 8.99 $12.92 $11.47 $ 8.95 $12.91
====== ======= ====== ====== ======= ======
Total return (b) ................... 30.03% (28.34)% 27.16% 28.16% (28.90)% 16.21%
====== ======= ====== ====== ======= ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $ 961 $ 632 $ 532 $1,121 $ 511 $ 134
Ratio of operating expenses to
average net assets ............... 1.85% 1.89% 1.79%(c) 2.60% 2.64% 2.54%(c)
Ratio of net investment
income/(loss) to average net
assets ........................... 0.39% 0.93% 1.14%(c) (0.36)% 0.18% 0.39%(c)
Portfolio turnover rate ............ 159% 94% 46% 159% 94% 46%
Ratio of operating expenses to
average net assets without
expenses reimbursed .............. 2.12% 2.14% 5.43%(c) 2.87% 2.89% 6.18%(c)
<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) Per share numbers have been calculated using the average shares method.
(e) Amount represents less than $ 0.01 per share.
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
C Shares Y Shares
-------------------------------------- --------------------------------------
Year Year Period Year Year Period
Ended Ended Ended Ended Ended Ended
6/30/99(d) 6/30/98(d) 6/30/97(d) 6/30/99(d) 6/30/98(d) 6/30/97(d)
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
$ 8.96 $ 12.92 $10.95 $ 9.00 $ 12.92 $10.00
------ ------- ------ ------- ------- ------
(0.03) 0.02 0.01 0.05 0.13 0.07
2.54 (3.71) 1.96 2.59 (3.72) 2.88
------ ------- ------ ------- ------- ------
2.51 (3.69) 1.97 2.64 (3.59) 2.95
------ ------- ------ ------- ------- ------
-- (0.00) (e) (0.00)(e) -- (0.06) (0.03)
-- (0.05) -- -- (0.05) --
-- (0.22) -- -- (0.22) --
------ ------- ------ ------- ------- ------
-- (0.27) (0.00)(e) -- (0.33) (0.03)
------ ------- ------ ------- ------- ------
$11.47 $ 8.96 $12.92 $ 11.64 $ 9.00 $12.92
====== ======= ====== ======= ======= ======
28.01% (28.88)% 18.03% 29.33% (28.12)% 29.51%
====== ======= ====== ======= ======= ======
$ 497 $ 132 $ 24 $17,857 $14,332 $4,826
2.60% 2.64% 2.54%(c) 1.60% 1.64% 1.54%(c)
(0.36)% 0.18% 0.39%(c) 0.64% 1.18% 1.39%(c)
159% 94% 46% 159% 94% 46%
2.87% 2.89% 6.18%(c) 1.87% 1.89% 5.18%(c)
</TABLE>
See Notes Financial Statements.
Munder Framlington Healthcare Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares B Shares
------------------------------------- -----------------------------------
Year Year Period Year Year Period
Ended Ended Ended Ended Ended Ended
6/30/99(d) 6/30/98(d) 6/30/97(d) 6/30/99(d) 6/30/98(d) 6/30/97
---------- ---------- ---------- ---------- ---------- -------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 11.82 $10.89 $11.30 $ 11.69 $10.85 $11.02
------- ------ ------ ------- ------ ------
Income from investment operations:
Net investment loss ................ (0.13) (0.15) (0.01) (0.21) (0.23) (0.02)
Net realized and unrealized
gain/(loss) on investments ....... (1.13) 1.08 (0.40) (1.11) 1.07 (0.15)
------- ------ ------ ------- ------ ------
Total from investment operations ... (1.26) 0.93 (0.41) (1.32) 0.84 (0.17)
------- ------ ------ ------- ------ ------
Less distributions:
Distributions from net realized
gains ............................ (0.08) -- -- (0.08) -- --
Distributions in excess of net
realized gains ................... (0.02) -- -- (0.02) -- --
------- ------ ------ ------- ------ ------
Total distributions ................ (0.10) -- -- (0.10) -- --
------- ------ ------ ------- ------ ------
Net asset value, end of period ..... $ 10.46 $11.82 $10.89 $ 10.27 $11.69 $10.85
======= ====== ====== ======= ====== ======
Total return (b) ................... (10.69)% 8.54% (3.63)% (11.40)% 7.83% (1.54)%
======= ====== ====== ======= ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $ 3,382 $4,984 $ 664 $ 6,682 $8,664 $1,063
Ratio of operating expenses to
average net assets ............... 1.61% 1.62% 1.55%(c) 2.36% 2.37% 2.30%(c)
Ratio of net investment loss to
average net assets ............... (1.27)% (1.20)% (0.95)%(c) (2.02)% (1.95)% (1.70)%(c)
Portfolio turnover rate ............ 49% 47% 14% 49% 47% 14%
Ratio of operating expenses to
average net assets without
expenses reimbursed .............. 1.92% 2.40% 7.33%(c) 2.67% 3.15% 8.08%(c)
<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) Per share numbers have been calculated using the average shares method.
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
C Shares Y Shares
----------------------------------- -----------------------------------
Year Year Period Year Year Period
Ended Ended Ended Ended Ended Ended
6/30/99(d) 6/30/98(d) 6/30/97 6/30/99(d) 6/30/98(d) 6/30/97
---------- ---------- ------- ---------- ---------- -------
<S> <C> <C> <C> <C> <C> <C>
$ 11.69 $10.86 $10.40 $ 11.84 $10.89 $10.00
------- ------ ------ ------- ------ ------
(0.21) (0.23) (0.01) (0.11) (0.11) (0.03)
(1.11) 1.06 0.47 (1.13) 1.06 0.92
------- ------ ------ ------- ------ ------
(1.32) 0.83 0.46 (1.24) 0.95 0.89
------- ------ ------ ------- ------ ------
(0.08) -- -- (0.08) -- --
(0.02) -- -- (0.02) -- --
------- ------ ------ ------- ------ ------
(0.10) -- -- (0.10) -- --
------- ------ ------ ------- ------ ------
$ 10.27 $11.69 $10.86 $ 10.50 $11.84 $10.89
======= ====== ====== ======= ====== ======
(11.40)% 7.73% 4.42% (10.42)% 8.72% 8.90%
======= ====== ====== ======= ====== ======
$ 1,652 $3,378 $ 164 $ 5,303 $5,458 $2,086
2.36% 2.37% 2.30%(c) 1.36% 1.37% 1.30%(c)
(2.02)% (1.95)% (1.70)%(c) (1.03)% (0.95)% (0.70)%(c)
49% 47% 14% 49% 47% 14%
2.67% 3.15% 8.08%(c) 1.67% 2.15% 7.08%(c)
</TABLE>
See Notes Financial Statements.
Munder Framlington International Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares B Shares
-------------------------------------- --------------------------------------
Year Year Period Year Year Period
Ended Ended Ended Ended Ended Ended
6/30/99(d) 6/30/98(d) 6/30/97(d) 6/30/99(d) 6/30/98(d) 6/30/97(d)
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $11.92 $11.35 $10.10 $11.83 $11.32 $ 9.85
------ ------ ------ ------ ------ ------
Income from investment operations:
Net investment income/(loss) ....... (0.02) 0.02 0.05 (0.10) (0.06) 0.01
Net realized and unrealized gain on
investments ...................... 0.90 0.61 1.20 0.84 0.61 1.46
------ ------ ------ ------ ------ ------
Total from investment operations ... 0.88 0.63 1.25 0.74 0.55 1.47
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income -- (0.02) -- -- -- --
Distributions from net realized
gains ............................ (0.01) (0.03) -- (0.01) (0.03) --
Distributions in excess of net
realized gains ................... -- (0.01) -- -- (0.01) --
------ ------ ------ ------ ------ ------
Total distributions ................ (0.01) (0.06) -- (0.01) (0.04) --
------ ------ ------ ------ ------ ------
Net asset value, end of period ..... $12.79 $11.92 $11.35 $12.56 $11.83 $11.32
====== ====== ====== ====== ====== ======
Total return (b) ................... 7.36% 5.60% 12.38% 6.23% 4.88% 14.92%
====== ====== ====== ====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $2,869 $1,601 $1,103 $ 546 $ 591 $ 128
Ratio of operating expenses to
average net assets ............... 1.60% 1.62% 1.55%(c) 2.36% 2.37% 2.30%(c)
Ratio of net investment
income/(loss) to average net
assets ........................... (0.16)% 0.21% 1.01%(c) (0.92)% (0.54)% 0.26%(c)
Portfolio turnover rate ............ 66% 38% 15% 66% 38% 15%
Ratio of operating expenses to
average net assets without
expenses reimbursed .............. 1.75% 1.82% 2.56%(c) 2.51% 2.57% 3.31%(c)
<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) Per share numbers have been calculated using the average shares method.
</TABLE>
See Notes Financial Statements.
<TABLE>
<CAPTION>
C Shares Y Shares
-------------------------------------- --------------------------------------
Year Year Period Year Year Period
Ended Ended Ended Ended Ended Ended
6/30/99(d) 6/30/98(d) 6/30/97(d) 6/30/99(d) 6/30/98(d) 6/30/97(d)
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
$11.86 $11.33 $10.03 $ 11.94 $ 11.35 $ 10.00
------ ------ ------ ------- ------- -------
(0.10) (0.06) 0.01 0.01 0.05 0.07
0.83 0.63 1.29 0.87 0.61 1.28
------ ------ ------ ------- ------- -------
0.73 0.57 1.30 0.88 0.66 1.35
------ ------ ------ ------- ------- -------
-- -- -- -- (0.03) --
(0.01) (0.03) -- (0.01) (0.03) --
-- (0.01) -- -- (0.01) --
------ ------ ------ ------- ------- -------
(0.01) (0.04) -- (0.01) (0.07) --
------ ------ ------ ------- ------- -------
$12.58 $11.86 $11.33 $ 12.81 $ 11.94 $ 11.35
====== ====== ====== ======= ======= =======
6.13% 5.05% 12.96% 7.35% 5.86% 13.50%
====== ====== ====== ======= ======= =======
$ 172 $ 196 $ 62 $60,940 $64,643 $23,831
2.36% 2.37% 2.30%(c) 1.36% 1.37% 1.30%(c)
(0.92)% (0.54)% 0.26%(c) 0.08% 0.46% 1.26%(c)
66% 38% 15% 66% 38% 15%
2.51% 2.58% 3.31%(c) 1.51% 1.57% 2.31%(c)
</TABLE>
See Notes Financial Statements.
The Munder Funds
Notes To Financial Statements, June 30, 1999
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 management
investment company, and 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 management investment company, and 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
management investment company, and was organized as a Massachusetts business
trust on October 30, 1996. MFI, MFT and Framlington consist of 32 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 Multi-Season Growth Fund
Munder Real Estate Equity Investment Fund
Munder Small-Cap Value Fund
Munder Value Fund
MFT:
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 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"), and under certain circumstances by a pricing committee, under the
guidelines approved by supervision of the Boards of Trustees and
Directors. Portfolio securities primarily traded on the London Stock Exchange
are generally valued at the mean 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
last sale price 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 in
accordance with guidelines approved by 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. Thereafter, a constant proportionate amortization of any discount
or premium is recorded until maturity of the security.
Forward Foreign Currency Exchange Contracts: Each Fund (except Real
Estate Equity Investment Fund) may engage in forward foreign currency
exchange contracts in an effort to reduce the level of volatility caused by
changes in foreign currency exchange rates. A fund may use forward foreign
currency exchange contracts to facilitate transactions in foreign securities
and to manage currency exposure. Forward foreign currency exchange contracts
are valued at the exchange rate and are marked-to-market daily. The change in
market value is recorded 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 exchange contracts does not
eliminate fluctuations in the underlying prices of the Fund's securities, but
it does establish a rate of exchange that can be achieved in the future.
Although forward foreign currency exchange contracts limit the risk of loss
due to a decline in the value of the hedged currency, they also limit any
potential gain that might result should the value of the currency increase.
In addition, the Fund could be exposed to risks if the counterparties to the
contracts are unable to meet the terms of their contracts.
Foreign Currency: The books and records of Munder International Equity
Fund, Munder Framlington Emerging Markets Fund and Munder Framlington
International Growth Fund are maintained in 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 and foreign currency transactions, and the
difference between the amounts of interest and dividends recorded on the
books of a Fund and the amounts actually received. The portion of foreign
currency gains and losses related to fluctuation in exchange rates between
the initial purchase trade date and subsequent sale trade date is included in
realized gains and losses on investment securities sold.
Futures Contracts: Each Fund may enter into futures contracts for the
purpose of hedging against changes in the value of the portfolio securities
held and in the value of the securities it intends to purchase, or in order
to maintain liquidity. Upon entering into a futures contract, a Fund is
required to deposit with the broker an amount of cash or cash equivalents
equal to a certain percentage of the contract amount. This is known as the
"initial margin." Subsequent payments ("variation margin") are made or
received by the Fund each day, depending on the daily fluctuation of the
value of the contract. The daily changes in the contract are recorded as
unrealized gains or losses. The Fund recognizes a realized gain or loss when
the contract is closed. The net unrealized appreciation/ (depreciation), if
any, is shown in the financial statements.
There are several risks in connection with the use of futures contracts
as a hedging device. The change in value of futures contracts primarily
corresponds with the value of their underlying instruments, which may not
correlate
with the change in value of the hedged investments. In addition, there is the
risk that the Fund may not be able to enter into a closing transaction
because of an illiquid secondary market.
Repurchase Agreements: Each of the Funds may engage in repurchase
agreement transactions. Under the terms of a typical repurchase agreement, a
Fund takes possession of an underlying debt obligation subject to an
obligation of the seller to repurchase, and 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 during which the Fund seeks to assert its rights. The Advisor,
acting under the guidelines approved by the Boards of Trustees and Directors,
reviews the value of the collateral and the creditworthiness of those banks
and dealers with which the Fund enters into repurchase agreements to evaluate
potential risks.
Loans of Portfolio Securities: Each of the Funds may lend portfolio
securities, up to 25% of the value of the Fund's total assets. Each loan is
secured by collateral adjusted daily to have a market value at least equal to
the current market value of the securities loaned. These loans are terminable
at any time and the Fund will receive any interest or dividends paid on the
loaned securities. A Fund may share with the borrower some of the income
received on the collateral for the loan or the Fund will be paid a premium
for the loan. This income is reflected as other income in the Statement of
Operations. If the borrower defaults and the value of the portfolio
securities increases in excess of the collateral received or if bankruptcy
proceedings commence with respect to the borrower of the security,
realization of the value of the securities loaned may be delayed or limited.
Security Transactions and Investment Income: Security transactions are
recorded on the trade date. The cost of investments sold is determined by use
of the specific identification method for both financial reporting and income
tax purposes. Interest income is recorded on the accrual basis. 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 Munder Funds are allocated to each Fund based
upon relative net assets of each Fund. Operating expenses of each Fund are
prorated among the share 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 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 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 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. The Munder
Growth & Income Fund, Munder Multi-Season Growth Fund and Munder Value Fund
also utilize earnings and profits distributed to shareholders on redemption
of shares as a part of the dividends paid deduction for income tax purposes.
As determined on June 30, 1999, permanent differences resulting from
different book and tax accounting for organizational costs, net operating
losses, currency gains and losses and market discount of certain debt
instruments were reclassified at year end. These reclassifications had no
effect on net investment income, net assets or net asset value per share.
Federal Income Taxes: Each Fund intends to continue to qualify as a
regulated investment company by complying with the requirements of the
Internal Revenue Code 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-Advisor, Custodian and Other Related Party
Transactions
For its advisory services, the Advisor is entitled to receive from each
Fund a fee, computed daily and payable monthly, based on the average daily
net assets of the respective Fund, at the following annual rates:
<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 Assets Fees on Assets
up to $250 Million Exceeding $250 Million
------------------ ----------------------
<S> <C> <C>
Munder Framlington Healthcare Fund and Munder
Framlington International Growth Fund ............. 1.00% 0.75%
<CAPTION>
Fees on Average
Daily Net Assets
------------------
<S> <C>
Munder Micro-Cap Equity Fund ........................ 1.00%
Munder Growth & Income Fund, Munder International
Equity Fund, Munder Small-Cap Value Fund, and
Munder Small Company Growth Fund .................. 0.75%
Munder Real Estate Equity Investment Fund and Munder
Value Fund ........................................ 0.74%
Munder Balanced Fund ................................ 0.65%
Munder Framlington Emerging Markets Fund ............ 1.25%
</TABLE>
The Advisor voluntarily waived fees and reimbursed expenses for the
year ended June 30, 1999, for the following Funds:
<TABLE>
<CAPTION>
Expenses
Fund Fees Waived Reimbursed
---- ----------- ----------
<S> <C> <C>
Munder Micro-Cap Equity Fund ...................... -- $ 50,658
Munder Multi-Season Growth Fund ................... $1,250,000 --
Munder Framlington Emerging Markets Fund .......... -- 118,477
Munder Framlington Healthcare Fund ................ -- 59,761
Munder Framlington International Growth Fund ...... -- 93,638
</TABLE>
Pursuant to a sub-advisory agreement with the Advisor, Framlington
Overseas Investment Management Limited (the "Sub-Advisor") provides
sub-advisory services to The Munder Framlington Funds and is responsible for
the management of each Fund's portfolio, including all decisions regarding
purchases and sales of portfolio securities. For its services with regard to
the Munder Framlington Healthcare Fund and the Munder Framlington
International Growth Fund, the Advisor pays the Sub-Advisor a monthly fee
equal on an annual basis of up to 0.50% of each Fund's average daily net
assets up to $250 million, reduced to 0.375% of each Fund's average daily net
assets in excess of $250 million. For its services with regard to the Munder
Framlington Emerging Markets Fund, the Advisor pays the Sub-Advisor a monthly
fee equal on an annual basis of up to 0.625% of the Fund's average daily net
assets. The Advisor indirectly owns a 49% interest in the Sub-Advisor.
Effective July 2, 1998 Comerica Bank ("Comerica") acquired an
additional interest in the Advisor whereby it now owns approximately 88% of
the Advisor. Comerica provides certain shareholder services to the Funds. As
compensation for the shareholder services provided to the Funds, Comerica
receives a fee of 0.01% of the aggregate average daily net assets of the
Funds beneficially owned by Comerica and its customers. Comerica earned
$193,383 for its shareholder services to the Munder Funds for the year ended
June 30, 1999.
Each Trustee of MFT and Framlington and each Director of MFI is paid an
aggregate fee for services provided as a Board member of MFT, MFI,
Framlington and St. Clair Funds, Inc. The fee consists of a $30,000 annual
retainer for services in such capacity plus $2,500 for each Board meeting
attended, plus out-of-pocket expenses related to attendance at such meetings.
No officer, director or employee of the Advisor, Sub-Advisor or Comerica
received any compensation from MFI, MFT or Framlington.
3. Distribution and Service Plans
The Funds have adopted Service Plans and Distribution and Service Plans
(collectively, the "Plans") pursuant to Rule 12b-1 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 or directly to other service providers for
expenditures incurred by the Distributor or other service providers in
connection with the distribution of Fund shares to investors and provision of
certain shareholder services (which include but are not limited to the
payment of compensation, including compensation to Service Organizations to
obtain various distribution related services for the 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.
Comerica Securities and LPM Investment Services, Inc. ("LPM") are among
the Service Organizations who receive trail commissions from the Distributor.
Comerica Securities is a wholly owned subsidiary of Comerica. LPM is an
affiliate of the Advisor. For the year ended June 30, 1999, the Distributor
paid $13,297 and $34,920 to Comerica Securities and LPM, respectively, for
shareholder services provided to the Funds.
For the year ended June 30, 1999, the effective rates, as a percentage
of average daily net assets, under the Plans and Class K Plans are as
follows:
Class A Class B Class C Class K
Shares Shares Shares Shares
12b-1 Fees 12b-1 Fees 12b-1 Fees Service Fees
---------- ---------- ---------- ------------
The Funds ......... 0.25% 1.00% 1.00% 0.25%
4. Securities Transactions
For the year ended June 30, 1999, 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 Balanced Fund .............................
Munder Balanced Fund ............................. $ 64,809,924 $ 85,955,935
Munder Growth & Income Fund ...................... 116,370,634 144,970,799
Munder International Equity Fund ................. 46,488,605 60,124,748
Munder Micro-Cap Equity Fund ..................... 78,716,209 86,283,512
Munder Multi-Season Growth Fund .................. 374,814,846 444,750,355
Munder Real Estate Equity Investment Fund ........ 18,980,670 20,320,961
Munder Small-Cap Value Fund ...................... 88,049,142 89,786,852
Munder Small Company Growth Fund ................. 351,465,640 383,215,667
Munder Value Fund ................................ 208,457,677 234,621,294
Munder Framlington Emerging Markets Fund ......... 66,500,373 61,857,935
Munder Framlington Healthcare Fund ............... 9,321,729 11,850,304
Munder Framlington International Growth Fund ..... 40,494,519 49,156,293
</TABLE>
For the year ended June 30, 1999, 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 ............................. $6,526,322 $16,347,193
</TABLE>
At June 30, 1999, aggregate gross unrealized appreciation for all
securities for which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities for which there was an
excess of tax cost over value for Federal income tax purposes was as follows:
<TABLE>
<CAPTION>
Tax Basis Tax Basis
Unrealized Unrealized
Appreciation Depreciation
------------ ------------
<S> <C> <C>
Munder Balanced Fund ........................... $ 6,850,032 $ 1,686,643
Munder Growth & Income Fund .................... 58,743,598 3,157,806
Munder International Equity Fund ............... 66,633,337 11,397,362
Munder Micro-Cap Equity Fund ................... 10,794,829 1,182,633
Munder Multi-Season Growth Fund ................ 259,012,860 3,516,145
Munder Real Estate Equity Investment Fund ...... 3,476,507 5,446,617
Munder Small-Cap Value Fund .................... 26,205,098 10,619,194
Munder Small Company Growth Fund ............... 54,650,444 12,100,262
Munder Value Fund .............................. 21,960,944 1,666,966
Munder Framlington Emerging Markets Fund ....... 12,463,338 5,303,413
Munder Framlington Healthcare Fund ............. 2,742,334 4,223,008
Munder Framlington International Growth Fund ... 13,381,505 3,124,243
</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 prior to June 30, 1998 in connection with the
organization of the Munder Funds, including the fees and expenses of
registering and qualifying its shares for distribution under Federal
securities regulations, have been capitalized and are being amortized on a
straight-line basis over a period of 5 years from commencement of operations.
7. Reorganization
On December 4, 1998, Munder Accelerating Growth Fund transferred its
net assets to Munder Multi-Season Growth Fund in a tax-free exchange for
Munder Multi-Season Growth Fund shares having an aggregate net asset value
equal to the value of the net assets of the Munder Accelerating Growth Fund
acquired, pursuant to a plan of reorganization approved by Munder
Accelerating Growth Fund's shareholders on November 20, 1998. Net unrealized
appreciation of investments for Munder Accelerating Growth Fund, prior to the
acquisition, was $14,874,166. The total shares issued by Munder Multi-Season
Growth Fund were 2,266,819 and, prior to the acquisition, the total net
assets of Munder Accelerating Growth Fund and Munder Multi-Season Growth Fund
were $43,643,141 and $707,634,542, respectively. The total net assets of
Munder Multi-Season Growth Fund after the acquisition were $751,277,683.
8. Income Tax Information
As determined at June 30, 1999 the following Munder Funds had available
for Federal income tax purposes, unused capital losses as follows:
<TABLE>
<CAPTION>
Expiring
2007
--------
<S> <C>
Munder Micro-Cap Equity Fund ........................ $ 6,169,618
Munder Small-Cap Value Fund ......................... 3,803,999
Munder Small Company Growth Fund .................... 46,123,147
Munder Framlington Emerging Markets Fund ............ 13,156,700
</TABLE>
Certain capital and net foreign currency losses realized after
October 31 within the taxable year may be deferred and treated as occurring
on the first day of the following tax year. The following Munder Funds have
elected to defer net capital and currency losses arising between November 1,
1998 and June 30, 1999 as follows:
<TABLE>
<CAPTION>
Amount
------
<S> <C>
Munder Micro-Cap Equity Fund ........................ $ 381,532
Munder Real Estate Equity Investment Fund ........... 1,946,987
Munder Small Company Growth Fund .................... 13,562,982
Munder Framlington Emerging Markets Fund ............ 437,587
Munder Framlington Healthcare Fund .................. 589,627
Munder Framlington International Growth Fund ........ 104,043
</TABLE>
9. Year 2000 (Unaudited)
Like other mutual funds, financial institutions and business
organizations and individuals around the world, each Fund could be adversely
affected if the computer systems used by the Advisor and the Funds' other
service providers do not properly process and calculate date-related
information and data from and after January 1, 2000. The Advisor is taking
steps that it believes are reasonably designed to address year 2000
computer-related problems with respect to the computer systems that it uses
and to obtain assurances that comparable steps are being taken by a Fund's
other major service providers. Although there can be no assurances, the
Advisor believes that these steps will be sufficient to avoid any adverse
impacts on any of the Funds. Similarly, the companies and other issuers in
which a Fund invests could be adversely affected by year 2000
computer-related problems, and there can be no assurance that the steps
taken, if any, by these issuers will be sufficient to avoid an adverse impact
on a Fund.
Report of Ernst & Young LLP, Independent Auditors
To the Board of Directors/Trustees and Shareholders of
The Munder Funds Trust
The Munder Funds, Inc.
The Munder Framlington Funds Trust
We have audited the accompanying statements of assets and liabilities of the
Munder Balanced Fund, Munder Growth & Income Fund, Munder International
Equity Fund and Munder Small Company Growth Fund (four of the portfolios
constituting The Munder Funds Trust), the Munder Micro-Cap Equity Fund,
Munder Multi-Season Growth Fund, Munder Real Estate Equity Investment Fund,
Munder Small-Cap Value Fund and Munder Value Fund (five of the portfolios
constituting The Munder Funds, Inc.), and the Munder Framlington Emerging
Markets Fund, Munder Framlington Healthcare Fund and Munder Framlington
International Growth Fund (three of the portfolios constituting The Munder
Framlington Funds Trust) (collectively, the "Funds"), including the
portfolios of investments, as of June 30, 1999, and the related statements of
operations for the year then ended, the statements of changes in net assets
for each of the two years in the period then ended and the financial
highlights for each of the periods indicated therein. These financial
statements and financial highlights are the responsibility of the Funds'
management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of June 30, 1999 by correspondence with
the custodian and brokers or other appropriate auditing procedures where
replies from brokers were not received. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
each of the respective portfolios referred to above constituting The Munder
Funds Trust, The Munder Funds, Inc., and The Munder Framlington Funds Trust
at June 30, 1999, the results of their operations for the year then ended,
changes in their net assets for each of the two years in the period then
ended, and their financial highlights for each of the indicated periods, in
conformity with generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
August 16, 1999
The Munder Funds
Tax Information, June 30, 1999 (Unaudited)
The percentages of total net assets invested in U.S. Government and
U.S. Government Agency obligations at June 30, 1999, were as follows:
<TABLE>
<CAPTION>
<S> <C>
Munder Balanced Fund
Federal Home Loan Mortgage Corporation ............ 2.9%
Federal National Mortgage Association ............. 2.6%
Government Agency Debentures ...................... 0.9%
Government National Mortgage Association .......... 0.4%
U.S. Treasury Bond ................................ 6.0%
U.S. Treasury Notes ............................... 1.0%
</TABLE>
Of the distributions made by the following Funds, the corresponding
percentage represents the amount of each distribution which will qualify for
the dividend received deduction available to corporate shareholders:
<TABLE>
<CAPTION>
<S> <C>
Munder Balanced Fund ................................ 13.9%
Munder Growth & Income Fund ......................... 100.0%
Munder International Equity Fund .................... 2.6%
Munder Real Estate Equity Investment Fund ........... 17.7%
Munder Small-Cap Value Fund ......................... 100.0%
Munder Value Fund ................................... 100.0%
Munder Framlington International Growth Fund ........ 15.7%
</TABLE>
The following amounts have been designated as capital gains dividends
for the purpose of the dividend paid deduction:
<TABLE>
<CAPTION>
<S> <C>
Munder Balanced Fund ................................ $ 7,497,837
Munder Growth & Income Fund ......................... 23,158,430
Munder International Equity Fund .................... 3,132,554
Munder Micro-Cap Equity Fund ........................ 34,961
Munder Multi-Season Growth Fund ..................... 87,316,064
Munder Real Estate Equity Investment Fund ........... 1,711,785
Munder Small-Cap Value Fund ......................... 973,558
Munder Small Company Growth Fund .................... 24,626,194
Munder Value Fund ................................... 4,717,521
Munder Framlington Healthcare Fund .................. 180,441
</TABLE>
The following amounts have been designated as foreign tax credits for
regular Federal income tax purposes:
<TABLE>
<CAPTION>
<S> <C>
Munder International Equity Fund .................... $382,077
Munder Framlington International Growth Fund ........ 99,445
</TABLE>
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Lee P. Munder
OFFICERS
Lee P. 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
Therese Hogan, Assistant Secretary
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
First Data Investor Services Group, Inc.
211 South Gulph Road
King of Prussia, PA 19406-3101
ADMINISTRATOR & CUSTODIAN
State Street Bank & Trust Company
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
(OUTSIDE BACK COVER)
ANNEQ99
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
(OUTSIDE FRONT COVER)
CLASS K SHARES
Annual
Report
[ LOGO ]
JUNE 30, 1999
Investments
for all seasons
THE MUNDER EQUITY FUNDS
Balanced
Growth & Income
Index 500
International Equity
Micro-Cap Equity
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 Tax-Free Bond
Tax-Free Bond
Tax-Free Short-Intermediate Bond
THE MUNDER MONEY MARKET FUNDS
Cash Investment
Tax-Free Money Market
U.S. Treasury Money Market
(INSIDE FRONT COVER)
"At The Munder
Funds, we take great
pride in applying a
"truth in labeling"
attitude to investment
management."
The Munder Funds
Letter to shareholders
DEAR FELLOW SHAREHOLDERS:
On the following pages you will find the most recent
financial information for The Munder Funds. I hope you are pleased with the
performance and operations of the Funds.
I applaud you for staying with your commitment to a long-term
investment strategy during an investment market which was anything but smooth
sailing. Despite the constant market turmoil, which has cast a doubt over the
market since June, 1998, most Fund shareholders have maintained their
long-term focus. Those that have stayed the course have been well rewarded.
The pay-off came as the market broadened out in April of this year as it did
in late 1998. Not surprisingly (but long-awaited nonetheless) we are
encouraged that the market is finally beginning to recognize the value that
even companies which are not part of the very largest in the S&P 500 index
can bring to a portfolio. Further, we believe that the economic conditions
favor increased emphasis on these types of securities.
At The Munder Funds, we take great pride in applying a
"truth in labeling" attitude to investment management. Munder Capital
Management, the advisor to The Munder Funds has followed this in very large
institutional accounts and personal portfolios throughout its 15 year
history. Hopefully you take comfort in knowing that each mutual fund we
manage adheres to a very disciplined style of investing. That is to say, that
if we define a mutual fund as being a "growth-oriented equity fund" it does
invest in common stocks which are growing through earnings expansion and is
almost exclusively invested in stocks. Our strict adherence to a discipline
makes the job of meeting your long-term investment goals much more simple.
This measure of consistency contributes to the likelihood that your strategy
will be successful.
Toward this end we have created a full family of funds.
Some of our funds, such as the Index 500, Multi-Season Growth or most of our
bond funds, should be considered core holdings in your portfolio. We have
also become well respected and enjoyed much notoriety for the extensive array
of mutual funds which invest in niche strategies. The NetNet Fund, Real
Estate Fund, and International Bond Fund are examples of these.
If you have any questions, about any of these mutual fund
offerings, or your current investments, please call your financial advisor.
You may also contact the Fund at 1-800-4MUNDER with your inquiries. You may
also contact us through our website at http://www.munder.com. Thank you very
much for your confidence in Munder Capital Management and the Munder Family
of Mutual Funds.
Very truly yours
/s/ Lee Munder
----------------------
Lee Munder, President
Table of
Contents
EQUITY FUNDS OVERVIEW
v Munder Balanced Fund
vi Munder Growth & Income Fund
vi Munder Index 500 Fund
vii Munder International Equity Fund
vii Munder Micro-Cap Equity Fund
viii Munder Multi-Season Growth Fund
viii Munder Real Estate Equity Investment Fund
viii Munder Small-Cap Value Fund
ix Munder Small Company Growth Fund
ix Munder Value Fund
x Munder Framlington Emerging Markets Fund
xi Munder Framlington Healthcare Fund
xii Munder Framlington International Growth Fund
FIXED INCOME FUNDS OVERVIEW
xii Munder Bond Fund
xiii Munder Intermediate Bond Fund
xiii Munder International Bond Fund
xiv Munder U.S. Government Income Fund
xv Munder Michigan Tax-Free Bond Fund
xv Munder Tax-Free Bond Fund
xvi Munder Tax-Free Short-Intermediate Bond Fund
xvii Hypotheticals and Total Returns
PORTFOLIO OF INVESTMENTS -- Equity Funds:
1 Munder Balanced Fund
6 Munder Growth & Income Fund
8 Munder Index 500 Fund
18 Munder International Equity Fund
30 Munder Micro-Cap Equity Fund
32 Munder Multi-Season Growth Fund
34 Munder Real Estate Equity Investment Fund
35 Munder Small-Cap Value Fund
37 Munder Small Company Growth Fund
39 Munder Value Fund
41 Munder Framlington Emerging Markets Fund
46 Munder Framlington Healthcare Fund
49 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.
Income Funds:
53 Munder Bond Fund
56 Munder Intermediate Bond Fund
59 Munder International Bond Fund
62 Munder U.S. Government Income Fund
65 Munder Michigan Tax-Free Bond Fund
70 Munder Tax-Free Bond Fund
78 Munder Tax-Free Short-Intermediate Bond Fund
Money Market Funds:
87 Munder Cash Investment Fund
89 Munder Tax-Free Money Market Fund
100 Munder U.S. Treasury Money Market Fund
102 Financial Statements
141 Financial Highlights
165 Notes to Financial Statements
Report of Ernst & Young LLP, Independent Auditors
Management's Discussion of
Fund Performance
The Investment Environment
Coming into 1999 the US economy seemed to shrug off the problems that
plagued the rest of the world, showing strong performance across many sectors
of the economy. Spending in the US continued to be fueled not only by strong
consumer demand, but increased public sector outlays as states and the
Federal government anticipated surpluses and moved to spend on infrastructure
and other improvements. The manufacturing sector saw improved health as well,
as inventories stayed under control and improvement in our net trade balance.
This was also reflected in the steady rise in the Purchasing Managers' Index,
which increased steadily throughout the period. At the end of June, 1999, the
Index recorded its highest reading since July 1997. Production and new orders
were two of the Index's components that showed significant increases.
Looking at the various sectors of the economy, capital goods spending
remained strong. Public sector spending increased as the improved finances of
state and local governments translated into higher spending. Export orders
also appear to be on an upward trend.
While there is firm fundamental support for expanding domestic demand,
there are also indicators of a near-term moderation in growth. Retail sales,
which increased at a 14.5% annualized rate during the first quarter, slowed
to a still strong but more moderate pace of 7.9% during the second quarter of
1999. Employment growth and hours worked also slowed. In addition, the
significant increase in mortgage rates that occurred during the quarter
should slow housing purchases and construction, along with the sales of
related goods such as furniture.
In the midst of strong economic growth, inflation remained subdued. The
Consumer Price Index (CPI), after a large jump in April, 1999, remained
unchanged throughout the rest of the second calendar quarter. With industrial
capacity continuing to grow faster than production, firms have very little
pricing power. This has helped to keep inflation subdued in spite of strong
economic growth.
The combination of strong domestic growth and a strengthening of the
global economy caused the Federal Reserve to increase the Federal Funds rate
by 0.25 percentage point on June 29, 1999. At the time, policy makers
indicated the need to remain alert to the potential for "inflationary forces
that could undermine growth". Whether the Federal Reserve sees the need for
further tightening of monetary policy this year depends upon the strength
seen in the economic data released over the next months. As of this writing,
the market has factored in another 0.25 percentage point increase in
anticipation of when the Federal Reserve meets again in late August. Whether
that is the last increase or not is uncertain at this time.
The Stock Market
The first quarter of 1999 represented a continuation of the very narrow
performance that has characterized the stock market for the previous six
quarters. Again, large stocks significantly outperformed smaller stocks as
the S&P 500 Index returned 4.98% for the first quarter of 1999, and the S&P
600 Index (an index of small company stocks) returned -9.00%. In fact, two
companies (Microsoft and America Online) accounted for over half of the
return of the S&P500 Index, and only 10 companies accounted for the entire
increase.
Early in the second quarter of 1999, however, the stock market
experienced a dramatic shift away from growth stocks (stocks purchased with
the anticipation of above-average long-term earnings growth) to value stocks
(stocks with relative valuations below the average market valuations). This
shift came about as investors reasoned that rising interest rates would have
less of
a negative impact on value stocks than on growth stocks. In addition,
a recovering global economy was likely to be more of a positive for
value-oriented cyclical stocks than for growth stocks.
The shift lasted exactly one week (from April 12th to April 19th). The
magnitude was so great, however, that this one-week of performance caused
value stocks to outperform growth stocks for the entire quarter. In that one
week time period, large value stocks outperformed large growth stocks by more
than 11 percentage points. Mid-cap value stocks outperformed mid-cap growth
stocks by 8 percentage points and small-cap value stocks outperformed
small-cap growth stocks by 4 percentage points. Many of the large growth
stocks which had led the S&P 500 over the past several years, such as
Microsoft, Wal-Mart, General Electric, Merck and Cisco Systems, saw their
stock prices decline by 10% to 15% during that week. Value-oriented cyclical
stocks (the stocks of companies that are highly sensitive to the strength of
the economy) such as Alcoa and Caterpillar Tractor, which had lagged
the overall market in recent periods, had price increases of over 20% during
that week. Overall, traditional growth sectors of the market, such as
Healthcare and Business Services, were the worst performing sectors, while
more cyclical sectors such as Basic Materials and Capital Goods were the best
performing sectors for the first time since late 1997.
The Fed has been extremely outspoken about slowing the economy in an
effort to avoid inflation. Our discipline focuses on companies that have
demonstrated an ability to grow their earnings throughout an economic cycle
- -- these are precisely the types of companies investors gravitate to in times
when the economy is slowing and earnings are decelerating. Recent history
reinforces the wisdom of this discipline.
The Bond Market
On June 29, 1999, the Federal Reserve increased the Federal Funds rate
by 0.25 percentage point, ending months of speculation about the timing and
magnitude of their next move. The minutes from that meeting make it clear
that the Federal Reserve's mandate has changed from providing liquidity to
the global markets to defending the domestic economy against inflation. In
the accompanying statement, the Federal Reserve indicated that it believes
the "full degree" of 0.75% decrease in rates it provided last fall is no
longer necessary. The statement indicates that the Federal Reserve is ready
to take back the full 0.75% if inflation accelerates.
Anticipation of a Federal Reserve rate hike existed throughout most of
1999, which drove interest rates up by an average of over 1% during the
period, causing bond prices to fall. In fact, the decline in prices
outweighed the income provided by bonds, resulting in negative returns for
the six month period.
Treasury bonds suffered significantly during this time period as the
"flight to quality" that gripped the bond market after 1998's problems seemed
to dissipate. Corporate bonds also began to underperform Treasury bonds in
the second quarte as the expectation of higher interest rates appeared to
threaten corporate profits. During the period the best performing sector of
the bond market was mortgage-related securities. Mortgage-backed securities
are more defensive in nature, tending to outperform other fixed income
sectors in rising rate environments and to underperform when rates are
falling quickly.
We anticipate that the second half of the year may provide an
opportunity to increase our weighting in corporate bonds. Technical factors,
such as heavy supply and lack of liquidity, may cause this sector to continue
to underperform in the near term. Given that the fundamentals in the
corporate market remain strong, we believe that additional increases in the
relative rates on corporate bonds will represent an opportunity to increase
yields while maintaining our focus on credit quality.
We will also continue to maintain our overweight in mortgages as an
attractive, high quality source of yield. Finally, given that the difference
in yield between short and intermediate rates is greater than the difference
between intermediate and long rates, we view the intermediate part of the
yield curve as undervalued. We will maintain a more "bulleted" structure to
take advantage of the relative value in the intermediate part of the yield
curve. As always, we will continue to maintain the interest rate sensitivity
of the portfolios to be in line with their benchmark indices.
The Municipal Bond Market
After a relatively strong first quarter, 1999 (in relation to the
taxable market) the municipal market drifted lower in price throughout the
second quarter of 1999. Yields for intermediate-term municipal securities
increased by 0.50 percentage point during the quarter while yields for
longer-term municipal bonds rose by 0.30 percentage point. Hedge funds and
"crossover" buyers (investors who own both taxable and tax-exempt securities)
favored taxable securities during the quarter. This added to the price
pressure on municipal securities. Individual investors, however, were
attracted by higher yields and increased their demand, somewhat offsetting
the selling pressures. During the second quarter of 1999, the tax-exempt
market also found itself in the unusual position of having a light supply of
new issues and a very heavy secondary bond position. The combination of
rising interest rates, low primary issuance and heavy secondary supply caused
significant changes in the relationship of yields of longer-term and
shorter-term municipal securities.
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.
[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 all expenses. Since
the various indices are not actively managed funds, there are no expenses
netted against their returns.]
MUNDER BALANCED FUND
Fund Manager: The Munder Balanced Fund Committee
The Fund earned a return of 10.83% for the year ending June 30, 1999,
relative to the 6.36% return for the 60% S&P 500/40% Lehman Gov't/Corp. and
the 9.98% average return for the Lipper universe of balanced mutual funds.
The asset allocation of the Fund was approximately 35% fixed income and 65%
equities during the month. The Fund has earned above-average returns for the
one-month, three-month, six-month, and one-year time periods ending June 30,
1999.
The first half of 1999 was characterized by a strong equity market and
negative bond market. The stock portion of the Fund, therefore, was the key
to the strong absolute and relative performance of the Fund during the
quarter.
The equity portion of this Fund consists of stocks from our large and
small cap disciplines, as well as growth and value sectors. As a result, in a
significant reversal from the first quarter of this year, the strongest
performance came from the Fund's holdings of smaller capitalization stocks.
This
was a reflection of the broadening out of the market. Investors were
once again focusing on valuation and fundamentals, rather than simply
capitalization. In another shift from prior quarters, value stocks were
especially strong performers. These are stocks whose relative valuation is
below that of the market. This renewed focus on value stocks came about
because market participants reasoned that higher interest rates would have
less of a negative impact on stocks with relatively low valuations.
MUNDER GROWTH & INCOME FUND
Fund Manager: Otto G. Hinzmann, Jr.
The Fund exhibited a return of 6.95% for the year ending June 30, 1999,
relative to the 11.36% average return for the Lipper universe of equity
income mutual funds and the 22.74% return for the S&P 500 Index.
In a reversal of performance trends that characterized the previous six
quarters, cyclical stocks, those most sensitive to the economic environment,
outperformed growth stocks during the second quarter. While the S&P 500 Index
was up by 6.7% during the quarter on the basis of price, the basic industry
sector of the S&P 500 universe rose by 19.2% while the capital goods sector
generated a 13.3% return. The Fund was underweighted in stocks in these
sectors and this held back the Fund's performance during the period. Also
holding back returns was the relative weakness in the performance of the
Fund's healthcare holdings.
A key positive for the Fund's performance was the strong returns from
consumer cyclical holdings, up by 12.6% relative to the 4.9% return for the
S&P 500 consumer cyclical sector, as well as strong returns generated by
communication holdings, up by 19% compared with 12.7% for the S&P 500
communication sector..
The Fund's emphasis on high quality, established companies with strong
fundamentals, conservative valuations and significantly above-market dividend
yields represents a defensive investment strategy. This is a strategy that
should appeal to conservative investors in today's high valuation, high
volatility market.
MUNDER INDEX 500 FUND
Fund Managers: Todd B. Johnson and Ken A. Schluchter
The Fund earned a return of 21.99% for the year ending June 30, 1999,
compared to the 22.18% average return for the Lipper universe of mutual funds
with the objective of tracking the S&P 500 Index. The Fund has earned
above-average returns for the three-month and sox-month time periods ending
June 30, 1999.
The Fund continued to achieve its objective of tracking the total
return of the S&P 500 Index. The weightings of each of the 500 stocks held in
the Fund are monitored continually relative to their weights in the S&P 500
universe. Proprietary software is used to facilitate this process. Cash flows
are invested promptly in order to minimize their impact on the Fund's return.
MUNDER INTERNATIONAL EQUITY FUND
Fund Managers: Theodore Miller and Todd B. Johnson
The Fund generated a return of 10.94% for the year ending June 30,
1999, relative to the 8.78% return for the FT/S&P Actuaries World ex-U.S.
Index and the 4.83% average return for the Lipper universe of international
equity mutual funds. The Fund has earned above-average returns for the last
five-year time periods ending June 30, 1999. The Fund has outperformed the
FT/S&P Actuaries World ex-U.S. Index for the same time period.
The diversification of the 621 stock, 43 country Munder International
Equity Fund was a key factor in the strong relative performance of the Fund.
China, Indonesia and Russia, among the strongest markets worldwide during the
quarter, all had monthly dollar-based returns in excess of thirty percent
during the month of June alone. Significant strength was also seen in the
stock markets of the Asian emerging economies. These securities are held as
part of the Fund's strategy of holding predominantly all ADR's of foreign
companies trading in the U.S. with a market capitalization above $200
million. The theory behind this strategy is to replicate the global indices,
but provide the comfort of investing in companies with U.S. reporting
obligations, subject to certain U.S. standards, with the liquidity that U.S.
markets provide, in U.S. currency. We are very pleased by the performance of
this portion of the Fund.
A second portion of the Fund, which is made up of companies selected by
our propriety economic quantitative modeling software, we attempt to find
those companies best suited to perform within their specific markets, based
upon an analysis of the specific economic data in those countries. This
portion represents 15% of the portfolio. We rely exclusively on the software
for timing of our buy/sell discipline. If you look at the ADR portion of the
portfolio as an attempt to replicate the global investment indices, then this
portion provides the fund the opportunity outperform, if possible. Even
though past returns are not a predictor of future performance, we are pleased
that we have been able to provide above average returns for the standard
periods through the last five years.
The Fund is not hedged to any particular currency, and relative
strength or weakness in foreign currencies impact the holdings of the Fund
since in most cases ADR's tend to trade relative to their parent securities
in their home countries. As a result, strength in the U.S. dollar has
negatively affected the fund by approximately 9.22 percentage points for the
year.
MUNDER MICRO-CAP EQUITY FUND
Fund Manager: The Munder Micro-Cap Fund Committee
The Fund earned a return of 9.04% for the year ending June 30, 1999,
relative to the 14.35% return for the Wilshire Micro-Cap Index and the 18.32%
average return for the Lipper universe of micro cap mutual funds. The Fund
has earned above-average returns for the three-month and two- year time
periods ending June 30, 1999.
Smaller capitalization stocks rebounded during the second calendar
quarter of 1999 as the market broadened out. This was a key positive factor
in the strong absolute performance of the Fund. Relative performance was
helped by strong stock selection, primarily in the technology, healthcare and
consumer cyclicals sectors.
In addition, the quarter saw increased activity of small companies
coming to market via Initial Public Offerings (IPO's). The Fund was
well-positioned to take advantage of many of these IPO's.
While much of the enthusiasm surrounding the technology and Internet sectors
has helped the performance of this Fund, we continue to caution and remind
shareholders of the volatility of these sectors and markets, and that there
can be no assurance that these conditions will continue.
MUNDER MULTI-SEASON GROWTH FUND
Fund Manager: Leonard J. Barr II, CFA
The Fund generated a return of 11.40% for the year ending June 30,
1999, relative to the 22.74% return for the S&P 500 Index and the
18.87% average return for the Lipper universe of growth stock mutual funds.
The Fund has earned an above-average return for the one-month time period
ending June 30,
1999.
During the second quarter of 1999, the stock market experienced a
dramatic shift away from growth stocks and toward value stocks. Growth stocks
are chosen on the basis of anticipated above- average earnings growth while
value stocks are those whose relative valuations tend to be below the average
market valuation. This shift occurred largely because investors reasoned that
rising interest rates would have less of a negative impact on value stocks.
As a result of this shift, healthcare and business services, traditional
growth areas, were among the worst performing sectors of the overall market.
Value sectors, such as capital goods, were the best performing sectors for
the first time since late 1997.
For the period, the best performing sectors were capital goods,
technology and diversified companies. Healthcare, basic industries and
services were among the weaker sectors
The earnings per share growth rate for the Fund's holdings over the
next twelve months is estimated at 17%. This compares with estimated earnings
per share growth of 10% for the S&P 500 universe of stocks. The price paid
for those earnings, represented by the price to earnings ratio of the Fund
over the next twelve months is 26 relative to 27 for the S&P 500 stocks.
MUNDER REAL ESTATE EQUITY INVESTMENT FUND
Fund Managers: Peter K. Hoglund, CFA and Robert E. Crosby, CFA
The Fund generated a return of -6.66% for the year ending June 30,
1999, relative to the -8.98% return for the NAREIT Index (equity only) and
the -5.55% average return for the Lipper universe of real estate mutual
funds. The Fund has earned above-average returns relative to the Lipper
universe for the two-year time periods ending June 30, 1999. It has
outperformed the NAREIT Index for the one-month, three-month, six-month,
one-year and two-year time periods.
The second quarter of 1999 was strong for REITs as investors shifted
away from high valuation, high volatility stocks in a search for value and
strong fundamentals. Strong first quarter cash flow, and expectations for
strong cash flow growth in the second quarter, made REITs an attractive
sector of the equity market. Even with the rally in this sector of the market
during the second quarter, REITs still appear to offer the potential for
competitive risk-adjusted returns going forward.
MUNDER SMALL-CAP VALUE FUND
Fund Managers: Gerald L. Seizert, CFA, Edward O. Eberle, CFA and Brian R.
Wall, CFA
The Fund earned a return of -5.33% for the year ending June 30, 1999,
relative to the 1.50% return for the Russell 2000 Index, the 5.71% return for
the Russell 2000 Value Index and the 1.93% average return for the Lipper
universe of small cap mutual funds. The Fund has earned above-average
returns for the three-month time period ending June 30, 1999.
During the second quarter of 1999, there was a significant rebound in
small company stocks and in value stocks. The shift toward value stocks
occurred largely because investors reasoned that rising interest rates would
have less of a negative impact on value stocks than on the higher valuation
growth stocks. In addition, the greater strength of the global economy will
have more of an impact on value-oriented cyclical stocks than on growth
stocks. The resurgence of both small capitalization stocks and value stocks
were positive for the Fund's performance.
Particularly strong results for the quarter occurred in the financials,
autos and transportation, consumer cyclical and technology sectors of the
Fund. Strong stock selection was a key to performance in each group.
Consolidation activity drove up the returns in the financials sector. Autos
and transportation benefited from overall market strength. Weaker sectors of
the Fund included utilities and energy.
MUNDER SMALL COMPANY GROWTH FUND
Fund Manager: The Small Company Growth Fund Committee
The Fund generated a return of -10.92% for the year ending June 30,
1999, compared to the 8.30% return for the Russell 2000 Growth Index and the
1.93% average return for the Lipper universe of small cap mutual funds. The
Fund has earned above-average returns for the one- month, five-year and
ten-year time periods ending June 30, 1999.
Strong performance in the basic industry and technology sectors offset
weakness among the consumer cyclical and transportation holdings. Strength in
the basic industries group came largely from strong stock selection.
Technology holdings, which we have overweighted in the Fund, benefited from
overall market strength. Consumer cyclicals suffered from overall weakness in
the small cap sector of the market.
The quality of the portfolio remains high and the valuation reasonable.
As of June 30, earnings growth for the portfolio was 23%, with a 19% return
on shareholders' equity. The valuation levels of the companies in the
portfolio remained attractive at 19 times estimated 1999 earnings.
MUNDER VALUE FUND
Fund Managers: Gerald L. Seizert, CFA, Edward O. Eberle, CFA and Brian R.
Wall, CFA
The Fund exhibited a return of -0.48% for the year ending June 30,
1999, relative to the 16.36% return for the Russell 1000 Value Index and the
14.48% average return for the Lipper universe of growth & income mutual
funds. (There is no Lipper universe representing value funds. The growth &
income universe is closest to the Fund in terms of investment
characteristics.) The Fund has earned above-average returns for the
three-month time period ending June 30, 1999.
During the second quarter of 1999, there was a significant rebound in
the performance of value stocks relative to growth stocks. Investors reasoned
that rising interest rates would have less of a negative impact on the
lower-valuation value stocks. In addition, renewed strength in the global
economy was better for value-oriented cyclical stocks than for growth stocks.
Technology, financials and communication services were the best
performing sectors of the Fund during the quarter. Technology benefited from
both overall market strength and strong stock selection. Good stock selection
in the financials sector helped to overcome the sector's weak overall market
performance. Communication services gained on the strength of GTE Corp. in
another strong sector of the market.
MUNDER FRAMLINGTON EMERGING MARKETS FUND
Fund Manager: The Munder Framlington Emerging Markets Fund Committee,
headed by William Calvert
The Fund earned a return of 29.03% for the year ending June 30, 1999,
relative to the 28.71% return for the MSCI Emerging Markets Free Index and
the 16.02% average return for the Lipper universe of emerging markets mutual
funds. The Fund has earned above-average returns for the one-month,
three-month, six-month, one-year and two-year time periods ending June 30,
1999.
Emerging markets enjoyed a strong quarter led by a resurgence in Asian
markets. The catalyst for this rebound was evidence that the pace of economic
recovery in Asia was quicker than previously supposed. Korea has been the
leader, with its GDP (Gross Domestic Product) growing by 4.6% in the first
quarter. Inflation is benign across the region, currencies have been strong
and interest rates have remained low. The pace of industrial and financial
restructuring has continued to be strong and this is encouraging increased
foreign investment. In addition, recent numbers from Germany and Japan
suggest that the pace of economic growth in other countries is recovering as
well. As a major exporting region, Asia is poised to be the main beneficiary
from such an event.
Having been the laggard for so long, the Chinese markets finally
started to participate in the rebound following a substantial cut in interest
rates on savings deposits as well as in the government taxation of equities.
The government has effectively given its stamp of approval for a bull market.
This was not lost on market participants who readily created one as they
switched from savings deposits to stocks. With the continuing prospect of
membership in the World Trade Organization and signs of a pick up in exports,
the Chinese stock market should continue to perform well. We increased the
Fund's overweighted position in China during June.
The end of the war in Kosovo and evidence of an economic recovery in
Germany had only a limited impact on Eastern European markets. Hungary
has been the worst performer as investors focus on its current account and
budget deficits. Russia is now the star performer in this region, helped by
further strength in oil prices and encouraging words from the IMF. With the
Russian economy showing tentative signs of recovery and commodity prices
remaining firm, this improvement in the Russian markets may continue.
One concern of investors has been the impact of higher U.S. interest
rates on emerging markets. The most significant aspect of the Asian crisis
was the shift from pegged to floating exchange rates. As a consequence, the
interest rate links between the U.S. and emerging markets are no longer as
direct as they were in the past. In addition, following the devaluation in
Brazil, a tight linkage with the U.S. dollar no longer exists in either
Brazil or Mexico, the two largest Latin countries. This helps to isolate
these economies from interest rate increases in the U.S.
The Brazilian real has adjusted downwards following its surge to the
1.65 level. This, along with the pick up in commodity prices, should improve
the chances of Brazil finally producing export growth. Although Mexico is
inextricably linked to the U.S. economy it need not be undone by a rise in
U.S. interest rates. It is far more important for Mexico and other emerging
markets that the U.S. economy remains strong.
MUNDER FRAMLINGTON HEALTHCARE FUND
Fund Manager: Antony Milford
The Munder Framlington Healthcare Fund generated a -10.70% return for
the year ending June 30, 1999, compared to the 14.02% return for the S&P
Healthcare Index and the 7.98% average return for the Lipper universe of
health/biotechnology mutual funds. The Fund has earned above- average returns
for the three-month time period ending June 30, 1999.
Shortly after we wrote in our last report that the bear market in U.S.
small capitalization healthcare stocks showed no signs of abating, there was
an abrupt change in market sentiment. The large pharmaceutical stocks sold
off by 25% and the biotech sector rallied. There were specific reasons why
the large drug stocks suffered price declines during the quarter. There was a
general move away from drug stocks and towards more economically sensitive
stocks as the evidence of a global economic rebound became clearer. More
specifically, talk of the introduction of Medicare drug benefits intensified,
culminating in President Clinton's recent proposals. This also had a negative
impact on drug stocks. Our own concern about the large drug companies, apart
from high valuations, is that there are major drug patent expirations that
start in the year 2000. The drug industry will have to accelerate its
development of new drugs or suffer a decline in growth compared to the 1996
to 1999 period.
The recent acquisitions of biotechnology companies by larger drug
companies (Sugen acquired by Pharmacia & Upjohn and Alza and Perclose
acquired by Abbott) are clear illustrations of the growing belief in the
growth prospects of the biotechnology industry. In the U.K., the Celltech/
Chiroscience deal illustrates another ongoing trend mergers of two biotech
companies designed to diversify risk and achieve sufficient critical mass to
attract wider investment interest. There are still many well-financed biotech
companies with late stage products that will offer substantial returns,
provided the clinical results pan out.
The device sector in general has rallied less strongly than the
biotechs. In this sector, however, Minimed (insulin pumps), Perclose
(suturing devices for the sealing of arterial puncture sites) and Molecular
Devices (specialized laboratory equipment) have been notable exceptions. We
are particularly interested in companies that will be providing the equipment
and services necessary for the pharmaceutical industry to make the best use
of the developments that will come out of the revolution related to gene
research.
The biggest excitement in the healthcare service sector has been among
the healthcare companies using the Internet to distribute healthcare
information, products and databases. We have added selectively to our
holdings in the healthcare information technology area on the grounds that
Internet companies will need the access to doctors that is provided by these
information-focused companies. We have also added to the Fund's positions in
the pharmacy benefit managers. These firms stand to benefit from any new
Medicare drug coverage as well as from E-Commerce opportunities.
In our view, the better climate in the biotechnology sector seems to be
firmly established, as does the broadening out of the U.S. market which is so
vital to the Healthcare Fund. Finally, and importantly, there are still many
inexpensive stocks in the healthcare sector and a virtual absence of
speculative money.
MUNDER FRAMLINGTON INTERNATIONAL GROWTH FUND
Fund Manager: The Munder Framlington International Growth Fund Committee,
headed by Simon Key
The Fund generated a return of 7.02% for the year ending June 30, 1999,
relative to the 7.92% return for the Morgan Stanley EAFE Index and the 4.83%
average return for the Lipper universe of international equity mutual funds.
The Fund has earned above-average returns for the one-month, three-month,
six-month, one-year and two-year time periods ending June 30, 1999.
The economic backdrop in the U.K. improved during the second quarter of
1999. Despite the stronger economy and an upturn in the housing market,
inflationary pressures remained subdued. Consolidation activity continued
with Wal-Mart outbidding Kingfisher for Asda, Lloyds Bank announcing an
agreed purchase of Scottish Widows and Whitbread in a contested bid for
Allied Domecq's pubs business. Even with all of this positive news, the
British stock market struggled as yields rose throughout the quarter. Not
until the end of the quarter were interest rates cut to 5%. They now stand
2.5 percentage points below the interest rate highs of 1998. This cut in
rates should stimulate consumer activity over the next quarters.
After a lackluster first quarter, Continental Europe began to show some
signs of a rebound. German data in particular seem to demonstrate that the
economy had bottomed out and that upgrades in expectations regarding both GDP
and earnings are likely. The euro has continued to be weak relative to the
dollar and sterling, a factor that should help the recovery of Europe's
exporters.
Emerging markets rallied strongly during the second quarter, led by the
markets in Asia. The re-emergence of the Asian economies, a result of falling
interest rates, corporate restructuring and a pick up in intra-Asian trade
volumes, has occurred much more rapidly than anticipated. This has led to
continued upward revisions to earnings forecasts for Asian companies.
Japanese stocks continued their advance in the second quarter of 1999,
with the Topix index gaining 11.8% in local currency. The improved market was
largely due to restructuring announcements from a number of companies and
better news on the Japanese economy. The release of strong GDP data during
the quarter sent a clear signal to investors that the Japanese economy has at
least stabilized. Foreign investors, who are mostly underweighted in Japanese
equities, were the main buyers.
In Latin America, subdued inflation in Brazil has allowed interest
rates to fall there although this has not yet translated into renewed
interest in the Brazilian equity market. One reason for investors' caution is
that the risk premium attached to Brazilian debt has remained stubbornly
high.
[Please note: In some of the following commentary, the Munder bond
funds are compared to Lehman indices. It is important to remember that the
returns for the Munder bond funds are reported after the deduction of all
expenses. Since the Lehman indices are not actual 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 1.72% return for the year ending June 30, 1999,
compared to the 2.70% return for the Lehman Government/Corporate Bond Index
and the 1.10% average return for the Lipper universe of corporate debt A
rated mutual funds. The Fund has earned above-average returns for the
one-month, one-year and two-year time periods ending June 30, 1999.
Returns for corporate bonds lagged Treasury bonds as higher interest
rates threatened corporate profits. Although the underperformance of
corporate bonds held back the returns of the Fund, this was largely offset by
the strong performance of the mortgage-related securities which had a
relatively heavy weighting in the Fund. Typically, when interest rates fall,
mortgage borrowers find it an attractive time to refinance their loans. This
refinancing leads to pre-payments on mortgage- backed securities that must be
reinvested at lower rates. As a result, mortgage-backed securities become
relatively unattractive when interest rates are falling. The current
environment of higher interest rates has improved the attractiveness of
mortgage-backed securities by reducing the concerns of accelerating
prepayments.
Corporate bonds have begun to look more attractive recently. Given that
the fundamentals in the corporate sector remain strong, we believe
that additional increases in the relative rates on corporate bonds will
provide an opportunity to increase yields while maintaining our focus on
credit quality. We will also continue to maintain our overweight in mortgages
as an attractive, high quality source of yield. In addition, we will take
advantage of the relative value in the intermediate- term sector of the bond
market. As always, we will continue to keep the interest rate sensitivity of
the Fund in line with its benchmark index.
MUNDER INTERMEDIATE BOND FUND
Fund Managers: Anne K. Kennedy and James C. Robinson
The Fund generated a return of 2.83% for the year ending June 30, 1999,
relative to the 4.19% return for the Lehman Intermediate Government/Corporate
Bond Index and a 3.38% average return for the Lipper universe of short
intermediate investment grade debt mutual funds.
During the second quarter of 1999, the Federal Reserve increased the
Federal Funds rate by 0.25 percentage point, ending months of speculation
about the timing and magnitude of their next move. Anticipation of this rate
hike drove interest rates up approximately 1% during the year to date period.
The longer maturity of the Fund relative to other intermediate funds held
back its relative performance during the quarter. However, this negative was
partially offset by the Fund's heavy weighting of mortgage-related
securities, the best performing sector of the bond market during the quarter.
Mortgage-backed securities are more defensive in nature, tending to
outperform other fixed income sectors in rising rate environments and to
underperform when rates are falling quickly.
Corporate bonds have begun to look more attractive recently. Given that
the fundamentals in the corporate sector remain strong, we believe that
additional increases in the relative rates on corporate bonds will provide an
opportunity to increase yields while maintaining our focus on credit quality.
We will also continue to maintain our overweight in mortgages as an
attractive, high quality source of yield. In addition, we will take advantage
of the relative value in the intermediate- term sector of the bond market. As
always, we will continue to keep the interest rate sensitivity of the Fund in
line with its benchmark index.
MUNDER INTERNATIONAL BOND FUND
Fund Managers: Sharon E. Fayolle and Gregory A. Prost, CFA
The Fund earned a return of 3.92% for the year ending June 30, 1999,
relative to the 4.87% return for the Salomon Brothers Non-U.S. $ World
Government Bond Index and 2.48% average return for the Lipper universe of
international income mutual funds. The Fund has earned above- average returns
for the one-year period ending June 30, 1999.
The U.S. dollar strengthened further against the euro in June,
continuing a trend that has been in place for the first six months of 1999.
For the quarter, the euro was down by nearly 4.5%. This brought its
year-to-date underperformance versus the U.S. dollar to -12%. The Japanese
yen also trailed the dollar for the quarter and year-to-date, underperforming
by 2% and 7% respectively. In contrast, the currencies of the dollar-bloc
countries, Australia and Canada, outperformed the U.S. dollar for the first
six months of the year.
Global interest rates rose during the quarter, largely due to higher
U.S. interest rates and a general pick up in global economic growth rates.
Japan was the best performing bond market during the second quarter after
reporting a larger than expected increase in first quarter economic activity.
Japan is the only country in the Salomon Brothers Index whose interest rates
have fallen since the beginning of the year. The Bank of Japan continues to
keep rates artificially low and the yen weak in order to stimulate their
stagnant economy.
Europe is showing signs of coming out of their recent economic slump in
response to the lower interest rate environment they experienced for most of
last year. However, the recent increase in global interest rates may keep
growth subdued for the remainder of the year. Both Canada and Australia
benefited from the improved environment for commodity-based products and from
their currencies' ties to the U.S. dollar.
The performance of the Fund was held back somewhat by its lack of
exposure to emerging markets and its underweighting of Japan relative to
Europe. The overweighting of Canada, however, helped to boost the Fund's
returns.
The Fund's exposure to Japan has been increased in recent months,
bringing the Fund's weighting in Japan close to neutral versus its Salomon
benchmark. We have underweighted core Europe and continue to overweight
Canada.
MUNDER U.S. GOVERNMENT INCOME FUND
Fund Managers: Peter G. Root and James C. Robinson
The Fund exhibited a return of 2.11% for the year ending June 30, 1999,
relative to the 3.04% return for the Lehman Government Bond Index and the
1.48% average return for the Lipper universe of general U.S. government
mutual funds. The Fund has earned above-average returns for the one-month,
three-month, six-month, one-year, two-year, three-year, five-year and
ten-year time periods ending June 30, 1999.
After months of speculation about the timing and magnitude of their
next move, the Federal Reserve increased the Federal Funds rate by 0.25
percentage point on June 30. Anticipation of a rate hike had driven interest
rates up by approximately 1% during the six-month period, with a
corresponding decline in bond prices. In fact, the magnitude of the price
decline outweighed the income provided by bonds, resulting in a negative
return for the quarter.
Although the general fixed income market experienced negative returns
during the quarter, the Fund's relative performance benefited from its
continued exposure to government-related mortgage-backed securities. As
interest rates rose during the quarter, it became less attractive to
refinance mortgages. As a result, concerns about prepayments were reduced and
mortgages became the top performing bond market sector during the quarter. We
will continue our overweight in mortgages as an attractive, high quality
source of yield. As always, we will keep the interest rate sensitivity of the
Fund in line with its benchmark index.
MUNDER MICHIGAN TAX-FREE BOND FUND
MUNDER TAX-FREE BOND FUND
Fund Manager: Talmadge D. Gunn
The Munder Michigan Tax-Free Bond Fund earned a return of 0.99% for the
year ending June 30, 1999, relative to the 1.35% average return for the
Lipper universe of Michigan municipal debt mutual funds. The Fund has earned
above-average returns for the two-year and three-year time periods ending
June 30, 1999. The Fund is also measured against a custom index made up of a
combination of the Lehman 10-year, 15-year and 20-year municipal bond
indexes. This custom index had a return of 2.54% for the year ending June 30,
1999.
The Munder Tax-Free Bond Fund earned a return of 0.82% for the year
ending June 30, 1999 compared to the 1.13% average return for the Lipper
universe of general municipal debt mutual funds. The Fund has earned
above-average returns for the two-year time period ending June 30, 1999. The
Fund is also measured against a custom index made up of a combination of the
Lehman 10-year, 15-year and 20-year municipal bond indexes. This custom index
had a return of 2.54% for the year ending June 30, 1999.
The municipal market drifted lower in price throughout the second
quarter of 1999. Yields for intermediate-term municipal securities increased
by 0.50 percentage point during the quarter while yields for longer-term
municipal bonds rose by 0.30 percentage point. Hedge funds and "crossover"
buyers (investors who own both taxable and tax-exempt securities) favored
taxable securities during the quarter. This added to the price pressure on
municipal securities. Individual investors, however, were attracted by higher
yields and increased their demand, somewhat offsetting the selling pressures.
During the quarter, the tax-exempt market also found itself in the unusual
position of having a light supply of new issues and a very heavy secondary
bond position. The combination of rising interest rates, low primary issuance
and heavy secondary supply caused significant changes in the relationship of
yields of longer-term and shorter-term municipal securities.
Investors, attracted by higher yields, began to favor longer
maturities. As a result, the yield differential between 10-year and 20-year
tax-exempt securities narrowed by 33%. In contrast, the yield differential
between one-year and five-year municipal securities widened by 22% during the
second quarter.
Sector performance was led by housing bonds and pre-refunded
securities. Given the environment of rising interest rates, these securities
were favored because of their attractive income flows, low price volatility
and generally defensive characteristics. Hospital bonds lagged in performance
as non-profit hospitals continued to experience credit rating
downgrades at a rapid pace compared to year-ago levels. Quality spreads
widened modestly as a result of technical factors rather than any fundamental
changes in the market.
Both of the tax-exempt longer-term bond Funds were overweighted in
bonds with maturities in the 10-year to 15-year range. This was the weakest
sector of the municipal market. As a result, this overweighting held back the
performance of the Funds. In addition, the overall maturity structure of the
Funds made them particularly price-sensitive to changes in interest rates.
This had a negative impact on the Funds' returns during a quarter with rising
yields and falling prices.
We will continue to seek high quality and readily tradable securities
that can hold their value in volatile markets. There is still a component of
uncertainty regarding Federal Reserve activities. In this environment, we
believe that investors will continue to favor high quality securities.
MUNDER TAX-FREE SHORT-INTERMEDIATE BOND FUND
Fund Manager: Talmadge D. Gunn
The Fund earned a return of 2.27% for the year ending June 30, 1999,
relative to the 3.27% return of the Lehman Mutual Fund Intermediate/Short
Muni Index and the 2.51% average return for the Lipper universe of short
intermediate municipal debt mutual funds. The Fund has earned above-average
returns for the two-year, three-year, five-year and ten-year time periods
ending June 30, 1999.
The Fund was underweighted in securities with maturities in the
one-year to three-year range. This was the strongest sector of the
short/intermediate segment of the tax-exempt market. As a result, this
underweighting held back the overall performance of the Fund.
We will continue to seek high quality and readily tradable securities
that can hold their value in volatile markets. There is still a component of
uncertainty regarding Federal Reserve activities. In this environment, we
believe that investors will continue to favor high quality securities.
Hypotheticals and Total Returns
The following graphs represent the performance of the Funds since
inception (or for the last 10 calendar years for Funds in existence greater
than 10 years), which includes a period of time when the Funds were managed
by Munder Capital Management (approximately fifty-three months) and a period
of time when the Funds were managed by the predecessor. The Lipper mutual
fund averages were derived from a universe of only those mutual funds that
were in existence as of the inception date of the Funds and are comprised of
mutual funds which are categorized under the Funds' respective objectives by
Lipper Analytical Services, Inc.
Balanced Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a 10,000 Initial Investment
60% S&P 500/
40% Lehman Lipper Balanced/
Class K S&P 500 Gov't/Corp Funds Average
------- ------- ------------ ---------------
4/16/93 $10,000.00 $10,000.00 $10,000.00 $10,000.00
4/30/93 9,890.00 10,000.00 10,000.00 10,157.00
5/31/93 10,030.00 10,267.00 10,158.00 10,273.00
6/30/93 10,100.00 10,297.00 10,267.00 10,294.00
7/31/93 10,092.00 10,255.00 10,268.00 10,602.00
8/31/93 10,384.00 10,644.00 10,595.00 10,638.00
9/30/93 10,434.00 10,562.00 10,561.00 10,739.00
10/31/1993 10,475.00 10,780.00 10,709.00 10,589.00
11/30/1993 10,222.00 10,678.00 10,600.00 10,774.00
12/31/1993 10,516.00 10,807.00 10,696.00 11,033.00
1/31/94 10,685.00 11,174.00 10,979.00 10,822.00
2/28/94 10,503.00 10,871.00 10,704.00 10,422.00
3/31/94 10,046.00 10,398.00 10,318.00 10,440.00
4/30/94 9,990.00 10,531.00 10,364.00 10,483.00
5/31/94 9,909.00 10,703.00 10,460.00 10,291.00
6/30/94 9,593.00 10,441.00 10,294.00 10,522.00
7/31/94 9,781.00 10,784.00 10,580.00 10,794.00
8/31/94 10,067.00 11,225.00 10,846.00 10,593.00
9/30/94 9,954.00 10,950.00 10,619.00 10,650.00
10/31/1994 10,097.00 11,196.00 10,762.00 10,390.00
11/30/1994 9,809.00 10,789.00 10,510.00 10,489.00
12/31/1994 9,947.00 10,949.00 10,633.00 10,626.00
1/31/95 9,999.00 11,232.00 10,881.00 10,952.00
2/28/95 10,298.00 11,670.00 11,240.00 11,149.00
3/31/95 10,486.00 12,013.00 11,474.00 11,346.00
4/30/95 10,590.00 12,367.00 11,746.00 11,719.00
5/31/95 10,932.00 12,861.00 12,223.00 11,959.00
6/30/95 11,259.00 13,159.00 12,438.00 12,240.00
7/31/95 11,604.00 13,595.00 12,682.00 12,343.00
8/31/95 11,667.00 13,629.00 12,761.00 12,622.00
9/30/95 11,968.00 14,204.00 13,152.00 12,585.00
10/31/1995 11,915.00 14,153.00 13,190.00 12,974.00
11/30/1995 12,262.00 14,773.00 13,639.00 13,144.00
12/31/1995 12,272.00 15,058.00 13,881.00 13,383.00
1/31/96 12,558.00 15,570.00 14,218.00 13,436.00
2/29/96 12,695.00 15,715.00 14,201.00 13,487.00
3/31/96 12,759.00 15,866.00 14,252.00 13,631.00
4/30/96 12,939.00 16,100.00 14,360.00 13,800.00
5/31/96 13,152.00 16,514.00 14,601.00 13,811.00
6/30/96 13,193.00 16,577.00 14,701.00 13,415.00
7/31/96 12,681.00 15,845.00 14,273.00 13,663.00
8/30/96 12,905.00 16,180.00 14,462.00 14,171.00
9/30/96 13,553.00 17,090.00 15,092.00 14,436.00
10/31/1996 13,650.00 17,561.00 15,488.00 15,098.00
11/30/1996 14,121.00 18,887.00 16,375.00 14,934.00
12/31/1996 13,817.00 18,513.00 16,094.00 15,366.00
1/31/97 14,135.00 19,669.00 16,794.00 15,374.00
2/28/97 13,999.00 19,824.00 16,897.00 14,937.00
3/31/97 13,493.00 19,011.00 16,350.00 15,361.00
4/30/97 13,882.00 20,144.00 17,102.00 16,047.00
5/31/97 14,569.00 21,376.00 17,888.00 16,529.00
6/30/97 14,992.00 22,326.00 18,519.00 16,430.00
7/31/97 15,912.51 24,103.15 19,105.68 17,350.08
8/30/97 15,428.77 22,753.37 18,378.14 16,897.24
9/30/97 16,143.12 24,000.26 19,097.83 17,530.89
10/31/1997 15,923.57 23,198.65 18,837.33 17,229.36
11/30/1997 16,085.99 24,272.75 19,400.57 17,484.35
12/31/1997 16,250.07 24,690.24 19,682.26 17,713.40
1/31/98 16,199.70 24,964.30 19,924.36 17,823.22
2/28/98 16,849.30 26,764.23 20,770.34 18,557.54
3/31/98 17,299.18 28,134.55 21,434.16 19,079.00
4/30/98 17,311.29 28,418.71 21,606.92 19,201.11
5/31/98 17,081.05 27,929.91 21,476.42 19,007.18
6/30/98 17,369.72 29,063.87 22,087.21 19,290.39
07/31/1998 16,879.00 28,755.79 21,952.48 19,014.54
08/31/1998 15,089.83 24,597.71 20,220.43 17,350.77
09/30/1998 15,700.96 26,174.42 21,229.43 18,036.12
10/31/1998 16,412.22 28,302.40 22,205.98 18,744.94
11/30/1998 16,994.85 30,017.52 23,067.57 19,401.01
12/31/1998 17,997.55 31,746.53 23,886.47 20,016.03
01/31/1999 18,173.92 33,073.54 24,552.90 20,306.26
02/28/1999 17,348.83 32,044.95 23,860.51 19,753.93
03/31/1999 17,888.38 33,326.75 24,480.89 20,192.46
04/30/1999 18,464.38 34,616.49 25,073.32 20,832.57
05/31/1999 18,375.75 33,799.55 24,614.48 20,532.58
06/30/1999 19,250.44 35,675.42 25,404.61 21,062.32
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
----------------------------------------------------- ---------------------------------
60% S&P 500/
Balanced 40% Lehman Lipper Balanced One Five Since
Fund S&P 500 Gov't/Corp. Funds Average Year Years Inception
- -------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class K $19,251 $35,675 $25,405 $21,062 10.83% 14.95% 11.13%
</TABLE>
- -----------------------------------------------------------------------------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more or
less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
Figures for the Standard & Poor's Composite 500 Index ("S&P 500"), an
unmanaged index of common stock prices, include reinvestment of dividends.
The Lehman Brothers Government/Corporate Bond Index is a weighted composite
of (i) Lehman Brothers Government Bond Index, which is comprised of all
publicly issued, non-convertible debt of the U.S. Government or any agency
thereof, quasi-federal corporations, and corporate debt guaranteed by the
U.S. Government and (ii) Lehman Brothers Corporate Bond Index, which is
comprised of all public fixed-rate, non-convertible investment-grade domestic
corporate debt, excluding collateralized mortgage obligations.
Growth & Income Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a 10,000 Initial Investment
Lipper Equity
Income Funds
Class K S&P 500 Average
------- ------- -------------
07/05/1994 $10,000.00 $10,000.00 $10,000.00
07/31/1994 10,090.00 10,328.00 10,263.00
08/31/1994 10,190.00 10,750.00 10,591.00
09/30/1994 10,130.00 10,487.00 10,400.00
10/31/1994 10,154.00 10,723.00 10,459.00
11/30/1994 9,902.00 10,333.00 10,058.00
12/31/1994 9,944.00 10,486.00 10,131.00
01/31/1995 10,239.00 10,757.00 10,323.00
02/28/1995 10,594.00 11,176.00 10,654.00
03/31/1995 10,796.00 11,506.00 10,909.00
04/30/1995 11,052.00 11,844.00 11,156.00
05/31/1995 11,442.00 12,317.00 11,491.00
06/30/1995 11,502.00 12,602.00 11,643.00
07/31/1995 11,657.00 13,020.00 11,970.00
08/31/1995 11,709.00 13,053.00 12,102.00
09/30/1995 12,221.00 13,603.00 12,501.00
10/31/1995 12,242.00 13,555.00 12,363.00
11/30/1995 12,825.00 14,149.00 12,890.00
12/31/1995 13,321.00 14,422.00 13,209.00
01/31/1996 13,648.00 14,912.00 13,516.00
02/29/1996 13,606.00 15,051.00 13,635.00
03/31/1996 13,750.00 15,195.00 13,818.00
04/30/1996 13,633.00 15,419.00 13,987.00
05/31/1996 13,782.00 15,816.00 14,213.00
06/30/1996 13,914.00 15,877.00 14,232.00
07/31/1996 13,445.00 15,176.00 13,709.00
08/30/1996 13,765.00 15,497.00 14,065.00
09/30/1996 14,322.00 16,368.00 14,601.00
10/31/1996 14,740.00 16,819.00 14,932.00
11/30/1996 15,577.00 18,089.00 15,777.00
12/31/1996 15,433.00 17,731.00 15,693.00
01/31/1997 16,000.00 18,838.00 16,285.00
02/28/1997 16,325.00 18,986.00 16,464.00
03/31/1997 15,884.00 18,208.00 15,954.00
04/30/1997 16,350.00 19,294.00 16,421.00
05/31/1997 17,188.00 20,473.00 17,372.00
06/30/1997 17,826.00 21,383.00 18,016.00
07/31/1997 19,113.57 23,085.09 19,169.02
08/30/1997 18,375.79 21,792.32 18,618.87
09/30/1997 19,393.81 22,986.54 19,555.40
10/31/1997 19,147.51 22,218.79 18,970.70
11/30/1997 19,653.00 23,247.52 19,554.99
12/31/1997 20,376.23 23,647.38 20,018.45
01/31/1998 20,488.30 23,909.86 20,004.43
02/28/1998 21,420.52 25,633.77 21,126.68
03/31/1998 22,564.37 26,946.21 22,068.93
04/30/1998 22,340.99 27,218.37 22,073.35
05/31/1998 21,963.42 26,750.21 21,720.17
06/30/1998 21,923.89 27,836.27 21,854.84
07/31/1998 21,042.34 27,541.21 21,238.53
08/31/1998 18,729.79 23,558.75 18,653.80
09/30/1998 19,728.09 25,068.86 19,655.51
10/31/1998 20,615.85 27,106.96 20,889.88
11/30/1998 21,446.67 28,749.64 21,752.63
12/31/1998 22,407.48 30,405.62 22,342.13
01/31/1999 22,268.56 31,676.58 22,225.95
02/28/1999 22,034.74 30,691.44 21,801.43
03/31/1999 23,235.63 31,919.09 22,296.33
04/30/1999 23,235.63 33,154.36 23,861.53
05/31/1999 22,877.80 32,371.92 23,620.53
06/30/1999 23,452.03 34,168.56 24,348.04
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------- ----------------------------
Lipper Equity
Growth & Income Funds One Since
Income Fund S&P 500 Average Year Inception
- -------------------------------------------------------------------------
Class K $23,450 $34,169 $24,348 6.95% 18.63%
Index 500 Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a 10,000 Initial Investment
Lipper S&P 500
Class K S&P 500 Funds Average
------- ------- --------------
12/7/92 $10,000.00 $10,000.00 $10,000.00
12/31/1992 10,017.00 10,122.00 10,120.00
1/31/93 10,109.00 10,207.00 10,198.00
2/28/93 10,243.00 10,346.00 10,335.00
3/31/93 10,457.00 10,564.00 10,550.00
4/30/93 10,201.00 10,309.00 10,288.00
5/31/93 10,470.00 10,584.00 10,557.00
6/30/93 10,497.00 10,615.00 10,582.00
7/31/93 10,450.00 10,572.00 10,535.00
8/31/93 10,839.00 10,972.00 10,927.00
9/30/93 10,757.00 10,888.00 10,843.00
10/31/1993 10,980.00 11,113.00 11,063.00
11/30/1993 10,870.00 11,007.00 10,953.00
12/31/1993 10,998.00 11,140.00 11,082.00
1/31/94 11,371.00 11,519.00 11,451.00
2/28/94 11,050.00 11,206.00 11,132.00
3/31/94 10,574.00 10,718.00 10,646.00
4/30/94 10,698.00 10,856.00 10,782.00
5/31/94 10,864.00 11,033.00 10,953.00
6/30/94 10,597.00 10,763.00 10,682.00
7/31/94 10,936.00 11,116.00 11,028.00
8/31/94 11,372.00 11,571.00 11,472.00
9/30/94 11,084.00 11,288.00 11,189.00
10/31/1994 11,338.00 11,542.00 11,438.00
11/30/1994 10,928.00 11,122.00 11,021.00
12/31/1994 11,089.00 11,287.00 11,181.00
1/31/95 11,365.00 11,579.00 11,468.00
2/28/95 11,813.00 12,030.00 11,909.00
3/31/95 12,154.00 12,384.00 12,254.00
4/30/95 12,508.00 12,749.00 12,609.00
5/31/95 12,997.00 13,257.00 13,104.00
6/30/95 13,288.00 13,565.00 13,402.00
7/31/95 13,731.00 14,015.00 13,839.00
8/31/95 13,760.00 14,050.00 13,871.00
9/30/95 14,331.00 14,642.00 14,448.00
10/31/1995 14,283.00 14,590.00 14,396.00
11/30/1995 14,902.00 15,230.00 15,021.00
12/31/1995 15,187.00 15,523.00 15,303.00
1/31/96 15,697.00 16,051.00 15,816.00
2/29/96 15,809.00 16,200.00 15,955.00
3/31/96 15,961.00 16,356.00 16,110.00
4/30/96 16,197.00 16,597.00 16,343.00
5/31/96 16,597.00 17,024.00 16,759.00
6/30/96 16,660.00 17,089.00 16,822.00
7/31/96 15,928.00 16,335.00 16,076.00
8/30/96 16,248.00 16,680.00 16,407.00
9/30/96 17,154.00 17,618.00 17,323.00
10/31/1996 17,630.00 18,104.00 17,798.00
11/30/1996 18,935.00 19,471.00 19,130.00
12/31/1996 18,550.00 19,085.00 18,747.00
1/31/97 19,681.00 20,277.00 19,906.00
2/28/97 19,828.00 20,436.00 20,057.00
3/31/97 18,993.00 19,598.00 19,226.00
4/30/97 20,117.00 20,767.00 20,364.00
5/31/97 21,337.00 22,037.00 21,594.00
6/30/97 22,290.00 23,016.00 22,555.00
7/31/97 24,046.45 24,848.07 24,330.08
8/30/97 22,695.04 23,456.58 22,970.03
9/30/97 23,918.30 24,742.00 24,210.41
10/31/1997 23,117.04 23,915.62 23,399.36
11/30/1997 24,164.24 25,022.91 24,459.35
12/31/1997 24,582.28 25,453.31 24,865.38
1/31/98 24,840.40 25,735.84 25,136.41
2/28/98 26,601.58 27,591.39 26,928.63
3/31/98 27,947.62 29,004.07 28,288.53
4/30/98 28,229.89 29,297.01 28,560.10
5/31/98 27,735.87 28,907.36 28,057.44
6/30/98 28,848.08 30,081.00 29,185.35
07/31/1998 28,530.75 29,640.53 28,868.72
08/31/1998 24,388.09 25,354.51 24,694.31
09/30/1998 25,956.24 26,979.74 26,267.33
10/31/1998 28,050.91 29,173.19 28,394.99
11/30/1998 29,719.94 30,941.09 30,101.53
12/31/1998 31,431.81 32,723.29 31,838.38
01/31/1999 32,726.80 34,091.13 33,134.21
02/28/1999 31,695.90 33,030.89 32,093.79
03/31/1999 32,935.21 34,352.13 33,361.50
04/30/1999 34,183.46 35,681.55 34,629.23
05/31/1999 33,366.47 34,839.47 33,798.13
06/30/1999 35,194.95 36,773.06 35,657.03
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
---------------------------------- ----------------------------
Lipper
Index 500 S&P 500 One Five Since
Fund S&P 500 Funds Average Year Years Inception
- --------------------------------------------------------------------------
Class K $35,170 $36,773 $35,657 21.99% 27.13% 21.12%
- -----------------------------------------------------------------------------
Please refer to the preceding and following pages for additional information
on performance and index description.
International Equity Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a 10,000 Initial Investment
FT/S&P Actuaries
World Index Lipper International
Class K ex U.S. Funds Average
------- ---------------- --------------------
11/23/1992 $10,000.00 $10,000.00 $10,000.00
11/30/1992 10,134.00 10,000.00 10,000.00
12/31/1992 10,172.00 10,031.43 10,132.00
1/31/93 10,044.00 10,035.08 10,172.00
2/28/93 10,296.00 10,375.68 10,412.00
3/31/93 10,634.00 11,294.40 11,013.00
4/30/93 10,847.00 12,340.30 10,571.00
5/31/93 11,050.00 12,685.28 11,819.00
6/30/93 10,963.00 12,374.65 11,576.00
7/31/93 11,331.00 12,926.47 11,929.00
8/31/93 11,979.00 13,534.57 12,658.00
9/30/93 11,882.00 13,170.59 12,575.00
10/31/1993 12,637.00 13,522.88 13,144.00
11/30/1993 12,250.00 12,373.92 12,644.00
12/31/1993 13,479.00 13,259.03 13,857.00
1/31/94 13,856.00 14,375.82 14,699.00
2/28/94 13,237.00 14,353.90 14,369.00
3/31/94 12,231.00 13,793.31 13,721.00
4/30/94 12,521.00 14,364.13 14,078.00
5/31/94 12,628.00 14,318.81 14,052.00
6/30/94 12,095.00 14,492.03 13,880.00
7/31/94 12,657.00 14,644.06 14,283.00
8/31/94 13,005.00 14,994.88 14,716.00
9/30/94 12,618.00 14,586.32 14,345.00
10/31/1994 12,918.00 15,052.62 14,616.00
11/30/1994 12,453.00 14,306.39 13,923.00
12/31/1994 12,325.00 14,367.78 13,771.00
1/31/95 11,741.00 13,758.95 13,113.00
2/28/95 11,965.00 13,650.78 13,154.00
3/31/95 12,296.00 14,501.53 13,589.00
4/30/95 12,705.00 15,082.59 14,039.00
5/31/95 12,891.00 14,883.79 14,171.00
6/30/95 13,076.00 14,615.55 14,181.00
7/31/95 13,690.00 15,538.66 14,956.00
8/31/95 13,397.00 14,973.69 14,672.00
9/30/95 13,758.00 15,227.31 14,911.00
10/31/1995 13,670.00 14,829.70 14,616.00
11/30/1995 13,738.00 15,278.47 14,791.00
12/31/1995 14,018.00 15,869.02 15,231.00
1/31/96 14,156.00 16,018.86 15,566.00
2/29/96 14,175.00 16,007.16 15,629.00
3/31/96 14,372.00 16,336.79 15,892.00
4/30/96 14,824.00 16,858.65 16,396.00
5/31/96 14,745.00 16,580.91 16,348.00
6/30/96 14,814.00 16,662.04 16,459.00
7/31/96 14,333.00 16,128.66 15,862.00
8/30/96 14,608.00 16,222.91 16,065.00
9/30/96 14,873.00 16,660.58 16,412.00
10/31/1996 14,873.00 16,513.72 16,362.00
11/30/1996 15,452.00 17,148.66 17,095.00
12/31/1996 15,424.00 16,899.51 17,195.00
1/31/97 15,258.00 16,364.66 17,122.00
2/28/97 15,402.00 16,674.46 17,363.00
3/31/97 15,336.00 16,618.93 17,420.00
4/30/97 15,535.00 16,718.30 17,478.00
5/31/97 16,707.00 17,896.13 18,509.00
6/30/97 17,494.00 18,814.57 19,374.00
7/31/97 17,849.65 19,132.54 19,902.91
8/30/97 16,626.95 17,699.51 18,457.96
9/30/97 17,449.99 18,644.66 19,596.81
10/31/1997 16,116.81 17,186.65 18,119.22
11/30/1997 15,794.47 16,934.01 17,950.71
12/31/1997 15,908.19 17,032.22 18,099.70
1/31/98 16,425.21 17,732.25 18,525.04
2/28/98 17,665.31 18,877.75 19,747.69
3/31/98 18,315.39 19,478.06 20,756.80
4/30/98 18,471.07 19,577.40 21,041.17
5/31/98 18,206.94 19,428.61 21,062.21
6/30/98 18,236.07 19,337.30 20,900.03
07/31/1998 18,101.64 19,408.93 20,939.11
08/31/1998 15,286.83 16,813.96 17,992.98
09/30/1998 15,167.59 16,449.09 17,365.02
10/31/1998 16,833.00 18,200.92 18,705.60
11/30/1998 17,550.08 19,172.85 19,682.03
12/31/1998 17,999.36 19,792.13 20,300.05
01/31/1999 18,433.15 19,740.67 20,367.04
02/28/1999 18,259.88 19,296.51 19,843.61
03/31/1999 19,065.14 20,240.11 20,542.10
04/30/1999 19,957.39 21,260.21 21,413.09
05/31/1999 19,115.18 20,188.70 20,503.03
06/30/1999 20,231.51 21,044.70 21,538.43
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
---------------------------------------- ----------------------------
FT/S&P
International Actuaries Lipper
Equity World Index International One Five Since
Fund ex U.S. Funds Average Year Years Inception
- -----------------------------------------------------------------------------
Class K $20,230 $21,045 $21,538 10.94% 10.83% 11.26%
Micro-Cap Equity Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a 10,000 Initial Investment
Wilshire Lipper
Micro-Cap Micro-Cap
Class K Index Fund Average
------- --------- ------------
12/31/1996 $10,000.00 $10,000.00 $10,000.00
1/31/97 10,464.00 10,474.00 10,421.00
2/28/97 10,781.00 10,253.00 10,107.00
3/31/97 10,010.00 9,788.00 9,494.00
4/30/97 9,664.00 9,474.00 9,204.00
5/31/97 11,117.00 10,382.00 10,343.00
6/30/97 12,681.00 11,052.00 11,146.00
7/31/97 14,491.21 11,620.07 11,936.25
8/30/97 15,856.28 12,119.74 12,585.58
9/30/97 17,844.66 13,252.93 13,784.99
10/31/1997 17,746.52 12,791.73 13,294.24
11/30/1997 17,478.55 12,546.13 13,066.91
12/31/1997 17,148.20 12,419.41 12,885.28
1/31/98 16,890.98 12,331.23 12,748.70
2/28/98 18,145.98 13,083.44 13,653.86
3/31/98 18,793.79 13,724.53 14,419.84
4/30/98 18,711.10 14,016.86 14,664.97
5/31/98 17,537.91 13,328.63 13,861.33
6/30/98 17,487.05 13,265.99 13,825.29
07/31/1998 16,488.54 12,422.01 12,932.22
08/31/1998 12,127.32 9,807.18 10,291.46
09/30/1998 12,517.82 10,167.10 10,812.21
10/31/1998 12,898.36 10,380.61 11,036.02
11/30/1998 14,759.60 11,179.92 12,092.17
12/31/1998 16,145.52 11,497.43 13,217.95
01/31/1999 15,924.33 12,026.31 13,683.22
02/28/1999 15,209.33 11,202.51 12,848.54
03/31/1999 14,715.02 10,873.15 12,623.69
04/30/1999 16,804.56 11,862.61 13,720.69
05/31/1999 17,550.68 12,154.43 14,290.10
06/30/1999 19,063.55 13,146.23 15,516.19
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------- ----------------------------
Wilshire Lipper
Micro-Cap Micro-Cap Micro-Cap One Since
Equity Fund Index Funds Average Year Inception
- --------------------------------------------------------------------------
Class K $19,049 $13,146 $15,516 9.04% 29.42%
- -----------------------------------------------------------------------------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will
fluctuate so that, an investor's shares, upon redemption, may be worth more
or less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
Figures for the S&P 500, an unmanaged index of common stock prices, include
reinvestment of dividends. The FT/S&P Actuaries World Index ex U.S. is an
unmanaged index used to portray global equity markets excluding the U.S. The
Index is weighted based on the market capitalization of those stocks selected
to represent each country and includes gross reinvestment of dividends. The
Wilshire Micro-Cap Index consists of all issues in the Wilshire 5000 Index
that rank below the 2,501st company based on size. The Wilshire 5000 Index
contains all publicly traded U.S. stocks, but excludes REITs and limited
partnerships.
Multi-Season Growth Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a 10,000 Initial Investment
Lipper Growth
Class K S&P 500 Funds Average
------- ------- -------------
6/23/95 $10,000.00 $10,000.00 $10,000.00
6/30/95 9,852.00 10,000.00 10,000.00
7/31/95 10,189.00 10,331.00 10,484.71
8/31/95 10,164.00 10,357.00 10,565.00
9/30/95 10,598.00 10,794.00 10,869.00
10/31/1998 10,607.00 10,755.00 10,703.00
11/30/1995 11,221.00 11,227.00 11,075.00
12/31/1995 11,240.00 11,443.00 11,105.00
1/31/95 11,714.00 11,832.00 11,348.00
2/29/96 11,883.00 11,942.00 11,604.00
3/31/96 11,958.00 12,057.00 11,702.00
4/30/96 12,144.00 12,235.00 12,081.00
5/31/96 12,382.00 12,550.00 12,398.00
6/30/96 12,568.00 12,598.00 12,227.00
7/31/96 12,059.00 12,042.00 11,500.00
8/31/96 12,390.00 12,296.00 11,901.00
9/30/96 13,250.00 12,988.00 12,585.00
10/31/1996 13,369.00 13,346.00 12,675.00
11/30/1996 14,182.00 14,353.00 13,438.00
12/31/1996 13,750.00 14,069.00 13,234.00
1/31/97 14,258.00 14,948.00 13,918.00
2/28/97 14,267.00 15,065.00 13,706.00
3/31/97 13,652.00 14,447.00 13,070.00
4/30/97 14,329.00 15,309.00 13,570.00
5/31/97 15,380.00 16,245.00 14,563.00
6/30/97 16,030.00 16,967.00 15,130.00
7/31/97 17,259.02 18,317.57 16,402.43
8/30/97 16,421.96 17,291.79 15,857.87
9/30/97 17,392.50 18,239.38 16,741.16
10/31/1997 16,964.64 17,630.18 16,106.67
11/30/1997 17,356.52 18,446.46 16,377.26
12/31/1997 17,901.52 18,763.74 16,532.84
1/31/98 17,704.60 18,972.02 16,610.55
2/28/98 19,276.77 20,339.90 17,864.64
3/31/98 20,155.79 21,381.30 18,657.83
4/30/98 20,137.65 21,597.25 18,879.86
5/31/98 19,547.62 21,225.78 18,326.68
6/30/98 20,044.13 22,087.55 18,991.94
07/31/1998 19,511.76 21,853.42 18,621.60
08/31/1998 16,227.93 18,693.42 15,565.79
09/30/1998 17,201.61 19,891.67 16,501.30
10/31/1998 18,520.97 21,508.86 17,697.64
11/30/1998 19,343.30 22,812.29 18,800.20
12/31/1998 20,600.62 24,126.28 20,270.38
01/31/1999 21,037.35 25,134.76 21,117.68
02/28/1999 20,246.35 24,353.07 20,287.76
03/31/1999 21,106.82 25,327.19 21,168.25
04/30/1999 21,573.28 26,307.36 21,697.45
05/31/1999 20,964.91 25,686.50 21,228.79
06/30/1999 22,331.82 27,112.10 22,517.37
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------------- ----------------------------
Multi-Season Lipper Growth One Since
Growth Fund S&P 500 Funds Average Year Inception
- -----------------------------------------------------------------------
Class K $22,331 $27,112 $22,517 11.40% 22.11%
Real Estate Equity Investment Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a 10,000 Initial Investment
Lipper
Real Estate
Class K NAREIT Funds Average
------- ------ -------------
10/3/96 $10,000.00 $10,000.00 $10,000.00
10/31/96 10,149.00 10,297.00 10,191.00
11/30/96 10,640.00 10,767.00 10,641.00
12/31/96 11,674.00 11,885.00 11,602.00
1/31/97 11,798.00 12,018.00 11,798.00
2/28/97 11,737.00 11,994.00 11,832.00
3/31/97 11,809.00 11,969.00 11,797.00
4/30/97 11,385.00 11,641.00 11,383.00
5/31/97 11,629.00 11,983.00 11,786.00
6/30/97 12,311.00 12,566.00 12,429.00
7/31/97 12,864.13 12,954.29 12,974.63
8/30/97 12,826.83 12,923.20 12,913.65
9/30/97 14,115.92 14,051.39 14,114.62
10/31/97 13,604.93 13,672.01 13,654.49
11/30/97 13,781.79 13,967.32 13,818.34
12/31/97 14,246.24 14,296.95 14,183.14
1/31/98 14,061.04 14,221.18 14,004.44
2/28/98 13,784.03 13,979.42 13,975.03
3/31/98 14,135.53 14,229.65 14,297.85
4/30/98 13,680.36 13,765.76 13,900.37
5/31/98 13,535.35 13,669.40 13,702.98
6/30/98 13,408.12 13,576.45 13,563.21
07/31/1998 12,499.17 12,696.38 12,670.31
08/31/1998 11,286.75 11,497.84 11,427.35
09/30/1998 12,142.29 12,148.62 12,030.71
10/31/1998 11,839.95 11,923.87 11,805.74
11/30/1998 11,938.22 12,099.15 12,046.58
12/31/1998 11,799.73 11,794.25 11,952.61
01/31/1999 11,537.78 11,547.75 11,677.70
02/28/1999 11,497.40 11,276.38 11,502.54
03/31/1999 11,265.15 11,225.63 11,392.11
04/30/1999 12,435.60 12,290.95 12,586.01
05/31/1999 12,695.50 12,561.35 12,856.61
06/30/1999 12,517.77 12,357.85 12,684.33
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
----------------------------------------- ----------------------------
Real Estate Lipper
Equity Real Estate One Since
Investment Fund NAREIT Funds Average Year Inception
- --------------------------------------------------------------------------
Class K $12,516 $12,358 $12,684 (6.66)% 8.53%
- -----------------------------------------------------------------------------
Please refer to the preceding and following pages for additional information
on performance and index description.
Small-Cap Value Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a 10,000 Initial Investment
Lipper Small Company
Class K Russell 2000 Growth Funds Average
------- ------------ --------------------
12/31/1996 $10,000.00 $10,000.00 $10,000.00
1/31/97 10,833.00 10,200.00 10,249.00
2/28/97 10,833.00 9,952.00 9,818.00
3/31/97 10,456.00 9,483.00 9,314.00
4/30/97 10,446.00 9,509.00 9,250.00
5/31/97 11,280.00 10,567.00 10,357.00
6/30/97 11,985.00 11,020.00 10,899.00
7/31/97 12,771.34 11,532.43 11,578.01
8/30/97 13,418.84 11,796.52 11,789.89
9/30/97 14,685.58 12,660.03 12,683.56
10/31/1997 14,206.83 12,104.25 12,120.41
11/30/1997 14,097.44 12,025.58 11,942.24
12/31/1997 14,417.45 12,236.02 12,042.55
1/31/98 14,166.59 12,042.69 11,835.42
2/28/98 14,951.42 12,932.65 12,756.22
3/31/98 15,594.33 13,465.47 13,349.38
4/30/98 15,834.48 13,539.53 13,458.85
5/31/98 15,049.09 12,809.75 12,699.77
6/30/98 14,925.69 12,836.65 12,800.10
07/31/1998 14,087.35 11,799.68 12,684.40
08/31/1998 11,416.39 9,508.18 10,119.61
09/30/1998 11,943.82 10,252.67 10,687.33
10/31/1998 11,860.22 10,670.98 11,124.44
11/30/1998 12,510.16 11,230.14 11,816.38
12/31/1998 13,460.93 11,925.29 12,606.89
01/31/1999 13,040.95 12,083.89 12,553.94
02/28/1999 12,319.78 11,105.10 11,518.24
03/31/1999 12,008.09 11,278.34 11,638.03
04/30/1999 12,718.97 12,288.88 12,418.94
05/31/1999 13,095.45 12,468.30 12,679.74
06/30/1999 14,126.07 13,031.86 13,446.87
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------------ ----------------------------
Lipper Small
Small Cap Russell Company Growth One Since
Value Fund 2000 Funds Average Year Inception
- -----------------------------------------------------------------------
Class K $14,129 $13,032 $13,447 (5.33)% 14.84%
Small Company Growth Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a 10,000 Initial Investment
Lipper Small Company
Class K Russell 2000 Growth Funds Average
------- ------------ --------------------
11/23/92 $10,000.00 $10,000.00 $10,000.00
11/30/92 10,187.00 10,000.00 10,000.00
12/31/92 10,438.00 10,348.00 10,333.00
01/31/1993 10,739.00 10,698.00 10,574.00
02/28/1993 10,325.00 10,451.00 10,210.00
03/31/1993 10,731.00 10,790.00 10,570.00
04/30/1993 10,089.00 10,494.00 10,234.00
05/31/1993 10,511.00 10,958.00 10,775.00
06/30/1993 10,568.00 11,027.00 10,857.00
07/31/1993 10,552.00 11,179.00 10,926.00
08/31/1993 10,990.00 11,662.00 11,463.00
09/30/1993 11,412.00 11,991.00 11,828.00
10/31/93 11,510.00 12,300.00 12,013.00
11/30/93 11,080.00 11,895.00 11,623.00
12/31/93 11,810.00 12,302.00 12,108.00
01/31/1994 11,777.00 12,687.00 12,432.00
02/28/1994 11,885.00 12,641.00 12,421.00
03/31/1994 11,157.00 11,974.00 11,765.00
04/30/1994 11,281.00 12,045.00 11,762.00
05/31/1994 10,983.00 11,910.00 11,557.00
06/30/1994 10,355.00 11,505.00 11,130.00
07/31/1994 10,529.00 11,694.00 11,332.00
08/31/1994 11,364.00 12,346.00 12,013.00
09/30/1994 11,455.00 12,305.00 12,061.00
10/31/94 11,662.00 12,256.00 12,208.00
11/30/94 11,050.00 11,761.00 11,759.00
12/31/94 11,487.00 12,077.00 12,020.00
01/31/1995 11,098.00 11,925.00 11,891.00
02/28/1995 11,503.00 12,421.00 12,394.00
03/31/1995 11,926.00 12,635.00 12,717.00
04/30/1995 11,735.00 12,916.00 12,877.00
05/31/1995 11,909.00 13,138.00 13,077.00
06/30/1995 12,655.00 13,819.00 13,842.00
07/31/1995 13,789.00 14,615.00 14,865.00
08/31/1995 13,822.00 14,918.00 15,107.00
09/30/1995 14,303.00 15,184.00 15,514.00
10/31/95 14,187.00 14,505.00 15,028.00
11/30/95 14,609.00 15,115.00 15,580.00
12/31/95 14,892.00 15,513.00 15,769.00
01/31/1996 15,007.00 15,497.00 15,669.00
02/29/1996 15,595.00 15,980.00 16,316.00
03/31/1996 16,574.00 16,305.00 16,709.00
04/30/1996 18,105.00 17,177.00 17,896.00
05/31/1996 19,093.00 17,854.00 18,582.00
06/30/1996 18,764.00 17,121.00 17,860.00
07/31/1996 16,859.00 15,626.00 16,298.00
08/30/1996 17,909.00 16,533.00 17,293.00
09/30/1996 19,298.00 17,179.00 18,194.00
10/31/96 18,942.00 16,914.00 17,816.00
11/30/96 19,805.00 17,611.00 18,378.00
12/31/96 20,385.00 18,073.00 18,599.00
01/31/1997 20,581.00 18,434.00 19,074.00
02/28/1997 19,456.00 17,987.00 18,302.00
03/31/1997 17,990.00 17,138.00 17,342.00
04/30/1997 17,990.00 17,186.00 17,278.00
05/31/1997 20,591.00 19,098.00 19,293.00
06/30/1997 22,315.00 19,917.00 20,254.00
07/31/1997 23,687.82 20,843.14 21,515.82
08/30/1997 24,194.74 21,320.45 21,909.56
09/30/1997 27,032.78 22,881.11 23,570.31
10/31/97 25,618.97 21,876.62 22,523.79
11/30/97 24,855.52 21,734.43 22,192.69
12/31/97 25,539.05 22,114.78 22,379.11
01/31/1998 24,673.27 21,765.37 21,994.19
02/28/1998 26,143.80 23,373.83 23,705.33
03/31/1998 27,262.76 24,336.83 24,807.63
04/30/1998 27,350.00 24,470.68 25,011.05
05/31/1998 25,151.06 23,151.71 23,600.43
06/30/1998 25,075.60 23,200.33 23,786.87
07/31/1998 23,528.48 21,325.96 23,570.76
08/31/1998 18,114.58 17,184.46 18,804.75
09/30/1998 19,784.74 18,530.00 19,859.70
10/31/1998 20,902.58 19,286.03 20,671.96
11/30/1998 22,296.78 20,296.61 21,957.75
12/31/1998 23,618.98 21,552.97 23,426.73
01/31/1999 23,524.51 21,839.63 23,328.34
02/28/1999 20,673.34 20,070.62 21,403.75
03/31/1999 19,645.87 20,383.72 21,626.35
04/30/1999 20,362.95 22,210.10 23,077.47
05/31/1999 20,863.88 22,534.37 23,562.10
06/30/1999 22,336.87 23,552.92 24,987.61
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
-------------------------------------- ----------------------------
Small Lipper Small
Company Russell Company Growth One Five Since
Growth Fund 2000 Funds Average Year Years Inception
- -----------------------------------------------------------------------------
Class K $22,336 $23,553 $24,988 (10.92)% 16.62% 12.94%
- -----------------------------------------------------------------------------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more or
less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
Figures for the S&P 500, an unmanaged index of common stock prices, include
reinvestment of dividends. National Association of Real Estate Investment
Trusts ("NAREIT") are equity real estate investment trusts which are defined
as those which derive more than 75% of their income from equity investments
in real estate assets. The NAREIT equity index includes all tax qualified
real estate investment trusts listed on the New York Stock Exchange, the
American Stock Exchange or the NASDAQ National Market System. The Russell
2000 Index is a capitalization weighted total return index which is comprised
of 2,000 of the smallest capitalized U.S. domiciled companies whose stock is
traded in the United States on the New York Stock Exchange, American Stock
Exchange and the NASDAQ.
Value Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a 10,000 Initial Investment
S&P/BARRA Lipper Growth &
Class K Value Index Income Funds Average
------- ----------- --------------------
11/30/1995 $10,000.00 $10,000.00 $10,000.00
12/31/1995 9,906.00 10,277.00 10,165.00
1/31/96 10,258.00 10,584.00 10,440.00
2/29/96 10,461.00 10,683.00 10,584.00
3/31/96 10,649.00 10,933.00 10,728.00
4/30/96 10,751.00 11,045.00 10,910.00
5/31/96 10,881.00 11,211.00 11,118.00
6/30/96 10,733.00 11,158.00 11,079.00
7/31/96 10,288.00 10,687.00 10,604.00
8/30/96 10,714.00 10,982.00 10,906.00
9/30/96 11,143.00 11,452.00 11,409.00
10/31/1996 11,394.00 11,841.00 11,629.00
11/30/1996 12,240.00 12,746.00 12,398.00
12/31/1996 12,484.00 12,537.00 12,264.00
1/31/97 13,235.00 13,115.00 12,806.00
2/28/97 12,947.00 13,211.00 12,872.00
3/31/97 12,565.00 12,759.00 12,405.00
4/30/97 12,699.00 13,238.00 12,870.00
5/31/97 13,688.00 14,068.00 13,675.00
6/30/97 14,422.00 14,605.00 14,214.00
7/31/97 15,608.35 15,773.40 15,260.15
8/30/97 15,330.53 15,060.44 14,750.46
9/30/97 16,455.79 15,942.98 15,498.31
10/31/1997 15,837.05 15,357.88 14,954.32
11/30/1997 16,001.75 15,943.01 15,355.09
12/31/1997 16,497.81 16,296.95 15,616.13
1/31/98 16,275.09 16,096.49 15,625.50
2/28/98 17,425.74 17,303.73 16,691.16
3/31/98 18,199.44 18,181.03 17,427.24
4/30/98 18,388.71 18,395.57 17,547.49
5/31/98 17,963.93 18,136.19 17,182.50
6/30/98 18,150.76 18,274.02 17,472.88
07/31/1998 17,152.24 17,877.47 17,053.53
08/31/1998 13,949.92 15,002.78 14,524.49
09/30/1998 14,810.63 15,914.94 15,317.53
10/31/1998 15,404.53 17,161.08 16,458.69
11/30/1998 16,054.61 18,055.18 17,314.54
12/31/1998 16,834.86 18,688.91 18,064.26
01/31/1999 17,137.89 19,066.43 18,364.12
02/28/1999 15,936.52 18,656.50 17,807.69
03/31/1999 16,051.26 19,221.79 18,386.44
04/30/1999 17,452.54 20,878.71 19,443.66
05/31/1999 17,347.82 20,509.16 19,163.67
06/30/1999 18,062.55 21,296.71 19,987.71
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------- ----------------------------
Lipper Growth
S&P/BARRA & Income One Since
Value Fund Value Index Funds Average Year Inception
- ---------------------------------------------------------------------------
Class K $18,062 $21,297 $19,988 (0.48)% 17.94%
Framlington Emerging Markets Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a 10,000 Initial Investment
MSCI Emerging Lipper Emerging Markets
Class K Markets Index Funds Average
------- ------------- -----------------------
1/10/97 $10,000.00 $10,000.00 $10,000.00
1/31/97 10,526.80 10,651.00 10,798.00
2/28/97 10,914.50 11,081.30 11,191.05
3/31/97 10,984.14 10,809.81 10,957.15
4/30/97 11,262.47 10,886.56 11,025.09
5/31/97 11,988.12 11,155.46 11,471.60
6/30/97 12,869.48 11,800.24 12,107.13
7/31/97 13,188.26 12,015.01 12,467.92
8/30/97 12,978.57 10,627.27 11,340.82
9/30/97 13,387.39 10,708.04 11,794.46
10/31/1997 11,444.88 8,950.85 9,996.98
11/30/1997 10,996.24 8,624.14 9,637.09
12/31/1997 11,217.27 8,831.99 9,783.57
1/31/98 9,927.28 8,139.56 9,078.18
2/28/98 11,012.33 8,989.33 9,886.14
3/31/98 11,431.90 9,379.47 10,260.82
4/30/98 11,534.79 9,277.23 10,351.12
5/31/98 10,276.34 8,006.25 9,027.21
6/30/98 9,223.02 7,166.39 8,219.27
07/31/1998 9,366.08 7,368.48 8,500.37
08/31/1998 6,698.62 5,210.25 6,053.96
09/30/1998 7,221.78 5,526.00 6,269.48
10/31/1998 7,816.85 6,101.25 6,821.83
11/30/1998 8,103.73 6,602.77 7,192.25
12/31/1998 8,134.53 6,482.60 7,140.47
01/31/1999 8,175.20 6,373.05 7,051.21
02/28/1999 8,164.57 6,430.41 6,992.69
03/31/1999 9,077.37 7,258.00 7,754.89
04/30/1999 10,431.72 8,145.65 8,718.05
05/31/1999 10,349.30 8,073.16 8,623.89
06/30/1999 11,898.60 8,972.50 9,658.76
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
-------------------------------------------- ----------------------------
Framlington Lipper Emerging
Emerging MSCI Emerging Markets One Since
Markets Fund Markets Index Funds Average Year Inception
- ------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Class K $11,900 $8,973 $9,659 29.03% 7.29%
</TABLE>
- -----------------------------------------------------------------------------
Please refer to the preceding and following pages for additional information
on performance and index description.
Framlington Healthcare Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a 10,000 Initial Investment
Lipper Health/
S&P Healthcare Biotechnology Funds
Class K Composite Average
------- -------------- -------------------
4/1/97 $10,000.00 $10,000.00 $10,000.00
4/30/97 9,555.60 10,819.00 9,989.00
5/31/97 10,888.89 11,481.12 11,028.85
6/30/97 11,523.82 12,582.16 11,597.94
7/31/97 11,767.21 12,827.51 11,985.32
8/30/97 11,756.62 11,788.49 11,691.67
9/30/97 13,047.49 12,471.04 12,742.76
10/31/1997 12,370.33 12,600.74 12,346.46
11/30/1997 12,317.14 13,135.01 12,335.34
12/31/1997 12,296.20 13,711.64 12,380.99
1/31/98 12,507.69 14,668.71 12,602.61
2/28/98 13,311.94 15,490.16 13,371.36
3/31/98 13,682.01 16,032.31 13,832.68
4/30/98 13,650.54 16,410.67 13,879.71
5/31/98 12,815.13 16,093.95 13,364.77
6/30/98 12,497.31 17,270.42 13,583.95
07/31/1998 11,703.77 17,361.95 13,448.11
08/31/1998 8,846.88 15,412.21 11,452.41
09/30/1998 10,349.96 17,241.63 12,755.70
10/31/1998 10,805.36 17,865.78 13,240.41
11/30/1998 11,397.50 18,957.38 13,930.24
12/31/1998 12,431.25 19,774.44 15,090.63
01/31/1999 12,784.30 19,871.34 15,262.66
02/28/1999 11,417.65 20,111.78 14,766.62
03/31/1999 10,873.03 20,648.77 14,923.15
04/30/1999 10,649.05 19,364.41 14,378.45
05/31/1999 10,926.99 18,808.65 14,264.86
06/30/1999 11,161.92 19,690.78 14,898.22
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------------------- ----------------------------
Framlington Lipper Health/
Healthcare S&P Healthcare Biotechnology One Since
Fund Composite Funds Average Year Inception
- ---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Class K $11,160 $19,691 $14,898 (10.70)% 5.00%
</TABLE>
Framlington International Growth Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a 10,000 Initial Investment
MSCI EAFE Lipper International
Class K Index Funds Average
------- --------- --------------------
1/10/97 $10,000.00 $10,000.00 $10,000.00
1/31/97 10,070.90 9,650.00 9,967.00
2/28/97 10,202.63 9,814.05 10,107.53
3/31/97 10,121.62 9,852.32 10,129.77
4/30/97 10,162.10 9,906.51 10,150.03
5/31/97 10,901.70 10,553.41 10,750.91
6/30/97 11,499.44 11,138.07 11,248.68
7/31/97 11,681.82 11,320.73 11,555.77
8/30/97 10,922.51 10,477.34 10,716.82
9/30/97 11,469.72 11,066.16 11,378.05
10/31/1997 10,587.70 10,218.49 10,520.14
11/30/1997 10,324.07 10,116.31 10,422.31
12/31/1997 10,339.55 10,207.36 10,508.81
1/31/98 10,889.62 10,676.89 10,755.77
2/28/98 11,602.89 11,364.49 11,465.65
3/31/98 12,010.15 11,716.79 12,051.54
4/30/98 12,162.68 11,811.69 12,216.65
5/31/98 12,234.44 11,757.36 12,228.87
6/30/98 12,142.68 11,849.07 12,134.70
07/31/1998 12,387.27 11,972.30 12,300.95
08/31/1998 10,665.44 10,491.33 10,570.20
09/30/1998 10,013.78 10,172.39 10,201.30
10/31/1998 10,757.80 11,235.41 10,988.84
11/30/1998 11,409.73 11,814.03 11,562.46
12/31/1998 11,925.45 12,283.05 11,925.52
01/31/1999 12,138.91 12,249.88 11,964.88
02/28/1999 11,670.35 11,960.78 11,657.38
03/31/1999 12,281.88 12,463.14 12,067.72
04/30/1999 12,699.46 12,970.39 12,579.39
05/31/1999 12,220.69 12,305.01 12,044.77
06/30/1999 12,995.48 12,787.36 12,653.03
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------- ----------------------------
Framlington Lipper
International MSCI EAFE International One Since
Growth Fund Index Funds Average Year Inception
- --------------------------------------------------------------------------
Class K $12,996 $12,787 $12,653 7.02% 11.19%
- -----------------------------------------------------------------------------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more or
less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
The S&P 500/BARRA Value Index is a capitalization-weighted index of all the
stocks in the S&P 500 that have low price-to-book ratios. Figures for the
Morgan Stanley (MSCI) Emerging Markets Index, an unmanaged index used to
protray the pattern of common stock price movement in Europe, Australia, New
Zealand and countries in the Far East, include gross reinvestment of
dividends. The S&P Healthcare Composite is a capitalization-weighted index of
all of the stocks in the S&P 500 that are involved in the business of health
care related products or services. Figures for the Morgan Stanley (MSCI) EAFE
Index, an unmanaged index used to protray the pattern of common stock price
movement in Europe, Australia, New Zealand and countries in the Far East,
include gross reinvestment of dividends.
Bond Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a 10,000 Initial Investment
Lehman Gov't/Corp Lipper Corp Debt A
Class K Bond Index Rated Funds Average
------- ----------------- -------------------
11/23/1992 $10,000.00 $10,000.00 $10,000.00
11/30/1992 9,959.00 10,000.00 10,000.00
12/31/1992 10,098.00 10,171.13 10,168.00
1/31/93 10,298.00 10,392.00 10,389.00
2/28/93 10,524.00 10,608.00 10,625.00
3/31/93 10,608.00 10,644.00 10,662.00
4/30/93 10,690.00 10,725.00 10,731.00
5/31/93 10,656.00 10,720.00 10,733.00
6/30/93 10,890.00 10,963.00 10,977.00
7/31/93 10,948.00 11,033.00 11,063.00
8/31/93 11,204.00 11,286.00 11,324.00
9/30/93 11,261.00 11,326.00 11,358.00
10/31/1993 11,329.00 11,372.00 11,412.00
11/30/1993 11,193.00 11,244.00 11,257.00
12/31/1993 11,226.00 11,293.00 11,315.00
1/31/94 11,395.00 11,463.00 11,489.00
2/28/94 11,115.00 11,213.00 11,231.00
3/31/94 10,850.00 10,939.00 10,928.00
4/30/94 10,761.00 10,848.00 10,812.00
5/31/94 10,761.00 10,828.00 10,776.00
6/30/94 10,726.00 10,803.00 10,739.00
7/31/94 10,886.00 11,019.00 10,933.00
8/31/94 10,895.00 11,023.00 10,934.00
9/30/94 10,747.00 10,856.00 10,763.00
10/31/1994 10,713.00 10,844.00 10,735.00
11/30/1994 10,684.00 10,825.00 10,713.00
12/31/1994 10,749.00 10,896.00 10,795.00
1/31/95 10,932.00 11,106.00 10,985.00
2/28/95 11,163.00 11,363.00 11,237.00
3/31/95 11,225.00 11,439.00 11,318.00
4/30/95 11,369.00 11,599.00 11,475.00
5/31/95 11,784.00 12,085.00 11,953.00
6/30/95 11,865.00 12,182.00 12,031.00
7/31/95 11,854.00 12,135.00 11,979.00
8/31/95 11,990.00 12,290.00 12,144.00
9/30/95 12,097.00 12,415.00 12,274.00
10/31/1995 12,269.00 12,597.00 12,451.00
11/30/1995 12,440.00 12,805.00 12,646.00
12/31/1995 12,628.00 12,993.00 12,844.00
1/31/96 12,701.00 13,074.00 12,902.00
2/29/96 12,445.00 12,797.00 12,613.00
3/31/96 12,365.00 12,689.00 12,513.00
4/30/96 12,272.00 12,602.00 12,417.00
5/31/96 12,243.00 12,581.00 12,394.00
6/30/96 12,381.00 12,749.00 12,549.00
7/31/96 12,406.00 12,779.00 12,601.00
8/30/96 12,364.00 12,748.00 12,570.00
9/30/96 12,572.00 12,974.00 12,798.00
10/31/1996 12,834.00 13,277.00 13,098.00
11/30/1996 13,072.00 13,522.00 13,357.00
12/31/1996 12,939.00 13,371.00 13,210.00
1/31/97 12,941.00 13,387.00 13,232.00
2/28/97 12,963.00 13,415.00 13,274.00
3/31/97 12,809.00 13,256.00 13,096.00
4/30/97 12,985.00 13,449.00 13,277.00
5/31/97 13,079.00 13,575.00 13,395.00
6/30/97 13,214.00 13,738.00 13,571.00
7/31/97 13,597.21 14,158.38 13,988.99
8/30/97 13,454.44 13,999.81 13,822.52
9/30/97 13,632.03 14,219.61 14,039.53
10/31/1997 13,867.87 14,447.12 14,222.05
11/30/1997 13,924.73 14,523.69 14,283.20
12/31/1997 14,050.05 14,676.19 14,420.32
1/31/98 14,248.15 14,883.12 14,603.46
2/28/98 14,219.66 14,853.36 14,574.25
3/31/98 14,249.52 14,899.40 14,620.89
4/30/98 14,322.19 14,973.90 14,683.76
5/31/98 14,481.17 15,134.12 14,836.47
6/30/98 14,610.05 15,288.49 14,961.09
07/31/1998 14,621.74 15,300.72 14,967.07
08/31/1998 14,914.17 15,599.08 15,173.62
09/30/1998 15,281.06 16,045.22 15,511.99
10/31/1998 15,135.89 15,931.30 15,355.32
11/30/1998 15,190.38 16,026.89 15,465.88
12/31/1998 15,249.62 16,065.35 15,521.56
01/31/1999 15,353.32 16,179.41 15,636.42
02/28/1999 14,994.05 15,794.34 15,293.98
03/31/1999 15,087.02 15,873.32 15,387.27
04/30/1999 15,105.12 15,913.00 15,416.51
05/31/1999 14,940.48 15,749.09 15,239.22
06/30/1999 14,864.28 15,700.27 15,159.97
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------------ ----------------------------
Lehman Lipper Corp
Gov't/Corp Debt A Rated One Five Since
Bond Fund Bond Index Funds Average Year Years Inception
- ----------------------------------------------------------------------------
Class K $14,847 $15,700 $15,160 1.72% 6.72% 6.17%
Intermediate Bond Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a 10,000 Initial Investment
Lehman Int. Lipper Short
Gov't/Corp Invt. Grade
Class K Bond Index Debt Funds Average
------- ---------- ------------------
11/20/1992 $10,000.00 $10,000.00 $10,000.00
11/30/1992 9,961.00 10,000.00 10,000.00
12/31/1992 10,069.00 10,130.00 10,075.00
1/31/93 10,241.00 10,327.00 10,182.00
2/28/93 10,415.00 10,490.00 10,277.00
3/31/93 10,461.00 10,532.00 10,314.00
4/30/93 10,537.00 10,617.00 10,371.00
5/31/93 10,502.00 10,593.00 10,375.00
6/30/93 10,660.00 10,759.00 10,452.00
7/31/93 10,695.00 10,786.00 10,490.00
8/31/93 10,864.00 10,957.00 10,578.00
9/30/93 10,910.00 11,002.00 10,611.00
10/31/1993 10,935.00 11,032.00 10,644.00
11/30/1993 10,835.00 10,970.00 10,642.00
12/31/1993 10,879.00 11,020.00 10,688.00
1/31/94 11,004.00 11,143.00 10,761.00
2/28/94 10,805.00 10,978.00 10,697.00
3/31/94 10,594.00 10,797.00 10,623.00
4/30/94 10,495.00 10,723.00 10,583.00
5/31/94 10,495.00 10,731.00 10,595.00
6/30/94 10,483.00 10,732.00 10,605.00
7/31/94 10,595.00 10,887.00 10,684.00
8/31/94 10,628.00 10,921.00 10,722.00
9/30/94 10,520.00 10,820.00 10,711.00
10/31/1994 10,512.00 10,819.00 10,731.00
11/30/1994 10,481.00 10,769.00 10,713.00
12/31/1994 10,528.00 10,808.00 10,707.00
1/31/95 10,675.00 10,990.00 10,807.00
2/28/95 10,864.00 11,218.00 10,932.00
3/31/95 10,920.00 11,282.00 10,989.00
4/30/95 11,034.00 11,421.00 11,088.00
5/31/95 11,359.00 11,766.00 11,272.00
6/30/95 11,411.00 11,845.00 11,338.00
7/31/95 11,405.00 11,847.00 11,373.00
8/31/95 11,506.00 11,955.00 11,445.00
9/30/95 11,590.00 12,041.00 11,507.00
10/31/1995 11,710.00 12,176.00 11,597.00
11/30/1995 11,863.00 12,336.00 11,690.00
12/31/1995 11,980.00 12,465.00 11,778.00
1/31/96 12,060.00 12,573.00 11,869.00
2/29/96 11,916.00 12,425.00 11,827.00
3/31/96 11,835.00 12,361.00 11,820.00
4/30/96 11,779.00 12,317.00 11,830.00
5/31/96 11,751.00 12,308.00 11,852.00
6/30/96 11,872.00 12,439.00 11,934.00
7/31/96 11,895.00 12,476.00 11,990.00
8/30/96 11,904.00 12,486.00 12,033.00
9/30/96 12,053.00 12,660.00 12,143.00
10/31/1996 12,244.00 12,884.00 12,270.00
11/30/1996 12,395.00 13,054.00 12,372.00
12/31/1996 12,324.00 12,970.00 12,377.00
1/31/97 12,371.00 13,020.00 12,437.00
2/28/97 12,389.00 13,045.00 12,475.00
3/31/97 12,290.00 12,955.00 12,464.00
4/30/97 12,432.00 13,107.00 12,559.00
5/31/97 12,522.00 13,216.00 12,642.00
6/30/97 12,624.00 13,337.00 12,726.00
7/31/97 12,849.09 13,607.74 12,929.62
8/30/97 12,802.83 13,539.70 12,892.12
9/30/97 12,916.77 13,696.76 13,019.75
10/31/1997 13,060.15 13,848.80 13,117.40
11/30/1997 13,083.66 13,879.26 13,143.64
12/31/1997 13,179.17 13,990.30 13,229.07
1/31/98 13,322.82 14,173.57 13,374.59
2/28/98 13,316.16 14,162.23 13,373.25
3/31/98 13,349.45 14,207.55 13,424.07
4/30/98 13,430.88 14,278.59 13,483.14
5/31/98 13,522.21 14,382.82 13,568.08
6/30/98 13,599.29 14,474.87 13,634.56
07/31/1998 13,626.49 14,525.53 13,678.19
08/31/1998 13,814.53 14,753.58 13,835.49
09/30/1998 14,079.77 15,123.90 14,085.91
10/31/1998 14,058.65 15,108.77 14,064.78
11/30/1998 14,060.06 15,107.26 14,074.63
12/31/1998 14,096.62 15,167.69 14,133.74
01/31/1999 14,174.15 15,251.11 14,205.82
02/28/1999 13,981.38 15,026.92 14,060.92
03/31/1999 14,079.25 15,139.62 14,164.98
04/30/1999 14,114.45 15,186.56 14,206.05
05/31/1999 14,005.76 15,069.62 14,108.03
06/30/1999 13,984.76 15,080.17 14,102.39
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------------------- ----------------------------
Lehman Int. Lipper Short
Intermediate Gov't/Corp Invt. Grade Debt One Five Since
Bond Fund Bond Index Funds Average Year Years Inception
- -----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Class K $13,970 $15,080 $14,102 2.83% 5.92% 5.19%
</TABLE>
- -----------------------------------------------------------------------------
Please refer to the preceding and following pages for additional information
on performance and index description.
International Bond Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a 10,000 Initial Investment
Salomon Bros Lipper
Non-US$ International
World Gov't Income Funds
Class K Bond Average
------- ------------ -------------
3/25/97 $10,000.00 $10,000.00 $10,000.00
3/31/97 10,062.90 9,884.00 9,909.00
4/30/97 9,895.15 9,683.35 9,826.76
5/31/97 10,167.66 10,039.70 10,034.10
6/30/97 10,303.91 10,163.19 10,151.50
7/31/97 10,104.74 9,897.93 10,040.85
8/30/97 10,104.74 9,942.47 10,051.89
9/30/97 10,349.27 10,184.07 10,308.22
10/31/1997 10,506.58 10,412.20 10,379.34
11/30/1997 10,233.41 10,145.65 10,272.44
12/31/1997 10,112.65 10,043.17 10,245.73
1/31/98 10,166.25 10,111.47 10,301.05
2/28/98 10,337.04 10,254.04 10,428.79
3/31/98 10,187.16 10,084.85 10,380.81
4/30/98 10,379.69 10,306.71 10,535.49
5/31/98 10,411.87 10,290.22 10,563.93
6/30/98 10,386.99 10,253.18 10,529.07
07/31/1998 10,429.40 10,265.48 10,585.93
08/31/1998 10,697.43 10,546.76 10,718.25
09/30/1998 11,368.16 11,238.63 11,330.26
10/31/1998 11,842.21 11,745.49 11,586.33
11/30/1998 11,573.39 11,505.88 11,535.35
12/31/1998 11,867.36 11,830.35 11,764.90
01/31/1999 11,713.08 11,644.61 11,708.43
02/28/1999 11,304.30 11,235.88 11,299.81
03/31/1999 11,292.99 11,257.23 11,288.51
04/30/1999 11,292.99 11,240.35 11,288.51
05/31/1999 11,071.65 11,013.29 11,067.25
06/30/1999 10,793.75 10,751.17 10,853.65
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------- ----------------------------
Salomon Bros. Lipper
International Non-US $ World International One Since
Bond Fund Gov't Bond Income Funds Year Inception
- ---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Class K $10,794 $10,751 $10,854 3.92% 3.42%
</TABLE>
U.S. Government Income Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a 10,000 Initial Investment
Lehman Lipper
Gov't/Corp U.S. Gov't
Bond Grade Debt Funds
Class K Index Average
------- ---------- -----------------
7/5/94 $10,000.00 $10,000.00 $10,000.00
7/31/94 10,130.00 10,199.00 10,168.00
8/31/94 10,126.00 10,204.00 10,165.00
9/30/94 9,974.00 10,049.00 10,005.00
10/31/1994 9,951.00 10,038.00 9,977.00
11/30/1994 9,927.00 10,020.00 9,957.00
12/31/1994 9,989.00 10,086.00 10,030.00
1/31/95 10,146.00 10,280.00 10,210.00
2/28/95 10,368.00 10,518.00 10,440.00
3/31/95 10,431.00 10,589.00 10,492.00
4/30/95 10,555.00 10,736.00 10,621.00
5/31/95 10,966.00 11,186.00 11,028.00
6/30/95 11,047.00 11,276.00 11,095.00
7/31/95 11,005.00 11,232.00 11,041.00
8/31/95 11,135.00 11,376.00 11,178.00
9/30/95 11,241.00 11,491.00 11,292.00
10/31/1995 11,391.00 11,660.00 11,453.00
11/30/1995 11,566.00 11,852.00 11,624.00
12/31/1995 11,707.00 12,027.00 11,795.00
1/31/96 11,748.00 12,102.00 11,848.00
2/29/96 11,541.00 11,845.00 11,582.00
3/31/96 11,469.00 11,746.00 11,475.00
4/30/96 11,392.00 11,665.00 11,385.00
5/31/96 11,383.00 11,645.00 11,344.00
6/30/96 11,525.00 11,801.00 11,477.00
7/31/96 11,551.00 11,829.00 11,496.00
8/30/96 11,542.00 11,800.00 11,455.00
9/30/96 11,729.00 12,009.00 11,650.00
10/31/1996 12,001.00 12,290.00 11,909.00
11/30/1996 12,167.00 12,516.00 12,128.00
12/31/1996 12,044.00 12,377.00 11,987.00
1/31/97 12,058.00 12,391.00 12,001.00
2/28/97 12,105.00 12,417.00 12,015.00
3/31/97 11,973.00 12,270.00 11,860.00
4/30/97 12,155.00 12,449.00 12,038.00
5/31/97 12,253.00 12,565.00 12,138.00
6/30/97 12,388.00 12,716.00 12,281.00
7/31/97 12,719.63 13,105.11 12,622.41
8/30/97 12,594.97 12,958.33 12,487.35
9/30/97 12,780.12 13,161.78 12,674.66
10/31/1997 12,969.27 13,372.37 12,871.12
11/30/1997 12,970.56 13,443.24 12,923.89
12/31/1997 13,095.08 13,584.39 13,057.01
1/31/98 13,256.15 13,775.93 13,224.14
2/28/98 13,232.29 13,748.38 13,192.40
3/31/98 13,299.77 13,791.00 13,225.38
4/30/98 13,329.03 13,859.96 13,278.28
5/31/98 13,484.98 14,008.26 13,408.41
6/30/98 13,590.17 14,151.14 13,530.43
07/31/1998 13,573.73 14,162.46 13,543.96
08/31/1998 13,850.64 14,438.63 13,820.26
09/30/1998 14,097.18 14,851.57 14,132.60
10/31/1998 13,939.29 14,746.13 14,039.32
11/30/1998 13,986.68 14,834.60 14,071.61
12/31/1998 14,042.63 14,870.21 14,108.20
01/31/1999 14,104.42 14,975.79 14,181.56
02/28/1999 13,905.54 14,619.36 13,859.64
03/31/1999 14,032.09 14,692.46 13,920.62
04/30/1999 14,044.71 14,729.19 13,954.03
05/31/1999 13,940.78 14,577.48 13,810.30
06/30/1999 13,878.05 14,532.29 13,735.73
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------------------- ----------------------------
Lipper
Lehman U.S. Gov't
U.S. Government Gov't/Corp Grade Debt One Since
Income Fund Bond Index Funds Average Year Inception
- ----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Class K $13,877 $14,532 $13,736 2.11% 6.79%
</TABLE>
- -----------------------------------------------------------------------------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more or
less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
The Lehman Brothers Government/ Corporate Bond Index is a weighted composite
of (i) Lehman Brothers Government Bond Index, which is comprised of all
publicly issued, non-convertible debt of the U.S. Government or any agency
thereof, quasi-federal corporations, and corporate debt guaranteed by the
U.S. Government and (ii) Lehman Brothers Corporate Bond Index, which is
comprised of all public fixed-rate, non-convertible investment-grade domestic
corporate debt, excluding collateralized mortgage obligations. The Salomon
Brothers Non-U.S. World Government Bond Index is a market-weighted index that
includes the government bond markets that are freely open to investors
(excluding the United States) and have a total market capitalization of at
least $20 billion, Dm30 billion and Y2.5 trillion. The Lehman Brothers
Intermediate Government/Corporate Bond Index is a weighted composite of (i)
Lehman Brothers Intermediate Government Bond Index, which is comprised of all
publicly issued, non-convertible debt of the U.S. Government or any agency
thereof, quasi-Federal corporations and corporate debt guaranteed by the U.S.
Government with a maturity of between one and ten years and (ii) Lehman
Brothers Corporate Bond Index.
Michigan Tax-Free Bond Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a 10,000 Initial Investment
Lehman Muni Lipper MI Muni
Bond 20 Year Debt Funds
Class K Index Average
------- ------------ --------------
1/3/94 $10,000.00 $10,000.00 $10,000.00
1/31/94 10,050.00 10,125.76 10,123.00
2/28/94 9,752.00 9,824.74 9,856.00
3/31/94 9,268.00 9,306.80 9,451.00
4/30/94 9,341.00 9,383.06 9,490.00
5/31/94 9,408.00 9,494.17 9,575.00
6/30/94 9,343.00 9,399.00 9,517.00
7/31/94 9,518.00 9,615.00 9,687.00
8/31/94 9,534.00 9,641.00 9,711.00
9/30/94 9,382.00 9,448.00 9,561.00
10/31/1994 9,215.00 9,199.00 9,364.00
11/30/1994 9,040.00 8,984.00 9,176.00
12/31/1994 9,209.00 9,266.00 9,412.00
1/31/95 9,483.00 9,628.00 9,698.00
2/28/95 9,736.00 9,978.00 9,975.00
3/31/95 9,833.00 10,092.00 10,043.00
4/30/95 9,832.00 10,090.00 10,040.00
5/31/95 10,130.00 10,471.00 10,343.00
6/30/95 10,013.00 10,310.00 10,201.00
7/31/95 10,068.00 10,363.00 10,265.00
8/31/95 10,199.00 10,506.00 10,384.00
9/30/95 10,295.00 10,589.00 10,447.00
10/31/1995 10,445.00 10,814.00 10,626.00
11/30/1995 10,630.00 11,054.00 10,827.00
12/31/1995 10,742.00 11,209.00 10,948.00
1/31/96 10,809.00 11,266.00 11,004.00
2/29/96 10,676.00 11,138.00 10,912.00
3/31/96 10,474.00 10,960.00 10,739.00
4/30/96 10,416.00 10,917.00 10,695.00
5/31/96 10,393.00 10,930.00 10,696.00
6/30/96 10,527.00 11,084.00 10,804.00
7/31/96 10,651.00 11,193.00 10,904.00
8/30/96 10,627.00 11,176.00 10,904.00
9/30/96 10,808.00 11,402.00 11,052.00
10/31/1996 10,919.00 11,538.00 11,159.00
11/30/1996 11,141.00 11,779.00 11,349.00
12/31/1996 11,067.00 11,709.00 11,301.00
1/31/97 11,072.00 11,697.00 11,296.00
2/28/97 11,170.00 11,822.00 11,395.00
3/31/97 10,988.00 11,636.00 11,251.00
4/30/97 11,077.00 11,765.00 11,341.00
5/31/97 11,246.00 11,977.00 11,498.00
6/30/97 11,370.00 12,127.00 11,610.00
7/31/97 11,754.31 12,534.47 11,936.24
8/30/97 11,582.69 12,380.29 11,801.36
9/30/97 11,732.11 12,551.14 11,934.72
10/31/1997 11,821.27 12,642.76 12,005.13
11/30/1997 11,893.38 12,745.17 12,073.56
12/31/1997 12,130.06 12,977.13 12,263.12
1/31/98 12,241.66 13,122.48 12,367.35
2/28/98 12,211.05 13,113.29 12,366.12
3/31/98 12,206.17 13,131.65 12,372.30
4/30/98 12,128.05 13,064.68 12,300.54
5/31/98 12,353.63 13,301.15 12,494.89
6/30/98 12,395.63 13,361.00 12,538.62
07/31/1998 12,417.25 13,389.06 12,559.94
08/31/1998 12,642.00 13,620.69 12,743.31
09/30/1998 12,830.37 13,812.74 12,897.50
10/31/1998 12,749.54 13,768.54 12,842.05
11/30/1998 12,799.26 13,831.88 12,889.56
12/31/1998 12,800.54 13,862.31 12,903.74
01/31/1999 12,984.87 14,010.63 13,040.52
02/28/1999 12,879.69 13,951.79 12,966.19
03/31/1999 12,873.25 14,000.62 12,964.89
04/30/1999 12,902.86 14,038.42 12,992.12
05/31/1999 12,760.93 13,933.13 12,898.57
06/30/1999 12,517.19 13,707.42 12,703.81
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
----------------------------------------- ----------------------------
Michigan Lehman Lipper Michigan
Tax-Free Muni Bond Muni Debt One Five Since
Bond Fund 20 Year Index Funds Average Year Years Inception
- -----------------------------------------------------------------------------
Class K $12,518 $13,707 $12,704 0.99% 6.03% 4.18%
Tax-Free Bond Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a 10,000 Initial Investment
Lehman Muni
Bond 20 Lipper Muni Debt
Class K Year Index Funds Average
------- ----------- ----------------
7/5/94 $10,000.00 $10,000.00 $10,000.00
7/31/94 10,130.00 10,229.00 10,177.00
8/31/94 10,168.00 10,257.00 10,202.00
9/30/94 10,048.00 10,052.00 10,032.00
10/31/1994 9,946.00 9,787.00 9,838.00
11/30/1994 9,778.00 9,558.00 9,630.00
12/31/1994 9,965.00 9,858.00 9,868.00
1/31/95 10,201.00 10,244.00 10,164.00
2/28/95 10,464.00 10,615.00 10,466.00
3/31/95 10,577.00 10,737.00 10,561.00
4/30/95 10,583.00 10,735.00 10,561.00
5/31/95 10,903.00 11,140.00 10,892.00
6/30/95 10,787.00 10,969.00 10,769.00
7/31/95 10,871.00 11,026.00 10,839.00
8/31/95 10,997.00 11,177.00 10,957.00
9/30/95 11,057.00 11,266.00 11,022.00
10/31/1995 11,203.00 11,506.00 11,192.00
11/30/1995 11,425.00 11,760.00 11,409.00
12/31/1995 11,548.00 11,925.00 11,539.00
1/31/96 11,611.00 11,986.00 11,596.00
2/29/96 11,513.00 11,850.00 11,506.00
3/31/96 11,318.00 11,660.00 11,324.00
4/30/96 11,230.00 11,614.00 11,274.00
5/31/96 11,219.00 11,629.00 11,282.00
6/30/96 11,339.00 11,793.00 11,386.00
7/31/96 11,437.00 11,909.00 11,484.00
8/30/96 11,413.00 11,890.00 11,478.00
9/30/96 11,544.00 12,131.00 11,643.00
10/31/1996 11,664.00 12,276.00 11,770.00
11/30/1996 11,886.00 12,531.00 11,977.00
12/31/1996 11,794.00 12,457.00 11,927.00
1/31/97 11,804.00 12,444.00 11,928.00
2/28/97 11,917.00 12,578.00 12,033.00
3/31/97 11,700.00 12,380.00 11,880.00
4/30/97 11,803.00 12,517.00 11,975.00
5/31/97 12,009.00 12,742.00 12,147.00
6/30/97 12,147.00 12,902.00 12,286.00
7/31/97 12,574.57 13,335.51 12,654.58
8/30/97 12,377.15 13,171.48 12,505.26
9/30/97 12,551.67 13,353.25 12,659.07
10/31/1997 12,633.26 13,450.73 12,737.56
11/30/1997 12,700.21 13,559.68 12,810.16
12/31/1997 12,955.49 13,806.46 13,013.84
1/31/98 13,095.41 13,961.09 13,136.17
2/28/98 13,032.55 13,951.32 13,128.29
3/31/98 13,007.79 13,970.85 13,130.92
4/30/98 12,873.81 13,899.60 13,049.50
5/31/98 13,151.88 14,151.19 13,260.91
6/30/98 13,172.92 14,214.87 13,304.67
07/31/1998 13,185.03 14,244.72 13,323.30
08/31/1998 13,436.86 14,491.15 13,529.81
09/30/1998 13,641.10 14,695.48 13,692.17
10/31/1998 13,576.99 14,648.45 13,638.77
11/30/1998 13,605.50 14,715.84 13,681.05
12/31/1998 13,629.99 14,748.21 13,705.67
01/31/1999 13,845.34 14,906.02 13,857.80
02/28/1999 13,688.89 14,843.41 13,766.34
03/31/1999 13,673.83 14,895.36 13,767.72
04/30/1999 13,706.65 14,935.58 13,800.76
05/31/1999 13,550.40 14,823.57 13,693.12
06/30/1999 13278.03 14583.42 13461.70
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------- ----------------------------
Lehman Lipper
Tax-Free Muni Bond Muni Debt One Since
Bond Fund 20 Year Index Funds Average Year Inception
- -----------------------------------------------------------------------------
Class K $13,279 $14,583 $13,462 0.82% 5.85%
- -----------------------------------------------------------------------------
Please refer to the preceding and following pages for additional information
on performance and index description.
Tax-Free Short-Intermediate Bond Fund
CLASS K SHARE HYPOTHETICAL
A Hypothetical Illustration of a 10,000 Initial Investment
Lehman Lehman Lipper Short-Int.
Muni Bond Mutual Fund Muni
5 Yr. G/O Int.-Short Debt Funds
Class K Index Muni Index Average
------- --------- ------------ -----------------
2/29/88 $10,580.00 $ 10,461.76 $ 10,461.76 $ 10,310.00
3/31/88 $10,473.00 $ 10,422.01 $ 10,422.01 $ 10,204.00
4/30/88 $10,539.00 $ 10,517.89 $ 10,517.89 $ 10,255.00
5/31/88 $10,550.00 $ 10,390.62 $ 10,390.62 $ 10,246.00
6/30/88 $10,630.00 $ 10,466.48 $ 10,466.48 $ 10,346.00
7/31/88 $10,641.00 $ 10,514.62 $ 10,514.62 $ 10,401.00
8/31/88 $10,641.00 $ 10,484.13 $ 10,484.13 $ 10,414.00
9/30/88 $10,730.00 $ 10,585.83 $ 10,585.83 $ 10,551.00
10/31/1988 $10,798.00 $ 10,677.92 $ 10,677.92 $ 10,694.00
11/30/1988 $10,769.00 $ 10,621.33 $ 10,621.33 $ 10,624.00
12/31/1988 $10,849.00 $ 10,651.07 $ 10,651.07 $ 10,727.00
1/31/89 $10,919.00 $ 10,803.38 $ 10,803.38 $ 10,864.00
2/28/89 $10,904.00 $ 10,688.86 $ 10,688.86 $ 10,792.00
3/31/89 $10,839.00 $ 10,620.45 $ 10,620.45 $ 10,772.00
4/30/89 $10,945.00 $ 10,803.13 $ 10,803.13 $ 10,964.00
5/31/89 $11,035.00 $ 10,999.74 $ 10,999.74 $ 11,134.00
6/30/89 $11,116.00 $ 11,120.74 $ 11,120.74 $ 11,257.00
7/31/89 $11,229.00 $ 11,283.10 $ 11,283.10 $ 11,383.00
8/31/89 $11,209.00 $ 11,239.10 $ 11,239.10 $ 11,321.00
9/30/89 $11,205.00 $ 11,244.72 $ 11,244.72 $ 11,303.00
10/31/1989 $11,304.00 $ 11,343.67 $ 11,343.67 $ 11,409.00
11/30/1989 $11,408.00 $ 11,487.74 $ 11,487.74 $ 11,561.00
12/31/1989 $11,475.00 $ 11,580.79 $ 11,580.79 $ 11,654.00
1/31/90 $11,467.00 $ 11,586.58 $ 11,586.58 $ 11,602.00
2/28/90 $11,560.00 $ 11,673.48 $ 11,673.48 $ 11,701.00
3/31/90 $11,628.00 $ 11,637.29 $ 11,637.29 $ 11,701.00
4/30/90 $11,522.00 $ 11,598.89 $ 11,598.89 $ 11,619.00
5/31/90 $11,688.00 $ 11,811.15 $ 11,811.15 $ 11,840.00
6/30/90 $11,774.00 $ 11,897.37 $ 11,897.37 $ 11,936.00
7/31/90 $11,894.00 $ 12,038.95 $ 12,038.95 $ 12,093.00
8/31/90 $11,824.00 $ 11,998.01 $ 11,998.01 $ 11,957.00
9/30/90 $11,898.00 $ 12,023.21 $ 12,023.21 $ 11,993.00
10/31/1990 $12,055.00 $ 12,199.95 $ 12,199.95 $ 12,155.00
11/30/1990 $12,252.00 $ 12,375.63 $ 12,375.63 $ 12,363.00
12/31/1990 $12,325.00 $ 12,421.42 $ 12,421.42 $ 12,413.00
1/31/91 $12,461.00 $ 12,604.01 $ 12,604.01 $ 12,564.00
2/28/91 $12,570.00 $ 12,718.71 $ 12,718.71 $ 12,661.00
3/31/91 $12,585.00 $ 12,689.46 $ 12,689.46 $ 12,679.00
4/30/91 $12,694.00 $ 12,848.08 $ 12,848.08 $ 12,834.00
5/31/91 $12,787.00 $ 12,913.60 $ 12,913.60 $ 12,931.00
6/30/91 $12,756.00 $ 12,909.73 $ 12,909.73 $ 12,916.00
7/31/91 $12,761.00 $ 13,038.82 $ 13,038.82 $ 13,059.00
8/31/91 $12,982.00 $ 13,207.03 $ 13,207.03 $ 13,202.00
9/30/91 $13,091.00 $ 13,369.47 $ 13,369.47 $ 13,361.00
10/31/1991 $13,199.00 $ 13,471.08 $ 13,471.08 $ 13,475.00
11/30/1991 $13,269.00 $ 13,514.19 $ 13,514.19 $ 13,507.00
12/31/1991 $13,527.00 $ 13,818.26 $ 13,818.26 $ 13,782.00
1/31/92 $13,610.00 $ 13,844.51 $ 13,844.51 $ 13,807.00
2/29/92 $13,586.00 $ 13,852.82 $ 13,852.82 $ 13,812.00
3/31/92 $13,543.00 $ 13,807.10 $ 13,807.10 $ 13,790.00
4/30/92 $13,625.00 $ 13,928.61 $ 13,928.61 $ 13,905.00
5/31/92 $13,746.00 $ 14,053.96 $ 14,053.96 $ 14,069.00
6/30/92 $13,896.00 $ 14,256.34 $ 14,256.34 $ 14,287.00
7/31/92 $14,169.00 $ 14,629.86 $ 14,629.86 $ 14,729.00
8/31/92 $14,104.00 $ 14,520.13 $ 14,520.13 $ 14,561.00
9/30/92 $14,186.00 $ 14,611.61 $ 14,611.61 $ 14,647.00
10/31/1992 $14,155.00 $ 14,564.85 $ 14,564.85 $ 14,489.00
11/30/1992 $14,360.00 $ 14,741.09 $ 14,741.09 $ 14,765.00
12/31/1992 $14,446.00 $ 14,844.27 $ 14,844.27 $ 14,901.00
1/31/93 $14,581.00 $ 15,004.59 $ 15,004.59 $ 15,082.00
2/28/93 $14,920.00 $ 15,396.21 $ 15,396.21 $ 15,577.00
3/31/93 $14,774.00 $ 15,222.24 $ 15,222.24 $ 15,382.00
4/30/93 $14,838.00 $ 15,319.66 $ 15,319.66 $ 15,518.00
5/31/93 $14,871.00 $ 15,373.28 $ 15,373.28 $ 15,580.00
6/30/93 $15,033.00 $ 15,580.82 $ 15,580.82 $ 15,811.00
7/31/93 $15,039.00 $ 15,591.72 $ 15,594.84 $ 15,808.00
8/31/93 $15,227.00 $ 15,803.77 $ 15,833.44 $ 16,113.00
9/30/93 $15,321.00 $ 15,917.56 $ 15,972.78 $ 16,312.00
10/31/1993 $15,342.00 $ 15,941.43 $ 16,009.52 $ 16,344.00
11/30/1993 $15,288.00 $ 15,895.20 $ 15,911.86 $ 16,220.00
12/31/1993 $15,465.00 $ 16,112.97 $ 16,168.04 $ 16,512.00
1/31/94 $15,585.00 $ 16,264.43 $ 16,326.49 $ 16,686.00
2/28/94 $15,310.00 $ 15,960.28 $ 16,024.45 $ 16,303.00
3/31/94 $14,963.00 $ 15,604.37 $ 15,646.27 $ 15,810.00
4/30/94 $15,084.00 $ 15,761.97 $ 15,760.49 $ 15,884.00
5/31/94 $15,163.00 $ 15,850.24 $ 15,845.59 $ 16,017.00
6/30/94 $15,096.00 $ 15,813.79 $ 15,824.99 $ 15,966.00
7/31/94 $15,245.00 $ 15,986.16 $ 16,021.22 $ 16,171.00
8/31/94 $15,311.00 $ 16,062.89 $ 16,093.32 $ 16,232.00
9/30/94 $15,185.00 $ 15,942.42 $ 15,971.01 $ 16,057.00
10/31/1994 $15,045.00 $ 15,853.14 $ 15,844.84 $ 15,866.00
11/30/1994 $14,845.00 $ 15,751.68 $ 15,678.47 $ 15,616.00
12/31/1994 $15,062.00 $ 15,890.29 $ 15,863.47 $ 15,863.00
1/31/95 $15,302.00 $ 16,042.84 $ 16,107.77 $ 16,178.00
2/28/95 $15,625.00 $ 16,275.46 $ 16,410.60 $ 16,541.00
3/31/95 $15,757.00 $ 16,534.24 $ 16,579.63 $ 16,691.00
4/30/95 $15,793.00 $ 16,578.89 $ 16,627.71 $ 16,730.00
5/31/95 $16,140.00 $ 16,941.96 $ 17,006.82 $ 17,133.00
6/30/95 $16,148.00 $ 16,955.52 $ 17,003.42 $ 17,077.00
7/31/95 $16,312.00 $ 17,192.89 $ 17,210.86 $ 17,240.00
8/31/95 $16,446.00 $ 17,366.54 $ 17,389.85 $ 17,413.00
9/30/95 $16,449.00 $ 17,418.64 $ 17,452.46 $ 17,501.00
10/31/1995 $16,547.00 $ 17,491.80 $ 17,581.60 $ 17,680.00
11/30/1995 $16,697.00 $ 17,640.48 $ 17,750.39 $ 17,877.00
12/31/1995 $16,767.00 $ 17,737.50 $ 17,839.14 $ 18,002.00
1/31/96 $16,917.00 $ 17,948.58 $ 18,003.26 $ 18,163.00
2/29/96 $16,860.00 $ 17,887.55 $ 17,961.85 $ 18,107.00
3/31/96 $16,691.00 $ 17,792.75 $ 17,830.73 $ 17,895.00
4/30/96 $16,681.00 $ 17,766.06 $ 17,816.47 $ 17,857.00
5/31/96 $16,655.00 $ 17,744.74 $ 17,803.99 $ 17,849.00
6/30/96 $16,744.00 $ 17,870.73 $ 17,928.62 $ 17,957.00
7/31/96 $16,864.00 $ 17,988.68 $ 18,061.29 $ 18,134.00
8/30/96 $16,854.00 $ 18,026.45 $ 18,075.74 $ 18,167.00
9/30/96 $16,976.00 $ 18,161.65 $ 18,222.16 $ 18,295.00
10/31/1996 $17,099.00 $ 18,330.55 $ 18,391.62 $ 18,482.00
11/30/1996 $17,320.00 $ 18,585.35 $ 18,647.27 $ 18,767.00
12/31/1996 $17,274.00 $ 18,557.47 $ 18,611.84 $ 18,722.00
1/31/97 $17,314.00 $ 18,607.58 $ 18,684.42 $ 18,560.00
2/28/97 $17,439.00 $ 18,739.69 $ 18,817.08 $ 18,902.00
3/31/97 $17,212.00 $ 18,527.93 $ 19,007.13 $ 18,702.00
4/30/97 $17,270.00 $ 18,620.57 $ 19,102.17 $ 18,796.00
5/31/97 $17,463.00 $ 18,823.53 $ 19,316.11 $ 19,040.00
6/30/97 $17,588.00 $ 18,989.00 $ 19,470.64 $ 19,224.00
7/31/97 $17,915.84 $ 19,323.21 $ 19,830.85 $ 19,643.08
8/30/97 $17,802.97 $ 19,224.66 $ 19,729.71 $ 19,482.01
9/30/97 $17,963.20 $ 19,395.76 $ 19,911.23 $ 19,682.67
10/31/1997 $18,036.85 $ 19,496.62 $ 20,014.76 $ 19,773.21
11/30/1997 $18,076.53 $ 19,557.05 $ 20,080.81 $ 19,846.38
12/31/1997 $18,244.64 $ 19,725.25 $ 20,277.61 $ 20,094.46
1/31/98 $18,407.02 $ 19,904.75 $ 20,454.02 $ 20,263.25
2/28/98 $18,412.54 $ 19,936.59 $ 20,484.70 $ 20,271.35
3/31/98 $18,399.65 $ 19,954.54 $ 20,499.04 $ 20,273.38
4/30/98 $18,294.77 $ 19,870.73 $ 20,423.19 $ 20,165.93
5/31/98 $18,508.82 $ 20,109.18 $ 20,670.32 $ 20,450.27
6/30/98 $18,547.32 $ 20,177.55 $ 20,738.53 $ 20,507.53
06/30/1998 $18,608.53 $ 20,240.10 $ 20,806.96 $ 20,564.95
07/31/1998 $18,658.77 $ 20,312.96 $ 20,873.55 $ 20,618.42
08/31/1998 $18,877.08 $ 20,587.19 $ 21,136.55 $ 20,824.60
09/30/1998 $19,062.07 $ 20,797.18 $ 21,347.92 $ 20,976.62
10/31/1998 $19,092.57 $ 20,840.85 $ 21,411.96 $ 21,026.97
11/30/1998 $19,132.67 $ 20,870.03 $ 21,463.35 $ 21,064.82
12/31/1998 $19,167.10 $ 20,961.86 $ 21,521.30 $ 21,125.90
01/31/1999 $19,377.94 $ 21,173.57 $ 21,764.49 $ 21,303.36
02/28/1999 $19,321.75 $ 21,148.17 $ 21,716.61 $ 21,260.76
03/31/1999 $19,319.81 $ 21,177.77 $ 21,725.30 $ 21,271.39
04/30/1999 $19,364.25 $ 21,239.19 $ 21,786.13 $ 21,318.18
05/31/1999 $19,273.24 $ 21,166.97 $ 21,716.41 $ 21,262.76
06/30/1999 $19,055.45 $ 20,932.02 $ 21,488.39 $ 21,079.90
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
----------------------------------------------------- ---------------------------------
Lehman Lehman
Tax-Free Muni Bond Mutual Fund Lipper Int.
Short-Int. 5 Year Int.-Short Muni Debt One Five Since
Bond Fund G/O Index Muni Index Funds Avg. Year Years Inception
- -------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Class K $18,953 $20,932 $21,488 $21,080 2.27% 4.66% 5.30%
</TABLE>
- -----------------------------------------------------------------------------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more or
less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
The Lehman Brothers 20-year Municipal Bond Index is a performance benchmark
for the long-term investment grade tax-exempt bond market. The Lehman
Brothers Municipal Bond 5-year Government/Obligation Index is an unmanaged
index that includes state and local government bonds secured by the taxing
power of the issuer with four to six year maturities. The Lehman Mutual Fund
Intermediate Short Muni Index is an unmanaged index that covers multiple
sectors of the municipal bond universe with maturities between one and 10
years. The Index is a more appropriate comparison for the Tax-Free
Short-Intermediate Bond Fund than the Lehman Muni-Bond 5-Year G/O Index
because the Advisor believes the Index reflects a broader market exposure
more representative of the Fund's process.
Munder Balanced Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 69.6%
Advertising -- 1.4%
3,700 Interpublic Group of Companies,
Inc. $ 320,512
4,400 Omnicom Group, Inc. 352,000
-----------
672,512
-----------
Automobile Parts and Equipment -- 2.1%
1,856 Borg-Warner Automotive, Inc. 102,080
18,130 Dura Automotive Systems, Inc.+ 602,822
3,900 Johnson Controls, Inc. 270,319
-----------
975,221
-----------
Banking and Financial Services -- 7.6%
7,700 Associates First Capital Corporation 341,206
3,300 Chase Manhattan Corporation 285,862
1,500 Fannie Mae 102,563
5,900 First American Corporation 245,219
16,400 Flagstar Bancorp, Inc. 414,100
13,200 Fleet Financial Group, Inc. 585,750
5,400 Goldman Sachs Group, Inc. 390,150
5,000 Mellon Bank Corporation 181,875
20,800 Ocean Financial Corporation 377,000
8,500 U.S. Bancorp 289,000
11,200 UST Corporation 338,800
-----------
3,551,525
-----------
Broadcasting -- 0.3%
3,300 Young Broadcasting, Inc.+ 140,456
-----------
Building Materials -- 4.0%
4,200 Centex Construction Products, Inc. 143,325
14,570 Craftmade International, Inc. 189,410
17,600 Dayton Superior Corporation+ 326,700
3,930 Elcor Corporation 171,692
9,500 Masco Corporation 274,313
15,000 Pulte Corporation 345,937
6,200 Southdown, Inc. 398,350
-----------
1,849,727
-----------
Business Services -- 1.5%
14,200 International Telecommunication
Data Systems, Inc.+ 227,200
4,770 Steiner Leisure Ltd., ADR+ 144,591
8,188 Tetra Tech, Inc.+ 135,094
6,820 URS Corporation+ 199,911
-----------
706,796
-----------
Chemicals -- 0.5%
11,100 Crompton & Knowles
Corporation 217,144
-----------
Chemicals -- Specialty -- 0.3%
2,400 Avery Dennison Corporation 144,900
-----------
Commercial Services -- 0.4%
5,025 Manitowoc Company, Inc. 209,166
-----------
Computer Hardware, Software or
Services -- 5.1%
5,950 Advanced Digital Information
Corporation+ 240,975
5,700 Analytical Surveys, Inc.+ 141,788
5,600 BMC Software, Inc.+ 302,400
9,000 Ceridian Corporation+ 294,187
6,400 Compuware Corporation+ 203,600
2,500 Fundtech Ltd.+ 64,844
14,100 InterVoice, Inc.+ 203,569
7,200 Microsoft Corporation+ 649,350
7,650 Wall Data, Inc.+ 73,153
5,350 Zomax, Inc.+ 235,400
-----------
2,409,266
-----------
Computer / Peripherals -- 0.3%
2,200 Sun Microsystems, Inc.+ 151,525
-----------
Consumer Non-Durables -- 0.6%
12,400 Ivex Packaging Corporation+ 272,800
-----------
Distributors -- 0.4%
9,250 JLG Industries, Inc. 188,469
-----------
Diversified -- 1.9%
4,000 Textron, Inc. 329,250
4,500 Tyco International Ltd. 426,375
2,000 United Technologies Corporation 143,375
-----------
899,000
-----------
Drugs -- 2.2%
4,500 Amgen, Inc.+ 273,937
2,300 Cardinal Health, Inc. 147,488
5,000 Merck & Company, Inc. 370,000
4,400 Schering-Plough Corporation 233,200
-----------
1,024,625
-----------
Electrical Equipment -- 2.5%
3,300 General Electric Company 372,900
2,000 Honeywell, Inc. 231,750
5,810 SLI, Inc.+ 156,870
2,800 Texas Instruments, Inc. 406,000
-----------
1,167,520
-----------
Electronics -- 6.3%
12,400 Aeroflex, Inc.+ 244,900
6,300 Anaren Microwave, Inc.+ 131,513
6,700 ATMI, Inc.+ 199,325
7,150 C-Cube Microsystems, Inc.+ 226,566
5,000 CISCO Systems, Inc.+ 322,187
2,650 CTS Corporation 185,500
10,000 FLIR Systems, Inc.+ 151,250
14,900 General Semiconductor, Inc.+ 135,962
5,050 GlobeSpan, Inc.+ 200,737
11,150 Herley Industries, Inc.+ 145,647
8,900 Innovex, Inc. 124,600
6,550 ITI Technologies, Inc.+ 148,194
11,400 MKS Instruments, Inc.+ 212,325
8,750 Unitrode Corporation+ 251,016
4,700 Xilinx, Inc.+ 269,075
-----------
2,948,797
-----------
Environmental -- 0.5%
10,000 Republic Services, Inc.+ 247,500
-----------
Financial Services -- 1.3%
7,300 Automatic Data Processing, Inc. 321,200
3,750 Fiserv, Inc.+ 117,422
5,500 SunGard Data Systems+ 189,750
-----------
628,372
-----------
Food and Beverages -- 2.3%
12,600 ConAgra, Inc. 335,475
18,300 J&J Snack Foods Corporation+ 439,200
10,000 SYSCO Corporation 298,125
-----------
1,072,800
-----------
Grocery -- 0.3%
3,000 Safeway, Inc.+ 148,500
-----------
Health Care -- 1.5%
56 Coram Healthcare Corporation+ 98
11,300 Province Healthcare Company+ 220,350
12,700 Trigon Healthcare, Inc.+ 461,962
-----------
682,410
-----------
Home Furnishings -- 0.4%
6,200 Leggett & Platt, Inc. 172,438
-----------
Household Products -- 1.0%
6,700 Maytag Corporation 466,906
-----------
Insurance -- 2.1%
8,800 Ace Ltd., ADR 248,600
1,887 American International Group,
Inc. 220,897
20,200 ARM Financial Group, Inc. 171,700
2,700 Marsh & McLennan Companies,
Inc. 203,850
2,500 UnumProvident Corporation 136,875
-----------
981,922
-----------
Machinery and Heavy Equipment --
1.1%
4,000 Ingersoll-Rand Company 258,500
8,400 Terex Corporation+ 255,675
-----------
514,175
-----------
Manufacturing -- 0.2%
4,900 Penn Engineering &
Manufacturing Corporation 110,250
-----------
Manufactured Housing -- 0.6%
25,000 Clayton Homes, Inc. 285,937
-----------
Medical Services and Supplies -- 3.7%
6,000 Abbott Laboratories 273,000
5,900 Baxter International, Inc. 357,687
4,000 Biomet, Inc. 159,000
7,650 ICU Medical, Inc.+ 135,309
2,800 Johnson & Johnson Company 274,400
10,100 Orthofix International N.V., ADR+ 150,238
2,200 Stryker Corporation 132,275
19,035 US Oncology, Inc.+ 228,420
-----------
1,710,329
-----------
Oil Equipment and Services -- 1.8%
8,500 Burlington Resources, Inc. 367,625
13,900 USX-Marathon Group 452,619
-----------
820,244
-----------
Real Estate -- 1.2%
11,700 Kilroy Realty Corporation 285,187
8,800 Mack-Cali Realty Corporation 272,250
-----------
557,437
-----------
Recreation -- 0.9%
7,860 Brass Eagle, Inc.+ 147,375
6,100 Carnival Corporation, Class A 295,850
-----------
443,225
-----------
Restaurants -- 1.0%
5,660 Dave & Buster's, Inc.+ 164,140
10,300 Wendy's International, Inc. 291,619
-----------
455,759
-----------
Retail -- 1.2%
6,600 Cutter & Buck, Inc.+ 111,375
5,800 Family Dollar Stores, Inc. 139,200
10,340 Happy Kids, Inc.+ 89,829
4,600 Wal-Mart Stores, Inc. 221,950
-----------
562,354
-----------
Retail-- Building Supplies-- 1.1%
5,700 Home Depot, Inc. 367,294
2,800 Lowe's Companies, Inc. 158,725
-----------
526,019
-----------
Retail -- Specialty -- 1.2%
4,600 Dollar General Corporation 133,400
13,750 Office Depot, Inc.+ 303,359
11,050 Office Max, Inc.+ 132,600
-----------
569,359
-----------
Retirement / Aged Care -- 0.3%
12,500 Capital Senior Living
Corporation+ 125,000
-----------
Semiconductors -- 2.1%
4,100 Altera Corporation+ 150,931
11,200 Intel Corporation 666,400
2,200 Maxim Integrated Products, Inc.+ 146,300
-----------
963,631
-----------
Telecommunications -- 3.9%
7,800 AudioCodes Ltd.+ 210,600
7,450 CenturyTel, Inc. 296,137
10,550 Gilat Communications Ltd.+ 168,800
9,650 Inet Technologies, Inc.+ 231,600
3,960 Lucent Technologies, Inc. 267,053
3,900 MCI Worldcom, Inc.+ 335,644
5,400 SBC Communications, Inc. 313,200
-----------
1,823,034
-----------
Thrift -- 0.5%
7,789 Charter One Financial, Inc. 216,632
-----------
Transportation -- 0.6%
7,600 CNF Transportation, Inc. 291,650
-----------
Utilities -- 1.0%
9,900 Edison International 264,825
5,400 New Century Energies, Inc. 209,587
-----------
474,412
-----------
Waste Management -- 0.4%
9,300 Azurix Corporation+ 186,000
-----------
TOTAL COMMON STOCKS
(Cost $26,830,574) 32,565,744
-----------
ASSET BACKED SECURITIES -- 3.4%
600,000 Residential Accredit Loans, Inc.,
Series 1997-QS5, Class A5,
7.250% due 06/25/2027 601,194
600,000 Residential Asset Securities
Corporation, Series 1997-KS3,
Class A16,
6.900% due 08/25/2027 587,592
400,000 Union Acceptance Corporation,
Series 1996-C, Class A3,
6.630% due 10/08/2003++ 401,768
-----------
TOTAL ASSET BACKED SECURITIES
(Cost $1,606,495) 1,590,554
-----------
COLLATERALIZED MORTGAGE
OBLIGATIONS -- 2.5%
600,000 Federal Home Mortgage
Corporation,
Series 1541, Class F,
6.250% due 05/15/2019 598,350
550,000 Federal Home Mortgage
Corporation,
Series 1702-A, Class PD,
6.500% due 04/15/2022 547,321
-----------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS
(Cost $1,133,719) 1,145,671
-----------
CORPORATE BONDS AND NOTES -- 11.3%
Finance -- 2.7%
300,000 Associates Corporation of
North America,
5.800% due 04/20/2004 289,737
500,000 Countrywide Capital III,
8.050% due 06/15/2027 504,850
300,000 Pitney Bowes Credit
Corporation,
8.625% due 02/15/2008 336,951
150,000 Transamerica Capital III,
7.625% due 11/15/2037 147,495
-----------
1,279,033
-----------
Finance -- Foreign -- 1.5%
300,000 Abbey National Plc,
6.700% due 06/29/2049 279,681
450,000 Westdeutsche Landesbank,
6.750% due 06/15/2005 443,812
-----------
723,493
-----------
Food and Beverages -- 1.1%
500,000 Coca Cola Enterprises,
6.625% due 09/30/2002 498,750
-----------
Government Agency -- 0.9%
400,000 Tennessee Valley Authority,
6.375% due 06/15/2005 399,664
-----------
Industrial -- 2.7%
500,000 American Greetings Corporation,
6.100% due 08/01/2028 466,790
300,000 Harris Corporation,
6.350% due 02/01/2028 286,263
500,000 Racers-Kellogg, Series 1998 144A,
5.750% due 02/02/2001 498,865
-----------
1,251,918
-----------
Supranational -- 0.8%
350,000 African Development Bank,
6.750% due 07/30/1999 350,242
-----------
Utility -- Electric -- 1.6%
500,000 National Rural Utilities
Cooperative Finance,
6.125% due 05/15/2005 485,660
300,000 Puget Sound Energy, Inc.,
7.020% due 12/01/2027 284,412
-----------
770,072
-----------
TOTAL CORPORATE BONDS AND NOTES
(Cost $5,457,195) 5,273,172
-----------
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 3.4%
Federal Home Loan Mortgage
Corporation(FHLMC) -- 0.4% FHLMC:
105,018 Pool #E62394, Gold,
7.500% due 09/01/2010 106,615
92,930 Pool #200021,
10.500% due 11/01/2000 97,558
-----------
204,173
-----------
Federal National Mortgage Association
(FNMA) -- 2.6%
FNMA:
500,000 Pool #380137,
7.280% due 03/01/2008 519,735
239,944 Pool #303105,
11.000% due 11/01/2020 263,847
378,238 Pool #100081,
11.500% due 08/01/2016 423,865
-----------
1,207,447
-----------
Government National Mortgage Association
(GNMA) -- 0.4%
167,575 GNMA, Pool #780584,
7.000% due 06/15/2027 165,857
-----------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $1,608,864) 1,577,477
-----------
U.S. TREASURY OBLIGATIONS -- 7.0%
U.S. Treasury Bonds -- 6.0%
400,000 3.875% due 04/15/2029 394,248
2,000,000 8.000% due 11/15/2021 2,406,200
-----------
2,800,448
-----------
U.S. Treasury Notes -- 1.0%
$ 440,000 7.875% due 11/15/2004 479,613
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $3,552,244) 3,280,061
-----------
REPURCHASE AGREEMENT -- 3.4%
(Cost $1,610,000)
$1,610,000 Agreement with State Street
Bank and Trust Company,
4.750% dated 06/30/1999,
to be repurchased at
$1,610,212 on 07/01/1999,
collateralized by $1,620,000
U.S. Treasury Note, 5.250%
maturing 01/31/2001
(value $1,644,300) 1,610,000
-----------
OTHER INVESTMENTS**
(Cost $4,211,746) 9.0% 4,211,746
---- -----------
TOTAL INVESTMENTS
(Cost $46,010,837*) 109.6% 51,254,425
OTHER ASSETS AND
LIABILITIES (Net) (9.6) (4,471,853)
----- -----------
NET ASSETS 100.0% $46,782,572
===== ===========
- -------
* Aggregate cost for Federal tax purposes is $46,091,052.
** As of June 30, 1999, the market value of the securities on loan is
$4,197,873. Collateral received for securities loaned of $4,211,746 is
invested in State Street Navigator Securities Lending Trust-Prime
Portfolio.
+ Non-income producing security.
++ Floating rate note. The interest rate shown reflects the rate currentl
in effect.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder Growth & Income Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 87.8%
Aerospace -- 2.2%
78,000 United Technologies
Corporation $ 5,591,625
------------
Automobile Parts and Equipment -- 2.6%
97,000 Johnson Controls, Inc. 6,723,313
------------
Banking and Finance -- 6.4%
79,000 Federal National Mortgage
Association 5,401,625
165,000 U.S. Bancorp 5,610,000
122,000 Wells Fargo & Company 5,215,500
------------
16,227,125
------------
Building Materials -- 2.2%
199,000 Masco Corporation 5,746,125
------------
Computer Software -- 2.0%
143,000 Dun & Bradstreet Corporation 5,067,563
------------
Drugs -- 3.5%
83,000 American Home Products
Corporation 4,772,500
56,600 Merck & Co., Inc. 4,188,400
------------
8,960,900
------------
Drugs and Health Care -- 1.6%
87,000 Abbott Laboratories 3,958,500
------------
Electrical Equipment -- 2.5%
57,000 General Electric Company 6,441,000
------------
Electrical Machinery -- 1.6%
81,000 Cooper Industries, Inc. 4,212,000
------------
Food and Beverages -- 10.0%
68,000 Anheuser-Busch Companies, Inc. 4,823,750
173,000 ConAgra, Inc. 4,606,125
67,000 General Mills, Inc. 5,385,125
125,000 PepsiCo, Inc. 4,835,938
197,000 Sysco Corporation 5,873,062
------------
25,524,000
------------
Holding Companies-- Diversified-- 2.2%
67,200 Textron, Inc. 5,531,400
------------
Household Furnishings and Appliances -- 4.7%
232,000 Leggett & Platt, Inc. 6,452,500
79,000 Maytag Corporation 5,505,312
------------
11,957,812
------------
Insurance -- 6.9%
118,000 Lincoln National Corporation 6,172,875
89,300 Marsh & McLennan Companies,
Inc. 6,742,150
83,000 XL Capital Ltd. 4,689,500
------------
17,604,525
------------
Manufacturing Specialize -- 1.9%
79,074 Avery Dennison Corporation 4,774,093
------------
Medical Instruments, Services, and
Supplies --1.7%
71,000 Baxter International, Inc. 4,304,375
------------
Office Equipment and Supplies -- 4.4%
76,000 Pitney Bowes, Inc. 4,883,000
107,000 Xerox Corporation 6,319,687
------------
11,202,687
------------
Oil and Petroleum -- 5.4%
50,097 BP Amoco Plc, ADR 5,435,524
56,000 Exxon Corporation 4,319,000
41,000 Mobil Corporation 4,059,000
------------
13,813,524
------------
Oil Equipment and Services -- 1.3%
52,000 Schlumberger Ltd. 3,311,750
------------
Paper and Forest Products -- 2.0%
110,000 Georgia-Pacific Corporation 5,211,250
------------
Printing and Publishing -- 4.0%
150,800 Central Newspapers, Inc. 5,673,850
86,000 McGraw-Hill, Inc. 4,638,625
------------
10,312,475
------------
Real Estate -- 4.3%
65,000 Apartment Investment &
Management Company $ 2,778,750
74,000 Boston Properties, Inc. 2,654,750
55,000 Duke Realty Investments, Inc. 1,240,937
32,000 Kimco Realty Corporation 1,252,000
39,000 Mack-Cali Realty Corporation 1,206,563
80,000 Prentiss Properties Trust 1,880,000
------------
11,013,000
------------
Telecommunications -- 4.4%
126,000 BellSouth Corporation 5,906,250
92,000 SBC Communications, Inc. 5,336,000
------------
11,242,250
------------
Utilities -- Electric -- 5.8%
97,000 Consolidated Edison Company 4,389,250
116,300 New Century Energies, Inc. 4,513,894
141,000 Texas Utilities Company 5,816,250
------------
14,719,394
------------
Utilities -- Natural Gas -- 4.2%
137,262 El Paso Natural Gas Company 4,829,907
283,671 MCN Corporation Holding
Company 5,886,173
------------
10,716,080
------------
TOTAL COMMON STOCKS
(Cost $173,705,287) 224,166,766
------------
Principal
Amount
- ---------
CONVERTIBLE BONDS AND NOTES -- 2.7%
(Cost $2,450,965)
2,450,000 Home Depot, Inc.,
Conv. Sub. Note,
3.250% due 10/01/2001 6,811,000
------------
Shares
- -------
CONVERTIBLE PREFERRED STOCK -- 2.2%
(Cost $4,862,225)
93,000 Wendy's Financial I, 5.000%
Conv. Pfd. 5,626,500
------------
REPURCHASE AGREEMENT -- 3.9%
(Cost $10,114,000)
$10,114,000 Agreement with State Street
Bank and Trust Company,
4.750% dated 06/30/1999,
to be repurchased at
$10,115,334 on 07/01/1999,
collateralized by
$10,550,000 U.S.
Treasury Note, 4.50%
maturing 09/30/2000
(value $10,317,278) 10,114,000
------------
OTHER INVESTMENTS**
(Cost $5,435,774) 2.1% 5,435,774
------------
TOTAL INVESTMENTS
(Cost $196,568,251*) 98.7% 252,154,040
OTHER ASSETS AND
LIABILITIES (Net) 1.3 3,222,083
----- ------------
NET ASSETS 100.0% $255,376,123
===== ============
- -------
* Aggregate cost for Federal tax purposes is $196,568,253.
** As of June 30, 1999 the market value of the securities on loan
is $5,176,386. Collateral received for securities loaned of
$5,435,774 is invested in State Street Navigator Securities Lending
Trust-Prime Portfolio.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder Index 500 Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 97.3%
Advertising -- 0.2%
15,550 Interpublic Group of
Companies, Inc. $ 1,347,019
20,200 Omnicom Group, Inc. 1,616,000
-------------
2,963,019
-------------
Aerospace -- 0.9%
109,998 Boeing Company 4,860,537
14,200 General Dynamics Corporation 972,700
44,442 Lockheed Martin Corporation 1,655,464
7,600 Northrop Grumman
Corporation 503,975
54,592 United Technologies
Corporation 3,913,578
-------------
11,906,254
-------------
Airlines -- 0.3%
17,300 AMR Corporation+ 1,180,725
16,000 Delta Air Lines, Inc. 922,000
38,075 Southwest Airlines Company 1,185,084
8,300 US Airways Group, Inc.+ 361,569
-------------
3,649,378
-------------
Apparel -- 0.2%
8,200 Fruit of the Loom, Inc.+ 79,950
7,300 Liz Claiborne, Inc. 266,450
32,000 NIKE, Inc., Class B 2,026,000
6,300 Reebok International Ltd.+ 117,337
13,600 V.F. Corporation 581,400
-------------
3,071,137
-------------
Automobiles -- 1.0%
136,900 Ford Motor Company 7,726,294
73,200 General Motors Corporation 4,831,200
7,280 Navistar International
Corporation+ 364,000
-------------
12,921,494
-------------
Automobile Parts and Equipment -- 0.4%
16,800 AutoZone, Inc.+ 506,100
4,600 Cummins Engine, Inc. 262,775
18,818 Dana Corporation 866,804
63,934 Delphi Automotive Systems
Corporation 1,186,770
20,125 Genuine Parts Company 704,375
9,600 Johnson Controls, Inc. 665,400
5,800 Pep Boys-- Manny, Moe & Jack 125,425
13,400 TRW, Inc. 735,325
-------------
5,052,974
-------------
Banks -- 6.8%
20,150 AmSouth Bancorporation 467,228
197,099 Bank of America Corporation 14,449,820
86,100 Bank of New York, Inc. 3,158,794
133,405 Bank One Corporation 7,945,935
33,500 BankBoston 1,712,688
35,200 BB&T Corporation 1,291,400
95,668 Chase Manhattan Corporation 8,287,240
17,450 Comerica, Inc. 1,037,184
30,125 Fifth Third Bancorporation 2,005,195
109,334 First Union Corporation 5,138,698
74,700 Firstar Corporation 2,091,600
64,280 Fleet Financial Group, Inc. 2,852,425
23,630 Huntington Bancshares, Inc. 827,050
50,600 KeyCorp 1,625,525
90,752 MBNA Corporation 2,779,280
59,100 Mellon Bank Corporation 2,149,763
17,600 Mercantile Bancorporation, Inc. 1,005,400
20,000 Morgan (J.P.) & Company, Inc. 2,810,000
64,489 Morgan Stanley, Dean Witter,
Discover and Company 6,610,122
35,500 National City Corporation 2,325,250
12,400 Northern Trust Corporation 1,202,800
34,000 PNC Bank Corporation 1,959,250
12,000 Republic New York Corporation 818,250
18,900 Southtrust Corporation 725,288
18,000 State Street Corporation 1,536,750
19,400 Summit Bancorp 811,163
36,300 SunTrust Banks, Inc. 2,520,581
30,600 Synovus Financial Corporation 608,175
82,479 U.S. Bancorp 2,804,286
16,100 Union Planters Corporation 719,469
22,935 Wachovia Corporation 1,962,376
67,164 Washington Mutual, Inc. 2,375,927
-------------
88,614,912
-------------
Broadcasting -- 0.9%
80,400 CBS Corporation 3,492,375
37,500 Clear Channel Communications+ 2,585,156
68,700 MediaOne Group, Inc.+ 5,109,562
5,900 Meredith Corporation 204,288
-------------
11,391,381
-------------
Building Materials -- 1.0%
6,600 Centex Corporation 247,913
7,575 Crane Company 238,139
3,800 Fleetwood Enterprises 100,463
167,346 Home Depot, Inc. 10,783,358
5,200 Kaufman & Broad Home
Corporation 129,350
38,400 Masco Corporation 1,108,800
13,933 Pall Corporation 309,138
4,700 Pulte Corporation 108,394
11,400 Vulcan Materials Company 550,135
-------------
13,575,690
-------------
Business Equipment and Supplies -- 2.6%
13,100 Avery Dennison Corporation 790,912
16,600 Ikon Office Solutions 249,000
205,000 International Business Machines
Corporation 26,496,250
30,300 Pitney Bowes, Inc. 1,946,775
74,700 Xerox Corporation 4,411,969
-------------
33,894,906
-------------
Business Services -- 0.3%
86,913 Cendant Corporation+ 1,781,717
9,100 Deluxe Corporation 354,331
36,080 IMS Health, Inc. 1,127,500
27,800 Paychex, Inc. 886,125
-------------
4,149,673
-------------
Chemicals and Plastics -- 2.1%
25,700 Air Products & Chemicals, Inc. 1,034,425
24,850 Dow Chemical Company 3,152,844
127,400 dupont (E.I.) de Nemours &
Company 8,703,012
8,975 Eastman Chemical Company 464,456
14,400 Ecolab, Inc. 628,200
14,150 Engelhard Corporation 320,144
3,600 FMC Corporation+ 245,925
6,500 Great Lakes Chemical
Corporation 299,406
11,400 Hercules, Inc. 448,163
9,737 Kerr-McGee Corporation 488,676
8,000 Mallinckrodt Group, Inc. 291,000
45,500 Minnesota Mining &
Manufacturing Company 3,955,656
71,300 Monsanto Company 2,811,894
7,400 Nalco Chemical Company 383,875
17,700 Praxair, Inc. 866,194
8,700 Raychem Corporation 321,900
21,300 Rockwell International
Corporation 1,293,975
23,852 Rohm & Haas Company 1,022,664
11,312 Sigma-Aldrich Corporation 389,557
14,900 Union Carbide Corporation 726,375
7,800 W R Grace & Company+ 143,325
-------------
27,991,666
-------------
Coal -- 0.1%
24,400 CSX Corporation 1,105,625
2,600 Eastern Enterprises 103,350
8,600 Fluor Corporation 348,300
-------------
1,557,275
-------------
Communication Equipment -- 1.5%
19,300 Cabletron Systems, Inc.+ 250,900
109,800 GTE Corporation 8,317,350
8,700 Harris Corporation 340,931
67,900 Motorola, Inc. 6,433,525
18,900 National Semiconductor
Corporation+ 478,406
8,300 Scientific-Atlanta, Inc. 298,800
44,000 Tellabs, Inc.+ 2,972,750
-------------
19,092,662
-------------
Computer Hardware, Software or
Services -- 11.7%
40,600 3COM Corporation+ 1,083,512
6,700 Adobe Systems, Inc. 550,447
16,600 Advanced Micro Devices, Inc.+ 299,838
122,700 America Online, Inc. 13,558,350
17,800 Apple Computer, Inc.+ 824,362
6,600 Autodesk, Inc. 195,113
69,700 Automatic Data Processing, Inc. 3,066,800
26,657 BMC Software, Inc.+ 1,439,478
16,000 Ceridian Corporation+ 523,000
360,850 Cisco Systems, Inc.+ 23,252,272
192,023 Compaq Computer Corporation 4,548,545
60,975 Computer Associates
International, Inc. 3,353,625
17,800 Computer Sciences Corporation 1,231,537
41,600 Compuware Corporation+ 1,323,400
5,700 Data General Corporation+ 83,006
286,500 Dell Computer Corporation+ 10,600,500
55,800 Electronic Data Systems
Corporation 3,156,187
17,500 Gateway 2000, Inc.+ 1,032,500
114,800 Hewlett Packard Company 11,537,400
14,100 Honeywell, Inc. 1,633,837
576,500 Microsoft Corporation+ 51,993,094
8,100 Network Appliance, Inc.+ 452,588
38,200 Novell, Inc.+ 1,012,300
162,875 Oracle Corporation+ 6,046,734
30,300 Parametric Technology
Corporation+ 420,413
27,200 Peoplesoft, Inc. 469,200
25,200 Seagate Technologies, Inc.+ 645,750
21,000 Silicon Graphics, Inc.+ 343,875
87,200 Sun Microsystems, Inc.+ 6,005,900
30,500 Unisys Corporation+ 1,187,594
-------------
151,871,157
-------------
Computer -- Semiconductors -- 2.6%
41,800 Applied Materials, Inc.+ 3,087,975
114,300 EMC Corporation+ 6,286,500
374,800 Intel Corporation 22,300,600
16,200 LSI Logic Corporation+ 747,225
28,300 Micron Technology, Inc.+ 1,140,844
-------------
33,563,144
-------------
Consumer Non-Durables -- 3.6%
27,600 Corning, Inc. 1,935,450
369,600 General Electric Company 41,764,800
10,500 Grainger (W.W.), Inc. 565,031
42,020 Lowe's Companies, Inc. 2,382,009
-------------
46,647,290
-------------
Consumer Services -- 0.1%
11,000 Block (H & R), Inc. 550,000
30,900 Service Corporation
International 594,825
-------------
1,144,825
-------------
Consumer Staples -- 0.1%
27,100 Pioneer Hi-Bred International,
Inc. 1,055,206
-------------
Containers -- 0.1%
3,300 Ball Corporation 139,425
13,700 Crown Cork & Seal Company,
Inc. 390,450
17,400 Owens-Illinois, Inc.+ 568,763
9,469 Sealed Air Corporation+ 614,301
-------------
1,712,939
-------------
Cosmetics -- Toiletry -- 0.1%
6,300 Alberto-Culver Company,
Class B 167,738
29,700 Avon Products, Inc. 1,648,350
-------------
1,816,088
-------------
Diversified -- 1.4%
62,400 Allied Signal Corporation 3,931,200
19,200 Fortune Brands, Inc. 794,400
12,700 Loews Corporation 1,004,888
38,100 Raytheon Company, Class B 2,681,287
17,000 Textron, Inc. 1,399,312
17,800 Thermo Electron Corporation+ 357,113
92,359 Tyco International Ltd. 8,751,015
-------------
18,919,215
-------------
Drugs and Health Care -- 0.1%
10,800 Watson Pharmaceuticals, Inc.+ 378,675
7,600 Wellpoint Health Networks,
Inc.+ 645,050
-------------
1,023,725
-------------
Electrical Equipment -- 0.6%
10,600 Cooper Industries, Inc. 551,200
4,400 Foster Wheeler Corporation 62,150
5,150 Tektronix, Inc. 155,466
44,100 Texas Instruments, Inc. 6,394,500
6,300 Thomas & Betts Corporation 297,675
-------------
7,460,991
-------------
Electronics -- 0.6%
8,100 Eaton Corporation 745,200
5,100 EG & G, Inc. 181,688
49,500 Emerson Electric Company 3,112,312
9,900 KLA-Tencor Corporation+ 642,262
28,500 Solectron Corporation+ 1,900,594
22,400 Tandy Corporation 1,094,800
-------------
7,676,856
-------------
Energy and Resources -- 0.2%
19,865 Burlington Resources, Inc. 859,161
33,495 Reliant Energy, Inc. 925,300
27,178 Sempra Energy 614,902
-------------
2,399,363
-------------
Entertainment -- 1.5%
10,500 Brunswick Corporation 292,688
232,608 Disney (Walt) Company 7,167,234
7,800 Harcourt General Corporation 402,187
22,250 Hasbro, Inc. 621,609
8,000 King World Productions, Inc.+ 278,500
47,111 Mattel, Inc. 1,245,497
134,700 Time Warner, Inc. 9,900,450
-------------
19,908,165
-------------
Financial Services -- 5.5%
51,200 American Express Company 6,662,400
28,328 American General Corporation 2,135,223
82,350 Associates First Capital
Corporation 3,649,134
22,300 Capital One Financial
Corporation 1,241,831
46,150 Charles Schwab Corporation 5,070,731
381,718 Citigroup, Inc. 18,131,605
12,600 Countrywide Credit Industries 538,650
10,400 Dow Jones & Company, Inc. 551,850
16,500 Equifax, Inc. 588,844
115,800 Fannie Mae 7,917,825
78,500 Federal Home Loan Mortgage
Corporation 4,553,000
48,792 First Data Corporation 2,387,759
54,106 Household International, Inc. 2,563,272
13,400 Lehman Brothers Holdings, Inc. 834,150
41,600 Merrill Lynch & Company, Inc. 3,325,400
16,500 Paine Webber Group, Inc. 771,375
25,300 Regions Financial Corporation 972,469
18,500 SLM Holding Corporation 847,531
6,100 Temple-Inland, Inc. 416,325
186,660 Wells Fargo & Company 7,979,715
-------------
71,139,089
-------------
Food and Beverages -- 5.1%
47,393 Albertson's, Inc. 2,443,702
54,100 Anheuser-Busch Companies, Inc. 3,837,719
31,600 Bestfoods 1,564,200
49,300 Campbell Soup Company 2,286,287
278,900 Coca-Cola Company 17,431,250
48,000 Coca-Cola Enterprises, Inc. 1,428,000
55,350 ConAgra, Inc. 1,473,694
3,900 Coors (Adolph) Company,
Class B 193,050
40,900 Heinz (H.J.) Company 2,050,112
16,000 Hershey Foods Corporation 950,000
45,900 Kellogg Company 1,514,700
36,800 Nabisco Group Holdings
Corporation 719,900
166,800 PepsiCo, Inc. 6,453,075
272,500 Philip Morris Cos., Inc. 10,951,094
15,300 Quaker Oats Company 1,015,537
37,200 Ralston-Purina Company 1,132,275
102,100 Sara Lee Corporation 2,316,394
48,400 Seagram Company Ltd. 2,438,150
64,632 Unilever NV 4,508,092
19,900 UST, Inc. 582,075
13,100 Wrigley (Wm) Jr. Company 1,179,000
-------------
66,468,306
-------------
Food Distribution -- 0.6%
66,404 Archer-Daniels-Midland
Company 1,025,112
17,200 General Mills, Inc. 1,382,450
4,200 Great Atlantic & Pacific Tea
Company, Inc. 142,013
93,000 Kroger Company+ 2,598,187
13,500 Supervalu, Inc. 346,781
37,700 Sysco Corporation 1,123,931
16,700 Winn Dixie Stores, Inc. 616,856
-------------
7,235,330
-------------
Glass Products -- 0.1%
5,900 Owens Corning Fiberglass
Corporation 202,813
19,700 PPG Industries, Inc. 1,163,531
-------------
1,366,344
-------------
Health Care Facilities -- 0.2%
64,177 Columbia/HCA Healthcare
Corporation 1,464,038
12,550 HCR Manor Care, Inc.+ 303,553
18,800 Humana, Inc.+ 243,225
35,100 Tenet Healthcare Corporation+ 651,544
-------------
2,662,360
-------------
Health Care Products -- 3.5%
171,700 Abbott Laboratories 7,812,350
7,300 Allergan, Inc. 810,300
6,200 Bausch & Lomb, Inc. 474,300
28,000 Becton, Dickinson & Company 840,000
266,600 Merck & Co, Inc. 19,728,400
146,200 Pfizer, Inc. 16,045,450
-------------
45,710,800
-------------
Holding Companies -- 0.2%
15,800 Providian, LLC 1,477,300
25,000 Public Service Enterprise 1,021,875
-------------
2,499,175
-------------
Home Appliances -- 0.4%
9,700 Black & Decker Corporation 612,312
28,100 Illinois Tool Works, Inc. 2,304,200
10,100 Maytag Corporation 703,844
7,350 Snap-On, Inc. 265,978
10,000 Stanley Works 321,875
8,600 Whirlpool Corporation 636,400
-------------
4,844,609
-------------
Home Furnishings and Housewares -- 0.8%
147,900 American Home Products
Corporation 8,504,250
4,400 Armstrong World 254,375
31,797 Newell Rubbermaid, Inc. 1,478,560
2,100 Springs Industries, Inc. 91,613
6,400 Tupperware Corporation 163,200
-------------
10,491,998
-------------
Hotels and Restaurants -- 0.8%
15,100 Darden Restaurants, Inc. 329,369
14,100 Harrah's Entertainment
Corporation+ 310,200
29,500 Hilton Hotels Corporation 418,531
28,200 Marriott International, Inc. 1,053,975
153,100 McDonald's Corporation 6,324,944
22,200 Mirage Resorts, Inc.+ 371,850
17,140 Tricon Global Restaurants,Inc.+ 927,702
13,900 Wendy's International, Inc. 393,544
-------------
10,130,115
-------------
Insurance -- 3.3%
16,014 Aetna Life & Casualty Company 1,432,252
29,900 AFLAC, Inc. 1,431,462
91,120 Allstate Corporation 3,268,930
139,956 American International Group,
Inc. 16,383,599
28,625 AON Corporation 1,180,781
18,200 Chubb Corporation 1,264,900
23,400 CIGNA Corporation 2,082,600
18,900 Cincinnati Financial
Corporation 709,931
36,198 Conseco, Inc. 1,101,777
25,600 Hartford Financial Services
Group, Inc. 1,492,800
11,950 Jefferson-Pilot Corporation 790,941
22,800 Lincoln National Corporation 1,192,725
29,700 Marsh & McLennan Companies,
Inc. 2,242,350
11,200 MBIA, Inc. 725,200
12,400 MGIC Investment Corporation 602,950
8,200 Progressive Corporation 1,189,000
15,200 Provident Cos., Inc. 608,000
15,300 SAFECO Corporation 675,112
25,558 St. Paul Companies, Inc. 813,064
15,100 Torchmark, Inc. 515,288
14,000 Transamerica Corporation 1,050,000
19,600 United Healthcare Corporation 1,227,450
15,500 UNUM Corporation 848,625
-------------
42,829,737
-------------
Investment Companies -- 0.1%
13,140 Bear Stearns Companies, Inc. 614,295
28,600 Franklin Resources, Inc. 1,161,875
-------------
1,776,170
-------------
Machinery and Heavy Equipment -- 0.5%
40,600 Caterpillar, Inc. 2,436,000
26,200 Deere & Company 1,038,175
24,100 Dover Corporation 843,500
18,650 Ingersoll-Rand Company 1,205,256
12,250 Parker-Hannifin Corporation 560,438
-------------
6,083,369
-------------
Manufacturing -- 0.5%
25,750 Alcan Aluminum Ltd. 822,391
44,500 Boston Scientific Corporation+ 1,955,219
2,700 Briggs & Stratton Corporation 155,925
7,800 Brown-Forman Corporation,
Class B 508,462
8,400 Case Corporation 404,250
15,000 Danaher Corporation 871,875
4,200 Milacron, Inc. 77,700
8,840 PACCAR, Inc. 471,835
7,400 Reynolds Metals Company 436,600
19,300 Sherwin-Williams Company 535,575
-------------
6,239,832
-------------
Medical Instruments, Services, and
Supplies -- 2.1%
5,900 Bard (C.R.), Inc. 282,094
32,900 Baxter International, Inc. 1,994,562
12,700 Biomet, Inc. 504,825
30,774 Cardinal Health, Inc. 1,973,383
34,100 Guidant Corporation 1,754,019
46,889 HEALTHSOUTH Corporation+ 700,404
152,100 Johnson & Johnson Company 14,905,800
66,100 Medtronic, Inc. 5,147,537
2,900 Shared Medical Systems
Corporation 189,225
9,550 St. Jude Medical, Inc.+ 340,219
-------------
27,792,068
-------------
Metals and Mining -- 0.5%
41,556 Alcoa, Inc. 2,571,277
21,727 Allegheny Teldyne, Inc. 491,573
4,300 ASARCO, Inc. 80,894
44,000 Barrick Gold Corporation 852,500
26,000 Battle Mountain Gold Company 63,375
10,300 Cyprus Amax Minerals Company 156,431
18,500 Freeport McMoRan Copper &
Gold, Class B 331,844
29,400 Homestake Mining Company 240,713
21,700 Inco Ltd. 390,600
1,100 NACCO Industries, Inc., ClassA 80,850
18,955 Newmont Mining Corporation 376,731
6,400 Phelps Dodge Corporation 396,400
36,800 Placer Dome, Inc. 434,700
-------------
6,467,888
-------------
Natural Gas -- 0.4%
9,200 Columbia Gas System, Inc. 576,725
10,600 Consolidated Natural Gas
Company 643,950
39,765 Enron Corporation 3,250,789
5,400 NICOR, Inc. 205,538
3,500 ONOEK, Inc. 111,125
12,300 Sonat, Inc. 407,437
-------------
5,195,564
-------------
News and Publishing -- 0.7%
31,900 Gannett Company, Inc. 2,276,862
60,094 Kimberly-Clark Corporation 3,425,358
8,900 Knight-Ridder, Inc. 488,944
19,900 New York Times Company,
Class A 732,569
8,100 Times Mirror Company (New),
Class A 479,925
13,300 Tribune Company 1,158,762
-------------
8,562,420
-------------
Oil -- 5.5%
10,200 Amerada Hess Corporation 606,900
12,500 Apache Corporation 487,500
8,300 Ashland, Inc. 333,038
36,400 Atlantic Richfield Company 3,041,675
37,020 Baker Hughes, Inc. 1,240,170
73,800 Chevron Corporation 7,024,837
24,100 Coastal Corporation 964,000
274,200 Exxon Corporation 21,147,675
49,700 Halliburton Company 2,248,925
12,300 Louisiana Land & Exploration
Company 292,125
6,500 McDermott International, Inc. 183,625
88,200 Mobil Corporation 8,731,800
39,100 Occidental Petroleum
Corporation 825,988
28,600 Phillips Petroleum Company 1,438,937
242,600 Royal Dutch Petroleum
Company 14,616,650
10,600 Sunoco, Inc. 319,988
19,100 Tenneco, Inc. 456,013
60,500 Texaco, Inc. 3,781,250
27,800 Union Pacific Corporation 1,621,087
28,155 Union Pacific Resources Group 459,278
27,300 Unocal Corporation 1,081,762
34,800 USX-Marathon Group 1,133,175
-------------
72,036,398
-------------
Oil Equipment and Services -- 0.3%
5,400 Helmerich & Payne, Inc. 128,588
61,730 Schlumberger Ltd. 3,931,429
-------------
4,060,017
-------------
Paper and Forest Products -- 0.6%
5,900 Bemis Company, Inc. 234,525
6,300 Boise Cascade Corporation 270,113
10,800 Champion International
Corporation 517,050
24,725 Fort James Corporation 936,459
19,400 Georgia-Pacific Corporation 919,075
46,409 International Paper Company 2,343,654
11,300 Mead Corporation 471,775
3,200 Potlatch Corporation 140,600
22,550 Weyerhaeuser Company 1,550,313
12,400 Willamette Industries, Inc. 571,175
-------------
7,954,739
-------------
Personal Items -- 2.2%
33,100 Colgate-Palmolive Company 3,268,625
125,520 Gillette Company 5,146,320
11,900 International Flavors &
Fragrances, Inc. 528,063
3,900 Jostens, Inc. 82,144
150,200 Procter & Gamble Company 13,405,350
96,100 Warner-Lambert Company 6,666,937
-------------
29,097,439
-------------
Petroleum Refining -- 0.2%
13,700 Anadarko Petroleum
Corporation 504,331
9,500 Rowan Companies+ 175,156
48,800 Williams Companies, Inc. 2,077,050
-------------
2,756,537
-------------
Pharmaceuticals -- 2.9%
11,320 ALZA Corporation+ 575,905
224,340 Bristol-Myers Squibb Company 15,801,949
124,400 Lilly (Eli) & Company 8,910,150
31,347 McKesson HBOC, Inc. 1,007,022
57,520 Pharmacia & Upjohn, Inc. 3,267,855
166,300 Schering-Plough Corporation 8,813,900
-------------
38,376,781
-------------
Photographic Equipment and Supplies -- 0.2%
36,700 Eastman Kodak Company 2,486,425
4,750 Polaroid Corporation 131,219
-------------
2,617,644
-------------
Printing and Publishing -- 0.2%
7,800 American Greetings
Corporation, Class A 234,975
15,200 Donnelley (R.R.) & Sons
Company 563,350
18,740 Dun & Bradstreet Corporation 664,099
22,300 McGraw-Hill, Inc. 1,202,806
11,150 Westvaco Corporation 323,350
-------------
2,988,580
-------------
Railroads -- 0.2%
12,400 Kansas City Southern
Industries, Inc. 791,275
42,900 Norfolk Southern Corporation 1,292,362
-------------
2,083,637
-------------
Recreation -- 0.3%
69,300 Carnival Corporation, Class A 3,361,050
-------------
Research and Development -- 0.3%
57,600 Amgen, Inc.+ 3,506,400
5,500 PE Corp-PE Biosystems Group 631,125
-------------
4,137,525
-------------
Retail -- Store -- 4.8%
23,100 Best Buy Company, Inc.+ 1,559,250
11,300 Circuit City Stores -- Circuit
City Group 1,050,900
12,280 Consolidated Stores
Corporation+ 331,560
24,517 Costco Companies, Inc.+ 1,962,892
44,082 CVS Corporation 2,237,161
49,900 Dayton Hudson Corporation 3,243,500
12,100 Dillard's, Inc. 425,013
24,825 Dollar General Corporation 719,925
23,500 Federated Department Stores+ 1,244,031
96,788 Gap, Inc. 4,875,670
55,800 K-mart Corporation+ 917,213
18,400 Kohls Corporation+ 1,420,250
23,432 Limited, Inc. 1,063,227
4,200 Long's Drug Stores Company 145,163
37,750 May Department Stores
Company 1,543,031
15,900 Nordstrom, Inc. 532,650
42,300 Office Depot, Inc.+ 933,244
29,800 Penney (J.C.) Company, Inc. 1,447,162
29,300 Rite Aid Corporation 721,513
4,000 Russell Corporation 78,000
56,100 Safeway, Inc.+ 2,776,950
43,300 Sears, Roebuck & Company 1,929,556
52,550 Staples, Inc.+ 1,625,766
36,600 TJX Companies, Inc. 1,219,238
28,450 Toys R Us, Inc.+ 588,559
502,700 Wal-Mart Stores, Inc. 24,255,275
113,000 Walgreen Company 3,319,375
-------------
62,166,074
-------------
Savings and Loan Associations -- 0.0% #
6,300 Golden West Financial
Corporation 617,400
-------------
Soaps and Detergents -- 0.1%
13,212 Clorox Company 1,411,207
-------------
Steel -- 0.1%
14,500 Bethlehem Steel Corporation+ 111,469
9,900 Nucor Corporation 469,631
6,900 Timken Company 134,550
10,040 USX-U.S. Steel Group, Inc. 271,080
10,425 Worthington Industries, Inc. 171,361
-------------
1,158,091
-------------
Technology -- 0.7%
124,400 Ameritech Corporation 9,143,400
10,200 ITT Industries 388,875
4,800 Millipore Corporation 194,700
-------------
9,726,975
-------------
Telecommunications -- 9.7%
31,766 ALLTEL Corporation 2,271,269
9,437 Andrew Corporation+ 178,713
359,390 AT&T Corporation 20,058,454
175,662 Bell Atlantic Corporation 11,483,903
213,900 BellSouth Corporation 10,026,562
15,500 CenturyTel, Inc. 616,125
83,700 Comcast Corporation Special,
Class A (non-voting) 3,217,219
19,600 Frontier Corporation 1,156,400
19,500 General Instrument
Corporation+ 828,750
343,346 Lucent Technologies, Inc. 23,154,362
210,207 MCI Worldcom, Inc.+ 18,090,940
33,400 NEXTEL Communications, Inc.+ 1,676,263
75,100 Nortel Networks Corporation 6,519,619
221,800 SBC Communications 12,864,400
97,700 Sprint Corporation 5,159,781
49,750 Sprint PCS+ 2,841,969
56,958 US West, Inc. 3,346,283
78,000 Viacom, Inc., Class B+ 3,432,000
-------------
126,923,012
-------------
Tire and Rubber -- 0.1%
8,600 Cooper Tire & Rubber
Company 203,175
8,400 Goodrich (B.F.) Company 357,000
17,500 Goodyear Tire & Rubber
Company 1,029,219
-------------
1,589,394
-------------
Tobacco -- 0.0% #
1 R.J. Reynolds Tobacco
Holdings, Inc.+ 32
-------------
Transportation -- 0.3%
53,089 Burlington Northern Santa Fe 1,645,759
33,460 FDX Corporation+ 1,815,205
7,900 Ryder System, Inc. 205,400
-------------
3,666,364
-------------
Utilities -- 1.9%
21,500 AES Corporation+ 1,249,687
15,400 Ameren Corporation 590,975
21,700 American Electric Power
Company, Inc. 815,106
17,000 Carolina Power & Light
Company 727,812
24,100 Central & Southwest
Corporation 563,337
17,734 Cinergy Corporation 567,488
13,100 CMS Energy Corporation 548,563
25,700 Consolidated Edison Company 1,162,925
16,750 Constellation Energy Group 496,219
21,900 Dominion Resources, Inc. 948,544
16,200 DTE Energy Company 648,000
40,970 Duke Energy Company 2,227,744
39,200 Edison International 1,048,600
27,700 Entergy Corporation 865,625
26,827 FirstEnergy Corporation 831,637
11,000 Florida Progress Corporation 454,438
20,300 FPL Group, Inc. 1,108,887
14,300 GPU, Inc. 603,281
4,500 National Service Industries, Inc. 162,000
12,900 New Century Energies, Inc. 500,681
21,000 Niagara Mohawk Holdings, Inc.+ 337,313
17,100 Northern States Power Company 413,606
33,600 PacifiCorp 617,400
21,700 PECO Energy Company 908,687
3,800 People's Energy Corporation 143,213
43,300 PG & E Corporation 1,407,250
17,800 PP & L Resources, Inc. 547,350
78,900 Southern Company 2,090,850
31,715 Texas Utilities Company 1,308,244
24,400 Unicom Corporation 940,925
-------------
24,836,387
-------------
Waste Management -- 0.4%
17,700 Browning-Ferris Industries,
Inc. 761,100
37,400 Laidlaw, Inc., Class B
(non-voting) 275,825
68,753 Waste Management, Inc. 3,695,474
-------------
4,732,399
-------------
TOTAL COMMON STOCKS
(Cost $833,035,030) 1,268,824,241
-------------
Principal
Amount
- ---------
U.S. TREASURY BILLS -- 0.3%
(Cost $3,453,603)
$3,500,000 4.53%++ due 10/14/1999** 3,453,603
-------------
REPURCHASE AGREEMENT -- 1.8%
(Cost $22,988,000)
$22,988,000 Agreement with State Street
Bank and Trust Company,
4.750% dated 06/30/1999,
to be repurchased at
$22,991,033 on 07/01/1999,
collateralized by $23,305,000
U.S. Treasury Note, 6.125%
maturing 12/31/2001
(value $23,450,656) 22,988,000
--------------
TOTAL INVESTMENTS
(Cost $859,476,633*) 99.4% 1,295,265,844
OTHER ASSETS AND
LIABILITIES (Net) 0.6 8,171,802
----- --------------
NET ASSETS 100.0% $1,303,437,646
===== ==============
- ---------------------------------------------------------------------------
* Aggregate cost for Federal tax purposes is $861,062,709.
** Securities pledged as collateral for futures contracts.
+ Non-income producing security.
++ Rate represents annualized yield at date of purchase.
# Amount represents less than 0.1% of net assets.
Number of Unrealized
Contracts Appreciation
- --------- ------------
FUTURES CONTRACTS -- LONG POSITION
98 S&P 500 Index September 1999 $969,420
========
See Notes to Financial Statements.
Munder International Equity Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 95.7%
Argentina -- 0.4%
1,100 Alpargatas S.A.I.C., ADR $ 1,001
2,681 Banco de Galicia Bueno, ADR 54,290
1,656 Banco Frances del Rio
de la Plata SA, ADR 31,464
3,000 Banco Rio de La Plata SA 28,500
10,100 Corporacion Mapfre, ADR 57,680
508 IRSA Inversiones Y
Representaciones SA, GDR 15,685
2,220 Metrogas SA, ADR 18,731
13,865 Perez Companc SA, ADR 167,789
4,000 Quilmes Industrial SA, ADR 49,500
7,100 Telecom Argentina SA, ADR 189,925
8,500 Telefonica de Argentina, ADR 266,688
2,800 Transportadora de Gas
del Sur SA, ADR 26,250
------------
907,503
------------
Australia -- 3.0%
6,450 Amcor Ltd. 145,125
2,100 Ashton Mining Ltd., ADR 4,928
9,850 Australia & New Zealand Bank,
ADR 365,681
5,200 Boral Ltd., ADR 71,500
35,640 Broken Hill Proprietary Ltd., ADR 844,222
2,800 Burns, Philip & Company Ltd.,
ADR+ 3,165
7,000 Coca-Cola Amatil Ltd., ADR 56,352
5,500 Coles Myer Ltd., ADR 258,500
900 Cortecs International Ltd., ADR+ 1,125
8,500 CSR Ltd., ADR 97,095
5,000 E-mail Partners Ltd., ADR 19,223
1,200 FH Faulding & Company, ADR 29,192
19,152 Goldfields Ltd., ADR 65,835
10,900 Goodman Fielder Ltd., ADR 38,823
6,900 James Hardie Industries, ADR 36,490
4,700 Kidston Gold Mines Ltd., ADR+ 2,237
800 Lihir Gold Ltd., ADR+ 12,100
46,700 M.I.M. Holdings Ltd., ADR 66,064
2,400 Mayne Nickless Ltd., ADR 41,012
11,400 National Australia Bank Ltd., ADR 957,600
26,300 News Corporation Ltd., ADR 928,719
6,139 Normandy Mining Ltd. 40,825
4,900 North Ltd., ADR 49,559
1,300 Orbital Engineering Ltd., ADR+ 2,925
9,600 Pacific Dunlop Olympic
Ltd., ADR 55,200
1,700 Petsec Energy Ltd., ADR+ 2,763
32,100 Pioneer International Ltd., ADR 81,696
5,370 Rio Tinto Ltd., ADR 351,746
5,100 Santos Ltd., ADR 66,938
700 Simsmetal Ltd., ADR 12,383
600 Sons of Gwalia, ADR 7,887
4,300 Southcorp Holdings Ltd., ADR 86,711
8,000 St. George Bank Ltd., ADR 55,459
8,900 Telstra Corporation Ltd. 1,018,642
13,500 Westpac Banking Ltd., ADR 450,563
10,100 WMC Ltd., ADR 176,750
27,700 Woodside Petroleum Ltd. 187,322
------------
6,692,357
------------
Austria -- 0.1%
7,800 Bank Austria Aktiengeselschaft,
ADR 82,015
2,240 EVN-Energie Versorgung
Niederoesterreich AG, ADR 65,486
9,800 OMV AG, ADR 174,750
1,000 Wolford AG, ADR 8,515
------------
330,766
------------
Belgium -- 0.0% #
1,200 Xeikon NV, ADR+ 27,300
------------
Bermuda -- 0.1%
300 ESG Re Ltd. 4,500
400 Frontline Ltd., ADR+ 1,892
600 LaSalle Re Holdings Ltd., ADR 10,200
2,000 PartnerRe Ltd., ADR 74,750
3,900 XL Capital Ltd., Class A 220,350
------------
311,692
------------
Brazil -- 0.7%
5,425 Aracruz Celulose SA, ADR 119,350
5,996 Cemig-Companhia Energetica
de Minas, ADR 125,982
1,100 Centrais Eletricas Brasileiras SA,
ADR 10,407
3,410 Centrais Geradoras doSuldo
Brasil SA, ADR+ 11,509
5,000 Companhia Cervejaria
Brahma, ADR 40,156
2,700 Companhia Siderurgica
Nacional, ADR 70,875
1,800 Continental AG, ADR 42,677
11,200 Embratel Participacoes SA,
ADR 155,400
2,600 Panamerican Beverages Inc.,
Class A, ADR 61,912
1,120 Tele Celular Sul Participacoes SA 24,290
1,933 Tele Centro Oeste Celular
Participacoes SA, ADR+ 7,611
2,240 Tele Centro Sul Participacoes
SA, ADR 124,320
400 Tele Nordeste Celular
Participacoes SA, ADR 10,800
11,200 Tele Norte Leste Participacoes
SA, ADR 207,900
2,240 Tele Sudeste Celular
Participacoes SA, ADR 64,960
200 Telemig Celular Participacoes
SA, ADR 4,925
4,480 Telesp Celular Participacoes
SA, ADR 119,840
11,200 Telesp Participacoes SA, ADR 256,200
------------
1,459,114
------------
Canada -- 2.6%
3,200 Abitibi-Consolidated, Inc., ADR 36,400
1,400 Agnico Eagle Mines Ltd., ADR 8,663
2,950 Alberta Energy Company
Ltd., ADR 95,322
500 Alliance Atlantis Communications
Corp., Class B+ 5,197
9,550 Bank of Montreal, ADR 349,172
2,600 BCE Mobile Communications,
Inc.+ 79,137
23,000 BCE, Inc., ADR 1,134,187
800 Bell Canada International, Inc.+ 10,100
3,700 BioChem Pharmaceuticals, Inc. 69,375
1,200 Biomira, Inc., ADR+ 4,350
1,000 Biovail Corporation
International, ADR+ 51,062
4,600 Campbell Resource, Inc., ADR+ 1,438
15,900 Canadian Imperial Bank of
Commerce 381,600
1,000 Canadian Marconi Company, ADR 12,000
2,000 Canadian National Railway
Company 134,000
5,100 Canadian Occidental Petroleum,
ADR 82,237
12,700 Canadian Pacific Ltd., ADR 302,419
1,600 Celestica, Inc.+ 69,300
1,100 Clearnet Communications, Inc.,
ADR+ 15,331
3,300 Cominco, ADR 56,512
2,000 Corel, ADR+ 7,750
2,300 Cott Corporation, ADR 8,338
400 Decoma International, Inc. 3,400
4,800 Domatar, Inc., ADR 45,600
800 Dorel Industries, Inc.+ 17,150
10,250 EdperBrascan Corporation,
Class A 153,750
4,400 Enbridge, Inc. 101,200
4,000 Encal Energy Ltd.+ 19,750
600 Fahnestock Viner Holdings, Inc.,
ADR 9,375
1,000 Four Seasons Hotels, Inc., ADR 44,063
2,500 Goldcorp, Inc., Class A, ADR+ 12,500
9,106 Gulf Canada Resources, ADR 38,131
16,900 Imperial Oil Ltd., ADR 320,044
800 Intertape Polymer Group
Inc., ADR 23,400
1,400 Intrawest Corporation 21,438
1,650 Ipsco, Inc., ADR 34,856
300 Jetform Corporation, ADR+ 1,256
1,600 Loewen Group, Inc., ADR 900
4,700 Macmillan Bloedel Ltd., ADR 84,600
2,200 Magna International, Class A, ADR 124,850
5,600 Methanex Corporation, ADR+ 21,000
1,300 Microcell Telecommunications, Inc.+ 10,156
4,000 Mitel Corporation, ADR+ 26,500
6,200 Newbridge Network, ADR+ 178,250
2,400 Newcourt Credit Group, Inc. 31,050
3,250 NOVA Chemicals Corporation 75,766
3,400 Numac Energy, Inc., ADR+ 8,925
1,700 Potash Corporation of
Saskatchewan, ADR 87,975
1,900 Rio Algom Ltd., ADR 26,838
3,400 Rogers Cantel Mobil
Communications, Class B,
ADR+ 55,887
11,400 Royal Bank of Canada 505,875
2,500 Royal Group Technologies Ltd.+ 73,594
4,300 Royal Oak Mines, ADR+ 0
2,000 Suncor Energy, Inc. 82,250
3,200 Supersol Ltd. 46,800
270 Talisman Energy, Inc.+ 7,172
4,200 Teleglobe, Inc. 124,950
2,800 Telesystem International
Wireless, Inc.+ 50,750
16,252 Transcanada Pipelines Ltd., ADR 227,528
3,900 Trizec Hahn Corporation, ADR 79,462
3,400 West Coast Energy, Inc., ADR 67,150
------------
5,758,031
------------
Chile -- 0.3%
600 AFP Provida, ADR 13,200
900 Banco de Edwards, ADR 13,050
400 Banco Santander Chile, ADR 6,200
3,200 Banco Santiago SA, ADR 61,400
1,900 Compania Cervecerias Unidas SA,
ADR 54,388
7,075 Compania de Telecomunicaciones
de Chile SA, ADR 175,106
800 Cristalerias de Chile, ADR 12,350
2,500 Distribucion y Servicio D&S SA 46,875
2,200 Embotelladora Andina SA, ADR 44,000
7,500 Empresa Nacional Electricidad
SA, ADR 90,937
2,100 Empresa Telex Chile, ADR+ 2,100
2,660 Enersis S.A., ADR 60,847
2,200 Gener SA, ADR 39,050
700 Laboratorio Chile SA, ADR 12,600
2,400 Linea Aerea Nacional
Chile SA, ADR 17,250
1,200 Madeco, ADR 12,150
1,000 Maderas Y Sintelicos Sociedad
(Masisa), ADR 10,500
700 Quimica Minera Chile SA, ADR 24,763
3,500 Quinenco SA, ADR 32,813
500 Vina Concha Y Toro SA, ADR 18,000
------------
747,579
------------
China\Hong Kong -- 4.2%
18,500 Amoy Properties Ltd., ADR 87,032
2,300 Amway Asia Pacific Ltd., ADR 26,738
1,440 Asia Pulp & Paper Company Ltd.+ 3,780
7,200 Asia Pulp & Paper Company
Ltd., ADR+ 69,300
600 Asia Satellite Telecommunications
Holdings Ltd., ADR 13,838
47,848 Bank East Asia Ltd., ADR 121,183
750 Beijing Yanhua Petrochemical
Company Ltd., ADR 8,531
3,200 C.P. Pokphand, ADR+ 4,279
10,300 Cathay Pacific Airways, ADR 78,990
6,800 CDL Hotels International Ltd.,
ADR 28,485
24,100 China Telecom (Hong Kong)
Ltd.+ 1,373,700
5,800 Dairy Farm International Ltd.,
ADR 34,800
500 DSG International Ltd., ADR+ 3,500
580 Egana International Holdings
Ltd., ADR 4,572
17,000 First Pacific Company Ltd., ADR 72,307
3,700 Glorious Sun Enterprises Ltd. 12,638
1,300 Gold Peak Industries Ltd., ADR 2,781
3,000 Guangshen Railway Company
Ltd., ADR 22,875
8,750 Hang Lung Development, ADR 54,133
27,300 Hang Seng Bank Ltd., ADR 305,245
59,100 Henderson Land Development
Company Ltd., ADR 339,734
90,307 Hong Kong and China Gas
Ltd., ADR 130,945
74,800 Hong Kong Electric Holdings
Ltd., ADR 241,023
13,400 Hong Kong Land Holdings,
ADR 108,540
17,432 Hong Kong Telecommunications
Ltd., ADR 469,574
32,200 Hopewell Holdings Ltd., ADR 24,486
10,800 HSBC Holdings Plc, ADR 3,825,181
4,700 Huaneng Power International,
ADR 80,487
18,600 Hysan Development Ltd., ADR 56,098
17,200 Jardine Matheson & Company
Ltd., ADR 87,290
5,800 Jardine Strategic Holding, ADR 30,160
2,400 Johnson Electric Holdings, ADR 98,987
34,200 New World Development
Company Ltd., ADR 204,973
500 Peak International Ltd.+ 3,391
2,200 Shandong Huaneng, ADR 11,413
3,970 Shanghai Chlor-Alkali Chemical
Company, ADR+ 5,876
1,600 Shanghai Erfangji Co., Ltd., ADR+ 1,856
2,600 Shanghai Petrochemicals Ltd., ADR 59,962
3,190 Shanghai Tire & Rubber
Company Ltd., ADR 6,316
5,500 Shuntak Holdings Ltd., ADR 14,709
1,800 Singer Company, ADR 8,325
11,150 South China Morning Post, ADR 31,257
88,400 Sun Hung Kai PropertiesLtd.,
ADR 806,112
61,500 Swire Pacific Ltd., ADR 310,647
7,700 Television Broadcasts Ltd. 72,250
800 VTech Holdings Ltd., ADR 25,417
1,800 Yanzhou Coal Mining Company
Ltd., ADR 31,950
------------
9,415,666
------------
Colombia -- 0.0% #
1,100 Banco Ganadero SA, ADR 19,869
700 Banco Industrial Colombiano,
ADR 3,325
------------
23,194
------------
Denmark -- 0.4%
6,200 Novo Nordisk AS, Series B,
ADR 331,700
19,000 Tele Danmark, Series B, ADR 489,250
------------
820,950
------------
Finland -- 1.5%
1,700 American Group Ltd., ADR 12,223
1,700 Instrumentarium Corporation,
ADR 34,850
36,400 Nokia Oyj, ADR 3,332,875
700 Rauma-Repola, ADR 7,875
1,600 Valmet Corporation, ADR+ 35,600
------------
3,423,423
------------
France -- 6.4%
13,200 Accor SA, ADR 331,336
2,500 Alcatel 351,778
25,800 Alcatel Alsthom Cie Generale
D'Electric, ADR 732,075
7,800 Alstom+ 249,600
4,300 Axa 524,383
700 Bouygues Offshore SA, ADR 10,981
800 Business Objects SA, ADR+ 29,200
3,000 Canal Plus, ADR 168,297
800 Cap Gemini SA 125,681
2,372 Clarins SA 45,603
1,300 Coflexip SA, ADR 56,550
1,000 Companie Generale de
Geophysique SA, ADR+ 10,750
3,900 Dassault Systemes SA, ADR 129,431
21,500 Elf Aquitaine, ADR 1,581,594
36,800 France Telecom SA 2,833,600
800 Genset, ADR+ 12,500
12,750 Groupe Danone, ADR 657,167
8,900 Lafarge SA, ADR 281,965
2,900 Lagardere Group, ADR 107,920
300 Legrand SA 61,047
17,600 Louis Vuitton Moet Hennessy,
ADR 1,051,600
3,800 Pechiney SA, ADR 81,225
8,150 Pernod Ricard, ADR 136,523
600 PSA Peugeot Citroen 94,632
9,050 PSA Peugeot Citroen, ADR 356,842
6,500 Rhodia SA, ADR 123,500
10,900 Rhone-Poulnec SA, ADR 502,762
400 Scor SA, ADR 20,150
16,200 Societe Generale, ADR 570,798
400 Sodexho Alliance, SA 68,861
11,400 STMicroelectronics NV 790,875
4,200 Thomson CSF, ADR 145,906
24,405 Total SA, ADR 1,572,597
2,700 Valeo SA, ADR 222,664
13,500 Vivendi, ADR 218,628
------------
14,259,021
------------
Germany -- 7.3%
25,500 Bayer AG, ADR 1,061,982
14,200 Commerzbank AG, ADR 431,091
14,371 Daimler Chrysler Aerospace AG 1,277,223
19,700 Deutsche Bank AG, ADR 1,201,203
102,100 Deutsche Telekom, ADR 4,313,725
16,400 Dresdner Bank AG, ADR 640,735
7,800 Fresenius Medical Care AG, ADR 156,488
21,600 Hoechst AG, ADR 993,600
15,200 Mannesmann AG 2,267,293
428 Pfeiffer Vacuum Technology
AG, ADR 14,071
12,500 RWE AG, ADR 578,436
49,004 SAP AG, ADR 1,631,239
2,300 SGL Carbon AG, ADR 59,728
18,200 VEBA AG 1,078,350
51,400 Volkswagen AG, ADR 658,082
------------
16,363,246
------------
Greece -- 0.1%
400 Anangel-American
Shipholdings Ltd., ADR+ 2,163
15,000 Hellenic Telecommunication
Organization SA (OTE), ADR 165,937
------------
168,100
------------
Hungary -- 0.1%
7,700 Magyar Tavkozlesi Rt., ADR 211,750
------------
Indonesia -- 0.1%
3,300 Gulf Indonesia Resources Ltd.+ 37,950
7,150 PT Indorayon Utama, ADR+ 2,555
3,883 PT Indosat, ADR 75,718
1,100 PT Pasifik Satelit Nusantara,
ADR+ 8,938
16,740 PT Telekomunikasi Indonesia,
ADR 208,204
1,100 PT Tri Polyta Indonesia, ADR+ 1,306
------------
334,671
------------
Ireland -- 0.6%
12,600 Allied Irish Banks, ADR 343,350
4,300 Bank of Ireland, ADR 297,775
1,400 CBT Group Plc, ADR+ 23,100
14,000 CRH, ADR 255,500
4,800 Elan Corporation Plc, ADR+ 133,200
700 ESAT Telecom Group Plc, ADR+ 30,712
2,100 Jefferson Smurfit Group, ADR 49,481
1,400 Ryanair Holdings Plc, ADR+ 74,200
1,300 Saville Systems Ireland, ADR+ 18,850
500 Warner Chilcott Laboratories,
ADR+ 4,063
2,800 Waterford Wedgwood Plc, ADR 30,800
------------
1,261,031
------------
Israel -- 0.2%
200 American-Israeli Paper Mills,
ADR 11,250
1,300 Blue Square-Israel Ltd., ADR 20,638
1,300 Check Point Software
Technologies Ltd.+ 69,712
2,700 ECI Telecommunications Ltd.,
ADR 89,606
800 Elbit Medical Imaging Ltd., ADR 7,250
900 Elbit Systems Ltd., ADR 15,750
800 Elron Electronic Industries
Ltd., ADR 19,600
400 Gilat Satellite Network Ltd.,
ADR+ 21,000
2,300 Koor Industries Ltd., ADR 53,763
500 Matav-Cable Systems Media
Ltd., ADR 22,250
300 NICE-Systems Ltd., ADR+ 8,269
500 Orckit Communications Ltd.+ 12,375
1,600 Scitex Corporation, ADR+ 16,000
2,100 Teva Pharmaceutical, ADR 102,900
------------
470,363
------------
Italy -- 2.1%
3,272 Benetton Group SpA, ADR 129,448
1,600 De Rigo SpA, ADR 8,700
29,400 Ente Nazionale Idrocarburi
SpA, ADR 1,764,000
24,230 Fiat, ADR 390,709
1,000 Fila Holding SpA, ADR 11,813
2,100 Industrie Natuzzi, ADR 40,819
14,800 Instituto Nazionale delle
Assicurazioni, ADR 344,100
11,286 Istituto Bancario San Paolo
di Torino, ADR 310,365
8,500 Luxottica Group, ADR 132,281
10,162 Montedison SpA 165,130
500 SAES Getters SpA, ADR 2,625
14,200 Telecom Italia SpA 1,493,662
------------
4,793,652
------------
Japan -- 19.7%
10,870 Amway Japan Ltd., ADR 54,350
135,000 Asahi Breweries Ltd. 1,680,665
6,700 Bandai Company Ltd., ADR 24,453
180,895 Bank of Tokyo, ADR 2,634,283
30,700 Canon, Inc., ADR 894,138
2,500 CSK Corporation, ADR 56,406
13,200 Dai'El, Inc., ADR 91,163
9,750 Eisai Company Ltd., ADR 192,227
18,900 Fuji Photo Film Company Ltd.,
ADR 718,200
12,200 Hitachi Ltd., ADR 1,152,137
17,100 Honda Motor Company Ltd.,
ADR 1,483,425
15,600 Ito-Yokado Ltd., ADR 1,058,850
32,700 Japan Airlines Company, ADR 218,681
12,800 Kawasaki Heavy Industries Ltd. 138,824
11,800 Kawasaki Steel Corporation,
ADR 220,451
70,000 Kinden Corporation 755,146
3,800 Kirin Brewery Company, ADR 451,250
20,900 Kobe Steel Ltd., ADR 93,296
9,100 Komatsu Ltd., ADR 232,597
21,000 Komori Corporation 378,441
2,600 Kubota Corporation, ADR 156,325
6,800 Kyocera Corporation, ADR 407,575
6,200 Makita Corporation, ADR 70,138
106,000 Marui Company Ltd. 1,752,501
7,600 Matsushita Electric Industrial
Company Ltd., ADR 1,507,175
77,200 Minolta Co., Ltd. 395,668
28,800 Mitsubishi Corporation, ADR 390,444
3,000 Mitsui & Company Ltd., ADR 429,000
11,200 NEC Corporation, ADR 707,000
102,000 NGK Insulators, Ltd. 1,065,785
117,300 Nippon Telegraph & Telephone
Corporation, ADR 7,345,912
46,500 Nissan Motor Company Ltd.,
ADR 447,563
100,000 NTT Mobile Communications
Network, Inc., ADR 6,778,540
9,600 Olympus Optical Company, ADR 141,972
48,100 Onward Kashiyama Co., Ltd. 528,834
6,200 Pioneer Electronics
Corporation, ADR 122,063
2,900 Q.P. Corporation, ADR 41,713
4,900 Ricoh Company Ltd., ADR 337,414
14,400 Sanyo Electric Corporation, ADR 298,800
512 Sawako Corporation, ADR 2,666
11,900 Sega Enterprises, ADR 39,373
14,800 Shiseido Ltd., ADR 221,933
13,800 Sony Corporation, ADR 1,523,175
11,400 Sumitomo Metal Industries, ADR 142,300
16,000 Sumitomo Special Metals Co.,
Ltd. 277,755
46,100 Sumitomo Trust & Banking Co.,
Ltd., ADR 221,792
4,800 TDK Corporation, ADR 441,900
11,200 Tokio Marine & Fire Insurance
Ltd., ADR 628,600
26,300 Tokyo Kikai Seisakusho, Ltd. 150,012
36,700 Toyoda Machine Works, Ltd. 256,660
72,170 Toyota Motor Corporation, ADR 4,618,880
1,200 Wacoal Corporation, ADR 62,100
------------
44,040,551
------------
Korea -- 0.8%
47,700 Korea Electric Power
Corporation, ADR 977,850
800 Korea Telecom Corporation,
ADR+ 32,000
13,900 Pohang Iron & Steel Company,
Ltd., ADR 467,388
21,275 SK Telecom Company Ltd.,
ADR 361,669
------------
1,838,907
------------
Luxembourg -- 0.0% #
1,200 Espirito Santo Financial
Holdings, ADR 19,650
1,700 Millicom International
Cellular SA+ 53,550
------------
73,200
------------
Malaysia -- 0.0% #
41,900 Amsteel Corporation Berhad --
39,500 Resorts World Berhad 93,033
------------
93,033
------------
Mexico -- 1.4%
2,900 Altos Hornos de Mexico SA,
ADR+ 4,350
2,100 Apasco SA, Series A, ADR 68,582
800 Bufete Industries, ADR+ 1,525
22,500 Cemex SA, ADR 221,636
5,100 Coca-Cola Femsa SA, ADR 98,812
2,500 Consorcio G. Grupo Dina, ADR+ 3,750
2,000 Controladora Comercial
Mexican SA de CV, ADR 42,000
2,505 Desc de CV, Series C, ADR 56,676
4,000 Empresas Ica, ADR 27,000
37,800 Grupo Carso SA, ADR 350,304
1,100 Grupo Casa Autrey, ADR 3,988
13,300 Grupo Elektra, ADR 78,137
7,800 Grupo Financiero Bancomer
SA de CV, ADR 56,406
4,400 Grupo Financiero Serfin SA de
CV, ADR+ 880
1,100 Grupo Imsa SA, ADR 17,600
800 Grupo Industrial Durango SA,
ADR+ 8,625
2,400 Grupo Industrial Maseca SA,
ADR 21,450
2,100 Grupo Iusacell, Series L, ADR+ 27,300
500 Grupo Radio Central, ADR 2,625
5,600 Grupo Telivisa SA, ADR+ 250,950
2,800 Grupo Tribasa SA, ADR+ 3,675
1,000 Industries Bachoco SA 9,313
5,200 Kimberly Clark, Inc., ADR 106,967
4,400 Savia SA de CV, ADR+ 100,650
19,300 Telefono de Mexico SA, ADR 1,559,681
200 Transport Matima Mexico,
Class L, ADR+ 1,050
2,700 Tubos de Acero de Mexico, ADR 29,362
4,300 Vitro Sociedad Anomina, ADR 22,038
------------
3,175,332
------------
Netherlands -- 5.0%
52,500 ABN AMRO Holding, ADR 1,158,281
19,200 AEGON Insurance, ADR 1,420,800
10,500 Akzo Nobel, ADR 444,937
5,000 ASM Lithography Holdings NV+ 296,875
6,800 Baan Company, ADR 107,950
1,200 Benckiser NV 64,350
5,200 DSM, ADR 139,371
12,900 Elsevier, ADR 304,763
7,200 Equant NV+ 677,700
14,850 Fortis Amev, ADR 458,478
3,200 Gucci Group, ADR 224,000
33,105 ING Groep NV 1,820,775
4,800 Ispat International NV, Class A 53,100
3,400 KLM Royal Dutch Airlines, ADR 97,113
14,260 Koninklijke Ahold, ADR 493,752
11,316 Koninklijke Philips Electronics
N.V., ADR 1,141,501
500 Koninklijke Van Ommeren,
ADR 15,050
3,100 Koninklijke Wessanen NV, CVA 39,306
5,400 New Holland NV, ADR 92,475
2,500 Oce Van Der Griten, ADR 63,438
600 QIAGEN NV, ADR+ 40,800
1,600 Royal Nedlloyd Group, ADR 19,792
16,983 Royal PTT Nederland, ADR 815,184
16,983 TNT Post Group NV, ADR 407,592
3,300 Toolex Alpha NV, ADR+ 44,241
6,900 VNU-Verenigde Nederlandse
Uitgeversbedrijven Verengd
Bezit, ADR 275,624
10,400 Wolters Kluwer, ADR 413,825
------------
11,131,073
------------
New Zealand -- 0.1%
1,325 Fletcher Challenge, Building,
ADR 19,461
1,325 Fletcher Challenge, Energy, ADR 35,941
3,160 Fletcher Challenge, Forest, ADR 18,170
2,550 Fletcher Challenge, Paper, ADR 19,284
4,500 Telecommunications of
New Zealand Ltd., ADR 157,219
500 Tranz Rail Holdings Ltd., ADR 2,656
------------
252,731
------------
Norway -- 0.2%
1,800 Nera ASA, ADR 4,838
8,250 Norsk Hydro AS, ADR 315,562
2,200 Petroleum Geo-Services, ADR+ 32,725
4,300 Saga Petroleum, Class A, ADR 72,025
1,700 Smedvig ASA, ADR 15,748
------------
440,898
------------
Panama -- 0.0% #
700 Banco Latinoamericano
de Exportaciones SA 18,725
------------
Peru -- 0.1%
500 Compania de Minas
Buenaventura SA, ADR 7,656
8,500 Telefonica del Peru SA, ADR 128,563
------------
136,219
------------
Philippines -- 0.2%
4,100 Philippine Long Distance
Telephone Company, ADR 123,512
10,065 San Miguel Corporation,
Class B, ADR 219,552
------------
343,064
------------
Portugal -- 0.4%
4,200 Banco Comercial Portuges SA,
ADR 108,413
10,900 Electricidade de Portugal SA,
ADR 391,037
6,900 Portugal Telecom SA, ADR 284,194
------------
783,644
------------
Russia -- 0.3%
4,800 Lukoil, ADR 190,080
9,300 Mosenergo, ADR 41,664
4,400 Rostelecom, ADR 43,175
17,000 Surgutneftegaz 134,895
15,100 Unified Energy Systems 132,125
1,000 Vimpel-Communications,
ADR+ 23,187
------------
565,126
------------
Singapore -- 0.3%
6,500 Asia Pacific Resources
International Holdings Ltd.,
Class A 7,719
1,300 China Yuchai, ADR+ 1,706
3,200 Cycle & Carriage Ltd., ADR 36,851
6,022 Development Bank of Singapore,
ADR 294,377
12,875 Keppel Corporation Ltd. 87,750
6,100 Neptune Orient Lines Ltd., ADR+ 29,819
16,600 United Overseas Bank Ltd., ADR 220,423
------------
678,645
------------
South Africa -- 0.2%
3,900 Gold Fields of South Africa
Ltd., ADR 7,800
1,600 Harmony Gold Mining
Company Ltd., ADR 7,750
6,515 Imperial Holdings Ltd., ADR 63,908
9,100 Iscor Ltd., ADR 28,504
9,200 Liberty Life Association of Africa
Ltd., ADR 117,859
3,400 Pepkor Ltd., ADR 27,385
21,200 Sasol Ltd., ADR 153,700
13,400 Wooltru Ltd., ADR 21,763
------------
428,669
------------
Spain -- 2.9%
9,100 Argentaria, Caja Postal YBanco,
Hipothecario de Espana SA,
ADR 418,600
77,000 Banco Bilbao Vizcaya, ADR 1,126,125
115,260 Banco Santander Central
Hispano S.A., ADR+ 1,224,637
22,700 Banesto Espanol de Credito,
ADR+ 187,202
3,100 Compania Sevillana Electric,
ADR 71,838
40,300 Endesa SA, ADR 856,375
37,350 Repsol, ADR 758,672
12,069 Telefonica de Espana SA, ADR 1,775,599
------------
6,419,048
------------
Sweden -- 1.9%
4,300 AGA AB, ADR 53,186
5,066 Atlas Copco, ADR 138,153
3,800 Autoliv, Inc., ADR 114,950
500 Biacore International AB, ADR+ 4,500
7,000 Electrolux AB, ADR 294,000
70,900 Ericsson (L.M.) Telephone
Company, Class B, ADR 2,335,269
19,500 Forenings Sparbanken AB, ADR 275,651
700 Pricer AB, ADR 709
10,350 Sandvik AB, ADR 229,214
4,300 SKF AB, ADR 79,550
7,100 Svenska Cellulosa AB, ADR 184,003
1,700 Swedish Match Company, ADR 60,669
18,400 Volvo AB, ADR 540,500
------------
4,310,354
------------
Switzerland -- 5.1%
12,000 ABB AB, ADR 163,500
2,900 ABB AG, ADR 428,911
5,000 Adecco SA, ADR 335,000
19,100 Credit Suisse Group, ADR 825,976
1,700 Mettler Toledo International, Inc.+ 42,181
29,700 Nestle, ADR 2,674,738
46,066 Novartis, ADR 3,362,158
29,200 Roche Holdings Ltd. 3,000,553
4,100 Sulzer Medica, ADR 76,875
1,200 TAG Heuer International SA,
ADR 12,450
41,000 UBS AG, ADR 611,665
------------
11,534,007
------------
Taiwan -- 0.7%
4,483 Macronix International
Company Ltd., ADR 40,627
43,500 Taiwan Semiconductor
Manufacturing Company 1,479,000
------------
1,519,627
------------
Thailand -- 0.0% #
3,800 Advanced Information
Services PCL, ADR 36,686
18,997 Shin Corporations, PCL, ADR 41,986
------------
78,672
------------
United Kingdom -- 26.2%
24,300 Abbey National Plc, ADR 912,375
19,100 Admiral Plc 273,065
2,800 Albert Fisher Group Plc, ADR 5,738
38,200 Allied Domeq Plc, ADR 367,599
28,588 Allied Zurich AG, Plc, ADR 718,736
4,200 Amvescap Plc, ADR 195,300
2,400 ARM Holdings Plc, ADR+ 83,700
115,000 Ashtead Group Plc 317,220
67,236 Astra Zeneca Group Plc, ADR 2,634,811
16,000 AXA SA, ADR 997,000
38,100 BAA Plc, ADR 366,336
18,200 Barclays Plc, ADR 2,174,900
28,714 Bass Publishing Limited
Company Plc, ADR 428,915
1,000 Bespak Plc, ADR 12,807
32,117 BG Plc, ADR 983,583
26,800 Blue Circle Industries Plc, ADR 180,135
4,600 BOC Group Plc, ADR 185,438
1,600 Body Shop International Plc,
ADR 14,628
38,100 BP Amoco Plc, ADR 4,133,850
59,000 Britannic Plc 894,648
3,600 British Airways Plc, ADR 257,175
28,591 British American Tobacco Plc,
ADR 550,377
2,500 British Biotech Plc, ADR+ 9,063
6,200 British Sky Broadcasting Group
Plc, ADR 347,975
7,300 British Steel Plc, ADR 190,256
22,900 BritishTelecommunications
Plc, ADR 3,921,625
3,800 Burmah Castrol Plc, ADR 119,700
12,312 Cable & Wireless Communications
Plc+ 597,132
26,900 Cable & Wireless Plc, ADR 1,065,912
17,900 Cadbury Schweppes Plc, ADR 476,587
65,100 Capita Group Plc 673,660
4,300 Carlton Communications Plc,
ADR 184,363
8,450 Coats Viyella Plc, ADR 20,379
4,400 COLT Telecom Group Plc, ADR+ 380,050
23,500 Compass Group Plc, ADR 232,993
870 Cordiant Communications Group 11,963
1,700 Danka Business Systems Plc, ADR 9,563
37,183 Diageo Plc, ADR 1,598,869
900 Dialog Corp. Plc+ 5,288
5,000 Dixons Group Plc, ADR 281,628
600 Eidos Plc, ADR+ 19,838
16,025 EMI Group Plc, ADR 257,267
4,300 English China Clays Plc, ADR+ 50,173
5,400 Enterprise Oil Plc, ADR 103,950
6,200 Gallaher Group Plc, ADR 151,513
400 Gentia Software Plc+ 700
61,300 Glaxo Wellcome Plc, ADR 3,471,112
4,825 Hanson Trust Plc, ADR 214,109
3,150 Hillsdown Holdings Plc 28,599
400 ICON Plc, ADR+ 7,850
6,600 Imperial Chemical Industries
Plc, ADR 262,350
9,425 Imperial Tobacco Group Plc, ADR 205,609
64,580 Invensys Plc, ADR 611,274
24,700 Kingfisher Plc, ADR 568,427
9,921 LASMO Plc 22,364
10,500 LASMO Plc, ADR 71,531
1,800 Laura Ashley Holdings Plc, ADR+ 2,057
2,700 London International Group
Plc, ADR 37,125
600 London Pacific Group Ltd. Plc,
ADR 13,800
17,200 Marks & Spencer Plc, ADR 599,435
3,200 Medeva Plc, ADR 22,400
500 MERANT Plc, ADR+ 9,750
10,670 National Grid Group Plc, ADR 370,850
11,000 National Power Plc, ADR 338,250
10,400 National Westminster Bank Plc,
ADR 1,351,350
3,750 NFC Plc, ADR 59,297
9,400 Orange Plc, ADR+ 709,700
20,300 Pearson Plc, ADR 408,293
11,200 Peninsular & Oriental Steam Plc,
ADR 336,309
6,900 Powergen Plc, ADR 295,837
5,100 Premier Farnell Plc, ADR 37,931
1,600 Premier Oil Plc, ADC 4,666
14,100 Prudential Plc, ADR 1,042,359
5,300 Racal Electronics Plc, ADR 64,577
1,800 Ramco Energy Plc, ADR+ 9,788
15,400 Rank Group Plc, ADR 123,200
11,700 Reed International Plc, ADR 316,631
873,200 Rentokil Initial Plc 3,385,899
10,600 Rentokil Initial Plc, ADR 413,529
8,753 Reuters Group Plc, ADR 709,540
14,311 Rexam Plc, ADR 58,138
9,700 Rio Tinto Plc, ADR 652,325
870 Saatchi & Saatchi Plc 14,518
1,600 Scottish & Southern Energy
Plc, ADR 163,678
7,400 Scottish Power Plc, ADR 257,313
1,700 Select Appointments Holdings
Plc, ADR 40,800
140,600 Sema Group Plc 1,352,995
1,700 Senetek Plc, ADR+ 2,444
62,300 Shell Transportation & Trading
Plc, ADR 2,889,162
1,700 Shire Pharmaceuticals Group
Plc, ADR+ 44,200
400 Signet Group Plc 10,050
300 Smallworldwide Plc, ADR+ 2,213
42,500 Smithkline Beecham Group
Plc, ADR 2,807,656
20,094 South African Breweries, ADR+ 174,499
500 Stolt Comex Seaway SA+ 5,375
1,300 Stolt-Nielsen SA Plc 19,825
850 Stolt-Nielsen SA Plc, ADR 14,556
3,000 Tate & Lyle Plc, ADR 75,234
900 Taylor Nelson Sofres Plc, ADR 33,621
6,807 Telewest Communications Plc,
ADR+ 311,420
76,200 Tesco Plc, ADR 592,023
8,500 TI Group Plc, ADR 115,760
12,300 Tomkins Plc, ADR 224,475
1,400 Trinity Plc 24,848
62,053 Unilever Plc, ADR 2,311,474
17,244 United Biscuits (Holdings) Plc 51,644
4,600 United News & Media Plc, ADR 89,413
10,100 United Utilities Plc, ADR 247,450
11,050 Vodafone Group Plc, ADR 2,176,850
2,500 Wembley Plc, ADR 56,903
6,461 Williams Plc, ADR 128,779
2,800 WPP Group Plc, ADR 240,100
1,000 Xenova Group Plc, ADR 1,531
------------
58,715,853
------------
Venezuela -- 0.0% #
1,700 Compania Anonima Nacional
Telefonos de Venezuela, ADR 46,325
2,400 Mavesa SA, ADR 7,800
1,000 Sidervrgica/Venez/Sivensa, ADR 3,001
------------
57,126
------------
TOTAL COMMON STOCKS
(Cost $158,216,872) 214,413,913
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 4.2%
(Cost $9,503,000)
$9,503,000 Agreement with State Street
Bank and Trust Company,
4.750% dated 06/30/1999,
to be repurchased at
$9,504,254 on 07/01/1999,
collateralized by
$9,585,000 U.S. Treasury
Notes, 5.625%-6.250%,
maturing 12/31/1999-
02/15/2007 (value
$9,697,793) 9,503,000
------------
OTHER INVESTMENTS**
(Cost $45,629,693) 20.4% 45,629,693
---- ------------
TOTAL INVESTMENTS
(Cost $213,349,565*) 120.3% 269,546,606
OTHER ASSETS AND
LIABILITIES (Net) (20.3) (45,521,781)
----- ------------
NET ASSETS 100.0% $224,024,825
===== ============
- ------
* Aggregate cost for Federal tax purposes is 214,310,625.
** As of June 30, 1999, the market value of the securities on loan is
$44,117,384. Collateral received for securities loaned includes $242,380
in U.S. Government securities and the remaining $45,387,313 is invested
in State Street Navigator Securities
Lending Trust-Prime Portfolio.
+ Non-income producing security.
# Amount represents less than 0.1% of net assets.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder International Equity Fund
Portfolio of Investments, June 30, 1999
At June 30, 1999 sector diversification of the Munder International Equity
Fund was as follows:
% of
Net Assets Value
---------- -----
COMMON STOCKS:
Telecommunications............... 17.7% $39,689,744
Banking and Financial Services... 13.1 29,254,023
Oil and Gas...................... 7.4 16,642,968
Drugs and Health Care............ 7.4 16,505,978
Business Services................ 4.7 10,518,655
Automotive....................... 4.7 10,421,032
Utilities........................ 4.5 10,128,223
Food and Beverages............... 4.5 10,113,785
Machinery and Heavy
Equipment..................... 3.1 7,049,458
Retail........................... 2.9 6,392,520
Electronics...................... 2.9 6,520,602
Electric and Electrial Equipment. 2.1 4,655,305
Metals and Mining................ 1.7 3,858,709
Chemicals........................ 1.7 3,823,363
Printing and Publishing.......... 1.4 3,235,909
Manufacturing.................... 1.2 2,724,185
Household Appliances and
HomeFurnishings............... 1.2 2,730,923
Construction and Mining
Equipment..................... 1.2 2,753,341
Photography...................... 1.1 2,550,830
Insurance........................ 1.1 2,480,477
Transportation................... 1.0 2,233,139
Miscellaneous.................... 1.0 2,311,474
Diversified...................... 1.0 2,195,962
Software......................... 0.9 1,952,414
Real Estate...................... 0.7 1,533,561
Building and Building Materials.. 0.7 1,455,650
Tobacco.......................... 0.6 1,401,828
Industrial Machinery............. 0.6 1,288,449
Broadcasting and Advertising..... 0.6 1,364,081
Apparel and Textiles............. 0.5 1,002,640
Other............................ 2.5 5,624,685
---- -----------
TOTAL COMMON STOCKS ............. 95.7 214,413,913
REPURCHASE
AGREEMENT .................... 4.2 9,503,000
OTHER INVESTMENTS ............... 20.4 45,629,693
---- -----------
TOTAL INVESTMENTS ............... 120.3 269,546,606
OTHER ASSETS AND
LIABILITIES (Net) ............ (20.3) (45,521,781)
----- ------------
NET ASSETS ...................... 100.0% $224,024,825
===== ============
See Notes to Financial Statements.
Munder Micro-Cap Equity Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 94.2%
Aerospace -- 0.8%
4,350 Integral Systems, Inc.+ $ 98,962
17,300 Integral Systems, Inc.+*** 322,016
------------
420,978
------------
Banking and Financial Services -- 2.7%
33,400 ACE Cash Express, Inc.+ 471,775
47,700 American Capital Strategies Ltd. 870,525
------------
1,342,300
------------
Building Materials -- 2.9%
27,800 Craftmade International, Inc. 361,400
26,200 Dayton Superior Corporation+ 486,338
64,750 U.S. Concrete, Inc.+ 615,125
------------
1,462,863
------------
Business Services -- 3.8%
11,100 Charles River Associates,Inc.+ 278,194
64,000 International Telecommunication
DataSystems, Inc.+ 1,024,000
42,950 Workflow Management, Inc.+ 612,037
------------
1,914,231
------------
Commercial Services -- 5.0%
20,350 COMARCO, Inc.+ 403,184
54,150 Insurance Auto Auctions, Inc.+ 873,169
46,850 Koala Corporation+ 1,253,238
------------
2,529,591
------------
Computers and Business Equipment -- 4.2%
88,500 Integrated Measurement
Systems, Inc.+ 1,139,437
44,600 ScanSource, Inc.+ 964,475
------------
2,103,912
------------
Computer Hardware, Software or
Services -- 17.0%
54,500 Advanced Digital Information
Corporation+ 2,207,250
46,250 CAIS Internet, Inc.+ 849,844
54,600 Launch Media, Inc.+ 975,975
51,200 MapQuest.com, Inc.+ 835,200
46,500 SBS Technologies, Inc.+ 941,625
55,950 Timberline Software Corporation 881,212
77,300 Wiztec Solutions Ltd.+ 1,835,875
------------
8,526,981
------------
Electrical Equipment -- 1.9%
117,500 Ault, Inc.+ 962,031
------------
Electronics -- 14.5%
71,000 Aeroflex, Inc.+ 1,402,250
47,360 Anaren Microwave, Inc.+ 988,640
63,700 B.I., Inc.+ 541,450
43,800 Comptek Research, Inc.+ 353,137
84,570 Herley Industries, Inc.+ 1,104,696
100,450 inTEST Corporation+ 703,150
99,100 JPM Company+ 1,288,300
70,200 Trimble Navigation Ltd.+ 903,825
------------
7,285,448
------------
Health Care Products -- 5.0%
74,600 Colorado MEDTech, Inc.+ 1,636,537
49,400 ICU Medical, Inc.+ 873,763
------------
2,510,300
------------
Industrial Machinery -- 0.9%
27,250 Park-Ohio Industries+ 461,547
------------
Machinery -- 4.1%
86,150 Applied Science and Technology,
Inc.+ 1,938,375
18,100 Bolt Technology Corporation+ 104,075
------------
2,042,450
------------
Manufactured Housing -- 0.5%
34,750 Nobility Homes, Inc. 260,625
------------
Medical and Medical Services -- 5.9%
41,750 Moore Medical Corporation+ 435,766
129,900 Polymedica Corporation+ 1,299,000
100,600 Zoll Medical Corporation+ 1,207,200
------------
2,941,966
------------
Restaurants -- 2.1%
163,000 Roadhouse Grill, Inc.+ 1,049,313
------------
Retail -- 10.2%
33,450 Cutter & Buck, Inc.+ 564,469
70,650 Gildan Activewear, Inc.+ 1,192,219
94,230 Happy Kids, Inc.+ 818,623
35,100 Tropical Sportswear
International Corporation+ 1,118,812
78,150 Ultimate Electronics, Inc.+ 1,421,353
------------
5,115,476
------------
Telecommunications -- 9.5%
82,300 Advanced Communication
Systems, Inc.+ 1,126,481
52,150 AudioCodes Ltd.+ 1,408,050
71,250 Gilat Communications Ltd., ADR+ 1,140,000
111,400 TTI Team Telecom International
Ltd.+ 1,114,000
------------
4,788,531
------------
Toys -- 3.2%
54,450 JAKKS Pacific, Inc.+ 1,623,291
------------
TOTAL COMMON STOCKS
(Cost $37,535,089) 47,341,834
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 5.7%
(Cost $2,854,000)
$2,854,000 Agreement with State Street
Bank and Trust Company,
4.750% dated 06/30/1999,
to be repurchased at
$2,854,377 on 07/01/1999,
collateralized by
$2,660,000 U.S. Treasury
Note, 7.875% maturing
11/15/2004 (value
$2,911,452) 2,854,000
------------
OTHER INVESTMENTS**
(Cost $3,126,900) 6.2% 3,126,900
---- ------------
TOTAL INVESTMENTS
(Cost $43,515,989*) 106.1% 53,322,734
OTHER ASSETS AND
LIABILITIES (Net) (6.1)% (3,051,365)
----- ------------
NET ASSETS 100.0% $ 50,271,369
===== ============
[FN]
- -------
Aggregate cost for Federal tax purposes is $43,433,048.
** As of June 30, 1999, the market value of the securities on loan is
$3,178,100. Collateral received for securities loaned of $3,126,900 is
invested in State Street Navigator Securities Lending Trust-Prime
Portfolio.
***Restricted security which is subject to restrictions on resale under
federal securities laws. These securities may only be resold upon
registration under federal securities laws or in transactions exempt from
such registration. At June 30, 1999, this security represents 0.6% of net
assets.
Security Acquisition Date Acquisition Cost
-------- ---------------- ----------------
Integral Systems 06/08/99 $311,400
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder Multi-Season Growth Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 98.0%
Advertising -- 4.8%
219,000 Interpublic Group of
Companies, Inc. $ 18,970,875
246,350 Omnicom, Inc. 19,708,000
------------
38,678,875
------------
Automobile Parts and Equipment -- 2.7%
281,550 Johnson Controls, Inc. 19,514,934
101,760 Tower Automotive, Inc.+ 2,588,520
------------
22,103,454
------------
Banking and Financial Services -- 11.3%
415,000 Associates First Capital
Corporation, Class A 18,389,687
424,150 Automatic Data Processing, Inc. 18,662,600
120,000 Federal National Mortgage
Association 8,205,000
163,500 Fiserv, Inc.+ 5,119,594
364,000 Fleet Financial Group, Inc. 16,152,500
220,000 Mellon Bank Corporation 8,002,500
245,000 SunGuard Data Systems, Inc.+ 8,452,500
233,900 U.S. Bancorp 7,952,600
------------
90,936,981
------------
Building Materials -- 2.2%
625,000 Masco Corporation 18,046,875
------------
Chemicals -- 1.1%
150,000 Avery Dennison Corporation 9,056,250
------------
Computer Hardware, Software or
Services -- 10.4%
309,550 BMC Software, Inc.+ 16,715,700
278,000 Ceridian Corporation+ 9,087,125
278,800 Compuware Corporation+ 8,869,325
390,200 Microsoft Corporation+ 35,191,163
200,000 Sun Microsystems, Inc.+ 13,775,000
------------
83,638,313
------------
Diversified -- 7.9%
230,000 Allied Signal Corporation 14,490,000
236,000 Textron, Inc. 19,425,750
225,146 Tyco International Ltd. 21,332,584
115,900 United Technologies
Corporation 8,308,581
------------
63,556,915
------------
Drugs -- 6.8%
257,000 Amgen, Inc.+ 15,644,875
124,000 Cardinal Health, Inc. 7,951,500
294,800 Merck & Co., Inc. 21,815,200
172,600 Schering-Plough Corporation 9,147,800
------------
54,559,375
------------
Electrical Equipment -- 4.2%
199,800 General Electric Company 22,577,400
100,575 Honeywell, Inc. 11,654,128
------------
34,231,528
------------
Electronics -- 2.1%
268,200 CISCO Systems, Inc.+ 17,282,138
------------
Environmental Services -- 1.4%
445,000 Republic Services, Inc., Class A+ 11,013,750
------------
Food and Beverages -- 2.1%
555,000 SYSCO Corporation 16,545,938
------------
Home Furnishings -- 1.2%
345,950 Leggett & Platt, Inc. 9,621,734
------------
Hotels and Restaurants -- 2.5%
200,000 Brinker International, Inc.+ 5,437,500
510,940 Wendy's International, Inc. 14,465,989
------------
19,903,489
------------
Insurance -- 3.3%
87,093 American International Group,
Inc. 10,195,324
110,400 Marsh & McLennan Companies,
Inc. 8,335,200
143,200 UNUM Corporation 7,840,200
------------
26,370,724
------------
Manufactured Housing -- 1.3%
896,448 Clayton Homes, Inc. 10,253,124
------------
Medical Services and Supplies-- 7.3%
369,900 Abbott Laboratories 16,830,450
260,900 Biomet, Inc. 10,370,775
605,000 HEALTHSOUTH Corporation+ 9,037,188
170,000 Johnson & Johnson Company 16,660,000
96,200 Stryker Corporation 5,784,025
------------
58,682,438
------------
Office Equipment and Supplies -- 0.3%
36,500 Pitney Bowes, Inc. 2,345,125
------------
Recreation -- 2.4%
403,000 Carnival Corporation, Class A 19,545,500
------------
Retail -- Building Supplies -- 3.3%
276,000 Home Depot, Inc. 17,784,750
150,000 Lowe's Companies, Inc. 8,503,125
------------
26,287,875
------------
Retail Grocery -- 0.9%
150,000 Safeway, Inc.+ 7,425,000
------------
Retail -- Specialty -- 3.0%
256,900 Dollar General Corporation 7,450,100
745,750 Office Depot, Inc.+ 16,453,109
------------
23,903,209
------------
Retail -- Store -- 2.4%
325,000 Family Dollar Stores, Inc. 7,800,000
89,200 TJX Companies, Inc. 2,971,475
171,800 Wal-Mart Stores, Inc. 8,289,350
------------
19,060,825
------------
Semiconductors -- 4.1%
280,000 Altera Corporation+ 10,307,500
215,000 Intel Corporation 12,792,500
149,600 Maxim Integrated Products,
Inc.+ 9,948,400
------------
33,048,400
------------
Telecommunications -- 7.9%
367,585 CenturyTel, Inc. 14,611,504
145,695 Lucent Technologies, Inc. 9,825,306
200,000 MCI WorldCom, Inc.+ 17,212,500
375,000 SBC Communications 21,750,000
------------
63,399,310
------------
Thrift -- 1.1%
315,311 Charter One Financial, Inc. 8,769,587
------------
TOTAL COMMON STOCKS
(Cost $532,653,606) 788,266,732
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 4.3%
(Cost $34,676,000)
$34,676,000 Agreement with State Street
Bank and Trust Company,
4.750% dated 06/30/1999,
to be repurchased at
$34,680,575 on 07/01/1999,
collateralized by
$34,860,000 U.S. Treasury
Note, 6.375% maturing
01/15/2000 (value
$35,372,651) 34,676,000
------------
OTHER INVESTMENTS**
(Cost $3,372,170) 0.4% 3,372,170
----- ------------
TOTAL INVESTMENTS
(Cost $570,701,776*) 102.7% 826,314,902
OTHER ASSETS AND
LIABILITIES (Net) (2.7) (22,028,153)
----- ------------
NET ASSETS 100.0% $804,286,749
===== ============
- ------
* Aggregate cost for Federal tax purposes is $570,818,187.
** As of June 30, 1999, the market value of the securities on loan is
$3,194,279. Collateral received for securities loaned of $3,372,170 is
invested in State Street Navigator Securities Lending Trust-Prime
Portfolio.
+ Non-income producing security.
See Notes to Financial Statements.
Munder Real Estate Equity Investment Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 98.2%
Apartments -- 14.9%
73,075 Apartment Investment &
Management Company $ 3,123,956
86,634 Avalon Bay Community, Inc. 3,205,458
106,650 Camden Property Trust 2,959,538
63,125 Equity Residential Properties
Trust 2,844,570
------------
12,133,522
------------
Community Shopping Centers -- 17.0%
137,050 Bradley Real Estate, Inc. 2,843,788
161,575 Developers Diversified Realty
Corporation 2,686,184
226,375 IRT Property Company 2,235,453
130,750 JDN Realty Corporation 2,925,531
78,500 Kimco Realty Corporation 3,071,313
------------
13,762,269
------------
Hotels -- 5.5%
86,600 Felcor Lodging Trust, Inc. 1,796,950
87,525 Starwood Hotels & Resorts
Worldwide, Inc. 2,674,983
------------
4,471,933
------------
Office and Industrial -- 33.7%
80,625 Boston Properties, Inc. 2,892,422
132,200 Brandywine Realty Trust 2,619,212
80,200 CenterPoint Properties
Corporation 2,937,325
133,800 Corporate Office Properties
Trust, Inc. 1,095,487
127,825 Duke Realty Investments, Inc. 2,884,052
102,469 Equity Office Properties Trust 2,625,768
114,325 Kilroy Realty Corporation 2,786,672
93,700 Mack-Cali Realty Corporation 2,898,844
121,100 Reckson Associates Realty
Corporation 2,845,850
28,307 Reckson Associates Realty
Corporation, Class B+ 675,830
9,696 Reckson Services Industries,
Inc.+ 146,652
75,525 Spieker Properties, Inc. 2,936,034
------------
27,344,148
------------
Regional Malls -- 8.5%
80,050 CBL & Associates Properties,
Inc. 2,111,319
102,600 JP Realty, Inc. 2,109,712
105,825 Simon DeBartolo Group, Inc. 2,685,309
------------
6,906,340
------------
Storage -- 3.6%
104,200 Public Storage, Inc. 2,917,600
------------
Triple Net Lease -- 2.7%
170,000 Commercial Net Lease Realty 2,188,750
------------
Other -- 12.3%
176,300 Correctional Properties Trust 2,776,725
6,840 Crescent Operating, Inc.+ 46,598
106,250 Crescent Real Estate Equities,
Inc. 2,523,437
122,750 Glenborough Realty Trust, Inc. 2,148,125
3,526 Vornado Operating, Inc.+ 28,208
70,525 Vornado Realty Trust 2,490,414
------------
10,013,507
------------
TOTAL COMMON STOCKS
(Cost $81,708,179) 79,738,069
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 1.4%
(Cost $1,149,000)
1,149,000 Agreement with State Street
Bank and Trust Company,
4.750% dated 06/30/1999,
to be repurchased at
$1,149,152 on 07/01/1999,
collateralized by $1,045,000
U.S. Treasury Bond, 7.500%
maturing 11/15/2016
(value $1,175,625) 1,149,000
------------
TOTAL INVESTMENTS
(Cost $82,857,179*) 99.6% 80,887,069
OTHER ASSETS AND
LIABILITIES (Net) 0.4 363,473
---- ------------
NET ASSETS 100.0% $81,250,542
==== ============
- -------
* Aggregate cost for Federal tax purposes is $82,857,179.
+ Non-income producing security.
See Notes to Financial Statements.
Munder Small-Cap Value Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 95.3%
Airlines -- 2.5%
107,875 Midwest Express Holdings, Inc.+ $ 3,667,750
------------
Apparel and Textiles -- 0.9%
47,500 Kellwood Company 1,288,438
------------
Automobile Parts and Equipment -- 4.5%
57,000 Detroit Diesel Corporation 1,403,625
153,900 Dura Automotive Systems, Inc.+ 5,117,175
------------
6,520,800
------------
Banking and Financial Services -- 17.1%
137,100 Financial Federal Corporation+ 3,016,200
144,200 Flagstar Bancorp, Inc. 3,641,050
270,600 Long Beach Financial
Corporation+ 3,974,437
151,800 Metris Companies, Inc. 6,185,850
95,800 Ocean Financial Corporation 1,736,375
88,000 Riggs National Corporation 1,809,500
146,200 UST Corporation 4,422,550
------------
24,785,962
------------
Building Materials -- 11.8%
152,700 Dayton Superior Corporation+ 2,834,494
90,400 Elcor Corporation 3,949,350
59,450 Lone Star Industries, Inc. 2,233,091
74,200 Pulte Corporation 1,711,237
87,500 U.S. Home Corporation+ 3,106,250
156,000 Universal Forest Products,Inc. 3,354,000
------------
17,188,422
------------
Commercial Services -- 1.8%
182,100 Tokheim Corporation+ 2,082,769
50,000 TurboChef Technologies, Inc.+ 481,250
------------
2,564,019
------------
Computer Hardware, Software or
Services -- 4.3%
64,100 Datastream Systems, Inc.+ 1,025,600
81,100 Inter-Tel, Inc. 1,480,075
99,300 Visio Corporation+ 3,779,606
------------
6,285,281
------------
Construction and Mining
Equipment -- 2.0%
96,600 Terex Corporation+ 2,940,263
------------
Containers -- 1.9%
124,400 Ivex Packaging Corporation+ 2,736,800
------------
Electronics -- 3.3%
147,400 Methode Electronics, Inc.,
Class A 3,371,775
77,900 SMART Modular Technologies,
Inc.+ 1,353,512
------------
4,725,287
------------
Food and Beverages -- 6.0%
264,100 Del Monte Foods Company+ 4,423,675
125,300 J&J Snack Foods Corporation+ 3,007,200
136,200 Merkert American Corporation+ 1,293,900
------------
8,724,775
------------
Health Care -- 1.3%
129,200 Sierra Health Services, Inc.+ 1,865,325
------------
Health Care Products -- 2.3%
183,300 Helen of Troy Ltd.+ 3,287,944
------------
Home Furnishings -- 3.8%
173,900 Heilig-Meyers Company 1,184,694
196,400 Quaker Fabric Corporation+ 822,425
87,800 Toro Company 3,457,125
------------
5,464,244
------------
Hotels -- 0.8%
185,900 Suburban Lodges of America,
Inc.+ 1,196,731
------------
Insurance -- 1.7%
95,100 ARM Financial Group, Inc. 808,350
110,300 ESG Re Ltd. 1,654,500
------------
2,462,850
------------
Medical Supplies -- 2.0%
125,644 Bindley Western Industries, Inc. 2,897,665
------------
Metals and Metal Processing -- 2.5%
80,400 Quanex Corporation 2,291,400
68,800 Trans Technology Corporation 1,354,500
------------
3,645,900
------------
Oil and Gas -- 4.6%
120,600 Houston Exploration
Company+ 2,283,862
45,600 Marine Drilling Companies, Inc.+ 624,150
36,600 North Carolina Natural Gas
Corporation 1,246,688
89,900 Southwest Gas Corporation 2,573,387
------------
6,728,087
------------
Printing and Publishing -- 1.0%
39,100 Central Newspapers, Inc.,
Class A 1,471,138
------------
Real Estate -- 10.2%
96,000 Center Point Properties
Corporation 3,516,000
155,900 JDN Realty Corporation 3,488,262
166,000 Kilroy Realty Corporation 4,046,250
158,500 Reckson Associates Realty
Corporation 3,724,750
------------
14,775,262
------------
Restaurants -- 1.3%
97,900 Ruby Tuesday, Inc. 1,860,100
------------
Shoes -- 0.7%
108,900 Maxwell Shoe, Inc.+ 986,906
------------
Telecommunications -- 2.3%
71,400 Century Communications
Corporation, Class A+ 3,284,400
------------
Telecommunications Equipment -- 1.9%
175,000 REMEC, Inc.+ 2,821,875
------------
Transportation -- 2.8%
101,200 Varlen Corporation 4,098,600
------------
TOTAL COMMON STOCKS
(Cost $122,655,273) 138,274,824
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 5.7%
(Cost $8,180,000)
$8,180,000 Agreement with State Street
Bank and Trust Company,
4.750% dated 06/30/1999,
to be repurchased at
$8,181,079 on 07/01/1999,
collateralized by
$6,675,000 U.S. Treasury
Bond, 10.375%
maturing 11/15/2012
(value $8,343,750) $ 8,180,000
------------
OTHER INVESTMENTS**
(Cost $14,541,947) 10.0% 14,541,947
----- ------------
TOTAL INVESTMENTS
(Cost $145,377,220*) 111.0% 160,996,771
OTHER ASSETS AND
LIABILITIES (Net) (11.0) (15,946,505)
----- ------------
NET ASSETS 100.0% $145,050,266
===== ============
- -------
* Aggregate cost for Federal tax purposes is $145,410,872.
** As of June 30, 1999, the market value of the securities on loan is
$14,061,873. Collateral received for securities loaned of $14,541,947 is
invested in State Street Navigator Securities Lending Trust-Prime
Portfolio. + Non-income producing security.
See Notes to Financial Statements.
Munder Small Company Growth Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 94.6%
Aerospace and Defense -- 2.2%
366,200 Aeroflex, Inc.+ $ 7,232,450
------------
Apparel and Textiles -- 1.1%
127,950 Kellwood Company 3,470,644
------------
Automobile Parts and Equipment -- 1.5%
282,360 Keystone Automotive Industries,
Inc.+ 4,906,005
------------
Banking and Financial Services -- 5.0%
136,300 Affiliated Managers Group,Inc.+ 4,114,556
159,850 Financial Federal Corporation+ 3,516,700
231,915 Litchfield Financial Corporation 3,928,061
262,350 Southwest Bancorporation of
Texas, Inc.+ 4,722,300
------------
16,281,617
------------
Building Materials -- 2.2%
87,200 Centex Construction Products,
Inc. 2,975,700
98,150 Elcor Corporation 4,287,928
------------
7,263,628
------------
Business Services -- 4.7%
232,063 Tetra Tech, Inc.+ 3,829,031
246,575 URS Corporation+ 7,227,730
211,900 Wackenhut Corrections
Corporation+ 4,198,269
------------
15,255,030
------------
Commercial Services -- 7.8%
269,900 Comfort Systems USA, Inc.+ 4,858,200
142,800 F.Y.I., Inc.+ 4,480,350
267,150 International Telecommunication
Data Systems, Inc.+ 4,274,400
60,500 Kroll-O'Gara Company+ 1,334,781
157,350 Manitowoc Company, Inc. 6,549,694
147,200 Pre-Paid Legal Services, Inc.+ 4,002,000
------------
25,499,425
------------
Computer Hardware, Software or
Services -- 11.6%
173,850 Apex PC Solutions, Inc.+ 3,563,925
92,825 AVT Corporation+ 3,515,747
229,750 Cybex Computer Products
Corporation+ 6,404,281
46,850 Fundtech Ltd.+ 1,215,172
227,250 Gerber Scientific, Inc. 5,013,703
278,530 Inter-Tel, Inc. 5,083,172
272,550 InterVoice, Inc.+ 3,934,941
159,200 Maxwell Technologies, Inc.+ 3,830,750
131,350 MICROS Systems, Inc.+ 4,465,900
60,200 Wall Data, Inc.+ 575,663
------------
37,603,254
------------
Distributors -- 5.0%
106,700 Advance Paradigm, Inc.+ 6,508,700
145,300 JLG Industries, Inc. 2,960,487
147,700 Miami Computer Supply
Corporation+ 2,787,838
238,700 Watsco, Inc. 3,908,712
------------
16,165,737
------------
Electronics -- 8.8%
112,300 CTS Corporation 7,861,000
96,000 EG & G, Inc. 3,420,000
130,000 FLIR Systems, Inc.+ 1,966,250
112,800 Quanta Services, Inc.+ 4,963,200
255,100 SBS Technologies, Inc.+ 5,165,775
197,000 SLI, Inc.+ 5,319,000
------------
28,695,225
------------
Food and Beverages -- 0.6%
91,500 Hain Food Group, Inc.+ 1,887,187
------------
Health Care Products -- 6.5%
226,125 Alpharma, Inc. 8,041,570
355,110 Helen of Troy Ltd.+ 6,369,786
268,890 Morrison Health Care, Inc. 6,722,250
------------
21,133,606
------------
Homebuilders -- 0.3%
42,450 National R.V. Holdings, Inc.+ 1,029,413
------------
Insurance -- 0.6%
38,700 FPIC Insurance Group, Inc.+ 1,876,950
------------
Leisure -- 3.1%
118,750 Action Performance Companies,
Inc.+ 3,918,750
202,630 Steiner Leisure Ltd.+ 6,142,222
------------
10,060,972
------------
Medical Products -- 3.2%
180,700 Datascope Corporation+ 5,804,988
329,910 Hanger Orthopedic Group+ 4,680,598
------------
10,485,586
------------
Medical Services -- 6.1%
506,200 Capital Senior Living
Corporation+ 5,062,000
239,900 Province Healthcare Company+ 4,678,050
169,000 Res-Care, Inc.+ 3,844,750
520,422 US Oncology, Inc.+ 6,245,059
------------
19,829,859
------------
Medical Supplies -- 3.5%
166,800 CONMED Corporation+ 5,108,250
170,010 Molecular Devices Corporation+ 6,375,375
------------
11,483,625
------------
Restaurants -- 5.3%
247,375 Consolidated Products, Inc.+ 4,452,750
100,450 Papa John's International, Inc.+ 4,488,859
279,200 Ruby Tuesday, Inc. 5,304,800
284,050 Schlotzsky's, Inc.+ 3,106,797
------------
17,353,206
------------
Retail -- 11.1%
317,720 Casey's General Stores, Inc. 4,765,800
64,950 Fossil, Inc.+ 3,141,956
169,950 Office Max, Inc.+ 2,039,400
196,650 Pacific Sunwear of California,
Inc.+ 4,793,344
172,150 Rent-Way, Inc.+ 4,239,194
315,850 Sunglass Hut International, Inc.+ 5,428,672
178,600 The Men's Wearhouse, Inc.+ 4,554,300
189,800 Whitehall Jewellers, Inc.+ 5,065,287
54,800 Zale Corporation+ 2,196,724
------------
36,224,677
------------
Telecommunications -- 3.9%
200,100 DSP Communications, Inc.+ 5,777,887
129,350 Gilat Satellite Networks
Ltd., ADR+ 6,790,875
------------
12,568,762
------------
Transporation -- Trucking -- 0.5%
150,200 U.S. Xpress Enterprises, Inc.,
Class A+ 1,605,262
------------
TOTAL COMMON STOCKS
(Cost $264,769,552) 307,912,120
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 6.6%
(Cost $21,259,000)
$21,259,000 Agreement with State Street
Bank and Trust Company,
4.750% dated 06/30/1999,
to be repurchased at
$21,261,805 on 07/01/1999,
collateralized by
$21,210,000 U.S. Treasury
Note, 6.500% maturing
05/31/2002 (value
$21,687,225) 21,259,000
------------
OTHER INVESTMENTS**
(Cost $59,323,706) 18.2% 59,323,706
----- ------------
TOTAL INVESTMENTS
(Cost $345,352,258*) 119.4% 388,494,826
OTHER ASSETS AND
LIABILITIES (Net) (19.4) (63,013,740)
----- ------------
NET ASSETS 100.0% $325,481,086
===== ============
- -------
* Aggregate cost for Federal tax purposes is $343,723,358.
** As of June 30, 1999, the market value of the securities on loan is
$57,464,099. Collateral received for securities loaned of $59,323,706 is
invested in State Street Navigator Securities Lending Trust-Prime
Portfolio.
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder Value Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 97.2%
Airlines -- 1.4%
113,100 America West Holdings
Corporation+ $ 2,134,762
------------
Automobiles -- 0.9%
25,800 Ford Motor Company 1,456,088
------------
Banking and Financial Services -- 16.8%
51,615 Bank One Corporation 3,074,318
49,400 Chase Manhattan Corporation 4,279,275
45,150 Citigroup, Inc. 2,144,625
60,250 First American Corporation 2,504,141
111,000 Fleet Financial Group, Inc. 4,925,625
69,400 Goldman Sachs Group, Inc. 5,014,150
110,600 Heller Financial, Inc. 3,076,063
15,900 Morgan Stanley, Dean Witter &
Company 1,629,750
------------
26,647,947
------------
Broadcasting -- 2.6%
56,250 MediaOne Group, Inc.+ 4,183,594
------------
Building Materials -- 2.7%
67,700 Southdown, Inc. 4,349,725
------------
Chemicals -- 2.4%
12,000 Dow Chemical Company 1,522,500
47,900 Praxair, Inc. 2,344,106
------------
3,866,606
------------
Computer Hardware, Software or
Services -- 5.2%
28,700 Applied Materials, Inc.+ 2,120,213
69,300 Compuware Corporation+ 2,204,606
24,300 Honeywell, Inc. 2,815,762
8,600 International Business Machines
Corporation 1,111,550
------------
8,252,131
------------
Cosmetics -- Toiletry -- 1.4%
39,900 Avon Products, Inc. 2,214,450
------------
Electric Utilities -- 2.7%
50,700 Edison International 1,356,225
37,300 GPU, Inc. 1,573,594
59,000 SCANA Corporation 1,379,125
------------
4,308,944
------------
Electronics -- 4.5%
31,700 Intel Corporation 1,886,150
33,100 Jabil Circuit, Inc.+ 1,493,637
26,500 Teradyne, Inc.+ 1,901,375
13,200 Texas Instruments, Inc. 1,914,000
------------
7,195,162
------------
Food and Beverages -- 2.5%
103,200 ConAgra, Inc. 2,747,700
61,900 Nabisco Group Holdings
Corporation 1,210,919
------------
3,958,619
------------
Home Furnishings and Housewares -- 6.0%
144,550 Furniture Brands International,
Inc.+ 4,029,331
79,800 Maytag Corporation 5,561,063
------------
9,590,394
------------
Insurance -- 3.9%
112,050 Ace Ltd. 3,165,413
31,200 Lincoln National Corporation 1,632,150
42,450 Torchmark Corporation 1,448,606
------------
6,246,169
------------
Machinery and Heavy Equipment -- 1.7%
46,100 Caterpillar, Inc. 2,766,000
------------
Manufacturing -- 1.3%
39,100 PACCAR, Inc. 2,086,963
------------
Medical Services -- 3.7%
26,800 Baxter International, Inc. 1,624,750
52,800 St. Jude Medical, Inc.+ 1,881,000
63,900 Trigon Healthcare, Inc.+ 2,324,362
------------
5,830,112
------------
Metals and Mining -- 3.0%
38,400 Alcoa, Inc. 2,376,000
131,100 Inco Ltd. 2,359,800
------------
4,735,800
------------
Oil and Gas -- 8.9%
28,500 Atlantic Richfield Company 2,381,531
93,000 Burlington Resources, Inc. 4,022,250
29,800 Elf Aquitaine, ADR 2,192,163
84,300 ENSCO International, Inc. 1,680,731
23,800 Mobil Corporation 2,356,200
24,600 Texaco, Inc. 1,537,500
------------
14,170,375
------------
Paper and Forest Products-- 0.9%
31,600 Georgia-Pacific Group 1,497,050
------------
Pharmaceuticals -- 1.0%
27,600 Pharmacia & Upjohn, Inc. 1,568,025
------------
Pollution Control -- 6.8%
138,200 Azurix Corporation+ 2,764,000
156,500 Republic Services, Inc.+ 3,873,375
78,700 Waste Management, Inc. 4,230,125
------------
10,867,500
------------
Real Estate -- 4.0%
41,600 Apartment Investment &
Management Company 1,778,400
32,700 Boston Properties, Inc. 1,173,113
60,050 Public Storage, Inc. 1,681,400
42,300 Spieker Properties, Inc. 1,644,412
------------
6,277,325
------------
Retail -- Store -- 1.9%
65,800 Sears, Roebuck & Company 2,932,212
------------
Telecommunications -- 8.2%
60,900 ALLTEL Corporation 4,354,350
66,600 GTE Corporation 5,044,950
38,800 Motorola, Inc. 3,676,300
------------
13,075,600
------------
Tobacco -- 0.4%
20,633 R.J. Reynolds Tobacco Holdings,
Inc.+ 649,950
------------
Transportation -- 2.4%
97,400 CNF Transportation, Inc. 3,737,725
------------
TOTAL COMMON STOCKS
(Cost $133,116,127) 154,599,228
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 2.3%
(Cost $3,676,000)
$3,676,000 Agreement with State Street
Bank and Trust Company,
4.750% dated 06/30/1999,
to be repurchased at
$3,676,485 on 07/01/1999,
collateralized by $2,770,000
U.S. Treasury Bond, 12.750%
maturing 11/15/2010
(value $3,754,649) 3,676,000
------------
OTHER INVESTMENTS**
(Cost $3,556,640) 2.2% 3,556,640
---- ------------
TOTAL INVESTMENTS
(Cost $140,348,767*) 101.7% 161,831,868
OTHER ASSETS AND
LIABILITIES (Net) (1.7) (2,761,715)
----- ------------
NET ASSETS 100.0% $159,070,153
===== ============
- -------
* Aggregate cost for Federal tax purposes is $141,537,890.
** As of June 30, 1999, the market value of the securities on loan is
$3,560,778. Collateral received for securities loaned of $3,556,640 is
invested in State Street Navigator Securities Lending Trust-Prime
Portfolio.
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder Framlington Emerging Markets Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 97.1%
Brazil -- 12.4%
4,750 Aracruz Celulose SA, ADR $ 104,500
80,000 Banco Bradesco SA, ADR 402,144
100,000 Centrais Eletricas Brasileiras
SA, ADR 1,008,470
20,200 Companhia Brasileira
de Distribuicao Grupo Pao
de Acucar, GDR 377,488
77,000 Companhia Cervejaria
Brahma, ADR 871,062
48,000 Companhia Energetica
de Minas-Gerais, ADR 1,008,528
7,750 Companhia Vale do Rio Doce,
ADR 152,330
26,000 Embratel Participacoes SA, ADR 360,750
40,800 Petroleo Brasileiro SA, ADR 633,718
5,000 Tele Centro Sul Participacoes
SA, ADR 277,500
23,000 Tele Norte Leste Participacoes
SA, ADR 426,938
6,710 Telecomunicacoes Brasileiras
SA, ADR 419
7,510 Telecomunicacoes Brasileiras
SA, ADR 677,308
7,000 Telesp Celular Participacoes
SA, ADR 160,125
9,800 Telesp Celular Participacoes
SA, ADR 262,150
13,830 Uniao De Bancos Brasileiros
SA (Unibanco) 332,784
------------
7,056,214
------------
Chile -- 2.4%
29,500 Compania Telecomunicaciones
de Chile SA, ADR 730,125
17,000 Enersis SA, ADR 388,875
6,664 Quimica Minera Chile SA, ADR 235,739
------------
1,354,739
------------
China\Hong Kong -- 6.6%
250,000 China Telecom (Hong Kong)
Ltd.+ 694,391
470,000 Heilongjiang Electric Power
Company Ltd. 220,900
650,000 Legend Holdings Ltd. 624,146
180,000 New World Infrastructure Ltd.+ 338,721
930,000 Shanghai Dazhong Taxi
Company+ 632,400
1,900,000 Shanghai Diesel Engine
Company Ltd. 505,400
3,000,000 Shanghai Petrochemical
Company Ltd. 707,602
------------
3,723,560
------------
Czech Republic -- 0.6%
4,500 Ceske Radiokomunikace, GDR+ 155,250
12,513 SPT Telecom AS, GDR+ 203,336
------------
358,586
------------
Egypt -- 2.4%
28,500 Al-Ahram Beverages Company
S.A.E, GDR 815,100
13,000 Industrial and Engineering
Enterprises 102,845
35,000 Orascom Construction
Industries+ 471,740
------------
1,389,685
------------
Ghana -- 0.8%
642,263 Social Security Bank 462,478
------------
Greece -- 1.8%
43,000 Hellenic Telecommunication
Organization SA 920,318
1,600 National Bank of Greece+ 104,509
------------
1,024,827
------------
Hungary -- 1.7%
17,000 Magyar Tavkozlesi Rt, ADR 467,500
14,000 MOL Magyar Olaj-es Gazipari
Rt, GDR 336,000
3,700 OTP Bank Rt, GDR 153,550
------------
957,050
------------
India -- 6.5%
51,000 BSES Ltd., GDR 516,375
31,200 Hindalco Industries Ltd.,
ADR++ 610,740
30,525 Pentafour Software & Exports
Ltd., GDR 839,438
137,000 Tata Engineering and Locomotive
Company Ltd., GDR+ 787,750
74,955 Videsh Sanchar Nigam Ltd.,
ADR 953,802
------------
3,708,105
------------
Indonesia -- 1.0%
10,000,000 PT Lippo Bank+ 541,516
------------
Mexico -- 15.5%
100,000 ALFA SA de CV 415,120
362,000 Cemex SA de CV 1,792,535
13,906 Cemex SA de CV 68,491
290,000 Desc SA de CV 322,871
12,000 Fomento Economico Mexicano
SA de CV, ADR 478,500
75,000 Grupo Carso SA de CV, ADR 695,047
272,000 Grupo Elektra SA 158,626
19,700 Grupo Industrial Maseca SA,
ADR 176,069
79,600 Grupo Modelo SA de CV 227,043
49,600 Grupo Televisa SA+ 1,109,702
145,000 Organizacion Soriana SA de CV 681,105
29,250 Telefono de Mexico SA, ADR 2,363,766
26,300 Tubos de Acero de Mexico SA,
ADR 286,012
12,000 TV Azteca SA de CV, ADR 62,250
------------
8,837,137
------------
Peru -- 2.1%
1 Cementos Norte Pacasmayo SA 1
58,256 Credicorp Ltd., ADR 640,816
83 Ferreyros SA, ADR 1,089
35,000 Telefonica del Peru SA, ADR 529,375
------------
1,171,281
------------
Poland -- 3.1%
19,000 Bank Handlowy w Warszawie,
GDR 301,150
16,500 Elektrim Spolka Akcyjna SA 233,223
17,500 KGHM Polska Miedz SA, GDR 236,250
10,500 ProKom, GDR 172,200
90,000 Telekomunikacja Polska SA,
GDR+ 641,250
33,000 Wielkopolski Bank Kredytowy
SA 193,302
------------
1,777,375
------------
Russia -- 1.1%
9,000 Lukoil Holdings, ADR 356,400
28,050 Rostelecom, ADR 275,241
------------
631,641
------------
Senegal -- 1.0%
11,782 Sonatel Communications
Corporation+ 547,142
------------
Singapore -- 1.8%
1,000,000 China Everbright Pacific Ltd.+ 998,891
------------
Slovakia -- 0.0% #
2,000 Slovnaft AS, GDR 26,391
------------
South Africa -- 7.4%
230,000 AECI Ltd. 514,584
203,840 Dimension Data Holdings Ltd. 901,977
80,000 Ellerine Holdings Ltd. 318,197
56,588 Imperial Holdings Ltd. 562,691
155,000 Pepkor Ltd. 624,213
242,000 Standard Bank Investment
Corporation Ltd. 800,116
520,000 The Education Investment
Corporation Ltd. 490,354
------------
4,212,132
------------
South Korea -- 16.4%
9,579 Dacom Corporation 1,034,449
35,000 Hankuk Electric Glass
Company Ltd. 1,496,760
26,000 Housing & Commercial Bank,
Korea 819,871
40,000 Kookmin Bank, GDR 812,095
100 Korea Telecom Corporation 6,635
6,415 Korea Telecom Corporation,
ADR+ 256,600
8,088 L.G. Chemicals Ltd. 220,105
38,000 LG Electronics 1,050,540
2,610 Pohang Iron & Steel Company
Ltd. 308,916
15,571 Samsung Electronics 1,708,438
33,902 SK Corporation, GDR 975,323
37,920 SK Telecom Company Ltd.,
ADR 644,640
------------
9,334,372
------------
Taiwan -- 3.1%
60,000 Asustek Computer, Inc. 864,000
39,000 Synnex Technology International
Corporation, GDR 881,400
------------
1,745,400
------------
Thailand -- 6.5%
63,000 Advanced Info Service Public
Company Ltd. 854,237
47,600 KCE Electronics Public
Company Ltd.+ 119,403
1,500,000 National Finance Public
Company Ltd.+ 905,085
31,600 Siam Cement Public Company
Ltd.+ 959,783
104,200 Total Access Communication
Public Company Ltd. 333,440
685,000 United Broadcasting
Corporation Public
Company Ltd.+ 538,712
------------
3,710,660
------------
Turkey -- 2.9%
9,391,100 Carsi Buyuk Magazacilik AS 322,596
106,279 Haci Omer Sabanci Holding
SA, ADR 576,564
5,300,000 Koc Holding AS 332,733
3,930,000 Vestel Elektronik Sanayi ve
Ticaret AS+ 428,277
------------
1,660,170
------------
TOTAL COMMON STOCKS
(Cost $47,472,668) 55,229,352
------------
INVESTMENT COMPANY SECURITIES -- 1.4%
India -- 0.7%
33,000 Is Himalayan Fund 435,270
------------
South Africa -- 0.7%
385,355 Hosken Consolidated
Investments Ltd.+ 382,545
------------
TOTAL INVESTMENT COMPANY SECURITIES
(Cost $731,931) 817,815
------------
PREFERRED STOCKS -- 0.6%
Brazil -- 0.6%
6,696,358 Telecomunicacoes do Rio de
Janeiro SA 114,600
417 Telecomunicacoes do Rio de
Janiero SA+ 21
6,696,358 Telerj Celular SA 218,610
------------
333,231
------------
TOTAL PREFERRED STOCKS
(Cost $932,630) 333,231
------------
RIGHTS -- 0.0% #
(Cost $0)
Indonesia -- 0.0% #
36,000,000 PT Lippo Bank, expiring,
07/12/1999 --
------------
OTHER INVESTMENTS**
(Cost $11,437,692) 20.1% 11,437,692
----- ------------
TOTAL INVESTMENTS
(Cost $60,574,921*) 119.2% 67,818,090
OTHER ASSETS AND
LIABILITIES (Net) (19.2) (10,944,301)
----- ------------
NET ASSETS 100.0% $ 56,873,789
===== ============
- ------
* Aggregate cost for Federal tax purposes is $60,658,165.
** As of June 30, 1999, the market value of the securities on loan is
$11,223,771. Collateral received for securities loaned consists of
$11,437,692 invested in State Street Navigator Securities Lending
Trust-Prime Portfolio.
+ 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 1% of net assets.
ABBREVIATIONS:
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
See Notes to Financial Statements.
Munder Framlington Emerging Markets Fund
Portfolio of Investments, June 30, 1999
At June 30, 1999 sector diversification of the Munder Framlington Emerging
Markets Fund was as follows:
% of
Net Assets Value
---------- -----
COMMON STOCKS:
Telecommunications............... 23.9% $13,621,437
Banking and Financial
Services...................... 11.4 6,469,415
Electronics...................... 7.7 4,403,881
Utilities........................ 5.7 3,245,993
Building and Building
Materials..................... 5.5 3,106,823
Oil and Gas...................... 5.3 3,035,434
Diversified...................... 5.1 2,905,027
Food and Beverages............... 4.5 2,567,774
Computer Hardware, Software or
Services...................... 4.4 2,517,184
Retail........................... 3.8 2,164,027
Broadcasting and Advertising..... 3.3 1,865,914
Household Appliances and Home
Furnishings................... 3.2 1,814,957
Metals and Mining................ 2.2 1,236,147
Real Estate...................... 1.8 998,892
Investment Company Securities.... 1.6 901,977
Building Construction............ 1.4 810,460
Automobiles...................... 1.4 787,750
Chemicals........................ 1.3 734,689
Transportation................... 1.1 632,400
Investment Companies............. 0.9 490,355
Industrial Machinery............. 0.9 505,400
Steel............................ 0.5 308,916
Other............................ 0.2 104,500
----- ----------
TOTAL COMMON STOCKS ............. 97.1 55,229,352
INVESTMENT COMPANY
SECURITIES ................. 1.4 817,815
PREFERRED STOCKS ................ 0.6 333,231
OTHER INVESTMENTS ............... 20.1 11,437,692
----- -----------
TOTAL INVESTMENTS ............... 119.2 67,818,090
OTHER ASSETS AND
LIABILITIES (Net) ............ (19.2) (10,944,301)
----- -----------
NET ASSETS ...................... 100.0% $56,873,789
===== ===========
See Notes to Financial Statements.
Munder Framlington Healthcare Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- DOMESTIC -- 81.2%
Biotechnology -- 21.6%
12,000 Abegenix, Inc.+ $ 238,500
12,500 Alexion Pharmaceuticals, Inc.+ 110,937
35,000 Ariad Pharmaceuticals, Inc.+ 43,750
7,000 Biomatrix, Inc.+ 151,375
13,125 Cell Genesys, Inc.+ 55,781
5,000 Centocor, Inc.+ 233,125
16,700 CombiChem, Inc.+ 67,844
15,000 Corixa Corporation+ 267,187
8,000 Coulter Pharmaceutical, Inc.+ 180,500
40,000 Cubist Pharmaceuticals, Inc.+ 157,500
30,000 Gene Logic+ 108,750
5,000 Gilead Sciences, Inc.+ 261,250
8,000 Guilford Pharmaceuticals, Inc.+ 102,000
6,000 ICOS Corporation+ 244,875
4,875 Invitrogen Corporation+ 120,352
21,500 La Jolla Pharmaceutical Company+ 17,469
30,000 Medarex, Inc.+ 123,750
7,000 Millennium Pharmaceuticals, Inc.+ 252,000
16,000 NPS Pharmaceuticals, Inc.+ 106,000
1,500 ONYX Pharmaceuticals, Inc.+ 13,313
25,000 OSI Pharmaceuticals, Inc.+ 106,250
9,000 Pharmacyclics, Inc.+ 252,000
15,000 Synaptic Pharmaceutical
Corporation+ 71,250
7,000 Transkaryotic Therapies, Inc.+ 231,000
4,275 V.I. Technologies Inc.+ 21,375
12,000 Vical, Inc.+ 145,500
------------
3,683,633
------------
Contract Sales and Research
Organizations -- 6.6%
4,800 Accredo Health, Inc.+ 157,200
25,000 Aurora Bioscience Corporation+ 181,250
8,000 BioReliance Corporation+ 52,000
8,000 PAREXEL International
Corporation+ 106,500
7,000 Pharmaceutical Product
Development, Inc.+ 191,625
5,000 Quintiles TransNational
Corporation+ 210,000
19,100 US Oncology, Inc.+ 229,200
------------
1,127,775
------------
Distribution and Marketing Services
-- 5.6%
5,000 Advance Paradiam, Inc.+ 305,000
20,000 Healthworld Corporation+ 225,000
5,000 Henry Schein, Inc.+ 158,437
4,000 NCS Healthcare, Inc., Class A+ 21,750
10,000 Omnicare, Inc. 126,250
10,000 PSS World Medical, Inc.+ 111,875
------------
948,312
------------
Drugs -- 11.4%
18,600 AVANT Immunotherapeutics, Inc.+ 39,525
20,000 Collagenex Pharmaceuticals, Inc.+ 200,000
8,000 Connetics Corporation+ 49,000
175 Crescendo Pharmaceuticals Corporation+ 3,019
10,000 GelTex Pharmaceuticals, Inc.+ 180,000
6,000 Jones Medical Industries, Inc. 236,250
13,000 Martek Biosciences Corporation+ 110,500
7,500 Medicis Pharmaceutical Corporation+ 190,313
4,000 Medimmune, Inc.+ 271,000
6,000 PathoGenesis Corporation+ 85,125
2,000 Sepracor, Inc.+ 162,500
15,000 Serologicals Corporation+ 121,875
2,125 United Therapeutics Corporation+ 25,234
7,300 US Bioscience, Inc.+ 66,912
4,000 Watson Pharmaceuticals, Inc.+ 140,250
8,000 Zonagen, Inc.+ 74,000
------------
1,955,503
------------
Drug Delivery -- 2.6%
10,000 Anesta Corporation+ 204,375
7,000 Inhale Therapeutic Systems+ 166,688
24,000 Nastech Pharmaceuticals
Company, Inc.+ 79,500
------------
450,563
------------
Hospital/Medical Services -- 4.0%
15,190 American Healthcorp, Inc.+ 126,267
8,000 Amsurg Corporation, Class A+ 60,500
15,000 Amsurg Corporation, Class B+ 114,375
7,000 Carematrix Corporation+ 87,062
2,500 Express Scripts, Inc., ClassA+ 150,469
3,000 TLC The Laser Center, Inc.+ 144,000
------------
682,673
------------
Managed Health Care -- 8.1%
7,000 Curative Health Services, Inc.+ 38,500
15,000 Hanger Orthopedic Group+ 212,812
8,000 IMPATH, Inc.+ 216,000
7,000 Pediatrix Medical Group, Inc.+ 148,750
40,000 ProMedCo Management
Company+ 153,750
10,000 Renal Care Group, Inc.+ 258,750
25,000 Renex Corporation+ 135,938
10,000 Res-Care, Inc.+ 227,500
------------
1,392,000
------------
Medical Devices -- 19.2%
25,000 Aksys Ltd.+ 145,313
5,000 Bionx Implants, Inc.+ 27,500
15,000 Cyberonics, Inc.+ 187,500
12,000 Cytyc Corporation+ 234,000
18,000 Endocardial Solutions, Inc.+ 169,875
30,500 EndoSonics Corporation+ 213,500
20,000 EPIX Medical, Inc.+ 110,000
8,000 Gliatech, Inc.+ 204,000
2,615 Horizon Medical Products,Inc.+ 15,690
40,000 LifeCell Corporation+ 165,000
13,000 Lifecore Biomedical, Inc.+ 149,500
40,000 LJL Biosystems, Inc.+ 180,000
3,000 Medtronic, Inc. 233,625
2,500 MiniMed, Inc.+ 192,344
9,000 Molecular Devices Corporation+ 337,500
6,400 Novoste Corporation+ 134,400
7,800 ResMed, Inc.+ 258,862
12,000 SeaMED Corporation+ 141,000
25,000 Theragenics Corporation+ 173,437
------------
3,273,046
------------
Medical Information Systems -- 2.1%
15,000 First Consulting Group, Inc.+ 159,375
10,000 QuadraMed Corporation+ 81,250
5,000 Superior Consultant Holdings
Corporation+ 123,438
------------
364,063
------------
TOTAL COMMON STOCKS -- DOMESTIC
(Cost $15,080,465) 13,877,568
------------
COMMON STOCKS -- FOREIGN -- 15.9%
Biotechnology -- 9.6%
700 Cambridge Antibody Technology
Group Plc+ 2,122
30,000 Celltech Group Plc+ 231,709
5,000 Cerep+ 80,922
3,700 Genset, ADR+ 57,812
8,650 Karo Bio AB+ 88,905
30,400 KS Biomedix Holdings+ 200,537
12,000 Maxim Pharmaceutical+ 114,501
2,500 NeuroSearch A/S 50,955
10,200 Oxford Asymmetry International
Plc+ 57,623
800,000 Oxford BioMedica Plc+ 258,505
22,500 Oxford Glyco Sciences+ 110,830
108,000 Peptide Therapeutics Group+ 132,783
37,500 Shield Diagnostics Group Plc+ 248,259
------------
1,635,463
------------
Drugs -- 4.0%
64,000 AMRAD Corporation Ltd.+ 36,892
34,000 Bioglan Pharma Plc+ 196,953
150 CliniChem Development, Inc.+ 975
1,750 H. Lundbeck A/S 47,075
25,000 Shire Pharmaceuticals Group Plc+ 208,459
4,000 Teva Pharmaceutical, ADR 196,000
------------
686,354
------------
Medical Devices -- 2.3%
13,828 Biocompatibles International Plc 23,976
10,000 Biora AB+ 42,408
50,000 Chemunex SA+ 33,503
5,000 Kawasumi Laboratories 74,812
7,500 NMT Group Plc+ 21,212
6,000 Ortivus AB 33,219
2,400 QIAGEN N.V., ADR+ 163,200
------------
392,330
------------
TOTAL COMMON STOCKS -- FOREIGN
(Cost $2,989,599) 2,714,147
------------
WARRANTS -- DOMESTIC -- 0.0% #
(Cost $0)
Drugs -- 0.0% #
2,400 AVANT Immunotherapeutics,
Inc., expires 08/24/03+ --
------------
WARRANTS -- FOREIGN -- 0.0% #
(Cost $2,653)
Medical Devices -- 0.0% #
3,828 Biocompatibles International
Plc, expires 12/15/99+ 332
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 1.2%
(Cost $207,000)
$207,000 Agreement with State Street
Bank and Trust Company,
4.750% dated 06/30/1999,
to be repurchased at
$207,027 on 07/01/1999,
collateralized by $195,000
U.S. Treasury Note, 7.8750%
maturing 11/15/2004
(value $213,434) 207,000
------------
OTHER INVESTMENTS**
(Cost $3,841,217) 22.5% 3,841,217
---- ------------
TOTAL INVESTMENTS
(Cost $22,120,934*) 120.8% 20,640,264
OTHER ASSETS AND
LIABILITIES (Net) (20.8) (3,561,013)
----- ------------
NET ASSETS 100.0% $ 17,079,251
===== ============
- -------
* Aggregate cost for Federal tax purposes is $22,120,938.
** As of June 30, 1998, the market value of the securities on loan is
$3,708,111. Collateral received for securities loaned of $3,841,217 is
invested in State Street Navigator Securities Lending Trust-Prime
Portfolio.
+ Non-income producing security.
# Amount represents less than 0.1% of net assets.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
Munder Framlington International Growth Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 95.4%
Australia -- 1.8%
25,000 Broken Hill Proprietary
Company Ltd. $ 289,209
63,275 ecorp Ltd.+ 110,844
50,000 Publishing & Broadcasting Ltd. 329,534
80,000 Telstra Corporation Ltd. 457,817
------------
1,187,404
------------
Belgium -- 0.9%
16,200 Lernout & Hauspie Speech
Products NV+ 574,087
------------
Brazil -- 0.8%
10,750 Companhia Energetica de Minas
Gerais, ADR 225,868
525 Companhia Siderurgica
Nacional, ADR 13,781
3,000 Telecomunicacoes Brasileiras
SA, ADR 270,563
------------
510,212
------------
China\Hong Kong -- 2.8%
40,000 Cheung Kong (Holdings) Ltd. 355,734
140,000 China Telecom (Hong Kong) Ltd.+ 388,859
299,500 Heilongjiang Electric Power
Company Ltd. 140,765
25,000 Hutchison Whampoa Ltd. 226,362
200,000 New World Infrastructure Ltd.+ 376,356
260,000 Pacific Century Insurance
Holdings Ltd.+ 212,578
510,000 Shanghai Diesel Engine
Company Ltd., B Shares 135,660
------------
1,836,314
------------
Finland -- 4.3%
10,600 Nokia AB Oyj 928,796
61,000 Raisio Group 565,937
18,400 Sampo Insurance, A Shares 532,991
20,000 Tieto Corporation, B Shares 832,927
------------
2,860,651
------------
France -- 6.6%
6,300 AXA Company 768,282
3,000 Castorama Dubois 711,287
4,600 Elf Aquitaine SA 674,774
3,800 Publicis SA 803,032
4,350 Societe Generale 766,350
8,000 Vivendi 647,786
------------
4,371,511
------------
Germany -- 3.3%
7,400 Bayerische Vereinsbank AG 480,582
15,000 Hoechst AG 678,815
7,000 Mannesmann AG 1,046,313
------------
2,205,710
------------
Ireland -- 1.7%
14,000 Global TeleSystems Group,
Inc.+ 1,134,000
------------
Italy -- 2.9%
335,000 Banca Di Roma 481,742
90,000 ENI 537,176
90,000 Telecom Italia 935,188
------------
1,954,106
------------
Japan -- 24.2%
3,800 Aiful Corporation 465,537
80,000 Asahi Bank, Ltd. 383,566
13,000 Computer Engineering &
Consulting Ltd. 342,812
18,800 Credit Saison Company Ltd. 393,188
70 DDI Corporation 435,728
8,000 Family Mart Company Ltd. 367,033
6,000 Fast Retailing Company Ltd. 644,788
27,000 FCC Company Ltd. 401,753
17,000 Fuji Machine MFG Company Ltd. 524,180
34,000 Fujisawa Pharmaceutical
Company Ltd. 553,691
12,000 Honda Motor Company Ltd. 508,886
4,000 Keyence Corporation 700,339
20,000 Kokuyo Company 322,394
120,000 Marubeni Corporation 250,971
25,000 Marui Company Ltd. 413,326
15,000 Meitec Corporation 502,191
76,000 Mitsubishi Heavy Industries 308,473
6,000 Nichiei Company Ltd. 525,750
40,000 Nikko Securities Company Ltd. 258,246
32,000 Nomura Securities Company Ltd. 374,837
4 NTT Mobile Communications
Network, Inc. 54,229
16 NTT Mobile Communications
Network, Inc.+ 216,913
40,000 Onward Kashiyama Company Ltd. 439,778
5,200 Orix Corporation 464,247
3,000 Promise Company Ltd. 177,317
30,000 Ricoh Company Ltd. 413,160
7,000 Rohm Company 1,096,553
13,000 Shin-Etsu Chemical Company Ltd. 435,232
8,000 Sony Corporation 863,024
28,000 Sumitomo Bank Ltd. 347,425
32,000 Sumitomo Electric Industries 363,991
41,000 Sumitomo Trust & Banking 197,256
40,000 The Bank of Tokyo-Mitsubishi Ltd. 569,728
5,000 Tokyo Electron Ltd. 339,340
43,000 Ube-Nitto Kasei Company Ltd. 142,184
10,000 World Company Ltd. 727,453
5,000 Yamanouchi Pharmaceutical
Company Ltd. 191,370
47,000 Yamato Kogyo Company, Ltd. 342,291
------------
16,059,180
------------
Netherlands -- 6.8%
30,000 ABN AMRO Holdings 649,436
7,855 Equant NV+ 723,901
12,500 Getronics NV 480,634
11,000 ING Groep NV 595,316
15,000 STMicroelectronics 998,894
10,700 United Pan-Europe
Communicatins NV+ 580,183
29,000 Vedior NV 493,262
------------
4,521,626
------------
Portugal -- 1.7%
24,300 Banco Comercial Portugues, SA
(BCP) 629,498
3,700 Telecel-Comunicacaoes
Pessoais SA 476,768
------------
1,106,266
------------
Singapore -- 0.6%
50,000 Datacraft Asia Ltd. 218,000
40,500 Overseas Union Bank Ltd. 195,123
------------
413,123
------------
Slovakia -- 0.0% #
2,000 Slovnaft AS, GDR 26,391
------------
South Korea -- 2.5%
859 Dacom Corporation 92,765
6,000 Hyundai Motor Company Ltd. 142,289
100 Korea Telecom Corporation 6,635
3,210 Korea TelecomCorporation, ADR+ 128,400
17,000 LG Electronics 469,978
5,246 Samsung Electronics 575,587
12,585 SK Telecom Company Ltd., ADR 213,945
------------
1,629,599
------------
Spain -- 3.1%
32,000 Argentaria SA 728,687
25,000 Cortefiel SA 657,167
14,565 Telefonica de Espana SA 701,320
------------
2,087,174
------------
Sweden -- 3.8%
17,000 Autoliv, Inc., ADR 518,671
30,000 Ericsson (L.M.) Telephone
Company, Class B 963,011
105,000 Nordbanken Holding AB 614,737
81,000 Orvitus AB, Series B 448,463
------------
2,544,882
------------
Switzerland -- 5.3%
1,451 Adecco SA 777,238
500 Novartis AG 729,857
70 Roche Holdings AG 719,311
2,500 UBS AG-- Registered 745,933
950 Zurich Allied AG 540,029
------------
3,512,368
------------
Thailand -- 0.6%
121,000 Total Access Communication
Public Company Ltd. 387,200
------------
United Kingdom -- 21.7%
65,541 BAA Plc 631,528
163,000 BBA Group Plc 1,248,674
50,000 BP Amoco Plc 895,310
74,000 Compass Group Plc 734,265
10,000 HSBC Holdings Plc 364,756
30,000 Laporte Plc 338,578
60,000 Lloyds TSB Group Plc 814,764
80,000 Logica Plc 841,465
42,000 National Westminster Bank Plc 890,424
115,000 Norwich Union Plc 778,549
60,000 Ocean Group Plc 988,309
8,420 Pizza Express Plc 122,103
80,000 Sema Group Plc 769,841
80,000 Senior Engineering Group Plc 162,669
87,000 Smithkline Beecham Plc 1,131,354
78,000 Vodafone Group Plc 1,534,385
70,000 Whitbread Plc 1,084,618
157,692 Williams Plc 1,041,475
------------
14,373,067
------------
TOTAL COMMON STOCKS
(Cost $53,056,014) 63,294,871
------------
PREFERRED STOCKS -- 2.0%
Germany -- 2.0%
12,000 Fresenius Medical Care AG 420,587
300 Porsche AG 705,102
575 SAP AG 229,686
------------
1,355,375
------------
TOTAL PREFERRED STOCKS
(Cost $1,333,527) 1,355,375
------------
OTHER INVESTMENTS**
(Cost $2,382,310) 3.6% 2,382,310
----- ------------
TOTAL INVESTMENTS
(Cost $56,771,851*) 101.0% 67,032,556
OTHER ASSETS AND
LIABILITIES (Net) (1.0) (671,890)
----- ------------
NET ASSETS 100.0% $ 66,360,666
===== ============
- ------
* Aggregate cost for Federal tax purposes is $56,775,294.
** As of June 30, 1999, the market value of the securities on loan is
$2,317,187. Collateral received for securities loaned includes $599,400 in
U.S. Government securities and the remaining $1,782,910 invested in State
Street Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
# Amount represents less than 0.1% of net assets.
ABBREVIATIONS:
ADR -- American Depository Receipt
GDR -- Global Depository Receipt
See Notes to Financial Statements.
Munder Framlington International Growth Fund
Portfolio of Investments, June 30, 1999
At June 30, 1999 sector diversification of the Munder Framlington
International Growth Fund was as follows:
% of
Net Assets Value
---------- -----
COMMON STOCKS:
Banking and Financial Services... 17.5% $11,588,695
Telecommunications............... 15.6 10,359,462
Electronics...................... 9.2 6,119,993
Drugs and Health Care............ 5.0 3,325,582
Insurance........................ 4.3 2,832,430
Diversified Industrial........... 4.3 2,819,955
Retail........................... 4.2 2,793,600
Oil and Gas...................... 3.2 2,133,651
Machinery........................ 3.1 2,081,327
Software......................... 3.0 2,017,205
Electric and Electrical Equipment 2.8 1,842,756
Automotive....................... 2.6 1,707,260
Air Travel....................... 2.4 1,619,837
Food and Beverages............... 2.1 1,422,304
Apparel and Textiles............. 1.8 1,167,232
Restaurants...................... 1.6 1,084,618
Industrial Machinery............. 1.6 1,046,313
Chemicals........................ 1.4 915,994
Computers........................ 1.3 893,794
Private Placements............... 1.2 777,238
Building and Building Materials.. 1.2 776,721
Advertising...................... 1.2 803,032
Business Services................ 0.9 604,106
Pharmaceuticals and Medical
Supplies...................... 0.7 448,463
Communication Services........... 0.7 489,142
Building Construction............ 0.6 376,357
Real Estate...................... 0.5 355,734
Forest Paper and Products........ 0.5 322,394
Broadcasting and Advertising..... 0.5 329,533
Other............................ 0.4 240,143
---- ----------
TOTAL COMMON STOCKS ............. 95.4 63,294,871
PREFERRED STOCKS ................ 2.0 1,355,375
OTHER INVESTMENTS ............... 3.6 2,382,310
----- ----------
TOTAL INVESTMENTS ............... 101.0 67,032,556
OTHER ASSETS AND
LIABILITIES (Net) ............ (1.0) (671,890)
----- ----------
NET ASSETS ...................... 100.0% $ 66,360,666
===== ==========
See Notes to Financial Statements.
Munder Bond Fund
Portfolio of Investments, June 30, 1999
Principal
Amount Value
- --------- -----
ASSET-BACKED SECURITIES -- 7.3%
$ 4,975,000 Ford Credit Auto Owner Trust,
Series 1999-A, Class A 4,
5.310% due 11/15/2001 $ 4,953,607
5,500,000 Residential Accredit Loans,
Inc., Series 1997 QS5
Class A 5,
7.250% due 06/25/2027 5,510,945
5,940,000 Standard Credit Card Master
Trust, Class A, Series 1994-2,
7.250% due 04/07/2008 6,179,026
2,300,000 Union Acceptance Corporation,
Class A3, Series 1996-C,
6.630% due 10/08/2003+ 2,310,166
------------
TOTAL ASSET-BACKED SECURITIES
(Cost $18,829,976) 18,953,744
------------
CORPORATE BONDS AND NOTES -- 44.2%
Drugs -- 2.7%
6,400,000 Eli Lilly and Company,
8.375% due 02/07/2005 6,859,200
------------
Finance -- 16.1%
5,072,000 ACC Consumer Finance
Corporation,
10.250% due 12/01/2003 5,389,000
4,800,000 Associates Corporation of North
America,
5.800% due 04/20/2004 4,635,792
14,135 BankAmerica National Trust,
9.000% due 03/01/2008 14,486
3,830,000 Block Financial Corporation,
6.750% due 11/01/2004 3,814,872
6,000,000 CIT Group, Inc., Class A,
5.625% due 10/15/2003 5,769,480
4,500,000 Countrywide Capital III,
Subordinated Capital Income,
Secs Series B,
8.050% due 06/15/2027++ 4,543,650
2,500,000 Ford Motor Credit Company,
6.550% due 09/10/2002 2,501,825
4,600,000 General Electric Capital
Corporation,
8.850% due 04/01/2005 5,047,718
4,520,000 Pitney Bowes Credit Corporation,
8.625% due 02/15/2008 5,076,728
4,850,000 Transamerica Capital III,
7.625% due 11/15/2037 4,769,005
------------
41,562,556
------------
Finance -- Foreign -- 5.7%
5,250,000 Abbey National Plc,
6.700% due 06/29/2049 4,894,417
5,000,000 Dresdner Funding Trust I,
8.151% due 06/30/2031++ 4,803,600
5,000,000 Westdeutsche Landesbank,
6.750% due 06/15/2005 4,931,250
------------
14,629,267
------------
Food and Beverage -- 2.1%
5,500,000 Coca-Cola Enterprises,
6.625% due 09/30/2002 5,486,250
------------
Industrial -- 9.5%
4,000,000 American Greetings Corporation,
6.100% due 08/01/2028 3,734,320
3,895,000 Anheuser-Busch Companies,
9.000% due 12/01/2009 4,557,890
6,725,000 Harris Corporation Delaware,
6.350% due 02/01/2028 6,417,062
5,000,000 IBM Corporation,
7.500% due 06/15/2013 5,308,550
4,500,000 Racers-Kellogg, Series 1998144A,
5.750% due 02/02/2001++ 4,489,785
------------
24,507,607
------------
Real Estate Investment Trust -- 1.9%
5,000,000 Spieker Properties, Inc.,
7.250% due 05/01/2009 4,833,650
------------
Supranational -- 1.5%
3,950,000 African Development Bank,
6.750% due 07/30/1999 3,952,726
------------
Transportation -- 0.4%
1,000,000 Consolidated Rail Corporation,
MTN,
7.000% due 07/01/1999 1,000,040
------------
Utility -- Electric -- 4.3%
2,500,000 Montana Power Company,
Series A, MTN,
8.680% due 02/07/2022 2,592,275
4,100,000 National Rural Utilities
Cooperative Finance, Note,
6.125% due 05/15/2005 3,982,412
4,700,000 Puget Sound Energy, Inc.,
7.020% due 12/01/2027 4,455,788
------------
11,030,475
------------
TOTAL CORPORATE BONDS AND NOTES
(Cost $118,491,168) 113,861,771
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS --
24.0%
Collateralized Mortgage Obligations
(CMO) --11.3%
Federal Home Loan Mortgage Corporation:
5,000,000 Series #1541, Class F,
6.250% due 05/15/2019 4,986,250
1,925,000 Series 1702-A, Class PD,
6.500% due 04/15/2022 1,915,625
6,175,000 Series 1669 Class G,
6.500% due 02/15/2023 6,145,052
2,737,289 Series 1752 Class K,
8.000% due 07/15/2007 2,738,630
Federal National Mortgage Association:
7,000,000 Remic Trust 1994 30 Class H,
6.250% due 11/25/2022 6,843,200
2,510,000 Remic Trust 1997 G1 Class K,
6.750% due 02/18/2004 2,510,452
3,606,411 Remic Trust 1990-41 Class D,
9.500% due 04/25/2020 3,852,621
------------
28,991,830
------------
Federal Home Loan Mortgage Corporation
-- 0.4%
FHLMC:
941,603 Pool #E62394, Gold,
7.500% due 09/01/2010 $ 955,915
185,860 Pool #200021,
10.500% due 11/01/2000 195,116
------------
1,151,031
------------
Federal National Mortgage Association
(FNMA) -- 5.3%
FNMA:
4,951,958 Pool #455598,
5.500% due 12/01/2028 4,507,619
4,400,000 Pool #380137,
7.280% due 03/01/2008 4,573,668
2,072,850 Pool #303105,
11.000% due 11/01/2020 2,279,348
2,066,864 Pool #100081,
11.500% due 08/01/2016 2,316,189
------------
13,676,824
------------
Government Agency Debentures -- 4.1%
6,555,000 Federal National Mortgage
Association, Benchmark Note,
5.250% due 01/15/2009 6,009,624
4,600,000 Tennessee Valley Authority,
6.375% due 06/15/2005 4,596,136
------------
10,605,760
------------
Government National Mortgage
Association(GNMA) -- 2.9%
GNMA:
3,508,058 Pool #371438,
6.500% due 01/15/2024 3,415,024
1,538,642 Pool #780584,
7.000% due 06/15/2027 1,522,871
2,365,193 Pool #780840,
8.500% due 07/20/2028 2,448,661
------------
7,386,556
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $62,730,110) $ 61,812,001
------------
U.S. TREASURY OBLIGATIONS -- 21.8%
U.S. Treasury Bonds -- 13.2%
6,000,000 3.875% due 04/15/2029,TIPS 5,913,720
23,425,000 8.000% due 11/15/2021 28,182,618
------------
34,096,338
------------
U.S. Treasury Notes -- 8.6%
3,300,000 6.250% due 02/15/2007 3,361,677
5,100,000 7.000% due 07/15/2006 5,400,900
12,180,000 7.875% due 11/15/2004 13,276,565
------------
22,039,142
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $58,769,891) 56,135,480
------------
REPURCHASE AGREEMENT -- 1.7%
(Cost $4,487,000)
4,487,000 Agreement with State Street Bank
and Trust Company, 4.750% dated
06/30/1999, to be repurchased at
$4,487,592 on 07/01/1999,
collateralized by $4,525,000
U.S.Treasury Note, 6.250%
maturing 02/15/2007
(value $4,580,454) 4,487,000
------------
OTHER INVESTMENTS**
(Cost $53,027,216) 20.6% 53,027,216
---- ------------
TOTAL INVESTMENTS
(Cost $316,335,361*) 119.6% 308,277,212
OTHER ASSETS AND
LIABILITIES (Net) (19.6) (50,502,445)
----- ------------
NET ASSETS 100.0% $257,774,767
===== ============
- -------
*Aggregate cost for Federal tax purposes is $317,764,182.
**As of June 30, 1999, the market value of the securities on loan is
$52,502,365. Collateral received for securities loaned of 53,027,216 is
invested in State Street Navigator Securities Lending Trust-Prime
Portfolio.
+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.
ABBREVIATIONS:
MTN -- Medium Term Note
TIPS -- Treasury Inflation-Protection Security
See Notes to Financial Statements.
Munder Intermediate Bond Fund
Portfolio of Investments, June 30, 1999
Principal
Amount Value
- --------- -----
ASSET-BACKED SECURITIES -- 10.7%
$ 5,000,000 American Express Credit
Account Master,
Series 96 Class A,
6.800% due 12/15/2003 $ 5,064,400
5,000,000 Banc One Credit Card Master
Trust, Series1995-A Class A,
6.150% due 07/15/2002 5,024,250
12,000,000 Carco Auto Loan Master Trust,
Series 1999 Class A1,
5.650% due 03/15/2003 11,901,000
5,000,000 Chase Manhattan Credit Card
Master, Series 1996 3 Class A,
7.040% due 02/15/2005 5,085,600
10,000,000 Chemical Master Credit Card,
Trust 1,
6.230% due 06/15/2003 10,074,700
5,405,000 Contimortgage Home Equity
Loan, 1997 2 Passthru
Certificate Class A9,
7.090% due 04/15/2028 5,397,163
4,704,037 CWMBS, Mortgage Passthru
Series 1996 I Class A6,
7.750% due 09/25/2026 4,702,578
11,320,000 Standard Credit Card and
Trust, Series 1990-6A,
7.850% due
02/07/2002 11,465,009
------------
TOTAL ASSET-BACKED SECURITIES
(Cost $59,552,100) 58,714,700
------------
CORPORATE BONDS AND NOTES -- 37.0%
Banking and Financial Services -- 17.2%
10,000,000 America Express Bank, Ltd.,
5.144% due 02/10/2004+ 9,777,660
10,000,000 American General Finance
Corporation, MTN,
5.820% due 04/16/2004 9,598,000
Associates Corporation of
North America:
5,000,000 6.000% due 03/15/2000 5,021,000
5,275,000 5.800% due 04/20/2004 5,094,543
2,570,000 MTN,
8.250% due 10/15/2004 2,751,853
11,500,000 AT&T Capital Corporation,
MTN,
6.180% due 12/03/1999 11,525,185
10,000,000 Countrywide Home Loans,
Inc, MTN,
6.850% due 06/15/2004 9,888,100
Ford Motor Credit Corporation:
9,425,000 7.000% due 09/25/2001 9,556,479
2,400,000 6.500% due 02/15/2006 2,350,968
10,000,000 SunAmerica Institutional, MTN,
5.750% due 02/16/2009 9,202,860
3,360,000 Swiss Bank Corporation,
7.250% due 09/01/2006 3,386,510
1,667,928 Textron Financial Corporation
Receivables,
6.050% due 03/16/2009 1,668,111
10,000,000 Transamerica Finance
Corporation, MTN,
6.370% due 05/14/2004 9,912,400
4,000,000 U.S. Leasing International, MTN,
9.880% due 03/06/2001 4,229,720
------------
93,963,389
------------
Foreign -- 2.9%
6,480,000 Abbey National Plc,
6.700% due 06/29/2049 6,041,110
10,000,000 Westdeutsche Landesbank,
6.750% due 06/15/2005 9,862,500
------------
15,903,610
------------
Industrial -- 10.5%
2,500,000 American Greetings Corporation,
6.100% due 08/01/2028 2,333,950
4,178,000 Anheuser-Busch Companies,
9.000% due 12/01/2009 4,889,054
3,701,813 Chevron Corporation,
Trust Fund,
8.110% due 12/01/2004 3,881,795
4,900,000 General Motors Corporation,
5.910% due 03/11/2002 4,831,743
10,000,000 Merck & Co.,
5.760% due 05/03/2037 10,003,800
4,000,000 Pitney Bowes, Inc.,
5.950% due 02/01/2005 3,902,880
10,000,000 Racers-Kellogg,
Series 1998-1 144A,
5.750% due 02/02/2001 9,977,300
4,000,000 Rohm and Haas
Company, 144A,
6.950% due 07/15/2004 3,992,520
4,100,000 Times Mirror Co.,
6.610% due 09/15/2027 4,082,124
10,140,000 Tyco International Group,
6.375% due 06/15/2005 9,789,257
------------
57,684,423
------------
Real Estate Investment Trust -- 1.8%
5,000,000 Camden Property Trust,
7.000% due 04/15/2004 4,891,800
5,000,000 Kimco Realty Corporation, MTN,
5.300% due 08/17/1999 4,997,000
------------
9,888,800
------------
Transportation -- 1.0%
5,505,000 Ryder System, Inc., MTN,
6.910% due 06/18/2002 5,494,871
------------
Utility -- Electric -- 1.9%
4,500,000 Montana Power Company, MTN,
8.680% due 02/07/2022 4,666,095
5,925,000 National Rural Utilities, MTN,
5.540% due 12/15/2005 5,492,238
------------
10,158,333
------------
Utility -- Telephone -- 1.7%
9,500,000 Michigan Bell Telephone,
5.875% due 09/15/1999 9,508,645
------------
TOTAL CORPORATE BONDS AND NOTES
(Cost $206,749,279) 202,602,071
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS --
35.9%
Federal Home Loan Mortgage Corporation
(FHLMC) -- 3.5%
FHLMC:
2,354,810 8.000% due 03/01/2028 2,419,567
3,328,132 Pool #A00813,
9.000% due 10/01/2020 3,509,349
727,413 Pool #E61740,
9.000% due 04/01/2010 756,793
2,813,882 Pool #F70013, Gold,
7.000% due 12/01/2011 2,826,798
2,049,577 Pool #G50249, REMIC,
8.500% due 03/01/2000 2,069,437
7,850,000 Series 1650 Class 1650 J,
6.500% due 06/15/2023 7,611,282
------------
19,193,226
------------
Federal National Mortgage Association
(FNMA) -- 9.4%
FNMA:
4,776,000 5.125% due 02/13/2004 4,590,739
10,204,207 6.000% due 02/01/2013 9,856,549
11,082,562 6.000% due 06/01/2013 10,704,980
12,388,718 6.000% due 05/01/2018 11,792,449
6,136,341 5.819% due 12/01/2028 5,971,826
2,031,009 Pool #070225,
7.500% due 08/01/2018 2,050,080
6,568,757 Pool #250550,
6.500% due 05/01/2026 6,381,941
------------
51,348,564
------------
Government Agency Debentures -- 19.6%
17,000,000 AID-Israel,
0.000% due 02/15/2004 12,763,600
8,500,000 Federal Farm Credit Bank,
5.950% due 05/18/2005 8,346,830
FNMA:
25,730,000 Benchmark Note,
5.750% due 06/15/2005 25,272,521
9,000,000 Benchmark Note,
5.250% due 01/15/2009 8,251,200
10,225,000 MTN,
5.650% due 06/12/2000 10,232,975
30,000,000 Government Trust Certificates,
Class 3-C,
0.000% due 11/15/2004 21,453,600
10,950,000 SallieMae Student Loan Trust,
5.208% due 01/25/2010 10,726,620
10,000,000 Tennessee Valley Authority,
6.375% due 06/15/2005 9,991,600
------------
107,038,946
------------
Government National Mortgage
Association (GNMA) -- 3.0%
GNMA:
1,783,925 Pool #780077,
8.000% due 03/15/2025 1,830,682
6,033,251 Pool #780840,
8.500% due 07/20/2028 6,246,165
9,169,414 Pool #781008,
6.000% due 03/15/2029 8,583,947
------------
16,660,794
------------
Small Business Administration
(SBA) -- 0.4%
2,236,219 SBA, Pool #502796,
5.750% due 11/25/2019 2,258,581
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $199,925,485) 196,500,111
------------
U.S. TREASURY OBLIGATIONS -- 14.3%
U.S. Treasury Bonds -- 2.7%
$15,000,000 U.S. Treasury Bonds,
3.875% due
04/15/2029, TIPS 14,784,300
------------
U.S. Treasury Notes -- 11.6%
5,000,000 7.500% due 11/15/2001 5,202,200
34,000,000 6.250% due 02/15/2003 34,513,060
7,100,000 7.875% due 11/15/2004 7,739,213
15,000,000 7.000% due 07/15/2006 15,885,000
------------
63,339,473
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $79,588,982) 78,123,773
------------
REPURCHASE AGREEMENT -- 1.2%
(Cost $6,593,000)
6,593,000 Agreement with State Street
Bank and Trust Company, 4.750%
dated 06/30/1999, to be
repurchased at $6,593,870 on
07/01/1999, collateralized by
$6,630,000 U.S. Treasury Note,
6.375% maturing 01/15/2000
(value $6,727,501) 6,593,000
------------
OTHER INVESTMENTS**
(Cost $49,997,850) 9.1% 49,997,850
---- ------------
TOTAL INVESTMENTS
(Cost $602,406,696*) 108.2% 592,531,505
OTHER ASSETS AND
LIABILITIES (Net) (8.2) (44,833,450)
---- ------------
NET ASSETS 100.0% $ 547,698,055
==== ============
- -------
*Aggregate cost for Federal tax purposes is $602,424,776.
**As of June 30, 1999, the market value of the securities on loan is
$49,348,195. Collateral received for securities loaned of $49,997,850 is
invested in State Street Navigator Securities Lending Trust-Prime
Portfolio.
+Floating rate note. The interest rate shown reflects the rate currently
in effect.
ABBREVIATIONS:
MTN -- Medium Term Note
TIPS -- Treasury Inflation Protection Security
See Notes to Financial Statements.
Munder International Bond Fund
Portfolio of Investments, June 30, 1999
Principal
Amount Value
- --------- -----
FOREIGN BONDS AND NOTES -- 91.7%
Belgium -- 3.4%
Government -- 3.4%
BEF 1,512,151 Kingdom of Belgium,
Series 10,
8.750% due 06/25/2002 $ 1,781,553
------------
Canada -- 10.7%
Government -- 10.7%
Government of Canada:
CAD 3,000,000 6.000% due 06/01/2008 2,108,659
3,000,000 7.500% due 12/01/2003 2,198,485
1,750,000 Ontario Province of Canada,
6.500% due 03/08/2029 1,232,060
------------
5,539,204
------------
Denmark -- 4.5%
Government -- 4.5%
DKK 14,000,000 Kingdom of Denmark,
8.000% due 03/15/2006 2,317,351
------------
Finland -- 1.2%
Government -- 1.2%
FIM 504,564 Republic of Finland,
9.500% due 03/15/2004 638,495
------------
France -- 12.5%
Government -- 8.8%
Government of France:
FRF 3,430,103 5.500% due 04/25/2007 3,783,790
548,816 8.500% due 12/26/2012 775,923
Supranational -- 3.7%
12,000,000 Eurofima,
5.625% due 11/25/1999 1,906,426
------------
6,466,139
------------
Germany -- 14.5%
Finance -- 2.7%
DEM 1,329,359 Bayerische Vereinsbank
New York, Global Bond,
4.500% due 06/24/2002 1,403,122
Government -- 10.0%
3,451,220 Federal Republic of Germany,
5.625% due 01/04/2028 3,667,268
1,278,230 Federal Republic of Germany
Series 95,
6.500% due 10/14/2005 1,482,767
Supranational -- 1.8%
1,750,000 International Bank of
Reconstruction & Development,
7.250% due 10/13/1999 932,510
------------
7,485,667
------------
Italy -- 3.0%
Government -- 3.0%
ITL 1,291,140 Government of Italy,
8.500% due 04/01/2004 1,579,997
------------
Japan -- 27.2%
Government -- 19.1%
Government of Japan:
JPY 950,000,000 2.000% due 03/20/2009 8,007,895
200,000,000 6.300% due 09/20/2001 1,862,549
Supranational -- 8.1%
230,000,000 Asian Development Bank,
5.000% due 02/05/2003 2,178,933
220,000,000 Interamerican Development Bank,
6.000% due 10/30/2001 2,044,365
------------
14,093,742
------------
Netherlands -- 4.4%
Government -- 4.4%
NLG 1,951,255 Government of Netherlands,
Series 2,
8.250% due 06/15/2002 2,266,906
------------
Spain -- 3.6%
Government -- 3.6%
ESP 1,750,000 Kingdom of Spain,
5.150% due 07/30/2009 1,851,072
------------
Sweden -- 2.6%
Government -- 2.6%
SEK 10,500,000 Government of Sweden,
Series 1038,
6.500% due 10/25/2006 1,358,144
------------
United Kingdom -- 4.1%
Government -- 1.7%
GBP 500,000 UK Gilts,
7.500% due 12/07/2006 888,611
Supranational-- 2.4%
750,000 European Investment Bank,
8.500% due 11/06/2001 1,247,686
------------
2,136,297
------------
TOTAL FOREIGN BONDS AND NOTES
(Cost $49,592,246) 47,514,567
------------
GOVERNMENT AGENCY OBLIGATIONS -- 6.0%
GBP 600,000 Federal National Mortgage
Association, Global Bond,
6.875% due 06/07/2002 968,921
DEM 3,700,000 Tennessee Valley Authority,
Global Bond,
6.375% due 09/18/2006 2,151,006
------------
3,119,927
------------
TOTAL GOVERNMENT AGENCY OBLIGATIONS
(Cost $3,307,327) 3,119,927
------------
REPURCHASE AGREEMENT -- 0.5%
(Cost $246,000)
U.S.$ 246,000 Agreement with State Street Bank
and Trust Company, 4.750%
dated 06/30/1999, to be
repurchased at $246,032 on
07/01/1999, collateralized
by $210,000 U.S. Treasury
Bond, 10.375% maturing
11/15/2009 (value $252,098) 246,000
------------
TOTAL INVESTMENTS (Cost $53,145,573*) 98.2% 50,880,494
OTHER ASSETS AND LIABILITIES (Net) 1.8 912,482
----- ------------
NET ASSETS 100.0% $ 51,792,976
===== ============
- ------
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
BEF -- Belgian Francs
CAD -- Canadian Dollar
DEM -- German Deutsche Mark
DKK -- Danish Krone
ESP -- Spanish Peseta
FIM -- Finnish Markka
FRF -- French Franc
GBP -- Great British Pound
ITL -- Italian Lira
JPY -- Japanese Yen
NLG -- Netherlands Guilder
SEK -- Swedish Krona
See Notes to Financial Statements.
Munder U.S. Government Income Fund
Portfolio of Investments, June 30, 1999
Principal
Amount Value
- --------- -----
ASSET-BACKED SECURITY -- 1.7%
(Cost $4,954,723)
$ 5,000,000 Residential Accreditation
Loans, Inc. $ 5,074,850
------------
CORPORATE BONDS AND NOTES -- 0.0% #
(Cost $13,783)
Finance -- 0.0% #
$14,128 BankAmerica National Trust 14,478
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 84.2%
Federal Home Loan Bank (FHLB) -- 0.8%
$2,500,000 FHLB,
5.800% due 09/02/2008 2,393,575
------------
Federal Home Loan Mortgage Corporation
(FHLMC) -- 50.0%
FHLMC:
1,594,627 Pool #A01048, Gold,
8.500% due 02/01/2020 1,658,253
5,041,258 Pool #E00160, Gold,
7.000% due 11/01/2007 5,063,137
1,071,543 Pool #G00479, Gold,
9.000% due 04/01/2025 1,131,067
5,500,000 Series 1399, Class Q,
7.000% due 02/15/2021 5,510,285
1,000,000 Series 1452, Class PH,
6.500% due 06/15/2006 1,010,450
5,800,000 Series 1503, Class PK,
7.000% due 03/15/2022 5,754,644
5,000,000 Series 1531, Class M,
6.000% due 06/15/2008 4,854,750
5,000,000 Series 1574, Class G,
6.500% due 04/15/2021 5,007,800
9,150,000 Series 1574, Class PG,
6.500% due 02/15/2021 9,141,948
5,000,000 Series 1603, Class J,
6.500% due 07/15/2023 4,860,900
3,375,000 Series 1610, Class PM,
6.250% due 04/15/2022 3,333,859
4,300,000 Series 1617, Class C,
6.500% due 02/15/2023 4,219,375
4,845,000 Series 1619, Class B,
6.400% due 01/15/2023 4,795,000
11,585,000 Series 1633, Class PL,
6.500% due 03/15/2023 11,320,630
5,000,000 Series 1638 Class H,
6.500% due 12/15/2023 4,780,250
2,000,000 Series 1650, Class H,
6.250% due 10/15/2022 1,974,360
9,000,000 Series 1669, Class G,
6.500% due 02/15/2023 8,956,350
3,000,000 Series 1671, Class F,
6.250% due 03/15/2022 2,981,070
3,800,000 Series 1674, Class VC,
6.300% due 06/15/2006 3,704,430
8,000,000 Series 1676, Class H,
6.500% due 10/15/2022 7,961,440
4,811,145 Series 1685, Class G,
6.000% due 09/15/2023 4,697,554
8,560,000 Series 1702A, Class PD,
6.500% due 04/15/2022 8,518,313
1,030,000 Series 1706, Class K,
7.000% due 03/15/2024 1,021,842
1,200,000 Series 1722, Class PH,
6.500% due 08/15/2022 1,194,120
2,000,000 Series 1848, Class PE,
7.000% due 09/15/2025 1,984,120
8,943,000 Series 1865, Class PD,
7.000% due 12/15/2025 8,657,003
4,156,000 Series 1866, Class E,
7.000% due 01/15/2026 4,140,664
7,000,000 Series 1870, Class VB,
6.500% due 04/15/2007 6,969,340
1,045,078 Series 1999, Class PN,
6.650% due 11/15/2022 1,032,015
4,257,278 Series 43, Class D,
10.000% due 06/15/2020 4,600,500
7,500,000 Series T-7, Class A6,
7.030% due 08/25/2028 7,507,875
------------
148,343,344
------------
Federal Housing Authority/Veterans
Administration (FHA/VA) -- 0.3%
979,646 FHA, Azalea Garden,
8.500% due 09/01/2030 964,339
------------
Federal National Mortgage Association
(FNMA) -- 26.9%
FNMA:
88,446 Pool #040305,
11.500% due 02/01/2014 98,079
37,265 Pool #058255,
11.500% due 11/01/2010 41,331
77,310 Pool #081585,
11.500% due 07/01/2012 85,764
1,263,780 Pool #100081,
11.500% due 08/01/2016 1,416,230
136,558 Pool #210448,
11.500% due 11/01/2015 151,511
1,388,447 Pool #303105,
11.000% due 11/01/2020 1,526,764
162,031 Pool #336457,
10.500% due 11/01/2020 176,183
2,950,000 Pool #375618,
6.420% due 12/01/2007 2,901,768
3,142,305 Series 1990-117, Class E,
8.950% due 10/25/2020 3,311,707
5,000,000 Series 1990-45, Class J,
9.500% due 05/25/2020 5,444,150
6,000,000 Series 1993-139, Class H,
6.750% due 12/25/2021 5,999,760
7,500,000 Series 1993-144, Class C,
7.000% due 07/25/2019 7,535,925
2,000,000 Series 1993-160, Class BC,
6.500% due 09/25/2022 1,986,300
5,100,000 Series 1993-163, Class BJ,
7.000% due 07/25/2006 5,127,795
3,000,000 Series 1993-198, Class T,
6.500% due 10/25/2023 2,791,140
10,319,600 Series 1993-226, Class PN,
9.000% due 05/25/2022 11,277,362
3,500,000 Series 1993-240, Class PD,
6.250% due 12/25/2013 3,388,420
2,000,000 Series 1993-83, Class VE,
6.600% due 12/25/2005 1,972,780
1,500,000 Series 1994-37, Class N,
6.500% due 03/25/2024 1,463,505
1,500,000 Series 1994-44, Class H,
6.500% due 08/25/2022 1,493,430
1,600,000 Series 1994-60, Class PJ,
7.000% due 04/25/2024 1,583,488
7,634,900 Series 1996-28, Class PJ,
6.500% due 12/25/2024 7,344,316
5,150,000 Series 1996-70, Class PJ,
6.500% due 02/25/2026 4,921,958
6,250,000 Series 1999-17, Class PC,
6.000% due 12/25/2022 6,089,813
1,732,476 Series G97-1,Class J,
6.750% due 02/18/2004 1,748,467
------------
79,877,946
------------
Government National Mortgage Association
(GNMA) -- 6.1%
GNMA:
1,889,305 Pool #780840,
8.500% due 07/20/2028 1,955,979
10,100,000 Series 1996-11, Class PD,
7.000% due 06/20/2025 10,152,419
6,000,000 Series 1996-9, Class PD,
7.000% due 01/20/2025 6,032,040
------------
18,140,438
------------
Small Business Administration
(SBA) -- 0.1%
320,729 SBA, Pool #503548,
6.125% due 11/25/2021+++ 317,522
------------
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $252,409,073) 250,037,164
------------
U.S. TREASURY OBLIGATIONS -- 13.4%
U.S. Treasury Bonds -- 13.4%
U.S. Treasury Bonds:
1,800,000 8.750% due 11/15/2008 1,988,010
2,500,000 10.375% due 11/15/2012 3,177,475
6,000,000 7.500% due 11/15/2016 6,756,180
4,000,000 8.125% due 08/15/2019 4,823,200
19,180,000 8.000% due 11/15/2021 23,075,458
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $40,278,018) 39,820,323
------------
REPURCHASE AGREEMENT -- 0.2%
(Cost $426,000)
426,000 Agreement with State Street
Bank and Trust Company,
4.750% dated 06/30/1999,
to be repurchased at
$426,056 on 07/01/1999,
collateralized by $370,000
U.S. Treasury Bond,
10.750% maturing
05/15/2003
(value $434,750) 426,000
------------
OTHER INVESTMENTS**
(Cost $42,210,450) 14.2% $ 42,210,450
----- ------------
TOTAL INVESTMENTS
(Cost $340,292,047*) 113.7% 337,583,265
OTHER ASSETS AND
LIABILITIES (Net) (13.7) (40,555,622)
----- -------------
NET ASSETS 100.0% $ 297,027,643
===== =============
- -------
* Aggregate cost for Federal tax purposes is $340,338,140.
** As of June 30, 1999, the market value of the securities on loan is
$41,782,171. Collateral received for securities loaned of $42,210,450 is
invested in State Street Navigator Securities Lending Trust-Prime
Portfolio.
+++ Variable rate security. The interest rate shown reflects the rate
currently in effect.
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
<TABLE>
<CAPTION>
Munder Michigan Tax-Free Bond Fund
Portfolio of Investments, June 30, 1999
Rating (Unaudited)
Principal ------------------
Amount S&P Moody's Value
- --------- --- ------- -----
MUNICIPAL BONDS AND NOTES -- 98.5%
Michigan -- 98.5%
<S> <C> <C> <C> <C>
$1,000,000 Auburn Hills, Michigan, Building Authority,
Refunding, (AMBAC Insured),
5.000% due 11/01/2017 AAA Aaa $ 953,630
1,000,000 Birmingham, Michigan, City School District,
7.000% due 11/01/2008 AA+ Aa2 1,136,340
625,000 Cadillac, Michigan, Area Public Schools,
Pre-refunded,
5.375% due 05/01/2012 AAA Aaa 649,325
1,000,000 Central Michigan University Revenue,
(FGIC Insured),
5.500% due 10/01/2026 AAA Aaa 1,048,340
610,000 Clarkston, Michigan, Community Schools,
GO, Pre-refunded,
5.750% due 05/01/2016 AAA Aaa 650,095
515,000 Clinton Township, Michigan Building Authority,
Refunding, (AMBAC Insured),
4.750% due 11/01/2012 AAA NR 497,531
600,000 Clintondale Community Schools, Michigan, GO,
5.250% due 05/01/2015 AA+ Aa2 596,016
De Witt, Michigan, Public Schools, GO:
750,000 4.700% due 05/01/2012 AAA Aaa 714,915
1,055,000 AMBAC Insured, Q-SBLF,
5.500% due 05/01/2011 AAA Aaa 1,102,602
700,000 Dearborn School District, Michigan, GO,
(MBIA Insured),
5.000% due 05/01/2014 AAA Aaa 681,905
1,300,000 Detroit, Michigan, City School District,
Series C, (FGIC Insured),
5.250% due 05/01/2011 AAA Aaa 1,320,046
1,055,000 Detroit, Michigan, Water Supply System,
(MBIA Insured), Series B,
5.400% due 07/01/2011 AAA Aaa 1,089,456
Detroit, Michigan, Water Supply Systems, Revenue:
500,000 Series A,
5.000% due 07/01/2027 AAA Aaa 459,865
375,000 Series A,
5.750% due 07/01/2011 AAA Aaa 398,959
1,000,000 Dexter Community Schools, Michigan, GO,
5.100% due 05/01/2018 AAA Aaa 976,200
1,000,000 Eastern Michigan University Revenue, GO,
(FGIC Insured),
5.500% due 06/01/2017 AAA Aaa 1,017,800
500,000 Farmington Hills, Michigan, Hospital Revenue,
Botsford General Hospital, Series A,
Pre-refunded,
6.500% due 02/15/2022 AAA Aaa 536,175
1,000,000 Farmington Michigan, Public School District,
Refunding,
5.000% due 05/01/2003 AA Aa2 1,019,060
1,000,000 Ferris State University, Michigan,
Revenue Refunding,
(MBIA Insured),
5.250% due 10/01/2015 AAA Aaa 1,003,450
750,000 Fowlerville, Michigan, Community School
District, Refunding (FSA Insured),
4.500% due 05/01/2015 AAA Aaa 682,290
Grand Rapids, Michigan:
500,000 Building Authority,
4.550% due 04/01/2010 AA- Aa3 473,645
705,000 Building Authority,
5.000% due 04/01/2016 AA- Aa3 682,306
1,000,000 Community College Refunding, GO,
(MBIA Insured),
5.375% due 05/01/2019 AAA Aaa 988,450
1,000,000 Grand Traverse County, Michigan Hospital,
Munson Healthcare, Series A,
Pre-refunded,
6.250% due 07/01/2022 AAA Aaa 1,072,580
635,000 Grand Valley, Michigan State University Revenue,
5.500% due 02/01/2018 AAA NR 649,072
500,000 Hesperia, Michigan Community Schools,
5.625% due 05/01/2017 AAA Aaa 528,130
500,000 Holland, Michigan, Water Supply Systems,
5.375% due 07/01/2017 A+ A1 499,805
1,100,000 Ingham County Michigan, Refunding, (FSA Insured),
5.125% due 11/01/2012 AAA Aaa 1,100,121
610,000 Kalamazoo, Michigan, Building Authority,
5.250% due 10/01/2017 AAA Aaa 607,767
1,000,000 Kalamazoo, Michigan, City School District, GO,
(FGIC Insured),
5.700% due 05/01/2016 AAA Aaa 1,064,980
1,500,000 Kalamazoo, Michigan, Hospital Finance Authority
Revenue, Series A, (FGIC Insured),
6.250% due 06/01/2014 AAA Aaa 1,638,720
500,000 Kenowa Hills, Michigan, Public Schools, GO,
(MBIA Insured),
5.625% due 05/01/2010 AAA Aaa 515,750
760,000 Kent County, Michigan, Airport Facility Revenue,
4.750% due 01/01/2016 AAA Aa1 707,134
600,000 Kent County, Michigan, Board County Road,
Michigan Transportation,
4.250% due 08/01/2003 AA- Aa3 600,948
1,000,000 Kent County, Michigan, Building Authority,
4.750% due 06/01/2011 AAA Aa2 951,450
Lincoln, Michigan, Consolidate School District:
650,000 7.000% due 05/01/2005 AA+ Aa1 729,749
500,000 FSA Insured,
5.000% due 05/01/2018 AAA Aaa 473,625
1,000,000 Lincoln, Michigan, School District, Refunding,
5.000% due 05/01/2011 AAA Aaa 993,390
1,000,000 Lowell, Michigan, Area Schools, (FGIC Insured),
5.625% due 05/01/2009 AAA Aaa 1,041,340
Michigan Municipal Bond Authority Revenue:
550,000 Local Government Loan (AMBAC Insured),
4.550% due 05/01/2008 AAA NR 535,244
1,000,000 School Loan,
5.250% due 12/01/2010 AA Aa2 1,015,880
1,250,000 State Revolving Fund,
5.125% due 10/01/2020 AA+ Aa1 1,197,587
1,100,000 Michigan Public Power Agency Revenue,
(Belle River Project),
Series A,
5.250% due 01/01/2018 AA- A1 1,064,470
Michigan State Building Authority Revenue:
1,000,000 Facilities Project, Series 1,
5.000% due 10/15/2014 AA Aa2 970,580
1,000,000 Refunding Facilities Program, Series 1,
4.750% due 10/15/2021 AA Aa2 904,220
1,000,000 Michigan State Comprehensive Transportation
Revenue Series A, (MBIA Insured),
5.250% due 08/01/2012 AAA Aaa 1,010,220
1,200,000 Michigan State Enviromental Protection
Program, GO,
6.250% due 11/01/2012 AA+ Aa1 1,332,636
Michigan State Environmental Protection Program:
500,000 5.000% due 11/01/2011 AA+ Aa1 494,805
1,000,000 6.000% due 11/01/2006 AA+ Aa1 1,078,200
Michigan State Hospital Finance Authority Revenue:
1,000,000 Genesys Health System, Series A,
7.500% due 10/01/2027 AAA Baa2 1,155,570
500,000 Hackley Hospital, Series A,
4.800% due 05/01/2005 NR A3 493,600
1,000,000 Henry Ford Continuing Care, Series A,
5.250% due 11/15/2025 AA- Aa3 937,670
1,000,000 Mercy Health Services, Series S,
5.500% due 08/15/2020 AA- Aa3 994,980
715,000 Saint John Hospital & Medical
Center, Series A,
6.000% due 05/15/2010 AAA Aaa 770,913
Michigan State Housing Development Authority:
1,000,000 Series A, (AMBAC Insured),
6.450% due 12/01/2014 AA+ NR 1,039,740
500,000 Series A, AMT, (AMBAC Insured),
6.050% due 12/01/2027 AAA Aaa 511,440
1,000,000 Michigan State Housing Development Rental Revenue,
AMT Series C,
5.050% due 10/01/2015 AAA Aaa 954,680
750,000 Michigan State Housing Single Family Mortgage,
Series B, AMT,
5.200% due 12/01/2018 AAA NR 717,135
1,000,000 Michigan State Trunk Line, Series A,
5.250% due 11/01/2011 AA- Aa3 1,015,020
1,000,000 Michigan State Trunk Line Highway Revenue,
Pre-refunding,
Series A, (FGIC Insured),
5.500% due 11/01/2016 AAA Aaa 1,056,110
1,500,000 Montrose, Michigan, School District, GO,
(MBIA Insured, Q-SBLF),
6.200% due 05/01/2017 AAA Aaa 1,657,935
500,000 Oakland Community College, Michigan, Refunding
and Improvement, GO, (MBIA Insured),
5.250% due 05/01/2018 AAA Aaa 491,700
Oakland County Michigan:
700,000 Detroit Country Day School Project,
4.950% due 10/01/2018 NR Aaa 649,012
1,000,000 Novi Wastewater Control Systems,
5.000% due 05/01/2007 AA+ Aa3 1,019,670
1,000,000 Plainwell, Michigan Community School District,
Refunding, (FSA Insured),
5.000% due 05/01/2018 AAA Aaa 947,250
500,000 Redford, Michigan Union School District, MB,
5.500% due 05/01/2014 AAA Aaa 514,180
1,500,000 Redford, Michigan Union School District,
Refunding,
5.000% due 05/01/2022 AAA Aaa 1,431,195
1,000,000 Redford, Michigan, Unified School District, GO,
(FGIC Insured, Q-SBLF),
5.750% due 05/01/2011 AAA Aaa 1,067,870
1,750,000 Rochester Community School District,
Michigan, GO,
(MBIA Insured),
5.000% due 05/01/2019 AAA Aaa 1,681,680
750,000 Rockford Michigan Public Schools,
(FGIC Insured),
6.500% due 05/01/2009 AAA Aaa 839,160
1,000,000 Saint Johns, Michigan, Public Schools
District, GO,
(FGIC Insured, Q-SBLF),
5.625% due 05/01/2020 AAA Aaa 1,059,420
1,000,000 South Lake, Michigan, Public Schools System,
(FGIC Insured),
5.125% due 05/01/2014 AAA Aaa 989,970
1,000,000 South Redford, Michigan, School District, GO,
(FGIC Insured, Q-SBLF),
5.350% due 05/01/2010 AAA Aaa 1,035,430
750,000 Three Rivers, Michigan, Community Schools,
Pre-refunded,
5.600% due 05/01/2010 AAA Aaa 794,400
1,000,000 West Bloomfield School District, Michigan, GO,
(MBIA Insured),
5.125% due 05/01/2014 AAA Aaa 983,890
1,000,000 Williamston, Michigan, Community School
District,
(MBIA Insured),
5.500% due 05/01/2025 AAA Aaa 1,016,710
500,000 Willow Run, Michigan, Community Schools, GO,
(AMBAC Insured, Q-SBLF),
5.000% due 05/01/2016 AAA Aaa 480,085
------------
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $68,351,435) 67,763,219
------------
Shares
- ---------
SHORT-TERM INVESTMENTS -- 0.6%
(Cost $425,383)
425,383 Valiant Fund Tax Exempt Money Market 425,383
------------
TOTAL INVESTMENTS (Cost $68,776,818*) 99.1% 68,188,602
OTHER ASSETS AND LIABILITIES (Net) 0.9 584,680
----- ------------
NET ASSETS 100.0% $ 68,773,282
===== ============
- ---------
* Aggregate cost for Federal tax purposes is $68,784,260.
</TABLE>
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
FGIC -- Federal Guaranty Insurance Corporation
FSA -- Financial Security Assurance
GO -- Government Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
Q-SBLF -- Qualified School Bond Loan Fund
See Notes to Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
Munder Tax-Free Bond Fund
Portfolio of Investments, June 30, 1999
Rating (Unaudited)
Principal ------------------
Amount S&P Moody's Value
- --------- --- ------- -----
MUNICIPAL BONDS AND NOTES -- 95.6%
<S> <C> <C> <C>
Arizona -- 1.5%
$ 1,600,000 Phoenix, Arizona Water Systems
Revenue, ETM,
8.000% due 06/01/2003 AAA Aaa $ 1,804,400
1,000,000 Tempe, Arizona, High School
District Number 213,
(FGIC Insured),
4.500% due 07/01/2010 AAA Aaa 956,870
------------
2,761,270
------------
California -- 2.3%
2,905,000 Perris, California Community
Facilities Revenue, ETM,
8.750% due 10/01/2021 AAA Aaa 4,152,029
------------
Colorado -- 0.8%
1,350,000 Colorado Health Facilities,
Hospital Revenue Bonds,
Series A, Pre-refunded,
6.875% due 02/15/2023 NR Aaa 1,483,353
------------
Delaware -- 0.9%
1,555,000 Delaware State Economic Development
Authority, Osteopathic Hospital
Associates Delaware,
Series A, ETM,
6.500% due 01/01/2008 NR Aaa 1,698,138
------------
District of Columbia -- 1.3%
2,500,000 District of Columbia, Washington,
Revenue, Smithsonian Institution,
5.000% due 02/01/2028 AAA Aaa 2,277,575
------------
Florida -- 13.3%
2,000,000 Dade County, Florida, GO, (FGIC Insured),
12.000% due 10/01/2001 AAA Aaa 2,331,220
2,000,000 Florida State, Board of Education,
Administrative
Capital Revenue,
8.400% due 06/01/2007 AA+ Aa2 2,467,740
3,000,000 Gainesville, Florida, Utility Systems
Revenue, Series A,
6.500% due 10/01/2012 AA Aa3 3,381,150
2,500,000 Orlando, Florida, Utilities Commission,
Water and Electric
Revenue Refunding, Series D,
6.750% due 10/01/2017 AA- Aa2 2,891,150
Palm Beach County, Florida:
2,285,000 Criminal Justice, (FGIC Insured),
5.750% due 06/01/2013 AAA Aaa 2,430,989
3,050,000 GO,
6.750% due 07/01/2011 AA Aa2 3,508,140
$ 5,785,000 Port Everglades, Florida, Port Authority
Revenue, ETM,
7.125% due 11/01/2016 AAA Aaa 6,919,959
------------
23,930,348
------------
Georgia -- 4.4%
Georgia State, GO:
2,500,000 7.400% due 08/01/2007 AAA Aaa 2,942,050
2,000,000 Series B,
6.250% due 03/01/2011 AAA Aaa 2,216,120
2,500,000 Metro Atlanta Rapid Transit Authority,
Series K,
6.250% due 07/01/2018 AA- A1 2,706,800
------------
7,864,970
------------
Hawaii -- 1.3%
2,000,000 Honolulu, Hawaii, GO,
7.350% due 07/01/2008 AA- Aa3 2,345,440
------------
Illinois -- 5.5%
1,000,000 Addison, Illinois, Single-family
Mortgage Revenue, ETM,
7.500% due 04/01/2011 AAA NR 1,145,570
2,500,000 Chicago, Illinois, Wastewater
Transmission Revenue,
(FGIC Insured),
5.375% due 01/01/2013 AAA Aaa 2,538,875
2,500,000 Du Page County, Illinois,
Stormwater Project,
5.600% due 01/01/2021 AAA Aaa 2,551,325
2,500,000 Illinois State, Sales Tax
Revenue, Series Y,
5.250% due 06/15/2009 AAA Aa2 2,563,025
1,000,000 Regional Transport Authority,
Illinois, (FGIC Insured),
6.000% due 06/01/2015 AAA Aaa 1,076,640
------------
9,875,435
------------
Indiana -- 3.0%
3,000,000 Indiana State Office Building Capital
Revenue, (MBIA Insured),
7.400% due 07/01/2015 AAA Aaa 3,677,160
1,525,000 Indiana Transportation Finance Airport
Lease, Refunding
Series A, (AMBAC Insured),
6.000% due 11/01/2010 AAA Aaa 1,652,200
------------
5,329,360
------------
Louisiana -- 0.6%
1,100,000 Shreveport, Louisiana, Refunding,
5.000% due 02/01/2013 AAA Aaa 1,086,844
------------
Maryland -- 1.8%
2,000,000 Baltimore, Maryland, Series A,
(FGIC Insured),
5.900% due 07/01/2010 AAA Aaa 2,149,980
1,000,000 Prince Georges County, Maryland
GO, Public Improvement,
(MBIA Insured),
5.000% due 04/15/2006 AAA Aaa 1,022,320
------------
3,172,300
------------
Massachusetts -- 5.9%
3,500,000 Massachusetts Bay Transport Authority,
General Transportation
Systems, Series A, (MBIA Insured),
5.500% due 03/01/2011 AAA Aaa 3,620,330
1,150,000 Massachusetts State, Series C,
5.250% due 08/01/2010 AA- Aa3 1,168,814
1,000,000 Massachusetts State Port Authority Revenue,
Refunding Series A,
5.750% due 07/01/2012 AA- Aa3 1,056,990
2,000,000 Massachusetts State, Grant Anticipation
Notes, Series A,
5.250% due 12/15/2012 NR Aa3 2,010,860
3,000,000 Massachusetts State, Turnpike Authority
Revenue, Department f Transportation,
Senior Series A, (MBIA Insured),
5.125% due 01/01/2023 AAA Aaa 2,845,080
------------
10,702,074
------------
Michigan -- 17.3%
1,500,000 Birmingham, Michigan City School District,
5.000% due 11/01/2018 AA+ Aa2 1,419,705
1,500,000 Clarkston, Michigan, Community Schools,
GO, Pre-refunded,
5.750% due 05/01/2016 AAA Aaa 1,598,595
1,500,000 Detroit, Michigan, City School District,
GO, Series C, (FGIC Insured),
5.250% due 05/01/2011 AAA Aaa 1,523,130
1,000,000 Farmington Michigan, Public School
District, Refunding,
5.000% due 05/01/2003 AA Aa2 1,019,060
2,000,000 Grand Valley, Michigan State University Revenue,
(FGIC Insured),
5.500% due 02/01/2018 AAA NR 2,044,320
1,625,000 Jenison, Michigan, Public Schools, Pre-refunded,
5.250% due 05/01/2015 AAA Aaa 1,628,055
2,120,000 Kent County, Michigan, Building Authority, GO,
4.875% due 06/01/2012 AAA Aa1 2,041,475
Michigan Municipal Bond Authority Revenue:
1,000,000 School Loan,
5.000% due 12/01/2008 AA Aa2 1,009,170
1,000,000 School Loan,
5.250% due 12/01/2010 AA Aa2 1,015,880
5,000,000 Michigan State Enviromental Protection
Program, GO,
6.250% due 11/01/2012 AA+ Aa1 5,552,650
2,000,000 Michigan State Environmental Protection Program,
5.000% due 11/01/2011 AA+ Aa1 1,979,220
Michigan State, Hospital Finance Authority Revenue:
2,250,000 Henry Ford Health System, (AMBAC Insured),
6.000% due 09/01/2011 AAA Aaa 2,445,795
1,000,000 McLaren Health Care Corporation Series A,
5.250% due 06/01/2009 NR A1 997,930
1,000,000 Saint John Hospital & Medical Center Series A,
(AMBAC Insured),
6.000% due 05/15/2010 AAA Aaa 1,078,200
1,000,000 Michigan State, Housing Development Rental Revenue,
AMT, Series C,
5.050% due 10/01/2015 AAA Aaa 954,680
2,500,000 Rochester Community School District, Michigan, GO,
Pre-refunded, (Q-SBLF),
5.000% due 05/01/2019 AAA Aaa 2,402,400
1,500,000 South Lake, Michigan, Public Schools System,
(FGIC Insured),
5.125% due 05/01/2014 AAA Aaa 1,484,955
1,000,000 Western Michigan University Revenues,
Pre-refunded,
6.125% due 11/15/2022 AAA Aaa 1,073,130
------------
31,268,350
------------
Minnesota -- 1.4%
2,500,000 University of Minnesota, Series A,
5.500% due 07/01/2021 AA Aa2 2,551,500
------------
Missouri -- 0.6%
1,000,000 St. Louis County, Missouri,
5.250% due 02/01/2008 AAA Aaa 1,035,720
------------
Nevada -- 2.1%
Nevada State:
1,000,000 Refunding,
6.000% due 05/15/2010 AA Aa2 1,078,200
2,500,000 Refunding Series A1,
6.000% due 05/15/2009 AA Aa2 2,693,450
------------
3,771,650
------------
New Mexico -- 0.6%
1,000,000 Bernalillo County, New Mexico,
Gross Receipts,
5.750% due 10/01/2017 AA Aa3 1,052,370
------------
North Carolina -- 3.1%
3,000,000 Charlotte, North Carolina,
5.000% due 06/01/2006 AAA Aaa 3,075,330
2,500,000 North Carolina, Municipal Power
Agency, Catawba Electric
Revenue, (AMBAC Insured), ETM,
5.500% due 01/01/2013 AAA Aaa 2,596,000
------------
5,671,330
------------
Ohio -- 5.0%
1,000,000 Cleveland, Ohio, GO, (MBIA Insured),
4.400% due 10/01/2011 AAA Aaa 930,360
1,350,000 Cleveland, Ohio, Waterworks Revenue,
(MBIA Insured),
5.500% due 01/01/2021 AAA Aaa 1,387,948
2,500,000 Columbus, Ohio, Series 2,
5.000% due 06/15/2015 AAA Aaa 2,437,775
2,000,000 Ohio State, GO,
6.650% due 09/01/2009 AA+ Aa1 2,254,180
University Cincinnati, Ohio, General Receipts:
585,000 Series AA,
5.500% due 06/01/2012 A-1 Aa 592,710
1,450,000 Series T,
5.500% due 06/01/2013 A-1 Aa 1,495,139
------------
9,098,112
------------
Oklahoma -- 0.7%
1,000,000 Blackwell, Oklahoma, Hospital and Trust Authority,
First Mortgage Revenue, (Blackwell
Regional Hospital), ETM,
8.350% due 05/01/2009 AAA NR 1,196,640
------------
Oregon -- 0.5%
1,025,000 Tualatin Hills, Oregon, Park and Recreational
District, GO, (FGIC Insured),
4.600% due 03/01/2011 AAA Aaa 986,901
------------
Pennsylvania -- 2.6%
2,500,000 Pennsylvania Intergovernmental
Cooperative, Philadelphia
Funding Program, Pre-refunded,
6.750% due 06/15/2021 AAA Aaa 2,776,575
2,000,000 Pennsylvania State, GO,
5.000% due 10/15/2015 AA Aa3 1,938,820
------------
4,715,395
------------
Rhode Island -- 0.6%
1,000,000 Rhode Island Depositors Economic
Protection, ETM,
5.800% due 08/01/2012 AAA Aaa 1,062,920
------------
South Carolina -- 1.3%
2,215,000 South Carolina, State Highway, Series B,
5.650% due 07/01/2021 AAA Aaa 2,318,684
------------
Tennessee -- 1.4%
1,475,000 Johnson City, Tennessee, Water & Sewer,
(FGIC Insured),
4.750% due 06/01/2013 AAA Aaa 1,417,859
1,000,000 Williamson County, Tennessee, Refunding, GO,
5.500% due 09/01/2014 NR Aa1 1,035,190
------------
2,453,049
------------
Texas -- 9.0%
1,000,000 Harris County, Texas, Toll Road Series A,
Pre-refunded,
6.125% due 08/15/2020 AAA Aa2 1,089,300
4,000,000 Houston, Texas, Airport Systems Revenue, ETM,
9.500% due 07/01/2010 AAA Aaa 5,117,000
2,750,000 Houston, Texas, Water & Sewer Systems Revenue,
Series A, Pre-refunded,
6.200% due 12/01/2023 AAA Aaa 2,991,505
San Antonio, Texas, Electric & Gas Revenue:
995,000 Series A,
5.000% due 02/01/2012 AA Aa1 981,846
5,000 Series A, ETM,
5.000% due 02/01/2012 AA Aa1 4,918
2,000,000 Spring, Texas, Independent School District
Authority, GO, (PSFG),
6.875% due 08/15/2009 AAA Aaa 2,262,780
2,000,000 Texas State, Refunding Water Financial
Assistance, Series C,
5.000% due 08/01/2018 AA Aa1 1,914,380
2,000,000 University Texas Permanent University Fund,
4.750% due 07/01/2018 AAA Aaa 1,844,280
------------
16,206,009
------------
Utah -- 1.2%
2,000,000 Utah State, Building Ownership Authority,
5.500% due 05/15/2009 AAA Aaa 2,076,020
------------
Virginia -- 1.3%
2,500,000 Richmond, Virginia, Series B,
5.000% due 01/15/2021 AAA Aaa 2,364,375
------------
Washington -- 2.3%
1,815,000 Douglas County, Washington, Public Utility
District No.1, GO, (Wells Hydroelectric
Project), Pre-refunded,
8.750% due 09/01/2018 A+ A 2,335,088
1,000,000 King County, Washington, Series B,
(MBIA Insured),
4.750% due 01/01/2020 AAA Aaa 903,830
1,000,000 Vancouver, Washington, Water & Sewer Revenue,
(MBIA Insured),
4.250% due 06/01/2009 AAA Aaa 941,440
------------
4,180,358
------------
Wisconsin -- 2.0%
1,500,000 Wisconsin State, GO,
5.000% due 11/01/2007 AA Aa2 1,522,515
Wisconsin State, Transportation Revenue:
1,000,000 Series A,
5.500% due 07/01/2011 AA- A1 1,035,190
1,000,000 Series A,
5.500% due 07/01/2012 AA- A1 1,034,470
------------
3,592,175
------------
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $171,487,967) 172,280,694
------------
SHORT-TERM INVESTMENTS -- 2.9%
(Cost $5,152,947)
5,152,947 Valiant Fund Tax Exempt Money Market $ 5,152,947
------------
TOTAL INVESTMENTS (Cost $176,640,914*) 98.5% 177,433,641
OTHER ASSETS AND LIABILITIES (Net) 1.5 2,773,338
----- ------------
NET ASSETS 100.0% $180,206,979
===== ============
- -------
*Aggregate cost for Federal tax purposes is $176,641,277.
</TABLE>
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
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
See Notes to Financial Statements.
<PAGE>
<TABLE>
<CAPTION>
Munder Tax-Free Short-Intermediate Bond Fund
Portfolio of Investments, June 30, 1999
Rating (Unaudited)
Principal -----------------
Amount S&P Moody's Value
- --------- --- ------- -----
MUNICIPAL BONDS AND NOTES -- 97.7%
<S> <C> <C> <C> <C>
Alabama -- 1.7%
$ 3,500,000 Alabama State Public School and College
Authority Revenue, Series A,
5.750% due 08/01/2003 AA Aa3 $ 3,683,120
1,000,000 Huntsville, Alabama Health Care,
Series B, Pre-refunded,
6.625% due 06/01/2023 AAA Aaa 1,108,590
------------
4,791,710
------------
Arizona -- 2.2%
3,000,000 Phoenix, Arizona, Pre-refunded, GO,
7.500% due 07/01/2004 AA+ Aa1 3,402,810
2,500,000 Tempe, Arizona, High School District, GO,
6.250% due 07/01/2004 AAA Aaa 2,701,900
------------
6,104,710
------------
California -- 3.3%
3,000,000 Los Angeles County, California,
Metropolitan Transportation
Authority, Sales Tax Revenue,
Series B, (AMBAC Insured),
8.000% due 07/01/2003 AAA Aaa 3,401,460
5,070,000 Sacramento County, California,
Sanitation District Financing
Authority Revenue,
9.000% due 12/01/2002 AA Aa3 5,835,570
------------
9,237,030
------------
Delaware -- 0.9%
2,500,000 Delaware State, GO, Series A,
5.000% due 01/01/2007 AA+ Aa1 2,540,575
------------
Florida -- 5.0%
4,000,000 Dade County, Florida, School District,
(MBIA Insured),
6.000% due 07/15/2005 AAA Aaa 4,284,560
2,500,000 Florida State, Board of Education,
Capital Outlay, Series D,
6.000% due 06/01/2005 AA+ Aa2 2,681,225
3,650,000 Jacksonville, Florida, Electric
Authority Revenue, St. John's River
Power Park System, Series 10,
6.500% due 10/01/2003 AA Aa2 3,946,051
3,000,000 Orlando, Florida, Utilities Commission,
Water and Electric
Revenue, Series A, Pre-refunded,
6.500% due 10/01/2020 AA- Aaa 3,206,910
------------
14,118,746
------------
Georgia -- 0.8%
1,975,000 Georgia State, Series C,
7.250% due 07/01/2006 AAA Aaa 2,279,644
------------
Hawaii -- 2.5%
3,000,000 Hawaii State, GO, Series BZ,
6.250% due 10/01/2002 A+ A1 3,169,170
3,650,000 Honolulu, Hawaii, City and County,
GO, Series A, ETM,
10.000% due 08/01/2000 AA- Aaa 3,894,732
------------
7,063,902
------------
Illinois -- 8.8%
2,000,000 Chicago, Illinois, Emergency Telephone
Systems Pre-refunding,
(FGIC Insured),
4.500% due 01/01/2003 AAA Aaa 2,000,620
4,500,000 Chicago, Illinois, Metropolitan Water District,
Capital Improvement,
6.700% due 01/01/2003 AA Aa2 4,820,580
6,000,000 Illinois Educational Facilities
Authority Revenues, Mandatory
Put 11/01/2007,
4.850% due 11/01/2032 AA+ Aa1 6,024,780
2,000,000 Illinois Health Facilities Authority
Revenue, Pre-refunded,
5.500% due 05/15/2023 AAA Aaa 2,107,340
4,000,000 Illinois State Sales Tax Revenue, Series Y,
5.250% due 06/15/2007 AAA Aa2 4,125,920
4,525,000 Lake County, Illinois, Adalai E.
Stevenson School District,
No. 125, 5.500% due 01/01/2003 NR Aa1 4,688,805
1,000,000 Waukegan, Illinois, Series A, Pre-refunded,
6.750% due 11/15/2013 AAA Aaa 1,119,220
------------
24,887,265
------------
Indiana -- 1.5%
4,000,000 Kokomo, Indiana, Hospital Authority Revenue,
Saint Joseph's Hospital, Pre-refunded,
6.350% due 08/15/2013 AAA Aaa 4,357,760
------------
Maryland -- 3.8%
Maryland State:
3,000,000 5.250% due 06/15/2006 AAA Aaa 3,118,140
2,275,000 State & Local Facilities Series 3, GO,
5.000% due 10/15/2005 AAA Aaa 2,338,609
5,000,000 Prince George's County, Maryland,
Consolidated Public
Improvement, GO, (MBIA Insured),
6.250% due 01/01/2005 AAA Aaa 5,417,450
------------
10,874,199
------------
Massachusetts -- 0.8%
2,000,000 Massachusetts Water Resource Authority Revenue,
Series A, Pre-refunded,
6.750% due 07/15/2012 AAA Aaa 2,174,540
------------
Michigan -- 27.6%
1,415,000 Birmingham, Michigan, City School District,
7.000% due 11/01/2007 AA+ Aa2 1,622,467
2,500,000 Caledonia, Michigan, Community Schools,
(AMBAC Insured), Pre-refunded,
6.700% due 05/01/2022 AAA Aaa 2,703,950
1,000,000 Clarkston, Michigan, Community
Schools, Pre-refunded,
5.750% due 05/01/2016 AAA Aaa 1,065,730
Detroit, Michigan, Sewage Disposal Revenue:
1,000,000 Series A,
4.600% due 07/01/2004 AAA Aaa 1,005,380
1,410,000 Series A, (FGIC Insured), Pre-refunded,
5.700% due 07/01/2013 AAA NR 1,500,043
2,000,000 Detroit, Michigan, Water Supply Systems Revenue,
Senior Lien, Series A,
5.250% due 07/01/2006 AAA Aaa 2,064,760
2,000,000 Farmington Hills, Michigan, Hospital
Authority Revenue, Botsford General Hospital,
Series A, (MBIA Insured),
6.500% due 02/15/2022 AAA Aaa 2,144,700
2,350,000 Gaylord, Michigan, Community Schools,
GO, Pre-refunded,
6.600% due 05/01/2021 AA Aa2 2,532,266
3,075,000 Goodrich, Michigan, Area School
District, Pre-refunded,
5.875% due 05/01/2024 AAA Aaa 3,320,139
1,000,000 Lake Orion, Michigan, Community School
District, Pre-refunded,
7.000% due 05/01/2020 AAA Aaa 1,128,910
2,000,000 Livonia, Michigan, Public Schools,
(FGIC Insured),
Series II, Pre-refunded,
6.300% due 05/01/2022 AAA Aaa 2,142,140
Michigan State, Building Authority
Revenue, Series I:
2,500,000 6.500% due 10/01/2004 AA Aa2 2,732,475
5,600,000 AMBAC Insured,
6.000% due 10/01/2006 AAA Aaa 6,041,840
2,500,000 AMBAC Insured,
6.250% due 10/01/2003 AAA Aaa 2,677,625
Michigan State, Hospital Finance Authority Revenue:
1,000,000 McLaren Health Care Corporation, Series A,
5.250% due 06/01/2008 NR A1 1,007,190
5,250,000 McLaren Obligated Group, Series A, Pre-refunded,
7.500% due 09/15/2021 NR Aaa 5,716,148
2,900,000 Oakwood Hospital Obligated Group, (FGIC Insured),
Pre-refunded,
7.000% due 07/01/2010 AAA Aaa 3,053,584
3,870,000 Oakwood Hospital Obligated Group, Pre-refunded,
7.100% due 07/01/2018 AAA Aaa 4,078,670
1,450,000 Michigan State, Housing Development Authority,
Rental Housing Revenue, Series A, AMT,
5.000% due 10/01/2003 AAA Aaa 1,473,446
1,095,000 Michigan State, Housing Single Family Mortgage,
Series A, AMT,
5.300% due 12/01/2006 AAA Aaa 1,113,681
2,000,000 Michigan State, Municipal Bond Authority Revenue,
Local Government Loan,
3.750% due 11/01/2002 A NR 1,960,760
3,000,000 Michigan State, Trunk Line Highway Revenue,
Series A,
5.625% due 10/01/2003 AA- Aa3 3,146,100
3,500,000 Michigan State, Underground Storage Tank
Financial Assurance Authority,
Series I, (AMBAC Insured),
6.000% due 05/01/2006 AAA Aaa 3,762,430
4,000,000 Plymouth-Canton, Michigan, Community School
District, Series B, (Q-SBLF), GO, Pre-refunded,
6.800% due 05/01/2017 AA+ Aa2 4,222,880
2,000,000 Redford, Michigan, Union School
District, Pre-refunded,
5.950% due 05/01/2015 AAA Aaa 2,158,840
Rochester Community School District, Michigan, GO:
2,000,000 6.000% due 05/01/2002 AA+ Aa2 2,088,700
2,000,000 Pre-refunded,
6.500% due 05/01/2011 AA+ NR 2,114,420
3,000,000 University of Michigan, Hospital
Revenue, Series A,
7.500% due 12/01/2001 AA Aa2 3,225,990
1,510,000 Wayne County, Michigan Transportation
Fund Series A,
5.000% due 10/01/2007 AA- Aa3 1,533,480
2,500,000 Western Michigan University Revenue, Series A,
(AMBAC Insured), Pre-refunded,
6.500% due 07/15/2021 AAA Aaa 2,661,475
2,000,000 Western Michigan University Revenues, Pre-refunded,
6.125% due 11/15/2022 AAA Aaa 2,146,260
------------
78,146,479
------------
Minnesota -- 1.8%
1,500,000 Minnesota State,
5.000% due 05/01/2002 AAA Aaa 1,532,310
3,500,000 Minnesota State, GO, Pre-refunded,
6.250% due 08/01/2011 AAA Aaa 3,702,405
------------
5,234,715
------------
Missouri -- 1.3%
3,500,000 Missouri State Regional Convention and Sport,
Series A, Pre-refunded,
6.900% due 08/15/2021 AAA Aaa 3,811,675
------------
Nebraska -- 1.5%
1,000,000 American, Public Energy Agency,
Series A, Gas Supply Revenue,
4.000% due 06/01/2000 AAA Aaa 1,004,820
2,950,000 Nebraska, Public Power District Revenue,
Pre-refunded,
6.125% due 01/01/2015 AAA Aaa 3,163,492
------------
4,168,312
------------
Nevada -- 0.3%
1,000,000 Clark County, Nevada School District,
(FSA Insured),
4.000% due 06/15/2002 AAA Aaa 991,500
------------
New Jersey -- 1.4%
3,500,000 New Jersey State,
6.500% due 07/15/2005 AA+ Aa1 3,857,525
------------
New Mexico -- 0.7%
2,000,000 New Mexico State,
4.625% due 09/01/2006 AA+ Aa1 1,994,380
------------
New York -- 4.0%
Municipal Assistance Corporation,
City of New York:
3,600,000 Series G,
5.000% due 07/01/2003 AA Aa2 3,675,528
2,500,000 Series J,
5.500% due 07/01/2002 AA Aa2 2,583,225
2,500,000 New York State Thruway Authority,
Highway & Bridge Transportation Fund,
Series B, (FGIC Insured),
4.000% due 04/01/2004 AAA Aaa 2,439,775
2,500,000 Triborough, New York, Bridge & Tunnel Authority,
General Purpose Series A,
5.000% due 01/01/2001 A+ Aa3 2,529,950
------------
11,228,478
------------
North Carolina -- 0.3%
1,000,000 North Carolina State, Public School Building, GO,
4.600% due 04/01/2006 AAA Aaa 1,000,410
------------
Ohio -- 2.4%
1,500,000 Cleveland Ohio, Waterworks Revenue, Series I,
5.000% due 01/01/2008 AAA Aaa 1,511,535
2,420,000 Columbus Ohio, Series 1,
6.100% due 09/15/2007 NR NR 2,520,285
2,500,000 Warren Ohio Hospital Revenue, Warren General
Hospital Project, Series B, Pre-refunded,
7.300% due 11/15/2014 AAA NR 2,825,850
------------
6,857,670
------------
Oklahoma -- 1.3%
3,250,000 Tulsa Oklahoma Industrial Authority Hospital Revenue,
Tulsa Regional Medical Center, Pre-refunded,
7.200% due 06/01/2017 AAA NR 3,627,748
------------
Oregon -- 0.8%
2,000,000 Washington County Or Unified Sewer Agency, Agency
Sewer Revenue, Pre-refunded,
6.125% due 10/01/2012 AAA Aaa 2,149,940
------------
Pennsylvania -- 1.7%
2,500,000 Intragovernmental Cooperative,
Philadelphia Funding Program,
Pre-refunded,
6.750% due 06/15/2021 AAA Aaa 2,776,575
2,000,000 Pennsylvania State, GO, Series 3,
6.000% due 11/15/2003 AA Aa3 2,127,100
------------
4,903,675
------------
Rhode Island -- 2.0%
5,100,000 Rhode Island Depositors Economic Protection
Corporation, Special Obligation,
Series A, Pre-refunded,
6.950% due 08/01/2022 AAA Aaa 5,570,985
------------
South Carolina -- 2.4%
3,170,000 South Carolina State Public Service Authority
Revenue, Pre-refunded, Santee Cooper,
Series D, (AMBAC Insured),
6.625% due 07/01/2031 AAA Aaa 3,433,078
3,000,000 York County, South Carolina, Public Facilities
Corporation, COP, Pre-refunded,
7.500% due 06/01/2011 NR Aaa 3,241,980
------------
6,675,058
------------
Tennessee -- 0.7%
2,000,000 Tennergy Corporation, Tennessee, Gas Revenue,
(MBIA Insured),
4.500% due 06/01/2004 AAA Aaa 1,995,680
------------
Texas -- 11.9%
Austin, Texas, Independent School District:
680,000 PSFG,
7.000% due 08/01/2006 AAA Aaa 773,119
2,820,000 Pre-refunded,
7.000% due 08/01/2006 AAA Aaa 3,202,646
Dallas, Texas, GO, ETM:
2,750,000 6.000% due 02/15/2005 AAA Aaa 2,941,840
2,100,000 7.000% due 05/01/2004 AAA Aaa 2,325,015
5,070,000 Dallas, Texas, Waterworks and
Sewer Authority Revenue,
7.750% due 04/01/2003 AA Aa2 5,650,617
Harris County, Texas:
2,000,000 Series A, (AMBAC Insured), Pre-refunded,
6.500% due 08/15/2017 AAA Aaa 2,163,500
1,500,000 Toll Road, Series A, Pre-refunded,
6.125% due 08/15/2020 AAA Aa2 1,633,950
2,000,000 Harris County, Texas, Housing Finance Corporation,
7.000% due 03/01/2007 AAA Aaa 2,277,560
2,000,000 Houston, Texas, Water & Sewer Systems Revenue,
Series A, Pre-refunded,
6.200% due 12/01/2023 AAA Aaa 2,175,640
2,175,000 Plano, Texas, Independent School District,
GO, (PSFG),
8.500% due 02/15/2003 AAA Aaa 2,468,603
Texas State, GO:
2,500,000 Series A, ETM,
6.100% due 08/01/2001 AAA Aaa 2,595,625
2,000,000 Series B,
5.000% due 10/01/2003 AA Aa2 2,049,500
3,250,000 University of Texas, Permanent University
Funding, (PSFG),
5.000% due 07/01/2004 AAA Aaa 3,325,075
------------
33,582,690
------------
Virginia -- 1.3%
1,000,000 Fairfax County, Virginia, Water Authority
Revenue, Pre-refunded,
6.000% due 04/01/2022 AAA Aaa 1,090,560
2,500,000 Hampton, Virginia, Public Improvement Revenue,
Series C,
6.000% due 08/01/2003 AA Aa3 2,649,125
------------
3,739,685
------------
Wisconsin -- 3.0%
2,200,000 Madison, Wisconsin, GO, Series A,
5.000% due 05/01/2003 NR Aaa 2,245,804
Wisconsin State:
1,500,000 5.000% due 11/01/2007 AA Aa2 1,522,515
2,000,000 6.000% due 05/01/2003 AA Aa2 2,110,520
2,640,000 Wisconsin State, Clean Water Revenue, Series I,
5.250% due 06/01/2005 AA+ Aa2 2,721,655
------------
8,600,494
------------
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $274,628,506) 276,567,180
------------
REPURCHASE AGREEMENT -- 0.2%
(Cost $694,000)
$694,000 Agreement with State Street Bank and Trust
Company, 4.75% dated 06/30/1999, to be
repurchased at $694,092 on 07/01/1999,
collateralized by $720,000 U.S. Treasury
Note, 3.625% maturing 01/15/2008 (value
$711,718) $ 694,000
------------
TOTAL INVESTMENTS (Cost $275,322,506*) 97.9% 277,261,180
OTHER ASSETS AND LIABILITIES (Net) 2.1 5,860,975
----- ------------
NET ASSETS 100.0% $283,122,155
===== ============
- -------
* Aggregate cost for Federal tax purposes.
</TABLE>
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
COP -- Certificates of Participation
ETM -- Escrowed to Maturity
FGIC -- Federal Guaranty Insurance Corporation
FSA -- Financial Security Assurance
GO -- Government Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
Q-SBLF -- Qualified School Bond Loan Fund
See Notes to Financial Statements.
<TABLE>
<CAPTION>
Munder Cash Investment Fund
Portfolio of Investments, June 30, 1999
Rating (Unaudited)
Principal --------------------
Amount S&P Moody's Value
- --------- --- ------- -----
CERTIFICATES OF DEPOSIT -- 12.6%
<S> <C> <C> <C> <C>
$50,000,000 Bank of Nova Scotia
4.850% due 08/09/1999+ A1/A+ P1/Aa3 $ 50,000,000
22,000,000 Barclays Bank Plc
5.610% due 06/14/2000+ A1/AA P1/Aa2 21,991,932
20,000,000 Deutsche Bank AG
5.150% due 03/17/2000+ A1+/AA P1/Aa1 20,000,000
40,000,000 Rabobank Nederland
5.350% due 05/22/2000+ A1+/AAA P1/Aaa 40,000,000
40,000,000 Societe Generale
5.300% due 03/03/2000+ A1+/AA- P1/Aa3 40,000,000
--------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $171,991,932) 171,991,932
--------------
COMMERCIAL PAPER -- 64.1%
50,000,000 AIG Funding, Inc.
5.250% due 07/07/1999+ A1+/AAA P1/Aaa 49,956,250
45,000,000 AKZO Nobel, Inc.
4.840% due 09/20/1999+ A1/NR P1/NR 44,509,950
50,000,000 Assets Securitization Cooperative Corporation
4.940% due 08/16/1999+ A1+/NR P1/NR 49,684,389
42,000,000 Centric Capital Corporation
4.940% due 07/12/1999+ A1+/NR P1/NR 41,936,603
50,000,000 Corporate Asset Funding
5.500% due 07/01/1999+ A1+/NR P1/NR 50,000,000
50,000,000 Corporate Receivables Corporation
4.800% due 07/22/1999+ A1+/NR P1/NR 49,860,000
50,000,000 CXC, Inc.
4.810% due 07/27/1999+ A1+/NR P1/NR 49,826,306
45,000,000 Enterprise Funding Corporation
4.850% due 07/14/1999+ A1+/NR P1/NR 44,921,188
50,000,000 Falcon Asset Securitization Corporation
4.930% due 07/01/1999+ A1/NR P1/NR 50,000,000
Finova Capital Corporation,:
35,000,000 4.890% due 07/16/1999+,+++ A2/A- P2/Baa 34,928,687
30,000,000 5.000% due 09/08/1999+,+++ A2/A- P2/Baa 29,712,500
50,000,000 General Electric Capital Corporation
4.810% due 08/02/1999+ A-1+/AAA P1/Aaa 49,786,222
30,000,000 International Lease Finance Corporation
4.920% due 02/07/2000+ A1+/A+ P1/A1 29,093,900
50,000,000 Koch Industries, Inc.
5.520% due 07/01/1999+ A1+/AA+ P1/NR 50,000,000
50,000,000 Moat Funding LLC
5.350% due 10/04/1999+,+++ NR/NR P1/NR 49,294,097
50,000,000 Monte Rosa Capital Corporation
4.930% due 07/16/1999+ A1+/NR P1/NR 49,897,292
50,000,000 New Center Asset Trust
5.500% due 07/01/1999+ A1+/NR P1/NR 50,000,000
50,000,000 Sheffield Receivables Corporation
4.930% due 07/02/1999+ A1+/NR P1/NR 49,993,153
50,000,000 UBS Finance Delaware Inc.
5.500% due 07/01/1999+ A1+/AA+ P1/Aa1 50,000,000
--------------
TOTAL COMMERCIAL PAPER
(Cost $873,400,537) 873,400,537
--------------
CORPORATE BONDS AND NOTES -- 15.5%
25,000,000 Allstate Funding Agreement
5.060% due 05/16/2000++ NR/AA+ NR/Aa2 25,000,000
40,000,000 Fleet National Bank
5.070% due 03/15/2000++ A1/A+ P1/A1 39,988,960
52,000,000 GTE Corporation
5.135% due 06/12/2000+ A1/A P1/Baa 51,968,263
45,000,000 Heller Financial, Inc.
5.250% due 10/13/1999++,+++ A2/A- P2/A3 45,000,000
25,000,000 Jackson National Life Insurance
5.070% due 09/23/1999++ NR/AA NR/Aa3 25,000,000
25,000,000 Transamerica Life and Annuity Company
5.030% due 02/17/2000++ A1/AA P1/Aa3 25,000,000
--------------
TOTAL CORPORATE BONDS AND NOTES
(Cost $211,957,223) 211,957,223
--------------
REPURCHASE AGREEMENTS -- 5.6%
(Cost $76,193,805)
$76,193,805 Agreement with Lehman Brothers Holdings Inc.,
4.800% dated 06/30/1999, to be repurchased at
$76,203,964 on 07/01/1999, collateralized by
$59,330,000 U.S. Treasury Note, 8.875%
maturing 02/15/2019 (value $77,683,581) 76,193,805
--------------
TOTAL INVESTMENTS (Cost $1,333,543,497*) 97.8% 1,333,543,497
OTHER ASSETS AND LIABILITIES (Net) 2.2 29,995,887
----- --------------
NET ASSETS 100.0% $1,363,539,384
===== ==============
- -------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
++ Variable rate security. The interest rate shown reflects
the rate currently in effect.
+++ These securities have either a F1 rating by Fitch or a D1 rating
by Duff and Phelps, or both, and thus are defined as being eligible
securities under Rule 2a7.
</TABLE>
See Notes to Financial Statements.
<TABLE>
<CAPTION>
Munder Tax-Free Money Market Fund
Portfolio of Investments, June 30, 1999
Rating (Unaudited)
Principal ------------------
Amount S&P Moody's Value
- --------- --- ------- -----
MUNICIPAL BONDS AND NOTES -- 96.1%
<S> <C> <C> <C> <C>
Arizona -- 6.4%
$ 3,400,000 Apache County, Arizona, Industrial Development
Authority, Industrial Development Revenue, (Tucson
Electric -- 83C), (Society Generale, LOC),
3.450% due 12/15/2018+ A-1+ VMIG1 $ 3,400,000
1,600,000 Arizona State, Transportation Board, Maricopa County,
4.000% due 07/01/1999 AAA Aaa 1,600,000
Maricopa County, Arizona, Pollution Control:
3,000,000 3.400% due 12/01/2014+ NR Aa2 3,000,000
6,400,000 El Paso A, Rmkt,
3.400% due 08/01/2015+ NR VMIG1 6,400,000
Phoenix Arizona Multifamily Housing Revenue:
5,000,000 Paradise Shadows Apartments,
3.400% due 01/02/2012+ A-1+ NR 5,000,000
1,825,000 Paradise Shadows Apartments,
(Citibank N.A., LOC),
3.400% due 12/01/2002+ A-1+ NR 1,825,000
3,000,000 Pima County, Arizona Industrial Development
Authority, (Tucson Electric),
3.550% due 12/01/2022+ AA VMIG1 3,000,000
------------
24,225,000
------------
Arkansas -- 1.6%
6,000,000 Arkansas Hospital Equipment Finance Authority,
Baptist Health Project, (MBIA Insured)
(SBPA - Credit Suisse exp 3/26/01),
3.700% due 11/01/2010+ A-1+ VMIG1 6,000,000
------------
California -- 3.7%
California School Cash Reserve:
10,000,000 Pool Series A,
4.500% due 07/02/1999 SP-1+ VMIG1 10,000,201
4,000,000 Pool Series A, (GIC Insured),
4.000% due 07/03/2000 SP-1+ VMIG1 4,035,480
------------
14,035,681
------------
Colorado -- 4.2%
3,900,000 Colorado Health Facilities Authority Revenue,
Variable Catholic Health Series B,
3.500% due 12/01/2025+ A-1+ VMIG1 3,900,000
2,400,000 Colorado Housing Finance Authority,
Multifamily Winridge Apartments,
3.400% due 02/15/2028+ A-1+ NR 2,400,000
3,180,000 Jefferson County Colorado Revenue,
Rocky Mtn Butterfly Project,
3.650% due 06/01/2010+ A-1+ NR 3,180,000
6,500,000 Smith Creek Metropolitan District Company Revenue,
3.800% due 10/01/2035+ A-1+ NR 6,500,000
------------
15,980,000
------------
Connecticut -- 0.3%
1,000,000 Connecticut State, Special Tax Obligation, Series C,
Pre-refunded,
6.700% due 12/01/2001 AA NR 1,034,780
------------
Delaware -- 0.9%
1,000,000 Delaware, Transportation Authority Systems Revenue,
6.875% due 07/01/1999 AA A1 1,000,000
2,500,000 New Castle County, Delaware, Economic, Refunding
Henderson Mcguire,
3.750% due 08/15/2020+ A-1+ NR 2,500,000
------------
3,500,000
------------
Florida -- 5.8%
6,000,000 Alachua County, Florida, Health Facilities
Authority, Teaching Hospital, Series B,
3.300% due 01/26/2012+ AAA Aaa 6,000,000
2,500,000 Broward County, Florida, Multifamily Housing,
Southern Pointe Project,
3.700% due 05/15/2027+ A-1+ NR 2,500,000
1,000,000 Dade County, Florida, Aviation Revenue, Series X,
5.000% due 10/01/1999 A Aa3 1,004,301
1,085,000 Jacksonville, Florida, Electric Authority Revenue,
Saint Johns River, Series 5, Pre-refunded,
6.000% due 10/01/2015 AA Aa2 1,092,473
1,000,000 Palm Beach County Florida, Criminal Justice
Facilities Revenue, Pre-refunded (FGIC Insured),
7.250% due 06/01/2011 AAA Aaa 1,054,676
4,000,000 Palm Beach County Florida Revenue, Jewish
Community Campus Corporation,
3.600% due 03/01/2027+ A-1+ NR 4,000,000
6,200,000 University of North Florida, Foundation, Inc.,
Capital Improvement Revenue,
Series 1994, (First Union National
Bank of North Carolina, LOC),
3.800% due 11/01/2024+ NR VMIG1 6,200,000
------------
21,851,450
------------
Georgia -- 4.5%
5,425,000 Clayton County, Georgia, Multifamily
Housing Revenue, Rivers Edge Development,
(Bankers Trust, LOC),
3.750% due 08/01/2006+ NR VMIG1 5,425,000
5,700,000 DeKalb County, Georgia, Private Hospital,
Hospital Authority, Revenue Anticipation
Certificates, (Egleston Children's Health)
Series A, (Suntrust Bank, Atlanta, GA, LOC),
3.350% due 12/01/2017+ A-1+ VMIG1 5,700,000
2,800,000 Fulco Georgia Hospital Authority
Anticipation Certificates, Shepherd
Center Incorporated Project,
3.350% due 09/01/2017+ A-1+ NR 2,800,000
1,000,000 Fulton County, Georgia, Development Authority
Revenue, Metro Atlanta YMCA Project,
3.350% due 06/01/2020+ A-1+ Aa3 1,000,000
2,260,000 Georgia State, Series C,
6.250% due 08/01/1999 AAA Aaa 2,265,576
------------
17,190,576
------------
Hawaii -- 0.4%
1,420,000 Hawaii State, Series BT, Pre-refunded,
8.125% due 02/01/2000 A+ A1 1,458,973
------------
Illinois -- 13.4%
4,700,000 Chicago Illinois Multifamily Housing Revenue,
Waveland Association, (Swiss Bank, LOC),
3.400% due 11/01/2010+ NR VMIG1 4,700,000
1,000,000 Chicago Illinois Wastewater Transmission Revenue,
6.500% due 11/15/1999 AAA Aaa 1,012,388
Illinois Development Finance Authority Revenue:
4,000,000 Loyola Academy, Series A,
3.650% due 10/01/2027+ A-1+ NR 4,000,000
2,000,000 Jewish Charity, Revenue Anticipation Notes,
3.700% due 06/30/2000+ A-1+ Aa2 2,000,000
2,225,000 Illinois Development Finance Authority,
Industrial Revenue, Tajon Warehouse, Series B,
(National City Bank, PA, LOC),
3.600% due 01/01/2010+ A-1+ NR 2,225,000
Illinois Educational Facilities Authority Revenues:
5,200,000 Art Institute of Chicago,
3.700% due 03/01/2027+ A-1+ VMIG1 5,200,000
1,000,000 The Adler Planetarium,
3.650% due 04/01/2031+ A-1+ NR 1,000,000
3,750,000 University Pooled Financing Program,
3.750% due 12/01/2005+ AAA Aaa 3,750,000
Illinois Health Facilities Authority:
11,260,000 Advocate Health Care, Series B,
3.400% due 08/15/2022+ A-1+ VMIG1 11,260,000
3,000,000 Gottlieb Health Resources Inc.,
3.650% due 11/15/2024+ NR VMIG1 3,000,000
2,000,000 Illinois State Development Finance Authority,
Industrial Development Authority Revenue,
(Lake Forest Academy Project),
(Northern Trust Company, LOC),
3.550% due 12/01/2024+ A-1+ NR 2,000,000
Illinois State Sales Tax Revenue:
1,000,000 Series Q,
5.300% due 06/15/2000 AAA Aa2 1,016,460
1,015,000 Series X,
4.400% due 06/15/2000 AAA Aa2 1,023,201
5,000,000 Lake Cook, Kane, & McHenry Counties, Illinois,
Unit School District,
3.500% due 12/15/1999 NR NR 5,010,426
2,000,000 South Barrington, Illinois, Cook County,
(Harris Trust and Savings, LOC),
3.650% due 12/01/2015+ A-1+ NR 2,000,000
1,500,000 Will County Illinois Community School
District 201-U, Crete-Monee,
4.000% due 05/01/2000 NR NR 1,502,917
------------
50,700,392
------------
Indiana -- 3.4%
5,790,000 Indiana Bond Bank, Advance Funding
Program, Series A1,
3.500% due 07/27/1999 SP-1+ NR 5,792,301
6,000,000 Indiana Municipal Power Supply Systems Revenue,
Refunding Series A, (Toronto-Dominion Bank, LOC),
3.350% due 01/01/2018+ A-1+ VMIG1 6,000,000
1,100,000 Indiana State Development Finance Authority
Revenue, Educational Facility -- Indiana
Historical Society), (NBD Bank, Detroit, LOC),
3.650% due 08/01/2031+ A-1+ NR 1,100,000
------------
12,892,301
------------
Iowa -- 0.8%
2,865,000 Woodbury County Iowa Purchase Revenue,
Siouxland Regional Cancer Center, Series A,
(Norwest Bank, MN, LOC),
3.650% due 12/01/2014+ A-1+ NR 2,865,000
------------
Kansas -- 0.7%
2,500,000 Kansas State Development Finance
Authority Revenue, Series G2,
4.500% due 10/01/1999 AA- A1 2,506,123
------------
Kentucky -- 0.3%
1,000,000 Kentucky State Property & Buildings Commission
Revenues, Project Number 51, Pre-refunded,
6.250% due 08/01/1999 AAA AAA 1,002,389
------------
Louisiana -- 0.8%
1,400,000 Louisiana State, Series A,
7.000% due 05/01/2000 AAA Aaa 1,442,072
1,675,000 Louisiana State, Gas & Fuels Tax,
Series A, Pre-refunded,
7.250% due 11/15/2000 A+ Aa3 1,731,662
------------
3,173,734
------------
Maine -- 0.3%
1,000,000 Maine, Municipal Bond Bank, Series D,
7.100% due 11/01/1999 A+ Aa3 1,012,489
------------
Maryland -- 0.8%
3,100,000 Baltimore County, Maryland, Revenue Bonds,
(Sheppard & Enoch Pratt Hospital),
(Societe Generale, LOC),
3.400% due 07/01/2022+ NR VMIG1 3,100,000
------------
Massachusetts -- 0.6%
1,000,000 Boston Massachusetts, Series A, (MBIA Insured),
10.000% due 07/01/2000 AAA Aaa 1,063,491
1,100,000 Massachusetts State, Series C,
5.100% due 09/01/1999 AA- Aa3 1,103,650
------------
2,167,141
------------
Michigan -- 5.1%
2,500,000 Detroit Michigan City School District,
4.500% due 07/01/1999 SP-1+ NR 2,500,000
3,000,000 Kalamazoo County, Michigan, Economic Development
Revenue, (Old Kent Bank, LOC),
3.650% due 09/01/2015+ NR Aa2 3,000,000
7,800,000 Michigan Municipal Bond Authority Revenue, Series D1,
4.250% due 08/27/1999 SP-1+ NR 7,808,502
2,000,000 Michigan Public Power Agency Revenue,
Belle River Project, Series A,
5.300% due 01/01/2000 AA- A1 2,020,545
3,000,000 Michigan State Hospital Finance Authority Revenue,
Hospital Equipment Loan Program, Series A,
3.350% due 12/01/2023+ NR VMIG1 3,000,000
1,000,000 Saline, Michigan, Economic Development,
Obligation Brecon Village Project,
3.650% due 11/01/2025+ A-1+ NR 1,000,000
------------
19,329,047
------------
Minnesota -- 3.4%
1,300,000 Cohasset, Minnesota, Revenue, Power & Light Company
Project B, (ABN Amro Bank N.V., LOC),
3.600% due 06/01/2013+ A-1+ NR 1,300,000
2,000,000 Duluth Minnesota Economic Development Health Care
Authority Revenue, Benedictine Hospital,
St. Mary's Project, Pre-refunded,
8.375% due 02/15/2020 AAA NR 2,098,500
1,500,000 Eagan, Minnesota, Multifamily Revenue,
Aspenwoods of Eagan, Housing Project,
3.650% due 01/01/2026+ A-1 NR 1,500,000
6,000,000 Minneapolis Minnesota, Series B,
(SBPA, Bayerische Vereinsbank exp 6/25/03),
3.500% due 12/01/2016+ A-1+ VMIG1 6,000,000
2,200,000 St Paul Minnesota Housing & Redevelopment Authority,
Science Museum, Series A, (First Bank, LOC),
3.350% due 05/01/2027+ NR VMIG1 2,200,000
------------
13,098,500
------------
Missouri -- 4.4%
2,000,000 Columbia, Missouri, Special Obligation Reserve,
Series A, (Toronto Dominion Bank, LOC),
3.300% due 06/01/2008+ AA VMIG1 2,000,000
9,200,000 Missouri State Environment Improvement Energy,
Kansas City Power,
3.750% due 07/01/2017+ A-1 VMIG1 9,200,000
3,000,000 Missouri State Health & Educational
Facilities, Authority,
3.500% due 06/01/2019+ A-1+ VMIG1 3,000,000
2,600,000 Missouri State Health & Educational Facility,
Authority, St. Louis University,
4.500% due 10/01/1999 AA- A1 2,606,372
------------
16,806,372
------------
Nebraska -- 0.3%
1,000,000 Omaha, Public Power District, Electric
Revenue, Series B,
4.700% due 02/01/2000 AA Aa2 1,008,426
------------
Nevada -- 0.7%
2,570,000 Reno Nevada Economic Development Revenue,
University of Nevada, Student Aid Fund,
3.750% due 05/01/2018+ NR NR 2,570,000
------------
New Hampshire -- 0.4%
1,500,000 New Hampshire State Turnpike Systems
Revenue, Pre-refunded,
7.400% due 04/01/2000 AAA Aaa 1,574,869
------------
New Jersey -- 0.3%
1,080,000 Monmouth County, New Jersey, Improvement Authority
Revenue, Recreation Facilities, Pre-refunded,
6.625% due 12/01/2005 AA Aaa 1,116,920
------------
New Mexico -- 2.3%
2,125,000 Albuquerque, New Mexico, Educational
Facilities Revenue,
3.750% due 06/01/2018+ NR NR 2,125,000
5,000,000 Farmington, New Mexico, Pollution Control Revenue,
(El Paso Electric Co.), Series A,
3.400% due 11/01/2013+ NR Aa3 5,000,000
1,625,000 Las Cruces, New Mexico, School District, Series A,
4.100% due 08/01/1999 NR A1 1,626,376
------------
8,751,376
------------
North Carolina -- 3.1%
3,800,000 Mecklenburg County, Industrial Facilities,
Edgcomb Metals Company Project,
3.700% due 12/01/2009+ NR Aa3 3,800,000
North Carolina Medical Care Commission:
5,000,000 Catholic Health East, Series D,
3.300% due 11/15/2028+ A-1+ VMIG1 5,000,000
3,000,000 Hospital Revenue, Series B,
3.650% due 06/01/2022+ A-1+ VMIG1 3,000,000
------------
11,800,000
------------
North Dakota -- 0.6%
2,300,000 Grand Forks, North Dakota, Health Care Facilities
Revenue, United Hospital Obligation, Group A,
3.850% due 12/01/2025+ NR VMIG1 2,300,000
------------
Ohio -- 4.2%
Clermont County, Ohio, Hospital Facilities Revenue:
1,435,000 7.200% due 09/01/1999 AAA Aaa 1,444,726
4,375,000 Pre-refunded,
7.500% due 09/01/2019 AAA Aaa 4,491,383
1,930,000 Franklin County, Ohio, Hospital Revenue,
US Health Corporation, Series A,
3.550% due 12/01/2021+ NR VMIG1 1,930,000
3,005,000 Montgomery County, Ohio, Society Saint Vincent DePaul,
3.600% due 12/01/2010+ A-1 NR 3,005,000
4,010,000 Ohio State Building Authority, State Correctional
Facility, Series A,
5.000% due 10/01/1999 AA- Aa2 4,025,092
1,115,000 Ohio State Water Development Authority Revenue,
Water Development-Fresh Water Series,
5.000% due 06/01/2000 A+ Aa3 1,132,112
------------
16,028,313
------------
Oregon -- 0.9%
1,340,000 Clackamas County, Oregon, School
District 12, Pre-refunded,
6.500% due 06/01/2007 NR AAA 1,378,294
2,000,000 Portland Oregon, Bond Anticipation Notes, Series A,
3.750% due 12/15/1999 NR VMIG1 2,004,928
------------
3,383,222
------------
Pennsylvania -- 5.6%
1,500,000 Allegheny County, Pennsylvania, Industrial
Development, Revenue Series C,
3.600% due 07/01/2027+ NR VMIG1 1,500,000
4,200,000 Berks County Pennsylvania, Industrial
Development Revenue,
3.350% due 09/08/1999 A-1+ NR 4,200,000
2,000,000 Delaware Valley, Pennsylvania, Registered
Finance, Series A,
3.350% due 12/01/2017+ A-1+ VMIG1 2,000,000
1,030,000 Montgomery County, Pennsylvania, Sewer Authority,
4.375% due 08/01/1999 NR Aaa 1,031,135
2,390,000 Montgomery County, Pennsylvania Education &
Health Authority, Hospital Revenue, Series A,
Pre-refunded,
8.375% due 11/01/2011 AAA NR 2,478,622
1,750,000 Pennsylvania State, First Series,
6.000% due 09/15/1999 AA Aa3 1,759,310
1,500,000 Philadelphia, Pennsylvania, Hospital & Higher
Education, Health Systems, Series B,
3.250% due 05/15/2023+ A-1+ A1 1,500,000
2,000,000 Philadelphia, Pennsylvania, Water & Sewer Revenue,
Series 14, Pre-refunded,
6.900% due 10/01/2020 AAA Aaa 2,058,741
4,765,000 York County, Pennsylvania, Industrial Development
Authority, Industrial Development Revenue,
(New Edgecomb Corporation Project),
(Banque Nationale Paris, LOC),
3.350% due 07/01/2009+ NR Aa3 4,765,000
------------
21,292,808
------------
Rhode Island -- 0.3%
1,000,000 Rhode Island State, Series B, Pre-refunded,
6.850% due 10/15/2004 AA- A1 1,030,401
------------
South Dakota -- 0.5%
1,940,000 South Dakota State Health & Educational Revenue,
Rapid City Regional Hospital,
4.500% due 09/01/1999 AAA Aaa 1,944,619
------------
Tennessee -- 2.9%
6,700,000 Chattanooga, Tennessee, Industrial Development
Authority Revenue, (Market Street Ltd. Project),
(ABN-Amro, LOC),
3.450% due 12/15/2012+ A-1+ NR 6,700,000
2,300,000 Hendersonville, Tennessee, Industrial
Development Board, Multifamily Housing Revenue,
Windsor Park Project,
3.450% due 02/15/2028+ A-1+ NR 2,300,000
2,000,000 Metropolitan Government Nashville and Davidson
County, Tennessee, Industrial Development Board
Revenue, Multifamily Housing, (Arbor Crest
Apartments), Series B,
3.650% due 12/01/2007+ NR VMIG1 2,000,000
------------
11,000,000
------------
Texas -- 7.2%
1,750,000 Arlington, Texas, Independent School District,
6.750% due 08/15/1999+ NR Aa2 1,757,443
2,090,000 Austin County, Texas, Utility Systems Revenue,
Pre-refunded,
11.300% due 11/15/2014 AAA Aaa 2,151,796
5,395,000 Bexar County, Texas, Health Facilities Development
Company, Retirement Community, Air Force,
Series B,
3.700% due 03/01/2012+ A-1+ NR 5,395,000
3,485,000 Fort Worth, Texas, Independent School District,
Refunding,
3.110% due 02/15/2000 AA Aa2 3,416,039
1,150,000 North Texas Municipal Water District, Series 1992,
5.900% due 09/01/1999 AAA Aaa 1,155,099
8,800,000 Port Corpus Christi, Texas, Nueces County
Marine Term Revenue,
3.750% due 09/01/2014+ A-1+ NR 8,800,000
3,500,000 Texas State, National Research Laboratory
Commission, Super Cond, Pre-refunded,
7.000% due 04/01/2002 AA Aaa 3,657,841
1,000,000 University Texas, University Revenues,
Financing Systems, Series B,
6.300% due 08/15/1999 AAA Aa1 1,003,460
------------
27,336,678
------------
Utah -- 0.3%
1,305,000 Alpine Utah School District, School Bond Program,
4.250% due 03/15/2000 NR Aaa 1,312,334
------------
Vermont -- 0.5%
2,000,000 Vermont State, Series B,
5.000% due 01/15/2000 AA Aa2 2,018,968
------------
Virginia -- 1.1%
1,640,000 Hampton, Virginia,
7.625% due 01/15/2000 AA Aa3 1,678,297
1,670,000 Richmond, Virginia, Redevelopment & Housing
Authority, Stony Point Project,
3.750% due 04/01/2029+ A-1 NR 1,670,000
1,000,000 Virginia State, Public School Authority, Series A,
5.500% due 08/01/1999 AA Aa2 1,002,049
------------
4,350,346
------------
Washington -- 2.2%
2,000,000 King County, Washington, Series G,
4.500% due 12/01/1999+ AA+ Aa1 2,012,271
1,850,000 King County, Washington Economic Enterprises,
Puget Sound Blood Center Project,
(U.S. Bank and Trust, LOC),
3.600% due 04/01/2023+ NR VMIG1 1,850,000
1,625,000 Seattle, Washington, Municipality Metropolitan,
Series T, Pre-refunded,
6.800% due 01/01/2012 AA- A1 1,686,177
1,760,000 Spokane Washington, Bond Anticipation Notes,
3.000% due 12/01/1999 NR VMIG1 1,760,000
1,000,000 Washington State Public Power Supply, Series C,
Pre-refunded,
8.000% due 07/01/2017 AAA Aaa 1,062,733
------------
8,371,181
------------
Wisconsin -- 0.9%
2,445,000 Milwaukee Wisconsin, Series O,
4.750% due 06/15/2000 AA+ Aa1 2,473,419
1,000,000 Milwaukee, Wisconsin, Metropolitan Sewage
District, Series A,
6.600% due 10/01/1999 NR Aa1 1,008,365
------------
3,481,784
------------
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $364,602,193) 364,602,193
------------
Shares
- ---------
SHORT-TERM INVESTMENTS -- 4.1%
12,743,561 Dreyfus Tax-Exempt Cash Management 12,743,561
2,714,410 Valiant Fund Tax Exempt Money Market 2,714,410
------------
TOTAL SHORT-TERM INVESTMENTS (Cost $15,457,971) 15,457,971
------------
TOTAL INVESTMENTS (Cost $380,060,164*) 100.2% 380,060,164
OTHER ASSETS AND LIABILITIES (Net) (0.2) (887,120)
----- ------------
NET ASSETS 100.0% $379,173,044
===== ============
- -------
* 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
GIC -- Guaranteed Investment Contract
LOC -- Instruments supported by bank letter of credit
MBIA -- Municipal Bond Investors Assurance
SBPA -- Stand by Purchase Agreement
</TABLE>
See Notes to Financial Statements.
<TABLE>
<CAPTION>
Munder U.S. Treasury Money Market Fund
Portfolio of Investments, June 30, 1999
Principal
Amount Value
- --------- -----
<S> <C> <C> <C>
U.S. TREASURY OBLIGATIONS -- 48.4%
U.S. Treasury Notes -- 48.4%
$15,000,000 5.875% due 08/31/1999 $ 15,024,745
15,000,000 5.625% due 11/30/1999 15,041,409
10,000,000 5.875% due 02/15/2000 10,048,825
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $40,114,979) 40,114,979
------------
REPURCHASE AGREEMENTS -- 51.1%
3,000,000 Agreement with Goldman Sachs & Co., 4.700% dated
06/30/1999, to be repurchased at $3,000,392 on
07/01/1999, collateralized by $2,765,000 U.S. Treasury
Bond, 8.375% maturing 08/15/2008 (value $3,090,704) 3,000,000
18,284,909 Agreement with Lehman Brothers Holdings Inc., 4.800%
dated 06/30/1999, to be repurchased at $18,287,347 on
07/01/1999, collateralized by $14,240,000 U.S. Treasury
Bond, 8.875% maturing 02/15/2019 (value $18,645,107) 18,284,909
3,000,000 Agreement with Merill Lynch and Company, Inc., 4.700% dated
06/30/1999, to be repurchased at $3,000,392 on
07/01/1999, collateralized by $3,015,000 U.S. Treasury
Bond, 5.750% maturing 09/30/1999 (value $3,063,994) 3,000,000
18,000,000 Agreement with State Street Bank and Trust Company,
4.750% dated 06/30/1999, to be repurchased at
$18,002,375 on 07/01/1999, collateralized by
$15,630,000 U.S. Treasury Bond, 10.750% maturing
05/15/2003 (value $18,365,250) 18,000,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $42,284,909) 42,284,909
------------
TOTAL INVESTMENTS (Cost $82,399,888*) 99.5% 82,399,888
OTHER ASSETS AND LIABILITIES (Net) 0.5 384,835
----- ------------
NET ASSETS 100.0% $ 82,784,723
===== ============
- -------
* Aggregate cost for Federal tax purposes.
</TABLE>
See Notes to Financial Statements.
The Munder Funds
Statements of Assets and Liabilities, June 30, 1999
<TABLE>
<CAPTION>
EQUITY FUNDS
---------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & Munder International Micro-Cap Multi-Season
Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund
----------- ------------ -------------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities .............. $49,644,425 $242,040,040 $1,272,277,844 $260,043,606 $50,468,734 $791,638,902
Repurchase Agreements ... 1,610,000 10,114,000 22,988,000 9,503,000 2,854,000 34,676,000
----------- ------------ -------------- ------------ ----------- ------------
Total Investments ........... 51,254,425 252,154,040 1,295,265,844 269,546,606 53,322,734 826,314,902
Cash ........................ 947 315 514 4,378 384 293
Interest receivable ......... 154,113 21,241 3,033 1,254 377 4,575
Dividends receivable ........ 24,766 355,356 1,073,965 805,164 556 424,657
Receivable for investment
securities sold ........... 94,568 8,551,559 7,374,253 632,297 353,888 6,650,983
Receivable for Fund shares
sold ...................... 127,658 821,696 11,615,455 375,721 102,436 1,073,947
Receivable from investment
advisor ................... -- -- -- -- 667 --
Unamortized organization
costs ..................... -- -- -- -- -- --
Receivable for future
variation margin .......... -- -- 617,330 -- -- --
Prepaid expenses and other
assets .................... 20,027 29,063 66,434 25,438 22,220 101,969
----------- ------------ -------------- ------------ ----------- ------------
Total Assets .......... 51,676,504 261,933,270 1,316,016,828 271,390,858 53,803,262 834,571,326
----------- ------------ -------------- ------------ ----------- ------------
LIABILITIES:
Due to custodian ............ -- -- -- -- -- --
Unrealized depreciation of
foreign
currency and net other
assets .................... -- -- -- -- -- --
Payable for Fund shares
redeemed .................. 322,515 826,460 9,780,585 973,857 81,333 23,778,677
Payable for investment
securities
purchased ................. 287,783 -- 2,083,009 498,603 243,364 2,046,813
Payable upon return of
securities loaned ......... 4,211,746 5,435,774 -- 45,629,693 3,126,900 3,372,170
Investment advisory fee
payable ................... 23,998 155,788 70,494 132,884 38,894 479,988
Administration fee payable .. 2,351 23,311 108,574 19,167 4,325 68,928
Shareholder servicing fees
payable ................... 5,270 41,777 51,102 21,761 497 58,844
Distribution fees payable ... 1,925 5,236 164,329 4,556 17,504 104,736
Transfer agent fee payable .. 2,749 9,861 20,619 7,946 292 38,354
Custodian fees payable ...... 9,215 15,522 79,790 37,223 5,033 50,519
Accrued Trustees'/Directors'
fees and
expenses .................. 288 1,117 7,389 1,028 168 6,113
Accrued expenses and other
payables .................. 26,092 42,301 213,291 39,315 13,583 279,435
----------- ------------ -------------- ------------ ----------- ------------
Total Liabilities ......... 4,893,932 6,557,147 12,579,182 47,366,033 3,531,893 30,284,577
----------- ------------ -------------- ------------ ----------- ------------
NET ASSETS .................. $46,782,572 $255,376,123 $1,303,437,646 $224,024,825 $50,271,369 $804,286,749
=========== ============ ============== ============ =========== ============
Investments, at cost ........ $46,010,837 $196,568,251 $ 859,476,633 $213,349,565 $43,515,989 $570,701,776
=========== ============ ============== ============ =========== ============
</TABLE>
See Notes to Financial Statements.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- ------------ ------------ ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
$79,738,069 $152,816,771 $367,235,826 $158,155,868 $67,818,090 $20,433,264 $67,032,556
1,149,000 8,180,000 21,259,000 3,676,000 -- 207,000 --
----------- ------------ ------------ ------------ ----------- ----------- -----------
80,887,069 160,996,771 388,494,826 161,831,868 67,818,090 20,640,264 67,032,556
663 49 200 39 -- 1,064 1,829,004
152 1,079 2,805 485 -- 27 --
559,226 127,481 14,548 268,285 163,867 690 124,530
-- 1,528,200 4,936,105 1,632,681 1,061,291 395,986 561,708
481,163 287,219 1,598,664 2,166,146 124,348 9,874 71,992
-- -- -- -- 28,057 8,995 46,460
3,739 -- -- 13,654 3,527 3,020 15,006
-- -- -- -- -- -- --
20,772 23,846 35,239 25,224 24,771 17,974 26,888
----------- ------------ ------------ ------------ ----------- ----------- -----------
81,952,784 162,964,645 395,082,387 165,938,382 69,223,951 21,077,894 69,708,144
----------- ------------ ------------ ------------ ----------- ----------- -----------
-- -- -- -- 88,285 -- --
-- -- -- -- 6 -- 2,599
593,885 2,633,948 3,111,282 2,416,597 290,888 33,180 230,228
-- 568,839 6,804,928 725,750 439,875 88,124 638,461
-- 14,541,947 59,323,706 3,556,640 11,437,692 3,841,217 2,382,310
50,150 84,374 191,167 93,900 56,201 13,825 53,000
7,606 12,580 28,397 14,203 4,845 1,510 5,728
333 14,203 24,416 1,743 6,929 10 313
6,353 5,284 14,136 4,809 1,321 7,468 905
3,702 5,348 14,489 6,770 1,695 826 2,391
7,859 11,651 24,981 11,789 19,158 7,407 24,532
360 429 1,173 566 194 95 296
31,994 35,776 62,626 35,462 3,073 4,981 6,715
----------- ------------ ------------ ------------ ----------- ----------- -----------
702,242 17,914,379 69,601,301 6,868,229 12,350,162 3,998,643 3,347,478
----------- ------------ ------------ ------------ ----------- ----------- -----------
$81,250,542 $145,050,266 $325,481,086 $159,070,153 $56,873,789 $17,079,251 $66,360,666
=========== ============ ============ ============ =========== =========== ===========
$82,857,179 $145,377,220 $345,352,258 $140,348,767 $60,574,921 $22,120,934 $56,771,851
=========== ============ ============ ============ =========== =========== ===========
</TABLE>
See Notes to Financial Statements.
The Munder Funds
Statements of Assets and Liabilities, June 30, 1999
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
--------------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
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 ..................... $303,790,212 $585,938,505 $50,634,494 $337,157,265 $68,188,602
Repurchase Agreements .......... 4,487,000 6,593,000 246,000 426,000 --
------------ ------------ ----------- ------------ -----------
Total Investments .................. 308,277,212 592,531,505 50,880,494 337,583,265 68,188,602
Cash ............................... 40 818 550 623 --
Interest receivable ................ 3,232,961 6,117,810 929,305 1,971,930 744,379
Receivable for investment securities
sold ............................. -- 4,379,511 -- 27,675 --
Receivable for Fund shares sold .... 297,954 1,057,015 5,599 394,061 325,156
Unamortized organization costs ..... -- -- 15,273 -- --
Prepaid expenses and other assets .. 28,723 45,636 26,905 30,096 4,983
------------ ------------ ----------- ------------ -----------
Total Assets ................. 311,836,890 604,132,295 51,858,126 340,007,650 69,263,120
------------ ------------ ----------- ------------ -----------
LIABILITIES:
Due to custodian ................... -- -- -- -- --
Payable for Fund shares redeemed ... 819,253 1,968,664 -- 483,417 400,968
Payable for investment securities
purchased ........................ -- 3,992,520 -- -- --
Payable upon return of securities
loaned ........................... 53,027,216 49,997,850 -- 42,210,450 --
Dividends payable .................. -- -- -- -- --
Investment advisory fee payable .... 105,124 225,579 21,731 122,897 28,906
Administration fee payable ......... 22,841 48,260 4,853 27,399 6,422
Shareholder servicing fees payable . 9,559 70,300 14 43,957 13,398
Distribution fees payable .......... 3,020 5,750 287 6,242 1,129
Transfer agent fee payable ......... 10,704 23,043 2,170 12,038 2,699
Custodian fees payable ............. 18,896 30,189 11,202 21,617 6,955
Accrued Trustees'/Directors' fees
and expenses ..................... 1,189 2,781 286 1,462 439
Accrued expenses and other payables 44,321 69,304 24,607 50,528 28,922
------------ ------------ ----------- ------------ -----------
Total Liabilities ............ 54,062,123 56,434,240 65,150 42,980,007 489,838
------------ ------------ ----------- ------------ -----------
NET ASSETS ......................... $257,774,767 $547,698,055 $51,792,976 $297,027,643 $68,773,282
============ ============ =========== ============ ===========
Investments, at cost ............... $316,335,361 $602,406,696 $53,145,573 $340,292,047 $68,776,818
============ ============ =========== ============ ===========
</TABLE>
See Notes to Financial Statements.
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
- --------------------------------- ----------------------------------------------------------------
Munder
Munder Tax-Free Munder Munder Munder Munder
Tax-Free Short- Cash Money Tax-Free U.S. Treasury
Bond Intermediate Investment Market Money Market Money Market
Fund Bond Fund Fund Fund Fund Fund
------------ ------------ -------------- ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
$177,433,641 $276,567,180 $1,257,349,692 $159,911,613 $380,060,164 $40,114,979
-- 694,000 76,193,805 23,327,973 -- 42,284,909
------------ ------------ -------------- ------------ ------------ -----------
177,433,641 277,261,180 1,333,543,497 183,239,586 380,060,164 82,399,888
-- 746,016 -- -- -- --
2,850,018 4,892,820 3,229,501 370,475 3,318,755 592,328
-- -- -- -- 3,205,000 --
479,199 1,359,283 38,135,363 6,592,178 13,976,743 221,672
-- -- -- -- -- --
26,323 33,071 190,638 46,880 24,555 13,494
------------ ------------ -------------- ------------ ------------ -----------
180,789,181 284,292,370 1,375,098,999 190,249,119 400,585,217 83,227,382
------------ ------------ -------------- ------------ ------------ -----------
-- -- -- -- 80,000 --
400,817 884,813 6,279,746 20,706,776 826,334 205,881
-- -- -- -- 19,657,879 --
-- -- -- -- -- --
-- -- 4,384,898 68,044 570,814 162,626
74,640 117,397 392,262 73,171 100,836 25,379
16,206 25,513 118,543 19,872 31,249 8,089
36,483 56,057 106,238 -- 26,882 3,439
1,307 2,303 26,891 17,740 14,338 6,060
2,563 12,395 -- -- 13,098 630
13,469 20,379 69,481 14,016 25,432 8,603
793 1,249 8,030 908 2,089 633
35,924 50,109 173,526 40,380 63,222 21,319
------------ ------------ -------------- ------------ ------------ -----------
582,202 1,170,215 11,559,615 20,940,907 21,412,173 442,659
------------ ------------ -------------- ------------ ------------ -----------
$180,206,979 $283,122,155 $1,363,539,384 $169,308,212 $379,173,044 $82,784,723
============ ============ ============== ============ ============ ===========
$176,640,914 $275,322,506 $1,333,543,497 $183,239,586 $380,060,164 $82,399,888
============ ============ ============== ============ ============ ===========
</TABLE>
See Notes to Financial Statements.
The Munder Funds
Statements of Assets and Liabilities, June 30, 1999
(Continued)
<TABLE>
<CAPTION>
EQUITY FUNDS
---------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & Munder International Micro-Cap Multi-Season
Balanced Income Index 500 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) ............. $ 14,245 $ 30,504 $ -- $ 201,333 $ -- $ --
Accumulated net realized
gain/(loss) on investments
sold, futures contracts and
currency transactions ..... 8,183,927 8,853,924 10,458,322 7,112,369 (6,745,700) 42,077,650
Net unrealized
appreciation/(depreciation)
of investments, foreign
currency and net other
assets .................... 5,243,588 55,585,789 436,758,649 56,187,310 9,806,745 255,613,126
Par value ................... 3,605 17,031 44,474 13,777 27,822 365,293
Paid-in capital in excess of
par value ................. 33,337,207 190,888,875 856,176,201 160,510,036 47,182,502 506,230,680
----------- ------------ -------------- ------------ ----------- ------------
$46,782,572 $255,376,123 $1,303,437,646 $224,024,825 $50,271,369 $804,286,749
=========== ============ ============== ============ =========== ============
NET ASSETS:
Class A Shares .............. $ 1,572,035 $ 5,577,513 $ 393,277,976 $ 16,023,705 $ 9,844,307 $ 49,602,385
=========== ============ ============== ============ =========== ============
Class B Shares .............. $ 1,828,558 $ 3,700,237 $ 305,955,079 $ 1,103,671 $13,811,282 $ 99,695,622
=========== ============ ============== ============ =========== ============
Class C Shares .............. $ 360,497 $ 1,365,846 $ -- $ 2,110,998 $ 6,332,788 $ 13,076,470
=========== ============ ============== ============ =========== ============
Class K Shares .............. $27,205,977 $205,364,409 $ 272,449,537 $106,105,803 $ 2,739,830 $327,354,520
=========== ============ ============== ============ =========== ============
Class Y Shares .............. $15,815,505 $ 39,368,118 $ 331,755,054 $ 98,680,648 $17,543,162 $314,557,752
=========== ============ ============== ============ =========== ============
SHARES OUTSTANDING:
Class A Shares .............. 121,288 372,214 13,425,085 988,689 542,030 2,249,795
=========== ============ ============== ============ =========== ============
Class B Shares .............. 141,506 247,784 10,434,399 69,119 774,083 4,727,557
=========== ============ ============== ============ =========== ============
Class C Shares .............. 27,841 91,632 -- 131,173 354,803 619,243
=========== ============ ============== ============ =========== ============
Class K Shares .............. 2,095,730 13,694,453 9,303,318 6,540,313 150,931 14,852,121
=========== ============ ============== ============ =========== ============
Class Y Shares .............. 1,218,359 2,624,906 11,311,697 6,047,962 960,377 14,080,537
=========== ============ ============== ============ =========== ============
CLASS A SHARES:
Net asset value and
redemption price per share $ 12.96 $ 14.98 $ 29.29 $ 16.21 $ 18.16 $ 22.05
=========== ============ ============== ============ =========== ============
Maximum sales charge ........ 5.50% 5.50% 2.50% 5.50% 5.50% 5.50%
Maximum offering price per
share ..................... $ 13.71 $ 15.85 $ 30.04 $ 17.15 $ 19.22 $ 23.33
=========== ============ ============== ============ =========== ============
CLASS B SHARES:
Net asset value and offering
price per share* .......... $ 12.92 $ 14.93 $ 29.32 $ 15.97 $ 17.84 $ 21.09
=========== ============ ============== ============ =========== ============
CLASS C SHARES:
Net asset value and offering
price per share* .......... $ 12.95 $ 14.91 N/A $ 16.09 $ 17.85 $ 21.12
=========== ============ ============== ============ =========== ============
CLASS K SHARES:
Net asset value, offering
price and redemption price
per share ................. $ 12.98 $ 15.00 $ 29.29 $ 16.22 $ 18.15 $ 22.04
=========== ============ ============== ============ =========== ============
CLASS Y SHARES:
Net asset value, offering
price and redemption price
per share ................. $ 12.98 $ 15.00 $ 29.33 $ 16.32 $ 18.27 $ 22.34
=========== ============ ============== ============ =========== ============
<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.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- ------------ ------------ ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
$ -- $ 16,492 $ -- $ -- $ -- $ (3,654) $ (104,043)
(1,946,987) (3,837,651) (60,278,517) (474,885) (13,677,531) (585,973) 136,151
(1,970,110) 15,619,551 43,142,568 21,483,101 7,237,953 (1,480,674) 10,254,920
63,506 110,566 19,547 102,769 48,969 16,457 51,840
85,104,133 133,141,308 342,597,488 137,959,168 63,264,398 19,133,095 56,021,798
----------- ------------ ------------ ------------ ------------ ----------- -----------
$81,250,542 $145,050,266 $325,481,086 $159,070,153 $ 56,873,789 $17,079,251 $66,360,666
=========== ============ ============ ============ ============ =========== ===========
$ 3,529,813 $ 6,014,962 $ 25,728,767 $ 2,978,583 $ 960,685 $ 3,382,278 $ 2,868,528
=========== ============ ============ ============ ============ =========== ===========
$ 5,336,647 $ 3,287,455 $ 8,744,520 $ 3,764,697 $ 1,120,788 $ 6,682,046 $ 545,869
=========== ============ ============ ============ ============ =========== ===========
$ 1,251,356 $ 1,844,538 $ 3,839,366 $ 1,828,453 $ 497,277 $ 1,651,724 $ 172,011
=========== ============ ============ ============ ============ =========== ===========
$ 2,277,092 $ 74,471,758 $123,341,371 $ 10,487,361 $ 36,437,866 $ 60,300 $ 1,833,899
=========== ============ ============ ============ ============ =========== ===========
$68,855,634 $ 59,431,553 $163,827,062 $140,011,059 $ 17,857,173 $ 5,302,903 $60,940,359
=========== ============ ============ ============ ============ =========== ===========
276,304 458,995 1,556,316 192,686 82,197 323,450 224,314
=========== ============ ============ ============ ============ =========== ===========
417,990 252,221 556,693 246,186 97,732 650,667 43,473
=========== ============ ============ ============ ============ =========== ===========
97,612 141,853 240,424 119,713 43,336 160,878 13,670
=========== ============ ============ ============ ============ =========== ===========
178,130 5,678,394 7,458,160 678,314 3,140,092 5,775 143,847
=========== ============ ============ ============ ============ =========== ===========
5,380,547 4,525,093 9,735,349 9,039,953 1,533,531 504,928 4,758,733
=========== ============ ============ ============ ============ =========== ===========
$ 12.78 $ 13.10 $ 16.53 $ 15.46 $ 11.69 $ 10.46 $ 12.79
=========== ============ ============ ============ ============ =========== ===========
5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
$ 13.52 $ 13.86 $ 17.49 $ 16.36 $ 12.37 $ 11.07 $ 13.53
=========== ============ ============ ============ ============ =========== ===========
$ 12.77 $ 13.03 $ 15.71 $ 15.29 $ 11.47 $ 10.27 $ 12.56
=========== ============ ============ ============ ============ =========== ===========
$ 12.82 $ 13.00 $ 15.97 $ 15.27 $ 11.47 $ 10.27 $ 12.58
=========== ============ ============ ============ ============ =========== ===========
$ 12.78 $ 13.11 $ 16.54 $ 15.46 $ 11.60 $ 10.44 $ 12.75
=========== ============ ============ ============ ============ =========== ===========
$ 12.80 $ 13.13 $ 16.83 $ 15.49 $ 11.64 $ 10.50 $ 12.81
=========== ============ ============ ============ ============ =========== ===========
</TABLE>
See Notes to Financial Statements.
The Munder Funds
Statements of Assets and Liabilities, June 30, 1999
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
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 ........................ $ 591,759 $ 934,341 $ 1,501,834 $ 446,422 $ 53,564
Accumulated net realized
gain/(loss) on investments sold (632,121) (20,741,358) (11,521) (2,362) (10,758)
Net unrealized
appreciation/(depreciation) of
investments and foreign
currency transactions ......... (8,058,149) (9,875,191) (2,304,167) (2,708,782) (588,217)
Par value ....................... 26,800 59,142 52,990 29,611 7,152
Paid-in capital in excess of par
value ......................... 265,846,478 577,321,121 52,553,840 299,262,754 69,311,541
============ ============ =========== ============ ===========
$257,774,767 $547,698,055 $51,792,976 $297,027,643 $68,773,282
============ ============ =========== ============ ===========
NET ASSETS:
Class A Shares .................. $ 2,514,971 $ 10,292,652 $ 359,285 $ 4,515,862 $ 2,455,753
============ ============ =========== ============ ===========
Class B Shares .................. $ 2,610,076 $ 3,779,326 $ 138,390 $ 4,689,882 $ 624,145
============ ============ =========== ============ ===========
Class C Shares .................. $ 431,245 $ 607,566 $ 74,870 $ 1,186,746 $ 115,191
============ ============ =========== ============ ===========
Class K Shares .................. $ 51,465,071 $339,622,095 $ 27,313 $213,326,698 $64,064,822
============ ============ =========== ============ ===========
Class Y Shares .................. $200,753,404 $193,396,416 $51,193,118 $ 73,308,455 $ 1,513,371
============ ============ =========== ============ ===========
SHARES OUTSTANDING:
Class A Shares .................. 261,534 1,109,693 36,880 450,444 255,713
============ ============ =========== ============ ===========
Class B Shares .................. 271,582 408,383 14,238 467,659 64,790
============ ============ =========== ============ ===========
Class C Shares .................. 44,653 65,596 7,661 118,426 11,971
============ ============ =========== ============ ===========
Class K Shares .................. 5,351,181 36,677,598 2,800 21,265,278 6,661,939
============ ============ =========== ============ ===========
Class Y Shares .................. 20,870,766 20,880,624 5,237,452 7,308,796 157,292
============ ============ =========== ============ ===========
CLASS A SHARES:
Net asset value and redemption
price per share ............... $ 9.62 $ 9.28 $ 9.74 $ 10.03 $ 9.60
============ ============ =========== ============ ===========
Maximum sales charge ............ 4.00% 4.00% 4.00% 4.00% 4.00%
Maximum offering price per share $ 10.02 $ 9.67 $ 10.15 $ 10.45 $ 10.00
============ ============ =========== ============ ===========
CLASS B SHARES:
Net asset value and offering
price per share* .............. $ 9.61 $ 9.25 $ 9.72 $ 10.03 $ 9.63
============ ============ =========== ============ ===========
CLASS C SHARES:
Net asset value and offering
price per share* .............. $ 9.66 $ 9.26 $ 9.77 $ 10.02 $ 9.62
============ ============ =========== ============ ===========
CLASS K SHARES:
Net asset value, offering price
and redemption price per share $ 9.62 $ 9.26 $ 9.75 $ 10.03 $ 9.62
============ ============ =========== ============ ===========
CLASS Y SHARES:
Net asset value, offering price
and redemption price per share $ 9.62 $ 9.26 $ 9.77 $ 10.03 $ 9.62
============ ============ =========== ============ ===========
<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.
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
- -------------------------------------- -----------------------------------------------------------------------
Munder Munder Munder Munder Munder Munder
Tax-Free Tax-Free Short- Cash Money Tax-Free U.S. Treasury
Bond Intermediate Investment Market Money Market Money Market
Fund Bond Fund Fund Fund Fund Fund
------------ ------------ -------------- ------------ ------------ -----------
<S> <C> <C> <C> <C> <C>
$ 135,148 $ 197,079 $ -- $ -- $ -- $ --
1,328,587 1,126,000 (4,951) 99 (132,944) 41,582
792,727 1,938,674 -- -- -- --
17,972 27,703 1,363,542 1,693,091 379,262 82,743
177,932,545 279,832,699 1,362,180,793 167,615,022 378,926,726 82,660,398
============ ============ ============== ============ ============ ===========
$180,206,979 $283,122,155 $1,363,539,384 $169,308,212 $379,173,044 $82,784,723
============ ============ ============== ============ ============ ===========
$ 2,335,848 $ 5,641,690 $ 135,705,366 $ 17,463,173 $ 67,846,635 $27,040,436
============ ============ ============== ============ ============ ===========
$ 763,111 $ 1,285,032 -- $ 10,133,338 -- --
============ ============ ============== ============ ============ ===========
$ 418,553 $ 152,064 -- $ 2,323,812 -- --
============ ============ ============== ============ ============ ===========
$173,862,547 $268,948,323 $ 869,709,465 -- $289,535,525 $21,776,992
============ ============ ============== ============ ============ ===========
$ 2,826,920 $ 7,095,046 $ 358,124,553 $139,387,889 $ 21,790,884 $33,967,295
============ ============ ============== ============ ============ ===========
233,148 551,955 135,704,789 17,464,133 67,828,216 27,038,728
============ ============ ============== ============ ============ ===========
76,164 125,884 -- 10,133,338 -- --
============ ============ ============== ============ ============ ===========
41,800 14,796 -- 2,323,800 -- --
============ ============ ============== ============ ============ ===========
17,339,232 26,316,134 869,711,117 -- 289,633,146 21,760,348
============ ============ ============== ============ ============ ===========
282,092 693,906 358,125,991 139,387,794 21,801,036 33,944,065
============ ============ ============== ============ ============ ===========
$ 10.02 $ 10.22 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============ ============== ============ ============ ===========
4.00% 4.00% -- -- -- --
$ 10.44 $ 10.65 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============ ============== ============ ============ ===========
$ 10.02 $ 10.21 N/A $ 1.00 N/A N/A
============ ============ ============== ============ ============ ===========
$ 10.01 $ 10.28 N/A $ 1.00 N/A N/A
============ ============ ============== ============ ============ ===========
$ 10.03 $ 10.22 $ 1.00 N/A $ 1.00 $ 1.00
============ ============ ============== ============ ============ ===========
$ 10.02 $ 10.22 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============ ============== ============ ============ ===========
</TABLE>
See Notes to Financial Statements.
The Munder Funds
Statements of Operations, Year Ended June 30, 1999
<TABLE>
<CAPTION>
EQUITY FUNDS
---------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & Munder International Micro-Cap Multi-Season
Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund
------------ ----------- ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest .................... $ 1,503,856 $ 799,642 $ 1,610,048 $ 197,635 $ 46,257 $ 1,960,896
Dividends (a) ............... 422,210 5,744,335 13,190,412 4,256,713 77,228 6,466,935
Other ....................... 16,598 22,533 -- 422,611 16,182 45,467
------------ ----------- ------------ ----------- ----------- -----------
Total investment income 1,942,664 6,566,510 14,800,460 4,876,959 139,667 8,473,298
------------ ----------- ------------ ----------- ----------- -----------
EXPENSES:
Distribution and shareholder
servicing fees:
Class A Shares ............ 2,752 14,718 668,669 16,677 19,674 100,839
Class B Shares ............ 9,120 24,950 1,928,910 9,592 127,395 948,914
Class C Shares ............ 1,491 9,852 -- 17,822 57,284 125,706
Shareholder servicing fees:
Class K Shares ............ 70,693 503,308 526,665 249,986 6,020 740,531
Investment advisory fee ..... 417,501 1,851,765 1,131,461 1,537,543 432,863 6,861,477
Administration fee .......... 68,581 262,917 1,009,569 218,250 46,203 796,216
Transfer agent fee .......... 22,206 82,262 352,358 67,462 14,904 255,799
Custodian fees .............. 53,402 63,517 251,854 198,762 22,217 150,803
Legal and audit fees ........ 9,503 33,518 131,714 28,306 5,549 139,162
Trustees'/Directors' fees and
expenses .................. 2,524 8,962 32,687 7,368 1,284 25,324
Amortization of organization
costs ..................... -- 1,216 -- -- -- --
Registration and filing fees 33,457 42,804 141,321 38,392 40,635 114,214
Other ....................... 13,561 33,767 338,554 29,775 40,048 155,689
------------ ----------- ------------ ----------- ----------- -----------
Total Expenses ........ 704,791 2,933,556 6,513,762 2,419,935 814,076 10,414,674
Fees waived and/or expenses
reimbursed by investment
advisor and/or distributor -- -- (1,778,650) -- (50,658) (1,250,000)
------------ ----------- ------------ ----------- ----------- -----------
Net Expenses .......... 704,791 2,933,556 4,735,112 2,419,935 763,418 9,164,674
------------ ----------- ------------ ----------- ----------- -----------
NET INVESTMENT INCOME/(LOSS) 1,237,873 3,632,954 10,065,348 2,457,024 (623,751) (691,376)
------------ ----------- ------------ ----------- ----------- -----------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss)
from:
Security transactions ..... 14,076,577 10,528,419 13,521,805 9,076,275 (6,696,854) 89,416,385
Futures contracts ......... -- -- 2,519,659 -- -- --
Foreign currency
transactions ............ -- -- -- 2,655 -- --
Net change in unrealized
appreciation/
(depreciation) of:
Securities ................ (10,208,561) 1,735,753 180,273,804 10,052,611 10,124,607 9,480,176
Futures contracts ......... -- -- 289,891 -- -- --
Foreign currency and net
other assets ............ -- -- -- (6,945) -- --
------------ ----------- ------------ ----------- ----------- -----------
Net realized and unrealized
gain/(loss) on investments 3,868,016 12,264,172 196,605,159 19,124,596 3,427,753 98,896,561
------------ ----------- ------------ ----------- ----------- -----------
NET INCREASE/(DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS ................ $ 5,105,889 $15,897,126 $206,670,507 $21,581,620 $ 2,804,002 $98,205,185
============ =========== ============ =========== =========== ===========
<FN>
- ----------------
(a) Net of foreign withholding taxes of $646, $14,733, $147,303, $382,077,
$9,774, $50,772, $201, $99,445 for Munder Balanced Fund, Munder Growth &
Income Fund, Munder Index 500 Fund, Munder International Equity Fund,
Munder Value Fund, Munder Framlington Emerging Markets Fund, Munder
Framlington Healthcare Fund and Munder Framlington International Growth
Fund, respectively.
</TABLE>
See Notes to Financial Statements.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
------------ ----------- ------------ ----------- ----------- ----------- ----------
<S> <C> <C> <C> <C> <C> <C>
$ 126,287 $ 533,561 $ 1,016,996 $ 392,739 $ 229,840 $ 20,190 $ 64,790
4,941,487 1,688,906 1,472,878 2,390,933 678,391 6,278 805,337
-- 94,413 172,111 29,061 56,210 37,683 35,099
------------ ----------- ------------ ----------- ----------- ----------- ----------
5,067,774 2,316,880 2,661,985 2,812,733 964,441 64,151 905,226
------------ ----------- ------------ ----------- ----------- ----------- ----------
7,993 15,374 52,064 12,320 1,134 10,366 5,139
56,177 28,749 107,763 21,110 4,912 75,939 5,792
12,460 17,721 47,642 12,058 3,029 23,360 1,744
4,548 164,091 325,840 26,646 73,189 312 4,479
652,005 1,022,524 2,558,572 1,187,734 538,218 192,182 626,144
94,060 145,544 363,930 171,327 45,835 20,469 66,652
30,350 47,797 116,530 57,398 13,154 5,924 20,539
26,098 41,728 93,395 46,226 144,325 33,288 152,650
16,101 18,223 46,442 21,609 20,776 8,998 31,709
3,014 4,549 12,121 5,309 1,452 647 2,077
14,645 -- -- 12,490 1,401 1,200 5,965
43,362 41,043 53,841 43,786 34,633 31,849 34,145
21,762 22,399 76,334 23,337 7,706 26,400 6,264
------------ ----------- ------------ ----------- ----------- ----------- ----------
982,575 1,569,742 3,854,474 1,641,350 889,764 430,934 963,299
-- -- -- -- (118,477) (59,761) (93,638)
------------ ----------- ------------ ----------- ----------- ----------- ----------
982,575 1,569,742 3,854,474 1,641,350 771,287 371,173 869,661
------------ ----------- ------------ ----------- ----------- ----------- ----------
4,085,199 747,138 (1,192,489) 1,171,383 193,154 (307,022) 35,565
------------ ----------- ------------ ----------- ----------- ----------- ----------
(1,754,780) (3,939,228) (57,804,325) (179,786) (6,956,063) (468,293) 535,867
-- -- (1,330,354) -- -- -- --
-- -- -- (81) (342,635) (4,377) (101,989)
(9,497,908) (5,751,711) 16,665,056 (3,617,545) 19,152,085 (1,882,951) 3,805,159
-- -- -- -- -- -- --
-- -- -- 8 (1,468) (14) (6,130)
------------ ----------- ------------ ----------- ----------- ----------- ----------
(11,252,688) (9,690,939) (42,469,623) (3,797,404) 11,851,919 (2,355,635) 4,232,907
------------ ----------- ------------ ----------- ----------- ----------- ----------
$ (7,167,489) $(8,943,801) $(43,662,112) $(2,626,021) $12,045,073 $(2,662,657) $4,268,472
============ =========== ============ =========== =========== =========== ==========
</TABLE>
See Notes to Financial Statements.
The Munder Funds
Statements of Operations, Year Ended June 30, 1999
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
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 $5,234 for the Munder
International Bond Fund) ......... $ 17,785,394 $ 35,940,824 $2,237,879 $ 20,161,332 $ 3,373,529
Other .............................. 58,557 101,721 351 37,774 --
------------ ------------ ---------- ------------ -----------
Total investment income ... 17,843,951 36,042,545 2,238,230 20,199,106 3,373,529
------------ ------------ ---------- ------------ -----------
EXPENSES:
Distribution and shareholder
servicing fees:
Class A Shares .................. 5,031 22,016 813 9,378 5,390
Class B Shares .................. 15,696 22,201 1,342 35,222 6,916
Class C Shares .................. 2,689 2,423 491 6,931 2,242
Shareholder servicing fees:
Class K Shares .................. 117,166 879,794 173 549,383 162,430
Investment advisory fee ............ 1,323,141 2,847,670 270,236 1,506,263 345,389
Administration fee ................. 282,194 606,823 57,684 321,496 73,705
Transfer agent fee ................. 91,440 189,940 17,802 99,789 26,792
Custodian fees ..................... 83,674 141,988 59,050 84,030 36,065
Legal and audit fees ............... 34,896 78,947 7,336 40,735 9,160
Trustees'/Directors' fees and
expenses ......................... 8,751 20,514 1,952 10,727 2,426
Amortization of organization costs . -- -- 6,504 2,330 3,007
Registration and filing fees ....... 43,523 55,451 34,224 46,152 9,554
Other .............................. 30,742 60,190 24,089 41,437 11,158
------------ ------------ ---------- ------------ -----------
Total Expenses ............ 2,038,943 4,927,957 481,696 2,753,873 694,234
------------ ------------ ---------- ------------ -----------
NET INVESTMENT INCOME .............. 15,805,008 31,114,588 1,756,534 17,445,233 2,679,295
------------ ------------ ---------- ------------ -----------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ........... 113,541 (638,020) 826,107 (332,111) 363,391
Foreign currency transactions ... -- -- 43,751 -- --
Net change in unrealized appreciation/
(depreciation) of:
Securities ...................... (10,652,037) (13,474,110) (592,025) (10,742,077) (2,577,732)
Foreign currency and net other
assets ......................... -- -- (25,478) -- --
------------ ------------ ---------- ------------ -----------
Net realized and unrealized
gain/(loss) on investments ....... (10,538,496) (14,112,130) 252,355 (11,074,188) (2,214,341)
------------ ------------ ---------- ------------ -----------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS .................. $ 5,266,512 $ 17,002,458 $2,008,889 $ 6,371,045 $ 464,954
============ ============ ========== ============ ===========
</TABLE>
See Notes to Financial Statements.
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
- --------------------------------- ------------------------------------------------------------
Munder Munder
Munder Tax-Free Munder Munder Munder U.S.
Tax-Free Short- Cash Money Tax-Free Treasury
Bond Intermediate Investment Market Money Market Money Market
Fund Bond Fund Fund Fund Fund Fund
----------- ----------- ----------- ---------- ----------- ----------
<S> <C> <C> <C> <C> <C>
$ 9,539,271 $13,881,233 $68,101,469 $6,655,748 $11,110,667 $4,746,093
-- -- -- -- -- 3,532
----------- ----------- ----------- ---------- ----------- ----------
9,539,271 13,881,233 68,101,469 6,655,748 11,110,667 4,749,625
----------- ----------- ----------- ---------- ----------- ----------
6,166 16,189 318,257 45,127 177,079 28,349
7,353 9,837 -- 47,860 -- --
666 316 -- 15,411 -- --
468,707 714,913 1,256,981 -- 367,804 74,027
971,168 1,511,012 4,540,033 514,285 1,188,449 334,833
206,804 321,790 1,375,320 137,095 361,566 102,073
58,288 97,414 282,173 31,229 111,117 24,385
64,836 90,126 267,354 27,675 76,844 31,639
26,816 41,652 167,781 14,957 43,958 14,491
7,066 10,901 45,187 4,317 11,910 4,395
5,485 -- -- 6,168 -- --
36,953 42,576 120,477 61,274 44,388 22,410
30,760 29,762 102,364 4,786 40,019 21,658
----------- ----------- ----------- ---------- ----------- ----------
1,891,068 2,886,488 8,475,927 910,184 2,423,134 658,260
----------- ----------- ----------- ---------- ----------- ----------
7,648,203 10,994,745 59,625,542 5,745,564 8,687,533 4,091,365
----------- ----------- ----------- ---------- ----------- ----------
4,151,537 2,619,695 -- (204) 2,388 --
-- -- -- -- -- --
(9,789,711) (6,462,466) -- -- -- --
-- -- -- -- -- --
----------- ----------- ----------- ---------- ----------- ----------
(5,638,174) (3,842,771) -- (204) 2,388 --
----------- ----------- ----------- ---------- ----------- ----------
$ 2,010,029 $ 7,151,974 $59,625,542 $5,745,360 $ 8,689,921 $4,091,365
=========== =========== =========== ========== =========== ==========
</TABLE>
See Notes to Financial Statements.
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1999
<TABLE>
<CAPTION>
EQUITY FUNDS
---------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & Munder International Micro-Cap Multi-Season
Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund
------------ ------------ -------------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Net investment income/(loss) $ 1,237,873 $ 3,632,954 $ 10,065,348 $ 2,457,024 $ (623,751) $ (691,376)
Net realized gain/(loss) on
investments sold .......... 14,076,577 10,528,419 16,041,464 9,078,930 (6,696,854) 89,416,385
Net change in unrealized
appreciation/
(depreciation) of
investments ............... (10,208,561) 1,735,753 180,563,695 10,045,666 10,124,607 9,480,176
------------ ------------ -------------- ------------ ----------- ------------
Net increase/(decrease) in
net assets resulting from
operations ................ 5,105,889 15,897,126 206,670,507 21,581,620 2,804,002 98,205,185
Dividends to shareholders
from net investment income:
Class A Shares .......... (20,597) (75,395) (2,632,324) (59,090) -- --
Class B Shares .......... (9,726) (11,422) (1,254,520) (6,706) -- --
Class C Shares .......... (1,589) (4,869) -- (12,169) -- --
Class K Shares .......... (495,656) (2,515,841) (1,806,046) (1,142,060) -- --
Class Y Shares .......... (653,889) (546,965) (3,323,108) (1,239,749) -- (345,882)
Distributions to shareholders
in excess of net investment
income:
Class A Shares .......... -- -- -- -- -- --
Class B Shares .......... -- -- -- -- -- --
Class C Shares .......... -- -- -- -- -- --
Class K Shares .......... -- -- -- -- -- --
Class Y Shares .......... -- -- -- -- -- --
Distributions to shareholders
from net realized gains:
Class A Shares .......... (111,254) (453,417) (2,169,071) (76,269) (158,713) (2,451,617)
Class B Shares .......... (91,842) (202,291) (1,537,617) (13,857) (282,930) (7,432,162)
Class C Shares .......... (12,800) (66,154) -- (25,947) (123,793) (1,028,461)
Class K Shares .......... (3,289,822) (18,732,778) (1,904,925) (1,540,788) (44,400) (22,000,121)
Class Y Shares .......... (3,992,119) (3,210,916) (2,728,139) (1,475,693) (301,983) (21,500,520)
Distributions to shareholders
in excess of realized gains:
Class A Shares .......... -- -- -- -- -- --
Class B Shares .......... -- -- -- -- -- --
Class C Shares .......... -- -- -- -- -- --
Class K Shares .......... -- -- -- -- -- --
Class Y Shares .......... -- -- -- -- -- --
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 .......... 701,203 (4,014,850) 134,515,408 8,893,119 (1,056,169) 14,240,459
Class B Shares .......... 1,149,209 1,998,157 134,033,626 (67,178) (2,329,218) (4,872,510)
Class C Shares .......... 239,877 (421,392) -- 99,990 (1,095,036) (1,410,384)
Class K Shares .......... (3,404,875) (2,066,361) 61,622,699 (7,374,138) (354,975) 56,882,761
Class Y Shares .......... (28,897,431) 5,560,859 (43,886,978) (10,808,955) 599,445 (60,956,845)
------------ ------------ -------------- ------------ ----------- ------------
Net increase/(decrease) in
net assets ................ (33,785,422) (8,866,509) 475,599,512 6,732,130 (2,343,770) 47,329,903
NET ASSETS:
Beginning of period ......... 80,567,994 264,242,632 827,838,134 217,292,695 52,615,139 756,956,846
------------ ------------ -------------- ------------ ----------- ------------
End of period ............... $ 46,782,572 $255,376,123 $1,303,437,646 $224,024,825 $50,271,369 $804,286,749
============ ============ ============== ============ =========== ============
Undistributed net investment
income/(loss) ............. $ 14,245 $ 30,504 $ -- $ 201,333 $ -- $ --
============ ============ ============== ============ =========== ============
</TABLE>
See Notes to Financial Statements.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
------------ ------------ ------------ ------------ ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
$ 4,085,199 $ 747,138 $ (1,192,489) $ 1,171,383 $ 193,154 $ (307,022) $ 35,565
(1,754,780) (3,939,228) (59,134,679) (179,867) (7,298,698) (472,670) 433,878
(9,497,908) (5,751,711) 16,665,056 (3,617,537) 19,150,617 (1,882,965) 3,799,029
------------ ------------ ------------ ------------ ----------- ----------- -----------
(7,167,489) (8,943,801) (43,662,112) (2,626,021) 12,045,073 (2,662,657) 4,268,472
(148,737) (32,483) -- (17,723) -- -- --
(229,771) (590) -- -- -- -- --
(51,338) (365) -- -- -- -- --
(90,219) (301,291) -- (30,305) -- -- --
(3,909,906) (420,084) -- (770,952) -- -- --
-- (11,564) -- -- -- -- --
-- (4,201) -- -- -- -- --
-- (2,599) -- -- -- -- --
-- (26,396) -- -- -- -- --
-- -- (245,135) -- -- -- --
(92,242) (182,203) (1,595,064) (239,222) -- (34,003) (1,318)
(173,403) (68,000) (920,567) (65,020) -- (61,201) (264)
(39,951) (42,037) (370,434) (41,943) -- (18,261) (92)
(60,204) (1,344,886) (9,282,837) (416,053) -- (1,180) (904)
(2,367,839) (1,361,469) (12,457,292) (5,372,785) -- (38,003) (31,731)
-- -- -- -- -- (6,191) --
-- -- -- -- -- (11,143) --
-- -- -- -- -- (3,325) --
-- -- -- -- -- (215) --
-- -- -- -- -- (6,919) --
(21,931) -- -- -- -- -- --
(38,530) -- -- -- -- -- --
(8,546) -- -- -- -- -- --
(12,479) -- -- -- -- -- --
(522,878) -- -- -- -- -- --
49,263 (1,568,355) 4,650,565 (3,384,827) 238,069 (995,684) 892,175
(576,360) 337,976 (2,785,595) 1,530,743 479,951 (905,614) (36,560)
(26,150) 116,967 (1,252,201) 672,528 277,007 (1,224,944) (27,499)
480,851 (2,862,277) (7,189,080) (3,137,313) (3,994,617) (82,506) (479,640)
(1,066,406) (5,824,485) (9,567,847) (16,271,565) 429,997 483,685 (7,524,088)
------------ ------------ ------------ ------------ ----------- ----------- -----------
(16,074,265) (22,542,143) (84,677,599) (30,170,458) 9,475,480 (5,568,161) (2,941,449)
97,324,807 167,592,409 410,158,685 189,240,611 47,398,309 22,647,412 69,302,115
------------ ------------ ------------ ------------ ----------- ----------- -----------
$ 81,250,542 $145,050,266 $325,481,086 $159,070,153 $56,873,789 $17,079,251 $66,360,666
============ ============ ============ ============ =========== =========== ===========
$ -- $ 16,492 $ -- $ -- $ -- $ (3,654) $ (104,043)
============ ============ ============ ============ =========== =========== ===========
</TABLE>
See Notes to Financial Statements.
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1999
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
-------------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
------------ ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Net investment income .............. $ 15,805,008 $ 31,114,588 $ 1,756,534 $ 17,445,233 $ 2,679,295
Net realized gain/(loss) on
investments sold ................. 113,541 (638,020) 869,858 (332,111) 363,391
Net change in unrealized
appreciation/(depreciation) of
investments ...................... (10,652,037) (13,474,110) (617,503) (10,742,077) (2,577,732)
------------ ------------ ----------- ------------ -----------
Net increase in net assets resulting
from operations .................. 5,266,512 17,002,458 2,008,889 6,371,045 464,954
Dividends to shareholders from net
investment income:
Class A Shares ................... (110,890) (467,224) (5,912) (213,866) (84,644)
Class B Shares ................... (76,952) (104,235) (1,778) (169,414) (20,266)
Class C Shares ................... (13,121) (10,373) (43) (33,137) (7,361)
Class K Shares ................... (2,596,504) (18,796,958) (1,327) (11,734,377) (2,518,676)
Class Y Shares ................... (12,260,301) (11,485,716) (1,019,898) (4,114,959) (43,650)
Distributions to shareholders from
net realized gains:
Class A Shares ................... -- -- (4,410) (4,336) (29,157)
Class B Shares ................... -- -- (1,957) (4,239) (10,432)
Class C Shares ................... -- -- (50) (976) (3,824)
Class K Shares ................... -- -- (1,083) (254,250) (1,053,829)
Class Y Shares ................... -- -- (732,896) (84,482) (15,888)
Distributions in excess of net
realized capital gains:
Class A Shares ................... -- -- -- (1,949) --
Class B Shares ................... -- -- -- (1,905) --
Class C Shares ................... -- -- -- (439) --
Class K Shares ................... -- -- -- (114,252) --
Class Y Shares ................... -- -- -- (37,964) --
Net increase/(decrease) in net assets
from Fund share transactions:
Class A Shares ................... 1,082,357 3,155,208 204,393 2,106,533 717,704
Class B Shares ................... 2,032,030 3,287,122 32,380 3,922,510 24,599
Class C Shares ................... 386,963 552,291 52,731 1,142,790 40,325
Class K Shares ................... 10,118,927 (7,527,036) (53,407) 1,090,361 9,613,181
Class Y Shares ................... (13,039,842) (28,657,896) 1,107,190 4,931,332 553,700
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) in net
assets ........................... (9,210,821) (43,052,359) 1,582,822 2,794,026 7,626,736
NET ASSETS:
Beginning of period ................ 266,985,588 590,750,414 50,210,154 294,233,617 61,146,546
------------ ------------ ----------- ------------ -----------
End of period ...................... $257,774,767 $547,698,055 $51,792,976 $297,027,643 $68,773,282
============ ============ =========== ============ ===========
Undistributed net investment income $ 591,759 $ 934,341 $ 1,501,834 $ 446,422 $ 53,564
============ ============ =========== ============ ===========
</TABLE>
See Notes to Financial Statements.
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
- -------------------------------------- ----------------------------------------------------------------------
Munder Munder Munder Munder Munder Munder
Tax-Free Tax-Free Short- Cash Money Tax-Free U.S. Treasury
Bond Intermediate Investment Market Money Market Money Market
Fund Bond Fund Fund Fund Fund Fund
------------ ------------ -------------- ------------ ------------ ------------
<S> <C> <C> <C> <C> <C>
$ 7,648,203 $ 10,994,745 $ 59,625,542 $ 5,745,564 $ 8,687,533 $ 4,091,365
4,151,537 2,619,695 -- (204) 2,388 --
(9,789,711) (6,462,466) -- -- -- --
------------ ------------ -------------- ------------ ------------ ------------
2,010,029 7,151,974 59,625,542 5,745,360 8,689,921 4,091,365
(97,210) (232,599) (5,702,448) (787,647) (1,771,500) (462,365)
(23,614) (28,549) -- (166,881) -- --
(2,137) (1,046) -- (55,291) -- --
(7,417,078) (10,424,146) (38,263,538) -- (6,347,694) (2,092,400)
(144,808) (337,854) (15,659,556) (4,735,745) (568,339) (1,536,600)
(93,983) (57,554) -- -- -- --
(25,703) (9,614) -- -- -- --
(1,675) (136) -- -- -- --
(6,883,736) (2,598,200) -- -- -- --
(114,516) (78,091) -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
-- -- -- -- -- --
1,759 (822,519) 2,045,869 2,715,307 (4,164,201) 18,394,886
334,729 855,361 -- 9,475,555 -- --
383,951 155,186 -- 2,322,947 -- --
(7,856,749) (20,332,001) 196,865,078 -- 83,938,192 (19,470,068)
(1,103,133) (2,156,522) 30,706,000 70,697,768 1,392,428 (3,469,552)
------------ ------------ -------------- ------------ ------------ ------------
(21,033,874) (28,916,310) 229,616,947 85,211,373 81,168,807 (4,544,734)
201,240,853 312,038,465 1,133,922,437 84,096,839 298,004,237 87,329,457
------------ ------------ -------------- ------------ ------------ ------------
$180,206,979 $283,122,155 $1,363,539,384 $169,308,212 $379,173,044 $ 82,784,723
============ ============ ============== ============ ============ ============
$ 135,148 $ 197,079 $ -- $ -- $ -- $ --
============ ============ ============== ============ ============ ============
</TABLE>
See Notes to Financial Statements.
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1998
<TABLE>
<CAPTION>
EQUITY FUNDS
---------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & Munder International Micro-Cap Multi-Season
Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund
------------ ------------ ------------ ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
Net investment income/(loss) $ 2,081,463 $ 4,576,922 $ 8,883,915 $ 2,440,184 $ (363,504) $ (86,750)
Net realized gain/(loss) on
investments sold .......... 5,703,535 47,077,678 33,333,607 12,355,064 2,381,269 57,519,549
Net change in unrealized
appreciation/
(depreciation) of
investments ............... 4,433,170 306,124 129,730,391 (6,574,836) (836,028) 88,892,683
------------ ------------ ------------ ------------ ----------- ------------
Net increase/(decrease) in
net assets resulting from
operations ................ 12,218,168 51,960,724 171,947,913 8,220,412 1,181,737 146,325,482
Dividends to shareholders
from net investment income:
Class A Shares .......... (12,304) (105,754) (1,934,743) (81,341) -- (12,065)
Class B Shares .......... (7,042) (10,894) (841,512) (7,796) -- --
Class C Shares .......... (1,440) (8,114) -- (14,540) -- --
Class K Shares .......... (640,005) (3,798,603) (1,499,498) (1,386,400) -- (162,310)
Class Y Shares .......... (1,397,675) (639,004) (4,498,789) (1,473,592) -- (367,945)
Distributions to shareholders
from net realized gains: ..
Class A Shares .......... (34,027) (709,636) (10,783,436) (421,143) (200,426) (911,264)
Class B Shares .......... (27,885) (130,526) (7,428,003) (73,900) (284,509) (4,381,717)
Class C Shares .......... (7,200) (71,978) -- (146,699) (166,726) (510,812)
Class K Shares .......... (2,572,553) (33,747,169) (10,764,825) (7,243,743) (55,740) (12,258,369)
Class Y Shares .......... (4,287,718) (4,561,542) (24,608,492) (6,435,614) (388,128) (13,781,279)
Distributions to shareholders
in excess of realized gains:
Class A Shares .......... -- -- -- -- -- --
Class B Shares .......... -- -- -- -- -- --
Class C Shares .......... -- -- -- -- -- --
Class K Shares .......... -- -- -- -- -- --
Class Y Shares .......... -- -- -- -- -- --
Net increase/(decrease) in
net assets from Fund share
tranactions: ..............
Class A Shares .......... 440,063 5,491,229 93,474,978 (176,367) 10,885,938 11,650,530
Class B Shares .......... 432,175 1,022,079 55,275,429 21,870 15,922,896 2,131,348
Class C Shares .......... 39,185 1,002,578 -- (393,285) 7,605,168 3,287,255
Class K Shares .......... 25,358,644 (2,599,559) 88,663,914 (24,045,346) 2,744,686 (7,678,546)
Class Y Shares .......... (26,488,592) 3,990,672 (69,550,686) (2,594,187) 12,155,073 109,458,384
------------ ------------ ------------ ------------ ----------- ------------
Net increase/(decrease) in
net assets ................ 3,011,794 17,084,503 277,452,250 (36,251,671) 49,399,969 232,788,692
NET ASSETS:
Beginning of period ......... 77,556,200 247,158,129 550,385,884 253,544,366 3,215,170 524,168,154
------------ ------------ ------------ ------------ ----------- ------------
End of period ............... $ 80,567,994 $264,242,632 $827,838,134 $217,292,695 $52,615,139 $756,956,846
============ ============ ============ ============ =========== ============
Undistributed net investment
income/(loss) ............. $ -- $ 136,706 $ -- $ 41,238 $ -- $ --
============ ============ ============ ============ =========== ============
</TABLE>
See Notes to Financial Statements.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- ------------ ------------ ------------ ------------ ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
$ 3,557,590 $ 888,525 $ (1,943,180) $ 1,172,506 $ 445,711 $ (208,621) $ 224,653
3,087,322 8,250,295 86,273,022 16,249,019 (5,791,184) 260,574 (457,298)
(1,828,364) 14,588,947 (38,336,774) 13,817,752 (12,928,226) 100,052 3,758,489
----------- ------------ ------------ ------------ ------------ ----------- -----------
4,816,548 23,727,767 45,993,068 31,239,277 (18,273,699) 152,005 3,525,844
(108,959) (26,178) -- (36,542) (2,697) -- (2,066)
(212,532) -- -- (743) (61) -- --
(36,424) -- -- (382) (4) -- --
(76,887) (330,560) -- (64,557) (133,371) -- (2,557)
(2,999,226) (414,148) -- (1,079,848) (92,010) -- (122,744)
(20,080) (98,858) (2,406,705) (155,490) (2,952) -- (2,543)
(57,106) (46,471) (1,802,093) (102,547) (1,902) -- (423)
(9,143) (31,704) (739,949) (52,647) (125) -- (155)
(17,626) (3,173,416) (29,901,527) (709,652) (141,436) -- (3,147)
(626,049) (2,414,775) (37,145,834) (8,345,671) (69,616) -- (100,609)
-- -- -- -- (11,999) -- (1,338)
-- -- -- -- (7,730) -- (222)
-- -- -- -- (510) -- (81)
-- -- -- -- (574,853) -- (1,657)
-- -- -- -- (282,947) -- (52,964)
2,724,813 4,300,790 1,838,033 2,771,389 330,315 4,350,716 420,739
2,284,249 2,782,374 9,490,901 1,157,493 584,974 7,733,693 442,098
1,003,579 1,717,806 4,338,208 543,586 133,643 3,228,224 83,236
617,619 23,335,289 19,006,863 5,094,370 40,278,768 37,061 936,727
33,785,992 47,491,052 76,298,503 67,989,812 15,732,843 3,049,654 37,971,159
----------- ------------ ------------ ------------ ------------ ----------- -----------
41,068,768 96,818,968 84,969,468 98,247,848 37,464,631 18,551,353 43,089,297
56,256,039 70,773,441 325,189,217 90,992,763 9,933,678 4,096,059 26,212,818
----------- ------------ ------------ ------------ ------------ ----------- -----------
$97,324,807 $167,592,409 $410,158,685 $189,240,611 $ 47,398,309 $22,647,412 $69,302,115
=========== ============ ============ ============ ============ =========== ===========
$ 138,196 $ 126,140 $ -- $ 14,983 $ (127,776) $ (2,990) $ (45,004)
=========== ============ ============ ============ ============ =========== ===========
</TABLE>
See Notes to Financial Statements.
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1998
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
-------------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
------------ ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Net investment income .............. $ 13,694,126 $ 32,447,440 $ 1,913,886 $ 16,789,533 $ 2,244,864
Net realized gain/(loss) on
investments sold during the period 4,728,659 3,685,329 (125,433) 1,108,248 863,725
Net change in unrealized
appreciation/(depreciation) of
investments ...................... 3,308,753 5,213,246 (1,187,143) 7,657,342 1,255,741
------------ ------------ ----------- ------------ -----------
Net increase in net assets resulting
from operations .................. 21,731,538 41,346,015 601,310 25,555,123 4,364,330
Dividends to shareholders from net
investment income:
Class A Shares ................... (64,993) (392,003) (3,591) (153,757) (36,612)
Class B Shares ................... (32,649) (27,600) (460) (63,433) (14,966)
Class C Shares ................... (9,081) (7,222) (25) (1,531) (2,693)
Class K Shares ................... (2,309,105) (19,688,059) (1,948) (12,468,287) (2,120,313)
Class Y Shares ................... (10,967,327) (11,705,695) (1,217,193) (3,797,610) (30,979)
Distributions to shareholders from
net realized gains:
Class A Shares ................... -- -- (260) (18,534) (923)
Class B Shares ................... -- -- (36) (6,556) (661)
Class C Shares ................... -- -- -- (120) (164)
Class K Shares ................... -- -- (147) (1,148,408) (87,429)
Class Y Shares ................... -- -- (82,339) (329,997) (1,099)
Net increase/(decrease) in net assets
from Fund share transactions:
Class A Shares ................... 674,212 1,201,962 (5,296) 1,322,725 1,288,395
Class B Shares ................... 100,737 125,196 86,442 (667,713) 301,399
Class C Shares ................... 15,087 (872) 31,759 90,138 (16,409)
Class K Shares ................... 6,660,251 24,345,882 (23,235) 19,461,225 12,267,002
Class Y Shares ................... 101,272,269 61,989,285 (1,144,971) 14,050,826 332,242
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) in net
assets ........................... 117,070,939 97,186,889 (1,759,990) 41,824,091 16,241,120
NET ASSETS:
Beginning of period ................ 149,914,649 493,563,525 51,970,144 252,409,526 44,905,426
------------ ------------ ----------- ------------ -----------
End of period ...................... $266,985,588 $590,750,414 $50,210,154 $294,233,617 $61,146,546
============ ============ =========== ============ ===========
Undistributed/(distribution in
excess of) net investmentincome .. $ 43,986 $ 669,522 $ -- $ (231,084) $ 48,865
============ ============ =========== ============ ===========
</TABLE>
See Notes to Financial Statements.
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
- -------------------------------- -------------------------------------------------------------
Munder Munder
Munder Tax-Free Munder Munder Munder U.S.
Tax-Free Short- Cash Money Tax-Free Treasury
Bond Intermediate Investment Market Money Market Money Market
Fund Bond Fund Fund Fund Fund Fund
------------ ------------ -------------- ------------ ------------ -------------
<S> <C> <C> <C> <C> <C>
$ 9,358,193 $ 12,580,536 $ 54,172,011 $ 5,663,941 $ 8,981,333 $ 6,515,109
5,702,590 1,939,378 -- -- 20,202 350
1,457,881 1,683,215 -- -- -- --
------------ ------------ -------------- ------------ ------------ -------------
16,518,664 16,203,129 54,172,011 5,663,941 9,001,535 6,515,459
(144,258) (281,249) (5,145,981) (451,160) (1,749,355) (338,938)
(13,876) (11,775) -- (27,058) -- --
(1,537) -- -- (52,154) -- --
(8,900,093) (11,750,608) (33,090,514) -- (6,299,298) (2,253,812)
(190,299) (343,586) (15,935,516) (5,133,569) (932,680) (3,922,359)
(62,615) (62,353) -- -- -- --
(5,007) (3,013) -- -- -- --
(599) -- -- -- -- --
(2,947,365) (2,377,413) -- -- -- --
(59,887) (61,867) -- -- -- --
(51,267) 309,819 37,467,530 11,093,345 66,785,667 3,325,188
245,213 191,703 -- 206,444 -- --
40,861 -- -- (1,754,337) -- --
(202,350) 10,713,073 72,985,200 -- (21,186,744) (640,511)
96,749 1,874,706 47,992,725 (55,930,785) (2,552,382) (196,101,274)
------------ ------------ -------------- ------------ ------------ -------------
4,322,334 14,400,566 158,445,455 (46,385,333) 43,066,743 (193,416,247)
196,918,519 297,637,899 975,476,982 130,482,172 254,937,494 280,745,704
------------ ------------ -------------- ------------ ------------ -------------
$201,240,853 $312,038,465 $1,133,922,437 $ 84,096,839 $298,004,237 $ 87,329,457
============ ============ ============== ============ ============ =============
$ 167,194 $ 226,528 $ -- $ -- $ -- $ --
============ ============ ============== ============ ============ =============
</TABLE>
See Notes to Financial Statements.
The Munder Funds
Statements of Changes -- Capital Stock Activity, Year Ended June 30, 1999
<TABLE>
<CAPTION>
EQUITY FUNDS
---------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & Munder International Micro-Cap Multi-Season
Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund
------------ ------------ ------------- ------------- ------------ -------------
<S> <C> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ........................ $ 1,140,908 $ 36,363,414 $ 306,026,628 $ 154,582,825 $ 9,475,953 $ 785,755,717
Issued in connection with
Fund reorganization ....... -- -- -- -- -- 3,645,184
Issued as reinvestment of
dividends ................. 110,159 289,589 2,276,020 76,045 111,618 1,788,540
Redeemed .................... (549,864) (40,667,853) (173,787,240) (145,765,751) (10,643,740) (776,948,982)
------------ ------------ ------------- ------------- ------------ -------------
Net increase/(decrease) ..... $ 701,203 $ (4,014,850) $ 134,515,408 $ 8,893,119 $ (1,056,169) $ 14,240,459
============ ============ ============= ============= ============ =============
Class B Shares
Sold ........................ $ 1,373,486 $ 2,903,698 $ 159,019,278 $ 419,856 $ 4,873,253 $ 11,477,272
Issued in connection with
Fund reorganization ....... -- -- -- -- -- 423,609
Issued as reinvestment of
dividends ................. 25,182 82,783 1,198,821 8,577 127,867 2,980,135
Redeemed .................... (249,459) (988,324) (26,184,473) (495,611) (7,330,338) (19,753,526)
------------ ------------ ------------- ------------- ------------ -------------
Net increase/(decrease) ..... $ 1,149,209 $ 1,998,157 $ 134,033,626 $ (67,178) $ (2,329,218) $ (4,872,510)
============ ============ ============= ============= ============ =============
Class C Shares:
Sold ........................ $ 365,546 $ 5,675,166 $ -- $ 784,962 $ 2,511,654 $ 14,691,587
Issued in connection with
Fund reorganization ....... -- -- -- -- -- 27,285
Issued as reinvestment of
dividends ................. 3,270 22,089 -- 2,507 41,160 69,569
Redeemed .................... (128,939) (6,118,647) -- (687,479) (3,647,850) (16,198,825)
------------ ------------ ------------- ------------- ------------ -------------
Net increase/(decrease) ..... $ 239,877 $ (421,392) $ -- $ 99,990 $ (1,095,036) $ (1,410,384)
============ ============ ============= ============= ============ =============
Class K Shares:
Sold ........................ $ 9,051,179 $ 43,942,687 $ 99,263,563 $ 16,375,849 $ 874,607 $ 110,054,804
Issued in connection with
Fund reorganization ....... -- -- -- -- -- 30,893,203
Issued as reinvestment of
dividends ................. -- 2,558 8,661 862 325 147,907
Redeemed .................... (12,456,054) (46,011,606) (37,649,525) (23,750,849) (1,229,907) (84,213,153)
------------ ------------ ------------- ------------- ------------ -------------
Net increase/(decrease) ..... $ (3,404,875) $ (2,066,361) $ 61,622,699 $ (7,374,138) $ (354,975) $ 56,882,761
============ ============ ============= ============= ============ =============
Class Y Shares:
Sold ........................ $ 10,363,069 $ 64,513,627 $ 79,091,960 $ 11,617,421 $ 5,619,141 $ 61,127,513
Issued in connection with
Fund reorganization ....... -- -- -- -- -- 8,653,859
Issued as reinvestment of
dividends ................. 25,568 87,471 132,854 84,636 174,800 1,623,598
Redeemed .................... (39,286,068) (59,040,239) (123,111,792) (22,511,012) (5,194,496) (132,361,815)
------------ ------------ ------------- ------------- ------------ -------------
Net increase/(decrease) ..... $(28,897,431) $ 5,560,859 $ (43,886,978) $ (10,808,955) $ 599,445 $ (60,956,845)
============ ============ ============= ============= ============ =============
</TABLE>
See Notes to Financial Statements.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
------------ ------------- ------------- ------------- ------------ ----------- ------------
<S> <C> <C> <C> <C> <C> <C>
$ 3,097,125 $ 204,932,864 $ 516,745,495 $ 243,685,685 $ 1,420,206 $ 882,935 $ 18,526,567
-- -- -- -- -- -- --
126,652 147,666 857,595 77,126 -- 13,738 1,313
(3,174,514) (206,648,885) (512,952,525) (247,147,638) (1,182,137) (1,892,357) (17,635,705)
------------ ------------- ------------- ------------- ------------ ----------- ------------
$ 49,263 $ (1,568,355) $ 4,650,565 $ (3,384,827) $ 238,069 $ (995,684) $ 892,175
============ ============= ============= ============= ============ =========== ============
$ 1,967,281 $ 1,605,943 $ 8,733,728 $ 3,512,851 $ 1,650,573 $ 1,720,586 $ 462,021
-- -- -- -- -- -- --
137,336 29,154 350,225 21,686 -- 39,333 203
(2,680,977) (1,297,121) (11,869,548) (2,003,794) (1,170,622) (2,665,533) (498,784)
------------ ------------- ------------- ------------- ------------ ----------- ------------
$ (576,360) $ 337,976 $ (2,785,595) $ 1,530,743 $ 479,951 $ (905,614) $ (36,560)
============ ============= ============= ============= ============ =========== ============
$ 689,276 $ 1,563,402 $ 2,114,641 $ 1,891,202 $ 481,365 $ 402,803 $ 181,063
-- -- -- -- -- -- --
25,554 15,741 77,875 9,682 -- 3,123 77
(740,980) (1,462,176) (3,444,717) (1,228,356) (204,358) (1,630,870) (208,639)
------------ ------------- ------------- ------------- ------------ ----------- ------------
$ (26,150) $ 116,967 $ (1,252,201) $ 672,528 $ 277,007 $(1,224,944) $ (27,499)
============ ============= ============= ============= ============ =========== ============
$ 1,114,941 $ 30,619,211 $ 57,197,271 $ 3,272,167 $ 17,037,605 $ 43,800 $ 502,556
-- -- -- -- -- -- --
-- 87 18,166 193 -- -- --
(634,090) (33,481,575) (64,404,517) (6,409,673) (21,032,222) (126,306) (982,196)
------------ ------------- ------------- ------------- ------------ ----------- ------------
$ 480,851 $ (2,862,277) $ (7,189,080) $ (3,137,313) $ (3,994,617) $ (82,506) $ (479,640)
============ ============= ============= ============= ============ =========== ============
$ 18,204,684 $ 60,951,348 $ 96,528,187 $ 75,168,143 $ 6,623,826 $ 1,004,715 $ 8,894,961
-- -- -- -- -- -- --
1,286,467 302,524 1,414,591 761,480 -- 17,579 8,595
(20,557,557) (67,078,357) (107,510,625) (92,201,188) (6,193,829) (538,609) (16,427,644)
------------ ------------- ------------- ------------- ------------ ----------- ------------
$ (1,066,406) $ (5,824,485) $ (9,567,847) $ (16,271,565) $ 429,997 $ 483,685 $ (7,524,088)
============ ============= ============= ============= ============ =========== ============
</TABLE>
See Notes to Financial Statements.
The Munder Funds
Statements of Changes -- Capital Stock Activity, Year Ended June 30, 1999
(Continued)
<TABLE>
<CAPTION>
EQUITY FUNDS
---------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & Munder International Micro-Cap Multi-Season
Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund
---------- ---------- ----------- ---------- -------- -----------
<S> <C> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ........................ 94,099 2,500,882 11,616,038 9,829,257 593,060 38,411,153
Issued in connection with
Fund reorganizaton ........ -- -- -- -- -- 189,419
Issued as reinvestment of
dividends ................. 9,486 21,050 89,599 5,276 7,866 92,718
Redeemed .................... (44,882) (2,760,800) (6,690,820) (9,262,579) (695,471) (37,949,040)
---------- ---------- ----------- ---------- -------- -----------
Net increase/(decrease) ..... 58,703 (238,868) 5,014,817 571,954 (94,545) 744,250
========== ========== =========== ========== ======== ===========
Class B Shares:
Sold ........................ 111,387 201,879 5,992,982 27,512 324,276 597,140
Issued in connection with
Fund reorganizaton ........ -- -- -- -- -- 22,939
Issued as reinvestment of
dividends ................. 2,172 6,054 47,391 599 9,133 161,175
Redeemed .................... (20,174) (68,980) (1,030,228) (34,578) (507,788) (1,016,015)
---------- ---------- ----------- ---------- -------- -----------
Net increase/(decrease) ..... 93,385 138,953 5,010,145 (6,467) (174,379) (234,761)
========== ========== =========== ========== ======== ===========
Class C Shares:
Sold ........................ 29,333 396,608 -- 51,188 166,176 750,825
Issued in connection with
Fund reorganizaton ........ -- -- -- -- -- 1,474
Issued as reinvestment of
dividends ................. 283 1,617 -- 168 2,938 3,756
Redeemed .................... (10,311) (420,836) -- (47,992) (256,106) (832,142)
---------- ---------- ----------- ---------- -------- -----------
Net increase/(decrease) ..... 19,305 (22,611) -- 3,364 (86,992) (76,087)
========== ========== =========== ========== ======== ===========
Class K Shares:
Sold ........................ 745,255 3,015,495 3,874,623 1,116,407 57,922 4,506,451
Issued in connection with
Fund reorganizaton ........ -- -- -- -- -- 1,608,086
Issued as reinvestment of
dividends ................. -- 186 346 60 23 7,679
Redeemed .................... (1,002,737) (3,158,624) (1,471,425) (1,623,278) (86,489) (4,127,521)
---------- ---------- ----------- ---------- -------- -----------
Net increase/(decrease) ..... (257,482) (142,943) 2,403,544 (506,811) (28,544) 1,994,695
========== ========== =========== ========== ======== ===========
Class Y Shares:
Sold ........................ 865,614 4,418,808 3,006,663 792,809 402,801 4,819,485
Issued in connection with
Fund reorganizaton ........ -- -- -- -- -- 444,900
Issued as reinvestment of
dividends ................. 2,203 6,324 5,350 5,889 12,267 83,310
Redeemed .................... (3,153,292) (4,027,938) (4,805,069) (1,509,586) (354,262) (6,599,730)
---------- ---------- ----------- ---------- -------- -----------
Net increase/(decrease) ..... (2,285,475) 397,194 (1,793,056) (710,888) 60,806 (1,252,035)
========== ========== =========== ========== ======== ===========
</TABLE>
See Notes to Financial Statements.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
---------- ----------- ----------- ----------- ---------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
240,492 17,282,016 31,110,553 17,219,329 136,734 81,639 1,557,057
-- -- -- -- -- -- --
10,178 12,700 53,566 5,660 -- 1,298 113
(248,777) (17,290,366) (30,655,150) (17,388,370) (124,885) (181,202) (1,467,146)
---------- ----------- ----------- ----------- ---------- -------- ----------
1,893 4,350 508,969 (163,381) 11,849 (98,265) 90,024
========== =========== =========== =========== ========== ======== ==========
155,151 131,184 563,596 241,284 186,048 164,817 38,471
-- -- -- -- -- -- --
11,127 2,515 22,966 1,609 -- 3,771 18
(214,152) (109,601) (761,308) (139,996) (145,442) (258,818) (44,954)
---------- ----------- ----------- ----------- ---------- -------- ----------
(47,874) 24,098 (174,746) 102,897 40,606 (90,230) (6,465)
========== =========== =========== =========== ========== ======== ==========
54,141 129,366 131,826 131,656 52,223 38,586 14,652
-- -- -- -- -- -- --
2,053 1,361 5,021 719 -- 299 7
(59,643) (125,088) (221,158) (85,949) (23,616) (166,856) (17,543)
---------- ----------- ----------- ----------- ---------- -------- ----------
(3,449) 5,639 (84,311) 46,426 28,607 (127,971) (2,884)
========== =========== =========== =========== ========== ======== ==========
87,288 2,569,270 3,443,786 219,174 2,088,599 3,932 43,933
-- -- -- -- -- -- --
-- 8 1,135 14 -- -- --
(52,699) (2,834,248) (3,995,528) (451,292) (2,485,396) (11,980) (90,573)
---------- ----------- ----------- ----------- ---------- -------- ----------
34,589 (264,970) (550,607) (232,104) (396,797) (8,048) (46,640)
========== =========== =========== =========== ========== ======== ==========
1,409,073 5,090,624 5,745,898 5,266,369 708,935 94,073 779,551
-- -- -- -- -- -- --
103,706 25,949 87,075 55,701 -- 1,657 740
(1,656,986) (5,589,940) (6,419,767) (6,460,284) (768,253) (51,824) (1,433,472)
---------- ----------- ----------- ----------- ---------- -------- ----------
(144,207) (473,367) (586,794) (1,138,214) (59,318) 43,906 (653,181)
========== =========== =========== =========== ========== ======== ==========
</TABLE>
See Notes to Financial Statements.
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1999
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
----------------------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
------------ ------------ ----------- ------------ ------------
<S> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ........................ $ 2,106,920 $ 30,380,505 $ 1,205,890 $ 14,807,969 $ 2,571,027
Issued as reinvestment of
dividends ................. 79,742 351,589 10,601 115,866 43,931
Redeemed .................... (1,104,305) (27,576,886) (1,012,098) (12,817,302) (1,897,254)
------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ..... $ 1,082,357 $ 3,155,208 $ 204,393 $ 2,106,533 $ 717,704
============ ============ =========== ============ ============
Class B Shares:
Sold ........................ $ 4,553,570 $ 6,654,765 $ 68,173 $ 9,678,927 $ 216,428
Issued as reinvestment of
dividends ................. 16,294 37,461 243 17,266 24,024
Redeemed .................... (2,537,834) (3,405,104) (36,036) (5,773,683) (215,853)
------------ ------------ ----------- ------------ ------------
Net increase ................ $ 2,032,030 $ 3,287,122 $ 32,380 $ 3,922,510 $ 24,599
============ ============ =========== ============ ============
Class C Shares:
Sold ........................ $ 718,929 $ 2,174,048 $ 112,666 $ 2,089,267 $ 355,873
Issued as reinvestment ...... 2,201 3,281 92 10,851 2,926
Redeemed .................... (334,167) (1,625,038) (60,027) (957,328) (318,474)
------------ ------------ ----------- ------------ ------------
Net increase ................ $ 386,963 $ 552,291 $ 52,731 $ 1,142,790 $ 40,325
============ ============ =========== ============ ============
Class K Shares:
Sold ........................ $ 20,031,702 $ 57,610,345 $ 8,061 $ 37,500,971 $ 22,921,774
Issued as reinvestment ...... 4,085 17,103 -- 2,136 --
Redeemed .................... (9,916,860) (65,154,484) (61,468) (36,412,746) (13,308,593)
------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ..... $ 10,118,927 $ (7,527,036) $ (53,407) $ 1,090,361 $ 9,613,181
============ ============ =========== ============ ============
Class Y Shares:
Sold ........................ $ 32,488,800 $ 47,989,563 $ 2,744,051 $ 14,132,700 $ 763,455
Issued as reinvestment ...... 93,684 193,082 677,932 48,621 27,277
Redeemed .................... (45,622,326) (76,840,541) (2,314,793) (9,249,989) (237,032)
------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ..... $(13,039,842) $(28,657,896) $ 1,107,190 $ 4,931,332 $ 553,700
============ ============ =========== ============ ============
<FN>
- ----------------
(a) The Munder Tax-Free Short-Intermediate Bond Fund Class C Shares commenced
operations on July 8, 1998.
</TABLE>
See Notes to Financial Statements.
<TABLE>
<CAPTION>
- --------------------------------------
Munder Munder
Tax-Free Tax-Free Short-
Bond Intermediate
Fund Bond Fund(a)
------------ ------------
<S> <C>
$ 3,419,758 $ 4,563,388
74,814 156,463
(3,492,813) (5,542,370)
------------ ------------
$ 1,759 $ (822,519)
============ ============
$ 1,271,532 $ 2,012,200
4,047 3,282
(940,850) (1,160,121)
------------ ------------
$ 334,729 $ 855,361
============ ============
$ 436,399 $ 209,573
598 1,132
(53,046) (55,519)
------------ ------------
$ 383,951 155,186
============ ============
$ 19,482,729 $ 33,941,440
2,040 11,048
(27,341,518) (54,284,489)
------------ ------------
$ (7,856,749) $(20,332,001)
============ ============
$ 1,089,291 $ 1,944,090
11,185 3,242
(2,203,609) (4,103,854)
------------ ------------
$ (1,103,133) $ (2,156,522)
============ ============
</TABLE>
See Notes to Financial Statements.
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1999
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
--------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
---------- ---------- -------- ---------- ----------
<S> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ........................ 211,326 3,209,933 120,716 1,462,472 256,138
Issued as reinvestment ...... 8,014 37,056 988 11,306 4,419
Redeemed .................... (110,897) (2,914,147) (101,387) (1,273,651) (189,320)
---------- ---------- -------- ---------- ----------
Net increase/(decrease) ..... 108,443 332,842 20,317 200,127 71,237
========== ========== ======== ========== ==========
Class B Shares:
Sold ........................ 455,010 700,296 6,668 933,231 21,223
Issued as reinvestment ...... 1,638 3,973 22 1,687 2,394
Redeemed .................... (253,626) (358,948) (3,519) (560,693) (21,374)
---------- ---------- -------- ---------- ----------
Net increase ................ 203,022 345,321 3,171 374,225 2,243
========== ========== ======== ========== ==========
Class C Shares:
Sold ........................ 71,841 230,747 10,495 201,382 35,318
Issued as reinvestment ...... 223 348 8 1,065 291
Redeemed .................... (33,737) (172,824) (6,077) (93,731) (31,370)
---------- ---------- -------- ---------- ----------
Net increase ................ 38,327 58,271 4,426 108,716 4,239
========== ========== ======== ========== ==========
Class K Shares:
Sold ........................ 2,011,523 6,061,011 759 3,616,886 2,272,829
Issued as reinvestment ...... 409 1,801 -- 207 --
Redeemed .................... (992,995) (6,849,313) (5,962) (3,514,490) (1,335,639)
---------- ---------- -------- ---------- ----------
Net increase/(decrease) ..... 1,018,937 (786,501) (5,203) 102,603 937,190
========== ========== ======== ========== ==========
Class Y Shares:
Sold ........................ 3,257,465 5,048,703 258,271 1,362,880 78,010
Issued as reinvestment of
dividends ................. 9,354 20,328 63,149 4,707 2,719
Redeemed .................... (4,555,297) (8,067,135) (230,301) (883,177) (23,872)
---------- ---------- -------- ---------- ----------
Net increase/(decrease) ..... (1,288,478) (2,998,104) 91,119 484,410 56,857
========== ========== ======== ========== ==========
<FN>
- ----------------
(a) The Munder Tax-Free Short-Intermediate Bond Fund Class C Shares commenced
operations on July 8, 1998.
</TABLE>
See Notes to Financial Statements.
<TABLE>
<CAPTION>
- -------------------------------------
Munder Munder
Tax-Free Tax-Free Short
Bond Intermediate
Fund Bond Fund(a)
---------- ----------
<S> <C>
326,184 436,147
7,121 14,921
(334,187) (525,554)
---------- ----------
(882) (74,486)
========== ==========
119,587 191,087
388 316
(89,391) (110,000)
---------- ----------
30,584 81,403
========== ==========
42,972 19,998
59 109
(5,081) (5,311)
---------- ----------
37,950 14,796
========== ==========
1,845,545 3,238,883
195 1,054
(2,573,738) (5,175,469)
---------- ----------
(727,998) (1,935,532)
========== ==========
104,036 185,468
1,062 309
(207,087) (391,669)
---------- ----------
(101,989) (205,892)
========== ==========
</TABLE>
See Notes to Financial Statements.
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1999
(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 ........................ $ 1,710,077,835 $ 917,191,375 $ 103,127,008 $ 89,754,036
Issued as reinvestment of
dividends ................. 5,274,720 508,498 1,764,646 451,318
Redeemed .................... (1,713,306,686) (914,984,566) (109,055,855) (71,810,468)
--------------- ------------- ------------- -------------
Net increase/(decrease) ..... $ 2,045,869 $ 2,715,307 $ (4,164,201) $ 18,394,886
=============== ============= ============= =============
Class B Shares:
Sold ........................ $ 36,082,923
Issued as reinvestment of
dividends ................. 129,646
Redeemed .................... (26,737,014)
-------------
Net increase ................ $ 9,475,555
=============
Class C Shares:
Sold ........................ $ 25,710,402
Issued as reinvestment of
dividends ................. 45,751
Redeemed .................... (23,433,206)
-------------
Net increase ................ $ 2,322,947
=============
Class K Shares:
Sold ........................ $ 1,260,967,529 $ 458,825,126 $ 152,551,590
Issued as reinvestment of
dividends ................. 39,799 3,581 3
Redeemed .................... (1,064,142,250) (374,890,515) (172,021,661)
--------------- ------------- -------------
Net increase/(decrease) ..... $ 196,865,078 $ 83,938,192 $ (19,470,068)
=============== ============= =============
Class Y Shares:
Sold ........................ $ 698,641,835 $ 516,444,454 $ 66,759,446 $ 88,111,377
Issued as reinvestment of
dividends ................. 175,030 4,590,787 27,537 313,446
Redeemed .................... (668,110,865) (450,337,473) (65,394,555) (91,894,375)
--------------- ------------- ------------- -------------
Net increase/(decrease) ..... $ 30,706,000 $ 70,697,768 $ 1,392,428 $ (3,469,552)
=============== ============= ============= =============
</TABLE>
See Notes to Financial Statements.
The Munder Funds
Statements of Changes -- Capital Stock Activity, Year Ended June 30, 1998
<TABLE>
<CAPTION>
EQUITY FUNDS
---------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & Munder International Micro-Cap Multi-Season
Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund
------------ ------------ ------------- ------------ ----------- -------------
<S> <C> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ........................ $ 465,440 $ 52,339,094 $ 174,197,902 $ 15,657,100 $13,663,946 $ 125,767,920
Issued as reinvestment of
dividends ................. 42,874 550,030 4,221,414 197,002 137,190 658,823
Redeemed .................... (68,251) (47,397,895) (84,944,338) (16,030,469) (2,915,198) (114,776,213)
------------ ------------ ------------- ------------ ----------- -------------
Net increase/(decrease) ..... $ 440,063 $ 5,491,229 $ 93,474,978 $ (176,367) $10,885,938 $ 11,650,530
============ ============ ============= ============ =========== =============
Class B Shares
Sold ........................ $ 509,380 $ 1,136,459 $ 60,486,745 $ 305,470 $16,787,807 $ 12,159,704
Issued as reinvestment of
dividends ................. 4,555 52,424 2,819,935 20,842 127,415 1,685,590
Redeemed .................... (81,760) (166,804) (8,031,251) (304,442) (992,326) (11,713,946)
------------ ------------ ------------- ------------ ----------- -------------
Net increase ................ $ 432,175 $ 1,022,079 $ 55,275,429 $ 21,870 $15,922,896 $ 2,131,348
============ ============ ============= ============ =========== =============
Class C Shares:
Sold ........................ $ 67,088 $ 9,979,727 $ -- $ 26,112,696 $10,789,550 $ 5,465,341
Issued as reinvestment of
dividends ................. 2,435 13,871 -- 1,467 76,181 27,187
Redeemed .................... (30,338) (8,991,020) -- (26,507,448) (3,260,563) (2,205,273)
------------ ------------ ------------- ------------ ----------- -------------
Net increase/(decrease) ..... $ 39,185 $ 1,002,578 $ -- $ (393,285) $ 7,605,168 $ 3,287,255
============ ============ ============= ============ =========== =============
Class K Shares:
Sold ........................ $ 36,238,336 $ 37,934,509 $ 123,539,189 $ 19,678,745 $ 3,286,508 $ 50,186,632
Issued as reinvestment of
dividends ................. -- 791 26,046 4,812 1,933 89,260
Redeemed .................... (10,879,692) (40,534,859) (34,901,321) (43,728,903) (543,755) (57,954,438)
------------ ------------ ------------- ------------ ----------- -------------
Net increase/(decrease) ..... $ 25,358,644 $ (2,599,559) $ 88,663,914 $(24,045,346) $ 2,744,686 $ (7,678,546)
============ ============ ============= ============ =========== =============
Class Y Shares:
Sold ........................ $ 17,891,800 $ 41,828,650 $ 88,239,520 $ 37,273,610 $13,665,453 $ 192,274,534
Issued as reinvestment of
dividends ................. 20,638 93,667 705,826 234,936 246,160 1,713,798
Redeemed .................... (44,401,030) (37,931,645) (158,496,032) (40,102,733) (1,756,540) (84,529,948)
------------ ------------ ------------- ------------ ----------- -------------
Net increase/(decrease) ..... $(26,488,592) $ 3,990,672 $ (69,550,686) $ (2,594,187) $12,155,073 $ 109,458,384
============ ============ ============= ============ =========== =============
</TABLE>
See Notes to Financial Statements.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- ------------- ------------- ------------- ----------- ---------- -----------
<S> <C> <C> <C> <C> <C> <C>
$ 3,008,839 $ 141,413,374 $ 851,622,256 $ 182,928,935 $ 725,997 $4,670,335 $ 551,489
79,679 94,875 1,616,927 148,415 15,685 -- 5,750
(363,705) (137,207,459) (851,401,150) (180,305,961) (411,367) (319,619) (136,500)
----------- ------------- ------------- ------------- ----------- ---------- -----------
$ 2,724,813 $ 4,300,790 $ 1,838,033 $ 2,771,389 $ 330,315 $4,350,716 $ 420,739
=========== ============= ============= ============= =========== ========== ===========
$ 3,140,780 $ 2,934,233 $ 12,987,682 $ 1,975,392 $ 731,828 $8,010,359 $ 446,549
74,933 21,465 384,944 19,472 3,531 -- 185
(931,464) (173,324) (3,881,725) (837,371) (150,385) (276,666) (4,636)
----------- ------------- ------------- ------------- ----------- ---------- -----------
$ 2,284,249 $ 2,782,374 $ 9,490,901 $ 1,157,493 $ 584,974 $7,733,693 $ 442,098
=========== ============= ============= ============= =========== ========== ===========
$ 1,122,807 $ 2,449,191 $ 19,422,073 $ 3,033,439 $ 357,347 $3,413,905 $ 3,196,011
13,557 17,092 217,318 17,693 498 -- 20
(132,785) (748,477) (15,301,183) (2,507,546) (224,202) (185,681) (3,112,795)
----------- ------------- ------------- ------------- ----------- ---------- -----------
$ 1,003,579 $ 1,717,806 $ 4,338,208 $ 543,586 $ 133,643 $3,228,224 $ 83,236
=========== ============= ============= ============= =========== ========== ===========
$ 699,056 $ 42,055,711 $ 258,655,493 $ 7,292,813 $48,204,012 $ 37,061 $ 2,491,379
-- 610 385,586 364 15 -- --
(81,437) (18,721,032) (240,034,216) (2,198,807) (7,925,259) -- (1,554,652)
----------- ------------- ------------- ------------- ----------- ---------- -----------
$ 617,619 $ 23,335,289 $ 19,006,863 $ 5,094,370 $40,278,768 $ 37,061 $ 936,727
=========== ============= ============= ============= =========== ========== ===========
$40,212,699 $ 95,281,559 $ 182,007,606 $ 102,254,412 $19,650,219 $3,416,348 $42,572,415
541,776 925,440 5,087,805 1,469,009 117,261 -- 96,952
(6,968,483) (48,715,947) (110,796,908) (35,733,609) (4,034,637) (366,694) (4,698,208)
----------- ------------- ------------- ------------- ----------- ---------- -----------
$33,785,992 $ 47,491,052 $ 76,298,503 $ 67,989,812 $15,732,843 $3,049,654 $37,971,159
=========== ============= ============= ============= =========== ========== ===========
</TABLE>
See Notes to Financial Statements.
The Munder Funds
Statements of Changes -- Capital Stock Activity, Year Ended June 30, 1998
(Continued)
<TABLE>
<CAPTION>
EQUITY FUNDS
---------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Munder Growth & Munder International Micro-Cap Multi-Season
Balanced Income Index 500 Equity Equity Growth
Fund Fund Fund Fund Fund Fund
---------- ---------- ---------- ---------- -------- ----------
<S> <C> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ........................ 35,128 3,300,696 7,712,233 1,068,198 783,470 6,081,224
Issued as reinvestment of
dividends ................. 3,375 37,128 199,979 14,938 8,580 35,825
Redeemed .................... (5,256) (2,967,466) (3,750,716) (1,092,860) (169,871) (5,537,783)
---------- ---------- ---------- ---------- -------- ----------
Net increase/(decrease) ..... 33,247 370,358 4,161,496 (9,724) 622,179 579,266
========== ========== ========== ========== ======== ==========
Class B Shares:
Sold ........................ 38,372 73,692 2,696,194 20,825 963,594 634,260
Issued as reinvestment of
dividends ................. 356 3,590 134,247 1,610 8,014 94,589
Redeemed .................... (5,942) (10,728) (354,470) (20,761) (57,721) (604,396)
---------- ---------- ---------- ---------- -------- ----------
Net increase ................ 32,786 66,554 2,475,971 1,674 913,887 124,453
========== ========== ========== ========== ======== ==========
Class C Shares:
Sold ........................ 5,032 645,741 -- 1,737,363 618,833 278,253
Issued as reinvestment of
dividends ................. 193 935 -- 110 4,788 1,524
Redeemed .................... (2,315) (582,962) -- (1,753,702) (190,515) (111,422)
---------- ---------- ---------- ---------- -------- ----------
Net increase/(decrease) ..... 2,910 63,714 -- (16,229) 433,106 168,355
========== ========== ========== ========== ======== ==========
Class K Shares:
Sold ........................ 2,660,260 2,399,900 5,527,348 1,372,285 194,137 2,532,388
Issued as reinvestment of
dividends ................. -- 53 1,239 369 121 4,859
Redeemed .................... (812,753) (2,511,129) (1,553,772) (2,942,441) (30,301) (2,862,299)
---------- ---------- ---------- ---------- -------- ----------
Net increase/(decrease) ..... 1,847,507 (111,176) 3,974,815 (1,569,787) 163,957 (325,052)
========== ========== ========== ========== ======== ==========
Class Y Shares:
Sold ........................ 1,351,069 2,641,745 3,994,223 2,573,626 810,899 9,751,713
Issued as reinvestment of
dividends ................. 1,626 6,391 33,540 17,653 15,366 92,338
Redeemed .................... (3,253,921) (2,368,783) (7,060,235) (2,658,666) (104,360) (4,201,175)
---------- ---------- ---------- ---------- -------- ----------
Net increase/(decrease) ..... (1,901,226) 279,353 (3,032,472) (67,387) 721,905 5,642,876
========== ========== ========== ========== ======== ==========
</TABLE>
See Notes to Financial Statements.
<TABLE>
<CAPTION>
- -----------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
Real Estate Munder Small Framlington Munder Framlington
Equity Small-Cap Company Munder Emerging Framlington International
Investment Value Growth Value Markets Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
--------- ---------- ----------- ----------- --------- ------- ---------
<S> <C> <C> <C> <C> <C> <C>
193,510 9,885,606 38,939,088 11,436,014 65,933 389,454 48,119
5,166 7,030 85,371 10,894 1,497 -- 576
(23,295) (9,534,652) (38,516,138) (11,204,399) (38,259) (28,756) (11,602)
--------- ---------- ----------- ----------- --------- ------- ---------
175,381 357,984 508,321 245,509 29,171 360,698 37,093
========= ========== =========== =========== ========= ======= =========
201,381 207,462 634,390 127,593 59,988 665,972 38,978
4,841 1,630 21,081 1,425 333 -- 19
(60,244) (11,995) (196,447) (52,811) (13,539) (22,987) (400)
--------- ---------- ----------- ----------- --------- ------- ---------
145,978 197,097 459,024 76,207 46,782 642,985 38,597
========= ========== =========== =========== ========= ======= =========
71,494 170,434 864,580 189,854 32,857 289,644 309,736
875 1,284 11,715 1,232 47 -- 2
(8,477) (51,868) (658,060) (155,615) (20,000) (15,939) (298,660)
--------- ---------- ----------- ----------- --------- ------- ---------
63,892 119,850 218,235 35,471 12,904 273,705 11,078
========= ========== =========== =========== ========= ======= =========
45,991 2,985,358 11,225,265 484,866 3,932,077 2,916 230,623
-- 47 20,358 25 1 -- --
(5,293) (1,258,817) (10,302,528) (142,618) (737,301) -- (136,071)
--------- ---------- ----------- ----------- --------- ------- ---------
40,698 1,726,588 943,095 342,273 3,194,777 2,916 94,552
========= ========== =========== =========== ========= ======= =========
2,604,804 6,789,601 8,089,789 6,579,214 1,600,701 300,623 3,728,279
35,106 68,847 264,990 99,537 11,233 -- 9,641
(461,761) (3,377,343) (5,027,722) (2,215,981) (392,540) (31,075) (425,626)
--------- ---------- ----------- ----------- --------- ------- ---------
2,178,149 3,481,105 3,327,057 4,462,770 1,219,394 269,548 3,312,294
========= ========== =========== =========== ========= ======= =========
</TABLE>
See Notes to Financial Statements.
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1998
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
------------ ------------ ----------- ------------ -----------
<S> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ........................ $ 954,099 $ 35,518,363 $ 20,223 $ 4,536,840 $ 1,586,012
Issued as reinvestment of
dividends ................. 44,875 306,750 3,852 101,920 17,093
Redeemed .................... (324,762) (34,623,151) (29,371) (3,316,035) (314,710)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) ..... $ 674,212 $ 1,201,962 $ (5,296) $ 1,322,725 $ 1,288,395
============ ============ =========== ============ ===========
Class B Shares:
Sold ........................ $ 929,598 $ 635,955 $ 91,959 $ 3,178,214 $ 292,659
Issued as reinvestment of
dividends ................. 2,530 8,823 111 1,375 11,786
Redeemed .................... (831,391) (519,582) (5,628) (3,847,302) (3,046)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) ..... $ 100,737 $ 125,196 $ 86,442 $ (667,713) $ 301,399
============ ============ =========== ============ ===========
Class C Shares:
Sold ........................ $ 646,994 $ 2,201,476 $ 31,759 $ 197,028 $ 24,993
Issued as reinvestment of
dividends ................. 218 4,450 -- 964 --
Redeemed .................... (632,125) (2,206,798) -- (107,854) (41,402)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) ..... $ 15,087 $ (872) $ 31,759 $ 90,138 $ (16,409)
============ ============ =========== ============ ===========
Class K Shares:
Sold ........................ $ 14,348,224 $ 80,068,663 $ 43,020 $ 47,245,732 $16,968,229
Issued as reinvestment of
dividends ................. -- 24,387 -- 2,615 --
Redeemed .................... (7,687,973) (55,747,168) (66,255) (27,787,122) (4,701,227)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) ..... $ 6,660,251 $ 24,345,882 $ (23,235) $ 19,461,225 $12,267,002
============ ============ =========== ============ ===========
Class Y Shares:
Sold ........................ $135,969,213 $100,224,429 $ 4,116,120 $ 16,769,629 $ 576,221
Issued as reinvestment of
dividends ................. 81,944 146,626 491,207 46,332 9,477
Redeemed .................... (34,778,888) (38,381,770) (5,752,298) (2,765,135) (253,456)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) ..... $101,272,269 $ 61,989,285 $(1,144,971) $ 14,050,826 $ 332,242
============ ============ =========== ============ ===========
<FN>
- ----------------
(a) The Munder Tax-Free Bond Fund Class C Shares commenced operations on July
7, 1997.
</TABLE>
See Notes to Financial Statements.
<TABLE>
<CAPTION>
- --------------------------------------
Munder Munder
Tax-Free Tax-Free Short-
Bond Intermediate
Fund(a) Bond Fund
------------ ------------
<S> <C>
$ 3,614,014 $ 4,811,740
46,628 166,779
(3,711,909) (4,668,700)
------------ ------------
$ (51,267) $ 309,819
============ ============
$ 246,154 $ 191,439
59 264
(1,000) --
------------ ------------
$ 245,213 $ 191,703
============ ============
$ 40,861 $ --
-- --
-- --
------------ ------------
$ 40,861 $ --
============ ============
$ 23,208,945 $ 45,773,724
821 11,065
(23,412,116) (35,071,716)
------------ ------------
$ (202,350) $ 10,713,073
============ ============
$ 837,177 $ 3,988,232
3,985 1,632
(744,413) (2,115,158)
------------ ------------
$ 96,749 $ 1,874,706
============ ============
</TABLE>
See Notes to Financial Statements.
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1998
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
-------------------------------------------------------------------------
Munder Munder Munder U.S. Munder
Munder Intermediate International Government Michigan
Bond Bond Bond Income Tax-Free
Fund Fund Fund Fund Bond Fund
---------- ---------- -------- ---------- ---------
<S> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ........................ 96,300 3,750,114 2,097 440,195 159,016
Issued as reinvestment of
dividends ................. 4,562 32,465 401 9,916 1,718
Redeemed .................... (33,162) (3,659,805) (3,049) (321,399) (31,820)
---------- ---------- -------- ---------- ---------
Net increase/(decrease) ..... 67,700 122,774 (551) 128,712 128,914
========== ========== ======== ========== =========
Class B Shares:
Sold ........................ 93,817 67,247 9,526 308,147 29,315
Issued as reinvestment of
dividends ................. 257 935 12 134 1,185
Redeemed .................... (83,938) (54,915) (579) (373,051) (307)
---------- ---------- -------- ---------- ---------
Net increase/(decrease) ..... 10,136 13,267 8,959 (64,770) 30,193
========== ========== ======== ========== =========
Class C Shares
Sold ........................ 65,083 233,511 3,235 19,096 2,500
Issued as reinvestment of
dividends ................. 22 470 -- 94 --
Redeemed .................... (63,450) (232,883) -- (10,463) (4,067)
---------- ---------- -------- ---------- ---------
Net increase/(decrease) ..... 1,655 1,098 3,235 8,727 (1,567)
========== ========== ======== ========== =========
Class K Shares:
Sold ........................ 1,456,896 8,464,953 4,445 4,581,485 1,705,070
Issued as reinvestment of
dividends ................. -- 2,585 -- 254 --
Redeemed .................... (779,936) (5,887,836) (6,880) (2,691,211) (473,464)
---------- ---------- -------- ---------- ---------
Net increase/(decrease) ..... 676,960 2,579,702 (2,435) 1,890,528 1,231,606
========== ========== ======== ========== =========
Class Y Shares
Sold ........................ 13,821,217 10,591,114 423,302 1,627,028 57,300
Issued as reinvestment of
dividends ................. 8,318 15,507 50,974 4,506 952
Redeemed .................... (3,523,204) (4,056,301) (584,840) (268,382) (25,401)
---------- ---------- -------- ---------- ---------
Net increase/(decrease) ..... 10,306,331 6,550,320 (110,564) 1,363,152 32,851
========== ========== ======== ========== =========
<FN>
- ----------------
(a) The Munder Tax Free Bond Fund Class C commenced operations on July 7,
1997.
</TABLE>
See Notes to Financial Statements.
<TABLE>
<CAPTION>
Munder Munder
Tax-Free Tax-Free Short-
Bond Intermediate
Fund(a) Bond Fund
---------- ----------
<S> <C>
336,093 457,922
4,348 15,922
(343,395) (443,962)
---------- ----------
(2,954) 29,882
========== ==========
22,812 18,270
5 25
(93) --
---------- ----------
22,724 18,295
========== ==========
3,850 --
-- --
-- --
---------- ----------
3,850 --
========== ==========
2,156,931 4,356,995
76 1,056
(2,177,117) (3,340,840)
---------- ----------
(20,110) 1,017,211
========== ==========
78,211 380,413
372 156
(69,922) (201,750)
---------- ----------
8,661 178,819
========== ==========
</TABLE>
See Notes to Financial Statements.
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1998
(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 ........................ $ 1,529,521,817 $ 632,100,591 $ 177,864,977 $ 38,374,572
Issued as reinvestment of
dividends ................. 4,882,857 321,576 1,747,092 329,790
Redeemed .................... (1,496,937,144) (621,328,822) (112,826,402) (35,379,174)
--------------- ------------- ------------- -------------
Net increase ................ $ 37,467,530 $ 11,093,345 $ 66,785,667 $ 3,325,188
=============== ============= ============= =============
Class B Shares:
Sold ........................ $ 16,765,810
Issued as reinvestment of
dividends ................. 16,857
Redeemed .................... (16,576,223)
-------------
Net increase ................ $ 206,444
=============
Class C Shares:
Sold ........................ $ 54,403,515
Issued as reinvestment of
dividends ................. 46,154
Redeemed .................... (56,204,006)
-------------
Net decrease ................ $ (1,754,337)
=============
Class K Shares:
Sold ........................ $ 1,296,422,618 $ 398,274,187 $ 157,006,524
Issued as reinvestment of
dividends ................. 165,621 6,260 3,336
Redeemed .................... (1,223,603,039) (419,467,191) (157,650,371)
--------------- ------------- -------------
Net increase/(decrease) ..... $ 72,985,200 $ (21,186,744) $ (640,511)
=============== ============= =============
Class Y Shares:
Sold ........................ $ 659,461,802 $ 481,224,890 $ 119,848,786 $ 112,737,894
Issued as reinvestment of
dividends ................. 131,983 4,772,056 4,192 15,454
Redeemed .................... (611,601,060) (541,927,731) (122,405,360) (308,854,622)
--------------- ------------- ------------- -------------
Net increase/(decrease) ..... $ 47,992,725 $ (55,930,785) $ (2,552,382) $(196,101,274)
=============== ============= ============= =============
</TABLE>
See Notes to Financial Statements.
Munder Balanced Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------------------------
Year Year Year Year Period Year
Ended Ended Ended Ended Ended Ended
6/30/99(f) 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
---------- ------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 13.49 $ 13.03 $12.37 $10.78 $ 9.97 $10.35
------- ------- ------ ------ ------ ------
Income from investment operations:
Net investment income .............. 0.22 0.31 0.29 0.27 0.07 0.21
Net realized and unrealized
gain/(loss) on investments ....... 1.02 1.64 1.30 1.57 0.86 (0.42)
------- ------- ------ ------ ------ ------
Total from investment operations ... 1.24 1.95 1.59 1.84 0.93 (0.21)
------- ------- ------ ------ ------ ------
Less distributions:
Dividends from net investment income (0.23) (0.32) (0.27) (0.25) (0.12) (0.17)
Distributions from net realized
gains ............................ (1.52) (1.17) (0.66) -- -- --
------- ------- ------ ------ ------ ------
Total distributions ................ (1.75) (1.49) (0.93) (0.25) (0.12) (0.17)
------- ------- ------ ------ ------ ------
Net asset value, end of period ..... $ 12.98 $ 13.49 $13.03 $12.37 $10.78 $ 9.97
======= ======= ====== ====== ====== ======
Total return (b) ................... 10.83% 15.86% 13.64% 17.17% 9.33% (1.95)%
======= ======= ====== ====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $27,206 $31,748 $6,588 $1,718 $ 168 $ 151
Ratio of operating expenses to
average net assets ............... 1.22% 1.17% 1.22% 1.15% 1.16%(c) 1.22%
Ratio of net investment income to
average net assets ............... 1.78% 2.41% 2.30% 2.29% 2.51%(c) 1.89%
Portfolio turnover rate ............ 116% 79% 125% 197% 52% 116%
Ratio of operating expenses to
average net assets without waivers 1.22% 1.17% 1.22% 1.26% 1.51%(c) 1.57%
<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) Per share numbers have been calculated using the average shares method.
</TABLE>
See Notes to Financial Statements.
Munder Growth & Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------------------------
Year Year Year Year Period Period
Ended Ended Ended Ended Ended Ended
6/30/99 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
------- ------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 15.64 $ 15.23 $ 13.05 $ 11.14 $ 10.43 $ 10.00
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income .............. 0.21 0.28 0.32 0.32 0.11 0.22
Net realized and unrealized gain on
investments ...................... 0.72 2.97 3.14 1.99 0.78 0.36
-------- -------- -------- -------- -------- --------
Total from investment operations ... 0.93 3.25 3.46 2.31 0.89 0.58
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income (0.18) (0.28) (0.32) (0.31) (0.18) (0.15)
Distributions from net realized
gains ............................ (1.39) (2.56) (0.96) (0.09) -- (0.00)(g)
-------- -------- -------- -------- -------- --------
Total distributions ................ (1.57) (2.84) (1.28) (0.40) (0.18) (0.15)
-------- -------- -------- -------- -------- --------
Net asset value, end of period ..... $ 15.00 $ 15.64 $ 15.23 $ 13.05 $ 11.14 $ 10.43
======== ======== ======== ======== ======== ========
Total return (b) ................... 6.95% 23.00% 28.12% 20.97% 8.57% 5.94%
======== ======== ======== ======== ======== ========
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $205,364 $216,387 $212,415 $192,592 $132,583 $105,629
Ratio of operating expenses to
average net assets ............... 1.21% 1.19% 1.20% 1.21% 1.09%(c) 0.53%(c)
Ratio of net investment income to
average net assets ............... 1.45% 1.78% 2.28% 2.56% 3.33%(c) 4.72%(c)
Portfolio turnover rate ............ 50% 73% 62% 37% 13% 12%
Ratio of operating expenses to
average net assets without waivers 1.21% 1.19% 1.20% 1.28% 15.51%(c) 1.53%(c)
<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.
(g) Amount represents less than $0.01 per share.
</TABLE>
See Notes to Financial Statements.
Munder Index 500 Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
----------------------------------------------------------------------------------
Year Year Year Year Period Year
Ended Ended Ended Ended Ended Ended
6/30/99 6/30/98 6/30/97 6/30/96(d) 6/30/95(e) 2/28/95(d,f)
------- ------- ------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 24.44 $ 20.94 $ 16.16 $ 13.80 $12.40 $12.06
-------- -------- ------- ------- ------ ------
Income from investment operations:
Net investment income .............. 0.22 0.28 0.31 0.33 0.10 0.30
Net realized and unrealized gain on
investments ...................... 5.09 5.48 5.04 3.07 1.44 0.50
-------- -------- ------- ------- ------ ------
Total from investment operations ... 5.31 5.76 5.35 3.40 1.54 0.80
-------- -------- ------- ------- ------ ------
Less distributions:
Dividends from net investment income (0.22) (0.27) (0.30) (0.32) (0.14) (0.29)
Distributions from net realized
gains ............................ (0.24) (1.99) (0.27) (0.72) -- (0.17)
-------- -------- ------- ------- ------ ------
Total distributions ................ (0.46) (2.26) (0.57) (1.04) (0.14) (0.46)
-------- -------- ------- ------- ------ ------
Net asset value, end of period ..... $ 29.29 $ 24.44 $ 20.94 $ 16.16 $13.80 $12.40
======== ======== ======= ======= ====== ======
Total return (b) ................... 21.99% 29.42% 33.79% 25.37% 12.49% 6.90%
======== ======== ======= ======= ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $272,450 $168,639 $61,254 $17,068 $2,778 $1,746
Ratio of operating expenses to
average net assets ............... 0.55% 0.53% 0.54% 0.51% 0.50%(c) 0.50%
Ratio of net investment income to
average net assets ............... 0.96% 1.23% 1.76% 2.13% 2.41%(c) 2.49%
Portfolio turnover rate ............ 6% 8% 11% 8% 6% 7%
Ratio of operating expenses to
average net assets without waivers 0.60% 0.60% 0.64% 0.69% 0.63%(c) 0.64%
<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.
(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.
</TABLE>
See Notes to Financial Statements.
Munder International Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
----------------------------------------------------------------------------------
Year Year Year Year Period Year
Ended Ended Ended Ended Ended Ended
6/30/99(f) 6/30/98 6/30/97(d) 6/30/96(d) 6/30/95(e) 2/28/95(d,f)
---------- ------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 15.03 $ 15.74 $ 15.08 $ 13.42 $ 12.28 $ 13.68
-------- -------- -------- -------- ------- -------
Income from investment operations:
Net investment income .............. 0.16 0.16 0.14 0.15 0.11 0.17
Net realized and unrealized
gain/(loss) on investments ....... 1.43 0.32 2.31 1.63 1.03 (1.48)
-------- -------- -------- -------- ------- -------
Total from investment operations ... 1.59 0.48 2.45 1.78 1.14 (1.31)
-------- -------- -------- -------- ------- -------
Less distributions:
Dividends from net investment income (0.17) (0.19) (0.20) (0.12) -- (0.03)
Distributions from net realized
gains ............................ (0.23) (1.00) (1.59) -- -- --
Distributions from capital ......... -- -- -- -- -- (0.06)
-------- -------- -------- -------- ------- -------
Total distributions ................ (0.40) (1.19) (1.79) (0.12) -- (0.09)
-------- -------- -------- -------- ------- -------
Net asset value, end of period ..... $ 16.22 $ 15.03 $ 15.74 $ 15.08 $ 13.42 $ 12.28
======== ======== ======== ======== ======= =======
Total return (b) ................... 10.94% 4.24% 18.09% 13.29% 9.28% (9.68)%
======== ======== ======== ======== ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $106,106 $105,916 $135,593 $116,053 $73,168 $63,159
Ratio of operating expenses to
average net assets ............... 1.29% 1.25% 1.26% 1.26% 1.21%(c) 1.18%
Ratio of net investment income to
average net assets ............... 1.09% 1.03% 0.98% 1.07% 2.57%(c) 1.31%
Portfolio turnover rate ............ 23% 41% 46% 75% 14% 20%
Ratio of operating expenses to
average net assets without waivers 1.29% 1.25% 1.26% 1.33% 1.46%(c) 1.43%
<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.
(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.
</TABLE>
See Notes to Financial Statements.
Munder Micro-Cap Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
--------------------------------------
Year Year Period
Ended Ended Ended
6/30/99(d) 6/30/98(d) 6/30/97(d)
---------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period $17.00 $12.82 $10.12
------ ------ ------
Income from investment operations:
Net investment loss ................ (0.18) (0.17) (0.05)
Net realized and unrealized gain on
investments ...................... 1.63 4.99 2.75
------ ------ ------
Total from investment operations ... 1.45 4.82 2.70
------ ------ ------
Less distributions:
Distributions from net realized
gains ............................ (0.30) (0.64) --
------ ------ ------
Total distributions ................ (0.30) (0.64) --
------ ------ ------
Net asset value, end of period ..... $18.15 $17.00 $12.82
====== ====== ======
Total return (b) ................... 9.04% 37.90% 26.68%
====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $2,740 $3,050 $ 199
Ratio of operating expenses to
average net assets ............... 1.53% 1.53% 1.50%(c)
Ratio of net investment loss to
average net assets ............... (1.21)% (0.98)% (0.88)%(c)
Portfolio turnover rate ............ 184% 172% 68%
Ratio of operating expenses to
average net assets without
expenses reimbursed .............. 1.64% 1.78% 7.90%(c)
<FN>
- ----------------
(a) The Munder Micro-Cap Equity Class K Shares commenced operations on
December 31, 1996.
(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.
</TABLE>
See Notes to Financial Statements.
Munder Multi-Season Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------------
Year Year Year Year Period
Ended Ended Ended Ended Ended
6/30/99 6/30/98(e) 6/30/97(e) 6/30/96(e) 6/30/95(d,f)
------- ---------- ---------- ---------- ------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 21.42 $ 18.00 $ 14.83 $ 12.02 $ 12.20
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income/(loss) ....... (0.02) 0.00(g) 0.04 0.06 0.00(g)
Net realized and unrealized
gain/(loss) on investments ....... 2.22 4.35 3.89 3.20 (0.18)
-------- -------- -------- -------- --------
Total from investment operations ... 2.20 4.35 3.93 3.26 (0.18)
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income -- (0.01) (0.01) (0.05) --
Distributions from net realized
gains ............................ (1.58) (0.92) (0.75) (0.40) --
-------- -------- -------- -------- --------
Total distributions ................ (1.58) (0.93) (0.76) (0.45) --
-------- -------- -------- -------- --------
Net asset value, end of period ..... $ 22.04 $ 21.42 $ 18.00 $ 14.83 $ 12.02
======== ======== ======== ======== ========
Total return (b) ................... 11.40% 25.05% 27.55% 27.56% (1.48)%
======== ======== ======== ======== ========
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $327,355 $275,378 $237,330 $140,833 $104,767
Ratio of operating expenses to
average net assets ............... 1.22% 1.21% 1.25% 1.26% 1.20%(c)
Ratio of net investment income to
average net assets ............... (0.09)% 0.00%(g) 0.25% 0.44% 0.28%(c)
Portfolio turnover rate ............ 53% 34% 33% 54% 27%
Ratio of operating expenses to
average net assets without waivers 1.39% 1.39% 1.50% 1.51% 1.58%(c)
<FN>
- ----------------
(a) The Munder Multi-Season Growth Fund Class K Shares commenced operations
on June 23, 1995.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) Per share numbers have been calculated using the average shares method.
(f) On June 23, 1995, the Munder Multi-Season Growth Fund acquired the assets
and certain liabilities of the Ambassador Established Company Growth
Fund.
(g) Amount represents less than 0.01.
</TABLE>
See Notes to Financial Statements.
Munder Real Estate Equity Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
-----------------------------------
Year Year Period
Ended Ended Ended
6/30/99(d) 6/30/98(d) 6/30/97
---------- ---------- -------
<S> <C> <C> <C>
Net asset value, beginning of period $14.94 $14.40 $12.07
------ ------ ------
Income from investment operations:
Net investment income .............. 0.58 0.69 0.40
Net realized and unrealized
gain/(loss) on investments ....... (1.64) 0.61 2.38
------ ------ ------
Total from investment operations ... (1.06) 1.30 2.78
------ ------ ------
Less distributions:
Dividends from net investment income (0.61) (0.62) (0.41)
Distributions in excess of net
investment income ................ -- -- (0.01)
Distributions from net realized
gains. ........................... (0.39) (0.14) --
Distributions from capital ......... (0.10) -- (0.03)
------ ------ ------
Total distributions ................ (1.10) (0.76) (0.45)
------ ------ ------
Net asset value, end of period ..... $12.78 $14.94 $14.40
====== ====== ======
Total return (b) ................... (6.66)% 8.92% 23.11%
====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $2,277 $2,145 $1,481
Ratio of operating expenses to
average net assets ............... 1.27% 1.28% 1.35%(c)
Ratio of net investment income to
average net assets ............... 4.50% 4.15% 3.80%(c)
Portfolio turnover rate ............ 22% 15% 15%
Ratio of operating expenses to
average net assets without waivers 1.27% 1.28% 1.38%(c)
<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) Per share numbers have been calculated using the average shares method.
</TABLE>
See Notes to Financial Statements.
Munder Small-Cap Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
-----------------------------------
Year Year Period
Ended Ended Ended
6/30/99(d) 6/30/98(d) 6/30/97
---------- ---------- -------
<S> <C> <C> <C>
Net asset value, beginning of period $ 14.25 $ 12.04 $ 10.08
------- ------- -------
Income from investment operations:
Net investment income .............. 0.05 0.08 0.09
Net realized and unrealized
gain/(loss) on investments ....... (0.85) 2.83 1.91
------- ------- -------
Total from investment operations ... (0.80) 2.91 2.00
------- ------- -------
Less distributions:
Dividends from net investment income (0.06) (0.06) (0.04)
Dividends in excess of net
investment income ................ (0.01) -- --
Distributions from net realized
capital gains .................... (0.27) (0.64) --
------- ------- -------
Total distributions ................ (0.34) (0.70) (0.04)
------- ------- -------
Net asset value, end of period ..... $ 13.11 $ 14.25 $ 12.04
======= ======= =======
Total return (b) ................... (5.33)% 24.53% 19.85%
======= ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $74,472 $84,699 $50,769
Ratio of operating expenses to
average net assets ............... 1.23% 1.27% 1.38%(c)
Ratio of net investment income to
average net assets ............... 0.45% 0.56% 1.93%(c)
Portfolio turnover rate ............ 69% 53% 73%
Ratio of operating expenses to
average net assets without waivers 1.23% 1.27% 1.51%(c)
<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) Per share numbers have been calculated using the average shares method.
</TABLE>
See Notes to Financial Statements.
Munder Small Company Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------------------------
Year Year Year Year Period Year
Ended Ended Ended Ended Ended Ended
6/30/99(f) 6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
---------- ---------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 19.96 $ 21.62 $ 21.08 $ 15.28 $ 13.89 $ 14.37
-------- -------- -------- -------- ------- -------
Income from investment operations:
Net investment loss ................ (0.07) (0.13) (0.12) (0.12) (0.02) (0.04)
Net realized and unrealized
gain/(loss) on investments ....... (2.14) 2.58 3.65 7.16 1.41 (0.42)
-------- -------- -------- -------- ------- -------
Total from investment operations ... (2.21) 2.45 3.53 7.04 1.39 (0.46)
-------- -------- -------- -------- ------- -------
Less distributions:
Distributions from net realized
gains ............................ (1.21) (4.11) (2.99) (1.24) -- (0.02)
-------- -------- -------- -------- ------- -------
Total distributions ................ (1.21) (4.11) (2.99) (1.24) -- (0.02)
-------- -------- -------- -------- ------- -------
Net asset value, end of period ..... $ 16.54 $ 19.96 $ 21.62 $ 21.08 $ 15.28 $ 13.89
======== ======== ======== ======== ======= =======
Total return (b) ................... (10.92)% 12.36% 18.93% 48.28% 10.01% (3.21)%
======== ======== ======== ======== ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $123,341 $159,837 $152,766 $111,669 $52,077 $45,080
Ratio of operating expenses to
average net assets ............... 1.22% 1.20% 1.22% 1.21% 1.21%(c) 1.23%
Ratio of net investment loss to
average net assets ............... (0.44)% (0.57)% (0.62)% (0.66)% (0.41)%(c) (0.40)%
Portfolio turnover rate ............ 108% 123% 98% 98% 39% 45%
Ratio of operating expenses to
average net assets without waivers 1.22% 1.20% 1.22% 1.28% 1.46%(c) 1.48%
<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) Per share numbers have been calculated using the average shares method.
</TABLE>
See Notes to Financial Statements.
Munder Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
----------------------------------------------------
Year Year Year Period
Ended Ended Ended Ended
6/30/99(d) 6/30/98(d) 6/30/97(d) 6/30/96(d)
---------- ---------- ---------- ----------
<S> <C> <C> <C> <C>
Net asset value, beginning of period $ 16.21 $ 13.98 $11.57 $10.83
------- ------- ------ ------
Income from investment operations:
Net investment income .............. 0.07 0.09 0.08 0.05
Net realized and unrealized
gain/(loss) on investments ....... (0.23) 3.38 3.64 0.74
------- ------- ------ ------
Total from investment operations ... (0.16) 3.47 3.72 0.79
------- ------- ------ ------
Less distributions:
Dividends from net investment income (0.04) (0.09) (0.09) (0.05)
Distributions from net realized
gains ............................ (0.55) (1.15) (1.22) --
------- ------- ------ ------
Total distributions ................ (0.59) (1.24) (1.31) (0.05)
------- ------- ------ ------
Net asset value, end of period ..... $ 15.46 $ 16.21 $13.98 $11.57
======= ======= ====== ======
Total return (b) ................... (0.48)% 25.84% 34.37% 7.33%
======= ======= ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $10,487 $14,754 $7,940 $1,018
Ratio of operating expenses to
average net assets ............... 1.23% 1.24% 1.27% 1.20%(c)
Ratio of net investment income to
average net assets ............... 0.51% 0.61% 0.70% 0.64%(c)
Portfolio turnover rate ............ 138% 92% 139% 223%
Ratio of operating expenses to
average net assets without waivers 1.23% 1.24% 1.31% 1.30%(c)
<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) Per share numbers have been calculated using the average shares method.
</TABLE>
See Notes to Financial Statements.
Munder Framlington Emerging Markets Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
--------------------------------------
Year Year Period
Ended Ended Ended
6/30/99(d) 6/30/98(d) 6/30/97(d)
---------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period $ 8.99 $ 12.92 $10.06
------- ------- ------
Income from investment operations:
Net investment income .............. 0.03 0.10 0.05
Net realized and unrealized
gain/(loss) on investments ....... 2.58 (3.72) 2.84
------- ------- ------
Total from investment operations ... 2.61 (3.62) 2.89
------- ------- ------
Less distributions:
Dividends from net investment income -- (0.04) (0.03)
Distributions from net realized
gains ............................ -- (0.05) --
Distributions in excess of net
realized gains ................... -- (0.22) --
------- ------- ------
Total distributions ................ -- (0.31) (0.03)
------- ------- ------
Net asset value, end of period ..... $ 11.60 $ 8.99 $12.92
======= ======= ======
Total return (b) ................... 29.03% (28.34)% 28.69%
======= ======= ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $36,438 $31,790 $4,419
Ratio of operating expenses to
average net assets ............... 1.85% 1.89% 1.79%(c)
Ratio of net investment income to
average net assets ............... 0.39% 0.93% 1.14%(c)
Portfolio turnover rate ............ 159% 94% 46%
Ratio of operating expenses to
average net assets without
expenses reimbursed .............. 2.12% 2.14% 5.43%(c)
<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) Per share numbers have been calculated using the average shares method.
</TABLE>
See Notes to Financial Statements.
Munder Framlington Healthcare Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
-----------------------------------
Year Year Period
Ended Ended Ended
6/30/99(d) 6/30/98(d) 6/30/97
---------- ---------- -------
<S> <C> <C> <C>
Net asset value, beginning of period $ 11.80 $10.89 $ 9.45
------- ------ ------
Income from investment operations:
Net investment loss ................ (0.13) (0.14) (0.02)
Net realized and unrealized
gain/(loss) on investments ....... (1.13) 1.05 1.46
------- ------ ------
Total from investment operations ... (1.26) 0.91 1.44
------- ------ ------
Less distributions:
Distributions from net realized
gains ............................ (0.08) -- --
Distributions in excess of net
realized gains ................... (0.02) -- --
------- ------ ------
Total distributions ................ (0.10) -- --
------- ------ ------
Net asset value, end of period ..... $ 10.44 $11.80 $10.89
======= ====== ======
Total return (b) ................... (10.70)% 8.45% 15.24%
======= ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $ 60 $ 163 $ 119
Ratio of operating expenses to
average net assets ............... 1.61% 1.62% 1.55%(c)
Ratio of net investment loss to
average net assets ............... (1.27)% (1.21)% (0.95)%(c)
Portfolio turnover rate ............ 49% 47% 14%
Ratio of operating expenses to
average net assets without
expenses reimbursed .............. 1.92% 2.40% 7.33%(c)
<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) Per share numbers have been calculated using the average shares method.
</TABLE>
See Notes to Financial Statements.
Munder Framlington International Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
--------------------------------------
Year Year Period
Ended Ended Ended
6/30/99(d) 6/30/98(d) 6/30/97(d)
---------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period $11.92 $11.35 $ 9.87
------ ------ ------
Income from investment operations:
Net investment income/(loss) ....... (0.02) 0.02 0.05
Net realized and unrealized gain on
investments ...................... 0.86 0.61 1.43
------ ------ ------
Total from investment operations ... 0.84 0.63 1.48
------ ------ ------
Less distributions:
Dividends from net investment income -- (0.02) --
Distributions from net realized
gains ............................ (0.01) (0.03) --
Distributions in excess of net
realized gains ................... -- (0.01) --
------ ------ ------
Total distributions ................ (0.01) (0.06) --
------ ------ ------
Net asset value, end of period ..... $12.75 $11.92 $11.35
====== ====== ======
Total return (b) ................... 7.02% 5.60% 14.99%
====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $1,834 $2,271 $1,089
Ratio of operating expenses to
average net assets ............... 1.61% 1.62% 1.55%(c)
Ratio of net investment
income/(loss) to average net
assets ........................... (0.17)% 0.21% 1.01%(c)
Portfolio turnover rate ............ 66% 38% 15%
Ratio of operating expenses to
average net assets without
expenses reimbursed .............. 1.76% 1.82% 2.56%(c)
<FN>
- ----------------
(a) The Munder Framlington International Growth Class K Shares commenced
operations on January 10, 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.
</TABLE>
See Notes to Financial Statements.
Munder Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
----------------------------------------------------------------------------------
Year Year Year Year Period Year
Ended Ended Ended Ended Ended Ended
6/30/99(d) 6/30/98(d) 6/30/97 6/30/96 6/30/95(e) 2/28/95(d,f)
---------- ---------- ------- ------- ---------- ------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.99 $ 9.57 $ 9.53 $ 9.69 $ 9.31 $ 9.91
------- ------- ------- ------- ------- -------
Income from investment operations:
Net investment income .............. 0.58 0.59 0.61 0.61 0.21 0.62
Net realized and unrealized
gain/(loss) on investments ....... (0.40) 0.40 0.01 (0.19) 0.37 (0.64)
------- ------- ------- ------- ------- -------
Total from investment operations ... 0.18 0.99 0.62 0.42 0.58 (0.02)
------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income (0.55) (0.57) (0.58) (0.58) (0.20) (0.58)
------- ------- ------- ------- ------- -------
Total distributions ................ (0.55) (0.57) (0.58) (0.58) (0.20) (0.58)
------- ------- ------- ------- ------- -------
Net asset value, end of period ..... $ 9.62 $ 9.99 $ 9.57 $ 9.53 $ 9.69 $ 9.31
======= ======= ======= ======= ======= =======
Total return (b) ................... 1.72% 10.57% 6.72% 4.35% 6.28% 0.44%
======= ======= ======= ======= ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $51,465 $43,281 $34,999 $32,211 $36,718 $33,842
Ratio of operating expenses to
average net assets ............... 0.97% 0.96% 0.96% 0.95% 0.95%(c) 0.92%
Ratio of net investment income to
average net assets ............... 5.77% 5.93% 6.34% 6.26% 6.47%(c) 6.57%
Portfolio turnover rate ............ 142% 222% 279% 507% 99% 165%
Ratio of operating expenses to
average net assets without waivers 0.97% 0.96% 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.
(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.
</TABLE>
See Notes to Financial Statements.
Munder Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------------------------
Year Year Year Year Period Year
Ended Ended Ended Ended Ended Ended
6/30/99(f) 6/30/98(f) 6/30/97(f) 6/30/96 6/30/95(d) 2/28/95(e)
---------- ---------- ---------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.50 $ 9.33 $ 9.31 $ 9.51 $ 9.27 $ 9.91
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income .............. 0.51 0.55 0.55 0.58 0.22 0.56
Net realized and unrealized
gain/(loss) on investments ....... (0.24) 0.15 0.02 (0.20) 0.24 (0.57)
-------- -------- -------- -------- -------- --------
Total from investment operations ... 0.27 0.70 0.57 0.38 0.46 (0.01)
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income (0.51) (0.53) (0.55) (0.58) (0.22) (0.62)
Distributions from net realized
gains ............................ -- -- -- -- -- (0.01)
-------- -------- -------- -------- -------- --------
Total distributions ................ (0.51) (0.53) (0.55) (0.58) (0.22) (0.63)
-------- -------- -------- -------- -------- --------
Net asset value, end of period ..... $ 9.26 $ 9.50 $ 9.33 $ 9.31 $ 9.51 $ 9.27
======== ======== ======== ======== ======== ========
Total return (b) ................... 2.83% 7.73% 6.34% 4.04% 5.04% 0.54%
======== ======== ======== ======== ======== ========
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $339,622 $355,840 $325,331 $370,493 $300,596 $285,493
Ratio of operating expenses to
average net assets ............... 0.95% 0.93% 0.93% 0.94% 0.95%(c) 0.93%
Ratio of net investment income to
average net assets ............... 5.38% 5.77% 5.91% 6.08% 7.12%(c) 6.71%
Portfolio turnover rate ............ 128% 194% 325% 494% 84% 80%
Ratio of operating expenses to
average net assets without waivers 0.95% 0.93% 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.
</TABLE>
See Notes to Financial Statements.
Munder International Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
-----------------------------------
Year Year Period
Ended Ended Ended
6/30/99(d) 6/30/98 6/30/97
---------- ------- -------
<S> <C> <C> <C>
Net asset value, beginning of period $ 9.67 $ 9.83 $9.54
------ ------ -----
Income from investment operations:
Net investment income .............. 0.31 0.19 0.09
Net realized and unrealized
gain/(loss) on investments ....... 0.10 (0.11) 0.20
------ ------ -----
Total from investment operations ... 0.41 0.08 0.29
------ ------ -----
Less distributions:
Dividends from net investment income (0.18) (0.22) --
Distributions from net realized
gains ............................ (0.15) (0.02) --
------ ------ -----
Total distributions ................ (0.33) (0.24) --
------ ------ -----
Net asset value, end of period ..... $ 9.75 $ 9.67 $9.83
====== ====== =====
Total return (b) ................... 3.92% 0.80% 3.04%
====== ====== =====
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $ 27 $ 77 $ 103
Ratio of operating expenses to
average net assets ............... 1.14% 1.11% 1.14%(c)
Ratio of net investment income to
average net assets ............... 3.03% 3.53% 3.61%(c)
Portfolio turnover rate ............ 59% 81% 75%
Ratio of operating expenses to
average net assets without waivers 1.14% 1.11% 1.18%(c)
<FN>
- ----------------
(a) The Munder International Bond Fund Class K Shares commenced operations on
March 25, 1997.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
</TABLE>
See Notes to Financial Statements.
Munder U.S. Government Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------------------------
Year Year Year Year Period Period
Ended Ended Ended Ended Ended Ended
6/30/99(f) 6/30/98 6/30/97 6/30/96(f) 6/30/95(d) 2/28/95(e)
---------- ------- ------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.38 $ 10.09 $ 9.98 $ 10.30 $ 9.89 $ 10.00
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income .............. 0.59 0.60 0.65 0.71 0.23 0.47
Net realized and unrealized
gain/(loss) on investments ....... (0.37) 0.36 0.07 (0.27) 0.41 (0.12)
-------- -------- -------- -------- -------- --------
Total from investment operations ... 0.22 0.96 0.72 0.44 0.64 0.35
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income (0.55) (0.61) (0.61) (0.68) (0.23) (0.46)
Distributions from net realized
gains ............................ (0.01) (0.06) (0.00)(g) (0.08) -- --
Distributions in excess of net
realized gains ................... (0.01) -- -- -- -- --
-------- -------- -------- -------- -------- --------
Total distributions ................ (0.57) (0.67) (0.61) (0.76) (0.23) (0.46)
-------- -------- -------- -------- -------- --------
Net asset value, end of period ..... $ 10.03 $ 10.38 $ 10.09 $ 9.98 $ 10.30 $ 9.89
======== ======== ======== ======== ======== ========
Total return (b) ................... 2.11% 9.70% 7.49% 4.32% 6.55% 3.68%
======== ======== ======== ======== ======== ========
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $213,327 $219,724 $197,479 $158,948 $174,674 $165,298
Ratio of operating expenses to
average net assets ............... 0.96% 0.94% 0.96% 0.97% 0.97%(c) 0.95%(c)
Ratio of net investment income to
average net assets ............... 5.74% 6.00% 6.51% 6.92% 6.96%(c) 7.02%(c)
Portfolio turnover rate ............ 23% 85% 130% 133% 42% 143%
Ratio of operating expenses to
average net assets without waivers 0.96% 0.94% 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.
(g) Amount represents less than $0.01 per share.
</TABLE>
See Notes to Financial Statements.
Munder Michigan Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
----------------------------------------------------------------------------------
Year Year Year Year Period Year
Ended Ended Ended Ended Ended Ended
6/30/99(d) 6/30/98 6/30/97(d) 6/30/96(d) 6/30/95(d,e) 2/28/95(d,f)
---------- ------- ---------- ---------- ------------ ------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.06 $ 9.64 $ 9.34 $ 9.34 $ 9.24 $ 9.73
------- ------- ------- ------- ------- -------
Income from investment operations:
Net investment income .............. 0.39 0.42 0.43 0.48 0.16 0.44
Net realized and unrealized
gain/(loss) on investments ....... (0.28) 0.44 0.30 0.00(g) 0.10 (0.50)
------- ------- ------- ------- ------- -------
Total from investment operations ... 0.11 0.86 0.73 0.48 0.26 (0.06)
------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income (0.39) (0.42) (0.43) (0.48) (0.16) (0.43)
Distributions from net realized
gains ............................ (0.16) (0.02) (0.00)(g) -- -- --
------- ------- ------- ------- ------- -------
Total distributions ................ (0.55) (0.44) (0.43) (0.48) (0.16) (0.43)
------- ------- ------- ------- ------- -------
Net asset value, end of period ..... $ 9.62 $ 10.06 $ 9.64 $ 9.34 $ 9.34 $ 9.24
======= ======= ======= ======= ======= =======
Total return (b) ................... 0.99% 9.02% 8.00% 5.14% 2.84% (0.16)%
======= ======= ======= ======= ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $64,065 $57,574 $43,316 $29,476 $25,549 $27,731
Ratio of operating expenses to
average net assets ............... 1.00% 0.98% 0.88% 0.51% 0.52%(c) 0.56%
Ratio of net investment income to
average net assets ............... 3.89% 4.29% 4.57% 5.01% 5.06%(c) 4.81%
Portfolio turnover rate ............ 33% 34% 19% 31% 8% 53%
Ratio of operating expenses to
average net assets without waivers 1.00% 0.98% 1.02% 1.09% 1.26%(c) 1.30%
<FN>
- ----------------
(a) The Munder Michigan 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.
(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.
</TABLE>
See Notes to Financial Statements.
Munder Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------------------------
Year Year Year Year Period Period
Ended Ended Ended Ended Ended Ended
6/30/99 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d,f) 2/28/95(e)
------- ------- ---------- ---------- ------------ ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.74 $ 10.52 $ 10.35 $ 10.30 $ 10.14 $ 10.00
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income .............. 0.42 0.49 0.47 0.46 0.15 0.31
Net realized and unrealized gain on
investments ...................... (0.32) 0.38 0.25 0.07 0.16 0.14
-------- -------- -------- -------- -------- --------
Total from investment operations ... 0.10 0.87 0.72 0.53 0.31 0.45
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income (0.42) (0.49) (0.47) (0.47) (0.15) (0.31)
Distributions from net realized
gains ............................ (0.39) (0.16) (0.08) (0.01) -- --
-------- -------- -------- -------- -------- --------
Total distributions ................ (0.81) (0.65) (0.55) (0.48) (0.15) (0.31)
-------- -------- -------- -------- -------- --------
Net asset value, end of period ..... $ 10.03 $ 10.74 $ 10.52 $ 10.35 $ 10.30 $ 10.14
======== ======== ======== ======== ======== ========
Total return (b) ................... 0.82% 8.43% 7.13% 5.12% 3.09% 4.64%
======== ======== ======== ======== ======== ========
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $173,863 $194,077 $190,243 $196,645 $232,040 $251,636
Ratio of operating expenses to
average net assets ............... 0.98% 0.93% 0.95% 0.98% 1.02%(c) 0.93%(c)
Ratio of net investment income to
average net assets ............... 3.94% 4.60% 4.52% 4.42% 4.38%(c) 4.69%(c)
Portfolio turnover rate ............ 32% 61% 45% 15% 12% 50%
Ratio of operating expenses to
average net assets without waivers 0.98% 0.93% 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.
</TABLE>
See Notes to Financial Statements.
Munder Tax-Free Short-Intermediate Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------------------------
Year Year Year Year Period Year
Ended Ended Ended Ended Ended Ended
6/30/99(f) 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
---------- ------- ---------- ---------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 10.46 $ 10.41 $ 10.34 $ 10.37 $ 10.17 $ 10.44
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income .............. 0.38 0.43 0.41 0.41 0.14 0.38
Net realized and unrealized
gain/(loss) on investments ....... (0.14) 0.13 0.10 (0.03) 0.20 (0.21)
-------- -------- -------- -------- -------- --------
Total from investment operations ... 0.24 0.56 0.51 0.38 0.34 0.17
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income (0.38) (0.42) (0.41) (0.41) (0.14) (0.42)
Distributions from net realized
gains ............................ (0.10) (0.09) (0.03) -- -- (0.02)
-------- -------- -------- -------- -------- --------
Total distributions ................ (0.48) (0.51) (0.44) (0.41) (0.14) (0.44)
-------- -------- -------- -------- -------- --------
Net asset value, end of period ..... $ 10.22 $ 10.46 $ 10.41 $ 10.34 $ 10.37 $ 10.17
======== ======== ======== ======== ======== ========
Total return (b) ................... 2.27% 5.44% 5.04% 3.69% 3.35% 2.05%
======== ======== ======== ======== ======== ========
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $268,948 $295,601 $283,641 $333,768 $333,067 $345,658
Ratio of operating expenses to
average net assets ............... 0.96% 0.94% 0.93% 0.96% 0.98%(c) 0.95%
Ratio of net investment income to
average net assets ............... 3.63% 4.07% 3.96% 3.91% 4.01%(c) 4.19%
Portfolio turnover rate ............ 25% 27% 31% 20% 5% 52%
Ratio of operating expenses to
average net assets without waivers 0.96% 0.94% 0.93% 1.04% 1.22%(c) 1.19%
<FN>
- ----------------
(a) The Munder Tax-Free Short-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.
</TABLE>
See Notes to Financial Statements.
Munder Cash Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------------------------
Year Year Year Year Period Year
Ended Ended Ended Ended Ended Ended
6/30/99 6/30/98 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
------- ------- ------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income .............. 0.046 0.050 0.048 0.050 0.018 0.040
-------- -------- -------- -------- -------- --------
Total from investment operations ... 0.046 0.050 0.048 0.050 0.018 0.040
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income (0.046) (0.050) (0.048) (0.050) (0.018) (0.040)
-------- -------- -------- -------- -------- --------
Total distributions ................ (0.046) (0.050) (0.048) (0.050) (0.018) (0.040)
-------- -------- -------- -------- -------- --------
Net asset value, end of period ..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total return (b) ................... 4.68% 5.14% 4.90% 5.10% 1.81% 4.08%
======== ======== ======== ======== ======== ========
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $869,709 $672,842 $599,858 $547,523 $558,628 $559,212
Ratio of operating expenses to
average net assets ............... 0.68% 0.66% 0.70% 0.68% 0.67%(c) 0.70%
Ratio of net investment income to
average net assets ............... 4.57% 5.02% 4.81% 4.98% 5.49%(c) 4.12%
Ratio of operating expenses to
average net assets without waivers 0.68% 0.66% 0.70% 0.68% 0.69%(c) 0.73%
<FN>
- ----------------
(a) The Munder Cash Investment Fund Class K Shares commenced 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.
</TABLE>
See Notes to Financial Statements.
Munder Tax-Free Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------------------------
Year Year Year Year Period Year
Ended Ended Ended Ended Ended Ended
6/30/99 6/30/98 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
------- ------- ------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income .............. 0.026 0.029 0.028 0.030 0.011 0.024
-------- -------- -------- -------- -------- --------
Total from investment operations ... 0.026 0.029 0.028 0.030 0.011 0.024
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income (0.026) (0.029) (0.028) (0.030) (0.011) (0.024)
-------- -------- -------- -------- -------- --------
Total distributions ................ (0.026) (0.029) (0.028) (0.030) (0.011) (0.024)
-------- -------- -------- -------- -------- --------
Net asset value, end of period ..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total return (b) ................... 2.61% 2.98% 2.90% 3.00% 1.12% 2.44%
======== ======== ======== ======== ======== ========
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $289,536 $205,600 $226,782 $192,591 $195,730 $195,926
Ratio of operating expenses to
average net assets ............... 0.70% 0.69% 0.68% 0.68% 0.69%(c) 0.70%
Ratio of net investment income to
average net assets ............... 2.57% 2.93% 2.86% 2.99% 3.36%(c) 2.39%
Ratio of operating expenses to
average net assets without waivers 0.70% 0.69% 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.
</TABLE>
See Notes to Financial Statements.
Munder U.S. Treasury Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------------------------
Year Year Year Year Period Year
Ended Ended Ended Ended Ended Ended
6/30/99(f) 6/30/98 6/30/97 6/30/96 6/30/95(d) 2/28/95(e)
---------- ------- ------- ------- ---------- ----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- -------
Income from investment operations:
Net investment income .............. 0.042 0.048 0.047 0.048 0.017 0.037
------- ------- ------- ------- ------- -------
Total from investment operations ... 0.042 0.048 0.047 0.048 0.017 0.037
------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income (0.042) (0.048) (0.047) (0.048) (0.017) (0.037)
------- ------- ------- ------- ------- -------
Total distributions ................ (0.042) (0.048) (0.047) (0.048) (0.017) (0.037)
------- ------- ------- ------- ------- -------
Net asset value, end of period ..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= =======
Total return (b) ................... 4.33% 4.87% 4.73% 4.89% 1.76% 3.83%
======= ======= ======= ======= ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $21,777 $41,247 $41,877 $62,133 $74,210 $75,197
Ratio of operating expenses to
average net assets ............... 0.73% 0.72% 0.69% 0.69% 0.70%(c) 0.70%
Ratio of net investment income to
average net assets ............... 4.23% 4.77% 4.64% 4.74% 5.23%(c) 3.73%
Ratio of operating expenses to
average net assets without waivers 0.73% 0.72% 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.
(f) Per share numbers have been calculated using the average shares method.
</TABLE>
See Notes to Financial Statements.
The Munder Funds
Notes To Financial Statements, June 30, 1999
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 management
investment company, and 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 management investment company, and 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
management investment company, and was organized as a Massachusetts business
trust on October 30, 1996. MFI, MFT and Framlington consist of 32 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 Multi-Season Growth Fund
Munder Real Estate Equity Investment Fund
Munder Small-Cap Value Fund
Munder Value Fund
Income Funds
Munder International Bond Fund
Money Market Fund
Munder Money Market Fund
MFT:
Equity Funds
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 Tax-Free Bond Fund
Munder Tax-Free Bond Fund
Munder Tax-Free Short-Intermediate Bond Fund
(formerly 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
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. The 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 Short-Intermediate Bond Fund, Munder Michigan 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
Munder Capital Management (the "Advisor"), and under certain circumstances by
a pricing committee, under the guidelines approved by supervision of the
Boards of Trustees and Directors. Portfolio securities primarily traded on
the London Stock Exchange are generally valued at the mean 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 last sale price 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 in accordance with guidelines approved
by 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. 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 Exchange Contracts: Each Equity Fund (except
Real Estate Equity Investment Fund) and the Munder Bond Fund, Munder
Intermediate Bond Fund, Munder International Bond Fund and Munder U.S.
Government Income Fund may engage in forward foreign currency exchange
contracts in an effort to reduce the level of volatility caused by changes in
foreign currency exchange rates. A fund may use forward foreign currency
exchange contracts to facilitate transactions in foreign securities and to
manage currency exposure. Forward foreign currency exchange contracts are
valued at the exchange rate and are marked-to-market daily. The change in
market value is recorded 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 exchange contracts does not
eliminate fluctuations in the underlying prices of the Fund's securities, but
it does establish a rate of exchange that can be achieved in the future.
Although forward foreign currency exchange contracts limit the risk of loss
due to a decline in the value of the hedged currency, they also limit any
potential gain that might result should the value of the currency increase.
In addition, the Fund could be exposed to risks if the counterparties to the
contracts are unable to meet the terms of their contracts.
Foreign Currency: The books and records of Munder International Equity
Fund, Munder International Bond Fund, Munder Framlington Emerging Markets
Fund and Munder Framlington International Growth Fund are maintained in 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 and foreign
currency transactions, and the difference between the amounts of interest and
dividends recorded on the books of a 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 of the Equity Funds and the Income Funds may
enter into futures contracts for the purpose of hedging against changes in
the value of the portfolio securities held and in the value of the securities
it intends to purchase, or in order to maintain liquidity. Upon entering into
a futures contract, a Fund is required to deposit with the broker an amount
of cash or cash equivalents equal to a certain percentage of the contract
amount. This is known as the "initial margin." Subsequent payments
("variation margin") are made or received by 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 of the Munder Funds may engage in
repurchase agreement transactions. Under the terms of a typical repurchase
agreement, a Fund takes possession of an underlying debt obligation subject
to an obligation of the seller to repurchase, and 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 during which the Fund seeks to assert its rights. The Advisor,
acting under the guidelines approved by the Boards of Trustees and Directors,
reviews the value of the collateral and the creditworthiness of those banks
and dealers with which the Fund enters into repurchase agreements to evaluate
potential risks.
Loans of Portfolio Securities: Each of the Munder Funds may lend
portfolio securities, up to 25%(33-1/3% for Munder Money Market Fund) of the
value of the Fund's total assets. Each loan is secured by collateral adjusted
daily to have a market value at least equal to the current market value of
the securities loaned. These loans are terminable at any time and the Fund
will receive any interest or dividends paid on the loaned securities. A Fund
may share with the borrower some of the income received on the collateral for
the loan or the Fund will be paid a premium for the loan. This income is
reflected as other income in the Statement of Operations. If the borrower
defaults and the value of the portfolio securities increases in excess of the
collateral received or if bankruptcy proceedings commence with respect to the
borrower of the security, realization of the value of the securities loaned
may be delayed or limited.
Security Transactions and Investment Income: Security transactions are
recorded on the trade date. The cost of investments sold is determined by use
of the specific identification method for both financial reporting and income
tax purposes. Interest income is recorded on the accrual basis. 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 Munder Funds are allocated to each Fund based
upon relative net assets of each Fund. Operating expenses of each Fund are
prorated among the share 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 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 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 the Fund as a whole. The Munder Growth & Income Fund,
Munder Multi-Season Growth Fund, Munder Index 500 Fund and Munder Value Fund
also utilize earnings and profits distributed to shareholders on redemption
of shares as a part of the dividends paid deduction for income tax purposes.
As determined on June 30, 1999, permanent differences resulting from
different book and tax accounting for organizational costs, net operating
losses, currency gains and losses and market discount of certain debt
instruments were reclassified at year end. These reclassifications had no
effect on net investment income, net assets or net asset value per share.
Federal Income Taxes: Each Fund intends to continue to qualify as a
regulated investment company by complying with the requirements of the
Internal Revenue Code 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-Advisor, Custodian and Other Related Party
Transactions
For its advisory services, the Advisor is entitled to receive from each
Fund a fee, computed daily and payable monthly, based on the average daily
net assets of the respective Fund, at the following annual rates: 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> <C>
Munder Index 500 Fund ............................... 0.20% 0.12% 0.07%
<CAPTION>
Fees on Assets Fees on Assets
up to $500 Million Exceeding $500 Million
------------------ ----------------------
<S> <C> <C>
Munder Multi-Season Growth Fund ..................... 1.00% 0.75%
<CAPTION>
Fees on Assets Fees on Assets
up to $250 Million Exceeding $250 Million
------------------ ----------------------
<S> <C> <C>
Munder Framlington Healthcare Fund and Munder
Framlington International Growth Fund ............. 1.00% 0.75%
<CAPTION>
Fees on Average
Daily Net Assets
----------------
<S> <C>
Munder Micro-Cap Equity ............................. 1.00%
Munder Growth & Income Fund, Munder International
Equity Fund, Munder Small-Cap Value Fund, and
Munder Small Company Growth Fund .................. 0.75%
Munder Real Estate Equity Investment Fund and Munder
Value Fund ........................................ 0.74%
Munder Balanced Fund ................................ 0.65%
The Income Funds .................................... 0.50%
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>
The Advisor voluntarily waived fees and reimbursed expenses for the
year ended June 30, 1999 for the following Funds:
<TABLE>
<CAPTION>
Fund Fees Waived Expenses Reimbursed
---- ----------- -------------------
<S> <C> <C>
Munder Index 500 Fund ............................... $ 450,000 --
Munder Micro-Cap Equity Fund ........................ -- $ 50,658
Munder Multi Season Growth Fund ..................... 1,250,000 --
Munder Framlington Emerging Markets Fund ............ -- 118,477
Munder Framlington Healthcare Fund .................. -- 59,761
Munder Framlington International Growth Fund ........ -- 93,638
</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.
The Advisor indirectly owns a 49% interest in the Sub-Advisor.
Effective July 2, 1998 Comerica Bank ("Comerica") acquired an
additional interest in the Advisor whereby it now owns approximately 88% of
the Advisor. Comerica provides certain shareholder services to the Funds. As
compensation for the shareholder services provided to the Funds, Comerica
receives a fee of 0.01% of the aggregate average daily net assets of the
Funds beneficially owned by Comerica and its customers. Comerica earned
$562,963 for its shareholder services to the Munder Funds for the year ended
June 30, 1999.
Each Trustee of MFT and Framlington and each Director of MFI is paid an
aggregate fee for services provided as a Board member of MFT, MFI,
Framlington and St. Clair Funds, Inc. The fee consists of a $30,000 annual
retainer for services in such capacity plus $2,500 for each Board meeting
attended, plus out-of-pocket expenses related to attendance at such meetings.
No officer, director or employee of the Advisor, Sub-Advisor or Comerica
received any compensation from MFI, MFT or Framlington.
3. Distribution and Service Plans
The Munder Funds have adopted Service Plans and Distribution and
Service Plans (collectively, the "Plans") pursuant to Rule 12b-1 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 Munder Funds. The Class B and Class C Plans also
permit payments to be made by the Munder Funds to the Distributor or directly
to other service providers for expenditures incurred by the Distributor or
other service providers in connection with the distribution of Fund shares to
investors and provision of certain shareholder services (which include but
are not limited to the payment of compensation, including compensation to
Service Organizations to obtain various distribution related services for the
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.
Comerica Securities and LPM Investment Services, Inc. ("LPM") are among
the Service Organizations who receive trail commissions from the Distributor.
Comerica Securities is a wholly owned subsidiary of Comerica. LPM is an
affiliate of the Advisor. For the year ended June 30, 1999, the Distributor
paid $18,220 and $89,393 to Comerica Securities and LPM, respectively, for
shareholder services provided to the Funds.
For the year ended June 30, 1999, the contractual 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 ............................... 0.25% 1.00% N/A 0.25%
The Income Funds .................................... 0.25% 1.00% 1.00% 0.25%
The Money Market Funds (excluding Munder Money Market
Fund) ............................................. 0.25% N/A N/A 0.15%
Munder Money Market Fund ............................ 0.25% 1.00% 1.00% N/A
</TABLE>
For the year ended June 30, 1999, the Distributor voluntarily waived
distribution and service fees for the Munder Index 500 Fund in excess of
0.25% and 0.45% of average net assets for the Class A Shares and the Class B
Shares, respectively. For the year ended June 30, 1999 the waivers amounted
to $301,764 for the Class A Shares and $1,026,886 for the Class B Shares of
the Fund.
4. Securities Transactions
For the year ended June 30, 1999, 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 Balanced Fund ................................ $ 64,809,924 $ 85,955,935
Munder Growth & Income Fund ......................... 116,370,634 144,970,799
Munder Index 500 Fund ............................... 329,394,954 58,714,200
Munder International Equity Fund .................... 46,488,605 60,124,748
Munder Micro-Cap Equity Fund ........................ 78,716,209 86,283,512
Munder Multi-Season Growth Fund ..................... 374,814,846 444,750,355
Munder Real Estate Equity Investment Fund ........... 18,980,670 20,320,961
Munder Small-Cap Value Fund ......................... 88,049,142 89,786,852
Munder Small Company Growth Fund .................... 351,465,640 383,215,667
Munder Value Fund ................................... 208,457,677 234,621,294
Munder Framlington Emerging Markets Fund ............ 66,500,373 61,857,935
Munder Framlington Healthcare Fund .................. 9,321,729 11,850,304
Munder Framlington International Growth Fund ........ 40,494,519 49,156,293
Munder Bond Fund .................................... 163,220,799 171,180,830
Munder Intermediate Bond Fund ....................... 310,687,053 338,151,391
Munder International Bond Fund ...................... 36,624,634 30,073,845
Munder U.S. Government Income Fund .................. -- 12,531
Munder Michigan Tax-Free Bond Fund .................. 32,132,510 21,840,771
Munder Tax-Free Bond Fund ........................... 60,101,023 78,257,900
Munder Tax-Free Short-Intermediate Bond Fund ........ 75,032,733 97,864,413
</TABLE>
For the year ended June 30, 1999 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 ................................ $ 6,526,322 $ 16,347,193
Munder Bond Fund .................................... 215,999,079 194,062,334
Munder Intermediate Bond Fund ....................... 406,159,074 370,640,381
Munder U.S. Government Income Fund .................. 104,014,782 67,608,550
</TABLE>
At June 30, 1999 aggregate gross unrealized appreciation for all
securities for which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities for which there was an
excess of tax cost over value for Federal income tax purposes was as follows:
<TABLE>
<CAPTION>
Tax Basis Tax Basis
Unrealized Unrealized
Appreciation Depreciation
------------ ------------
<S> <C> <C>
Munder Balanced Fund ................................ $ 6,850,032 $ 1,686,643
Munder Growth & Income Fund ......................... 58,743,598 3,157,806
Munder Index 500 Fund ............................... 447,502,935 13,299,800
Munder International Equity Fund .................... 66,633,337 11,397,356
Munder Micro-Cap Equity Fund ........................ 10,794,829 1,182,633
Munder Multi-Season Growth Fund ..................... 259,012,860 3,516,145
Munder Real Estate Equity Investment Fund ........... 3,476,507 5,446,617
Munder Small-Cap Value Fund ......................... 26,205,098 10,619,194
Munder Small Company Growth Fund .................... 54,650,444 12,100,262
Munder Value Fund ................................... 21,960,944 1,666,966
Munder Framlington Emerging Markets Fund ............ 12,463,338 5,303,413
Munder Framlington Healthcare Fund .................. 2,742,334 4,223,008
Munder Framlington International Growth Fund ........ 13,381,505 3,124,243
Munder Bond Fund .................................... 370,830 9,857,800
Munder Intermediate Bond Fund ....................... 617,651 10,510,922
Munder International Bond Fund ...................... 190,341 2,455,420
Munder U.S. Government Income Fund .................. 2,348,403 5,103,278
Munder Michigan Tax-Free Bond Fund .................. 786,666 1,382,324
Munder Tax-Free Bond Fund ........................... 4,256,902 3,464,538
Munder Tax-Free Short-Intermediate Bond Fund ........ 3,537,817 1,599,143
</TABLE>
5. Concentration
The Munder Tax-Free Short-Intermediate Bond Fund and Munder Michigan
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.
Certain Funds hold investments that are insured by private insurers who
guarantee the payment of principal and interest in the event of default. At
June 30, 1999, investments in these securities for the Munder Michigan
Tax-Free Bond, Munder Tax-Free Bond Fund, and Munder Tax-Free
Short-Intermediate Bond Fund represented 45.6%, 23.7% and 19.1% of holdings,
respectively.
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.
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 Munder
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. Reorganization
On December 4, 1998, Munder Accelerating Growth Fund transferred its
net assets to Munder Multi-Season Growth Fund in a tax-free exchange for
Munder Multi-Season Growth Fund shares having an aggregate net asset value
equal to the value of the net assets of the Munder Accelerating Growth Fund
acquired, pursuant to a plan of reorganization approved by Munder
Accelerating Growth Fund's shareholders on November 20, 1998. Net unrealized
appreciation of investments for Munder Accelerating Growth Fund, prior to the
acquisition, was $14,874,166. The total shares issued by Munder Multi-Season
Growth Fund were 2,266,819 and, prior to the acquisition, the total net
assets of Munder Accelerating Growth Fund and Munder Multi-Season Growth Fund
were $43,643,141 and $707,634,542, respectively. The total net assets of
Munder Multi-Season Growth Fund after the acquisition were $751,277,683.
8. Income Tax Information
As determined at June 30, 1999 the following Munder Funds had available
for Federal income tax purposes, unused capital losses as follows: unused
capital losses as follows:
<TABLE>
<CAPTION>
Expiring Expiring Expiring Expiring Expiring Expiring
Fund 2000 2001 2002 2003 2005 2007
-------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C>
Munder Micro-Cap Fund ........ -- -- -- -- -- $ 6,169,618
Munder Small-Cap Value Fund .. -- -- -- -- -- 3,803,999
Munder Small Company Growth
Fund ....................... -- -- -- -- -- 46,123,147
Munder Framlington Emerging
Markets Fund ............... -- -- -- -- -- 13,156,700
Munder Intermediate Bond Fund -- -- -- $8,154,852 $11,240,318 --
Munder International Bond Fund -- -- -- -- -- 11,521
Munder Cash Investment Fund .. $ 1,650 -- -- -- -- --
Munder Tax-Free Money Market
Fund ....................... 57,257 $39,684 $15,088 12,291 -- --
</TABLE>
Certain capital and net foreign currency losses realized after October
31 within the taxable year may be deferred and treated as occurring on the
first day of the following tax year. The following Munder Funds have elected
to defer net capital and currency losses arising between November 1, 1998 and
June 30, 1999 as follows:
<TABLE>
<CAPTION>
Amount
------
<S> <C>
Munder Micro-Cap Equity Fund ........................ $ 381,532
Munder Real Estate Equity Investment Fund ........... 1,946,987
Munder Small Company Growth Fund .................... 13,562,982
Munder Framlington Emerging Markets Fund ............ 437,587
Munder Framlington Healthcare Fund .................. 589,627
Munder Framlington International Growth Fund ........ 104,043
Munder Bond Fund .................................... 677,569
Munder Intermediate Bond Fund ....................... 1,328,108
Munder U.S. Government Income Fund .................. 4,194
Munder Michigan Tax-Free Bond Fund .................. 3,942
</TABLE>
9. Year 2000 (Unaudited)
Like other mutual funds, financial institutions and business
organizations and individuals around the world, each Fund could be adversely
affected if the computer systems used by the Advisor and the Funds' other
service providers do not properly process and calculate date-related
information and data from and after January 1, 2000. The Advisor is taking
steps that it believes are reasonably designed to address year 2000
computer-related problems with respect to the computer systems that it uses
and to obtain assurances that comparable steps are being taken by a Fund's
other major service providers. Although there can be no assurances, the
Advisor believes that these steps will be sufficient to avoid any adverse
impacts on any of the Funds. Similarly, the companies and other issuers in
which a Fund invests could be adversely affected by year 2000
computer-related problems, and there can be no assurance that the steps
taken, if any, by these issuers will be sufficient to avoid an adverse impact
on a Fund.
Report of Ernst & Young LLP, Independent Auditors
To the Board of Directors/Trustees and Shareholders of
The Munder Funds Trust
The Munder Funds, Inc.
The Munder Framlington Funds Trust
We have audited the accompanying statements of assets and liabilities of the
Munder Balanced Fund, Munder Growth & Income Fund, Munder Index 500 Fund,
Munder International Equity Fund, Munder Small Company Growth Fund, Munder
Bond Fund, Munder Intermediate Bond Fund, Munder U.S. Government Income Fund,
Munder Michigan Tax-Free Bond Fund, Munder Tax-Free Bond Fund, Munder
Tax-Free Short-Intermediate Bond Fund, Munder Cash Investment Fund, Munder
Tax-Free Money Market Fund and Munder U.S. Treasury Money Market Fund
(fourteen of the portfolios constituting The Munder Funds Trust), the Munder
Micro-Cap Equity Fund, Munder Multi-Season Growth Fund, Munder Real Estate
Equity Investment Fund, Munder Small-Cap Value Fund, Munder Value Fund,
Munder International Bond Fund, and Munder Money Market Fund (seven of the
portfolios constituting The Munder Funds, Inc.), and the Munder Framlington
Emerging Markets Fund, Munder Framlington Healthcare Fund and Munder
Framlington International Growth Fund (three of the portfolios constituting
The Munder Framlington Funds Trust) (collectively, the "Funds"), including
the portfolios of investments, as of June 30, 1999, and the related
statements of operations for the year then ended, the statements of changes
in net assets for each of the two years in the period then ended, and the
financial highlights for each of the periods indicated therein. These
financial statements and financial highlights are the responsibility of the
Funds' management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements and financial highlight. Our procedures included
confirmation of securities owned as of June 30, 1999 by correspondence with
the custodian and brokers or other appropriate auditing procedures where
replies from brokers were not received. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
each of the respective portfolios referred to above constituting The Munder
Funds Trust, The Munder Funds, Inc., and The Munder Framlington Funds Trust
at June 30, 1999, the results of their operations for the year then ended,
changes in their net assets for each of the two years in the period then
ended, and their financial highlights for each of the indicated periods, in
conformity with generally accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
August 16, 1999
The Munder Funds
Tax Information, June 30, 1999 (Unaudited)
The percentages of total net assets invested in U.S. Government and
U.S. Government Agency obligations at June 30, 1999, were as follows:
Munder Balanced Fund
Federal Home Loan Mortgage Corporation ............ 2.9%
Federal National Mortgage Association ............. 2.6%
Government Agency Debentures ...................... 0.9%
Government National Mortgage Association .......... 0.4%
U.S. Treasury Bond ................................ 6.0%
U.S. Treasury Notes ............................... 1.0%
Munder Bond Fund
Federal Home Loan Mortgage Corporation ............ 6.6%
Federal National Mortgage Association ............. 10.4%
Government Agency Debentures ...................... 4.1%
Government National Mortgage Association .......... 2.9%
U.S. Treasury Bond ................................ 13.2%
U.S. Treasury Notes ............................... 8.6%
Munder Intermediate Bond Fund
Federal Home Loan Mortgage Corporation ............ 3.5%
Federal National Mortgage Association ............. 9.4%
Government Agency Debentures ...................... 19.6%
Government National Mortgage Association .......... 3.0%
Small Business Administration ..................... 0.4%
U.S. Treasury Bond ................................ 2.7%
U.S. Treasury Notes ............................... 11.6%
Munder U.S. Government Income Fund
Federal Home Loan Bank ............................ 0.8%
Federal Home Loan Mortgage Corporation ............ 50.0%
Federal Housing Authority/Veterans Administration . 0.3%
Federal National Mortgage Association ............. 26.9%
Government National Mortgage Association .......... 6.1%
Small Business Administration ..................... 0.1%
U.S. Treasury Bond ................................ 13.4%
Munder U.S. Treasury Money Market Fund
U.S. Treasury Notes ............................... 48.4%
Of the distributions made by the following Funds, the corresponding
percentage represents the amount of each distribution which will qualify for
the dividend received deduction available to corporate shareholders:
Munder Balanced Fund ................................ 13.9%
Munder Growth & Income Fund ......................... 100.0%
Munder Index 500 Fund ............................... 100.0%
Munder International Equity Fund .................... 2.6%
Munder Real Estate Equity Investment Fund ........... 17.7%
Munder Small-Cap Value Fund ......................... 100.0%
Munder Value Fund ................................... 100.0%
Munder Framlington International Growth Fund ........ 15.7%
Of the distributions made from investment income, the following
percentages are tax exempt for regular Federal income tax purposes:
Munder Michigan Tax-Free Bond Fund .................. 99.9%
Munder Tax-Free Bond Fund ........................... 99.9%
Munder Tax-Free Short-Intermediate Bond Fund ........ 100.0%
Munder Tax-Free Money Market Fund ................... 100.0%
The following amounts have been designated as capital gains dividends
for the purpose of the dividends paid deduction:
Munder Balanced Fund ................................ $7,497,837
Munder Growth & Income Fund ......................... 23,158,430
Munder Index 500 Fund ............................... 7,583,573
Munder International Equity Fund .................... 3,132,554
Munder Micro-Cap Equity Fund ........................ 34,961
Munder Multi-Season Growth Fund ..................... 87,316,064
Munder Real Estate Equity Investment Fund ........... 1,711,785
Munder Small-Cap Value Fund ......................... 973,558
Munder Small Company Growth Fund .................... 24,626,194
Munder Value Fund ................................... 4,717,521
Munder Framlington Healthcare Fund .................. 180,441
Munder International Bond Fund ...................... 211,292
Munder U.S. Government Income Fund .................. 364,253
Munder Michigan Tax-Free Bond Fund .................. 1,030,133
Munder Tax-Free Bond Fund ........................... 6,057,710
Munder Tax-Free Short Intermediate Bond Fund ........ 2,697,963
The following amounts have been designated as foreign tax credits for
regular Federal income tax purposes:
Munder International Equity Fund .................... $382,077
Munder Framlington International Growth Fund ........ 99,445
Munder International Bond Fund ...................... 5,235
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Lee P. Munder
OFFICERS
Lee P. 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
Therese Hogan, Assistant Secretary
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
First Data Investor Services Group, Inc.
211 South Gulph Road
King of Prussia, PA 19406-3101
ADMINISTRATOR & CUSTODIAN
State Street Bank & Trust Company
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
(OUTSIDE BACK COVER)
ANNK99
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
(OUTSIDE FRONT COVER)
CLASS Y SHARES
Annual
Report
The Munder Funds
Investments JUNE 30, 1999
for all seasons
THE MUNDER EQUITY SELECTION FUND
THE MUNDER FRAMINGTON GLOBAL
FINANCIAL SERVICES FUND
THE MUNDER GROWTH OPPORTUNITIES FUND
"We provide you with a
consistency of discipline
to allow you to build a
portfolio to meet your
long-term goals."
The Munder Funds
Letter to shareholders
DEAR FELLOW SHAREHOLDERS:
On the following pages you will find the most recent financial
information for selected funds within the Munder Family of Mutual Funds. I
hope you are pleased with the performance and operations of the Funds.
As you know, especially those of you who are long-term shareholders of
The Munder Funds, we follow a very disciplined style of investing across each
one of the Funds. We believe that this discipline is important to provide you
and your financial consultant a measure of consistency as you build your
long-term asset allocation. That has been the hallmark of investment
philosophy here at Munder Capital since our inception in 1985. We provide
you, the shareholder and investor, with a consistency of discipline to allow
you to build a portfolio to meet your long-term goals.
Toward this end we have created a full family of funds that focus on
specific sectors of the market, whether they are large or small
capitalization, growth or value. The three funds included in this report
represent our focus on specific portions of the market where we have special
expertise: the Financial Services area through our Framlington subsidiary,
the mid-cap portion of the market with the Growth Opportunities Fund, or the
overall expertise of our research staff in the Equity Selection Fund (or what
we internally call our "stock pickers fund").
Each of these funds represents our continued commitment to provide
shareholders with the best investment advice in a very targeted, disciplined
manner. We hope you are pleased with them.
If you have any questions, please call the Fund at 1-800-4MUNDER, or
call your financial advisor. You may also contact us through our website at
http://www.munder.com. Thank you very much for your confidence in Munder
Capital Management and the Munder Family of Mutual Funds.
Very truly yours
/s/ Lee Munder
Lee Munder, President
Table of
Contents
FUNDS OVERVIEW
iii Munder Equity Selection Fund
iv Munder Framlington Global Financial Services Fund
iv Munder Growth Opportunities Fund
v Hypotheticals and Total Returns
PORTFOLIO OF INVESTMENTS -
1 Munder Equity Selection Fund
4 Munder Framlington Global Financial Services Fund
7 Munder Growth Opportunities Fund
9 Financial Statements
13 Financial Highlights
16 Notes to Financial Statements
Report of Ernst & Young LLP, Independent Auditors
- -----------------------------------------------------------------------------
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.
Management's Discussion and
Analysis of Fund Operations
The Investment Environment
Coming into 1999 the US economy seemed to shrug off the problems that
plagued the rest of the world, showing strong performance across many sectors
of the economy. Spending in the US continued to be fueled not only by strong
consumer demand, but increased public sector outlays as states and the
Federal government anticipated surpluses and moved to spend on infrastructure
and other improvements. The manufacturing sector saw improved health as well,
as inventories stayed under control and improvement in our net trade balance.
This was also reflected in the steady rise in the Purchasing Managers' Index,
which increased steadily throughout the period. At the end of June the Index
recorded its highest reading since July 1997. Production and new orders were
two of the Index's components that showed significant increases.
Looking at the various sectors of the economy, capital goods spending
remained strong. Public sector spending increased as the improved finances of
state and local governments translated into higher spending. Export orders
also appear to be on an upward trend.
While there is firm fundamental support for expanding domestic demand,
there are also indicators of a near-term moderation in growth. Retail sales,
which increased at a 14.5% annualized rate during the first quarter, slowed
to a still strong but more moderate pace of 7.9% during the second quarter.
Employment growth and hours worked also slowed. In addition, the significant
increase in mortgage rates that occurred during the quarter should slow
housing purchases and construction, along with the sales of related goods
such as furniture.
In the midst of strong economic growth, inflation remained subdued. The
Consumer Price Index (CPI), after a large jump in April, remained unchanged
throughout the rest of the second calendar quarter. With industrial capacity
continuing to grow faster than production, firms have very little pricing
power. This has helped to keep inflation subdued in spite of strong economic
growth.
The combination of strong domestic growth and a strengthening of the
global economy caused the Federal Reserve to increase the Federal Funds rate
by 0.25 percentage point on June 29, 1999. At the time, policy makers
indicated the need to remain alert to the potential for "inflationary forces
that could undermine growth". Whether the Federal Reserve sees the need for
further tightening of monetary policy this year depends upon the strength
seen in the economic data released over the next months. As of this writing,
the market has factored in another 0.25 percentage point increase in
anticipation of when the Federal Reserve meets again in late August. Whether
that is the last increase or not, is uncertain at this time.
The Stock Market
The first quarter of 1999 represented a continuation of the very narrow
performance that has characterized the stock market for the previous six
quarters. Again, large stocks significantly outperformed smaller stocks as
the S&P 500 Index returned 4.98% for the first quarter, and the S&P 600 Index
(an index of small company stocks) returned -9.00%. In fact, two companies
(Microsoft and America Online) accounted for over half of the return of the
S&P500 Index, and only 10 companies accounted for the entire increase.
Early in the second quarter of 1999, however, the stock market
experienced a dramatic shift away from growth stocks (stocks purchased with
the anticipation of above-average long-term earnings growth) to value stocks
(stocks with relative valuations below the average market
valuations). This shift came about as investors reasoned that rising interest
rates would have less of a negative impact on value stocks than on growth
stocks. In addition, a recovering global economy was likely to be more of a
positive for value-oriented cyclical stocks than for growth stocks.
The shift lasted exactly one week (from April 12th to April 19th). The
magnitude was so great, however, that this one-week of performance caused
value stocks to outperform growth stocks for the entire quarter. In that one
week time period, large value stocks outperformed large growth stocks by more
than 11 percentage points. Mid-cap value stocks outperformed mid-cap growth
stocks by 8 percentage points and small-cap value stocks outperformed
small-cap growth stocks by 4 percentage points. Many of the large growth
stocks which had led the S&P 500 over the past several years, such as
Microsoft, Wal-Mart, General Electric, Merck and Cisco Systems, saw their
stock prices decline by 10% to 15% during that week. Value-oriented cyclical
stocks (the stocks of companies that are highly sensitive to the strength of
the economy) such as Alcoa and Caterpillar Tractor, which had lagged the
overall market in recent periods, had price increases of over 20% during that
week. Overall, traditional growth sectors of the market, such as Healthcare
and Business Services, were the worst performing sectors, while more cyclical
sectors such as Basic Materials and Capital Goods were the best performing
sectors for the first time since late 1997.
The Fed has been extremely outspoken about slowing the economy in an
effort to avoid inflation. Our discipline focuses on companies that have
demonstrated an ability to grow their earnings throughout an economic cycle -
these are precisely the types of companies investors gravitate to in times
when the economy is slowing and earnings are decelerating. Recent history
reinforces the wisdom of this discipline.
The following paragraphs detail the performance of The Munder Equity
Selection, Growth Opportunities & Framlington Global Financial Services
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 EQUITY SELECTION FUND
Fund Manager: The Equity Selection Fund Committee
The Fund began operation on November 12, 1998. For the time period of
inception to June 30, 1999, the Fund earned a return of 24.50% relative to
the 22.74% return for the S&P 500 Index and the 20.04% average return for the
Lipper universe of capital appreciation mutual funds for the same time
period. The Fund has earned above-average returns for the one-month and
six-month time periods ending June 30, 1999.
The sector weights in this Fund are set equal to those of the S&P 500
universe. Therefore, the performance of this Fund, relative to the S&P 500
Index, is driven largely by stock selection. The technology, capital goods
and energy sectors were among the strongest sectors in the Fund during the
quarter. All three sectors benefited from overall market strength. Technology
holdings also benefited from strong returns from specific technology stocks.
Good stock selection was also a key to the strong performance of the capital
goods sector as well as the energy sector. Consumer staples and healthcare
were among the weaker sectors of the overall market during the quarter.
MUNDER GROWTH OPPORTUNITIES FUND
Fund Manager: The Munder Growth Opportunities Fund Committee
The Fund earned a return of 8.44% for the year ending June 30, 1999,
relative to the 17.18% return for the S&P 400 MidCap Index and the 13.36%
average return for the Lipper universe of mid-cap mutual funds. The Fund has
earned above-average returns for the one-month, three-month, and six-month
time periods ending June 30, 1999.
Mid-cap stocks experienced a strong rebound in the second quarter of
1999, after underperforming during the first quarter of the 1999. The 14.16%
return for the S&P Mid-Cap 400 Index for the same time period was double the
7.05% return of the larger capitalization S&P 500 Index.
The technology and capital goods sectors were among the strongest
sectors in the mid-cap segment of the stock market. Both sectors were
slightly overweighted in the Fund, which helped to boost the Fund's returns
during the quarter. In addition to overall market strength, the performance
of the technology holdings in the Fund was boosted by strong stock selection.
We anticipate that the broadening out of the market will continue to benefit
the Fund's performance.
MUNDER FRAMLINGTON GLOBAL FINANCIAL SERVICES FUND
Fund Manager: The Munder Framlington Global Financial Services Fund Committee
The Fund earned a return of -1.29% for the year ending June 30, 1999.
This compares to the 3.1% return for the MSCI Finance Index and the 2.16%
average return for the Lipper universe of financial services mutual funds.
The Fund earned above-average returns for the three-month time period ending
June 30, 1999.
In the U.S., financial stocks in general produced positive returns for
both June and for the quarter as a whole. The sector, however, lagged the
broader stock market because of concerns over rising interest rates. The Fund
benefited from its overweighted position in regional banks during the
quarter. This was the strongest group of U.S. financial stocks due to
continued solid earnings growth and a pickup in consolidation activity. Good
stock selection in the insurance, money center and consumer finance sectors
contributed to the strong relative quarter from the Fund's non-U.S. holdings.
Among its non-U.S. holdings, the Fund experienced improving performance
from its Japanese stocks due to the strong overall market in Japan during the
quarter. European financial stocks continued to lag because of rising
interest rates in Europe and the weakness of the euro. In the U.K., financial
stocks performed in line with the overall market.
As of June 30, the Fund remained overweighted in Europe, neutral in the
U.S. and underweighted in Japan relative to its MSCI Finance Index benchmark.
Although Japan is still underweighted in the Fund, there was a modest
increase in Japanese holdings during June. While the overweighted position in
Europe has held back performance for the first six months of the year, we
continue to view this region as attractive. Economic growth in Europe should
accelerate this year and into 2000. If this occurs, the euro should recover,
which would be a positive for European financial stocks. Consolidation in the
European banking and insurance industries continues at a rapid pace and this
should also help to boost the returns of European financial stocks.
Hypotheticals and Total Returns
The following graphs represent the performance of the Funds since inception.
The chart following each line graph sets forth performance information and
the growth of a hypothetical $10,000 investment for each Fund. The Lipper
mutual fund averages were derived from a universe of only those mutual funds
that were in existence as of the inception date of the Funds and are
comprised of mutual funds which are categorized under the Funds' respective
objectives by Lipper Analytical Services, Inc.
Equity Selection Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment
Lipper Capital
Appreciation
Class Y S&P 500 Index Funds Average
------- ------------- --------------
06/30/1998 $10,000.00 $0.00 $0.00
07/31/1998 $10,000.00 $0.00 $0.00
08/31/1998 $10,000.00 $0.00 $0.00
09/30/1998 $10,000.00 $0.00 $0.00
10/31/1998 $10,000.00 $0.00 $0.00
11/30/1998 $10,380.00 $10,000.00 $10,000.00
12/31/1998 $11,138.78 $10,576.00 $10,916.00
01/31/1999 $11,618.86 $11,018.08 $11,435.60
02/28/1999 $11,198.26 $10,675.41 $10,868.40
03/31/1999 $11,638.35 $11,102.43 $11,427.03
04/30/1999 $11,879.26 $11,532.10 $11,842.98
05/31/1999 $11,698.70 $11,259.94 $11,713.89
06/30/1999 $12,449.75 $11,884.86 $12,449.52
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AGGREGATE TOTAL RETURNS
------------------------------------------ ------------------------------------------
Lipper
Capital One One Since Since
Class and With Without S&P 500 Appreciation Year Year Inception Inception
Inception Date Load Load Index Funds Average w/load w/out load w/load w/out load
- --------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class Y -- 11/11/98 N/A $12,450 $11,885 $12,450 N/A N/A N/A 24.50%
<FN>
- -----------------------------------------------------------------------------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will
fluctuate so that, an investor's shares, upon redemption, may be worth more
or less than original cost.
Aggregate total returns are derived by dividing the initial investment into
the value of shares held at the end of a period and subtracting one from the
result.
Figures for the Standard & Poor's Composite 500 Index ("S&P 500"), an
unmanaged index of common stock prices, include reinvestment of dividends.
</TABLE>
Growth Opportunities Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment - Class Y
S&P 400 Lipper Mid Cap
Class Y Mid-cap Funds Average
------- ------- --------------
06/30/1998 $10,020.00 $10,000.00 $10,000.00
07/31/1998 $9,580.12 $9,612.00 $9,496.00
08/31/1998 $7,439.92 $7,823.21 $7,683.21
09/30/1998 $8,184.66 $8,553.89 $8,197.99
10/31/1998 $8,494.86 $9,318.61 $8,698.07
11/30/1998 $8,775.19 $9,783.61 $9,228.65
12/31/1998 $9,655.34 $10,965.47 $10,117.37
01/31/1999 $9,455.47 $10,538.91 $10,191.22
02/28/1999 $8,634.74 $9,986.68 $9,604.21
03/31/1999 $8,905.01 $10,265.30 $10,079.62
04/30/1999 $9,435.74 $11,075.24 $10,666.25
05/31/1999 $10,196.27 $11,122.86 $10,707.85
06/30/1999 $10,867.18 $11,719.05 $11,339.61
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
--------------------------------------------- ------------------------------------------
S&P 400 One One Since Since
Class and With Without Mid Cap Lipper Year Year Inception Inception
Inception Date Load Load Funds Average Mid Cap w/load w/out load w/load w/out load
- ----------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class Y-- 6/24/98 N/A $10,866 $11,719 $11,340 N/A 8.44% N/A 8.49%
</TABLE>
Framlington Global Financial Services Fund
CLASS Y SHARE HYPOTHETICAL
A Hypothetical Illustration of a $10,000 Initial Investment - Class Y
MSCI World Lippper Financial Services
Class Y Finance Index Funds Average
------- ------------- --------------------------
06/30/1998 $10,190.00 $10,000.00 $10,000.00
07/31/1998 $10,580.28 $10,283.00 $9,903.00
08/31/1998 $8,680.06 $8,196.58 $7,854.07
09/30/1998 $8,316.36 $7,760.52 $8,083.41
10/31/1998 $9,157.98 $8,876.48 $8,694.51
11/30/1998 $9,799.04 $9,593.70 $9,216.18
12/31/1998 $10,069.49 $9,732.81 $9,487.14
01/31/1999 $9,988.94 $9,725.03 $9,494.73
02/28/1999 $9,658.30 $9,600.55 $9,427.32
03/31/1999 $9,828.29 $10,085.37 $9,685.63
04/30/1999 $10,248.94 $10,681.42 $10,329.72
05/31/1999 $9,758.02 $9,865.36 $9,940.29
06/30/1999 $10,056.61 $10,113.97 $10,207.68
<TABLE>
<CAPTION>
GROWTH OF A $10,000 INVESTMENT AVERAGE ANNUAL TOTAL RETURNS
------------------------------------------------ ------------------------------------------
Lipper
MSCI World Financial One One Since Since
Class and With Without Finance Services Year Year Inception Inception
Inception Date Load Load Index Funds Average w/load w/out load w/load w/out load
- ----------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Class Y-- 6/24/98 N/A $10,059 $10,114 $10,208 N/A (1.29)% N/A 0.58%
<FN>
- -----------------------------------------------------------------------------
All figures cited here represent past performance and do not guarantee future
results. Investment return and principal value of an investment will
fluctuate so that an investor's shares, upon redemption, may be worth more or
less than original cost.
Average annual total returns are historical in nature and measure net
investment income and capital gain or loss from portfolio investments
assuming reinvestment of dividends.
The S&P 400 Midcap Index is a capitalization-weighted index that measures the
performance of the mid-range sector of the U.S. stock market where the median
market capitalization is approximately $700 million. Figures for the Morgan
Stanley (MSCI) World Finance Index, an unmanaged index which follows 22
developed nations, containing four sub-sectors (Insurance, Financial
Services, Real Estate and Banking), includes gross reinvestment of dividends.
</TABLE>
Munder Equity Selection Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 99.7%
Advertising -- 0.8%
1,200 Interpublic Group of
Companies, Inc. $ 103,950
-------------
Aerospace -- 0.7%
1,300 General Dynamics Corporation 89,050
-------------
Air Travel -- 0.5%
1,700 Continental Airlines, Inc.,
Class B + 63,963
-------------
Banks -- 7.6%
1,400 Bank of America 102,638
1,800 Bank One Corporation 107,212
3,400 Charter One Financial, Inc. 94,563
2,200 Chase Manhattan Corporation 190,575
3,000 Fleet Financial Group, Inc. 133,125
3,400 Mellon Bank Corporation 123,675
1,500 SunTrust Banks, Inc. 104,156
3,800 U.S. Bancorp 129,200
-------------
985,144
-------------
Building Materials -- 0.4%
1,700 Masco Corporation 49,088
-------------
Business Equipment & Supplies -- 1.0%
2,200 Xerox Corporation 129,937
-------------
Chemicals and Plastics -- 1.7%
1,800 dupont (E.I.) de Nemours & Company 122,962
1,800 Minerals Technologies, Inc. 100,463
-------------
223,425
-------------
Computer Hardware, Software or Services--10.7%
1,500 America Online, Inc. 165,750
2,500 BMC Software, Inc. + 135,000
1,700 Ceridian Corporation + 55,569
5,200 Cisco Systems, Inc. + 335,075
4,900 Compuware Corporation + 155,881
6,100 Microsoft Corporation + 550,144
-------------
1,397,419
-------------
Construction Materials -- 1.3%
1,000 Illinois Tool Works, Inc. 82,000
1,400 Ingersoll-Rand Company 90,475
-------------
172,475
-------------
Cosmetics -- Toiletry -- 1.7%
2,900 Avon Products, Inc. 160,950
700 Procter & Gamble Company 62,475
-------------
223,425
-------------
Diversified -- 4.3%
1,100 General Electric Company 124,300
800 Temple-Inland, Inc. 54,600
800 Textron, Inc. 65,850
3,300 Tyco International Ltd. 312,675
-------------
557,425
-------------
Financial Services -- 5.5%
4,200 Associates First Capital
Corporation 186,112
3,400 CIT Group, Inc. 98,175
2,700 Citigroup, Inc. 128,250
2,200 Federal Home Loan Mortgage
Corporation 127,600
1,200 Morgan Stanley, Dean Witter,
Discover and Company 123,000
550 Providian Financial 51,425
-------------
714,562
-------------
Food and Beverages -- 4.5%
1,700 Anheuser-Busch Companies, Inc. 120,594
1,800 Nabisco Group Holdings
Corporation, Class A 35,212
3,800 Nabisco Holdings Corporation,
Class A 164,350
3,500 PepsiCo, Inc. 135,406
1,400 Wrigley (Wm) Jr. Company 126,000
-------------
581,562
-------------
Health Care -- 5.7%
2,400 Abbott Laboratories 109,200
1,600 Amgen, Inc. + 97,400
3,000 Merck & Company, Inc. 222,000
2,500 Schering-Plough Corporation 132,500
700 Smithkline Beecham Group Plc,
ADR 46,244
2,200 United Healthcare Corporation 137,775
-------------
745,119
-------------
Health Care Facilities -- 1.0%
2,900 Columbia/HCA Healthcare
Corporation 66,156
2,400 HCR Manor Care, Inc. + 58,050
-------------
124,206
-------------
Health Care -- Instruments, Service, and Supplies
-- 3.7%
1,300 Baxter International, Inc. 78,812
1,000 Bristol-Myers Squibb Company 70,437
600 Cardinal Health, Inc. 38,475
4,800 HEALTHSOUTH Corporation + 71,700
1,900 Johnson & Johnson Company 186,200
1,100 St. Jude Medical, Inc. + 39,188
-------------
484,812
-------------
Home Appliances -- 1.0%
1,800 Maytag Corporation 125,438
-------------
Home Furnishings and Housewares -- 1.2%
5,600 Leggett & Platt, Inc. 155,750
-------------
Hotels and Restaurants -- 3.7%
7,200 Brinker International, Inc. + 195,750
4,500 Papa John's International, Inc. + 201,094
3,000 Wendy's International, Inc. 84,937
-------------
481,781
-------------
Household Products -- 1.9%
2,300 Clorox Company 245,669
-------------
Insurance -- 3.1%
800 Allstate Corporation 28,700
1,000 American International Group, Inc. 117,062
1,400 Lincoln National Corporation 73,238
1,600 Reliastar Financial Corporation 70,000
2,200 UNUM Corporation 120,450
-------------
409,450
-------------
Metals and Mining -- 0.5%
1,000 Alcoa, Inc. 61,875
-------------
Newspapers -- 0.5%
1,800 Central Newspapers, Inc. 67,725
-------------
Oil and Gas -- 2.0%
1,800 Atlantic Richfield Company 150,412
1,700 Total Fina SA + 109,544
-------------
259,956
-------------
Paper and Forest Products -- 0.7%
1,700 International Paper Company 85,850
-------------
Petroleum -- Integrated -- 2.4%
1,500 Mobil Corporation 148,500
1,800 Texaco, Inc. 112,500
1,500 USX-Marathon Group 48,844
-------------
309,844
-------------
Petroleum-- Service and Equipment-- 1.5%
1,700 Burlington Resources, Inc. 73,525
4,400 Global Marine, Inc. + 67,925
2,400 Santa Fe International Corporation 55,200
-------------
196,650
-------------
Retail -- 5.1%
800 Costco Companies, Inc. + 64,050
2,000 Dollar General Corporation 58,000
3,900 Family Dollar Stores, Inc. 93,600
600 Federated Department Stores, Inc. + 31,763
2,500 Home Depot, Inc. 161,094
1,000 Lowe's Companies, Inc. 56,687
2,700 Staples, Inc. + 83,531
2,500 Wal-Mart Stores, Inc. 120,625
-------------
669,350
-------------
Retail Grocery -- 0.5%
1,300 Safeway, Inc. + 64,350
-------------
Semiconductors -- 7.7%
2,800 Applied Materials, Inc. + 206,850
6,000 Intel Corporation 357,000
3,600 Teradyne, Inc. + 258,300
1,200 Texas Instruments, Inc. 174,000
-------------
996,150
-------------
Telecommunications -- 10.2%
2,000 ALLTEL Corporation 143,000
1,800 AT & T Corporation 100,463
2,900 Century Telephone Enterprises, Inc. 115,275
5,000 Cincinnati Bell, Inc. 124,688
2,100 GTE Corporation 159,075
2,145 Lucent Technologies, Inc. 144,653
3,300 MCI Worldcom, Inc. + 284,006
4,500 SBC Communications 261,000
-------------
1,332,160
-------------
Telecommunications Equipment-- 1.7%
1,600 Motorola, Inc. 151,600
800 Nokia Oyj, ADR 73,250
-------------
224,850
-------------
Tobacco -- 0.6%
1,500 Philip Morris Companies, Inc. 60,281
600 R.J. Reynolds Tobacco Holdings,
Inc. + 18,900
-------------
79,181
-------------
Transportation -- 0.4%
1,300 CNF Transportation, Inc. 49,888
-------------
Utilities -- 2.6%
1,300 Duke Energy Company 70,687
1,700 Edison International 45,475
1,100 GPU, Inc. 46,406
800 Montana Power Company 56,400
1,500 PECO Energy Company 62,813
2,400 Southern Company 63,600
-------------
345,381
-------------
Waste Management -- 1.3%
6,800 Republic Services, Inc. + 168,300
-------------
TOTAL COMMON STOCKS
(Cost $11,500,741) 12,975,160
-------------
REPURCHASE AGREEMENT -- 1.3%
(Cost $171,000)
$171,000 Agreement with State Street
Bank and Trust Company, 4.750%
dated 06/30/1999, to be repurchased at
$171,023 on 07/01/1999, collateralized
by $150,000 U.S. Treasury Bond,
10.750% maturing 05/15/2003.
(value $176,250) $ 171,000
------------
TOTAL INVESTMENTS
(Cost $11,671,741*) 101.0% 13,146,160
OTHER ASSETS AND
LIABILITIES (Net) (1.0) (135,447)
----- ------------
NET ASSETS 100.0% $ 13,010,713
===== ============
- ---------------------------------------------------------------------------
* Aggregate cost for Federal tax purposes is $11,698,781.
+ Non-income producing security.
ABBREVIATION:
ADR - American Depository Receipt
See Notes to Financial Statements
Munder Framlington Global Financial Services Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 95.2%
Austria -- 1.3%
650 Erste Bank AG $ 37,047
-------------
Belgium -- 0.6%
315 KBC Bancassurance Holding NV 18,671
-------------
Finland -- 1.6%
500 Pohjola Group Insurance
Corporation 25,643
750 Sampo Insurance Company Ltd. 21,725
-------------
47,368
-------------
France -- 5.4%
400 AXA Company 48,779
450 Banque Nationale de Paris 37,482
350 Banque Paribas 39,219
200 Societe Generale 35,234
-------------
160,714
-------------
Germany -- 3.1%
450 Bayerische Vereinsbank AG 29,225
900 BHW Holding AG 13,777
800 Dresdner Bank AG 31,255
50 Muenchener Rueckversicherugs+ 9,123
50 Muenchener Rueckversicherugs AG 9,252
-------------
92,632
-------------
Ireland -- 1.2%
1,500 Bank of Ireland 25,310
912 Irish Life & Permanent Plc 9,416
-------------
34,726
-------------
Italy -- 5.8%
4,300 Banca Fideuram SpA 25,045
8,000 Banca Nazionale del Lavoro (BNL)+ 25,153
1,350 Banca Popolare Commercioe Industria 31,590
112 Banca Popolare Commercioe Industria 2,635
2,250 Banca Popolare di Lodi 27,021
12,500 Banco di Roma SpA+ 17,975
4,000 Mediolanum SpA 30,719
2,500 Monte dei Paschi di Siena SpA+ 11,082
-------------
171,220
-------------
Japan -- 5.4%
4,000 Asahi Bank, Ltd. 19,178
1,500 Credit Saison Company Ltd. 31,372
1,000 Mitsubishi Estate Company Ltd. 9,763
200 Nichiei Company Ltd. 17,525
2,000 Nomura Securities Company Ltd. 23,427
400 Orix Corporation 35,711
400 Promise Company Ltd. 23,642
-------------
160,618
-------------
Netherlands -- 3.4%
1,500 ABN AMRO Holdings 32,472
1,000 ING Groep NV 54,119
250 Kempen & Co NV 12,499
-------------
99,090
-------------
Norway -- 0.7%
6,000 Den Norske Bank ASA 19,796
-------------
Portugal -- 2.5%
825 Banco Commercial Portugues SA (BCP) 21,372
2,600 Banco Mello SA 26,641
1,000 Companhia de Seguros
Tranquilidade 25,153
-------------
73,166
-------------
Spain -- 1.7%
1,200 Corporacion Bancaria de Espana SA 27,326
750 Mapfre Vida Seguros 21,416
-------------
48,742
-------------
Sweden -- 3.0%
1,800 Forenings Sparbanken AB 25,445
4,500 Nordbanken Holding AB 26,346
2,000 Skandia Forsakrings AB 37,460
-------------
89,251
-------------
Switzerland -- 3.7%
20 Baloise Holding Ltd. 16,308
200 UBS AG 59,675
35 Verwaltungs-und Privat-Bank AG 34,277
-------------
110,260
-------------
United Kingdom -- 14.5%
1,000 Abbey National Plc 18,781
1,000 Allied Zurich Plc+ 12,571
600 Barclays Bank Plc 17,449
6,500 Benfield & Rea Investment Trust Plc 9,631
1,000 CGU Plc 14,399
6,000 Goshawk Insurance Holdings Plc 10,403
3,000 Grantchester Holdings Plc 8,110
2,000 Hitachi Credit (Uk) Plc 12,137
1,600 HSBC Holdings Plc 56,695
2,000 Liberty International Holdings Plc 13,430
4,500 Limit Plc 9,469
4,000 Lloyds TSB Group Plc 54,318
4,500 London Scottish Bank Plc 7,714
1,500 Milner Estates Plc 6,360
1,150 National Westminster Bank Plc 24,381
1,500 Northern Rock Plc 11,420
2,500 Norwich Union Plc 16,925
2,200 Paragon Group Companies Plc 8,947
1,400 Prudential Corporation Plc 20,633
15,000 Rea Brothers Group Plc 11,321
1,454 Royal & Sun Alliance Insurance
Group Plc 13,029
500 Schroders Plc 10,088
700 Secure Trust Group Plc 6,344
2,300 Shaftesbury Plc 8,918
1,231 Standard Chartered Plc 20,043
1,882 Sun Life & Provincial Holdings Plc 13,438
1,650 Woolwich Plc 9,649
-------------
426,603
-------------
United States -- 41.3%
500 Ambac Financial Group, Inc. 28,562
200 American General Corporation 15,075
200 American International Group, Inc. 23,413
1,500 Associates First Capital Corporation 66,469
500 Bank of America Corporation 36,656
400 Bank of New York, Inc. 14,675
967 Bank One Corporation 57,597
1,292 Charter One Financial, Inc. 35,934
400 Chase Manhattan Corporation 34,650
1,400 CIT Group, Inc. 40,425
600 Citigroup, Inc. 28,500
400 City National Corporation 14,975
300 Compass Banc shares, Inc. 8,175
400 Countrywide Credit Industries 17,100
750 Federal Home Loan Mortgage
Corporation 43,500
1,400 Federated Investors, Inc. 25,113
200 Fifth Third Bancorp 13,313
1,600 Financial Federal Corporation + 35,200
150 First Virginia Banks, Inc. 7,369
700 Flagstar Bancorp, Inc. 17,675
1,300 Fleet Financial Group, Inc. 57,687
200 KeyCorp 6,425
1,500 Mellon Bank Corporation 54,562
1,000 Metris Companies, Inc. 40,750
500 Morgan Stanley, Dean Witter
& Company 51,250
1,500 Online Resources &Communications
Corporation + 20,344
800 Peoples Heritage Financial Group,
Inc. 15,050
700 PNC Bank Corporation 40,337
400 Providian, LLC 37,400
900 Radian Group, Inc. 43,931
1,200 ReliaStar Financial Corporation 52,500
950 Southwest Bancorporation of
Texas, Inc. + 17,100
600 SunTrust Banks, Inc. 41,662
350 TD Waterhouse Group, Inc. + 8,772
1,300 Torchmark Corporation 44,362
1,700 U.S. Bancorp 57,800
200 UnionBanCal Corporation 7,225
800 UNUM Corporation 43,800
665 West Coast Bancorp 11,638
-------------
1,216,971
-------------
TOTAL COMMON STOCKS
(Cost $2,743,119) 2,806,875
-------------
PREFERRED STOCKS -- 0.8%
(Cost $24,365)
Germany -- 0.8%
50 Marshchollek, Lautenschlaeger
und Partner AG 23,813
-------------
TOTAL INVESTMENTS
(Cost $2,767,484*) 96.0% 2,830,688
OTHER ASSETS AND
LIABILITIES (Net) 4.0 116,499
----- -------------
NET ASSETS 100.0% $ 2,947,187
===== =============
- ---------------------------------------------------------------------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
See Notes to Financial Statements
Munder Framlington Global Financial Services Fund
Portfolio of Investments, June 30, 1999
(Continued)
At June 30, 1999 sector diversification of the Munder Framlington Global
Financial Services Fund was as follows:
% of
Net Assets Value
---------- -----
COMMON STOCKS:
Banks ............................ 50.3% $ 1,482,827
Insurance ........................ 21.3 627,136
Financial Services ............... 20.2 596,723
Savings and Loan ................. 1.8 53,608
Real Estate ...................... 1.6 46,5816,581
----- -----------
TOTAL COMMON STOCKS .............. 95.2 2,806,875
TOTAL PREFERRED STOCK ............ 0.8 23,813
----- -----------
TOTAL INVESTMENTS ................ 96.0 2,830,688
OTHER ASSETS AND LIABILITIES (Net) 4.0 116,499
----- -----------
NET ASSETS ....................... 100.0% $ 2,947,187
===== ===========
See Notes to Financial Statements
Munder Growth Opportunities Fund
Portfolio of Investments, June 30, 1999
Shares Value
- ------ -----
COMMON STOCKS -- 97.0%
Advertising -- 1.3%
700 TMP Worldwide, Inc. + $ 44,450
-------------
Automobile Parts and Equipment -- 1.3%
1,700 Tower Automotive, Inc. + 43,244
-------------
Banking and Financial Services-- 5.1%
1,322 Charter One Financial, Inc. 36,768
1,600 CIT Group, Inc. 46,200
2,000 North Fork Bancorporation, Inc. 42,625
1,300 Southtrust Corporation 49,888
-------------
175,481
-------------
Chemicals -- 1.1%
650 Minerals Technologies, Inc. 36,278
-------------
Commercial Services -- 2.5%
500 Cintas Corporation 33,594
1,000 Galileo International, Inc. 53,437
-------------
87,031
-------------
Computer Hardware, Software or Services -- 11.6%
2,050 Affiliated Computer Services, Inc. + 103,781
1,300 Compuware Corporation + 41,356
1,300 Concord EFS, Inc. + 55,006
850 Electronic Arts + 46,113
975 Fiserv, Inc. + 30,530
600 Network Appliance, Inc. + 33,525
1,200 Sterling Commerce, Inc. + 43,800
1,300 Sun Guard Data Systems + 44,850
-------------
398,961
-------------
Construction Materials -- 3.8%
900 Martin Marietta Materials, Inc. 53,100
1,200 Southdown, Inc. 77,100
-------------
130,200
-------------
Diversified -- 2.9%
1,200 Carlisle Companies, Inc. 57,750
1,000 Teleflex, Inc. 43,437
-------------
101,187
-------------
Drugs and Health Care -- 1.2%
600 Biogen, Inc. + 38,587
300 Omnicare, Inc. 3,788
-------------
42,375
-------------
Electrical Equipment -- 1.6%
2,800 American Power Conversion
Corporation + 56,350
-------------
Electronics -- 10.4%
1,600 Altera Corporation + 58,900
2,400 L-3 Communications Holding, Inc. + 115,950
800 Lexmark International Group, Inc. + 52,850
600 Maxim Integrated Products, Inc. + 39,900
1,900 Microchip Technology, Inc. + 90,012
-------------
357,612
-------------
Engineering and Construction -- 2.4%
2,200 Jacobs Engineering Group, Inc. + 83,600
-------------
Financial Services -- 4.9%
1,100 Countrywide Credit Industries 47,025
800 Finova Group, Inc. 42,100
1,400 Metris Companies, Inc. 57,050
850 TD Waterhouse Group, Inc. + 21,303
-------------
167,478
-------------
Food and Beverages -- 4.7%
2,600 McCormick & Company, Inc. 82,062
1,900 United States Food Service + 80,988
-------------
163,050
-------------
Health Care Products -- 4.8%
3,000 Bergen Brunswig Corporation 51,750
1,800 Elan Corporation Plc, ADR + 49,950
1,800 Patterson Dental Company + 62,550
-------------
164,250
-------------
Home Furnishings and Housewares -- 1.8%
2,200 Furniture Brands International, Inc. + 61,325
-------------
Hotels and Restaurants -- 2.9%
3,600 Brinker International, Inc. + 97,875
-------------
Industrial Machinery -- 1.2%
1,700 Donaldson Company, Inc. 41,650
-------------
Insurance -- 2.2%
600 Ambac Financial Group, Inc. 34,275
950 Nationwide Financial Services, Inc. 42,988
-------------
77,263
-------------
Leisure Time Products -- 1.3%
800 Harley Davidson, Inc. 43,500
-------------
Medical Instruments and Supplies -- 2.2%
1,000 Biomet, Inc. 39,750
1,300 Invacare Corporation 34,775
-------------
74,525
-------------
Networking Products -- 1.1%
250 Juniper Networks, Inc. + 37,250
-------------
Oil Equipment and Services -- 2.1%
1,100 Diamond Offshore Drilling, Inc. 31,213
1,500 Transocean Offshore, Inc. 39,375
-------------
70,588
-------------
Precision Instrumentation-- 0.9%
600 Waters Corporation + 31,875
-------------
Real Estate -- 2.1%
1,600 Duke Realty Investments, Inc. 36,100
1,000 Sun Communities, Inc. 35,500
-------------
71,600
-------------
Retail -- 7.3%
1,365 Intimate Brands, Inc. 64,667
800 O'Reilly Automotive, Inc. + 40,300
3,150 Office Depot, Inc. + 69,497
1,900 Zale Corporation + 76,000
-------------
250,464
-------------
Retail-On-Line -- 0.6%
500 eToys, Inc. + 20,375
-------------
Telecommunications -- 9.3%
950 ALLTEL Corporation 67,925
2,450 CenturyTel, Inc. 97,387
3,000 Cincinnati Bell, Inc. 74,813
3,300 Inet Technologies, Inc. + 79,200
-------------
319,325
-------------
Transporation -- Trucking -- 2.4%
3,750 Swift Transportation Co., Inc. + 82,500
-------------
TOTAL COMMON STOCKS
(Cost $2,971,140) 3,331,662
-------------
TOTAL INVESTMENTS
(Cost $2,971,140*) 97.0% 3,331,662
OTHER ASSETS AND
LIABILITIES (Net) 3.0 102,545
----- -------------
NET ASSETS 100.0% $ 3,434,207
===== =============
- ---------------------------------------------------------------------------
* Aggregate cost for Federal tax purposes is $2,985,357.
+ Non-income producing security.
ABBREVIATION:
ADR-American Depository Receipt
See Notes to Financial Statements
The Munder Funds
Statements of Assets and Liabilities, June 30, 1999
<TABLE>
<CAPTION>
-------------------------------------------------------
Munder Munder Munder
Equity Framlington Global Growth
Selection Financial Services Opportunities
Fund Fund Fund
--------------- --------------- ---------------
<S> <C> <C> <C>
ASSETS:
Investments, at value See accompanying schedules:
Securities......................................... $ 12,975,160 $ 2,830,688 $ 3,331,662
Repurchase Agreements.............................. 171,000 - -
--------------- --------------- ---------------
Total Investments......................................... 13,146,160 2,830,688 3,331,662
Cash...................................................... 604 123,824 19,368
Interest receivable....................................... 22 - -
Dividends receivable...................................... 8,117 3,654 1,257
Receivable for investment securities sold................. - 30,526 75,282
Receivable for Fund shares sold........................... 22,483 6,036 5,939
Receivable from investment advisor........................ - 3,998 3,007
Prepaid expenses.......................................... 373 928 3,137
--------------- --------------- ---------------
Total Assets....................................... 13,177,759 2,999,654 3,439,652
--------------- --------------- ---------------
LIABILITIES:
Payable for investment securities purchased............... 126,870 44,477 -
Investment advisory fee payable........................... 7,326 1,782 2,009
Unrealized appreciation of foreign currency and other net assets - 60 -
Administration fee payable................................ 1,258 122 293
Transfer agent fee payable................................ 96 124 118
Custodian fees payable.................................... 1,370 5,650 2,308
Accrued Trustees'/Directors' fees and expenses............ 136 20 23
Accrued expenses and other payables....................... 29,990 232 694
--------------- --------------- ---------------
Total Liabilities.................................. 167,046 52,467 5,445
--------------- --------------- ---------------
NET ASSETS................................................ $ 13,010,713 $ 2,947,187 $ 3,434,207
=============== =============== ===============
Investments, at cost...................................... $ 11,671,741 $ 2,767,484 $ 2,971,140
=============== =============== ===============
NET ASSETS consist of:
Undistributed net investment income....................... $ - $ 17,179 $ -
Accumulated net realized gain/(loss) on
investments sold and foreign currency transactions... 625,261 (22,400) 56,100
Net unrealized appreciation of investments,
foreign currency and net other assets................ 1,474,419 63,090 360,522
Par value................................................. 1,047 2,942 3,164
Paid-in capital in excess of par value.................... 10,909,986 2,886,376 3,014,421
--------------- --------------- ---------------
Total Net Assets................................... $ 13,010,713 $ 2,947,187 $ 3,434,207
=============== =============== ===============
SHARES OUTSTANDING, CLASS Y SHARES........................ 1,046,554 294,237 316,395
=============== =============== ===============
NET ASSET VALUE, offering and redemption
price per share..................................... $ 12.43 $ 10.02 $ 10.85
=============== =============== ===============
</TABLE>
See Notes to Financial Statements
The Munder Funds
Statements of Operations, Year Ended June 30, 1999
<TABLE>
<CAPTION>
---------------------------------------------------------
Munder Munder Munder
Equity Framlington Global Growth
Selection Financial Services Opportunities
Fund (a) Fund Fund
--------------- --------------- ---------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest.................................................. $ 14,415 $ 9,539 $ 6,127
Dividends (b)............................................. 74,886 47,867 16,913
--------------- --------------- ---------------
Total investment income............................ 89,301 57,406 23,040
--------------- --------------- ---------------
EXPENSES:
Investment advisory fee................................... 50,364 18,413 19,294
Administration fee........................................ 7,147 2,479 2,743
Transfer agent fee........................................ 2,070 853 875
Custodian fees............................................ 15,872 34,320 14,052
Legal and audit fees...................................... 573 1,691 1,563
Trustees'/Directors' fees and expenses.................... 209 98 99
Registration and filing fees.............................. 15,387 1,068 3,050
Other..................................................... 20,000 1,267 1,101
--------------- --------------- ---------------
Total Expenses..................................... 111,622 60,189 42,777
Expenses reimbursed by investment advisor................. - (31,219) (12,414)
--------------- --------------- ---------------
Net Expenses....................................... 111,622 28,970 30,363
--------------- --------------- ---------------
NET INVESTMENT INCOME/(LOSS).............................. (22,321) 28,436 (7,323)
--------------- --------------- ---------------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions................................. 663,243 (22,399) 63,575
Foreign currency transactions......................... - (3,304) -
Net change in unrealized appreciation/(depreciation) of:
Securities............................................ 1,474,419 28,078 357,908
Foreign currency and net other assets................. - (55) -
--------------- --------------- ---------------
Net realized and unrealized gain on investments........... 2,137,662 2,320 421,483
--------------- --------------- ---------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS............................. $ 2,115,341 $ 30,756 $ 414,160
=============== =============== ===============
<FN>
- --------------------
(a) The Munder Equity Selection Fund commenced operations on November 11,
1998.
(b) Net of foreign withholding taxes of $244 and $967 for the Munder Equity
Selection Fund and the Munder Framlington
Global Financial Services Fund respectively.
</TABLE>
See Notes to Financial Statements
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1999
<TABLE>
<CAPTION>
-------------------------------------------------------
Munder Munder Munder
Equity Framlington Global Growth
Selection Financial Services Opportunities
Fund (a) Fund Fund
--------------- --------------- ---------------
<S> <C> <C> <C>
Net investment income/(loss).............................. $ (22,321) $ 28,436 $ (7,323)
Net realized gain/(loss) on investments sold.............. 663,243 (25,703) 63,575
Net change in unrealized appreciation of investments...... 1,474,419 28,023 357,908
--------------- --------------- ---------------
Net increase in net assets resulting from operations...... 2,115,341 30,756 414,160
Distributions to shareholders from net investment income.. - (9,324) (967)
Distributions to shareholders in excess of net
investment income....................................... (15,703) - -
Net increase in net assets from Fund share transactions... 10,911,075 1,091,433 1,448,196
--------------- --------------- ---------------
Net increase in net assets................................ 13,010,713 1,112,865 1,861,389
NET ASSETS:
Beginning of Period....................................... - 1,834,322 1,572,818
--------------- --------------- ---------------
End of Period............................................. $ 13,010,713 $ 2,947,187 $ 3,434,207
=============== =============== ===============
Undistributed net investment income....................... $ - $ 17,179 $ -
=============== =============== ===============
<FN>
- --------------------
(a) The Munder Equity Selection Fund commenced operations on November 11,
1998.
</TABLE>
See Notes to Financial Statements
The Munder Funds
Statements of Changes in Net Assets, Period Ending June 30, 1998
<TABLE>
<CAPTION>
-----------------------------------
Munder Munder
Framlington Global Growth
Financial Services Opportunities
Fund (a) Fund (a)
--------------- ---------------
<S> <C> <C>
Net investment income..................................... $ 1,077 $ 815
Net realized gain/(loss) on investments sold.............. (2,352) -
Net change in unrealized appreciation of investments...... 35,067 2,614
--------------- ---------------
Net increase in net assets resulting from operations...... 33,792 3,429
Net increase in net assets from Fund share transactions... 1,800,530 1,569,389
--------------- ---------------
Net increase in net assets................................ 1,834,322 1,572,818
NET ASSETS:
Beginning of Period....................................... - -
--------------- ---------------
End of Period............................................. $ 1,834,322 $ 1,572,818
=============== ===============
Undistributed net investment income....................... $ 1,371 $ 815
=============== ===============
<FN>
- --------------------
(a) Munder Framlington Global Financial Services Fund and Munder Growth
Opportunities Fund commenced operations on June 24, 1998.
</TABLE>
See Notes to Financial Statements
Munder Equity Selection Fund (a)
Financial Highlights, For a Share Outstanding Throughout The Period
Period
Ended
6/30/99
-------
Net asset value, beginning of period.................... $ 10.00
---------
Income from investment operations:
Net investment loss..................................... (0.02)
Net realized and unrealized gain on investments......... 2.47
---------
Total from investment operations........................ 2.45
---------
Less distributions:
Distributions in excess of net investment income........ (0.02)
----------
Total distributions..................................... (0.02)
----------
Net asset value, end of period.......................... $12.43
==========
Total return (b)........................................ 24.50%
==========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's).................... $ 13,011
Ratio of operating expenses to average net assets....... 1.65% (c)
Ratio of net investment loss to average net assets...... (0.33)% (c)
Portfolio turnover...................................... 107%
Ratio of operating expenses to average net assets
without expenses reimbursed.......................... N/A
- --------------------
(a) Munder Equity Selection Fund commenced operations on November 11,
1998.
(b) Total return represents aggregate total return for the period
indicated.
(c) Annualized.
See Notes to Financial Statements
Munder Framlington Global Financial Services Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Year Period
Ended Ended
6/30/99 6/30/98
------- -------
<S> <C> <C>
Net asset value, beginning of period........................ $ 10.19 $ 10.00
----------- ---------
Income from investment operations:
Net investment income....................................... 0.10 0.01
Net realized and unrealized gain/(loss) on investments...... (0.23) (d) 0.18
----------- ---------
Total from investment operations............................ (0.13) 0.19
----------- ---------
Less distributions:
Dividends from net investment income........................ (0.04) -
----------- ---------
Total distributions......................................... (0.04) -
----------- ---------
Net asset value, end of period.............................. $ 10.02 $ 10.19
=========== =========
Total return (b)............................................ (1.29)% 1.90%
=========== ==========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)........................ $ 2,947 $ 1,834
Ratio of operating expenses to average net assets........... 1.18% 1.14% (c)
Ratio of net investment income to average net assets........ 1.16% 3.60% (c)
Portfolio turnover rate..................................... 75% 0%
Ratio of operating expenses to average net assets
without expenses reimbursed............................. 2.45% 1.14% (c)
<FN>
- --------------------
(a) The Munder Framlington Global Financial Services Fund commenced
operations on June 24, 1998.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) The amount shown at this caption for each share outstanding throughout
the period may not accord with the change in aggregate gains and losses
in the portfolio securities for the period because of the timing of
purchases and withdrawals of shares in relation to the fluctuating
market values of the portfolio.
</TABLE>
See Notes to Financial Statements
Munder Growth Opportunities Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Year Period
Ended Ended
6/30/99 6/30/98
------- -------
<S> <C> <C>
Net asset value, beginning of period........................ $ 10.02 $ 10.00
----------- ---------
Income from investment operations:
Net investment income/(loss)................................ (0.02) 0.01
Net realized and unrealized gain/(loss) on investments...... 0.85 0.01
----------- ---------
Total from investment operations............................ 0.83 0.02
----------- ---------
Less distributions:
Dividends from net investment income........................ (0.00) (d) -
----------- ---------
Total distributions......................................... (0.00) (d) -
----------- ---------
Net asset value, end of period.............................. $ 10.85 $ 10.02
=========== =========
Total return (b)............................................ 8.44% 0.20%
=========== ==========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)........................ $ 3,434 $ 1,573
Ratio of operating expenses to average net assets........... 1.18% 1.15% (c)
Ratio of net investment income/(loss) to average net assets. (0.28)% 3.18% (c)
Portfolio turnover rate..................................... 122% 0%
Ratio of operating expenses to average net assets
without expenses reimbursed............................. 1.66% 1.16% (c)
<FN>
- --------------------
(a) The Munder Growth Opportunities Fund commenced operations on June 24,
1998.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Amount represents less than $0.01 per share.
</TABLE>
See Notes to Financial Statements
The Munder Funds
Notes To Financial Statements, June 30, 1999
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 management
investment company, and was organized as a Maryland corporation on November
18, 1992. The Munder Framlington Funds Trust ("Framlington") is registered
under the 1940 Act, as an open-end management investment company, and was
organized as a Massachusetts business trust on October 30, 1996. MFI and
Framlington consist of 19 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 and the Framlington are
presented in separate reports.
MFI:
Munder Equity Selection Fund
Munder Growth Opportunities Fund
Framlington:
Munder Framlington Global Financial Services Fund
The Funds offer five classes of shares -- Class A, Class B, Class C,
Class K and Class Y Shares. At June 30, 1999, Class A, Class B, Class C and
Class K had not yet commenced operations.
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies followed by the Funds in the preparation of
their financial statements:
Security Valuation: Securities (including financial futures, if any)
traded on a recognized stock exchange or on the NASDAQ National Market System
("NASDAQ") are valued at the last sale price on the securities exchange on
which such securities are primarily traded or at the last sale price on the
national securities market as of the close of business on the date of the
valuation. Securities traded on a national securities exchange or on NASDAQ
for which there were no sales on the date of valuation and securities traded
on over-the-counter markets, including listed securities for which the
primary market is believed to be over-the-counter, are valued at the mean
between the most recently quoted bid and asked prices. Restricted securities,
and securities and assets for which market quotations are not readily
available, are valued at fair value by Munder Capital Management (the
"Advisor"), and under certain circumstances by a pricing committee, under the
guidelines approved by supervision of the Boards of Trustees and Directors.
Portfolio securities primarily traded on the London Stock Exchange are
generally valued at the mean 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
last sale price 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 in
accordance with guidelines approved by 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. Thereafter, a constant proportionate amortization of any discount
or premium is recorded until maturity of the security.
Forward Foreign Currency Exchange Contracts: The Munder Framlington
Global Financial Services Fund may engage in forward foreign currency
exchange contracts in an effort to reduce the level of volatility caused by
changes in foreign currency exchange rates. A Fund may use forward foreign
currency exchange contracts to facilitate transactions in foreign securities
and to manage the Fund's currency exposure. Forward foreign currency exchange
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 exchange contracts does not
eliminate fluctuations in the underlying prices of the Fund's securities, but
it does establish a rate of exchange that can be achieved in the future.
Although forward foreign currency exchange contracts limit the risk of loss
due to a decline in the value of the hedged currency, they also limit any
potential gain that might result should the value of the currency increase.
In addition, the Fund could be exposed to risks if the counterparties to the
contracts are unable to meet the terms of their contracts.
Foreign Currency: The books and records of the Munder Framlington Global
Financial Services Fund are maintained in 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 and 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.
Repurchase Agreements: The Funds may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, a Fund takes
possession of an underlying debt obligation subject to an obligation of the
seller to repurchase, and 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 Advisor, acting under the
guidelines approved by 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 are
prorated among the share 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 and net realized capital gains (including net short-term
capital gains), if any, are declared and paid 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 qualify as a regulated
investment company by complying with the requirements of the Internal Revenue
Code 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-Advisor, Custodian and Other Related Party
Transactions
For its advisory services, the Advisor is entitled to receive from each
Fund a fee, computed daily and payable monthly, at an annual rate of 0.75%,
based on the average daily net assets of the respective Fund.
The Advisor voluntarily reimbursed certain expenses, payable by the
Funds, for the year ended June 30, 1999, as follows:
Expenses Reimbursed
-------------------
Munder Framlington Global Financial Services Fund...... $31,219
Munder Growth Opportunities Fund....................... 12,414
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 Global Financial Services
Fund and is responsible for the management of the Fund's portfolio, including
all decisions regarding purchases and sales of foreign securities held by the
Fund. For its services with regard to the Fund, the Advisor pays the
Sub-Advisor a monthly fee equal on an annual basis of up to 0.375% of the
Fund's daily net assets. The Advisor indirectly owns a 49% interest in the
Sub-Advisor.
Effective July 2, 1998 Comerica Bank ("Comerica") acquired an additional
interest in the Advisor whereby it now owns approximately 88% of the Advisor.
Comerica provides certain shareholder services to the Funds. As compensation
for the shareholder services provided to the Funds, Comerica receives a fee
of 0.01% of the aggregate average daily net assets of the Funds beneficially
owned by Comerica and its customers. Comerica earned $1,174 for its
shareholder services to the Funds for the year ended June 30, 1999.
Each Trustee of Framlington and each Director of MFI is paid an
aggregate fee for services provided as a Board member of MFI, The Munder
Funds Trust, Framlington and St. Clair Funds, Inc. The fee consists of a
$30,000 annual retainer, for services in such capacity plus $2,500 for each
Board meeting attended, plus out-of-pocket expenses related to such
attendance at such meetings. No officer, director or employee of the Advisor,
Sub-Advisor or Comerica received any compensation from MFI or Framlington.
3. Securities Transactions
For the year ended June 30, 1999, 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 Equity Selection Fund.......................... $ 20,694,241 $ 9,984,189
Munder Framlington Global Financial Services Fund..... 3,003,751 1,728,358
Munder Growth Opportunities Fund...................... 4,607,413 2,974,851
</TABLE>
Cost of purchases and proceeds from sales of U.S. Government securities,
excluding short-term investments for the Munder Equity Selection Fund were
$253,065 and $125,619 respectively, for the year ended June 30, 1999.
At June 30, 1999, aggregate gross unrealized appreciation for all
securities for which there was an excess of value over tax cost and aggregate
gross unrealized depreciation for all securities for which there was an
excess of tax cost over value for Federal income tax purposes was as follows:
<TABLE>
<CAPTION>
Tax Basis Tax Basis
Unrealized Unrealized
Appreciation Depreciation
------------ ------------
<S> <C> <C>
Munder Equity Selection Fund........................ $ 1,563,940 $ 116,561
Munder Framlington Global Financial Services Fund... 209,838 146,634
Munder Growth Opportunities Fund.................... 418,336 72,031
</TABLE>
4 Common Stock
Changes in common stock for the Funds were as follows:
Period Ended
6/30/99
------------------------
Munder Equity
Selection Fund: Shares Amount
------ ------
Sold ................. 1,242,415 $ 13,257,609
Issued as reinvestment 1,219 13,641
Redeemed ............. (197,080) (2,360,175)
--------- ------------
Net increase ......... 1,046,554 $ 10,911,075
========= ============
Year Ended Period Ended
6/30/99 6/30/98
---------------------- ----------------------
Munder Framlington Global
Financial Services Fund:
Shares Amount Shares Amount
------ ------ ------ ------
Sold ................. 141,096 $ 1,354,330 180,165 $ 1,801,738
Issued as reinvestment 469 3,977 -- --
Redeemed ............. (27,374) (266,874) (119) (1,208)
------- ----------- ------- -----------
Net increase ......... 114,191 $ 1,091,433 180,046 $ 1,800,530
======= =========== ======= ===========
Year Ended Period Ended
6/30/99 6/30/98
---------------------- ----------------------
Munder Growth
Opportunities Fund: Shares Amount Shares Amount
------ ------ ------ ------
Sold ................. 233,089 $ 2,125,600 157,042 $ 1,570,420
Issued as reinvestment 92 766 -- --
Redeemed ............. (73,725) (678,170) (103) (1,031)
------- ----------- ------- -----------
Net increase ......... 159,456 $ 1,448,196 156,939 $ 1,569,389
======= =========== ======= ===========
5. Geographic and Industry Concentration
The Munder Framlington Global Financial Services Fund intends to invest
at least 65% of its total net assets in at least three different countries
including the United States. 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 Framlington Global Financial Services Fund primarily invests
in equity securities of U.S. and foreign companies which are principally
engaged in the financial services industry and companies providing services
primarily within the financial services industry, and accordingly, is more
susceptible to factors adversely affecting the financial services industry.
6. Income Tax Information
Certain capital losses realized after October 31 within the taxable year
may be deferred and treated as occurring on the first day of the following
tax year. The Munder Framlington Global Financial Services Fund has elected
to defer net capital losses arising between November 1, 1998 and June 30,
1999 of $1,623.
7. Distributions (Unaudited)
The Munder Framlington Global Financial Services Fund designated $5,794
as a foreign tax credit for regular Federal income tax purposes.
Of the distributions made by the Funds, the corresponding percentage
represents the amount of each distribution that will qualify for the dividend
received deduction available to corporate shareholders:
Munder Equity Selection Fund.............................. 10.3%
Munder Growth Opportunities Fund.......................... 18.8%
Munder Framlington Global Financial Services Fund......... 39.4%
8. Year 2000 (Unaudited)
Like other mutual funds, financial institutions and business
organizations and individuals around the world, each Fund could be adversely
affected if the computer systems used by the Advisor and the Funds' other
service providers do not properly process and calculate date-related
information and data from and after January 1, 2000. The Advisor is taking
steps that it believes are reasonably designed to address year 2000
computer-related problems with respect to the computer systems that it uses
and to obtain assurances that comparable steps are being taken by a Fund's
other major service providers. Although there can be no assurances, the
Advisor believes that these steps will be sufficient to avoid any adverse
impacts on any of the Funds. Similarly, the companies and other issuers in
which a Fund invests could be adversely affected by year 2000
computer-related problems, and there can be no assurance that the steps
taken, if any, by these issuers will be sufficient to avoid an adverse impact
on a Fund.
Report of Ernst & Young LLP, Independent Auditors
To the Board of Directors/Trustees and Shareholders of
The Munder Funds, Inc.
The Munder Framlington Funds Trust
We have audited the accompanying statements of assets and liabilities of the
Munder Growth Opportunities Fund and the Munder Equity Selection Fund (two of
the portfolios constituting The Munder Funds, Inc.) and the Munder
Framlington Global Financial Services Funds (one of the portfolios
constituting The Munder Framlington Funds Trust), (collectively the "Funds")
including the portfolios of investments, as of June 30, 1999, and the related
statement of operations, the statements of changes in net assets and
financial highlights for each of the periods indicated therein. These
financial statements and financial highlights are the responsibility of the
Funds' management. Our responsibility is to express an opinion on these
financial statements and financial highlights based on our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements and financial highlights. Our procedures included
confirmation of securities owned as of June 30, 1999 by correspondence with
the custodian and brokers or other appropriate auditing procedures where
replies from brokers were not received. An audit also includes assessing the
accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of
each of the respective portfolios referred to above constituting The Munder
Funds, Inc. and The Munder Framlington Funds Trust at June 30, 1999, the
results of their operations, changes in their net assets and their financial
highlights for each of the indicated periods, in conformity with generally
accepted accounting principles.
/s/ Ernst & Young LLP
Boston, Massachusetts
August 16, 1999
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Lee P. Munder
OFFICERS
Lee P. 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
Therese Hogan, Assistant Secretary
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
TRANSFER AGENT
First Data Investor Services Group, Inc.
211 South Gulph Road
King of Prussia, PA 19406-3101
ADMINISTRATOR & CUSTODIAN
State Street Bank & Trust Company
225 Franklin Street
Boston, MA 02110
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
(OUTSIDE BACK COVER)
ANNGFGOPEQS99
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
