(OUTSIDE FRONT COVER)
CLASS A, B, C & Y SHARES
Semi-Annual
Report
[LOGO]
The Munder Funds
Investments DECEMBER 31, 1998
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
<PAGE>
(INSIDE FRONT COVER)
"It is this type of focus
that we value: focused
investors and focused fi-
nancial consultants,
coupled with a fund fam-
ily that provides di-
sciplined investment
styles."
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. We are pleased to be able to present this
information and report to you the activities of The Munder Family of Mutual
Funds.
As I am sure you all are aware, the last half of 1998 was quite rocky
for the stock markets here in the U.S. and around the world. The correction
that occurred in the third quarter was quite a test for many investors. Even
though it was fairly short lived, it was much more severe than any such
correction we have seen in several years. I am pleased to say that most
investors maintained their focus and rode out the ups and downs of the
market. Those that did were rewarded as they recovered much of their paper
losses by the end of October.
It is this type of focus that we value: focused investors and focused
financial consultants, coupled with a fund family that provides disciplined
investment styles. Our various funds provide you with exposure to specific
parts of the market in a very disciplined manner.
As you are likely well aware, the last few years have seen the stock
market dominated by the largest companies, similar to the nifty fifty
phenomenon of the 1970's. November and December saw the market broaden out to
provide some much welcome relief to small cap stocks. We are encouraged that
the market is finally beginning to recognize the value that small cap stocks
bring, and we believe that the economic conditions favor increased emphasis
on these securities.
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
<PAGE>
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
viii Munder Framlington Emerging Markets Fund
viii Munder Framlington Healthcare Fund
ix Munder Framlington International Growth Fund
PORTFOLIO OF INVESTMENTS --
1 Munder Balanced Fund
6 Munder Growth & Income Fund
8 Munder International Equity Fund
22 Munder Micro-Cap Equity Fund
24 Munder Multi-Season Growth Fund
26 Munder Real Estate Equity Investment Fund
27 Munder Small-Cap Value Fund
29 Munder Small Company Growth Fund
31 Munder Value Fund
33 Munder Framlington Emerging Markets Fund
37 Munder Framlington Healthcare Fund
40 Munder Framlington International Growth Fund
44 Financial Statements
62 Financial Highlights
101 Notes to Financial Statements
- -----------------------------------------------------------------------------
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.
<PAGE>
Management's Discussion and
Analysis of Fund Operations
The Investment Environment
Although economic growth continued to be robust through the fourth
calendar quarter of 1998, there were increasing signs of slower growth in the
quarters to come. Consumer demand remained one of the key sources of economic
strength. This demand was supported by growth in employment and income as
well as high levels of consumer confidence and net financial assets. Business
investment in plant and equipment, especially in high tech equipment,
continued to be another area of strength.
Moderation in growth is coming largely through the effects of the
financial crisis in many of the emerging markets, including Southeast Asia.
U.S. companies involved in trade with that region have experienced falling
exports, increased competition from imports, reduced sales and earnings and
weaker pricing power. The net effect of global financial turmoil can be seen
in the significant increase in the U.S. trade deficit. Declining exports and
increasing imports should result in a moderation of overall demand and
production in the U.S. economy, even if domestic demand remains strong.
Inflation remained subdued throughout the fourth quarter of 1998 and
for 1998 as a whole. It is currently estimated that inflation for 1998, as
measured by the Consumer Price Index, will be approximately 1.6%. This is
lower than last year's increase of 2.3%. A significant decline in commodity
prices, including the price of oil, is one reason for the continuing
improvement in inflation. With commodity prices already so low, many analysts
anticipate that there will be some increase in inflation in 1999 but nothing
significantly above a range of 2.00% to 2.5%. Continued moderation in
inflation would give the Federal Reserve important latitude in
decision-making during the year to come. In fact we have already seen in
early February 1999 that even though there is debate, the Federal Reserve has
chosen to leave interest rates alone again.
The Financial Markets
At the time of our last financial report to shareholders at June 30,
1998, the markets had experienced a period of strength and were showing early
signs of the weakness that would rock the markets in August, September and
early October of 1998. Since that time, both the stock and bond market
experienced significant volatility during 1998. The currency and financial
problems in Southeast Asia, which negatively impacted the economies of
Thailand, Korea and Indonesia in late 1997, moved to Russia and then Latin
America in 1998. The financial turmoil overseas, impeachment proceedings here
in the U.S., severe difficulties experienced by hedge funds and the discovery
of more bad loans by domestic and foreign banks contributed to market
volatility. Given the increasingly global nature of the financial markets,
fear of where problems would surface next resulted in the most significant
flight to liquidity in financial market history. Market speculators placed a
premium on securities that could be sold quickly if necessary. In the stock
market, liquidity was equated with size. In the bond market, liquidity meant
U.S. Treasury bonds.
The Stock Market
The S&P 500 Index generated a total return of 9.22% for the second half
of 1998, although this overall return was masked by significant volatility.
The S&P 500 Index's third quarter of 1998 return was -9.95 while its fourth
quarter 1998 return was 21.30%. The fourth quarter return was its strongest
quarterly return since the first quarter of 1987. The market broadened during
the fourth quarter, which helped the performance of smaller capitalization
stocks. For the quarter as
<PAGE>
a whole, however, large company stocks continued to generate the strongest
returns. As an example, the Russell 2000 Index, which is dominated by small
company stocks, generated a return of 16.31% for the fourth quarter and
- -2.54% for the year ended December 31, 1998. This was a robust absolute
return but significantly lower than the 21.3% quarterly return and 28.57%
annual return for the larger capitalization S&P 500 Index. In fact, the
fourth quarter was the fifth consecutive quarter, and the ninth out of the
last 10 quarters, in which the S&P 500 Index outperformed the Russell 2000
Index. Over that 2-1/2 year period of time, the S&P 500 Index has earned a
return approximately 65% higher than the Russell 2000 Index.
It is also interesting to note that, although the S&P 500 produced a
return of 28.57% for 1998, over 40% of the stocks in that universe actually
posted negative returns. In other words, a handful of very large companies
produced sizable returns while the rest of the stock market produced
lackluster or negative returns. The market's message was loud and clear: in
time of uncertainty and volatility, speculators will pay large premiums for
stocks that are liquid -- easy to buy and sell.
For investors with a disciplined approach to buying and selling stocks,
it was frustrating to see the market continue to focus primarily on size.
Over the long term, however, and stock investors by definition are long-term
investors, fundamentals such as earnings growth, low debt, high return on
equity and reasonable valuation should determine the performance of a stock.
Over the past few years, the market has been reminiscent of the early 1970s
when returns from a group of large capitalization stocks known as the "nifty
fifty" far outpaced the rest of the market and virtually all measures of
reasonable valuation. It is important to note that the "nifty fifty" then
dramatically underperformed the market during a subsequent 15 year period. We
believe that the Federal Reserve's commitment to providing liquidity will
encourage investors to once again focus on the fundamentals of a company
rather than simply its size.
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 3.66% for the six-month period ended
December 31, 1998, relative to the 4.16% average return for the Lipper
universe of balanced mutual funds.
The Fund's strongest holdings during the fourth quarter of 1998 were
the growth-oriented stocks. Both the larger and smaller company growth stocks
in the Fund delivered strong absolute and relative performance for the fourth
quarter. Large and small company value stocks also delivered double-digit
returns during the quarter. However, value stocks in general lagged the
performance of growth stocks during the final quarter of 1998. As we
mentioned in our June 30, 1998 Annual Report, we have been gradually shifting
the equity portion of the Fund away from stocks that fit our Accelerating
Fund style, toward a blend of large and small, growth and value stocks. We
believe that this broadening out of the portfolio will have long term
positive impacts on the performance of the Fund and reduce the volatility of
the equity holdings. In fact, this
<PAGE>
broadening did help lead the Fund to above median returns over the last three
months of the year in 1998.
The Fund's bond holdings, which are managed in a style similar to the
Munder Bond Fund, performed well in comparison with the general fixed income
market as investors sought the safety of high quality securities over more
speculative or higher yielding types of issues.
Munder Growth & Income Fund
Fund Manager: Otto G. Hinzmann, Jr.
The Fund exhibited a return of 2.38% for the six-month period ended
December 31, 1998, relative to the 1.80% average return for the Lipper
universe of equity income mutual funds.
The Fund's focus on yield helped to dampen some of the volatility of
the third quarter of 1998, as the Fund performed in line with the median fund
in its equity income sector. The Fund continues to have a yield above that of
the S&P 500 while maintaining an average PE ratio lower than the S&P 500.
Strong Fund sectors during the fourth calendar quarter included
communication services (up 32% versus 28% for the S&P communication services
group), capital goods (up 21% versus 19% for the S&P capital goods sector),
healthcare (up 16% versus 14% for the S&P healthcare group) and energy (up 7%
versus 0.3% for the S&P energy sector). One of the strongest performing
individual stocks in the Fund was Xerox, up 39% for the fourth quarter. The
Fund's utility holdings, accounting for 15% of the portfolio, had strong
relative performance, with returns of 4% relative to a 1.6% return for the
S&P utility sector. Utility stocks, however, trailed the overall market
during the fourth quarter of 1998.
The sectors of the Fund that lagged in relative terms during the fourth
quarter of 1998 were the financial group and REITs. During the fourth quarter
the Fund's financial stocks were up by 7.1% compared with 21% for the S&P
financial sector. This deviation in performance was largely due to the Fund's
lack of exposure to the money center bank stocks which generated strong
returns during the fourth quarter. REIT stocks have been particularly hard
hit during all of 1998, and we have gradually reduced the Fund" exposure to
REIT stocks over the course of the period. At this time REIT stocks in
general provide higher yields that many fixed income categories, and with the
potential for equity appreciation, are attractive for the Fund. However, the
overall market's negative sentiment on this sector have caused us to reduce
their weighting in the Fund.
Munder International Equity Fund
Fund Managers: Theodore Miller and Todd B. Johnson
The Fund generated a return of -1.17% for the six-month period ended
December 31, 1998, relative to the 2.30% return for the FT/S&P Actuaries
World ex-U.S. Index and the -2.32% average return for the Lipper universe of
international equity mutual funds. It has outperformed the FT World ex-U.S.
Index for the two-year and three-year time periods ended December 31, 1998.
The diversification of the 685 stock, 46 country Munder International
Equity Fund was a positive for performance during most of 1998. However, the
negative investment environment in emerging markets had an effect on Fund
performance. The month of December, 1998, for example, was characterized by
weakness in the emerging markets, including Brazil, Russia, China, Argentina
and Chile. These same markets had rebounded in November, 1998.
<PAGE>
In the market quantitative portion of the Fund, five of the top ten
performers were in the software manufacturing business. Business Objects, a
Canadian software firm, was up 71% in the month of December due to a positive
investing environment for software makers. Corel Corp., a Canadian software
maker, rallied 53.3% during December when the company acquired a 25% stake in
GraphOn, a privately held software firm. CBT Group, an Irish software maker,
rose 41.6% in December when the company announced that it would acquire
Knowledge Ware, a business skills education firm.
In the economic quantitative portion of the Fund, Wickes Plc, a British
home building supplier, was up 51.5% in December due to improved sales. ML
Laboratories, a British pharmaceutical company, rose 32% for December when
the company hired several well- respected new board members. Credit
Lyonnaise, a French bank, rose 28.4% in December on news that AXA, the
largest insurance company in the world, would buy a 5% stake in the company
with the option to buy more.
Weakness in the U.S. dollar in December positively affected the Fund by
approximately 2.1 percentage points in December. For the six months ended
December 31, 1998, the net weakness in the U.S. dollar boosted Fund returns by
approximately 7.0 percentage points. We do not hedge the investments in this
Fund back to the U.S. dollar, as we believe that investors seek international
funds for the overall international exposure they provide: markets as well as
currency.
Munder Micro-Cap Equity Fund
Fund Manager: The Munder Micro-Cap Fund Committee
The Fund earned a return of -7.52% for the six-month period ended
December 31, 1998, relative to the -3.28% average return for the Lipper
universe of micro cap mutual funds.
The overall performance of the Fund benefited from the rebound in
smaller capitalization stocks during the fourth quarter of 1998. The
technology sector was the star performer during the fourth quarter,
benefiting from both strong market returns and good stock selection. Both the
retail and financial sector benefited during the fourth quarter from strong
stock selection as well. This was particularly important for the financial
sector, since stock selection helped to overcome the sector's weak returns in
the overall market. The healthcare sector exhibited strong performance in the
micro cap segment of the stock market. This benefit, however, was offset by
several healthcare holdings with weak returns for the fourth quarter of 1998.
Overall, the Fund was particularly hard hit in July and August of 1998
when the smallest of small cap companies were affected by the market sell
off. As an example, through the end of September 1998, on average companies
with a market cap of less than $250 million were off over 50% from their 52
week highs. Overall, we have seen a good bounce back here in the fourth
calendar quarter as the market has broadened out, with the Fund outperforming
its Lipper peer group median by over 6 percentage points. We believe that we
are well positioned to capitalize on a broader market.
Munder Multi-Season Growth Fund
Fund Manager: Leonard J. Barr II, CFA
The Fund generated a return of 2.90% for the six-month period ended
December 31, 1998, relative to the 6.21% average return for the Lipper
universe of growth stock mutual funds.
<PAGE>
During the fourth quarter of 1998, the Fund's best performing sectors
included telecommunications, technology and diversified companies. Star
performers in the telecommunications sector for the quarter included MCI
WorldCom (+47%) and Century Telephone (+43%). In the technology sector, the
strongest quarterly returns were generated by Sun Microsystems (+72%), Maxim
Integrated Products (+57%) and Cisco Systems (+50%). Finally, in the
diversified sector, the top performers for the fourth quarter of 1998
included Tyco International (+37%), General Electric (+29%) and Textron
(+26%). Energy and consumer staples were among the weaker sectors for the
fourth quarter.
During the fourth quarter, the technology weighting of the Fund was
increased to 10%. Financial holdings were reduced to 13% with the elimination
of a number of stocks, including money center banks. A number of positions
were also eliminated due to concerns about future earnings.
At the end of the fourth quarter 1998, the earnings per share growth
for the Fund over the next 12 months was estimated to be 15%. This compares
to 5% for the S&P 500 universe of stocks.
Munder Real Estate Equity Investment Fund
Fund Managers: Peter K. Hoglund, CFA and Robert E. Crosby, CFA
The Fund generated a return of -11.82% for the six-month period ended
December 31, 1998, relative to the -13.13% return for the NAREIT Index
(equity only) and the -11.46% average return for the Lipper universe of real
estate mutual funds. The Fund has outperformed the NAREIT Index for the
one-month, three-month, six-month, one-year, two-year and three-year time
periods ended December 31, 1998.
From a total return standpoint, the final quarter of 1998 and the year
as a whole were not kind to REITs. Unlike some of the other funds classified
as REIT Funds, the Munder Real Estate Investment Equity Fund held no
investments other than real estate investment trusts. As a result, there are
no other securities to buffer performance when the REIT market declines.
However, investors who purchase the Munder Real Estate Investment Equity Fund
can be confident that they are getting the diversification they were seeking
through an investment in REITs. And, although total returns in the REIT
market lagged significantly throughout 1998, the Fund continued to generate a
strong yield. For 1998, the yield on the Fund was approximately 500 basis
points (five percentage points) higher than the yield for the S&P 500
universe of stocks and 100 basis points (one percentage point) higher than
the yield on 30-year Treasury bonds.
In 1998, the REIT market suffered through poor absolute returns in the
face of strong fundamentals for the underlying investments. We anticipate
that real estate fundamentals will remain strong as we move through 1999. If
that proves to be the case, REITs are likely to experience a strong year in
1999 as investors focus on the relative value offered by the REIT sector of
the equity markets.
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 -9.70% for the six-month period ended
December 31, 1998, relative to the -7.12% return for the Russell 2000 Index,
the -10.42% return for the Russell 2000
<PAGE>
Value Index and the -6.54% average return for the Lipper universe of small
capitalization mutual funds.
While small cap stocks rebounded during the fourth quarter, the primary
beneficiaries were growth-oriented small company stocks. The Fund had strong
returns relative to other small cap value funds, but its performance lagged
the returns of small company growth funds. Technology holdings as a group
were the star performers in the Fund during the fourth quarter. This sector
benefited from both strong stock selection and strong market performance. The
utilities sector, particularly cable television holdings, benefited from good
stock selection as well. The financial sector generated weak relative
performance in the smaller company segment of the market, although good stock
selection partially offset that weakness.
Munder Small Company Growth Fund
Fund Managers: The Munder Small Company Growth Fund Committee
The Fund generated a return of -5.63% for the six-month period ended
December 31, 1998, compared to the -4.10% return for the Russell 2000 Growth
Index and the -6.54% average return for the Lipper universe of small
capitalization mutual funds.
Fund performance was boosted by the rebound in small company stocks
during September of 1998 and then much of the fourth calendar quarter.
Returns also benefited from the fact that growth stocks were favored by
investors relative to value stocks during that time period. Negative returns
for the year reflect the overall condition of the small cap market.
The Fund's healthcare holdings, significantly overweighted in the Fund,
benefited from both strong market performance and specific holdings that were
especially strong performers. The consumer discretionary sector also made a
positive contribution to the Fund's return for the fourth quarter of 1998.
Within this sector, retail holdings were helped by good stock selection.
Steiner Leisure was one stock in the consumer discretionary sector with
particularly good performance.
Munder Value Fund
Fund Managers: Gerald L. Seizert, CFA, Edward O. Eberle, CFA and Brian R.
Wall, CFA
The Fund exhibited a return of -7.11% for the six-month period ended
December 31, 1998, relative to the 3.09% average return for the Lipper
universe of growth & income funds. (There is no Lipper universe representing
value funds. The growth & income universe is closest to the Fund in terms of
investment characteristics.)
We had been anticipating slower growth in corporate profits as a result
of more moderate economic growth. The Fund, therefore, had a relatively
defensive structure, and had somewhat of a mid cap tilt, with representation
of small, mid and large cap value stocks during the period. The smaller cap
positions hurt the Fund in the third quarter of 1998. With the Federal
Reserve's aggressive easing of monetary policy in the Fall of 1998, the
equity market rallied. Growth stocks were the primary beneficiaries of this
rally, with defensive stocks lagging in performance. The value orientation of
the Fund, as well as its defensive tilt, held back returns during the fourth
quarter of 1998.
High valuation technology stocks were a particular focus of investors
as the market moved up during the fourth quarter of 1998. In fact, technology
proved to be the strongest sector of the market for the quarter. Good stock
selection within the technology sector, coupled with the
<PAGE>
sector's strong market performance, boosted Fund performance from October
through December, 1998. Strong stock selection in the healthcare sector also
contributed positively to the Fund's return for the fourth quarter. Gains in
these two sectors, however, were offset during the quarter by weakness in the
Fund's financials, consumer staples and energy holdings.
During the fourth quarter of 1998, the weightings of some of the
defensive sectors of the Fund were reduced, including healthcare, utilities
and energy. The technology weighting was increased to approximately 16.5%
during the quarter, with a focus on hardware and semiconductor firms. This
fourth quarter repositioning served to reduce the defensive tilt of the Fund.
Munder Framlington Emerging Markets Fund
Fund Managers: The Munder Framlington Emerging Markets Fund Committee,
headed by William Calvert
The Fund earned a return of -11.67% for the six-month period ended
December 31, 1998, relative to the -7.98% return for the MSCI Emerging
Markets Free Index and the -13.46% median return for the Lipper universe of
emerging markets mutual funds.
By late fourth quarter 1998, Brazil had become the focus of emerging
markets attention. It was apparent that the Brazilian currency was being held
at an unsustainable level. Investors questioned the effectiveness of the
International Monetary Fund's package for Brazil. There was skepticism that
it would benefit the Brazilian currency at all and concerns that the package
would cripple the Brazilian economy.
A positive factor for the emerging markets during the second half of
1998 was the prospect of Eastern European countries eventually joining the
European Union, possibly as early as 2003. Investors also focused on Greece
as the Euro currency came closer to its January 1, 1999 launch. That country
is already a member of the European Union and should be eligible to join in
the Euro currency in 2001. Greece's interest rates of approximately 12% would
have to fall significantly if the country were to join in the Euro. (The
European Central Bank has short-term rates currently targeted at 3%.) Such a
reduction in interest rates would likely drive Greece's stock market higher.
The most positive news on emerging markets during the period was
economic reform in South Korea and Thailand. We now expect 1999 economic
growth for these two countries to be better than current consensus forecasts.
Brazil remains the key to the near-term performance of emerging
markets. A devaluation of the Brazilian currency, although likely to cause
short-term pain, is necessary. In our opinion such a move would benefit not
only Brazil but the broad emerging markets sector.
Currently the Fund is overweighted in Asia and Europe and underweighted
in Latin America. Once Brazil accomplishes an effective devaluation of its
currency, the Fund would consider moving to an overweighted position in Latin
America.
Munder Framlington Healthcare Fund
Fund Manager: Antony Milford
The Munder Framlington Healthcare Fund generated a -0.45% return for
the six-month period ended December 31, 1998, compared to the 9.40% average
return for the Lipper universe of health/biotechnology mutual funds.
<PAGE>
The Fund continued its recovery from the lows of the summer of 1998.
Investors are finally noticing the impressive earnings growth and/or trials
data achieved by companies represented in the Fund. In particular the
biotechnology sector benefited from this new focus.
The story on this Fund remains essentially unchanged. The demographics
of an aging population; increased spending on healthcare products and
services; better technology, new treatments and more effective cures are all
positives for the healthcare companies held in the Fund. Each of these
factors individually would provide profitable opportunities for the types of
stocks which are purchased for the Fund. Taken together, the factors make a
powerful argument for the potential of strong performance of the healthcare
sector going forward.
Following the declines in many of these stocks during the summer of
1998, the Fund was able to make purchases at attractive levels over the past
few months. The Fund continues to focus on biotech and medical devices:
together currently representing almost 50% of the Fund. These are principally
represented by smaller companies, and as such, have been impacted by the
investor sentiment which has favored larger cap, more liquid names. However,
we continue to believe that the greatest potential exists with smaller
companies who are focussed and can deliver state of the art breakthroughs in
medical technology. As a result, even with the rebound of the Fund, we
believe that many of its holdings remain undervalued. This is especially true
given that the news coming from the companies represented in the Fund
continues to be positive.
Munder Framlington International Growth Fund
Fund Manager: The Munder Framlington International Growth Fund Committee,
headed by Simon Key
The Fund generated a return of -1.62% for the six-month period ended
December 31, 1998, relative to the 3.66% return for the Morgan Stanley EAFE
Index and the -2.32% average return for the Lipper universe of international
equity mutual funds.
Excitement over the introduction of the new single European currency,
the Euro, helped to create a strong positive fourth quarter of 1998 for
international stock markets. To prepare for the Euro and to help promote
economic growth in the core European countries, the European Central Bank
reduced short term interest rates to 3%. With low interest rates (expected to
fall further), little or no inflationary pressure and a continuation of
investment money flowing into Europe, the prospects for large capitalization
stocks remain attractive. Although valuations are high in some cases, the
United States experience suggests these are sustainable as long as economic
factors and investment flows are favorable.
Japan is still disappointing. The Japanese government appears to have
tried almost everything to kick start the economy, all to no avail. However,
strength in the Japanese yen helped to boost returns on Japanese investments.
In addition, there is some encouragement in the better news coming out of
Southeast Asia, a region which accounts for a large part of Japan's trade.
The Japanese economy needs to turn for Japanese equities to gain much ground.
When it does we believe the Japanese stock market will look undervalued.
<PAGE>
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<PAGE>
Munder Balanced Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
COMMON STOCKS -- 68.0%
Advertising -- 1.2%
4,000 Interpublic Group of Companies,
Inc. $ 319,000
9,000 Omnicom Group, Inc. 522,000
-----------
841,000
-----------
Aerospace -- 0.5%
3,400 United Technologies Corporation 369,750
-----------
Automobile Parts & Equipment -- 2.2%
22,380 Dura Automotive Systems, Inc.+ 763,718
8,800 Johnson Controls, Inc. 519,200
7,930 Tower Automotive, Inc.+ 197,754
-----------
1,480,672
-----------
Banking and Financial Services -- 8.3%
11,400 Associates First Capital Corporation 483,075
12,789 Charter One Financial, Inc. 354,895
7,200 Chase Manhattan Corporation 490,050
3,500 CMAC Investment Corporation 160,781
6,100 Fannie Mae 451,400
5,900 First American Corporation 261,813
6,400 First Union Corporation 389,200
16,600 Flagstar Bancorp, Inc. 433,675
5,000 Fleet Financial Group Inc. 223,438
23,900 Hibernia Corporation 415,262
9,470 Litchfield Financial Corporation 179,930
9,300 Mercantile Bankshares Corporation 358,050
25,100 Ocean Financial Corporation 417,287
6,900 Summit Bancorp 301,444
11,500 U.S. Bancorp 408,250
11,200 UST Corporation 263,900
-----------
5,592,450
-----------
Building Materials -- 3.2%
17,600 Dayton Superior Corporation+ 338,800
6,930 Elcor Corporation 223,926
14,500 Masco Corporation 416,875
15,000 Pulte Corporation 417,187
8,100 Sherwin-Williams Company 237,937
8,100 Southdown, Inc. 479,419
-----------
2,114,144
-----------
Business Equipment & Supplies -- 0.8%
4,700 Avery Dennison Corporation 211,794
2,600 Xerox Corporation 306,800
-----------
518,594
-----------
Business Services -- 3.3%
15,540 American Bank Note Holographics,
Inc.+ 271,950
5,300 Automatic Data Processing, Inc. 424,994
5,800 Equifax, Inc. 198,288
17,170 Group Maintenance America
Corporation+ 208,186
10,250 International Telecommunication
Data Systems, Inc.+ 151,188
15,000 Remedy Corporation+ 209,062
9,070 Steiner Leisure Ltd., ADR+ 290,240
10,300 URS Corporation+ 240,762
8,310 Wackenhut Corrections
Corporation+ 237,874
-----------
2,232,544
-----------
Chemicals -- 0.9%
6,200 Air Products & Chemicals, Inc. 248,000
16,400 Millennium Chemicals, Inc. 325,950
-----------
573,950
-----------
Computer Hardware, Software
or Services --7.0%
11,250 AVT Corporation+ 326,250
9,020 Axent Technologies, Inc.+ 275,674
7,000 BMC Software, Inc.+ 311,937
8,000 Cadence Design Systems, Inc.+ 238,000
4,500 CISCO Systems, Inc.+ 417,656
5,400 Honeywell, Inc. 406,687
5,200 Intel Corporation 616,525
9,370 Inter-Tel, Inc. 219,024
6,330 Maxwell Technologies, Inc.+ 254,783
1,900 Microsoft Corporation+ 263,506
9,240 NeoMagic Corporation+ 204,435
10,950 Oracle Corporation+ 472,219
8,690 QuadraMed Corporation+ 178,145
30,020 Sapiens International
Corporation, ADR+ 238,284
3,000 Sun Microsystems, Inc.+ 256,875
-----------
4,680,000
-----------
Consumer Non-Durables -- 1.0%
20,450 Ivex Packaging Corporation+ 475,462
4,200 Newell Company 173,250
-----------
648,712
-----------
Diversified -- 2.2%
7,100 Textron, Inc. 539,156
22,200 Thermo Electron Corporation+ 376,012
7,300 Tyco International Ltd. 550,694
-----------
1,465,862
-----------
Drugs -- 3.0%
9,400 Amgen, Inc.+ 982,888
3,500 Merck & Company, Inc. 516,906
2,000 Pfizer, Inc. 250,875
4,400 Schering-Plough Corporation 243,100
-----------
1,993,769
-----------
Electrical Equipment -- 3.7%
6,400 Emerson Electric Company 387,200
6,300 General Electric Company 642,994
13,100 Kuhlman Corporation 496,162
9,860 SLI, Inc.+ 273,615
8,000 Texas Instruments, Inc. 684,500
-----------
2,484,471
-----------
Electronics -- 4.5%
17,950 Aeroflex, Inc.+ 271,494
9,300 Alpha Industries, Inc.+ 334,800
3,800 Altera Corporation+ 231,325
29,500 Control Devices, Inc. 472,000
11,970 FLIR Systems, Inc.+ 278,303
20,650 Herley Industries, Inc.+ 247,800
8,400 ITI Technologies, Inc.+ 260,400
7,200 Maxim Integrated Products, Inc.+ 314,550
8,900 Xilinx Inc.+ 579,612
-----------
2,990,284
-----------
Food and Beverages -- 2.2%
12,600 ConAgra, Inc. 396,900
20,100 J&J Snack Foods Corporation+ 449,737
14,600 Sara Lee Corporation 411,538
8,100 SYSCO Corporation 222,244
-----------
1,480,419
-----------
Health Care -- 1.5%
20,620 Mid Atlantic Medical Services,
Inc.+ 202,334
19,200 Physician Reliance Network, Inc.+ 252,000
15,300 Trigon Healthcare, Inc.+ 570,881
-----------
1,025,215
-----------
Health Care Facilities -- 0.6%
14,200 Tenet Healthcare Corporation+ 372,750
-----------
Home Furnishings -- 0.5%
15,200 Leggett & Platt, Inc. 334,400
-----------
Household Products -- 1.3%
10,900 Maytag Corporation 678,525
5,900 Rubbermaid, Inc. 185,481
-----------
864,006
-----------
Insurance -- 4.3%
17,900 Ace Ltd., ADR 616,431
3,487 American International Group, Inc. 336,931
20,200 ARM Financial Group, Inc. 448,188
9,600 Executive Risk, Inc. 527,400
7,400 MBIA, Inc. 485,163
12,400 Torchmark Corporation 437,875
-----------
2,851,988
-----------
Manufactured Housing -- 0.6%
30,000 Clayton Homes, Inc. 414,375
-----------
Medical Services and Supplies -- 2.5%
8,900 Abbott Laboratories 436,100
11,100 Biomet, Inc. 446,775
34,800 HEALTHSOUTH Corporation+ 537,225
5,000 Stryker Corporation 275,313
-----------
1,695,413
-----------
Oil Equipment and Services -- 1.6%
8,500 Burlington Resources, Inc. 304,406
13,200 Transocean Offshore, Inc. 353,925
13,900 USX-Marathon Group 418,738
-----------
1,077,069
-----------
Real Estate -- 1.3%
19,800 Kilroy Realty Corporation 455,400
12,500 Mack-Cali Realty Corporation 385,937
-----------
841,337
-----------
Recreation -- 1.1%
14,410 Brass Eagle, Inc.+ 221,554
11,200 Carnival Corporation, Class A 537,600
-----------
759,154
-----------
Restaurants -- 0.6%
9,060 Dave & Buster's, Inc.+ 208,946
9,000 Wendy's International, Inc. 196,313
-----------
405,259
-----------
Retail -- 0.7%
7,150 Cutter & Buck, Inc.+ 266,337
16,890 Happy Kids, Inc.+ 215,348
-----------
481,685
-----------
Retail -- Specialty -- 1.7%
8,000 Home Depot, Inc. 489,500
24,400 Pier 1 Imports, Inc. 236,375
6,480 The Men's Wearhouse, Inc.+ 205,740
4,000 Walgreen Company 234,250
-----------
1,165,865
-----------
Telecommunications -- 3.6%
8,000 Century Telephone Enterprise 540,000
4,470 Gilat Satellite Networks Ltd., ADR+ 246,409
7,500 MCI WorldCom, Inc.+ 538,125
12,200 MediaOne Group, Inc. 573,400
9,200 SBC Communications, Inc. 493,350
-----------
2,391,284
-----------
Transportation -- 0.8%
5,400 Atlas Air, Inc.+ 264,262
7,600 CNF Transportation, Inc. 285,475
-----------
549,737
-----------
Utilities -- 1.3%
14,300 Edison International 398,612
9,300 New Century Energies, Inc. 453,375
-----------
851,987
-----------
TOTAL COMMON STOCKS
(Cost $36,718,564) 45,548,145
-----------
Principal
Amount
- ------
ASSET-BACKED SECURITIES -- 3.2%
$ 500,000 Chase Manhattan Corporation,
Series 1996-4, Class A,
6.730% due 02/15/2003 502,755
600,000 Residential Accredit Loans,
Inc., Series 1997-QS5, Class A5,
7.250% due 06/25/2027 603,702
600,000 Residential Asset Securities
Corporation, Series 1997-KS3,
Class A16,
6.900% due 08/25/2027 611,088
400,000 Union Acceptance Corporation,
Series 1996-C, Class A3,
6.630% due 10/08/2003++ 410,472
-----------
TOTAL ASSET-BACKED SECURITIES
(Cost $2,113,155) 2,128,017
-----------
COLLATERALIZED MORTGAGE
OBLIGATIONS (CMO) -- 1.7%
600,000 Federal Home Mortgage
Corporation,
Series 1541 Class F,
6.250% due 05/15/2019 603,390
550,000 Federal Home Mortgage
Corporation,
Series 1702-A, Class PD,
6.500% due 04/15/2022 566,390
-----------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS (CMO)
(Cost $1,133,719) 1,169,780
-----------
CORPORATE BONDS AND NOTES -- 14.5%
Finance -- 4.4%
400,000 AT&T Capital Corporation, MTN,
6.490% due 05/17/1999 400,624
500,000 CIT Group, Inc.,
5.625% due 10/15/2003 496,945
500,000 Countrywide Capital III,
8.050% due 06/15/2027 544,680
575,000 John Deere Credit,
6.125% due 05/30/2003 581,109
600,000 Pitney Bowes Credit Corporation,
8.625% due 02/15/2008 734,280
150,000 Transamerica Capital III,
7.625% due 11/15/2037 159,335
-----------
2,916,973
-----------
Finance -- Foreign -- 1.8%
750,000 Abbey National Plc,
6.700% due 06/29/2049 735,247
450,000 Westdeutsche Landesbank,
6.750% due 06/15/2005 462,317
-----------
1,197,564
-----------
Food and Beverages -- 0.8%
500,000 Coca Cola Enterprises,
6.625% due 09/30/2002 519,750
-----------
Government Agency -- 0.6%
400,000 Tennessee Valley Authority,
6.375% due 06/15/2005 422,640
-----------
Government Agency -- Foreign -- 0.8%
500,000 British Columbia Hydro,
12.500% due 01/15/2014 521,280
-----------
Industrial -- 4.1%
500,000 American Greetings Corporation,
6.100% due 08/01/2028 512,295
600,000 Harris Corporation,
6.350% due 02/01/2028 649,668
500,000 Racers-Kellogg, Series 1998 144A,
5.750% due 02/02/2001 507,570
500,000 Thermo Electron Corporation, 144A,
4.250% due 01/01/2003 448,750
600,000 Wal-Mart Stores,
8.625% due 04/01/2001 643,170
-----------
2,761,453
-----------
Insurance -- 0.3%
187,018 Prudential Securities Secured Financing
Corporation,
6.105% due 11/15/2002 188,478
-----------
Supranational -- 0.5%
350,000 African Development Bank, Notes,
6.750% due 07/30/1999 353,091
-----------
Utility -- Electric -- 1.2%
500,000 National Rural Utilities,
6.125% due 05/15/2005 520,730
300,000 Puget Sound Energy, Inc.,
7.020% due 12/01/2027 312,207
-----------
832,937
-----------
TOTAL CORPORATE BONDS AND NOTES
(Cost $9,549,976) 9,714,166
-----------
U.S. GOVERNMENT AGENCY
OBLIGATIONS --4.1%
Federal Home Loan Mortgage Corporation
(FHLMC) -- 0.4%
FHLMC:
137,076 Pool #E62394, Gold,
7.500% due 09/01/2010 140,766
148,342 Pool #200021,
10.500% due 11/01/2000 156,399
-----------
297,165
-----------
Federal National Mortgage Association (FNMA)-- 3.4%
FNMA:
850,000 Series 1993-183 Class H,
6.500% due 03/25/2022 872,066
500,000 Pool #380137,
7.280% due 03/01/2008 555,000
282,823 Pool #303105,
11.000% due 11/01/2020 312,460
455,161 Pool #100081,
11.500% due 08/20/2016 512,343
-----------
2,251,869
-----------
Government National Mortgage Association (GNMA) -- 0.3%
188,244 GNMA, Pool #780584,
7.000% due 06/15/2027 192,709
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $2,701,412) 2,741,743
-----------
U.S. TREASURY OBLIGATIONS -- 7.1%
U.S. Treasury Bonds -- 6.2%
$ 758,625 3.625% due 04/15/2028, TIPS 736,572
2,825,000 6.875% due 08/15/2025 3,430,708
-----------
4,167,280
-----------
U.S. Treasury Notes -- 0.9%
540,000 7.875% due 11/15/2004 625,374
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $4,398,579) 4,792,654
-----------
REPURCHASE AGREEMENT -- 1.7%
(Cost $1,140,000)
$1,140,000 Agreement with State Street Bank
and Trust Company, 4.850% dated
12/31/98, to be repurchased at
$1,140,614 on 01/04/1999,
collateralized by $940,000 U.S.
Treasury Bond, 6.875%
maturing 08/15/2025
(value $1,165,307) 1,140,000
-----------
OTHER INVESTMENTS**
(Cost $7,090,037) 10.6% 7,090,037
---- -----------
TOTAL INVESTMENTS
(Cost $64,845,442*) 110.9% 74,324,542
OTHER ASSETS AND
LIABILITIES (Net) (10.9) (7,333,516)
---- -----------
NET ASSETS 100.0% 66,991,026
==== ===========
- ---------
* Aggregate cost for Federal tax purposes.
** As of December 31,1998, the market value of the securities
on loan is $6,992,467. Collateral received for securities loaned of
$7,090,037 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
currently in effect.
ABBREVIATIONS:
ADR -- American Depository Receipt
MTN -- Medium Term Note
TIPS -- Treasury Inflation Protection Security
See Notes to Financial Statements.
<PAGE>
Munder Growth & Income Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 84.5%
Aerospace -- 2.1%
46,000 United Technologies
Corporation $ 5,002,500
------------
Automobile Parts & Equipment -- 2.3%
97,000 Johnson Controls, Inc. 5,723,000
------------
Banking and Finance -- 10.1%
79,000 Federal National Mortgage
Association 5,846,000
110,800 National City Corporation 8,033,000
165,000 U.S. Bancorp 5,857,500
122,000 Wells Fargo & Company 4,872,375
------------
24,608,875
------------
Building Materials -- 2.3%
199,000 Masco Corporation 5,721,250
------------
Computer Software -- 1.8%
143,000 Dun & Bradstreet Corporation 4,513,437
------------
Drugs -- 3.6%
83,000 American Home Products
Corporation 4,673,938
28,300 Merck & Co., Inc. 4,179,556
------------
8,853,494
------------
Drugs & Health Care -- 3.6%
87,000 Abbott Laboratories 4,263,000
34,000 Bristol-Myers Squibb Company 4,549,625
------------
8,812,625
------------
Electrical Equipment -- 2.4%
57,000 General Electric Company 5,817,562
------------
Electrical Machinery -- 1.6%
81,000 Cooper Industries, Inc. 3,862,688
------------
Food and Beverages -- 10.8%
88,000 Anheuser-Busch Companies, Inc. 5,775,000
173,000 ConAgra, Inc. 5,449,500
67,000 General Mills, Inc. 5,209,250
160,000 Sara Lee Corporation 4,510,000
197,000 Sysco Corporation 5,405,187
------------
26,348,937
------------
Holding Companies -- Diversified -- 2.2%
69,300 Textron, Inc. 5,262,469
------------
Household Furnishings and Appliances -- 2.9%
114,000 Maytag Corporation 7,096,500
------------
Insurance -- 4.1%
68,000 Exel, Ltd., ADR 5,100,000
59,000 Lincoln National Corporation 4,826,937
------------
9,926,937
------------
Manufacturing Specialize -- 1.8%
98,074 Avery Dennison Corporation 4,419,460
------------
Office Equipment and Supplies -- 5.1%
76,000 Pitney Bowes, Inc. 5,020,750
63,000 Xerox Corporation 7,434,000
------------
12,454,750
------------
Oil and Petroleum -- 4.5%
36,108 British Petroleum Company
Plc, ADR 3,430,260
56,000 Exxon Corporation 4,095,000
41,000 Mobil Corporation 3,572,125
------------
11,097,385
------------
Printing and Publishing -- 4.6%
124,000 Donnelley (R.R.) & Sons
Company 5,432,750
56,000 McGraw-Hill, Inc. 5,705,000
------------
11,137,750
------------
Real Estate -- 1.8%
81,700 Health Care Property Investors,
Inc. 2,512,275
80,000 Prentiss Properties Trust 1,785,000
------------
4,297,275
------------
Telecommunications -- 2.6%
126,000 BellSouth Corporation 6,284,250
------------
Utilities -- Electric -- 8.6%
102,000 Carolina Power & Light Company 4,800,375
97,000 Consolidated Edison Company 5,128,875
116,300 New Century Energies, Inc. 5,669,625
116,000 Texas Utilities Company 5,415,750
------------
21,014,625
------------
Utilities -- Natural Gas -- 5.7%
170,862 El Paso Natural Gas Company 5,948,133
46,000 Enron Corporation 2,624,875
283,671 MCN Corporation Holding
Company 5,407,479
------------
13,980,487
------------
TOTAL COMMON STOCKS
(Cost $153,812,458) 206,236,256
------------
Principal
Amount
- ---------
CONVERTIBLE BONDS AND NOTES -- 2.7%
$2,450,000 Home Depot, Inc., Conv.
Sub. Note,
3.250% due 10/01/2001 6,437,375
------------
TOTAL CONVERTIBLE BONDS AND NOTES
(Cost $2,451,368) 6,437,375
------------
Shares
- ------
CONVERTIBLE PREFERRED STOCK -- 4.8%
66,000 AirTouch Communications, Inc.,
Series C
4.250% Conv. Pfd. 6,798,000
93,000 Wendy's Financial I
5.000%, Conv. Pfd. 4,836,000
------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $8,002,094) 11,634,000
------------
REPURCHASE AGREEMENT -- 6.4%
(Cost $15,597,000)
$15,597,000 Agreement with State Street Bank
and Trust Company, 4.850% dated
12/31/1998, to be repurchased at
$15,605,405 on 01/04/1999,
collateralized by $10,475,000
U.S. Treasury Note, 9.875%
maturing 11/15/2015
(value $15,911,054) 15,597,000
------------
OTHER INVESTMENTS**
(Cost $10,041,493) 4.1% 10,041,493
------------
TOTAL INVESTMENTS
(Cost $189,904,413*) 102.5% 249,946,124
OTHER ASSETS AND
LIABILITIES (Net) (2.5) (5,984,433)
---- ------------
NET ASSETS 100.0% $243,961,691
==== ============
- ---------
* Aggregate cost for Federal tax purposes is $189,904,413.
** As of December 31, 1998, the market value of the securities on loan is
$10,023,236. Collateral received for securities loaned of $10,041,493
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, December 31, 1998 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 98.0%
Argentina -- 0.6%
1,100 Alpargatas S.A.I.C., ADR+ $ 1,398
400 APCO Argentina Inc., ADR 7,900
2,681 Banco de Galicia Bueno, ADR 47,253
1,656 Banco Frances del Rio de la Plata,
SA, ADR 34,362
3,000 Banco Rio de La Plata SA 39,000
1,800 Buenos Aires Embotelladora SA,
ADR+ 2,475
10,100 Corporacion Mapfre, ADR 75,615
509 IRSA Inversiones Y
Representaciones SA, GDR 14,154
2,220 Metrogas SA, ADR 18,315
13,865 Perez Companc SA, ADR 117,404
4,000 Quilmes Industrial SA, ADR 37,250
7,100 Telecom Argentina SA, ADR 195,250
8,500 Telefonica de Argentina, ADR 237,469
2,800 Transportadora de Gas del Sur
SA, ADR 28,350
14,600 Y.P.F. Sociedad Anonima, ADR 407,887
------------
1,264,082
------------
Australia -- 2.6%
6,450 Amcor Ltd. 108,037
2,100 Ashton Mining Ltd., ADR 5,276
9,850 Australia & New Zealand Bank,
ADR 320,125
7,100 Australian National Industries,
ADR 20,013
5,200 Boral Ltd., ADR 60,450
35,640 Broken Hill Proprietary Ltd., ADR 512,325
2,800 Burns, Philip & Company Ltd.,
ADR+ 1,338
7,000 Coca-Cola Amatil Ltd., ADR 52,160
5,500 Coles Myer Ltd., ADR 228,594
900 Cortecs International Ltd., ADR+ 759
8,500 CSR Ltd., ADR 83,130
5,000 E-mail Partners Ltd., ADR 14,284
500 FAI Insurances Ltd., ADR 4,188
1,200 FH Faulding & Company, ADR 22,648
10,900 Goodman Fielder Ltd., ADR 44,084
9,050 Great Central Mines Ltd., ADR 19,231
6,900 James Hardie Industries, ADR 28,194
4,700 Kidston Gold Mines Ltd.,
ADR+ 2,880
800 Lihir Gold Ltd., ADR+ 17,700
46,700 M.I.M. Holdings Ltd., ADR 41,208
2,400 Mayne Nickless Ltd., ADR 44,488
11,400 National Australia Bank Ltd.,
ADR 848,587
26,300 News Corporation Ltd., ADR 695,306
6,139 Normandy Mining Ltd. 56,804
4,900 North Ltd., ADR 39,935
1,300 Orbital Engineering Ltd., ADR+ 3,738
9,600 Pacific Dunlop Olympic Ltd.,
ADR 58,800
1,700 Petsec Energy Ltd., ADR+ 2,869
32,100 Pioneer International Ltd., ADR 67,863
5,370 Rio Tinto Ltd., ADR 254,762
5,100 Santos Ltd., ADR 54,825
700 Simsmetal Ltd., ADR 8,401
600 Sons of Gwalia, ADR 8,530
4,300 Southcorp Holdings Ltd., ADR 68,575
8,000 St. George Bank Ltd., ADR 50,542
8,900 Telstra Corporation Ltd.+ 832,245
13,500 Westpac Banking Ltd., ADR 450,562
10,100 WMC Ltd., ADR 121,200
27,700 Woodside Petroleum Ltd. 123,911
------------
5,378,567
------------
Austria -- 0.2%
7,800 Bank Austria Aktiengeselschaft,
ADR 79,301
2,240 EVN-Energie Versorgung
Niederoesterreich AG, ADR 63,429
9,800 OMV AG, ADR 184,724
1,000 Wolford AG, ADR 11,702
------------
339,156
------------
Belgium -- 0.2%
8,450 Petrofina SA, ADR 384,980
1,200 Xeikon N.V., ADR+ 28,200
------------
413,180
------------
Bermuda -- 0.2%
3,900 Exel, Ltd., ADR 292,500
400 Frontline Ltd., ADR+ 1,994
600 LaSalle Re Holdings Ltd., ADR 13,050
2,000 Partner Re Ltd., ADR 91,500
------------
399,044
------------
Brazil -- 0.6%
5,425 Aracruz Celulose SA, ADR 43,400
5,996 Cemig-Companhia Energetica
de Minas, ADR 114,134
1,100 Centrais Eletricas Brasileiras SA,
ADR 9,468
3,410 Centrais Geradoras do Suldo
Brasil SA, ADR+ 20,460
5,000 Companhia Cervejaria Brahma,
ADR 42,500
2,700 Companhia Siderurgica Nacional,
ADR 60,750
1,800 Continental AG, ADR 49,682
1,300 Copene Petroquimica, ADR 7,423
11,200 Embratel Participacoes SA, ADR+ 156,100
2,600 Panamerican Beverages Inc., ADR,
Class A 56,712
1,120 Tele Celular Sul Participacoes SA 19,530
3,733 Tele Centro Oeste Celular
Participacoes SA, ADR+ 10,966
2,240 Tele Centro Sul Participacoes SA,
ADR+ 93,660
224 Tele Leste Celular Participacoes SA,
ADR 6,356
560 Tele Nordeste Celular Participacoes
SA, ADR 10,360
224 Tele Norte Celular Participacoes SA,
ADR 5,054
11,200 Tele Norte Leste Participacoes SA,
ADR+ 139,300
2,240 Tele Sudeste Celular Participacoes SA,
ADR 46,340
11,200 Telecomunicacoes Brasileiras SA 1,225
560 Telemig Celular Participacoes SA,
ADR+ 11,900
4,480 Telesp Celular Participacoes SA,
ADR+ 78,400
11,200 Telesp Participacoes SA, ADR 247,800
------------
1,231,520
------------
Canada -- 2.7%
4,200 Aber Resources Ltd.+ 1,444
3,200 Abitibi-Consolidated Inc., ADR 29,800
1,400 Agnico Eagle Mines Ltd., ADR 5,775
2,950 Alberta Energy Company Ltd.,
ADR 63,425
500 Alliance Atlantis Communications
Corp. Class B+ 5,006
9,550 Bank of Montreal, ADR 383,194
23,000 BCE Inc., ADR 872,562
2,600 BCE Mobile Communications,
Inc+ 70,037
800 Bell Canada International, Inc.+ 9,000
3,700 BioChem Pharmaceuticals, Inc. 105,912
1,200 Biomira Inc., ADR+ 3,713
1,000 Biovail Corporation
International, ADR+ 37,813
948 Bowater Canada, Inc. 39,074
4,600 Campbell Resource Inc., ADR+ 1,150
15,900 Canadian Imperial Bank of
Commerce 392,531
1,000 Canadian Marconi Company, ADR 12,000
5,100 Canadian Occidental Petroleum,
ADR 53,231
12,700 Canadian Pacific Ltd., ADR 239,712
1,600 Celestica, Inc.+ 39,500
600 Chieftain International, Inc., ADR+ 8,625
1,100 Clearnet Communications Inc.,
ADR+ 8,938
93 CliniChem Development, Inc.+ 448
9,000 Cognos, Inc., ADR+ 225,810
3,300 Cominco, ADR 37,950
2,000 Corel, ADR+ 8,000
2,300 Cott Corporation, ADR 8,122
400 Decoma International, Inc 3,350
4,800 Domatar, Inc., ADR 28,200
800 Dorel Industries, Inc.+ 12,900
548 Dreco Energy Services Ltd.+ 6,095
10,250 EdperBrascan Corporation,
Class A 142,859
2,200 Enbridge, Inc. 101,062
4,000 Encal Energy Ltd.+ 13,750
600 Fahnestock Viner Holdings, Inc.,
ADR 10,500
1,000 Four Seasons Hotels, Inc., ADR 29,250
2,500 Goldcorp Inc., Class A, ADR+ 14,375
9,106 Gulf Canada Resources, ADR 26,749
2,300 Hollinger, Inc., ADR 17,590
6,900 Imperial Oil Ltd., ADR 110,831
800 Intertape Polymer Group Inc.,
ADR 20,400
1,400 Intrawest Corporation 23,625
1,650 Ipsco, Inc., ADR 28,669
300 Jetform Corporation, ADR+ 3,863
8,315 Laidlaw, Inc., Class B 83,670
1,600 Loewen Group Inc., ADR 13,500
4,700 Macmillan Bloedel Ltd., ADR 47,000
2,200 Magna International, Class A,
ADR 136,400
5,600 Methanex Corporation, ADR+ 28,350
1,300 Microcell Telecommunications,
Inc.+ 7,719
4,000 Mitel Corporation, ADR+ 29,250
6,200 Newbridge Network, ADR+ 188,325
2,400 Newcourt Credit Group, Inc. 83,850
3,250 NOVA Corporation 42,453
3,400 Numac Energy Inc., ADR+ 7,650
1,400 Philip Services Corporation+ 412
1,700 Potash Corporation of
Saskatchewan, ADR 108,587
2,600 Quebecor Inc., Class A, ADR 55,793
1,300 Rigel Energy Corporation, ADR+ 8,505
1,900 Rio Algom Ltd., ADR 20,544
3,400 Rogers Cantel Mobil
Communications, Class B, ADR+ 41,437
11,400 Royal Bank of Canada 568,575
2,500 Royal Group Technologies Ltd.+ 55,781
4,300 Royal Oak Mines, ADR+ 1,075
2,000 Suncor Energy, Inc. 59,750
3,200 Supersol Ltd. 39,200
270 Talisman Energy, Inc+ 4,725
4,200 Teleglobe, Inc. 151,200
2,800 Telesystem International
Wireless, Inc.+ 34,650
16,252 Transcanada Pipelines Ltd., ADR 239,717
17,100 Trilon Financial Corporation 123,062
3,900 Trizec Hahn Corporation, ADR 79,950
6,500 TVX Gold, Inc.+ 11,482
3,400 West Coast Energy, Inc., ADR 67,575
------------
5,597,027
------------
Chile -- 0.3%
600 AFP Provida, ADR 8,063
900 Banco BHIF, ADR 6,975
900 Banco de Edwards, ADR 9,900
400 Banco Santander Chile, ADR 5,850
3,200 Banco Santiago SA, ADR 47,600
1,900 Compania Cervecerias Unidas
SA, ADR 36,575
7,075 Compania de Telecomunicaciones
de Chile SA, ADR 146,364
800 Cristalerias de Chile, ADR 10,500
2,500 Distribucion y Servicio D&S SA 28,750
2,200 Embotelladora Andina SA, ADR 31,900
7,500 Empresa Nacional Electricidad SA,
ADR 85,312
2,100 Empresa Telex Chile, ADR+ 1,838
4,400 Enersis SA, ADR 113,575
2,200 Gener SA, ADR 35,200
700 Laboratorio Chile SA, ADR 10,063
2,400 Linea Aerea Nacional Chile SA,
ADR+ 11,400
1,200 Madeco, ADR 10,050
1,000 Maderas Y Sintelicos Sociedad
(Masisa), ADR 6,375
700 Quimica Minera Chile SA, ADR 23,581
3,500 Quinenco SA, ADR 28,000
600 Santa Isabel SA, ADR 3,975
900 Supermercados Unimarc SA, ADR 3,769
500 Vina Concha Y Toro SA, ADR 12,937
------------
678,552
------------
China\Hong Kong -- 3.5%
18,500 Amoy Properties Ltd., ADR 68,650
2,300 Amway Asia Pacific Ltd., ADR 21,275
1,900 APT Satellite Holdings Ltd., ADR+ 7,719
7,200 Asia Pulp & Paper Company Ltd.,
ADR 58,950
600 Asia SatelliteTelecommunications
Holdings Ltd., ADR 10,500
47,848 Bank East Asia Ltd., ADR 83,374
750 Beijing Yanhua Petrochemical
Company, Ltd., ADR 3,000
3,200 C.P. Pokphand, ADR 1,621
10,300 Cathay Pacific Airways, ADR 51,184
6,800 CDL Hotels International
Ltd., ADR 17,466
19,900 Champion Technology
Holdings, ADR 1,644
700 China Eastern Airlines Corporation
Ltd., ADR+ 4,375
900 China Southern Airlines
Company Ltd., ADR+ 4,106
24,100 China Telecom (Hong Kong)
Ltd.+ 837,475
5,800 Dairy Farm International Ltd.,
ADR 33,350
500 DSG International Ltd., ADR+ 1,563
483 Egana International Holdings Ltd. 3,369
17,000 First Pacific Company Ltd., ADR 40,593
3,700 Glorious Sun Enterprises Ltd. 6,590
1,300 Gold Peak Industries Ltd., ADR 3,650
3,000 Guangshen Railway Company
Ltd., ADR 18,000
8,750 Hang Lung Development, ADR 46,869
27,300 Hang Seng Bank Ltd., ADR 244,014
59,100 Henderson Land Development
Company Ltd., ADR 305,890
82,098 Hong Kong and China Gas Ltd.,
ADR 104,376
74,800 Hong Kong Electric Holdings
Ltd., ADR 226,883
13,400 Hong Kong Land Holdings, ADR 79,060
17,432 Hong Kong Telecommunications
Ltd., ADR 306,149
32,200 Hopewell Holdings Ltd., ADR 17,560
10,800 HSBC Holdings Plc, ADR 2,960,625
4,700 Huaneng Power International,
ADR+ 68,150
18,600 Hysan Development Ltd., ADR 55,457
17,200 Jardine Matheson & Company
Ltd., ADR 43,430
5,800 Jardine Strategic Holding, ADR 16,820
2,400 Johnson Electric Holdings, ADR 61,645
34,200 New World Development
Company Ltd., ADR 172,156
500 Peak International Ltd.+ 4,188
6,800 Pearl Oriental Holdings 6,495
2,200 Shandong Huaneng, ADR 10,038
3,970 Shanghai Chlor-Alkali Chemical
Company, ADR 2,700
1,600 Shanghai Erfangji Co., Ltd., ADR+ 896
2,600 Shanghai Petrochemicals Ltd., ADR 22,100
3,190 Shanghai Tire & Rubber Company
Ltd., ADR 3,190
5,500 Shuntak Holdings Ltd., ADR 10,364
1,800 Singer Company, ADR 7,088
11,150 South China Morning Post, ADR 28,603
88,400 Sun Hung Kai Properties Ltd.,
ADR 644,664
61,500 Swire Pacific Ltd., ADR 287,831
7,700 Television Broadcasts Ltd. 39,754
800 VTech Holdings Ltd., ADR 34,901
10,500 Wharf Holdings Ltd., ADR+ 76,572
1,800 Yanzhou Coal Mining Company
Ltd., ADR 13,612
------------
7,180,534
------------
Colombia -- 0.0% #
1,100 Banco Ganadero SA, ADR 22,206
1,300 Banco Industrial Colombiano,
ADR 6,094
------------
28,300
------------
Denmark -- 0.5%
6,200 Novo Nordisk AS, Series B, ADR 412,300
9,500 Tele Danmark, Series B, ADR 644,812
------------
1,057,112
------------
Dominican Republic -- 0.0% #
900 TRICOM SA, ADR+ 6,300
------------
Finland -- 1.1%
1,700 American Group Ltd., ADR+ 8,918
1,700 Instrumentarium Corporation,
ADR 35,700
18,200 Nokia Oyj, ADR 2,191,962
700 Rauma-Repola, ADR 10,413
1,600 Valmet Corporation, ADR 42,100
------------
2,289,093
------------
France -- 7.1%
3,000 Accor SA 649,258
13,200 Accor SA, ADR 285,673
25,800 Alcatel Alsthom Cie Generale
D'Electric, ADR 630,487
7,800 Alstom+ 181,350
700 Bouygues Offshore SA, ADR 7,438
800 Business Objets SA, ADR+ 26,000
3,000 Canal Plus, ADR 163,656
2,372 Clarins SA 33,940
1,300 Coflexip SA, ADR 41,763
1,000 Companie Generale de
Geophysique SA, ADR+ 10,875
11,700 Credit Lyonnais+ 441,549
3,900 Dassault Systemes SA, ADR 183,300
3,200 Dollfus-Mieg & Cie SA 37,260
21,500 Elf Aquitaine, ADR 1,217,437
49,200 Eurotunnel SA+ 5,192
36,800 France Telecom SA 2,904,900
500 Galeries Lafayette 536,577
800 Genset, ADR+ 22,100
600 Groupe AB SA, ADR+ 1,163
12,750 Groupe Danone, ADR 729,744
8,900 Lafarge SA, ADR 281,756
2,900 Lagardere Group, ADR 123,448
16,000 Louis Vuitton Moet Hennessy,
ADR 652,000
3,025 Michelin 120,924
3,800 Montupet 156,323
3,800 Pechiney SA, ADR 61,275
8,150 Pernod Ricard, ADR 132,286
9,050 PSA Peugeot Citroen, ADR 350,038
6,500 Rhodia SA, ADR+ 97,500
10,900 Rhone-Poulnec SA, ADR 547,725
400 Scor SA, ADR 26,750
16,200 Societe Generale, ADR 524,450
5,700 STMicroelectronics NV+ 444,956
1,000 Stolt Comex Seaway SA 6,750
4,200 Thomson CSF, ADR 180,290
16,800 Total SA, ADR 835,800
14,800 Total SA, Class B 1,498,265
2,700 Valeo SA, ADR 212,678
4,500 Vivendi, ADR 233,411
------------
14,596,287
------------
Germany -- 7.6%
25,500 Bayer AG, ADR 1,064,923
14,200 Commerzbank AG, ADR 449,022
14,371 Daimler Chrysler Aerospace AG+ 1,380,514
19,700 Deutsche Bank AG, ADR 1,159,588
102,100 Deutsche Telekom, ADR 3,343,775
16,400 Dresdner Bank AG, ADR 688,828
7,800 Fresenius Medical Care AG, ADR 183,300
21,600 Hoechst AG, ADR 885,600
15,200 Mannesmann AG 1,741,990
428 Pfeiffer Vacuum Technology
AG, ADR 16,371
800 Puma AG, ADR 10,560
12,500 RWE AG, ADR 684,402
49,004 SAP AG, ADR 1,948,477
2,300 SGL Carbon AG, ADR 45,425
18,200 VEBA AG 1,089,725
51,400 Volkswagen AG, ADR 820,377
------------
15,512,877
------------
Greece -- 0.1%
400 Anangel -- American
Shipholdings Ltd, ADR 2,050
15,000 Hellenic Telecommunication
Organization SA (OTE), ADR+ 198,750
------------
200,800
------------
Hungary -- 0.1%
600 Euronet Services, Inc., ADR+ 1,613
7,700 Magyar Tavkozlesi Rt, ADR 229,556
600 Pannonplast Rt. 4,244
------------
235,413
------------
Indonesia -- 0.1%
3,300 Gulf Indonesia Resources Ltd.+ 21,450
5,300 PT Indorayon Utama, ADR+ 994
3,883 PT Indosat, ADR 47,324
1,100 PT Pasifik Satelit Nusantara,
ADR+ 3,815
15,500 PT Telekomunikasi Indonesia,
ADR 100,750
1,100 PT Tri Polyta Indonesia, ADR+ 447
------------
174,780
------------
Ireland -- 0.7%
4,200 Allied Irish Banks, ADR 463,575
4,300 Bank of Ireland, ADR 387,000
1,400 CBT Group Plc, ADR+ 20,825
14,000 CRH, ADR 252,000
2,400 Elan Corporation Plc, ADR+ 166,950
700 ESAT Telecom Group Plc, ADR+ 26,950
2,100 Jefferson Smurfit Group, ADR 37,275
1,400 Ryanair Holdings Plc, ADR+ 52,850
1,300 Saville Systems Ireland, ADR+ 24,700
500 Warner Chilcott Laboratories,
ADR+ 3,375
2,800 Waterford Wedgwood Plc, ADR 25,200
------------
1,460,700
------------
Israel -- 0.2%
200 American-Israeli Paper Mills, ADR 7,400
1,300 Blue Square-Israel Ltd., ADR 13,487
1,300 Check Point Software Technologies
Ltd.+ 59,556
2,700 ECI TelecommunicationsLtd., ADR 96,187
800 Elbit Medical Imaging Ltd., ADR 8,500
900 Elbit Systems Ltd., ADR 10,800
800 Elron Electronic Industries Ltd.,
ADR 12,650
800 Elscint Ltd., ADR+ 9,900
500 ESC Medical Systems Ltd.,
ADR+ 5,250
300 Formula Systems (1985) Ltd.,
ADR+ 7,500
400 Gilat Satellite Network Ltd.,
ADR+ 22,050
2,300 Koor Industries Ltd., ADR 40,106
500 Matav-Cable Systems Media
Ltd., ADR 9,688
500 MEMCO Software Ltd.+ 7,625
300 NICE-Systems Ltd., ADR+ 6,488
500 Orckit Communications Ltd.+ 8,094
1,600 Scitex Corporation, ADR+ 18,800
500 Tecnomatrix Technologies Ltd.,
ADR+ 8,750
2,100 Teva Pharmaceutical, ADR 85,444
------------
438,275
------------
Italy -- 2.5%
3,272 Benetton Group SpA, ADR 130,062
1,600 De Rigo SpA, ADR+ 9,000
29,400 Ente Nazionale Idrocarburi SpA,
ADR 1,991,850
24,230 Fiat, ADR 427,054
1,000 Fila Holding SpA, ADR 7,750
2,100 Industrie Natuzzi, ADR 52,238
14,800 Instituto Nazionale delle
Assicurazioni, ADR 391,275
11,286 Istituto Bancario San Paolo
di Torino, ADR+ 403,475
8,500 Luxottica Group, ADR 102,000
19,542 Montedison SpA, ADR 257,710
500 SAES Getters SpA, ADR 2,781
14,200 Telecom Italia SpA 1,235,400
------------
5,010,595
------------
Japan -- 11.1%
10,870 Amway Japan Ltd., ADR 58,426
6,700 Bandai Company Ltd., ADR 16,298
180,895 Bank of Tokyo, ADR 1,899,397
30,700 Canon Inc., ADR 660,050
2,500 CSK Corporation, ADR 58,125
13,200 Dai'El, Inc., ADR 81,675
9,750 Eisai Company Ltd., ADR 189,739
18,900 Fuji Photo Film Company
Ltd., ADR 692,213
12,200 Hitachi Ltd., ADR 737,337
17,100 Honda Motor Company
Ltd., ADR 1,141,425
15,600 Ito-Yokado Ltd., ADR 1,076,400
32,700 Japan Airlines Company, ADR 171,675
12,800 Kawasaki Heavy Industries Ltd. 120,018
11,800 Kawasaki Steel Corporation,
ADR 176,400
3,800 Kirin Brewery Company, ADR 470,250
20,900 Kobe Steel Ltd., ADR 73,950
9,100 Komatsu Ltd., ADR 190,935
2,600 Kubota Corporation, ADR 150,150
6,800 Kyocera Corporation, ADR 353,175
6,200 Makita Corporation, ADR 65,875
7,600 Matsushita Electric Industrial
Company Ltd., ADR 1,326,200
28,800 Mitsubishi Corporation, ADR 331,181
3,000 Mitsui & Company Ltd., ADR 339,000
11,200 NEC Corporation, ADR 506,800
117,300 Nippon Telegraph & Telephone Corporation, ADR 4,398,750
46,500 Nissan Motor Company Ltd., ADR 276,094
9,600 Olympus Optical Company, ADR 110,309
6,200 Pioneer Electronics Corporation,
ADR 101,525
2,900 Q.P. Corporation, ADR 47,662
4,900 Ricoh Company Ltd., ADR 225,820
14,400 Sanyo Electric Corporation, ADR 223,200
512 Sawako Corporation, ADR 2,853
11,900 Sega Enterprises, ADR 65,921
14,800 Shiseido Ltd., ADR 190,089
13,800 Sony Corporation, ADR 990,150
11,400 Sumitomo Metal Industries, ADR 130,084
46,100 Sumitomo Trust & Banking
Co., Ltd., ADR 122,335
4,800 TDK Corporation, ADR 433,200
11,200 Tokio Marine & Fire Insurance
Ltd., ADR 680,400
72,170 Toyota Motor Corporation, ADR 3,838,542
1,200 Wacoal Corporation, ADR 77,550
------------
22,801,178
------------
Korea -- 0.6%
47,700 Korea Electric Power Corporation,
ADR 748,294
13,900 Pohang Iron & Steel Company,
Ltd., ADR 234,563
21,275 SK Telecom Company Ltd., ADR 216,735
------------
1,199,592
------------
Luxembourg -- 0.1%
1,200 Espirito Santo Financial Holdings,
ADR 23,475
1,700 Millicom International Cellular
S.A.+ 59,287
8,350 Minorco SA, ADR 126,816
------------
209,578
------------
Malaysia -- 0.0%
41,900 Amsteel Corporation Berhad --
39,500 Resorts World Berhad --
------------
--
------------
Mexico -- 1.0%
2,900 Altos Hornos de Mexico SA,
ADR+ 9,969
2,100 Apasco SA, Series A, ADR 37,148
800 Bufete Industries, ADR+ 3,250
22,500 Cemex SA, ADR 96,977
5,100 Coca-Cola Femsa SA, ADR 67,575
2,500 Consorcio G. Grupo Dina, ADR+ 3,750
2,000 Controladora Comercial
Mexican SA de CV, ADR 28,375
2,505 Desc de CV, Series C, ADR 48,065
4,000 Empresas Ica, ADR 18,000
4,400 Empresas La Moderna SA
de CV, ADR+ 104,500
37,800 Grupo Carso SA, ADR 256,400
1,100 Grupo Casa Autrey, ADR 7,494
13,300 Grupo Elektra, ADR 66,500
7,800 Grupo Financiero Bancomer SA
de CV, ADR 33,382
4,400 Grupo Financiero Serfin SA
de CV, ADR+ 2,750
1,100 Grupo Imsa SA, ADR 11,481
800 Grupo Industrial Durango SA,
ADR+ 4,400
2,400 Grupo Industrial Maseca SA, ADR 29,850
2,100 Grupo Iusacell, Series L, ADR+ 14,962
500 Grupo Radio Central, ADR 2,687
5,600 Grupo Telivisa SA, ADR+ 138,250
2,800 Grupo Tribasa SA, ADR+ 4,725
1,000 Industries Bachoco SA 10,250
5,200 Kimberly Clark Inc., ADR 82,538
19,300 Telefono de Mexico SA, ADR 939,669
2,000 Transport Matima Mexico,
Class L, ADR+ 10,750
2,700 Tubos de Acero de Mexico, ADR 17,381
4,300 Vitro Sociedad Anomina, ADR 19,619
------------
2,070,697
------------
Netherlands -- 5.7%
52,500 ABN AMRO Holding, ADR 1,141,875
19,200 AEGON Insurance, ADR 2,347,200
10,500 Akzo Nobel, ADR 468,563
5,000 ASM Lithography Holdings NV+ 152,500
6,800 Baan Company, ADR+ 71,400
1,200 Benckiser NV 76,650
500 Chicago Bridge & Iron
Company NV 6,156
5,200 DSM, ADR 123,862
12,900 Elsevier, ADR 361,200
7,425 Fortis Amev, ADR 616,543
3,200 Gucci Group, ADR 155,600
33,105 ING Groep NV 2,058,717
4,800 Ispat International NV, Class A 37,200
3,400 KLM Royal Dutch Airlines, ADR 102,000
14,260 Koninklijke Ahold, ADR 527,620
3,100 Koninklijke Bols Wessanen
NV, ADR 39,932
500 Koninklijke Van Ommeren,
ADR 15,569
1,300 Madge Networks NV, ADR+ 4,225
5,400 New Holland NV, ADR 73,913
2,500 Oce Van Der Griten, ADR 90,000
500 Orthofix International NV, ADR+ 7,000
12,300 Philips Electronics NV, ADR 832,556
600 QIAGEN N.V. ADR+ 36,150
1,600 Royal Nedlloyd Group, ADR 10,859
16,983 Royal PTT Nederland, ADR 853,396
16,983 TNT Post Group NV, ADR 551,947
3,300 Toolex Alpha NV, ADR+ 37,125
200 Velcro Industries NV, ADR 29,800
6,900 VNU -- Verenigde Nederlandse
Uitgeversbedrijven Verengd
Bezit, ADR 260,031
2,600 Wolters Kluwer, ADR 556,065
------------
11,645,654
------------
New Zealand -- 0.1%
1,325 Fletcher Challenge, Building, ADR 19,875
1,325 Fletcher Challenge, Energy, ADR 25,009
3,160 Fletcher Challenge, Forest, ADR 9,875
2,550 Fletcher Challenge, Paper, ADR 16,575
4,500 Telecommunications of
New Zealand Ltd., ADR 160,594
500 Tranz Rail Holdings Ltd., ADR 3,375
------------
235,303
------------
Norway -- 0.2%
1,800 Nera ASA, ADR 2,475
8,250 Norsk Hydro AS, ADR 282,047
2,200 Petroleum Geo-- Services, ADR+ 34,650
4,300 Saga Petroleum, Class A, ADR 41,387
1,700 Smedvig ASA, ADR 14,319
700 Unitor ASA, ADR 6,817
------------
381,695
------------
Panama -- 0.0% #
700 Banco Latinoamericano
de Exportaciones SA 11,637
------------
Peru -- 0.1%
2,500 Banco Wiese, ADR 4,687
500 Compania de Minas
Buenaventura SA, ADR 6,500
8,500 Telefonica del Peru SA, ADR 107,844
------------
119,031
------------
Philippines -- 0.1%
4,100 Philippine Long Distance
Telephone Company, ADR 106,344
9,150 San Miguel Corporation,
Class B, ADR 176,414
------------
282,758
------------
Portugal -- 0.5%
4,200 Banco Comercial Portuges
SA, ADR 127,575
10,900 Electricidade de Portugal SA,
ADR 485,731
6,900 Portugal Telecom SA, ADR 307,913
------------
921,219
------------
Russia -- 0.1%
4,800 Lukoil, ADR 77,760
9,300 Mosenergo, ADR 18,600
4,400 Rostelecom, ADR 18,425
17,000 Surgutneftegaz 58,225
4,400 Tatneft, ADR 8,470
15,100 Unified Energy Systems 46,055
1,000 Vimpel-- Communications,
ADR+ 12,937
------------
240,472
------------
Singapore -- 0.2%
6,500 Asia Pacific Resources International
Holdings Ltd., Class A+ 4,469
500 Asia Pacific Wire & Cable
Corporation Ltd.+ 2,000
1,300 China Yuchai, ADR+ 731
3,200 Cycle & Carriage Ltd., ADR 21,902
6,022 Development Bank of Singapore,
ADR 217,390
12,875 Keppel Corporation Ltd. 68,937
6,100 Neptune Orient Lines Ltd.,
ADR+ 7,833
16,600 United Overseas Bank Ltd.,
ADR 131,714
------------
454,976
------------
South Africa -- 0.3%
5,100 Driefontein Consolidated, ADR 20,400
9,066 Gold Fields Ltd.+ 50,022
3,900 Gold Fields of South Africa Ltd. 6,825
1,600 Harmony Gold Mining
Company Ltd., ADR+ 7,600
6,429 Imperial Holdings Ltd., ADR 39,292
9,100 Iscor Ltd., ADR 16,376
18,400 Liberty Life Association of
Africa Ltd., ADR 126,513
3,400 Pepkor Ltd., ADR 28,284
21,200 Sasol Ltd., ADR 84,800
3,100 Servgro International Ltd., ADR+ 20,938
10,200 South African Breweries., ADR 171,781
13,400 Wooltru Ltd., ADR 16,380
------------
589,211
------------
Spain -- 3.2%
77,000 Banco Bilbao Vizcaya, ADR 1,232,000
35,700 Banco Central Hispano, ADR 428,400
36,210 Banco Santander SA, ADR 715,148
22,700 Banesto Espanol de Credito,
ADR+ 149,342
3,100 Compania Sevillana Electric,
ADR 84,851
9,100 Corporacion Bancaria Argentaria 468,650
40,300 Endesa S.A., ADR 1,088,100
12,450 Repsol, ADR 680,081
11,832 Telefonica de Espana SA,
ADR 1,601,757
------------
6,448,329
------------
Sweden -- 2.3%
4,300 AGA AB, ADR 56,364
63,700 Astra AB, ADR 1,317,794
5,066 Atlas Copco, ADR 110,987
3,800 Autoliv Inc., ADR 141,312
500 Biacore International AB, ADR+ 5,063
7,000 Electrolux AB, ADR 244,125
70,900 Ericsson (L.M.) Telephone
Company, Class B, ADR 1,697,169
13,000 Forenings Sparbanken AB, ADR 336,008
700 Pricer AB, ADR+ 1,878
10,350 Sandvik AB, ADR 178,343
4,300 SKF AB, ADR 49,450
7,100 Svenska Cellulosa AB, ADR 154,675
1,700 Swedish Match Company, ADR 62,475
18,400 Volvo AB, ADR 428,950
------------
4,784,593
------------
Switzerland -- 6.6%
12,000 ABB AB, ADR 132,000
2,900 ABB AG, ADR 339,885
5,000 Adecco SA, ADR 288,750
19,100 Credit Suisse Group, ADR 747,343
1,700 Mettler Toledo International,
Inc.+ 47,706
29,700 Nestle, ADR 3,232,256
46,066 Novartis, ADR 4,527,124
29,200 Roche Holdings Ltd. 3,562,583
4,100 Sulzer Medica, ADR 78,925
1,200 TAG Heuer International SA,
ADR 8,550
41,000 UBS AG, ADR+ 629,759
------------
13,594,881
------------
Taiwan -- 0.3%
4,458 Macronix International
Company Ltd., ADR 35,107
43,500 Taiwan Semiconductor
Manufacturing Company 617,156
------------
652,263
------------
Thailand -- 0.0% #
3,800 Advanced Information Services
PCL, ADR 22,162
10,050 Shinawatra Corporation, ADR 16,589
------------
38,751
------------
United Kingdom -- 34.6%
24,300 Abbey National Plc, ADR 1,036,757
599,300 Albert Fisher Group Plc 59,741
2,800 Albert Fisher Group Plc, ADR 1,977
31,600 Alexon Group Plc 101,326
38,200 Allied Domeq Plc, ADR 353,504
28,589 Allied Zurich AG, Plc, ADR+ 860,656
352,650 Amvescap Plc 2,724,410
4,200 Amvescap Plc, ADR 161,700
600 ARM Holdings Plc, ADR+ 36,150
16,000 AXA SA, ADR 1,156,000
38,100 BAA Plc, ADR 447,528
136,200 Barclays Plc 2,952,999
18,200 Barclays Plc, ADR 1,638,000
28,714 Bass Publishing Limited
Company Plc, ADR 412,764
58,400 Bellway Plc 269,733
1,000 Bespak Plc, ADR 15,484
32,117 BG Plc, ADR 1,049,824
26,800 Blue Circle Industries Plc, ADR 140,256
3,950 Bluebird Toys 7,350
4,600 BOC Group Plc, ADR 125,350
1,600 Body Shop International Plc, ADR 11,563
2,100 Booker Plc, ADR 8,722
3,600 British Airways Plc, ADR 244,125
28,591 British American Tobacco Plc,
ADR 500,342
2,500 British Biotech Plc, ADR+ 14,688
38,100 British Petroleum Company Plc,
ADR 3,619,500
6,200 British Sky Broadcasting Group
Plc, ADR 287,525
7,300 British Steel Plc, ADR 106,763
22,900 British Telecommunications Plc,
ADR 3,473,644
127,500 British-Borneo Petroleum
Syndicate Plc 209,711
27,186 BTR Plc, ADR 222,221
3,800 Burmah Castrol Plc, ADR 109,725
12,312 Cable & Wireless Communications
Plc+ 558,657
26,900 Cable & Wireless Plc, ADR 988,575
8,950 Cadbury Schweppes Plc, ADR 619,787
583 Cantab Pharmaceuticals Plc, ADR+ 5,611
4,300 Carlton Communications Plc,
ADR 197,263
2,755 Christian Salvesen Plc, ADR 41,652
8,450 Coats Viyella Plc, ADR 11,793
14,000 Coca-Cola Beverages Plc+ 24,655
4,400 COLT Telecom Group Plc, ADR+ 263,450
23,500 Compass Group Plc, ADR 268,226
870 Cordiant Communications
Group 9,026
1,700 Danka Business Systems Plc,
ADR 7,119
500 Denison International Plc, ADR+ 6,250
71,150 Dewhirst Group Plc 96,931
37,183 Diageo Plc, ADR 1,719,714
900 Dialog Corp. Plc+ 4,050
2,000 Dixons Group Plc 28,111
5,000 Dixons Group Plc, ADR 211,829
400 Doncasters Plc, ADR+ 6,475
600 Eidos Plc, ADR+ 9,638
16,025 EMI Group Plc, ADR 214,057
4,300 English China Clays Plc, ADR+ 34,934
5,400 Enterprise Oil Plc, ADR 75,600
6,300 Fairview Holdings Plc+ 9,316
6,200 Gallaher Group Plc, ADR 168,563
400 Gentia Software Plc+ 1,150
61,300 Glaxo Wellcome Plc, ADR 4,260,350
32,500 Goode Durrant Plc 147,948
4,825 Hanson Trust Plc, ADR 188,175
94,800 Hickson International Plc 73,238
3,150 Hillsdown Holdings Plc+ 15,700
400 ICON Plc, ADR+ 13,400
392,000 Imperial Chemical Industries Plc 3,396,378
6,600 Imperial Chemical Industries Plc,
ADR 230,587
9,425 Imperial Tobacco Group Plc, ADR 197,300
2,000 Ionica Group Plc, ADR+ 1,725
97,050 John Mowlem & Company Plc 158,821
24,700 Kingfisher Plc, ADR 535,119
76,800 Laird Group Plc 207,981
10,500 Lasmo Plc, ADR 56,438
1,800 Laura Ashley Holdings Plc, ADR+ 2,093
113,180 Logica Plc 983,438
69,650 London Forfaiting Co. Plc 133,074
2,700 London International Group
Plc, ADR 29,363
600 London Pacific Group Ltd. Plc,
ADR 7,538
5,400 Lucas Varity Plc, ADR 180,900
121,750 M.L. Laboritories Plc 148,673
139,950 Manchester United Plc 516,180
17,200 Marks & Spencer Plc, ADR 706,403
3,200 Medeva Plc, ADR 25,800
500 Micro Focus Group Plc, ADR+ 4,719
728,550 Monument Oil & Gas Plc 423,646
10,670 National Grid Group Plc, ADR 427,225
11,000 National Power Plc, ADR 404,250
10,400 National Westminster Bank Plc,
ADR 1,232,400
195,550 Next Plc 1,601,697
3,750 NFC Plc, ADR 37,500
400 Novel Denim Holdings Ltd.+ 8,500
223,849 Nycomed Amersham Plc. 1,543,401
9,400 Orange Plc, ADR+ 542,850
20,300 Pearson Plc, ADR 403,707
11,200 Peninsular & Oriental Steam Plc,
ADR 264,974
6,900 Powergen Plc, ADR 369,150
83,400 Powerscreen International 156,574
5,100 Premier Farnell Plc, ADR 25,181
1,600 Premier Oil Plc, ADC 4,253
14,100 Prudential Plc, ADR 1,068,217
5,300 Racal Electronics Plc, ADR 61,286
1,800 Ramco Energy Plc, ADR+ 6,300
15,400 Rank Group Plc, ADR 115,500
11,700 Reed International Plc, ADR 368,550
10,600 Rentokil Initial Plc, ADR 799,183
8,753 Reuters Group Plc, ADR 554,721
14,311 Rexam Plc, ADR 39,356
9,700 Rio Tinto Plc, ADR 439,531
540,450 Rugby Group Plc 835,053
870 Saatchi & Saatchi Plc 10,440
1,600 Scottish Hydro-Electric Plc, ADR 181,293
7,400 Scottish Power Plc, ADR 300,475
4,200 Sedgwick Group Plc, ADR 79,275
1,700 Select Appointments Holdings
Plc, ADR 36,550
500 SELECT Software Tools Plc,
ADR+ 531
1,700 Senetek Plc, ADR+ 2,763
62,300 Shell Transportation &Trading
Plc, ADR 2,316,781
1,700 Shire Pharmaceuticals Group
Plc, ADR+ 34,425
35,600 Siebe Plc, ADR 279,169
400 Signet Group Plc+ 6,200
300 Smallworldwide Plc, ADR+ 3,750
42,500 Smithkline Beecham Group
Plc, ADR 2,953,750
17,283 Southern Electric Corporation
Plc, ADR 194,107
297,250 Standard Chartered Plc 3,447,093
500 Stolt Comex Seaway SA+ 2,813
1,300 Stolt-Nielsen SA Plc 13,163
850 Stolt-Nielsen SA Plc, ADR 8,713
3,000 Tate & Lyle Plc, ADR 64,595
900 Taylor Nelson Sofres Plc, ADR 17,158
6,807 Telewest Communications Plc,
ADR+ 192,298
6,300 Terranova Foods Plc+ 11,514
90,000 Tesco Plc 261,671
76,200 Tesco Plc, ADR 664,645
8,500 TI Group Plc, ADR 91,454
12,300 Tomkins Plc, ADR 246,000
1,400 Trinity Plc 18,608
35,600 Ulster Television Plc 103,506
69,500 Unilever Plc, ADR 3,127,500
17,244 United Biscuits (Holdings) Plc 67,756
4,600 United News & Media Plc, ADR 83,375
10,100 United Utilities Plc, ADR 292,900
11,050 Vodafone Group Plc, ADR 1,780,431
2,500 Wembley Plc, ADR 50,756
81,800 Wickes Plc 339,757
6,461 Williams Plc, ADR 110,778
2,800 WPP Group Plc, ADR 172,900
1,000 Xenova Group Plc, ADR+ 563
35,100 Zeneca Group Plc, ADR 1,575,112
------------
71,041,384
------------
United States -- 0.0% #
300 ESG Re Ltd. 6,075
449 NTL, Inc.+ 25,340
400 Stirling Cooke Brown Holdings
Ltd. 6,950
------------
38,365
------------
Venezuela -- 0.0% #
655 Banco Venezolano deCredito,
ADR 3,597
1,700 Compania Anonima Nacional
Telefonos de Venezuela, ADR 30,281
2,400 Mavesa SA, ADR 9,000
1,000 Sidervrgica/Venez/Sivensa, ADR 4,681
------------
47,559
------------
TOTAL COMMON STOCKS
(Cost $160,909,631) 201,301,320
Principal
Amount
- ------
REPURCHASE AGREEMENT -- 0.7%
(Cost $1,501,000)
$1,501,000 Agreement with State Street
Bank and Trust Company,
4.850% dated 12/31/1998, to
be repurchased at $1,501,809
on 01/04/1999, collateralized by
$1,255,000 U.S. Treasury Note,
7.250% maturing 05/15/2016
(value $1,534,230) 1,501,000
------------
OTHER INVESTMENTS**
(Cost $44,402,461) 21.6% 44,402,461
---- ------------
TOTAL INVESTMENTS
(Cost $206,813,092*) 120.3% 247,204,781
OTHER ASSETS AND
LIABILITIES (Net) (20.3) (41,712,382)
---- ------------
NET ASSETS 100.0% $205,492,399
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1998, the market value of the securities on
loan is $42,898,276. Collateral received for securities loaned of
$44,402,461 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.
<PAGE>
Munder International Equity Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
(Continued)
At December 31, 1998 Sector diversification of the Munder International Equity
Fund was as follows:
% of
Net Assets Value
---------- -----
COMMON STOCKS:
Banking & Financial Services................ 17.9% $36,871,924
Telecommunications.......................... 12.1 24,937,582
Drugs & Health Care......................... 8.8 18,052,031
Oil & Gas................................... 8.2 16,810,249
Food & Beverage............................. 6.0 12,395,930
Utilities................................... 4.8 9,797,255
Automotive.................................. 4.6 9,526,473
Chemicals................................... 4.2 8,668,360
Machinery & Heavy Equipment................. 4.0 8,109,528
Retail...................................... 3.4 6,997,158
Electronics................................. 1.9 3,991,193
Electric & Electrical Equipment............. 1.8 3,682,775
Printing & Publishing....................... 1.6 3,185,030
Business Services........................... 1.6 3,369,371
Metals & Mining............................. 1.4 2,805,259
Building & Building Materials............... 1.4 2,784,610
Manufacturing............................... 1.3 2,606,618
Transportation.............................. 1.2 2,360,920
Software.................................... 1.1 2,294,077
Household Appliances &
Home Furnishings........................ 1.0 2,061,613
Construction & Mining
Equipment............................... 1.0 2,032,276
Photography................................. 0.9 1,778,392
Diversified Industrial...................... 0.9 1,759,496
Medical Products............................ 0.8 1,543,401
Tobacco..................................... 0.7 1,397,769
Broadcasting & Advertising.................. 0.7 1,374,704
Real Estate................................. 0.6 1,307,135
Insurance................................... 0.6 1,166,181
Office Supplies............................. 0.5 996,857
Hotels & Restaurants........................ 0.5 981,647
Entertainment............................... 0.4 876,674
Conglomerates............................... 0.4 760,447
Forest Paper & Products..................... 0.3 585,654
Apparel & Textiles.......................... 0.3 681,312
Miscellaneous............................... 1.3 2,751,419
---- ----------
TOTAL COMMON STOCKS ........................ 98.0 201,301,320
REPURCHASE
AGREEMENT .............................. 0.7 1,501,000
OTHER INVESTMENTS .......................... 21.6 44,402,461
---- ----------
TOTAL INVESTMENTS .......................... 120.3 247,204,781
OTHER ASSETS AND
LIABILITIES (Net) ...................... (20.3) (41,712,382)
---- -----------
NET ASSETS ................................. 100.0% $205,492,399
==== ==========
See Notes to Financial Statements.<PAGE>
Munder Micro-Cap Equity Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 99.0%
Aerospace & Defense -- 1.7%
139,700 Titan Corporation $ 768,350
------------
Banking and Financial Services -- 4.6%
43,400 ACE Cash Express, Inc.+ 651,000
48,800 Columbia Bankcorp 439,200
53,600 Litchfield Financial Corporation 1,018,400
------------
2,108,600
------------
Building Materials -- 3.5%
33,800 Dayton Superior Corporation+ 650,650
41,950 LSI Industries, Inc. 941,253
------------
1,591,903
------------
Commercial Services -- 9.2%
82,750 America Bank Note
Holographics, Inc.+ 1,448,125
45,400 COMARCO, Inc.+ 1,089,600
65,900 Koala Corporation+ 1,145,013
46,200 MPW Industrial Services Group,
Inc.+ 519,750
------------
4,202,488
------------
Computers & Business Equipment -- 2.5%
53,200 ScanSource, Inc.+ 1,143,800
------------
Computer Hardware, Software
or Services -- 13.9%
38,550 Analytical Surveys, Inc.+ 1,187,822
173,450 Clarus Corporation+ 1,040,700
70,150 DA Consulting Group, Inc.+ 1,534,531
208,400 Sapiens International
Corporation, ADR+ 1,654,175
52,600 SBS Technologies, Inc.+ 973,100
------------
6,390,328
------------
Electrical Equipment -- 2.9%
134,100 Ault, Inc.+ 854,887
70,700 Merrimac Industries, Inc. 486,063
------------
1,340,950
------------
Electronics -- 12.7%
96,050 Aeroflex, Inc.+ 1,452,756
75,010 Anaren Microwave, Inc.+ 1,584,586
122,520 Herley Industries, Inc.+ 1,470,240
93,000 JPM Company+ 1,302,000
------------
5,809,582
------------
Health Care Producers -- 1.2%
176,300 Apple Orthodontix, Inc.+ 572,975
------------
Health Care Products -- 5.3%
97,600 Colorado MEDTech, Inc.+ 1,293,200
52,500 ICU Medical, Inc.+ 1,155,000
------------
2,448,200
------------
Industrial Machinery -- 1.3%
40,000 Park-Ohio Industries+ 605,000
------------
Lodging -- 0.9%
158,200 Meristar Hotels & Resorts, Inc.+ 415,275
------------
Machinery -- 2.2%
69,250 Gradall Industries, Inc.+ 995,469
------------
Medical and Medical Services -- 7.6%
252,150 Air Methods Corporation+ 677,653
75,000 Castle Dental Centers, Inc.+ 459,375
73,800 Moore Medical Corporation+ 996,300
89,400 Polymedica Corporation+ 826,950
45,000 SeaMED Corporation+ 506,250
------------
3,466,528
------------
Restaurants -- 2.8%
13,200 P.F. Chang's China Bistro, Inc.+ 300,300
181,400 Roadhouse Grill, Inc.+ 980,694
------------
1,280,994
------------
Retail -- 16.7%
42,900 Cutter & Buck, Inc.+ 1,598,025
53,100 DM Management Company+ 1,008,900
119,600 Gildan Activewear, Inc.+ 1,001,650
113,180 Happy Kids, Inc.+ 1,443,045
41,100 Mark Bros. Jewelers, Inc.+ 739,800
18,000 Schultz Save O Stores, Inc. 297,000
43,600 Tropical Sportswear International Corporation+ 1,564,150
------------
7,652,570
------------
Telecommunications -- 8.9%
110,000 Advanced Communication
Systems, Inc.+ 1,375,000
35,200 Alpha Industries, Inc.+ 1,267,200
146,350 Gilat Communications Ltd.,
ADR+ 1,454,353
------------
4,096,553
------------
Trucking & Freight Forwarding -- 1.1%
126,300 Dynamex, Inc.+ 497,306
------------
TOTAL COMMON STOCKS
(Cost $41,395,402) 45,386,871
------------
OTHER INVESTMENTS**
(Cost $7,670,250) 16.8% 7,670,250
---- ------------
TOTAL INVESTMENTS
(Cost $49,065,652*) 115.8% 53,057,121
OTHER ASSETS AND
LIABILITIES (Net) (15.8)% (7,222,171)
---- ------------
NET ASSETS 100.0% $ 45,834,950
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1998, the market value of the securities on loan is
$6,773,084. Collateral received for securities loaned 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.
<PAGE>
Munder Multi-Season Growth Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 92.3%
Advertising -- 3.3%
130,000 Interpublic Group of Companies,
Inc. $ 10,367,500
296,350 Omnicom, Inc. 17,188,300
------------
27,555,800
------------
Automobile Parts & Equipment -- 2.3%
281,550 Johnson Controls, Inc. 16,611,450
101,760 Tower Automotive, Inc.+ 2,537,640
------------
19,149,090
------------
Banking and Financial Services -- 9.1%
415,000 Associates First Capital
Corporation, Class A 17,585,625
245,000 Federal National Mortgage
Association 18,130,000
40,300 Finova Group, Inc. 2,173,681
246,400 First Union Corporation 14,984,200
169,000 Fleet Financial Group, Inc. 7,552,188
403,900 U.S. Bancorp 14,338,450
------------
74,764,144
------------
Building Materials -- 2.9%
558,100 Masco Corporation 16,045,375
252,675 Sherwin-Williams Company 7,422,328
------------
23,467,703
------------
Business Services -- 3.2%
212,075 Automatic Data Processing, Inc. 17,005,764
200,025 Equifax, Inc. 6,838,355
47,250 Fiserv, Inc.+ 2,430,422
------------
26,274,541
------------
Chemicals -- 2.3%
165,500 Air Products & Chemicals, Inc. 6,620,000
277,200 Avery Dennison Corporation 12,491,325
------------
19,111,325
------------
Computer Hardware, Software
or Services -- 7.4%
165,550 BMC Software, Inc.+ 7,377,322
251,500 Cadence Design Systems, Inc.+ 7,482,125
184,100 CISCO Systems, Inc.+ 17,086,781
61,700 Microsoft Corporation+ 8,557,019
235,768 Oracle Systems Corporation+ 10,167,495
123,000 Sun Microsystems, Inc.+ 10,531,875
------------
61,202,617
------------
Diversified -- 8.9%
230,000 Allied Signal Corporation 10,191,875
273,000 Textron, Inc. 20,730,937
506,012 Thermo Electron Corporation+ 8,570,578
335,300 Tyco International Ltd. 25,294,194
77,950 United Technologies
Corporation 8,477,063
------------
73,264,647
------------
Drugs -- 7.8%
203,500 Amgen, Inc.+ 21,278,469
38,100 Elan Corporation Plc, ADR+ 2,650,331
147,400 Merck & Co., Inc. 21,769,137
68,200 Pfizer, Inc. 8,554,838
172,600 Schering-Plough Corporation 9,536,150
------------
63,788,925
------------
Electrical Equipment -- 6.0%
222,125 Emerson Electric Company 13,438,563
199,800 General Electric Company 20,392,087
207,575 Honeywell, Inc. 15,632,992
------------
49,463,642
------------
Food and Beverages -- 2.4%
456,500 Sara Lee Corporation 12,867,594
254,000 SYSCO Corporation 6,969,125
------------
19,836,719
------------
Home Furnishings -- 0.9%
345,950 Leggett & Platt, Inc. 7,610,900
------------
Household Products -- 1.7%
189,325 Newell Company 7,809,656
193,000 Rubbermaid, Inc. 6,067,438
------------
13,877,094
------------
Insurance -- 2.9%
87,093 American International Group,
Inc. 8,415,361
237,800 MBIA, Inc. 15,590,762
------------
24,006,123
------------
Manufactured Housing -- 1.7%
996,448 Clayton Homes, Inc. 13,763,438
------------
Medical Services & Supplies -- 8.2%
369,900 Abbott Laboratories 18,125,100
260,900 Biomet, Inc. 10,501,225
1,176,850 HEALTHSOUTH Corporation+ 18,167,622
110,000 Johnson & Johnson Company 9,226,250
184,500 Stryker Corporation 10,159,031
51,021 Total Renal Care Holdings, Inc.+ 1,508,309
------------
67,687,537
------------
Office Equipment and Supplies -- 0.3%
36,500 Pitney Bowes, Inc. 2,411,281
------------
Oil Equipment and Services -- 1.3%
385,000 Transocean Offshore, Inc. 10,322,812
------------
Recreation -- 2.9%
503,000 Carnival Corporation, Class A 24,144,000
------------
Restaurants -- 0.8%
295,775 Wendy's International, Inc. 6,451,592
------------
Retail -- Drug Store -- 1.6%
230,650 Walgreen Company 13,507,441
------------
Retail -- Specialty -- 3.5%
361,400 Home Depot, Inc. 22,113,162
700,000 Pier 1 Imports, Inc. 6,781,250
------------
28,894,412
------------
Retail -- Store -- 0.3%
89,200 TJX Companies, Inc. 2,586,800
------------
Semiconductors -- 2.1%
140,000 Altera Corporation+ 8,522,500
199,600 Maxim Integrated Products,
Inc.+ 8,720,025
------------
17,242,525
------------
Telecommunications -- 7.4%
363,475 Century Telephone
Enterprises 24,534,563
239,875 MCI WorldCom, Inc.+ 17,211,031
306,600 SBC Communications 16,441,425
33,300 Tellabs, Inc.+ 2,283,131
------------
60,470,150
------------
Thrift -- 1.1%
315,311 Charter One Financial, Inc. 8,749,880
------------
TOTAL COMMON STOCKS
(Cost $507,054,584) 759,605,138
------------
Principal
Amount
- ------
REPURCHASE AGREEMENT -- 4.2%
(Cost $33,951,000)
$33,951,000 Agreement with State Street
Bank and Trust Company,
4.850% dated 12/31/1998,
to be repurchased at
$33,969,296 on 01/04/1999,
collateralized by $22,800,000
U.S. Treasury Bond, 9.875%
maturing 11/15/2015
(value $34,632,174) 33,951,000
------------
OTHER INVESTMENTS**
(Cost $14,901,640) 1.8% 14,901,640
---- ------------
TOTAL INVESTMENTS
(Cost $555,907,224*) 98.3% 808,457,778
OTHER ASSETS AND
LIABILITIES (Net) 1.7 14,284,362
---- ------------
NET ASSETS 100.0% $822,742,140
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1998, the market value of the securities on loan is
$14,711,925. Collateral received for securities loaned is invested in
State Street Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
See Notes to Financial Statements.
<PAGE>
Munder Real Estate Investment Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
COMMON STOCKS -- 96.3%
Apartments -- 13.6%
86,850 Apartment Investment &
Management Company $ 3,229,735
93,084 Avalon Bay Community, Inc. 3,188,127
107,200 Camden Property Trust 2,787,200
76,400 Equity Residential Properties
Trust 3,089,425
------------
12,294,487
------------
Community Shopping Centers -- 13.1%
146,075 Bradley Real Estate, Inc. 2,994,537
177,000 Developers Diversified Realty
Corporation 3,141,750
226,375 IRT Property Company 2,263,750
87,700 Kimco Realty Corporation 3,480,594
------------
11,880,631
------------
Hotels -- 5.7%
86,600 Felcor Lodging Trust, Inc. 1,997,212
167,576 Patriot American Hospitality, Inc. 1,005,456
94,100 Starwood Lodging Trust 2,134,894
------------
5,137,562
------------
Office & Industrial -- 37.6%
113,425 Arden Realty Group, Inc. 2,630,042
87,400 Boston Properties, Inc. 2,665,700
132,200 Brandywine Realty Trust 2,363,075
103,800 Cabot Industrial Trust 2,121,413
133,800 Corporate Office Properties
Trust, Inc. 953,325
106,250 Crescent Real Estate Equities, Inc. 2,443,750
134,925 Duke Realty Investments, Inc. 3,137,006
123,044 Equity Office Properties Trust 2,953,056
126,725 Kilroy Realty Corporation 2,914,675
104,075 Mack-Cali Realty Corporation 3,213,316
108,600 Prentiss Properties Trust 2,423,137
91,950 Reckson Associates Realty
Corporation 2,040,141
9,696 Reckson Services Industries, Inc.+ 39,996
87,200 Spieker Properties, Inc. 3,019,300
50,250 Tower Realty Trust, Inc. 1,011,281
------------
33,929,213
------------
Regional Malls -- 11.2%
80,050 CBL & Associates Properties,
Inc. 2,066,291
135,000 JDN Reality Corporation 2,910,938
102,600 JP Realty, Inc. 2,013,525
110,225 Simon DeBartolo Group, Inc. 3,141,412
------------
10,132,166
------------
Storage -- 3.4%
114,275 Public Storage, Inc. 3,092,567
------------
Triple Net Lease -- 4.4%
170,000 Commercial Net Lease Realty 2,252,500
63,075 TriNet Corporate Realty
Trust, Inc. 1,687,256
------------
3,939,756
------------
Other -- 7.3%
93,000 Correctional Properties Trust 1,679,813
6,840 Crescent Operating, Inc.+ 32,490
122,750 Glenborough Realty Trust, Inc. 2,501,031
3,526 Vornado Operating, Inc.+ 28,428
70,525 Vornado Realty Trust 2,380,219
------------
6,621,981
------------
TOTAL COMMON STOCKS
(Cost $94,362,219) 87,028,363
------------
Principal
Amount
- ------
REPURCHASE AGREEMENT -- 2.5%
(Cost $2,251,000)
$2,251,000 Agreement with State Street
Bank and Trust Company,
4.850% dated 12/31/1998,
to be repurchased at $2,252,213
on 01/04/1999, collateralized by
$1,880,000 U.S. Treasury Bond,
7.250% maturing 05/15/2016
(value $2,298,289) 2,251,000
------------
TOTAL INVESTMENTS
(Cost $96,429,251*) 98.8% 89,279,363
OTHER ASSETS AND
LIABILITIES (Net) 1.2 1,083,158
---- ------------
NET ASSETS 100.0% $90,362,521
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
See Notes to Financial Statements.
<PAGE>
Munder Small-Cap Value Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 94.0%
Aerospace & Defense -- 2.3%
175,000 REMEC, Inc.+ $ 3,150,000
------------
Airlines -- 1.0%
51,075 Midwest Express Holdings, Inc.+ 1,343,911
------------
Apparel & Textiles -- 0.9%
47,500 Kellwood Company 1,187,500
------------
Automobile Parts & Equipment -- 7.2%
207,541 Control Devices, Inc. 3,320,656
153,900 Dura Automotive Systems, Inc.+ 5,251,837
119,000 Motorcar Parts & Accesories, Inc.+ 1,361,063
------------
9,933,556
------------
Banking and Financial Services -- 17.4%
71,980 Carolina First Bancshares 1,821,994
133,300 Commonwealth Bancorp, Inc. 2,074,481
98,500 Flagstar Bancorp, Inc. 2,573,313
270,600 Long Beach Financial
Corporation+ 2,029,500
106,900 Metris Companies, Inc. 5,378,406
95,800 Ocean Financial Corporation 1,592,675
88,000 Riggs National Corporation 1,793,000
74,600 SIS Bancorp, Inc. 3,375,650
146,200 UST Corporation 3,444,837
------------
24,083,856
------------
Building Materials -- 6.5%
152,700 Dayton Superior Corporation+ 2,939,475
87,500 U.S. Home Corporation+ 2,909,375
156,000 Universal Forest Products, Inc. 3,129,750
------------
8,978,600
------------
Chemicals -- 0.9%
93,000 General Chemical Group, Inc. 1,290,375
------------
Commercial Services -- 1.6%
182,100 Tokheim Corporation+ 1,775,475
50,000 TurboChef Technologies, Inc.+ 456,250
------------
2,231,725
------------
Computer Hardware, Software
or Services -- 2.4%
129,300 Datastream Systems, Inc.+ 1,486,950
81,100 Inter-Tel, Inc. 1,895,713
------------
3,382,663
------------
Containers -- 2.1%
124,400 Ivex Packaging Corporation+ 2,892,300
------------
Electronics -- 7.5%
175,200 inTEST Corporation+ 1,445,400
81,700 Kuhlman Corporation 3,094,387
147,400 Methode Electronics, Inc.,
Class A 2,303,125
127,900 SMART Modular Technologies,
Inc.+ 3,549,225
------------
10,392,137
------------
Food & Beverages -- 3.4%
120,800 J&J Snack Foods Corporation+ 2,702,900
136,200 Merkert American
Corporation+ 2,060,025
------------
4,762,925
------------
Health Care -- 2.0%
129,200 Sierra Health Services, Inc.+ 2,721,275
------------
Health Care Products -- 0.7%
70,200 Helen of Troy Ltd.+ 1,031,063
------------
Home Furnishings -- 3.5%
173,900 Heilig-Meyers Company 1,162,956
196,400 Quaker Fabric Corporation+ 1,227,500
87,800 Toro Company 2,502,300
------------
4,892,756
------------
Hotels -- 1.1%
185,900 Suburban Lodges of America,
Inc.+ 1,522,056
------------
Insurance -- 7.4%
95,100 ARM Financial Group, Inc. 2,110,031
110,300 ESG Re Ltd. 2,233,575
43,300 Executive Risk, Inc. 2,378,794
110,000 IPC Holdings Ltd. 2,550,625
57,100 Stirling Cooke Brown Holdings
Ltd. 992,113
------------
10,265,138
------------
Medical Supplies -- 2.4%
68,233 Bindley Western Industries, Inc. 3,360,475
------------
Metals and Metal Processing -- 2.3%
80,400 Quanex Corporation 1,814,025
68,800 TransTechnology Corporation 1,427,600
------------
3,241,625
------------
Oil and Gas -- 5.9%
113,100 Houston Exploration Company+ 2,247,862
36,600 North Carolina Natural Gas
Corporation 1,214,663
102,532 Southern Union Company 2,499,217
81,300 Southwest Gas Corporation 2,184,938
------------
8,146,680
------------
Real Estate -- 8.0%
132,600 JP Realty, Inc. 2,602,275
129,800 Kilroy Realty Corporation 2,985,400
123,900 Prentiss Properties Trust 2,764,519
125,700 Reckson Associates Realty
Corporation 2,788,968
------------
11,141,162
------------
Recreation -- 0.2%
84,800 Adams Golf, Inc.+ 347,150
------------
Restaurants -- 1.5%
97,900 Ruby Tuesday, Inc. 2,080,375
------------
Shoes -- 0.9%
108,900 Maxwell Shoe, Inc.+ 1,191,094
------------
Telecommunications -- 3.4%
148,500 Century Communications
Corporation, Class A+ 4,710,234
------------
Waste Management -- 1.5%
101,900 Superior Services, Inc.+ 2,044,369
------------
TOTAL COMMON STOCKS
(Cost $120,062,534) 130,325,000
------------
Principal
Amount
- ------
REPURCHASE AGREEMENT -- 5.4%
(Cost $7,554,000)
$7,554,000 Agreement with State Street
Bank and Trust Company,
4.850% dated 12/31/1998,
to be repurchased at
$7,558,071 on 01/04/1999,
collateralized by $6,220,000
U.S. Treasury Bond, 6.875%
maturing 08/15/2025
(value $7,710,859) 7,554,000
------------
OTHER INVESTMENTS**
(Cost $16,398,898) 11.8% 16,398,898
----- ------------
TOTAL INVESTMENTS
(Cost $144,015,432*) 111.2% 154,277,898
OTHER ASSETS AND
LIABILITIES (Net) (11.2) (15,588,209)
----- ------------
NET ASSETS 100.0% $138,689,689
===== ============
- ---------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1998, the market value of the securities on loan is
$15,986,870. Collateral received for securities loaned is invested in
State Street Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
See Notes to Financial Statements.
<PAGE>
Munder Small Company Growth Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 96.9%
Advertising -- 2.0%
201,180 HA-LO Industries, Inc.+ $ 7,569,398
------------
Aerospace & Defense -- 2.1%
512,600 Aeroflex, Inc.+ 7,753,075
------------
Apparel & Textiles -- 1.3%
200,100 Kellwood Company 5,002,500
------------
Automobile Parts & Equipment -- 3.6%
316,560 Keystone Automotive Industries,
Inc.+ 6,627,975
272,100 Tower Automotive, Inc.+ 6,785,494
------------
13,413,469
------------
Banking and Financial Services -- 6.2%
67,700 Affiliated Managers Group, Inc.+ 2,022,537
192,000 First International Bancorp, Inc. 1,656,000
81,800 HealthCare Financial Partners,
Inc.+ 3,261,775
201,391 HUBCO, Inc. 6,066,904
239,200 Independent Bank Corporation 4,156,100
264,715 Litchfield Financial Corporation 5,029,585
59,000 Southwest Bancorporation of
Texas, Inc.+ 1,054,625
------------
23,247,526
------------
Broadcasting -- 1.3%
110,660 Metro Networks, Inc.+ 4,716,883
------------
Business Services -- 6.4%
408,200 American Bank Note
Holographics, Inc.+ 7,143,500
208,170 Interim Services, Inc.+ 4,865,974
200,145 URS Corporation+ 4,678,389
252,400 Wackenhut Corrections
Corporation+ 7,224,950
------------
23,912,813
------------
Commercial Services -- 7.0%
317,000 Comfort Systems USA, Inc.+ 5,666,375
79,300 Cort Business Services
Corporation+ 1,923,025
188,900 F.Y.I., Inc.+ 6,044,800
182,750 International Telecommunication
Data Systems, Inc.+ 2,695,562
60,500 Kroll-O'Gara Company+ 2,385,969
60,200 Manitowoc Company, Inc. 2,671,375
139,600 Pre-Paid Legal Services, Inc.+ 4,606,800
------------
25,993,906
------------
Computer Hardware, Software
or Services -- 20.6%
129,300 Apex PC Solutions, Inc.+ 3,733,538
273,675 AVT Corporation+ 7,936,575
242,580 Axent Technologies, Inc.+ 7,413,851
240,937 Boole & Babbage, Inc.+ 7,092,583
134,400 Computer Management Sciences,
Inc.+ 2,335,200
179,400 Cybex Computer Products
Corporation+ 5,269,875
297,700 Datastream Systems, Inc.+ 3,423,550
307,260 Deltek Systems, Inc.+ 5,185,013
279,450 Gerber Scientific, Inc. 6,654,403
301,830 Inter-Tel, Inc. 7,055,276
328,390 MAPICS, Inc.+ 5,418,435
45,000 Maxwell Technologies, Inc.+ 1,811,250
138,000 New Dimension Software Ltd.+ 6,641,250
320,880 Quadra Med Corporation+ 6,578,040
------------
76,548,839
------------
Distributors -- 3.3%
144,050 Advance Paradigm, Inc.+ 5,041,750
122,100 Miami Computer Supply
Corporation+ 3,006,712
259,200 Watsco, Inc. 4,341,600
------------
12,390,062
------------
Electronics -- 2.5%
14,100 CTS Corporation 613,350
83,658 Electromagnetic Sciences, Inc.+ 1,171,212
163,400 FLIR Systems, Inc.+ 3,799,050
206,800 SBS Technologies, Inc.+ 3,825,800
------------
9,409,412
------------
Health Care Products -- 5.4%
221,775 Alpharma, Inc. 7,831,430
417,960 Helen of Troy Ltd.+ 6,138,787
326,890 Morrison Health Care, Inc. 6,231,341
------------
20,201,558
------------
Insurance -- 1.5%
122,460 CMAC Investment Corporation 5,625,506
------------
Leisure -- 5.5%
188,550 Action Performance Companies,
Inc.+ 6,669,956
407,560 Racing Champions Corporation+ 5,451,115
254,930 Steiner Leisure Ltd.+ 8,157,760
------------
20,278,831
------------
Managed Healthcare -- 1.3%
375,340 Physician Reliance Network,
Inc.+ 4,926,338
------------
Medical Products -- 2.4%
156,160 Hanger Orthopedic Group+ 3,513,600
177,660 Maxxim Medical, Inc.+ 5,285,385
------------
8,798,985
------------
Medical Services -- 4.9%
414,360 Assisted Living Concepts, Inc.+ 5,438,475
562,100 Capital Senior Living
Corporation+ 7,834,269
145,025 Curative Health Services, Inc.+ 4,858,337
------------
18,131,081
------------
Medical Supplies -- 3.8%
220,200 CONMED Corporation+ 7,266,600
312,860 Molecular Devices Corporation+ 6,804,705
------------
14,071,305
------------
Printing & Publishing -- 1.3%
345,400 Schawk, Inc. 4,792,425
------------
Restaurants -- 4.5%
276,875 Consolidated Products, Inc.+ 5,710,547
330,200 Ruby Tuesday, Inc. 7,016,750
399,150 Schlotzsky's, Inc.+ 3,941,606
------------
16,668,903
------------
Retail -- 5.3%
339,370 Casey's General Stores, Inc. 4,422,415
62,900 Chico's Fas, Inc.+ 1,470,287
122,400 Mark Bros. Jewelers, Inc.+ 2,203,200
68,000 Pacific Sunwear of California,
Inc.+ 1,113,500
119,650 Rent-Way, Inc.+ 2,908,991
244,800 The Men's Wearhouse, Inc.+ 7,772,400
------------
19,890,793
------------
Shoes -- 0.6%
211,200 Maxwell Shoe Company, Inc.+ 2,310,000
------------
Telecommunications -- 2.2%
147,350 Gilat Satellite Networks Ltd.,
ADR+ 8,122,669
------------
Tobacco -- 1.9%
304,200 800-JR CIGAR, Inc.+ 7,072,650
------------
TOTAL COMMON STOCKS
(Cost $308,629,801) 360,848,927
------------
Principal
Amount
- ------
REPURCHASE AGREEMENT -- 2.3%
(Cost $8,511,000)
$8,511,000 Agreement with State Street
Bank and Trust Company,
4.850% dated 12/31/1998, to
be repurchased at $8,515,586
on 01/04/1999, collateralized by
$5,720,000 U.S. Treasury Bond,
9.875% maturing 11/15/2015
(value $8,688,423) 8,511,000
------------
OTHER INVESTMENTS**
(Cost $61,881,468) 16.6% 61,881,468
---- ------------
TOTAL INVESTMENTS
(Cost $379,022,269*) 115.8% 431,241,395
OTHER ASSETS AND
LIABILITIES (Net) (15.8) (58,686,740)
---- ------------
NET ASSETS 100.0% $372,554,655
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1998, the market value of the securities on loan is
$60,590,329. Collateral received for securities loaned is invested in
State Street Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
See Notes to Financial Statements.
<PAGE>
Munder Value Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 97.9%
Aerospace & Defense -- 2.0%
44,400 Northrop Grumman
Corporation $ 3,246,750
------------
Airlines -- 1.3%
123,300 America West Holdings
Corporation+ 2,096,100
------------
Automobile Parts & Equipment -- 1.5%
40,500 Magna International, Class A,
ADR 2,511,000
------------
Banking and Financial Services -- 14.2%
84,815 Bank One Corporation 4,330,866
74,400 Chase Manhattan Corporation 5,063,850
64,050 First American Corporation 2,842,219
115,000 Fleet Financial Group, Inc. 5,139,062
26,600 MBIA, Inc. 1,743,962
180,920 Sovereign Bancorp, Inc. 2,578,110
54,000 The CIT Group, Inc. 1,717,875
------------
23,415,944
------------
Broadcasting -- 2.1%
75,150 MediaOne Group, Inc. 3,532,050
------------
Building Materials -- 3.7%
93,000 Pulte Corporation 2,586,563
58,600 Southdown, Inc. 3,468,387
------------
6,054,950
------------
Chemicals -- 2.5%
202,600 Crompton & Knowles
Corporation 4,191,287
------------
Commercial Services -- 1.0%
84,000 Cendant Corporation+ 1,601,250
------------
Computer Hardware, Software or
Services -- 2.3%
124,000 Seagate Technologies, Inc.+ 3,751,000
------------
Electric Utilities -- 2.9%
34,200 CMS Energy Corporation 1,656,562
56,600 Edison International 1,577,725
31,800 New Century Energies, Inc. 1,550,250
------------
4,784,537
------------
Electronics -- 8.7%
36,800 Intel Corporation 4,363,100
101,000 Teradyne, Inc.+ 4,279,875
66,300 Texas Instruments, Inc. 5,672,794
------------
14,315,769
------------
Food and Beverages -- 3.5%
130,500 ConAgra, Inc. 4,110,750
21,600 General Mills, Inc. 1,679,400
------------
5,790,150
------------
Home Furnishings and
Housewares -- 6.2%
190,950 Furniture Brands International,
Inc.+ 5,203,387
80,750 Maytag Corporation 5,026,688
------------
10,230,075
------------
Insurance -- 4.0%
98,750 Ace Ltd. 3,400,703
92,550 Torchmark Corporation 3,268,172
------------
6,668,875
------------
Manufacturing -- 2.0%
132,700 Pall Corporation 3,358,969
------------
Medical Services -- 9.3%
347,700 HEALTHSOUTH Corporation+ 5,367,619
54,200 St. Jude Medical, Inc. 1,500,663
131,200 Tenet Healthcare Corporation+ 3,444,000
137,000 Trigon Healthcare, Inc.+ 5,111,812
------------
15,424,094
------------
Oil and Gas -- 8.7%
27,300 British Petroleum Company
Plc, ADR+ 2,593,500
62,400 Burlington Resources, Inc. 2,234,700
81,100 McDermott International, Inc. 2,002,156
25,600 Mobil Corporation 2,230,400
265,700 Santa Fe Energy Resources, Inc. 1,959,537
32,900 Texaco, Inc. 1,739,588
53,950 USX-Marathon Group 1,625,244
------------
14,385,125
------------
Pollution Control -- 1.9%
69,500 Waste Management, Inc. 3,240,438
------------
Real Estate -- 5.0%
46,200 Apartment Investment &
Management Company 1,718,062
55,600 Boston Properties, Inc. 1,695,800
88,999 Patriot American Hospitality, Inc. 533,994
101,450 Public Storage, Inc. 2,745,491
46,700 Spieker Properties, Inc. 1,616,988
------------
8,310,335
------------
Research and Development -- 3.5%
55,000 Amgen, Inc.+ 5,750,937
------------
Telecommunications -- 6.4%
89,900 ALLTEL Corporation 5,377,144
79,200 GTE Corporation 5,148,000
------------
10,525,144
------------
Tobacco -- 2.9%
90,400 Philip Morris Companies, Inc. 4,836,400
------------
Transportation -- 2.3%
101,000 CNF Transportation, Inc. 3,793,813
------------
TOTAL COMMON STOCKS
(Cost $147,310,088) 161,814,992
------------
REPURCHASE AGREEMENT -- 1.4%
(Cost $2,240,000)
$2,240,000 Agreement with State Street
Bank and Trust Company,
4.850% dated 12/31/1998,
to be repurchased at
$2,241,207 on 01/04/1999,
collateralized by $1,845,000
U.S. Treasury Bond, 6.875%
maturing 08/15/2025
(value $2,287,224) 2,240,000
------------
OTHER INVESTMENTS**
(Cost $16,949,172) 10.2% 16,949,172
---- ------------
TOTAL INVESTMENTS
(Cost $166,499,260*) 109.5% 181,004,164
OTHER ASSETS AND
LIABILITIES (Net) (9.5) (15,721,163)
---- ------------
NET ASSETS 100.0% $165,283,001
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1998, the market value of the securities on loan is
$16,914,288. Collateral received for securities loaned of $16,949,172 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.
<PAGE>
Munder Framlington Emerging Markrets Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 96.7%
Argentina -- 5.5%
32,000 Banco Frances del Rio
de La Plata SA, ADR $ 664,000
39,000 Telefonica de Argentina, ADR 1,072,500
------------
1,736,500
------------
Brazil -- 6.7%
10,000,000 Centrais Eletrobras SA 172,143
19,200 Companhia Brasileira
de Distribuicao Grupo Pao
de Acucar, GDR 297,600
1,000,000 Light Services de Eletricidade SA 121,658
51,800 Petroleo Brasileiro SA, ADR 587,319
10,000 Telecomunicacoes Brasileiras SA,
ADR 726,875
14,000 Uniao De Bancos Brasileiros SA
(Unibanco) 202,125
------------
2,107,720
------------
Chile -- 2.1%
17,000 Enersis SA, ADR 438,813
6,300 Quimica Minera Chile SA,
ADR 212,231
------------
651,044
------------
China\Hong Kong -- 7.4%
988,000 Anhui Conch Cement Co., Ltd. 109,670
200,000 China Resources Enterprise Ltd. 312,355
3,150,000 Guangzhou Pharmaceutical 333,394
240,000 New World Infrastructure Ltd. 351,593
700,000 Shanghai Zhenhua Port
Machinery Co., Ltd. 247,800
350,000 Shenzhen Fangda Co., Ltd. 170,762
2,100,000 Yanzhou Coal Mining
Company Ltd. 352,367
2,100,000 Zhejiang Expressway
Company Ltd. 425,551
------------
2,303,492
------------
Egypt -- 3.5%
104,472 Egyptian Mobile Phone
Network+ 635,717
33,500 Industrial and Engineering
Enterprises 474,010
------------
1,109,727
------------
Ghana -- 1.3%
435,018 Social Security Bank 418,286
------------
Greece -- 7.1%
43,000 Hellenic Telecommunication
Organization SA 1,144,598
4,000 National Bank of Greece 900,386
6,705 Panafon Hellenic Telecom
Company+ 177,682
------------
2,222,666
------------
Hungary -- 3.0%
12,000 Magyar Tavkozlesi Rt, ADR 357,750
14,000 MOL Magyar Olaj-es
Gazipari Rt, GDR 386,400
3,700 OTP Bank Rt, GDR 182,410
------------
926,560
------------
India -- 4.2%
22,200 Hindalco Industries Ltd.,
ADR++ 255,300
31,000 Mahanagar Telephone
Nigam, GDR 383,625
45,000 State Bank of India, GDR 376,875
24,055 Videsh Sanchar Nigam
Ltd., ADR 297,681
------------
1,313,481
------------
Kenya -- 0.6%
192,837 Kenya Commercial Bank 190,418
------------
Mexico -- 12.3%
100,000 ALFA, SA de CV 281,114
362,000 Cemex SA de CV 908,015
290,000 Desc SA de CV 272,232
12,000 Fomento Economico
Mexicano SA de CV, ADR 319,500
272,000 Grupo Elektra SA 139,473
13,200 Grupo Industrial Maseca SA, ADR 164,175
79,600 Grupo Modelo SA de CV 168,729
24,100 Grupo Televisa SA+ 303,591
145,000 Organizacion Soriana SA de CV 468,356
15,000 Telefono de Mexico SA, ADR 730,313
12,000 TV Azteca SA de CV, ADR 80,250
------------
3,835,748
------------
Peru -- 1.7%
1 Cementos Norte Pacasmayo SA 1
58,256 Credicorp Ltd., ADR 524,304
75 Ferreyros SA, ADR 1,341
------------
525,646
------------
Poland -- 6.7%
2,046 Bank Przemyslowo-Handlowy
SA 121,244
25,000 Elektrim Spolka Akcyjna SA 270,655
56,500 KGHM Polska Miedz SA, GDR 405,388
160,000 Telekomunikacja Polska
SA, GDR+ 820,000
75,000 Wielkopolski Bank
Kredytowy SA 472,222
------------
2,089,509
------------
Russia -- 1.1%
11,000 Lukoil Holdings, ADR 178,200
40,050 Rostelecom, ADR 167,709
------------
345,909
------------
Senegal -- 1.6%
11,782 Sonatel Communications
Corporation 505,394
------------
Slovakia -- 0.1%
2,000 Slovnaft AS, GDR 35,859
------------
South Africa -- 6.5%
125,000 ABSA Group Ltd. 593,136
1,350,437 Afribrand Holdings Ltd. 217,801
120,840 Dimension Data Holdings Ltd. 512,877
160,000 Ellerine Holdings Ltd. 344,974
25,000 Liberty Life Association
of Africa Ltd. 343,786
11,745 New Clicks Holdings Ltd. 11,465
------------
2,024,039
------------
South Korea -- 12.7%
85,000 Daewoo Heavy Industries 438,072
55,000 Hana Bank 608,063
75,000 Kookmin Bank, GDR++ 607,500
100 Korea Telecom Corporation+ 3,159
37,000 L.G. Chemicals Ltd. 402,909
11,502 LG Information &
Communication 308,823
6,500 Nong Shim Company 373,899
2,610 Pohang Iron & Steel
Company Ltd. 139,938
8,000 Samsung Display Devices
Company 394,347
10,444 Samsung Electronics 700,608
------------
3,977,318
------------
Taiwan -- 1.5%
50,000 Asustek Computer, Inc. 457,500
------------
Thailand -- 5.7%
63,000 Advanced Info Service
Public Company Ltd. 374,360
47,600 KCE Electronics Public
Company Ltd. 104,759
34,200 PTT Exploration &
Production Public
Company Ltd. 240,858
31,600 Siam Cement Public
Company Ltd. 716,325
5,400 The Pizza Public Company Ltd. 18,124
685,000 United Broadcasting
Corporation Public
Company Ltd. 325,069
------------
1,779,495
------------
Turkey -- 3.7%
8,400,000 Aksigorta AS 255,627
149,047 Haci Omer Sabanci Holding
SA, ADR 562,652
3,930,000 Vestel Elektronik Sanayi
ve Ticaret AS+ 323,908
------------
1,142,187
------------
Venezuela -- 1.5%
21,200 Compania Anonima Nacional
Telefonos de Venezuela,
ADR 377,625
28,100 Mavesa SA, ADR 105,375
------------
483,000
------------
Zimbabwe -- 0.2%
170,000 NMBZ Holdings Ltd. 54,817
------------
TOTAL COMMON STOCKS
(Cost $38,261,622) 30,236,315
------------
INVESTMENT COMPANY SECURITIES -- 6.0%
India -- 4.1%
65,000 India It Fund Ltd.+ 772,200
58,000 Is Himalayan Fund 500,540
------------
1,272,740
------------
South Africa -- 1.7%
685,355 Hosken Consolidated
Investments Ltd. 550,350
------------
South Korea -- 0.2%
7,000 New Korea Trust+ 63,875
------------
TOTAL INVESTMENT COMPANY SECURITIES
(Cost $2,319,107) 1,886,965
------------
PREFERRED STOCKS -- 1.1%
Brazil -- 1.1%
6,696,358 Telecomunicacoes do Rio
de Janeiro SA 182,885
6,696,358 Telerj Celular SA 157,946
------------
340,831
------------
TOTAL PREFERRED STOCKS
(Cost $932,610) $340,831
------------
WARRANTS -- 0.0% #
(Cost $0)
China -- 0.0% #
51,200 Peking Apparel
International Group Ltd.,
expire 03/31/99+ 727
------------
OTHER INVESTMENTS**
(Cost $6,410,115) 20.5% 6,410,115
---- ------------
TOTAL INVESTMENTS
(Cost $47,923,454*) 124.3% 38,874,953
OTHER ASSETS AND
LIABILITIES (Net) (24.3) (7,593,448)
---- ------------
NET ASSETS 100.0% $ 31,281,505
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
** As of June 30, 1998, the market value of the securities on loan is
$6,062,504. Collateral received for securities loaned consists of
$6,410,115 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 Funds
Portfolio of Investments, December 31, 1998 (Unaudited)
(Continued)
At December 31, 1998 sector diversification of the Munder Framlington
Emerging Markets Fund was a follows:
% of
Net Assets Value
---------- -----
COMMON STOCKS:
Telecommunications.......................... 25.8% $8,083,811
Banking & Financial Services................ 18.9 5,915,787
Electronics................................. 7.2 2,251,778
Oil & Gas................................... 5.9 1,831,545
Building & Building Materials............... 5.5 1,734,011
Food & Beverage............................. 4.3 1,349,479
Utilities................................... 3.9 1,206,624
Metals & Mining............................. 3.9 1,226,627
Diversified Industrial...................... 3.6 1,115,998
Retail...................................... 2.9 916,894
Investment Companies........................ 2.6 825,232
Broadcasting & Advertising.................. 2.3 708,910
Insurance................................... 1.9 599,412
Transportation.............................. 1.4 425,551
Industrial Machinery........................ 1.4 438,071
Household Appliances & Home
Furnishings............................. 1.1 344,974
Drugs & Health Care......................... 1.1 333,394
Building Construction....................... 1.1 351,593
Steel....................................... 1.0 310,700
Hotels & Restaurants........................ 0.1 18,124
Miscellaneous............................... 0.8 247,800
---- ----------
TOTAL COMMON STOCKS ........................ 96.7 30,236,315
INVESTMENT COMPANY
SECURITIES ............................. 6.0 1,886,965
PREFERRED STOCKS ........................... 1.1 340,831
WARRANTS ................................... 0.0# 727
OTHER INVESTMENTS .......................... 20.5 6,410,115
---- ----------
TOTAL INVESTMENTS .......................... 124.3 38,874,953
OTHER ASSETS AND
LIABILITIES (Net) ...................... (24.3) (7,593,448)
---- ----------
NET ASSETS ................................. 100.0% $ 31,281,505
==== ==========
- ---------
* Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
<PAGE>
Munder Framlington Healthcare Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- DOMESTIC -- 86.0%
Biotechnology -- 21.6%
12,500 Alexion Pharmaceuticals, Inc.+ $ 167,187
35,000 Ariad Pharmaceuticals, Inc.+ 59,063
4,000 Biomatrix, Inc.+ 233,000
13,125 Cell Genesys, Inc.+ 78,750
5,000 Centocor, Inc.+ 225,625
16,700 CombiChem, Inc.+ 72,019
20,000 Corixa Corporation+ 185,000
8,000 Coulter Pharmaceutical, Inc.+ 240,000
2,275 CuraGen Corporation+ 16,067
30,000 Gene Logic+ 209,062
13,000 Genzyme Transgenics Corporation+ 73,125
8,000 Gilead Sciences, Inc.+ 328,500
8,000 Guilford Pharmaceuticals, Inc.+ 114,000
10,000 ICOS Corporation+ 297,500
6,000 Incyte Pharmacuticals, Inc.+ 224,250
25,000 La Jolla Pharmaceutical Company+ 112,500
30,000 Medarex, Inc.+ 90,938
15,000 Millennium Pharmaceuticals, Inc.+ 388,125
16,000 NPS Pharmaceuticals, Inc.+ 123,000
1,500 ONYX Pharmaceuticals, Inc.+ 10,500
30,000 OSI Pharmaceuticals, Inc.+ 95,625
9,000 Pharmacyclics, Inc.+ 229,500
12,000 Sugen, Inc.+ 177,000
15,000 Synaptic Pharmaceutical
Corporation+ 225,000
10,000 Transkaryotic Therapies, Inc.+ 253,750
5,000 V.I. Technologies Inc.+ 51,875
6,000 Vertex Pharmaceuticals, Inc.+ 178,500
12,000 Vical, Inc.+ 170,250
5,000 ViroPharma, Inc.+ 46,563
------------
4,676,274
------------
Contract Sales & Research
Organisations -- 4.5%
8,000 BioReliance Corporation+ 64,000
6,000 Boron, Lepore & Associates, Inc.+ 207,000
8,000 PAREXEL International
Corporation+ 200,000
8,000 Pharmaceutical Product
Development, Inc.+ 240,500
5,000 Quintiles TransNational
Corporation+ 266,875
------------
978,375
------------
Distribution & Marketing Services -- 6.6%
10,000 Advance Paradiam, Inc.+ 350,000
20,000 Healthworld Corporation+ 207,500
5,000 Henry Schein, Inc.+ 223,750
1,500 McKesson Corporation 118,594
4,000 NCS Healthcare, Inc., Class A+ 95,000
6,000 Omnicare, Inc. 208,500
10,000 PSS World Medical, Inc.+ 230,000
------------
1,433,344
------------
Drugs -- 15.0%
18,600 AVANT Immunotherapeutics, Inc.+ 32,550
20,000 Collagenex Pharmaceuticals, Inc.+ 192,500
8,000 Connetics Corporation+ 47,000
175 Crescendo Pharmaceuticals
Corporation+ 2,384
10,000 GelTex Pharmaceuticals, Inc.+ 226,250
6,000 Jones Medical Industries, Inc. 219,000
1,941 King Pharmaceuticals, Inc.+ 51,194
13,000 Martek Biosciences Corporation+ 104,000
5,000 Medicis Pharmaceutical
Corporation+ 298,125
4,000 Medimmune, Inc.+ 397,750
6,000 PathoGenesis Corporation+ 348,000
2,500 Pfizer, Inc. 313,594
8,000 Rexall Sundown, Inc.+ 112,000
7,000 SangStat Medical Corporation+ 148,750
3,000 Sepracor, Inc.+ 264,375
10,500 Serologicals Corporation+ 315,000
10,000 Zonagen, Inc.+ 191,250
------------
3,263,722
------------
Drug Delivery -- 3.2%
5,000 Anesta Corporation+ 133,125
13,000 Emisphere Technologies, Inc.+ 203,125
7,000 Inhale Therapeutic Systems+ 231,000
30,000 Nastech Pharmaceuticals
Company, Inc.+ 116,250
------------
683,500
------------
Hospital/Medical Services -- 3.5%
15,190 American Healthcorp, Inc. 149,052
8,000 Amsurg Corporation, Class A+ 59,000
15,000 Amsurg Corporation, Class B+ 101,250
7,000 Carematrix Corporation+ 214,375
9,000 Genesis Health Ventures, Inc.+ 78,750
12,000 Quorum Health Group, Inc.+ 155,250
------------
757,677
------------
Managed Healthcare -- 9.9%
10,000 American Oncology Resources,
Inc.+ 145,625
7,000 Curative Health Services, Inc.+ 234,500
11,000 Hanger Orthopedic Group+ 247,500
8,000 IMPATH, Inc.+ 212,000
12,000 PhyCor, Inc.+ 81,750
15,000 Physician Reliance Network, Inc.+ 196,875
12,000 PMR Corporation+ 91,500
40,000 ProMedCo Management
Company+ 240,000
7,500 Renal Care Group, Inc.+ 216,094
25,000 Renex Corporation+ 181,250
12,000 Res-Care, Inc.+ 296,250
9,750 Specialty Care Network, Inc.+ 12,187
------------
2,155,531
------------
Medical Devices -- 18.7%
25,000 Aksys Ltd.+ 107,812
5,000 Arterial Vascular Engineering, Inc.+ 262,500
5,000 Bionx Implants, Inc.+ 41,562
4,000 Conceptus, Inc.+ 9,000
15,000 CryoLife, Inc.+ 178,125
15,000 Cyberonics, Inc.+ 202,500
10,000 Cytyc Corporation+ 257,500
12,000 Digene Corporation+ 66,750
18,000 Endocardial Solutions, Inc.+ 180,000
30,000 EndoSonics Corporation 298,125
20,000 EPIX Medical, Inc.+ 186,250
18,000 Horizon Medical Products, Inc.+ 78,750
40,000 LifeCell Corporation+ 175,000
13,000 Lifecore Biomedical, Inc.+ 133,250
40,000 LJL Biosystems, Inc.+ 125,000
10,000 Molecular Devices Corporation+ 217,500
8,000 Novoste Corporation+ 227,000
7,000 Perclose, Inc.+ 231,875
7,000 ResMed, Inc.+ 317,625
8,000 Rochester Medical Corporation+ 122,000
12,000 SeaMED Corporation+ 135,000
6,400 SteriGenics International, Inc.+ 166,400
8,000 Theragenics Corporation+ 134,500
7,000 Wesley Jessen VisionCare, Inc.+ 194,250
------------
4,048,274
------------
Medical Information Systems -- 3.0%
8,000 HBO & Company 229,500
10,000 QuadraMed Corporation+ 205,000
5,000 Superior Consultant Holdings
Corporation+ 217,500
------------
652,000
------------
TOTAL COMMON STOCKS -- DOMESTIC
(Cost $17,875,054) 18,648,697
------------
COMMON STOCKS -- FOREIGN -- 11.5%
Biotechnology -- 5.0%
700 Cambridge Antibody Technology
Group Plc+ 2,675
30,000 Celltech Group Plc 196,877
5,000 Cerep 134,144
3,700 Genset, ADR+ 102,213
8,650 Karo Bio AB+ 93,156
30,400 KS Biomedix Holdings 119,953
2,500 NeuroSearch A/S 165,768
10,200 Oxford Asymmetry
International Plc 88,968
22,500 Oxford Glyco Sciences 95,323
60,000 Peptide Therapeutics Group 82,738
------------
1,081,815
------------
Drugs -- 2.9%
64,000 AMRAD Corporation Ltd. 53,337
9,000 BioChem Pharma, Inc 257,625
39,000 Bioglan Pharma Plc+ 170,086
150 CliniChem Development, Inc.+ 722
25,000 Shire Pharmaceuticals Group Plc 160,118
------------
641,888
------------
Medical Devices -- 3.6%
30,000 Axis Biochemicals ASA 169,770
13,828 Biocompatibles International Plc 20,447
10,000 Biora AB 67,079
50,000 Chemunex SA+ 56,341
10,000 ContextVision AB 40,798
64,224 Gyrus Group Plc 145,648
5,000 Kawasumi Laboratories 98,187
6,000 Ortivus AB 43,570
2,400 QIAGEN N.V., ADR+ 144,600
------------
786,440
------------
TOTAL COMMON STOCKS -- FOREIGN
(Cost $2,916,886) 2,510,143
------------
WARRANTS -- 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 04/30/99+ 445
------------
REPURCHASE AGREEMENT -- 2.4%
(Cost $516,000)
$516,000 Agreement with State Street
Bank and Trust Company,
4.850% dated 12/31/1998,
to be repurchased at
$516,278 on 01/04/1999,
collateralized by $435,000
U.S. Treasury Bond,
7.250% maturing 05/15/2016
(value $531,785) 516,000
------------
OTHER INVESTMENTS**
(Cost $3,356,049) 15.5% 3,356,049
---- ------------
TOTAL INVESTMENTS
(Cost $24,666,642*) 115.4% 25,031,334
OTHER ASSETS AND
LIABILITIES (Net) (15.4) (3,346,114)
---- ------------
NET ASSETS 100.0% $ 21,685,220
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
** As of June 30, 1998, the market value of the securities on loan is
$3,270,241. Collateral received for securities loaned 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.
<PAGE>
Munder Framlington International Growth Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 95.6%
Australia -- 1.2%
58,725 Cable & Wireless Optus Ltd.+ $ 123,431
20,000 Commonwealth Bank of
Australia 283,877
75,000 Telstra Corporation Ltd. 350,665
------------
757,973
------------
Belgium -- 1.9%
2,300 Barco Industries 645,357
16,200 Lernout & Hauspie Speech
Products NV+ 528,525
------------
1,173,882
------------
China\Hong Kong -- 1.4%
150,000 New World Infrastructure Ltd. 219,746
3,248,000 RNA Holdings Ltd. 310,228
1,200,000 Yanzhou Coal Mining
Company Ltd. 201,353
700,000 Zhejiang Expressway
Company, Ltd. 141,850
------------
873,177
------------
Denmark -- 0.9%
4,100 Novo Nordisk AS, Series B 541,144
------------
Finland -- 5.3%
9,000 Nokia Ab Oy, Series A 1,094,332
61,000 Raisio Group 669,935
18,400 Sampo Insurance, A Shares 698,255
20,000 Tieto Corporation, B Shares 890,371
------------
3,352,893
------------
France -- 11.4%
6,300 AXA Company 912,717
9,200 Banque Nationale de Paris 757,260
2,300 Canal Plus 627,347
3,000 Castorama Dubois 684,135
4,600 Elf Aquitaine SA 531,497
15,000 Lagardere Group 637,185
3,800 Publicis SA 679,664
13,700 Rhone Poulenc 704,725
12,500 SGS-Thomson
Microelectronics NV+ 983,724
3,300 Suez Lyonnaise des Eaux 677,589
------------
7,195,843
------------
Germany -- 3.1%
600 Bayerische Motoren Werke
(BMW) 465,499
180 Bayerische Motoren Werke
(BMW) 133,385
7,400 Bayerische Vereinsbank AG 579,443
7,000 Mannesmann AG 802,232
------------
1,980,559
------------
Ireland -- 1.2%
14,000 Global TeleSystems Group,
Inc.+ 780,500
------------
Italy -- 4.1%
335,000 Banca Di Roma 567,299
90,000 ENI 587,862
90,000 Telecom Italia 767,486
111,000 Unicredito Italiano 657,561
------------
2,580,208
------------
Japan -- 21.5%
12,000 Andor Company Ltd. 33,649
35,000 ANRITSU Corporation 283,282
21,000 Arrk Corporation 111,455
16,000 Computer Engineering &
Consulting Ltd. 237,912
15,000 Consec Corporation 35,958
13,800 Credit Saison Company Ltd. 339,965
100 DDI Corporation 371,517
27,000 FCC Company Ltd. 316,453
17,000 Fuji Machine MFG Company Ltd. 536,842
50,000 Fujisawa Pharmaceutical
Company Ltd. 707,652
3,000 Futaba Corporation 117,559
6,500 Keyence Corporation 799,204
100 Kitagawa Industries Company
Ltd. 708
20,000 Kokuyo Company 269,084
15,000 Marui Company Ltd. 288,589
19,000 Meitec Corporation 473,950
48,000 Minebea Company Ltd. 549,421
76,000 Mitsubishi Heavy Industries 295,798
15,000 Mitsumi Electric Company Ltd. 317,116
14,000 Murata Manufacturing
Company Ltd. 580,805
25,000 Namco 501,990
30 Net One Systems Company Ltd. 114,109
9,400 Nichiei Company Ltd. 748,341
54,000 Nikko Securities Company Ltd. 150,464
14 Nippon Telegraph &
Telephone Corporation 107,988
4 NTT Mobile Communication
Network, Inc. 164,529
7,000 Promise Company Ltd. 364,087
57,000 Ricoh Company Ltd. 525,378
8,000 Rohm Company 728,173
20,000 Shin-Etsu Chemical Company
Ltd. 481,203
7,000 Sony Corporation 509,597
28,000 Sumitomo Bank Ltd. 287,306
32,000 Sumitomo Electric Industries 359,770
41,000 Sumitomo Trust & Banking 108,801
36,000 The Bank of Tokyo-Mitsubishi,
Ltd. 372,579
9,000 Tokyo Electron Ltd. 341,530
43,000 Ube-Nitto Kasei Company Ltd. 151,765
15,000 World Company, Ltd. 647,501
47,000 Yamato Kogyo Company, Ltd. 271,897
------------
13,603,927
------------
Netherlands -- 4.7%
30,000 ABN AMRO Holdings 630,755
15,355 Equant NV 1,068,067
12,500 Getronics NV 618,779
11,000 ING Groep 670,410
------------
2,988,011
------------
Portugal -- 2.4%
24,300 Banco Comercial Portugues,
SA (BCP) 747,418
3,700 Telecel-Comunicacaoes
Pessoais, SA 756,673
------------
1,504,091
------------
Singapore -- 0.7%
11,300 Creative Technology Ltd. 159,473
20,000 Development Bank of
Singapore Ltd. 180,497
20,000 Overseas-Chinese Banking
Corp. Ltd. 135,675
------------
475,645
------------
Slovakia -- 0.1%
2,000 Slovnaft AS, GDR 35,859
------------
South Korea -- 1.3%
100 Korea Telecom Corporation+ 3,159
7,575 Pohang Iron & Steel
Company, Ltd. 127,828
10,000 Samsung Electronics 670,823
------------
801,810
------------
Spain -- 3.3%
32,000 Argentaria SA 827,470
25,000 Cortefiel SA 657,895
14,000 Telefonica de Espana SA 621,587
------------
2,106,952
------------
Sweden -- 4.1%
17,000 Autoliv, Inc., ADR 608,876
30,000 Ericsson (L.M.) Telephone
Company, Class B 712,633
105,000 Nordbanken Holding AB 672,017
81,000 Orvitus, Series B 588,199
------------
2,581,725
------------
Switzerland -- 6.3%
1,451 Adecco SA 662,282
500 Novartis AG 982,747
70 Roche Holdings AG 854,044
2,500 UBS AG-- Registered 767,999
950 Zurich Allied AG 703,320
------------
3,970,392
------------
United Kingdom -- 20.7%
65,541 BAA Plc 769,854
120,999 BBA Group Plc 749,836
50,000 BP Amoco Plc 744,310
34,000 CGU Plc 536,069
88,000 Compass Group Plc 1,004,419
20,000 HSBC Holdings Plc 498,219
65,000 Kwik-Fit Holdings Plc 521,058
30,000 Laporte Plc 233,760
80,000 Lloyds TSB Group Plc 1,139,060
35,000 National Westminster Bank Plc 677,438
104,000 Norwich Union Plc 756,803
48,000 Royal & Sun Alliance
Insurance Group Plc 390,763
80,000 Sema Group Plc 788,171
80,000 Senior Engineering Group Plc 152,849
115,000 Smithkline Beecham Plc 1,593,817
70,000 Vodafone Group Plc 1,137,398
10,000 Whitbread Plc 128,260
132,692 Williams Plc 758,366
12,000 Zeneca Group Plc 522,745
------------
13,103,195
------------
TOTAL COMMON STOCKS
(Cost $53,774,675) 60,407,786
------------
PREFERRED STOCKS -- 2.4%
Germany -- 2.4%
12,000 Fresenius Medical Care AG 558,022
300 Porsche AG 684,028
575 SAP AG 274,355
------------
1,516,405
------------
TOTAL PREFERRED STOCKS
(Cost $1,333,527) 1,516,405
------------
RIGHTS -- 0.0% #
(Cost $0)
Spain -- 0.0% #
14,000 Telefonica SA, Bonus Rights 12,412
------------
REPURCHASE AGREEMENT -- 1.9%
(Cost $1,161,000)
$1,161,000 Agreement with State Street
Bank and Trust Company,
4.850% dated 12/31/1998,
to be repurchased at
$1,161,626 on 01/04/1999,
collateralized by $970,000
U.S. Treasury Bond, 7.250%
maturing 05/15/2016
(value $1,185,819) 1,161,000
------------
OTHER INVESTMENTS**
(Cost $1,365,000) 2.2% 1,365,000
---- ------------
TOTAL INVESTMENTS
(Cost $57,634,202*) 102.1% 64,462,603
OTHER ASSETS AND
LIABILITIES (Net) (2.1) (1,297,668)
---- ------------
NET ASSETS 100.0% $ 63,164,935
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
** Cash and Non-Cash Collateral:
As of December 31, 1998, the market value of the securities on loan is
$1,309,025. Collateral received for securities loaned includes $427,443
in U.S. Government securities and the remaining $937,557 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.
<PAGE>
Munder Framlington International Growth Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
(Continued)
- -----------------------------------------------------------------------------
At December 31, 1998 sector diversification of the Munder Framlington
International Growth Fund was as follows:
% of
Net Assets Value
---------- -----
COMMON STOCKS:
Banking & Financial Services ......... 18.6% $11,725,828
Telecommunications ................... 12.5 7,895,435
Electronics .......................... 10.4 6,578,804
Drugs & Health Care .................. 8.2 5,202,148
Insurance ............................ 6.3 3,997,926
Machinery ............................ 3.4 2,131,897
Automotive ........................... 3.2 2,045,272
Oil & Gas ............................ 3.0 1,899,527
Electric & Electrical Equipment ...... 2.9 1,820,679
Food & Beverage ...................... 2.7 1,674,355
Retail ............................... 2.6 1,630,619
Diversified Industrial ............... 2.5 1,548,400
Chemicals ............................ 2.5 1,571,453
Computers ............................ 2.0 1,291,915
Software ............................. 1.8 1,128,283
Building Construction ................ 1.4 897,335
Industrial Machinery ................. 1.3 802,232
Building & Building Materials ........ 1.2 748,341
Air Travel ........................... 1.2 769,854
Advertising .......................... 1.1 679,664
Business Services .................... 1.0 662,282
Broadcasting & Advertising ........... 1.0 627,348
Apparel & Textiles ................... 1.0 647,501
Pharmaceuticals & Medical
Supplies .......................... 0.9 588,199
Entertainment ........................ 0.8 501,990
Manufacturing ........................ 0.4 271,636
Forest Paper & Products .............. 0.4 269,084
Metals and Mining .................... 0.3 201,353
Communication Services ............... 0.3 164,529
Miscellaneous ........................ 0.7 433,897
---- ----------
TOTAL COMMON STOCKS .................. 95.6 60,407,786
PREFERRED STOCKS ..................... 2.4 1,516,405
RIGHTS ............................... 0.0# 12,412
REPURCHASE AGREEMENT ................. 1.9 1,161,000
OTHER INVESTMENTS .................... 2.2 1,365,000
---- ----------
TOTAL INVESTMENTS .................... 102.1 64,462,603
OTHER ASSETS AND
LIABILITIES (Net) ................. (2.1) (1,297,668)
---- ----------
NET ASSETS ........................... 100.0% $63,164,935
==== ==========
- ---------
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.<PAGE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Assets and Liabilities, December 31, 1998 (Unaudited)
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 ........................ $73,184,542 $234,349,124 $245,703,781 $53,057,121 $774,506,778
Repurchase Agreements ............. 1,140,000 15,597,000 1,501,000 -- 33,951,000
----------- ------------ ------------ ----------- ------------
Total Investments ..................... 74,324,542 249,946,124 247,204,781 53,057,121 808,457,778
Cash .................................. 201 678 14,689 541,794 878
Interest receivable ................... 307,945 22,226 202 -- 4,574
Dividends receivable .................. 37,983 395,524 469,702 -- 690,467
Receivable for investment securities
sold ................................ 138,646 -- 3,510 61,795 2,298,663
Receivable for Fund shares sold ....... 3,423 4,748,701 2,854,435 181,858 32,155,530
Receivable from investment advisor .... -- -- -- 19,677 --
Unamortized organization costs ........ -- 475 -- -- --
Prepaid expenses and other assets ..... 26,438 35,535 32,144 29,782 96,193
----------- ------------ ------------ ----------- ------------
Total Assets .................... 74,839,178 255,149,263 250,579,463 53,892,027 843,704,083
----------- ------------ ------------ ----------- ------------
LIABILITIES:
Due to custodian ...................... -- -- -- -- --
Payable for Fund shares redeemed ...... 676,927 875,080 437,250 194,500 4,743,236
Payable for investment securities
purchased ........................... -- -- -- 110,000 334,797
Payable upon return of securities
loaned .............................. 7,090,037 10,041,493 44,402,461 7,670,250 14,901,640
Investment advisory fee payable ....... 36,251 153,250 126,459 37,599 490,545
Administration fee payable ............ 6,143 21,870 18,520 4,132 69,685
Shareholder servicing fees payable .... 5,906 41,788 20,712 423 53,728
Distribution fees payable ............. 978 3,821 3,387 18,062 110,006
Transfer agent fee payable ............ 3,306 9,065 8,790 -- 30,402
Custodian fees payable ................ 9,237 15,405 43,428 12,854 63,462
Accrued Trustees'/Directors' fees and
expenses ............................ 1,059 3,311 3,012 813 12,595
Accrued expenses and other payables ... 18,308 22,489 23,045 8,444 151,847
----------- ------------ ------------ ----------- ------------
Total Liabilities ................... 7,848,152 11,187,572 45,087,064 8,057,077 20,961,943
----------- ------------ ------------ ----------- ------------
NET ASSETS ............................ $66,991,026 $243,961,691 $205,492,399 $45,834,950 $822,742,140
=========== ============ ============ =========== ============
Investments, at cost .................. $64,845,442 $189,904,413 $206,813,092 $49,065,652 $555,907,224
=========== ============ ============ =========== ============
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<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
----------- --------- ------- ------ ----------- ----------- -------------
<C> <C> <C> <C> <C> <C> <C>
$87,028,363 $146,723,898 $422,730,395 $178,764,164 $38,874,953 $24,515,334 $63,301,603
2,251,000 7,554,000 8,511,000 2,240,000 -- 516,000 1,161,000
----------- ------------ ------------ ------------ ----------- ----------- -----------
89,279,363 154,277,898 431,241,395 181,004,164 38,874,953 25,031,334 64,462,603
448 271 724 20 -- 580 7,342
303 1,018 1,147 302 -- 69 3,855
890,502 201,818 27,220 323,910 121,512 619 89,869
-- 98,772 7,616,433 1,043,848 1,569,175 58,273 192
341,328 1,687,236 6,479,343 108,575 61,659 73,469 --
-- -- -- -- 36,088 10,542 36,828
10,967 -- -- 19,834 4,220 3,613 17,962
26,248 30,109 43,260 29,604 45,152 33,189 49,152
----------- ------------ ------------ ------------ ----------- ----------- -----------
90,549,159 156,297,122 445,409,522 182,530,257 40,712,759 25,211,688 64,667,803
----------- ------------ ------------ ------------ ----------- ----------- -----------
-- -- -- -- 2,548,942 -- --
85,936 1,049,252 8,101,051 133,863 400,326 71,254 30,014
-- -- 2,482,477 -- -- 55,500 7,142
-- 16,398,898 61,881,468 16,949,172 6,410,115 3,356,049 1,365,000
56,415 82,923 225,189 101,142 37,529 17,021 51,678
8,391 12,198 32,997 15,034 3,204 1,824 5,511
395 12,543 27,449 2,136 4,603 31 334
6,646 5,223 19,921 3,651 598 9,700 974
2,466 4,616 15,776 2,904 2,359 1,183 2,512
9,296 13,828 30,029 14,036 21,800 13,058 38,723
1,401 2,417 5,903 2,741 666 313 980
15,692 25,535 32,607 22,577 1,112 535 --
----------- ------------ ------------ ------------ ----------- ----------- -----------
186,638 17,607,433 72,854,867 17,247,256 9,431,254 3,526,468 1,502,868
----------- ------------ ------------ ------------ ----------- ----------- -----------
$90,362,521 $138,689,689 $372,554,655 $165,283,001 $31,281,505 $21,685,220 $63,164,935
=========== ============ ============ ============ =========== =========== ===========
$96,429,251 $144,015,432 $379,022,269 $166,499,260 $47,923,454 $24,666,642 $57,634,202
=========== ============ ============ ============ =========== =========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Assets and Liabilities, December 31, 1998 (Unaudited)
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) ....................... $ 4,878 $ 293,492 $ (362,939) $ (338,587) $ (141,611)
Accumulated net realized gain/(loss) on
investments sold, forward foreign
exchange contracts, futures contracts
and currency transactions ........... 841,676 2,163,126 (798,576) (8,304,270) 14,666,029
Net unrealized
appreciation/(depreciation) of
investments, futures contracts,
foreign currency and net other assets 9,479,100 60,041,711 40,394,764 3,991,469 252,550,554
Par value ............................. 5,487 16,926 14,113 29,951 405,000
Paid-in capital in excess of par value 56,659,885 181,446,436 166,245,037 50,456,387 555,262,168
----------- ------------ ------------ ----------- ------------
$66,991,026 $243,961,691 $205,492,399 $45,834,950 $822,742,140
=========== ============ ============ =========== ============
NET ASSETS:
Class A Shares ........................ $ 1,005,675 $ 7,625,825 $ 6,689,819 $ 7,800,732 $ 65,456,438
=========== ============ ============ =========== ============
Class B Shares ........................ $ 940,640 $ 2,433,630 $ 894,213 $13,940,243 $ 99,118,570
=========== ============ ============ =========== ============
Class C Shares ........................ $ 116,488 $ 785,883 $ 1,666,967 $ 6,282,653 $ 12,455,320
=========== ============ ============ =========== ============
Class K Shares ........................ $30,026,920 $197,392,883 $ 99,036,164 $ 2,176,617 $323,505,890
=========== ============ ============ =========== ============
Class Y Shares ........................ $34,901,303 $ 35,723,470 $ 97,205,236 $15,634,705 $322,205,922
=========== ============ ============ =========== ============
SHARES OUTSTANDING:
Class A Shares ........................ 82,444 529,567 460,402 507,311 3,213,886
=========== ============ ============ =========== ============
Class B Shares ........................ 77,355 169,643 62,422 919,532 5,077,125
=========== ============ ============ =========== ============
Class C Shares ........................ 9,567 54,856 115,457 414,183 637,180
=========== ============ ============ =========== ============
Class K Shares ........................ 2,457,445 13,694,059 6,817,128 141,625 15,914,059
=========== ============ ============ =========== ============
Class Y Shares ........................ 2,859,919 2,477,821 6,657,238 1,012,446 15,657,751
=========== ============ ============ =========== ============
CLASS A SHARES:
Net asset value and redemption price
per share ........................... $12.20 $14.40 $14.53 $15.38 $20.37
====== ====== ====== ====== ======
Maximum sales charge .................. 5.50% 5.50% 5.50% 5.50% 5.50%
Maximum offering price per share ...... $12.91 $15.24 $15.38 $16.28 $21.56
====== ====== ====== ====== ======
CLASS B SHARES:
Net asset value and offering price per
share* .............................. $12.16 $14.35 $14.33 $15.16 $19.52
====== ====== ====== ====== ======
CLASS C SHARES:
Net asset value and offering price per
share* .............................. $12.18 $14.33 $14.44 $15.17 $19.55
====== ====== ====== ====== ======
CLASS K SHARES:
Net asset value, offering price and
redemption price per share .......... $12.22 $14.41 $14.53 $15.37 $20.33
CLASS Y SHARES:
====== ====== ====== ====== ======
Net asset value, offering price and
redemption price per share .......... $12.20 $14.42 $14.60 $15.44 $20.58
====== ====== ====== ====== ======
<FN>
- ----------------
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
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
----------- --------- ------- ------ ----------- ----------- -------------
<C> <C> <C> <C> <C> <C> <C>
$ (20,993) $ (3,684) $ (439,543) $ 224,355 $ (39,627) $ (157,768) $ (147,193)
79,910 (5,579,794) (48,355,097) 3,132,485 (15,273,125) (237,885) (2,164,995)
(7,149,888) 10,262,466 52,219,126 14,505,015 (9,048,444) 364,699 6,832,216
73,180 110,980 21,207 114,400 39,545 18,740 53,838
97,380,312 133,899,721 369,108,962 147,306,746 55,603,156 21,697,434 58,591,069
----------- ------------ ------------ ------------ ------------ ----------- -----------
$90,362,521 $138,689,689 $372,554,655 $165,283,001 $ 31,281,505 $21,685,220 $63,164,935
=========== ============ ============ ============ ============ =========== ===========
$ 2,963,040 $ 4,143,071 $ 21,023,338 $ 5,604,439 $ 303,301 $ 4,652,849 $ 2,410,186
=========== ============ ============ ============ ============ =========== ===========
$ 5,533,075 $ 3,206,524 $ 13,572,053 $ 1,814,620 $ 298,885 $ 8,558,175 $ 497,798
=========== ============ ============ ============ ============ =========== ===========
$ 1,275,331 $ 1,967,816 $ 5,379,928 $ 1,110,062 $ 269,371 $ 2,515,861 $ 165,822
=========== ============ ============ ============ ============ =========== ===========
$ 1,925,143 $ 65,183,283 $140,476,537 $ 10,722,715 $ 20,754,585 $ 166,965 $ 1,633,470
=========== ============ ============ ============ ============ =========== ===========
$78,665,932 $ 64,188,995 $192,102,799 $146,031,165 $ 9,655,363 $ 5,791,370 $58,457,659
=========== ============ ============ ============ ============ =========== ===========
240,281 331,830 1,203,213 388,468 38,349 399,405 206,082
=========== ============ ============ ============ ============ =========== ===========
448,869 257,607 815,653 126,850 38,118 745,489 43,037
=========== ============ ============ ============ ============ =========== ===========
103,140 158,423 317,790 77,683 34,326 219,168 14,306
=========== ============ ============ ============ ============ =========== ===========
156,083 5,215,835 8,042,987 743,229 2,625,285 14,348 139,622
=========== ============ ============ ============ ============ =========== ===========
6,369,624 5,134,237 10,827,249 10,103,780 1,218,409 495,635 4,980,784
=========== ============ ============ ============ ============ =========== ===========
$12.33 $12.49 $17.47 $14.43 $7.91 $11.65 $11.70
====== ====== ====== ====== ===== ====== ======
5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
$13.05 $13.22 $18.49 $15.27 $8.37 $12.33 $12.38
====== ====== ====== ====== ===== ====== ======
$12.33 $12.45 $16.64 $14.31 $7.84 $11.48 $11.57
====== ====== ====== ====== ===== ====== ======
$12.37 $12.42 $16.93 $14.29 $7.85 $11.48 $11.59
====== ====== ====== ====== ===== ====== ======
$12.33 $12.50 $17.47 $14.43 $7.91 $11.64 $11.70
====== ====== ====== ====== ===== ====== ======
$12.35 $12.50 $17.74 $14.45 $7.92 $11.68 $11.74
====== ====== ====== ====== ===== ====== ======
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Operations, Period Ended December 31, 1998 (Unaudited)
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 .............................. $ 908,559 $ 488,151 $ 260,408 $ 27,632 $ 998,719
Dividends (a) ......................... 240,431 2,908,574 1,468,982 21,357 3,437,422
----------- ----------- ----------- ----------- -----------
Total investment income ......... 1,148,990 3,396,725 1,729,390 48,989 4,436,141
----------- ----------- ----------- ----------- -----------
EXPENSES:
Distribution and shareholder
servicing fees:
Class A Shares ..................... 1,160 7,924 7,211 10,354 38,175
Class B Shares ..................... 3,309 9,584 4,734 66,303 465,276
Class C Shares ..................... 550 5,294 8,762 29,997 62,355
Shareholder servicing fees:
Class K Shares ...................... 35,652 254,589 121,864 3,136 338,568
Investment advisory fee ............... 229,987 930,989 748,315 217,817 3,265,194
Administration fee .................... 37,882 132,295 106,813 23,323 374,695
Transfer agent fee .................... 10,978 36,203 29,974 6,537 100,138
Custodian fees ........................ 24,460 32,595 102,742 16,811 80,310
Legal and audit fees .................. 3,585 11,643 9,583 2,184 33,176
Trustees'/Directors' fees and expenses 1,929 6,296 5,397 1,076 17,618
Amortization of organization costs .... -- 741 -- -- --
Registration and filing fees .......... 9,720 13,166 11,381 14,078 23,034
Other ................................. 4,408 12,710 10,860 29,841 60,904
----------- ----------- ----------- ----------- -----------
Total Expenses .................. 363,620 1,454,029 1,167,636 421,457 4,859,443
Fees waived and/or expenses reimbursed
by investment advisor ............... -- -- -- (33,881) (627,573)
Net Expenses .................... 363,620 1,454,029 1,167,636 387,576 4,231,870
----------- ----------- ----------- ----------- -----------
NET INVESTMENT INCOME/(LOSS) .......... 785,370 1,942,696 561,754 (338,587) 204,271
----------- ----------- ----------- ----------- -----------
NET REALIZED AND UNREALIZED GAIN/(LOSS)
ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ............... 6,780,648 (3,598,475) 1,507,430 (8,255,988) 29,139,587
Forward foreign exchange contracts .. -- -- (3,022) -- --
Futures contracts ................... -- -- -- -- --
Foreign currency transactions ....... -- -- 6,638 -- --
Net change in unrealized appreciation/
(depreciation) of:
Securities .......................... (5,973,049) 6,191,675 (5,752,741) 4,309,331 6,417,604
Forward foreign exchange contracts .. -- -- 366 -- --
Foreign currency and net other assets -- -- 5,495 -- --
----------- ----------- ----------- ----------- -----------
Net realized and unrealized gain/(loss)
on investments ...................... 807,599 2,593,200 (4,235,834) (3,946,657) 35,557,191
----------- ----------- ----------- ----------- -----------
NET INCREASE/(DECREASE) IN NET ASSETS
RESULTING FROM OPERATIONS ........... $ 1,592,969 $ 4,535,896 $(3,674,080) $(4,285,244) $35,761,462
=========== =========== =========== =========== ===========
<FN>
- ----------------
(a) Net of foreign withholding taxes of $646, $13,035, $127,182, $10,586,
$23,641, $82, $25,602, 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<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
----------- --------- ------- ------ ----------- ----------- -------------
<C> <C> <C> <C> <C> <C> <C>
$ 85,217 $ 392,686 $ 727,880 $ 308,238 $ 210,951 $ 32,519 $ 56,857
3,247,016 931,362 1,091,804 1,176,616 247,526 2,900 213,067
------------ ------------ ------------ ------------ ----------- --------- -----------
3,332,233 1,324,048 1,819,684 1,484,854 458,477 35,419 269,924
------------ ------------ ------------ ------------ ----------- --------- -----------
4,353 9,053 30,014 9,235 561 5,502 2,332
29,929 14,689 59,200 9,461 2,609 39,247 3,176
6,710 9,040 26,674 5,442 1,398 13,364 878
2,489 84,994 170,494 15,249 35,466 198 2,332
337,404 531,816 1,352,081 619,875 262,771 99,162 306,013
48,826 75,933 192,996 89,680 22,393 10,571 32,595
13,062 22,007 55,570 24,597 6,397 2,698 8,899
14,424 23,142 51,630 24,879 76,495 20,394 87,983
4,282 7,282 17,792 8,185 2,147 934 3,150
2,279 3,794 9,846 4,231 1,112 474 1,547
7,417 -- -- 6,310 708 607 3,009
15,988 14,570 17,103 16,942 11,144 9,383 10,890
8,838 8,306 30,692 8,590 2,071 13,471 2,087
------------ ------------ ------------ ------------ ----------- --------- -----------
496,001 804,626 2,014,092 842,676 425,272 216,005 464,891
-- -- -- -- (54,944) (25,808) (49,194)
496,001 804,626 2,014,092 842,676 370,328 190,197 415,697
------------ ------------ ------------ ------------ ----------- --------- -----------
2,836,232 519,422 (194,408) 642,178 88,149 (154,778) (145,773)
------------ ------------ ------------ ------------ ----------- --------- -----------
80,187 (5,577,771) (45,889,376) (2,867,214) (8,749,987) (209,425) (1,808,765)
-- -- -- (62) (42,623) 387 78,755
-- -- (1,330,355) -- -- -- --
-- -- -- (19) (158,932) (1,063) 6,895
(14,677,686) (11,108,796) 25,741,614 (10,595,742) 2,860,415 (37,589) 372,855
-- -- -- -- 3,748 4 408
-- -- -- 119 57 (7) 3,062
------------ ------------ ------------ ------------ ----------- --------- -----------
(14,597,499) (16,686,567) (21,478,117) (13,462,918) (6,087,322) (247,693) (1,346,790)
------------ ------------ ------------ ------------ ----------- --------- -----------
$(11,761,267) $(16,167,145) $(21,672,525) $(12,820,740) $(5,999,173) $(402,471) $(1,492,563)
============ ============ ============ ============ =========== ========= ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31, 1998 (Unaudited)
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) .......... $ 785,370 $ 1,942,696 $ 561,754 $ (338,587) $ 204,271
Net realized gain/(loss) on investments
sold ................................ 6,780,648 (3,598,475) 1,511,046 (8,255,988) 29,139,587
Net change in unrealized
appreciation/(depreciation) of
investments ......................... (5,973,049) 6,191,675 (5,746,880) 4,309,331 6,417,604
------------ ------------ ------------ ----------- ------------
Net increase/(decrease) in net assets
resulting from operations ........... 1,592,969 4,535,896 (3,674,080) (4,285,244) 35,761,462
Dividends to shareholders from net
investment income:
Class A Shares .................... (10,739) (46,746) (22,621) -- --
Class B Shares .................... (5,191) (7,047) (999) -- --
Class C Shares .................... (812) (3,868) (1,871) -- --
Class K Shares .................... (306,345) (1,433,289) (426,307) -- --
Class Y Shares .................... (457,405) (294,960) (514,133) -- (345,882)
Distributions to shareholders from net
realized gains:
Class A Shares .................... (111,255) (453,417) (76,269) (158,513) (2,451,170)
Class B Shares .................... (91,842) (202,291) (13,857) (282,930) (7,433,020)
Class C Shares .................... (12,800) (66,154) (25,947) (123,306) (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) (301,982) (21,500,520)
Net increase/(decrease) in net assets
from Fund share transactions:
Class A Shares .................... 236,515 (1,757,351) 682,931 (1,718,003) 32,296,519
Class B Shares .................... 353,230 872,758 (172,538) (334,274) 2,080,754
Class C Shares .................... 12,382 (967,094) (148,005) (291,658) (1,108,879)
Class K Shares .................... 1,048,340 (1,966,220) (3,030,378) (486,970) 79,215,172
Class Y Shares .................... (8,542,074) 3,452,536 (1,359,741) 1,247,091 (27,700,560)
------------ ------------ ------------ ----------- ------------
Net increase/(decrease) in net assets .. (13,576,968) (20,280,941) (11,800,296) (6,780,189) 65,785,294
NET ASSETS:
Beginning of period ................... 80,567,994 264,242,632 217,292,695 52,615,139 756,956,846
------------ ------------ ------------ ----------- ------------
End of period ......................... $ 66,991,026 $243,961,691 $205,492,399 $45,834,950 $822,742,140
============ ============ ============ =========== ============
Undistributed net investment
income/(loss) ....................... $ 4,878 $ 293,492 $ (362,939) $ (338,587) $ (141,611)
============ ============ ============ =========== ============
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<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
----------- --------- ------- ------ ----------- ----------- -------------
<C> <C> <C> <C> <C> <C> <C>
$ 2,836,232 $ 519,422 $ (194,408) $ 642,178 $ 88,149 $ (154,778) $ (145,733)
80,187 (5,577,771) (47,219,731) (2,867,295) (8,951,542) (210,101) (1,723,115)
(14,677,686) (11,108,796) 25,741,614 (10,595,623) 2,864,220 (37,592) 376,325
------------ ------------ ------------ ------------ ------------ ----------- -----------
(11,761,267) (16,167,145) (21,672,525) (12,820,740) (5,999,173) (402,471) (1,492,563)
(107,038) (38,047) -- (14,122) -- -- --
(166,618) (4,791) -- -- -- -- --
(37,728) (2,964) -- -- -- -- --
(64,419) (266,742) -- (18,485) -- -- --
(2,619,618) (336,702) (245,135) (400,199) -- -- --
(92,242) (182,204) (1,590,259) (239,222) -- (40,184) (1,318)
(173,403) (68,000) (920,334) (65,020) -- (72,344) (264)
(39,951) (42,037) (370,434) (41,943) -- (21,587) (92)
(60,204) (1,344,886) (9,282,837) (416,053) -- (1,395) (904)
(2,367,839) (1,361,469) (12,454,908) (5,372,785) -- (44,922) (31,731)
(426,091) (2,954,501) (484,678) (555,546) (267,515) (225,425) 717,629
(226,177) 385,227 1,155,600 (228,391) (160,355) 64,821 (43,073)
27,662 291,322 (98,439) 55,889 181,340 (623,728) (21,879)
158,032 (8,037,433) 1,118,732 (2,310,030) (7,117,941) 10,970 (532,331)
10,994,615 1,227,652 7,241,187 (1,530,963) (2,753,160) 394,073 (4,730,654)
------------ ------------ ------------ ------------ ------------ ----------- -----------
(6,962,286) (28,902,720) (37,604,030) (23,957,610) (16,116,804) (962,192) (6,137,180)
97,324,807 167,592,409 410,158,685 189,240,611 47,398,309 22,647,412 69,302,115
------------ ------------ ------------ ------------ ------------ ----------- -----------
$ 90,362,521 $138,689,689 $372,554,655 $165,283,001 $ 31,281,505 $21,685,220 $63,164,935
============ ============ ============ ============ ============ =========== ===========
$ (20,993) $ (3,684) $ (439,543) $ 224,355 $ (39,627) $ (157,768) $ (147,193)
============ ============ ============ ============ ============ =========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1998
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 $ -- $ --
============ ============ ============ =========== ============
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<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 Market Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
----------- --------- ------- ------ ----------- ----------- -------------
<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>
<PAGE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1998
(Unaudited)
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 .................................. $ 304,498 $ 27,034,449 $ 8,043,163 $ 1,675,156 $ 253,131,779
Issued as reinvestment of dividends ... 101,467 271,483 52,634 111,418 1,788,085
Redeemed .............................. (169,450) (29,063,283) (7,412,866) (3,504,577) (222,623,345)
------------ ------------ ------------ ----------- -------------
Net increase/(decrease) ............... $ 236,515 $ (1,757,351) $ 682,931 $(1,718,003) $ 32,296,519
============ ============ ============ =========== =============
Class B Shares:
Sold .................................. $ 374,840 $ 1,032,780 $ 58,590 $ 2,376,106 $ 7,785,875
Issued as reinvestment of dividends ... 22,744 80,597 5,832 127,832 2,980,135
Redeemed .............................. (44,354) (240,619) (236,960) (2,838,212) (8,685,256)
------------ ------------ ------------ ----------- -------------
Net increase/(decrease) ............... $ 353,230 $ 872,758 $ (172,538) $ (334,274) $ 2,080,754
============ ============ ============ =========== =============
Class C Shares:
Sold .................................. $ 21,413 $ 4,494,665 $ 146,903 $ 1,023,969 $ 7,538,136
Issued as reinvestment of dividends ... 3,165 21,787 1,117 40,673 69,569
Redeemed .............................. (12,196) (5,483,546) (296,025) (1,356,300) (8,716,584)
------------ ------------ ------------ ----------- -------------
Net increase/(decrease) ............... $ 12,382 $ (967,094) $ (148,005) $ (291,658) $ (1,108,879)
============ ============ ============ =========== =============
Class K Shares:
Sold .................................. $ 7,209,960 $ 19,497,824 $ 7,921,547 $ 430,007 $ 109,075,773
Issued as reinvestment of dividends ... -- 2,037 621 325 147,907
Redeemed .............................. (6,161,620) (21,466,081) (10,952,546) (917,302) (30,008,508)
------------ ------------ ------------ ----------- -------------
Net increase/(decrease) ............... $ 1,048,340 $ (1,966,220) $ (3,030,378) $ (486,970) $ 79,215,172
============ ============ ============ =========== =============
Class Y Shares:
Sold .................................. $ 7,421,913 $ 56,397,641 $ 7,017,410 $ 3,458,015 $ 49,600,187
Issued as reinvestment of dividends ... 23,853 81,498 62,011 174,799 1,623,598
Redeemed .............................. (15,987,840) (53,026,603) (8,439,162) (2,385,723) (78,924,345)
------------ ------------ ------------ ----------- -------------
Net increase/(decrease) ............... $ (8,542,074) $ 3,452,536 $ (1,359,741) $ 1,247,091 $ 27,700,560
============ ============ ============ =========== =============
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<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
----------- --------- ------- ------ ----------- ----------- -------------
<C> <C> <C> <C> <C> <C> <C>
$ 561,952 $ 177,017,674 $ 391,049,827 $ 242,761,824 $ 89,138 $ 513,828 $ 5,396,068
95,210 140,544 852,789 74,462 -- 13,729 1,313
(1,083,253) (180,112,719) (392,387,294) (243,391,832) (356,653) (752,982) (4,679,752)
----------- ------------- ------------- ------------- ------------ ----------- -----------
$ (426,091) $ (2,954,501) $ (484,678) $ (555,546) $ (267,515) $ (225,425) $ 717,629
=========== ============= ============= ============= ============ =========== ===========
$ 889,627 $ 816,650 $ 5,392,365 $ 511,457 $ 781,965 $ 1,147,258 $ 347,902
104,975 29,154 349,992 21,686 -- 39,333 203
(1,220,779) (460,577) (4,586,757) (761,534) (942,320) (1,121,770) (391,178)
----------- ------------- ------------- ------------- ------------ ----------- -----------
$ (226,177) $ 385,227 $ 1,155,600 $ (228,391) $ (160,355) $ 64,821 $ (43,073)
=========== ============= ============= ============= ============ =========== ===========
$ 314,585 $ 574,517 $ 1,328,801 $ 132,332 $ 271,019 $ 201,913 $ 13,648
19,258 15,742 77,875 9,682 -- 3,123 77
(306,181) (298,937) (1,505,115) (86,125) (89,679) (828,764) (35,604)
----------- ------------- ------------- ------------- ------------ ----------- -----------
$ 27,662 $ 291,322 $ (98,439) $ 55,889 $ 181,340 $ (623,728) $ (21,879)
=========== ============= ============= ============= ============ =========== ===========
$ 236,029 $ 14,815,096 $ 35,025,655 $ 851,307 $ 5,909,399 $ 43,800 $ 257,500
-- 85 18,166 184 -- -- --
(77,997) (22,852,614) (33,925,089) (3,161,521) (13,027,340) (32,830) (789,831)
----------- ------------- ------------- ------------- ------------ ----------- -----------
$ 158,032 $ (8,037,433) $ 1,118,732 $ (2,310,030) $ (7,117,941) $ 10,970 $ (532,331)
=========== ============= ============= ============= ============ =========== ===========
$14,013,086 $ 55,811,657 $ 82,267,764 $ 61,201,902 $ 1,872,548 $ 698,276 $ 5,139,593
921,453 286,545 1,412,207 711,516 -- 17,578 8,596
(3,939,924) (54,870,550) (76,438,784) (63,444,381) (4,625,708) (321,781) (9,878,843)
----------- ------------- ------------- ------------- ------------ ----------- -----------
$10,994,615 $ 1,227,652 $ 7,241,187 $ (1,530,963) $ (2,753,160) $ 394,073 $(4,730,654)
=========== ============= ============= ============= ============ =========== ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1998
(Unaudited)
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 .................................. 24,390 1,848,685 571,214 117,137 12,868,710
Issued as reinvestment of dividends ... 8,781 19,783 3,820 7,852 92,695
Redeemed .............................. (13,312) (1,949,983) (531,367) (254,253) (11,253,064)
---------- ---------- -------- -------- ----------
Net increase/(decrease) ............... 19,859 (81,515) 43,667 (129,264) 1,708,341
========== ========== ======== ======== ==========
Class B Shares:
Sold .................................. 30,600 71,721 4,227 165,700 413,065
Issued as reinvestment of dividends ... 1,976 5,899 426 9,131 161,175
Redeemed .............................. (3,342) (16,808) (17,817) (203,761) (459,433)
---------- ---------- -------- -------- ----------
Net increase/(decrease) ............... 29,234 60,812 (13,164) (28,930) 114,807
========== ========== ======== ======== ==========
Class C Shares:
Sold .................................. 1,721 315,986 10,286 70,765 389,809
Issued as reinvestment of dividends ... 275 1,596 81 2,903 3,756
Redeemed .............................. (965) (376,969) (22,719) (101,280) (451,715)
---------- ---------- -------- -------- ----------
Net increase/(decrease) ............... 1,031 (59,387) (12,352) (27,612) (58,150)
========== ========== ======== ======== ==========
Class K Shares:
Sold .................................. 593,446 1,325,933 564,421 28,200 4,575,521
Issued as reinvestment of dividends ... -- 148 45 23 7,679
Redeemed .............................. (489,213) (1,469,418) (794,462) (66,073) (1,526,567)
---------- ---------- -------- -------- ----------
Net increase/(decrease) ............... 104,233 (143,337) (229,996) (37,850) 3,056,633
========== ========== ======== ======== ==========
Class Y Shares:
Sold .................................. 623,916 3,858,811 495,744 262,200 4,305,480
Issued as reinvestment of dividends ... 2,063 5,906 4,491 12,267 83,310
Redeemed .............................. (1,269,894) (3,614,608) (601,847) (161,592) (4,063,611)
---------- ---------- -------- -------- ----------
Net increase/(decrease) ............... (643,915) 250,109 (101,612) 112,875 325,179
========== ========== ======== ======== ==========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<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
----------- --------- ------- ------ ----------- ----------- -------------
<C> <C> <C> <C> <C> <C> <C>
40,147 14,973,818 23,114,124 17,156,386 11,023 48,123 476,511
7,623 12,117 53,266 5,477 -- 1,298 113
(81,900) (15,108,750) (23,011,524) (17,129,462) (43,022) (71,731) (404,832)
--------- ----------- ----------- ----------- ---------- ------- --------
(34,130) (122,815) 155,866 32,401 (31,999) (22,310) 71,792
========= =========== =========== =========== ========== ======= ========
68,360 64,683 335,380 35,721 101,093 109,635 29,023
8,489 2,515 22,950 1,609 -- 3,771 18
(93,844) (37,714) (274,116) (53,769) (120,101) (108,814) (35,942)
--------- ----------- ----------- ----------- ---------- -------- --------
(16,995) 29,484 84,214 (16,439) (19,008) 4,592 (6,901)
========= =========== =========== =========== ========== ======= ========
24,349 46,527 80,393 9,437 31,359 19,019 1,195
1,543 1,362 5,021 719 -- 299 7
(23,813) (25,680) (92,359) (5,760) (11,762) (88,999) (3,450)
--------- ----------- ----------- ----------- ---------- ------- --------
2,079 22,209 (6,945) 4,396 19,597 (69,681) (2,248)
========= =========== =========== =========== ========== ======= ========
18,582 1,208,749 2,074,002 61,092 773,381 3,932 23,098
-- 7 1,135 14 -- -- --
(6,040) (1,936,285) (2,040,917) (228,295) (1,684,985) (3,407) (73,963)
--------- ----------- ----------- ----------- ---------- ------- --------
12,542 (727,529) 34,220 (167,189) (911,604) 525 (50,865)
========= =========== =========== =========== ========== ======= ========
1,068,582 4,661,701 4,850,661 4,335,059 235,836 64,380 467,206
74,057 24,678 86,928 52,264 -- 1,657 740
(297,769) (4,550,602) (4,432,483) (4,461,710) (610,276) (31,424) (899,076)
--------- ----------- ----------- ----------- ---------- ------- --------
844,870 135,777 505,106 (74,387) (374,440) 34,613 (431,130)
========= =========== =========== =========== ========== ======= ========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1998
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)
------------ ------------ ------------ ----------- -------------
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
============ ============ ============ =========== =============
<FN>
See Notes to Financial Statements.S
</TABLE>
<PAGE>
<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
----------- --------- ------- ------ ----------- ----------- -------------
<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>
<PAGE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1998
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
========== ========== ========== ======== ==========
<FN>
See Notes to Financial Statements.S
</TABLE>
<PAGE>
<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
----------- --------- ------- ------ ----------- ----------- -------------
<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>
<PAGE>
<TABLE>
<CAPTION>
Munder Balanced Fund(a)
For a Share Outstanding Throughout Each Period
A Shares
-------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Year
12/31/98(f) Ended Ended Ended Ended Ended
(Unaudited) 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 .............. 0.13 0.30 0.29 0.27 0.09 0.19
Net realized and unrealized
gain/(loss) on investments ....... 0.25 1.66 1.30 1.55 0.85 (0.41)
------ ------ ------ ------ ------ ------
Total from investment operations ... 0.38 1.96 1.59 1.82 0.94 (0.22)
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income (0.14) (0.32) (0.27) (0.24) (0.12) (0.18)
Distributions from net realized
gains ............................ (1.52) (1.17) (0.66) -- -- --
------ ------ ------ ------ ------ ------
Total distributions ................ (1.66) (1.49) (0.93) (0.24) (0.12) (0.18)
------ ------ ------ ------ ------ ------
Net asset value, end of period ..... $12.20 $13.48 $13.01 $12.35 $10.77 $ 9.95
====== ====== ====== ====== ====== ======
Total return (b) ................... 3.54% 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) $1,006 $ 844 $ 382 $ 375 $ 314 $ 286
Ratio of operating expenses to
average net assets ............... 1.16%(c) 1.17% 1.22% 1.15% 1.16%(c) 1.22%
Ratio of net investment income to
average net assets ............... 2.08%(c) 2.41% 2.30% 2.29% 2.51%(c) 1.89%
Portfolio turnover rate ............ 71% 79% 125% 197% 52% 116%
Ratio of operating expenses to
average net assets without waivers 1.16%(c) 1.17% 1.22% 1.26% 1.51%(c) 1.57%
<FN>
- ----------------
(a) The Munder Balanced Fund Class A Shares, Class B Shares, Class C Shares
and Class Y Shares commenced operations on April 30, 1993, June 21, 1994,
January 24, 1996 and April 13, 1993, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares
--------------------------------------------------------------------------------
Period
Ended Year Year Year Period Period
12/31/98(f) Ended Ended Ended Ended Ended
(Unaudited) 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e)
----------- ------- ---------- ---------- ---------- ----------
<C> <C> <C> <C> <C> <C>
$13.44 $12.97 $12.33 $10.76 $ 9.93 $ 9.56
------ ------ ------ ------ ------ ------
0.08 0.21 0.19 0.18 0.06 0.07
0.25 1.64 1.30 1.56 0.84 0.37
------ ------ ------ ------ ------ ------
0.33 1.85 1.49 1.74 0.90 0.44
------ ------ ------ ------ ------ ------
(0.09) (0.21) (0.19) (0.17) (0.07) (0.07)
(1.52) (1.17) (0.66) -- -- --
------ ------ ------ ------ ------ ------
(1.61) (1.38) (0.85) (0.17) (0.07) (0.07)
------ ------ ------ ------ ------ ------
$12.16 $13.44 $12.97 $12.33 $10.76 $ 9.93
====== ====== ====== ====== ====== ======
3.18% 15.11% 12.73% 16.24% 9.11% 4.65%
====== ====== ====== ====== ====== ======
$ 941 $ 647 $ 199 $ 75 $ 15 $ 19
1.91%(c) 1.92% 1.97% 1.90% 1.91% (c) 1.85%(c)
1.33%(c) 1.66% 1.55% 1.54% 1.76% (c) 1.26%(c)
71% 79% 125% 197% 52% 116%
1.91%(c) 1.92% 1.97% 2.01% 2.26% (c) 2.20%(c)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
C Shares
----------------------------------------------------
Period
Ended Year Year Period
12/31/98(f) Ended Ended Ended
(Unaudited) 6/30/98 6/30/97(f) 6/30/96(f)
----------- ------- ---------- ----------
<C> <C> <C> <C>
$13.45 $12.99 $12.35 $11.67
------ ------ ------ ------
0.08 0.22 0.18 0.05
0.26 1.62 1.32 0.67
------ ------ ------ ------
0.34 1.84 1.50 0.72
------ ------ ------ ------
(0.09) (0.21) (0.20) (0.04)
(1.52) (1.17) (0.66) --
------ ------ ------ ------
(1.61) (1.38) (0.86) (0.04)
------ ------ ------ ------
$12.18 $13.45 $12.99 $12.35
====== ====== ====== ======
3.25% 15.00% 12.84% 6.20%
====== ====== ====== ======
$ 116 $ 115 $ 73 $ 3
1.91%(c) 1.92% 1.97% 1.90%(c)
1.33%(c) 1.66% 1.55% 1.54%(c)
71% 79% 125% 197%
1.91%(c) 1.92% 1.97% 2.01%(c)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Balanced Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
Y Shares
--------------------------------------------------------------------------------
Period
Ended Year Year Year Period Year
12/31/98(f) Ended Ended Ended Ended Ended
(Unaudited) 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 ................. 0.15 0.37 0.31 0.30 0.10 0.21
Net realized and unrealized gain/(loss)
on investments ...................... 0.24 1.62 1.31 1.55 0.85 (0.42)
------- ------- ------- ------- ------- -------
Total from investment operations ...... 0.39 1.99 1.62 1.85 0.95 (0.21)
------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income .. (0.15) (0.35) (0.30) (0.27) (0.13) (0.20)
Distributions from net realized gains .. (1.52) (1.17) (0.66) -- -- --
------- ------- ------- ------- ------- -------
Total distributions ................... (1.67) (1.52) (0.96) (0.27) (0.13) (0.20)
------- ------- ------- ------- ------- -------
Net asset value, end of period ........ $ 12.20 $ 13.48 $ 13.01 $ 12.35 $ 10.77 $ 9.95
======= ======= ======= ======= ======= =======
Total return (b) ...................... 3.66% 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) ... $34,901 $47,215 $70,314 $57,637 $48,844 $45,610
Ratio of operating expenses to average
net assets .......................... 0.91%(c) 0.92% 0.97% 0.90% 0.91%(c) 0.97%
Ratio of net investment income to
average net assets .................. 2.33%(c) 2.66% 2.55% 2.54% 2.76%(c) 2.14%
Portfolio turnover rate ............... 71% 79% 125% 197% 52% 116%
Ratio of operating expenses to average
net assets without waivers .......... 0.91%(c) 0.92% 0.97% 1.01% 1.26%(c) 1.32%
<FN>
- ----------------
(a) The Munder Balanced Fund Class A Shares, Class B Shares, Class C Shares
and Class Y Shares commenced operations on April 30, 1993, June 21, 1994,
January 24, 1996 and April 13, 1993, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
<PAGE>
[This Page Intentionally Left Blank]
<PAGE>
<TABLE>
<CAPTION>
Munder Growth & Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
--------------------------------------------------------------------------------
Period
Ended Year Year Year Period Period
12/31/98 Ended Ended Ended Ended Ended
(Unaudited) 6/30/98 6/30/97(g) 6/30/96(g) 6/30/95(d) 2/28/95(g)
----------- ------- ---------- ---------- ---------- ----------
<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 ................. 0.11 0.29 0.31 0.32 0.10 0.23
Net realized and unrealized gain on
investments ......................... 0.16 2.96 3.14 1.98 0.80 0.24
------ ------ ------ ------ ------ ------
Total from investment operations ...... 0.27 3.25 3.45 2.30 0.90 0.47
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income ... (0.10) (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 ................... (1.49) (2.84) (1.28) (0.40) (0.18) (0.15)
------ ------ ------ ------ ------ ------
Net asset value, end of period ........ $14.40 $15.62 $15.21 $13.04 $11.14 $10.42
====== ====== ====== ====== ====== ======
Total return (b) ...................... 2.26% 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) ... $7,626 $9,545 $3,662 $1,025 $ 226 $ 128
Ratio of operating expenses to average
net assets .......................... 1.21%(c) 1.19% 1.20% 1.21% 1.09%(c) 0.53%(c)
Ratio of net investment income to
average net assets .................. 1.53%(c) 1.78% 2.28% 2.56% 3.33%(c) 4.72%(c)
Portfolio turnover rate ............... 25% 73% 62% 37% 13% 12%
Ratio of operating expenses to average
net assets without waivers .......... 1.21%(c) 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, Class C
Shares and Class Y Shares commenced operations on August 8, 1994, August
9, 1994, December 5, 1995 and July 5, 1994, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Managment, Inc.
(f) Amount represents less than $0.01 per share.
(g) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares
--------------------------------------------------------------------------------
Period
Ended Year Year Year Period Period
12/31/98 Ended Ended Ended Ended Ended
(Unaudited) 6/30/98 6/30/97(g) 6/30/96(g) 6/30/95(d) 2/28/95(e)
----------- ------- ---------- ---------- ---------- ----------
<C> <C> <C> <C> <C> <C>
$15.57 $15.17 $13.02 $11.13 $10.41 $10.10
------ ------ ------ ------ ------ ------
0.06 0.17 0.21 0.23 0.09 0.19
0.16 2.95 3.13 1.99 0.77 0.25
------ ------ ------ ------ ------ ------
0.22 3.12 3.34 2.22 0.86 0.44
------ ------ ------ ------ ------ ------
(0.05) (0.16) (0.23) (0.24) (0.14) (0.13)
(1.39) (2.56) (0.96) (0.09) -- (0.00)(f)
------ ------ ------ ------ ------ ------
(1.44) (2.72) (1.19) (0.33) (0.14) (0.13)
------ ------ ------ ------ ------ ------
$14.35 $15.57 $15.17 $13.02 $11.13 $10.41
====== ====== ====== ====== ====== ======
1.90% 22.09% 27.16% 20.09% 8.30% 4.47%
====== ====== ====== ====== ====== ======
$2,434 $1,694 $ 641 $ 228 $ 57 $ 51
1.96%(c) 1.94% 1.95% 1.96% 1.84%(c) 1.27%(c)
0.78%(c) 1.03% 1.53% 1.81% 2.58%(c) 3.96%(c)
25% 73% 62% 37% 13% 12%
1.96%(c) 1.94% 1.95% 2.03% 2.26%(c) 2.27%(c)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
C Shares
-----------------------------------------------------
Period
Ended Year Year Period
12/31/98 Ended Ended Ended
(Unaudited) 6/30/98 6/30/97(g) 6/30/96(g)
----------- ------- ---------- ----------
<C> <C> <C> <C>
$15.55 $15.16 $13.01 $12.60
------ ------ ------ ------
0.05 0.16 0.19 0.14
0.17 2.95 3.15 0.55
------ ------ ------ ------
0.22 3.11 3.34 0.69
------ ------ ------ ------
(0.05) (0.16) (0.23) (0.19)
(1.39) (2.56) (0.96) (0.09)
------ ------ ------ ------
(1.44) (2.72) (1.19) (0.28)
------ ------ ------ ------
$14.33 $15.55 $15.16 $13.01
====== ====== ====== ======
1.90% 22.05% 27.17% 5.57%
====== ====== ====== ======
$ 786 $1,776 $ 766 $ 31
1.96%(c) 1.94% 1.95% 1.96%(c)
0.78%(c) 1.03% 1.53% 1.81%(c)
25% 73% 62% 37%
1.96%(c) 1.94% 1.95% 2.03%(c)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Growth & Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
Y Shares
--------------------------------------------------------------------------------
Period
Ended Year Year Year Period Period
12/31/98 Ended Ended Ended Ended Ended
(Unaudited) 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 ................. 0.13 0.32 0.35 0.35 0.11 0.25
Net realized and unrealized gain on
investments ......................... 0.16 2.97 3.14 1.98 0.79 0.34
------- ------- ------- ------- ------ ------
Total from investment operations ...... 0.29 3.29 3.49 2.33 0.90 0.59
------- ------- ------- ------- ------ ------
Less distributions:
Dividends from net investment income ... (0.12) (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
------- ------- ------- ------- ------ ------
Total distributions ................... (1.51) (2.88) (1.31) (0.42) (0.19) (0.16)
------- ------- ------- ------- ------ ------
Net asset value, end of period ........ $ 14.42 $ 15.64 $ 15.23 $ 13.05 $11.14 $10.43
======= ======= ======= ======= ====== ======
Total return (b) ...................... 2.38% 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) ... $35,723 $34,840 $29,674 $20,464 $7,860 $4,142
Ratio of operating expenses to average
net assets .......................... 0.96%(c) 0.94% 0.95% 0.96% 0.84%(c) 0.28%(c)
Ratio of net investment income to
average net assets .................. 1.78%(c) 2.03% 2.53% 2.81% 3.58%(c) 4.97%(c)
Portfolio turnover rate ............... 25% 73% 62% 37% 13% 12%
Ratio of operating expenses to average
net assets without waivers .......... 0.96%(c) 0.94% 0.95% 1.03% 1.26%(c) 1.28%(c)
<FN>
- ----------------
(a) The Munder Growth & Income Fund Class A Shares, Class B Shares, Class C
Shares and Class Y Shares commenced operations on August 8, 1994,
August 9, 1994, December 5, 1995 and July 5, 1994, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Managment, Inc.
(f) Amount represents less than $0.01 per share.
(g) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
<PAGE>
[This Page Intentionally Left Blank]
<PAGE>
<TABLE>
<CAPTION>
Munder International Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
----------------------------------------------------------------------------------
Period
Ended Year Year Year Period Year
12/31/98(f) Ended Ended Ended Ended Ended
(Unaudited) 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/(loss) .......... 0.03 0.15 0.14 0.15 0.12 0.17
Net realized and unrealized gain/(loss)
on investments ...................... (0.24) 0.34 2.30 1.64 1.01 (1.48)
------ ------ ------ ------ ------ ------
Total from investment operations ...... (0.21) 0.49 2.44 1.79 1.13 (1.31)
------ ------ ------ ------ ------ ------
Less distributions:
Dividends from net investment income ... (0.06) (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 ................... (0.29) (1.19) (1.80) (0.12) -- (0.08)
------ ------ ------ ------ ------ ------
Net asset value, end of period ........ $14.53 $15.03 $15.73 $15.09 $13.42 $12.29
====== ====== ====== ====== ====== ======
Total return (b) ...................... (1.29)% 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) ... $6,690 $6,264 $6,710 $4,767 $1,400 $1,339
Ratio of operating expenses to average
net assets .......................... 1.28%(c) 1.25% 1.26% 1.26% 1.21%(c) 1.18%(c)
Ratio of net investment income/(loss)
to average net assets ............... 0.46%(c) 1.03% 0.98% 1.07% 2.57%(c) 1.31%(c)
Portfolio turnover rate ............... 12% 41% 46% 75% 14% 20%
Ratio of operating expenses to average
net assets without waivers .......... 1.28%(c) 1.25% 1.26% 1.33% 1.46%(c) 1.43%(c)
<FN>
- ----------------
(a) The Munder International Equity Fund Class A Shares, Class B Shares,
Class C Shares and Class Y Shares commenced operations on November 30,
1992, March 9, 1994, September 29, 1995 and December 1, 1991,
respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
(g) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares
---------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Period
12/31/98(f) Ended Ended Ended Ended Ended
(Unaudited) 6/30/98 6/30/97(f) 6/30/96(f) 6/30/95(d) 2/28/95(e,f)
----------- ------- ---------- ---------- ---------- ------------
<C> <C> <C> <C> <C> <C>
$14.83 $15.57 $14.91 $13.35 $12.26 $ 13.45
------ ------ ------ ------ ------ -------
(0.02) 0.05 0.03 0.05 0.08 0.08
(0.23) 0.32 2.28 1.62 1.01 (1.21)
------ ------ ------ ------ ------ -------
(0.25) 0.37 2.31 1.67 1.09 (1.13)
------ ------ ------ ------ ------ -------
(0.02) (0.11) (0.06) (0.11) -- 0.00(g)
(0.23) (1.00) (1.59) -- -- --
-- -- -- -- -- (0.06)
------ ------ ------ ------ ------ -------
(0.25) (1.11) (1.65) (0.11) -- (0.06)
------ ------ ------ ------ ------ -------
$14.33 $14.83 $15.57 $14.91 $13.35 $ 12.26
====== ====== ====== ====== ====== =======
(1.72)% 3.54% 17.18% 12.53% 8.89% (8.38)%
====== ====== ====== ====== ====== =======
$ 894 $1,121 $1,151 $ 957 $ 128 $ 118
2.03% (c) 2.00% 2.01% 2.01% 1.96% (c) 1.88%(c)
(0.29)%(c) 0.28% 0.23% 0.32% 1.82% (c) 0.61%(c)
12% 41% 46% 75% 14% 20%
2.03% (c) 2.00% 2.01% 2.08% 2.21% (c) 2.13%(c)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
C Shares
-------------------------------------------------------
Period
Ended Year Year Period
12/31/98(f) Ended Ended Ended
(Unaudited) 6/30/98 6/30/97(f) 6/30/96(f)
----------- ------- ---------- ----------
<C> <C> <C> <C>
$14.95 $15.68 $15.02 $14.13
------ ------ ------ ------
(0.02) 0.04 0.03 0.04
(0.24) 0.34 2.30 0.95
------ ------ ------ ------
(0.26) 0.38 2.33 0.99
------ ------ ------ ------
(0.02) (0.11) (0.08) (0.10)
(0.23) (1.00) (1.59) --
-- -- -- --
------ ------ ------ ------
(0.25) (1.11) (1.67) (0.10)
------ ------ ------ ------
$14.44 $14.95 $15.68 $15.02
====== ====== ====== ======
(1.70)% 3.50% 17.18% 7.06%
====== ====== ====== ======
$1,667 $1,911 $2,259 $1,584
2.03%(c) 2.00% 2.01% 2.01(c)
(0.29)%(c) 0.28% 0.23% 0.32(c)
12% 41% 46% 75%
2.03%(c) 2.00% 2.01% 2.08%(c)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder International Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
Y Shares
---------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Year
12/31/98(f) Ended Ended Ended Ended Ended
(Unaudited) 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/(loss) ........ 0.05 0.19 0.18 0.19 0.12 0.20
Net realized and unrealized
gain/(loss) on investments ........ (0.24) 0.33 2.32 1.64 1.03 (1.47)
------- -------- -------- ------- ------- -------
Total from investment operations .... (0.19) 0.52 2.50 1.83 1.15 (1.27)
------- -------- -------- ------- ------- -------
Less distributions:
Dividends from net investment income (0.08) (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 ................. (0.31) (1.22) (1.85) (0.13) -- (0.11)
------- -------- -------- ------- ------- -------
Net asset value, end of period ...... $ 14.60 $ 15.10 $ 15.80 $ 15.15 $ 13.45 $ 12.30
======= ======== ======== ======= ======= =======
Total return (b) .................... (1.17)% 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) $97,205 $102,081 $107,831 $89,435 $75,000 $68,263
Ratio of operating expenses to
average net assets ................ 1.03%(c) 1.00% 1.01% 1.01% 0.96%(c) 0.93%
Ratio of net investment
income/(loss) to average net
assets ............................ 0.71%(c) 1.28% 1.23% 1.32% 2.82%(c) 1.56%
Portfolio turnover rate ............. 12% 41% 46% 75% 14% 20%
Ratio of operating expenses to
average net assets without waivers.. 1.03%(c) 1.00% 1.01% 1.08% 1.21%(c) 1.18%
<FN>
- ----------------
(a) The Munder International Equity Fund Class A Shares, Class B Shares,
Class C Shares and Class Y Shares commenced operations on November 30,
1992, March 9, 1994, September 29, 1995 and December 1, 1991,
respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
<PAGE>
[This Page Intentionally Left Blank]
<PAGE>
<TABLE>
<CAPTION>
Munder Micro-Cap Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
-------------------------------------
Period
Ended Year Year
12/31/98(d) Ended Ended
(Unaudited) 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 ................... (0.09) (0.17) (0.05)
Net realized and unrealized gain/(loss)
on investments ...................... (1.23) 5.00 2.86
------ ------- ------
Total from investment operations ...... (1.32) 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 ........ $15.38 $ 17.00 $12.81
====== ======= ======
Total return (b) ...................... (7.60)% 38.01% 28.10%
====== ======= ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) ... $7,801 $10,821 $ 184
Ratio of operating expenses to average
net assets .......................... 1.53%(c) 1.53% 1.50%(c)
Ratio of net investment loss to average
net assets .......................... (1.30)%(c) (0.97)% (0.88)%(c)
Portfolio turnover rate ............... 90% 172% 68%
Ratio of operating expenses to average
net assets without expenses
reimbursed .......................... 1.68%(c) 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
---------------------------------------- ----------------------------------------
Period Period
Ended Year Period Ended Year Period
12/31/98(d) Ended Ended 12/31/98(d) Ended Ended
(Unaudited) 6/30/98(d) 6/30/97(d) (Unaudited) 6/30/98(d) 6/30/97(d)
----------- ---------- ---------- ----------- ---------- ----------
<C> <C> <C> <C> <C> <C>
$ 16.83 $ 12.79 $11.00 $16.84 $12.79 $10.13
------- ------- ------ ------ ------ ------
(0.14) (0.29) (0.05) (0.14) (0.29) (0.03)
(1.23) 4.97 1.84 (1.23) 4.98 2.69
------- ------- ------ ------ ------ ------
(1.37) 4.68 1.79 (1.37) 4.69 2.66
------- ------- ------ ------ ------ ------
(0.30) (0.64) -- (0.30) (0.64) --
------- ------- ------ ------ ------ ------
(0.30) (0.64) -- (0.30) (0.64) --
------- ------- ------ ------ ------ ------
$ 15.16 $ 16.83 $12.79 $15.17 $16.84 $12.79
======= ======= ====== ====== ====== ======
(7.98)% 36.87% 16.27% (7.97)% 36.95% 26.26%
======= ======= ====== ====== ====== ======
$13,940 $15,965 $ 442 $6,283 $7,441 $ 111
2.28%(c) 2.28% 2.25%(c) 2.28%(c) 2.28% 2.25%(c)
(2.05)%(c) (1.72)% (1.63)%(c) (2.05)%(c) (1.72)% (1.63)%(c)
90% 172% 68% 90% 172% 68%
2.43%(c) 2.53% 8.65%(c) 2.43%(c) 2.53% 8.65%(c)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Y Shares
----------------------------------------
Period
Ended Year Period
12/31/98(d) Ended Ended
(Unaudited) 6/30/98(d) 6/30/97(d)
----------- ---------- ----------
<C> <C> <C>
$ 17.05 $ 12.83 $10.00
-------- ------- ------
(0.07) (0.13) (0.03)
(1.24) 4.99 2.86
-------- ------- ------
(1.31) 4.86 2.83
-------- ------- ------
(0.30) (0.64) --
-------- ------- ------
(0.30) (0.64) --
-------- ------- ------
$ 15.44 $ 17.05 $12.83
======== ======= ======
(7.52)% 38.19% 28.30%
======== ======= ======
$ 15,635 $15,337 $2,279
1.28% (c) 1.28% 1.25% (c)
(1.05)% (c) (0.72)% (0.63)%(c)
90% 172% 68%
1.43% (c) 1.53% 7.65%(c)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Multi-Season Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
-------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Year
12/31/98(g) Ended Ended Ended Ended Ended
(Unaudited) 6/30/98(g) 6/30/97(g) 6/30/96(g) 6/30/95(d,e,f) 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) ....... 0.01 0.00(h) 0.04 0.06 0.01 0.01
Net realized and unrealized
gain/(loss) on investments ....... 0.48 4.37 3.90 3.20 1.63 (0.27)
------- ------- ------- ------ ------ ------
Total from investment operations ... 0.49 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 ..... $ 20.37 $ 21.46 $ 18.02 $14.83 $12.02 $10.38
======= ======= ======= ====== ====== ======
Total return (b) ................... 2.86% 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) $65,456 $32,311 $16,693 $9,544 $9,409 $2,829
Ratio of operating expenses to
average net assets ............... 1.19%(c) 1.21% 1.25% 1.26% 1.65%(c) 1.75%
Ratio of net investment
income/(loss) to average net
assets ........................... 0.07%(c) 0.00%(h) 0.25% 0.44% 0.28%(c) 0.04%
Portfolio turnover rate ............ 19% 34% 33% 54% 27% 48%
Ratio of operating expenses to
average net assets without waivers 1.36%(c) 1.39% 1.50% 1.51% 1.97%(c) 3.05%
<FN>
- ----------------
(a) The Munder Multi-Season Growth Fund Class A Shares, Class B Shares, Class
C Shares and Class Y Shares commenced operations on August 4, 1993, April
29, 1993, 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 June 23, 1995 the Munder Multi-Season Growth Fund acquired the assets
and certain liabilities of the Ambassador Established Company Growth
Fund.
(f) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(g) Per share numbers have been calculated using the average shares method.
(h) Amount represents less than 0.01.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares
----------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Year
12/31/98(g) Ended Ended Ended Ended Ended
(Unaudited) 6/30/98(g) 6/30/97(g) 6/30/96(g) 6/30/95(d,e,f) 12/31/94
----------- ---------- ---------- ---------- -------------- --------
<C> <C> <C> <C> <C> <C>
$ 20.70 $ 17.54 $ 14.56 $ 11.85 $ 10.27 $ 10.65
------- -------- ------- ------- ------- -------
(0.07) (0.14) (0.08) (0.04) (0.03) (0.07)
0.47 4.22 3.81 3.15 1.61 (0.27)
------- -------- ------- ------- ------- -------
0.40 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)
------- -------- ------- ------- ------- -------
$ 19.52 $ 20.70 $ 17.54 $ 14.56 $ 11.85 $ 10.27
======= ======== ======= ======= ======= =======
2.42% 24.12% 26.61% 26.66% 15.38% (3.21)%
======= ======== ======= ======= ======= =======
$99,119 $102,700 $84,865 $66,630 $54,349 $46,549
1.95%(c) 1.96% 2.00% 2.01% 2.40% (c) 2.50%
(0.69)%(c) (0.75)% (0.50)% (0.31)% (0.47)%(c) (0.71)%
19% 34% 33% 54% 27% 48%
2.12%(c) 2.14% 2.25% 2.26% 2.72% (c) 2.89%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Multi-Season Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
C Shares
-------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Year
12/31/98(g) Ended Ended Ended Ended Ended
(Unaudited) 6/30/98(g) 6/30/97(g) 6/30/96(g) 6/30/95(d,e,f) 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) .......... (0.07) (0.14) (0.08) (0.04) (0.02) (0.07)
Net realized and unrealized gain/(loss)
on investments ...................... 0.47 4.23 3.82 3.15 1.60 (0.27)
------- ------- ------ ------ ------ ------
Total from investment operations ...... 0.40 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 ........ $ 19.55 $ 20.73 $17.56 $14.57 $11.86 $10.28
======= ======= ====== ====== ====== ======
Total return (b) ...................... 2.47% 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) ... $12,455 $14,411 $9,253 $5,605 $3,207 $2,071
Ratio of operating expenses to average
net assets .......................... 1.95%(c) 1.96% 2.00% 2.01% 2.40%(c) 2.50%
Ratio of net investment income/(loss)
to average net assets ............... (0.69)%(c) (0.75)% (0.50)% (0.31)% (0.47)%(c) (0.65)%
Portfolio turnover rate ............... 19% 34% 33% 54% 27% 48%
Ratio of operating expenses to average
net assets without waivers .......... 2.12%(c) 2.14% 2.25% 2.26% 2.72%(c) 4.57%
<FN>
- ----------------
(a) The Munder Multi-Season Growth Fund Class A Shares, Class B Shares, Class
C Shares and Class Y Shares commenced operations on August 4, 1993, April
29, 1993, 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 June 23, 1995 the Munder Multi-Season Growth Fund acquired the assets
and certain liabilities of the Ambassador Established Company Growth
Fund.
(f) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(g) Per share numbers have been calculated using the average shares method.
(h) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Y Shares
--------------------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Year
12/31/98(g) Ended Ended Ended Ended Ended
(Unaudited) 6/30/98(g) 6/30/97(g) 6/30/96(g) 6/30/95(d,e,f) 12/31/94
----------- ---------- ---------- ---------- -------------- --------
<C> <C> <C> <C> <C> <C>
$ 21.66 $ 18.17 $ 14.94 $ 12.10 $ 10.43 $10.70
-------- -------- -------- -------- ------- ------
0.03 0.05 0.08 0.09 0.00(h) 0.04
0.50 4.38 3.94 3.22 1.67 (0.27)
-------- -------- -------- -------- ------- ------
0.53 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)
-------- -------- -------- -------- ------- ------
$ 20.58 $ 21.66 $ 18.17 $ 14.94 $ 12.10 $10.43
======== ======== ======== ======== ======= ======
2.90% 25.28% 27.96% 27.85% 16.01% (2.17)%
======== ======== ======== ======== ======= ======
$322,206 $332,156 $176,027 $130,129 $87,604 $3,244
0.95%(c) 0.96% 1.00% 1.01% 1.40%(c) 1.50%
0.31%(c) 0.25% 0.50% 0.69% 0.53%(c) 0.29%
19% 34% 33% 54% 27% 48%
1.12%(c) 1.14% 1.25% 1.26% 1.72%(c) 2.53%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Real Estate Equity Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
----------------------------------------------------------------------
Period
Ended Year Year Year Period
12/31/98 Ended Ended Ended Ended
(Unaudited) 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 ................. 0.42 0.64 0.44 0.45 0.36
Net realized and unrealized gain/(loss)
on investments ...................... (2.22) 0.66 3.26 1.12 0.07
------- ------ ------ ------ ------
Total from investment operations ...... (1.80) 1.30 3.70 1.57 0.43
------- ------ ------ ------ ------
Less distributions:
Dividends from net investment income ... (0.42) (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 paid-in capital .... -- -- (0.03) -- --
------- ------ ------ ------ ------
Total distributions ................... (0.81) (0.76) (0.52) (0.44) (0.34)
------- ------ ------ ------ ------
Net asset value, end of period ........ $ 12.33 $14.94 $14.40 $11.22 $10.09
======= ====== ====== ====== ======
Total return (b) ...................... (12.00)% 8.93% 33.51% 15.92% 4.45%
======= ====== ====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) ... $ 2,963 $4,099 $1,426 $ 267 $ 223
Ratio of operating expenses to average
net assets .......................... 1.24%(c) 1.28% 1.35% 1.25% 1.50%(c)
Ratio of net investment income to
average net assets .................. 6.07%(c) 4.15% 3.80% 4.25% 5.03%(c)
Portfolio turnover rate ............... 5% 15% 15% 17% 3%
Ratio of operating expenses to average
net assets without waivers .......... 1.24%(c) 1.28% 1.38% 1.52% 7.23%(c)
<FN>
- ----------------
(a) The Munder Real Estate Equity Investment Fund Class A Shares, Class B
Shares, Class C and Class Y Shares commenced operations on September 30,
1994, October 3, 1994, January 5, 1996 and October 3, 1994, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Munder
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(e) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares
----------------------------------------------------------------------
Period
Ended Year Year Year Period
12/31/98 Ended Ended Ended Ended
(Unaudited) 6/30/98(e) 6/30/97 6/30/96(e) 6/30/95(d)
----------- ---------- ------- ---------- ----------
<C> <C> <C> <C> <C>
$ 14.93 $14.40 $11.22 $10.09 $10.00
------- ------ ------ ------ ------
0.36 0.53 0.36 0.38 0.30
(2.20) 0.65 3.24 1.11 0.07
------- ------ ------ ------ ------
(1.84) 1.18 3.60 1.49 0.37
------- ------ ------ ------ ------
(0.37) (0.51) (0.38) (0.36) (0.28)
-- -- (0.01) -- --
(0.39) (0.14) -- -- --
-- -- (0.03) -- --
------- ------ ------ ------ ------
(0.76) (0.65) (0.42) (0.36) (0.28)
------- ------ ------ ------ ------
$ 12.33 $14.93 $14.40 $11.22 $10.09
======= ====== ====== ====== ======
(12.27)% 8.12% 32.52% 15.05% 3.87%
======= ====== ====== ====== ======
$ 5,533 $6,956 $4,606 $1,707 $1,496
1.99%(c) 2.03% 2.10% 2.00% 2.25%(c)
5.32%(c) 3.40% 3.05% 3.50% 4.28%(c)
5% 15% 15% 17% 3%
1.99%(c) 2.03% 2.13% 2.27% 7.98%(c)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
C Shares
-------------------------------------------------------
Period
Ended Year Year Period
12/31/98 Ended Ended Ended
(Unaudited) 6/30/98(e) 6/30/97 6/30/96(e)
----------- ---------- ------- ----------
<C> <C> <C> <C>
$ 14.98 $14.44 $11.25 $10.76
------- ------ ------ ------
0.35 0.53 0.36 0.18
(2.20) 0.66 3.26 0.47
------- ------ ------ ------
(1.85) 1.19 3.62 0.65
------- ------ ------ ------
(0.37) (0.51) (0.39) (0.16)
-- -- (0.01) --
(0.39) (0.14) -- --
-- -- (0.03) --
------- ------ ------ ------
(0.76) (0.65) (0.43) (0.16)
------- ------ ------ ------
$ 12.37 $14.98 $14.44 $11.25
======= ====== ====== ======
(12.37)% 8.17% 32.57% 6.08%
======= ====== ====== ======
$ 1,275 $1,513 $ 537 $ 4
1.99% (c) 2.03% 2.10% 2.00%(c)
5.32% (c) 3.40% 3.05% 3.50%(c)
5% 15% 15% 17%
1.99% (c) 2.03% 2.13% 2.27%(c)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Real Estate Equity Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
Y Shares
----------------------------- -------------- -------------------------
Period
Ended Year Year Year Period
12/31/98 Ended Ended Ended Ended
(Unaudited) 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 ................. 0.42 0.68 0.51 0.47 0.37
Net realized and unrealized gain/(loss)
on investments ...................... (2.19) 0.66 3.22 1.13 0.08
------- ------- ------- ------- ------
Total from investment operations ....... (1.77) 1.34 3.73 1.60 0.45
------- ------- ------- ------- ------
Less distributions:
Dividends from net investment income ... (0.44) (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 paid-in capital .... -- -- (0.03) -- --
------- ------- ------- ------- ------
Total distributions ................... (0.83) (0.79) (0.55) (0.47) (0.36)
------- ------- ------- ------- ------
Net asset value, end of period ........ $ 12.35 $ 14.95 $ 14.40 $ 11.22 $10.09
======= ======= ======= ======= ======
Total return (b) ...................... (11.82)% 9.24% 33.79% 16.20% 4.64%
======= ======= ======= ======= ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) ... $78,666 $82,611 $48,206 $19,125 $4,989
Ratio of operating expenses to average
net assets .......................... 0.99%(c) 1.03% 1.10% 1.00% 1.25%(c)
Ratio of net investment income to
average net assets .................. 6.32%(c) 4.40% 4.05% 4.50% 5.28%(c)
Portfolio turnover rate ............... 5% 15% 15% 17% 3%
Ratio of operating expenses to average
net assets without waivers .......... 0.99%(c) 1.03% 1.13% 1.27% 6.98%(c)
<FN>
- ----------------
(a) The Munder Real Estate Equity Investment Fund Class A Shares, Class B
Shares, Class C and Class Y Shares commenced operations on September 30,
1994, October 3, 1994, January 5, 1996 and October 3, 1994, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Munder
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(e) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
<PAGE>
[This Page Intentionally Left Blank]
<PAGE>
<TABLE>
<CAPTION>
Munder Small-Cap Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
----------------------------------------
Period
Ended Year Period
12/31/98(d) Ended Ended
(Unaudited) 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) .......... 0.04 0.08 0.09
Net realized and unrealized gain/(loss)
on investments ...................... (1.47) 2.82 1.77
------ ------ ------
Total from investment operations ...... (1.43) 2.90 1.86
------ ------ ------
Less distributions:
Dividends from net investment income ... (0.05) (0.06) (0.04)
Distribution from net realized capital
gains ............................... (0.27) (0.64) --
------ ------ ------
Total distributions ................... (0.32) (0.70) (0.04)
------ ------ ------
Net asset value, end of period ........ $12.49 $14.24 $12.04
====== ====== ======
Total return (b) ...................... (9.75)% 24.36% 18.20%
====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) ... $4,143 $6,474 $1,164
Ratio of operating expenses to average
net assets .......................... 1.22%(c) 1.27% 1.38%(c)
Ratio of net investment income/(loss)
to average net assets ............... 0.68%(c) 0.56% 1.93%(c)
Portfolio turnover rate ............... 32% 53% 73%
Ratio of operating expenses to average
net assets without waivers .......... 1.22%(c) 1.27% 1.51%(c)
<FN>
- ----------------
(a) The Munder Small-Cap Fund Class A Shares, Class B Shares, Class C Shares
and Class Y Shares commenced operations on January 10, 1997, February 11,
1997, January 13, 1997, and December 26, 1996, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
(e) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
---------------------------------------- ----------------------------------------
Period Period
Ended Year Period Ended Year Period
12/31/98(d) Ended Ended 12/31/98(d) Ended Ended
(Unaudited) 6/30/98(d) 6/30/97(d) (Unaudited) 6/30/98(d) 6/30/97(d)
----------- ---------- ---------- ----------- ---------- ----------
<C> <C> <C> <C> <C> <C>
$ 14.19 $12.03 $10.76 $ 14.18 $12.02 $10.22
------- ------ ------ ------- ------ ------
0.00 (e) (0.03) 0.05 0.00(e) (0.03) 0.05
(1.45) 2.83 1.24 (1.47) 2.83 1.78
------- ------ ------ ------- ------ ------
(1.45) 2.80 1.29 (1.47) 2.80 1.83
------- ------ ------ ------- ------ ------
(0.02) -- (0.02) (0.02) -- (0.03)
(0.27) (0.64) -- (0.27) (0.64) --
------- ------ ------ ------- ------ ------
(0.29) (0.64) (0.02) (0.29) (0.64) (0.03)
------- ------ ------ ------- ------ ------
$ 12.45 $14.19 $12.03 $ 12.42 $14.18 $12.02
======= ====== ====== ======= ====== ======
(10.04)% 23.58% 12.03% (10.19)% 23.60% 17.92%
======= ====== ====== ======= ====== ======
$ 3,207 $3,237 $ 373 $ 1,968 $1,932 $ 197
1.97%(c) 2.02% 2.13%(c) 1.97%(c) 2.02% 2.13%(c)
(0.07)%(c) (0.19)% 1.18%(c) (0.07)%(c) (0.19)% 1.18%(c)
32% 53% 73% 32% 53% 73%
1.97%(c) 2.02% 2.26%(c) 1.97%(c) 2.02% 2.26%(c)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Y Shares
----------------------------------------
Period
Ended Year Period
12/31/98(d) Ended Ended
(Unaudited) 6/30/98(d) 6/30/97(d)
----------- ---------- ----------
<C> <C> <C>
$ 14.25 $ 12.04 $ 10.00
------- ------- -------
0.06 0.11 0.12
(1.47) 2.84 1.96
------- ------- -------
(1.41) 2.95 2.08
------- ------- -------
(0.07) (0.10) (0.04)
(0.27) (0.64) --
------- ------- -------
(0.34) (0.74) (0.04)
------- ------- -------
$ 12.50 $ 14.25 $ 12.04
======= ======= =======
(9.70)% 24.84% 20.86%
======= ======= =======
$64,189 $71,251 $18,271
0.97%(c) 1.02% 1.13%
0.93%(c) 0.81% 2.18%
32% 53% 73%
0.97%(c) 1.02% 1.26%
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Small Company Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
-------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Year
12/31/98(f) Ended Ended Ended Ended Ended
(Unaudited) 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 ................... (0.02) (0.13) (0.12) (0.12) (0.02) (0.07)
Net realized and unrealized gain/(loss)
on investments ...................... (1.26) 2.59 3.64 7.16 1.41 (0.39)
----------- ---------- ---------- ---------- ---------- ----------
Total from investment operations ...... (1.28) 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 ........ $ 17.47 $ 19.96 $ 21.61 $21.08 $15.28 $13.89
======= ======= ======= ====== ====== ======
Total return (b) ...................... (5.75)% 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) ... $21,023 $20,909 $11,646 $4,832 $2,871 $2,697
Ratio of operating expenses to average
net assets .......................... 1.21%(c) 1.20% 1.22% 1.21% 1.21%(c) 1.23%
Ratio of net investment loss to average
net assets .......................... (0.20)%(c) (0.57)% (0.62)% (0.66)% (0.41)%(c) (0.40)%
Portfolio turnover rate ............... 58% 123% 98% 98% 39% 45%
Ratio of operating expenses to average
net assets without waivers .......... 1.21%(c) 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,
Class C Shares and Class Y Shares commenced operations on November 23,
1992, April 28, 1994, September 26, 1995 and December 1, 1991,
respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(e) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares
-------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Period
12/31/98(f) Ended Ended Ended Ended Ended
(Unaudited) 6/30/98(f) 6/30/97(f) 6/30/96(f) 6/30/95(e) 2/28/95(d)
----------- ---------- ---------- ---------- -------------------------
<C> <C> <C> <C> <C> <C>
$ 19.16 $ 21.05 $20.74 $15.15 $13.81 $13.54
------- ------- ------ ------ ------ ------
(0.08) (0.28) (0.25) (0.26) (0.05) (0.05)
(1.23) 2.50 3.55 7.09 1.39 0.34
------- ------- ------ ------ ------ ------
(1.31) 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)
------- ------- ------ ------ ------ ------
$ 16.64 $ 19.16 $21.05 $20.74 $15.15 $13.81
======= ======= ====== ====== ====== ======
(6.20)% 11.51% 18.06% 47.26% 9.70% 2.13%
======= ======= ====== ====== ====== ======
$13,572 $14,013 $5,735 $ 990 $ 46 $ 39
1.96%(c) 1.95% 1.97% 1.96% 1.96% (c) 1.85%(c)
(0.95)%(c) (1.32)% (1.37)% (1.41)% (1.16)%(c) (1.02)%(c)
58% 123% 98% 98% 39% 45%
1.96%(c) 1.95% 1.97% 2.03% 2.21% (c) 2.10%(c)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
C Shares
-------------------------------------------------------
Period
Ended Year Year Period
12/31/98(f) Ended Ended Ended
(Unaudited) 6/30/98(f) 6/30/97(f) 6/30/96(f)
----------- ---------- ---------- ----------
<C> <C> <C> <C>
$19.46 $21.32 $20.93 $17.05
------ ------ ------ ------
(0.08) (0.28) (0.25) (0.21)
(1.24) 2.53 3.63 5.33
------ ------ ------ ------
(1.32) 2.25 3.38 5.12
------ ------ ------ ------
(1.21) (4.11) (2.99) (1.24)
------ ------ ------ ------
(1.21) (4.11) (2.99) (1.24)
------ ------ ------ ------
$16.93 $19.46 $21.32 $20.93
====== ====== ====== ======
(6.15)% 11.50% 18.26% 31.97%
====== ====== ====== ======
$5,380 $6,319 $2,271 $ 76
1.96%(c) 1.95% 1.97% 1.96%(c)
(0.95)%(c) (1.32)% (1.37)% (1.41)%(c)
58% 123% 98% 98%
1.96%(c) 1.95% 1.97% 2.03%(c)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Small Company Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
Y Shares
-------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Year
12/31/98(f) Ended Ended Ended Ended Ended
(Unaudited) 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 ................ 0.00(g) (0.07) (0.07) (0.07) (0.01) (0.02)
Net realized and unrealized
gain/(loss) on investments ....... (1.29) 2.60 3.69 7.19 1.41 (0.41)
-------- -------- -------- -------- ------- -------
Total from investment operations ... (1.29) 2.53 3.62 7.12 1.40 (0.43)
-------- -------- -------- -------- ------- -------
Less distributions:
Dividends from 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 ..... $ 17.74 $ 20.26 $ 21.84 $ 21.21 $ 15.33 $ 13.93
======== ======== ======== ======== ======= =======
Total return (b) ................... (5.63)% 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) $192,103 $209,081 $152,772 $107,492 $79,968 $72,207
Ratio of operating expenses to
average net assets ............... 0.96%(c) 0.95% 0.97% 0.96% 0.96%(c) 0.98%
Ratio of net investment loss to
average net assets ............... 0.05%(c) (0.32)% (0.37)% (0.41)% (0.16)%(c) (0.15)%
Portfolio turnover rate ............ 58% 123% 98% 98% 39% 45%
Ratio of operating expenses to
average net assets without waivers 0.96%(c) 0.95% 0.97% 1.03% 1.21%(c) 1.23%
<FN>
- ----------------
(a) The Munder Small Company Growth Fund Class A Shares, Class B Shares,
Class C Shares and Class Y Shares commenced operations on November 23,
1992, April 28, 1994, September 26, 1995 and December 1, 1991,
respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(e) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(f) Per share numbers have been calculated using the average shares method.
(g) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
<PAGE>
[This Page Intentionally Left Blank]
<PAGE>
<TABLE>
<CAPTION>
Munder Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
A Shares
-------------------------------------------------------
Period
Ended Year Year Period
12/31/98(d) Ended Ended Ended
(Unaudited) 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) .......... 0.04 0.10 0.08 0.05
Net realized and unrealized gain/(loss)
on investments ...................... (1.23) 3.35 3.64 1.19
------ ------ ------ ------
Total from investment operations ...... (1.19) 3.45 3.72 1.24
------ ------ ------ ------
Less distributions:
Dividends from net investment income ... (0.02) (0.09) (0.09) (0.05)
Distributions from net realized gains .. (0.55) (1.15) (1.22) --
------ ------ ------ ------
Total distributions ................... (0.57) (1.24) (1.31) (0.05)
------ ------ ------ ------
Net asset value, end of period ........ $14.43 $16.19 $13.98 $11.57
====== ====== ====== ======
Total return (b) ...................... (7.01)% 25.53% 34.38% 11.95%
====== ====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) ... $5,604 $5,763 $1,587 $ 424
Ratio of operating expenses to average
net assets .......................... 1.21%(c) 1.24% 1.27% 1.20%(c)
Ratio of net investment income/(loss)
to average net assets ............... 0.56%(c) 0.61% 0.70% 0.64%(c)
Portfolio turnover rate ............... 75% 92% 139% 223%
Ratio of operating expenses to average
net assets without waivers .......... 1.21%(c) 1.24% 1.31% 1.30%(c)
<FN>
- ----------------
(a) The Munder Value Fund Class A Shares, Class B Shares, Class C Shares and
Class Y Shares commenced operations on September 14, 1995, September 19,
1995, February 9, 1996 and August 18, 1995, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
------------------------------------------------------- -------------------------------------------------------
Period Period
Ended Year Year Period Ended Year Year Period
12/31/98(d) Ended Ended Ended 12/31/98(d) Ended Ended Ended
(Unaudited) 6/30/98(d) 6/30/97(d) 6/30/96(d) (Unaudited) 6/30/98(d) 6/30/97(d) 6/30/96(d)
----------- ---------- ---------- ---------- ----------- ---------- ---------- ----------
<C> <C> <C> <C> <C> <C> <C> <C>
$16.11 $13.93 $11.55 $10.41 $16.09 $13.93 $11.54 $11.35
------ ------ ------ ------ ------ ------ ------ ------
(0.01) (0.02) (0.01) (0.01) (0.01) (0.02) (0.01) (0.01)
(1.24) 3.36 3.61 1.16 (1.24) 3.34 3.62 0.23
------ ------ ------ ------ ------ ------ ------ ------
(1.25) 3.34 3.60 1.15 (1.25) 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)
------ ------ ------ ------ ------ ------ ------ ------
$14.31 $16.11 $13.93 $11.55 $14.29 $16.09 $13.93 $11.54
====== ====== ====== ====== ====== ====== ====== ======
(7.56)% 24.93% 33.24% 11.09% (7.57)% 24.78% 33.36% 1.90%
====== ====== ====== ====== ====== ====== ====== ======
$1,815 $2,309 $ 935 $ 103 $1,110 $1,179 $ 527 $ 348
1.96%(c) 1.99% 2.02% 1.95%(c) 1.96%(c) 1.99% 2.02% 1.95%(c)
(0.19)%(c) (0.14)% (0.05)% (0.11)%(c) (0.19)%(c) (0.14)% (0.05)% (0.11)%(c)
75% 92% 139% 223% 75% 92% 139% 223%
1.96%(c) 1.99% 2.06% 2.05%(c) 1.96%(c) 1.99% 2.06% 2.05%(c)
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
Y Shares
-------------------------------------------------------
Period
Ended Year Year Period
12/31/98(d) Ended Ended Ended
(Unaudited) 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 ................. 0.06 0.13 0.12 0.09
Net realized and unrealized gain/(loss)
on investments ...................... (1.25) 3.38 3.63 1.56
-------- -------- ------- -------
Total from investment operations ...... (1.19) 3.51 3.75 1.65
-------- -------- ------- -------
Less distributions:
Dividends from net investment income ... (0.04) (0.13) (0.12) (0.06)
Distributions from net realized gains .. (0.55) (1.15) (1.22) --
-------- -------- ------- -------
Total distributions ................... (0.59) (1.28) (1.34) (0.06)
-------- -------- ------- -------
Net asset value, end of period ........ $ 14.45 $ 16.23 $ 14.00 $ 11.59
======== ======== ======= =======
Total return (b) ...................... (7.11)% 26.12% 34.66% 16.52%
======== ======== ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) ... $146,031 $165,235 $80,004 $35,432
Ratio of operating expenses to average
net assets .......................... 0.96%(c) 0.99% 1.02% 0.95%(c)
Ratio of net investment income to
average net assets .................. 0.81%(c) 0.86% 0.95% 0.89%(c)
Portfolio turnover rate ............... 75% 92% 139% 223%
Ratio of operating expenses to average
net assets without waivers .......... 0.96%(c) 0.99% 1.06% 1.05%(c)
<FN>
- ----------------
(a) The Munder Value Fund Class A Shares, Class B Shares, Class C Shares and
Class Y Shares commenced operations on September 14, 1995, September 19,
1995, February 9, 1996 and August 18, 1995, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
<PAGE>
[This Page Intentionally Left Blank]
<PAGE>
Munder Framlington Emerging Markets Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
-----------------------------------------------
Period
Ended Year Period
12/31/98(d) Ended Ended
(Unaudited) 6/30/98(d) 6/30/97(d)
----------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period .. $ 8.99 $ 12.92 $10.18
------ ------ -----
Income from investment operations:
Net investment income ................. 0.01 0.11 0.05
Net realized and unrealized gain/(loss)
on investments ...................... (1.09) (3.73) 2.71
------ ------ -----
Total from investment operations ...... (1.08) (3.62) 2.76
------ ------ -----
Less distributions:
Dividends from net investment income .. -- (0.04) (0.02)
Distributions from net realized gains . -- (0.05) --
Distributions in excess of net realized
gains ............................... -- (0.22) --
------ ------ -----
Total distributions ................... -- (0.31) (0.02)
------ ------ -----
Net asset value, end of period ........ $ 7.91 $ 8.99 $12.92
====== ====== =====
Total return (b) ...................... (11.79)% (28.34)% 27.16%
====== ====== =====
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) .. $ 303 $ 632 $ 532
Ratio of operating expenses to average
net assets .......................... 1.82% (c) 1.89% 1.79%(c)
Ratio of net investment income to
average net assets .................. 0.36% (c) 0.93% 1.14%(c)
Portfolio turnover rate ............... 81% 94% 46%
Ratio of operating expenses to average
net assets without expenses
reimbursed .......................... 2.08% (c) 2.14% 5.43%(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
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
----------------------------------------- ------------------------------------------
Period Period
Ended Year Period Ended Year Period
12/31/98(d) Ended Ended 12/31/98(d) Ended Ended
(Unaudited) 6/30/98(d) 6/30/97(d) (Unaudited) 6/30/98(d) 6/30/97(d)
----------- ---------- ---------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C>
$ 8.95 $ 12.91 $11.13 $ 8.96 $ 12.92 $10.95
------ ------ ----- ------ ------ -----
(0.02) 0.02 0.01 (0.01) 0.02 0.01
(1.09) (3.71) 1.79 (1.10) (3.71) 1.96
------ ------ ----- ------ ------ -----
(1.11) (3.69) 1.80 (1.11) (3.69) 1.97
------ ------ ----- ------ ------ -----
-- (0.00)(e) (0.02) -- (0.00)(e) 0.00(e)
-- (0.05) -- -- (0.05) --
-- (0.22) -- -- (0.22) --
------ ------ ----- ------ ------ -----
-- (0.27) (0.02) -- (0.27) 0.00(e)
------ ------ ----- ------ ------ -----
$ 7.84 $ 8.95 $12.91 $ 7.85 $ 8.96 $12.92
====== ====== ===== ====== ====== =====
(12.18)% (28.90)% 16.21% (12.17)% (28.88)% 18.03%
====== ====== ===== ====== ====== =====
$ 299 $ 511 $ 134 $ 269 $ 132 $ 24
2.57%(c) 2.64% 2.54%(c) 2.57%(c) 2.64% 2.54%(c)
(0.39)%(c) 0.18% 0.39%(c) (0.39)%(c) 0.18% 0.39%(c)
81% 94% 46% 81% 94% 46%
2.83%(c) 2.89% 6.18%(c) 2.83%(c) 2.89% 6.18%(c)
</TABLE>
<TABLE>
<CAPTION>
Y Shares
- -------------------------------------------------
Period
Ended Year Period
12/31/98(d) Ended Ended
(Unaudited) 6/30/98(d) 6/30/97(d)
----------- ---------- ----------
<S> <C> <C>
$ 9.00 $ 12.92 $10.00
------ ------ -----
0.02 0.13 0.07
(1.10) (3.72) 2.88
------ ------ -----
(1.08) (3.59) 2.95
------ ------ -----
-- (0.06) (0.03)
-- (0.05) --
-- (0.22) --
------ ------ -----
-- (0.33) (0.03)
------ ------ -----
$ 7.92 $ 9.00 $12.92
====== ====== =====
(11.67)% (28.12)% 29.51%
====== ====== =====
$ 9,655 $14,332 $4,826
1.57% (c) 1.64% 1.54%(c)
0.61% (c) 1.18% 1.39%(c)
81% 94% 46%
1.83% (c) 1.89% 5.18%(c)
</TABLE>
<PAGE>
Munder Framlington Healthcare Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
---------------------------------------------
Period
Ended Year Period
12/31/98(d) Ended Ended
(Unaudited) 6/30/98(d) 6/30/97
----------- ---------- -------
<S> <C> <C> <C>
Net asset value, beginning of period .. $11.82 $10.89 $11.30
------ ------ ------
Income from investment operations:
Net investment loss ................... (0.06) (0.15) (0.01)
Net realized and unrealized gain/(loss)
on investments ...................... (0.01) 1.08 (0.40)
------ ------ ------
Total from investment operations ...... (0.07) 0.93 (0.41)
------ ------ ------
Less distributions:
Distributions from net realized gains . (0.10) -- --
------ ------ ------
Total distributions ................... (0.10) -- --
------ ------ ------
Net asset value, end of period ........ $11.65 $11.82 $10.89
====== ====== ======
Total return (b) ...................... (0.53)% 8.54% (3.63)%
====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) .. $4,653 $4,984 $ 664
Ratio of operating expenses to average
net assets .......................... 1.58%(c) 1.62% 1.55%(c)
Ratio of net investment loss to average
net assets .......................... (1.23)%(c) (1.20)% (0.95)%(c)
Portfolio turnover rate ............... 26% 47% 14%
Ratio of operating expenses to average
net assets without expenses
reimbursed .......................... 1.84%(c) 2.40% 7.33%(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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
-------------------------------------- --------------------------------------
Period Period
Ended Year Period Ended Year Period
12/31/98(d) Ended Ended 12/31/98(d) Ended Ended
(Unaudited) 6/30/98(d) 6/30/97 (Unaudited) 6/30/98(d) 6/30/97
----------- ---------- ------- ----------- ---------- -------
<S> <C> <C> <C> <C> <C>
$11.69 $ 10.85 $11.02 $11.69 $10.86 $10.40
------ ------- ------ ------ ------ ------
(0.10) (0.23) (0.02) (0.10) (0.23) (0.01)
(0.01) 1.07 (0.15) (0.01) 1.06 0.47
------ ------- ------ ------ ------ ------
(0.11) 0.84 (0.17) (0.11) 0.83 0.46
------ ------- ------ ------ ------ ------
(0.10) -- -- (0.10) -- --
------ ------- ------ ------ ------ ------
(0.10) -- -- (0.10) -- --
------ ------- ------ ------ ------ ------
$11.48 $ 11.69 $10.85 $11.48 $11.69 $10.86
====== ======= ====== ====== ====== ======
(0.97)% 7.83% (1.54)% (0.97)% 7.73% 4.42%
====== ======= ====== ====== ====== ======
$8,558 $8,6648 $1,063 $2,516 $3,378 $ 164
2.33%(c) 2.37% 2.30%(c) 2.33% (c) 2.37% 2.30%(c)
(1.98)%(c) (1.95)% (1.70)%(c) (1.98)%(c) (1.95)% (1.70)%(c)
26% 47% 14% 26% 47% 14%
2.59%(c) 3.15% 8.08%(c) 2.59% (c) 3.15% 8.08%(c)
</TABLE>
<TABLE>
<CAPTION>
Y Shares
- -----------------------------------------
Period
Ended Year Period
12/31/98(d) Ended Ended
(Unaudited) 6/30/98(d) 6/30/97
----------- ---------- -------
<S> <C> <C>
$11.84 $10.89 $10.00
------ ------ ------
(0.05) (0.11) (0.03)
(0.01) 1.06 0.92
------ ------ ------
(0.06) 0.95 0.89
------ ------ ------
(0.10) -- --
------ ------ ------
(0.10) -- --
------ ------ ------
$11.68 $11.84 $10.89
====== ====== ======
(0.45)% 8.72% 8.90%
====== ====== ======
$5,791 $5,458 $2,086
1.33%(c) 1.37% 1.30%(c)
(0.98)%(c) (0.95)% (0.70)%(c)
26% 47% 14%
1.59%(c) 2.15% 7.08%(c)
</TABLE>
<PAGE>
Munder Framlington International Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
----------------------------------------------
Period
Ended Year Period
12/31/98(d) Ended Ended
(Unaudited) 6/30/98(d) 6/30/97(d)
----------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of period .. $11.92 $11.35 $10.10
------ ------ ------
Income from investment operations:
Net investment income/(loss) .......... (0.04) 0.02 0.05
Net realized and unrealized gain/(loss)
on investments ...................... (0.17) 0.61 1.20
------ ------ ------
Total from investment operations ...... (0.21) 0.63 1.25
------ ------ ------
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 ........ $11.70 $11.92 $11.35
====== ====== ======
Total return (b) ...................... (1.79)% 5.60% 12.38%
====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) .. $2,410 $1,601 $1,103
Ratio of operating expenses to average
net assets .......................... 1.58%(c) 1.62% 1.55%(c)
Ratio of net investment income/(loss)
to average net assets ............... (0.70)%(c) 0.21% 1.01%(c)
Portfolio turnover rate ............... 31% 38% 15%
Ratio of operating expenses to average
net assets without expenses
reimbursed .......................... 1.74%(c) 1.82% 2.56%(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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
B Shares C Shares
-------------------------------------- ----------------------------------------
Period Period
Ended Year Period Ended Year Period
12/31/98(d) Ended Ended 12/31/98(d) Ended Ended
(Unaudited) 6/30/98(d) 6/30/97(d) (Unaudited) 6/30/98(d) 6/30/97(d)
----------- ---------- ---------- ----------- ---------- ----------
<S> <C> <C> <C> <C> <C>
$11.83 $11.32 $ 9.85 $11.86 $11.33 $10.03
------ ------ ------ ------ ------ ------
(0.08) (0.06) 0.01 (0.08) (0.06) 0.01
(0.17) 0.61 1.46 (0.18) 0.63 1.29
------ ------ ------ ------ ------ ------
(0.25) 0.55 1.47 (0.26) 0.57 1.30
------ ------ ------ ------ ------ ------
-- -- -- -- -- --
(0.01) (0.03) -- (0.01) (0.03) --
-- (0.01) -- -- (0.01) --
------ ------ ------ ------ ------ ------
(0.01) (0.04) -- (0.01) (0.04) --
------ ------ ------ ------ ------ ------
$11.57 $11.83 $11.32 $11.59 $11.86 $11.33
====== ====== ====== ====== ====== ======
(2.14)% 4.88% 14.92% (2.22)% 5.05% 12.96%
====== ====== ====== ====== ====== ======
$ 498 $ 591 $ 128 $ 166 $ 196 $ 62
2.33%(c) 2.37% 2.30%(c) 2.33%(c) 2.37% 2.30%(c)
(1.45)%(c) (0.54)% 0.26%(c) (1.45)%(c) (0.54)% 0.26%(c)
31% 38% 15% 31% 38% 15%
2.49%(c) 2.57% 3.31%(c) 2.49%(c) 2.58% 3.31%(c)
</TABLE>
<TABLE>
<CAPTION>
Y Shares
----------------------------------------
Period
Ended Year Period
12/31/98(d) Ended Ended
(Unaudited) 6/30/98(d) 6/30/97(d)
----------- ---------- ----------
<S> <C> <C>
$ 11.94 $ 11.35 $ 10.00
------- ------- -------
(0.02) 0.05 0.07
(0.17) 0.61 1.28
------- ------- -------
(0.19) 0.66 1.35
------- ------- -------
-- (0.03) --
(0.01) (0.03) --
-- (0.01) --
------- ------- -------
(0.01) (0.07) --
------- ------- -------
$ 11.74 $ 11.94 $ 11.35
======= ======= =======
(1.62)% 5.86% 13.50%
======= ======= =======
$58,458 $64,643 $23,831
1.33%(c) 1.37% 1.30%(c)
(0.45)%(c) 0.46% 1.26%(c)
31% 38% 15%
1.49%(c) 1.57% 2.31%(c)
</TABLE>
<PAGE>
[ This Page Intentionally Left Blank ]
<PAGE>
The Munder Funds
Notes To Financial Statements, December 31, 1998
1. Organization and Significant Accounting Policies
The Munder Funds, Inc. ("MFI") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end investment
company, 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 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 investment company, which
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") under supervision of the Boards of Trustees and Directors.
<PAGE>
Portfolio securities primarily traded on the London Stock Exchange are
generally valued at the mid-price between the current bid and asked prices.
Portfolio securities that are primarily traded on foreign securities
exchanges, other than the London Stock Exchange, are generally valued at the
preceding closing values of such securities on their respective exchanges,
except when an occurrence subsequent to the time a value was so established
is likely to have changed such value. In such an event, the fair value of
those securities will be determined through the consideration of other
factors by or under the direction of the Boards of Trustees and Directors.
Debt securities with remaining maturities of 60 days or less at the time of
purchase are valued on an amortized cost basis, unless the Boards of Trustees
and Directors determine that such valuation does not constitute fair value at
that time. Thereafter, a constant proportionate amortization of any discount
or premium is recorded until maturity of the security.
Forward Foreign Currency Contracts: Each Fund (except Munder Real
Estate Equity Investment Fund) may engage in forward foreign currency
contracts in an effort to reduce the level of volatility caused by changes in
foreign currency exchange rates. The Fund may use forward foreign currency
contracts to facilitate transactions in foreign securities and to manage a
Fund's currency exposure. Forward foreign currency contracts are valued at
the exchange rate and are marked-to-market daily. The change in market value
is recorded by the Fund as an unrealized gain or loss. When the contract is
closed, the Fund records a realized gain or loss equal to the difference
between the value of the contract at the time it was opened and the value at
the time it was closed.
The use of forward foreign currency contracts does not eliminate
fluctuations in the underlying prices of the Fund's securities, but it does
establish a rate of exchange that can be achieved in the future. Although
forward foreign currency contracts limit the risk of loss due to a decline in
the value of the hedged currency, they also limit any potential gain that
might result should the value of the currency increase. In addition, the Fund
could be exposed to risks if the counterparties to the contracts are unable
to meet the terms of their contracts.
Foreign Currency: The books and records of the Munder International
Equity Fund, Munder Framlington International Growth Fund and Munder
Framlington Emerging Markets Fund are maintained in United States
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.
Future Contracts: Each Fund may enter into futures contracts for the
purpose of hedging against changes in the value of the portfolio securities
held and in the value of the securities it intends to purchase, or in order
to maintain liquidity. Upon entering into a futures contract, a Fund is
required to deposit with the broker an amount of cash or cash equivalents
equal to a certain percentage of the contract amount. This is known as the
"initial margin." Subsequent payments ("variation margin") are made or
received by the Fund each day, depending on the daily 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.
<PAGE>
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.
Options: Each Equity Fund may write put or call options on securities
they own or have the right to acquire, and may purchase call or put options
written by others. Options may relate to individual securities, stock
indices, foreign currencies or futures contracts. The purchase of any of
these instruments can result in the loss on the investment in that particular
instrument or, in the case of writing covered options, can limit the
opportunity to earn a profit on the underlying security. The risk associated
with purchasing an option is that the Fund pays a premium whether or not the
option is exercised. Additionally, the Fund bears the risk of loss of premium
and change in market value should the counterparty not perform under the
contract.
When a Fund purchases an option, the premium paid by the Fund is
recorded as an asset. When a Fund writes an option, an amount equal to the
premium received is recorded as a liability. The amount of this asset or
liability is adjusted daily to reflect the current market value of the
option. If an option purchased by the Fund expires unexercised, the Fund
realizes a loss equal to the premium paid. If the Fund enters into a closing
sale transaction on an option purchased by it, the Fund will recognize a gain
if the premium received by the Fund on the closing transaction exceeds the
premium paid to purchase the option. When an option written by the Fund
expires on its stipulated expiration date, the Fund realizes a gain equal to
the net premium received for the option. When the Fund enters into a closing
purchase transaction on an option written by it, the Fund realizes a gain or
loss equal to the difference between the cost of a closing purchase
transaction and the premium received when the call was written. If a written
call option is exercised, the premium is added to the proceeds from the sale
of the underlying security in determining whether the Fund has realized a
gain or loss. If a written put option is exercised, the premium reduces the
cost basis of the security purchased by the Fund.
Repurchase Agreements: The Funds may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the Fund
takes possession of an underlying debt obligation subject to an obligation of
the seller to repurchase, and the Fund to resell, the obligation at an
agreed-upon price and time, thereby determining the yield during the Fund's
holding period. This arrangement results in a fixed rate of return that is
not subject to market fluctuations during the Fund's holding period. The
value of the collateral is at least equal, at all times, to the total amount
of the repurchase obligations, including interest. In the event of
counterparty default, the Fund has the right to use the collateral to satisfy
the terms of the repurchase agreement. However, there could be potential loss
to the Fund in the event the Fund is delayed or prevented from exercising its
right to dispose of the collateral securities, including the risk of a
possible decline in the value of the collateral securities during the period
while the Fund seeks to assert its rights. The Advisor, acting under the
supervision of the Boards of Trustees and Directors, reviews the value of the
collateral and the creditworthiness of those banks and dealers with which a
Fund enters into repurchase agreements to evaluate potential risks.
Loans of Portfolio Securities: Each of the Funds may lend portfolio
securities, up to 25% of the value of a 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 Funds 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. 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
<PAGE>
that certain dividends from foreign securities are recorded as soon as the
Fund is informed of the ex-dividend date. General expenses of the Funds are
allocated to each Fund based on relative net assets of each Fund. Operating
expenses of each Fund directly attributable to a class of shares are charged
to that class' operations. Expenses of each Fund not directly attributable
to the operations of any class of shares are prorated among the classes
based on the relative average net assets of each class.
Securities purchased or sold on a when-issued or delayed delivery basis
may be settled a month or more after the trade date. Interest income is not
accrued until settlement date. Each Fund instructs the custodian to segregate
assets in a separate account with a current value at least equal to the
amount of its when-issued purchase commitments.
Dividends and Distributions to Shareholders: Dividends from net
investment income are declared and paid at least annually by Munder
International Equity Fund, Munder Multi-Season Growth Fund, Munder 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.
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 Exceeding $500
Million Million
------------- ---------------
<S> <C> <C>
Munder Multi-Season Growth Fund ................. 1.00% 0.75%
</TABLE>
<TABLE>
<CAPTION>
Fees on Assets Fees on Assets
up to $250 Exceeding $250
Million Million
-------------- --------------
<S> <C> <C>
Munder Framlington Healthcare Fund and Munder
Framlington International Growth Fund ......... 1.00% 0.75%
</TABLE>
<PAGE>
<TABLE>
<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
period ended December 31, 1998, for the following Funds:
<TABLE>
<CAPTION>
Expenses
Fund Fees Waived Reimbursed
---- ----------- ----------
<S> <C> <C>
Munder Micro-Cap Equity Fund .................... -- $33,881
Munder Multi-Season Growth Fund ................. $627,573 --
Munder Framlington Emerging Markets Fund ........ -- 54,944
Munder Framlington Healthcare Fund .............. -- 25,808
Munder Framlington International Growth Fund .... -- 49,194
</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 is custodian and provides certain shareholder services
to the Funds. Comerica does not receive compensation a custodian. 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
$109,690 for its shareholder services to the Munder Funds for the period
ended December 31, 1998.
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.
<PAGE>
3. Shareholder 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 for expenditures incurred by the Distributor
in connection with the distribution of Fund shares to investors and provision
of certain shareholder services (which include but are not limited to the
payment of compensation, including compensation to Service Organizations to
obtain various distribution related services for the Funds). The Funds have
also adopted Shareholder Servicing Plans (the "Class K Plans") for the Class
K Shares of each Fund. Under the Class K Plans, the Funds are permitted to
enter into agreements with institutions that provide shareholder services to
their customers. For the period ended December 31, 1998, the effective rates,
as a percentage of average daily net assets, under the Plans and Class K
Plans are as follows:
<TABLE>
<CAPTION>
Class A Class B Class C Class K
Shares Shares Shares Shares
12b-1 Fees 12b-1 Fees 12b-1 Fees Service Fees
---------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
The Funds ............................. 0.25% 1.00% 1.00% 0.25%
</TABLE>
4. Securities Transactions
For the period ended December 31, 1998, purchases and sales of
securities, other than short-term investments and U.S. Government securities,
were as follows:
<TABLE>
<CAPTION>
Cost of Proceeds from
Purchases Sales
--------- --------------
<S> <C> <C>
Munder Balanced Fund .................. $ 46,694,100 $ 47,124,118
Munder Growth & Income Fund ........... 57,383,387 88,582,317
Munder International Equity Fund ...... 24,376,022 29,515,336
Munder Micro-Cap Equity Fund .......... 38,648,458 40,796,313
Munder Multi-Season Growth Fund ....... 129,945,115 165,202,848
Munder Real Estate Equity Investment
Fund ................................ 13,483,859 4,195,900
Munder Small-Cap Value Fund ........... 41,526,645 52,256,492
Munder Small Company Growth Fund ...... 198,625,791 198,417,752
Munder Value Fund ..................... 114,577,124 123,802,381
Munder Framlington Emerging Markets
Fund ................................ 28,246,745 29,434,319
Munder Framlington Healthcare Fund .... 4,993,765 5,059,333
Munder Framlington International Growth
Fund ................................ 18,321,895 23,829,245
</TABLE>
For the period ended December 31, 1998, purchases and sales of U.S.
Government securities, excluding short-term investments, were as follows:
<TABLE>
<CAPTION>
Cost of Proceeds from
Purchases Sales
--------- --------------
<S> <C> <C>
Munder Balanced Fund .................. $1,859,256 $9,903,586
</TABLE>
<PAGE>
At December 31, 1998, 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 .................. $ 11,140,224 $ 1,661,124
Munder Growth & Income Fund ........... 61,576,735 1,535,024
Munder International Equity Fund ...... 61,294,492 20,902,803
Munder Micro-Cap Equity Fund .......... 7,481,516 3,490,047
Munder Multi-Season Growth Fund ....... 267,830,866 15,280,312
Munder Real Estate Equity Investment
Fund ................................ 2,737,736 9,887,624
Munder Small-Cap Value Fund ........... 22,324,568 12,062,102
Munder Small Company Growth Fund ...... 66,175,245 13,956,119
Munder Value Fund ..................... 21,154,419 6,649,515
Munder Framlington Emerging Markets
Fund ................................ 2,923,252 11,971,753
Munder Framlington Healthcare Fund .... 3,919,100 3,554,408
Munder Framlington International Growth
Fund ................................ 11,028,318 4,199,917
</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. Ggovernment securities. These risks include revaluation of
currencies and future adverse political and economic developments. Moreover,
securities of many foreign companies and foreign governments and their
markets may be less liquid and their prices more volatile than those of
securities of U.S. companies and the U.S. Government.
The Munder Real Estate Equity Investment Fund primarily invests in
equity securities of United States companies which are principally engaged in
the real estate industry or which own significant real estate assets, and
accordingly, is more susceptible to factors adversely affecting the U.S. real
estate industry.
The Munder Framlington Healthcare Fund primarily invests in securities
of companies in healthcare industries. These industries are characterized by
rapidly changing technology and extensive government regulation.
6. Organizational Costs
Expenses incurred in connection with the organization of the Funds,
including the fees and expenses of registering and qualifying its shares for
distribution under Federal securities regulations, 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 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. The total shares issued by
<PAGE>
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.
<PAGE>
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Lee Munder
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Gerald L. Seizert, Vice President
Paul D. Tobias, Vice President
Lisa Anne Rosen, Secretary and Assistant Treasurer
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.
53 State Street
Boston, MA 02109
ADMINISTRATOR & SUB-CUSTODIAN
State Street Bank & Trust Company
1776 Heritage Drive
North Quincy, MA 02171
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
CUSTODIAN
Comerica Bank
411 West Lafayette
Detroit, MI 48226
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
<PAGE>
(OUTSIDE BACK COVER)
SANNEQ1298
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
<PAGE>
(OUTSIDE FRONT COVER)
CLASS K SHARES
Semi-Annual
Report
[ LOGO ]
DECEMBER 31, 1998
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 Intermediate Bond
THE MUNDER MONEY MARKET FUNDS
Cash Investment
Tax-Free Money Market
U.S. Treasury Money Market
<PAGE>
(INSIDE FRONT COVER)
"It is this type of fo-
cus that we value:
focused investors and
focused financial con-
sultants, coupled with
a fund family that pro-
vides disciplined in-
vestment styles..."
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. We are pleased to be able to present this
information and report to you the activities of The Munder Family of Mutual
Funds.
As I am sure you all are aware, the last half of 1998 was quite rocky
for the stock markets here in the U.S. and around the world. The correction
that occurred in the third quarter was quite a test for many investors. Even
though it was fairly short lived, it was much more severe than any such
correction we have seen in several years. I am pleased to say that most
investors maintained their focus and rode out the ups and downs of the
market. Those that did were rewarded as they recovered much of their paper
losses by the end of October. Many investors sought the shelter of bonds
during this time. I am pleased to say that our focus on high quality fixed
income investing paid off with many of our fixed income funds placing in
their competitive top quartiles for total return. Our underlying investment
philosophy was evident during this time: that investors seek bond holding for
safety and income - not as a substitute for stock market returns. We believe
that those investors were well rewarded during this time period.
It is this type of focus that we value: focused investors and focused
financial consultants, coupled with a fund family that provides disciplined
investment styles. Our various funds provide you with exposure to specific
parts of the market in a very disciplined manner.
As you are likely well aware, the last few years have seen the stock
market dominated by the largest companies, similar to the nifty fifty
phenomenon of the 1970's. November and December saw the market broaden out to
provide some much welcome relief to small cap stocks. We are encouraged that
the market is finally beginning to recognize the value that small cap stocks
bring, and we believe that the economic conditions favor increased emphasis
on these securities.
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
<PAGE>
Table of
Contents
EQUITY FUNDS OVERVIEW
iv Munder Balanced Fund
v Munder Growth & Income Fund
v Munder Index 500 Fund
v Munder International Equity Fund
vi Munder Micro-Cap Equity Fund
vi Munder Multi-Season Growth Fund
vii Munder Real Estate Equity Investment Fund
vii Munder Small-Cap Value Fund
viii Munder Small Company Growth Fund
viii Munder Value Fund
ix Munder Framlington Emerging Markets Fund
ix Munder Framlington Healthcare Fund
x Munder Framlington International Growth Fund
FIXED INCOME FUNDS OVERVIEW
xi Munder Bond Fund
xi Munder Intermediate Bond Fund
xii Munder International Bond Fund
xii Munder U.S. Government Income Fund
xiii Munder Michigan Tax-Free Bond Fund
xiii Munder Tax-Free Bond Fund
xiv Munder Tax-Free Intermediate Bond Fund
PORTFOLIO OF INVESTMENTS -- Equity Funds:
1 Munder Balanced Fund
6 Munder Growth & Income Fund
8 Munder Index 500 Fund
17 Munder International Equity Fund
31 Munder Micro-Cap Equity Fund
33 Munder Multi-Season Growth Fund
35 Munder Real Estate Equity Investment Fund
36 Munder Small-Cap Value Fund
38 Munder Small Company Growth Fund
40 Munder Value Fund
42 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.
<PAGE>
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 Intermediate Bond Fund
Money Market Funds:
87 Munder Cash Investment Fund
89 Munder Money Market Fund
91 Munder Tax-Free Money Market Fund
102 Munder U.S. Treasury Money Market Fund
104 Financial Statements
143 Financial Highlights
167 Notes to Financial Statements
<PAGE>
Management's Discussion of
Fund Performance
The Investment Environment
Although economic growth continued to be robust through the fourth
calendar quarter of 1998, there were increasing signs of slower growth in the
quarters to come. Consumer demand remained one of the key sources of economic
strength. This demand was supported by growth in employment and income as
well as high levels of consumer confidence and net financial assets. Business
investment in plant and equipment, especially in high tech equipment,
continued to be another area of strength.
Moderation in growth is coming largely through the effects of the
financial crisis in many of the emerging markets, including Southeast Asia.
U.S. companies involved in trade with that region have experienced falling
exports, increased competition from imports, reduced sales and earnings and
weaker pricing power. The net effect of global financial turmoil can be seen
in the significant increase in the U.S. trade deficit. Declining exports and
increasing imports should result in a moderation of overall demand and
production in the U.S. economy, even if domestic demand remains strong.
Inflation remained subdued throughout the fourth quarter of 1998 and
for 1998 as a whole. It is currently estimated that inflation for 1998, as
measured by the Consumer Price Index, will be approximately 1.6%. This is
lower than last year's increase of 2.3%. A significant decline in commodity
prices, including the price of oil, is one reason for the continuing
improvement in inflation. With commodity prices already so low, many analysts
anticipate that there will be some increase in inflation in 1999 but nothing
significantly above a range of 2.00% to 2.5%. Continued moderation in
inflation would give the Federal Reserve important latitude in
decision-making during the year to come. In fact we have already seen in
early February 1999 that even though there is debate, the Federal Reserve has
chosen to leave interest rates alone again.
The Financial Markets
At the time of our last financial report to shareholders at June 30,
1998, the markets had experienced a period of strength and were showing early
signs of the weakness that would rock the markets in August, September and
early October of 1998. Since that time, both the stock and bond market
experienced significant volatility during 1998. The currency and financial
problems in Southeast Asia, which negatively impacted the economies of
Thailand, Korea and Indonesia in late 1997, moved to Russia and then Latin
America in 1998. The financial turmoil overseas, impeachment proceedings here
in the U.S., severe difficulties experienced by hedge funds and the discovery
of more bad loans by domestic and foreign banks contributed to market
volatility. Given the increasingly global nature of the financial markets,
fear of where problems would surface next resulted in the most significant
flight to liquidity in financial market history. Market speculators placed a
premium on securities that could be sold quickly if necessary. In the stock
market, liquidity was equated with size. In the bond market, liquidity meant
U.S. Treasury bonds.
The Stock Market
The S&P 500 Index generated a total return of 9.22% for the second half
of 1998, although this overall return was masked by significant volatility.
The S&P 500 Index's third quarter of 1998 return was -9.95 while its fourth
quarter 1998 return was 21.30%. The fourth quarter return was its strongest
quarterly return since the first quarter of 1987. The market broadened during
the fourth quarter, which helped the performance of smaller capitalization
stocks. For the quarter as a whole, however, large company stocks continued
to generate the strongest returns. As an example, the Russell 2000 Index,
which is dominated by small company stocks, generated a return of
<PAGE>
16.31% for the fourth quarter and -2.54% for the year ended December 31,
1998. This was a robust absolute return but significantly lower than the
21.3% quarterly return and 28.57% annual return for the larger capitalization
S&P 500 Index. In fact, the fourth quarter was the fifth consecutive quarter,
and the ninth out of the last 10 quarters, in which the S&P 500 Index
outperformed the Russell 2000 Index. Over that 2-1/2 year period of time, the
S&P 500 Index has earned a return approximately 65% higher than the Russell
2000 Index.
It is also interesting to note that, although the S&P 500 produced a
return of 28.57% for 1998, over 40% of the stocks in that universe actually
posted negative returns. In other words, a handful of very large companies
produced sizable returns while the rest of the stock market produced
lackluster or negative returns. The market's message was loud and clear: in
time of uncertainty and volatility, speculators will pay large premiums for
stocks that are liquid -- easy to buy and sell.
For investors with a disciplined approach to buying and selling stocks,
it was frustrating to see the market continue to focus primarily on size.
Over the long term, however, and stock investors by definition are long-term
investors, fundamentals such as earnings growth, low debt, high return on
equity and reasonable valuation should determine the performance of a stock.
Over the past few years, the market has been reminiscent of the early 1970s
when returns from a group of large capitalization stocks known as the "nifty
fifty" far outpaced the rest of the market and virtually all measures of
reasonable valuation. It is important to note that the "nifty fifty" then
dramatically underperformed the market during a subsequent 15 year period. We
believe that the Federal Reserve's commitment to providing liquidity will
encourage investors to once again focus on the fundamentals of a company
rather than simply its size.
The following paragraphs detail the performance of The Munder Funds.
Each Fund offers its shares to investors in several classes. These classes
have different sales charges and expenses, which affect performance.
Performance figures in the following narrative discussion represent the
performance of Class K Shares, net of Fund expenses.
Munder Balanced Fund
Fund Manager: The Munder Balanced Fund Committee
The Fund earned a return of 3.62% for the six-month period ended
December 31, 1998, relative to the 4.16% average return for the Lipper
universe of balanced mutual funds.
The Fund's strongest holdings during the fourth quarter of 1998 were
the growth-oriented stocks. Both the larger and smaller company growth stocks
in the Fund delivered strong absolute and relative performance for the fourth
quarter. Large and small company value stocks also delivered double-digit
returns during the quarter. However, value stocks in general lagged the
performance of growth stocks during the final quarter of 1998. As we
mentioned in our June 30, 1998 Annual Report, we have been gradually shifting
the equity portion of the Fund away from stocks that fit our Accelerating
Fund style, toward a blend of large and small, growth and value stocks. We
believe that this broadening out of the portfolio will have long term
positive impacts on the performance of the Fund and reduce the volatility of
the equity holdings. In fact, this broadening did help lead the Fund to above
median returns over the last three months of the year in 1998.
The Fund's bond holdings, which are managed in a style similar to the
Munder Bond Fund, performed well in comparison with the general fixed income
market as investors sought the safety of high quality securities over more
speculative or higher yielding types of issues.
<PAGE>
Munder Growth & Income Fund
Fund Manager: Otto G. Hinzmann, Jr.
The Fund exhibited a return of 2.19% for the six-month period ended
December 31, 1998, relative to the 1.80% average return for the Lipper
universe of equity income mutual funds.
The Fund's focus on yield helped to dampen some of the volatility of
the third quarter of 1998, as the Fund performed in line with the median fund
in its equity income sector. The Fund continues to have a yield above that of
the S&P 500 while maintaining an average PE ratio lower than the S&P 500.
Strong Fund sectors during the fourth calendar quarter included
communication services (up 32% versus 28% for the S&P communication services
group), capital goods (up 21% versus 19% for the S&P capital goods sector),
healthcare (up 16% versus 14% for the S&P healthcare group) and energy (up 7%
versus 0.3% for the S&P energy sector). One of the strongest performing
individual stocks in the Fund was Xerox, up 39% for the fourth quarter. The
Fund's utility holdings, accounting for 15% of the portfolio, had strong
relative performance, with returns of 4% relative to a 1.6% return for the
S&P utility sector. Utility stocks, however, trailed the overall market
during the fourth quarter of 1998.
The sectors of the Fund that lagged in relative terms during the fourth
quarter of 1998 were the financial group and REITs. During the fourth quarter
the Fund's financial stocks were up by 7.1% compared with 21% for the S&P
financial sector. This deviation in performance was largely due to the Fund's
lack of exposure to the money center bank stocks which generated strong
returns during the fourth quarter. REIT stocks have been particularly hard
hit during all of 1998, and we have gradually reduced the Fund's exposure to
REIT stocks over the course of the period. At this time REIT stocks in
general provide higher yields that many fixed income categories, and with the
potential for equity appreciation, are attractive for the Fund. However, the
overall market's negative sentiment on this sector have caused us to reduce
their weighting in the Fund.
Munder Index 500 Fund
Fund Managers: Todd B. Johnson and Ken A. Schluchter
The Fund earned a return of 8.95% for the six-month period ended
December 31, 1998, compared to the 9.10% average return for the Lipper
universe of mutual funds with the objective of tracking the S&P 500 Index.
The weight of each of the 500 stocks in the Fund is carefully monitored
relative to its weight in the S&P 500 universe. This is a key factor in the
Fund's ability to generate returns that track those of the S&P 500 Index.
Proprietary software is used in the monitoring process. In addition, cash
flows are invested promptly to minimize their influence on the Fund's return.
The Munder International Equity Fund
Fund Managers: Theodore Miller and Todd B. Johnson
The Fund generated a return of -1.29% for the six-month period ended
December 31, 1998, relative to the 2.30% return for the FT/S&P Actuaries
World ex-U.S. Index and the -2.32% average return for the Lipper universe of
international equity mutual funds. It has outperformed the FT World ex-U.S.
Index for the two-year and three-year time periods ended December 31, 1998.
The diversification of the 685 stock, 46 country Munder International
Equity Fund was a positive for performance during most of 1998. However, the
negative investment environment in emerging markets had an effect on Fund
performance. The month of December, 1998, for example,
<PAGE>
was characterized by weakness in the emerging markets, including Brazil,
Russia, China, Argentina and Chile. These same markets had rebounded in
November, 1998.
In the market quantitative portion of the Fund, five of the top ten
performers were in the software manufacturing business. Business Objects, a
Canadian software firm, was up 71% in the month of December due to a positive
investing environment for software makers. Corel Corp., a Canadian software
maker, rallied 53.3% during December when the company acquired a 25% stake in
GraphOn, a privately held software firm. CBT Group, an Irish software maker,
rose 41.6% in December when the company announced that it would acquire
Knowledge Ware, a business skills education firm.
In the economic quantitative portion of the Fund, Wickes Plc, a British
home building supplier, was up 51.5% in December due to improved sales. ML
Laboratories, a British pharmaceutical company, rose 32% for December when
the company hired several well- respected new board members. Credit
Lyonnaise, a French bank, rose 28.4% in December on news that AXA, the
largest insurance company in the world, would buy a 5% stake in the company
with the option to buy more.
Weakness in the U.S. dollar in December positively affected the Fund by
approximately 2.1 percentage points in December. For the six months ended
December 31, 1998, the net weakness in the U.S. dollar boosted Fund returns by
approximately 7.0 percentage points. We do not hedge the investments in this
Fund back to the U.S. dollar, as we believe that investors seek international
funds for the overall international exposure they provide: markets as well as
currency.
Munder Micro-Cap Equity Fund
Fund Manager: The Munder Micro-Cap Fund Committee
The Fund earned a return of -7.66% for the six-month period ended
December 31, 1998, relative to the -3.28% average return for the Lipper
universe of micro cap mutual funds.
The overall performance of the Fund benefited from the rebound in
smaller capitalization stocks during the fourth quarter of 1998. The
technology sector was the star performer during the fourth quarter,
benefiting from both strong market returns and good stock selection. Both the
retail and financial sector benefited during the fourth quarter from strong
stock selection as well. This was particularly important for the financial
sector, since stock selection helped to overcome the sector's weak returns in
the overall market. The healthcare sector exhibited strong performance in the
micro cap segment of the stock market. This benefit, however, was offset by
several healthcare holdings with weak returns for the fourth quarter of 1998.
Overall, the Fund was particularly hard hit in July and August of 1998
when the smallest of small cap companies were affected by the market sell
off. As an example, through the end of September 1998, on average companies
with a market cap of less than $250 million were off over 50% from their 52
week highs. Overall, we have seen a good bounce back here in the fourth
calendar quarter as the market has broadened out, with the Fund outperforming
its Lipper peer group median by over 6 percentage points. We believe that we
are well positioned to capitalize on a broader market.
Munder Multi-Season Growth Fund
Fund Manager: Leonard J. Barr II, CFA
The Fund generated a return of 2.76% for the six-month period ended
December 31, 1998, relative to the 6.21% average return for the Lipper
universe of growth stock mutual funds.
<PAGE>
During the fourth quarter of 1998, the Fund's best performing sectors
included telecommunications, technology and diversified companies. Star
performers in the telecommunications sector for the quarter included MCI
WorldCom (+47%) and Century Telephone (+43%). In the technology sector, the
strongest quarterly returns were generated by Sun Microsystems (+72%), Maxim
Integrated Products (+57%) and Cisco Systems (+50%). Finally, in the
diversified sector, the top performers for the fourth quarter of 1998
included Tyco International (+37%), General Electric (+29%) and Textron
(+26%). Energy and consumer staples were among the weaker sectors for the
fourth quarter.
During the fourth quarter, the technology weighting of the Fund was
increased to 10%. Financial holdings were reduced to 13% with the elimination
of a number of stocks, including money center banks. A number of positions
were also eliminated due to concerns about future earnings.
At the end of the fourth quarter 1998, the earnings per share growth
for the Fund over the next 12 months was estimated to be 15%. This compares
to 5% for the S&P 500 universe of stocks.
Munder Real Estate Equity Investment Fund
Fund Managers: Peter K. Hoglund, CFA and Robert E. Crosby, CFA
The Fund generated a return of -12.01% for the six-month period ended
December 31, 1998, relative to the -13.13% return for the NAREIT Index
(equity only) and the -11.46% average return for the Lipper universe of real
estate mutual funds. The Fund has outperformed the NAREIT Index for the
one-month, three-month, six-month, one-year, two-year and three-year time
periods ended December 31, 1998.
From a total return standpoint, the final quarter of 1998 and the year
as a whole were not kind to REITs. Unlike some of the other funds classified
as REIT Funds, the Munder Real Estate Investment Equity Fund held no
investments other than real estate investment trusts. As a result, there are
no other securities to buffer performance when the REIT market declines.
However, investors who purchase the Munder Real Estate Investment Equity Fund
can be confident that they are getting the diversification they were seeking
through an investment in REITs. And, although total returns in the REIT
market lagged significantly throughout 1998, the Fund continued to generate a
strong yield. For 1998, the yield on the Fund was approximately 500 basis
points (five percentage points) higher than the yield for the S&P 500
universe of stocks and 100 basis points (one percentage point) higher than
the yield on 30-year Treasury bonds.
In 1998, the REIT market suffered through poor absolute returns in the
face of strong fundamentals for the underlying investments. We anticipate
that real estate fundamentals will remain strong as we move through 1999. If
that proves to be the case, REITs are likely to experience a strong year in
1999 as investors focus on the relative value offered by the REIT sector of
the equity markets.
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 -9.81% for the six-month period ended
December 31, 1998, relative to the -7.12% return for the Russell 2000 Index,
the -10.42% return for the Russell 2000 Value Index and the -6.54% average
return for the Lipper universe of small capitalization mutual funds.
While small cap stocks rebounded during the fourth quarter, the primary
beneficiaries were
<PAGE>
growth-oriented small company stocks. The Fund had strong returns relative to
other small cap value funds, but its performance lagged the returns of small
company growth funds. Technology holdings as a group were the star performers
in the Fund during the fourth quarter. This sector benefited from both strong
stock selection and strong market performance. The utilities sector,
particularly cable television holdings, benefited from good stock selection
as well. The financial sector generated weak relative performance in the
smaller company segment of the market, although good stock selection
partially offset that weakness.
Munder Small Company Growth Fund
Fund Managers: The Munder Small Company Growth Fund Committee
The Fund generated a return of -5.80% for the six-month period ended
December 31, 1998, compared to the -4.10% return for the Russell 2000 Growth
Index and the -6.54% average return for the Lipper universe of small
capitalization mutual funds.
Fund performance was boosted by the rebound in small company stocks
during September of 1998 and then much of the fourth calendar quarter.
Returns also benefited from the fact that growth stocks were favored by
investors relative to value stocks during that time period. Negative returns
for the year reflect the overall condition of the small cap market.
The Fund's healthcare holdings, significantly overweighted in the Fund,
benefited from both strong market performance and specific holdings that were
especially strong performers. The consumer discretionary sector also made a
positive contribution to the Fund's return for the fourth quarter of 1998.
Within this sector, retail holdings were helped by good stock selection.
Steiner Leisure was one stock in the consumer discretionary sector with
particularly good performance.
Munder Value Fund
Fund Managers: Gerald L. Seizert, CFA, Edward O. Eberle, CFA and Brian R.
Wall, CFA
The Fund exhibited a return of -7.24% for the six-month period ended
December 31, 1998, relative to the 3.09% average return for the Lipper
universe of growth & income funds. (There is no Lipper universe representing
value funds. The growth & income universe is closest to the Fund in terms of
investment characteristics.)
We had been anticipating slower growth in corporate profits as a result
of more moderate economic growth. The Fund, therefore, had a relatively
defensive structure, and had somewhat of a mid cap tilt, with representation
of small, mid and large cap value stocks during the period. The smaller cap
positions hurt the Fund in the third quarter of 1998. With the Federal
Reserve's aggressive easing of monetary policy in the Fall of 1998, the
equity market rallied. Growth stocks were the primary beneficiaries of this
rally, with defensive stocks lagging in performance. The value orientation of
the Fund, as well as its defensive tilt, held back returns during the fourth
quarter of 1998.
High valuation technology stocks were a particular focus of investors
as the market moved up during the fourth quarter of 1998. In fact, technology
proved to be the strongest sector of the market for the quarter. Good stock
selection within the technology sector, coupled with the sector's strong
market performance, boosted Fund performance from October through December,
1998. Strong stock selection in the healthcare sector also contributed
positively to the Fund's return for the fourth quarter. Gains in these two
sectors, however, were offset during the quarter by weakness in the Fund's
financials, consumer staples and energy holdings.
During the fourth quarter of 1998, the weightings of some of the
defensive sectors of the
<PAGE>
Fund were reduced, including healthcare, utilities and energy. The technology
weighting was increased to approximately 16.5% during the quarter, with a
focus on hardware and semiconductor firms. This fourth quarter repositioning
served to reduce the defensive tilt of the Fund.
Munder Framlington Emerging Markets Fund
Fund Manager: The Munder Framlington Emerging Markets Fund Committee,
headed by William Calvert
The Fund earned a return of -11.79% for the six-month period ended
December 31, 1998, relative to the -7.98% return for the MSCI Emerging
Markets Free Index and the -13.46% median return for the Lipper universe of
emerging markets mutual funds.
By late fourth quarter 1998, Brazil had become the focus of emerging
markets attention. It was apparent that the Brazilian currency was being held
at an unsustainable level. Investors questioned the effectiveness of the
International Monetary Fund's package for Brazil. There was skepticism that
it would benefit the Brazilian currency at all and concerns that the package
would cripple the Brazilian economy.
A positive factor for the emerging markets during the second half of
1998 was the prospect of Eastern European countries eventually joining the
European Union, possibly as early as 2003. Investors also focused on Greece
as the Euro currency came closer to its January 1, 1999 launch. That country
is already a member of the European Union and should be eligible to join in
the Euro currency in 2001. Greece's interest rates of approximately 12% would
have to fall significantly if the country were to join in the Euro. (The
European Central Bank has short-term rates currently targeted at 3%.) Such a
reduction in interest rates would likely drive Greece's stock market higher.
The most positive news on emerging markets during the period was
economic reform in South Korea and Thailand. We now expect 1999 economic
growth for these two countries to be better than current consensus forecasts.
Brazil remains the key to the near-term performance of emerging
markets. A devaluation of the Brazilian currency, although likely to cause
short-term pain, is necessary. In our opinion such a move would benefit not
only Brazil but the broad emerging markets sector.
Currently the Fund is overweighted in Asia and Europe and underweighted
in Latin America. Once Brazil accomplishes an effective devaluation of its
currency, the Fund would consider moving to an overweighted position in Latin
America.
Munder Framlington Healthcare Fund
Fund Manager: Antony Milford
The Munder Framlington Healthcare Fund generated a -0.53% return for
the six-month period ended December 31, 1998, compared to the 9.40% average
return for the Lipper universe of health/biotechnology mutual funds.
The Fund continued its recovery from the lows of the summer of 1998.
Investors are finally noticing the impressive earnings growth and/or trials
data achieved by companies represented in the Fund. In particular the
biotechnology sector benefited from this new focus.
The story on this Fund remains essentially unchanged. The demographics
of an aging population; increased spending on healthcare products and
services; better technology, new treatments and more effective cures are all
positives for the healthcare companies held in the Fund. Each of these
factors individually would provide profitable opportunities for the types of
stocks
<PAGE>
which are purchased for the Fund. Taken together, the factors make a powerful
argument for the potential of strong performance of the healthcare sector
going forward.
Following the declines in many of these stocks during the summer of
1998, the Fund was able to make purchases at attractive levels over the past
few months. The Fund continues to focus on biotech and medical devices:
together currently representing almost 50% of the Fund. These are principally
represented by smaller companies, and as such, have been impacted by the
investor sentiment which has favored larger cap, more liquid names. However,
we continue to believe that the greatest potential exists with smaller
companies who are focussed and can deliver state of the art breakthroughs in
medical technology. As a result, even with the rebound of the Fund, we
believe that many of its holdings remain undervalued. This is especially true
given that the news coming from the companies represented in the Fund
continues to be positive.
Munder Framlington International Growth Fund
Fund Manager: The Munder Framlington International Growth Fund Committee,
headed by Simon Key
The Fund generated a return of -1.79% for the six-month period ended
December 31, 1998, relative to the 3.66% return for the Morgan Stanley EAFE
Index and the -2.32% average return for the Lipper universe of international
equity mutual funds.
Excitement over the introduction of the new single European currency,
the Euro, helped to create a strong positive fourth quarter of 1998 for
international stock markets. To prepare for the Euro and to help promote
economic growth in the core European countries, the European Central Bank
reduced short term interest rates to 3%. With low interest rates (expected to
fall further), little or no inflationary pressure and a continuation of
investment money flowing into Europe, the prospects for large capitalization
stocks remain attractive. Although valuations are high in some cases, the
United States experience suggests these are sustainable as long as economic
factors and investment flows are favorable.
Japan is still disappointing. The Japanese government appears to have
tried almost everything to kick start the economy, all to no avail. However,
strength in the Japanese yen helped to boost returns on Japanese investments.
In addition, there is some encouragement in the better news coming out of
Southeast Asia, a region which accounts for a large part of Japan's trade.
The Japanese economy needs to turn for Japanese equities to gain much ground.
When it does we believe the Japanese stock market will look undervalued.
The Bond Market
During the fourth quarter of 1998 in the domestic bond market, we saw a
modest reversal of what had occurred during the first three quarters of 1998.
Aggressive easing of monetary policy by the Federal Reserve gave bond
investors the courage to once again pursue higher yielding securities. As a
result, both mortgage-backed securities and corporate bonds outpaced U.S.
Treasury bonds during the fourth quarter of 1998. This was a marked reversal
from the third quarter especially when the market correction caused investors
to flee to U.S. Treasury securities. Treasury bonds with intermediate
maturities had experienced the biggest decline in rates during the first
three quarters of the year. During the fourth quarter, these same
intermediate maturities experienced the largest increase in rates as yield
differentials between Treasury and non-Treasury bonds moved back toward more
normal levels.
During the first three quarters of 1998, many of the Munder Bond Funds
had a greater
<PAGE>
exposure to U.S. Treasury bonds than most other actively managed Funds. As a
result, our funds' returns benefited from the impact of the increased premium
awarded to Treasury bonds during the first nine months of 1998. The Bond
Funds were also well-positioned to take advantage of attractive offerings in
other bond market segments during the fourth quarter as interest in corporate
bonds and mortgage-backed securities increased.
During the fourth quarter of 1998, we increased the Bond Funds' overall
exposure to high quality corporate bonds. As yield differentials shift, we
anticipate selling some of the corporate bond holdings and increasing the
weighting of mortgage-backed bonds. Looking ahead to 1999, we believe that
quality will continue to be a key factor in the performance of corporate
bonds. We also anticipate that the performance of mortgage-related securities
will benefit from a decline in volatility during 1999.
[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 4.37% return for the six-month period ended December
31, 1998, compared to the 5.09% return for the Lehman Government/Corporate
Bond Index and the 3.55% average return for the Lipper universe of corporate
debt A rated funds.
During the fourth quarter of 1998, aggressive easing by the Federal
Reserve helped to calm investors' fears over significantly reduced liquidity
in the corporate and mortgage-related sectors of the bond market. As a
result, corporate and mortgage bonds showed significantly improved
performance during the quarter. In addition, the premiums awarded to U.S.
Treasury bonds and to high quality bonds in other fixed income sectors were
reduced. In a significant reversal from the third quarter of 1998, lower
quality bonds became the strongest performers during the fourth quarter. This
held back the performance of the Fund which maintains its high quality focus
in all market conditions.
Munder Intermediate Bond Fund
Fund Managers: Anne K. Kennedy and James C. Robinson
The Fund generated a return of 3.65% for the six-month period ended
December 31, 1998, relative to the 4.80% return for the Lehman Intermediate
Government/Corporate Bond Index and a 3.49% average return for the Lipper
universe of short intermediate investment grade debt funds.
For 1998 as a whole, the Fund benefited from its high quality focus.
During the year, turmoil in global financial markets caused investors to
place a high premium on safety and liquidity. During the fourth quarter of
1998, however, the Federal Reserve aggressively eased monetary policy. This
significantly reduced concerns about liquidity in the fixed income market and
gave investors the confidence to venture back into lower quality securities.
As lower quality bonds rebounded, the premiums afforded to high quality bonds
were reduced. Given this renewed interest in lower quality securities, the
high quality of the Fund tended to hold back the Fund's returns during the
final three months of 1998.
<PAGE>
Munder International Bond Fund
Fund Managers: Sharon E. Fayolle and Gregory A. Prost, CFA
The Fund earned a return of 14.26% for the six-month period ended
December 31, 1998, relative to the 15.38% return for the Salomon Brothers
Non-U.S. $ World Government Bond Index and the 9.12% average return for the
Lipper universe of international income funds.
Global financial markets stabilized during the fourth quarter as
concerns about Asia diminished. The currencies of Japan and Australia were
the primary beneficiaries. Although the Japanese bond market experienced a
negative fourth quarter of 1998, Japanese bonds generated returns in excess
of 13.5% when both currency returns and bond returns are factored into
performance. This compares to an average return of less than 3% for European
bonds during the same time period.
Japanese interest rates almost doubled during the fourth quarter of
1998 as the Bank of Japan stated that it would no longer buy Japanese
government bonds (JGBs) in the secondary market. This is a significant event
given that the Japanese government has been the largest purchaser of JGBs
over the last several years. Most important, this announcement came at a time
when debt issuance was expected to explode due to increased fiscal spending.
Outweighing the underperformance of the Japanese bond market was the
significant appreciation of the Japanese yen against the U.S. dollar -- an
increase of almost 20% for the fourth quarter of 1998. As the yen appreciated
as a result of higher Japanese interest rates, there was no Japanese
government intervention at key support levels. This lack of support forced
traders, particularly those trading for hedge funds, to cover their
substantial short positions.
The European markets were somewhat subdued during the fourth quarter of
1998, with returns only slightly higher than their coupons. Investors were
awaiting the launch of the Euro currency on January 1, 1999.
Given the unprecedented 20% move in the yen during the quarter, the
Fund's underweighting in Japan held back performance relative to
international bond indices. However, the Fund performed well relative to
other managed international bond funds.
Munder U.S. Government Income Fund
Fund Managers: Peter G. Root and James C. Robinson
The Fund exhibited a return of 3.33% for the six-month period ended
December 31, 1998, relative to the 5.43% return for the Lehman Government
Bond Index and the 6.69% averaage return for the Lipper universe of general
U.S. government funds.
During 1998, the Fund had a relatively heavy weighting in
government-related mortgage- backed bonds. Over time, this weighting has
helped to deliver competitive investment results to the Fund's shareholders.
During the first three quarters of 1998, however, the Fund's position in
mortgage-related bonds held back performance.
In response to turbulence in global financial markets, investors became
focused on safety and liquidity. U.S. Treasury bonds were the star performers
during the first nine months of 1998 because of their liquidity and backing by
the U.S. Government. The mortgage and corporate sectors of the bond market
lagged in performance.
Starting in September 1998, however, the Federal Reserve began to ease
monetary policy. This reduced investors' concerns about liquidity and
resulted in a rebound in the performance of
<PAGE>
mortgage-backed bonds. Given the Fund's relatively heavy weighting in
mortgage-related securities, this shift in focus helped to boost the Fund's
returns, particularly during the months of November and December.
The Municipal Bond Market
During the fourth quarter of 1998, as was true for most of the year,
the municipal market was marked by extraordinarily high tax-exempt yields
relative to Treasury yields. In fact, the yields on some high quality
long-term municipal bonds actually exceeded Treasury yields in October of
1998, as Treasury yields declined to a record low of 4.69%.
The municipal market was not immune to the volatility experienced in
the taxable bond market during the fourth quarter of 1998. The failure of
several hedge funds, the increased supply of municipal bonds and reduced
expectations of further cuts in the Federal Funds rate all contributed to the
volatility in the tax-exempt market during the quarter.
New issuance remained high. Voters approved over 90% of new issue bond
financing in the November 1998 elections, a level not seen in recent history.
Market fundamentals remained strong with upgrades in credit ratings
continuing to significantly outpace downgrades. The overall creditworthiness
in the municipal market has never been better, the result of strong U.S.
economic growth and fiscal responsibility.
The strong credit environment and secondary bond insurance have
resulted in very narrow yield differentials between municipal bonds. Nearly
50% of newly issued municipal bonds were backed by an insurance policy. The
presence of an insurance policy gives most issuers the highest credit rating
available. The result was reduced availability of medium and lower investment
grade bonds. This reduction in the supply of lower-rated bonds caused the
yield differential between higher and lower quality municipal bonds to
narrow.
The municipal market begins 1999 in a favorable position. The strong
interest in newly issued Treasury securities has caused municipal valuations
to move to their most advantageous levels in over a decade. Many articles
have appeared in the major press which have further increased investors'
awareness of attractive municipal bond pricing. Barring increased political
and global concerns that would serve to increase investors' appetites for
Treasury bonds, the municipal market is poised to outperform as it moves to
more normal valuations relative to Treasury securities.
Munder Michigan Tax-Free Bond Fund
Munder Tax-Free Bond Fund
Fund Manager: Talmadge D. Gunn
The Michigan Tax-Free Bond Fund earned a return of 3.28% for the
six-month period ended December 31, 1998, relative to 3.74% return of the
Lehman Brothers 20 Year Municipal Index and the 2.90% average return for the
Lipper universe of Michigan municipal debt funds.
The Tax-Free Bond Fund earned a return of 3.49% for the six-month
period ended December 31, 1998, relative to 3.74% return of the Lehman
Brothers 20 Year Municipal Index and the 3.00% average return for the Lipper
universe of general municipal debt funds.
Record supply of new municipal bonds put downward pressure on prices
and upward pressure on rates during 1998. In December, 1998, a larger than
average supply of bonds were distributed in maturities of 20 years and
longer. This caused municipal yields to rise relative to Treasury bonds.
<PAGE>
Bond maturities of around 15 years proved to be the best performing
segment of the tax- exempt market for the fourth consecutive year. For both
the foruth quarter and 1998 as a whole, this was a benefit for the Munder
Tax-Free Bond Fund which held a number of non-callable bonds with maturities
of around 15 years. The Fund also benefited during the fourth quarter of 1998
from a relatively heavy weighting in general obligation bonds.
Given the supply conditions in the Michigan market, the Munder Michigan
Tax-Free Bond Fund was not able to accumulate as large a concentration in
non-callable bonds with maturities around the 15 year mark. For the fourth
quarter, this held back the Fund's return relative to tax- free bond funds
with a more national focus. Focusing on the Michigan market, the Fund had a
longer average maturity than many other Michigan bond funds. This held back
its quarterly performance relative to other Michigan tax-exempt funds. For
1998 as a whole, however, the distribution of the Fund's securities across
both market segments and maturities was a positive for Fund performance.
Munder Tax-Free Intermediate Bond Fund
Fund Manager: Talmadge D. Gunn
The Fund earned a return of 2.99% for the six-month period ended
December 31, 1998, relative to the 3.43% return of the Lehman Mutual Fund
Intermediate/Short Muni Index and the 3.23% average return for the Lipper
universe of intermediate municipal debt funds.
In the intermediate tax-exempt market, the yield differential between
one-year and ten-year maturities widened to 100 basis points (one percentage
point), the widest quarter-end differential for 1998. The decline in
short-term rates was a result of the easing of monetary policy that took
place during the fourth quarter of 1998. The decline in shorter-term rates
during the quarter was a continuation of the year-long trend. Despite a
record supply of new tax-exempt issues, a lower percentage of bonds were
concentrated in shorter maturities than in prior years.
Fund performance was boosted during the fourth quarter of 1998 by its
overweighted position in pre-refunded securities. This was the best
performing sector of the tax-exempt market for both the quarter and 1998, on
a risk-adjusted basis. In general, however, given the decline in interest
rates, tax-exempt funds with longer maturities outperformed shorter maturity
funds during the quarter. This held back the performance of the Fund, given
its relatively short average maturity.
<PAGE>
Munder Balanced Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
COMMON STOCKS -- 68.0%
Advertising -- 1.2%
4,000 Interpublic Group of Companies,
Inc. $ 319,000
9,000 Omnicom Group, Inc. 522,000
-----------
841,000
-----------
Aerospace -- 0.5%
3,400 United Technologies Corporation 369,750
-----------
Automobile Parts & Equipment -- 2.2%
22,380 Dura Automotive Systems, Inc.+ 763,718
8,800 Johnson Controls, Inc. 519,200
7,930 Tower Automotive, Inc.+ 197,754
-----------
1,480,672
-----------
Banking and Financial Services -- 8.3%
11,400 Associates First Capital Corporation 483,075
12,789 Charter One Financial, Inc. 354,895
7,200 Chase Manhattan Corporation 490,050
3,500 CMAC Investment Corporation 160,781
6,100 Fannie Mae 451,400
5,900 First American Corporation 261,813
6,400 First Union Corporation 389,200
16,600 Flagstar Bancorp, Inc. 433,675
5,000 Fleet Financial Group Inc. 223,438
23,900 Hibernia Corporation 415,262
9,470 Litchfield Financial Corporation 179,930
9,300 Mercantile Bankshares Corporation 358,050
25,100 Ocean Financial Corporation 417,287
6,900 Summit Bancorp 301,444
11,500 U.S. Bancorp 408,250
11,200 UST Corporation 263,900
-----------
5,592,450
-----------
Building Materials -- 3.2%
17,600 Dayton Superior Corporation+ 338,800
6,930 Elcor Corporation 223,926
14,500 Masco Corporation 416,875
15,000 Pulte Corporation 417,187
8,100 Sherwin-Williams Company 237,937
8,100 Southdown, Inc. 479,419
-----------
2,114,144
-----------
Business Equipment & Supplies -- 0.8%
4,700 Avery Dennison Corporation 211,794
2,600 Xerox Corporation 306,800
-----------
518,594
-----------
Business Services -- 3.3%
15,540 American Bank Note Holographics,
Inc.+ 271,950
5,300 Automatic Data Processing, Inc. 424,994
5,800 Equifax, Inc. 198,288
17,170 Group Maintenance America
Corporation+ 208,186
10,250 International Telecommunication
Data Systems, Inc.+ 151,188
15,000 Remedy Corporation+ 209,062
9,070 Steiner Leisure Ltd., ADR+ 290,240
10,300 URS Corporation+ 240,762
8,310 Wackenhut Corrections
Corporation+ 237,874
-----------
2,232,544
-----------
Chemicals -- 0.9%
6,200 Air Products & Chemicals, Inc. 248,000
16,400 Millennium Chemicals, Inc. 325,950
-----------
573,950
-----------
Computer Hardware, Software
or Services --7.0%
11,250 AVT Corporation+ 326,250
9,020 Axent Technologies, Inc.+ 275,674
7,000 BMC Software, Inc.+ 311,937
8,000 Cadence Design Systems, Inc.+ 238,000
4,500 CISCO Systems, Inc.+ 417,656
5,400 Honeywell, Inc. 406,687
5,200 Intel Corporation 616,525
9,370 Inter-Tel, Inc. 219,024
6,330 Maxwell Technologies, Inc.+ 254,783
1,900 Microsoft Corporation+ 263,506
9,240 NeoMagic Corporation+ 204,435
10,950 Oracle Corporation+ 472,219
8,690 QuadraMed Corporation+ 178,145
30,020 Sapiens International
Corporation, ADR+ 238,284
3,000 Sun Microsystems, Inc.+ 256,875
-----------
4,680,000
-----------
Consumer Non-Durables -- 1.0%
20,450 Ivex Packaging Corporation+ 475,462
4,200 Newell Company 173,250
-----------
648,712
-----------
Diversified -- 2.2%
7,100 Textron, Inc. 539,156
22,200 Thermo Electron Corporation+ 376,012
7,300 Tyco International Ltd. 550,694
-----------
1,465,862
-----------
Drugs -- 3.0%
9,400 Amgen, Inc.+ 982,888
3,500 Merck & Company, Inc. 516,906
2,000 Pfizer, Inc. 250,875
4,400 Schering-Plough Corporation 243,100
-----------
1,993,769
-----------
Electrical Equipment -- 3.7%
6,400 Emerson Electric Company 387,200
6,300 General Electric Company 642,994
13,100 Kuhlman Corporation 496,162
9,860 SLI, Inc.+ 273,615
8,000 Texas Instruments, Inc. 684,500
-----------
2,484,471
-----------
Electronics -- 4.5%
17,950 Aeroflex, Inc.+ 271,494
9,300 Alpha Industries, Inc.+ 334,800
3,800 Altera Corporation+ 231,325
29,500 Control Devices, Inc. 472,000
11,970 FLIR Systems, Inc.+ 278,303
20,650 Herley Industries, Inc.+ 247,800
8,400 ITI Technologies, Inc.+ 260,400
7,200 Maxim Integrated Products, Inc.+ 314,550
8,900 Xilinx Inc.+ 579,612
-----------
2,990,284
-----------
Food and Beverages -- 2.2%
12,600 ConAgra, Inc. 396,900
20,100 J&J Snack Foods Corporation+ 449,737
14,600 Sara Lee Corporation 411,538
8,100 SYSCO Corporation 222,244
-----------
1,480,419
-----------
Health Care -- 1.5%
20,620 Mid Atlantic Medical Services,
Inc.+ 202,334
19,200 Physician Reliance Network, Inc.+ 252,000
15,300 Trigon Healthcare, Inc.+ 570,881
-----------
1,025,215
-----------
Health Care Facilities -- 0.6%
14,200 Tenet Healthcare Corporation+ 372,750
-----------
Home Furnishings -- 0.5%
15,200 Leggett & Platt, Inc. 334,400
-----------
Household Products -- 1.3%
10,900 Maytag Corporation 678,525
5,900 Rubbermaid, Inc. 185,481
-----------
864,006
-----------
Insurance -- 4.3%
17,900 Ace Ltd., ADR 616,431
3,487 American International Group, Inc. 336,931
20,200 ARM Financial Group, Inc. 448,188
9,600 Executive Risk, Inc. 527,400
7,400 MBIA, Inc. 485,163
12,400 Torchmark Corporation 437,875
-----------
2,851,988
-----------
Manufactured Housing -- 0.6%
30,000 Clayton Homes, Inc. 414,375
-----------
Medical Services and Supplies -- 2.5%
8,900 Abbott Laboratories 436,100
11,100 Biomet, Inc. 446,775
34,800 HEALTHSOUTH Corporation+ 537,225
5,000 Stryker Corporation 275,313
-----------
1,695,413
-----------
Oil Equipment and Services -- 1.6%
8,500 Burlington Resources, Inc. 304,406
13,200 Transocean Offshore, Inc. 353,925
13,900 USX-Marathon Group 418,738
-----------
1,077,069
-----------
Real Estate -- 1.3%
19,800 Kilroy Realty Corporation 455,400
12,500 Mack-Cali Realty Corporation 385,937
-----------
841,337
-----------
Recreation -- 1.1%
14,410 Brass Eagle, Inc.+ 221,554
11,200 Carnival Corporation, Class A 537,600
-----------
759,154
-----------
Restaurants -- 0.6%
9,060 Dave & Buster's, Inc.+ 208,946
9,000 Wendy's International, Inc. 196,313
-----------
405,259
-----------
Retail -- 0.7%
7,150 Cutter & Buck, Inc.+ 266,337
16,890 Happy Kids, Inc.+ 215,348
-----------
481,685
-----------
Retail -- Specialty -- 1.7%
8,000 Home Depot, Inc. 489,500
24,400 Pier 1 Imports, Inc. 236,375
6,480 The Men's Wearhouse, Inc.+ 205,740
4,000 Walgreen Company 234,250
-----------
1,165,865
-----------
Telecommunications -- 3.6%
8,000 Century Telephone Enterprise 540,000
4,470 Gilat Satellite Networks Ltd., ADR+ 246,409
7,500 MCI WorldCom, Inc.+ 538,125
12,200 MediaOne Group, Inc. 573,400
9,200 SBC Communications, Inc. 493,350
-----------
2,391,284
-----------
Transportation -- 0.8%
5,400 Atlas Air, Inc.+ 264,262
7,600 CNF Transportation, Inc. 285,475
-----------
549,737
-----------
Utilities -- 1.3%
14,300 Edison International 398,612
9,300 New Century Energies, Inc. 453,375
-----------
851,987
-----------
TOTAL COMMON STOCKS
(Cost $36,718,564) 45,548,145
-----------
Principal
Amount
- ------
ASSET-BACKED SECURITIES -- 3.2%
$ 500,000 Chase Manhattan Corporation,
Series 1996-4, Class A,
6.730% due 02/15/2003 502,755
600,000 Residential Accredit Loans,
Inc., Series 1997-QS5, Class A5,
7.250% due 06/25/2027 603,702
600,000 Residential Asset Securities
Corporation, Series 1997-KS3,
Class A16,
6.900% due 08/25/2027 611,088
400,000 Union Acceptance Corporation,
Series 1996-C, Class A3,
6.630% due 10/08/2003++ 410,472
-----------
TOTAL ASSET-BACKED SECURITIES
(Cost $2,113,155) 2,128,017
-----------
COLLATERALIZED MORTGAGE
OBLIGATIONS (CMO) -- 1.7%
600,000 Federal Home Mortgage
Corporation,
Series 1541 Class F,
6.250% due 05/15/2019 603,390
550,000 Federal Home Mortgage
Corporation,
Series 1702-A, Class PD,
6.500% due 04/15/2022 566,390
-----------
TOTAL COLLATERALIZED MORTGAGE
OBLIGATIONS (CMO)
(Cost $1,133,719) 1,169,780
-----------
CORPORATE BONDS AND NOTES -- 14.5%
Finance -- 4.4%
400,000 AT&T Capital Corporation, MTN,
6.490% due 05/17/1999 400,624
500,000 CIT Group, Inc.,
5.625% due 10/15/2003 496,945
500,000 Countrywide Capital III,
8.050% due 06/15/2027 544,680
575,000 John Deere Credit,
6.125% due 05/30/2003 581,109
600,000 Pitney Bowes Credit Corporation,
8.625% due 02/15/2008 734,280
150,000 Transamerica Capital III,
7.625% due 11/15/2037 159,335
-----------
2,916,973
-----------
Finance -- Foreign -- 1.8%
750,000 Abbey National Plc,
6.700% due 06/29/2049 735,247
450,000 Westdeutsche Landesbank,
6.750% due 06/15/2005 462,317
-----------
1,197,564
-----------
Food and Beverages -- 0.8%
500,000 Coca Cola Enterprises,
6.625% due 09/30/2002 519,750
-----------
Government Agency -- 0.6%
400,000 Tennessee Valley Authority,
6.375% due 06/15/2005 422,640
-----------
Government Agency -- Foreign -- 0.8%
500,000 British Columbia Hydro,
12.500% due 01/15/2014 521,280
-----------
Industrial -- 4.1%
500,000 American Greetings Corporation,
6.100% due 08/01/2028 512,295
600,000 Harris Corporation,
6.350% due 02/01/2028 649,668
500,000 Racers-Kellogg, Series 1998 144A,
5.750% due 02/02/2001 507,570
500,000 Thermo Electron Corporation, 144A,
4.250% due 01/01/2003 448,750
600,000 Wal-Mart Stores,
8.625% due 04/01/2001 643,170
-----------
2,761,453
-----------
Insurance -- 0.3%
187,018 Prudential Securities Secured Financing
Corporation,
6.105% due 11/15/2002 188,478
-----------
Supranational -- 0.5%
350,000 African Development Bank, Notes,
6.750% due 07/30/1999 353,091
-----------
Utility -- Electric -- 1.2%
500,000 National Rural Utilities,
6.125% due 05/15/2005 520,730
300,000 Puget Sound Energy, Inc.,
7.020% due 12/01/2027 312,207
-----------
832,937
-----------
TOTAL CORPORATE BONDS AND NOTES
(Cost $9,549,976) 9,714,166
-----------
U.S. GOVERNMENT AGENCY
OBLIGATIONS --4.1%
Federal Home Loan Mortgage Corporation
(FHLMC) -- 0.4%
FHLMC:
137,076 Pool #E62394, Gold,
7.500% due 09/01/2010 140,766
148,342 Pool #200021,
10.500% due 11/01/2000 156,399
-----------
297,165
-----------
Federal National Mortgage Association (FNMA)-- 3.4%
FNMA:
850,000 Series 1993-183 Class H,
6.500% due 03/25/2022 872,066
500,000 Pool #380137,
7.280% due 03/01/2008 555,000
282,823 Pool #303105,
11.000% due 11/01/2020 312,460
455,161 Pool #100081,
11.500% due 08/20/2016 512,343
-----------
2,251,869
-----------
Government National Mortgage Association (GNMA) -- 0.3%
188,244 GNMA, Pool #780584,
7.000% due 06/15/2027 192,709
-----------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $2,701,412) 2,741,743
-----------
U.S. TREASURY OBLIGATIONS -- 7.1%
U.S. Treasury Bonds -- 6.2%
$ 758,625 3.625% due 04/15/2028, TIPS 736,572
2,825,000 6.875% due 08/15/2025 3,430,708
-----------
4,167,280
-----------
U.S. Treasury Notes -- 0.9%
540,000 7.875% due 11/15/2004 625,374
-----------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $4,398,579) 4,792,654
-----------
REPURCHASE AGREEMENT -- 1.7%
(Cost $1,140,000)
$1,140,000 Agreement with State Street Bank
and Trust Company, 4.850% dated
12/31/98, to be repurchased at
$1,140,614 on 01/04/1999,
collateralized by $940,000 U.S.
Treasury Bond, 6.875%
maturing 08/15/2025
(value $1,165,307) 1,140,000
-----------
OTHER INVESTMENTS**
(Cost $7,090,037) 10.6% 7,090,037
---- -----------
TOTAL INVESTMENTS
(Cost $64,845,442*) 110.9% 74,324,542
OTHER ASSETS AND
LIABILITIES (Net) (10.9) (7,333,516)
---- -----------
NET ASSETS 100.0% 66,991,026
==== ===========
- ---------
* Aggregate cost for Federal tax purposes.
** As of December 31,1998, the market value of the securities
on loan is $6,992,467. Collateral received for securities loaned of
$7,090,037 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
currently in effect.
ABBREVIATIONS:
ADR -- American Depository Receipt
MTN -- Medium Term Note
TIPS -- Treasury Inflation Protection Security
See Notes to Financial Statements.
<PAGE>
Munder Growth & Income Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 84.5%
Aerospace -- 2.1%
46,000 United Technologies
Corporation $ 5,002,500
------------
Automobile Parts & Equipment -- 2.3%
97,000 Johnson Controls, Inc. 5,723,000
------------
Banking and Finance -- 10.1%
79,000 Federal National Mortgage
Association 5,846,000
110,800 National City Corporation 8,033,000
165,000 U.S. Bancorp 5,857,500
122,000 Wells Fargo & Company 4,872,375
------------
24,608,875
------------
Building Materials -- 2.3%
199,000 Masco Corporation 5,721,250
------------
Computer Software -- 1.8%
143,000 Dun & Bradstreet Corporation 4,513,437
------------
Drugs -- 3.6%
83,000 American Home Products
Corporation 4,673,938
28,300 Merck & Co., Inc. 4,179,556
------------
8,853,494
------------
Drugs & Health Care -- 3.6%
87,000 Abbott Laboratories 4,263,000
34,000 Bristol-Myers Squibb Company 4,549,625
------------
8,812,625
------------
Electrical Equipment -- 2.4%
57,000 General Electric Company 5,817,562
------------
Electrical Machinery -- 1.6%
81,000 Cooper Industries, Inc. 3,862,688
------------
Food and Beverages -- 10.8%
88,000 Anheuser-Busch Companies, Inc. 5,775,000
173,000 ConAgra, Inc. 5,449,500
67,000 General Mills, Inc. 5,209,250
160,000 Sara Lee Corporation 4,510,000
197,000 Sysco Corporation 5,405,187
------------
26,348,937
------------
Holding Companies -- Diversified -- 2.2%
69,300 Textron, Inc. 5,262,469
------------
Household Furnishings and Appliances -- 2.9%
114,000 Maytag Corporation 7,096,500
------------
Insurance -- 4.1%
68,000 Exel, Ltd., ADR 5,100,000
59,000 Lincoln National Corporation 4,826,937
------------
9,926,937
------------
Manufacturing Specialize -- 1.8%
98,074 Avery Dennison Corporation 4,419,460
------------
Office Equipment and Supplies -- 5.1%
76,000 Pitney Bowes, Inc. 5,020,750
63,000 Xerox Corporation 7,434,000
------------
12,454,750
------------
Oil and Petroleum -- 4.5%
36,108 British Petroleum Company
Plc, ADR 3,430,260
56,000 Exxon Corporation 4,095,000
41,000 Mobil Corporation 3,572,125
------------
11,097,385
------------
Printing and Publishing -- 4.6%
124,000 Donnelley (R.R.) & Sons
Company 5,432,750
56,000 McGraw-Hill, Inc. 5,705,000
------------
11,137,750
------------
Real Estate -- 1.8%
81,700 Health Care Property Investors,
Inc. 2,512,275
80,000 Prentiss Properties Trust 1,785,000
------------
4,297,275
------------
Telecommunications -- 2.6%
126,000 BellSouth Corporation 6,284,250
------------
Utilities -- Electric -- 8.6%
102,000 Carolina Power & Light Company 4,800,375
97,000 Consolidated Edison Company 5,128,875
116,300 New Century Energies, Inc. 5,669,625
116,000 Texas Utilities Company 5,415,750
------------
21,014,625
------------
Utilities -- Natural Gas -- 5.7%
170,862 El Paso Natural Gas Company 5,948,133
46,000 Enron Corporation 2,624,875
283,671 MCN Corporation Holding
Company 5,407,479
------------
13,980,487
------------
TOTAL COMMON STOCKS
(Cost $153,812,458) 206,236,256
------------
Principal
Amount
- ---------
CONVERTIBLE BONDS AND NOTES -- 2.7%
$2,450,000 Home Depot, Inc., Conv.
Sub. Note,
3.250% due 10/01/2001 6,437,375
------------
TOTAL CONVERTIBLE BONDS AND NOTES
(Cost $2,451,368) 6,437,375
------------
Shares
- ------
CONVERTIBLE PREFERRED STOCK -- 4.8%
66,000 AirTouch Communications, Inc.,
Series C
4.250% Conv. Pfd. 6,798,000
93,000 Wendy's Financial I
5.000%, Conv. Pfd. 4,836,000
------------
TOTAL CONVERTIBLE PREFERRED STOCK
(Cost $8,002,094) 11,634,000
------------
REPURCHASE AGREEMENT -- 6.4%
(Cost $15,597,000)
$15,597,000 Agreement with State Street Bank
and Trust Company, 4.850% dated
12/31/1998, to be repurchased at
$15,605,405 on 01/04/1999,
collateralized by $10,475,000
U.S. Treasury Note, 9.875%
maturing 11/15/2015
(value $15,911,054) 15,597,000
------------
OTHER INVESTMENTS**
(Cost $10,041,493) 4.1% 10,041,493
------------
TOTAL INVESTMENTS
(Cost $189,904,413*) 102.5% 249,946,124
OTHER ASSETS AND
LIABILITIES (Net) (2.5) (5,984,433)
---- ------------
NET ASSETS 100.0% $243,961,691
==== ============
- ---------
* Aggregate cost for Federal tax purposes is $189,904,413.
** As of December 31, 1998, the market value of the securities on loan is
$10,023,236. Collateral received for securities loaned of $10,041,493
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, December 31, 1998 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 98.5%
Advertising -- 0.2%
12,850 Interpublic Group of
Companies, Inc. $ 1,024,787
15,600 Omnicom Group, Inc. 904,800
------------
1,929,587
------------
Aerospace -- 0.9%
92,598 Boeing Company 3,021,010
11,700 General Dynamics Corporation 685,912
18,071 Lockheed Martin Corporation 1,531,517
6,300 Northrop Grumman
Corporation 460,688
21,000 United Technologies
Corporation 2,283,750
------------
7,982,877
------------
Airlines -- 0.3%
16,800 AMR Corporation+ 997,500
13,600 Delta Air Lines, Inc. 707,200
31,175 Southwest Airlines Company 699,489
8,100 US Airways Group, Inc.+ 421,200
------------
2,825,389
------------
Apparel -- 0.2%
6,600 Fruit Of The Loom, Inc.+ 91,163
6,000 Liz Claiborne, Inc. 189,375
26,500 NIKE, Inc., Class B 1,074,906
5,200 Reebok International Ltd.+ 77,350
11,200 V.F. Corporation 525,000
------------
1,957,794
------------
Automobiles -- 1.2%
112,200 Ford Motor Company 6,584,737
60,700 General Motors Corporation 4,343,844
6,280 Navistar International
Corporation+ 178,980
------------
11,107,561
------------
Automobile Parts & Equipment -- 0.3%
14,100 AutoZone, Inc.+ 464,419
3,900 Cummins Engine, Inc. 138,450
15,218 Dana Corporation 622,036
16,725 Genuine Parts Company 559,242
7,900 Johnson Controls, Inc. 466,100
5,900 Pep Boys-- Manny, Moe & Jack 92,556
11,000 TRW, Inc. 618,062
------------
2,960,865
------------
Banks -- 7.0%
70,500 Bank of New York, Inc. 2,837,625
108,605 Bank One Corporation 5,545,643
160,499 BankAmerica Corporation 9,650,002
27,300 BankBoston 1,062,994
8,877 Bankers Trust New York
Corporation 758,429
27,300 BB&T Corporation 1,100,531
78,468 Chase Manhattan Corporation 5,340,728
14,350 Comerica, Inc. 978,491
24,725 Fifth Third Bancorporation 1,763,202
91,834 First Union Corporation 5,584,655
21,300 Firstar Corporation 1,986,651
52,680 Fleet Financial Group, Inc. 2,354,137
19,530 Huntington Bancshares, Inc. 587,121
42,200 KeyCorp 1,350,400
69,752 MBNA Corporation 1,739,440
24,000 Mellon Bank Corporation 1,650,000
14,600 Mercantile Bancorporation, Inc. 673,425
16,300 Morgan (J.P.) & Company, Inc. 1,712,519
53,589 Morgan Stanley, Dean Witter,
Discover and Company 3,804,819
30,700 National City Corporation 2,225,750
10,300 Northern Trust Corporation 899,319
27,900 PNC Bank Corporation 1,510,087
9,900 Republic New York Corporation 451,069
14,900 State Street Corporation 1,036,481
16,000 Summit Bancorp. 699,000
19,300 SunTrust Banks. Inc. 1,476,450
24,800 Synovus Financial Corporation 604,500
67,179 U.S. Bancorp 2,384,854
12,600 Union Planters Corporation 570,938
19,035 Wachovia Corporation 1,664,373
54,964 Washington Mutual, Inc. 2,098,938
------------
66,102,571
------------
Broadcasting -- 0.7%
65,500 CBS Corporation 2,145,125
23,000 Clear Channel
Communications+ 1,253,500
56,300 MediaOne Group, Inc. 2,646,100
4,900 Meredith Corporation 185,587
------------
6,230,312
------------
Building Materials -- 1.2%
5,500 Centex Corporation 247,844
6,375 Crane Company 192,445
3,100 Fleetwood Enterprises 107,725
144,946 Home Depot, Inc. 8,868,883
3,700 Kaufman & Broad Home
Corporation 106,375
31,500 Masco Corporation 905,625
11,433 Pall Corporation 289,398
3,800 Pulte Corporation 105,688
------------
10,823,983
------------
Business Equipment and Supplies -- 2.3%
10,800 Avery Dennison Corporation 486,675
12,500 Ikon Office Solutions 107,031
86,500 International Business Machines
Corporation 15,980,875
25,300 Pitney Bowes, Inc. 1,671,381
30,400 Xerox Corporation 3,587,200
------------
21,833,162
------------
Business Services -- 0.4%
79,113 Cendant Corporation+ 1,508,092
7,400 Deluxe Corporation 270,563
14,840 IMS Health, Inc. 1,119,492
8,200 Moore Corporation Ltd. 90,200
15,100 Paychex, Inc. 776,706
------------
3,765,053
------------
Chemicals and Plastics -- 2.1%
21,500 Air Products & Chemicals, Inc. 860,000
20,650 Dow Chemical Company 1,877,859
104,400 dupont (E.I.) de Nemours &
Company 5,539,725
7,375 Eastman Chemical Company 330,031
11,900 Ecolab, Inc. 430,631
13,350 Engelhard Corporation 260,325
3,100 FMC Corporation+ 173,600
5,400 Great Lakes Chemical
Corporation 216,000
9,300 Hercules, Inc. 254,588
4,400 Kerr-McGee Corporation 168,300
6,700 Mallinckrodt Group, Inc. 206,444
37,200 Minnesota Mining &
Manufacturing Company 2,645,850
58,100 Monsanto Company 2,759,750
11,200 Morton International, Inc. 274,400
6,100 Nalco Chemical Company 189,100
14,600 Praxair, Inc. 514,650
7,700 Raychem Corporation 248,806
17,600 Rockwell International
Corporation 854,700
15,400 Rohm & Haas Company 463,925
9,312 Sigma-Aldrich Corporation 273,540
6,400 Union Camp Corporation 432,000
12,500 Union Carbide Corporation 531,250
6,800 W R Grace & Company+ 106,675
------------
19,612,149
------------
Coal -- 0.1%
20,200 CSX Corporation 838,300
2,100 Eastern Enterprises 91,875
7,200 Fluor Corporation 306,450
------------
1,236,625
------------
Communication Equipment -- 1.2%
15,200 Cabletron Systems, Inc.+ 127,300
89,500 GTE Corporation 5,817,500
7,200 Harris Corporation 263,700
55,600 Motorola, Inc. 3,395,075
15,400 National Semiconductor
Corporation+ 207,900
7,300 Scientific-Atlanta, Inc. 166,531
17,900 Tellabs, Inc.+ 1,227,269
------------
11,205,275
------------
Computer Hardware, Software or Services -- 10.5%
33,200 3COM Corporation+ 1,487,775
6,300 Adobe Systems, Inc. 294,525
13,300 Advanced Micro Devices, Inc.+ 384,869
32,500 America Online, Inc. 5,200,325
17,553 AMP, Inc. 913,853
12,400 Apple Computer, Inc.+ 507,625
4,200 Autodesk, Inc. 179,288
28,000 Automatic Data Processing, Inc. 2,245,250
20,000 BMC Software, Inc.+ 891,250
6,800 Ceridian Corporation+ 474,725
146,425 CISCO Systems, Inc.+ 13,590,070
157,623 Compaq Computer Corporation 6,610,315
49,875 Computer Associates
International, Inc. 2,125,922
14,600 Computer Sciences Corporation 940,787
12,900 Compuware Corporation+ 1,007,941
4,600 Data General Corporation+ 75,613
118,100 Dell Computer Corporation+ 8,643,444
45,700 Electronic Data Systems
Corporation 2,296,425
14,400 Gateway 2000, Inc.+ 737,100
96,200 Hewlett Packard Company 6,571,662
11,600 Honeywell, Inc. 873,625
231,200 Microsoft Corporation+ 32,064,550
32,600 Novell, Inc.+ 590,875
90,150 Oracle Systems Corporation+ 3,887,719
25,200 Parametric Technology
Corporation+ 409,500
21,600 Peoplesoft, Inc.+ 409,050
22,700 Seagate Technologies, Inc.+ 686,675
17,400 Silicon Graphics, Inc.+ 224,025
35,300 Sun Microsystems, Inc.+ 3,022,562
23,700 Unisys Corporation+ 816,169
------------
98,163,514
------------
Computer -- Semiconductors -- 2.7%
34,300 Applied Materials+ 1,464,181
46,500 EMC Corporation+ 3,952,500
154,600 Intel Corporation 18,329,763
13,000 LSI Logic Corporation+ 209,625
19,600 Micron Technology, Inc.+ 991,025
------------
24,947,094
------------
Consumer Non-Durables -- 3.7%
21,400 Corning, Inc. 963,000
303,800 General Electric Company 31,006,588
8,800 Grainger (W.W.), Inc. 366,300
32,700 Lowe's Companies, Inc. 1,673,831
15,000 Newell Company 618,750
------------
34,628,469
------------
Consumer Services -- 0.1%
9,300 Block (H & R), Inc. 418,500
23,700 Service Corporation
International 902,081
------------
1,320,581
------------
Consumer Staples -- 0.1%
22,400 Pioneer Hi-Bred International,
Inc. 604,800
------------
Containers -- 0.1%
2,800 Ball Corporation 128,100
11,500 Crown Cork & Seal Company,
Inc. 354,344
14,300 Owens-Illinois, Inc.+ 437,938
7,669 Sealed Air Corporation+ 391,598
------------
1,311,980
------------
Cosmetics -- Toiletry -- 0.1%
5,100 Alberto-Culver Company, Class B 136,106
24,400 Avon Products, Inc. 1,079,700
------------
1,215,806
------------
Diversified -- 1.7%
2,600 Aeroquip-Vickers, Inc. 77,838
51,900 Allied Signal Corporation 2,299,819
15,900 Fortune Brands, Inc. 502,838
10,600 Loews Corporation 1,041,450
31,200 Raytheon Company, Class B 1,661,400
15,100 Textron, Inc. 1,146,656
14,700 Thermo Electron Corporation+ 248,981
59,731 Tyco International Ltd. 4,505,957
59,400 Unilever NV 4,926,487
------------
16,411,426
------------
Electrical Equipment -- 0.4%
9,600 Cooper Industries, Inc. 457,800
3,600 Foster Wheeler Corporation 47,475
4,650 Tektronix, Inc. 139,791
36,200 Texas Instruments, Inc. 3,097,362
5,200 Thomas & Betts Corporation 225,225
------------
3,967,653
------------
Electronics -- 0.5%
6,600 Eaton Corporation 466,537
4,000 EG & G, Inc. 111,250
40,800 Emerson Electric Company 2,468,400
8,100 KLA-Tencor Corporation+ 351,338
11,100 Solectron Corporation+ 1,031,606
9,200 Tandy Corporation 378,925
------------
4,808,056
------------
Energy and Resources -- 0.1%
16,365 Burlington Resources, Inc. 586,071
22,178 Sempra Energy 562,767
------------
1,148,838
------------
Entertainment -- 1.6%
8,900 Brunswick Corporation 220,275
189,908 Disney (Walt) Company 5,697,240
6,500 Harcourt General Corporation 345,719
11,900 Hasbro, Inc. 429,888
6,700 King World Productions, Inc.+ 197,231
26,711 Mattel, Inc. 609,345
113,800 Time Warner, Inc. 7,062,712
------------
14,562,410
------------
Financial Services -- 5.1%
41,900 American Express Company 4,284,275
23,328 American General Corporation 1,819,584
66,950 Associates First Capital
Corporation 2,837,006
5,900 Capital One Financial
Corporation 678,500
210,612 Citigroup, Inc. 10,425,294
10,200 Countrywide Credit Industries 511,912
8,600 Dow Jones & Company, Inc. 413,875
13,600 Equifax, Inc. 464,950
96,100 Fannie Mae 7,111,400
62,900 Federal Home Loan Mortgage
Corporation 4,053,119
40,992 First Data Corporation 1,298,934
44,806 Household International, Inc. 1,775,438
10,700 Lehman Brothers Holdings, Inc. 471,469
32,900 Merrill Lynch & Company, Inc. 2,196,075
20,500 Regions Financial Corporation 826,406
37,150 Schwab (Charles) Corporation 2,087,366
15,300 SLM Holding Corporation 734,400
5,200 Temple-Inland, Inc. 308,425
149,960 Wells Fargo & Company 5,989,027
------------
48,287,455
------------
Food and Beverages -- 5.9%
22,800 Albertson's, Inc. 1,452,075
44,300 Anheuser-Busch Companies, Inc. 2,907,187
26,500 Bestfoods 1,411,125
41,500 Campbell Soup Company 2,282,500
228,600 Coca-Cola Company 15,287,625
36,700 Coca-Cola Enterprises, Inc. 1,312,025
45,350 ConAgra, Inc. 1,428,525
3,400 Coors (Adolph) Company, Class B 191,888
33,600 Heinz (H.J.) Company 1,902,600
13,200 Hershey Foods Corporation 820,875
37,600 Kellogg Company 1,283,100
136,000 PepsiCo, Inc. 5,567,500
225,700 Philip Morris Cos. Inc. 12,074,950
12,600 Quaker Oats Company 749,700
28,900 Ralston-Purina Company 935,637
84,400 Sara Lee Corporation 2,379,025
36,500 Seagram Company Ltd. 1,387,000
17,100 UST, Inc. 596,363
10,800 Wrigley (Wm) Jr. Company 967,275
------------
54,936,975
------------
Food Distribution -- 0.6%
55,004 Archer-Daniels-Midland
Company 945,381
14,200 General Mills, Inc. 1,104,050
3,300 Great Atlantic & Pacific Tea
Company, Inc. 97,763
23,600 Kroger Company+ 1,427,800
11,200 Supervalu, Inc. 313,600
31,000 Sysco Corporation 850,562
13,700 Winn Dixie Stores, Inc. 614,788
------------
5,353,944
------------
Glass Products -- 0.1%
5,000 Owens Corning Fiberglass
Corporation 177,188
16,300 PPG Industries, Inc. 949,475
------------
1,126,663
------------
Health Care Facilities -- 0.3%
59,877 Columbia/HCA Healthcare
Corporation 1,481,956
10,250 HCR Manor Care, Inc.+ 301,094
15,400 Humana, Inc.+ 274,312
28,700 Tenet Healthcare Corporation+ 753,375
------------
2,810,737
------------
Health Care Products -- 4.3%
140,700 Abbott Laboratories 6,894,300
6,000 Allergan, Inc. 388,500
5,200 Bausch & Lomb, Inc. 312,000
22,900 Becton, Dickinson & Company 977,544
110,400 Merck & Co., Inc. 16,304,700
120,300 Pfizer, Inc. 15,090,131
------------
39,967,175
------------
Holding Companies -- 0.2%
12,900 Providian, LLC 967,500
21,400 Public Service Enterprise 856,000
------------
1,823,500
------------
Home Appliances -- 0.3%
8,500 Black & Decker Corporation 476,531
23,000 Illinois Tool Works, Inc. 1,334,000
8,400 Maytag Corporation 522,900
5,450 Snap-On, Inc. 189,728
8,200 Stanley Works 227,550
7,000 Whirlpool Corporation 387,625
------------
3,138,334
------------
Home Furnishings and Housewares -- 0.8%
122,200 American Home Products
Corporation 6,881,387
3,600 Armstrong World 217,125
13,800 Rubbermaid, Inc. 433,837
1,800 Springs Industries, Inc. 74,588
5,400 Tupperware Corporation 88,763
------------
7,695,700
------------
Hotels and Restaurants -- 0.8%
12,700 Darden Restaurants, Inc. 228,600
9,400 Harrah's Entertainment
Corporation+ 147,463
24,200 Hilton Hotels Corporation 462,825
23,200 Marriott International, Inc. 672,800
62,700 McDonald's Corporation 4,804,387
16,600 Mirage Resorts, Inc.+ 247,963
14,040 Tricon Global Restaurants, Inc.+ 703,755
11,700 Wendy's International, Inc. 255,206
------------
7,522,999
------------
Insurance -- 3.2%
13,314 Aetna Life & Casualty Company 1,046,813
76,120 Allstate Corporation 2,940,135
97,371 American International
Group, Inc. 9,408,473
15,550 AON Corporation 861,081
15,300 Chubb Corporation 992,588
19,100 CIGNA Corporation 1,476,669
15,400 Cincinnati Financial Corporation 564,025
29,198 Conseco, Inc. 892,364
21,500 Hartford Financial Services
Group, Inc. 1,179,812
9,750 Jefferson-Pilot Corporation 731,250
9,300 Lincoln National Corporation 760,856
23,900 Marsh & McLennan Companies,
Inc. 1,396,656
9,100 MBIA, Inc. 596,619
10,300 MGIC Investment Corporation 410,069
6,700 Progressive Corporation 1,134,812
12,500 Provident Cos. Inc. 518,750
13,000 SAFECO Corporation 558,188
21,758 St. Paul Companies, Inc. 756,091
20,100 SunAmerica, Inc. 1,630,612
12,900 Torchmark, Inc. 455,531
5,800 Transamerica Corporation 669,900
17,300 United Healthcare Corporation 744,981
12,700 UNUM Corporation 741,363
------------
30,467,638
------------
Investment Companies -- 0.1%
10,500 Bear Stearns Companies, Inc. 392,438
23,300 Franklin Resources, Inc. 745,600
------------
1,138,038
------------
Machinery and Heavy Equipment -- 0.4%
33,300 Caterpillar, Inc. 1,531,800
22,100 Deere & Company 732,062
20,600 Dover Corporation 754,475
15,250 Ingersoll-Rand Company 715,797
9,950 Parker-Hannifin Corporation 325,863
------------
4,059,997
------------
Manufacturing -- 0.6%
20,950 Alcan Aluminum Ltd. 566,959
17,078 Aluminum Company of America 1,273,379
36,400 Boston Scientific Corporation+ 975,975
2,200 Briggs & Stratton Corporation 109,725
6,300 Brown-Forman Corporation,
Class B 476,831
6,900 Case Corporation 150,506
12,400 Danaher Corporation 673,475
3,500 Milacron, Inc. 67,375
7,040 PACCAR, Inc. 289,520
6,400 Reynolds Metals Company 337,200
15,900 Sherwin-Williams Company 467,063
------------
5,388,008
------------
Medical Instruments, Services,
and Supplies -- 2.3%
5,200 Bard (C.R.), Inc. 257,400
26,500 Baxter International, Inc. 1,704,281
10,400 Biomet, Inc. 418,600
18,600 Cardinal Health, Inc. 1,411,275
13,900 Guidant Corporation 1,532,475
43,100 HBO & Company 1,236,431
39,189 HEALTHSOUTH Corporation+ 604,980
124,700 Johnson & Johnson Company 10,459,213
45,500 Medtronic, Inc. 3,378,375
2,400 Shared Medical Systems
Corporation 119,700
7,750 St. Jude Medical, Inc.+ 214,578
------------
21,337,308
------------
Metals and Mining -- 0.3%
18,127 Allegheny Teldyne, Inc. 370,471
3,600 ASARCO, Inc. 54,225
34,600 Barrick Gold Corporation 674,700
21,200 Battle Mountain Gold Company 87,450
8,600 Cyprus Amax Minerals Company 86,000
15,300 Freeport McMoRan Copper &
Gold, Class B 159,694
22,200 Homestake Mining Company 203,962
15,300 Inco Ltd. 161,606
900 NACCO Industries Inc., Class A 82,800
15,455 Newmont Mining Corporation 279,156
5,400 Phelps Dodge Corporation 274,725
23,000 Placer Dome, Inc. 264,500
------------
2,699,289
------------
Natural Gas -- 0.3%
7,700 Columbia Gas System, Inc. 444,675
8,900 Consolidated Natural Gas
Company 480,600
30,665 Enron Corporation 1,749,822
4,200 NICOR, Inc. 177,450
2,700 ONOEK, Inc. 97,538
10,200 Sonat, Inc. 276,037
------------
3,226,122
------------
News and Publishing -- 0.7%
26,100 Gannett Company, Inc. 1,683,450
50,194 Kimberly-Clark Corporation 2,735,573
7,300 Knight-Ridder, Inc. 373,212
16,900 New York Times Company, Class A 586,219
7,400 Times Mirror Company (New),
Class A 414,400
11,000 Tribune Company 726,000
------------
6,518,854
------------
Oil -- 5.4%
8,400 Amerada Hess Corporation 417,900
8,900 Apache Corporation 225,281
7,000 Ashland, Inc. 338,625
29,800 Atlantic Richfield Company 1,944,450
30,320 Baker Hughes, Inc. 536,285
60,500 Chevron Corporation 5,017,719
19,600 Coastal Corporation 684,775
225,400 Exxon Corporation 16,482,375
40,800 Halliburton Company 1,208,700
10,100 Louisiana Land & Exploration
Company 184,956
5,400 McDermott International, Inc. 133,313
72,300 Mobil Corporation 6,299,137
32,300 Occidental Petroleum Corporation 545,063
9,800 Oryx Energy Company+ 131,688
23,800 Phillips Petroleum Company 1,014,475
198,800 Royal Dutch Petroleum Company 9,517,550
8,700 Sunoco, Inc. 313,744
15,600 Tenneco, Inc. 531,375
49,600 Texaco, Inc. 2,622,600
22,800 Union Pacific Corporation 1,027,425
23,255 Union Pacific Resources Group 210,748
22,200 Unocal Corporation 647,962
28,500 USX-Marathon Group 858,562
------------
50,894,708
------------
Oil Equipment and Services -- 0.3%
4,700 Helmerich & Payne, Inc. 91,062
50,630 Schlumberger Ltd. 2,335,309
------------
2,426,371
------------
Paper and Forest Products -- 0.5%
4,900 Bemis Company, Inc. 185,894
5,200 Boise Cascade Corporation 161,200
8,700 Champion International
Corporation 352,350
20,325 Fort James Corporation 813,000
8,600 Georgia-Pacific Corporation 503,637
4,300 Harnischfeger Industries, Inc. 43,806
28,519 International Paper Company 1,278,008
9,600 Mead Corporation 281,400
2,700 Potlatch Corporation 99,563
18,350 Weyerhaeuser Company 932,409
10,300 Willamette Industries, Inc. 345,050
------------
4,996,317
------------
Personal Items -- 2.7%
27,100 Colgate-Palmolive Company 2,516,913
102,820 Gillette Company 4,967,491
9,900 International Flavors &
Fragrances, Inc. 437,456
3,400 Jostens, Inc. 89,038
123,000 Procter & Gamble Company 11,231,437
76,200 Warner-Lambert Company 5,729,287
------------
24,971,622
------------
Petroleum Refining -- 0.2%
11,100 Anadarko Petroleum
Corporation 342,712
7,800 Rowan Companies+ 78,000
39,700 Williams Companies, Inc. 1,238,144
------------
1,658,856
------------
Pharmaceuticals -- 3.4%
8,100 ALZA Corporation 423,225
92,120 Bristol-Myers Squibb Company 12,326,807
102,000 Lilly (Eli) & Company 9,065,250
47,120 Pharmacia & Upjohn, Inc. 2,668,170
136,300 Schering-Plough Corporation 7,530,575
------------
32,014,027
------------
Photographic Equipment and Supplies -- 0.2%
30,000 Eastman Kodak Company 2,160,000
3,950 Polaroid Corporation 73,816
------------
2,233,816
------------
Printing and Publishing -- 0.3%
6,500 American Greetings Corporation,
Class A 266,906
12,600 Donnelley (R.R.) & Sons Company 552,038
15,740 Dun & Bradstreet Corporation 496,794
9,200 McGraw-Hill, Inc. 937,250
9,150 Westvaco Corporation 245,334
------------
2,498,322
------------
Railroads -- 0.1%
35,200 Norfolk Southern Corporation 1,115,400
------------
Recreation -- 0.3%
55,200 Carnival Corporation, Class A 2,649,600
------------
Research and Development -- 0.3%
23,400 Amgen, Inc.+ 2,446,762
------------
Retail -- Store -- 4.9%
25,500 American Stores Company 941,906
9,200 Circuit City Stores-- Circuit City
Group 459,425
10,080 Consolidated Stores Corporation+ 203,490
19,917 Costco Companies, Inc.+ 1,437,758
36,182 CVS Corporation 1,990,010
40,800 Dayton Hudson Corporation 2,213,400
10,200 Dillard's, Inc. 289,425
17,000 Dollar General Corporation 401,625
19,400 Federated Department Stores+ 845,113
53,925 Gap, Inc. 3,033,281
45,700 K-mart Corporation+ 699,781
14,600 Kohls Corporation+ 896,988
20,964 Limited, Inc. 610,577
3,400 Long's Drug Stores Company 127,500
21,700 May Department Stores Company 1,310,137
14,200 Meyer Fred, Inc.+ 855,550
13,600 Nordstrom, Inc. 471,750
23,300 Penney (J.C.) Company, Inc. 1,092,188
23,800 Rite Aid Corporation 1,179,587
3,200 Russell Corporation 65,000
45,100 Safeway, Inc.+ 2,748,281
35,900 Sears, Roebuck & Company 1,525,750
28,900 Staples, Inc.+ 1,262,569
29,900 TJX Companies, Inc. 867,100
24,250 Toys R Us, Inc.+ 409,219
208,900 Wal-Mart Stores, Inc. 17,012,294
46,200 Walgreen Company 2,705,587
------------
45,655,291
------------
Savings and Loan Associations -- 0.1%
5,300 Golden West Financial
Corporation 485,944
------------
Soaps and Detergents -- 0.1%
9,600 Clorox Company 1,121,400
------------
Steel -- 0.1%
11,900 Bethlehem Steel Corporation+ 99,663
7,900 Nucor Corporation 341,675
5,700 Timken Company 107,588
8,140 USX-U.S. Steel Group, Inc. 187,220
8,725 Worthington Industries, Inc. 109,062
------------
845,208
------------
Technology -- 0.8%
102,300 Ameritech Corporation 6,483,262
9,600 ITT Industries 381,600
4,000 Millipore Corporation 113,750
4,600 Perkin-Elmer Corporation 448,788
------------
7,427,400
------------
Telecommunications -- 9.7%
53,000 AirTouch Communications, Inc. 3,822,625
25,466 ALLTEL Corporation 1,523,185
7,737 Andrew Corporation+ 127,661
20,150 Ascend Communications, Inc.+ 1,324,863
167,506 AT&T Corporation 12,604,826
143,962 Bell Atlantic Corporation 7,629,986
181,400 BellSouth Corporation 9,047,325
34,200 Comcast Corporation Special,
Class A (non-voting) 2,007,113
15,800 Frontier Corporation 537,200
15,500 General Instrument Corporation+ 526,031
121,874 Lucent Technologies, Inc. 13,406,140
170,007 MCI Worldcom, Inc.+ 12,198,002
26,700 NEXTEL Communications, Inc.+ 630,788
60,500 Northern Telecommunications
Ltd. 3,032,562
181,400 SBC Communications 9,727,575
39,900 Sprint Corporation 3,356,587
38,550 Sprint PCS+ 891,469
49,886 Tele-Communications Inc.,
Class A+ 2,759,319
46,558 US West, Inc. 3,008,811
32,400 Viacom Inc., Class B+ 2,397,600
------------
90,559,668
------------
Tire and Rubber -- 0.1%
7,000 Cooper Tire & Rubber
Company 143,063
6,900 Goodrich (B.F.) Company 247,537
14,500 Goodyear Tire & Rubber
Company 731,344
------------
1,121,944
------------
Tobacco -- 0.1%
30,100 RJR Nabisco Holdings
Corporation 893,594
------------
Transportation -- 0.3%
43,489 Burlington Northern Santa Fe 1,467,754
13,580 FDX Corporation+ 1,208,620
6,700 Ryder System, Inc. 174,200
------------
2,850,574
------------
Utilities -- 2.3%
16,700 AES Corporation+ 791,163
12,600 Ameren Corporation 537,863
17,600 American Electric Power Company,
Inc. 828,300
13,750 Baltimore Gas & Electric Company 424,531
13,900 Carolina Power & Light Company 654,169
19,600 Central & Southwest Corporation 537,775
14,634 Cinergy Corporation 503,044
21,600 Consolidated Edison Company 1,142,100
18,100 Dominion Resources, Inc. 846,175
13,400 DTE Energy Company 574,525
33,570 Duke Energy Company 2,150,578
32,700 Edison International 911,512
22,700 Entergy Corporation 706,537
21,827 FirstEnergy Corporation 710,742
16,700 FPL Group, Inc. 1,029,137
11,800 GPU, Inc. 521,413
26,795 Houston Industries, Inc. 860,789
3,800 National Service Industries, Inc. 144,400
10,600 New Century Energies, Inc. 516,750
17,300 Niagara Mohawk Power
Corporation+ 278,963
14,000 Northern States Power Company 388,500
27,600 PacifiCorp 581,325
20,800 PECO Energy Company 865,800
3,300 People's Energy Corporation 131,588
35,500 PG & E Corporation 1,118,250
13,800 PP & L Resources, Inc. 384,675
64,600 Southern Company 1,877,437
26,215 Texas Utilities Company 1,223,913
20,000 Unicom Corporation 771,250
------------
22,013,204
------------
Waste Management -- 0.3%
16,100 Browning-Ferris Industries, Inc. 457,844
30,600 Laidlaw Inc., Class B (non-voting) 307,912
53,253 Waste Management, Inc. 2,482,921
------------
3,248,677
------------
TOTAL COMMON STOCKS
(Cost $603,280,305) 924,291,271
------------
U.S. TREASURY BILLS -- 0.3%
(Cost $2,979,126)
3,000,000 1.83%++ due 03/04/1999** 2,979,127
------------
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 1.7%
(Cost $15,765,000)
$15,765,000 Agreement with State Street
Bank and Trust Company,
4.850% dated 12/31/1998,
to be repurchased at
$15,773,496 on 01/04/1999,
collateralized by $13,155,000
U.S. Treasury Bond, 7.250%
maturing 05/15/2016
(value $16,081,909) 15,765,000
------------
TOTAL INVESTMENTS
(Cost $622,024,431*) 100.5% 943,035,398
OTHER ASSETS AND
LIABILITIES (Net) (0.5) (4,554,428)
---- ------------
NET ASSETS 100.0% $938,480,970
==== ============
* Aggregate cost for Federal tax purposes.
** Securities pledged as collateral for futures contracts.
+ Non-income producing security.
++ Rate represents annualized yield at date of purchase.
Number of Unrealized
Contracts Appreciation
- ------- ------------
FUTURES CONTRACTS -- LONG POSITION
55 S&P 500 Index March 1999 $656,123
========
See Notes to Financial Statements.
<PAGE>
Munder International Equity Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 98.0%
Argentina -- 0.6%
1,100 Alpargatas S.A.I.C., ADR+ $ 1,398
400 APCO Argentina Inc., ADR 7,900
2,681 Banco de Galicia Bueno, ADR 47,253
1,656 Banco Frances del Rio de la Plata,
SA, ADR 34,362
3,000 Banco Rio de La Plata SA 39,000
1,800 Buenos Aires Embotelladora SA,
ADR+ 2,475
10,100 Corporacion Mapfre, ADR 75,615
509 IRSA Inversiones Y
Representaciones SA, GDR 14,154
2,220 Metrogas SA, ADR 18,315
13,865 Perez Companc SA, ADR 117,404
4,000 Quilmes Industrial SA, ADR 37,250
7,100 Telecom Argentina SA, ADR 195,250
8,500 Telefonica de Argentina, ADR 237,469
2,800 Transportadora de Gas del Sur
SA, ADR 28,350
14,600 Y.P.F. Sociedad Anonima, ADR 407,887
------------
1,264,082
------------
Australia -- 2.6%
6,450 Amcor Ltd. 108,037
2,100 Ashton Mining Ltd., ADR 5,276
9,850 Australia & New Zealand Bank,
ADR 320,125
7,100 Australian National Industries,
ADR 20,013
5,200 Boral Ltd., ADR 60,450
35,640 Broken Hill Proprietary Ltd., ADR 512,325
2,800 Burns, Philip & Company Ltd.,
ADR+ 1,338
7,000 Coca-Cola Amatil Ltd., ADR 52,160
5,500 Coles Myer Ltd., ADR 228,594
900 Cortecs International Ltd., ADR+ 759
8,500 CSR Ltd., ADR 83,130
5,000 E-mail Partners Ltd., ADR 14,284
500 FAI Insurances Ltd., ADR 4,188
1,200 FH Faulding & Company, ADR 22,648
10,900 Goodman Fielder Ltd., ADR 44,084
9,050 Great Central Mines Ltd., ADR 19,231
6,900 James Hardie Industries, ADR 28,194
4,700 Kidston Gold Mines Ltd.,
ADR+ 2,880
800 Lihir Gold Ltd., ADR+ 17,700
46,700 M.I.M. Holdings Ltd., ADR 41,208
2,400 Mayne Nickless Ltd., ADR 44,488
11,400 National Australia Bank Ltd.,
ADR 848,587
26,300 News Corporation Ltd., ADR 695,306
6,139 Normandy Mining Ltd. 56,804
4,900 North Ltd., ADR 39,935
1,300 Orbital Engineering Ltd., ADR+ 3,738
9,600 Pacific Dunlop Olympic Ltd.,
ADR 58,800
1,700 Petsec Energy Ltd., ADR+ 2,869
32,100 Pioneer International Ltd., ADR 67,863
5,370 Rio Tinto Ltd., ADR 254,762
5,100 Santos Ltd., ADR 54,825
700 Simsmetal Ltd., ADR 8,401
600 Sons of Gwalia, ADR 8,530
4,300 Southcorp Holdings Ltd., ADR 68,575
8,000 St. George Bank Ltd., ADR 50,542
8,900 Telstra Corporation Ltd.+ 832,245
13,500 Westpac Banking Ltd., ADR 450,562
10,100 WMC Ltd., ADR 121,200
27,700 Woodside Petroleum Ltd. 123,911
------------
5,378,567
------------
Austria -- 0.2%
7,800 Bank Austria Aktiengeselschaft,
ADR 79,301
2,240 EVN-Energie Versorgung
Niederoesterreich AG, ADR 63,429
9,800 OMV AG, ADR 184,724
1,000 Wolford AG, ADR 11,702
------------
339,156
------------
Belgium -- 0.2%
8,450 Petrofina SA, ADR 384,980
1,200 Xeikon N.V., ADR+ 28,200
------------
413,180
------------
Bermuda -- 0.2%
3,900 Exel, Ltd., ADR 292,500
400 Frontline Ltd., ADR+ 1,994
600 LaSalle Re Holdings Ltd., ADR 13,050
2,000 Partner Re Ltd., ADR 91,500
------------
399,044
------------
Brazil -- 0.6%
5,425 Aracruz Celulose SA, ADR 43,400
5,996 Cemig-Companhia Energetica
de Minas, ADR 114,134
1,100 Centrais Eletricas Brasileiras SA,
ADR 9,468
3,410 Centrais Geradoras do Suldo
Brasil SA, ADR+ 20,460
5,000 Companhia Cervejaria Brahma,
ADR 42,500
2,700 Companhia Siderurgica Nacional,
ADR 60,750
1,800 Continental AG, ADR 49,682
1,300 Copene Petroquimica, ADR 7,423
11,200 Embratel Participacoes SA, ADR+ 156,100
2,600 Panamerican Beverages Inc., ADR,
Class A 56,712
1,120 Tele Celular Sul Participacoes SA 19,530
3,733 Tele Centro Oeste Celular
Participacoes SA, ADR+ 10,966
2,240 Tele Centro Sul Participacoes SA,
ADR+ 93,660
224 Tele Leste Celular Participacoes SA,
ADR 6,356
560 Tele Nordeste Celular Participacoes
SA, ADR 10,360
224 Tele Norte Celular Participacoes SA,
ADR 5,054
11,200 Tele Norte Leste Participacoes SA,
ADR+ 139,300
2,240 Tele Sudeste Celular Participacoes SA,
ADR 46,340
11,200 Telecomunicacoes Brasileiras SA 1,225
560 Telemig Celular Participacoes SA,
ADR+ 11,900
4,480 Telesp Celular Participacoes SA,
ADR+ 78,400
11,200 Telesp Participacoes SA, ADR 247,800
------------
1,231,520
------------
Canada -- 2.7%
4,200 Aber Resources Ltd.+ 1,444
3,200 Abitibi-Consolidated Inc., ADR 29,800
1,400 Agnico Eagle Mines Ltd., ADR 5,775
2,950 Alberta Energy Company Ltd.,
ADR 63,425
500 Alliance Atlantis Communications
Corp. Class B+ 5,006
9,550 Bank of Montreal, ADR 383,194
23,000 BCE Inc., ADR 872,562
2,600 BCE Mobile Communications,
Inc+ 70,037
800 Bell Canada International, Inc.+ 9,000
3,700 BioChem Pharmaceuticals, Inc. 105,912
1,200 Biomira Inc., ADR+ 3,713
1,000 Biovail Corporation
International, ADR+ 37,813
948 Bowater Canada, Inc. 39,074
4,600 Campbell Resource Inc., ADR+ 1,150
15,900 Canadian Imperial Bank of
Commerce 392,531
1,000 Canadian Marconi Company, ADR 12,000
5,100 Canadian Occidental Petroleum,
ADR 53,231
12,700 Canadian Pacific Ltd., ADR 239,712
1,600 Celestica, Inc.+ 39,500
600 Chieftain International, Inc., ADR+ 8,625
1,100 Clearnet Communications Inc.,
ADR+ 8,938
93 CliniChem Development, Inc.+ 448
9,000 Cognos, Inc., ADR+ 225,810
3,300 Cominco, ADR 37,950
2,000 Corel, ADR+ 8,000
2,300 Cott Corporation, ADR 8,122
400 Decoma International, Inc 3,350
4,800 Domatar, Inc., ADR 28,200
800 Dorel Industries, Inc.+ 12,900
548 Dreco Energy Services Ltd.+ 6,095
10,250 EdperBrascan Corporation,
Class A 142,859
2,200 Enbridge, Inc. 101,062
4,000 Encal Energy Ltd.+ 13,750
600 Fahnestock Viner Holdings, Inc.,
ADR 10,500
1,000 Four Seasons Hotels, Inc., ADR 29,250
2,500 Goldcorp Inc., Class A, ADR+ 14,375
9,106 Gulf Canada Resources, ADR 26,749
2,300 Hollinger, Inc., ADR 17,590
6,900 Imperial Oil Ltd., ADR 110,831
800 Intertape Polymer Group Inc.,
ADR 20,400
1,400 Intrawest Corporation 23,625
1,650 Ipsco, Inc., ADR 28,669
300 Jetform Corporation, ADR+ 3,863
8,315 Laidlaw, Inc., Class B 83,670
1,600 Loewen Group Inc., ADR 13,500
4,700 Macmillan Bloedel Ltd., ADR 47,000
2,200 Magna International, Class A,
ADR 136,400
5,600 Methanex Corporation, ADR+ 28,350
1,300 Microcell Telecommunications,
Inc.+ 7,719
4,000 Mitel Corporation, ADR+ 29,250
6,200 Newbridge Network, ADR+ 188,325
2,400 Newcourt Credit Group, Inc. 83,850
3,250 NOVA Corporation 42,453
3,400 Numac Energy Inc., ADR+ 7,650
1,400 Philip Services Corporation+ 412
1,700 Potash Corporation of
Saskatchewan, ADR 108,587
2,600 Quebecor Inc., Class A, ADR 55,793
1,300 Rigel Energy Corporation, ADR+ 8,505
1,900 Rio Algom Ltd., ADR 20,544
3,400 Rogers Cantel Mobil
Communications, Class B, ADR+ 41,437
11,400 Royal Bank of Canada 568,575
2,500 Royal Group Technologies Ltd.+ 55,781
4,300 Royal Oak Mines, ADR+ 1,075
2,000 Suncor Energy, Inc. 59,750
3,200 Supersol Ltd. 39,200
270 Talisman Energy, Inc+ 4,725
4,200 Teleglobe, Inc. 151,200
2,800 Telesystem International
Wireless, Inc.+ 34,650
16,252 Transcanada Pipelines Ltd., ADR 239,717
17,100 Trilon Financial Corporation 123,062
3,900 Trizec Hahn Corporation, ADR 79,950
6,500 TVX Gold, Inc.+ 11,482
3,400 West Coast Energy, Inc., ADR 67,575
------------
5,597,027
------------
Chile -- 0.3%
600 AFP Provida, ADR 8,063
900 Banco BHIF, ADR 6,975
900 Banco de Edwards, ADR 9,900
400 Banco Santander Chile, ADR 5,850
3,200 Banco Santiago SA, ADR 47,600
1,900 Compania Cervecerias Unidas
SA, ADR 36,575
7,075 Compania de Telecomunicaciones
de Chile SA, ADR 146,364
800 Cristalerias de Chile, ADR 10,500
2,500 Distribucion y Servicio D&S SA 28,750
2,200 Embotelladora Andina SA, ADR 31,900
7,500 Empresa Nacional Electricidad SA,
ADR 85,312
2,100 Empresa Telex Chile, ADR+ 1,838
4,400 Enersis SA, ADR 113,575
2,200 Gener SA, ADR 35,200
700 Laboratorio Chile SA, ADR 10,063
2,400 Linea Aerea Nacional Chile SA,
ADR+ 11,400
1,200 Madeco, ADR 10,050
1,000 Maderas Y Sintelicos Sociedad
(Masisa), ADR 6,375
700 Quimica Minera Chile SA, ADR 23,581
3,500 Quinenco SA, ADR 28,000
600 Santa Isabel SA, ADR 3,975
900 Supermercados Unimarc SA, ADR 3,769
500 Vina Concha Y Toro SA, ADR 12,937
------------
678,552
------------
China\Hong Kong -- 3.5%
18,500 Amoy Properties Ltd., ADR 68,650
2,300 Amway Asia Pacific Ltd., ADR 21,275
1,900 APT Satellite Holdings Ltd., ADR+ 7,719
7,200 Asia Pulp & Paper Company Ltd.,
ADR 58,950
600 Asia SatelliteTelecommunications
Holdings Ltd., ADR 10,500
47,848 Bank East Asia Ltd., ADR 83,374
750 Beijing Yanhua Petrochemical
Company, Ltd., ADR 3,000
3,200 C.P. Pokphand, ADR 1,621
10,300 Cathay Pacific Airways, ADR 51,184
6,800 CDL Hotels International
Ltd., ADR 17,466
19,900 Champion Technology
Holdings, ADR 1,644
700 China Eastern Airlines Corporation
Ltd., ADR+ 4,375
900 China Southern Airlines
Company Ltd., ADR+ 4,106
24,100 China Telecom (Hong Kong)
Ltd.+ 837,475
5,800 Dairy Farm International Ltd.,
ADR 33,350
500 DSG International Ltd., ADR+ 1,563
483 Egana International Holdings Ltd. 3,369
17,000 First Pacific Company Ltd., ADR 40,593
3,700 Glorious Sun Enterprises Ltd. 6,590
1,300 Gold Peak Industries Ltd., ADR 3,650
3,000 Guangshen Railway Company
Ltd., ADR 18,000
8,750 Hang Lung Development, ADR 46,869
27,300 Hang Seng Bank Ltd., ADR 244,014
59,100 Henderson Land Development
Company Ltd., ADR 305,890
82,098 Hong Kong and China Gas Ltd.,
ADR 104,376
74,800 Hong Kong Electric Holdings
Ltd., ADR 226,883
13,400 Hong Kong Land Holdings, ADR 79,060
17,432 Hong Kong Telecommunications
Ltd., ADR 306,149
32,200 Hopewell Holdings Ltd., ADR 17,560
10,800 HSBC Holdings Plc, ADR 2,960,625
4,700 Huaneng Power International,
ADR+ 68,150
18,600 Hysan Development Ltd., ADR 55,457
17,200 Jardine Matheson & Company
Ltd., ADR 43,430
5,800 Jardine Strategic Holding, ADR 16,820
2,400 Johnson Electric Holdings, ADR 61,645
34,200 New World Development
Company Ltd., ADR 172,156
500 Peak International Ltd.+ 4,188
6,800 Pearl Oriental Holdings 6,495
2,200 Shandong Huaneng, ADR 10,038
3,970 Shanghai Chlor-Alkali Chemical
Company, ADR 2,700
1,600 Shanghai Erfangji Co., Ltd., ADR+ 896
2,600 Shanghai Petrochemicals Ltd., ADR 22,100
3,190 Shanghai Tire & Rubber Company
Ltd., ADR 3,190
5,500 Shuntak Holdings Ltd., ADR 10,364
1,800 Singer Company, ADR 7,088
11,150 South China Morning Post, ADR 28,603
88,400 Sun Hung Kai Properties Ltd.,
ADR 644,664
61,500 Swire Pacific Ltd., ADR 287,831
7,700 Television Broadcasts Ltd. 39,754
800 VTech Holdings Ltd., ADR 34,901
10,500 Wharf Holdings Ltd., ADR+ 76,572
1,800 Yanzhou Coal Mining Company
Ltd., ADR 13,612
------------
7,180,534
------------
Colombia -- 0.0% #
1,100 Banco Ganadero SA, ADR 22,206
1,300 Banco Industrial Colombiano,
ADR 6,094
------------
28,300
------------
Denmark -- 0.5%
6,200 Novo Nordisk AS, Series B, ADR 412,300
9,500 Tele Danmark, Series B, ADR 644,812
------------
1,057,112
------------
Dominican Republic -- 0.0% #
900 TRICOM SA, ADR+ 6,300
------------
Finland -- 1.1%
1,700 American Group Ltd., ADR+ 8,918
1,700 Instrumentarium Corporation,
ADR 35,700
18,200 Nokia Oyj, ADR 2,191,962
700 Rauma-Repola, ADR 10,413
1,600 Valmet Corporation, ADR 42,100
------------
2,289,093
------------
France -- 7.1%
3,000 Accor SA 649,258
13,200 Accor SA, ADR 285,673
25,800 Alcatel Alsthom Cie Generale
D'Electric, ADR 630,487
7,800 Alstom+ 181,350
700 Bouygues Offshore SA, ADR 7,438
800 Business Objets SA, ADR+ 26,000
3,000 Canal Plus, ADR 163,656
2,372 Clarins SA 33,940
1,300 Coflexip SA, ADR 41,763
1,000 Companie Generale de
Geophysique SA, ADR+ 10,875
11,700 Credit Lyonnais+ 441,549
3,900 Dassault Systemes SA, ADR 183,300
3,200 Dollfus-Mieg & Cie SA 37,260
21,500 Elf Aquitaine, ADR 1,217,437
49,200 Eurotunnel SA+ 5,192
36,800 France Telecom SA 2,904,900
500 Galeries Lafayette 536,577
800 Genset, ADR+ 22,100
600 Groupe AB SA, ADR+ 1,163
12,750 Groupe Danone, ADR 729,744
8,900 Lafarge SA, ADR 281,756
2,900 Lagardere Group, ADR 123,448
16,000 Louis Vuitton Moet Hennessy,
ADR 652,000
3,025 Michelin 120,924
3,800 Montupet 156,323
3,800 Pechiney SA, ADR 61,275
8,150 Pernod Ricard, ADR 132,286
9,050 PSA Peugeot Citroen, ADR 350,038
6,500 Rhodia SA, ADR+ 97,500
10,900 Rhone-Poulnec SA, ADR 547,725
400 Scor SA, ADR 26,750
16,200 Societe Generale, ADR 524,450
5,700 STMicroelectronics NV+ 444,956
1,000 Stolt Comex Seaway SA 6,750
4,200 Thomson CSF, ADR 180,290
16,800 Total SA, ADR 835,800
14,800 Total SA, Class B 1,498,265
2,700 Valeo SA, ADR 212,678
4,500 Vivendi, ADR 233,411
------------
14,596,287
------------
Germany -- 7.6%
25,500 Bayer AG, ADR 1,064,923
14,200 Commerzbank AG, ADR 449,022
14,371 Daimler Chrysler Aerospace AG+ 1,380,514
19,700 Deutsche Bank AG, ADR 1,159,588
102,100 Deutsche Telekom, ADR 3,343,775
16,400 Dresdner Bank AG, ADR 688,828
7,800 Fresenius Medical Care AG, ADR 183,300
21,600 Hoechst AG, ADR 885,600
15,200 Mannesmann AG 1,741,990
428 Pfeiffer Vacuum Technology
AG, ADR 16,371
800 Puma AG, ADR 10,560
12,500 RWE AG, ADR 684,402
49,004 SAP AG, ADR 1,948,477
2,300 SGL Carbon AG, ADR 45,425
18,200 VEBA AG 1,089,725
51,400 Volkswagen AG, ADR 820,377
------------
15,512,877
------------
Greece -- 0.1%
400 Anangel -- American
Shipholdings Ltd, ADR 2,050
15,000 Hellenic Telecommunication
Organization SA (OTE), ADR+ 198,750
------------
200,800
------------
Hungary -- 0.1%
600 Euronet Services, Inc., ADR+ 1,613
7,700 Magyar Tavkozlesi Rt, ADR 229,556
600 Pannonplast Rt. 4,244
------------
235,413
------------
Indonesia -- 0.1%
3,300 Gulf Indonesia Resources Ltd.+ 21,450
5,300 PT Indorayon Utama, ADR+ 994
3,883 PT Indosat, ADR 47,324
1,100 PT Pasifik Satelit Nusantara,
ADR+ 3,815
15,500 PT Telekomunikasi Indonesia,
ADR 100,750
1,100 PT Tri Polyta Indonesia, ADR+ 447
------------
174,780
------------
Ireland -- 0.7%
4,200 Allied Irish Banks, ADR 463,575
4,300 Bank of Ireland, ADR 387,000
1,400 CBT Group Plc, ADR+ 20,825
14,000 CRH, ADR 252,000
2,400 Elan Corporation Plc, ADR+ 166,950
700 ESAT Telecom Group Plc, ADR+ 26,950
2,100 Jefferson Smurfit Group, ADR 37,275
1,400 Ryanair Holdings Plc, ADR+ 52,850
1,300 Saville Systems Ireland, ADR+ 24,700
500 Warner Chilcott Laboratories,
ADR+ 3,375
2,800 Waterford Wedgwood Plc, ADR 25,200
------------
1,460,700
------------
Israel -- 0.2%
200 American-Israeli Paper Mills, ADR 7,400
1,300 Blue Square-Israel Ltd., ADR 13,487
1,300 Check Point Software Technologies
Ltd.+ 59,556
2,700 ECI TelecommunicationsLtd., ADR 96,187
800 Elbit Medical Imaging Ltd., ADR 8,500
900 Elbit Systems Ltd., ADR 10,800
800 Elron Electronic Industries Ltd.,
ADR 12,650
800 Elscint Ltd., ADR+ 9,900
500 ESC Medical Systems Ltd.,
ADR+ 5,250
300 Formula Systems (1985) Ltd.,
ADR+ 7,500
400 Gilat Satellite Network Ltd.,
ADR+ 22,050
2,300 Koor Industries Ltd., ADR 40,106
500 Matav-Cable Systems Media
Ltd., ADR 9,688
500 MEMCO Software Ltd.+ 7,625
300 NICE-Systems Ltd., ADR+ 6,488
500 Orckit Communications Ltd.+ 8,094
1,600 Scitex Corporation, ADR+ 18,800
500 Tecnomatrix Technologies Ltd.,
ADR+ 8,750
2,100 Teva Pharmaceutical, ADR 85,444
------------
438,275
------------
Italy -- 2.5%
3,272 Benetton Group SpA, ADR 130,062
1,600 De Rigo SpA, ADR+ 9,000
29,400 Ente Nazionale Idrocarburi SpA,
ADR 1,991,850
24,230 Fiat, ADR 427,054
1,000 Fila Holding SpA, ADR 7,750
2,100 Industrie Natuzzi, ADR 52,238
14,800 Instituto Nazionale delle
Assicurazioni, ADR 391,275
11,286 Istituto Bancario San Paolo
di Torino, ADR+ 403,475
8,500 Luxottica Group, ADR 102,000
19,542 Montedison SpA, ADR 257,710
500 SAES Getters SpA, ADR 2,781
14,200 Telecom Italia SpA 1,235,400
------------
5,010,595
------------
Japan -- 11.1%
10,870 Amway Japan Ltd., ADR 58,426
6,700 Bandai Company Ltd., ADR 16,298
180,895 Bank of Tokyo, ADR 1,899,397
30,700 Canon Inc., ADR 660,050
2,500 CSK Corporation, ADR 58,125
13,200 Dai'El, Inc., ADR 81,675
9,750 Eisai Company Ltd., ADR 189,739
18,900 Fuji Photo Film Company
Ltd., ADR 692,213
12,200 Hitachi Ltd., ADR 737,337
17,100 Honda Motor Company
Ltd., ADR 1,141,425
15,600 Ito-Yokado Ltd., ADR 1,076,400
32,700 Japan Airlines Company, ADR 171,675
12,800 Kawasaki Heavy Industries Ltd. 120,018
11,800 Kawasaki Steel Corporation,
ADR 176,400
3,800 Kirin Brewery Company, ADR 470,250
20,900 Kobe Steel Ltd., ADR 73,950
9,100 Komatsu Ltd., ADR 190,935
2,600 Kubota Corporation, ADR 150,150
6,800 Kyocera Corporation, ADR 353,175
6,200 Makita Corporation, ADR 65,875
7,600 Matsushita Electric Industrial
Company Ltd., ADR 1,326,200
28,800 Mitsubishi Corporation, ADR 331,181
3,000 Mitsui & Company Ltd., ADR 339,000
11,200 NEC Corporation, ADR 506,800
117,300 Nippon Telegraph & Telephone Corporation, ADR 4,398,750
46,500 Nissan Motor Company Ltd., ADR 276,094
9,600 Olympus Optical Company, ADR 110,309
6,200 Pioneer Electronics Corporation,
ADR 101,525
2,900 Q.P. Corporation, ADR 47,662
4,900 Ricoh Company Ltd., ADR 225,820
14,400 Sanyo Electric Corporation, ADR 223,200
512 Sawako Corporation, ADR 2,853
11,900 Sega Enterprises, ADR 65,921
14,800 Shiseido Ltd., ADR 190,089
13,800 Sony Corporation, ADR 990,150
11,400 Sumitomo Metal Industries, ADR 130,084
46,100 Sumitomo Trust & Banking
Co., Ltd., ADR 122,335
4,800 TDK Corporation, ADR 433,200
11,200 Tokio Marine & Fire Insurance
Ltd., ADR 680,400
72,170 Toyota Motor Corporation, ADR 3,838,542
1,200 Wacoal Corporation, ADR 77,550
------------
22,801,178
------------
Korea -- 0.6%
47,700 Korea Electric Power Corporation,
ADR 748,294
13,900 Pohang Iron & Steel Company,
Ltd., ADR 234,563
21,275 SK Telecom Company Ltd., ADR 216,735
------------
1,199,592
------------
Luxembourg -- 0.1%
1,200 Espirito Santo Financial Holdings,
ADR 23,475
1,700 Millicom International Cellular
S.A.+ 59,287
8,350 Minorco SA, ADR 126,816
------------
209,578
------------
Malaysia -- 0.0%
41,900 Amsteel Corporation Berhad --
39,500 Resorts World Berhad --
------------
--
------------
Mexico -- 1.0%
2,900 Altos Hornos de Mexico SA,
ADR+ 9,969
2,100 Apasco SA, Series A, ADR 37,148
800 Bufete Industries, ADR+ 3,250
22,500 Cemex SA, ADR 96,977
5,100 Coca-Cola Femsa SA, ADR 67,575
2,500 Consorcio G. Grupo Dina, ADR+ 3,750
2,000 Controladora Comercial
Mexican SA de CV, ADR 28,375
2,505 Desc de CV, Series C, ADR 48,065
4,000 Empresas Ica, ADR 18,000
4,400 Empresas La Moderna SA
de CV, ADR+ 104,500
37,800 Grupo Carso SA, ADR 256,400
1,100 Grupo Casa Autrey, ADR 7,494
13,300 Grupo Elektra, ADR 66,500
7,800 Grupo Financiero Bancomer SA
de CV, ADR 33,382
4,400 Grupo Financiero Serfin SA
de CV, ADR+ 2,750
1,100 Grupo Imsa SA, ADR 11,481
800 Grupo Industrial Durango SA,
ADR+ 4,400
2,400 Grupo Industrial Maseca SA, ADR 29,850
2,100 Grupo Iusacell, Series L, ADR+ 14,962
500 Grupo Radio Central, ADR 2,687
5,600 Grupo Telivisa SA, ADR+ 138,250
2,800 Grupo Tribasa SA, ADR+ 4,725
1,000 Industries Bachoco SA 10,250
5,200 Kimberly Clark Inc., ADR 82,538
19,300 Telefono de Mexico SA, ADR 939,669
2,000 Transport Matima Mexico,
Class L, ADR+ 10,750
2,700 Tubos de Acero de Mexico, ADR 17,381
4,300 Vitro Sociedad Anomina, ADR 19,619
------------
2,070,697
------------
Netherlands -- 5.7%
52,500 ABN AMRO Holding, ADR 1,141,875
19,200 AEGON Insurance, ADR 2,347,200
10,500 Akzo Nobel, ADR 468,563
5,000 ASM Lithography Holdings NV+ 152,500
6,800 Baan Company, ADR+ 71,400
1,200 Benckiser NV 76,650
500 Chicago Bridge & Iron
Company NV 6,156
5,200 DSM, ADR 123,862
12,900 Elsevier, ADR 361,200
7,425 Fortis Amev, ADR 616,543
3,200 Gucci Group, ADR 155,600
33,105 ING Groep NV 2,058,717
4,800 Ispat International NV, Class A 37,200
3,400 KLM Royal Dutch Airlines, ADR 102,000
14,260 Koninklijke Ahold, ADR 527,620
3,100 Koninklijke Bols Wessanen
NV, ADR 39,932
500 Koninklijke Van Ommeren,
ADR 15,569
1,300 Madge Networks NV, ADR+ 4,225
5,400 New Holland NV, ADR 73,913
2,500 Oce Van Der Griten, ADR 90,000
500 Orthofix International NV, ADR+ 7,000
12,300 Philips Electronics NV, ADR 832,556
600 QIAGEN N.V. ADR+ 36,150
1,600 Royal Nedlloyd Group, ADR 10,859
16,983 Royal PTT Nederland, ADR 853,396
16,983 TNT Post Group NV, ADR 551,947
3,300 Toolex Alpha NV, ADR+ 37,125
200 Velcro Industries NV, ADR 29,800
6,900 VNU -- Verenigde Nederlandse
Uitgeversbedrijven Verengd
Bezit, ADR 260,031
2,600 Wolters Kluwer, ADR 556,065
------------
11,645,654
------------
New Zealand -- 0.1%
1,325 Fletcher Challenge, Building, ADR 19,875
1,325 Fletcher Challenge, Energy, ADR 25,009
3,160 Fletcher Challenge, Forest, ADR 9,875
2,550 Fletcher Challenge, Paper, ADR 16,575
4,500 Telecommunications of
New Zealand Ltd., ADR 160,594
500 Tranz Rail Holdings Ltd., ADR 3,375
------------
235,303
------------
Norway -- 0.2%
1,800 Nera ASA, ADR 2,475
8,250 Norsk Hydro AS, ADR 282,047
2,200 Petroleum Geo-- Services, ADR+ 34,650
4,300 Saga Petroleum, Class A, ADR 41,387
1,700 Smedvig ASA, ADR 14,319
700 Unitor ASA, ADR 6,817
------------
381,695
------------
Panama -- 0.0% #
700 Banco Latinoamericano
de Exportaciones SA 11,637
------------
Peru -- 0.1%
2,500 Banco Wiese, ADR 4,687
500 Compania de Minas
Buenaventura SA, ADR 6,500
8,500 Telefonica del Peru SA, ADR 107,844
------------
119,031
------------
Philippines -- 0.1%
4,100 Philippine Long Distance
Telephone Company, ADR 106,344
9,150 San Miguel Corporation,
Class B, ADR 176,414
------------
282,758
------------
Portugal -- 0.5%
4,200 Banco Comercial Portuges
SA, ADR 127,575
10,900 Electricidade de Portugal SA,
ADR 485,731
6,900 Portugal Telecom SA, ADR 307,913
------------
921,219
------------
Russia -- 0.1%
4,800 Lukoil, ADR 77,760
9,300 Mosenergo, ADR 18,600
4,400 Rostelecom, ADR 18,425
17,000 Surgutneftegaz 58,225
4,400 Tatneft, ADR 8,470
15,100 Unified Energy Systems 46,055
1,000 Vimpel-- Communications,
ADR+ 12,937
------------
240,472
------------
Singapore -- 0.2%
6,500 Asia Pacific Resources International
Holdings Ltd., Class A+ 4,469
500 Asia Pacific Wire & Cable
Corporation Ltd.+ 2,000
1,300 China Yuchai, ADR+ 731
3,200 Cycle & Carriage Ltd., ADR 21,902
6,022 Development Bank of Singapore,
ADR 217,390
12,875 Keppel Corporation Ltd. 68,937
6,100 Neptune Orient Lines Ltd.,
ADR+ 7,833
16,600 United Overseas Bank Ltd.,
ADR 131,714
------------
454,976
------------
South Africa -- 0.3%
5,100 Driefontein Consolidated, ADR 20,400
9,066 Gold Fields Ltd.+ 50,022
3,900 Gold Fields of South Africa Ltd. 6,825
1,600 Harmony Gold Mining
Company Ltd., ADR+ 7,600
6,429 Imperial Holdings Ltd., ADR 39,292
9,100 Iscor Ltd., ADR 16,376
18,400 Liberty Life Association of
Africa Ltd., ADR 126,513
3,400 Pepkor Ltd., ADR 28,284
21,200 Sasol Ltd., ADR 84,800
3,100 Servgro International Ltd., ADR+ 20,938
10,200 South African Breweries., ADR 171,781
13,400 Wooltru Ltd., ADR 16,380
------------
589,211
------------
Spain -- 3.2%
77,000 Banco Bilbao Vizcaya, ADR 1,232,000
35,700 Banco Central Hispano, ADR 428,400
36,210 Banco Santander SA, ADR 715,148
22,700 Banesto Espanol de Credito,
ADR+ 149,342
3,100 Compania Sevillana Electric,
ADR 84,851
9,100 Corporacion Bancaria Argentaria 468,650
40,300 Endesa S.A., ADR 1,088,100
12,450 Repsol, ADR 680,081
11,832 Telefonica de Espana SA,
ADR 1,601,757
------------
6,448,329
------------
Sweden -- 2.3%
4,300 AGA AB, ADR 56,364
63,700 Astra AB, ADR 1,317,794
5,066 Atlas Copco, ADR 110,987
3,800 Autoliv Inc., ADR 141,312
500 Biacore International AB, ADR+ 5,063
7,000 Electrolux AB, ADR 244,125
70,900 Ericsson (L.M.) Telephone
Company, Class B, ADR 1,697,169
13,000 Forenings Sparbanken AB, ADR 336,008
700 Pricer AB, ADR+ 1,878
10,350 Sandvik AB, ADR 178,343
4,300 SKF AB, ADR 49,450
7,100 Svenska Cellulosa AB, ADR 154,675
1,700 Swedish Match Company, ADR 62,475
18,400 Volvo AB, ADR 428,950
------------
4,784,593
------------
Switzerland -- 6.6%
12,000 ABB AB, ADR 132,000
2,900 ABB AG, ADR 339,885
5,000 Adecco SA, ADR 288,750
19,100 Credit Suisse Group, ADR 747,343
1,700 Mettler Toledo International,
Inc.+ 47,706
29,700 Nestle, ADR 3,232,256
46,066 Novartis, ADR 4,527,124
29,200 Roche Holdings Ltd. 3,562,583
4,100 Sulzer Medica, ADR 78,925
1,200 TAG Heuer International SA,
ADR 8,550
41,000 UBS AG, ADR+ 629,759
------------
13,594,881
------------
Taiwan -- 0.3%
4,458 Macronix International
Company Ltd., ADR 35,107
43,500 Taiwan Semiconductor
Manufacturing Company 617,156
------------
652,263
------------
Thailand -- 0.0% #
3,800 Advanced Information Services
PCL, ADR 22,162
10,050 Shinawatra Corporation, ADR 16,589
------------
38,751
------------
United Kingdom -- 34.6%
24,300 Abbey National Plc, ADR 1,036,757
599,300 Albert Fisher Group Plc 59,741
2,800 Albert Fisher Group Plc, ADR 1,977
31,600 Alexon Group Plc 101,326
38,200 Allied Domeq Plc, ADR 353,504
28,589 Allied Zurich AG, Plc, ADR+ 860,656
352,650 Amvescap Plc 2,724,410
4,200 Amvescap Plc, ADR 161,700
600 ARM Holdings Plc, ADR+ 36,150
16,000 AXA SA, ADR 1,156,000
38,100 BAA Plc, ADR 447,528
136,200 Barclays Plc 2,952,999
18,200 Barclays Plc, ADR 1,638,000
28,714 Bass Publishing Limited
Company Plc, ADR 412,764
58,400 Bellway Plc 269,733
1,000 Bespak Plc, ADR 15,484
32,117 BG Plc, ADR 1,049,824
26,800 Blue Circle Industries Plc, ADR 140,256
3,950 Bluebird Toys 7,350
4,600 BOC Group Plc, ADR 125,350
1,600 Body Shop International Plc, ADR 11,563
2,100 Booker Plc, ADR 8,722
3,600 British Airways Plc, ADR 244,125
28,591 British American Tobacco Plc,
ADR 500,342
2,500 British Biotech Plc, ADR+ 14,688
38,100 British Petroleum Company Plc,
ADR 3,619,500
6,200 British Sky Broadcasting Group
Plc, ADR 287,525
7,300 British Steel Plc, ADR 106,763
22,900 British Telecommunications Plc,
ADR 3,473,644
127,500 British-Borneo Petroleum
Syndicate Plc 209,711
27,186 BTR Plc, ADR 222,221
3,800 Burmah Castrol Plc, ADR 109,725
12,312 Cable & Wireless Communications
Plc+ 558,657
26,900 Cable & Wireless Plc, ADR 988,575
8,950 Cadbury Schweppes Plc, ADR 619,787
583 Cantab Pharmaceuticals Plc, ADR+ 5,611
4,300 Carlton Communications Plc,
ADR 197,263
2,755 Christian Salvesen Plc, ADR 41,652
8,450 Coats Viyella Plc, ADR 11,793
14,000 Coca-Cola Beverages Plc+ 24,655
4,400 COLT Telecom Group Plc, ADR+ 263,450
23,500 Compass Group Plc, ADR 268,226
870 Cordiant Communications
Group 9,026
1,700 Danka Business Systems Plc,
ADR 7,119
500 Denison International Plc, ADR+ 6,250
71,150 Dewhirst Group Plc 96,931
37,183 Diageo Plc, ADR 1,719,714
900 Dialog Corp. Plc+ 4,050
2,000 Dixons Group Plc 28,111
5,000 Dixons Group Plc, ADR 211,829
400 Doncasters Plc, ADR+ 6,475
600 Eidos Plc, ADR+ 9,638
16,025 EMI Group Plc, ADR 214,057
4,300 English China Clays Plc, ADR+ 34,934
5,400 Enterprise Oil Plc, ADR 75,600
6,300 Fairview Holdings Plc+ 9,316
6,200 Gallaher Group Plc, ADR 168,563
400 Gentia Software Plc+ 1,150
61,300 Glaxo Wellcome Plc, ADR 4,260,350
32,500 Goode Durrant Plc 147,948
4,825 Hanson Trust Plc, ADR 188,175
94,800 Hickson International Plc 73,238
3,150 Hillsdown Holdings Plc+ 15,700
400 ICON Plc, ADR+ 13,400
392,000 Imperial Chemical Industries Plc 3,396,378
6,600 Imperial Chemical Industries Plc,
ADR 230,587
9,425 Imperial Tobacco Group Plc, ADR 197,300
2,000 Ionica Group Plc, ADR+ 1,725
97,050 John Mowlem & Company Plc 158,821
24,700 Kingfisher Plc, ADR 535,119
76,800 Laird Group Plc 207,981
10,500 Lasmo Plc, ADR 56,438
1,800 Laura Ashley Holdings Plc, ADR+ 2,093
113,180 Logica Plc 983,438
69,650 London Forfaiting Co. Plc 133,074
2,700 London International Group
Plc, ADR 29,363
600 London Pacific Group Ltd. Plc,
ADR 7,538
5,400 Lucas Varity Plc, ADR 180,900
121,750 M.L. Laboritories Plc 148,673
139,950 Manchester United Plc 516,180
17,200 Marks & Spencer Plc, ADR 706,403
3,200 Medeva Plc, ADR 25,800
500 Micro Focus Group Plc, ADR+ 4,719
728,550 Monument Oil & Gas Plc 423,646
10,670 National Grid Group Plc, ADR 427,225
11,000 National Power Plc, ADR 404,250
10,400 National Westminster Bank Plc,
ADR 1,232,400
195,550 Next Plc 1,601,697
3,750 NFC Plc, ADR 37,500
400 Novel Denim Holdings Ltd.+ 8,500
223,849 Nycomed Amersham Plc. 1,543,401
9,400 Orange Plc, ADR+ 542,850
20,300 Pearson Plc, ADR 403,707
11,200 Peninsular & Oriental Steam Plc,
ADR 264,974
6,900 Powergen Plc, ADR 369,150
83,400 Powerscreen International 156,574
5,100 Premier Farnell Plc, ADR 25,181
1,600 Premier Oil Plc, ADC 4,253
14,100 Prudential Plc, ADR 1,068,217
5,300 Racal Electronics Plc, ADR 61,286
1,800 Ramco Energy Plc, ADR+ 6,300
15,400 Rank Group Plc, ADR 115,500
11,700 Reed International Plc, ADR 368,550
10,600 Rentokil Initial Plc, ADR 799,183
8,753 Reuters Group Plc, ADR 554,721
14,311 Rexam Plc, ADR 39,356
9,700 Rio Tinto Plc, ADR 439,531
540,450 Rugby Group Plc 835,053
870 Saatchi & Saatchi Plc 10,440
1,600 Scottish Hydro-Electric Plc, ADR 181,293
7,400 Scottish Power Plc, ADR 300,475
4,200 Sedgwick Group Plc, ADR 79,275
1,700 Select Appointments Holdings
Plc, ADR 36,550
500 SELECT Software Tools Plc,
ADR+ 531
1,700 Senetek Plc, ADR+ 2,763
62,300 Shell Transportation &Trading
Plc, ADR 2,316,781
1,700 Shire Pharmaceuticals Group
Plc, ADR+ 34,425
35,600 Siebe Plc, ADR 279,169
400 Signet Group Plc+ 6,200
300 Smallworldwide Plc, ADR+ 3,750
42,500 Smithkline Beecham Group
Plc, ADR 2,953,750
17,283 Southern Electric Corporation
Plc, ADR 194,107
297,250 Standard Chartered Plc 3,447,093
500 Stolt Comex Seaway SA+ 2,813
1,300 Stolt-Nielsen SA Plc 13,163
850 Stolt-Nielsen SA Plc, ADR 8,713
3,000 Tate & Lyle Plc, ADR 64,595
900 Taylor Nelson Sofres Plc, ADR 17,158
6,807 Telewest Communications Plc,
ADR+ 192,298
6,300 Terranova Foods Plc+ 11,514
90,000 Tesco Plc 261,671
76,200 Tesco Plc, ADR 664,645
8,500 TI Group Plc, ADR 91,454
12,300 Tomkins Plc, ADR 246,000
1,400 Trinity Plc 18,608
35,600 Ulster Television Plc 103,506
69,500 Unilever Plc, ADR 3,127,500
17,244 United Biscuits (Holdings) Plc 67,756
4,600 United News & Media Plc, ADR 83,375
10,100 United Utilities Plc, ADR 292,900
11,050 Vodafone Group Plc, ADR 1,780,431
2,500 Wembley Plc, ADR 50,756
81,800 Wickes Plc 339,757
6,461 Williams Plc, ADR 110,778
2,800 WPP Group Plc, ADR 172,900
1,000 Xenova Group Plc, ADR+ 563
35,100 Zeneca Group Plc, ADR 1,575,112
------------
71,041,384
------------
United States -- 0.0% #
300 ESG Re Ltd. 6,075
449 NTL, Inc.+ 25,340
400 Stirling Cooke Brown Holdings
Ltd. 6,950
------------
38,365
------------
Venezuela -- 0.0% #
655 Banco Venezolano deCredito,
ADR 3,597
1,700 Compania Anonima Nacional
Telefonos de Venezuela, ADR 30,281
2,400 Mavesa SA, ADR 9,000
1,000 Sidervrgica/Venez/Sivensa, ADR 4,681
------------
47,559
------------
TOTAL COMMON STOCKS
(Cost $160,909,631) 201,301,320
Principal
Amount
- ------
REPURCHASE AGREEMENT -- 0.7%
(Cost $1,501,000)
$1,501,000 Agreement with State Street
Bank and Trust Company,
4.850% dated 12/31/1998, to
be repurchased at $1,501,809
on 01/04/1999, collateralized by
$1,255,000 U.S. Treasury Note,
7.250% maturing 05/15/2016
(value $1,534,230) 1,501,000
------------
OTHER INVESTMENTS**
(Cost $44,402,461) 21.6% 44,402,461
---- ------------
TOTAL INVESTMENTS
(Cost $206,813,092*) 120.3% 247,204,781
OTHER ASSETS AND
LIABILITIES (Net) (20.3) (41,712,382)
---- ------------
NET ASSETS 100.0% $205,492,399
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1998, the market value of the securities on
loan is $42,898,276. Collateral received for securities loaned of
$44,402,461 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.
<PAGE>
Munder International Equity Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
(Continued)
At December 31, 1998 Sector diversification of the Munder International Equity
Fund was as follows:
% of
Net Assets Value
---------- -----
COMMON STOCKS:
Banking & Financial Services................ 17.9% $36,871,924
Telecommunications.......................... 12.1 24,937,582
Drugs & Health Care......................... 8.8 18,052,031
Oil & Gas................................... 8.2 16,810,249
Food & Beverage............................. 6.0 12,395,930
Utilities................................... 4.8 9,797,255
Automotive.................................. 4.6 9,526,473
Chemicals................................... 4.2 8,668,360
Machinery & Heavy Equipment................. 4.0 8,109,528
Retail...................................... 3.4 6,997,158
Electronics................................. 1.9 3,991,193
Electric & Electrical Equipment............. 1.8 3,682,775
Printing & Publishing....................... 1.6 3,185,030
Business Services........................... 1.6 3,369,371
Metals & Mining............................. 1.4 2,805,259
Building & Building Materials............... 1.4 2,784,610
Manufacturing............................... 1.3 2,606,618
Transportation.............................. 1.2 2,360,920
Software.................................... 1.1 2,294,077
Household Appliances &
Home Furnishings........................ 1.0 2,061,613
Construction & Mining
Equipment............................... 1.0 2,032,276
Photography................................. 0.9 1,778,392
Diversified Industrial...................... 0.9 1,759,496
Medical Products............................ 0.8 1,543,401
Tobacco..................................... 0.7 1,397,769
Broadcasting & Advertising.................. 0.7 1,374,704
Real Estate................................. 0.6 1,307,135
Insurance................................... 0.6 1,166,181
Office Supplies............................. 0.5 996,857
Hotels & Restaurants........................ 0.5 981,647
Entertainment............................... 0.4 876,674
Conglomerates............................... 0.4 760,447
Forest Paper & Products..................... 0.3 585,654
Apparel & Textiles.......................... 0.3 681,312
Miscellaneous............................... 1.3 2,751,419
---- ----------
TOTAL COMMON STOCKS ........................ 98.0 201,301,320
REPURCHASE
AGREEMENT .............................. 0.7 1,501,000
OTHER INVESTMENTS .......................... 21.6 44,402,461
---- ----------
TOTAL INVESTMENTS .......................... 120.3 247,204,781
OTHER ASSETS AND
LIABILITIES (Net) ...................... (20.3) (41,712,382)
---- -----------
NET ASSETS ................................. 100.0% $205,492,399
==== ==========
See Notes to Financial Statements.<PAGE>
Munder Micro-Cap Equity Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 99.0%
Aerospace & Defense -- 1.7%
139,700 Titan Corporation $ 768,350
------------
Banking and Financial Services -- 4.6%
43,400 ACE Cash Express, Inc.+ 651,000
48,800 Columbia Bankcorp 439,200
53,600 Litchfield Financial Corporation 1,018,400
------------
2,108,600
------------
Building Materials -- 3.5%
33,800 Dayton Superior Corporation+ 650,650
41,950 LSI Industries, Inc. 941,253
------------
1,591,903
------------
Commercial Services -- 9.2%
82,750 America Bank Note
Holographics, Inc.+ 1,448,125
45,400 COMARCO, Inc.+ 1,089,600
65,900 Koala Corporation+ 1,145,013
46,200 MPW Industrial Services Group,
Inc.+ 519,750
------------
4,202,488
------------
Computers & Business Equipment -- 2.5%
53,200 ScanSource, Inc.+ 1,143,800
------------
Computer Hardware, Software
or Services -- 13.9%
38,550 Analytical Surveys, Inc.+ 1,187,822
173,450 Clarus Corporation+ 1,040,700
70,150 DA Consulting Group, Inc.+ 1,534,531
208,400 Sapiens International
Corporation, ADR+ 1,654,175
52,600 SBS Technologies, Inc.+ 973,100
------------
6,390,328
------------
Electrical Equipment -- 2.9%
134,100 Ault, Inc.+ 854,887
70,700 Merrimac Industries, Inc. 486,063
------------
1,340,950
------------
Electronics -- 12.7%
96,050 Aeroflex, Inc.+ 1,452,756
75,010 Anaren Microwave, Inc.+ 1,584,586
122,520 Herley Industries, Inc.+ 1,470,240
93,000 JPM Company+ 1,302,000
------------
5,809,582
------------
Health Care Producers -- 1.2%
176,300 Apple Orthodontix, Inc.+ 572,975
------------
Health Care Products -- 5.3%
97,600 Colorado MEDTech, Inc.+ 1,293,200
52,500 ICU Medical, Inc.+ 1,155,000
------------
2,448,200
------------
Industrial Machinery -- 1.3%
40,000 Park-Ohio Industries+ 605,000
------------
Lodging -- 0.9%
158,200 Meristar Hotels & Resorts, Inc.+ 415,275
------------
Machinery -- 2.2%
69,250 Gradall Industries, Inc.+ 995,469
------------
Medical and Medical Services -- 7.6%
252,150 Air Methods Corporation+ 677,653
75,000 Castle Dental Centers, Inc.+ 459,375
73,800 Moore Medical Corporation+ 996,300
89,400 Polymedica Corporation+ 826,950
45,000 SeaMED Corporation+ 506,250
------------
3,466,528
------------
Restaurants -- 2.8%
13,200 P.F. Chang's China Bistro, Inc.+ 300,300
181,400 Roadhouse Grill, Inc.+ 980,694
------------
1,280,994
------------
Retail -- 16.7%
42,900 Cutter & Buck, Inc.+ 1,598,025
53,100 DM Management Company+ 1,008,900
119,600 Gildan Activewear, Inc.+ 1,001,650
113,180 Happy Kids, Inc.+ 1,443,045
41,100 Mark Bros. Jewelers, Inc.+ 739,800
18,000 Schultz Save O Stores, Inc. 297,000
43,600 Tropical Sportswear International Corporation+ 1,564,150
------------
7,652,570
------------
Telecommunications -- 8.9%
110,000 Advanced Communication
Systems, Inc.+ 1,375,000
35,200 Alpha Industries, Inc.+ 1,267,200
146,350 Gilat Communications Ltd.,
ADR+ 1,454,353
------------
4,096,553
------------
Trucking & Freight Forwarding -- 1.1%
126,300 Dynamex, Inc.+ 497,306
------------
TOTAL COMMON STOCKS
(Cost $41,395,402) 45,386,871
------------
OTHER INVESTMENTS**
(Cost $7,670,250) 16.8% 7,670,250
---- ------------
TOTAL INVESTMENTS
(Cost $49,065,652*) 115.8% 53,057,121
OTHER ASSETS AND
LIABILITIES (Net) (15.8)% (7,222,171)
---- ------------
NET ASSETS 100.0% $ 45,834,950
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1998, the market value of the securities on loan is
$6,773,084. Collateral received for securities loaned 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.
<PAGE>
Munder Multi-Season Growth Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 92.3%
Advertising -- 3.3%
130,000 Interpublic Group of Companies,
Inc. $ 10,367,500
296,350 Omnicom, Inc. 17,188,300
------------
27,555,800
------------
Automobile Parts & Equipment -- 2.3%
281,550 Johnson Controls, Inc. 16,611,450
101,760 Tower Automotive, Inc.+ 2,537,640
------------
19,149,090
------------
Banking and Financial Services -- 9.1%
415,000 Associates First Capital
Corporation, Class A 17,585,625
245,000 Federal National Mortgage
Association 18,130,000
40,300 Finova Group, Inc. 2,173,681
246,400 First Union Corporation 14,984,200
169,000 Fleet Financial Group, Inc. 7,552,188
403,900 U.S. Bancorp 14,338,450
------------
74,764,144
------------
Building Materials -- 2.9%
558,100 Masco Corporation 16,045,375
252,675 Sherwin-Williams Company 7,422,328
------------
23,467,703
------------
Business Services -- 3.2%
212,075 Automatic Data Processing, Inc. 17,005,764
200,025 Equifax, Inc. 6,838,355
47,250 Fiserv, Inc.+ 2,430,422
------------
26,274,541
------------
Chemicals -- 2.3%
165,500 Air Products & Chemicals, Inc. 6,620,000
277,200 Avery Dennison Corporation 12,491,325
------------
19,111,325
------------
Computer Hardware, Software
or Services -- 7.4%
165,550 BMC Software, Inc.+ 7,377,322
251,500 Cadence Design Systems, Inc.+ 7,482,125
184,100 CISCO Systems, Inc.+ 17,086,781
61,700 Microsoft Corporation+ 8,557,019
235,768 Oracle Systems Corporation+ 10,167,495
123,000 Sun Microsystems, Inc.+ 10,531,875
------------
61,202,617
------------
Diversified -- 8.9%
230,000 Allied Signal Corporation 10,191,875
273,000 Textron, Inc. 20,730,937
506,012 Thermo Electron Corporation+ 8,570,578
335,300 Tyco International Ltd. 25,294,194
77,950 United Technologies
Corporation 8,477,063
------------
73,264,647
------------
Drugs -- 7.8%
203,500 Amgen, Inc.+ 21,278,469
38,100 Elan Corporation Plc, ADR+ 2,650,331
147,400 Merck & Co., Inc. 21,769,137
68,200 Pfizer, Inc. 8,554,838
172,600 Schering-Plough Corporation 9,536,150
------------
63,788,925
------------
Electrical Equipment -- 6.0%
222,125 Emerson Electric Company 13,438,563
199,800 General Electric Company 20,392,087
207,575 Honeywell, Inc. 15,632,992
------------
49,463,642
------------
Food and Beverages -- 2.4%
456,500 Sara Lee Corporation 12,867,594
254,000 SYSCO Corporation 6,969,125
------------
19,836,719
------------
Home Furnishings -- 0.9%
345,950 Leggett & Platt, Inc. 7,610,900
------------
Household Products -- 1.7%
189,325 Newell Company 7,809,656
193,000 Rubbermaid, Inc. 6,067,438
------------
13,877,094
------------
Insurance -- 2.9%
87,093 American International Group,
Inc. 8,415,361
237,800 MBIA, Inc. 15,590,762
------------
24,006,123
------------
Manufactured Housing -- 1.7%
996,448 Clayton Homes, Inc. 13,763,438
------------
Medical Services & Supplies -- 8.2%
369,900 Abbott Laboratories 18,125,100
260,900 Biomet, Inc. 10,501,225
1,176,850 HEALTHSOUTH Corporation+ 18,167,622
110,000 Johnson & Johnson Company 9,226,250
184,500 Stryker Corporation 10,159,031
51,021 Total Renal Care Holdings, Inc.+ 1,508,309
------------
67,687,537
------------
Office Equipment and Supplies -- 0.3%
36,500 Pitney Bowes, Inc. 2,411,281
------------
Oil Equipment and Services -- 1.3%
385,000 Transocean Offshore, Inc. 10,322,812
------------
Recreation -- 2.9%
503,000 Carnival Corporation, Class A 24,144,000
------------
Restaurants -- 0.8%
295,775 Wendy's International, Inc. 6,451,592
------------
Retail -- Drug Store -- 1.6%
230,650 Walgreen Company 13,507,441
------------
Retail -- Specialty -- 3.5%
361,400 Home Depot, Inc. 22,113,162
700,000 Pier 1 Imports, Inc. 6,781,250
------------
28,894,412
------------
Retail -- Store -- 0.3%
89,200 TJX Companies, Inc. 2,586,800
------------
Semiconductors -- 2.1%
140,000 Altera Corporation+ 8,522,500
199,600 Maxim Integrated Products,
Inc.+ 8,720,025
------------
17,242,525
------------
Telecommunications -- 7.4%
363,475 Century Telephone
Enterprises 24,534,563
239,875 MCI WorldCom, Inc.+ 17,211,031
306,600 SBC Communications 16,441,425
33,300 Tellabs, Inc.+ 2,283,131
------------
60,470,150
------------
Thrift -- 1.1%
315,311 Charter One Financial, Inc. 8,749,880
------------
TOTAL COMMON STOCKS
(Cost $507,054,584) 759,605,138
------------
Principal
Amount
- ------
REPURCHASE AGREEMENT -- 4.2%
(Cost $33,951,000)
$33,951,000 Agreement with State Street
Bank and Trust Company,
4.850% dated 12/31/1998,
to be repurchased at
$33,969,296 on 01/04/1999,
collateralized by $22,800,000
U.S. Treasury Bond, 9.875%
maturing 11/15/2015
(value $34,632,174) 33,951,000
------------
OTHER INVESTMENTS**
(Cost $14,901,640) 1.8% 14,901,640
---- ------------
TOTAL INVESTMENTS
(Cost $555,907,224*) 98.3% 808,457,778
OTHER ASSETS AND
LIABILITIES (Net) 1.7 14,284,362
---- ------------
NET ASSETS 100.0% $822,742,140
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1998, the market value of the securities on loan is
$14,711,925. Collateral received for securities loaned is invested in
State Street Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
See Notes to Financial Statements.
<PAGE>
Munder Real Estate Investment Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
COMMON STOCKS -- 96.3%
Apartments -- 13.6%
86,850 Apartment Investment &
Management Company $ 3,229,735
93,084 Avalon Bay Community, Inc. 3,188,127
107,200 Camden Property Trust 2,787,200
76,400 Equity Residential Properties
Trust 3,089,425
------------
12,294,487
------------
Community Shopping Centers -- 13.1%
146,075 Bradley Real Estate, Inc. 2,994,537
177,000 Developers Diversified Realty
Corporation 3,141,750
226,375 IRT Property Company 2,263,750
87,700 Kimco Realty Corporation 3,480,594
------------
11,880,631
------------
Hotels -- 5.7%
86,600 Felcor Lodging Trust, Inc. 1,997,212
167,576 Patriot American Hospitality, Inc. 1,005,456
94,100 Starwood Lodging Trust 2,134,894
------------
5,137,562
------------
Office & Industrial -- 37.6%
113,425 Arden Realty Group, Inc. 2,630,042
87,400 Boston Properties, Inc. 2,665,700
132,200 Brandywine Realty Trust 2,363,075
103,800 Cabot Industrial Trust 2,121,413
133,800 Corporate Office Properties
Trust, Inc. 953,325
106,250 Crescent Real Estate Equities, Inc. 2,443,750
134,925 Duke Realty Investments, Inc. 3,137,006
123,044 Equity Office Properties Trust 2,953,056
126,725 Kilroy Realty Corporation 2,914,675
104,075 Mack-Cali Realty Corporation 3,213,316
108,600 Prentiss Properties Trust 2,423,137
91,950 Reckson Associates Realty
Corporation 2,040,141
9,696 Reckson Services Industries, Inc.+ 39,996
87,200 Spieker Properties, Inc. 3,019,300
50,250 Tower Realty Trust, Inc. 1,011,281
------------
33,929,213
------------
Regional Malls -- 11.2%
80,050 CBL & Associates Properties,
Inc. 2,066,291
135,000 JDN Reality Corporation 2,910,938
102,600 JP Realty, Inc. 2,013,525
110,225 Simon DeBartolo Group, Inc. 3,141,412
------------
10,132,166
------------
Storage -- 3.4%
114,275 Public Storage, Inc. 3,092,567
------------
Triple Net Lease -- 4.4%
170,000 Commercial Net Lease Realty 2,252,500
63,075 TriNet Corporate Realty
Trust, Inc. 1,687,256
------------
3,939,756
------------
Other -- 7.3%
93,000 Correctional Properties Trust 1,679,813
6,840 Crescent Operating, Inc.+ 32,490
122,750 Glenborough Realty Trust, Inc. 2,501,031
3,526 Vornado Operating, Inc.+ 28,428
70,525 Vornado Realty Trust 2,380,219
------------
6,621,981
------------
TOTAL COMMON STOCKS
(Cost $94,362,219) 87,028,363
------------
Principal
Amount
- ------
REPURCHASE AGREEMENT -- 2.5%
(Cost $2,251,000)
$2,251,000 Agreement with State Street
Bank and Trust Company,
4.850% dated 12/31/1998,
to be repurchased at $2,252,213
on 01/04/1999, collateralized by
$1,880,000 U.S. Treasury Bond,
7.250% maturing 05/15/2016
(value $2,298,289) 2,251,000
------------
TOTAL INVESTMENTS
(Cost $96,429,251*) 98.8% 89,279,363
OTHER ASSETS AND
LIABILITIES (Net) 1.2 1,083,158
---- ------------
NET ASSETS 100.0% $90,362,521
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
See Notes to Financial Statements.
<PAGE>
Munder Small-Cap Value Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 94.0%
Aerospace & Defense -- 2.3%
175,000 REMEC, Inc.+ $ 3,150,000
------------
Airlines -- 1.0%
51,075 Midwest Express Holdings, Inc.+ 1,343,911
------------
Apparel & Textiles -- 0.9%
47,500 Kellwood Company 1,187,500
------------
Automobile Parts & Equipment -- 7.2%
207,541 Control Devices, Inc. 3,320,656
153,900 Dura Automotive Systems, Inc.+ 5,251,837
119,000 Motorcar Parts & Accesories, Inc.+ 1,361,063
------------
9,933,556
------------
Banking and Financial Services -- 17.4%
71,980 Carolina First Bancshares 1,821,994
133,300 Commonwealth Bancorp, Inc. 2,074,481
98,500 Flagstar Bancorp, Inc. 2,573,313
270,600 Long Beach Financial
Corporation+ 2,029,500
106,900 Metris Companies, Inc. 5,378,406
95,800 Ocean Financial Corporation 1,592,675
88,000 Riggs National Corporation 1,793,000
74,600 SIS Bancorp, Inc. 3,375,650
146,200 UST Corporation 3,444,837
------------
24,083,856
------------
Building Materials -- 6.5%
152,700 Dayton Superior Corporation+ 2,939,475
87,500 U.S. Home Corporation+ 2,909,375
156,000 Universal Forest Products, Inc. 3,129,750
------------
8,978,600
------------
Chemicals -- 0.9%
93,000 General Chemical Group, Inc. 1,290,375
------------
Commercial Services -- 1.6%
182,100 Tokheim Corporation+ 1,775,475
50,000 TurboChef Technologies, Inc.+ 456,250
------------
2,231,725
------------
Computer Hardware, Software
or Services -- 2.4%
129,300 Datastream Systems, Inc.+ 1,486,950
81,100 Inter-Tel, Inc. 1,895,713
------------
3,382,663
------------
Containers -- 2.1%
124,400 Ivex Packaging Corporation+ 2,892,300
------------
Electronics -- 7.5%
175,200 inTEST Corporation+ 1,445,400
81,700 Kuhlman Corporation 3,094,387
147,400 Methode Electronics, Inc.,
Class A 2,303,125
127,900 SMART Modular Technologies,
Inc.+ 3,549,225
------------
10,392,137
------------
Food & Beverages -- 3.4%
120,800 J&J Snack Foods Corporation+ 2,702,900
136,200 Merkert American
Corporation+ 2,060,025
------------
4,762,925
------------
Health Care -- 2.0%
129,200 Sierra Health Services, Inc.+ 2,721,275
------------
Health Care Products -- 0.7%
70,200 Helen of Troy Ltd.+ 1,031,063
------------
Home Furnishings -- 3.5%
173,900 Heilig-Meyers Company 1,162,956
196,400 Quaker Fabric Corporation+ 1,227,500
87,800 Toro Company 2,502,300
------------
4,892,756
------------
Hotels -- 1.1%
185,900 Suburban Lodges of America,
Inc.+ 1,522,056
------------
Insurance -- 7.4%
95,100 ARM Financial Group, Inc. 2,110,031
110,300 ESG Re Ltd. 2,233,575
43,300 Executive Risk, Inc. 2,378,794
110,000 IPC Holdings Ltd. 2,550,625
57,100 Stirling Cooke Brown Holdings
Ltd. 992,113
------------
10,265,138
------------
Medical Supplies -- 2.4%
68,233 Bindley Western Industries, Inc. 3,360,475
------------
Metals and Metal Processing -- 2.3%
80,400 Quanex Corporation 1,814,025
68,800 TransTechnology Corporation 1,427,600
------------
3,241,625
------------
Oil and Gas -- 5.9%
113,100 Houston Exploration Company+ 2,247,862
36,600 North Carolina Natural Gas
Corporation 1,214,663
102,532 Southern Union Company 2,499,217
81,300 Southwest Gas Corporation 2,184,938
------------
8,146,680
------------
Real Estate -- 8.0%
132,600 JP Realty, Inc. 2,602,275
129,800 Kilroy Realty Corporation 2,985,400
123,900 Prentiss Properties Trust 2,764,519
125,700 Reckson Associates Realty
Corporation 2,788,968
------------
11,141,162
------------
Recreation -- 0.2%
84,800 Adams Golf, Inc.+ 347,150
------------
Restaurants -- 1.5%
97,900 Ruby Tuesday, Inc. 2,080,375
------------
Shoes -- 0.9%
108,900 Maxwell Shoe, Inc.+ 1,191,094
------------
Telecommunications -- 3.4%
148,500 Century Communications
Corporation, Class A+ 4,710,234
------------
Waste Management -- 1.5%
101,900 Superior Services, Inc.+ 2,044,369
------------
TOTAL COMMON STOCKS
(Cost $120,062,534) 130,325,000
------------
Principal
Amount
- ------
REPURCHASE AGREEMENT -- 5.4%
(Cost $7,554,000)
$7,554,000 Agreement with State Street
Bank and Trust Company,
4.850% dated 12/31/1998,
to be repurchased at
$7,558,071 on 01/04/1999,
collateralized by $6,220,000
U.S. Treasury Bond, 6.875%
maturing 08/15/2025
(value $7,710,859) 7,554,000
------------
OTHER INVESTMENTS**
(Cost $16,398,898) 11.8% 16,398,898
----- ------------
TOTAL INVESTMENTS
(Cost $144,015,432*) 111.2% 154,277,898
OTHER ASSETS AND
LIABILITIES (Net) (11.2) (15,588,209)
----- ------------
NET ASSETS 100.0% $138,689,689
===== ============
- ---------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1998, the market value of the securities on loan is
$15,986,870. Collateral received for securities loaned is invested in
State Street Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
See Notes to Financial Statements.
<PAGE>
Munder Small Company Growth Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 96.9%
Advertising -- 2.0%
201,180 HA-LO Industries, Inc.+ $ 7,569,398
------------
Aerospace & Defense -- 2.1%
512,600 Aeroflex, Inc.+ 7,753,075
------------
Apparel & Textiles -- 1.3%
200,100 Kellwood Company 5,002,500
------------
Automobile Parts & Equipment -- 3.6%
316,560 Keystone Automotive Industries,
Inc.+ 6,627,975
272,100 Tower Automotive, Inc.+ 6,785,494
------------
13,413,469
------------
Banking and Financial Services -- 6.2%
67,700 Affiliated Managers Group, Inc.+ 2,022,537
192,000 First International Bancorp, Inc. 1,656,000
81,800 HealthCare Financial Partners,
Inc.+ 3,261,775
201,391 HUBCO, Inc. 6,066,904
239,200 Independent Bank Corporation 4,156,100
264,715 Litchfield Financial Corporation 5,029,585
59,000 Southwest Bancorporation of
Texas, Inc.+ 1,054,625
------------
23,247,526
------------
Broadcasting -- 1.3%
110,660 Metro Networks, Inc.+ 4,716,883
------------
Business Services -- 6.4%
408,200 American Bank Note
Holographics, Inc.+ 7,143,500
208,170 Interim Services, Inc.+ 4,865,974
200,145 URS Corporation+ 4,678,389
252,400 Wackenhut Corrections
Corporation+ 7,224,950
------------
23,912,813
------------
Commercial Services -- 7.0%
317,000 Comfort Systems USA, Inc.+ 5,666,375
79,300 Cort Business Services
Corporation+ 1,923,025
188,900 F.Y.I., Inc.+ 6,044,800
182,750 International Telecommunication
Data Systems, Inc.+ 2,695,562
60,500 Kroll-O'Gara Company+ 2,385,969
60,200 Manitowoc Company, Inc. 2,671,375
139,600 Pre-Paid Legal Services, Inc.+ 4,606,800
------------
25,993,906
------------
Computer Hardware, Software
or Services -- 20.6%
129,300 Apex PC Solutions, Inc.+ 3,733,538
273,675 AVT Corporation+ 7,936,575
242,580 Axent Technologies, Inc.+ 7,413,851
240,937 Boole & Babbage, Inc.+ 7,092,583
134,400 Computer Management Sciences,
Inc.+ 2,335,200
179,400 Cybex Computer Products
Corporation+ 5,269,875
297,700 Datastream Systems, Inc.+ 3,423,550
307,260 Deltek Systems, Inc.+ 5,185,013
279,450 Gerber Scientific, Inc. 6,654,403
301,830 Inter-Tel, Inc. 7,055,276
328,390 MAPICS, Inc.+ 5,418,435
45,000 Maxwell Technologies, Inc.+ 1,811,250
138,000 New Dimension Software Ltd.+ 6,641,250
320,880 Quadra Med Corporation+ 6,578,040
------------
76,548,839
------------
Distributors -- 3.3%
144,050 Advance Paradigm, Inc.+ 5,041,750
122,100 Miami Computer Supply
Corporation+ 3,006,712
259,200 Watsco, Inc. 4,341,600
------------
12,390,062
------------
Electronics -- 2.5%
14,100 CTS Corporation 613,350
83,658 Electromagnetic Sciences, Inc.+ 1,171,212
163,400 FLIR Systems, Inc.+ 3,799,050
206,800 SBS Technologies, Inc.+ 3,825,800
------------
9,409,412
------------
Health Care Products -- 5.4%
221,775 Alpharma, Inc. 7,831,430
417,960 Helen of Troy Ltd.+ 6,138,787
326,890 Morrison Health Care, Inc. 6,231,341
------------
20,201,558
------------
Insurance -- 1.5%
122,460 CMAC Investment Corporation 5,625,506
------------
Leisure -- 5.5%
188,550 Action Performance Companies,
Inc.+ 6,669,956
407,560 Racing Champions Corporation+ 5,451,115
254,930 Steiner Leisure Ltd.+ 8,157,760
------------
20,278,831
------------
Managed Healthcare -- 1.3%
375,340 Physician Reliance Network,
Inc.+ 4,926,338
------------
Medical Products -- 2.4%
156,160 Hanger Orthopedic Group+ 3,513,600
177,660 Maxxim Medical, Inc.+ 5,285,385
------------
8,798,985
------------
Medical Services -- 4.9%
414,360 Assisted Living Concepts, Inc.+ 5,438,475
562,100 Capital Senior Living
Corporation+ 7,834,269
145,025 Curative Health Services, Inc.+ 4,858,337
------------
18,131,081
------------
Medical Supplies -- 3.8%
220,200 CONMED Corporation+ 7,266,600
312,860 Molecular Devices Corporation+ 6,804,705
------------
14,071,305
------------
Printing & Publishing -- 1.3%
345,400 Schawk, Inc. 4,792,425
------------
Restaurants -- 4.5%
276,875 Consolidated Products, Inc.+ 5,710,547
330,200 Ruby Tuesday, Inc. 7,016,750
399,150 Schlotzsky's, Inc.+ 3,941,606
------------
16,668,903
------------
Retail -- 5.3%
339,370 Casey's General Stores, Inc. 4,422,415
62,900 Chico's Fas, Inc.+ 1,470,287
122,400 Mark Bros. Jewelers, Inc.+ 2,203,200
68,000 Pacific Sunwear of California,
Inc.+ 1,113,500
119,650 Rent-Way, Inc.+ 2,908,991
244,800 The Men's Wearhouse, Inc.+ 7,772,400
------------
19,890,793
------------
Shoes -- 0.6%
211,200 Maxwell Shoe Company, Inc.+ 2,310,000
------------
Telecommunications -- 2.2%
147,350 Gilat Satellite Networks Ltd.,
ADR+ 8,122,669
------------
Tobacco -- 1.9%
304,200 800-JR CIGAR, Inc.+ 7,072,650
------------
TOTAL COMMON STOCKS
(Cost $308,629,801) 360,848,927
------------
Principal
Amount
- ------
REPURCHASE AGREEMENT -- 2.3%
(Cost $8,511,000)
$8,511,000 Agreement with State Street
Bank and Trust Company,
4.850% dated 12/31/1998, to
be repurchased at $8,515,586
on 01/04/1999, collateralized by
$5,720,000 U.S. Treasury Bond,
9.875% maturing 11/15/2015
(value $8,688,423) 8,511,000
------------
OTHER INVESTMENTS**
(Cost $61,881,468) 16.6% 61,881,468
---- ------------
TOTAL INVESTMENTS
(Cost $379,022,269*) 115.8% 431,241,395
OTHER ASSETS AND
LIABILITIES (Net) (15.8) (58,686,740)
---- ------------
NET ASSETS 100.0% $372,554,655
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1998, the market value of the securities on loan is
$60,590,329. Collateral received for securities loaned is invested in
State Street Navigator Securities Lending Trust-Prime Portfolio.
+ Non-income producing security.
See Notes to Financial Statements.
<PAGE>
Munder Value Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 97.9%
Aerospace & Defense -- 2.0%
44,400 Northrop Grumman
Corporation $ 3,246,750
------------
Airlines -- 1.3%
123,300 America West Holdings
Corporation+ 2,096,100
------------
Automobile Parts & Equipment -- 1.5%
40,500 Magna International, Class A,
ADR 2,511,000
------------
Banking and Financial Services -- 14.2%
84,815 Bank One Corporation 4,330,866
74,400 Chase Manhattan Corporation 5,063,850
64,050 First American Corporation 2,842,219
115,000 Fleet Financial Group, Inc. 5,139,062
26,600 MBIA, Inc. 1,743,962
180,920 Sovereign Bancorp, Inc. 2,578,110
54,000 The CIT Group, Inc. 1,717,875
------------
23,415,944
------------
Broadcasting -- 2.1%
75,150 MediaOne Group, Inc. 3,532,050
------------
Building Materials -- 3.7%
93,000 Pulte Corporation 2,586,563
58,600 Southdown, Inc. 3,468,387
------------
6,054,950
------------
Chemicals -- 2.5%
202,600 Crompton & Knowles
Corporation 4,191,287
------------
Commercial Services -- 1.0%
84,000 Cendant Corporation+ 1,601,250
------------
Computer Hardware, Software or
Services -- 2.3%
124,000 Seagate Technologies, Inc.+ 3,751,000
------------
Electric Utilities -- 2.9%
34,200 CMS Energy Corporation 1,656,562
56,600 Edison International 1,577,725
31,800 New Century Energies, Inc. 1,550,250
------------
4,784,537
------------
Electronics -- 8.7%
36,800 Intel Corporation 4,363,100
101,000 Teradyne, Inc.+ 4,279,875
66,300 Texas Instruments, Inc. 5,672,794
------------
14,315,769
------------
Food and Beverages -- 3.5%
130,500 ConAgra, Inc. 4,110,750
21,600 General Mills, Inc. 1,679,400
------------
5,790,150
------------
Home Furnishings and
Housewares -- 6.2%
190,950 Furniture Brands International,
Inc.+ 5,203,387
80,750 Maytag Corporation 5,026,688
------------
10,230,075
------------
Insurance -- 4.0%
98,750 Ace Ltd. 3,400,703
92,550 Torchmark Corporation 3,268,172
------------
6,668,875
------------
Manufacturing -- 2.0%
132,700 Pall Corporation 3,358,969
------------
Medical Services -- 9.3%
347,700 HEALTHSOUTH Corporation+ 5,367,619
54,200 St. Jude Medical, Inc. 1,500,663
131,200 Tenet Healthcare Corporation+ 3,444,000
137,000 Trigon Healthcare, Inc.+ 5,111,812
------------
15,424,094
------------
Oil and Gas -- 8.7%
27,300 British Petroleum Company
Plc, ADR+ 2,593,500
62,400 Burlington Resources, Inc. 2,234,700
81,100 McDermott International, Inc. 2,002,156
25,600 Mobil Corporation 2,230,400
265,700 Santa Fe Energy Resources, Inc. 1,959,537
32,900 Texaco, Inc. 1,739,588
53,950 USX-Marathon Group 1,625,244
------------
14,385,125
------------
Pollution Control -- 1.9%
69,500 Waste Management, Inc. 3,240,438
------------
Real Estate -- 5.0%
46,200 Apartment Investment &
Management Company 1,718,062
55,600 Boston Properties, Inc. 1,695,800
88,999 Patriot American Hospitality, Inc. 533,994
101,450 Public Storage, Inc. 2,745,491
46,700 Spieker Properties, Inc. 1,616,988
------------
8,310,335
------------
Research and Development -- 3.5%
55,000 Amgen, Inc.+ 5,750,937
------------
Telecommunications -- 6.4%
89,900 ALLTEL Corporation 5,377,144
79,200 GTE Corporation 5,148,000
------------
10,525,144
------------
Tobacco -- 2.9%
90,400 Philip Morris Companies, Inc. 4,836,400
------------
Transportation -- 2.3%
101,000 CNF Transportation, Inc. 3,793,813
------------
TOTAL COMMON STOCKS
(Cost $147,310,088) 161,814,992
------------
REPURCHASE AGREEMENT -- 1.4%
(Cost $2,240,000)
$2,240,000 Agreement with State Street
Bank and Trust Company,
4.850% dated 12/31/1998,
to be repurchased at
$2,241,207 on 01/04/1999,
collateralized by $1,845,000
U.S. Treasury Bond, 6.875%
maturing 08/15/2025
(value $2,287,224) 2,240,000
------------
OTHER INVESTMENTS**
(Cost $16,949,172) 10.2% 16,949,172
---- ------------
TOTAL INVESTMENTS
(Cost $166,499,260*) 109.5% 181,004,164
OTHER ASSETS AND
LIABILITIES (Net) (9.5) (15,721,163)
---- ------------
NET ASSETS 100.0% $165,283,001
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1998, the market value of the securities on loan is
$16,914,288. Collateral received for securities loaned of $16,949,172 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.
<PAGE>
Munder Framlington Emerging Markrets Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 96.7%
Argentina -- 5.5%
32,000 Banco Frances del Rio
de La Plata SA, ADR $ 664,000
39,000 Telefonica de Argentina, ADR 1,072,500
------------
1,736,500
------------
Brazil -- 6.7%
10,000,000 Centrais Eletrobras SA 172,143
19,200 Companhia Brasileira
de Distribuicao Grupo Pao
de Acucar, GDR 297,600
1,000,000 Light Services de Eletricidade SA 121,658
51,800 Petroleo Brasileiro SA, ADR 587,319
10,000 Telecomunicacoes Brasileiras SA,
ADR 726,875
14,000 Uniao De Bancos Brasileiros SA
(Unibanco) 202,125
------------
2,107,720
------------
Chile -- 2.1%
17,000 Enersis SA, ADR 438,813
6,300 Quimica Minera Chile SA,
ADR 212,231
------------
651,044
------------
China\Hong Kong -- 7.4%
988,000 Anhui Conch Cement Co., Ltd. 109,670
200,000 China Resources Enterprise Ltd. 312,355
3,150,000 Guangzhou Pharmaceutical 333,394
240,000 New World Infrastructure Ltd. 351,593
700,000 Shanghai Zhenhua Port
Machinery Co., Ltd. 247,800
350,000 Shenzhen Fangda Co., Ltd. 170,762
2,100,000 Yanzhou Coal Mining
Company Ltd. 352,367
2,100,000 Zhejiang Expressway
Company Ltd. 425,551
------------
2,303,492
------------
Egypt -- 3.5%
104,472 Egyptian Mobile Phone
Network+ 635,717
33,500 Industrial and Engineering
Enterprises 474,010
------------
1,109,727
------------
Ghana -- 1.3%
435,018 Social Security Bank 418,286
------------
Greece -- 7.1%
43,000 Hellenic Telecommunication
Organization SA 1,144,598
4,000 National Bank of Greece 900,386
6,705 Panafon Hellenic Telecom
Company+ 177,682
------------
2,222,666
------------
Hungary -- 3.0%
12,000 Magyar Tavkozlesi Rt, ADR 357,750
14,000 MOL Magyar Olaj-es
Gazipari Rt, GDR 386,400
3,700 OTP Bank Rt, GDR 182,410
------------
926,560
------------
India -- 4.2%
22,200 Hindalco Industries Ltd.,
ADR++ 255,300
31,000 Mahanagar Telephone
Nigam, GDR 383,625
45,000 State Bank of India, GDR 376,875
24,055 Videsh Sanchar Nigam
Ltd., ADR 297,681
------------
1,313,481
------------
Kenya -- 0.6%
192,837 Kenya Commercial Bank 190,418
------------
Mexico -- 12.3%
100,000 ALFA, SA de CV 281,114
362,000 Cemex SA de CV 908,015
290,000 Desc SA de CV 272,232
12,000 Fomento Economico
Mexicano SA de CV, ADR 319,500
272,000 Grupo Elektra SA 139,473
13,200 Grupo Industrial Maseca SA, ADR 164,175
79,600 Grupo Modelo SA de CV 168,729
24,100 Grupo Televisa SA+ 303,591
145,000 Organizacion Soriana SA de CV 468,356
15,000 Telefono de Mexico SA, ADR 730,313
12,000 TV Azteca SA de CV, ADR 80,250
------------
3,835,748
------------
Peru -- 1.7%
1 Cementos Norte Pacasmayo SA 1
58,256 Credicorp Ltd., ADR 524,304
75 Ferreyros SA, ADR 1,341
------------
525,646
------------
Poland -- 6.7%
2,046 Bank Przemyslowo-Handlowy
SA 121,244
25,000 Elektrim Spolka Akcyjna SA 270,655
56,500 KGHM Polska Miedz SA, GDR 405,388
160,000 Telekomunikacja Polska
SA, GDR+ 820,000
75,000 Wielkopolski Bank
Kredytowy SA 472,222
------------
2,089,509
------------
Russia -- 1.1%
11,000 Lukoil Holdings, ADR 178,200
40,050 Rostelecom, ADR 167,709
------------
345,909
------------
Senegal -- 1.6%
11,782 Sonatel Communications
Corporation 505,394
------------
Slovakia -- 0.1%
2,000 Slovnaft AS, GDR 35,859
------------
South Africa -- 6.5%
125,000 ABSA Group Ltd. 593,136
1,350,437 Afribrand Holdings Ltd. 217,801
120,840 Dimension Data Holdings Ltd. 512,877
160,000 Ellerine Holdings Ltd. 344,974
25,000 Liberty Life Association
of Africa Ltd. 343,786
11,745 New Clicks Holdings Ltd. 11,465
------------
2,024,039
------------
South Korea -- 12.7%
85,000 Daewoo Heavy Industries 438,072
55,000 Hana Bank 608,063
75,000 Kookmin Bank, GDR++ 607,500
100 Korea Telecom Corporation+ 3,159
37,000 L.G. Chemicals Ltd. 402,909
11,502 LG Information &
Communication 308,823
6,500 Nong Shim Company 373,899
2,610 Pohang Iron & Steel
Company Ltd. 139,938
8,000 Samsung Display Devices
Company 394,347
10,444 Samsung Electronics 700,608
------------
3,977,318
------------
Taiwan -- 1.5%
50,000 Asustek Computer, Inc. 457,500
------------
Thailand -- 5.7%
63,000 Advanced Info Service
Public Company Ltd. 374,360
47,600 KCE Electronics Public
Company Ltd. 104,759
34,200 PTT Exploration &
Production Public
Company Ltd. 240,858
31,600 Siam Cement Public
Company Ltd. 716,325
5,400 The Pizza Public Company Ltd. 18,124
685,000 United Broadcasting
Corporation Public
Company Ltd. 325,069
------------
1,779,495
------------
Turkey -- 3.7%
8,400,000 Aksigorta AS 255,627
149,047 Haci Omer Sabanci Holding
SA, ADR 562,652
3,930,000 Vestel Elektronik Sanayi
ve Ticaret AS+ 323,908
------------
1,142,187
------------
Venezuela -- 1.5%
21,200 Compania Anonima Nacional
Telefonos de Venezuela,
ADR 377,625
28,100 Mavesa SA, ADR 105,375
------------
483,000
------------
Zimbabwe -- 0.2%
170,000 NMBZ Holdings Ltd. 54,817
------------
TOTAL COMMON STOCKS
(Cost $38,261,622) 30,236,315
------------
INVESTMENT COMPANY SECURITIES -- 6.0%
India -- 4.1%
65,000 India It Fund Ltd.+ 772,200
58,000 Is Himalayan Fund 500,540
------------
1,272,740
------------
South Africa -- 1.7%
685,355 Hosken Consolidated
Investments Ltd. 550,350
------------
South Korea -- 0.2%
7,000 New Korea Trust+ 63,875
------------
TOTAL INVESTMENT COMPANY SECURITIES
(Cost $2,319,107) 1,886,965
------------
PREFERRED STOCKS -- 1.1%
Brazil -- 1.1%
6,696,358 Telecomunicacoes do Rio
de Janeiro SA 182,885
6,696,358 Telerj Celular SA 157,946
------------
340,831
------------
TOTAL PREFERRED STOCKS
(Cost $932,610) $340,831
------------
WARRANTS -- 0.0% #
(Cost $0)
China -- 0.0% #
51,200 Peking Apparel
International Group Ltd.,
expire 03/31/99+ 727
------------
OTHER INVESTMENTS**
(Cost $6,410,115) 20.5% 6,410,115
---- ------------
TOTAL INVESTMENTS
(Cost $47,923,454*) 124.3% 38,874,953
OTHER ASSETS AND
LIABILITIES (Net) (24.3) (7,593,448)
---- ------------
NET ASSETS 100.0% $ 31,281,505
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
** As of June 30, 1998, the market value of the securities on loan is
$6,062,504. Collateral received for securities loaned consists of
$6,410,115 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 Funds
Portfolio of Investments, December 31, 1998 (Unaudited)
(Continued)
At December 31, 1998 sector diversification of the Munder Framlington
Emerging Markets Fund was a follows:
% of
Net Assets Value
---------- -----
COMMON STOCKS:
Telecommunications.......................... 25.8% $8,083,811
Banking & Financial Services................ 18.9 5,915,787
Electronics................................. 7.2 2,251,778
Oil & Gas................................... 5.9 1,831,545
Building & Building Materials............... 5.5 1,734,011
Food & Beverage............................. 4.3 1,349,479
Utilities................................... 3.9 1,206,624
Metals & Mining............................. 3.9 1,226,627
Diversified Industrial...................... 3.6 1,115,998
Retail...................................... 2.9 916,894
Investment Companies........................ 2.6 825,232
Broadcasting & Advertising.................. 2.3 708,910
Insurance................................... 1.9 599,412
Transportation.............................. 1.4 425,551
Industrial Machinery........................ 1.4 438,071
Household Appliances & Home
Furnishings............................. 1.1 344,974
Drugs & Health Care......................... 1.1 333,394
Building Construction....................... 1.1 351,593
Steel....................................... 1.0 310,700
Hotels & Restaurants........................ 0.1 18,124
Miscellaneous............................... 0.8 247,800
---- ----------
TOTAL COMMON STOCKS ........................ 96.7 30,236,315
INVESTMENT COMPANY
SECURITIES ............................. 6.0 1,886,965
PREFERRED STOCKS ........................... 1.1 340,831
WARRANTS ................................... 0.0# 727
OTHER INVESTMENTS .......................... 20.5 6,410,115
---- ----------
TOTAL INVESTMENTS .......................... 124.3 38,874,953
OTHER ASSETS AND
LIABILITIES (Net) ...................... (24.3) (7,593,448)
---- ----------
NET ASSETS ................................. 100.0% $ 31,281,505
==== ==========
- ---------
* Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
<PAGE>
Munder Framlington Healthcare Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- DOMESTIC -- 86.0%
Biotechnology -- 21.6%
12,500 Alexion Pharmaceuticals, Inc.+ $ 167,187
35,000 Ariad Pharmaceuticals, Inc.+ 59,063
4,000 Biomatrix, Inc.+ 233,000
13,125 Cell Genesys, Inc.+ 78,750
5,000 Centocor, Inc.+ 225,625
16,700 CombiChem, Inc.+ 72,019
20,000 Corixa Corporation+ 185,000
8,000 Coulter Pharmaceutical, Inc.+ 240,000
2,275 CuraGen Corporation+ 16,067
30,000 Gene Logic+ 209,062
13,000 Genzyme Transgenics Corporation+ 73,125
8,000 Gilead Sciences, Inc.+ 328,500
8,000 Guilford Pharmaceuticals, Inc.+ 114,000
10,000 ICOS Corporation+ 297,500
6,000 Incyte Pharmacuticals, Inc.+ 224,250
25,000 La Jolla Pharmaceutical Company+ 112,500
30,000 Medarex, Inc.+ 90,938
15,000 Millennium Pharmaceuticals, Inc.+ 388,125
16,000 NPS Pharmaceuticals, Inc.+ 123,000
1,500 ONYX Pharmaceuticals, Inc.+ 10,500
30,000 OSI Pharmaceuticals, Inc.+ 95,625
9,000 Pharmacyclics, Inc.+ 229,500
12,000 Sugen, Inc.+ 177,000
15,000 Synaptic Pharmaceutical
Corporation+ 225,000
10,000 Transkaryotic Therapies, Inc.+ 253,750
5,000 V.I. Technologies Inc.+ 51,875
6,000 Vertex Pharmaceuticals, Inc.+ 178,500
12,000 Vical, Inc.+ 170,250
5,000 ViroPharma, Inc.+ 46,563
------------
4,676,274
------------
Contract Sales & Research
Organisations -- 4.5%
8,000 BioReliance Corporation+ 64,000
6,000 Boron, Lepore & Associates, Inc.+ 207,000
8,000 PAREXEL International
Corporation+ 200,000
8,000 Pharmaceutical Product
Development, Inc.+ 240,500
5,000 Quintiles TransNational
Corporation+ 266,875
------------
978,375
------------
Distribution & Marketing Services -- 6.6%
10,000 Advance Paradiam, Inc.+ 350,000
20,000 Healthworld Corporation+ 207,500
5,000 Henry Schein, Inc.+ 223,750
1,500 McKesson Corporation 118,594
4,000 NCS Healthcare, Inc., Class A+ 95,000
6,000 Omnicare, Inc. 208,500
10,000 PSS World Medical, Inc.+ 230,000
------------
1,433,344
------------
Drugs -- 15.0%
18,600 AVANT Immunotherapeutics, Inc.+ 32,550
20,000 Collagenex Pharmaceuticals, Inc.+ 192,500
8,000 Connetics Corporation+ 47,000
175 Crescendo Pharmaceuticals
Corporation+ 2,384
10,000 GelTex Pharmaceuticals, Inc.+ 226,250
6,000 Jones Medical Industries, Inc. 219,000
1,941 King Pharmaceuticals, Inc.+ 51,194
13,000 Martek Biosciences Corporation+ 104,000
5,000 Medicis Pharmaceutical
Corporation+ 298,125
4,000 Medimmune, Inc.+ 397,750
6,000 PathoGenesis Corporation+ 348,000
2,500 Pfizer, Inc. 313,594
8,000 Rexall Sundown, Inc.+ 112,000
7,000 SangStat Medical Corporation+ 148,750
3,000 Sepracor, Inc.+ 264,375
10,500 Serologicals Corporation+ 315,000
10,000 Zonagen, Inc.+ 191,250
------------
3,263,722
------------
Drug Delivery -- 3.2%
5,000 Anesta Corporation+ 133,125
13,000 Emisphere Technologies, Inc.+ 203,125
7,000 Inhale Therapeutic Systems+ 231,000
30,000 Nastech Pharmaceuticals
Company, Inc.+ 116,250
------------
683,500
------------
Hospital/Medical Services -- 3.5%
15,190 American Healthcorp, Inc. 149,052
8,000 Amsurg Corporation, Class A+ 59,000
15,000 Amsurg Corporation, Class B+ 101,250
7,000 Carematrix Corporation+ 214,375
9,000 Genesis Health Ventures, Inc.+ 78,750
12,000 Quorum Health Group, Inc.+ 155,250
------------
757,677
------------
Managed Healthcare -- 9.9%
10,000 American Oncology Resources,
Inc.+ 145,625
7,000 Curative Health Services, Inc.+ 234,500
11,000 Hanger Orthopedic Group+ 247,500
8,000 IMPATH, Inc.+ 212,000
12,000 PhyCor, Inc.+ 81,750
15,000 Physician Reliance Network, Inc.+ 196,875
12,000 PMR Corporation+ 91,500
40,000 ProMedCo Management
Company+ 240,000
7,500 Renal Care Group, Inc.+ 216,094
25,000 Renex Corporation+ 181,250
12,000 Res-Care, Inc.+ 296,250
9,750 Specialty Care Network, Inc.+ 12,187
------------
2,155,531
------------
Medical Devices -- 18.7%
25,000 Aksys Ltd.+ 107,812
5,000 Arterial Vascular Engineering, Inc.+ 262,500
5,000 Bionx Implants, Inc.+ 41,562
4,000 Conceptus, Inc.+ 9,000
15,000 CryoLife, Inc.+ 178,125
15,000 Cyberonics, Inc.+ 202,500
10,000 Cytyc Corporation+ 257,500
12,000 Digene Corporation+ 66,750
18,000 Endocardial Solutions, Inc.+ 180,000
30,000 EndoSonics Corporation 298,125
20,000 EPIX Medical, Inc.+ 186,250
18,000 Horizon Medical Products, Inc.+ 78,750
40,000 LifeCell Corporation+ 175,000
13,000 Lifecore Biomedical, Inc.+ 133,250
40,000 LJL Biosystems, Inc.+ 125,000
10,000 Molecular Devices Corporation+ 217,500
8,000 Novoste Corporation+ 227,000
7,000 Perclose, Inc.+ 231,875
7,000 ResMed, Inc.+ 317,625
8,000 Rochester Medical Corporation+ 122,000
12,000 SeaMED Corporation+ 135,000
6,400 SteriGenics International, Inc.+ 166,400
8,000 Theragenics Corporation+ 134,500
7,000 Wesley Jessen VisionCare, Inc.+ 194,250
------------
4,048,274
------------
Medical Information Systems -- 3.0%
8,000 HBO & Company 229,500
10,000 QuadraMed Corporation+ 205,000
5,000 Superior Consultant Holdings
Corporation+ 217,500
------------
652,000
------------
TOTAL COMMON STOCKS -- DOMESTIC
(Cost $17,875,054) 18,648,697
------------
COMMON STOCKS -- FOREIGN -- 11.5%
Biotechnology -- 5.0%
700 Cambridge Antibody Technology
Group Plc+ 2,675
30,000 Celltech Group Plc 196,877
5,000 Cerep 134,144
3,700 Genset, ADR+ 102,213
8,650 Karo Bio AB+ 93,156
30,400 KS Biomedix Holdings 119,953
2,500 NeuroSearch A/S 165,768
10,200 Oxford Asymmetry
International Plc 88,968
22,500 Oxford Glyco Sciences 95,323
60,000 Peptide Therapeutics Group 82,738
------------
1,081,815
------------
Drugs -- 2.9%
64,000 AMRAD Corporation Ltd. 53,337
9,000 BioChem Pharma, Inc 257,625
39,000 Bioglan Pharma Plc+ 170,086
150 CliniChem Development, Inc.+ 722
25,000 Shire Pharmaceuticals Group Plc 160,118
------------
641,888
------------
Medical Devices -- 3.6%
30,000 Axis Biochemicals ASA 169,770
13,828 Biocompatibles International Plc 20,447
10,000 Biora AB 67,079
50,000 Chemunex SA+ 56,341
10,000 ContextVision AB 40,798
64,224 Gyrus Group Plc 145,648
5,000 Kawasumi Laboratories 98,187
6,000 Ortivus AB 43,570
2,400 QIAGEN N.V., ADR+ 144,600
------------
786,440
------------
TOTAL COMMON STOCKS -- FOREIGN
(Cost $2,916,886) 2,510,143
------------
WARRANTS -- 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 04/30/99+ 445
------------
REPURCHASE AGREEMENT -- 2.4%
(Cost $516,000)
$516,000 Agreement with State Street
Bank and Trust Company,
4.850% dated 12/31/1998,
to be repurchased at
$516,278 on 01/04/1999,
collateralized by $435,000
U.S. Treasury Bond,
7.250% maturing 05/15/2016
(value $531,785) 516,000
------------
OTHER INVESTMENTS**
(Cost $3,356,049) 15.5% 3,356,049
---- ------------
TOTAL INVESTMENTS
(Cost $24,666,642*) 115.4% 25,031,334
OTHER ASSETS AND
LIABILITIES (Net) (15.4) (3,346,114)
---- ------------
NET ASSETS 100.0% $ 21,685,220
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
** As of June 30, 1998, the market value of the securities on loan is
$3,270,241. Collateral received for securities loaned 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.
<PAGE>
Munder Framlington International Growth Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 95.6%
Australia -- 1.2%
58,725 Cable & Wireless Optus Ltd.+ $ 123,431
20,000 Commonwealth Bank of
Australia 283,877
75,000 Telstra Corporation Ltd. 350,665
------------
757,973
------------
Belgium -- 1.9%
2,300 Barco Industries 645,357
16,200 Lernout & Hauspie Speech
Products NV+ 528,525
------------
1,173,882
------------
China\Hong Kong -- 1.4%
150,000 New World Infrastructure Ltd. 219,746
3,248,000 RNA Holdings Ltd. 310,228
1,200,000 Yanzhou Coal Mining
Company Ltd. 201,353
700,000 Zhejiang Expressway
Company, Ltd. 141,850
------------
873,177
------------
Denmark -- 0.9%
4,100 Novo Nordisk AS, Series B 541,144
------------
Finland -- 5.3%
9,000 Nokia Ab Oy, Series A 1,094,332
61,000 Raisio Group 669,935
18,400 Sampo Insurance, A Shares 698,255
20,000 Tieto Corporation, B Shares 890,371
------------
3,352,893
------------
France -- 11.4%
6,300 AXA Company 912,717
9,200 Banque Nationale de Paris 757,260
2,300 Canal Plus 627,347
3,000 Castorama Dubois 684,135
4,600 Elf Aquitaine SA 531,497
15,000 Lagardere Group 637,185
3,800 Publicis SA 679,664
13,700 Rhone Poulenc 704,725
12,500 SGS-Thomson
Microelectronics NV+ 983,724
3,300 Suez Lyonnaise des Eaux 677,589
------------
7,195,843
------------
Germany -- 3.1%
600 Bayerische Motoren Werke
(BMW) 465,499
180 Bayerische Motoren Werke
(BMW) 133,385
7,400 Bayerische Vereinsbank AG 579,443
7,000 Mannesmann AG 802,232
------------
1,980,559
------------
Ireland -- 1.2%
14,000 Global TeleSystems Group,
Inc.+ 780,500
------------
Italy -- 4.1%
335,000 Banca Di Roma 567,299
90,000 ENI 587,862
90,000 Telecom Italia 767,486
111,000 Unicredito Italiano 657,561
------------
2,580,208
------------
Japan -- 21.5%
12,000 Andor Company Ltd. 33,649
35,000 ANRITSU Corporation 283,282
21,000 Arrk Corporation 111,455
16,000 Computer Engineering &
Consulting Ltd. 237,912
15,000 Consec Corporation 35,958
13,800 Credit Saison Company Ltd. 339,965
100 DDI Corporation 371,517
27,000 FCC Company Ltd. 316,453
17,000 Fuji Machine MFG Company Ltd. 536,842
50,000 Fujisawa Pharmaceutical
Company Ltd. 707,652
3,000 Futaba Corporation 117,559
6,500 Keyence Corporation 799,204
100 Kitagawa Industries Company
Ltd. 708
20,000 Kokuyo Company 269,084
15,000 Marui Company Ltd. 288,589
19,000 Meitec Corporation 473,950
48,000 Minebea Company Ltd. 549,421
76,000 Mitsubishi Heavy Industries 295,798
15,000 Mitsumi Electric Company Ltd. 317,116
14,000 Murata Manufacturing
Company Ltd. 580,805
25,000 Namco 501,990
30 Net One Systems Company Ltd. 114,109
9,400 Nichiei Company Ltd. 748,341
54,000 Nikko Securities Company Ltd. 150,464
14 Nippon Telegraph &
Telephone Corporation 107,988
4 NTT Mobile Communication
Network, Inc. 164,529
7,000 Promise Company Ltd. 364,087
57,000 Ricoh Company Ltd. 525,378
8,000 Rohm Company 728,173
20,000 Shin-Etsu Chemical Company
Ltd. 481,203
7,000 Sony Corporation 509,597
28,000 Sumitomo Bank Ltd. 287,306
32,000 Sumitomo Electric Industries 359,770
41,000 Sumitomo Trust & Banking 108,801
36,000 The Bank of Tokyo-Mitsubishi,
Ltd. 372,579
9,000 Tokyo Electron Ltd. 341,530
43,000 Ube-Nitto Kasei Company Ltd. 151,765
15,000 World Company, Ltd. 647,501
47,000 Yamato Kogyo Company, Ltd. 271,897
------------
13,603,927
------------
Netherlands -- 4.7%
30,000 ABN AMRO Holdings 630,755
15,355 Equant NV 1,068,067
12,500 Getronics NV 618,779
11,000 ING Groep 670,410
------------
2,988,011
------------
Portugal -- 2.4%
24,300 Banco Comercial Portugues,
SA (BCP) 747,418
3,700 Telecel-Comunicacaoes
Pessoais, SA 756,673
------------
1,504,091
------------
Singapore -- 0.7%
11,300 Creative Technology Ltd. 159,473
20,000 Development Bank of
Singapore Ltd. 180,497
20,000 Overseas-Chinese Banking
Corp. Ltd. 135,675
------------
475,645
------------
Slovakia -- 0.1%
2,000 Slovnaft AS, GDR 35,859
------------
South Korea -- 1.3%
100 Korea Telecom Corporation+ 3,159
7,575 Pohang Iron & Steel
Company, Ltd. 127,828
10,000 Samsung Electronics 670,823
------------
801,810
------------
Spain -- 3.3%
32,000 Argentaria SA 827,470
25,000 Cortefiel SA 657,895
14,000 Telefonica de Espana SA 621,587
------------
2,106,952
------------
Sweden -- 4.1%
17,000 Autoliv, Inc., ADR 608,876
30,000 Ericsson (L.M.) Telephone
Company, Class B 712,633
105,000 Nordbanken Holding AB 672,017
81,000 Orvitus, Series B 588,199
------------
2,581,725
------------
Switzerland -- 6.3%
1,451 Adecco SA 662,282
500 Novartis AG 982,747
70 Roche Holdings AG 854,044
2,500 UBS AG-- Registered 767,999
950 Zurich Allied AG 703,320
------------
3,970,392
------------
United Kingdom -- 20.7%
65,541 BAA Plc 769,854
120,999 BBA Group Plc 749,836
50,000 BP Amoco Plc 744,310
34,000 CGU Plc 536,069
88,000 Compass Group Plc 1,004,419
20,000 HSBC Holdings Plc 498,219
65,000 Kwik-Fit Holdings Plc 521,058
30,000 Laporte Plc 233,760
80,000 Lloyds TSB Group Plc 1,139,060
35,000 National Westminster Bank Plc 677,438
104,000 Norwich Union Plc 756,803
48,000 Royal & Sun Alliance
Insurance Group Plc 390,763
80,000 Sema Group Plc 788,171
80,000 Senior Engineering Group Plc 152,849
115,000 Smithkline Beecham Plc 1,593,817
70,000 Vodafone Group Plc 1,137,398
10,000 Whitbread Plc 128,260
132,692 Williams Plc 758,366
12,000 Zeneca Group Plc 522,745
------------
13,103,195
------------
TOTAL COMMON STOCKS
(Cost $53,774,675) 60,407,786
------------
PREFERRED STOCKS -- 2.4%
Germany -- 2.4%
12,000 Fresenius Medical Care AG 558,022
300 Porsche AG 684,028
575 SAP AG 274,355
------------
1,516,405
------------
TOTAL PREFERRED STOCKS
(Cost $1,333,527) 1,516,405
------------
RIGHTS -- 0.0% #
(Cost $0)
Spain -- 0.0% #
14,000 Telefonica SA, Bonus Rights 12,412
------------
REPURCHASE AGREEMENT -- 1.9%
(Cost $1,161,000)
$1,161,000 Agreement with State Street
Bank and Trust Company,
4.850% dated 12/31/1998,
to be repurchased at
$1,161,626 on 01/04/1999,
collateralized by $970,000
U.S. Treasury Bond, 7.250%
maturing 05/15/2016
(value $1,185,819) 1,161,000
------------
OTHER INVESTMENTS**
(Cost $1,365,000) 2.2% 1,365,000
---- ------------
TOTAL INVESTMENTS
(Cost $57,634,202*) 102.1% 64,462,603
OTHER ASSETS AND
LIABILITIES (Net) (2.1) (1,297,668)
---- ------------
NET ASSETS 100.0% $ 63,164,935
==== ============
- ---------
* Aggregate cost for Federal tax purposes.
** Cash and Non-Cash Collateral:
As of December 31, 1998, the market value of the securities on loan is
$1,309,025. Collateral received for securities loaned includes $427,443
in U.S. Government securities and the remaining $937,557 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.
<PAGE>
Munder Framlington International Growth Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
(Continued)
- -----------------------------------------------------------------------------
At December 31, 1998 sector diversification of the Munder Framlington
International Growth Fund was as follows:
% of
Net Assets Value
---------- -----
COMMON STOCKS:
Banking & Financial Services ......... 18.6% $11,725,828
Telecommunications ................... 12.5 7,895,435
Electronics .......................... 10.4 6,578,804
Drugs & Health Care .................. 8.2 5,202,148
Insurance ............................ 6.3 3,997,926
Machinery ............................ 3.4 2,131,897
Automotive ........................... 3.2 2,045,272
Oil & Gas ............................ 3.0 1,899,527
Electric & Electrical Equipment ...... 2.9 1,820,679
Food & Beverage ...................... 2.7 1,674,355
Retail ............................... 2.6 1,630,619
Diversified Industrial ............... 2.5 1,548,400
Chemicals ............................ 2.5 1,571,453
Computers ............................ 2.0 1,291,915
Software ............................. 1.8 1,128,283
Building Construction ................ 1.4 897,335
Industrial Machinery ................. 1.3 802,232
Building & Building Materials ........ 1.2 748,341
Air Travel ........................... 1.2 769,854
Advertising .......................... 1.1 679,664
Business Services .................... 1.0 662,282
Broadcasting & Advertising ........... 1.0 627,348
Apparel & Textiles ................... 1.0 647,501
Pharmaceuticals & Medical
Supplies .......................... 0.9 588,199
Entertainment ........................ 0.8 501,990
Manufacturing ........................ 0.4 271,636
Forest Paper & Products .............. 0.4 269,084
Metals and Mining .................... 0.3 201,353
Communication Services ............... 0.3 164,529
Miscellaneous ........................ 0.7 433,897
---- ----------
TOTAL COMMON STOCKS .................. 95.6 60,407,786
PREFERRED STOCKS ..................... 2.4 1,516,405
RIGHTS ............................... 0.0# 12,412
REPURCHASE AGREEMENT ................. 1.9 1,161,000
OTHER INVESTMENTS .................... 2.2 1,365,000
---- ----------
TOTAL INVESTMENTS .................... 102.1 64,462,603
OTHER ASSETS AND
LIABILITIES (Net) ................. (2.1) (1,297,668)
---- ----------
NET ASSETS ........................... 100.0% $63,164,935
==== ==========
- ---------
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.<PAGE>
Munder Bond Fund
Portfolio of Investment, December 31,1998 (Unaudited)
Princial
Amount Value
- --------- -----
ASSET-BACKED SECURITIES -- 7.8%
$ 336,286 Merrill Lynch Mortgage
Investors, Inc., Series 87-C,
Class A,
10.100% due 11/15/2007 $ 337,755
5,500,000 Residential Accredit Loans, Inc.,
Series 1997 QS5 Class A 5,
7.250% due 06/25/2027 5,533,935
Standard Credit Card Master
Trust, Class A:
6,000,000 Series 1995-10,
5.900% due 02/07/2001 6,002,580
5,940,000 Series 1994-2,
7.250% due 04/07/2008 6,523,308
2,300,000 Union Acceptance Corporation,
Class A3:
Series 1996-C,
6.630% due 10/08/2003+ 2,360,214
------------
TOTAL ASSET-BACKED SECURITIES
(Cost $20,192,466) 20,757,792
------------
COLLATERALIZED MORTGAGE OBLIGATIONS
(CMO) -- 3.8%
5,000,000 Federal Home Mortgage
Corporation, Series #1541,
Class F,
6.250% due 05/15/2019 5,028,250
1,925,000 Federal Home Mortgage
Corporation, Series 1702-A,
Class PD,
6.500% due 04/15/2022 1,982,365
3,066,000 Federal Home Mortgage
Corporation, Series 1752
Class K,
8.000% due 07/15/2007 3,117,264
------------
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (CMO)
(Cost $10,013,372) 10,127,879
------------
CORPORATE BONDS AND NOTES -- 48.1%
Drugs -- 2.7%
6,400,000 Eli Lilly and Company,
8.375% due 02/07/2005 7,292,000
------------
Finance -- 17.8%
5,072,000 ACC Consumer Finance
Corporation,
10.250% due 12/01/2003 5,369,980
4,000,000 AT&T Capital Corporation, MTN,
6.490% due 05/17/1999 4,006,240
17,196 Bank of America National Trust,
9.000% due 03/01/2008 18,028
3,830,000 Block Financial Corporation,
6.750% due 11/01/2004 3,929,082
5,500,000 CIT Group, Inc., Class A,
5.625% due 10/15/2003 5,466,395
4,500,000 Countrywide Capital III,
Subordinated Capital Income,
Secs Series B,
8.050% due 06/15/2027++ 4,902,120
2,500,000 Ford Motor Credit Company,
6.550% due 09/10/2002 2,577,725
4,600,000 General Electric Capital
Corporation,
8.850% due 04/01/2005 5,424,044
4,800,000 John Deere Credit, Inc.,
6.125% due 05/30/2003 4,851,000
4,520,000 Pitney Bowes Credit Corporation,
8.625% due 02/15/2008 5,531,576
4,850,000 Transamerica Capital III,
7.625% due 11/15/2037 5,151,815
------------
47,228,005
------------
Finance -- Foreign -- 3.9%
5,250,000 Abbey National Plc,
6.700% due 06/29/2049 5,146,733
5,000,000 Westdeutsche Landesbank,
6.750% due 06/15/2005 5,136,850
------------
10,283,583
------------
Government Agency -- Foreign -- 2.0%
$5,015,000 British Columbia Hydro Power Corporation,
12.500% due 01/15/2014 5,228,438
------------
Industrial -- 15.3%
4,000,000 American Greetings Corporation,
6.100% due 08/01/2028 4,098,360
3,895,000 Anheuser Busch Companies,
9.000% due 12/01/2009 5,021,551
5,500,000 Coca-Cola Enterprises,
6.625% due 09/30/2002 5,717,250
6,725,000 Harris Corporation Delaware,
6.350% due 02/01/2028 7,281,695
5,000,000 IBM Corporation,
7.500% due 06/15/2013 5,930,600
4,500,000 Racers-Kellogg, Series 1998 144A,
5.750% due 02/02/2001++ 4,568,130
3,500,000 Thermo Electron
Corporation, 144A,
4.250% due 01/01/2003++ 3,141,250
4,400,000 Wal-Mart Stores,
8.625% due 04/01/2001 4,716,580
------------
40,475,416
------------
Supranational -- 1.5%
3,950,000 African Development Bank,
6.750% due 07/30/1999 3,984,879
------------
Transportation -- 0.4%
1,000,000 Consolidated Rail Corporation,
MTN,
7.000% due 07/01/1999 1,007,820
------------
Utility -- Electric -- 4.5%
2,500,000 Montana Power Company,
Series A, MTN,
8.680% due 02/07/2022 2,805,975
4,100,000 National Rural Utilities
Cooperative Finance, Note,
6.125% due 05/15/2005 4,269,986
4,700,000 Puget Sound Energy, Inc.,
7.020% due 12/01/2027 4,891,243
------------
11,967,204
------------
TOTAL CORPORATE BONDS AND NOTES
(Cost 125,513,256) 127,467,345
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 15.1%
Federal Home Loan Mortgage Corporation (FHLMC) -- 0.6%
FHLMC:
1,229,035 Pool #E62394, Gold, 7.500%
due 09/01/2010 1,262,121
296,683 Pool #200021, 10.500%
due 11/01/2000 312,799
------------
1,574,920
------------
Federal National Mortgage Association
(FNMA) -- 9.2%
FNMA:
6,150,000 Remic Trust 1993 183 Class H,
6.500% due 03/25/2022 6,309,654
2,510,000 Remic Trust 1997 G1 Class K,
6.750% due 02/18/2004 2,549,507
4,400,000 Pool #380137,
7.280% due 03/01/2008 4,884,000
4,718,477 Remic Trust 1990-41 Class D,
9.500% due 04/25/2020 5,067,645
2,443,273 Pool #303105,
11.000% due 11/01/2020 2,699,303
2,487,209 Pool #100081,
11.500% due 08/20/2016 2,799,677
------------
24,309,786
------------
Government Agency -- Debentures -- 1.8%
4,600,000 Tennessee Valley Authority,
6.375% due 06/15/2005 4,860,360
------------
Government National Mortgage Association
(GNMA) -- 3.5% GNMA:
3,861,095 Pool #371438,
6.500% due 01/15/2024 3,899,397
1,728,418 Pool #780584,
7.000% due 06/15/2027 1,769,416
3,375,726 Pool #780840,
8.500% due 07/20/2028 3,553,796
------------
9,222,609
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $39,133,712) 39,967,675
------------
U.S. TREASURY OBLIGATIONS -- 23.0%
U.S. Treasury Bonds -- 13.6%
$6,069,000 3.625% due 04/15/2028, TIPS 5,892,574
24,725,000 6.875% due 08/15/2025 30,026,287
------------
35,918,861
------------
U.S. Treasury Notes -- 9.4%
12,500,000 6.250% due 02/15/2007 13,741,750
9,680,000 7.875% due 11/15/2004 11,210,408
------------
24,952,158
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $58,884,562) 60,871,019
------------
REPURCHASE AGREEMENT -- 0.7%
(Cost $1,893,000)
$1,893,000 Agreement with State Street Bank
and Trust Company, 4.850% dated
12/31/1998, to be repurchased at
$1,894,020 on 01/04/1999,
collateralized by $1,275,000
U.S. Treasury Bond, 9.875%
maturing 11/15/2015
(value $1,936,668) 1,893,000
------------
OTHER INVESTMENTS**
(Cost $28,124,530) 10.6% 28,124,530
---- ------------
TOTAL INVESTMENTS
(Cost $283,754,898*) 109.1% 289,209,240
OTHER ASSETS AND
LIABILITIES (Net) (9.1) (24,121,041)
---- ------------
NET ASSETS 100.0% $265,088,199
===== ============
- ---------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1998, the market value of the securities on loan is
$27,310,471. Collateral received for securities loaned of $28,124,530 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.
ABBREVIATION:
MTN -- Medium Term Note
TIPS -- Treasury Inflation-Protection Security
<PAGE>
Munder Intermdiate Bond Fund
Portfoilo of Investments, December 31, 1998 (Unaudited)
Principal
Amount Value
- -------- -----
ASSET-BACKED SECURITIES -- 10.5%
$ 5,000,000 American Express Credit
Account Master,
Series 96 Class A,
6.800% due 12/15/2003 $ 5,164,200
5,000,000 Banc One Credit Card Master
Trust, Series1995-A Class A,
6.150% due 07/15/2002 5,068,250
5,500,000 Charming Shoppes Master
Trust, Series 1194-1, Class A,
7.000% due 04/15/1999 5,524,255
10,000,000 Chemical Master Credit Card,
Trust 1,
6.230% due 06/15/2003 10,170,800
5,405,000 Contimortgage Home
Equity Loan,
1997 2 Passthru
Certificate Class A9,
7.090% due 04/15/2028 5,653,684
9,405,000 CWMBS, Mortgage Passthru
Series 1996 I Class A6,
7.750% due 09/25/2026 9,436,977
4,675,444 Prudential Financing
Corporation,
Series 1998 Class A1,
6.105% due 11/15/2002 4,711,960
1,666,667 Sears Credit Company, Master
Trust, Series 1995-4A,
6.250% due 01/15/2003++ 1,667,700
11,320,000 Standard Credit Card
and Trust,
Series 1990-6A,
7.850% due 02/07/2002 11,631,639
------------
TOTAL ASSET-BACKED SECURITIES
(Cost $59,104,093) 59,029,465
------------
CORPORATE BONDS AND NOTES -- 34.8%
Banking and Financial Services -- 14.2%
10,000,000 America Express Bank, Ltd.,
5.850% due 02/10/2004+ 9,638,740
10,000,000 American General Finance
Corporation, MTN,
6.180% due 05/12/2003 10,179,900
Associates Corporation
of North America:
5,000,000 6.000% due 03/15/2000 5,036,000
2,570,000 MTN,
8.250% due 10/15/2004 2,911,604
11,500,000 AT&T Capital Corporation,
MTN, 6.180% due
12/03/1999 11,513,340
10,000,000 Countrywide Home Loans
Inc., MTN,
5.620% due 10/16/2000 10,005,700
Ford Motor Credit Corporation:
9,425,000 6.250% due 11/08/2000 9,567,600
2,400,000 6.500% due 02/15/2006 2,519,064
2,750,000 International Lease Finance
Corporation,
5.500% due 01/15/1999 2,750,193
5,000,000 Kimco Realty Corporation,
MTN,
5.702% due 08/17/1999 5,000,000
3,360,000 Swiss Bank Corporation,
7.250% due 09/01/2006 3,659,746
2,530,700 Textron Financial Corporation
Receivables,
6.050% due 03/16/2009 2,544,062
4,000,000 U.S. Leasing International,
MTN,
9.880% due 03/06/2001 4,382,680
------------
79,708,629
------------
Foreign -- 7.4%
6,030,000 Abbey National Plc,
6.700% due 06/29/2049 5,911,390
10,000,000 Halifax Building Society,
6.000% due 02/26/2008 10,300,000
10,140,000 Tyco International Group,
6.375% due 06/15/2005 10,305,485
5,000,000 US Central Credit Union,
EMTN,
6.000% due 05/21/2003 5,132,500
10,000,000 Westdeutsche Landesbank,
6.750% due 06/15/2005 10,273,700
------------
41,923,075
------------
Industrial -- 9.6%
2,500,000 American Greetings
Corporation,
6.100% due 08/01/2028 2,561,475
4,178,000 Anheuser-Busch Companies,
9.000% due 12/01/2009 5,386,403
4,119,760 Chevron Corporation,
Trust Fund,
8.110% due 12/01/2004 4,439,742
4,950,000 General Motors Corporation,
6.600% due 01/17/2001 5,055,088
10,000,000 Merck & Co,
5.760% due 05/03/2037 10,404,200
4,000,000 Pitney Bowes Inc.,
5.950% due 02/01/2005 4,112,800
10,000,000 Racers-Kellogg,
Series 1998-1 144A,
5.750% due 02/02/2001 10,151,400
2,000,000 Thermo Electron Corporation,
4.250% due 01/01/2003 1,795,000
7,125,000 Thermolase Corporation,
4.375% due 08/05/2004 5,700,000
4,100,000 Times Mirror Co.,
6.610% due 09/15/2027 4,311,191
------------
53,917,299
------------
Utility -- Electric -- 1.9%
4,500,000 Montana Power
Company, MTN,
8.680% due 02/07/2022 5,050,755
5,925,000 National Rural Utilities, MTN,
5.540% due 12/15/2005 5,904,855
------------
10,955,610
------------
Utility -- Telephone -- 1.7%
9,500,000 Michigan Bell Telephone,
5.875% due 09/15/1999 9,551,775
------------
TOTAL CORPORATE BONDS AND NOTES
(Cost $194,488,782) 196,056,388
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 34.1%
Federal Home Loan Mortgage Corporation
(FHLMC) -- 2.5%
FHLMC:
2,771,337 8.000% due 03/01/2028 2,869,193
4,005,360 Pool #A00813,
9.000% due 10/01/2020 4,206,869
882,209 Pool #E61740,
9.000% due 04/01/2010 922,129
3,090,265 Pool #F70013, Gold,
7.000% due 12/01/2011 3,156,984
2,646,905 Pool #G50249, REMIC,
8.500% due 03/01/2000 2,713,052
------------
13,868,227
------------
Federal National Mortgage Association
(FNMA) -- 10.3%
FNMA:
3,100,000 6.970% due 04/08/2004 3,353,828
11,007,642 6.000% due 02/01/2013 11,035,161
11,672,753 6.000% due 06/01/2013 11,701,935
12,945,309 6.000% due 05/01/2018 12,924,985
9,333,268 6.000% due 03/01/2028 9,210,722
2,438,833 Pool #070225,
7.500% due 08/01/2018 2,499,316
7,277,967 Pool #250550,
6.500% due 05/01/2026 7,324,837
------------
58,050,784
------------
Government Agency Debentures -- 18.8%
50,000,000 AID-Israel,
0.000% due 02/15/2004 38,711,500
8,250,000 Federal Farm Credit Bank,
5.950% due 05/18/2005 8,549,723
FNMA:
7,450,000 Benchmark Note,
5.750% due 06/15/2005 7,692,125
10,225,000 MTN,
5.650% due 06/12/2000 10,319,274
17,750,000 MTN,
Pool #122712,
6.720% due 08/01/2005 19,163,610
10,950,000 SallieMae Student Loan Trust,
5.208% due 01/25/2010 10,785,750
10,000,000 Tennessee Valley Authority,
6.375% due 06/15/2005 10,566,000
------------
105,787,982
------------
Government National Mortgage Association
(GNMA) -- 2.0%
GNMA:
2,179,050 Pool #780077,
8.000% due 03/15/2025 2,260,721
8,610,969 Pool #780840,
8.500% due 07/20/2028 9,065,197
------------
11,325,918
------------
Small Business Administration (SBA) -- 0.5%
2,839,634 SBA, Pool #502796,
6.000% due 11/25/2019 2,843,184
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $186,265,907) 191,876,095
------------
U.S. TREASURY OBLIGATIONS -- 17.7%
U.S. Treasury Bonds -- 2.6%
15,172,500 U.S. Treasury Bonds,
3.625% due
04/15/2028, TIPS 14,731,435
------------
U.S. Treasury Notes -- 15.1%
$14,500,000 7.750% due 01/31/2000 14,963,130
14,800,000 6.625% due 07/31/2001 15,515,284
28,650,000 7.500% due 11/15/2001 30,827,973
11,000,000 5.750% due 08/15/2003 11,485,100
6,420,000 7.875% due 11/15/2004 7,435,002
2,000,000 7.000% due 07/15/2006 2,282,140
2,500,000 6.250% due 02/15/2007 2,748,350
------------
85,256,979
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $99,451,053) 99,988,414
------------
REPURCHASE AGREEMENT -- 1.8%
(Cost $10,386,000)
$10,386,000 Agreement with State Street
Bank and Trust Company,
4.850% dated 12/31/1998, to be
repurchased at $10,391,597 on
01/04/1999, collateralized by
$6,975,000 U.S. Treasury Note,
9.875% maturing 11/15/2015
(value $10,594,711) 10,386,000
------------
OTHER INVESTMENTS**
(Cost $63,119,491) 11.2% 63,119,491
---- ------------
TOTAL INVESTMENTS
(Cost $612,815,326*) 110.1% 620,455,853
OTHER ASSETS AND
LIABILITIES (Net) (10.1) (57,025,285)
---- ------------
NET ASSETS 100.0% $563,430,568
==== ============
* Aggregate cost for Federal tax purposes.
** As of December 31, 1998, the market value of the securities on loan is
$61,841,147. Collateral received for securities loaned of $63,119,491 is
invested in State Street Navigator Securities Lending Trust-Prime
Portfolio.
+ Floating rate note. The interest rate shown reflects the rate currently
in effect.
++ Variable rate security. The interest rate shown reflects the rate
currently in effect.
ABBREVIATIONS:
EMTN -- Euro Medium Term Note
MTN -- Medium Term Note
TIPS -- Treasury Inflation Protection Security
<PAGE>
Munder International Bond Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
Principal
Amount Value
- ------ -----
FOREIGN BONDS AND NOTES -- 89.5%
Australia -- 2.3%
Government -- 2.3%
AUD 2,000,000 Queensland Treasury Corporation,
Government Bond, Series 5,
6.500% due 06/14/2005 $ 1,308,247
------------
Belgium -- 3.7%
Government -- 3.7%
BEF 61,000,000 Kingdom of Belgium, Series 10,
8.750% due 06/25/2002 2,069,977
------------
Canada -- 3.9%
Government -- 3.9%
CAD 3,000,000 Government of Canada,
7.500% due 12/01/2003 2,191,344
------------
Denmark -- 5.1%
Government -- 5.1%
DKK 15,750,000 Kingdom of Denmark,
8.000% due 05/15/2003 2,870,948
------------
Finland -- 1.3%
Government -- 1.3%
FIM 3,000,000 Republic of Finland,
9.500% due 03/15/2004 752,085
------------
France -- 17.4%
Finance -- 3.9%
FRF 12,000,000 Caisse Refinance Hypo,
8.500% due 03/05/1999 2,163,691
Government -- 9.6%
Government of France:
22,500,000 5.500% due 04/25/2007 4,475,049
3,600,000 8.500% due 12/26/2012 939,727
Supranational -- 3.9%
12,000,000 Eurofima,
5.625% due 11/25/1999 2,194,734
------------
9,773,201
------------
Germany -- 17.8%
Finance -- 4.7%
DEM 2,600,000 Bayerische Vereinsbank New York,
Global Bond,
4.500% due 06/24/2002 1,610,920
1,700,000 Sudwest LB Capital Markets,
5.000% due 02/08/1999 1,021,671
Government -- 11.2%
6,750,000 Federal Republic of Germany,
5.625% due 01/04/2028 4,564,533
2,500,000 Federal Republic of Germany, Series 95,
6.500% due 10/14/2005 1,746,820
Supranational -- 1.9%
1,750,000 International Bank of Reconstruction
& Development,
7.250% due 10/13/1999 1,081,753
------------
10,025,697
------------
Italy -- 3.3%
Government -- 3.3%
ITL2,500,000,000 Government of Italy,
8.500% due 04/01/2004 1,850,525
------------
Japan -- 23.1%
Government -- 15.0%
Government of Japan:
JPY 735,000,000 1.700% due 09/22/2008 6,332,508
230,000,000 5.000% due 09/20/1999 2,099,128
Supranational -- 8.1%
230,000,000 Asian Development Bank,
5.000% due 02/05/2003 2,323,144
220,000,000 Interamerican Development Bank,
6.000% due 10/30/2001 2,209,390
------------
12,964,170
------------
Netherlands -- 4.7%
Government -- 4.7%
NLG 4,300,000 Government of Netherlands, Series 2,
8.250% due 06/15/2002 2,643,583
------------
Sweden -- 2.7%
Government -- 2.7%
SEK 10,500,000 Government of Sweden, Series 1038,
6.500% due 10/25/2006 1,496,736
------------
United Kingdom -- 4.2%
Government -- 1.8%
GBP 500,000 UK Gilts,
7.500% due 12/07/2006 995,182
Supranational -- 2.4%
750,000 European Investment Bank,
8.500% due 11/06/2001 1,347,970
------------
2,343,152
------------
TOTAL FOREIGN BONDS AND NOTES
(Cost $47,248,782)
50,289,665
------------
GOVERNMENT AGENCY OBLIGATIONS -- 6.4%
GBP 600,000 Federal National Mortgage Association,
Global Bond,
6.875% due 06/07/2002 1,048,679
DEM 3,700,000 Tennessee Valley Authority, Global Bond,
6.375% due 09/18/2006 2,537,562
------------
TOTAL GOVERNMENT AGENCY OBLIGATIONS
(Cost $3,310,642) 3,586,241
------------
REPURCHASE AGREEMENT -- 1.7%
(Cost $969,000)
U.S. $969,000 Agreement with State Street Bank and Trust
Company, 4.850% dated 12/31/1998, to be
repurchased at $969,522 on 01/04/1999,
collateralized by $810,000 U.S. Treasury Bond,
7.250% maturing 05/15/2016 (value
$990,220) 969,000
------------
TOTAL INVESTMENTS (Cost $51,528,424*) 97.6% 54,844,906
OTHER ASSETS AND LIABILITIES (Net) 2.4 1,337,297
----- ------------
NET ASSETS 100.0% $ 56,182,203
===== ============
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
AUD -- Australian Dollar
BEF -- Belgian Francs
CAD -- Canadian Dollar
DEM -- German Deutsche Mark
DKK -- Danish Krone
FIM -- Finnish Markka
FRF -- French Franc
GBP -- Great British Pound
ITL -- Italian Lira
JPY -- Japanese Yen
NLG -- Netherlands Guilder
SEK -- Swedish Krona
See Notes to Financial Statement.<PAGE>
Munder U.S. Government Income Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
Principal
Amount Value
- ------ -----
ASSET-BACKED SECURITY -- 1.7%
(Cost $4,954,528)
$ 5,000,000 Residential Accreditation
Loans, Inc., Class A4,
Series 1997-QS3,
7.750% due 04/25/2027 $ 5,060,850
------------
CORPORATE BONDS AND NOTES -- 0.0% (DELTA)
(Cost $16,769)
Finance -- 0.0% (DELTA)
17,188 BankAmerica National Trust,
9.000% due 03/01/2008 18,020
------------
U.S. GOVERNMENT AGENCY OBLIGATIONS --
83.9%
Federal Home Loan Bank (FHLB) -- 0.9%
2,500,000 FHLB,
5.800% due 09/02/2008 2,583,800
------------
Federal Home Loan Mortgage Corporation
(FHLMC) -- 43.1%
FHLMC:
7,000,000 6.500% due 04/15/2007 7,142,170
2,015,606 Pool #A01048, Gold,
8.500% due 02/01/2020 2,102,075
6,169,278 Pool #E00160, Gold,
7.000% due 11/01/2007 6,294,884
1,446,965 Pool #G00479, Gold,
9.000% due 04/01/2025 1,521,874
5,500,000 Series 1399, Class Q,
7.000% due 02/15/2021 5,670,115
1,000,000 Series 1452, Class PH,
6.500% due 06/15/2006 1,016,580
5,800,000 Series 1503, Class PK,
7.000% due 03/15/2022 6,037,394
5,000,000 Series 1574, Class G,
6.500% due 04/15/2021 5,112,500
9,150,000 Series 1574, Class PG,
6.500% due 02/15/2021 9,362,737
3,000,000 Series 16, Class PM,
6.500% due 04/25/2021 3,040,920
5,000,000 Series 1603, Class J,
6.500% due 07/15/2023 5,068,750
3,375,000 Series 1610, Class PM,
6.250% due 04/15/2022 3,439,328
4,300,000 Series 1617, Class C,
6.500% due 02/15/2023 4,310,750
4,845,000 Series 1619, Class B,
6.400% due 01/15/2023 4,961,571
3,720,000 Series 1633, Class PL,
6.500% due 03/15/2023 3,804,853
2,000,000 Series 1650, Class H,
6.250% due 10/15/2022 2,032,500
6,635,000 Series 1669, Class G,
6.500% due 02/15/2023 6,830,732
3,000,000 Series 1671, Class F,
6.250% due 03/15/2022 3,022,080
3,800,000 Series 1674, Class VC,
6.300% due 06/15/2006 3,819,950
4,811,145 Series 1685, Class G,
6.000% due 09/15/2023 4,877,106
8,560,000 Series 1702A, Class PD,
6.500% due 04/15/2022 8,815,088
1,030,000 Series 1706, Class K,
7.000% due 03/15/2024 1,063,248
2,000,000 Series 1848, Class PE,
7.000% due 09/15/2025 2,064,320
8,943,000 Series 1865, Class PD,
7.000% due 12/15/2025 9,237,225
4,156,000 Series 1866, Class E,
7.000% due 01/15/2026 4,281,553
1,045,078 Series 1999, Class PN,
6.650% due 11/15/2022 1,062,061
5,000,000 Series 43, Class D,
10.000% due 06/15/2020 5,414,050
7,500,000 Series T-7, Class A6,
7.030% due 08/25/2028 7,863,825
------------
129,270,239
------------
Federal Housing Authority/Veterans
Administration (FHA/VA) -- 0.3%
982,749 FHA, Azalea Garden,
8.500% due 09/01/2030 1,006,704
------------
Federal National Mortgage Association
(FNMA) -- 33.0%
FNMA:
127,606 Pool #040305,
11.500% due 02/01/2014 142,101
40,402 Pool #058255,
11.500% due 11/01/2010 44,995
78,530 Pool #081585,
11.500% due 07/01/2012 87,474
1,520,800 Pool #100081,
11.500% due 08/20/2016 1,711,858
162,882 Pool #210448,
11.500% due 11/01/2015 181,487
1,636,565 Pool #303105,
11.000% due 11/01/2020 1,808,060
163,478 Pool #336457,
10.500% due 11/01/2020 178,506
2,950,000 Pool #375618,
6.420% due 12/01/2007 3,085,405
378,669 Series 1989-98, Class D,
9.200% due 04/25/2019 379,177
3,826,619 Series 1990-117, Class E,
8.950% due 10/25/2020 4,039,149
1,182,379 Series 1990-120, Class G,
9.000% due 11/25/2019 1,187,558
5,000,000 Series 1990-45, Class J,
9.500% due 05/25/2020 5,481,250
5,000,000 Series 1993-120, Class HA,
6.500% due 01/25/2021 5,070,300
6,000,000 Series 1993-139, Class H,
6.750% due 12/25/2021 6,147,180
7,500,000 Series 1993-144, Class C,
7.000% due 07/25/2019 7,620,900
2,000,000 Series 1993-160, Class BC,
6.500% due 09/25/2022 2,050,680
5,100,000 Series 1993-163, Class BJ,
7.000% due 07/25/2006 5,298,798
2,000,000 Series 1993-168, Class PG,
6.250% due 01/25/2020 2,008,820
3,000,000 Series 1993-198, Class T,
6.500% due 10/25/2023 2,999,250
10,319,600 Series 1993-226, Class PN,
9.000% due 05/25/2022 11,654,647
3,500,000 Series 1993-240, Class PD,
6.250% due 12/25/2013 3,547,005
2,000,000 Series 1993-83, Class VE,
6.600% due 12/25/2005 2,038,380
1,500,000 Series 1994-37, Class N,
6.500% due 03/25/2024 1,520,070
1,500,000 Series 1994-44, Class H,
6.500% due 08/25/2022 1,529,055
1,600,000 Series 1994-60, Class PJ,
7.000% due 04/25/2024 1,647,744
7,634,900 Series 1996-28, Class PJ,
6.500% due 12/25/2024 7,791,721
5,150,000 Series 1996-70, Class PJ,
6.500% due 02/25/2026 5,085,007
9,500,000 Series 1997-60, Class PD,
6.500% due 01/18/2024 9,642,595
5,000,000 Series G97-1, Class J,
6.750% due 02/18/2004 5,055,450
------------
99,034,622
------------
Government National Mortgage Association
(GNMA) -- 6.5% GNMA:
2,696,514 Pool #780840,
8.500% due 07/20/2028 2,838,755
10,100,000 Series 1996-11, Class PD,
7.000% due 06/20/2025 10,453,601
6,000,000 Series 1996-9, Class PD,
7.000% due 01/20/2025 6,203,100
------------
19,495,456
------------
Small Business Administration (SBA) -- 0.1%
425,777 SBA, Pool # 503548,
5.375% due 11/25/2021+++ 426,841
------------
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $246,140,926) 251,817,662
------------
U.S. TREASURY OBLIGATIONS -- 12.8%
U.S. Treasury Bonds -- 12.6%
U.S. Treasury Bonds:
1,800,000 8.750% due 11/15/2008 2,100,348
2,500,000 10.375% due 11/15/2012 3,461,600
4,000,000 8.125% due 08/15/2019 5,342,640
20,180,000 8.000% due 11/15/2021 26,975,010
------------
37,879,598
------------
U.S. Treasury Notes -- 0.2%
500,000 7.000% due 07/15/2006 570,535
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $35,026,650) 38,450,133
------------
REPURCHASE AGREEMENT -- 1.0%
(Cost $2,965,000)
$2,965,000 Agreement with State Street
Bank and Trust Company,
4.850% dated 12/31/1998 to
be repurchased at $2,966,598
on 01/04/1999, collateralized
by $2,475,000 U.S. Treasury
Bond, 7.250% maturing
05/15/2016 (value
$3,025,673) 2,965,000
------------
OTHER INVESTMENTS**
(Cost $29,166,553) 9.7% 29,166,553
----- ------------
TOTAL INVESTMENTS
(Cost $318,270,426*) 109.1% 327,478,218
OTHER ASSETS AND
LIABILITIES (Net) (9.1) (27,320,376)
----- ------------
NET ASSETS 100.0% $300,157,842
===== ============
- ---------
* Aggregate cost for Federal tax purposes.
** As of December 31, 1998, the market value of the securities on loan is
$28,551,542. Collateral received for securities loaned of $29,166,553
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.
<PAGE>
Munder Michigan Tax-Free Bond Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Ratings
Principal --------------------
Amount S&P Moody's Value
- --------- -------- ------- -------
MUNICIPAL BONDS AND NOTES -- 96.8%
Michigan -- 96.8%
<S> <C> <C> <C>
$ 750,000 Allegan, Michigan, Public School District,
(AMBAC Insured),
5.000% due 05/01/2022 AAA Aaa $ 742,890
Birmingham, Michigan, City School District:
1,000,000 5.000% due 11/01/2018 AA+ Aa2 1,002,220
1,000,000 7.000% due 11/01/2008 AA+ Aa2 1,199,180
1,500,000 Cedar Springs, Michigan, Public School District,
(FSA Insured),
5.000% due 05/01/2024 AAA Aaa 1,472,640
1,000,000 Central Michigan University Revenue, (FGIC Insured),
5.500% due 10/01/2026 AAA Aaa 1,101,900
610,000 Clarkston, Michigan, Community Schools, GO, Pre-refunded,
5.750% due 05/01/2005 AAA Aaa 673,800
515,000 Clinton Township, Michigan Building Authority, Refunding,
(AMBAC Insured),
4.750% due 11/01/2012 AAA NR 525,336
600,000 Clintondale Community Schools, Michigan, GO,
5.250% due 05/01/2015 AA+ Aa2 616,080
De Witt, Michigan, Public Schools, GO:
750,000 4.700% due 05/01/2012 AAA Aaa 740,243
1,055,000 (AMBAC Insured, Q-SBLF),
5.500% due 05/01/2011 AAA Aaa 1,159,719
700,000 Dearborn School District, Michigan, GO, (MBIA Insured),
5.000% due 05/01/2014 AAA Aaa 706,251
1,300,000 Detroit, Michigan, City School District, Series C,
5.250% due 05/01/2011 AAA Aaa 1,383,382
1,055,000 Detroit, Michigan, Water Supply System,
(MBIA Insured), Series B,
5.400% due 07/01/2011 AAA Aaa 1,145,730
Detroit, Michigan, Water Supply Systems, Revenue:
500,000 Series A,
5.000% due 07/01/2027 AAA Aaa 491,900
375,000 Series A,
5.750% due 07/01/2011 AAA Aaa 419,696
1,000,000 Dexter Community Schools, Michigan, GO,
5.100% due 05/01/2018 AAA Aaa 1,024,740
1,000,000 Eastern Michigan University Revenue, GO, (FGIC Insured),
5.500% due 06/01/2017 AAA Aaa 1,057,930
1,000,000 Ferris State University, Michigan, Revenue General,
(AMBAC Insured),
5.000% due 10/01/2023 AAA Aaa 995,860
1,000,000 Ferris State University, Michigan, Revenue Refunding,
(MBIA Insured),
5.250% due 10/01/2015 AAA Aaa 1,034,000
Grand Rapids, Michigan:
500,000 Building Authority,
4.550% due 04/01/2010 AA- Aa3 498,035
705,000 Building Authority,
5.000% due 04/01/2016 AA- Aa3 721,307
1,000,000 Community College Refunding, GO, (MBIA Insured),
5.375% due 05/01/2019 AAA Aaa 1,023,340
635,000 Grand Valley, Michigan State University Revenue,
5.500% due 02/01/2018 AAA NR 685,984
500,000 Holland, Michigan, Water Supply Systems,
5.375% due 07/01/2017 A+ A1 513,790
1,000,000 Hudsonville Public Schools, Michigan, Refunding,
(FGIC Insured),
5.150% due 05/01/2027 AAA Aaa 1,002,350
1,100,000 Ingham County Michigan, Refunding, (FSA Insured),
5.125% due 11/01/2012 AAA Aaa 1,160,599
610,000 Kalamazoo, Michigan, Building Authority,
5.250% due 10/01/2017 AAA Aaa 636,700
1,000,000 Kalamazoo, Michigan, City School District, GO,
(FGIC Insured),
5.700% due 05/01/2016 AAA Aaa 1,061,370
1,500,000 Kalamazoo, Michigan, Hospital Finance Authority Revenue,
Series A, (FGIC Insured),
6.250% due 06/01/2014 AAA Aaa 1,722,285
500,000 Kenowa Hills, Michigan, Public Schools, GO, (MBIA Insured),
5.625% due 05/01/2010 AAA Aaa 534,410
1,000,000 Kent County, Michigan, Building Authority,
4.750% due 06/01/2011 AAA Aa2 1,000,210
Lincoln, Michigan, Consolidate School District:
650,000 7.000% due 05/01/2005 AA+ Aa1 758,264
500,000 (FSA Insured),
5.000% due 05/01/2018 AAA Aaa 497,500
1,000,000 Lincoln, Michigan, School District, Refunding,
5.000% due 05/01/2011 AAA Aaa 1,035,980
1,000,000 Lowell, Michigan, Area Schools, (FGIC Insured),
5.625% due 05/01/2009 AAA Aaa 1,087,610
Michigan Municipal Bond Authority Revenue:
1,025,000 Clean Water Revolving Fund,
5.000% due 10/01/2005 AA+ Aa1 1,080,565
550,000 Local Government Loan (AMBAC Insured),
4.550% due 05/01/2008 AAA NR 559,202
1,000,000 School Loan,
5.250% due 12/01/2010 AA Aa2 1,072,840
1,250,000 State Revolving Fund,
5.125% due 10/01/2020 AA+ Aa1 1,248,850
1,100,000 Michigan Public Power Agency Revenue, (Belle River Project),
Series A,
5.250% due 01/01/2018 AA- A1 1,105,907
1,000,000 Michigan State Building Authority Revenue, Facilities Project,
Series II,
5.000% due 10/15/2014 AA Aa2 1,017,880
1,000,000 Michigan State Comprehensive Transportation Revenue
Series A, (MBIA Insured),
5.250% due 08/01/2012 AAA Aaa 1,045,000
1,200,000 Michigan State Enviromental Protection Program, GO,
6.250% due 11/01/2012 AA+ Aa1 1,403,280
Michigan State Environmental Protection Program:
500,000 5.000% due 11/01/2011 AA+ Aa1 521,030
1,000,000 6.000% due 11/01/2006 AA+ Aa1 1,122,110
Michigan State Hospital Finance Authority Revenue:
500,000 (Hackley Hospital), Series A,
4.800% due 05/01/2005 NR A3 510,275
1,000,000 (Henry Ford Continuing Care), Series A,
5.250% due 11/15/2025 AA- Aa3 1,003,820
1,000,000 (Mercy Health Services), Series S,
5.500% due 08/15/2020 AA- Aa3 1,034,470
715,000 (Saint John Hospital & Medical Center) Series A,
6.000% due 05/15/2010 AAA Aaa 813,405
Michigan State Housing Development Authority:
1,000,000 Series A, (AMBAC Insured),
6.450% due 12/01/2014 AA+ NR 1,064,470
500,000 Series A, AMT, (AMBAC Insured),
6.050% due 12/01/2027 AAA Aaa 525,960
750,000 Michigan State Housing Single Family Mortgage,
Series B, AMT,
5.200% due 12/01/2018 AAA NR 750,038
Michigan State Trunk Line:
1,000,000 Series A,
5.000% due 11/01/2026 AAA Aaa 991,250
1,000,000 Series A,
5.250% due 11/01/2011 AA- Aa3 1,063,100
1,000,000 Michigan State Trunk Line Highway Revenue,
Pre-refunding, Series A, (FGIC Insured),
5.500% due 11/01/2006 AAA Aaa 1,103,600
500,000 Michigan State University Revenues, General Series A,
5.125% due 02/15/2016 AAA Aaa 506,435
1,500,000 Montrose, Michigan, School District, GO,
(MBIA Insured, Q-SBLF),
6.200% due 05/01/2017 AAA Aaa 1,735,995
500,000 Oakland Community College, Michigan, Refunding and
Improvement, GO, (MBIA Insured),
5.250% due 05/01/2018 AAA Aaa 506,580
Oakland County Michigan:
700,000 Detroit Country Day School Project,
4.950% due 10/01/2018 NR Aaa 685,251
1,000,000 Novi Wastewater Control Systems,
5.000% due 05/01/2007 AA+ Aa3 1,063,770
1,000,000 Plainwell, Michigan Community School District, Refunding,
(FSA Insured),
5.000% due 05/01/2018 AAA Aaa 995,000
500,000 Redford, Michigan Union School District, MB,
5.500% due 05/01/2014 AAA Aaa 541,530
1,500,000 Redford, Michigan Union School District, Refunding,
5.000% due 05/01/2022 AAA Aaa 1,514,565
1,000,000 Redford, Michigan, Unified School District, GO,
(FGIC Insured, Q-SBLF),
5.750% due 05/01/2011 AAA Aaa 1,114,150
1,750,000 Rochester Community School District, Michigan, GO,
(MBIA Insured),
5.000% due 05/01/2019 AAA Aaa 1,770,055
750,000 Rockford Michigan Public Schools, (FGIC Insured),
6.500% due 05/01/2009 AAA Aaa 881,242
1,000,000 Saint Johns, Michigan, Public Schools District, GO,
(FGIC Insured, Q-SBLF),
5.625% due 05/01/2020 AAA Aaa 1,097,670
1,000,000 South Lake, Michigan, Public Schools System,
(FGIC Insured),
5.125% due 05/01/2014 AAA Aaa 1,042,500
1,000,000 South Redford, Michigan, School District, GO,
(FGIC Insured, Q-SBLF),
5.350% due 05/01/2010 AAA Aaa 1,057,840
750,000 Three Rivers, Michigan, Community Schools, Pre-refunded,
5.600% due 05/01/2010 AAA Aaa 828,547
1,000,000 West Bloomfield School District, Michigan, GO,
(MBIA Insured),
5.125% due 05/01/2014 AAA Aaa 1,016,070
1,000,000 Williamston, Michigan, Community School District,
(MBIA Insured),
5.500% due 05/01/2025 AAA Aaa 1,082,200
500,000 Willow Run, Michigan, Community Schools, GO,
(AMBAC Insured, Q-SBLF),
5.000% due 05/01/2016 AAA Aaa 500,450
------------
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $66,079,569) 68,410,133
------------
<CAPTION>
Shares
- ---------
SHORT-TERM INVESTMENTS -- 2.1%
(Cost $1,470,363)
<S> <C> <C>
673,079 Valiant Fund Tax Exempt Money Market 1,470,363
------------
TOTAL INVESTMENTS (Cost $67,549,932*) 98.9% 69,880,496
OTHER ASSETS AND LIABILITIES (Net) 1.1 809,544
----- ------------
NET ASSETS 100.0% $ 70,690,040
===== ============
- ---------
<FN>
*Aggregate cost for Federal tax purposes.
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 Statement.
</TABLE>
<PAGE>
Munder Tax-Free Bond Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Ratings
Principal --------------------
Amount S&P Moody's Value
- --------- -------- ------- -------
MUNICIPAL BONDS AND NOTES -- 96.6%
Arizona -- 1.5%
<S> <C> <C> <C>
$ 1,600,000 Phoenix, Arizona Water Systems Revenue, ETM,
8.000% due 06/01/2003 AAA Aaa $ 1,866,464
1,000,000 Tempe, Arizona, High School District Number 213,
(FGIC Insured),
4.500% due 07/01/2010 AAA Aaa 1,005,890
------------
2,872,354
------------
California -- 2.3%
2,905,000 Perris, California Community Facilities Revenue, ETM,
8.750% due 10/01/2021 AAA Aaa 4,334,057
------------
Colorado -- 0.8%
1,350,000 Colorado Health Facilities, Hospital Revenue Bonds,
Series A, Pre-refunded,
6.875% due 02/15/2023 NR Aaa 1,526,823
------------
Delaware -- 0.9%
1,555,000 Delaware State Economic Development Authority,
Osteopathic Hospital Associates Delaware, Series A,
6.500% due 01/01/2008 NR Aaa 1,788,157
------------
District of Columbia -- 1.3%
2,500,000 District of Columbia, Washington, Revenue,
Smithsonian Institution,
5.000% due 02/01/2028 AAA Aaa 2,407,725
------------
Florida -- 12.7%
2,000,000 Dade County, Florida, GO, (FGIC Insured),
12.000% due 10/01/2001 AAA Aaa 2,425,020
2,000,000 Florida State, Board of Education,
Administrative Capital Revenue,
8.400% due 06/01/2007 AA+ Aa2 2,564,020
3,000,000 Gainesville, Florida, Utility Systems Revenue, Series A,
6.500% due 10/01/2012 AA Aa3 3,578,430
2,500,000 Orlando, Florida, Utilities Commission, Water and
Electric Revenue Refunding, Series D,
6.750% due 10/01/2017 AA- Aa2 3,045,500
Palm Beach County, Florida:
2,285,000 Criminal Justice, (FGIC Insured),
5.750% due 06/01/2013 AAA Aaa 2,572,019
3,050,000 GO,
6.750% due 07/01/2011 AA Aa2 3,699,528
5,000,000 Port Everglades, Florida, Port Authority Revenue, ETM,
7.125% due 11/01/2016 AAA Aaa 6,320,650
------------
24,205,167
------------
Georgia -- 4.4% Georgia State, GO:
2,500,000 7.400% due 08/01/2007 AAA Aaa 3,093,975
2,000,000 Series B,
6.250% due 03/01/2011 AAA Aaa 2,353,120
2,500,000 Metro Atlanta Rapid Transit Authority, Series K,
6.250% due 07/01/2018 AA- A1 2,880,025
------------
8,327,120
------------
Hawaii -- 1.3%
2,000,000 Honolulu, Hawaii, GO,
7.350% due 07/01/2008 AA Aa2 2,466,800
------------
Illinois -- 6.4%
1,000,000 Addison, Illinois, Single-family Mortgage Revenue, ETM,
7.500% due 04/01/2011 AAA NR 1,210,010
2,500,000 Chicago, Illinois, Wastewater Transmission
Revenue, (FGIC Insured),
5.375% due 01/01/2013 AAA Aaa 2,679,050
2,500,000 Du Page County, Illinois, Stormwater Project,
5.600% due 01/01/2021 AAA Aaa 2,716,625
Illinois State, Sales Tax Revenue:
1,500,000 Series P,
6.500% due 06/15/2022 AAA Aa2 1,794,960
2,500,000 Series Y,
5.250% due 06/15/2009 NR Aa2 2,699,275
1,000,000 Regional Transport Authority, Illinois, (FGIC Insured),
6.000% due 06/01/2015 AAA Aaa 1,125,340
------------
12,225,260
------------
Indiana -- 2.9%
3,000,000 Indiana State Office Building Capital Revenue, (MBIA Insured),
7.400% due 07/01/2015 AAA Aaa 3,849,720
1,525,000 Indiana Transportation Finance Airport Lease,
Refunding Series A, (AMBAC Insured),
6.000% due 11/01/2010 AAA Aaa 1,747,513
------------
5,597,233
------------
Maryland -- 3.3%
3,000,000 Baltimore, Maryland, (Water Projects),
Series A, (FGIC Insured),
5.000% due 07/01/2024 AAA Aaa 3,044,010
2,000,000 Baltimore, Maryland, Series A, (FGIC Insured),
5.900% due 07/01/2010 AAA Aaa 2,277,360
1,000,000 Prince Georges County, Maryland, GO,
Public Improvement, (MBIA Insured),
5.000% due 04/15/2006 AAA Aaa 1,055,450
------------
6,376,820
------------
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 3,844,435
1,150,000 Massachusetts State, Series C,
5.250% due 08/01/2010 AA- Aa3 1,228,993
1,000,000 Massachusetts State Port Authority Revenue, Refunding
Series A,
5.750% due 07/01/2012 AA- Aa3 1,117,640
2,000,000 Massachusetts State, Grant Anticipation Notes, Series A,
5.250% due 12/15/2012 NR Aa3 2,140,800
3,000,000 Massachusetts State, Turnpike Authority Revenue,
Department of Transportation, Senior Series A,
(MBIA Insured),
5.125% due 01/01/2023 AAA Aaa 3,006,690
------------
11,338,558
------------
Michigan -- 15.8%
1,500,000 Birmingham, Michigan City School District,
5.000% due 11/01/2018 AA+ Aa2 1,503,330
1,500,000 Clarkston, Michigan, Community Schools, GO, Pre-refunded,
5.750% due 05/01/2016 AAA Aaa 1,656,885
1,500,000 Detroit Michigan City School District, GO, Series C,
(FGIC Insured),
5.250% due 05/01/2011 AAA Aaa 1,596,210
2,000,000 Grand Valley, Michigan State University Revenue,
(FGIC Insured),
5.500% due 02/01/2018 AAA NR 2,160,580
2,120,000 Kent County, Michigan, Building Authority, GO,
4.875% due 06/01/2012 AAA Aa2 2,143,574
Michigan Municipal Bond Authority Revenue:
1,000,000 School Loan,
5.000% due 12/01/2008 AA Aa2 1,061,310
1,000,000 School Loan,
5.250% due 12/01/2010 AA Aa2 1,072,840
5,000,000 Michigan State, Enviromental Protection Program, GO,
6.250% due 11/01/2012 AA+ Aa1 5,847,000
2,000,000 Michigan State, Environmental Protection Program,
5.000% due 11/01/2011 AA+ Aa1 2,084,120
Michigan State, Hospital Finance Authority Revenue:
2,250,000 (Henry Ford Health System), (AMBAC Insured),
6.000% due 09/01/2011 AAA Aaa 2,574,630
1,000,000 (McLaren Health Care Corporation) Series A,
5.250% due 06/01/2009 NR A1 1,053,660
1,000,000 (Saint John Hospital & Medical Center) Series A,
(AMBAC Insured),
6.000% due 05/15/2010 AAA Aaa 1,137,630
1,000,000 Michigan State, Trunk Line, Series A, (MBIA Insured),
5.000% due 11/01/2026 AAA Aaa 991,250
2,500,000 Rochester Community School District, Michigan, GO,
Pre-refunded, (Q-SBLF),
5.000% due 05/01/2019 AAA Aaa 2,528,650
1,500,000 South Lake, Michigan, Public Schools System,
5.125% due 05/01/2014 AAA Aaa 1,563,750
1,000,000 Western Michigan University Revenues, Pre-refunded,
6.125% due 11/15/2022 AAA Aaa 1,101,850
------------
30,077,269
------------
Minnesota -- 1.9%
1,000,000 St. Paul Minnesota, Tax Increment Block 39 Project,
Series A,
4.750% due 02/01/2016 AA+ Aa2 984,910
2,500,000 University of Minnesota, Series A,
5.500% due 07/01/2021 AA Aa2 2,696,325
------------
3,681,235
------------
Missouri -- 0.6%
1,000,000 St. Louis County, Missouri,
5.250% due 02/01/2008 AAA Aaa 1,081,940
------------
Nevada -- 1.5%
2,500,000 Nevada State, Refunding Series A1,
6.000% due 05/15/2009 AA Aa2 2,857,975
------------
New Mexico -- 0.6%
1,000,000 Bernalillo County, New Mexico, Gross Receipts,
5.750% due 10/01/2017 AA Aa3 1,112,560
------------
New York -- 0.8%
1,500,000 New York City, New York, Municipal Water Finance Authority,
Water & Sewer System Revenue, Series A,
5.125% due 06/15/2021 NR A2 1,495,095
------------
North Carolina -- 4.1%
3,000,000 Charlotte, North Carolina,
5.000% due 06/01/2006 AAA Aaa 3,193,230
2,000,000 North Carolina, Eastern Municipal Power Agency,
Power System Revenue, Series A, Pre-refunded,
4.500% due 01/01/2024 AAA Aaa 1,887,880
2,500,000 North Carolina, Municipal Power Agency,
Catawba Electric Revenue, (AMBAC Insured), ETM,
5.500% due 01/01/2013 AAA Aaa 2,727,050
------------
7,808,160
------------
Ohio -- 5.0%
1,000,000 Cleveland, Ohio, GO, (MBIA Insured),
4.400% due 10/01/2011 AAA Aaa 972,990
1,350,000 Cleveland, Ohio, Waterworks Revenue, (MBIA Insured),
5.500% due 01/01/2021 AAA Aaa 1,462,307
2,500,000 Columbus, Ohio, Series 2,
5.000% due 06/15/2015 AAA Aaa 2,554,000
2,000,000 Ohio State, GO,
6.650% due 09/01/2009 AA+ Aa1 2,367,600
University Cincinnati, Ohio, General Receipts:
585,000 Series AA,
5.500% due 06/01/2012 A-1 Aa 616,976
1,450,000 Series T,
5.500% due 06/01/2013 A-1 Aa 1,543,438
------------
9,517,311
------------
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 1,262,440
-----------
Oregon -- 0.5%
1,025,000 Tualatin Hills, Oregon, Park and Recreational District, GO,
(FGIC Insured),
4.600% due 03/01/2011 AAA Aaa 1,027,460
------------
Pennsylvania -- 2.6%
2,500,000 Pennsylvania Intergovernmental Cooperative,
Philadelphia Funding Program, Pre-refunded,
6.750% due 06/15/2021 AAA Aaa 2,886,950
2,000,000 Pennsylvania State, GO,
5.000% due 10/15/2015 AA Aa3 2,024,020
------------
4,910,970
------------
Rhode Island -- 0.6%
1,000,000 Rhode Island Depositors Economic Protection, ETM,
5.800% due 08/01/2012 AAA Aaa 1,123,160
------------
South Carolina -- 1.2%
2,215,000 South Carolina, State Highway, Series B,
5.650% due 07/01/2021 AAA Aaa 2,350,868
------------
Tennessee -- 1.3%
1,475,000 Johnson City, Tennessee, Water & Sewer, (FGIC Insured),
4.750% due 06/01/2013 AAA Aaa 1,488,452
1,000,000 Williamson County, Tennessee, Refunding, GO,
5.500% due 09/01/2014 NR Aa1 1,087,800
------------
2,576,252
------------
Texas -- 8.9%
1,000,000 Harris County, Texas, Toll Road Series A, Pre-refunded,
6.125% due 08/15/2020 AAA Aa2 1,127,170
4,000,000 Houston, Texas, Airport Systems Revenue, ETM,
9.500% due 07/01/2010 AAA Aaa 5,415,360
2,750,000 Houston, Texas, Water & Sewer Systems Revenue,
Series A, Pre-refunded,
6.200% due 12/01/2023 AAA Aaa 3,111,652
San Antonio, Texas, Electric & Gas Revenue:
995,000 Series A,
5.000% due 02/01/2012 NR Aa1 1,008,483
5,000 Series A, ETM,
5.000% due 02/01/2012 NR NR 5,067
2,000,000 Spring, Texas, Independent School District Authority,
GO, (PSFG),
6.875% due 08/15/2009 AAA Aaa 2,404,500
2,000,000 Texas State, Refunding Water Financial Assistance, Series C,
5.000% due 08/01/2018 AAA Aaa 1,994,940
2,000,000 University Texas Permanent University Fund,
4.750% due 07/01/2018 AAA Aaa 1,955,180
------------
17,022,352
------------
Utah -- 1.2%
2,000,000 Utah State, Building Ownership Authority,
5.500% due 05/15/2009 AAA Aaa 2,199,820
------------
Virginia -- 1.3%
2,500,000 Richmond, Virginia, Series B,
5.000% due 01/15/2021 AAA Aaa 2,490,225
------------
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 2,444,242
1,000,000 King County, Washington, Series B, (MBIA Insured),
4.750% due 01/01/2020 AAA Aaa 953,970
1,000,000 Vancouver, Washington, Water & Sewer Revenue,
(MBIA Insured),
4.250% due 06/01/2009 AAA Aaa 996,220
------------
4,394,432
------------
Wisconsin -- 2.0%
1,500,000 Wisconsin State, GO,
5.000% due 11/01/2007 AA Aa2 1,595,970
Wisconsin State, Transportation Revenue:
1,000,000 Series A,
5.500% due 07/01/2011 AA- A1 1,085,490
1,000,000 Series A,
5.500% due 07/01/2012 AA- A1 1,086,340
------------
3,767,800
------------
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $174,799,647) 184,223,398
------------
SHORT-TERM INVESTMENTS -- 1.4%
(Cost $2,624,430)
2,624,430 Valiant Fund Tax Exempt Money Market 2,624,430
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $177,424,077*) 98.0% 186,847,828
OTHER ASSETS AND LIABILITIES (Net) 2.0 3,882,704
----- ------------
NET ASSETS 100.0% $190,730,532
===== ============
- ---------
<FN>
*Aggregate cost for Federal tax purposes.
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.
</TABLE>
<PAGE>
Munder Tax-Free Intermediate Bond Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Ratings
Principal --------------------
Amount S&P Moody's Value
- --------- -------- ------- -------
<S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES -- 97.5%
Alabama -- 1.6%
$ 3,500,000 Alabama State Public School and College Authority
Revenue, Series A,
5.750% due 08/01/2003 AA Aa3 $ 3,762,605
1,000,000 Huntsville, Alabama Health Care,
Series B, Pre-refunded,
6.625% due 06/01/2023 AAA Aaa 1,145,140
------------
4,907,745
------------
Arizona -- 0.9%
2,500,000 Tempe, Arizona, High School District, GO,
6.250% due 07/01/2004 AAA Aaa 2,785,825
------------
California -- 3.2%
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 3,511,440
5,070,000 Sacramento County, California, Sanitation District
Financing Authority Revenue,
9.000% due 12/01/2002 AA Aa3 6,037,863
------------
9,549,303
------------
Colorado -- 1.8%
5,000,000 Arapahoe County, Colorado, School District, Cherry
Creek Referendum,
5.500% due 12/15/2006 AA Aa2 5,481,800
------------
Delaware -- 0.9%
2,500,000 Delaware State, GO, Series A,
5.000% due 01/01/2007 AA+ Aa1 2,654,025
------------
Florida -- 4.9%
4,000,000 Dade County, Florida, School District,
(MBIA Insured),
6.000% due 07/15/2005 AAA Aaa 4,474,760
2,500,000 Florida State, Board of Education, Capital Outlay,
Series D,
6.000% due 06/01/2005 AA+ Aa2 2,785,700
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 4,067,670
3,000,000 Orlando, Florida, Utilities Commission, Water and
Electric Revenue,
Series A, Pre-refunded,
6.500% due 10/01/2020 AA- Aaa 3,278,970
------------
14,607,100
------------
Georgia -- 0.8%
1,975,000 Georgia State, Series C,
7.250% due 07/01/2006 AAA Aaa 2,388,506
------------
Hawaii -- 2.4%
3,000,000 Hawaii State, GO, Series BZ,
6.250% due 10/01/2002 A+ A1 3,238,350
3,650,000 Honolulu, Hawaii, City and County, GO, Series A, ETM,
10.000% due 08/01/2000 AA Aaa 4,012,007
------------
7,250,357
------------
Illinois -- 7.9%
4,500,000 Chicago, Illinois, Metropolitan Water District,
Capital Improvement,
6.700% due 01/01/2003 AA Aa2 4,960,980
6,000,000 Illinois Educational Facilities Authority
Revenues, Mandatory Put 11/01/2007,
4.850% due 11/01/2032 AA+ Aa1 6,268,140
2,000,000 Illinois Health Facilities Authority Revenue, Pre-refunded,
5.500% due 05/15/2023 AAA Aaa 2,166,700
4,000,000 Illinois State Sales Tax Revenue, Series Y,
5.250% due 06/15/2007 NR Aa2 4,305,560
4,525,000 Lake County, Illinois, Adalai E. Stevenson School District,
No. 125,
5.500% due 01/01/2003 NR Aa1 4,789,848
1,000,000 Waukegan, Illinois, Series A, Pre-refunded,
6.750% due 11/15/2013 AAA Aaa 1,161,000
------------
23,652,228
------------
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 4,528,520
------------
Maryland -- 4.6%
Maryland State:
3,000,000 5.250% due 06/15/2006 AAA Aaa 3,239,490
2,500,000 State & Local Facilities Series 2, GO,
5.000% due 08/01/2004 AAA Aaa 2,648,700
2,275,000 State & Local Facilities Series 3, GO,
5.000% due 10/15/2005 AAA Aaa 2,423,944
5,000,000 Prince George's County, Maryland, Consolidated
Public Improvement, GO,
(MBIA Insured),
6.250% due 01/01/2005 AAA Aaa 5,590,150
------------
13,902,284
------------
Massachusetts -- 1.1%
1,000,000 Massachusetts State, Series C,
5.250% due 08/01/2008 AA- Aa3 1,082,400
2,000,000 Massachusetts Water Resource Authority Revenue,
Series A, Pre-refunded,
6.750% due 07/15/2012 AAA Aaa 2,234,980
------------
3,317,380
------------
Michigan -- 25.6%
1,415,000 Birmingham, Michigan, City School District,
7.000% due 11/01/2007 AA+ Aa2 1,709,589
2,500,000 Caledonia, Michigan, Community Schools,
(AMBAC Insured), Pre-refunded,
6.700% due 05/01/2022 AAA Aaa 2,776,350
1,000,000 Clarkston, Michigan, Community Schools, GO,
Pre-refunded,
5.750% due 05/01/2016 AAA Aaa 1,104,590
1,000,000 Detroit, Michigan, Sewage Disposal Revenue, Series A,
4.600% due 07/01/2004 AAA Aaa 1,029,530
2,000,000 Detroit, Michigan, Water Supply Systems Revenue,
Senior Lien, Series A,
5.250% due 07/01/2006 AAA Aaa 2,128,540
2,350,000 Gaylord, Michigan, Community Schools, GO,
Pre-refunded,
6.600% due 05/01/2021 AA Aa2 2,598,606
3,075,000 Goodrich, Michigan, Area School District,
Pre-refunded,
5.875% due 05/01/2024 AAA Aaa 3,441,847
1,000,000 Lake Orion, Michigan, Community School District,
Pre-refunded,
7.000% due 05/01/2020 AAA Aaa 1,176,840
2,000,000 Livonia, Michigan, Public Schools, (FGIC Insured),
Series II, Pre-refunded,
6.300% due 05/01/2022 AAA Aaa 2,196,320
Michigan State, Building Authority Revenue, Series I:
2,500,000 6.500% due 10/01/2004 AA Aa2 2,821,050
5,600,000 (AMBAC Insured), 6.000% due 10/01/2006 AAA Aaa 6,264,272
2,500,000 (AMBAC Insured), 6.250% due 10/01/2003 AAA Aaa 2,751,925
Michigan State, Hospital Finance Authority Revenue:
1,000,000 McLaren Health Care Corporation, Series A,
5.250% due 06/01/2008 NR A1 1,057,260
5,250,000 McLaren Obligated Group, Series A,
Pre-refunded,
7.500% due 09/15/2021 NR Aaa 5,865,772
2,900,000 Oakwood Hospital Obligated Group,
(FGIC Insured), Pre-refunded,
7.000% due 07/01/2010 AAA Aaa 3,107,408
3,870,000 Oakwood Hospital Obligated Group,
Pre-refunded,
7.100% due 07/01/2018 AAA Aaa 4,152,317
1,450,000 Michigan State, Housing Development Authority, Series A,
Rental Housing Revenue, AMT,
5.000% due 10/01/2003 AAA Aaa 1,497,517
1,095,000 Michigan State, Housing Single Family Mortgage,
Series A, AMT,
5.300% due 12/01/2006 AAA Aaa 1,144,735
3,160,000 Michigan State, Trunk Line Highway Revenue, Series A,
5.625% due 10/01/2003 AA- Aa3 3,396,558
3,500,000 Michigan State, Underground Storage Tank Financial
Assurance Authority,
Series I, (AMBAC Insured),
6.000% due 05/01/2006 AAA Aaa 3,895,850
2,000,000 Michigan, Municipal Bond Authority Revenue, School Loan,
5.000% due 12/01/2008 AA Aa2 2,122,620
4,000,000 Plymouth-Canton, Michigan, Community School District,
Series B, (Q-SBLF), GO, Pre-refunded,
6.800% due 05/01/2017 AA+ Aa1 4,314,280
2,000,000 Redford, Michigan, Union School District,
Pre-refunded,
5.950% due 05/01/2015 AAA Aaa 2,253,400
Rochester Community School District, Michigan, GO:
2,000,000 6.000% due 05/01/2002 AA Aa2 2,139,100
2,000,000 Pre-refunded, 6.500% due 05/01/2011 AA+ NR 2,170,040
3,000,000 University of Michigan, Hospital Revenue, Series A,
7.500% due 12/01/2001 AA Aa2 3,303,930
1,510,000 Wayne County, Michigan Transportation Fund Series A,
5.000% due 10/01/2007 AA- Aa3 1,606,957
2,500,000 Western Michigan University Revenue, Series A,
(AMBAC Insured), Pre-refunded,
6.500% due 07/15/2021 AAA Aaa 2,719,150
2,000,000 Western Michigan University Revenues,
Pre-refunded,
6.125% due 11/15/2022 AAA Aaa 2,203,700
------------
76,950,053
------------
Minnesota -- 2.1%
1,000,000 Minneapolis, Minnesota, Special School District, Series B,
4.125% due 02/01/2005 AA+ Aa1 1,011,860
1,500,000 Minnesota State,
5.000% due 05/01/2002 AAA Aaa 1,560,315
3,500,000 Minnesota State, GO, Pre-refunded,
6.250% due 08/01/2011 AAA Aaa 3,795,750
------------
6,367,925
------------
Missouri -- 1.3%
3,500,000 Missouri State Regional Convention and Sport,
Series A, Pre-refunded,
6.900% due 08/15/2021 AAA Aaa 3,954,545
------------
Nebraska -- 1.1%
2,950,000 Nebraska, Public Power District Revenue, Pre-refunded,
6.125% due 01/01/2015 AAA Aaa 3,246,475
------------
New Jersey -- 1.3%
3,500,000 New Jersey State,
6.500% due 07/15/2005 AA+ Aa1 4,021,885
------------
New Mexico -- 0.7%
2,000,000 New Mexico State,
4.625% due 09/01/2006 AA+ Aa1 2,035,860
------------
New York -- 3.7%
Municipal Assistance Corporation, City of New York:
3,600,000 Series G, 5.000% due 07/01/2003 AA Aa2 3,761,532
2,500,000 Series J, 5.500% due 07/01/2002 AA Aa2 2,635,850
2,000,000 New York State Thruway Authority Highway & Bridges,
Series A,
5.250% due 04/01/2001 AAA Aaa 2,068,440
2,500,000 Triborough, New York, Bridge & Tunnel Authority,
General Purpose Series A,
5.000% due 01/01/2001 A+ Aa3 2,562,150
------------
11,027,972
------------
Ohio -- 2.8%
1,290,000 Cleveland Ohio,
4.150% due 10/01/2008 AAA Aaa 1,269,024
1,500,000 Cleveland Ohio, Waterworks Revenue, Series I,
5.000% due 01/01/2008 AAA Aaa 1,580,265
2,420,000 Columbus Ohio, Series 1,
6.100% due 09/15/2007 NR Aaa 2,567,354
2,500,000 Warren Ohio Hospital Revenue, Warren General Hospital
Project, Series B, Pre-refunded,
7.300% due 11/15/2014 AAA NR 2,926,325
------------
8,342,968
------------
Oklahoma -- 1.2%
3,250,000 Tulsa Oklahoma Industrial Authority Hospital Revenue,
Tulsa Regional Medical Center, Pre-refunded,
7.200% due 06/01/2017 AAA NR 3,749,038
------------
Oregon -- 0.7%
2,000,000 Washington County Or Unified Sewer Agency,
Agency Sewer Revenue, Pre-refunded,
6.125% due 10/01/2012 AAA Aaa 2,232,040
------------
Pennsylvania -- 2.7%
5,000,000 Intragovernmental Cooperative, Philadelphia Funding
Program, Pre-refunded,
6.750% due 06/15/2021 AAA Aaa 5,773,900
2,000,000 Pennsylvania State, GO, Series 3,
6.000% due 11/15/2003 AA Aa3 2,190,920
------------
7,964,820
------------
Rhode Island -- 1.9%
5,100,000 Rhode Island Depositors Economic Protection Corporation,
Special Obligation,
Series A, Pre-refunded,
6.950% due 08/01/2022 AAA Aaa 5,729,646
------------
South Carolina -- 3.1%
2,000,000 Piedmont Municipal Power Agency, South Carolina
Electric, ETM,
6.200% due 01/01/2008 AAA Aaa 2,310,540
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 3,526,435
3,000,000 York County, South Carolina, Public Facilities
Corporation, COP,
Pre-refunded,
7.500% due 06/01/2011 NR Aaa 3,321,930
------------
9,158,905
------------
Tennessee -- 1.1%
3,000,000 Tennessee State, Series B, GO, Pre-refunded,
6.850% due 06/01/2009 AAA Aaa 3,263,670
------------
Texas -- 11.5%
Austin, Texas, Independent School District:
680,000 (PSFG), 7.000% due 08/01/2006 AAA Aaa 807,187
2,820,000 Pre-refunded, 7.000% due 08/01/2006 AAA Aaa 3,325,852
Dallas, Texas, GO, ETM:
2,750,000 6.000% due 02/15/2005 AAA Aaa 3,060,805
2,100,000 7.000% due 05/01/2004 AAA Aaa 2,418,129
5,070,000 Dallas, Texas, Waterworks and Sewer Authority Revenue,
7.750% due 04/01/2003 AA Aa2 5,818,636
1,500,000 Harris County, Texas, Toll Road,
Series A, Pre-refunded,
6.125% due 08/15/2020 AA Aa2 1,690,755
4,085,000 Harris County, Texas, Toll Road, Series A,
(AMBAC Insured), Pre-refunded,
6.500% due 08/15/2017 AAA Aaa 4,532,062
2,000,000 Houston, Texas, Water & Sewer Systems Revenue,
Series A, Pre-refunded,
6.200% due 12/01/2023 AAA Aaa 2,263,020
2,175,000 Plano, Texas, Independent School District, GO, (PSFG),
8.500% due 02/15/2003 AAA Aaa 2,547,665
Texas State, GO:
2,500,000 Series A, ETM,
6.100% due 08/01/2001 AAA Aaa 2,642,550
2,000,000 Series B,
5.000% due 10/01/2003 AA Aa2 2,091,680
3,250,000 University of Texas, Permanent University Funding, (PSFG),
5.000% due 07/01/2004 AAA Aaa 3,439,052
------------
34,637,393
------------
Virginia -- 2.1%
1,000,000 Fairfax County, Virginia, Water Authority Revenue,
Pre-refunded,
6.000% due 04/01/2022 AAA Aaa 1,147,430
2,500,000 Hampton, Virginia, Public Improvement Revenue, Series C,
6.000% due 08/01/2003 AA- Aa3 2,728,800
2,190,000 Virginia State, Transportation Board Contract Revenue,
Series B, (U.S. Route 58 Corridor),
5.200% due 05/15/2002 AA Aa2 2,279,396
------------
6,155,626
------------
Wisconsin -- 3.0%
2,200,000 Madison, Wisconsin, GO, Series A,
5.000% due 05/01/2003 NR Aaa 2,306,766
Wisconsin State:
1,500,000 5.000% due 11/01/2007 AA Aa2 1,595,970
2,000,000 6.000% due 05/01/2003 AA Aa2 2,169,480
2,640,000 Wisconsin State, Clean Water Revenue, Series I,
5.250% due 06/01/2005 AA+ Aa2 2,806,056
------------
8,878,272
------------
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $283,245,117) 292,742,166
------------
SHORT-TERM INVESTMENTS -- 0.5%
(Cost $1,591,429)
1,591,429 Valiant Fund Tax Exempt Money Market 1,591,429
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $284,836,546*) 98.0% 294,333,595
------------
OTHER ASSETS AND LIABILITIES (Net) 2.0 5,986,158
----- ------------
NET ASSETS 100.0% $300,319,753
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
COP -- Certificates of Participation
ETM -- Escrowed to Maturity
FGIC -- Federal Guaranty Insurance Corporation
GO -- Government Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
Q-SBLF -- Qualified School Bond Loan Fund
See Notes to Financial Statements.
/TABLE
<PAGE>
Munder Cash Investment Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
- -----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating
Principal -------------------
Amount S&P Moody's Value
- -------- --- ------- -----
CERTIFICATES OF DEPOSIT -- 14.4%
<S> <C> <C> <C>
$50,000,000 Bank of Nova Scotia,
5.190% due 02/08/1999+ A1+/AA- P1/Aa3 $ 50,000,000
50,000,000 Chase Manhattan Bank,
5.060% due 05/13/1999+ A1/A+ P1/Aa3 50,000,000
50,000,000 UBS AG,
5.120% due 01/19/1999+ A1+/AA+ P1/Aaa 50,000,000
50,000,000 Union Bank Treasury Division,
5.310% due 03/17/1999+,+++ A2/A- P1/A1 50,000,000
-------------
TOTAL CERTIFICATES OF DEPOSIT
(Cost $200,000,000) 200,000,000
-------------
COMMERCIAL PAPER -- 64.0%
50,000,000 Asset Securitization Cooperative Corporation,
5.280% due 01/25/1999+ A1+/NR P1/NR 49,824,000
40,000,000 Banc One Funding Corporation,
5.580% due 01/15/1999+ A1/NR P1/NR 39,913,200
50,000,000 Centric Capital Corporation,
5.370% due 02/01/1999+ A1+/NR P1/NR 49,768,792
50,000,000 CXC, Inc.,
5.280% due 02/02/1999+ A1+/NR P1/NR 49,765,333
50,000,000 Falcon Asset Securitization,
5.220% due 03/22/1999+ A1/NR P1/NR 49,420,000
50,000,000 Finova Capital Corporation,
5.100% due 03/23/1999+,+++ A2/A- P2/Baa 49,426,250
50,000,000 Ford Motor Credit Company,
5.410% due 02/19/1999+ A1/A P1/A1 49,631,819
50,000,000 General Electric Capital Corporation,
5.480% due 02/02/1999+ A1+/AAA P1/Aaa 49,756,445
40,000,000 Golden Funding Corporation,
5.280% due 02/26/1999+ A1+/NR P1/NR 39,671,467
50,000,000 Hertz Corporation,
5.120% due 02/18/1999+,+++ A2/BBB+ P1/A3 49,658,667
50,000,000 Koch Industries,
5.250% due 01/04/1999+ A1+/AA+ P1/Aa1 49,978,125
25,000,000 Lloyds Bank,
4.870% due 06/01/1999+ A1+/NR P1/Aa1 24,489,326
50,000,000 Moat Funding LLC,
5.430% due 01/11/1999+,+++ NR/NR P1/NR 49,924,583
30,000,000 National Rural Utilities Cooperative Finance,
5.030% due 03/16/1999+ A1+/AA P1/A1 29,689,817
50,000,000 New Center Asset Trust,
5.200% due 01/04/1999+ A1+/NR P1/NR 49,978,333
50,000,000 Pepsico, Inc.,
5.440% due 01/14/1999+ A1/A P1/A1 49,901,778
50,000,000 Sanwa Business Credit Company,
5.550% due 01/28/1999+,+++ A2/BBB+ P1/A1 49,791,875
60,000,000 SBC Communications, Inc.,
5.100% due 01/04/1999+ A1+/AA- P1/A1 59,974,500
50,000,000 Sheffield Receivables Corporation,
5.400% due 02/03/1999+ A1+/NR P1/NR 49,752,500
-------------
TOTAL COMMERCIAL PAPER
(Cost $890,316,810) 890,316,810
-------------
CORPORATE NOTES -- 8.6%
25,000,000 Allstate Funding Agreement,
5.452% due 05/17/1999+ NR/AA+ NR/Aaa 25,000,000
45,000,000 Heller Financial, Inc.,
5.594% due 10/13/1999+,+++ A2/A- P2/A3 45,000,000
25,000,000 Jackson National Life Insurance,
5.570% due 09/23/1999++ NR/AA NR/Aa3 25,000,000
25,000,000 Transamerica Life Annuity,
5.343% due 02/17/1999++ A1/AA P1/Aa3 25,000,000
-------------
TOTAL CORPORATE NOTES
(Cost $120,000,000) 120,000,000
-------------
REPURCHASE AGREEMENTS -- 14.4% (Cost $200,824,712)
$200,824,712 Agreement with Lehman Brothers Holdings Inc.,
4.900% dated 12/31/1998, to be repurchased at
$200,934,050 on 01/04/1999, collateralized by
$182,260,000 U.S. Treasury Note, 6.500% maturing
08/15/2005 (value $204,757,267) 200,824,712
-------------
TOTAL INVESTMENTS (Cost $1,411,141,522*) 101.4% 1,411,141,522
OTHER ASSETS AND LIABILITIES (Net) (1.4) (20,234,069)
---- -------------
NET ASSETS 100.0% $1,390,907,453
==== =============
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
++ Variable rate security. The interest rate shown reflects the rate
currently in effect.
+++ 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Money Market Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Ratings
Principal --------------------
Amount S&P Moody's Value
- --------- -------- ------- -------
<S> <C> <C> <C>
CERTIFICATE OF DEPOSIT -- 13.8%
$4,000,000 Bank of Nova Scotia,
5.190% due 02/08/1999+ A1+/AA- P1/Aa3 $ 4,000,000
5,000,000 UBS AG Stamford Branch Institutional Certificate,
5.120% due 01/19/1999+ A1+/AA+ P1/Aaa 5,000,000
5,000,000 Union Bank Treasury Division,
5.310% due 03/17/1999+,+++ A2/A- P1/A1 5,000,000
------------
TOTAL CERTIFICATE OF DEPOSIT
(Cost $14,000,000) 14,000,000
------------
COMMERCIAL PAPER -- DISCOUNT -- 43.2%
5,000,000 Banc One Funding Corporation,
5.100% due 03/08/1999+ A1/NR P1/NR 4,953,250
5,000,000 Centric Capital Corporation,
4.750% due 04/21/1999+ A1+/NR P1/NR 4,927,430
5,000,000 Falcon Asset Securitization,
5.220% due 03/22/1999+ A1/NR P1/NR 4,942,000
5,000,000 Finova Capital Corporation,
5.430% due 01/21/1999+,+++ A2/A- P2/Baa 4,984,917
5,000,000 Ford Motor Credit Company,
5.410% due 02/19/1999+ A1/A P1/A1 4,963,182
5,000,000 General Electric Capital Corporation,
4.930% due 05/12/1999+ A1+/AAA P1/Aaa 4,910,301
4,000,000 International Lease Finance Corporation,
5.470% due 01/04/1999+ A1+/A+ P1/A1 3,998,177
5,000,000 Sanwa Business Credit Corporation,
6.200% due 01/19/1999+,+++ A2/BBB+ P1/A1 4,984,500
5,000,000 Sheffield Receivables Corporation,
5.350% due 01/26/1999+ A1+/NR P1/NR 4,981,424
------------
TOTAL COMMERCIAL PAPER -- DISCOUNT
(Cost $43,645,181) 43,645,181
------------
CORPORATE NOTES -- 8.1%
3,158,000 Capital One Funding Corporation,
5.550% due 04/01/2009++ A1+/AA- P1/NR 3,158,000
5,000,000 Heller Financial Inc.,
5.594% due 10/13/1999++,+++ A2/A- P2/A3 5,000,000
TOTAL CORPORATE NOTES
(Cost $8,158,000) 8,158,000
------------
REPURCHASE AGREEMENTS -- 35.3%
$25,031,434 Agreement with Lehman Brothers Holdings Inc.,
4.900% dated 12/31/1999, to be repurchased at
$25,045,063 on 01/04/1999, collateralized by
$22,720,000 U.S. Treasury Note, 6.500% maturing
08/15/2005 (value $25,524,444) 25,031,434
5,000,000 Agreement with Merrill Lynch and Company, Inc.,
4.850% dated 12/31/1998, to be repurchased at
$5,002,694 on 01/04/1999, collateralized by
$3,785,000 U.S. Treasury Bond, 8.000% maturing
11/15/2021 (value $5,105,019) 5,000,000
5,700,000 Agreement with State Street Bank and Trust
Company, 4.850% dated 12/31/1998, to be repurchased at
$5,703,072 on 01/04/1999, collateralized by $4,175,000
U.S. Treasury Bond, 7.250% maturing 05/15/2016 (value
$5,103,912) and $645,000 U.S. Treasury Note, 7.875%
maturing
08/15/2001 (value $714,131) 5,700,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $35,731,434) 35,731,434
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $101,534,615*) 100.4% 101,534,615
OTHER ASSETS AND LIABILITIES (Net) (0.4) (450,536)
----- ------------
NET ASSETS 100.0% $101,084,079
===== ============
- ---------
<FN>
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
++ Variable rate security. The interest rate shown reflects the rate
currently in effect.
+++ 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Tax-Free Money Market Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Ratings
Principal --------------------
Amount S&P Moody's Value
- --------- -------- ------- -------
<S> <C> <C> <C>
MUNICIPAL BONDS AND NOTES -- 91.7%
Arizona -- 4.6%
$ 3,400,000 Apache County, Arizona, Industrial Development
Authority, Industrial Development Revenue, (Tucson
Electric -- 83C), (Society Generale, LOC),
4.150% 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 1,604,477
3,000,000 Maricopa County, Arizona Pollution Control,
4.000% due 12/01/2014+ NR Aa2 3,000,000
6,400,000 Maricopa County, Arizona, Pollution Control, El Paso A,
Pre-refunded,
4.000% due 08/01/2015+ NR VMIG1 6,400,000
3,000,000 Pima County, Arizona Industrial Development Authority,
(Tucson Electric),
4.000% due 12/01/2022+ AA VMIG1 3,000,000
------------
17,404,477
------------
Arkansas -- 0.8%
2,900,000 Fayetteville Arkansas Public Facilities Board,
Butterfield Trail Village,
5.100% due 09/01/2027+ NR VMIG1 2,900,000
------------
California -- 2.7%
10,000,000 California School Cash Reserve, Pool Series A,
4.500% due 07/02/1999 SP-1+ MIG1 10,036,500
------------
Colorado -- 3.5%
3,900,000 Colorado Health Facilities Authority Revenue,
Variable Catholic Health Series B,
3.900% due 12/01/2025+ A-1+ VMIG1 3,900,000
2,650,000 Denver County Airport Revenue, Series B,
4.000% due 12/01/2020+ A-1+ VMIG1 2,650,000
6,500,000 Smith Creek Metropolitan District Company Revenue,
4.050% due 10/01/2035+ A-1+ NR 6,500,000
------------
13,050,000
------------
Connecticut -- 0.3%
1,000,000 Connecticut State, Special Tax Obligation, Series C,
6.700% due 12/01/2001 AA NR 1,052,264
------------
Delaware -- 0.9%
1,000,000 Delaware, Transportation Authority Systems Revenue,
6.875% due 07/01/1999 AA A1 1,017,617
2,510,000 New Castle County, Delaware, Economic, Refunding
Henderson Mcguire,
4.050% due 08/15/2020+ A-1+ NR 2,510,000
------------
3,527,617
------------
Florida -- 6.4%
6,000,000 Alachua County Florida Health Facilities Authority,
Teaching Hospital, Series B,
4.000% 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 1,012,763
1,085,000 Jacksonville, Florida, Electric Authority Revenue,
Saint Johns River, Series 5,
6.000% due 10/01/2015 AA Aa2 1,107,174
4,000,000 Palm Beach County Florida Revenue, Jewish
Community Campus Corporation,
4.050% due 03/01/2027+ A-1+ NR 4,000,000
3,000,000 Tampa Florida Revenue,
7.375% due 12/01/2023 AAA Aaa 3,175,141
6,200,000 University of North Florida, Foundation, Inc.,
Capital Improvement Revenue, Series 1994, (First
Union National Bank of North Carolina, LOC),
4.000% due 11/01/2024+ NR VMIG1 6,200,000
------------
23,995,078
------------
Georgia -- 3.0%
2,000,000 DeKalb County, Georgia, Multifamily Housing,
Winterscreek Apartments,
4.250% due 06/15/2025+ A-1+ NR 2,000,000
5,700,000 DeKalb County, Georgia, Private Hospital, Hospital
Authority, Revenue Anticipation Certificates,
(Egleston Children's Health) Series A, (Suntrust
Bank, Atlanta, GA, LOC),
3.900% due 12/01/2017+ A-1+ VMIG1 5,700,000
$ 2,800,000 Fulco Georgia Hospital Authority Anticipation
Certificates, Shepherd Center Incorporated Project,
3.950% due 09/01/2017+ A-1+ NR 2,800,000
1,000,000 Fulton County, Georgia, Development Authority
Revenue, Metro Atlanta YMCA Project,
3.950% due 06/01/2020+ A-1+ Aa3 1,000,000
------------
11,500,000
------------
Illinois -- 12.0%
4,700,000 Chicago Illinois Multifamily Housing Revenue,
Waveland Associates,
4.050% due 11/01/2010+ NR Aaa 4,700,000
1,000,000 Chicago Illinois Wastewater Transmission Revenue,
6.500% due 11/15/1999 AAA Aaa 1,028,754
Illinois Development Finance Authority Revenue:
2,000,000 Chicago Symphony,
4.050% due 06/01/2031+ A-1+ VMIG1 2,000,000
4,000,000 Loyola Academy, Series A,
4.100% due 10/01/2027+ A-1+ NR 4,000,000
Illinois Educational Facilities Authority Revenues:
3,200,000 Art Institute of Chicago,
4.150% due 03/01/2027+ A-1+ VMIG1 3,200,000
3,750,000 Pooled Financing Program,
4.100% due 12/01/2005+ AAA Aaa 3,750,000
1,000,000 The Adler Planetarium,
4.100% due 04/01/2031+ A-1+ NR 1,000,000
Illinois Health Facilities Authority:
11,260,000 (Advocate Health Care) Series B,
4.000% due 08/15/2022+ A-1+ VMIG1 11,260,000
3,000,000 (Gottlieb Health Resources Inc.),
4.100% 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),
4.050% due 12/01/2024+ A-1+ NR 2,000,000
5,000,000 Lake Cook, Kane, & McHenry Counties, Illinois,
Unit School District,
3.970% due 12/15/1999 NR NR 5,021,725
1,315,000 Metropolitan Pier & Expo Illinois, Pre-refunded,
5.200% due 06/15/1999 AA- NR 1,327,232
1,080,000 Naperville, Illinois, Electric Revenue, Refunding,
3.150% due 05/01/1999 AA Aa2 1,079,623
2,000,000 Springfield, Illinois, Water Revenue,
6.500% due 03/01/2015+ AA Aa2 2,049,265
------------
45,416,599
------------
Indiana -- 0.7%
1,100,000 Indiana State Development Finance Authority Revenue,
(Educational Facility -- Indiana Historical Society),
(NBD Bank, Detroit, LOC),
4.100% due 08/01/2031+ A-1+ NR 1,100,000
1,500,000 Indianapolis Public Improvement Bond Bank, Series B,
5.000% due 02/01/1999 AAA Aaa 1,501,649
------------
2,601,649
------------
Iowa -- 1.7%
1,000,000 Des Moines, Iowa, Series D,
5.000% due 06/01/1999 AA+ Aa3 1,007,087
2,000,000 Des Moines, Iowa, Methodist Medical Center Project,
3.950% due 08/01/2015+ NR VMIG1 2,000,000
3,400,000 Woodbury County Iowa Purchase Revenue,
Siouxland Regional Cancer Center, Series A,
4.000% due 12/01/2014+ A-1+ NR 3,400,000
------------
6,407,087
------------
Kansas -- 0.7%
2,500,000 Kansas State Development Finance Authority Revenue,
Series G2,
4.500% due 10/01/1999 AA- A1 2,518,170
------------
Maryland -- 2.7%
4,000,000 Baltimore County, Maryland, Metro District,
3.200% due 01/15/1999 AAA AAA 4,000,000
3,200,000 Baltimore County, Maryland, Revenue Bonds,
(Sheppard & Enoch Pratt Hospital),
(Societe Generale, LOC),
4.100% due 07/01/2022+ NR VMIG1 3,200,000
1,000,000 Charles County, Maryland,
5.000% due 02/01/1999 AA- Aa3 1,001,240
Maryland State:
$ 1,000,000 First Series,
6.500% due 03/01/1999 AAA Aaa 1,004,743
1,000,000 First Series,
6.700% due 03/01/1999 AAA Aaa 1,005,063
------------
10,211,046
------------
Massachusetts -- 0.3%
1,100,000 Massachusetts State, Series C,
5.100% due 09/01/1999 AA- Aa3 1,114,307
------------
Michigan -- 1.9%
2,500,000 Detroit Michigan City School District,
4.500% due 07/01/1999 SP-1+ NR 2,510,159
2,150,000 Muskegon, Michigan, Public Schools,
4.100% due 05/25/1999 NR NR 2,151,640
1,000,000 Saline, Michigan, Economic Development,
Obligation Brecon Village Project,
4.100% due 11/01/2025+ A-1+ NR 1,000,000
1,375,000 Walled Lake Michigan, School District, Series I,
6.800% due 05/01/2001 AA+ Aa 1,415,902
------------
7,077,701
------------
Minnesota -- 1.7%
4,000,000 City of Rochester, Minnesota, Mayo Clinic,
3.300% due 01/11/1999 A-1+ AA+ 4,000,000
1,500,000 Stillwater Minnesota Industrial Development Revenue,
Supervalue Incorporated Project,
3.950% due 10/01/2009 NR NR 1,500,000
1,000,000 Washington County, Minnesota, Housing,
6.300% due 02/01/1999 AAA Aaa 1,002,274
------------
6,502,274
------------
Missouri -- 7.7%
1,000,000 Branson Missouri Reorganized School District,
Improvement & Refunding, Pre-refunded,
6.200% due 03/01/2006 AAA Aaa 1,003,770
2,000,000 Columbia, Missouri, Special Obligation Reserve, Series A,
(Toronto Dominion Bank, LOC),
3.950% due 06/01/2008+ AA VMIG1 2,000,000
Missouri State Environment Improvement Energy:
9,200,000 Kansas City Power,
4.150% due 07/01/2017+ A-1 VMIG1 9,200,000
3,000,000 Series A, State of Missouri Environmental,
3.200% due 01/07/1999 A-1+ P-1 3,000,000
3,000,000 Missouri State Health & Educational Facilities, Authority,
3.950% due 06/01/2019+ A-1+ VMIG1 3,000,000
2,500,000 Missouri State Health & Educational Facilities Authority,
(The Washington University), Series D,
(SBPA -- Morgan Guaranty Trust),
5.000% due 09/01/2030+ A-1+ VMIG1 2,500,000
Missouri State Health & Educational Facility Revenue:
3,000,000 Cox Health Systems,
5.000% due 06/01/2015+ A-1+ Aaa 3,000,000
2,800,000 Washington University, Series C,
5.000% due 09/01/2030+ A-1+ VMIG1 2,800,000
2,600,000 Missouri State Health & Educational Facility, Authority,
St. Louis University,
4.500% due 10/01/1999 AA- A1 2,618,909
------------
29,122,679
------------
Nevada -- 0.8%
3,070,000 Reno Nevada Economic Development Revenue,
University of Nevada, Student Aid Fund,
4.100% due 05/01/2018+ NR NR 3,070,000
------------
New Jersey -- 0.3%
1,080,000 Monmouth County, New Jersey, Improvement Authority
Revenue, Recreation Facilities, 6.625% due 12/01/2005 AA Aaa 1,135,043
------------
New Mexico -- 2.3%
2,200,000 Albuquerque, New Mexico, Educational Facilities Revenue,
4.100% due 06/01/2018+ NR NR 2,200,000
5,000,000 Farmington, New Mexico, Pollution Control Revenue,
(El Paso Electric Co.), Series A,
4.000% 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 1,634,409
------------
8,834,409
------------
North Carolina -- 2.9%
3,800,000 Mecklenburg County, Industrial Facilities,
Edgcomb Metals Company Project,
4.000% due 12/01/2009+ NR Aa3 3,800,000
3,000,000 North Carolina Educational Finance Facilities,
3.900% due 09/01/2027+ NR NR 3,000,000
995,000 North Carolina Housing Finance Agency,
Single Family Revenue,
3.550% due 09/01/2016+ AA Aa2 995,000
3,000,000 North Carolina Medical Care Commission,
Hospital Revenue, Series B,
3.900% due 06/01/2022+ A-1+ VMIG1 3,000,000
------------
10,795,000
------------
North Dakota -- 1.9%
2,500,000 Grand Forks, North Dakota, Health Care Facilities,
United Hospital Obligation Group A,
4.850% due 12/01/2025+ NR VMIG1 2,500,000
4,575,000 Grand Forks, North Dakota, Hospital Facilities Revenue,
Group PJ,
4.850% due 12/01/2016+ NR VMIG1 4,575,000
------------
7,075,000
------------
Ohio -- 2.9%
Clermont County, Ohio, Hospital Facilities Revenue:
1,435,000 7.200% due 09/01/1999 AAA Aaa 1,473,119
4,375,000 7.500% due 09/01/2019 AAA Aaa 4,575,702
1,955,000 Franklin County, Ohio, Hospital Revenue,
US Health Corporation, Series A,
4.050% due 12/01/2021+ NR VMIG1 1,955,000
3,100,000 Montgomery County, Ohio, Society Saint Vincent DePaul,
4.200% due 12/01/2010+ A-1 NR 3,100,000
------------
11,103,821
------------
Pennsylvania -- 8.1%
5,200,000 Allegheny County, Pennsylvania, Hospital Development
Revenue, Health Center Development,Series B,
3.000% due 09/01/2013+ A-1 NR 5,200,000
7,800,000 Allegheny County, Pennsylvania, Industrial Development,
Revenue Series C,
5.100% due 07/01/2027+ NR VMIG1 7,800,000
4,200,000 Berks County Pennsylvania, Industrial Development Revenue,
3.450% due 01/22/1999 NR NR 4,200,000
2,000,000 Delaware Valley, Pennsylvania, Registered Finance, Series A,
3.900% 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 1,037,763
2,390,000 Montgomery County, Pennsylvania Education & Health
Authority, Hospital Revenue, Series A,
8.375% due 11/01/2011 AAA NR 2,538,694
1,000,000 Pennsylvania State Higher Educational Facility,
7.200% due 07/01/2019 AAA Aaa 1,037,762
2,000,000 Philadelphia, Pennsylvania, Water & Sewer Revenue, Series 14,
6.900% due 10/01/2020 AAA Aaa 2,095,611
4,765,000 York County, Pennsylvania, Industrial Development Authority,
Industrial Development Revenue,
(NewEdgecomb Corporation Project),
(Banque Nationale Paris, LOC),
3.500% due 07/01/2009+ NR Aa3 4,765,000
------------
30,674,830
------------
Rhode Island -- 0.3%
1,000,000 Rhode Island State, Series B,
6.850% due 10/15/2004 AA- A1 1,048,160
------------
South Carolina -- 2.1%
7,000,000 South Carolina, Public Service Authority, Series A,
4.000% due 01/01/1999 AA- Aa2 7,000,000
1,015,000 Sumter County, South Carolina, School District
Number, Series B,
5.500% due 03/01/1999 AA Aa1 1,018,209
------------
8,018,209
------------
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 1,958,104
------------
Tennessee -- 5.2%
6,700,000 Chattanooga, Tennessee, Industrial Development Authority
Revenue, (Market Street Ltd. Project),
(ABN -- Amro, LOC),
4.050% due 12/15/2012+ A-1+ NR 6,700,000
2,355,000 Clarksville, Tennessee, Public Building Authority,
(NationsBank, TN, LOC),
4.050% due 06/01/2024+ A-1+ NR 2,355,000
6,400,000 Johnson City, Tennessee Health and Educational Facility,
3.100% due 02/25/1999+ NR NR 6,400,000
2,000,000 Metropolitan Government Nashville and Davidson County,
Tennessee, Industrial Development Board Revenue,
Multifamily Housing, (Arbor Crest Apartments), Series B,
4.100% due 12/01/2007+ NR VMIG1 2,000,000
2,000,000 Metropolitan Government Nashville and Davidson County,
Tennessee, Health and Facilities Board,
(West Mead Place Project), (NationsBank, GA, LOC),
4.050% due 10/01/2015+ A-1+ NR 2,000,000
------------
19,455,000
------------
Texas -- 9.4%
1,750,000 Arlington, Texas, Independent School District,
6.750% due 08/15/1999 NR Aa2 1,787,381
2,000,000 Austin County, Texas, Utility Systems Revenue, Series 1993 A,
0.000% due 05/15/1999 AAA Aaa 1,976,935
5,625,000 Bexar County, Texas, Health Facilities Development
Company, Retirement Community, Air Force, Series B,
4.000% due 03/01/2012+ A-1+ NR 5,625,000
2,100,000 Dallas County, Texas, Utility & Reclaim,
7.000% due 02/15/1999 AAA Aaa 2,108,827
1,000,000 Duncanville, Texas, School District,
5.000% due 02/15/1999 NR Aaa 1,001,680
2,000,000 Harris County, Texas, Health Facilities, Series A,
3.200% due 01/07/1999 NR NR 2,000,000
2,000,000 Joshua, Texas, Independent School District, Series B,
Pre-refunded,
6.125% due 02/15/2026 NR Aaa 2,006,302
7,000,000 Lower Colorado River Authority Texas Revenue,
Refunding Junior Lien, 3rd Supplement Series,
(MBIA Insured), (SBPA-Baverische Vereinbank),
3.850% due 01/01/2013+ A-1+ VMIG1 7,000,000
1,000,000 North East Independent School District Texas,
6.500% due 02/01/1999 AAA Aaa 1,002,481
1,150,000 North Texas Municipal Water District, Series 1992,
5.900% due 09/01/1999 AAA Aaa 1,169,986
8,800,000 Port Corpus Christi, Texas, Nueces County
Marine Term Revenue,
3.850% due 09/01/2014 A-1+ NR 8,800,000
1,000,000 University Texas, University Revenues,
Financing Systems, Series B,
6.300% due 08/15/1999 AAA Aa1 1,017,378
------------
35,495,970
------------
Virginia -- 0.7%
1,685,000 Richmond, Virginia, Redevelopment & Housing
Authority, Stony Point Project,
4.050% due 04/01/2029+ A-1 NR 1,685,000
1,000,000 Virginia State, Public School Authority, Series A,
5.500% due 08/01/1999 AA Aa2 1,014,016
------------
2,699,016
------------
Washington -- 1.1%
2,000,000 King County, Washington, Series G,
4.500% due 12/01/1999 AA+ Aa1 2,026,788
2,000,000 Washington State, Public Power Supply, Nuclear Project,
6.000% due 07/01/2017 AA- Aa1 2,022,243
------------
4,049,031
------------
Wisconsin -- 1.6%
1,000,000 Milwaukee, Wisconsin, Metropolitan Sewage District,
Series A,
6.600% due 10/01/1999 NR Aa1 1,024,822
5,000,000 Wisconsin State, Series G,
6.750% due 05/01/2011+ NR Aaa 5,097,716
------------
6,122,538
------------
TOTAL MUNICIPAL BONDS AND NOTES (Cost $345,971,579) 345,971,579
------------
SHORT-TERM INVESTMENTS -- 0.7%
1,941,211 Dreyfus Tax-Exempt Cash Management 1,941,211
596,875 Valiant Fund Tax Exempt Money Market 596,875
------------
TOTAL SHORT-TERM INVESTMENTS (Cost $2,538,086) 2,538,086
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $348,509,665*) 92.4% 348,509,665
OTHER ASSETS AND LIABILITIES (Net) 7.6 28,613,117
----- ------------
NET ASSETS 100.0% $377,122,782
----- ------------
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
+ Variable rate security. The interest rate shown reflects the rate currently
in effect.
ABBREVIATIONS:
LOC -- Instruments supported by bank letter of credit
MBIA -- Municipal Bond Investors Assurance
SBPA -- Stand by Purchase Agreement
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder U.S. Treasury Money Market Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- -------- -----
U.S. TREASURY OBLIGATIONS -- 41.8%
U.S. Treasury Notes -- 12.6%
<S> <C>
$15,000,000 6.375% due 04/30/1999 $ 15,075,484
------------
United States Treasury Bill -- 29.2%
35,000,000 4.350% due 01/21/1999 34,915,417
------------
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $49,990,901) 49,990,901
------------
REPURCHASE AGREEMENTS -- 57.3%
5,000,000 Agreement with Goldman Sachs & Co., 4.500% dated 12/31/1998,
to be repurchased at $5,002,500 on 01/04/1999,
collateralized by $3,255,000 U.S. Treasury Bond, 12.000% due
08/15/2013
(value $5,105,468) 5,000,000
28,472,156 Agreement with Lehman Brothers Holdings Inc., 4.900%
dated 12/31/1998, to be repurchased at $28,487,658 on
01/04/1999, collateralized by $87,375,000 U.S. Treasury
Bond, 9.000% due 11/15/2018 (value $29,042,575) 28,472,156
5,000,000 Agreement with Merrill Lynch and Company, Inc., 4.850%
dated 12/31/1998, to repurchased at $5,002,694 on
01/04/1999, collateralized by $3,785,000 U.S. Treasury
Bond, 8.000% maturing 11/15/2021 (value $5,105,019) 5,000,000
5,000,000 Agreement with Morgan (J.P.) and Company, 4.750% dated
12/31/1998, to be repurchased at $5,002,639 on
01/04/1999, collateralized by $3,733,000 U.S. Treasury
Bond, 8.125% maturing 08/15/2019 (value $5,100,211) 5,000,000
25,000,000 Agreement with State Street Bank and Trust Company,
4.850% dated 12/31/1998, to be repurchased at
$25,013,472 on 01/04/1999, collateralized by
$20,860,000 U.S. Treasury Bond, 7.250% maturing
05/15/2016 (value $25,501,225) 25,000,000
------------
TOTAL REPURCHASE AGREEMENTS
(Cost $68,472,156) 68,472,156
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $118,463,057*) 99.1% 118,463,057
OTHER ASSETS AND LIABILITIES (Net) 0.9 1,064,676
---- ------------
NET ASSETS 100.0% $119,527,733
==== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
See Notes to Financial Statements.
</TABLE>
<PAGE>
[ This Page Intentionally Left Blank ]
<PAGE>
The Munder Funds
Statements of Assets and Liabilities, December 31, 1998 (Unaudited)
<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 ..................... $73,184,542 $234,349,124 $927,270,398 $245,703,781 $53,057,121 $774,506,778
Repurchase Agreements .......... 1,140,000 15,597,000 15,765,000 1,501,000 -- 33,951,000
----------- ------------ ------------ ------------ ----------- ------------
Total Investments .................. 74,324,542 249,946,124 943,035,398 247,204,781 53,057,121 808,457,778
Cash ............................... 201 678 11,963 14,689 541,794 878
Interest receivable ................ 307,945 22,226 2,124 202 -- 4,574
Dividends receivable ............... 37,983 395,524 1,059,961 469,702 -- 690,467
Receivable for investment securities
sold ............................. 138,646 -- 5,437,655 3,510 61,795 2,298,663
Receivable for Fund shares sold .... 3,423 4,748,701 9,233,830 2,854,435 181,858 32,155,530
Receivable from investment advisor . -- -- -- -- 19,677 --
Unamortized organization costs ..... -- 475 -- -- -- --
Receivable for future variation
margin ........................... -- -- 48,040 -- -- --
Prepaid expenses and other assets .. 26,438 35,535 66,122 32,144 29,782 96,193
----------- ------------ ------------ ------------ ----------- ------------
Total Assets ................. 74,839,178 255,149,263 958,895,093 250,579,463 53,892,027 843,704,083
----------- ------------ ------------ ------------ ----------- ------------
LIABILITIES:
Due to custodian ................... -- -- -- -- -- --
Payable for Fund shares redeemed ... 676,927 875,080 10,774,223 437,250 194,500 4,743,236
Payable for investment securities
purchased ........................ -- -- 9,232,878 -- 110,000 334,797
Payable upon return of securities
loaned ........................... 7,090,037 10,041,493 -- 44,402,461 7,670,250 14,901,640
Investment advisory fee payable .... 36,251 153,250 53,253 126,459 37,599 490,545
Administration fee payable ......... 6,143 21,870 81,453 18,520 4,132 69,685
Shareholder servicing fees payable . 5,906 41,788 42,646 20,712 423 53,728
Distribution fees payable .......... 978 3,821 93,100 3,387 18,062 110,006
Transfer agent fee payable ......... 3,306 9,065 3,471 8,790 -- 30,402
Custodian fees payable ............. 9,237 15,405 92,120 43,428 12,854 63,462
Accrued Trustees'/Directors' fees
and expenses ..................... 1,059 3,311 11,227 3,012 813 12,595
Accrued expenses and other payables 18,308 22,489 29,752 23,045 8,444 151,847
----------- ------------ ------------ ------------ ----------- ------------
Total Liabilities ................ 7,848,152 11,187,572 20,414,123 45,087,064 8,057,077 20,961,943
----------- ------------ ------------ ------------ ----------- ------------
NET ASSETS ......................... $66,991,026 $243,961,691 $938,480,970 $205,492,399 $45,834,950 $822,742,140
=========== ============ ============ ============ =========== ============
Investments, at cost ............... $64,845,442 $189,904,413 $622,024,431 $206,813,092 $49,065,652 $555,907,224
=========== ============ ============ ============ =========== ============
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<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>
$87,028,363 $146,723,898 $422,730,395 $178,764,164 $38,874,953 $24,515,334 $63,301,603
2,251,000 7,554,000 8,511,000 2,240,000 -- 516,000 1,161,000
----------- ------------ ------------ ------------ ----------- ----------- -----------
89,279,363 154,277,898 431,241,395 181,004,164 38,874,953 25,031,334 64,462,603
448 271 724 20 -- 580 7,342
303 1,018 1,147 302 -- 69 3,855
890,502 201,818 27,220 323,910 121,512 619 89,869
-- 98,772 7,616,433 1,043,848 1,569,175 58,273 192
341,328 1,687,236 6,479,343 108,575 61,659 73,469 --
-- -- -- -- 36,088 10,542 36,828
10,967 -- -- 19,834 4,220 3,613 17,962
-- -- -- -- -- -- --
26,248 30,109 43,260 29,604 45,152 33,189 49,152
----------- ------------ ------------ ------------ ----------- ----------- -----------
90,549,159 156,297,122 445,409,522 182,530,257 40,712,759 25,211,688 64,667,803
----------- ------------ ------------ ------------ ----------- ----------- -----------
-- -- -- -- 2,548,942 -- --
85,936 1,049,252 8,101,051 133,863 400,326 71,254 30,014
-- -- 2,482,477 -- -- 55,500 7,142
-- 16,398,898 61,881,468 16,949,172 6,410,115 3,356,049 1,365,000
56,415 82,923 225,189 101,142 37,529 17,021 51,678
8,391 12,198 32,997 15,034 3,204 1,824 5,511
395 12,543 27,449 2,136 4,603 31 334
6,646 5,223 19,921 3,651 598 9,700 974
2,466 4,616 15,776 2,904 2,359 1,183 2,512
9,296 13,828 30,029 14,036 21,800 13,058 38,723
1,401 2,417 5,903 2,741 666 313 980
15,692 25,535 32,607 22,577 1,112 535 --
----------- ------------ ------------ ------------ ----------- ----------- -----------
186,638 17,607,433 72,854,867 17,247,256 9,431,254 3,526,468 1,502,868
----------- ------------ ------------ ------------ ----------- ----------- -----------
$90,362,521 $138,689,689 $372,554,655 $165,283,001 $31,281,505 $21,685,220 $63,164,935
=========== ============ ============ ============ =========== =========== ===========
$96,429,251 $144,015,432 $379,022,269 $166,499,260 $47,923,454 $24,666,642 $57,634,202
=========== ============ ============ ============ =========== =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Assets and Liabilities, December 31, 1998 (Unaudited)
<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 ........................ $287,316,240 $610,069,853 $53,875,906 $324,513,218 $69,880,496
Repurchase Agreements ............. 1,893,000 10,386,000 969,000 2,965,000 --
------------ ------------ ----------- ------------ -----------
Total Investments ..................... 289,209,240 620,455,853 54,844,906 327,478,218 69,880,496
Cash .................................. 927 875 428 135 --
Interest receivable ................... 4,324,353 7,038,923 1,331,690 1,960,155 683,174
Receivable for investment securities
sold ................................ 565 10,986 -- 31,272 --
Receivable for Fund shares sold ....... 848,084 2,041,830 11,921 1,173,351 320,300
Unamortized organization costs ........ -- -- 18,495 1,148 1,168
Prepaid expenses and other assets ..... 32,006 44,436 21,348 34,995 5,305
------------ ------------ ----------- ------------ -----------
Total Assets .................... 294,415,175 629,592,903 56,228,788 330,679,274 70,890,443
------------ ------------ ----------- ------------ -----------
LIABILITIES:
Due to custodian ...................... -- -- -- -- --
Payable for Fund shares redeemed ...... 998,981 2,575,585 -- 1,094,723 119,300
Payable for investment securities
purchased ........................... -- -- -- -- --
Payable upon return of securities
loaned .............................. 28,124,530 63,119,491 -- 29,166,553 --
Investment advisory fee payable ....... 117,179 239,827 23,701 127,474 30,051
Administration fee payable ............ 24,474 51,661 5,208 27,983 6,578
Shareholder servicing fees payable .... 10,003 74,706 21 46,388 14,114
Distribution fees payable ............. 1,663 3,569 216 4,401 1,132
Transfer agent fee payable ............ 4,642 20,151 1,674 9,682 750
Custodian fees payable ................ 18,880 38,863 12,339 21,917 8,765
Accrued Trustees'/Directors' fees and
expenses ............................ 4,090 8,135 685 4,034 870
Accrued expenses and other payables ... 22,534 30,347 2,741 18,277 18,843
------------ ------------ ----------- ------------ -----------
Total Liabilities ............... 29,326,976 66,162,335 46,585 30,521,432 200,403
------------ ------------ ----------- ------------ -----------
NET ASSETS ............................ $265,088,199 $563,430,568 $56,182,203 $300,157,842 $70,690,040
============ ============ =========== ============ ===========
Investments, at cost .................. $283,754,898 $612,815,326 $51,528,424 $318,270,426 $67,549,932
============ ============ =========== ============ ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
- ----------------------------------- --------------------------------------------------------------------
Munder Munder Munder Munder Munder Munder
Tax-Free Tax-Free 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>
$186,847,828 $294,333,595 $1,210,316,810 $ 65,803,181 $348,509,665 $ 49,990,901
-- -- 200,824,712 35,731,434 -- 68,472,156
------------ ------------ -------------- ------------ ------------ ------------
186,847,828 294,333,595 1,411,141,522 101,534,615 348,509,665 118,463,057
-- -- -- -- 24 --
2,978,769 4,831,737 3,314,180 225,735 2,759,737 172,979
1,034,970 -- -- -- 7,597,186 --
1,423,200 1,927,862 13,258,410 49,722 19,103,067 1,688,919
2,704 -- -- 2,644 -- --
30,117 35,247 74,414 37,283 25,179 18,989
------------ ------------ -------------- ------------ ------------ ------------
192,317,588 301,128,441 1,427,788,526 101,849,999 377,994,858 120,343,944
------------ ------------ -------------- ------------ ------------ ------------
814 -- -- -- -- --
364,287 516,168 30,961,154 638,904 5,000 375,504
1,035,078 -- -- -- -- --
-- -- 5,051,692 37,486 619,300 355,381
83,039 128,099 418,875 36,520 103,358 34,589
18,244 28,149 128,525 9,999 32,308 10,758
40,187 60,694 119,918 -- 32,216 9,501
1,143 2,177 27,422 6,390 15,991 2,005
8,213 14,361 27,619 4,313 11,638 7,533
15,544 22,819 84,383 19,447 32,477 14,421
2,730 4,232 15,605 1,279 4,375 800
17,777 31,989 45,880 11,582 15,413 5,719
------------ ------------ -------------- ------------ ------------ ------------
1,587,056 808,688 36,881,073 765,920 872,076 816,211
------------ ------------ -------------- ------------ ------------ ------------
$190,730,532 $300,319,753 $1,390,907,453 $101,084,079 $377,122,782 $119,527,733
============ ============ ============== ============ ============ ============
$177,424,077 $284,836,546 $1,411,141,522 $101,534,615 $348,509,665 $118,463,057
============ ============ ============== ============ ============ ============
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Assets and Liabilities, December 31, 1998 (Unaudited)
<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) ......... $ 4,878 $ 293,492 $ 223,636 $ (362,939) $ (338,587) $ (141,611)
Accumulated net realized
gain/(loss) on
investments sold,
forward foreign
exchange contracts,
futures contracts and
currency transactions . 841,676 2,163,126 2,892,474 (798,576) (8,304,270) 14,666,029
Net unrealized
appreciation/(depreciation)
of investments, futures
contracts, foreign
currency and net other
assets ................ 9,479,100 60,041,711 321,667,090 40,394,764 3,991,469 252,550,554
Par value ............... 5,487 16,926 35,734 14,113 29,951 405,000
Paid-in capital in excess
of par value .......... 56,659,885 181,446,436 613,662,036 166,245,037 50,456,387 555,262,168
---------- ----------- ----------- ----------- ---------- -----------
$66,991,026 $243,961,691 $938,480,970 $205,492,399 $45,834,950 $822,742,140
=========== ============ ============ ============ =========== ============
NET ASSETS:
Class A Shares .......... $ 1,005,675 $ 7,625,825 $245,959,063 $ 6,689,819 $ 7,800,732 $ 65,456,438
=========== ============ ============ ============ =========== ============
Class B Shares .......... $ 940,640 $ 2,433,630 $179,161,742 $ 894,213 $13,940,243 $ 99,118,570
=========== ============ ============ ============ =========== ============
Class C Shares .......... $ 116,488 $ 785,883 -- $ 1,666,967 $ 6,282,653 $ 12,455,320
=========== ============ ============ ============ =========== ============
Class K Shares .......... $30,026,920 $197,392,883 $212,410,885 $ 99,036,164 $ 2,176,617 $323,505,890
=========== ============ ============ ============ =========== ============
Class Y Shares .......... $34,901,303 $ 35,723,470 $300,949,280 $ 97,205,236 $15,634,705 $322,205,922
=========== ============ ============ ============ =========== ============
SHARES OUTSTANDING:
Class A Shares .......... 82,444 529,567 9,370,582 460,402 507,311 3,213,886
=========== ============ ============ ============ =========== ============
Class B Shares .......... 77,355 169,643 6,818,352 62,422 919,532 5,077,125
=========== ============ ============ ============ =========== ============
Class C Shares .......... 9,567 54,856 -- 115,457 414,183 637,180
=========== ============ ============ ============ =========== ============
Class K Shares .......... 2,457,445 13,694,059 8,094,678 6,817,128 141,625 15,914,059
=========== ============ ============ ============ =========== ============
Class Y Shares .......... 2,859,919 2,477,821 11,450,087 6,657,238 1,012,446 15,657,751
=========== ============ ============ ============ =========== ============
CLASS A SHARES:
Net asset value and
redemption price per
share ................. $ 12.20 $ 14.40 $ 26.25 $ 14.53 $ 15.38 $ 20.37
=========== ============ ============ ============ =========== ============
Maximum sales charge .... 5.50% 5.50% 2.50% 5.50% 5.50% 5.50%
Maximum offering price
per share ............. $ 12.91 $ 15.24 $ 26.92 $ 15.38 $ 16.28 $ 21.56
=========== ============ ============ ============ =========== ============
CLASS B SHARES:
Net asset value and
offering price per
share* ................ $ 12.16 $ 14.35 $ 26.28 $ 14.33 $ 15.16 $ 19.52
=========== ============ ============ ============ =========== ============
CLASS C SHARES:
Net asset value and
offering price per
share* ................ $ 12.18 $ 14.33 N/A $ 14.44 $ 15.17 $ 19.55
=========== ============ ============ ============ =========== ============
CLASS K SHARES:
Net asset value, offering
price and redemption
price per share ....... $ 12.22 $ 14.41 $ 26.24 $ 14.53 $ 15.37 $ 20.33
=========== ============ ============ ============ =========== ============
CLASS Y SHARES:
Net asset value, offering
price and redemption
price per share ....... $ 12.20 $ 14.42 $ 26.28 $ 14.60 $ 15.44 $ 20.58
=========== ============ ============ ============ =========== ============
<FN>
- ---------
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC).
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------------------------------------------------------------------------------------------------
Munder Munder Munder Munder
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>
$ (20,993) $ (3,684) $ (439,543) $ 224,355 $ (39,627) $ (157,768) $ (147,193)
79,910 (5,579,794) (48,355,097) 3,132,485 (15,273,125) (237,885) (2,164,995)
(7,149,888) 10,262,466 52,219,126 14,505,015 (9,048,444) 364,699 6,832,216
73,180 110,980 21,207 114,400 39,545 18,740 53,838
97,380,312 133,899,721 369,108,962 147,306,746 55,603,156 21,697,434 58,591,069
---------- ----------- ----------- ----------- ---------- ---------- ----------
$90,362,521 $138,689,689 $372,554,655 $165,283,001 $ 31,281,505 $21,685,220 $63,164,935
=========== ============ ============ ============ ============ =========== ===========
$ 2,963,040 $ 4,143,071 $ 21,023,338 $ 5,604,439 $ 303,301 $ 4,652,849 $ 2,410,186
=========== ============ ============ ============ ============ =========== ===========
$ 5,533,075 $ 3,206,524 $ 13,572,053 $ 1,814,620 $ 298,885 $ 8,558,175 $ 497,798
=========== ============ ============ ============ ============ =========== ===========
$ 1,275,331 $ 1,967,816 $ 5,379,928 $ 1,110,062 $ 269,371 $ 2,515,861 $ 165,822
=========== ============ ============ ============ ============ =========== ===========
$ 1,925,143 $ 65,183,283 $140,476,537 $ 10,722,715 $ 20,754,585 $ 166,965 $ 1,633,470
=========== ============ ============ ============ ============ =========== ===========
$78,665,932 $ 64,188,995 $192,102,799 $146,031,165 $ 9,655,363 $ 5,791,370 $58,457,659
=========== ============ ============ ============ ============ =========== ===========
240,281 331,830 1,203,213 388,468 38,349 399,405 206,082
=========== ============ ============ ============ ============ =========== ===========
448,869 257,607 815,653 126,850 38,118 745,489 43,037
=========== ============ ============ ============ ============ =========== ===========
103,140 158,423 317,790 77,683 34,326 219,168 14,306
=========== ============ ============ ============ ============ =========== ===========
156,083 5,215,835 8,042,987 743,229 2,625,285 14,348 139,622
=========== ============ ============ ============ ============ =========== ===========
6,369,624 5,134,237 10,827,249 10,103,780 1,218,409 495,635 4,980,784
=========== ============ ============ ============ ============ =========== ===========
$ 12.33 $ 12.49 $ 17.47 $ 14.43 $ 7.91 $ 11.65 $ 11.70
=========== ============ ============ ============ ============ =========== ===========
5.50% 5.50% 5.50% 5.50% 5.50% 5.50% 5.50%
$ 13.05 $ 13.22 $ 18.49 $ 15.27 $ 8.37 $ 12.33 $ 12.38
=========== ============ ============ ============ ============ =========== ===========
$ 12.33 $ 12.45 $ 16.64 $ 14.31 $ 7.84 $ 11.48 $ 11.57
=========== ============ ============ ============ ============ =========== ===========
$ 12.37 $ 12.42 $ 16.93 $ 14.29 $ 7.85 $ 11.48 $ 11.59
=========== ============ ============ ============ ============ =========== ===========
$ 12.33 $ 12.50 $ 17.47 $ 14.43 $ 7.91 $ 11.64 $ 11.70
=========== ============ ============ ============ ============ =========== ===========
$ 12.35 $ 12.50 $ 17.74 $ 14.45 $ 7.92 $ 11.68 $ 11.74
=========== ============ ============ ============ ============ =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Assets and Liabilities, December 31, 1998 (Unaudited)
<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/(distribution in excess
of) net investment income ........... $ 134,391 $ 32,572 $ 26,330 $ (53,915) $ 59,501
Accumulated net realized gain/(loss) on
investments sold .................... 62,017 (19,061,016) 965,008 (300,709) 99,172
Net unrealized appreciation of
investments and foreign currency
transactions ........................ 5,454,342 7,640,527 3,371,492 9,207,792 2,330,564
Par value ............................. 26,156 58,882 52,270 28,842 7,047
Paid-in capital in excess of par value 259,411,293 574,759,603 51,767,103 291,275,832 68,193,756
----------- ----------- ---------- ----------- ----------
$265,088,199 $563,430,568 $56,182,203 $300,157,842 $70,690,040
=========== ============ =========== ============ ===========
NET ASSETS:
Class A Shares ........................ $ 1,598,782 $ 7,575,667 $ 333,888 $ 3,703,346 $ 1,844,004
=========== ============ =========== ============ ===========
Class B Shares ........................ $ 1,256,975 $ 2,252,855 $ 147,062 $ 3,759,095 $ 665,474
=========== ============ =========== ============ ===========
Class C Shares ........................ $ 373,671 $ 171,697 $ 3,763 $ 837,176 $ 256,197
=========== ============ =========== ============ ===========
Class K Shares ........................ $ 47,402,992 $351,595,279 $ 72,165 $218,867,894 $66,915,883
=========== ============ =========== ============ ===========
Class Y Shares ........................ $214,455,779 $201,835,070 $55,625,325 $ 72,990,331 $ 1,008,482
=========== ============ =========== ============ ===========
SHARES OUTSTANDING:
Class A Shares ........................ 157,787 790,759 31,147 356,032 183,828
=========== ============ =========== ============ ===========
Class B Shares ........................ 124,131 235,622 13,718 361,357 66,331
=========== ============ =========== ============ ===========
Class C Shares ........................ 36,731 17,947 350 80,520 25,549
=========== ============ =========== ============ ===========
Class K Shares ........................ 4,677,865 36,747,695 6,722 21,030,152 6,670,272
=========== ============ =========== ============ ===========
Class Y Shares ........................ 21,159,451 21,089,714 5,175,083 7,014,313 100,458
=========== ============ =========== ============ ===========
CLASS A SHARES:
Net asset value and redemption price
per share ........................... $ 10.13 $ 9.58 $ 10.72 $ 10.40 $ 10.03
=========== ============ =========== ============ ===========
Maximum sales charge .................. 4.00% 4.00% 4.00% 4.00% 4.00%
Maximum offering price per share ...... $ 10.55 $ 9.98 $ 11.17 $ 10.83 $ 10.45
=========== ============ =========== ============ ===========
CLASS B SHARES:
Net asset value and offering price per
share* .............................. $ 10.13 $ 9.56 $ 10.72 $ 10.40 $ 10.03
=========== ============ =========== ============ ===========
CLASS C SHARES:
Net asset value and offering price per
share* .............................. $ 10.17 $ 9.57 $ 10.77 $ 10.40 $ 10.03
=========== ============ =========== ============ ===========
CLASS K SHARES:
Net asset value, offering price and
redemption price per share .......... $ 10.13 $ 9.57 $ 10.74 $ 10.41 $ 10.03
=========== ============ =========== ============ ===========
CLASS Y SHARES:
Net asset value, offering price and
redemption price per share .......... $ 10.14 $ 9.57 $ 10.75 $ 10.41 $ 10.04
=========== ============ =========== ============ ===========
<FN>
- ---------
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
- ------------------------------------ -----------------------------------------------------------------------
Munder Munder Munder Munder Munder Munder
Tax-Free Tax-Free 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>
$ 161,509 $ 226,680 $ -- $ -- $ -- $ --
1,213,402 715,741 (4,951) 303 (133,058) 41,582
9,423,751 9,497,049 -- -- -- --
18,162 28,664 1,390,910 1,010,847 377,212 119,486
179,913,708 289,851,619 1,389,521,494 100,072,929 376,878,628 119,366,665
----------- ----------- ------------- ----------- ----------- -----------
$190,730,532 $300,319,753 $1,390,907,453 $101,084,079 $377,122,782 $119,527,733
============ ============ ============== ============ ============ ============
$ 2,533,604 $ 6,307,909 $ 119,864,499 $ 9,459,321 $ 75,314,067 $ 13,135,652
============ ============ ============== ============ ============ ============
$ 697,079 $ 1,062,652 -- $ 3,038,879 -- --
============ ============ ============== ============ ============ ============
$ 49,496 $ 15,110 -- $ 1,902,936 -- --
============ ============ ============== ============ ============ ============
$183,842,150 $283,523,339 $ 905,309,225 -- $277,785,418 $ 73,153,799
============ ============ ============== ============ ============ ============
$ 3,608,203 $ 9,410,743 $ 365,733,729 $ 86,682,943 $ 24,023,297 $ 33,238,282
============ ============ ============== ============ ============ ============
241,516 602,023 119,850,218 9,458,191 75,308,635 13,134,208
============ ============ ============== ============ ============ ============
66,400 101,535 -- 3,039,429 -- --
============ ============ ============== ============ ============ ============
4,719 1,434 -- 1,902,725 -- --
============ ============ ============== ============ ============ ============
17,505,792 27,061,495 905,314,028 -- 277,871,230 73,136,951
============ ============ ============== ============ ============ ============
343,804 897,814 365,745,720 86,684,383 24,032,385 33,214,992
============ ============ ============== ============ ============ ============
$ 10.49 $ 10.48 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============ ============== ============ ============ ============
4.00% 4.00% -- -- -- --
$ 10.93 $ 10.92 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============ ============== ============ ============ ============
$ 10.50 $ 10.47 N/A $ 1.00 N/A N/A
============ ============ ============== ============ ============ ============
$ 10.49 $ 10.53 N/A $ 1.00 N/A N/A
============ ============ ============== ============ ============ ============
$ 10.50 $ 10.48 $ 1.00 N/A $ 1.00 $ 1.00
============ ============ ============== ============ ============ ============
$ 10.49 $ 10.48 $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============ ============== ============ ============ ============
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Operations, Period Ended December 31, 1998 (Unaudited)
<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 .................... $ 908,559 $ 488,151 $ 656,032 $ 260,408 $ 27,632 $ 998,719
Dividends (a) ............... 240,431 2,908,574 6,014,315 1,468,982 21,357 3,437,422
--------- --------- --------- --------- ------ ---------
Total investment income 1,148,990 3,396,725 6,670,347 1,729,390 48,989 4,436,141
--------- --------- --------- --------- ------ ---------
EXPENSES:
Distribution and shareholder
servicing fees:
Class A Shares .......... 1,160 7,924 126,115 7,211 10,354 38,175
Class B Shares .......... 3,309 9,584 326,550 4,734 66,303 465,276
Class C Shares .......... 550 5,294 -- 8,762 29,997 62,355
Shareholder servicing fees:
Class K Shares ............ 35,652 254,589 221,023 121,864 3,136 338,568
Investment advisory fee ..... 229,987 930,989 516,624 748,315 217,817 3,265,194
Administration fee .......... 37,882 132,295 440,595 106,813 23,323 374,695
Transfer agent fee .......... 10,978 36,203 112,603 29,974 6,537 100,138
Custodian fees .............. 24,460 32,595 128,793 102,742 16,811 80,310
Legal and audit fees ........ 3,585 11,643 47,172 9,583 2,184 33,176
Trustees'/Directors' fees and
expenses .................. 1,929 6,296 19,389 5,397 1,076 17,618
Amortization of organization
costs ..................... - 741 -- -- -- --
Registration and filing fees 9,720 13,166 26,701 11,381 14,078 23,034
Other ....................... 4,408 12,710 132,678 10,860 29,841 60,904
--------- --------- --------- --------- ------ ---------
Total Expenses ........ 363,620 1,454,029 2,098,243 1,167,636 421,457 4,859,443
Fees waived and/or expenses
reimbursed by investment
advisor ................... -- -- (227,285) -- (33,881) (627,573)
--------- --------- --------- --------- ------ ---------
Net Expenses .......... 363,620 1,454,029 1,870,958 1,167,636 387,576 4,231,870
--------- --------- --------- --------- ------ ---------
NET INVESTMENT INCOME/(LOSS) 785,370 1,942,696 4,799,389 561,754 (338,587) 204,271
--------- --------- --------- --------- ------ ---------
NET REALIZED AND UNREALIZED
GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss)
from:
Security transactions ... 6,780,648 (3,598,475) 8,289,683 1,507,430 (8,255,988) 29,139,587
Forward foreign exchange
contracts ............. -- -- (20) (3,022) -- --
Futures contracts ....... -- -- (1,827,847) -- -- --
Foreign currency
transactions .......... -- -- 11 6,638 -- --
Net change in unrealized
appreciation/
(depreciation) of:
Securities .............. (5,973,049) 6,191,675 65,495,525 (5,752,741) 4,309,331 6,417,604
Forward foreign exchange
contracts ............. -- -- -- 366 -- --
Futures contracts ....... -- -- (23,424) -- -- --
Foreign currency and net
other assets .......... -- -- 35 5,495 -- --
--------- --------- --------- --------- ---------- ---------
Net realized and unrealized
gain/(loss) on investments 807,599 2,593,200 71,933,963 (4,235,834) (3,946,657) 35,557,191
--------- --------- --------- --------- --------- ---------
NET INCREASE/(DECREASE) IN
NET ASSETS RESULTING FROM
OPERATIONS ................ $ 1,592,969 $ 4,535,896 $76,733,352 $(3,674,080) $(4,285,244) $35,761,462
=========== =========== =========== =========== ========== ============
<FN>
- ---------
(a) Net of foreign withholding taxes of $646, $13,035, $28,983, $127,182,
$10,586, $23,641, $82, $25,602, 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<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>
$ 85,217 $ 392,686 $ 727,880 $ 308,238 $ 210,951 $ 32,519 $ 56,857
3,247,016 931,362 1,091,804 1,176,616 247,526 2,900 213,067
--------- --------- --------- --------- ------- ------ -------
3,332,233 1,324,048 1,819,684 1,484,854 458,477 35,419 269,924
--------- --------- --------- --------- ------- ------ -------
4,353 9,053 30,014 9,235 561 5,502 2,332
29,929 14,689 59,200 9,461 2,609 39,247 3,176
6,710 9,040 26,674 5,442 1,398 13,364 878
2,489 84,994 170,494 15,249 35,466 198 2,332
337,404 531,816 1,352,081 619,875 262,771 99,162 306,013
48,826 75,933 192,996 89,680 22,393 10,571 32,595
13,062 22,007 55,570 24,597 6,397 2,698 8,899
14,424 23,142 51,630 24,879 76,495 20,394 87,983
4,282 7,282 17,792 8,185 2,147 934 3,150
2,279 3,794 9,846 4,231 1,112 474 1,547
7,417 -- -- 6,310 708 607 3,009
15,988 14,570 17,103 16,942 11,144 9,383 10,890
8,838 8,306 30,692 8,590 2,071 13,471 2,087
--------- --------- --------- --------- ------- ------ -------
496,001 804,626 2,014,092 842,676 425,272 216,005 464,891
-- -- -- -- (54,944) (25,808) (49,194)
--------- --------- --------- --------- ------- ------ -------
496,001 804,626 2,014,092 842,676 370,328 190,197 415,697
--------- --------- --------- --------- ------- ------ -------
2,836,232 519,422 (194,408) 642,178 88,149 (154,778) (145,733)
--------- --------- --------- --------- ------- ------ -------
80,187 (5,577,771) (45,889,376) (2,867,214) (8,749,987) (209,425) (1,808,765)
-- -- -- (62) (42,623) 387 78,755
-- -- (1,330,355) -- -- -- --
-- -- -- (19) (158,932) (1,063) 6,895
(14,677,686) (11,108,796) 25,741,614 (10,595,742) 2,860,415 (37,589) 372,855
-- -- -- -- 3,748 4 408
-- -- -- -- -- -- --
-- -- -- 119 57 (7) 3,062
--------- --------- --------- --------- ------- ------ -------
(14,597,499) (16,686,567) (21,478,117) (13,462,918) (6,087,322) (247,693) (1,346,790)
---------- ---------- ---------- ---------- --------- ------- --------
$(11,761,267) $(16,167,145) $(21,672,525) $(12,820,740) $(5,999,173) $(402,471) $(1,492,563)
============ ============ ============ ============ =========== ========= ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Operations, Period Ended December 31, 1998 (Unaudited)
<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 ............................................ $ 9,074,511 $18,430,749 $1,151,721 $10,032,940 $1,623,116
----------- ----------- ---------- ----------- ----------
Total investment income ............................. 9,074,511 18,430,749 1,151,721 10,032,940 1,623,116
----------- ----------- ---------- ----------- ----------
EXPENSES:
Distribution and shareholder servicing fees:
Class A Shares ................................... 2,056 9,367 319 3,812 2,235
Class B Shares ................................... 5,157 6,642 656 12,235 3,218
Class C Shares ................................... 751 513 32 2,413 1,503
Shareholder servicing fees:
Class K Shares ................................... 57,340 448,473 102 277,956 78,602
Investment advisory fee ............................. 675,914 1,451,396 134,363 755,010 166,597
Administration fee .................................. 143,469 309,692 28,777 161,631 35,659
Transfer agent fee .................................. 36,549 82,381 7,151 41,579 11,674
Custodian fees ...................................... 43,033 77,596 31,232 42,058 17,519
Legal and audit fees ................................ 11,993 26,547 2,319 13,416 2,839
Trustees'/Directors' fees and expenses .............. 6,387 14,516 1,288 7,360 1,526
Amortization of organization costs .................. -- -- 3,282 1,182 1,839
Registration and filing fees ........................ 13,604 17,155 12,784 13,255 2,517
Other ............................................... 10,945 24,320 2,983 12,981 3,524
----------- ----------- ---------- ----------- ----------
Total Expenses ............................. 1,007,198 2,468,598 225,288 1,344,888 329,252
----------- ----------- ---------- ----------- ----------
NET INVESTMENT INCOME ............................... 8,067,313 15,962,151 926,433 8,688,052 1,293,864
----------- ----------- ---------- ----------- ----------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ............................ 1,007,146 1,027,585 997,828 (126,156) 473,320
Forward foreign exchange contracts ............... -- -- 70,162 -- --
Foreign currency transactions .................... -- -- 10,643 -- --
Net change in unrealized appreciation/(depreciation) of:
Securities ..................................... 2,860,454 4,041,608 4,989,536 1,174,497 341,049
Foreign currency and net other assets .......... -- -- 68,620 -- --
----------- ----------- ---------- ----------- ----------
Net realized and unrealized gain on investments ..... 3,867,600 5,069,193 6,136,789 1,048,341 814,369
----------- ----------- ---------- ----------- ----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $11,934,913 $21,031,344 $7,063,222 $ 9,736,393 $2,108,233
=========== =========== ========== =========== ==========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
- ---------------------------------- --------------------------------------------------------------------
Munder Munder Munder Munder Munder Munder
Tax-Free Tax-Free 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>
$ 4,939,507 $7,128,069 $34,166,788 $2,904,111 $5,412,121 $2,520,735
----------- ---------- ----------- ---------- ---------- ----------
4,939,507 7,128,069 34,166,788 2,904,111 5,412,121 2,520,735
----------- ---------- ----------- ---------- ---------- ----------
2,984 9,004 153,763 21,692 88,680 10,970
3,303 3,899 -- 13,673 -- --
225 31 -- 6,818 -- --
243,009 367,310 601,446 -- 170,256 39,955
503,429 777,823 2,175,292 213,022 556,625 171,120
107,776 166,522 662,911 56,987 170,213 52,297
28,446 44,015 154,742 13,651 43,540 12,760
31,653 45,560 137,615 18,045 41,634 18,837
9,112 14,113 50,381 4,280 13,972 3,940
5,085 7,814 27,826 2,564 7,737 2,605
2,781 -- -- 3,524 -- --
11,279 12,648 31,147 8,232 7,374 7,673
12,380 12,179 41,538 -- 12,292 6,607
----------- ---------- ----------- ---------- ---------- ----------
961,462 1,460,918 4,036,661 362,488 1,112,323 326,764
----------- ---------- ----------- ---------- ---------- ----------
3,978,045 5,667,151 30,130,127 2,541,623 4,299,798 2,193,971
----------- ---------- ----------- ---------- ---------- ----------
4,036,353 2,209,436 -- -- 2,274 --
-- -- -- -- -- --
-- -- -- -- -- --
(1,158,687) 1,095,909 -- -- -- --
-- -- -- -- -- --
----------- ---------- ----------- ---------- ---------- ----------
2,877,666 3,305,345 -- -- 2,274 --
----------- ---------- ----------- ---------- ---------- ----------
$ 6,855,711 $8,972,496 $30,130,127 $2,541,623 $4,302,072 $2,193,971
=========== ========== =========== ========== ========== ==========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31, 1998 (Unaudited)
<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) $ 785,370 $ 1,942,696 $ 4,799,389 $ 561,754 $ (338,587) $ 204,271
Net realized gain/(loss) on
investments sold .......... 6,780,648 (3,598,475) 6,461,827 1,511,046 (8,255,988) 29,139,587
Net change in unrealized
appreciation/(depreciation)
of investments ............ (5,973,049) 6,191,675 65,472,136 (5,746,880) 4,309,331 6,417,604
---------- --------- ---------- ---------- --------- ---------
Net increase/(decrease) in
net assets resulting from
operations ................ 1,592,969 4,535,896 76,733,352 (3,674,080) (4,285,244) 35,761,462
Dividends to shareholders
from net investment income:
Class A Shares .......... (10,739) (46,746) (1,238,926) (22,621) -- --
Class B Shares .......... (5,191) (7,047) (611,839) (999) -- --
Class C Shares .......... (812) (3,868) -- (1,871) -- --
Class K Shares .......... (306,345) (1,433,289) (924,622) (426,307) -- --
Class Y Shares .......... (457,405) (294,960) (1,800,366) (514,133) -- (345,882)
Distributions to shareholders from
net realized gains:
Class A Shares .......... (111,255) (453,417) (2,169,071) (76,269) (158,513) (2,451,170)
Class B Shares .......... (91,842) (202,291) (1,537,617) (13,857) (282,930) (7,433,020)
Class C Shares .......... (12,800) (66,154) -- (25,947) (123,306) (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) (301,982) (21,500,520)
Net increase/(decrease) in net
assets from Fund share transactions:
Class A Shares .......... 236,515 (1,757,351) 23,423,627 682,931 (1,718,003) 32,296,519
Class B Shares .......... 353,230 872,758 34,170,321 (172,538) (334,274) 2,080,754
Class C Shares .......... 12,382 (967,094) -- (148,005) (291,658) (1,108,879)
Class K Shares .......... 1,048,340 (1,966,220) 28,916,893 (3,030,378) (486,970) 79,215,172
Class Y Shares .......... (8,542,074) 3,452,536 (39,685,852) (1,359,741) 1,247,091 (27,700,560)
---------- --------- ----------- ---------- --------- -----------
Net increase/(decrease) in
net assets ................ (13,576,968) (20,280,941) 110,642,836 (11,800,296) (6,780,189) 65,785,294
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 ............... $ 66,991,026 $243,961,691 $938,480,970 $205,492,399 $45,834,950 $822,742,140
============ ============ ============ ============ =========== ============
Undistributed net investment
income/(loss) ............. $ 4,878 $ 293,492 $ 223,636 $ (362,939) $ (338,587) $ (141,611)
============ ============ ============ ============ =========== ============
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<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>
$ 2,836,232 $ 519,422 $ (194,408) $ 642,178 $ 88,149 $ (154,778) $ (145,773)
80,187 (5,577,771) (47,219,731) (2,867,295) (8,951,542) (210,101) (1,723,115)
(14,677,686) (11,108,796) 25,741,614 (10,595,623) 2,864,220 (37,592) 376,325
----------- ----------- ---------- ----------- --------- ------- -------
(11,761,267) (16,167,145) (21,672,525) (12,820,740) (5,999,173) (402,471) (1,492,563)
(107,038) (38,047) -- (14,122) -- -- --
(166,618) (4,791) -- -- -- -- --
(37,728) (2,964) -- -- -- -- --
(64,419) (266,742) -- (18,485) -- -- --
(2,619,618) (336,702) (245,135) (400,199) -- -- --
(92,242) (182,204) (1,590,259) (239,222) -- (40,184) (1,318)
(173,403) (68,000) (920,334) (65,020) -- (72,344) (264)
(39,951) (42,037) (370,434) (41,943) -- (21,587) (92)
(60,204) (1,344,886) (9,282,837) (416,053) -- (1,395) (904)
(2,367,839) (1,361,469) (12,454,908) (5,372,785) -- (44,922) (31,731)
(426,091) (2,954,501) (484,678) (555,546) (267,515) (225,425) 717,629
(226,177) 385,227 1,155,600 (228,391) (160,355) 64,821 (43,073)
27,662 291,322 (98,439) 55,889 181,340 (623,728) (21,879)
158,032 (8,037,433) 1,118,732 (2,310,030) (7,117,941) 10,970 (532,331)
10,994,615 1,227,652 7,241,187 (1,530,963) (2,753,160) 394,073 (4,730,654)
----------- ----------- ---------- ----------- --------- ------- -------
(6,962,286) (28,902,720) (37,604,030) (23,957,610) (16,116,804) (962,192) (6,137,180)
97,324,807 167,592,409 410,158,685 189,240,611 47,398,309 22,647,412 69,302,115
----------- ----------- ---------- ----------- ---------- ---------- ----------
$ 90,362,521 $138,689,689 $372,554,655 $165,283,001 $ 31,281,505 $21,685,220 $63,164,935
============ ============ ============ ============ ============ =========== ===========
$ (20,993) $ (3,684) $ (439,543) $ 224,355 $ (39,627) $ (157,768) $ (147,193)
============ ============ ============ ============ ============ =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31, 1998 (Unaudited)
<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 ................. $ 8,067,313 $ 15,962,151 $ 926,433 $ 8,688,052 $ 1,293,864
Net realized gain/(loss) on investments
sold ................................. 1,007,146 1,027,585 1,078,633 (126,156) 473,320
Net change in unrealized
appreciation/(depreciation) of
investments .......................... 2,860,454 4,041,608 5,058,156 1,174,497 341,049
------------ ------------ ----------- ------------ -----------
Net increase in net assets resulting
from operations ..................... 11,934,913 21,031,344 7,063,222 9,736,393 2,108,233
Dividends to shareholders from net
investment income:
Class A Shares .................... (46,822) (209,938) (5,234) (86,861) (34,482)
Class B Shares .................... (27,299) (34,743) (1,693) (65,758) (10,110)
Class C Shares .................... (4,524) (2,613) (43) (13,587) (5,227)
Class K Shares .................... (1,319,828) (10,123,882) (1,241) (6,197,189) (1,212,368)
Class Y Shares .................... (6,578,435) (6,227,925) (891,892) (2,147,488) (21,041)
Distributions to shareholders from
net realized gains:
Class A Shares .................... -- -- (4,410) (6,285) (29,157)
Class B Shares .................... -- -- (1,957) (6,143) (10,432)
Class C Shares .................... -- -- (50) (1,415) (3,824)
Class K Shares .................... -- -- (1,083) (368,502) (1,053,829)
Class Y Shares .................... -- -- (732,896) (122,447) (15,888)
Net increase/(decrease) in net assets
from Fund share transactions:
Class A Shares .................... 44,685 138,846 153,097 1,108,721 (4,496)
Class B Shares .................... 563,518 1,653,704 27,640 2,819,388 40,077
Class C Shares .................... 310,022 102,366 (28,026) 758,934 176,824
Class K Shares .................... 3,472,793 (6,903,459) (13,730) (1,376,390) 9,619,518
Class Y Shares .................... (10,246,412) (26,743,546) 410,345 1,892,854 (304)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) in net assets . (1,897,389) (27,319,846) 5,972,049 5,924,225 9,543,494
NET ASSETS:
Beginning of period ................... 266,985,588 590,750,414 50,210,154 294,233,617 61,146,546
------------ ------------ ----------- ------------ -----------
End of period ......................... $265,088,199 $563,430,568 $56,182,203 $300,157,842 $70,690,040
============ ============ =========== ============ ===========
Undistributed/(distribution in excess
of) net investment income ........... $ 134,391 $ 32,572 $ 26,330 $ (53,915) $ 59,501
============ ============ =========== ============ ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
- ---------------------------------- --------------------------------------------------------------------------
Munder Munder Munder Munder Munder Munder
Tax-Free Tax-Free 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>
$ 3,978,045 $ 5,667,151 $ 30,130,127 $ 2,541,623 $ 4,299,798 $ 2,193,971
4,036,353 2,209,436 -- -- 2,274 --
(1,158,687) 1,095,909 -- -- -- --
------------ ------------ -------------- ------------ ------------ ------------
6,855,711 8,972,496 30,130,127 2,541,623 4,302,072 2,193,971
(47,304) (128,296) (2,907,869) (402,841) (940,131) (192,004)
(10,938) (10,693) -- (53,244) -- --
(722) (114) -- (26,388) -- --
(3,844,526) (5,348,786) (19,306,602) -- (3,070,097) (1,177,898)
(80,240) (179,110) (7,915,656) (2,059,150) (289,570) (824,069)
(93,983) (57,554) -- -- -- --
(25,703) (9,614) -- -- -- --
(1,675) (136) -- -- -- --
(6,883,736) (2,598,200) -- -- -- --
(114,517) (78,091) -- -- -- --
84,300 (295,995) (13,808,702) (5,290,635) 3,316,218 4,490,366
229,141 602,179 -- 2,381,646 -- --
9,260 15,293 -- 1,901,872 -- --
(6,129,841) (12,573,101) 232,467,989 72,176,276 31,906,535
(455,548) (28,990) 38,325,729 17,994,357 3,623,777 (4,198,625)
------------ ------------ -------------- ------------ ------------ ------------
(10,510,321) (11,718,712) 256,985,016 16,987,240 79,118,545 32,198,276
201,240,853 312,038,465 1,133,922,437 84,096,839 298,004,237 87,329,457
------------ ------------ -------------- ------------ ------------ ------------
$190,730,532 $300,319,753 $1,390,907,453 $101,084,079 $377,122,782 $119,527,733
============ ============ ============== ============ ============ ============
$ 161,509 $ 226,680 $ -- $ -- $ -- $ --
============ ============ ============== ============ ============ ============
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
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 $ -- $ --
============ ============ ============ ============ =========== ============
<FN>
See Notes to Financial Statments.
</TABLE>
<PAGE>
<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 Market Healthcare Growth
Fund Fund Fund Fund Fund Fund Fund
---------- -------- ------ ------ -------- ---------- --------------
<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)
=========== ============ ============ ============ ============ =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1998
<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 ................................. 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/(decrease) 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 investment income ........... $ 43,986 $ 669,522 $ -- $ (231,084) $ 48,865
============ ============ =========== ============ ===========
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
- ---------------------------------- --------------------------------------------------------------------
Munder Munder Munder Munder Munder Munder
Tax-Free Tax-Free 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>
$ 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 $ -- $ -- $ -- $ --
============ ============ ============== ============ ============ =============
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1998
(Unaudited)
<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 ..................... $ 304,498 $ 27,034,449 $ 84,970,650 $ 8,043,163 $ 1,675,156 $ 253,131,779
Issued as reinvestment of
dividends .............. 101,467 271,483 1,540,659 52,634 111,418 1,788,085
Redeemed ................. (169,450) (29,063,283) (63,087,682) (7,412,866) (3,504,577) (222,623,345)
------------ ------------ ------------ ------------ ----------- -------------
Net increase/(decrease) .. $ 236,515 $ (1,757,351) $ 23,423,627 $ 682,931 $(1,718,003) $ 32,296,519
============ ============ ============ ============ =========== =============
Class B Shares:
Sold ..................... $ 374,840 $ 1,032,780 $ 44,398,180 $ 58,590 $ 2,376,106 $ 7,785,875
Issued as reinvestment of
dividends .............. 22,744 80,597 898,751 5,832 127,832 2,980,135
Redeemed ................. (44,354) (240,619) (11,126,610) (236,960) (2,838,212) (8,685,256)
------------ ------------ ------------ ------------ ----------- -------------
Net increase/(decrease).... $ 353,230 $ 872,758 $ 34,170,321 $ (172,538) $ (334,274) $ 2,080,754
============ ============ ============ ============ =========== =============
Class C Shares:
Sold ..................... $ 21,413 $ 4,494,665 $ -- $ 146,903 $ 1,023,969 $ 7,538,136
Issued as reinvestment of
dividends .............. 3,165 21,787 -- 1,117 40,673 69,569
Redeemed ................. (12,196) (5,483,546) -- (296,025) (1,356,300) (8,716,584)
------------ ------------ ------------ ------------ ----------- -------------
Net increase/(decrease) .. $ 12,382 $ (967,094) $ -- $ (148,005) $ (291,658) $ (1,108,879)
============ ============ ============ ============ =========== =============
Class K Shares:
Sold ..................... $ 7,209,960 $ 19,497,824 $ 47,798,531 $ 7,921,547 $ 430,007 $ 109,075,773
Issued as reinvestment of
dividends .............. -- 2,037 6,785 621 325 147,907
Redeemed ................. (6,161,620) (21,466,081) (18,888,423) (10,952,546) (917,302) (30,008,508)
------------ ------------ ------------ ------------ ----------- -------------
Net increase/(decrease) .. $ 1,048,340 $ (1,966,220) $ 28,916,893 $ (3,030,378) $ (486,970) $ 79,215,172
============ ============ ============ ============ =========== =============
Class Y Shares:
Sold ..................... $ 7,421,913 $ 56,397,641 $ 28,913,380 $ 7,017,410 $ 3,458,015 $ 49,600,187
Issued as reinvestment of
dividends .............. 23,853 81,498 97,246 62,011 174,799 1,623,598
Redeemed ................. (15,987,840) (53,026,603) (68,696,478) (8,439,162) (2,385,723) (78,924,345)
------------ ------------ ------------ ------------ ----------- -------------
Net increase/(decrease) .. $ (8,542,074) $ 3,452,536 $(39,685,852) $ (1,359,741) $ 1,247,091 $ 27,700,560
============ ============ ============ ============ =========== =============
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<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>
$ 561,952 $ 177,017,674 $ 391,049,827 $ 242,761,824 $ 89,138 $ 513,828 $ 5,396,068
95,210 140,544 852,789 74,462 -- 13,729 1,313
(1,083,253) (180,112,719) (392,387,294) (243,391,832) (356,653) (752,982) (4,679,752)
------------ ------------ ------------ ------------ ------------- ------------ ----------
$ (426,091) $ (2,954,501) $ (484,678) $ (555,546) $ (267,515) $ (225,425) $ 717,629
=========== ============= ============= ============= ============ =========== ===========
$ 889,627 $ 816,650 $ 5,392,365 $ 511,457 $ 781,965 $ 1,147,258 $ 347,902
104,975 29,154 349,992 21,686 -- 39,333 203
(1,220,779) (460,577) (4,586,757) (761,534) (942,320) (1,121,770) (391,178)
------------ ------------ ------------ ------------ ------------- ------------ ----------
$ (226,177) $ 385,227 $ 1,155,600 $ (228,391) $ (160,355) $ 64,821 $ (43,073)
=========== ============= ============= ============= ============ =========== ===========
$ 314,585 $ 574,517 $ 1,328,801 $ 132,332 $ 271,019 $ 201,913 $ 13,648
19,258 15,742 77,875 9,682 -- 3,123 77
(306,181) (298,937) (1,505,115) (86,125) (89,679) (828,764) (35,604)
------------ ------------ ------------ ------------ ------------- ------------ ----------
$ 27,662 $ 291,322 $ (98,439) $ 55,889 $ 181,340 $ (623,728) $ (21,879)
=========== ============= ============= ============= ============ =========== ===========
$ 236,029 $ 14,815,096 $ 35,025,655 $ 851,307 $ 5,909,399 $ 43,800 $ 257,500
-- 85 18,166 184 -- -- --
(77,997) (22,852,614) (33,925,089) (3,161,521) (13,027,340) (32,830) (789,831)
------------ ------------ ------------ ------------ ------------- ------------ ----------
$ 158,032 $ (8,037,433) $ 1,118,732 $ (2,310,030) $ (7,117,941) $ 10,970 $ (532,331)
=========== ============= ============= ============= ============ =========== ===========
$14,013,086 $ 55,811,657 $ 82,267,764 $ 61,201,902 $ 1,872,548 $ 698,276 $ 5,139,593
921,453 286,545 1,412,207 711,516 -- 17,578 8,596
(3,939,924) (54,870,550) (76,438,784) (63,444,381) (4,625,708) (321,781) (9,878,843)
------------ ------------ ------------ ------------ ------------- ------------ ----------
$10,994,615 $ 1,227,652 $ 7,241,187 $ (1,530,963) $ (2,753,160) $ 394,073 $(4,730,654)
=========== ============= ============= ============= ============ =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1998
(Unaudited)
<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 ........................ 24,390 1,848,685 3,520,117 571,214 117,137 12,868,710
Issued as reinvestment of
dividends ................. 8,781 19,783 63,172 3,820 7,852 92,695
Redeemed .................... (13,312) (1,949,983) (2,622,975) (531,367) (254,253) (11,253,064)
---------- ---------- ---------- -------- -------- ----------
Net increase/(decrease) ..... 19,859 (81,515) 960,314 43,667 (129,264) 1,708,341
========== ========== ========== ======== ======== ==========
Class B Shares:
Sold ........................ 30,600 71,721 1,842,439 4,227 165,700 413,065
Issued as reinvestment of
dividends ................. 1,976 5,899 36,610 426 9,131 161,175
Redeemed .................... (3,342) (16,808) (484,951) (17,817) (203,761) (459,433)
---------- ---------- ---------- -------- -------- ----------
Net increase/(decrease) ..... 29,234 60,812 1,394,098 (13,164) (28,930) 114,807
========== ========== ========== ======== ======== ==========
Class C Shares:
Sold ........................ 1,721 315,986 -- 10,286 70,765 389,809
Issued as reinvestment of
dividends ................. 275 1,596 -- 81 2,903 3,756
Redeemed .................... (965) (376,969) -- (22,719) (101,280) (451,715)
---------- ---------- ---------- -------- -------- ----------
Net increase/(decrease) ..... 1,031 (59,387) -- (12,352) (27,612) (58,150)
========== ========== ========== ======== ======== ==========
Class K Shares:
Sold ........................ 593,446 1,325,933 1,994,963 564,421 28,200 4,575,521
Issued as reinvestment of
dividends ................. -- 148 278 45 23 7,679
Redeemed .................... (489,213) (1,469,418) (800,337) (794,462) (66,073) (1,526,567)
---------- ---------- ---------- -------- -------- ----------
Net increase/(decrease) ..... 104,233 (143,337) 1,194,904 (229,996) (37,850) 3,056,633
========== ========== ========== ======== ======== ==========
Class Y Shares:
Sold ........................ 623,916 3,858,811 1,197,753 495,744 262,200 4,305,480
Issued as reinvestment of
dividends ................. 2,063 5,906 4,070 4,491 12,267 83,310
Redeemed .................... (1,269,894) (3,614,608) (2,856,489) (601,847) (161,592) (4,063,611)
---------- ---------- ---------- -------- -------- ----------
Net increase/(decrease) ..... (643,915) 250,109 (1,654,666) (101,612) 112,875 325,179
========== ========== ========== ======== ======== ==========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<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>
40,147 14,973,818 23,114,124 17,156,386 11,023 48,123 476,511
7,623 12,117 53,266 5,477 -- 1,298 113
(81,900) (15,108,750) (23,011,524) (17,129,462) (43,022) (71,731) (404,832)
--------- --------- --------- --------- ------- ------ -------
(34,130) (122,815) 155,866 32,401 (31,999) (22,310) 71,792
========== ========== ========= ========= ========= ====== =======
68,360 64,683 335,380 35,721 101,093 109,635 29,023
8,489 2,515 22,950 1,609 -- 3,771 18
(93,844) (37,714) (274,116) (53,769) (120,101) (108,814) (35,942)
--------- --------- --------- --------- ------- ------ -------
(16,995) 29,484 84,214 (16,439) (19,008) 4,592 (6,901)
========== ========== ========= ========= ========= ====== =======
24,349 46,527 80,393 9,437 31,359 19,019 1,195
1,543 1,362 5,021 719 -- 299 7
(23,813) (25,680) (92,359) (5,760) (11,762) (88,999) (3,450)
--------- --------- --------- --------- ------- ------ -------
2,079 22,209 (6,945) 4,396 19,597 (69,681) (2,248)
========== ========== ========= ========= ========= ====== =======
18,582 1,208,749 2,074,002 61,092 773,381 3,932 23,098
-- 7 1,135 14 -- -- --
(6,040) (1,936,285) (2,040,917) (228,295) (1,684,985) (3,407) (73,963)
--------- --------- --------- --------- ------- ------ -------
12,542 (727,529) 34,220 (167,189) (911,604) 525 (50,865)
========== ========== ========= ========= ========= ====== =======
1,068,582 4,661,701 4,850,661 4,335,059 235,836 64,380 467,206
74,057 24,678 86,928 52,264 -- 1,657 740
(297,769) (4,550,602) (4,432,483) (4,461,710) (610,276) (31,424) (899,076)
--------- --------- --------- --------- ------- ------ -------
844,870 135,777 505,106 (74,387) (374,440) 34,613 (431,130)
========== ========== ========= ========= ========= ====== =======
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1998
(Unaudited)
<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 .................................. $ 589,194 $ 3,659,996 $ 145,700 $ 1,790,035 $ 267,011
Issued as reinvestment of dividends ... 31,053 160,777 10,027 46,764 12,064
Redeemed .............................. (575,562) (3,681,927) (2,630) (728,078) (283,571)
----------- ----------- ---------- ---------- -------
Net increase/(decrease) ............... $ 44,685 $ 138,846 $ 153,097 $ 1,108,721 $ (4,496)
============ ============ =========== ============ ===========
Class B Shares:
Sold .................................. $ 1,463,580 $ 2,150,398 $ 27,397 $ 4,005,075 $ 190,093
Issued as reinvestment of dividends ... 6,288 9,493 243 4,397 16,485
Redeemed .............................. (906,350) (506,187) -- (1,190,084) (166,501)
----------- ----------- ---------- ---------- -------
Net increase .......................... $ 563,518 $ 1,653,704 $ 27,640 $ 2,819,388 $ 40,077
============ ============ =========== ============ ===========
Class C Shares:
Sold .................................. $ 309,906 $ 103,260 $ 3,410 $ 809,427 $ 365,351
Issued as reinvestment of dividends ... 205 955 92 2,207 2,921
Redeemed .............................. (89) (1,849) (31,528) (52,700) (191,448)
----------- ----------- ---------- ---------- -------
Net increase/(decrease) ............... $ 310,022 $ 102,366 $ (28,026) $ 758,934 $ 176,824
============ ============ =========== ============ ===========
Class K Shares:
Sold .................................. $ 8,523,991 $ 27,919,143 $ 746 $ 17,819,599 $13,292,588
Issued as reinvestment of dividends ... 2,147 9,257 -- 1,198 --
Redeemed .............................. (5,053,345) (34,831,859) (14,476) (19,197,187) (3,673,070)
----------- ----------- ---------- ---------- -------
Net increase/(decrease) ............... $ 3,472,793 $ (6,903,459) $ (13,730) $ (1,376,390) $ 9,619,518
============ ============ =========== ============ ===========
Class Y Shares:
Sold .................................. $ 15,586,121 $ 22,749,068 $ 1,222,963 $ 8,665,376 $ 20,060
Issued as reinvestment of dividends ... 60,835 125,532 626,963 26,885 17,296
Redeemed .............................. (25,893,368) (49,618,146) (1,439,581) (6,799,407) (37,660)
----------- ----------- ---------- ---------- -------
Net increase/(decrease) ............... $(10,246,412) $(26,743,546) $ 410,345 $ 1,892,854 $ (304)
============ ============ =========== ============ ===========
<FN>
- ---------
(a) The Munder Tax-Free Intermediate Bond Fund Class C Shares commenced
operations on July 8, 1998.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------
Munder Munder
Tax-Free Tax-Free
Bond Intermediate
Fund Bond Fund(a)
------- ------------
<S> <C>
$ 682,565 $ 3,027,047
54,261 105,418
(652,526) (3,428,460)
---------- -------------
$ 84,300 $ (295,995)
========== =============
$ 595,613 $ 1,249,601
2,166 265
(368,638) (647,687)
---------- ------------
$ 229,141 $ 602,179
========== =============
$ 9,271 $ 15,070
-- 249
(11) (26)
---------- ------------
$ 9,260 $ 15,293
========== =============
$ 7,491,022 $ 14,021,355
2,040 7,407
(13,622,903) (26,601,863)
---------- ------------
$ (6,129,841) $(12,573,101)
========== =============
$ 664,986 $ 1,319,776
8,318 1,927
(1,128,852) (1,350,693)
---------- ------------
$ (455,548) $ (28,990)
========== =============
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1998
(Unaudited)
<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 .................................. 58,737 381,984 13,895 170,697 26,040
Issued as reinvestment of dividends ... 3,075 16,791 930 4,488 1197
Redeemed .............................. (57,116) (384,867) (241) (69,470) (27,885)
---------- ---------- -------- -------- ------
Net increase/(decrease) ............... 4,696 13,908 14,584 105,715 (648)
========== ========== ======== ======== =======
Class B Shares:
Sold .................................. 144,665 224,301 2,628 381,149 18,562
Issued as reinvestment of dividends ... 621 993 23 421 1,637
Redeemed .............................. (89,715) (52,734) -- (113,647) (16,415)
---------- ---------- -------- -------- ------
Net increase .......................... 55,571 172,560 2,651 267,923 3,784
========== ========== ======== ======== =======
Class C Shares:
Sold .................................. 30,394 10,715 340 75,642 36,261
Issued as reinvestment of dividends ... 20 100 8 212 290
Redeemed .............................. (9) (193) (3,233) (5,044) (18,734)
---------- ---------- -------- -------- ------
Net increase/(decrease) ............... 30,405 10,622 (2,885) 70,810 17,817
========== ========== ======== ======== =======
Class K Shares:
Sold .................................. 842,602 2,915,751 68 1,700,899 1,305,593
Issued as reinvestment of dividends ... 213 968 -- 115 --
Redeemed .............................. (497,194) (3,633,123) (1,349) (1,833,537) (360,070)
---------- ---------- -------- -------- ------
Net increase/(decrease) ............... 345,621 (716,404) (1,281) (132,523) 945,523
========== ========== ======== ======== =======
Class Y Shares:
Sold .................................. 1,543,265 2,373,811 114,082 829,640 1,942
Issued as reinvestment of dividends ... 6,035 13,154 57,964 2,580 1,715
Redeemed .............................. (2,549,093) (5,175,979) (143,296) (642,293) (3,634)
---------- ---------- -------- -------- ------
Net increase/(decrease) ............... (999,793) (2,789,014) 28,750 189,927 23
========== ========== ======== ======== =======
<FN>
- ---------
(a) The Munder Tax-Free Intermediate Bond Fund Class C Shares commenced
operations on July 8, 1998.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ---------------------------------------
Munder Munder
Tax-Free Tax-Free
Bond Intermediate
Fund Bond Fund(a)
---- ------------
<S> <C>
62,680 288,443
5,138 10,026
(60,332) (322,887)
---------- ----------
7,486 (24,418)
========== ==========
54,719 117,985
205 25
(34,104) (60,956)
---------- ----------
20,820 57,054
========== ==========
870 1,413
-- 24
(1) (3)
---------- ----------
869 1,434
========== ==========
692,977 1,330,367
195 705
(1,254,610) (2,521,243)
---------- ----------
(561,438) (1,190,171)
========== ==========
63,054 125,698
786 183
(104,117) (127,865)
---------- ----------
(40,277) (1,984)
========== ==========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1998
(Unaudited)
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 .................................. $ 1,135,661,171 $ 410,185,754 $ 43,377,025 $ 23,396,670
Issued as reinvestment of dividends ... 2,658,554 275,644 922,605 191,385
Redeemed .............................. (1,152,128,427) (415,752,033) (40,983,412) (19,097,689)
-------------- ------------ ----------- -----------
Net increase/(decrease) ............... $ (13,808,702) $ (5,290,635) $ 3,316,218 $ 4,490,366
============== ============ =========== ===========
Class B Shares:
Sold .................................. $ 13,748,892
Issued as reinvestment of dividends ... 38,583
Redeemed .............................. (11,405,829)
------------
Net increase .......................... $ 2,381,646
============
Class C Shares:
Sold .................................. $ 12,513,317
Issued as reinvestment of dividends ... 23,087
Redeemed .............................. (10,634,532)
------------
Net increase .......................... $ 1,901,872
============
Class K Shares:
Sold .................................. $ 723,959,546 $ 216,988,278 $ 86,422,101
Issued as reinvestment of dividends ... 30,376 1,930 2
Redeemed .............................. (491,521,933) (144,813,932) (54,515,568)
-------------- ----------- -----------
Net increase .......................... $ 232,467,989 $ 72,176,276 $ 31,906,535
============== =========== ===========
Class Y Shares:
Sold .................................. $ 317,455,672 $ 352,789,105 $ 47,791,495 $ 52,657,638
Issued as reinvestment of dividends ... 98,910 1,983,982 10,621 145,775
Redeemed .............................. (279,228,853) (336,778,730) (44,178,339) (57,002,038)
-------------- ------------ ----------- -----------
Net increase/(decrease) ............... $ 38,325,729 $ 17,994,357 $ 3,623,777 $ (4,198,625)
============== ============ =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
[ This Page Intentionally Left Blank ]
<PAGE>
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
============ ============ ============= ============ =========== =============
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<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
------ --------- ------- ------ ----------- ----------- -------------
<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
=========== ============= ============= ============= =========== ========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
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>
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
========== ======= ========== ======= ======= =========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<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
========= ========= ========= ========= ========= ======= =========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1998
<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) (54,747,168) (66,255) (27,787,122) (4,701,227)
------------ ------------ ----------- ------------ -----------
Net increase/(decrease) ............... $ 6,660,251 $ 23,345,882 $ (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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------
Munder Munder
Tax-Free Tax-Free
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
============ ============
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1998
<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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
- ------------------------------------
Munder Munder
Tax-Free Tax-Free
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
========== =========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1998
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)
============== ============ ============ ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Balanced Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
-------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Year
12/31/98(f) Ended Ended Ended Ended Ended
(Unaudited) 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 .............. 0.13 0.31 0.29 0.27 0.07 0.21
Net realized and unrealized
gain/(loss) on investments ....... 0.26 1.64 1.30 1.57 0.86 (0.42)
------- ------- ------ ------ ------ ------
Total from investment operations ... 0.39 1.95 1.59 1.84 0.93 (0.21)
------- ------- ------ ------ ------ ------
Less distributions:
Dividends from net investment income (0.14) (0.32) (0.27) (0.25) (0.12) (0.17)
Distributions from net realized
gains ............................ (1.52) (1.17) (0.66) -- -- --
------- ------- ------ ------ ------ ------
Total distributions ................ (1.66) (1.49) (0.93) (0.25) (0.12) (0.17)
------- ------- ------ ------ ------ ------
Net asset value, end of period ..... $ 12.22 $ 13.49 $13.03 $12.37 $10.78 $ 9.97
======= ======= ====== ====== ====== ======
Total return (b) ................... 3.62% 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) $30,027 $31,748 $6,588 $1,718 $ 168 $ 151
Ratio of operating expenses to
average net assets ............... 1.16%(c) 1.17% 1.22% 1.15% 1.16%(c) 1.22%
Ratio of net investment income to
average net assets ............... 2.08%(c) 2.41% 2.30% 2.29% 2.51%(c) 1.89%
Portfolio turnover rate ............ 71% 79% 125% 197% 52% 116%
Ratio of operating expenses to
average net assets
without waivers ................... 1.16%(c) 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Growth & Income Fund(a)
Financial Highlights,For a Share Outstanding Throughout Each Period
K Shares
------------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Peroid
12/31/98 Ended Ended Ended Ended Ended
(Unaudited) 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 ....... 0.11 0.28 0.32 0.32 0.11 0.22
Net realized and unrealized
gain on investments ....... 0.15 2.97 3.14 1.99 0.78 0.36
-------- -------- -------- -------- -------- --------
Total from investment
operations ................ 0.26 3.25 3.46 2.31 0.89 0.58
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment
income .................... (0.10) (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 ......... (1.49) (2.84) (1.28) (0.40) (0.18) (0.15)
-------- -------- -------- -------- -------- --------
Net asset value, end of
period .................... $ 14.41 $ 15.64 $ 15.23 $ 13.05 $ 11.14 $ 10.43
======== ======== ======== ======== ======== ========
Total return (b) ............ 2.19% 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) .................... $197,393 $216,387 $212,415 $192,592 $132,583 $105,629
Ratio of operating expenses
to average net assets ..... 1.21%(c) 1.19% 1.20% 1.21% 1.09%(c) 0.53%(c)
Ratio of net investment
income to average net
assets .................... 1.53%(c) 1.78% 2.28% 2.56% 3.33%(c) 4.72%(c)
Portfolio turnover rate ..... 25% 73% 62% 37% 13% 12%
Ratio of operating expenses
to average net assets
without waivers ........... 1.21%(c) 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Index 500 Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
--------------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Year
12/31/98 Ended Ended Ended Ended Ended
(Unaudited) 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 ....... 0.13 0.28 0.31 0.33 0.10 0.30
Net realized and unrealized
gain on investments ....... 2.03 5.48 5.04 3.07 1.44 0.50
-------- -------- ------- ------- ------ ------
Total from investment
operations ................ 2.16 5.76 5.35 3.40 1.54 0.80
-------- -------- ------- ------- ------ ------
Less distributions:
Dividends from net investment
income .................... (0.12) (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 ......... (0.36) (2.26) (0.57) (1.04) (0.14) (0.46)
-------- -------- ------- ------- ------ ------
Net asset value, end of
period .................... $ 26.24 $ 24.44 $ 20.94 $ 16.16 $13.80 $12.40
======== ======== ======== ======== ======== ========
Total return (b) ............ 8.95% 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) .................... $212,411 $168,639 $61,254 $17,068 $2,778 $1,746
Ratio of operating expenses
to average net assets ..... 0.54%(c) 0.53% 0.54% 0.51% 0.50%(c) 0.50%
Ratio of net investment
income to average net
assets .................... 1.07%(c) 1.23% 1.76% 2.13% 2.41%(c) 2.49%
Portfolio turnover rate ..... 5% 8% 11% 8% 6% 7%
Ratio of operating expenses
to average net assets
without waivers ........... 0.59%(c) 0.60% 0.64% 0.69% 0.63%(c) 0.64%
- ----------------
(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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder International Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
K Shares
--------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Year
12/31/98(d) Ended Ended Ended Ended Ended
(Unaudited) 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 .............. 0.03 0.16 0.14 0.15 0.11 0.17
Net realized and unrealized
gain/(loss) on investments ....... (0.24) 0.32 2.31 1.63 1.03 (1.48)
------- -------- -------- -------- ------- -------
Total from investment operations ... (0.21) 0.48 2.45 1.78 1.14 (1.31)
------- -------- -------- -------- ------- -------
Less distributions:
Dividends from net investment income (0.06) (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 ................ (0.29) (1.19) (1.79) (0.12) -- (0.09)
------- -------- -------- -------- ------- -------
Net asset value, end of period ..... $ 14.53 $ 15.03 $ 15.74 $ 15.08 $ 13.42 $ 12.28
======= ======== ======== ======== ======= =======
Total return (b) ................... (1.29)% 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) $99,036 $105,916 $135,593 $116,053 $73,168 $63,159
Ratio of operating expenses to
average net assets ............... 1.28%(c) 1.25% 1.26% 1.26% 1.21% (c) 1.18%
Ratio of net investment income to
average net assets ............... 0.46%(c) 1.03% 0.98% 1.07% 2.57% (c) 1.31%
Portfolio turnover rate ............ 12% 41% 46% 75% 14% 20%
Ratio of operating expenses to
average net assets
without waivers ................... 1.28%(c) 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Micro-Cap Equity Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
----------------------------------------
Period
Ended Year Period
12/31/98(d) Ended Ended
(Unaudited) 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 ................ (0.09) (0.17) (0.05)
Net realized and unrealized
gain/(loss) on investments ....... (1.24) 4.99 2.75
------ ------ --------
Total from investment operations ... (1.33) 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 ..... $15.37 $17.00 $ 12.82
====== ====== ========
Total return (b) ................... (7.66)% 37.90% 26.68%
====== ====== ========
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $2,177 $3,050 $ 199
Ratio of operating expenses to
average net assets ............... 1.53%(c) 1.53% 1.50% (c)
Ratio of net investment loss to
average net assets ............... (1.30)%(c) (0.98)% (0.88)% (c)
Portfolio turnover rate ............ 90% 172% 68%
Ratio of operating expenses to
average net assets without
expenses reimbursed .............. 1.68%(c) 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Multi-Season Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
------------------------------------------------------------------------
Period
Ended Year Year Year Period
12/31/98(e) Ended Ended Ended Ended
(Unaudited) 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 .............. 0.01 0.00(g) 0.04 0.06 0.00(g)
Net realized and unrealized
gain/(loss) on investments ....... 0.48 4.35 3.89 3.20 (0.18)
-------- -------- -------- -------- --------
Total from investment operations ... 0.49 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 ..... $ 20.33 $ 21.42 $ 18.00 $ 14.83 $ 12.02
======== ======== ======== ======== ========
Total return (b) ................... 2.76% 25.05% 27.55% 27.56% (1.48)%
======== ======== ======== ======== ========
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $323,506 $275,378 $237,330 $140,833 $104,767
Ratio of operating expenses to
average net assets ............... 1.19%(c) 1.21% 1.25% 1.26% 1.20%(c)
Ratio of net investment income to
average net assets ............... 0.07%(c) 0.00%(g) 0.25% 0.44% 0.28%(c)
Portfolio turnover rate ............ 19% 34% 33% 54% 27%
Ratio of operating expenses to
average net assets
without waivers ................... 1.36%(c) 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Real Estate Equity Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
-------------------------------------
Period
Ended Year Period
12/31/98 Ended Ended
(Unaudited) 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 .............. 0.40 0.69 0.40
Net realized and unrealized
gain/(loss) on investments ....... (2.20) 0.61 2.38
------- ------ ------
Total from investment operations .... (1.80) 1.30 2.78
------- ------ ------
Less distributions:
Dividends from net investment income (0.42) (0.62) (0.41)
Distributions in excess of net
investment income ................ -- -- (0.01)
Distributions from net realized
gains ............................ (0.39) (0.14) --
Distributions from paid-in capital .. -- -- (0.03)
------- ------ ------
Total distributions ................ (0.81) (0.76) (0.45)
------- ------ ------
Net asset value, end of period ..... $ 12.33 $14.94 $14.40
======= ====== ======
Total return (b) ................... (12.01)% 8.92% 23.11%
======= ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $ 1,925 $2,145 $1,481
Ratio of operating expenses to
average net assets ............... 1.24%(c) 1.28% 1.35%(c)
Ratio of net investment income to
average net assets ............... 6.07%(c) 4.15% 3.80%(c)
Portfolio turnover rate ............ 5% 15% 15%
Ratio of operating expenses to
average net assets
without waivers ................... 1.24%(c) 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Small-Cap Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
----------------------------------------
Period
Ended Year Period
12/31/98(d) Ended Ended
(Unaudited) 6/30/98(d) 6/30/97(d)
----------- ---------- ----------
<S> <C> <C> <C>
Net asset value, beginning of
period ............................ $ 14.25 $ 12.04 $ 10.08
------- ------- -------
Income from investment operations:
Net investment income .............. 0.04 0.08 0.09
Net realized and unrealized
gain/(loss) on investments ....... (1.47) 2.83 1.91
------- ------- -------
Total from investment operations ... (1.43) 2.91 2.00
------- ------- -------
Less distributions:
Dividends from net investment
income ............................ (0.05) (0.06) (0.04)
Distributions from net realized
capital gains .................... (0.27) (0.64) --
------- ------- -------
Total distributions ................ (0.32) (0.70) (0.04)
------- ------- -------
Net asset value, end of period ..... $ 12.50 $ 14.25 $ 12.04
======= ======= =======
Total return (b) ................... (9.81)% 24.53% 19.85%
======= ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $65,183 $84,699 $50,769
Ratio of operating expenses to
average net assets ............... 1.22%(c) 1.27% 1.38%(c)
Ratio of net investment income to
average net assets ............... 0.68%(c) 0.56% 1.93%(c)
Portfolio turnover rate ............ 32% 53% 73%
Ratio of operating expenses to
average net assets
without waivers ................... 1.22%(c) 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Small Company Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
-------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Year
12/31/98(f) Ended Ended Ended Ended Ended
(Unaudited) 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 ................ (0.02) (0.13) (0.12) (0.12) (0.02) (0.04)
Net realized and unrealized
gain/(loss) on investments ....... (1.26) 2.58 3.65 7.16 1.41 (0.42)
-------- -------- -------- -------- ------- -------
Total from investment operations ... (1.28) 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 ..... $ 17.47 $ 19.96 $ 21.62 $ 21.08 $ 15.28 $ 13.89
======== ======== ======== ======== ======= =======
Total return (b) ................... (5.80)% 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) $140,477 $159,837 $152,766 $111,669 $52,077 $45,080
Ratio of operating expenses to
average net assets ............... 1.21%(c) 1.20% 1.22% 1.21% 1.21%(c) 1.23%
Ratio of net investment loss to
average net assets ............... (0.20)%(c) (0.57)% (0.62)% (0.66)% (0.41)%(c) (0.40)%
Portfolio turnover rate ............ 58% 123% 98% 98% 39% 45%
Ratio of operating expenses to
average net assets
without waivers ................... 1.21%(c) 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Value Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
------------------------------------------------------
Period
Ended Year Year Period
12/31/98(d) Ended Ended Ended
(Unaudited) 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 .............. 0.04 0.09 0.08 0.05
Net realized and unrealized gain on
investments ...................... (1.25) 3.38 3.64 0.74
------- ------- ------ ------
Total from investment operations ... (1.21) 3.47 3.72 0.79
------- ------- ------ ------
Less distributions:
Dividends from net investment
income ............................ (0.02) (0.09) (0.09) (0.05)
Distributions from net realized
gains ............................ (0.55) (1.15) (1.22) 0.00
------- ------- ------ ------
Total distributions ................ (0.57) (1.24) (1.31) (0.05)
------- ------- ------ ------
Net asset value, end of period ..... $ 14.43 $ 16.21 $13.98 $11.57
======= ======= ====== ======
Total return (b) ................... (7.24)% 25.84% 34.37% 7.33%
======= ======= ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $10,723 $14,754 $7,940 $1,018
Ratio of operating expenses to
average net assets ............... 1.21%(c) 1.24% 1.27% 1.20%(c)
Ratio of net investment income to
average net assets ............... 0.56%(c) 0.61% 0.70% 0.64%(c)
Portfolio turnover rate ............ 75% 92% 139% 223%
Ratio of operating expenses to
average net assets
without waivers .................. 1.21%(c) 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Framlington Emerging Markets Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
----------------------------------------
Period
Ended Year Period
12/31/98(d) Ended Ended
(Unaudited) 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 .............. 0.01 0.10 0.05
Net realized and unrealized
gain/(loss) on investments ....... (1.09) (3.72) 2.84
------- ------- ------
Total from investment operations ... (1.08) (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 ..... $ 7.91 $ 8.99 $12.92
======= ======= ======
Total return (b) ................... (11.79)% (28.34)% 28.69%
======= ======= ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $20,755 $31,790 $4,419
Ratio of operating expenses to
average net assets ............... 1.82%(c) 1.89% 1.79%(c)
Ratio of net investment income to
average net assets ............... 0.36%(c) 0.93% 1.14%(c)
Portfolio turnover rate ............ 81% 94% 46%
Ratio of operating expenses to
average net assets without
expenses reimbursed .............. 2.08%(c) 2.14% 5.43%(c)
<FN>
- ----------------
(a) The Munder Framlington Emerging Markets Fund Class K Shares commened
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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Framlington Healthcare Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
-------------------------------------
Period
Ended Year Period
12/31/98(d) Ended Ended
(Unaudited) 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 ................ (0.06) (0.14) (0.02)
Net realized and unrealized
gain/(loss) on investments ....... (0.00)(e) 1.05 1.46
------ ------ ------
Total from investment operations ... (0.06) 0.91 1.44
------ ------ ------
Less distributions:
Distributions from net realized
gains ............................ (0.10) -- --
------ ------ ------
Total distributions ................ (0.10) -- --
------ ------ ------
Net asset value, end of period ..... $11.64 $11.80 $10.89
====== ====== ======
Total return (b) ................... (0.53)% 8.45% 15.24%
====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $ 167 $ 163 $ 119
Ratio of operating expenses to
average net assets ............... 1.58%(c) 1.62% 1.55%(c)
Ratio of net investment loss to
average net assets ............... (1.23)%(c) (1.21)% (0.95)%(c)
Portfolio turnover rate ............ 26% 47% 14%
Ratio of operating expenses to
average net assets without
expenses reimbursed .............. 1.84%(c) 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.
(e) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Framlington International Growth Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
----------------------------------------
Period
Ended Year Period
12/31/98(d) Ended Ended
(Unaudited) 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) ....... (0.04) 0.02 0.05
Net realized and unrealized
gain/(loss) on investments ....... (0.17) 0.61 1.43
------ ------ ------
Total from investment operations ... (0.21) 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 ..... $11.70 $11.92 $11.35
====== ====== ======
Total return (b) ................... (1.79)% 5.60% 14.99%
====== ====== ======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $1,633 $2,271 $1,089
Ratio of operating expenses to
average net assets ............... 1.58%(c) 1.62% 1.55% (c)
Ratio of net investment
income/(loss) to average net
assets ........................... (0.70)%(c) 0.21% 1.01% (c)
Portfolio turnover rate ............ 31% 38% 15%
Ratio of operating expenses to
average net assets without
expenses reimbursed .............. 1.74%(c) 1.82% 2.56% (c)
<FN>
- ----------------
(a) The Munder Framlington International Growth Class K Shares commened
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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
--------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Year
12/31/98(d) Ended Ended Ended Ended Ended
(Unaudited) 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 .............. 0.29 0.59 0.61 0.61 0.21 0.62
Net realized and unrealized
gain/(loss) on investments ....... 0.14 0.40 0.01 (0.19) 0.37 (0.64)
------- ------- ------- ------- ------- -------
Total from investment operations ... 0.43 0.99 0.62 0.42 0.58 (0.02)
------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment
income ............................ (0.29) (0.57) (0.58) (0.58) (0.20) (0.58)
------- ------- ------- ------- ------- -------
Total distributions ................ (0.29) (0.57) (0.58) (0.58) (0.20) (0.58)
------- ------- ------- ------- ------- -------
Net asset value, end of period ..... $ 10.13 $ 9.99 $ 9.57 $ 9.53 $ 9.69 $ 9.31
======= ======= ======= ======= ======= =======
Total return (b) ................... 4.37% 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) $47,403 $43,281 $34,999 $32,211 $36,718 $33,842
Ratio of operating expenses to
average net assets ............... 0.95%(c) 0.96% 0.96% 0.95% 0.95%(c) 0.92%
Ratio of net investment income to
average net assets ............... 5.80%(c) 5.93% 6.34% 6.26% 6.47%(c) 6.57%
Portfolio turnover rate ............ 48% 222% 279% 507% 99% 165%
Ratio of operating expenses to
average net assets
without waivers ................... 0.95%(c) 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
-------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Year
12/31/98(f) Ended Ended Ended Ended Ended
(Unaudited) 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 .............. 0.26 0.55 0.55 0.58 0.22 0.56
Net realized and unrealized
gain/(loss) on investments ....... 0.08 0.15 0.02 (0.20) 0.24 (0.57)
-------- -------- -------- -------- -------- --------
Total from investment operations ... 0.34 0.70 0.57 0.38 0.46 (0.01)
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment
income ............................ (0.27) (0.53) (0.55) (0.58) (0.22) (0.62)
Distributions from net realized
gains ............................ -- -- -- -- -- (0.01)
-------- -------- -------- -------- -------- --------
Total distributions ................ (0.27) (0.53) (0.55) (0.58) (0.22) (0.63)
-------- -------- -------- -------- -------- --------
Net asset value, end of period ..... $ 9.57 $ 9.50 $ 9.33 $ 9.31 $ 9.51 $ 9.27
======== ======== ======== ======== ======== ========
Total return (b) ................... 3.65% 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) $351,595 $355,840 $325,331 $370,493 $300,596 $285,493
Ratio of operating expenses to
average net assets ............... 0.94%(c) 0.93% 0.93% 0.94% 0.95%(c) 0.93%
Ratio of net investment income to
average net assets ............... 5.41%(c) 5.77% 5.91% 6.08% 7.12%(c) 6.71%
Portfolio turnover rate ............ 44% 194% 325% 494% 84% 80%
Ratio of operating expenses to
average net assets
without waivers ................... 0.94%(c) 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder International Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
-------------------------------------
Period
Ended Year Period
12/31/98(d) Ended Ended
(Unaudited) 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 .............. 0.17 0.19 0.09
Net realized and unrealized
gain/(loss) on investments ....... 1.21 (0.11) 0.20
------ ------ -----
Total from investment operations ... 1.38 0.08 0.29
------ ------ -----
Less distributions:
Dividends from net investment
income ............................ (0.16) (0.22) --
Distributions from net realized
gains ............................ (0.15) (0.02) --
------ ------ -----
Total distributions ................ (0.31) (0.24) 0.00
------ ------ -----
Net asset value, end of period ..... $10.74 $ 9.67 $9.83
====== ====== =====
Total return (b) ................... 14.26% 0.80% 3.04%
====== ====== =====
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $ 72 $ 77 $ 103
Ratio of operating expenses to
average net assets ............... 1.08%(c) 1.11% 1.14%(c)
Ratio of net investment income to
average net assets ............... 3.20%(c) 3.53% 3.61%(c)
Portfolio turnover rate ............ 30% 81% 75%
Ratio of operating expenses to
average net assets
without waivers ................... 1.08%(c) 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder U.S. Government Income Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
-------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Period
12/31/98(f) Ended Ended Ended Ended Ended
(Unaudited) 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 .............. 0.30 0.60 0.65 0.71 0.23 0.47
Net realized and unrealized
gain/(loss) on investments ....... 0.04 0.36 0.07 (0.27) 0.41 (0.12)
-------- -------- -------- -------- -------- --------
Total from investment operations ... 0.34 0.96 0.72 0.44 0.64 0.35
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment
income ............................ (0.29) (0.61) (0.61) (0.68) (0.23) (0.46)
Distributions from net realized
gains ............................ (0.02) (0.06) (0.00)(g) (0.08) -- --
-------- -------- -------- -------- -------- --------
Total distributions ................ (0.31) (0.67) (0.61) (0.76) (0.23) (0.46)
-------- -------- -------- -------- -------- --------
Net asset value, end of period ..... $ 10.41 $ 10.38 $ 10.09 $ 9.98 $ 10.30 $ 9.89
======== ======== ======== ======== ======== ========
Total return (b) ................... 3.33% 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) $218,868 $219,724 $197,479 $158,948 $174,674 $165,298
Ratio of operating expenses to
average net assets ............... 0.94%(c) 0.94% 0.96% 0.97% 0.97%(c) 0.95%(c)
Ratio of net investment income to
average net assets ............... 5.70%(c) 6.00% 6.51% 6.92% 6.96%(c) 7.02%(c)
Portfolio turnover rate ............ 13% 85% 130% 133% 42% 143%
Ratio of operating expenses to
average net assets
without waivers ................... 0.94%(c) 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Michigan Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
---------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Year
12/31/98 Ended Ended Ended Ended Ended
(Unaudited) 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 .............. 0.20 0.42 0.43 0.48 0.16 0.44
Net realized and unrealized
gain/(loss) on investments ....... 0.13 0.44 0.30 (0.00)(g) 0.10 (0.50)
------- ------- ----- ------- ------- -------
Total from investment operations ... 0.33 0.86 0.73 0.48 0.26 (0.06)
------- ------- ----- ------- ------- -------
Less distributions:
Dividends from net investment
income ............................ (0.20) (0.42) (0.43) (0.48) (0.16) (0.43)
Distributions from net realized
gains ............................ (0.16) (0.02) (0.00)(g) -- -- --
------- ------- ----- ------- ------- -------
Total distributions ................ (0.36) (0.44) (0.43) (0.48) (0.16) (0.43)
------- ------- ----- ------- ------- -------
Net asset value, end of period ..... $ 10.03 $ 10.06 $9.64 $ 9.34 $ 9.34 $ 9.24
======= ======= ===== ======= ======= =======
Total return (b) ................... 3.28% 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) $66,916 $57,574 $43,316 $29,476 $25,549 $27,731
Ratio of operating expenses to
average net assets ............... 0.98%(c) 0.98% 0.88% 0.51% 0.52%(c) 0.56%
Ratio of net investment income to
average net assets ............... 3.89%(c) 4.29% 4.57% 5.01% 5.06%(c) 4.81%
Portfolio turnover rate ............ 22% 34% 19% 31% 8% 53%
Ratio of operating expenses to
average net assets
without waivers ................... 0.98%(c) 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Tax-Free Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
-------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Period
12/31/98 Ended Ended Ended Ended Ended
(Unaudited) 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 .............. 0.22 0.49 0.47 0.46 0.15 0.31
Net realized and unrealized gain on
investments ...................... 0.15 0.38 0.25 0.07 0.16 0.14
-------- -------- -------- -------- -------- --------
Total from investment operations ... 0.37 0.87 0.72 0.53 0.31 0.45
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment
income ............................ (0.22) (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 ................ (0.61) (0.65) (0.55) (0.48) (0.15) (0.31)
-------- -------- -------- -------- -------- --------
Net asset value, end of period ..... $ 10.50 $ 10.74 $ 10.52 $ 10.35 $ 10.30 $ 10.14
======== ======== ======== ======== ======== ========
Total return (b) ................... 3.49% 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) $183,842 $194,077 $190,243 $196,645 $232,040 $251,636
Ratio of operating expenses to
average net assets ............... 0.96%(c) 0.93% 0.95% 0.98% 1.02%(c) 0.93%(c)
Ratio of net investment income to
average net assets ............... 3.95%(c) 4.60% 4.52% 4.42% 4.38%(c) 4.69%(c)
Portfolio turnover rate ............ 27% 61% 45% 15% 12% 50%
Ratio of operating expenses to
average net assets
without waivers ................... 0.96%(c) 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Tax-Free Intermediate Bond Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
-------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Year
12/31/98 Ended Ended Ended Ended Ended
(Unaudited) 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 .............. 0.19 0.43 0.41 0.41 0.14 0.38
Net realized and unrealized
gain/(loss) on investments ....... 0.12 0.13 0.10 (0.03) 0.20 (0.21)
-------- -------- -------- -------- -------- --------
Total from investment operations ... 0.31 0.56 0.51 0.38 0.34 0.17
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment
income ............................ (0.19) (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 ................ (0.29) (0.51) (0.44) (0.41) (0.14) (0.44)
-------- -------- -------- -------- -------- --------
Net asset value, end of period ..... $ 10.48 $ 10.46 $ 10.41 $ 10.34 $ 10.37 $ 10.17
======== ======== ======== ======== ======== ========
Total return (b) ................... 2.99% 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) $283,523 $295,601 $283,641 $333,768 $333,067 $345,658
Ratio of operating expenses to
average net assets ............... 0.94%(c) 0.94% 0.93% 0.96% 0.98%(c) 0.95%
Ratio of net investment income to
average net assets ............... 3.64%(c) 4.07% 3.96% 3.91% 4.01%(c) 4.19%
Portfolio turnover rate ............ 16% 27% 31% 20% 5% 52%
Ratio of operating expenses to
average net assets
without waivers ................... 0.94%(c) 0.94% 0.93% 1.04% 1.22%(c) 1.19%
<FN>
- ----------------
(a) The Munder Tax-Free Intermediate Bond Fund Class K Shares commenced
operations on February 9, 1987.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge
Capital Management, Inc. as investment advisor for the Fund as a result
of the consolidation of the investment advisory businesses of Woodbridge
Capital Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Cash Investment Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
-------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Year
12/31/98 Ended Ended Ended Ended Ended
(Unaudited) 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 .............. 0.024 0.050 0.048 0.050 0.018 0.040
-------- -------- -------- -------- -------- --------
Total from investment operations ... 0.024 0.050 0.048 0.050 0.018 0.040
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment
income ............................ (0.024) (0.050) (0.048) (0.050) (0.018) (0.040)
-------- -------- -------- -------- -------- --------
Total distributions ................ (0.024) (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) ................... 2.46% 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) $905,309 $672,842 $599,858 $547,523 $558,628 $559,212
Ratio of operating expenses to
average net assets ............... 0.68%(c) 0.66% 0.70% 0.68% 0.67%(c) 0.70%
Ratio of net investment income to
average net assets ............... 4.82%(c) 5.02% 4.81% 4.98% 5.49%(c) 4.12%
Ratio of operating expenses to
average net assets
without waivers ................... 0.68%(c) 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder Tax-Free Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
-------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Year
12/31/98 Ended Ended Ended Ended Ended
(Unaudited) 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 .............. 0.014 0.029 0.028 0.030 0.011 0.024
-------- -------- -------- -------- -------- --------
Total from investment operations ... 0.014 0.029 0.028 0.030 0.011 0.024
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment
income ............................ (0.014) (0.029) (0.028) (0.030) (0.011) (0.024)
-------- -------- -------- -------- -------- --------
Total distributions ................ (0.014) (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) ................... 1.37% 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) $277,785 $205,600 $226,782 $192,591 $195,730 $195,926
Ratio of operating expenses to
average net assets ............... 0.69%(c) 0.69% 0.68% 0.68% 0.69%(c) 0.70%
Ratio of net investment income to
average net assets ............... 2.72%(c) 2.93% 2.86% 2.99% 3.36%(c) 2.39%
Ratio of operating expenses to
average net assets
without waivers ................... 0.69%(c) 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
Munder U.S. Treasury Money Market Fund(a)
Financial Highlights, For a Share Outstanding Throughout Each Period
K Shares
-------------------------------------------------------------------------------------
Period
Ended Year Year Year Period Year
12/31/98 Ended Ended Ended Ended Ended
(Unaudited) 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 .............. 0.023 0.048 0.047 0.048 0.017 0.037
------- ------- ------- ------- ------- -------
Total from investment operations ... 0.023 0.048 0.047 0.048 0.017 0.037
------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment
income ............................ (0.023) (0.048) (0.047) (0.048) (0.017) (0.037)
------- ------- ------- ------- ------- -------
Total distributions ................ (0.023) (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) ................... 2.28% 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) $73,154 $41,247 $41,877 $62,133 $74,210 $75,197
Ratio of operating expenses to
average net assets ............... 0.71%(c) 0.72% 0.69% 0.69% 0.70%(c) 0.70%
Ratio of net investment income to
average net assets ............... 4.44%(c) 4.77% 4.64% 4.74% 5.23%(c) 3.73%
Ratio of operating expenses to
average net assets
without waivers ................... 0.71%(c) 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
[This Page Left Intentionally]
<PAGE>
The Munder Funds
Notes To Financial Statements, December 31, 1998
1. Organization and Significant Accounting Policies
The Munder Funds, Inc. ("MFI") is registered under the Investment
Company Act of 1940, as amended (the "1940 Act"), as an open-end investment
company, 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 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 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 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
(formerly Munder Michigan Triple Tax-Free Bond Fund)
Munder Tax-Free Bond Fund
Munder Tax-Free Intermediate Bond Fund
Money Market Funds
Munder Cash Investment Fund
Munder Tax-Free Money Market Fund
Munder U.S. Treasury Money Market Fund
Framlington:
Equity Funds
Munder Framlington Emerging Markets Fund
Munder Framlington Healthcare Fund
Munder Framlington International Growth Fund
The Equity Funds (with the exception of the Munder Index 500 Fund) and
the Income Funds (with the exception the Munder Tax-Free Intermediate Bond
Fund) offer five classes of shares -- Class A, Class B, Class C, Class
<PAGE>
K and Class Y Shares. The Munder Index 500 Fund and the Munder Tax-Free
Intermediate Bond Fund offers four classes of shares -- Class A, Class B,
Class K and Class Y Shares. The Money Market Funds of MFT offer three classes
of shares -- Class A, Class K and Class Y Shares. Munder Money Market Fund
offers four classes of shares -- Class A, Class B, Class C and Class Y
Shares. The Financial Highlights of Class A, Class B, Class C and Class Y
Shares are presented in separate annual reports. Each Fund is classified as a
diversified management investment company under the 1940 Act, other than the
Munder Tax-Free Intermediate Bond Fund, Munder Michigan 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"), under the supervision of the
Boards of Trustees and Directors. Portfolio securities primarily traded on
the London Stock Exchange are generally valued at the mid-price between the
current bid and asked prices. Portfolio securities that are primarily traded
on foreign securities exchanges, other than the London Stock Exchange, are
generally valued at the preceding closing values of such securities on their
respective exchanges, except when an occurrence subsequent to the time a
value was so established is likely to have changed such value. In such an
event, the fair value of those securities will be determined through the
consideration of other factors by or under the direction of the Boards of
Trustees and Directors. Debt securities with remaining maturities of 60 days
or less at the time of purchase are valued on an amortized cost basis, unless
the Boards of Trustees and Directors determine that such valuation does not
constitute fair value at that time. Debt securities held by the Money Market
Funds are also valued on an amortized cost basis, which approximates current
market value. Thereafter, a constant proportionate amortization of any
discount or premium is recorded until maturity of the security. Regular
review and monitoring of the valuation of securities held by the Money Market
Funds is performed pursuant to procedures established by the Boards of
Trustees and Directors. Each Money Market Fund seeks to maintain a net asset
value per share of $1.00.
Forward Foreign Currency Contracts: Each Equity Fund 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
contracts in an effort to reduce the level of volatility caused by changes in
foreign currency exchange rates. These funds may use forward foreign currency
contracts to facilitate transactions in foreign securities and to manage a
Fund's currency exposure. Forward foreign currency contracts are valued at
the exchange rate and are marked-to-market daily. The change in market value
is recorded by the Fund as an unrealized gain or loss. When the contract is
closed, the Fund records a realized gain or loss equal to the difference
between the value of the contract at the time it was opened and the value at
the time it was closed.
The use of forward foreign currency contracts does not eliminate
fluctuations in the underlying prices of the Fund's securities, but it does
establish a rate of exchange that can be achieved in the future. Although
forward foreign
<PAGE>
currency contracts limit the risk of loss due to a decline in the value of
the hedged currency, they also limit any potential gain that might result
should the value of the currency increase. In addition, the Fund could be
exposed to risks if the counterparties to the contracts are unable to meet
the terms of their contracts.
Foreign Currency: The books and records of Munder International Equity
Fund, Munder International Bond Fund, Munder Framlington Emerging Markets
Fund and Munder Framlington International Growth Fund are maintained in
United States 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.
Futures Contracts: Each Equity Fund and the Munder Bond Fund, Munder
Intermediate Bond Fund, Munder International Bond Fund and Munder U.S.
Government Income 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.
Options: Each Equity Fund and the Munder Bond Fund, Munder Intermediate
Bond Fund, Munder International Bond Fund and Munder U.S. Government Income
Fund may write put or call options on securities they own or have the right
to acquire, and may purchase call or put options written by others. Options
may relate to individual securities, stock indices, foreign currencies or
futures contracts. The purchase of any of these instruments can result in the
loss on the investment in that particular instrument or, in the case of
writing covered options, can limit the opportunity to earn a profit on the
underlying security. The risk associated with purchasing an option is that
the Fund pays a premium whether or not the option is exercised. Additionally,
the Fund bears the risk of loss of premium and change in market value should
the counterparty not perform under the contract.
When a Fund purchases an option, the premium paid by the Fund is
recorded as an asset. When a Fund writes an option, an amount equal to the
premium received is recorded as a liability. The amount of this asset or
liability is adjusted daily to reflect the current market value of the
option. If an option purchased by the Fund expires unexercised, the Fund
realizes a loss equal to the premium paid. If the Fund enters into a closing
sale transaction on an option purchased by it, the Fund will recognize a gain
if the premium received by the Fund on the closing transaction exceeds the
premium paid to purchase the option. When an option written by the Fund
expires on its stipulated expiration date, the Fund realizes a gain equal to
the net premium received for the option. When the Fund enters into a closing
purchase transaction on an option written by it, the Fund realizes a gain or
loss equal to the
<PAGE>
difference between the cost of a closing purchase transaction and the premium
received when the call was written. If a written call option is exercised,
the premium is added to the proceeds from the sale of the underlying security
in determining whether the Fund has realized a gain or loss. If a written put
option is exercised, the premium reduces the cost basis of the security
purchased by the Fund.
Repurchase Agreements: Each Fund may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the Fund
takes possession of an underlying debt obligation subject to an obligation of
the seller to repurchase, and the Fund to resell, the obligation at an
agreed-upon price and time, thereby determining the yield during the Fund's
holding period. This arrangement results in a fixed rate of return that is
not subject to market fluctuations during the Fund's holding period. The
value of the collateral is at least equal, at all times, to the total amount
of the repurchase obligations, including interest. In the event of
counterparty default, the Fund has the right to use the collateral to satisfy
the terms of the repurchase agreement. However, there could be potential loss
to the Fund in the event the Fund is delayed or prevented from exercising its
right to dispose of the collateral securities, including the risk of a
possible decline in the value of the collateral securities during the period
during which the Fund seeks to assert its rights. The Advisor, acting under
the supervision of the Boards of Trustees and Directors, reviews the value
of the collateral and the creditworthiness of those banks and dealers with
which a Fund enters into repurchase agreements to evaluate potential risks.
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 a 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 Funds
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. 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
directly attributable to a class of shares are charged to that class'
operations. Expenses of each Fund not directly attributable to the operations
of any class of shares are prorated among the classes based on the relative
average net assets of each class.
Securities purchased or sold on a when-issued or delayed delivery basis
may be settled a month or more after the trade date. Interest income is not
accrued until settlement date. Each Fund instructs the custodian to segregate
assets in a separate account with a current value at least equal to the
amount of its when-issued purchase commitments.
Dividends and Distributions to Shareholders: Dividends from net
investment income are declared and paid at least annually by the Equity Funds
(excluding 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.
<PAGE>
Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments of income and gains on various investment securities
held by a Fund, timing differences and differing characterization of
distributions made by a Fund as a whole.
Federal Income Taxes: Each Fund intends to continue to qualify as a
regulated investment company by complying with the requirements of the
Internal Revenue Code 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 Between Fees on Assets
up to $250 and Exceeding
$250 Million $500 Million $500 Million
-------------- -------------- --------------
<S> <C> <C> <C>
Munder Index 500 Fund ..... 0.20% 0.12% 0.07%
<CAPTION>
Fees on Assets Fees on Assets
up to $500 Exceeding $500
Million Million
-------------- --------------
<S> <C> <C>
Munder Multi-Season Growth
Fund ...................... 1.00% 0.75%
<CAPTION>
Fees on Assets Fees on Assets
up to $250 Exceeding $250
Million 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>
<PAGE>
The Advisor voluntarily waived fees and reimbursed expenses for the
period ended December 31, 1998 for the following Funds:
<TABLE>
<CAPTION>
Expenses
Fund Fees Waived Reimbursed
---- ----------- ----------
<S> <C> <C>
Munder Index 500 Fund ................. $227,285 --
Munder Micro-Cap Equity Fund .......... -- $33,881
Munder Multi-Season Growth Fund ....... 627,573 --
Munder Framlington Emerging Markets
Fund ................................ -- 54,944
Munder Framlington Healthcare Fund .... -- 25,808
Munder Framlington International Growth
Fund ................................ -- 49,194
</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 is custodian and provides certain shareholder services
to the Funds. Comerica does not receive compensation as custodian. 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
$328,584 for its shareholder services to the Munder Funds for the period
ended December 31, 1998.
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.
<PAGE>
3. Shareholder 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 for
expenditures incurred by the Distributor in connection with the distribution
of Fund shares to investors and provision of certain shareholder services
(which include but are not limited to the payment of compensation, including
compensation to Service Organizations to obtain various distribution related
services for the Munder Funds). The Munder Funds have also adopted
Shareholder Servicing Plans (the "Class K Plans") for the Class K Shares of
the Munder Funds. Under the Class K Plans, the Munder Funds are permitted to
enter into agreements with institutions that provide shareholder services to
their customers. For the period ended December 31, 1998, the effective rates,
as a percentage of average daily net assets, under the Plans and Class K
Plans are as follows:
<TABLE>
<CAPTION>
Class A Class B Class C Class K
Shares Shares Shares Shares
12b-1 Fees 12b-1 Fees 12b-1 Fees Service Fees
---------- ---------- ---------- ------------
<S> <C> <C> <C> <C>
The Equity Funds (excluding the Munder
Index 500 Fund) ......................... 0.25% 1.00% 1.00% 0.25%
Munder Index 500 Fund ..................... 0.10% 0.45% N/A 0.25%
The Income Funds .......................... 0.25% 1.00% 1.00% 0.25%
The Money Market Funds (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>
<PAGE>
4. Securities Transactions
For the period ended December 31, 1998, purchases and sales of
securities other than short-term investments and U.S. Government securities
were as follows:
<TABLE>
<CAPTION>
Cost of Proceeds from
Purchases Sales
--------- -------------
<S> <C> <C>
Munder Balanced Fund ...................... $ 46,694,100 $ 47,124,118
Munder Growth & Income Fund ............... 57,383,387 88,582,317
Munder Index 500 Fund ..................... 87,509,921 42,898,511
Munder International Equity Fund .......... 24,376,022 29,515,336
Munder Micro-Cap Equity Fund .............. 38,648,458 40,796,313
Munder Multi-Season Growth Fund ........... 129,945,115 165,202,848
Munder Real Estate Equity Investment Fund .. 13,483,859 4,195,900
Munder Small-Cap Value Fund ............... 41,526,645 52,256,492
Munder Small Company Growth Fund .......... 198,625,791 198,417,752
Munder Value Fund ......................... 114,577,124 123,802,381
Munder Framlington Emerging Markets Fund .. 28,246,745 29,434,319
Munder Framlington Healthcare Fund ........ 4,993,765 5,059,333
Munder Framlington International Growth
Fund .................................... 18,321,895 23,829,245
Munder Bond Fund .......................... 74,812,743 74,960,489
Munder Intermediate Bond Fund ............. 143,712,192 162,397,698
Munder International Bond Fund ............ 15,774,234 15,019,449
Munder U.S. Government Income Fund ........ -- 6,368
Munder Michigan Tax-Free Bond Fund ........ 22,116,465 14,273,142
Munder Tax-Free Bond Fund ................. 53,111,771 68,278,770
Munder Tax-Free Intermediate Bond Fund .... 49,853,366 62,243,368
</TABLE>
For the period ended December 31, 1998, purchases and sales of U.S.
Government securities, excluding short-term investments were as follows:
<TABLE>
<CAPTION>
Cost of Proceeds from
Purchases Sales
--------- -------------
<S> <C> <C>
Munder Balanced Fund ...................... $ 1,859,256 $ 9,903,586
Munder Bond Fund .......................... 49,935,919 54,445,689
Munder Intermediate Bond Fund ............. 101,365,891 109,462,879
Munder U.S. Government Income Fund ........ 46,995,685 37,366,240
</TABLE>
<PAGE>
At December 31, 1998, 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 ...................... $ 11,140,224 $ 1,661,124
Munder Growth & Income Fund ............... 61,576,735 1,535,024
Munder Index 500 Fund ..................... 337,935,978 16,925,012
Munder International Equity Fund .......... 61,294,492 20,902,803
Munder Micro-Cap Equity Fund .............. 7,481,516 3,490,047
Munder Multi-Season Growth Fund ........... 267,830,866 15,280,312
Munder Real Estate Equity Investment Fund . 2,737,736 9,887,624
Munder Small-Cap Value Fund ............... 22,324,568 12,062,102
Munder Small Company Growth Fund .......... 66,175,245 13,956,119
Munder Value Fund ......................... 21,154,419 6,649,515
Munder Framlington Emerging Markets Fund .. 2,923,252 11,971,753
Munder Framlington Healthcare Fund ........ 3,919,100 3,554,408
Munder Framlington International Growth
Fund .................................... 11,028,318 4,199,917
Munder Bond Fund .......................... 6,633,486 1,179,144
Munder Intermediate Bond Fund ............. 9,701,308 2,060,781
Munder International Bond Fund ............ 3,778,487 462,005
Munder U.S. Government Income Fund ........ 10,243,566 1,035,774
Munder Michigan Tax-Free Bond Fund ........ 2,380,549 49,985
Munder Tax-Free Bond Fund ................. 9,604,492 180,741
Munder Tax-Free Intermediate Bond Fund .... 9,529,755 32,706
</TABLE>
5. Geographic and Industry Concentration
The Munder Tax-Free 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.
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.
<PAGE>
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 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. 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. Capital Loss Carryforwards
As determined at June 30, 1998, the following Munder Funds had
available for Federal income tax purposes, unused capital losses as follows:
<TABLE>
<CAPTION>
Expiring Expiring Expiring Expiring Expiring Expiring
Fund 1999 2000 2001 2002 2003 2005
---- -------- -------- -------- -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C>
Munder Bond Fund ................... -- -- -- -- -- $ 768,438
Munder Intermediate Bond Fund ...... -- -- -- -- $8,558,139 11,240,318
Munder Cash Investment Fund ........ $ 3,301 $ 1,650 -- -- -- --
Munder Tax-Free Money Market Fund .. 11,012 57,257 $39,684 $15,088 12,291 --
</TABLE>
<PAGE>
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Lee Munder
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Gerald L. Seizert, Vice President
Paul D. Tobias, Vice President
Lisa Anne Rosen, Secretary and Assistant Treasurer
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.
53 State Street
Boston, MA 02109
ADMINISTRATOR & SUB-CUSTODIAN
State Street Bank & Trust Company
1776 Heritage Drive
North Quincy, MA 02171
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
CUSTODIAN
Comerica Bank
411 West Lafayette
Detroit, MI 48226
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
<PAGE>
(OUTSIDE BACK COVER)
SANNK1298
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
<PAGE>
(OUTSIDE FRONT COVER)
CLASS Y SHARES
Semi-Annual
Report
The Munder Funds
Investments DECEMBER 31, 1998
for all seasons THE MUNDER GROWTH OPPORTUNITIES FUND
THE MUNDER EQUITY SELECTION FUND
THE MUNDER FRAMINGTON GLOBAL
FINANCIAL SERVICES FUND
<PAGE>
"It is this type of focus
that we value: focused
investors and focused fi-
nancial consultants,
coupled with a fund fam-
ily that provides di-
sicipled investments
styles."
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. We are pleased to be able to present this
information and report to you the activities of The Munder Family of Mutual
Funds.
As I am sure you all are aware, the last half of 1998 was quite rocky for the
stock markets here in the U.S. and around the world. The correction that
occurred in the third quarter was quite a test for many investors. Even
though it was fairly short lived, it was much more severe than any such
correction we have seen in several years. I am pleased to say that most
investors maintained their focus and rode out the ups and downs of the
market. Those that did were rewarded as they recovered much of their paper
losses by the end of October.
It is this type of focus that we value: focused investors and focused
financial consultants, coupled with a fund family that provides disciplined
investment styles. Our various funds provide you with exposure to specific
parts of the market in a very disciplined manner.
As you are likely well aware, the last few years have seen the stock market
dominated by the largest companies, similar to the nifty fifty phenomenon of
the 1970's. November and December saw the market broaden out to provide some
much welcome relief to small cap stocks. We are encouraged that the market is
finally beginning to recognize the value that small cap stocks bring, and we
believe that the economic conditions favor increased emphasis on these
securities.
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
<PAGE>
EQ-SEL
Table of
Contents
FUNDS OVERVIEW
iii Munder Equity Selection Fund
iv Munder Framlington Global Financial Services Fund
iv Munder Growth Opportunities Fund
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
- -----------------------------------------------------------------------------
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.
<PAGE>
Management's Discussion and
Analysis of Fund Operations
The Investment Environment
Although economic growth continued to be robust through the fourth
calendar quarter of 1998, there were increasing signs of slower growth in the
quarters to come. Consumer demand remained one of the key sources of economic
strength. This demand was supported by growth in employment and income as
well as high levels of consumer confidence and net financial assets. Business
investment in plant and equipment, especially in high tech equipment,
continued to be another area of strength.
Moderation in growth is coming largely through the effects of the
financial crisis in many of the emerging markets, including Southeast Asia.
U.S. companies involved in trade with that region have experienced falling
exports, increased competition from imports, reduced sales and earnings and
weaker pricing power. The net effect of global financial turmoil can be seen
in the significant increase in the U.S. trade deficit. Declining exports and
increasing imports should result in a moderation of overall demand and
production in the U.S. economy, even if domestic demand remains strong.
Inflation remained subdued throughout the fourth quarter of 1998 and
for 1998 as a whole. It is currently estimated that inflation for 1998, as
measured by the Consumer Price Index, will be approximately 1.6%. This is
lower than last year's increase of 2.3%. A significant decline in commodity
prices, including the price of oil, is one reason for the continuing
improvement in inflation. With commodity prices already so low, many analysts
anticipate that there will be some increase in inflation in 1999 but nothing
significantly above a range of 2.00% to 2.5%. Continued moderation in
inflation would give the Federal Reserve important latitude in
decision-making during the year to come. In fact we have already seen in
early February 1999 that even though there is debate, the Federal Reserve has
chosen to leave interest rates alone again.
The Financial Markets
At the time of our last financial report to shareholders at June 30,
1998, the markets had experienced a period of strength and were showing early
signs of the weakness that would rock the markets in August, September and
early October of 1998. Since that time, both the stock and bond market
experienced significant volatility during 1998. The currency and financial
problems in Southeast Asia, which negatively impacted the economies of
Thailand, Korea and Indonesia in late 1997, moved to Russia and then Latin
America in 1998. The financial turmoil overseas, impeachment proceedings here
in the U.S., severe difficulties experienced by hedge funds and the discovery
of more bad loans by domestic and foreign banks contributed to market
volatility. Given the increasingly global nature of the financial markets,
fear of where problems would surface next resulted in the most significant
flight to liquidity in financial market history. Market speculators placed a
premium on securities that could be sold quickly if necessary. In the stock
market, liquidity was equated with size. In the bond market, liquidity meant
U.S. Treasury bonds.
The Stock Market
The S&P 500 Index generated a total return of 9.22% for the second half
of 1998, although this overall return was masked by significant volatility.
The S&P 500 Index's third quarter of 1998 return was -9.95 while its fourth
quarter 1998 return was 21.30%. The fourth quarter return was its strongest
quarterly return since the first quarter of 1987. The market broadened during
the fourth quarter, which helped the performance of smaller capitalization
stocks. For the quarter as a whole, however, large company stocks continued
to generate the strongest returns. As an example,
<PAGE>
the Russell 2000 Index, which is dominated by small company stocks, generated
a return of 16.31% for the fourth quarter and -2.54% for the year ended
December 31, 1998. This was a robust absolute return but significantly lower
than the 21.3% quarterly return and 28.57% annual return for the larger
capitalization S&P 500 Index. In fact, the fourth quarter was the fifth
consecutive quarter, and the ninth out of the last 10 quarters, in which the
S&P 500 Index outperformed the Russell 2000 Index. Over that 2-1/2 year
period of time, the S&P 500 Index has earned a return approximately 65%
higher than the Russell 2000 Index.
It is also interesting to note that, although the S&P 500 produced a
return of 28.57% for 1998, over 40% of the stocks in that universe actually
posted negative returns. In other words, a handful of very large companies
produced sizable returns while the rest of the stock market produced
lackluster or negative returns. The market's message was loud and clear: in
time of uncertainty and volatility, speculators will pay large premiums for
stocks that are liquid -- easy to buy and sell.
For investors with a disciplined approach to buying and selling stocks,
it was frustrating to see the market continue to focus primarily on size.
Over the long term, however, and stock investors by definition are long-term
investors, fundamentals such as earnings growth, low debt, high return on
equity and reasonable valuation should determine the performance of a stock.
Over the past few years, the market has been reminiscent of the early 1970s
when returns from a group of large capitalization stocks known as the "nifty
fifty" far outpaced the rest of the market and virtually all measures of
reasonable valuation. It is important to note that the "nifty fifty" then
dramatically underperformed the market during a subsequent 15 year period. We
believe that the Federal Reserve's commitment to providing liquidity will
encourage investors to once again focus on the fundamentals of a company
rather than simply its size.
The following paragraphs detail the performance of three 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 EQUITY SELECTION FUND
Fund Manager: The Equity Selection Fund Committee
The Fund began operation on November 11, 1998. For December, the Fund's
first full month of operation, the Fund exhibited a return of 7.31% relative
to the 6.21% average return for the Lipper universe of growth stock mutual
funds and the 5.76% return for the S&P 500 Index.
The Fund is an actively managed sector neutral fund. This means that
the weight of each of the economic sectors in the Fund is set equal to its
corresponding weight in the S&P 500 Index. Munder Capital equity research
analysts choose what they believe to be the strongest stock candidates within
each economic sector. The stocks chosen may or may not be stocks that are
included in the S&P 500 Index. Therefore, while the sector weightings in the
Fund are set equal to those of the S&P 500 universe, the Fund is not an index
fund.
The Equity Selection Fund Committee is responsible for determining the
market capitalization and style tilt of the Fund. Each stock, however, must
have a market capitalization of $1 billion or more at the time of purchase.
The Fund is currently tilted toward large cap growth stocks.
Strong stock selection boosted the Fund's returns for December. In
addition, the Fund benefited from its large cap bias and from its tilt toward
growth stocks. The top performing sectors, in terms of both stock selection
and sector performance, were technology (Microsoft, Lucent,
<PAGE>
Compaq), communication services (MCI WorldCom, BellSouth) and consumer
cyclicals (Home Depot). On the basis of stock selection alone, the strongest
sectors were consumer cyclicals, financials, technology, capital goods,
healthcare and basic materials.
MUNDER FRAMLINGTON GLOBAL FINANCIAL SERVICES FUND
Fund Manager: The Munder Framlington Global Financial Services Fund Committee
The Fund earned a return of -1.18% for the six-month period ended
December 31, 1998 relative to the -2.32% average return for the Lipper
universe of international equity mutual funds.
December, 1998 was a mixed month for financial stocks as investors
struggled with the conflict between the good news of lower interest rates and
the bad news of slower economic growth, particularly in Japan and, to some
extent, across Europe. Renewed concern over liabilities in the more
problematic emerging markets also served to hurt the performance of some
large European banks.
Even in this environment, the Fund showed a strong positive return for
the fourth quarter of 1998. This reinforces our belief that there are quality
financial companies trading at reasonable prices. The financial consolidation
story across Europe remains intact and continues to offer attractive
investment opportunities.
While we would like to have some representation in Japanese financial
institutions, however, the financial sector in that country still awaits
much-needed reform. As a result, the Fund remains overweighted in the United
States and Europe.
MUNDER GROWTH OPPORTUNITIES FUND
Fund Manager: The Munder Growth Opportunities Fund Committee
The Fund began operation on June 24, 1998. The Fund earned a return of
- -3.64% for the six- month period ended December 31, 1998, relative to the
0.71% average return for the Lipper universe of mid-capitalization mutual
funds. The strongest performing sectors in the Fund during the fourth quarter
of 1998 included technology and retail. The Fund's healthcare holdings, which
performed well early in the fourth quarter, slightly underperformed the
overall mid-cap market during the fourth quarter as investors returned to
larger capitalization healthcare names. Although the Fund was underweighted
in the energy sector, its energy holdings still detracted from performance
during the quarter.
During the fourth quarter of 1998, many new names were added to the
portfolio in order to broaden the Fund's diversification. Many of the new
additions, most of them purchased in mid- November, were among the strongest
performers in the Fund. We continue to focus on holdings in the larger
capitalization ranges of the mid-cap segment of the market. We believe that,
as the market broadens out, high quality mid-cap stocks will show strong
relative returns.
<PAGE>
Munder Equity Selection Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
- -----------------------------------------------------------------------------
Shares Value
- ------ -----
COMMON STOCKS -- 98.1%
Advertising -- 0.9%
1,000 Interpublic Group of Companies,
Inc. $ 79,750
--------------
Aerospace -- 1.5%
1,300 General Dynamics Corporation 76,213
600 Lockheed Martin Corporation 50,850
--------------
127,063
Automobiles -- 0.7%
597 Daimler Chrysler AG, Stuttgart + 57,349
--------------
Banks -- 7.4%
1,400 Bank One Corporation 71,488
1,700 Charter One Financial, Inc. 47,175
1,400 Chase Manhattan Corporation 95,287
1,300 First Union Corporation 79,056
1,900 Fleet Financial Group, Inc. 84,906
400 Mellon Bank Corporation 27,500
800 National City Corporation 58,000
1,400 PNC Bank Corporation 75,775
2,600 U.S. Bancorp 92,300
--------------
631,487
Building Materials -- 0.4%
1,200 Masco Corporation 34,500
--------------
Business Services -- 0.4%
400 Automatic Data Processing, Inc. 32,075
--------------
Chemicals and Plastics -- 3.3%
1,700 Air Products & Chemicals, Inc. 68,000
800 dupont (E.I.) de Nemours &Company 42,450
1,200 Ecolab, Inc. 43,425
1,900 Monsanto Company 90,250
1,400 Morton International, Inc. 34,300
--------------
278,425
Computer Hardware, Software or Services -- 11.1%
1,000 3COM Corporation + 44,812
1,100 CISCO Systems, Inc. + 102,094
2,100 Compaq Computer Corporation 88,069
900 Compuware Corporation + 70,312
1,000 Dell Computer Corporation + 73,187
600 Hewlett Packard Company 40,988
800 International Business Machines
Corporation 147,800
2,100 Microsoft Corporation + 291,244
1,000 Oracle Systems Corporation + 43,125
1,300 Seagate Technologies, Inc. + 39,325
---------------
940,956
Cosmetics -- Toiletry -- 0.3%
500 Avon Products Inc. 22,125
---------------
Diversified -- 5.2%
2,800 General Electric Company 285,775
2,100 Tyco International Ltd. 158,419
---------------
444,194
Diversified Commercial Services -- 0.6%
700 Cintas Corporation 49,306
---------------
Entertainment -- 0.9%
1,300 Time Warner, Inc. 80,681
---------------
Environmental Services -- 0.3%
600 Waste Management, Inc. 27,975
---------------
Financial Services -- 5.7%
2,600 Associates First Capital
Corporation 110,175
1,200 Countrywide Credit Industries 60,225
1,000 Federal Home Loan Mortgage
Corporation 64,437
800 Federal National Mortgage
Association 59,200
800 Morgan Stanley, Dean Witter,
Discover and Company 56,800
850 Providian Financial 63,750
2,100 The CIT Group, Inc. 66,806
---------------
481,393
Food & Beverages -- 8.0%
1,300 Anheuser-Busch Companies,
Inc. 85,313
2,700 ConAgra, Inc. 85,050
1,100 General Mills, Inc. 85,525
3,200 Nabisco Holdings Corporation 132,800
4,800 PepsiCo, Inc. 196,500
1,400 Sara Lee Corporation 39,463
600 Wrigley (Wm) Jr. Company 53,737
---------------
678,388
See Notes to Financial Statements
<PAGE>
Munder Equity Selection Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
(Continued)
- ----------------------------------------------------------------------------
Shares Value
- ------ -----
COMMON STOCKS -- (Continued)
Health Care -- 9.2%
2,600 Abbott Laboratories $ 127,400
1,200 American Home Products
Corporation 67,575
1,200 Amgen, Inc. + 125,475
1,100 Merck & Company, Inc. 162,456
2,400 Schering-Plough Corporation 132,600
1,100 Smithkline Beecham Group Plc,
ADR 76,450
1,200 Warner-Lambert Company 90,225
--------------
782,181
Healthcare-- Instruments, Service, and Supplies-- 2.3%
400 Baxter International Inc. 25,725
300 Cardinal Health Inc. 22,762
3,300 HEALTHSOUTH Corporation + 50,944
800 Medtronic Inc. 59,400
500 St. Jude Medical, Inc. + 13,844
1,000 Tenet Healthcare Corporation + 26,250
--------------
198,925
Home Appliances -- 0.7%
1,000 Maytag Corporation 62,250
--------------
Home Furnishings and Housewares -- 1.7%
1,600 Leggett & Platt, Inc. 35,200
3,400 Rubbermaid, Inc. 106,888
--------------
142,088
Hotels and Restaurants -- 1.0%
1,100 McDonald's Corporation 84,288
--------------
Insurance -- 2.4%
1,700 Allstate Corporation 65,663
800 American International Group, Inc. 77,300
1,300 Reliastar Financial Corporation 59,963
--------------
202,926
Manufacturing -- 0.9%
1,200 Pall Corporation 30,375
400 United Technologies Corporation 43,500
--------------
73,875
Natural Gas -- 0.4%
600 Enron Corporation 34,238
--------------
Petroleum -- Integrated -- 4.1%
900 British Petroleum Company Plc,
ADR 85,500
1,200 Mobil Corporation 104,550
2,000 Texaco, Inc. 105,750
1,800 USX-Marathon Group 54,225
---------------
350,025
Petroleum -- Service and Equipment -- 1.8%
900 Burlington Resources, Inc. 32,231
1,100 Halliburton Company 32,587
1,700 Total SA 84,575
---------------
149,393
Printing and Publishing -- 0.2%
200 McGraw-Hill, Inc. 20,375
---------------
Railroad -- 0.5%
900 Union Pacific Corporation 40,556
---------------
Retail -- Drug Store -- 0.8%
1,200 Walgreen Company 70,275
---------------
Retail Grocery -- 0.5%
700 Safeway, Inc. + 42,656
---------------
Retail -- Store -- 5.1%
900 Costco Companies, Inc. + 64,969
1,300 Dayton Hudson Corporation 70,525
1,400 Home Depot, Inc. 85,662
1,000 Staples, Inc. + 43,687
2,100 Wal-Mart Stores, Inc. 171,019
---------------
435,862
Semiconductors -- 5.1%
800 Altera Corporation + 48,700
1,000 Applied Materials + 42,687
1,500 Intel Corporation 177,844
600 Linear Technology Corporation 53,738
1,000 Teradyne, Inc. + 42,375
800 Texas Instruments, Inc. 68,450
---------------
433,794
See Notes to Financial Statements
<PAGE>
Munder Equity Selection Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
(Continued)
Shares Value
- ------ -----
COMMON STOCKS -- (Continued)
Telecommunications -- 8.5%
1,400 ALLTEL Corporation $ 83,738
1,400 AT & T Corporation 105,350
1,800 BellSouth Corporation 89,775
1,900 Frontier Corporation 64,600
1,800 GTE Corporation 117,000
1,800 MCI WorldCom, Inc. + 129,150
2,400 SBC Communications 128,700
--------------
718,313
Telecommunications Equipment -- 1.5%
800 Lucent Technologies, Inc. 88,000
300 Nokia Oyj, ADR 36,131
--------------
124,131
Tobacco -- 2.0%
3,100 Philip Morris Companies, Inc. 165,850
--------------
Utilities -- 2.7%
700 Duke Energy Company 44,844
2,000 Edison International 55,750
500 New Century Energies, Inc. 24,375
1,400 PECO Energy Company 58,275
1,700 Southern Company 49,406
--------------
232,650
TOTAL COMMON STOCKS
(Cost $7,632,424) 8,330,318
--------------
Principal
Amount Value
- --------- -----
REPURCHASE AGREEMENT -- 2.1%
(Cost $176,000)
$176,000 Agreement with State Street
Bank and Trust Company, 4.850%
dated 12/31/1998, to be repurchased at
$176,095 on 01/04/1999, collateralized
by $150,000 U.S. Treasury Note,
7.250% maturing 05/15/2016
(value $183,374) 176,000
--------
TOTAL INVESTMENTS
(Cost $7,808,424*) 100.2% 8,506,318
------------
OTHER ASSETS AND
LIABILITIES (Net) (0.2) (13,152)
----- ------------
NET ASSETS 100.0% $8,493,166
========= ==========
[FN]
- ---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
ABBREVIATION:
ADR - American Depository Receipt
See Notes to Financial Statements
<PAGE>
Munder Framlington Global Financial Services Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 90.0%
Austria -- 0.9%
425 Erste Bank DerOesterreichischen
Sparkassen AG $ 22,746
-------------
Belgium -- 1.0%
315 KBC Bancassurance Holding NV 24,785
--------------
Denmark -- 0.4%
202 Kapital Holding 9,998
--------------
Finland -- 2.3%
500 Pohjola Group Insurance Corporation 27,260
750 Sampo Insurance Company Ltd. 28,462
--------------
55,722
France -- 4.1%
220 AXA Company 31,873
300 Banque Nationale de Paris 24,693
230 Banque Paribas 19,981
375 Scor 24,783
--------------
101,330
Germany -- 3.5%
300 Bayerische Vereinsbank AG 23,491
1,200 BHW Holding AG 19,441
435 Dresdner Bank AG 18,270
50 MunchenerRuckversicherungs + 24,301
--------------
85,503
Ireland -- 0.6%
1,500 Irish Life Plc 14,155
--------------
Italy -- 6.3%
1,350 1st Banco S. Paolo 23,841
4,300 Banca Fideuram SpA 30,701
1,500 Banca Nazionale delLavoro (BNL) + 4,486
1,350 Banca Popolare Commercioe Industria 27,066
12,500 Banco di Roma, SpA + 21,168
4,500 Credito Italiano SpA + 26,658
3,000 Mediolanum SpA 22,226
--------------
156,146
Japan -- 2.5%
1,200 Credit Saison Company Ltd. 29,562
300 Nichiei Company Ltd. 23,883
1,000 Nomura Securities Company Ltd. 8,713
--------------
62,158
Netherlands -- 3.4%
1,050 ABN AMRO Holdings 22,077
1,000 ING Groep NV 60,946
---------------
83,023
Norway -- 0.8%
6,000 Den Norske Bank ASA 20,767
---------------
Portugal -- 2.5%
825 Banco CommercialPortugues,
SA (BCP) 25,375
1,750 Banco Mello SA 19,484
500 Companhia de Seguros
Tranquilidade 15,965
60,824
Spain -- 2.9%
750 Catalana Occidente SA 19,526
1,200 Corporacion Bancaria deEspana SA 31,030
525 Mapfre Vida Seguros 19,726
---------------
70,282
Sweden -- 2.9%
850 ForeningsSparbanken AB 21,970
3,400 Nordbanken Holding AB 21,761
1,750 Skandia Forsakrings AB 26,708
---------------
70,439
Switzerland -- 4.1%
30 Schweizerische Lebensversicherungs-
und Rentenanstalt 22,275
150 UBS AG 46,080
35 Verwaltungs-und Privat-Bank AG 32,995
---------------
101,350
United Kingdom -- 14.1%
1,000 Abbey National Plc 21,283
1,000 Allied Zurich Plc + 15,027
600 Barclays Bank Plc 13,009
3,500 Benfield & Rea Investment Trust Plc 6,745
600 CGU Plc 9,460
3,300 GoshawK InsuranceHoldings Plc 6,442
3,000 Grantchester Holdings Plc 6,978
1,500 Guardian Royal ExchangePlc 8,398
900 HSBC Holdings Plc 24,792
950 Liberty International Holdings Plc 7,213
2,500 Limit Plc 6,812
2,500 Lloyds TSB Group Plc 35,596
4,500 London Scottish Bank Plc 9,626
See Notes to Financial Statements.
<PAGE>
Munder Framlington Global Financial Services Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
(Continued)
Shares Value
- ------ -----
COMMON STOCKS -- (Continued)
500 M & G Group Plc $ 12,419
2,500 Man (E D & F) Group Plc 14,537
1,500 Milner Estates Plc 5,358
750 National Westminster Bank Plc 14,517
1,500 Northern Rock Plc 13,981
2,500 Norwich Union Plc 18,192
2,200 Paragon Group Companies Plc 5,519
1,400 Prudential Corporation Plc 21,356
15,000 Rea Brothers Group Plc 10,218
1,600 Royal & Sun Alliance Insurance
Group Plc 13,025
500 Schroders Plc 9,129
700 Secure Trust Group Plc 6,745
2,300 Shaftesbury Plc 6,706
1,300 Standard Chartered Plc 15,076
1,650 Woolwich Plc 9,732
--------------
347,891
United States -- 37.7%
550 Ace Ltd. 18,941
500 Allstate Corporation 19,312
1,200 Associates First Capital Corporation 50,850
767 Bank One Corporation 39,165
692 Centennial Bancorp 12,975
1,392 Charter One Financial, Inc. 38,628
200 Chase Manhattan Corporation 13,613
750 Countrywide Credit Industries 37,641
1,200 ESG Re Ltd. 24,300
750 Federal Home Loan Mortgage
Corporation 48,328
400 Federal National Mortgage Association 29,600
1,200 Federated Investors, Inc. 21,750
500 Finova Group, Inc. 26,969
700 First Union Corporation 42,569
500 Flagstar Bancorp, Inc. 13,063
1,200 Fleet Financial Group, Inc. 53,625
1,450 Litchfield Financial Corporation 27,550
250 MBIA, Inc. 16,391
350 Mellon Bank Corporation 24,062
500 National City Corporation 36,250
700 North ForkBancorporation, Inc. 16,756
450 Peoples Heritage Financial Group, Inc. 9,000
1,000 Prosperity Bancshares, Inc. 12,375
900 Provident Companies, Inc. 37,350
300 ReliaStar Financial Corporation 13,838
400 SIS Bancorp, Inc. 18,100
1,350 Southwest Bancorporation of Texas,
Inc. + 24,131
1,300 Sovereign Bancorp, Inc. 18,525
200 State Street Corporation 13,912
1,900 Stirling Cooke Brown Holdings Ltd. 33,012
1,400 The CIT Group, Inc. 44,537
800 Torchmark Corporation 28,250
1,000 U.S. Bancorp 35,500
665 West Coast Bancorp 13,965
800 Willis Lease Finance Corporation + 12,600
--------------
927,433
TOTAL COMMON STOCKS
(Cost $2,092,517) 2,214,552
---------------
PREFERRED STOCKS -- 1.1%
(Cost $24,366)
Germany -- 1.1%
50 Marshchollek, Lautenschlaeger
und Partner AG 28,501
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 9.7%
(Cost $239,000)
$239,000 Agreement with State Street
Bank and Trust Company, 7.250%
dated 12/31/1998, to be repurchased
at $239,129 on 01/04/1999, collateralized
by $200,000 U.S. Treasury Bond, 7.250%
maturing 05/15/2016
(value $244,499) 239,000
TOTAL INVESTMENTS
(Cost $2,355,883*) 100.8% 2,482,053
OTHER ASSETS AND
LIABILITIES (Net) (0.8) (20,669)
----- -----------
NET ASSETS 100.0% $2,461,384
===== ==========
- ---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
See Notes to Financial Statements
<PAGE>
Munder Framlington Global Financial Services Fund
Portfolio of Investments, December 31, 1998
(continued)
- ----------------------------------------------------------------------------
At December 31, 1998 sector diversification of the Munder Framlington Global
Financial Services Fund was as follows:
% of
Net Assets Value
---------- -----
COMMON STOCKS:
Banking & Financial Services ..... 46.9% $ 1,153,886
Insurance ........................ 21.8 537,140
Financial Services ............... 15.8 388,004
Savings & Loan ................... 3.9 97,316
Real Estate ...................... 0.8 19,042
Investment Companies ............. 0.8 19,164
----- -----------
TOTAL COMMON STOCKS .............. 90.0 2,214,552
TOTAL PREFERRED STOCK ............ 1.1 28,501
REPURCHASE AGREEMENT ............. 9.7 239,000
----- -----------
TOTAL INVESTMENTS ................ 100.8 2,482,053
OTHER ASSETS AND LIABILITIES (Net) (0.8) (20,669)
===== ===========
NET ASSETS ....................... 100.0% $ 2,461,384
===== ===========
See Notes to Financial Statements
<PAGE>
Munder Growth Opportunities Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
Shares Value
- ------ -----
COMMON STOCKS -- 98.6%
Advertising -- 1.2%
900 HA-LO Industries, Inc. + $ 33,863
-------------
Automobile Parts & Equipment -- 2.4%
2,800 Tower Automotive, Inc. + 69,825
--------------
Banking and Financial Services -- 5.7%
1,922 Charter One Financial, Inc. 53,335
800 First American Corporation 35,500
950 Mercantile Bankshares Corporation 36,575
1,000 Southtrust Corporation 36,938
--------------
162,348
Broadcasting -- 2.0%
1,500 Meredith Corporation 56,813
--------------
Chemicals -- 3.3%
3,200 Crompton & Knowles Corporation 66,200
650 Minerals Technologies Inc. 26,609
--------------
92,809
Commercial Services -- 3.9%
500 Cintas Corporation 35,219
1,350 Metamor Worldwide, Inc. + 33,750
1,850 Stewart Enterprises Inc. 41,162
--------------
110,131
Computer Hardware, Software or Services-- 18.8%
1,850 Affiliated Computer Services, Inc. + 83,250
2,150 BA Merchants Services, Inc. + 43,269
700 Compuware Corporation + 54,687
1,300 Concord EFS, Inc. + 55,087
950 Electronic Arts + 53,319
1,050 Fiserv, Inc. + 54,009
900 HNC Software, Inc. + 36,394
800 Network Appliance, Inc. + 36,000
1,300 Sterling Commerce, Inc. + 58,500
1,600 Sun Guard Data Systems + 63,500
--------------
538,015
Construction Materials -- 3.2%
800 Martin Marietta Materials, Inc. 49,750
700 Southdown, Inc. 41,431
--------------
91,181
Distributors -- 1.2%
1,900 VWR Scientific Products
Corporation + 33,013
Diversified -- 2.7%
1,500 Carlisle Companies, Inc. 77,437
---------------
Electric Utilities -- 3.5%
1,600 DPL, Inc. 34,600
900 Idacorp, Inc. 32,569
1,100 NIPSCO Industries, Inc. 33,481
---------------
100,650
Electrical Equipment -- 1.6%
950 American Power Conversion
Corporation + 46,016
Electronics -- 3.1%
700 L-3 Communications Holding, Inc. + 32,594
550 Lexmark International Group, Inc. + 55,275
87,869
Financial Services -- 4.6%
1,300 Countrywide Credit Industries 65,244
1,200 Finova Group, Inc. 64,725
---------------
129,969
Food & Beverages -- 2.7%
1,600 United States Foodservice + 78,400
---------------
Health Care Products -- 2.4%
500 Elan Corporation Plc, ADR + 34,781
800 Patterson Dental Company + 34,800
---------------
69,581
Insurance -- 5.5%
800 Ambac Financial Group, Inc. 48,150
1,150 Nationwide Financial Services, Inc. 59,441
800 Reinsurance Group of America, Inc. 48,600
---------------
156,191
Leisure Time Products -- 1.7%
1,000 Harley Davidson, Inc. 47,375
---------------
Machinery -- Tools -- 2.4%
1,850 Applied Power, Inc. 69,837
---------------
Medical Instruments & Supplies -- 3.1%
1,000 Biomet, Inc. 40,250
1,700 Covance, Inc. + 49,512
---------------
89,762
See Notes to Financial Statements.
<PAGE>
Munder Growth Opportunities Fund
Portfolio of Investments, December 31, 1998 (Unaudited)
(Continued)
Shares Value
- ------ -----
COMMON STOCKS -- (Continued)
Medical Services -- 3.4%
1,200 HBO & Company $ 34,425
2,150 Total Renal Care Holdings, Inc. + 63,559
-----------
97,984
Oil Equipment & Services -- 1.3%
600 Diamond Offshore Drilling, Inc. 14,213
900 Transocean Offshore Inc. 24,131
--------------
38,344
Precision Instrumentation -- 2.4%
800 Waters Corporation + 69,800
--------------
Real Estate -- 2.7%
1,700 Duke Realty Investments, Inc. 39,525
1,100 Sun Communities, Inc. 38,294
--------------
77,819
Retail -- 5.1%
2,000 Intimate Brands, Inc. 59,750
800 O'Reilly Automotive, Inc. + 37,800
1,300 Office Depot, Inc. + 48,019
--------------
145,569
Telecommunications -- 7.0%
1,150 ALLTEL Corporation 68,784
1,300 Century Telephone Enterprises Inc. 87,750
800 Gilat Satellite Networks Ltd., ADR + 44,100
200,634
Transportation -- Trucking -- 1.7%
1,700 Swift Transportation Co., Inc. + 47,654
--------------
TOTAL COMMON STOCKS
(Cost $2,553,732) 2,818,889
--------------
REPURCHASE AGREEMENT -- 4.9%
(Cost $141,000)
$141,000 Agreement with State Street
Bank and Trust Company, 4.850% dated
12/31/1998, to be repurchased at $141,076
on 01/04/1998, collateralized by $120,000
U.S. Treasury Bond, 7.250% maturing
05/15/2016 (value $146,699) $ 141,000
---------------
TOTAL INVESTMENTS
(Cost $2,694,732*) 103.5% 2,959,889
OTHER ASSETS AND
LIABILITIES (Net) (3.5) (99,784)
----- ----------------
NET ASSETS 100.0% $2,860,105
----- ----------------
- ---------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
See Notes to Financial Statements.
<PAGE>
The Munder Funds
Statements of Assets and Liabilities, December, 31, 1998 (Unaudited)
<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 ............................ $ 8,330,318 $ 2,243,053 $ 2,818,889
Repurchase Agreements ................. 176,000 239,000 141,000
----------- ----------- -----------
Total Investments ............................... 8,506,318 2,482,053 2,959,889
Cash ............................................ 544 906 595
Interest receivable ............................. 24 32 19
Dividends receivable ............................ 7,530 1,772 1,388
Receivable for investment securities sold ....... -- 21,241 71,579
Receivable for Fund shares sold ................. -- -- 10
Receivable from investment advisor .............. -- 10,223 4,586
Unamortized organization costs .................. -- 15,000 15,000
Prepaid expenses ................................ 25 962 1,675
----------- ----------- -----------
Total Assets .......................... 8,514,441 2,532,189 3,054,741
----------- ----------- -----------
LIABILITIES:
Payable for investment securities purchased ..... 13,780 47,814 176,912
Investment advisory fee payable ................. 4,664 1,493 1,717
Administration fee payable ...................... 663 -- 249
Transfer agent fee payable ...................... 181 252 22
Custodian fees payable .......................... 1,390 10,163 2,929
Accrued Trustees'/Directors' fees and expenses .. 38 4 5
Accrued expenses and other payables ............. 559 11,079 12,802
----------- ----------- -----------
Total Liabilities ..................... 21,275 70,805 194,636
----------- ----------- -----------
NET ASSETS ...................................... $ 8,493,166 $ 2,461,384 $ 2,860,105
=========== =========== ===========
Investments, at cost ............................ $ 7,808,424 $ 2,355,883 $ 2,694,732
=========== =========== ===========
NET ASSETS consist of:
Undistributed/(distribution in excess of)
net investment income ..................... $ 1,190 $ 2,126 $ (1,147)
Accumulated net realized gain/(loss) on
investments sold, forward foreign exchange
contracts, and currency transactions ...... 53,025 (53,733) (234,329)
Net unrealized appreciation of investments,
foreign currency and net other assets ..... 697,894 126,168 265,157
Par value ....................................... 763 2,449 2,965
Paid-in capital in excess of par value .......... 7,740,294 2,384,374 2,827,459
----------- ----------- -----------
Total Net Assets ........................... $ 8,493,166 $ 2,461,384 $ 2,860,105
=========== =========== ===========
SHARES OUTSTANDING .............................. 763,326 244,899 296,489
=========== =========== ===========
NET ASSET VALUE, offering and redemption
price per share .............................. $ 11.13 $ 10.05 $ 9.65
=========== =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Statements of Operations, Period Ended December 31, 1998 (Unaudited)
<TABLE>
<CAPTION>
Munder Munder Munder
Equity Framlington Global Growth
Selection Financial Services Opportunities
Fund (a) Fund Fund
--------- ------------------ -------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest ............................................... $ 5,594 $ 5,883 $ 4,709
Dividends (b) .......................................... 11,224 10,648 5,974
--------- --------- ---------
Total investment income ...................... 16,818 16,531 10,683
--------- --------- ---------
EXPENSES:
Investment advisory fee ................................ 7,106 7,694 7,621
Administration fee ..................................... 1,010 879 1,087
Transfer agent fee ..................................... 276 487 246
Custodian fees ......................................... 1,390 21,047 6,546
Legal and audit fees ................................... 136 89 83
Trustees'/Directors' fees and expenses ................. 38 39 37
Registration and filing fees ........................... -- 76 834
Other .................................................. 455 328 270
--------- --------- ---------
Total Expenses ............................... 10,411 30,639 16,724
Expenses reimbursed by investment advisor .............. -- (18,840) (5,047)
--------- --------- ---------
Net Expenses ................................. 10,411 11,799 11,677
--------- --------- ---------
NET INVESTMENT INCOME/(LOSS) ........................... 6,407 4,732 (994)
--------- --------- ---------
NET REALIZED AND UNREALIZED GAIN/(LOSS)
ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ............................. 53,025 (52,890) (234,329)
Forward foreign exchange contracts ................ -- (1,115) --
Foreign currency transactions ..................... -- 272 --
Net change in unrealized appreciation/(depreciation) of:
Securities ........................................ 697,894 91,044 262,543
Forward foreign exchange contracts ................ -- 1,684 --
Foreign currency and net other assets ............. -- (1,626) --
--------- --------- ---------
Net realized and unrealized gain on investments ........ 750,919 37,369 28,214
--------- --------- ---------
NET INCREASE IN NET ASSETS RESULTING
FROM OPERATIONS ................................... $ 757,326 $ 42,101 $ 27,220
========= ========= =========
<FN>
- ---------
(a) The Munder Equity Selection Fund commenced operations on November 11,
1998.
(b) Net of foreign withholding taxes of $967 for the Munder Framlington
Global Financial Services Fund.
See Notes to Financial Statements.
<PAGE>
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31, 1998
(Unaudited)
</TABLE>
<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) ........................... $ 6,407 $ 4,732 $ (994)
Net realized gain/(loss) on investments sold,
forward foreign exchange contracts
and foreign currency transactions ................. 53,025 (53,733) (234,329)
Net change in unrealized appreciation of
investments ....................................... 697,894 91,102 262,543
----------- ----------- -----------
Net increase in net assets resulting from operations ... 757,326 42,101 27,220
Distributions to shareholders from net investment income (5,217) (3,977) (968)
Net increase in net assets from Fund share transactions 7,741,057 588,938 1,261,035
----------- ----------- -----------
Net increase in net assets ............................. 8,493,166 627,062 1,287,287
NET ASSETS:
Beginning of Period .................................... -- 1,834,322 1,572,818
----------- ----------- -----------
End of Period .......................................... $ 8,493,166 $ 2,461,384 $ 2,860,105
=========== =========== ===========
Undistributed/(distribution in excess of) net
investment income ................................. $ 1,190 $ 2,126 $ (1,147)
=========== =========== ===========
<FN>
- ---------
(a) The Munder Equity Selection Fund commenced operations on November 11,
1998.
See Notes to Financial Statements.
</TABLE>
<PAGE>
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 loss ......................................... $ 1,077 $ 815
Net realized gain/(loss) on investments sold, forward foreign
exchange contracts and foreign currency transactions ... (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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
Munder Equity Selection Fund (a)
Financial Highlights, For a Share Outstanding Throughout The Period
Period
Ended
12/31/98
(Unaudited)
-----------
Net asset value, beginning of period........................ $10.00
------
Income from investment operations:
Net investment income....................................... 0.01
Net realized and unrealized gain on investments............. 1.13
------
Total from investment operations............................ 1.14
------
Less distributions:
Distributions from net investment income.................... (0.01)
-------
Total distributions......................................... (0.01)
-------
Net asset value, end of period.............................. $11.13
======
Total return (b)............................................ 11.39%
======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)........................ $8,493
Ratio of operating expenses to average net assets........... 1.06%(c)
Ratio of net investment income to average net assets........ 0 .65%(c)
Ratio of operating expenses to average net assets
without expenses reimbursed.............................. 1.06%(c)
Portfolio turnover.......................................... 20%
- ---------
(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.
<PAGE>
Munder Framlington Financial Services Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Y Shares
-----------------------
Period
Ended Period
12/31/98 Ended
(Unaudited) 6/30/98
----------- -------
<S> <C> <C>
Net asset value, beginning of period............................... $10.19 $10.00
------ ------
Income from investment operations:
Net investment income.............................................. 0.02 0.01
Net realized and unrealized gain/(loss) on investments............. (0.14) 0.18
------ ------
Total from investment operations................................... (0.12) 0.19
------ ------
Less distributions:
Dividends from net investment income............................... (0.02) --
------ ------
Total distributions................................................ (0.02) --
------ ------
Net asset value, end of period..................................... $10.05 $10.19
====== ======
Total return (b)................................................... (1.18)% 1.90%
====== ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's)............................... $2,461 $ 1,834
Ratio of operating expenses to average net assets.................. 1.15%(c) 1.14%(c)
Ratio of net investment income/(loss) to average net assets........ 0.46%(c) 3.60%(c)
Portfolio turnover rate............................................ 34% 0%
Ratio of operating expenses to average net assets
without expenses reimbursed................................... 2.99%(c) 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.
See Notes To Financial Statements.
</TABLE>
<PAGE>
Munder Growth Opportunities Fund (a)
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
Y Shares
--------
Period
Ended Period
12/31/98 Ended
(Unaudited) 6/30/98
----------- -------
<S> <C> <C>
Net asset value, beginning of period ...................... $ 10.02 $ 10.00
--------- ---------
Income from investment operations:
Net investment income ..................................... (0.00)(d) 0.01
Net realized and unrealized gain/(loss) on investments .... (0.37) 0.01
--------- ---------
Total from investment operations .......................... (0.37) 0.02
--------- ---------
Less distributions:
Dividends from net investment income ...................... (0.00)(d) --
--------- ---------
Total distributions ....................................... (0.00) --
--------- ---------
Net asset value, end of period ............................ $ 9.65 $ 10.02
========= =========
Total return (b) .......................................... (3.64)% 0.20%
========= =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ...................... $ 2,860 $ 1,573
Ratio of operating expenses to average net assets ......... 1.15%(c) 1.15%(c)
Ratio of net investment income/(loss) to average net assets (0.10)%(c) 3.18%(c)
Portfolio turnover rate ................................... 42% 0%
Ratio of operating expenses to average net assets
without expenses reimbursed .......................... 1.64%(c) 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.
See Notes to Financial Statements.
</TABLE>
<PAGE>
The Munder Funds
Notes To Financial Statements, December 31, 1998
- ----------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
The Munder Funds, Inc. ("MFI") is registered under the Investment
Company Act of 1940, as amended, (the "1940 Act"), as an open-end investment
company, 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 investment company, and was organized as a
Massachusetts business trust on October 30, 1996. MFI and Framlington consist
of 18 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 offers five classes of shares - Class A, Class B, Class C,
Class K and Class Y Shares. At December 31, 1998, 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") under supervision of the Boards of Trustees and Directors.
Portfolio securities primarily traded on the London Stock Exchange are
generally valued at the mid-price between the current bid and asked prices.
Portfolio securities that are primarily traded on foreign securities
exchanges, other than the London Stock Exchange, are generally valued at the
preceding closing values of such securities on their respective exchanges,
except when an occurrence subsequent to the time a value was so established
is likely to have changed such value. In such an event, the fair value of
those securities will be determined through the consideration of other
factors by or under the direction of the Boards of Trustees and Directors.
Debt securities with remaining maturities of 60 days or less at the time of
purchase are valued on an amortized cost basis, unless the Boards of Trustees
and Directors determine that such valuation does not constitute fair value at
that time. Under this method such securities are valued initially at cost on
the date of purchase (or on the 61st day before maturity). Thereafter, a
constant proportionate amortization of any discount or premium is recorded
until maturity of the security.
Forward Foreign Currency Contracts: The Munder Framlington Global
Financial Services Fund may engage in forward foreign currency contracts in
an effort to reduce the level of volatility caused by changes in foreign
currency exchange rates. The Fund may use forward foreign currency contracts
to facilitate transactions in foreign securities and to manage a Fund's
currency exposure. Forward foreign currency contracts are valued at the
exchange rate and are marked-to-market daily. The change in market value is
recorded by the Fund as an unrealized gain or loss. When the contract is
closed, the Fund records a realized gain or loss equal to the difference
between the value of the contract at the time it was opened and the value at
the time it was closed.
<PAGE>
The Munder Funds
Notes To Financial Statements, December 31, 1998
(Continued)
- -----------------------------------------------------------------------------
The use of forward foreign currency contracts does not eliminate
fluctuations in the underlying prices of the Fund's securities, but it does
establish a rate of exchange that can be achieved in the future. Although
forward foreign currency contracts limit the risk of loss due to a decline in
the value of the hedged currency, they also limit any potential gain that
might result should the value of the currency increase. In addition, the Fund
could be exposed to risks if the counterparties to the contracts are unable
to meet the terms of their contracts.
Foreign Currency: The books and records of the Munder Framlington
Global Financial Services Fund are maintained in United States ("U.S.")
dollars. Foreign currencies, investments and other assets and liabilities are
translated into U.S. dollars at the exchange rates prevailing at the end of
the period. Purchases and sales of investment securities and items of income
and expense are translated on the respective dates of such transactions.
Unrealized gains and losses, not relating to securities, which result from
changes in foreign currency exchange rates have been included in the
unrealized appreciation/(depreciation) of foreign currency and net other
assets. Net realized foreign currency gains and losses resulting from changes
in exchange rates include foreign currency gains and losses between trade
date and settlement date on investment security transactions 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.
Future Contracts: Each Fund may enter into futures contracts for the
purpose of hedging against changes in the value of the portfolio securities
held and in the value of the securities it intends to purchase, or in order
to maintain liquidity. Upon entering into a futures contract, a Fund is
required to deposit with the broker an amount of cash or cash equivalents
equal to a certain percentage of the contract amount. This is known as the
"initial margin." Subsequent payments ("variation margin") are made or
received by the Fund each day, depending on the daily 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.
Options: Each Fund may write put or call options on securities they own
or have the right to acquire, and may purchase call or put options written by
others. Options may relate to individual securities, stock indices, foreign
currencies or futures contracts. The purchase of any of these instruments can
result in the loss on the investment in that particular instrument or, in the
case of writing covered options, can limit the opportunity to earn a profit
on the underlying security. The risk associated with purchasing an option is
that the Fund pays a premium whether or not the option is exercised.
Additionally, the Fund bears the risk of loss of premium and change in market
value should the counterparty not perform under the contract.
When a Fund purchases an option, the premium paid by the Fund is
recorded as an asset. When a Fund writes an option, an amount equal to the
premium received is recorded as a liability. The amount of this asset or
liability is adjusted daily to reflect the current market value of the
option. If an option purchased by the Fund expires unexercised, the Fund
realizes a loss equal to the premium paid. If the Fund enters into a closing
sale transaction on an option purchased by it, the Fund will recognize a gain
if the premium received by the Fund on the closing transaction exceeds the
premium paid to purchase the option. When an option written by the Fund
expires on its stipulated expiration date, the Fund realizes a gain equal to
the net premium received for the option. When the Fund enters into a closing
purchase transaction on an option written by it, the Fund realizes a gain or
loss equal to the difference between the cost of a closing purchase
transaction and the premium received when the call was written. If a written
call option is exercised, the premium is added to the proceeds from the sale
of the underlying security in determining whether the Fund has realized a
gain or loss. If a written put option is exercised, the premium reduces the
cost basis of the security purchased by the Fund.
<PAGE>
The Munder Funds
Notes To Financial Statements, December 31, 1998
(Continued)
- -----------------------------------------------------------------------------
Repurchase Agreements: The Funds may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the Fund
takes possession of an underlying debt obligation subject to an obligation of
the seller to repurchase, and the Fund to resell, the obligation at an
agreed-upon price and time, thereby determining the yield during the Fund's
holding period. This arrangement results in a fixed rate of return that is
not subject to market fluctuations during the Fund's holding period. The
value of the collateral is at least equal, at all times, to the total amount
of the repurchase obligations, including interest. In the event of
counterparty default, the Fund has the right to use the collateral to satisfy
the terms of the repurchase agreement. However, there could be potential loss
to the Fund in the event the Fund is delayed or prevented from exercising its
right to dispose of the collateral securities, including the risk of a
possible decline in the value of the collateral securities during the period
while the Fund seeks to assert its rights. The Advisor, acting under the
supervision of the Boards of Trustees and Directors, reviews the value of the
collateral and the creditworthiness of those banks and dealers with which a
Fund enters into repurchase agreements to evaluate potential risks.
Loans of Portfolio Securities: Each of the Funds may lend portfolio
securities, up to 25% of the value of a 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 Funds 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. 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 Funds are allocated to each Fund based on
relative net assets of each Fund. Operating expenses of each Fund directly
attributable to a class of shares are charged to that class' operations.
Expenses of each Fund not directly attributable to the operations of any
class of shares are prorated among the classes based on the relative average
net assets of each class.
Securities purchased or sold on a when-issued or delayed delivery basis
may be settled a month or more after the trade date. Interest income is not
accrued until settlement date. Each Fund instructs the custodian to segregate
assets in a separate account with a current value at least equal to the
amount of its when-issued purchase commitments.
Dividends and Distributions to Shareholders: Dividends from net
investment income, if any, are declared and paid at least annually. The
Fund's net realized capital gains (including net short-term capital gains),
if any, are declared and distributed at least annually. Distributions to
shareholders are recorded on the ex-dividend date.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments of income and gains on various investment securities
held by a Fund, timing differences and differing characterization of
distributions made by a Fund as a whole.
Federal Income Taxes: Each Fund intends to 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.
<PAGE>
The Munder Funds
Notes To Financial Statements, December 31, 1998
(Continued)
- -----------------------------------------------------------------------------
The Advisor voluntarily reimbursed certain expenses, payable by the
Funds, for the period ended December 31, 1998, as follows:
<TABLE>
<CAPTION>
Expenses Reimbursed
-------------------
<S> <C>
Munder Framlington Global Financial Services Fund..... $18,840
Munder Growth Opportunities Fund........................ 5,047
</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 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") increased its
ownership in the Advisor whereby it now owns approximately 88% of the
Advisor. Comerica is the custodian and provides certain shareholder services
to the Fund. Comerica does not receive compensation as custodian. As
compensation for the shareholder services provided to the Fund, Comerica
receives a fee of 0.01% of the aggregate average daily net assets of the Fund
beneficially owned by Comerica and its customers. Comerica earned $299 for
its shareholder services to the Funds for the period ended December 31, 1998.
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. 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 permits payments to be made
by the Funds to the Distributor for expenditures incurred by the Distributor
in connection with the distribution of Fund shares to investors and provision
of certain shareholder services (which include but are not limited to the
payment of compensation, including compensation to Service Organizations to
obtain various distribution related services for the Funds). The Funds have
also adopted Shareholder Servicing Plans (the "Class K Plans") the Class K of
the Funds. Under the Class K Plans, the Funds are permitted to enter into
agreements with institutions that provide shareholder services to their
customers. For the period ended December 31, 1998, the contractual rates, as
a percentage of average daily net assets, under the Plans are as follows:
<TABLE>
<CAPTION>
Class A Class B Class C Class K
Shares Shares Shares Shares
12b-1 Fees 12b-1 Fees 12b-1 Fees Service Fees
---------- ----------- ---------- ------------
<S> <C> <C> <C> <C>
The Funds........................................... 0.25% 1.00% 1.00% 0.25%
</TABLE>
<PAGE>
4. Securities Transactions
For the period ended December 31, 1998, 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............................... $ 8,595,029 $ 1,015,630
Munder Framlington Global Financial Services Fund..... 1,307,575 638,735
Munder Growth Opportunities Fund........................ 2,233,439 777,508
</TABLE>
At December 31, 1998, 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............................... $ 774,582 $ 76,688
Munder Framlington Global Financial Services Fund.... 210,604 84,434
Munder Growth Opportunities Fund........................ 352,860 87,703
</TABLE>
5 Common Stock
Changes in common stock for the Funds were as follows:
<TABLE>
<CAPTION>
Period Ended
12/31/98
---------------------------
Munder Equity Selection Fund: Shares Amount
------ ------
<S> <C> <C>
Sold.................................. 764,953 $7,758,530
Issued as reinvestment............ 424 4,434
Redeemed........................... (2,051) (21,907)
------- ----------
Net increase......................... 763,326 $7,741,057
======= ==========
<CAPTION>
Period Ended Period Ended
12/31/98 6/30/98
--------------------------------- ---------------------------------
Munder Framlington Global Financial Services Fund:
Shares Amount Shares Amount
------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold.................................. 73,028 $666,466 180,165 $1,801,738
Issued as reinvestment............ 469 3,977 -- --
Redeemed........................... (8,644) (81,505) (119) (1,208)
------ -------- ------- ----------
Net increase......................... 64,853 $588,938 180,046 $1,800,530
====== ======== ======= ==========
<CAPTION>
Period Ended Period Ended
12/31/98 6/30/98
--------------------------------- ---------------------------------
Munder Growth Opportunities Fund: Shares Amount Shares Amount
------ ------ ------ ------
<S> <C> <C> <C> <C>
Sold.................................. 164,301 $1,480,659 157,042 $1,570,420
Issued as reinvestment............ 93 766 -- --
Redeemed........................... (24,844) (220,390) (103) (1,031)
Net increase......................... 139,550 $1,261,035 156,939 $1,569,389
</TABLE>
<PAGE>
6. 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.
7. Organizational Costs
Expenses incurred in connection with the organization of the Fund,
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.
<PAGE>
(INSIDE BACK COVER)
The Munder Funds
BOARD OF DIRECTORS
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Lee Munder
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Gerald L. Seizert, Vice President
Paul D. Tobias, Vice President
Lisa Anne Rosen, Secretary and Assistant Treasurer
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.
53 State Street
Boston, MA 02109
ADMINISTRATOR & SUB-CUSTODIAN
State Street Bank & Trust Company
1776 Heritage Drive
North Quincy, MA 02171
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
CUSTODIAN
Comerica Bank
411 West Lafayette
Detroit, MI 48226
LEGAL COUNSEL
Dechert Price & Rhoads
1775 Eye Street, N.W.
Washington, D.C. 20006
INDEPENDENT AUDITORS
Ernst & Young, LLP
200 Clarendon Street
Boston, MA 02116
<PAGE>
(OUTSIDE BACK COVER)
SANNFGROPEQS1298
Investment Advisor: Munder Capital Management
Distributed by: Funds Distributor, Inc.
