[ OUTSIDE FRONT COVER ]
CLASS A, B, C & Y SHARES
[ LOGO ART for SEMI-ANNUAL
The MUNDER Funds ] REPORT
Investments
for all seasons As of DECEMBER 31, 1995
[ INSIDE FRONT COVER ]
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"We are proud to be the first mutual fund family to provide timely access to
fund transactions, plus additional information about The Munder Funds and
portfolio managers. I invite you to access our web site at
http://www.munder.com."
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The Munder Funds
Letter to shareholders
DEAR FELLOW SHAREHOLDERS:
My associates and I are pleased to have served you during 1995--
a historically impressive year for the financial markets. We value the
opportunity to have played a role in increasing the assets in your financial
portfolio and attaining your investment objectives. We thank you for your
continued confidence in The Munder Funds and hope you are pleased with our
success at delivering attractive investment returns. Your investment posted
gains through participation in very high quality securities. Investing in high
quality securities has long been the style of The Munder Funds' investment
advisor, Munder Capital Management.
Although I am proud of our accomplishments, we will continue to
challenge ourselves to do more and do it better for our valued shareholders.
This past year we have listened to your feedback and worked diligently to
improve our communications with you and expand our investment offerings.
Ultimately, we believe these changes will enhance The Funds, and your total
portfolio investment returns. Among the communications and fund enhancements
we made were:
* Established The Munder Funds home page on the Internet. We are proud to be
the first mutual fund family to provide timely access to fund transactions
plus additional information about The Munder Funds and portfolio managers.
I invite you to access our web site at http://www.munder.com.
* Created The Munder Quarterly which is available to you through your
financial consultant. We encourage you to contact your financial
consultant to request this timely newsletter which details the logic
behind fund transactions.
* Added the Munder Mid-Cap Growth Fund which transfers our core GARP equity
style to mid-capitalization growth stocks.
* Launched the Munder Value Fund. This fund is managed by the investment
advisor's Chief Investment Officer, Gerald Seizert. Gerry joined Munder
Capital Management following 11 years with a national investment advisor
where he established a superior-performing value investment style.
Among my greatest concerns following a strong investment
environment, is that shareholders may become lackadaisical by past successes
and overlook additional steps to improve their standing. At The Munder Funds.
we are constantly striving for ways to increase your after-tax investment
performance. As tax time approaches, I encourage you to consider The Munder
Funds in your tax and retirement planning efforts. The Munder Funds offers you
the opportunity to acquire tax-free investments and participate in a broadly
diversified mutual fund family for your IRA or other retirement accounts. For
additional information on establishing an IRA or a rollover account at The
Munder Funds, or in any of our 20 mutual funds, please call your financial
consultant or The Fund at 1-800-239-3334.
I look forward to being of continued service to you throughout
1996 and providing added value to your investment portfolio.
s/ Lee Munder
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Lee Munder
President.
Table of
Contents
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PERFORMANCE COMMENTARY
ii The Investment Environment
ii Munder Multi-Season Growth Fund
iii Munder Real Estate Equity Investment Fund
iii Munder Accelerating Growth Fund
iii Munder Small Company Growth Fund
iv Munder Mid-Cap Growth Fund
iv Munder International Equity Fund
iv Munder Index 500 Fund
v Munder Growth & Income Fund
v Munder Value Fund
v Munder Balanced Fund
THE BOND MARKET
vi Munder Bond Fund
vi Munder Intermediate Bond Fund
vii Munder U.S. Government Income Fund
vii Munder Michigan Triple Tax-Free Bond Fund
vii Munder Tax-Free Bond Fund
vii Munder Tax-Free Intermediate Bond Fund
PORTFOLIO OF INVESTMENTS
EQUITY FUNDS:
1 Munder Multi-Season Growth Fund
3 Munder Real Estate Equity Investment Fund
4 Munder Accelerating Growth Fund
6 Munder Small Company Growth Fund
8 Munder Mid-Cap Growth Fund
10 Munder International Equity Fund
19 Munder Index 500 Fund
30 Munder Growth & Income Fund
32 Munder Value Fund
34 Munder Balanced Fund
INCOME FUNDS:
39 Munder Bond Fund
41 Munder Intermediate Bond Fund
44 Munder U.S. Government Income Fund
46 Munder Michigan Triple Tax-Free Bond Fund
49 Munder Tax-Free Bond Fund
54 Munder Tax-Free Intermediate Bond Fund
MONEY MARKET FUNDS:
61 Munder Money Market Fund
63 Munder Tax-Free Money Market Fund
72 Munder U.S. Treasury Money Market Fund
73 Munder Cash Investment Fund
76 FINANCIAL STATEMENTS
108 FINANCIAL HIGHLIGHTS
148 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 investment risks, including the possible
loss of principal.
The Munder Funds
Performance Commentary, December 1995
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The Investment Environment
The past year will go down in the record books as one of the strongest for the
financial markets. Continued restraint in inflation and a decline in interest
rates helped to set the stage for a powerful rally in both stocks and bonds.
The increase in interest rates, engineered by the Federal Reserve Board (the
"Federal Reserve") in 1994, resulted in slower economic growth in 1995. Even
with the slowdown in demand and production, the often painful restructuring of
U.S. firms allowed corporate profits to increase at a pace that surprised many
observers and helped to support strong stock market performance.
The slowdown in growth had a moderating influence on price pressures in the
economy. Increases in labor costs, accounting for fully 70% of the costs in
the U.S. economy, increased at a pace that barely kept up with inflation.
Economic signals suggest continued moderation in economic growth. Small wage
gains and a slowdown in employment growth are expected to result in slower
income growth. The current absence of supply and demand imbalances in the U.S.
economy, though, makes a recession unlikely. Nonetheless, uncertainty
regarding the outcome of budget negotiations in Washington has the potential
to destabilize financial markets over the next few months. In addition, during
periods of moderate economic growth, economic data are often volatile, moving
between strength and weakness from month to month and quarter to quarter. This
volatility in economic information will likely be mirrored by volatility in
the financial markets during 1996.
All performance figures quoted are for the Y Class of Shares (institutional
class) and reflect average annual total return. Performance figures for
periods of less than one year represent aggregate total return for such
periods and are not annualized. Differences in performance between the various
classes of shares can be seen in the financial highlights section of this
report, following this Performance Commentary.
The Munder Multi-Season Growth Fund
Fund Manager: Leonard J. Barr II, CFA
The Fund had a return of 14.29% for the six months ended December 31, 1995 as
compared to the 11.69% median return for the Lipper universe of growth stock
mutual funds for the same period. Its 32.59% return for calendar year 1995
compares favorably with the 31.47% median return for the Lipper universe. The
Fund's returns placed in the first quartile of its Lipper universe for the one
quarter and six-month time periods ending December 31, 1995 and were above the
median for the one-year and two-year time periods.
The Multi-Season Growth Fund is Munder Capital's core growth stock fund. This
Fund focuses on selecting those companies that have shown consistent growth
patterns over time, have reasonable valuations, and strong balance sheets. We
call this "Growth At a Reasonable Price, or GARP." In an effort to control
volatility of return in the Fund, the Fund is intentionally limited to a
maximum investment of 25% in any individual economic sector. Therefore, when
highly volatile sectors of the market are showing strong relative performance,
as the technology sector did during the first three quarters of 1995, the Fund
will only participate to a limited extent. Conversely, that limitation also
protected the Fund during the fourth quarter of 1995 when the Fund returned
6.13% while the median growth fund in the Fund's Lipper universe returned only
3.14%. The Fund's security selection process and focus on high quality,
consistently growing stocks of low debt companies, positions it to perform
well if the economy slows down from its active level of the past few years.
The Munder Real Estate Equity Investment Fund
Fund Manager: Lee Munder, CFA
The Fund generated a return of 5.64% for the fourth quarter, relative to the
4.70% median return for the Lipper universe of real estate funds and the 4.01%
return for the NAREIT Index (equity only). The Fund's return of 11.98% for the
year was slightly under the 11.97% median return for the Lipper universe. The
Fund's returns for both December and the fourth quarter placed in the first
quartile of its Lipper universe.
As is true with almost all of the equity funds comprising the Munder Funds
family, this Fund focuses on selecting only high quality stocks with effective
managements. While the Fund is likely to underperform in strong markets as it
had in the first half of the year, we believe that the Fund's and Firm's
investment style is particularly well suited for the type of economic
environment which we are likely to see in 1996, namely a slowing economy.
In 1995, the REIT sector delivered low double-digit returns. Real estate
fundamentals appear attractive at present and REIT management's are becoming
increasingly focused on maximizing shareholder value. Given the potential for
more moderate performance from the broad stock market in 1996, REITs may prove
to be an attractive way for investors to add to the overall diversification
and returns of their portfolios.
The Munder Accelerating Growth Fund
Fund Manager: Ann J. Conrad, CFA
The Fund generated a return of 5.07% for the six month period ended December
31, 1995, relative to the 11.69% median return for the Lipper universe of
growth stock mutual funds. Its 26.08% return for the year ended December 31,
1995 compares favorably with the 31.47% median return for the Lipper universe.
The Fund had strong performance as the third quarter ended, with a
year-to-date return of 33.28%, relative to the 29.76% return for the S&P 500
Composite Stock Price Index ("S&P 500") and the 27.52% median return for
its Lipper universe of growth stock mutual funds at that time. In the fourth
quarter, however, Fund performance was negatively impacted as concern about
the semiconductor industry's growth in supply relative to demand caused a
major market sell off of semiconductor stocks, which triggered an even wider
sell-off in the technology sector.
While we are not satisfied with the Fund's fourth quarter decline, as the most
aggressive equity fund within The Munder Funds family, we anticipate the Fund
will occasionally experience this type of volatility. The Fund is expected to
participate when highly volatile sectors of the market are showing strong
relative performance, as the technology sector did during the first three
quarters of 1995. The Fund focuses on companies experiencing earnings growing
at an increasing rate. Since such companies tend to be smaller companies early
in their evolution, the Fund tends to be more volatile, and returns will
experience wider swings than the broad market as a whole. As a result, this
Fund is most appropriate for investors commited to remaining invested in the
Fund over a market cycle.
The Munder Small Company Growth Fund
Fund Manager: Kurt R. Stalzer
The Fund generated a return of 17.89% for the six month period ended December
31, 1995, as compared to 13.23% for the Lipper small company growth median
fund return, and 4.28% for the quarter ended December 31, 1995, compared to
the 1.91% median return for the Lipper universe of small company stock funds.
The Fund's return of 30.01% for the year also compared favorably with the
30.01% median return for the Lipper universe. The Fund's returns placed it in
the first quartile of its Lipper universe for the quarter and six-month time
periods and were above-median for the one-year and two-year time periods.
The Fund's strong returns relative to the market in the second half of 1995
are largely attributable to the Fund's investment selection criteria. The
Fund's portfolio securities are focused on the small capitalization end of the
investment spectrum and are selected using a GARP screening process similar to
that used by the other core Munder Funds. The Fund's commitment to high
quality, steadily growing companies was favored in the latter part of the
third quarter and the fourth quarter of 1995 as investors began to fear a
slowing economy. If the economy continues to slow, the Advisor believes this
Fund will perform well as it benefits from a slowing economy.
The Munder Mid-Cap Growth Fund
Fund Managers: Arnold Kent Douville and Jeffrey A. Wrona, CFA
Since the Fund commenced operations in August 1995, the fourth quarter of 1995
was its first full quarter of operation. During this time, the Fund earned a
1.22% return for the fourth calendar quarter, relative to the 1.41% return for
the S&P Mid-Cap 400 Index and the 2.01% median return for the Lipper universe
of mid-cap funds. For both the fourth quarter and the year ended December 31,
1995, mid-capitalization stocks as a group lagged the larger capitalization
S&P Mid-Cap 500 universe.
Although the Fund is focused on investing exclusively in middle-sized
capitalization companies (like those represented by the S&P Mid-Cap 400
Index), the investments in this Fund are selected based upon similar criteria
as are used for the Multi-Season Growth Fund. Companies in the Fund's
portfolio have relatively little debt and have experienced earnings growth
significantly greater than that of the S&P Mid-Cap 400 universe while
remaining attractively priced.
The Munder International Equity Fund
Fund Manager: D. Gary Richardson, CFA
The Fund generated a return of 7.33% for the six month period ended December
31, 1995 as compared to 6.77% for the Lipper international fund median for the
same period. The Fund's return of 14.03% for the year ending December 31, 1995
placed it in the first quartile of the Lipper universe for the one-year time
period and compared favorably to the 9.50% median return for the Lipper
international universe.
The past year was one in which international markets significantly
underperformed the U.S. stock market. The Morgan Stanley World ex U.S. Index
generated a return of only 11.8%, relative to the 37.57% return for the S&P
500.
The strong performance of the Fund relative to its international benchmarks
was due in part to its heavier weightings in some of the best performing
international markets, including Switzerland, Sweden, the Netherlands,
Ireland, the United Kingdom and Hong Kong. Most of these countries had
currencies which either strengthened or were neutral against the U.S. dollar
and this contributed to their strong results. The Fund was absent from or had
reduced its holdings in Italy, Japan and several Latin American countries
which suffered from weaker currencies and economic markets.
Given the potential volatility of the international marketplace, the Fund has
moved to reduce volatility and increase its exposure to the international
marketplace in a more diversified structure. The investment strategy will
focus the largest portion of the Fund on foreign companies with market
capitalizations of at least $100 million whose stock trades in the U.S. in the
form of American Depositary Receipts ("ADRs"). This broad diversification
across all significant markets should help to reduce the Fund's volatility in
relation to individual foreign markets. It should also allow the Fund to serve
well as a core international holding, representing the global marketplace.
Since the ADR portion of the Fund's holdings trade in U.S. markets, newer
investors to international investing may find some comfort in this familiar
market approach. A smaller portion of the portfolio will be invested in the
stocks of selected companies in particular foreign markets as determined by a
series of economic models as developed by the management team.
The Munder Index 500 Fund
Fund Manager: Todd Johnson
In 1995, the S&P 500 generated its third highest return in 60 years, with
stock market performance boosted by both declining interest rates and
continued restraint in inflation. The Fund generated returns of 6.02% for the
fourth quarter, 14.39% for the six month period ended December 31, 1995, and
37.32% for the year. These returns placed in the first quartile of the Lipper
universe of mutual funds designed to track the return of the S&P 500. The
excellent relative performance of the Fund is due to careful monitoring of the
weights of the holdings in the Fund relative to the S&P 500 universe.
Differences between the returns of the Fund and the S&P 500 result primarily
from the fact that the expenses involved in managing any mutual fund must be
deducted from its reported return. The S&P 500 is not an actual fund and
therefore has no expenses charged against its return.
The Munder Growth & Income Fund
Fund Manager: Otto G. Hinzmann, Jr.
The Fund exhibited a 15.95% return for the six month period ended December 31,
1995, relative to the 14.00% median return for the Lipper universe of equity
income funds. Its return for the year was 34.27%, compared to the 31.69%
median return for the same Lipper universe. The Fund's returns placed in the
first quartile of its Lipper universe for the one-month, three-month,
six-month and one-year time periods.
The watchword for the Fund in 1995 could have been "safety and visibility of
earnings with above average yield." The quality and yield orientation of the
Fund did well in the first half of the year and again in the fourth quarter
with growing signs of economic slowing. As a result, "safety and visibility"
once again mattered to investors as the Fund returned 9.06% in the fourth
quarter ended December 31, 1995, relative to the Lipper equity income fund
median of 6.00%
A major component of the Fund's investment strategy is to have a yield target
of approximately 1.5 times the yield of the S&P 500. We believe that dividends
are a major source of total return for securities, and also that dividends can
help to dampen the effects of a downturn in the market. Therefore, the Fund's
focus will continue to be on companies that can generate above-average
earnings growth and dividend payments in a slower growth environment.
The Munder Value Fund
Fund Manager: Gerald L. Seizert, CFA
The Fund commenced operations in August 1995. For the quarter ending December
31, the Fund earned a return of 3.78%, compared to the 2.42% median return for
the Lipper universe of capital appreciation funds. (There is no Lipper value
universe.) The S&P BARRA/Value Index earned a quarterly return of 6.24%.
The most significant adjustment made to the Fund during the fourth quarter was
a gradual move into the utilities sector. The Fund continues to emphasize both
telecommunications companies and electric utilities. These two industries are
showing dramatic improvement as firms restructure to prepare for an
increasingly competitive environment. In fact, competition should prove to be
a positive influence for the strongest and best-managed companies in these
sectors, allowing them to gain market share. In addition, stocks in these
industries are attractively valued and will tend to provide a more defensive
positioning for the Fund. Currently, the Fund is well-positioned for an
environment of slowing economic growth, lower inflation, an easing of Federal
Reserve policy and a strengthening dollar.
The Munder Balanced Fund
Fund Managers: Leonard J. Barr II, CFA, Ann J. Conrad, CFA
and James C. Robinson
For the six month period ended December 31, 1995, the Fund exhibited a 9.02%
return, relative to the 9.81% return for the Lipper universe of balanced funds
and 2.61% for the quarter, as compared to the 4.50% median return for the
Lipper universe. For the year ended December 31, 1995, the Fund returned
23.55% as compared to the median return of 25.40% for the Lipper universe of
balanced funds.
The more aggressive stocks in the portfolio had the strongest performance
earlier in the year. As the year progressed, investors became increasingly
worried about the ability of corporations to sustain strong earnings growth.
As a result, the portion of the stock portfolio emphasizing companies with
consistent and above-average earnings growth outperformed in the latter part
of the year offsetting the decline in the technology holdings of the Fund. The
bond portion of the Fund performed in line with bond market averages.
The Bond Market
Interest rates continued their decline through the fourth quarter of 1995,
resulting in a total return for the broad bond market of more than 4% for the
quarter and approximately 19% for the year. This return was the market's best
since 1985 and the third highest return since the inception of the Lehman
Government Corporate Bond Index in 1973.
The Federal Reserve continued its course of slowly lowering short-term rates,
with a reduction in the targeted Federal Funds rate (the rate banks charge
each other for overnight loans) from 5.75% to 5.5% on December 19, 1995. This
was the first easing of policy since the previous rate cut in early July.
Corporate bonds performed well for both the quarter and the year ended
December 31, 1995, primarily because their greater sensitivity to changes in
rates resulted in greater appreciation as interest rates fell. Mortgages
underperformed for both the quarter and the year as declining interest rates
triggered fears of higher pre-payments.
The bond market appears poised to continue its gains into 1996. The Federal
Reserve seems to have successfully engineered a soft landing, with moderate
growth and low inflation. In addition, there is still the possibility that a
budget agreement will be reached to eliminate the federal deficit over the
next several years. Such an agreement would allow rates to decline further.
However, a cautious attitude toward the bond market is warranted. Longer-term
rates are now approaching their 1993 lows. For further rate declines from
current levels, the market must see continued slow economic growth, low
inflation and a meaningful budget agreement. Disappointment on any of these
factors would cause interest rates to rise.
[Please note: In some of the following commentary, a bond fund is measured
against a Lehman index as well as a Lipper benchmark. In comparing a mutual
fund's return to a Lehman Index, please remember that all expenses are
deducted from a mutual fund's reported return. The Lehman indices do not
represent actual funds and therefore do not have expenses charged against
their returns.]
The Munder Bond Fund
Fund Manager: James C. Robinson
The Fund generated a return of 6.45% for the six month period ended December
31, 1995, compared to the 6.44% median return for the Lipper universe of
corporate debt "A" rated funds and a 6.66% return for the Lehman
Government/Corporate Bond Index. For the year ending December 31, 1995, the
Fund exhibited a return of 17.77%, compared to the 18.16% median return for
the Lipper universe and 19.24% return for the Lehman Index.
Shifts in relative valuations caused the Fund to increase the weighting of
high quality corporate bonds during the fourth quarter. However, Fund
performance was held back for both the quarter and the year by an
underweighting in corporate bonds and an overweighting in mortgages.
Mortgage-backed securities are used in the Fund in place of lower-rated
corporate bonds. This strategy allows the Fund to maintain a higher yield with
a higher overall quality than most similar funds. During very strong markets,
as experienced in 1995, the performance of mortgage-backed securities will
tend to lag. Over time, however, the Advisor believes that this substitution
of mortgage-related securities for lower quality corporate bonds has proven to
be a very competitive strategy.
The Munder Intermediate Bond Fund
Fund Manager: Anne K. Kennedy
The Fund exhibited a return of 3.43% for the quarter ended December 31, 1995,
relative to the 2.55% median return for its Lipper universe of short
investment grade debt funds and a 3.52% return for the Lehman Intermediate
Government/Corporate Bond Index ("Lehman Intermediate Index"). The Fund
generated a 14.06% return for the year ending December 31, 1995, compared to
the 10.86% median return for its Lipper universe and a 15.33% return for the
Lehman Intermediate Index. The Fund's returns placed in the top quartile of
its Lipper universe for the quarter, one-year and three-year time periods
ended December 31, 1995.
The Fund's sensitivity to changes in interest rates is targeted to the Lehman
Intermediate Index. This Index currently has a higher sensitivity to changes
in interest rates than the Lipper universe. As interest rates declined,
therefore, the Lehman Intermediate Index and the Fund experienced a greater
degree of price appreciation than the Lipper universe.
During the fourth quarter, the Fund's weighting of corporate bonds was
increased, resulting in a slight overweighting of the corporate sector.
The Munder U.S. Government Income Fund
Fund Manager: Peter G. Root
The Fund earned a return of 6.11% for the six month period ended December 31,
1995, compared to the 5.95% median return for the Lipper universe of general
U.S. government debt funds and a 6.42% return for the Lehman Government
Corporate Bond Index. The Fund generated a 17.49% return for the year,
relative to the 16.82% median return for the Lipper universe and an 18.34%
return for the Lehman Government Corporate Bond Index. The Fund posted
above-median returns for the three-year period ended December 31, 1995 as
well.
The Fund increased its mortgage weighting to 50% during the fourth quarter
ended December 31, 1995, buying a combination of seasoned premium mortgages
and project loans. The Fund's outperformance relative to the Lipper universe
is largely due to a somewhat higher weighting in corporate bonds than other
funds in its Lipper universe.
The Munder Michigan Triple Tax-Free Bond Fund
The Munder Tax-Free Bond Fund
The Munder Tax-Free Intermediate Bond Fund
Fund Manager: Wendy B. Harries
The Tax-Free Bond and Michigan Triple Tax-Free Bond Funds returns were
slightly above median for the six month period ended December 31, 1995 as
compared with their respective Lipper universes of general municipal debt
funds, while the Tax-Free Intermediate Bond Fund's returns were below the
median for the same period.
During the fourth quarter, interest rates on longer-maturity tax-free bonds
declined by 40 to 50 basis points (0.4 to 0.5 percentage points). For the
year, longer-term rates declined by 1.25 to 1.30 percentage points. We believe
that investors in these types of funds are focused much more on current
earnings rather than total return, and therefore we tend to focus our
investment decisions on higher coupon securities, which generally are selling
at a premium in the market. In these strong markets, however, discounted
securities tend to outperform premium securities on a total return basis. This
is due to the fact that the prices of discounted securities are more sensitive
than the prices of premium bonds to changes in interest rates -- both upward
and downward. Discounted securities, therefore, show relatively greater
appreciation as interest rates decline, conversely, they will also show
greater depreciation as interest rates rise.
Consistent with Munder Capital's overall conservative midwestern investment
philosophy, as well as its focus on a very specific investment objective
for the Fund's shareholders, we believe at Munder Capital that the current
investment style focusing on premium bonds continues to provide strong current
income free from federal income tax, competitive total returns, and some
level of protection from rising interest rates as compared to alternative
investment strategies.
The Munder Multi-Season Growth Fund
Portfolio of Investments, December 31, 1995 (Unaudited)
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 99.4%
Advertising -- 1.7%
<S> <C> <C>
134,600 Omnicom, Inc. $ 5,013,850
-------------
<CAPTION>
Aerospace/Defense -- 3.7%
<S> <C> <C>
151,200 Loral Corporation 5,348,700
118,800 Raytheon Corporation 5,613,300
------------
10,962,000
------------
<CAPTION>
Automobile Parts -- 0.8%
<S> <C> <C>
125,782 Mark IV Industries, Inc. 2,484,196
------------
<CAPTION>
Banks -- 5.6%
<S> <C> <C>
50,000 First Interstate Bancorp 6,825,000
220,000 Norwest Corporation 7,260,000
50,000 Wachovia Bank, (New) 2,287,500
------------
16,372,500
------------
<CAPTION>
Beverages -- 1.7%
<S> <C> <C>
90,000 PepsiCo Inc. 5,028,750
------------
<CAPTION>
Building Materials -- 1.7%
<S> <C> <C>
125,000 Sherwin-Williams Company 5,093,750
------------
<CAPTION>
Chemical -- Specialty -- 1.9%
<S> <C> <C>
114,000 Avery Dennison Corporation 5,714,250
------------
<CAPTION>
Chemicals -- 1.6%
<S> <C> <C>
132,000 Morton International, Inc. 4,735,500
------------
<CAPTION>
Computer Software/Services -- 4.1%
<S> <C> <C>
125,000 BMC Software Inc.+ 5,343,750
29,500 Microsoft Corporation+ 2,588,625
100,000 Oracle Systems Corporation+ 4,237,500
------------
12,169,875
------------
<CAPTION>
Diversified -- 7.9%
<S> <C> <C>
115,000 AlliedSignal Corporation 5,462,500
44,500 Premark International 2,252,813
66,500 Textron, Inc. 4,488,750
100,750 Thermo Electron Corporation+ 5,239,000
163,000 Tyco International Ltd. 5,806,875
------------
23,249,938
------------
<CAPTION>
Drugs -- 9.3%
<S> <C> <C>
57,000 American Home Products Corporation 5,529,000
80,000 Merck & Co., Inc. 5,260,000
250,000 Mylan Laboratories, Inc. 5,875,000
90,000 Pfizer, Inc. 5,670,000
93,600 Schering-Plough Corporation 5,124,600
------------
27,458,600
------------
<CAPTION>
Drug -- Store -- 1.4%
<S> <C> <C>
136,000 Walgreen Company 4,063,000
------------
<CAPTION>
Electrical Equipment -- 6.7%
<S> <C> <C>
70,000 Emerson Electric Company 5,722,500
113,333 Federal Signal Corporation 2,932,491
75,000 General Electric Company 5,400,000
83,200 Johnson Controls, Inc. 5,720,000
------------
19,774,991
------------
<CAPTION>
Electronics -- 8.8%
<S> <C> <C>
72,750 Cabletron Systems, Inc.+ 5,892,750
53,500 Compaq Computer Corporation+ 2,568,000
62,000 Hewlett-Packard Company 5,192,500
129,600 Linear Technology Corporation 5,086,800
45,000 Motorola, Inc. 2,565,000
94,000 Tektronix Inc. 4,617,750
------------
25,922,800
------------
<CAPTION>
Electronics -- Semiconductors -- 1.5%
<S> <C> <C>
110,000 Applied Materials, Inc.+ 4,331,250
------------
<CAPTION>
Environmental -- 2.3%
<S> <C> <C>
175,000 Browning-Ferris Industries, Inc. 5,162,500
100,000 Wheelabrator Technologies Inc. 1,675,000
------------
6,837,500
------------
<CAPTION>
Financial Services -- 6.6%
<S> <C> <C>
51,300 Automatic Data Processing Inc. 3,809,025
256,000 Equifax Inc. 5,472,000
73,744 First Data Corporation 4,931,630
200,000 Green Tree Financial Corporation 5,275,000
------------
19,487,655
------------
<CAPTION>
Food Processing -- 1.9%
<S> <C> <C>
172,500 Sara Lee Corporation 5,498,438
------------
<CAPTION>
Health Care -- 3.4%
<S> <C> <C>
100,320 Columbia/HCA Healthcare Corporation 5,091,240
170,000 HEALTHSOUTH Rehabilitation Corporation+ 4,951,250
------------
10,042,490
------------
<CAPTION>
Home Furnishings -- 0.9%
<S> <C> <C>
108,000 Leggett & Platt Inc. 2,619,000
------------
<CAPTION>
Household Products -- 1.1%
<S> <C> <C>
87,066 Lancaster Colony Corporation 3,243,208
------------
<CAPTION>
Insurance -- Diversified -- 3.6%
<S> <C> <C>
57,000 American International Group Inc. 5,272,500
70,000 MBIA Inc. 5,250,000
------------
10,522,500
------------
<CAPTION>
Machinery -- 0.3%
<S> <C> <C>
30,000 Donaldson Co., Inc. 753,750
------------
<CAPTION>
Medical Supplies -- 1.6%
<S> <C> <C>
55,000 Johnson & Johnson Company 4,709,375
------------
<CAPTION>
Natural Gas -- 1.9%
<S> <C> <C>
142,400 Enron Corporation 5,429,000
------------
<CAPTION>
Railroad -- 1.7%
<S> <C> <C>
130,000 Illinois Central Corporation 4,988,750
------------
<CAPTION>
Recreation -- 1.8%
<S> <C> <C>
216,000 Carnival Corporation, Class A 5,265,000
------------
<CAPTION>
Restaurant -- 1.8%
<S> <C> <C>
117,000 McDonald's Corporation 5,279,625
------------
<CAPTION>
Retail Store -- 1.5%
<S> <C> <C>
200,000 Consolidated Stores Corporation+ 4,350,000
------------
<CAPTION>
Telecommunication Services -- 4.2%
<S> <C> <C>
159,000 Century Telephone Enterprises 5,048,250
82,400 SBC Communications 4,738,000
75,000 WorldCom Inc.+ 2,643,750
------------
12,430,000
------------
<CAPTION>
Thrift -- 2.8%
<S> <C> <C>
66,400 Federal National Mortgage Association 8,241,900
------------
<CAPTION>
Toiletries/Cosmetics -- 3.6%
<S> <C> <C>
101,000 Gillette Company 5,264,625
63,500 Procter & Gamble Company 5,270,500
------------
10,535,125
------------
<CAPTION>
TOTAL COMMON STOCKS
<S> <C>
(Cost $232,416,819) 292,608,566
------------
<CAPTION>
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 0.0%#
(Cost $61,000)
<S> <C> <C>
$61,000 Agreement with Morgan (J.P.)
& Company, 5.600% dated 12/29/1995 to be
repurchased at $61,038 on 01/02/1996,
collateralized by $52,000 U.S. Treasury
Notes, 7.625% due 11/15/2022 (value
$62,985) 61,000
------------
<CAPTION>
TOTAL INVESTMENTS
<S> <C> <C>
(Cost $232,477,819*) 99.4% 292,669,566
------------
OTHER ASSETS AND LIABILITIES
(Net) 0.6 1,667,111
----- ------------
NET ASSETS 100.0% $294,336,677
===== ============
<FN>
- -------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
</TABLE>
The Munder Real Estate Equity Investment Fund
Portfolio of Investments, December 31, 1995 (Unaudited)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 95.8%
Apartment -- 32.1%
<S> <C> <C>
38,300 Amli Residential Properties Inc. $ 766,000
35,725 Associated Estates Realty Corporation 768,088
36,600 Avalon Properties, Inc. 786,900
34,050 Bay Apartment Communities Inc. 825,712
24,700 Equity Residential Properties Trust 756,438
36,600 Evans Withycombe Residential Corporation 786,900
32,900 Oasis Residential Inc. 748,475
23,900 Post Properties Inc. 761,813
----------
6,200,326
----------
<CAPTION>
Community Shopping Center -- 7.3%
<S> <C> <C>
14,950 Developers Diversified Realty Corporation 448,500
21,400 Federal Realty Investment Corporation 486,850
17,625 Kimco Realty Corporation 480,281
----------
1,415,631
----------
<CAPTION>
Factory Outlet Center -- 4.6%
<S> <C> <C>
19,150 HGI Realty, Inc. 438,056
18,350 Tanger Factory Outlet Centers Inc. 458,750
----------
896,806
----------
<CAPTION>
Hotels -- 5.4%
<S> <C> <C>
23,700 FelCor Suite Hotels, Inc. 657,675
15,000 Patriot American Hospitality, Inc. 386,250
----------
1,043,925
----------
<CAPTION>
Office & Industrial -- 27.0%
<S> <C> <C>
34,250 Beacon Properties Corporation 787,750
28,000 Cali Realty Corporation 612,500
23,900 Crescent Real Estates Equities Inc. 815,587
23,800 Duke Realty Investments, Inc. 746,725
27,750 Highwoods Properties Inc. 783,938
23,800 Reckson Associates Realty Corporation 699,125
30,500 Spieker Properties, Inc. 766,313
----------
5,211,938
----------
<CAPTION>
Regional Mall -- 7.5%
<S> <C> <C>
22,050 CBL & Associates Properties Inc. 479,587
23,350 JP Realty Inc. 510,781
19,250 Simon Property Group Inc. 469,219
----------
1,459,587
----------
<CAPTION>
Storage -- 8.2%
<S> <C> <C>
29,600 Shurgard Storage Centers, Class A 799,200
23,900 Storage USA 779,737
----------
1,578,937
----------
<CAPTION>
Other -- 3.7%
<S> <C> <C>
26,400 Trinet Corporate Realty Trust, Inc. 719,400
----------
<S> <C>
TOTAL COMMON STOCKS
(Cost $17,253,443) 18,526,550
----------
<CAPTION>
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 3.0%
(Cost $575,000)
<S> <C> <C>
$575,000 Agreement with Morgan (J.P.)
& Company, 5.600% dated
12/29/1995 repurchased at $575,358 on 01/02/1996,
collateralized by $485,000 U.S. Treasury Notes,
7.625% due 11/15/2022 (value $587,456) 575,000
---------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $17,828,443*) 98.8% 19,101,550
OTHER ASSETS AND LIABILITIES
(Net) 1.2 227,526
----- -----------
NET ASSETS 100.0% $19,329,076
===== ===========
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
See Notes to Financial Statements.
</TABLE>
The Munder Accelerating Growth Fund
Portfolio of Investments, December 31, 1995 (Unaudited)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 94.7%
Apparel -- 2.7%
<S> <C> <C>
93,200 Jones Apparel Group Inc.+ $ 3,669,750
116,650 Warnaco Group, Class A 2,916,250
------------
6,586,000
------------
<CAPTION>
Banking and Financial Services -- 14.2%
<S> <C> <C>
78,800 BankAmerica Corporation 5,102,300
78,400 Finova Group Inc. 3,782,800
55,200 First Data Corporation 3,691,500
143,500 Green Tree Financial Corporation 3,784,813
63,500 Household International Inc. 3,754,437
88,050 MBNA Corporation 3,246,844
61,200 Oxford Resources Corporation, Class A+ 1,377,000
86,250 PMI Group Inc. 3,902,812
88,800 Travelers Group Inc. 5,583,300
------------
34,225,806
------------
<CAPTION>
Broadcasting-Cable -- 2.8%
<S> <C> <C>
117,750 Infinity Broadcasting Corporation, Class A+ 4,386,188
111,200 Renaissance Communications Corporation+ 2,460,300
------------
6,846,488
------------
<CAPTION>
Building Materials -- 1.0%
<S> <C> <C>
60,900 Oakwood Homes Corporation 2,337,038
------------
<CAPTION>
Chemicals -- 2.3%
<S> <C> <C>
44,500 Monsanto Company 5,451,250
------------
<CAPTION>
Computer Hardware, Software or Services
-- 12.8%
<S> <C> <C>
63,000 Adobe Systems Inc. 3,906,000
62,200 Baan Company NV+ 2,814,550
73,500 Cadence Design Systems Inc.+ 3,087,000
56,000 Ceridian Corporation+ 2,310,000
81,800 Compaq Computer Corporation+ 3,926,400
74,600 Electronic Arts Inc.+ 1,948,925
116,100 Epic Design Technology+ 2,438,100
15,900 HBO & Company 1,218,338
129,200 Microcom Inc. 3,359,200
53,900 Seagate Technology Inc. 2,560,250
31,000 Shiva Corporation+ 2,255,250
11,880 U.S. Robotics Corporation 1,035,450
------------
30,859,463
------------
<CAPTION>
Consumer Services -- 1.2%
<S> <C> <C>
83,400 CUC International Inc.+ 2,846,025
------------
<CAPTION>
Diversified -- 4.6%
<S> <C> <C>
112,200 Corrections Corporation of America+ 4,165,425
56,200 Thermo Electron Corporation+ 2,922,400
115,700 Tyco International Ltd. 4,121,813
------------
11,209,638
------------
<CAPTION>
Drugs -- 2.7%
<S> <C> <C>
66,100 Schering-Plough Corporation 3,618,975
61,600 Teva Pharmaceuticals, ADR 2,856,700
------------
6,475,675
------------
<CAPTION>
Electronics -- 2.8%
<S> <C> <C>
75,600 Bay Networks Inc.+ 3,109,050
47,700 Cisco Systems Inc.+ 3,559,612
------------
6,668,662
------------
<CAPTION>
Entertainment -- 1.6%
<S> <C> <C>
79,400 Viacom Inc., Class B (non- voting)+ 3,761,575
------------
<CAPTION>
Food -- 1.8%
<S> <C> <C>
134,100 Sara Lee Corporation 4,274,437
------------
<CAPTION>
Food Processing -- 1.6%
<S> <C> <C>
69,100 Pioneer Hi-Bred International 3,843,688
------------
<CAPTION>
Hotels and Restaurants -- 3.7%
<S> <C> <C>
93,300 Boston Chicken Inc.+ 2,997,262
90,300 Harrah's Entertainment Inc. 2,189,775
99,800 La Quinta Inns Inc. 2,732,025
45,200 Promus Companies Inc. 1,005,700
------------
8,924,762
------------
<CAPTION>
Insurance -- 3.1%
<S> <C> <C>
42,900 American International Group Inc. 3,968,250
23,000 General Re Corporation 3,565,000
------------
7,533,250
------------
<CAPTION>
Medical Services -- 6.4%
<S> <C> <C>
113,900 Apria Healthcare Group+ 3,217,675
59,200 Columbia/HCA Healthcare Corporation 3,004,400
166,000 Emeritus Corporation+ 1,929,750
137,700 HEALTHSOUTH Corporation+ 4,010,512
74,100 Omnicare, Inc. 3,315,975
------------
15,478,312
------------
<CAPTION>
Medical Supplies -- 4.1%
<S> <C> <C>
63,700 Boston Scientific Corporation+ 3,121,300
58,000 Johnson & Johnson 4,966,250
32,400 Nellcor Inc. 1,903,500
------------
9,991,050
------------
<CAPTION>
Metals and Mining -- 1.8%
<S> <C> <C>
116,000 Minerals Technologies Inc. 4,234,000
------------
<CAPTION>
Office Equipment -- 2.2%
<S> <C> <C>
144,500 Danka Business Systems, ADR 5,346,500
------------
<CAPTION>
Railroads -- 2.9%
<S> <C> <C>
55,300 Burlington Northern Santa Fe 4,313,400
59,200 CSX Corporation 2,701,000
------------
7,014,400
------------
<CAPTION>
Recreation -- 1.5%
<S> <C> <C>
153,900 Sunglass Hut International+ 3,655,125
------------
<CAPTION>
Retail -- 4.6%
<S> <C> <C>
5,000 Mens Warehouse Inc. 128,750
59,400 NIKE Inc., Class B 4,135,725
147,400 Viking Office Products Inc.+ 6,854,100
------------
11,118,575
------------
<CAPTION>
Semiconductor -- 1.8%
<S> <C> <C>
53,500 Burr-Brown Corporation+ 1,364,250
58,700 Lattice Semiconductor Corporation 1,915,088
44,200 Tencor Instruments+ 1,077,375
------------
4,356,713
------------
<CAPTION>
Telecommunications -- 2.8%
<S> <C> <C>
56,100 American Telephone & Telegraph Corporation 3,632,475
81,700 Tellabs, Inc.+ 3,022,900
------------
6,655,375
------------
<CAPTION>
Telecommunications-Equipment -- 3.1%
<S> <C> <C>
75,200 Newbridge Networks+ 3,111,400
123,400 WorldCom Inc.+ 4,349,850
------------
7,461,250
------------
<CAPTION>
Telecommunications-Services -- 2.7%
<S> <C> <C>
138,800 AirTouch Communications Inc.+ 3,921,100
114,600 Allen Group Inc. 2,564,175
------------
6,485,275
------------
<CAPTION>
Transportation-Air -- 1.9%
<S> <C> <C>
33,500 Delta Airlines Inc. 2,474,812
12,200 UAL Corporation+ 2,177,700
------------
4,652,512
------------
<S> <C> <C>
TOTAL COMMON STOCKS
(Cost $194,183,813) 228,292,844
------------
TOTAL INVESTMENTS
(Cost $194,183,813*) 94.7% 228,292,844
OTHER ASSETS AND
LIABILITIES (Net 5.3% 12,784,195
----- ------------
NET ASSETS 100.0% $241,077,039
===== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
ABBREVIATION:
ADR -- American Depository Receipt
See Notes to Financial Statements.
</TABLE>
The Munder Small Company Growth Fund
Portfolio of Investments, December 31, 1995 (Unaudited)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 97.6%
Apparel -- 4.1%
<S> <C> <C>
28,000 Jones Apparel Group Inc.+ $ 1,102,500
79,000 Nautica Enterprises Inc.+ 3,456,250
35,089 St. John Knits Inc. 1,864,103
------------
6,422,853
------------
<CAPTION>
Banking and Financial Services -- 5.3%
<S> <C> <C>
28,500 ADVANTA Corporation, Class B 1,036,688
49,700 Credit Acceptance Corporation+ 1,031,275
3,750 Cullen Frost Bankers Inc. 187,500
106,700 First Financial Corporation- Wisconsin 2,454,100
7,500 HUBCO Inc. 165,938
84,000 Litchfield Financial Corporation 1,092,000
2,400 National City Bancorporation 51,000
191,500 World Acceptance Corporation+ 2,154,375
------------
8,172,876
------------
<CAPTION>
Broadcast, Radio and Television -- 2.3%
<S> <C> <C>
43,630 American Radio Systems Corporation 1,221,640
54,000 Clear Channel Communications Inc.+ 2,382,750
------------
3,604,390
------------
<CAPTION>
Business Services -- 4.9%
<S> <C> <C>
65,000 AccuStaff Inc.+ 2,860,000
95,000 Norwood Promotional Products+ 1,615,000
72,000 PMT Services Inc.+ 2,178,000
85,000 Sterling Healthcare Group Inc.+ 903,125
------------
7,556,125
------------
<CAPTION>
Collectibles and Gifts -- 0.9%
<S> <C> <C>
37,300 Department 56 Inc.+ 1,431,388
------------
<CAPTION>
Commercial Services -- 5.7%
<S> <C> <C>
48,000 Cadmus Communications Corporation 1,296,000
97,750 Guest Supply Inc.+ 2,211,594
85,800 Oxford Resources Corporation, Class A+ 1,930,500
141,500 Regis Corporation 3,396,000
------------
8,834,094
------------
<CAPTION>
Communications -- 1.6%
<S> <C> <C>
60,580 Renaissance Communications Inc.+ 1,340,333
40,000 TCA Cable TV Inc. 1,105,000
------------
2,445,333
------------
<CAPTION>
Computer Hardware, Software or Services
-- 10.9%
<S> <C> <C>
69,000 CIBER Inc.+ 1,612,875
99,485 Computer Horizons Corporation 3,780,430
76,700 Concord EFS Inc. 3,240,575
41,000 FileNet Corporation+ 1,927,000
75,600 Firefox Communications Inc.+ 1,776,600
77,500 HPR Inc.+ 2,334,687
102,500 Integrated Measurement Systems+ 1,511,875
100,400 Smith Micro Software Inc.+ 677,700
------------
16,861,742
------------
<CAPTION>
Computer Industry -- 3.7%
<S> <C> <C>
98,000 American Business Information 1,898,750
100,000 Microcom Inc. 2,600,000
61,200 National Instruments Corporation+ 1,239,300
------------
5,738,050
------------
<CAPTION>
Electrical Equipment -- 2.0%
<S> <C> <C>
33,500 Littlefuse, Inc. 1,231,125
58,900 Park Electrochemical Corporation 1,943,700
------------
3,174,825
------------
<CAPTION>
Electronics -- 4.9%
<S> <C> <C>
59,000 KEMET Corporation+ 1,408,625
52,500 Kent Electronics Corporation+ 3,064,687
41,500 Maxim Integrated Products Inc.+ 1,597,750
66,000 SDL Inc.+ 1,584,000
------------
7,655,062
------------
<CAPTION>
Health Care -- 3.8%
<S> <C> <C>
100,000 OccuSystems+ 2,000,000
88,000 Omnicare, Inc. 3,938,000
------------
5,938,000
------------
<CAPTION>
Hotels and Restaurants -- 4.3%
<S> <C> <C>
27,000 Applebee's International Inc. 614,250
125,000 CKE Restaurants Inc. 2,000,000
86,000 DAKA International Inc.+ 2,365,000
64,000 Doubletree Corporation+ 1,680,000
------------
6,659,250
------------
<CAPTION>
Insurance -- 4.2%
<S> <C> <C>
42,500 Amerin Corporation+ 1,136,875
32,000 CMAC Investment Corporation 1,408,000
46,000 Executive Risk Inc. 1,334,000
54,000 HCC Insurance Holdings Inc. 1,998,000
17,000 Meadowbrook Insurance Group 569,500
------------
6,446,375
------------
<CAPTION>
Machinery-Tools -- 1.5%
<S> <C> <C>
75,500 Greenfield Industries Inc. 2,359,375
------------
<CAPTION>
Manufacturing -- 18.2%
<S> <C> <C>
77,500 AptarGroup Inc. 2,896,562
67,900 Belden Inc. 1,748,425
110,000 Champion Enterprises Inc.+ 3,396,250
73,000 Charter Power Systems 2,098,750
84,000 Flextronics International Inc.+ 2,520,000
75,750 GaSonics International Corporation+ 1,022,625
45,000 IDEX Corporation 1,833,750
53,000 Kulicke & Soffa Industries Inc.+ 1,232,250
85,000 Miller Industries+ 2,103,750
89,000 Pacific Scientific Company 2,202,750
123,925 Paxar Corporation+ 1,642,006
41,000 Ultratech Stepper Inc.+ 1,055,750
107,000 USA Detergents Inc.+ 2,514,500
53,500 Wolverine Tube Inc.+ 2,006,250
------------
28,273,618
------------
<CAPTION>
Medical Supplies -- 6.8%
<S> <C> <C>
64,450 Chad Therapeutics Inc. 1,007,031
116,360 Mentor Corporation 2,676,280
140,000 Molecular Devices Corporation 1,470,000
100,000 Physio-Control International Corporation+ 1,787,500
85,000 Serologicals Group Inc.+ 1,402,500
90,651 Sola International Inc.+ 2,288,938
------------
10,632,249
------------
<CAPTION>
Pharmaceuticals -- 1.6%
<S> <C> <C>
70,000 DURA Pharmaceuticals Inc.+ 2,432,500
------------
<CAPTION>
Retail -- 7.2%
<S> <C> <C>
84,200 Casey's General Stores Inc. 1,841,875
65,500 Consolidated Stores Corporation+ 1,424,625
48,000 Garden Ridge Corporation+ 1,860,000
91,275 Men's Wearhouse Inc.+ 2,350,331
112,000 Smart & Final Inc. 2,380,000
43,900 West Marine Inc.+ 1,371,875
------------
11,228,706
------------
<CAPTION>
Telecommunications -- 1.0%
<S> <C> <C>
71,000 Allen Group Inc. 1,588,625
------------
<CAPTION>
Transportation -- 0.7%
<S> <C> <C>
40,000 Landstar System Inc.+ 1,070,000
------------
<CAPTION>
Waste Management -- 1.0%
<S> <C> <C>
41,100 United Waste Systems Inc.+ 1,530,975
------------
<CAPTION>
Other -- 1.0%
<S> <C> <C>
108,000 Brightpoint Inc. 1,525,500
------------
<S> <C> <C>
TOTAL COMMON STOCKS
(Cost $113,611,270) 151,581,911
------------
TOTAL INVESTMENTS
(Cost $113,611,270*) 97.6% 151,581,911
OTHER ASSETS AND
LIABILITIES (Net) 2.4 3,682,178
----- ------------
NET ASSETS 100.0% $155,264,089
===== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
See Notes to Financial Statements.
</TABLE>
The Munder Mid-Cap Growth Fund
Portfolio of Investments, December 31, 1995 (Unaudited)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 99.4%
Banking and Finance -- 2.0%
<S> <C> <C>
5,000 MBIA Inc. $ 375,000
----------
<CAPTION>
Basic Industries -- 6.0%
<S> <C> <C>
18,600 BMC Industries 432,450
10,000 Minerals Technologies 365,000
6,800 Pentair, Inc. 338,300
----------
1,135,750
----------
<CAPTION>
Broadcasting -- 2.2%
<S> <C> <C>
11,200 Infinity Broadcasting Corporation, Class A+ 417,200
----------
<CAPTION>
Capital Goods -- 4.1%
<S> <C> <C>
16,500 Allen Group, Inc. 369,187
16,000 Federal Signal Corporation 414,000
----------
783,187
----------
<CAPTION>
Commercial Services -- 14.1%
<S> <C> <C>
10,600 Affiliated Computer Services, Class A+ 397,500
12,500 American Medical Response, Inc.+ 406,250
16,000 Cerner Corporation+ 328,000
11,400 ITI Technology Inc.+ 339,150
14,400 Keane Inc.+ 318,600
13,000 Quintiles Transnational Corporation+ 533,000
10,000 Stewart Enterprises Inc., Class A 370,000
----------
2,692,500
----------
<CAPTION>
Computer Hardware, Software or Services
-- 9.5%
<S> <C> <C>
20,000 Black Box Corporation+ 327,500
12,000 Diamond Multimedia Systems+ 430,500
17,000 Netmanage Inc.+ 395,250
6,000 Objective Systems Integrator+ 328,500
14,000 Symantec Corporation+ 325,500
----------
1,807,250
----------
<CAPTION>
Electrical Equipment -- 4.2%
<S> <C> <C>
10,000 Lam Research Corporation+ 457,500
14,000 Tencor Instruments+ 341,250
----------
798,750
----------
<CAPTION>
Electrical Machinery -- 1.6%
<S> <C> <C>
16,000 Mark IV Industries, Inc. 316,000
----------
<CAPTION>
Electronics -- 2.1%
<S> <C> <C>
15,500 AVX Corporation 410,750
----------
<CAPTION>
Electronics -- Semiconductors -- 9.8%
<S> <C> <C>
3,200 Altera Corporation+ 159,200
14,000 International Rectifier Corporation+ 350,000
19,000 Lattice Semiconductor Corporation+ 619,875
10,000 Maxim Integrated Products, Inc.+ 385,000
11,600 Xilinx Inc.+ 353,800
----------
1,867,875
----------
<CAPTION>
Health Care Facilities -- 7.1%
<S> <C> <C>
11,000 Health Care & Retirement Corporation+ 385,000
14,000 Health Management Associates, Inc., Class A+ 365,750
6,000 Surgical Care 204,000
12,000 Vencor Inc. 390,000
----------
1,344,750
----------
<CAPTION>
Hotels -- 2.2%
<S> <C> <C>
19,000 Promus Hotel Corporation+ 422,750
----------
<CAPTION>
Insurance -- 4.3%
<S> <C> <C>
18,600 Capmac Holdings+ 467,325
11,000 Equitable of Iowa, (New) 353,375
----------
820,700
----------
<CAPTION>
Iron/Steel -- 1.6%
<S> <C> <C>
25,000 Citation Corporation+ 300,000
----------
<CAPTION>
Machinery -- Diversified -- 2.1%
<S> <C> <C>
8,500 York International Corporation 399,500
----------
<CAPTION>
Medical Instruments & Supplies -- 12.4%
<S> <C> <C>
19,500 Biomet, Inc.+ 348,563
8,600 Boston Scientific Corporation+ 421,400
15,200 Mylan Laboratories, Inc. 357,200
7,300 Nellcor Puritan Bennett Inc.+ 428,875
14,000 Patterson Dental+ 378,000
24,000 Physio-Control International Corporation+ 429,000
----------
2,363,038
----------
<CAPTION>
Medical Services -- 0.8%
<S> <C> <C>
3,500 Healthcare COMPARE Corporation+ 152,250
----------
<CAPTION>
Metal Fabricate/Hardware -- 1.8%
<S> <C> <C>
9,000 Wolverine Tube Inc.+ 337,500
----------
<CAPTION>
Packaging & Container -- 1.9%
<S> <C> <C>
9,500 AptarGroup Inc. 355,063
----------
<CAPTION>
Publishing/Printing -- 2.4%
<S> <C> <C>
37,000 Mail-Well Inc.+ 453,250
----------
<CAPTION>
Retail -- 2.6%
<S> <C> <C>
13,300 Dollar Tree Stores+ 329,175
7,700 General Nutrition Companies, Inc.+ 177,100
----------
506,275
----------
<CAPTION>
Telecommunications -- 0.7%
<S> <C> <C>
4,000 Aspect Telecommunications+ 134,000
----------
<CAPTION>
Textiles -- 2.1%
<S> <C> <C>
10,000 Jones Apparel Group+ 393,750
----------
<CAPTION>
Transportation Services -- 1.8%
<S> <C> <C>
13,000 Expeditors International 339,625
----------
<S> <C>
TOTAL COMMON STOCKS
(Cost $18,634,359) 18,926,713
----------
<CAPTION>
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 0.4%
(Cost $80,000)
<S> <C>
$80,000 Agreement with Morgan (J.P.) & Company, 5.600% dated
12/29/1995 to be repurchased at $80,050 on 01/02/1996,
collateralized by $68,000 U.S. Treasury Notes, 7.625%
due 11/15/2022 (value $82,365) 80,000
-----------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $18,714,359*) 99.8% 19,006,713
OTHER ASSETS AND
LIABILITIES (Net) 0.2 30,467
----- -----------
NET ASSETS 100.0% $19,037,180
===== ===========
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
See Notes to Financial Statements.
</TABLE>
The Munder International Equity Fund
Portfolio of Investments, December 31, 1995 (Unaudited)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 97.7%
Argentina -- 0.4%
<S> <C> <C>
700 Alpargatas S.A.I.C $ 2,713
1,100 Banco De Galicia Bueno 22,688
975 Banco Frances Del Rio 26,203
900 Buenos Aires Embotelladora SA 18,563
7,300 Compania Naviera Perez Companc 76,650
1,200 Metrogas SA 11,700
2,400 Telecommunications de Argentina 114,300
5,700 Telefonica de Argentina 155,325
8,600 Y.P.F Sociedad Anonima 185,975
-----------
614,117
-----------
<CAPTION>
Australia -- 5.7%
<S> <C> <C>
350,000 Amcor Ltd. 2,471,307
6,900 Ampolex Ltd. 15,525
1,400 Ashton Mining 10,139
6,600 Australia & New Zealand Bank 153,450
3,900 Australian National Industries 12,081
3,300 Boral Ltd. 66,413
31,470 Broken Hill Proprietary Ltd. 1,778,055
4,700 Coca-Cola Amatil Ltd. 75,200
3,500 Coles Myer Ltd. 87,937
3,600 CRA Ltd. 225,900
5,700 CSR Ltd. 74,812
3,400 E-mail Ltd. 16,162
1,400 FAI Insurance Ltd. 3,675
700 FH Faulding & Company 12,478
17,100 Gold Mines Kalgoorlie Ltd. 15,118
7,100 Goodman Fielder Ltd. 28,477
6,100 Great Central Mines 34,312
4,500 James Hardie Industries 15,509
3,000 Kidston Gold Mines Ltd. 8,245
1,500 Mayne Nickless Ltd. 33,750
200 Memtec Ltd. 3,325
16,000 National Australia Bank Ltd. 724,000
44,000 News Corporation Ltd. 940,500
37,000 News Corporation, Preferred Shares 712,250
2,400 Normandy Mining Ltd. 17,380
700 Orbital Engineering Ltd., (New) 4,462
6,400 Pacific Dunlop Olympic Ltd. 61,600
21,400 Pioneer International Ltd. 52,998
1,610 Posgold Ltd. 16,258
3,300 Santos Ltd. 37,950
200 Sons of Gwalia 5,300
2,700 Southcorp Holdings Ltd. 31,050
2,800 TNT Ltd. 18,509
45,000 Western Mining Holdings Ltd. 1,175,625
8,800 Westpac Banking 198,000
160,000 Woodside Petroleum Ltd. 818,170
-----------
9,955,922
-----------
<CAPTION>
Austria -- 0.0%#
<S> <C> <C>
1,200 EVN-Energy Versorg Nied 32,700
-----------
<CAPTION>
Bahamas -- 0.0%#
<S> <C> <C>
600 Teekay Shipping Corporation 14,175
-----------
<CAPTION>
Belgium -- 0.1%
<S> <C> <C>
5,600 Petrofina SA 169,400
-----------
<CAPTION>
Bermuda -- 0.1%
<S> <C> <C>
3,200 ADT Ltd. 48,000
1,500 Amway Asia Pacific Ltd. 53,438
400 Brilliance China Automotive 1,600
100 London & Overseas Freight 1,169
300 Mutual Risk Management Inc. 13,725
1,200 Partners Holdings 33,000
300 Sphere Drake Holdings Ltd. 4,200
-----------
155,132
-----------
<CAPTION>
Brazil -- 0.3%
<S> <C> <C>
5,200 Aracruz Celulose SA 40,300
3,200 Cemig-Companhia Energetica de Minas, (New) 71,200
500 Copene Petroquimica 11,000
6,900 Telebras 326,887
-----------
449,387
-----------
<CAPTION>
Canada -- 3.3%
<S> <C> <C>
2,100 Abitidi Price Inc. 30,450
1,000 Agnico Eagle Mines Ltd. 12,625
6,400 Bank of Montreal 144,800
7,500 BCE Inc. 258,750
35,000 BCE Mobile Telecommunications 1,182,476
1,100 Biochem Pharmaceuticals Inc. 44,138
700 Biomira Inc. 2,494
2,100 Brascan Ltd., Class A 36,750
3,000 Campbell Resource Inc. 3,000
600 Canadian Marconi Company 6,000
1,600 Canadian Occidental Petroleum 52,400
8,300 Canadian Pacific Ltd. 150,438
200 Clearly Canadian Beverages Inc. 225
700 Clearnet Communication Inc. 11,200
200 Cognos Inc. 8,925
1,900 Cominco 39,188
1,200 Corel 15,600
2,200 Cott Corporation 12,295
3,100 Domatar Inc. 23,637
200 Fahnestock Viner Holdings Inc. 1,862
600 Glamis Gold Ltd. 3,750
700 Goldcorp Inc., Class A 8,225
5,300 Gulf Canada Resources 21,862
2,300 Hemlo Gold Mines Inc. 21,562
2,500 Horsham Corporation 33,750
1,400 Imperial Oil Ltd. 50,575
200 Intertape Polymer Group Inc. 6,275
200 Intlcolin Energy Corporation 950
1,000 IPL Energy Inc. 23,250
700 Ipsco Inc. 14,700
200 Jetform Corporation 2,825
6,700 Laidlaw Transportation Inc., Class A 66,163
1,000 Loewen Group Inc. 25,312
3,000 Macmillan Bloedel Ltd. 36,375
1,500 Magna International, Class A 64,875
4,700 Methanex Corporation 34,369
2,600 Mitel Corporation 16,900
1,256 National Grid 38,859
2,000 Newbridge Network 82,750
700 North American Vaccine Inc. 9,888
11,600 Nova Corporation of Alberta 92,800
500 Nowsco Well Service Ltd. 6,438
2,300 Numac Energy Inc. 9,775
800 Pegasus Gold Inc. 11,100
700 Petersburg Long Distance Inc. 3,325
1,100 Potash Corporation of Saskatchewan 77,963
1,600 Quebecor Inc., Class A 24,400
3,000 Repap Enterprises Inc. 13,313
900 Rigel Energy Corporation 7,931
1,300 Rio Algom Ltd. 23,725
2,300 Rogers Cantel Mobil Communications, Class B 60,519
2,800 Royal Oak Mines (U.S) 9,975
300 Tee Communications Electronics 3,375
147,600 Toronto-Dominion Bank 2,594,690
400 Total Petroleum of North America 3,900
4,800 Transcanada Pipeline Ltd. 66,000
3,900 TVX Gold Inc. 27,787
500 United Dominion Industries 10,812
2,100 West Coast Energy Inc. 30,712
-----------
5,679,008
-----------
<CAPTION>
Cayman Islands -- 0.0%#
<S> <C> <C>
100 Anangel-American Shipholdings Ltd. 1,112
200 APCO Argentina Inc. 3,300
1,300 Exel Ltd. 79,300
-----------
83,712
-----------
<CAPTION>
Chile -- 0.3%
<S> <C> <C>
400 AFP Provida 11,050
900 Banco de Edwards 17,663
1,000 Banco O Higgins 23,000
1,400 Chilgener SA 35,000
1,200 Compania Cervecerias 27,900
1,200 Compania de Telefonica de Chile 99,450
500 Cristalerias de Chile 11,125
1,400 Embotelladora Andina SA 50,575
5,500 Empresa Nacional Electricidad Chile 125,125
1,400 Empresas Telex Chile 14,525
2,800 Enersis SA 79,800
400 Laboratorio Chile SA 5,050
800 Madeco 21,600
600 Maderas Y Sinteticos Sociedad (Masisa) 11,700
400 Santa Isabel SA 9,600
500 Sociedad Quimica Minera De 23,500
200 Vina Concha Y Toro SA 3,600
-----------
570,263
-----------
<CAPTION>
China -- 0.1%
<S> <C> <C>
500 China Yuchai 4,063
3,000 Huaneng Power International 43,125
1,500 Shandong Huaneng 10,125
1,000 Shanghai Erfangji Company 1,500
1,600 Shanghai Petrochemicals Ltd. 45,600
-----------
104,413
-----------
<CAPTION>
Colombia -- 0.0%#
<S> <C> <C>
700 Banco Ganadero SA 13,300
-----------
<CAPTION>
Denmark -- 2.3%
<S> <C> <C>
1,400 ISS International Service Systems 15,925
21,100 Novo Nordisk AS, Series B 2,887,808
20,000 Tele Danmark, Series B 1,091,302
-----------
3,995,035
-----------
<CAPTION>
Finland -- 1.5%
<S> <C> <C>
1,200 American Group Ltd. 9,340
1,500 Instrumentarium Corporation 18,750
66,800 Oy Nokia 2,641,166
1,300 Rauma-Repola 24,538
-----------
2,693,794
-----------
<CAPTION>
France -- 6.0%
<S> <C> <C>
16,200 Alcatel Alsthom Cie Generale D'Electric 283,500
49,600 AXA Company 3,339,728
100 Business Objects SA 4,838
7,300 Campagnie de Suez 142,350
1,800 Canal Plus 67,356
3,700 Carrefour 2,242,950
1,100 Claring SA 20,895
12,600 Elf Aquitaine 463,050
8,400 Groupe Danone 276,662
4,400 Havas 84,150
10,400 Louis Vuitton Moet Hennessy 435,500
5,500 Pernod Ricard 93,500
7,300 Rhone-Poulenc SA 156,038
2,800 SGS-Thompson Microelectronics 112,700
200 Stolt Comex Seaway SA 1,700
2,700 Thomson-CSF 61,425
39,800 Total "B" 2,683,922
1,700 Valeo SA 76,288
-----------
10,546,552
-----------
<CAPTION>
Germany -- 4.7%
<S> <C> <C>
1,600 Bayer AG 422,315
31,000 Bayer AG 816,812
4,100 Commerzbank AG 193,513
1,100 Continental AG 15,315
9,400 Daimler Benz AG 478,225
10,500 Mannesmann AG 3,344,038
64,000 VEBA AG 2,717,993
3,300 Volkswagen AG 221,513
-----------
8,209,724
-----------
<CAPTION>
Hong Kong -- 6.6%
<S> <C> <C>
11,000 Amoy Properties Ltd. 53,625
21,400 Bank East Asia Ltd. 77,040
6,700 Cathay Pacific Airways 50,669
3,800 Champion Tech Holding 1,862
276,840 China Light & Power Ltd. 1,274,556
100 Concordia Paper Holdings 788
2,000 C.P. Pokphand 20,188
4,100 Dairy Farm Internation Ltd. 18,450
900 First Pacific Company Ltd. 49,050
9,000 Hong Kong Land Holdings 83,250
11,500 Hong Kong Telecommunications Ltd. 202,687
20,900 Hopewell Holdings Ltd. 56,848
203,000 HSBC Holdings 3,071,581
98,000 Hutchison Whampoa 2,964,500
12,200 Hysan Development Ltd. 64,530
11,300 Jardine Matheson & Company Ltd. 76,275
3,900 Jardine Strategic Holding 22,913
900 Johnson Electric Holdings 15,750
6,700 Peregrine Investment Holdings 17,286
3,500 Shuntak Holdings Ltd. 23,188
1,200 Singer Company 33,450
7,300 South China Morning Post 22,046
359,000 Sun Hung Kai Properties 2,936,534
22,100 Swire Pacific Ltd. 171,275
10,500 Wharf Holdings Ltd. 174,562
-----------
11,482,903
-----------
<CAPTION>
Indonesia -- 0.5%
<S> <C> <C>
22,283 Pt Indonesian Satellite 813,330
600 Pt Tri Polyta Indonesia 8,250
-----------
821,580
-----------
<CAPTION>
Israel -- 0.1%
<S> <C> <C>
100 American-Israeli Paper Mills 4,275
1,800 ECI Telecommunications Ltd. 41,063
200 Elbit Ltd. 3,200
600 Electrochemical Industries Frutar 1,744
500 Elron Electronic Industries Ltd. 5,438
1,900 Elscint Ltd. ORD 4,512
100 Gilat Satellite Network Ltd. 2,525
1,000 Scitex Corporation 13,625
500 Tadiran Ltd. 12,000
1,300 Teva Pharmaceutical 60,288
-----------
148,670
-----------
<CAPTION>
Italy -- 0.4%
<S> <C> <C>
2,100 Benetton Group Spa 48,563
13,100 Fiat 206,325
600 Fila Holding Spa 27,300
4,900 IMI 92,488
700 Industrie Natuzzi 31,763
5,600 Istituto Nazionale Assic 70,000
1,100 Luxottica Group 64,350
12,400 Montedison 80,600
-----------
621,389
-----------
<CAPTION>
Japan -- 17.3%
<S> <C> <C>
18,600 Canon Inc. 1,699,575
1,600 CSK Corporation 52,800
8,700 Dai'El Inc. 208,800
390 DDI Corporation 3,021,792
6,200 Fuji Photo Film Company Ltd. 360,375
198,000 Fujitsu Ltd. 2,205,327
8,000 Hitachi Ltd. 804,000
24,600 Honda Motor Company Ltd. 1,033,200
9,000 Ito-Yokado Ltd. 2,215,125
21,600 Japan Airlines Company 287,550
7,900 Kawasaki Steel Corporation 266,625
2,400 Kirin Brewery Company 286,800
13,800 Kobe Steel Ltd. 203,550
1,200 Komatsu Ltd. 197,292
1,700 Kubota Corporation 215,900
3,900 Makita Corporation 60,938
5,100 Matsushita Electric Industrial Company Ltd. 838,950
69,900 Mitsubishi Bank Ltd. 1,703,813
365,000 Mitsubishi Heavy Industries 2,909,395
1,900 Mitsui & Company Ltd. 335,113
12,100 NEC Corporation 738,100
75,800 Nippon Telegraph & Telephone Corporation 3,107,800
30,500 Nissan Motor Company Ltd. 465,125
6,400 Olympus Optical Company 61,896
4,200 Pioneer Electronics Corporation 76,650
3,200 Ricoh Company Ltd. 171,200
9,500 Sanyo Electric Corporation 270,750
10,000 Secom 695,400
7,800 Sega Enterprises 108,225
114,000 Sharp Corporation 1,821,792
9,700 Shiseido Ltd. 115,388
9,100 Sony Corporation 558,512
7,600 Sumitomo Metal Industries 231,800
16,000 TDK Corporation 840,000
7,500 Tokio Marine & Fire Insurance Ltd. 495,000
18,370 Toyota Motor Corporation 776,132
700 Wacoal Corporation 47,513
35,000 Yamanouchi Pharmaceutical Company 752,543
-----------
30,240,746
-----------
<CAPTION>
Liberia -- 0.0%#
<S> <C> <C>
1,500 Royal Caribbean Cruises Limited 33,000
-----------
<CAPTION>
Luxembourg -- 0.0%#
<S> <C> <C>
700 Espirito Sanyo Financial Holdings 8,313
-----------
<CAPTION>
Malaysia -- 1.9%
<S> <C> <C>
27,400 Amalgamated Steelmills Berhad 20,396
250,500 Genting Berhad 2,091,034
5,300 Resorts World 132,500
444,000 Sime Darby 1,161,400
-----------
3,405,330
-----------
<CAPTION>
Mexico -- 0.6%
<S> <C> <C>
1,400 Apasco SA, Series A 29,750
500 Bufette Industries 7,500
14,900 Cemex SA 104,766
1,200 Coca-Cola Femsa SA 22,200
900 Consorcio G. Grupo Dina 1,688
1,700 Desc De CV, Series C 24,225
2,800 Empresas La Moderna 43,400
2,500 Empress ICA 25,625
600 Grupo Casa Autrey 8,025
500 Grupo Duango SA 3,313
4,400 Grupo Eleckta 38,500
3,000 Grupo Financiero 10,125
1,500 Grupo Indus Maseca 13,687
1,400 Grupo Iusacell, Series L 14,175
1,100 Grupo Mexicano de Desarrollo, Class L 2,888
400 Grupo Radio Central 2,950
2,700 Grupo Sidek 6,075
100 Grupo Simec SA 625
3,700 Grupo Televisa SA 83,250
1,700 Grupo Tribasa SA 12,538
2,400 Kimberly Clark Inc. 70,950
1,000 Panamerican Beverages Inc., Class A 32,000
1,700 Tamsa 11,900
12,700 Telefono de Mexico SA 404,812
1,000 Tolmex 46,250
1,300 Transport Matima Mexico, Class L 10,988
2,900 Vitro Sociedad Anomina 13,775
-----------
1,045,980
-----------
<CAPTION>
Netherlands -- 10.3%
<S> <C> <C>
6,600 ABN AMRO Holding 297,000
6,300 AEGON Insurance 277,200
3,400 Akzo Nobel 197,200
1,000 Baan Company 45,250
3,500 DSM 70,875
8,500 Elsevier 226,312
1,700 Fortis Amev 113,650
81,400 IHC Caland 2,739,204
55,100 ING Groep 3,680,887
2,200 KLM Royal Dutch Airlines 77,550
2,000 Koninklijke Bolfwessanan 42,910
2,900 Koninklijke Ahold 119,263
30,000 Oce Van Der Grinten 1,818,750
40,000 Polygram NV 2,100,000
10,000 Royal Dutch Petroleum Company 1,411,250
1,000 Royal Nedlloyd Group 11,318
11,200 Royal PTT Nederland 406,000
10,900 Unilever NV 1,534,175
300 Van Ommeren 9,328
19,000 Ver Ned Uitgevers 2,608,400
1,600 Wolters Kluwer 148,800
-----------
17,935,322
-----------
<CAPTION>
Netherland Antilles -- 0.0%#
<S> <C> <C>
100 Orthofix International 737
-----------
<CAPTION>
New Zealand -- 0.1%
<S> <C> <C>
3,700 Fletcher Challenge 85,562
1,800 Fletcher Challenge, Forest 25,875
1,400 Telecommunications of New Zealand Ltd. 97,125
-----------
208,562
-----------
<CAPTION>
Norway -- 1.0%
<S> <C> <C>
2,400 Hafslund Nycomed 63,000
5,600 Norsk Hydro AS 234,500
59,200 Petroleum Geo -- Services 1,480,000
2,600 Saga Petroleum, Class A 32,825
300 United Ships Service 4,114
-----------
1,814,439
-----------
<CAPTION>
Peru -- 0.0%#
<S> <C> <C>
1,600 Banco Wiese 10,000
-----------
<CAPTION>
Philippines -- 0.1%
<S> <C> <C>
1,300 Philippine Long Distance Telephone Company 70,363
4,600 San Miguel Corporation, Class B 156,958
-----------
227,321
-----------
<CAPTION>
Portugal -- 0.0%#
<S> <C> <C>
2,700 Banco Comercial Portuges SA 35,438
-----------
<CAPTION>
Republic of Ireland -- 1.5%
<S> <C> <C>
2,700 Allied Irish Banks 87,750
100 Aran Energy 3,612
334,400 Bank of Ireland 2,440,819
1,700 CRH 63,325
800 Elan Corporation Plc 38,900
1,600 Waterford Wedgwood Plc 14,800
-----------
2,649,206
-----------
<CAPTION>
Republic of South Korea -- 1.2%
<S> <C> <C>
73,300 Korea Electric Power Corporation 1,960,775
9,000 Pohang Iron & Steel 196,875
-----------
2,157,650
-----------
<CAPTION>
Singapore -- 2.9%
<S> <C> <C>
3,900 Asia Pacific Resources International
Holdings, Class A 18,525
2,800 Cycle & Carrigae Ltd. 55,830
21,875 Development Bank of Singapore 1,071,875
195,000 Keppel Corporation 1,737,010
53,250 Keppel Corporation, Convertible Loan Stock 75,668
4,100 Neptune Orient Lines Ltd. 18,438
180,000 Singapore International Airlines 1,679,745
7,800 United O/S Singapore 149,175
-----------
4,806,266
-----------
<CAPTION>
South Africa -- 0.2%
<S> <C> <C>
3,300 Driefontein Consolidated 40,838
2,200 Kloof Gold Mining Ltd. 20,763
13,800 Sasol Ltd. 111,263
6,700 South African Breweries 243,712
-----------
416,576
-----------
<CAPTION>
Spain -- 0.7%
<S> <C> <C>
5,600 Banco Bilbao Vizcaya 200,200
7,900 Banco Central Hispano 79,988
3,900 Banco Santander SA 192,075
14,900 Banesto 48,425
1,800 Compania Sevillana Electric 25,875
6,100 Corporation Banc Argentaria 122,763
3,300 Mapfre 39,045
7,300 Repsol 239,988
7,600 Telefonica de Espana SA 318,250
-----------
1,266,609
-----------
<CAPTION>
Sweden -- 5.7%
<S> <C> <C>
5,800 AGA AB, Series B, 79,940
26,000 ASEA AB 2,526,875
2,567 Atlas Copco 39,435
47,400 Autoliv 2,769,550
1,800 Electrolux AB 74,475
46,900 Ericsson (L. M.) Telephone Company, Class B 914,550
2,900 Gambro AB 55,825
6,800 Sandvik AB 119,330
34,000 Securitas AB, Series B 1,612,830
2,700 SKF AB 52,650
79,500 Volvo AB, Series B 1,628,191
-----------
9,873,651
-----------
<CAPTION>
Switzerland -- 4.6%
<S> <C> <C>
2,100 BBC Brown Boveri 243,848
12,600 CS Holdings 318,150
14,200 Ciba Geigy AG 626,575
19,600 Nestle 1,085,350
630 Roche Holdings Genuscheine AG 4,985,903
18,400 Sandoz Ltd. 844,100
-----------
8,103,926
-----------
<CAPTION>
Thailand -- 0.0%#
<S> <C> <C>
2,400 Advanced Information Services 42,493
3,400 Shinawatra Corporation 40,375
-----------
82,868
-----------
<CAPTION>
Trinidad -- 0.2%
<S> <C> <C>
6,300 Empresa Nacional de Electric 360,675
-----------
<CAPTION>
Venezuela -- 0.0%#
<S> <C> <C>
600 Corimon Saca 2,250
1,000 Mavesa SA 4,350
4,100 Sivensa 7,687
-----------
14,287
-----------
<CAPTION>
United Kingdom -- 17.0%
<S> <C> <C>
2,000 Albert Fischer Group 15,220
23,000 Allied Domeq 178,250
1,500 Automated Securities Holdings 1,125
14,300 BAA 110,825
9,900 Barclays Plc 452,925
10,600 Bass Publishing Limited Company 235,850
37,400 B.A.T. Industries Plc 682,550
1,800 Bell Cable Media Plc 28,800
600 Bespak Plc 2,931
5,500 BET Plc 41,938
1,100 Blenheim Exhibit Group 8,679
17,700 Blue Circle Industries Plc 94,010
900 Body Shop International 10,575
1,400 Booker Plc 32,200
2,300 British Airways Plc 167,325
400 British Biotech 21,500
10,500 British Gas Plc 410,813
309,000 British Petroleum Company 2,584,138
4,300 British Petroleum Company 439,138
5,500 British Sky Broadcasting Group 206,938
4,900 British Steel Plc 125,563
18,000 British Telecommunications Plc 1,017,000
22,100 BTR Plc 453,050
2,400 Burmah Castrol Plc 70,200
17,700 Cable & Wireless Plc 373,913
6,000 Cadbury Schweppes Plc 199,500
2,800 Carlton Communications Plc 85,050
800 Central Transportation 500
1,400 Christian Salvesen Plc 28,766
400 Christies International 12,800
5,600 Coats Viyella Plc 45,462
1,800 Cordiant Plc 7,200
9,800 Courtaulds Plc 58,187
1,200 Danka Business Systems 44,400
3,200 Dixons Group 66,624
2,300 East Midlands Electric 47,544
3,200 Eastern Group Plc 96,171
2,500 English China Clays Plc 37,500
3,500 Enterprise Oil Plc 63,656
38,300 Glaxo Wellcome Plc 1,081,975
200 Govett & Company 2,850
12,700 Grand Metropolitan 365,125
7,800 Guiness Plc 285,168
25,100 Hanson Trust Plc 382,775
4,200 Hills Down Holdings Plc 43,428
500 Huntington International Holdings 2,750
4,400 Imperial Chemical Industries Plc 205,700
8,100 Kingfisher 136,162
7,000 Lasmo Plc 56,000
1,100 Laura Ashley Holdings 7,288
500 London Electric Plc 44,468
1,600 London International Group 15,600
11,300 Marks & Spenser Plc 473,134
1,700 Medeva Plc 28,900
200 Micro Focus Group Plc 1,675
2,300 Midlands Electricity Plc 54,214
6,900 National Westminister Bank 419,175
3,400 NFC Plc 34,850
2,400 Northern Electricity 23,318
700 Norweb Plc 32,900
7,300 Peninsular & Oriental Steam 106,763
700 Powergen Plc 9,187
4,400 Powergen Plc 145,288
1,000 Premier Oil Plc 4,109
9,200 Prudential Plc 295,682
3,400 Racal Electronics 29,886
20,100 Rank Organization 293,963
12,600 Redland Ltd. 74,025
262,300 Reed International 3,998,159
48,400 Reuters Holdings Plc, Class B 2,668,050
12,100 Rexam Plc 66,550
900 Scottish Hydro-Electric 50,175
2,000 Scottish Power Plc 114,756
2,600 Sedgwick Group 24,393
600 Seeboard Plc 48,943
13,400 Shell Transportation & Trading, (New) 1,090,425
162,000 Siebe 1,996,335
13,000 Smithkline Beecham Group 721,500
100 South Wales Electric Company 14,469
3,300 Southern Electric Corporation 92,524
700 Stolt-Nielsen SA 20,213
2,000 Tate & Lyle Plc 57,250
2,100 Telewest Communications 50,663
320,800 Tesco 1,479,661
6,500 The Ritz Corporation Plc 373,750
5,900 Thorn EMI Plc 139,948
5,700 TI Group Plc 79,088
6,800 Tomkins Plc 121,550
5,200 Trafalgar House Plc 11,189
800 Trinity International 8,535
400 Unitech 12,132
12,800 United Biscuits Holdings 51,200
3,000 United News & Media Plc 51,375
69,000 Vodafone Group Plc 2,432,250
600 Wace 6,811
2,000 Waste Management International Plc 21,500
4,700 Williams Holdings Ltd. 71,610
2,000 Willis Corroon Group Plc 23,250
2,900 Yorkshire Electricity Group 30,043
7,600 Zeneca Group Plc 443,650
-----------
29,587,121
-----------
<S> <C>
TOTAL COMMON STOCKS
(Cost $137,887,065) 170,645,199
-----------
<CAPTION>
WARRANTS -- 0.2% (Cost $33,126)
<S> <S> <C>
53,250 Keppel Corporation, Expires 07/15/1997+ 242,815
-----------
<CAPTION>
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 1.6%
(Cost $2,822,081)
<S> <C>
$2,822,081 Agreement with Merrill Lynch & Company Inc.,
5.580% dated 12/29/1995 to be repurchased
at $2,823,831 on 01/02/1996, collateralized
by $2,607,000 U.S. Treasury Notes, 6.500%
due 05/15/1997 and U.S. Treasury Notes,
7.500% due 05/15/2002 (value $2,904,950) 2,822,081
------------
<CAPTION>
Shares
- ------
SHORT-TERM INVESTMENTS -- 0.7%
<S> <C>
1,261,107 Federated Prime Obligations Fund 1,261,107
6,135 Navigator Tax-Free Money Market Fund 6,135
------------
<S> <C> <C>
TOTAL SHORT-TERM
INVESTMENTS (Cost $1,267,242) 1,267,242
------------
TOTAL INVESTMENTS
(Cost $142,009,514*)
OTHER ASSETS AND 100.2% 174,977,337
LIABILITIES (Net) (0.2) (301,041)
----- ------------
NET ASSETS 100.0% $174,676,296
===== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing securitiy.
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
</TABLE>
At December 31, 1995, sector diversification of the Munder International
Equity Fund was as follows:
<TABLE>
<CAPTION>
% of
Net Assets Value
---------- -----
<S> <C> <C>
COMMON STOCKS:
Capital Goods 8.8% $ 15,334,596
Banking 8.1 14,131,071
Telecommunications 7.3 12,713,308
Oil and Gas Extraction 7.2 12,590,326
Pharmaceuticals 7.2 12,526,298
Financial Service 5.7 10,014,931
Electric and Gas Utilities 4.9 8,584,152
Retail 4.8 8,439,691
Metals and Mining 4.4 7,665,165
Communications 3.2 5,655,103
Entertainment 2.7 4,650,497
Media/Advertising 2.5 4,420,829
Technology 2.2 3,783,427
Automobile Manufacturers 2.1 3,660,636
Electronics 2.1 3,735,401
Automotive 2.0 3,521,350
Real Estate 2.0 3,491,364
Non-Durable Goods/Consumer 1.9 3,408,457
Printing and Publishing 1.8 3,125,838
Commercial/Consumer Services 1.6 2,764,380
Forest Products 1.6 2,728,269
Food and Beverages 1.5 2,594,435
Airlines 1.4 2,434,114
Chemicals 1.3 2,191,958
Transportation/Marine 1.2 2,016,247
Machinery (Electric) 1.0 1,703,887
Steel 0.6 1,072,214
Insurance 0.4 736,077
Tobacco Manufacturers 0.4 725,950
Machinery and Heavy Equipment 0.3 569,372
Broadcasting 0.3 537,401
Manufacturing/Textiles 0.3 486,198
Building Materials 0.2 356,950
Transportation 0.1 216,818
Computer Hardware, Software or Services 0.1 189,937
Durable Goods/Consumer 0.1 172,800
Medical and Medical Supplies 0.1 142,632
Environmental Control 0.1 87,663
Miscellaneous 4.2 7,465,457
----- ------------
TOTAL COMMON STOCKS 97.7 170,645,199
WARRANTS 0.2 242,815
REPURCHASE AGREEMENT 1.6 2,822,081
SHORT-TERM INVESTMENTS 0.7 1,267,242
----- ------------
TOTAL INVESTMENTS 100.2 174,977,337
OTHER ASSETS AND LIABILITIES (Net) (0.2) (301,041)
----- ------------
NET ASSETS 100.0% $174,676,296
===== ============
<FN>
- ----------------
See Notes to Financial Statements.
</TABLE>
The Munder Index 500 Fund
Portfolio of Investments, December 31, 1995 (Unaudited)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 91.4%
Advertising -- 0.1%
<S> <C> <C>
2,300 Interpublic Group of Companies, Inc. $ 99,762
-----------
<CAPTION>
Aerospace -- 1.0%
<S> <C> <C>
8,700 AlliedSignal Inc. 413,250
1,800 General Dynamics Corporation 106,425
3,500 McDonnell Douglas Company 322,000
1,400 Northrop Corporation 89,600
2,500 Textron, Inc. 168,750
3,600 United Technologies Corporation 341,550
-----------
1,441,575
-----------
<CAPTION>
Aircraft Manufacturing -- 0.9%
<S> <C> <C>
10,650 Boeing Company 834,694
6,171 Lockheed Corporation 487,509
2,500 Rowan Companies, Inc.+ 24,687
-----------
1,346,890
-----------
<CAPTION>
Airline -- 0.3%
<S> <C> <C>
2,200 AMR Corporation+ 163,350
1,500 Delta Air Lines, Inc. 110,812
4,200 Southwest Airlines Company 97,650
1,800 USAir Group, Inc.+ 23,850
-----------
395,662
-----------
<CAPTION>
Apparel -- 0.4%
<S> <C> <C>
500 Brown Group Inc. 7,125
2,200 Fruit Of The Loom Inc.+ 53,625
3,100 Melville Corporation 95,325
4,200 NIKE, Inc., Class B 292,425
1,900 V. F. Corporation 100,225
-----------
548,725
-----------
<CAPTION>
Automobiles -- 1.9%
<S> <C> <C>
11,800 Chrysler Corporation 653,425
33,200 Ford Motor Company 962,800
23,100 General Motors Corporation 1,221,412
2,080 Navistar International Corporation+ 21,840
-----------
2,859,477
-----------
<CAPTION>
Automobile Parts and Equipment -- 0.4%
<S> <C> <C>
2,500 Cooper Tire & Rubber Company 61,562
1,200 Cummins Engine, Inc. 44,400
3,000 Dana Corporation 87,750
1,800 Echlin Inc. 65,700
3,650 Genuine Parts Company 149,650
1,200 Johnson Controls Inc. 82,500
1,800 Pep Boys-Manny, Moe & Jack 46,125
1,900 TRW Inc. 147,250
-----------
684,937
-----------
<CAPTION>
Banks -- 6.2%
<S> <C> <C>
12,092 Banc One Corporation 456,473
3,500 Bank of Boston Corporation 161,875
6,200 Bank of New York Inc. 302,250
11,416 BankAmerica Corporation 739,186
2,300 Bankers Trust New York Corporation 152,950
2,900 Barnett Banks Inc. 171,100
4,000 Boatmen's Bancshares Inc. 163,500
5,500 Chase Manhattan Corporation 333,437
7,724 Chemical Banking Corporation 453,785
13,100 Citicorp 880,975
3,400 Comerica 136,425
4,300 CoreStates Financial Corporation 162,862
4,000 First Bank System Inc. 198,500
9,931 First Chicago Corporation 392,275
2,400 First Fidelity Bancorp+ 180,900
2,200 First Interstate Bancorp 300,300
5,300 First Union Corporation 294,812
7,590 Fleet Financial Group Inc. 309,293
4,000 Great Western Financial Corporation 102,000
7,300 KeyCorp (New) 264,625
4,350 MBNA Corporation 160,406
4,300 Mellon Bank Corporation 231,125
5,800 Morgan (J.P.) & Company, Inc. 465,450
2,300 Morgan Stanely Group Inc. 185,437
4,600 National City Corporation 152,375
8,325 NationsBank Corporation 579,628
10,900 Norwest Corporation 359,700
7,100 PNC Bank Corporation 228,975
1,500 Republic New York Corporation 93,187
3,400 SunTrust Banks Inc. 232,900
4,650 U.S. Bancorp 156,356
5,300 Wachovia Corporation 242,475
1,300 Wells Fargo & Company 280,800
-----------
9,526,337
-----------
<CAPTION>
Broadcasting -- 0.4%
<S> <C> <C>
4,800 Capital Cities/ABC Inc. 592,200
700 Meredith Corporation 29,312
-----------
621,512
-----------
<CAPTION>
Building and Building Supplies -- 0.7%
<S> <C> <C>
800 Crane Company 29,500
14,782 Home Depot Inc. 707,688
1,000 Kaufman & Broad Home Corporation 14,875
5,000 Masco Corporation 156,875
3,533 Pall Corporation 94,949
2,200 Parker-Hannifin Corporation 75,350
-----------
1,079,237
-----------
<CAPTION>
Business Equipment -- 1.2%
<S> <C> <C>
17,600 International Business Machines Corporation 1,614,800
4,500 Pitney Bowes Inc. 211,500
-----------
1,826,300
-----------
<CAPTION>
Business Services -- 0.5%
<S> <C> <C>
5,550 CUC International Inc.+ 189,394
1,600 Federal Express Corporation+ 118,200
2,900 Moore Corporation Ltd. 54,012
3,200 Xerox Corporation 438,400
-----------
800,006
-----------
<CAPTION>
Check Printers -- 0.1%
<S> <C> <C>
2,400 Deluxe Corporation 69,600
800 Harland (John H.) Company 16,700
-----------
86,300
-----------
<CAPTION>
Chemicals -- 3.5%
<S> <C> <C>
3,300 Air Products & Chemicals Inc. 174,075
7,950 Dow Chemical Company 559,481
17,200 duPont (E.I.) deNemours & Company 1,201,850
2,275 Eastman Chemical Company 142,472
1,800 Ecolab Inc. 54,000
4,250 Engelhard Corporation 92,437
1,000 FMC Corporation+ 67,625
2,800 Grace (W.R.) & Company 165,550
1,800 Great Lakes Chemical Corporation 129,600
3,200 Hercules, Inc. 180,400
1,500 Kerr-McGee Corporation 95,250
2,200 Mallinckrodt Group Inc. 80,025
13,000 Minnesota Mining & Manufacturing Company 861,250
3,400 Monsanto Company 416,500
4,600 Morton International Inc. 165,025
2,000 Nalco Chemical Company 60,250
4,100 Praxair Inc. 137,862
6,700 Rockwell International Corporation 354,262
2,000 Rohm & Haas Company 128,750
1,406 Sigma-Aldrich Corporation 69,597
2,100 Union Camp Corporation 100,012
4,000 Union Carbide Corporation 150,000
-----------
5,386,273
-----------
<CAPTION>
Coal -- 0.3%
<S> <C> <C>
6,200 CSX Corporation 282,875
600 Eastern Enterprises 21,150
2,400 Fluor Corporation 158,400
-----------
462,425
-----------
<CAPTION>
Communication Equipment -- 0.7%
<S> <C> <C>
18,200 Motorola, Inc. 1,037,400
3,600 National Semiconductor Corporation+ 80,100
2,300 Scientific-Atlanta Inc. 34,500
-----------
1,152,000
-----------
<CAPTION>
Communications -- 0.8%
<S> <C> <C>
3,400 DSC Communications Corporation+ 125,375
20,900 MCI Communications Corporation 546,012
11,200 Viacom Inc., Class B+ 530,600
-----------
1,201,987
-----------
<CAPTION>
Computer Hardware, Software or Services
-- 4.6%
<S> <C> <C>
3,000 Advanced Micro Devices Inc.+ 49,500
3,500 Amdahl Corporation+ 29,750
6,724 AMP Inc. 258,033
3,600 Apple Computer Inc. 114,750
1,400 Autodesk, Inc. 47,950
4,200 Automatic Data Processing Inc. 311,850
1,900 Ceridian Corporation+ 78,375
8,500 Cisco Systems Inc.+ 634,313
8,200 Compaq Computer Corporation+ 393,600
7,500 Computer Associates International Inc. 426,562
1,600 Computer Sciences Corporation+ 112,400
600 Cray Research Inc.+ 14,850
1,000 Data General Corporation+ 13,750
4,600 Digital Equipment Corporation+ 294,975
3,700 Honeywell, Inc. 179,912
25,400 Intel Corporation 1,441,450
1,300 Intergraph Corporation+ 20,475
18,300 Microsoft Corporation+ 1,605,825
11,400 Novell Inc.+ 162,450
13,400 Oracle Systems Corporation+ 567,825
5,900 Sun Microsystems Inc.+ 269,187
3,400 Tandem Computers Inc.+ 36,125
5,300 Unisys Corporation+ 29,812
-----------
7,093,719
-----------
<CAPTION>
Computer -- Semiconductors -- 0.1%
<S> <C> <C>
5,500 Applied Materials+ 216,563
-----------
<CAPTION>
Construction -- 0.0% #
<S> <C> <C>
700 Centex Corporation 24,325
-----------
<CAPTION>
Consumer Cyclicals -- 0.1%
<S> <C> <C>
6,017 Price/Costco Inc.+ 91,759
-----------
<CAPTION>
Consumer Non-Durables -- 3.0%
<S> <C> <C>
7,100 Corning Inc. 227,200
2,900 Dial Corporation 85,912
51,600 General Electric Corporation 3,715,200
1,500 Grainger (W.W.), Inc. 99,375
3,400 Lowe's Companies Inc. 266,475
4,900 Newell Company 126,787
3,100 Whitman Corporation 72,075
-----------
4,593,024
-----------
<CAPTION>
Consumer Staples -- 0.1%
<S> <C> <C>
2,500 Pioneer Hi-Bred International Inc. 139,062
-----------
<CAPTION>
Containers -- 0.1%
<S> <C> <C>
800 Ball Corporation 22,000
2,800 Crown Cork & Seal Company Inc.+ 116,900
-----------
138,900
-----------
<CAPTION>
Cosmetics-Toiletry -- 0.1%
<S> <C> <C>
700 Alberto-Culver Company, Class B 24,062
2,000 Avon Products Inc. 150,750
-----------
174,812
-----------
<CAPTION>
Diversified -- 1.4%
<S> <C> <C>
3,500 Alco Standard Company 159,687
5,700 FPL Group, Inc. 264,337
3,400 ITT Corporation 180,200
5,000 Loews Corporation 167,500
9,800 Occidental Petroleum Corporation 209,475
7,600 Public Service Enterprise 232,750
13,800 SCEcorp 244,950
4,700 Unilever NV 661,525
-----------
2,120,424
-----------
<CAPTION>
Electric Power -- 0.1%
<S> <C> <C>
4,800 Carolina Power & Light Company 165,600
1,400 National Service Industries, Inc. 45,325
-----------
210,925
-----------
<CAPTION>
Electrical Equipment -- 1.3%
<S> <C> <C>
3,300 Cooper Industries Inc. 121,275
1,100 Foster Wheeler Corporation 46,750
1,400 General Signal Corporation 45,325
15,800 Hewlett-Packard Company 1,323,250
900 Tektronix Inc. 44,212
60 Teledyne Inc., Series E 863
5,800 Texas Instruments Inc. 300,150
600 Thomas & Betts Corporation 44,250
700 TRINOVA Corporation 20,037
-----------
1,946,112
-----------
<CAPTION>
Electronics -- 1.4%
<S> <C> <C>
2,300 Eaton Corporation 123,337
1,400 E G & G Inc. 33,950
6,900 Emerson Electric Company 564,750
5,300 Loral Corporation 187,487
7,500 Raytheon Company 354,375
7,500 Schlumberger Ltd. 519,375
2,100 Tandy Corporation 87,150
1,600 Teledyne Inc. 41,000
12,100 Westinghouse Electric Corporation 199,650
-----------
2,111,074
-----------
<CAPTION>
Energy and Resources -- 0.2%
<S> <C> <C>
3,700 Burlington Resources, Inc. 145,225
5,400 Dresser Industries Inc. 131,625
-----------
276,850
-----------
<CAPTION>
Entertainment -- 1.3%
<S> <C> <C>
16,200 Disney (Walt) Company 955,800
900 Handleman Company 5,175
2,300 Harcourt General Corporation 96,312
2,600 Hasbro Inc. 80,600
3,400 ITT Corporation (New)+ 180,200
1,000 King World Productions, Inc.+ 38,875
6,872 Mattel, Inc. 211,314
11,900 Time Warner Inc. 450,712
-----------
2,018,988
-----------
<CAPTION>
Financial Services -- 2.9%
<S> <C> <C>
15,000 American Express Company 620,625
6,300 American General Corporation 219,712
5,237 Dean Witter, Discover & Company 246,139
3,000 Dow Jones & Company Inc. 119,625
5,600 Federal Home Loan Mortgage Corporation 467,600
8,400 Federal National Mortgage Association 1,042,650
6,896 First Data Corporation 461,170
2,900 Household International, Inc. 171,463
5,200 Merrill Lynch & Company Inc. 265,200
700 Pulte Corporation 23,537
3,100 Salomon Inc. 110,050
1,600 Temple-Inland Inc. 70,600
9,845 Travelers Inc. 619,004
-----------
4,437,375
-----------
<CAPTION>
Financing Corporation -- 0.0%#
<S> <C> <C>
1,500 Beneficial Corporation 69,937
-----------
<CAPTION>
Food and Beverages -- 7.1%
<S> <C> <C>
7,800 Albertson's, Inc. 256,425
7,900 Anheuser-Busch Companies Inc. 528,312
7,700 Campbell Soup Company 462,000
38,800 Coca-Cola Company 2,880,900
7,225 ConAgra Inc. 298,031
1,100 Coors (Adolph) Company, Class B 24,337
4,300 CPC International Inc. 295,087
1,100 Fleming Companies Inc. 22,687
11,400 Heinz (H.J.) Company 377,625
2,400 Hershey Foods Corporation 156,000
6,700 Kellogg Company 517,575
24,300 PepsiCo Inc. 1,357,762
26,000 Philip Morris Companies Inc. 2,353,000
3,900 Quaker Oats Company 134,550
3,300 Ralston-Purina Group 205,837
15,000 Sara Lee Corporation 478,125
11,500 Seagram Company Ltd. 398,187
3,400 Wrigley (Wm) Jr. Company 178,000
-----------
10,924,440
-----------
<CAPTION>
Food Distribution -- 0.8%
<S> <C> <C>
16,373 Archer-Daniels-Midland
Company 294,714
4,700 General Mills Inc. 271,425
1,700 Giant Food, Inc., Class A 53,550
1,100 Great Atlantic & Pacific Tea Company Inc. 25,300
3,600 Kroger Company+ 135,000
2,000 Supervalu Inc. 63,000
5,400 Sysco Corporation 175,500
4,700 Winn Dixie Stores Inc. 173,312
-----------
1,191,801
-----------
<CAPTION>
Freight and Shipping -- 0.1%
<S> <C> <C>
1,300 Consolidated Freightways Inc. 34,450
1,200 Pittston Services Group 37,650
700 Yellow Corporation 8,662
-----------
80,762
-----------
<CAPTION>
Glass Products -- 0.2%
<S> <C> <C>
1,500 Owens-Corning Fiberglass Corporation+ 67,312
6,000 PPG Industries Inc. 274,500
-----------
341,812
-----------
<CAPTION>
Health Care Facilities -- 0.8%
<S> <C> <C>
2,900 Beverly Enterprises+ 30,812
13,718 Columbia/HCA Healthcare Corporation 696,189
1,300 Community Psychiatric Centers 15,925
5,000 Humana Inc.+ 136,875
6,200 Tenet Healthcare Corporation+ 128,650
4,500 U.S. HealthCare Inc. 209,250
-----------
1,217,701
-----------
<CAPTION>
Health Care Products -- 3.3%
<S> <C> <C>
24,400 Abbott Laboratories 1,018,700
1,900 Allergan, Inc. 61,750
1,700 Bausch & Lomb Inc. 67,362
1,900 Becton, Dickinson & Company 142,500
38,200 Merck & Company Inc. 2,511,650
19,600 Pfizer, Inc. 1,234,800
-----------
5,036,762
-----------
<CAPTION>
Holding Companies -- 0.2%
<S> <C> <C>
3,400 General Public Utilities Corporation 115,600
44 Transport Holdings Inc.+ 1,793
6,600 Unicom Corporation 216,150
-----------
333,543
-----------
<CAPTION>
Home Appliances -- 0.4%
<S> <C> <C>
2,500 Black & Decker Corporation 88,125
3,400 Illinois Tool Works Inc. 200,600
3,200 Maytag Corporation 64,800
1,900 Premark International Inc. 96,187
1,200 Snap-On, Inc. 54,300
1,300 Stanley Works 66,950
2,200 Whirlpool Corporation 117,150
-----------
688,112
-----------
<CAPTION>
Home Furnishings and Housewares
-- 0.1%
<S> <C> <C>
1,100 Armstrong World Industries Inc. 68,200
600 Springs Industries Inc., Class A 24,825
-----------
93,025
-----------
<CAPTION>
Hotels -- 0.2%
<S> <C> <C>
3,000 Harrah's Entertainment Inc.+ 72,750
1,400 Hilton Hotels Corporation 86,100
3,700 Marriott International Inc. 141,525
-----------
300,375
-----------
<CAPTION>
Housewares -- 0.7%
<S> <C> <C>
9,700 American Home Products Corporation 940,900
4,900 Rubbermaid, Inc. 124,950
-----------
1,065,850
-----------
<CAPTION>
Insurance -- 3.3%
<S> <C> <C>
3,300 Aetna Life & Casualty Company 228,525
1,300 Alexander & Alexander Services, Inc. 24,700
13,860 Allstate Corporation 569,992
5,500 American Brands Inc. 245,437
14,643 American International Group, Inc. 1,354,477
2,600 Chubb Corporation 251,550
2,100 CIGNA Corporation 216,825
2,300 General Re Corporation 356,500
3,400 ITT Hartford Group Inc.+ 164,475
2,100 Jefferson-Pilot Corporation 97,650
3,100 Lincoln National Corporation 166,625
2,300 Marsh & McLennan Companies, Inc. 204,125
2,800 Providian Corporation 114,100
3,800 SAFECO Corporation 131,100
2,500 St. Paul Companies Inc. 139,063
2,150 Torchmark Corporation 97,287
1,900 Transamerica Corporation 138,463
5,400 United Healthcare Corporation 353,700
2,100 UNUM Corporation 115,500
3,300 USF & G Corporation 55,687
875 USLife Corporation 26,141
-----------
5,051,922
-----------
<CAPTION>
Laboratory Equipment -- 0.1%
<S> <C> <C>
4,500 Tyco International Ltd. 160,312
-----------
<CAPTION>
Machinery and Heavy Equipment -- 0.5%
<S> <C> <C>
6,100 Caterpillar Inc. 358,375
900 Cincinnati Milacron Inc. 23,625
8,100 Deere & Company 285,525
3,400 Ingersoll Rand Company 119,425
1,200 Varity Corporation+ 44,550
-----------
831,500
-----------
<CAPTION>
Machinery (Electric) -- 0.1%
<S> <C> <C>
3,300 Dover Corporation 121,688
-----------
<CAPTION>
Manufacturing -- 1.3%
<S> <C> <C>
6,950 Alcan Aluminum Ltd. 216,319
5,500 Aluminum Company of America 290,812
5,000 Boston Scientific Corporation+ 245,000
800 Briggs & Stratton Corporation 34,700
2,000 Brown-Forman Corporation, Class B 73,000
900 Giddings & Lewis, Inc. 14,850
4,000 LSI Logic Corporation+ 131,000
6,400 Micron Technology Inc. 253,600
600 Outboard Marine Corporation 12,225
1,120 PACCAR Inc. 47,180
1,900 Reynolds Metals Company 107,588
470 Schweitzer-Maudit
International+ 10,869
2,500 Sherwin-Williams Company 101,875
5,000 Silicon Graphics Inc.+ 137,500
4,700 3COM Corporation+ 219,138
1,500 Willamette Industries Inc. 84,375
-----------
1,980,031
-----------
<CAPTION>
Medical and Medical Services -- 0.0%#
<S> <C> <C>
600 Shared Medical Systems Corporation 32,625
-----------
<CAPTION>
Medical Instruments and Supplies -- 0.6%
<S> <C> <C>
1,800 Bard (C.R.), Inc. 58,050
8,600 Baxter International Inc. 360,125
3,400 Biomet, Inc.+ 60,775
7,100 Medtronic, Inc. 396,713
1,950 St. Jude Medical, Inc.+ 83,850
1,700 United States Surgical Corporation 36,338
-----------
995,851
-----------
<CAPTION>
Metals and Mining -- 0.4%
<S> <C> <C>
1,200 ASARCO Inc. 38,400
10,900 Barrick Gold Corporation 287,487
3,500 Inco Ltd. 116,375
2,000 Phelps Dodge Corporation 124,500
-----------
566,762
-----------
<CAPTION>
Mining -- 0.5%
<S> <C> <C>
2,700 Cyprus Amax Minerals Company 70,538
3,900 Echo Bay Mines Ltd. 40,462
6,300 Freeport McMoRan Copper & Gold, Class B 177,188
4,100 Homestake Mining Company 64,062
300 NACCO Industries Inc., Class A 16,650
2,946 Newmont Mining Corporation 133,306
7,400 Placer Dome, Inc. 178,525
3,892 Santa Fe Pacific Gold 47,190
-----------
727,921
-----------
<CAPTION>
Natural Gas -- 0.6%
<S> <C> <C>
4,834 CINergy Corporation 148,041
2,900 Consolidated Natural Gas Company 131,587
7,800 Enron Corporation 297,375
1,900 ENSEARCH Corporation 30,875
1,500 NICOR Inc. 41,250
700 ONEOK Inc. 16,012
2,500 Pacific Enterprises Inc. 70,625
4,400 Panhandle Eastern Corporation 122,650
2,700 Sonat, Inc. 96,187
-----------
954,602
-----------
<CAPTION>
News and Publishing -- 0.9%
<S> <C> <C>
4,100 Gannett Company Inc. 251,638
8,632 Kimberly-Clark Corporation 714,298
1,300 Knight-Ridder Inc. 81,250
2,800 New York Times Company, Class A 82,950
3,300 Times Mirror Company 111,787
1,900 Tribune Company 116,138
-----------
1,358,061
-----------
<CAPTION>
Office Equipment -- 0.0%#
<S> <C> <C>
1,500 Avery Dennison Corporation 75,188
-----------
<CAPTION>
Oil -- 8.0%
<S> <C> <C>
2,900 Amerada Hess Corporation 153,700
15,300 Amoco Corporation 1,099,687
1,900 Ashland Oil, Inc. 66,738
5,000 Atlantic Richfield Company 553,750
4,400 Baker Hughes Inc. 107,250
20,200 Chevron Corporation 1,060,500
3,000 Coastal Corporation 111,750
38,400 Exxon Corporation 3,076,800
3,400 Halliburton Company 172,125
900 Louisiana Land & Exploration Company 38,587
1,600 McDermott International, Inc. 35,200
12,200 Mobil Corporation 1,366,400
3,000 Oryx Energy Company+ 40,125
1,300 Pennzoil Company 54,925
8,100 Phillips Petroleum Company 276,413
16,600 Royal Dutch Petroleum Company 2,342,675
2,674 Santa Fe Energy Resources, Inc.+ 25,737
5,300 Tenneco Inc. 263,013
8,200 Texaco Inc. 643,700
6,400 Union Pacific Corporation 422,400
7,600 Unocal Corporation 221,350
8,700 USX-Marathon Group Common (New) 169,650
-----------
12,302,475
-----------
<CAPTION>
Oil Equipment and Services -- 0.1%
<S> <C> <C>
600 Helmerich & Payne, Inc. 17,850
1,500 Western Atlas, Inc.+ 75,750
-----------
93,600
-----------
<CAPTION>
Paper and Forest Products -- 0.9%
<S> <C> <C>
1,500 Bemis Company Inc. 38,437
1,400 Boise Cascade Corporation 48,475
2,800 Champion International Corporation 117,600
230 Crown Vintage Inc.+ 3,278
1,500 Federal Paper Board Company Inc. 77,813
2,700 Georgia-Pacific Corporation 185,288
1,400 Harnischfeger Industries Inc. 46,550
7,900 International Paper Company 299,212
2,400 James River Corporation 57,900
3,200 Louisiana Pacific Corporation 77,600
1,500 Mead Corporation 78,375
900 Potlatch Corporation 36,000
2,781 Stone Container Corporation 39,977
6,250 Weyerhaeuser Company 270,313
-----------
1,376,818
-----------
<CAPTION>
Personal Items -- 2.3%
<S> <C> <C>
4,500 Colgate-Palmolive Company 316,125
13,760 Gillette Company 717,240
3,200 International Flavors & Fragrances, Inc. 153,600
1,100 Jostens Inc. 26,675
21,200 Proctor & Gamble Company 1,759,600
6,000 UST Inc. 200,250
4,000 Warner-Lambert Company 388,500
-----------
3,561,990
-----------
<CAPTION>
Personal Services -- 0.2%
<S> <C> <C>
3,000 Block (H & R) Inc. 121,500
1,850 Manor Care Inc. 64,750
1,400 Ogden Corporation 29,925
1,700 Safety-Kleen Corporation 26,562
3,050 Service Corporation International 134,200
-----------
376,937
-----------
<CAPTION>
Petroleum Refining -- 0.1%
<S> <C> <C>
2,200 Sun Company 60,225
3,000 Williams Companies Inc. 131,625
-----------
191,850
-----------
<CAPTION>
Pharmaceuticals -- 3.4%
<S> <C> <C>
2,400 ALZA Corporation+ 59,400
15,660 Bristol-Myers Squibb Company 1,344,802
20,000 Johnson & Johnson 1,712,500
17,000 Lilly (Eli) & Company 956,250
15,520 Pharmacia & Upjohn Inc.+ 601,400
11,400 Schering-Plough Corporation 624,150
-----------
5,298,502
-----------
<CAPTION>
Photographic Equipment and Supplies -- 0.5%
<S> <C> <C>
10,600 Eastman Kodak Company 710,200
1,350 Polaroid Corporation 63,956
-----------
774,156
-----------
<CAPTION>
Plastic -- 0.0%#
<S> <C> <C>
1,300 Raychem Corporation 73,937
-----------
<CAPTION>
Printing and Publishing -- 0.3%
<S> <C> <C>
2,200 American Greetings Corporation, Class A 60,775
4,500 Donnelly (RR) & Sons Company 177,188
1,400 McGraw-Hill Inc. 121,875
3,150 Westvaco Corporation 87,412
-----------
447,250
-----------
<CAPTION>
Publishing -- 0.2%
<S> <C> <C>
5,240 Dun & Bradstreet Corporation 339,290
-----------
<CAPTION>
Railroads -- 0.3%
<S> <C> <C>
2,300 Conrail Inc. 161,000
3,800 Norfolk Southern Corporation 301,625
-----------
462,625
-----------
<CAPTION>
Recreational -- 0.1%
<S> <C> <C>
1,400 Bally Entertainment Corporation+ 19,600
2,800 Brunswick Corporation 67,200
1,400 Fleetwood Enterprises Inc. 36,050
-----------
122,850
-----------
<CAPTION>
Research and Development -- 0.3%
<S> <C> <C>
8,200 Amgen Inc.+ 486,875
-----------
<CAPTION>
Restaurants -- 0.7%
<S> <C> <C>
68 Bruno's, Inc.+ 714
4,900 Darden Restaurants Inc. 58,187
600 Luby's Cafeterias Inc. 13,350
21,400 McDonald's Corporation 965,675
1,500 Ryan's Family Steak Houses Inc.+ 10,500
1,200 Shoney's Inc.+ 12,300
3,000 Wendy's International Inc. 63,750
-----------
1,124,476
-----------
<CAPTION>
Retail -- 3.1%
<S> <C> <C>
4,400 American Stores Company 117,700
3,200 Charming Shoppes Inc. 9,200
2,800 Circuit City Stores Inc. 77,350
2,100 Dayton Hudson Corporation 157,500
3,500 Dillard Department Stores, Class A 99,750
6,300 Federated Department Store+ 173,250
4,300 Gap Inc. 180,600
14,200 K mart Corporation 102,950
11,100 Limited Inc. 192,862
2,200 Liz Claiborne Inc. 61,050
600 Longs Drug Stores Company 28,725
7,700 May Department Stores Company 325,325
1,000 Mercantile Stores Company 46,250
2,300 Nordstrom, Inc. 93,150
7,000 Penney (J.C.) Company Inc. 333,375
2,300 Reebok International, Inc. 64,975
2,500 Rite Aid Corporation 85,625
1,000 Russell Corporation 27,750
12,000 Sears, Roebuck & Company 468,000
1,400 Stride Rite Corporation 10,500
2,100 TJX Companies, Inc. 39,638
8,450 Toys R Us Inc.+ 183,788
70,900 Wal-Mart Stores, Inc. 1,586,387
7,600 Walgreen Company 227,050
3,900 Woolworth Corporation 50,700
-----------
4,743,450
-----------
<CAPTION>
Savings and Loan Associations -- 0.1%
<S> <C> <C>
3,400 Ahmanson (H.F.) Company 90,100
1,700 Golden West Financial Corporation 93,925
-----------
184,025
-----------
<CAPTION>
Soaps and Detergents -- 0.1%
<S> <C> <C>
1,500 Clorox Company 107,437
-----------
<CAPTION>
Steel -- 0.3%
<S> <C> <C>
3,300 Armco Inc.+ 19,388
3,500 Bethlehem Steel Corporation+ 49,000
1,400 Inland Steel Industries Inc. 35,175
2,600 Nucor Corporation 148,525
800 Timken Company 30,600
2,440 USX-U.S. Steel Group Inc. 75,030
2,625 Worthington Industries, Inc. 54,633
-----------
412,351
-----------
<CAPTION>
Technology -- 0.8%
<S> <C> <C>
17,100 Ameritech Corporation 1,008,900
3,400 ITT Industries+ 81,600
1,300 Millipore Corporation 53,462
1,200 Perkin-Elmer Corporation 45,300
2,500 T-Labs Inc.+ 92,500
-----------
1,281,762
-----------
<CAPTION>
Telecommunications -- 7.8%
<S> <C> <C>
15,300 AirTouch Communications, Inc.+ 432,225
5,800 ALLTEL Corporation 171,100
1,150 Andrew Corporation+ 43,987
49,206 AT&T Corporation 3,186,088
13,500 Bell Atlantic Corporation 902,813
30,700 BellSouth Corporation 1,335,450
2,100 Cabletron Systems+ 170,100
7,400 Comcast Corporation Special, Class A
(non-voting) 134,588
29,900 GTE Corporation 1,315,600
1,100 Harris Corporation 60,087
7,800 Northern Telecommunications Ltd. 335,400
13,200 NYNEX Corporation 712,800
13,200 Pacific Telesis Group 443,850
18,800 Southwestern Bell Corporation 1,081,000
10,800 Sprint Corporation 430,650
20,200 Tele-Communications Inc., Class A+ 401,475
14,600 US West, Inc. 521,950
14,600 US West Media, Inc.+ 281,050
-----------
11,960,213
-----------
<CAPTION>
Tire and Rubber -- 0.2%
<S> <C> <C>
800 Goodrich (B.F.) Company 54,500
4,500 Goodyear Tire & Rubber Company 204,188
-----------
258,688
-----------
<CAPTION>
Transportation -- 0.3%
<S> <C> <C>
4,263 Burlington Northern Santa Fe 332,514
1,100 Roadway Services, Inc. 53,762
2,200 Ryder System, Inc. 54,450
-----------
440,726
-----------
<CAPTION>
Utilities-Combination -- 0.2%
<S> <C> <C>
7,000 Entergy Corporation 204,750
4,900 PP & L Resources Inc. 122,500
-----------
327,250
-----------
<CAPTION>
Utilities-Electric -- 1.6%
<S> <C> <C>
5,800 American Electric Power Company, Inc. 234,900
5,900 Central & Southwest Corporation 164,463
4,300 Detroit Edison Company 148,350
5,400 Dominion Resources, Inc. 222,750
6,300 Duke Power Company 298,463
8,100 Houston Industries, Inc. 196,425
4,500 Ohio Edison Company 105,750
8,800 PacifiCorp 187,000
20,600 Southern Company 507,275
7,000 Texas Utilities Company 287,875
3,000 Union Electric Company 125,200
-----------
2,478,451
-----------
<CAPTION>
Utilities-Electric and Gas -- 0.5%
<S> <C> <C>
4,350 Baltimore Gas & Electric Company 123,975
4,500 Niagara Mohawk Power Corporation 43,312
1,900 Northern States Power Company 93,338
13,100 Pacific Gas & Electric Company 371,712
6,900 PECO Energy Company 207,863
-----------
840,200
-----------
<CAPTION>
Utilities-Gas -- 0.2%
<S> <C> <C>
1,500 Columbia Gas System, Inc.+ 65,813
7,300 Consolidated Edison Company 233,600
3,800 Noram Energy Corporation 33,725
900 Peoples Energy Corporation 28,575
-----------
361,713
-----------
<CAPTION>
Waste Management -- 0.5%
<S> <C> <C>
6,600 Browning-Ferris Industries, Inc. 194,700
9,100 Laidlaw Inc., Class B (non- voting) 93,275
13,300 WMX Technologies Inc. 448,125
-----------
736,100
-----------
<S> <C>
TOTAL COMMON STOCKS
(Cost $105,111,941) 140,479,897
-----------
WARRANTS -- 0.0% #
(Cost $10,166)
<S> <C> <C>
3 Emcor Group Inc, expires 12/15/1999+ 0
-----------
<CAPTION>
Principal
Amount
- ---------
U.S. TREASURY BILLS -- 0.5%
<S> <C> <C>
$ 150,000 5.520%++ 01/11/1996** 149,757
650,000 5.600%++ 04/04/1996** 640,848
-----------
<S> <C>
TOTAL U.S. TREASURY BILLS
(Cost $790,605) 790,605
-----------
<CAPTION>
REPURCHASE AGREEMENT -- 5.9%
(Cost $9,107,866)
<S> <C>
9,107,866 Agreement with Merrill Lynch & Company Inc.,
5.580% dated 12/29/1995, to be repurchased at
$9,113,513 on 01/02/1996, collateralized by
$9,083,000 U.S. Treasury Notes, 4.750%- 7.500%
having maturities ranging from 08/31/1998
through 05/15/2002 (value $9,375,312) 9,107,866
-----------
<S> <C>
SHORT-TERM INVESTMENTS -- 1.5%
(Cost $2,310,800)
<S> <C> <C>
2,310,800 Navigator Tax-Free Money Market Fund $ 2,310,800
------------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $117,331,378*) 99.3% 152,689,168
OTHER ASSETS AND
LIABILITIES (Net) 0.7 1,070,071
----- ------------
NET ASSETS 100.0% $153,759,239
===== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
** Securities pledged as collateral for futures contracts.
+ Non-income producing security
++ Rate represents annualized yield at date of purchase.
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
Number of Unrealized
Contracts Depreciation
- --------- ------------
FUTURES CONTRACTS --
LONG POSITION
<S> <C> <C>
43 S&P 500 Index, March 1996 ($74,105)
========
</TABLE>
The Munder Growth & Income Fund
Portfolio of Investments, December 31, 1995 (Unaudited)
- ------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 86.6%
Automobile Parts and Equipment -- 1.9%
<S> <C> <C>
49,700 Johnson Controls Inc. $ 3,416,875
-----------
<CAPTION>
Banking and Finance -- 14.4%
<S> <C> <C>
54,000 BankAmerica Corporation 3,496,500
39,600 Federal National Mortgage Association 4,915,350
129,000 Great Western Financial Corporation 3,289,500
66,000 KeyCorp (New) 2,392,500
71,000 Mellon Bank Corporation 3,816,250
135,000 Norwest Corporation 4,455,000
75,000 Wachovia Corporation, (New) 3,431,250
-----------
25,796,350
-----------
<CAPTION>
Chemicals -- 3.3%
<S> <C> <C>
39,000 duPont (E.I.) de Nemours & Company 2,725,125
252,000 Ethyl Corporation 3,150,000
-----------
5,875,125
-----------
<CAPTION>
Electrical Equipment -- 1.4%
<S> <C> <C>
70,000 Cooper Industries Inc. 2,572,500
-----------
<CAPTION>
Electrical Machinery -- 2.0%
<S> <C> <C>
51,000 General Electric Corporation 3,672,000
-----------
<CAPTION>
Food Processing -- 1.4%
<S> <C> <C>
80,000 Sara Lee Corporation 2,550,000
-----------
<CAPTION>
Holding Companies -- Diversified -- 1.8%
<S> <C> <C>
48,000 Textron, Inc. 3,240,000
-----------
<CAPTION>
Insurance -- 2.8%
<S> <C> <C>
43,641 Allstate Corporation 1,794,736
61,000 Lincoln National Corporation Ltd. 3,278,750
-----------
5,073,486
-----------
<CAPTION>
News and Publishing -- 1.2%
<S> <C> <C>
25,000 McGraw-Hill Companies Inc. 2,178,125
-----------
<CAPTION>
Office Equipment -- 2.1%
<S> <C> <C>
75,187 Avery Dennison Corporation 3,768,748
-----------
<CAPTION>
Oil and Petroleum -- 6.0%
<S> <C> <C>
43,000 Exxon Corporation 3,445,375
32,000 Mobil Corporation 3,584,000
47,000 Texaco Inc. 3,689,500
-----------
10,718,875
-----------
<CAPTION>
Paper -- 2.2%
<S> <C> <C>
47,000 Kimberly-Clark Corporation 3,889,250
-----------
<CAPTION>
Pharmaceuticals -- 8.5%
<S> <C> <C>
36,000 American Home Products Corporation 3,492,000
42,000 Bristol-Myers Squibb 3,606,750
50,000 Merck & Company Inc. 3,287,500
44,225 Pharmacia & Upjohn Incorporated 1,713,719
56,000 Schering-Plough 3,066,000
-----------
15,165,969
-----------
<CAPTION>
Publishing/Printing -- 1.0%
<S> <C> <C>
64,000 Deluxe Corporation 1,856,000
-----------
<CAPTION>
Railroads -- 1.8%
<S> <C> <C>
84,000 Illinois Central Corporation 3,223,500
-----------
<CAPTION>
Real Estate -- 5.1%
<S> <C> <C>
100,000 FelCor Suite Hotels 2,775,000
92,000 Health Care Property Investors 3,231,500
90,000 Meditrust SBI 3,138,750
-----------
9,145,250
-----------
<CAPTION>
Retail -- 2.9%
<S> <C> <C>
81,000 Genuine Parts Co. 3,321,000
47,076 Sears Roebuck & Co. 1,835,964
-----------
5,156,964
-----------
<CAPTION>
Telecommunications -- 7.2%
<S> <C> <C>
53,000 AT&T Corporation 3,431,750
132,000 Frontier Corporation 3,960,000
57,000 SBC Communications Inc. 3,277,500
60,000 US West Inc. 2,145,000
-----------
12,814,250
-----------
<CAPTION>
Tobacco -- 1.8%
<S> <C> <C>
35,000 Phillip Morris Companies 3,167,500
-----------
<CAPTION>
Utilities -- Electric -- 9.7%
<S> <C> <C>
134,000 DPL Inc. 3,316,500
119,000 DQE Inc. 3,659,250
72,000 Duke Power Company 3,411,000
77,500 FPL Group Inc. 3,594,063
111,000 PECO Energy Company 3,343,875
-----------
17,324,688
-----------
<CAPTION>
Utilities -- Natural Gas -- 5.2%
<S> <C> <C>
139,271 MCN Corp. Holding Co. 3,238,051
87,000 Pan Handle Eastern Corporation 2,425,125
72,377 Tenneco Inc. 3,591,709
-----------
9,254,885
-----------
<CAPTION>
Utilities -- Water -- 2.2%
<S> <C> <C>
102,000 American Water Works 3,965,250
-----------
<CAPTION>
Waste Management -- 0.7%
<S> <C> <C>
44,000 Browning-Ferris Industries, Inc. 1,298,000
-----------
<CAPTION>
<S> <C>
TOTAL COMMON STOCKS
(Cost $126,737,980) 155,123,590
-----------
<CAPTION>
CONVERTIBLE PREFERRED STOCKS -- 4.5%
<S> <C> <C>
29,000 First Bank Systems Inc., $3.5625, Pfd. Conv. 2,486,750
45,000 General Motors Corporation, $3.25, Class C,
Pfd. Conv. 3,296,250
47,000 SunAmerica Inc., $2.78, Series D, Pfd. Conv. 2,250,125
-----------
<CAPTION>
<S> <C>
TOTAL CONVERTIBLE PREFERRED
STOCKS (Cost $6,170,937) 8,033,125
-----------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount Value
- --------- -----
CONVERTIBLE BONDS AND NOTES -- 4.7%
<S> <C> <C>
$2,000,000 Browning-Ferris Industries, Inc., Conv., 6.750% due
07/18/2005 $1,997,500
800,000 Liebert Corporation, Conv. Senior Debenture, 8.000% due
11/15/2010 2,328,000
2,500,000 Michael Stores Inc., Conv. Bond, 4.750% due 01/15/2003 1,962,500
2,200,000 Pennzoil Company, Conv. Bond, 4.750% due 10/01/2003 2,233,000
----------
<S> <C>
TOTAL CONVERTIBLE BONDS
AND NOTES (Cost $8,088,553) 8,521,000
----------
<CAPTION>
REPURCHASE AGREEMENT -- 3.8%
(Cost $6,821,027)
<S> <C> <C>
6,821,027 Agreement with Merrill Lynch & Company Inc., 5.580% dated
12/29/1995 to be repurchased at $6,825,256 on
01/02/1996, collateralized by $6,718,000 U.S. Treasury
Notes, 6.500% -- 7.875% having maturities ranging from
05/15/1997 through 04/15/1998 (value $7,021,320) 6,821,027
----------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $147,818,497*) 99.6% 178,498,742
OTHER ASSETS AND
LIABILITIES (Net) 0.4 691,025
----- ------------
NET ASSETS 100.0% $179,189,767
===== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
See Notes to Financial Statements.
</TABLE>
The Munder Value Fund
Portfolio of Investments, December 31, 1995 (Unaudited)
- ------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 90.5%
Apparel -- 2.2%
<S> <C> <C>
16,300 Jones Apparel Group Inc.+ $ 641,812
----------
<CAPTION>
Banking and Financial Services -- 15.9%
<S> <C> <C>
27,000 Ahmanson (H.F.) & Company 715,500
14,000 BankAmerica Corporation 906,500
6,900 Finova Group Inc. 332,925
4,200 First Interstate Bancorp+ 573,300
30,000 Great Western Financial Corporation 765,000
37,400 Jefferson Banco 719,950
41,300 Springfield Institution for Savings+ 676,288
-----------
4,689,463
-----------
<CAPTION>
Basic Industries -- 1.9%
<S> <C> <C>
23,900 Fletcher Challenge Ord. 552,688
-----------
<CAPTION>
Computer Hardware, Software or Services
-- 5.7%
<S> <C> <C>
23,000 Compaq Computer Corporation+ 1,104,000
50,000 Computer Products Inc. 575,000
-----------
1,679,000
-----------
<CAPTION>
Computer-Semiconductors -- 2.2%
<S> <C> <C>
11,600 Intel Corporation 658,300
-----------
<CAPTION>
Electronics -- 7.6%
<S> <C> <C>
15,500 Lam Research Corporation+ 709,125
26,700 Lattice Semiconductor Corporation 871,087
14,200 Raytheon Company 670,950
-----------
2,251,162
-----------
<CAPTION>
Engineering -- 2.0%
<S> <C> <C>
51,800 Insituform Technologies, Class A+ 602,175
-----------
<CAPTION>
Food and Beverages -- 1.1%
<S> <C> <C>
10,000 Canandaigua Wine Company, Inc., Class A+ 326,250
100 Rykoff-Sexton Inc. 1,750
-----------
328,000
-----------
<CAPTION>
Health Care -- 1.3%
<S> <C> <C>
9,000 HealthCare COMPARE Corporation 391,500
-----------
<CAPTION>
Industrial -- 4.7%
<S> <C> <C>
25,000 Praxair Inc. 840,625
7,000 TRW Inc. 542,500
-----------
1,383,125
-----------
<CAPTION>
Insurance -- 10.5%
<S> <C> <C>
16,100 ACE Limited 639,975
20,100 Allstate Corporation 826,612
9,400 CIGNA Corporation 970,550
28,000 Prudential Reinsurance Holdings 654,500
-----------
3,091,637
-----------
<CAPTION>
Machine-Diversified -- 1.3%
<S> <C> <C>
7,700 Tecumseh Products Company, Class A 398,475
-----------
<CAPTION>
Oil and Gas -- 8.8%
<S> <C> <C>
19,700 Columbia Gas System Inc. 864,338
10,500 du Pont (E.I.) de Nemours & Company 733,687
39,600 Union Pacific Resources Group 1,004,850
-----------
2,602,875
-----------
<CAPTION>
Pharmaceuticals -- 4.4%
<S> <C> <C>
6,100 American Home Products Corporation 591,700
18,650 Pharmacia & Upjohn Incorporated 722,687
-----------
1,314,387
-----------
<CAPTION>
Restaurants -- 0.9%
<S> <C> <C>
40,000 Ryan's Family Steak Houses Inc.+ 280,000
-----------
<CAPTION>
Telecommunications -- 9.1%
<S> <C> <C>
10,400 American Telephone & Telegraph Corporation 673,400
19,900 Frontier Corporation 597,000
13,000 Harris Corporation 710,125
26,900 MCI Communications Corporation 702,763
-----------
2,683,288
-----------
<CAPTION>
Transportation -- 1.4%
<S> <C> <C>
15,000 Midwest Express Holdings+ 416,250
-----------
<CAPTION>
Utilities -- 5.9%
<S> <C> <C>
11,000 DQE Inc. 338,250
15,200 Entergy Corporation, New 444,600
7,100 FPL Group Inc. 329,263
11,100 Illinova Corporation 333,000
11,200 TECO Energy Inc. 287,000
-----------
1,732,113
-----------
<CAPTION>
Other -- 3.6%
<S> <C> <C>
7,700 Textron, Inc. 519,750
5,600 United Technologies Corporation 531,300
-----------
1,051,050
-----------
<S> <C>
TOTAL COMMON STOCKS
(Cost $25,250,959) 26,747,300
-----------
<CAPTION>
Principal
Amount
- ---------
REPURCHASE AGREEMENT -- 6.0%
(Cost $1,793,000)
<S> <C> <C>
$1,793,000 Agreement with Morgan (J.P.) & Company, 5.600% dated
12/29/1995 to be repurchased at $1,794,116 on
01/02/1996, collateralized by $1,459,000 U.S. Treasury
Notes, 8.000% due 11/15/2021 (value $1,829,221) 1,793,000
----------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $27,043,959*) 96.5% 28,540,300
OTHER ASSETS AND
LIABILITIES (Net) 3.5 1,021,744
----- -----------
NET ASSETS 100.0% $29,562,044
===== ===========
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
See Notes to Financial Statements.
</TABLE>
The Munder Balanced Fund
Portfolio of Investments, December 31, 1995 (Unaudited)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Shares Value
- ------ -----
COMMON STOCKS -- 56.3%
Advertising -- 0.7%
<S> <C> <C>
10,000 Omnicom Group Inc. $ 372,500
-----------
<CAPTION>
Apparel -- 0.5%
<S> <C> <C>
3,700 Jones Apparel Group Inc.+ 145,688
11,200 Warnaco Group, Class A 98,750
-----------
244,438
-----------
<CAPTION>
Automobile Parts and Equipment -- 0.5%
<S> <C> <C>
12,390 Mark IV Industries Inc. 244,703
-----------
<CAPTION>
Banking and Financial Services -- 8.7%
<S> <C> <C>
4,500 Automatic Data Processing, Inc. 334,125
3,300 BankAmerica Corporation 213,675
20,000 Equifax Inc. 427,500
4,700 Federal National Mortgage Assocation 583,387
3,550 Finova Group Inc. 171,287
8,560 First Data Corporation 572,450
2,600 First Interstate Bancorp+ 354,900
13,800 Green Tree Financial Corporation 363,975
2,700 Household International Inc. 159,637
3,200 MBNA Corporation 118,000
15,000 Norwest Corporation 495,000
2,600 Oxford Resources Corporation, Class A+ 58,500
3,900 PMI Group Inc. 176,475
3,700 Travelers Group Inc. 232,637
8,100 Wachovia Corporation, New 370,575
-----------
4,632,123
-----------
<CAPTION>
Broadcasting -- Cable -- 0.5%
<S> <C> <C>
4,950 Infinity Broadcasting Corporation, Class A+ 184,388
4,650 Renaissance Communications Corporation+ 102,881
-----------
287,269
-----------
<CAPTION>
Building and Building Supplies -- 0.9%
<S> <C> <C>
4,100 Oakwood Homes Corporation 157,338
8,000 Sherwin-Williams Company 326,000
-----------
483,338
-----------
<CAPTION>
Chemicals -- 1.8%
<S> <C> <C>
7,000 Avery Dennison Corporation 350,875
1,900 Monsanto Company 232,750
10,000 Morton International Inc. 358,750
-----------
942,375
-----------
<CAPTION>
Computer Hardware, Software or Services -- 4.5%
<S> <C> <C>
2,600 Adobe Systems 161,200
3,000 Baan Company NV+ 135,750
4,100 BMC Software Inc.+ 175,275
3,100 Cadence Design Systems Inc.+ 130,200
2,700 Ceridian Corporation+ 111,375
3,400 Compaq Computer Corporation+ 163,200
3,500 Electronic Arts Inc.+ 91,437
5,400 Epic Design Technology+ 113,400
700 HBO & Company 53,638
4,600 Hewlett-Packard Company 385,250
9,000 Oracle Corporation+ 381,375
2,000 Seagate Technology Inc. 95,000
1,300 Shiva Corporation+ 94,575
6,000 Tektronix Inc. 294,750
500 U.S. Robotics Corporation 43,875
-----------
2,430,300
-----------
<CAPTION>
Consumer Services -- 0.2%
<S> <C> <C>
3,900 CUC International Inc.+ 133,088
-----------
<CAPTION>
Diversified -- 4.8%
<S> <C> <C>
7,000 AlliedSignal Inc. 332,500
4,600 Corrections Corporation of America+ 170,775
11,500 Loral Corporation 406,812
7,600 Raytheon Corporation 359,100
5,000 Textron, Inc. 337,500
7,400 Thermo Electron Corporation+ 384,800
15,100 Tyco International Ltd. 537,937
-----------
2,529,424
-----------
<CAPTION>
Drugs -- 4.3%
<S> <C> <C>
4,100 American Home Products Corporation 397,700
6,500 Merck & Company Inc. 427,375
16,200 Mylan Labs Inc. 380,700
7,000 Pfizer, Inc. 441,000
9,200 Schering-Plough Corporation 503,700
3,000 Teva Pharmaceuticals, ADR 139,125
-----------
2,289,600
-----------
<CAPTION>
Electrical Equipment -- 2.4%
<S> <C> <C>
4,000 Emerson Electric Company 327,000
7,900 Federal Signal Corporation 204,413
5,100 General Electric Company 367,200
5,400 Johnson Controls Inc. 371,250
-----------
1,269,863
-----------
<CAPTION>
Electronics -- 1.4%
<S> <C> <C>
3,600 Bay Networks Inc.+ 148,050
5,300 Cabletron Systems Inc.+ 429,300
2,100 Cisco Systems Inc.+ 156,712
-----------
734,062
-----------
<CAPTION>
Entertainment -- 0.3%
<S> <C> <C>
3,600 Viacom Inc., Class B (non- voting)+ 170,550
-----------
<CAPTION>
Environmental Services -- 0.7%
<S> <C> <C>
11,700 Browning-Ferris Industries Inc. 345,150
-----------
<CAPTION>
Food and Beverages -- 1.8%
<S> <C> <C>
7,500 PepsiCo Inc. 419,062
17,200 Sara Lee Corporation 548,250
-----------
967,312
-----------
<CAPTION>
Food Processing -- 0.3%
<S> <C> <C>
2,900 Pioneer Hi-Bred International 161,312
-----------
<CAPTION>
Home Furnishings -- 0.3%
<S> <C> <C>
7,600 Leggett & Platt Inc. 184,300
-----------
<CAPTION>
Hotels and Restaurants -- 1.4%
<S> <C> <C>
4,400 Boston Chicken Inc.+ 141,350
3,800 Harrah's Entertainment Inc. 92,150
4,525 La Quinta Inns Inc. 123,872
8,000 McDonald's Corporation 361,000
1,900 Promus Companies Inc. 42,275
-----------
760,647
-----------
<CAPTION>
Household Products -- 1.1%
<S> <C> <C>
6,200 Lancaster Colony Corporation 230,950
4,200 Procter & Gamble Company 348,600
-----------
579,550
-----------
<CAPTION>
Insurance -- 1.9%
<S> <C> <C>
5,550 American International Group Inc. 513,375
800 General Re Corporation 124,000
4,900 MBIA Inc. 367,500
-----------
1,004,875
-----------
<CAPTION>
Medical Services -- 2.7%
<S> <C> <C>
4,900 Apria Healthcare Group+ 138,425
9,140 Columbia/HCA Healthcare Corporation 463,855
7,000 Emeritus Corporation+ 81,375
21,700 HEALTHSOUTH Corporation+ 632,013
2,400 Omnicare, Inc. 107,400
-----------
1,423,068
-----------
<CAPTION>
Medical Supplies -- 1.7%
<S> <C> <C>
3,000 Boston Scientific Corporation+ 147,000
7,400 Johnson & Johnson 633,625
2,400 Nellcor Inc. 141,000
-----------
921,625
-----------
<CAPTION>
Metals and Mining -- 0.3%
<S> <C> <C>
4,600 Minerals Technologies Inc. 167,900
-----------
<CAPTION>
Natural Gas -- 0.7%
<S> <C> <C>
10,000 Enron Corporation 381,250
-----------
<CAPTION>
Office Equipment -- 0.5%
<S> <C> <C>
7,000 Danka Business Systems, ADR 259,000
-----------
<CAPTION>
Railroads -- 1.2%
<S> <C> <C>
2,500 Burlington Northern Santa Fe 195,000
2,400 CSX Corporation 109,500
8,000 Illinois Central Corporation 307,000
-----------
611,500
-----------
<CAPTION>
Recreation -- 0.9%
<S> <C> <C>
13,400 Carnival Corporation, Class A 326,625
7,000 Sunglass Hut International+ 166,250
-----------
492,875
-----------
<CAPTION>
Retail -- 2.1%
<S> <C> <C>
14,700 Consolidated Stores Corporation+ 319,725
2,400 NIKE Inc., Class B 167,100
5,900 Viking Office Products Inc.+ 274,350
11,200 Walgreen Company 334,600
-----------
1,095,775
-----------
<CAPTION>
Semiconductors -- 1.8%
<S> <C> <C>
5,800 Applied Materials Inc.+ 228,375
2,500 Burr-Brown Corporation+ 63,750
1,900 Lattice Semiconductor Corporation 61,987
9,300 Linear Technology Corporation 365,025
5,600 Micron Technology Inc. 145,600
1,500 Tencor Instruments+ 36,563
800 Texas Instruments Inc. 41,400
-----------
942,700
-----------
<CAPTION>
Telecommunications -- 2.5%
<S> <C> <C>
2,300 American Telephone & Telegraph Corporation 148,925
8,500 Century Telephone Enterprise 269,875
6,000 SBC Communications Inc. 345,000
15,500 WorldComm Inc.+ 546,375
-----------
1,310,175
-----------
<CAPTION>
Telecommunications -- Equipment -- 0.9%
<S> <C> <C>
3,200 Motorola, Inc. 182,400
3,300 Newbridge Networks+ 136,537
3,700 Tellabs, Inc.+ 136,900
-----------
455,837
-----------
<CAPTION>
Telecommunications -- Services -- 0.8%
<S> <C> <C>
6,000 AirTouch Communications Inc.+ 169,500
4,800 Allen Group Inc. 107,400
2,700 Glenayre Technologies Inc.+ 168,075
-----------
444,975
-----------
<CAPTION>
Toiletries -- 0.8%
<S> <C> <C>
7,900 Gillette Company 411,788
-----------
<CAPTION>
Transportation-Air -- 0.4%
<S> <C> <C>
1,400 Delta Airlines Inc. 103,425
500 UAL Corporation+ 89,250
-----------
192,675
-----------
<S> <C>
TOTAL COMMON STOCKS
(Cost $24,262,507) 29,877,922
-----------
</TABLE>
<TABLE>
<CAPTION>
Principal
Amount
- ---------
CORPORATE BONDS AND NOTES -- 5.5%
Consumer Goods -- 0.6%
<S> <C> <C>
$350,000 Lowe's Corporation, MTN, 6.375% due
12/15/2005 351,488
-----------
<CAPTION>
Consumer Services -- 0.7%
<S> <C> <C>
350,000 Xerox Corporation, MTN, 6.500% due 06/29/2000 357,219
-----------
<CAPTION>
Finance -- 2.4%
<S> <C> <C>
500,000 Associates Corporation of North America, 505,625
Notes, 6.375% due 11/15/2005
400,000 NYNEX, MTN, 468,500
8.750% due 12/01/2004
Sears Acceptance Corporation, MTN:
100,000 6.180% due 12/01/2000 100,625
200,000 6.050% due 12/14/2000 200,500
-----------
1,275,250
-----------
<CAPTION>
Industrial -- 1.8%
<S> <C> <C>
150,000 Browning-Ferris Inc., MTN, 7.875% due
03/15/2005 168,563
500,000 ICI Wilmington, Inc., Notes, 8.750% due
05/01/2001 563,750
200,000 Snap-On Inc., MTN,
6.625% due 10/01/2005 209,000
-----------
941,313
-----------
<CAPTION>
<S> <C>
TOTAL CORPORATE BONDS AND
NOTES (Cost $2,875,695) 2,925,270
-----------
<CAPTION>
Principal
Amount Value
- --------- -----
FOREIGN BONDS -- 3.4%
<S> <C> <C>
350,000 African Development Bank, Notes,
6.750% due 07/30/1999 $ 360,500
500,000 Inter-American Development Bank, Notes,
7.000% due 06/15/2025 530,625
170,000 Telecom Corporation New Zealand,
6.500% due 10/11/2001 174,250
675,000 Tenaga Nasional Bernad, Notes, 7.875% due
06/15/2004++ 741,656
-----------
<S> <C>
TOTAL FOREIGN BONDS
(Cost $1,741,724) 1,807,031
-----------
<CAPTION>
MORTGAGE BACKED SECURITIES -- 9.1%
Collateralized Mortgage Obligation -- 0.8%
<S> <C> <C>
472,122 General Electric Capital Mortgage Services,
Series #1994-25, Class A, 6.000% due
09/25/2024 444,108
-----------
<CAPTION>
Federal National Mortgage Association
(FNMA) -- 6.1%
FNMA:
<S> <C> <C>
1,055,000 Pool #100081,
11.500% due 08/20/2016 1,220,833
727,472 Pool #303105,
11.000% due 11/01/2020 813,177
248,305 Pool #250345,
7.000% due 09/01/2025 250,400
945,415 Pool #0303020,
7.000% due 10/25/2025 953,392
-----------
3,237,802
-----------
<CAPTION>
Government National Mortgage Association
(GNMA) -- 2.2%
GNMA:
<S> <C> <C>
753,772 Pool #780096,
11.000% due 04/15/2021 849,878
GNMA:
289,023 Pool #410296,
8.000% due 11/15/2025 301,125
-----------
1,151,003
-----------
<S> <C>
TOTAL MORTGAGE BACKED SECURITIES
(Cost $4,706,001) 4,832,913
-----------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 13.8%
U.S. Treasury Bond -- 4.5%
<S> <C> <C>
1,900,000 8.000% due 11/15/2021 2,377,014
-----------
<CAPTION>
U.S. Treasury Notes -- 8.4%
<S> <C> <C>
2,000,000 6.125% due 07/31/1996 2,009,980
1,070,000 4.375% due 08/15/1996 1,064,373
500,000 8.625% due 08/15/1997 526,300
175,000 5.875% due 08/15/1998 177,718
650,000 6.750% due 06/30/1999 679,490
-----------
4,457,861
-----------
<CAPTION>
U.S. Treasury Strip -- 0.9%
<S> <C> <C>
1,025,000 Zero Coupon due 11/15/2014 450,252
-----------
<S> <C>
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $6,891,511) 7,285,127
-----------
<CAPTION>
REPURCHASE AGREEMENT -- 12.3%
(Cost $6,538,057)
<S> <C> <C>
6,538,057 Agreement with Merrill Lynch & Company Inc., 5.580% dated
12/29/1995 to be repurchased at $6,542,111 on
01/02/1996, collateralized by $6,186,000 U.S. Treasury
Bonds, 10.750% due 05/15/2003 and U.S. Treasury Notes,
6.875% due 08/31/1999 (value $6,730,044) 6,538,057
---------
<CAPTION>
Value
-----
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $47,015,495*) 100.4% $53,266,320
OTHER ASSETS AND
LIABILITIES
(Net) (0.4) (217,146)
----- -----------
NET ASSETS 100.0% $53,049,174
===== ===========
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Non-income producing security.
++ Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
ABBREVIATIONS:
ADR -- American Depositary Receipt
MTN -- Medium Term Note
See Notes to Financial Statements.
</TABLE>
The Munder Bond Fund
Portfolio of Investments, December 31, 1995 (Unaudited)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
- --------- -----
CORPORATE BONDS AND NOTES -- 16.7%
Consumer Goods -- 2.4%
<S> <C> <C>
4,650,000 Lowe's Corporation, MTN,
6.375% due 12/15/2005 4,669,762
------------
<CAPTION>
Consumer Services -- 2.0%
<S> <C> <C>
3,650,000 Xerox Corporation, MTN, 6.500%
due 06/29/2000 3,725,285
------------
<CAPTION>
Finance -- 7.7%
<S> <C> <C>
4,500,000 Associates Corporation of North America,
Notes,
6.375% due 11/15/2005 4,550,625
4,600,000 NYNEX, MTN,
8.750% due 12/01/2004 5,387,750
Sears Acceptance Corporation, MTN:
1,500,000 6.180% due 12/01/2000 1,509,375
3,000,000 6.050% due 12/14/2000 3,007,500
------------
14,455,250
------------
<CAPTION>
Industrial -- 2.1%
<S> <C> <C>
1,650,000 Browning-Ferris Inc., MTN,
7.875% due 03/15/2005 1,854,188
2,000,000 Snap-On Inc., MTN,
6.625% due 10/01/2005 2,090,000
------------
3,944,188
------------
<CAPTION>
Retail -- 2.0%
<S> <C> <C>
3,560,000 Wal-Mart Stores, Inc., Notes,
6.750% due 5/15/2002 3,711,300
------------
<CAPTION>
Transportation -- 0.5%
<S> <C> <C>
1,000,000 Consolidated Rail Corporation, MTN, 7.000%
due 07/01/1999 1,038,750
------------
<S> <C>
TOTAL CORPORATE BONDS AND
NOTES
(Cost $31,032,765) 31,544,535
------------
<CAPTION>
FOREIGN BONDS -- 7.4%
<S> <C> <C>
3,950,000 African Development Bank, Notes,
6.750% due 07/30/1999 4,068,500
4,500,000 Inter-American Development Bank, Notes,
7.000% due 06/15/2025 4,775,625
1,830,000 Telecom Corporation New Zealand,
6.500% due 10/11/2001 1,875,750
2,925,000 Tenaga Nasional Bernad, Notes,
7.875% due 06/15/2004+ 3,213,844
------------
<S> <C>
TOTAL FOREIGN BONDS
(Cost $13,510,969) 13,933,719
------------
<CAPTION>
MORTGAGE BACKED SECURITIES -- 29.2%
Federal National Mortgage Association
(FNMA) -- 15.3%
FNMA:
<S> <C> <C>
7,765,000 Pool #100081,
11.500% due 08/20/2016 8,985,561
8,083,017 Pool #303105,
11.000% due 11/01/2020 9,035,298
2,284,406 Pool #250345,
7.000% due 09/25/2025 2,303,680
8,508,738 Pool #0303020,
7.000% due 10/25/2025 8,580,530
----------
28,905,069
----------
<CAPTION>
Government National Mortgage Association
(GNMA) -- 9.2%
GNMA:
<S> <C> <C>
8,375,243 Pool #780096,
11.000% due 04/15/2021 9,443,086
5,202,068 Pool #366732,
6.500% due 03/15/2024 5,164,678
2,591,238 Pool #410296,
8.000% due 11/15/2025 2,699,746
----------
17,307,510
----------
<CAPTION>
Collateralized Mortgage Obligations (CMO) --
4.7%
<S> <C> <C>
3,080,000 CMO Tranche 60, Class F,
9.000% due 08/01/2016 3,199,096
4,721,220 General Electric Capital Mortgage Services,
Series 1994-25, Class A,
6.000% due 09/25/2024 4,441,080
Merrill Lynch Mortgage Investors, Inc.:
790,131 Series 87-C, 10.100% due 12/15/2007 837,784
352,013 Series 89-B, 10.800% due 04/15/2009 373,048
----------
8,851,008
----------
<CAPTION>
<S> <C>
TOTAL MORTGAGE BACKED SECURITIES
(Cost $53,660,838) 55,063,587
----------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 45.2%
U.S. Treasury Bonds -- 22.4%
<S> <C> <C>
3,000,000 7.250% due 11/15/1996 3,050,070
2,000,000 8.875% due 11/15/1998 2,190,020
29,500,000 8.000% due 11/15/2021 36,906,270
----------
42,146,360
----------
<CAPTION>
U.S. Treasury Notes -- 21.6%
<S> <C> <C>
23,000,000 6.125% due 07/31/1996 23,114,768
5,350,000 4.375% due 08/15/1996 5,321,858
4,315,000 8.625% due 08/15/1997 4,541,969
5,000,000 7.875% due 01/15/1998 5,255,100
1,825,000 5.875% due 08/15/1998 1,853,342
690,000 5.875% due 11/15/2005 705,330
----------
40,792,367
----------
<CAPTION>
U.S. Treasury Strip -- 1.2%
<S> <C> <C>
5,150,000 Zero Coupon due 11/15/2014 2,262,240
----------
<S> <C>
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $80,648,568) 85,200,967
----------
<CAPTION>
Shares
- ------
SHORT-TERM INVESTMENTS -- 0.5%
(Cost $841,879)
<S> <C> <C>
841,879 Dreyfus Cash Management Plus Fund 841,879
------------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $179,695,019*) 99.0% 186,584,687
OTHER ASSETS AND
LIABILITIES (Net) 1.0 1,946,232
----- ------------
NET ASSETS 100.0% $188,530,919
===== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
ABBREVIATION:
MTN - Medium Term Note
See Notes to Financial Statements.
</TABLE>
The Munder Intermediate Bond Fund
Portfolio of Investments, December 31, 1995 (Unaudited)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
ASSET-BACKED SECURITIES -- 14.8%
<S> <C> <C>
$7,000,000 American Express Company, Master Trust,
Series 1994-2, Class A,
7.600% due 08/15/2002 $7,555,296
170,226 Chemical Bank, Grantor Trust, Series 1989-B,
8.900% due 12/15/1996 175,141
5,000,000 Dayton Hudson Credit Card Master Trust,
Series 1995-1A,
6.100% due 02/25/2002 5,056,250
10,000,000 Greentree Floorplan Master Trust, Series
1995-1A, 4.583% due 12/13/2000++ 10,000,000
10,000,000 Household Affinity Credit Card Master Trust,
Series 1995-1A,
6.088% due 09/15/2002++ 9,994,000
10,000,000 ITT Floorplan,
5.456% due 02/15/2001++ 10,015,000
10,000,000 Peoples Bank Credit Card Master Trust,
Series 1994-2A,
5.411% due 03/15/2001++ 10,003,100
10,000,000 Sears Credit Company, Master Trust, Series
1995-4A, 5.283% due 01/15/2003++ 10,189,000
10,000,000 Standard Credit Card and Trust, Series
1990-6A, 9.375% due 07/10/1997 10,693,480
-----------
<S> <C>
TOTAL ASSET-BACKED SECURITES
(Cost $67,596,402) 73,681,267
-----------
<CAPTION>
CORPORATE BONDS AND NOTES -- 26.4%
Bank and Financial Services -- 17.1%
<S> <C> <C>
6,770,000 Associates Corporation of North America,
6.375% due 11/15/2005 6,846,163
5,400,000 Avco Financial Services, Inc., Senior Notes,
8.850% due 02/01/1996 5,411,987
6,000,000 British Telecommunications Finance BV,
Guaranteed Notes,
9.375% due 02/15/1999 6,637,500
8,595,000 Caterpillar Financial Service, 8.950% due
05/12/2000 9,576,205
3,200,000 European Investment Bank, MTN,
7.350% due 06/01/1999 3,360,000
4,035,000 Ford Holdings, Inc., Guaranteed Notes,
9.250% due 07/15/1997 4,251,881
8,800,000 Ford Motor Credit Corporation, MTN,
6.113% due 02/22/1999++ 8,781,872
10,000,000 International Lease Finance, 6.075% due
10/15/1997+ 10,000,798
KFW International Finance, Inc., MTN:
3,000,000 9.570% due 05/15/1996 3,045,000
2,000,000 9.600% due 05/31/1996 2,035,000
6,500,000 NYNEX, MTN,
8.750% due 12/01/2004 7,613,125
Sears Acceptance Corporation, MTN:
3,000,000 6.180% due 12/01/2000 3,018,750
6,000,000 6.050% due 12/14/2000 6,015,000
5,000,000 Union Bank of Switzerland, Delaware, MTN,
6.200% due 10/01/1998 5,081,250
3,500,000 U.S. West Financial Services, Inc., Note,
8.375% due 10/18/1999 3,780,000
-----------
85,454,531
-----------
<CAPTION>
Industrial -- 7.9%
<S> <C> <C>
8,000,000 American Home Products, 7.700% due 02/15/2000 8,540,000
2,350,000 BP America, Inc.,
10.000% due 03/08/1996 2,364,688
3,200,000 Browning-Ferris Inc.,
7.875% due 03/15/2005 3,596,000
10,000,000 du Pont (E.I.) Nemour Inc., MTN,
6.210% due 10/11/2000 10,187,500
5,000,000 General Electric Company, Debenture,
7.875% due 09/15/1998 5,268,750
4,875,000 Knight Ridder Inc.,
6.300% due 12/15/2005 4,893,281
4,325,000 Snap-On Inc.,
6.625% due 10/01/2005 4,519,625
-----------
39,369,844
-----------
<CAPTION>
Telecommunications and Utilities -- 1.4%
<S> <C> <C>
2,000,000 National Rural Utilities Cooperative, MTN,
9.640% due 05/19/1997 2,107,500
3,000,000 Telecom Corporation New Zealand,
6.500% due 10/11/2001 3,075,000
2,000,000 Virginia Electric & Power Company,
9.550% due 02/02/1996 2,005,000
-----------
7,187,500
-----------
<S> <C>
TOTAL CORPORATE BONDS AND NOTES
(Cost $147,358,302) 132,011,875
-----------
<CAPTION>
YANKEE BONDS -- 5.0%
<S> <C> <C>
8,495,000 African Development Bank, Notes,
10.000% due 11/01/1997 9,142,744
10,000,000 Petronas Petroleum,
7.125% due 08/15/2005** 10,587,500
5,000,000 Province of Ontario, Notes, 8.250% due
04/08/1996 5,037,500
-----------
<S> <C>
TOTAL YANKEE BONDS
(Cost $14,458,436) 24,767,744
-----------
<CAPTION>
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 3.9%
<S> <C> <C>
3,083,401 Federal Home Loan Mortgage Corporation, Pool
#E61740,
9.000% due 04/01/2010 3,238,534
10,000,000 Government Trust Certificates,
9.250% due 11/15/2001 11,062,500
5,440,836 SBA, Pool #502796,
6.750% due 11/25/2019++ 5,488,443
-----------
<S> <C>
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $19,756,625) 19,789,477
-----------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 47.2%
U.S. Treasury Bill -- 5.9%
<S> <C> <C>
30,000,000 5.285%+++ due 04/04/1996 29,586,008
-----------
<CAPTION>
U.S. Treasury Notes -- 41.3%
<S> <C> <C>
95,600,000 7.750% due 01/31/2000 103,880,862
12,750,000 7.875% due 08/15/2001 14,239,709
30,000,000 6.375% due 08/15/2002 31,486,497
35,000,000 6.250% due 02/15/2003 36,525,297
19,625,000 5.875% due 11/15/2005 20,061,068
-----------
206,193,433
-----------
<S> <C>
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $232,621,540) 235,779,441
-----------
<CAPTION>
Shares Value
- ------ -----
SHORT-TERM INVESTMENTS -- 0.9%
<S> <C> <C>
4,322,563 Dreyfus Cash Management Plus Fund 4,322,563
299,859 Federated Prime Obligations Fund 299,859
<S> <C> <C>
TOTAL SHORT-TERM
INVESTMENTS
(Cost $4,622,422) 4,622,422
------------
TOTAL INVESTMENTS
(Cost $486,413,727*) 98.2% 490,652,226
OTHER ASSETS AND
LIABILITIES (Net) 1.8 8,782,280
----- ------------
NET ASSETS 100.0% $499,434,506
===== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
** Security exempt from registration under Rule 144A of the Securities Act of
1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers.
+ Variable rate monthly demand notes are payable upon not more than thirty
calendar days' notice. The interest rate shown reflects the rate currently
in effect.
++ Variable rate security. The interest rate shown reflects the rate currently
in effect.
+++ Rate represents annualized yield at date of purchase.
ABBREVIATION:
MTN -- Medium Term Note.
See Notes to Financial Statements.
</TABLE>
The Munder U.S. Government Income Fund
Portfolio of Investments, December 31, 1995 (Unaudited)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
CORPORATE BONDS AND NOTES -- 15.0%
Finance -- 11.8%
<S> <C> <C>
$2,000,000 Associates Corporation of North America,
Series B, 10.500% due 03/12/1996 $ 2,016,060
37,870 Bank America National Trust, 9.000% due
03/01/2008 37,681
6,500,000 British Telecommunications Finance BV,
Guaranteed Notes,
9.375% due 02/15/1999 7,190,625
4,100,000 General Electric Capital Corporation,
Debenture, 8.700% due 02/15/2003 4,730,375
5,000,000 Xerox Credit Corporation, Notes,
10.000% due 04/01/1999 5,587,500
------------
19,562,241
------------
<CAPTION>
Integrated Oil -- 3.2%
<S> <C> <C>
4,000,000 Atlantic Richfield Company, Debenture,
10.875% due 07/15/2005 5,385,000
------------
<S> <C> <C>
TOTAL CORPORATE BONDS AND NOTES
(Cost $23,690,222) 24,947,241
------------
<CAPTION>
CANADIAN GOVERNMENT BOND -- 3.6%
(Cost $6,189,194)
<S> <C> <C>
5,550,000 British Columbia Hydro, 15.000% due
04/15/2011 5,980,125
------------
<CAPTION>
ASSET-BACKED SECURITY -- 3.0%
(Cost $5,006,250)
<S> <C> <C>
5,000,000 ITT Floorplan Receivables, Master Trust,
Series 1994-1, Class A,
5.45556% due 02/15/2001+ 5,007,500
------------
<CAPTION>
U.S. GOVERNMENT AGENCY OBLIGATIONS
-- 52.2%
Federal Home Loan Mortgage Corporation (FHLMC) -- 15.8%
FHLMC:
<S> <C> <C>
4,615,412 Gold, Pool #A01048,
8.500% due 02/01/2020 4,858,829
5,000,000 Series 43, Class D,
10.000% due 06/15/2020 5,779,548
7,000,000 Series 117, Class G,
8.500% due 01/15/2021 7,539,068
8,000,000 Series 1583, Class L,
7.000% due 09/15/2023 7,972,143
------------
26,149,588
------------
<CAPTION>
Federal Housing Authority/Veterans
Administration (FHA/VA) -- 3.8%
<S> <C> <C>
FHA,
999,615 Azalea Garden, Series 051-11086,
8.375% due 08/30/2030 1,040,536
FHA/VA,
5,199,766 Pool #355533,
6.750% due 11/15/2028 5,212,766
------------
6,253,302
------------
<CAPTION>
Federal National Mortgage Association
(FNMA) -- 24.1%
<S> <C> <C>
FNMA:
288,970 Pool #040305,
11.500% due 02/01/2014 325,001
4,719,859 Pool #250323,
7.000% due 06/01/2002 4,811,306
4,431,247 Pool #303645,
11.000% due 09/01/2019 4,953,303
8,000,000 REMIC, Series 1990-131, Class G,
8.750% due 11/25/2005 8,474,851
5,000,000 Series 1989-98, Class D, 9.200% due
04/25/2019 5,246,521
7,500,000 Series 1990-120, Class H, 9.000% due
10/25/2020 8,293,731
7,266,268 Series 1991-98, Class H, 8.750% due
08/25/2021 7,727,168
FNMA:
92,029 Series 58255,
11.500% due 11/01/2010 103,504
106,221 Series 81585,
11.500% due 07/01/2012 119,466
------------
40,054,851
------------
<CAPTION>
Government National Mortgage Association
(GNMA) -- 8.5%
<S> <C> <C>
GNMA:
7,980,055 Pool #406863,
7.250% due 07/15/2030 8,142,150
1,000,726 Pool #415928,
8.000% due 10/15/2030 1,041,380
251,805 Pool #415929,
8.000% due 10/15/2030 262,035
4,101,630 Pool #780103x,
11.000% due 02/15/2025 4,624,587
------------
14,070,152
------------
<S> <C>
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $85,186,122) 86,527,893
------------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 24.6%
U.S. Treasury Bonds -- 23.2%
<S> <C> <C>
8,000,000 10.750% due 08/15/2005 10,997,119
2,000,000 8.750% due 11/15/2008 2,381,040
20,000,000 8.125% due 08/15/2019 25,136,598
------------
38,514,757
------------
<CAPTION>
U.S. Treasury Note -- 1.4%
<S> <C> <C>
2,000,000 9.125% due 05/15/1999 2,232,360
------------
<S> <C>
TOTAL U.S. TREASURY OBLIGATIONS
(Cost $35,597,188) 40,747,117
------------
<CAPTION>
Shares
- ------
SHORT-TERM INVESTMENT -- 0.0%#
(Cost $9,206)
<S> <C> <C>
9,206 Federated Prime Obligations Fund 9,206
------------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $155,678,182*) 98.4% 163,219,082
OTHER ASSETS AND
LIABILITIES (Net) 1.6 2,576,875
----- ------------
NET ASSETS 100.0% $165,795,957
===== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Floating Rate Note. The interest rate shown reflects the rate currently in
effect.
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
</TABLE>
The Munder Michigan Triple Tax-Free Bond Fund
Portfolio of Investments, December 31, 1995 (Unaudited)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating
Principal -------------------
Amount S&P Moody's Value
- -----------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES -- 98.0%
Michigan -- 98.0%
<S> <C> <C> <C> <C>
$840,000 Birmingham Public Schools, School Building, GO,
(MBIA Insured),
5.000% due 05/01/2014 AAA Aaa $ 804,300
775,000 Caledonia Community Schools, GO, (AMBAC Insured),
5.500% due 05/01/2022 AAA Aaa 769,187
600,000 Clintondale Community Schools, GO,
5.250% due 05/01/2015 AA Aa 584,250
1,000,000 Dearborn Economic Development Corporation,
(Oakwood Obligated Group), Series A,
Pre-refunded,
(MBIA Insured),
6.950% due 08/15/2001 AAA Aaa 1,146,250
700,000 Dearborn School District, GO, (MBIA Insured),
5.000% due 05/01/2014 AAA Aaa 674,625
1,000,000 Dexter Community Schools, GO,
5.700% due 05/01/2014 AA Aa 1,022,500
1,000,000 Ferris State University, Michigan, Revenue
Refunding, (MBIA Insured),
5.250% due 10/01/2015 AAA Aaa 976,250
1,000,000 Grand Ledge, Michigan, Public Schools District,
GO, Pre-refunded, (MBIA Insured Q-SBLF),
6.600% due 05/01/2004 AAA Aaa 1,155,000
750,000 Grand Rapids, Michigan, Building Authority,
Refunding and Improvement Revenue,
5.500% due 04/01/2013 A+ A1 769,687
1,000,000 Hastings, Michigan, School District, GO,
(FGIC Insured Q-SBLF),
5.625% due 05/01/2018 AAA Aaa 1,010,000
600,000 Holland, Michigan Electric Revenue,
4.900% due 07/01/2006 AA- Aa 601,500
950,000 Hudsonville Public Schools, Series B, GO, (FGIC
Insured), 6.000% due 05/01/2014 AAA Aaa 1,001,062
500,000 Lansing Board of Water & Light, (Water Supply &
Electric Utility Systems Revenue), Series A,
6.200% due 07/01/2004 AA Aa 556,875
890,000 Lansing Sewer Disposal Systems Revenue, (FGIC
Insured), 5.700% due 05/01/2009 AAA Aaa 922,263
1,000,000 Lincoln Consolidated School District, GO,
(FGIC Insured Q-SBLF),
5.800% due 05/01/2014 AAA Aaa 1,025,000
700,000 Livonia Public School District, GO, (FGIC
Insured), 5.125% due 05/01/2022 AAA Aaa 660,625
600,000 Michigan Public Power Agency Revenue, (Belle River
Project), Series A,
5.250% due 01/01/2018 AA- A1 582,000
500,000 Michigan State Comprehensive Transportation
Revenue, Series A,
5.500% due 05/15/2022 AA- A1 491,250
1,000,000 Michigan State Hospital Financing Authority
Revenue, (Henry Ford Continuing Care),
6.750% due 07/01/2011 AA Aa 1,081,250
1,000,000 Michigan State Housing Development Authority,
Series A, 6.450% due 12/01/2014 AA+ NR 1,053,750
700,000 Michigan State Trunk Line Highway Revenue, Series
A, Pre-refunded,
5.600% due 11/15/2010 AA- A1 710,500
500,000 Michigan State University Revenue, Series A,
5.500% due 08/15/2022 AA- A1 501,250
700,000 Monroe County, Michigan, Municipal Building
Authority Revenue,
5.000% due 04/01/2006 A+ A 707,000
650,000 Novi, Michigan, School District, GO,
(FGIC Insured Q-SBLF),
5.300% due 05/01/2014 AAA Aaa 649,188
500,000 Oakland Community College, Refunding and
Improvement, GO, (MBIA Insured),
5.250% due 05/01/2018 AAA Aaa 486,250
1,000,000 Plymouth-Canton, Michigan, Community School
District, GO, Series A,
6.625% due 05/01/2016 AA Aa 1,068,750
500,000 Rochester Community School District, GO,
Pre-refunded, 6.500% due 05/01/2002 AA NR 555,625
600,000 Royal Oak, Michigan, Hospital Finance Authority,
Hospital Revenue, (William Beaumont Hospital),
Series G, 5.500% due 11/15/2013 AA Aa 596,250
1,000,000 Saint Johns, Michigan, Public Schools District,
GO,
(FGIC Insured Q-SBLF),
5.625% due 05/01/2020 AAA Aaa 1,008,750
610,000 Traverse City Area Public Schools, GO, (FGIC
Insured), 4.850% due 05/01/2007 AAA Aaa 597,038
600,000 University of Michigan, Hospital Revenue, Series
A, 5.500% due 12/01/2021 AA Aa 592,500
1,000,000 Waterford Township School District, GO, (FGIC
Insured), 6.250% due 06/01/2010 AAA Aaa 1,070,000
1,000,000 West Bloomfield School District, GO, (MBIA
Insured), 5.125% due 05/01/2014 AAA Aaa 968,750
------------
<S> <C>
TOTAL MUNICIPAL BONDS AND NOTES (Cost $25,465,272) 26,399,475
------------
<CAPTION>
Shares
- ------
SHORT-TERM INVESTMENT -- 0.9% (Cost $236,292)
<S> <C> <C>
236,292 Navigator Tax-Free Money Market Fund 236,292
-----------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $25,701,564*) 98.9% 26,635,767
OTHER ASSETS AND LIABILITIES (Net) 1.1 298,858
----- -----------
NET ASSETS 100.0% $26,934,625
===== ===========
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
FGIC -- Federal Guaranty Insurance Corporation
GO -- General Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
Q-SBLF -- Qualified School Bond Loan Fund
See Notes to Financial Statements.
</TABLE>
The Munder Tax-Free Bond Fund
Portfolio of Investments, December 31, 1995 (Unaudited)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating
Principal -------------------
Amount S&P Moody's Value
- -----------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES -- 98.0%
Arizona -- 2.0%
<S> <C> <C> <C> <C>
$2,000,000 Arizona State University Student Fee Revenue,
Pre-refunded,
7.000% due 07/01/2002 AA Aaa $2,305,000
1,600,000 Phoenix, Arizona Water Systems Revenue, ETM,
8.000% due 06/01/2003 AAA Aaa 1,944,000
------------
4,249,000
------------
<CAPTION>
California -- 1.9%
<S> <C> <C> <C> <C>
2,905,000 Perris, California Community Facilities Revenue,
ETM, 8.750% due 10/01/2021 NR Aaa 4,219,513
------------
<CAPTION>
Connecticut -- 1.1%
<S> <C> <C> <C> <C>
2,000,000 Connecticut State Transportation Infrastructure,
Special Tax Obligation Revenue, Pre-refunded,
6.750% due 06/01/2003 AAA NR 2,280,000
------------
<CAPTION>
Florida -- 25.1%
<S> <C> <C> <C> <C>
Florida State, Board of Education:
2,000,000 Administrative Capital Revenue,
8.400% due 06/01/2007 AA Aa 2,637,500
Capital Outlay, Refunding, Public Education, GO:
3,000,000 Series A,
5.500% due 06/01/2014 AA Aa 3,030,000
4,500,000 Series D,
4.750% due 06/01/2022 AA Aa 4,145,625
2,500,000 Florida State Turnpike Authority Revenue,
Department of Transportation, Series A, (FGIC
Insured),
5.500% due 07/01/2012 AAA Aaa 2,546,875
Gainesville, Florida, Utility Systems Revenue:
2,465,000 ETM,
8.125% due 10/01/2014 AAA Aaa 3,300,019
3,000,000 Series A,
6.500% due 10/01/2012 AA Aa 3,453,750
3,000,000 Hillsborough County, Florida, School District
Revenue, (MBIA Insured), 7.000% due 08/15/2005 AAA Aaa 3,517,500
Orlando, Florida, Utilities Commission, Water and
Electric Revenue Refunding:
4,900,000 Series A,
5.000% due 10/01/2020 AA- Aa 4,648,875
5,000,000 Series D,
6.750% due 10/01/2017 AA- Aa 5,968,750
1,375,000 Orlando & Orange Counties, Florida, Expressway
Authority Revenue, ETM, (FGIC Insured),
6.750% due 07/01/2019 AAA Aaa 1,531,406
4,135,000 Palm Beach County, Florida, GO,
6.750% due 07/01/2011 AA Aa 4,822,444
Port Everglades, Florida, Port Authority Revenue,
ETM:
4,460,000 7.500% due 11/01/2006 AAA Aaa 5,485,800
7,600,000 7.125% due 11/01/2016 AAA Aaa 9,481,000
------------
54,569,544
------------
<CAPTION>
Georgia -- 10.2%
<S> <C> <C> <C> <C>
Georgia State, GO:
4,500,000 7.400% due 08/01/2007 AA+ Aaa 5,540,625
2,000,000 Series B,
6.250% due 03/01/2011 AA+ Aaa 2,242,500
2,450,000 Series C,
7.500% due 04/01/2001 AA+ Aaa 2,823,625
5,130,000 Georgia State, Municipal Electric Power Authority
Revenue,
6.500% due 01/01/2012 A+ A 5,726,363
5,100,000 Metro Atlanta Rapid Transit Authority, Series K,
6.250% due 07/01/2018 AA- A1 5,750,250
------------
22,083,363
------------
<CAPTION>
Hawaii -- 1.1%
<S> <C> <C> <C> <C>
2,000,000 Honolulu, Hawaii, GO,
7.350% due 07/01/2008 AA Aa 2,465,000
------------
<CAPTION>
Illinois -- 5.3%
<S> <C> <C> <C> <C>
1,000,000 Addison, Illinois, Single-Family Mortgage Revenue,
ETM,
7.500% due 04/01/2011 AAA NR 1,236,250
2,000,000 Chicago, Illinois, Metropolitan Water Authority
Revenue, partially ETM, Aa,
7.000% due 01/01/2011 AA Aaa 2,385,000
2,200,000 Chicago, Illinois, Public Building Commisssion
Revenue, ETM,
7.700% due 01/01/2006 AAA A1 2,671,702
4,500,000 Illinois State, Sales Tax Revenue, Series P,
6.500% due 06/15/2022 AAA A1 5,276,250
------------
11,569,202
------------
<CAPTION>
Kansas -- 1.1%
<S> <C> <C> <C> <C>
2,045,000 Shawnee County, Kansas, Series B, GO,
Pre-refunded,
7.375% due 09/01/2001 AA+ Aaa 2,351,750
------------
<CAPTION>
Maryland -- 2.3%
<S> <C> <C> <C> <C>
5,000,000 Maryland State, State and Local Facilities, Second
Series, GO,
5.000% due 10/15/2007 AAA Aaa 5,093,750
------------
<CAPTION>
Michigan -- 19.1%
<S> <C> <C> <C> <C>
2,040,000 Avondale, Michigan, School District Revenue,
8.250% due 05/02/2002 AA Aa 2,460,750
2,600,000 Clarkston, Michigan, Community Schools District,
GO,
(FGIC Insured Q-SBLF),
5.550% due 05/01/2010 AAA Aaa 2,665,000
5,000,000 Grand Ledge, Michigan, Public Schools District,
Refunding, GO,
(MBIA Insured Q-SBLF),
5.375% due 05/01/2024 AAA Aaa 4,918,750
1,840,000 Grand Rapids, Michigan, Community College, GO,
(MBIA Insured),
5.900% due 05/01/2019 AAA Aaa 1,902,100
2,000,000 Grand Rapids, Michigan, Water Supply Revenue,
Pre-refunded, (FGIC Insured),
7.000% due 01/01/2000 AAA Aaa 2,237,500
3,000,000 Lake Orion, Michigan, Community School District,
Refunding, GO, (AMBAC Insured Q-SBLF),
5.800% due 05/01/2015 AAA Aaa 3,108,750
5,800,000 Michigan State, Building Authority Revenue, Series I,
6.500% due 10/01/2004 AA- A 6,554,000
9,000,000 Michigan State, Environmental Protection Program,
GO,
6.250% due 11/01/2012 AA Aa 10,125,000
Michigan State Hospital Financing Authority
Revenue:
2,250,000 Henry Ford Health System, (AMBAC Insured),
6.000% due 09/01/2011 AAA Aaa 2,438,438
3,000,000 McLaren Obligated Group, Pre-refunded,
7.500% due 09/15/2001 NR Aaa 3,528,750
1,515,000 Saline, Michigan, Area Schools District, GO,
(FGIC Insured Q-SBLF),
5.350% due 05/01/2010 AAA Aaa 1,530,150
------------
41,469,188
------------
<CAPTION>
Nevada -- 2.1%
<S> <C> <C> <C> <C>
Clark County, Nevada, School District Revenue,
Pre-refunded:
2,000,000 7.650% due 05/01/2000 A+ Aaa 2,300,000
2,000,000 (FGIC Insured),
7.550% due 05/01/2000 AAA Aaa 2,292,500
------------
4,592,500
------------
<CAPTION>
New Jersey -- 1.1%
<S> <C> <C> <C> <C>
2,350,000 Monmouth County, New Jersey, General Improvement,
GO,
4.500% due 09/01/2005 AA+ Aa1 2,314,750
------------
<CAPTION>
New Mexico -- 3.3%
<S> <C> <C> <C> <C>
1,000,000 Albuquerque, New Mexico, Residential Mortgage
Bonds, Series A, ETM,
7.000% due 03/01/2004 NR Aaa 1,146,250
4,455,000 Farmington, New Mexico, Power Authority Revenue,
Pre-refunded,
9.875% due 07/01/2005 AAA Aaa 6,120,159
------------
7,266,409
------------
<CAPTION>
Ohio -- 1.1%
<S> <C> <C> <C> <C>
2,000,000 Ohio State, GO,
6.650% due 09/01/2009 AA Aa 2,300,000
------------
<CAPTION>
Oklahoma -- 0.6%
<S> <C> <C> <C> <C>
1,000,000 Blackwell, Oklahoma, Hospital and Trust Authority,
First Mortgage Revenue, (Blackwell Regional
Hospital), ETM,
8.350% due 05/01/2009 AAA NR 1,317,500
------------
<CAPTION>
South Carolina -- 2.7%
<S> <C> <C> <C> <C>
5,000,000 South Carolina, State Public Service Authority
Revenue,
Series B, Pre-refunded,
7.100% due 07/01/2001 AAA Aaa 5,756,250
------------
<CAPTION>
Tennessee -- 2.9%
<S> <C> <C> <C> <C>
6,100,000 Shelby County, Tennessee, Refunding, Series A, GO,
5.500% due 04/01/2009 AA+ Aa 6,275,375
------------
<CAPTION>
Texas -- 8.7%
<S> <C> <C> <C> <C>
2,750,000 Dallas, Texas, GO,
5.000% due 02/15/2011 AAA Aa1 2,705,312
4,000,000 Houston, Texas, Airport Systems Revenue, ETM,
9.500% due 07/01/2010 AAA Aaa 5,660,000
2,495,000 Plano, Texas, Independent School District, GO,
(PSFG),
8.500% due 02/15/2004 AAA Aaa 3,156,175
4,700,000 Sherman, Texas, Independent School District
Refunding, GO, (PSFG),
6.500% due 02/15/2020 AAA Aaa 5,040,750
2,000,000 Spring, Texas, Independent School District
Authority, GO,
(PSFG),
6.875% due 08/15/2009 AAA Aaa 2,310,000
------------
18,872,237
------------
<CAPTION>
Virginia -- 1.9%
<S> <C> <C> <C> <C>
2,085,000 Arlington County, Virginia, GO,
6.000% due 08/01/2014 AAA Aaa 2,220,525
2,000,000 Richmond, Virginia, Public Improvement, Series A,
GO,
5.500% due 01/15/2016 AA A1 1,987,500
------------
4,208,025
------------
<CAPTION>
Washington -- 1.1%
<S> <C> <C> <C> <C>
1,815,000 Douglas County, Washington, Public Utility
District No. 1, GO, (Wells Hydroelectric
Project), Pre-refunded,
8.750% due 09/01/2006 A+ Aaa 2,454,787
------------
<CAPTION>
Wisconsin -- 3.3%
<S> <C> <C> <C> <C>
6,145,000 Wisconsin State, GO, Series B,
7.000% due 05/01/2004 AA Aa 7,128,200
------------
<S> <C> <C>
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $197,620,816) 212,836,343
------------
TOTAL INVESTMENTS (Cost $197,620,816*) 98.0% 212,836,343
OTHER ASSETS AND LIABILITIES (Net) 2.0 4,372,860
----- ------------
NET ASSETS 100.0% $217,209,203
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax puposes.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
ETM -- Escrowed to Maturity
FGIC -- Federal Guaranty Insurance Corporation
GO -- General Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
Q-SBLF -- Qualified School Bond Loan Fund
See Notes to Financial Statements.
</TABLE>
The Munder Tax-Free Intermediate Bond Fund
Portfolio of Investments, December 31, 1995 (Unaudited)
- ----------------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating
Principal -------------------
Amount S&P Moody's Value
- -----------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES -- 98.5%
Arizona -- 3.6%
<S> <C> <C> <C> <C>
$5,525,000 Arizona State Transportation Board, Highway
Revenue, Series A,
6.000% due 07/01/2000 AA Aa $ 5,946,281
Phoenix, Arizona, Civic Improvement Corporation,
Wastewater System Revenue, Pre-refunded:
4,000,000 6.000% due 07/01/2003 AAA NR 4,435,000
2,000,000 6.125% due 07/01/2003 AAA NR 2,232,500
------------
12,613,781
------------
<CAPTION>
California -- 5.9%
<S> <C> <C> <C> <C>
6,100,000 Los Angeles County, California, Metropolitan
Transportation Authority, Sales Tax Revenue,
Series B, (AMBAC Insured),
8.000% due 07/01/2003 AAA Aaa 7,388,625
6,070,000 Sacramento County, California, Sanitation District
Financing Authority Revenue,
9.000% due 12/01/2002 AA Aa 7,678,550
5,000,000 West Basin, California, Municipal Water District,
COP,
(AMBAC Insured), Pre-refunded,
6.850% due 08/01/2000 AAA Aaa 5,631,250
------------
20,698,425
------------
<CAPTION>
Colorado -- 1.0%
<S> <C> <C> <C> <C>
3,000,000 Poudre Valley, Colorado, Hospital District,
Hospital Revenue, (AMBAC Insured), Pre-refunded,
6.625% due 12/01/2001 AAA Aaa 3,375,000
------------
<CAPTION>
Florida -- 5.6%
<S> <C> <C> <C> <C>
6,500,000 Florida State, Board of Education, Capital Outlay,
Series D,
6.000% due 06/01/2005 AA Aa 7,174,375
Jacksonville, Florida, Electric Authority Revenue:
5,000,000 Bulk Power Supply System Sherer, Series 4-1-A,
Pre-refunded,
6.750% due 10/01/2000 AA Aaa 5,618,750
3,100,000 St. John's River Power Park System, Series 10,
6.500% due 10/01/2003 AA Aa1 3,510,750
3,000,000 Orlando, Florida, Utilities Commission, Water and
Electric Revenue, Series A, Pre-refunded,
6.500% due 10/01/2001 AA- Aaa 3,386,250
------------
19,690,125
------------
<CAPTION>
Georgia -- 1.9%
<S> <C> <C> <C> <C>
Georgia State, GO:
3,000,000 Series C,
7.250% due 07/01/1999 AA+ Aaa 3,307,500
3,000,000 Series D,
7.400% due 08/01/1999 AA+ Aaa 3,330,000
------------
6,637,500
------------
<CAPTION>
Hawaii -- 3.2%
<S> <C> <C> <C> <C>
Hawaii State, GO:
3,000,000 Series BS, Pre-refunded,
7.125% due 09/01/2000 AA Aaa 3,397,500
3,000,000 Series BZ,
6.250% due 10/01/2002 AA Aa 3,330,000
3,650,000 Honolulu, Hawaii, City and County, GO, Series A,
ETM,
10.000% due 08/01/2000 AA Aaa 4,512,313
------------
11,239,813
------------
<CAPTION>
Illinois -- 1.1%
<S> <C> <C> <C> <C>
3,500,000 Chicago, Illinois, Metropolitan Water District,
Capital Improvement,
6.700% due 01/01/2003 AA Aa 3,950,625
------------
<CAPTION>
Maryland -- 5.6%
<S> <C> <C> <C> <C>
5,000,000 Maryland State Department of Transportation,
4.250% due 12/15/2002 AA Aa 4,912,500
3,000,000 Maryland State, GO,
4.375% due 08/01/2003 AAA Aaa 2,988,750
Montgomery County, Maryland, Consolidated Public
Improvement, GO:
4,000,000 Series A,
5.200% due 10/01/2001 AAA Aaa 4,180,000
3,750,000 Series B,
6.875% due 10/01/2000 AAA Aaa 4,176,562
3,030,000 Washington, Maryland, Suburban Sanitary District,
(General Construction),
Series 1, Pre-refunded,
6.900% due 06/01/2000 AAA Aaa 3,404,962
------------
19,662,774
------------
<CAPTION>
Massachusetts -- 5.3%
<S> <C> <C> <C> <C>
5,000,000 Massachusetts Bay Transportation Authority, Series
B, Pre-refunded,
7.800% due 03/01/2001 A+ Aaa 5,881,250
11,000,000 Massachusetts Water Resource Authority Revenue,
Series A,
Pre-refunded,
6.750% due 07/15/2002 AAA Aaa 12,622,500
------------
18,503,750
------------
<CAPTION>
Michigan -- 30.6%
<S> <C> <C> <C> <C>
2,500,000 Caledonia, Michigan, Community, (AMBAC Insured),
Pre-refunded,
6.700% due 05/01/2002 AAA Aaa 2,853,125
10,200,000 Chippewa Valley, Michigan, Schools, GO, (FGIC
Insured), Pre-refunded,
6.375% due 05/01/2001 AAA Aaa 11,322,000
Gaylord, Michigan Community Schools, GO:
1,075,000 7.000% due 05/01/2001 AA Aa 1,205,344
3,350,000 Pre-refunded,
6.600% due 05/01/2002 AA Aa 3,793,875
2,400,000 Grand Rapids, Michigan, Public Schools, GO,
8.000% due 05/01/1999 AA- Aa 2,679,000
3,500,000 Grand Rapids, Michigan, Water Supply Revenue,
Series 1988, Pre-refunded,
7.875% due 01/01/1998 AAA Aaa 3,823,750
3,000,000 Howell, Michigan, Public School District, GO,
Pre-refunded,
7.000% due 05/01/2001 NR NR 3,420,000
4,475,000 Kentwood, Michigan, Public School District, GO,
Pre-refunded,
7.150% due 05/01/1999 A+ NR 4,956,063
2,000,000 Livonia, Michigan, Public Schools, (FGIC Insured),
Series II, Pre-refunded,
6.300% due 05/01/2002 AAA Aaa 2,237,500
5,000,000 Michigan State Building Authority Revenue, Series
I, (AMBAC Insured),
6.250% due 10/01/2003 AAA Aaa 5,531,250
Michigan State Comprehensive Transportation
Revenue:
3,000,000 Series 1988-I, Pre-refunded,
7.625% due 09/01/1998 AA- NR 3,322,500
2,445,000 Series B,
5.625% due 05/15/2003 AA- A1 2,597,813
Michigan State Hospital Finance Authority Revenue,
Pre-refunded:
1,000,000 McLaren Obligated Group, Series A,
7.500% due 09/15/2001 NR Aaa 1,176,250
2,900,000 Oakwood Hospital Obligated Group, (FGIC
Insured),
7.000% due 07/01/2000 AAA Aaa 3,277,000
Michigan State Trunk Line Highway Revenue, Series
A:
3,160,000 5.625% due 10/01/2003 AA- A1 3,341,700
7,000,000 Pre-refunded,
7.000% due 08/15/1999 AAA NR 7,787,555
1,000,000 Okemos, Michigan, Public School District, GO,
Series I,
6.400% due 05/01/2001 AA Aa 1,097,500
6,875,000 Plymouth-Canton, Michigan, Community School
District Revenue, GO, Series B, Pre-refunded,
6.800% due 05/01/2001 AA Aa 7,725,781
Rochester Community School District, GO:
3,350,000 6.000% due 05/01/2002 AA Aa 3,630,562
4,000,000 Pre-refunded,
6.500% due 05/01/2002 AA NR 4,445,000
5,000,000 Royal Oak, Michigan, Hospital Finance Authority
Revenue, William Beaumont Hospital, Series C,
Pre-refunded,
7.200% due 01/01/1999 NR Aaa 5,518,750
1,250,000 Troy City, Michigan, School District, GO,
7.000% due 05/01/2001 AA Aa 1,404,688
University of Michigan, Hospital Revenue, Series A:
3,000,000 7.500% due 12/01/2001 AA Aa 3,446,250
3,000,000 5.600% due 12/01/2003 AA Aa 3,217,500
2,065,000 University of Michigan Revenue, (Major Capital
Project), Student Fee, Series B,
5.875% due 04/01/1998 AA+ Aa1 2,150,181
3,100,000 Warren, Michigan, Consolidated School District,
GO,
Pre-refunded,
6.625% due 05/01/2002 NR NR 3,514,625
6,750,000 Western Michigan University Revenue, Series A,
(AMBAC Insured), Pre-refunded,
6.500% due 07/15/2001 AAA Aaa 7,576,875
------------
107,052,437
------------
<CAPTION>
Minnesota -- 1.1%
<S> <C> <C> <C> <C>
3,500,000 Minnesota State, GO, Pre-refunded,
6.250% due 08/01/2002 AAA Aaa 3,867,500
------------
<CAPTION>
New Jersey -- 2.1%
<S> <C> <C> <C> <C>
New Jersey State Transit Trust Fund Authority,
(Transportation Systems), ETM, Series A:
3,000,000 6.000% due 06/15/2000 A+ Aa 3,236,250
4,000,000 5.400% due 12/15/2002 A+ Aa 4,225,000
------------
7,461,250
------------
<CAPTION>
North Carolina -- 2.2%
<S> <C> <C> <C> <C>
2,150,000 Mecklenburg County, North Carolina, GO,
3.750% due 04/01/2001 AAA Aaa 2,077,438
5,000,000 North Carolina Eastern Municipal Power Agency,
Series A, Pre-refunded,
7.250% due 01/01/1999 A- Aaa 5,525,000
------------
7,602,438
------------
<CAPTION>
Pennsylvania -- 3.4%
<S> <C> <C> <C> <C>
5,000,000 Pennsylvania State, GO, Series 3,
6.000% due 11/15/2003 AA- A1 5,481,250
6,000,000 Pittsburgh, Pennsylvania, Water and Sewer
Authority, Series A, (FGIC Insured),
Pre-refunded,
6.000% due 09/01/2001 AAA Aaa 6,495,000
------------
11,976,250
------------
<CAPTION>
Rhode Island -- 1.7%
<S> <C> <C> <C> <C>
5,100,000 Rhode Island Depositors Economic Protection
Corporation,
Special Obligation, Series A, Pre-refunded,
6.950% due 08/01/2002 AAA Aaa 5,896,875
------------
<CAPTION>
South Carolina -- 6.8%
<S> <C> <C> <C> <C>
4,500,000 South Carolina Capital Improvement, Series A,
6.200% due 02/01/2000 AA+ Aaa 4,837,500
4,500,000 South Carolina State Public Service Authority
Revenue,
Series B, Pre-refunded,
6.500% due 07/01/2001 AAA Aaa 5,051,250
Santee Cooper, Series D, Pre-refunded:
2,615,000 6.625% due 07/01/2002 AAA Aaa 2,981,100
2,440,000 (AMBAC Insured),
6.500% due 07/01/2002 AAA Aaa 2,763,300
7,000,000 York County, South Carolina, Public Facilities
Corporation, COP, Pre-refunded,
7.500% due 06/01/2001 NR Aaa 8,181,250
------------
23,814,400
------------
<CAPTION>
Texas -- 7.5%
<S> <C> <C> <C> <C>
2,100,000 Dallas, Texas, GO, ETM,
7.000% due 05/01/2004 AAA Aaa 2,475,375
3,070,000 Dallas, Texas, Waterworks and Sewer Authority
Revenue,
7.750% due 04/01/2003 AA Aa 3,687,837
4,085,000 Harris County, Texas, Toll Road, Series A,
(AMBAC Insured), Pre-refunded,
6.500% due 08/15/2002 AAA Aaa 4,621,156
2,175,000 Plano Independent School District, GO, (PSFG),
8.500% due 02/15/2003 AAA Aaa 2,705,156
3,500,000 Tarrant County, Texas, Water Control Revenue,
Pre-refunded,
6.000% due 03/01/2001 AA Aaa 3,762,500
3,825,000 Texas Municipal Power Agency Revenue,
Pre-refunded, (MBIA Insured),
5.750% due 09/01/2002 AAA Aaa 4,107,094
4,500,000 Texas State, GO, Series A, ETM,
6.100% due 08/01/2001 AAA Aaa 4,905,000
------------
26,264,118
------------
<CAPTION>
Virginia -- 5.5%
<S> <C> <C> <C> <C>
3,200,000 Chesapeake, Virginia, Public Improvement Revenue,
7.000% due 05/01/2004 AA Aa 3,732,000
1,600,000 Chesapeake, Virginia, Water & Sewer Revenue,
7.000% due 12/01/2005 AA Aa 1,880,000
4,870,000 Hampton, Virginia, Public Improvement Revenue,
Series C,
6.000% due 08/01/2003 AA- Aa 5,314,388
2,500,000 Roanoke, Virginia, Industrial Development
Authority, Hospital Revenue, Carilion Health
Systems,
Pre-refunded,
7.500% due 07/01/2000 A+ Aaa 2,875,000
5,200,000 Virginia State, Public School System Authority,
Series C,
4.500% due 01/01/2001 AA Aa 5,226,000
------------
19,027,388
------------
<CAPTION>
Wisconsin -- 4.4%
<S> <C> <C> <C> <C>
4,000,000 Wisconsin State, GO, Series C, Pre-refunded,
6.250% due 05/01/2003 AA Aaa 4,420,000
Wisconsin State Transportation:
4,000,000 Series A,
7.500% due 07/01/2003 AA- A1 4,695,000
5,775,000 Series B, Pre-refunded,
5.750% due 07/01/2002 AAA NR 6,193,687
------------
15,308,687
------------
<S> <C> <C>
TOTAL MUNICIPAL BONDS AND NOTES (Cost $330,286,499) 344,643,136
------------
TOTAL INVESTMENTS (Cost $330,286,499*) 98.5% 344,643,136
OTHER ASSETS AND LIABILITIES (Net) 1.5 5,312,724
----- ------------
NET ASSETS 100.0% $349,955,860
===== ============
<FN>
- ---------
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
COP -- Certificates of Participation
ETM -- Escrowed to Maturity
FGIC -- Federal Guaranty Insurance Corporation
GO -- General Obligation Bonds
PSFG -- Permanent School Fund Guaranteed
See Notes to Financial Statements.
</TABLE>
The Munder Money Market Fund
Portfolio of Investments, December 31, 1995 (Unaudited)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
- -----------------------------------------------------------------------------------------------------
CORPORATE NOTES -- 4.6%
Finance -- 4.6%
<S> <C> <C>
$4,716,000 Capital One Funding Corporation,
5.830% due 07/01/2014++ $ 4,716,000
3,099,926 Olympic Auto Receivables,
TR 1995-D-A1,
5.760% due 09/15/1996++ 3,099,926
5,250,000 TMS Home Equity,
TR1995-B-A7,
5.970% due 01/15/2026++ 5,250,000
------------
<S> <C>
TOTAL CORPORATE NOTES (Cost $13,065,926) 13,065,926
------------
<CAPTION>
Rating
---------------------
S&P Moody's
-------------------
CERTIFICATES OF DEPOSIT -- 18.2%
<S> <C> <C> <C> <C>
10,000,000 ABM-AMRO of Chicago,
5.810% due 01/31/1996 A1+ P1 10,000,330
10,000,000 Bank of Nova Scotia,
5.770% due 01/19/1996 A1+ P1 10,000,076
12,000,000 Barclays Bank,
5.770% due 01/16/1996 A1+ P1 11,999,804
10,000,000 National Westminster Bank,
5.830% due 01/12/1996 A1+ P1 10,000,145
10,000,000 Societe Generale of New York,
5.750% due 02/15/1996 A1+ P1 10,000,202
------------
<S> <C>
TOTAL CERTIFICATES OF DEPOSIT
(Cost $52,000,557) 52,000,557
------------
<CAPTION>
COMMERCIAL PAPER -- DISCOUNT -- 67.4%
<S> <C> <C> <C> <C>
10,000,000 Apreco Inc.,
5.720% due 02/13/1996+ A1 P1 9,931,678
10,000,000 AT&T Capital Corporation,
5.720% due 01/26/1996+ A1+ P1 9,960,278
10,000,000 Bear Stearns Companies Inc.,
5.740% due 01/26/1996+ A1 P1 9,960,139
6,500,000 Bell South Communication,
5.800% due 01/12/1996+ A1+ P1 6,488,480
10,000,000 Caterpillar Finance,
5.730% due 01/24/1996+ A1 P1 9,963,392
10,000,000 CIT Group,
5.720% due 01/26/1996+ A1 P1 9,960,278
10,000,000 Ford Motor Credit Company,
5.700% due 01/11/1996+ A1 P1 9,984,167
10,000,000 General Electric Co.,
5.680% due 01/26/1996+ A1+ P1 9,960,556
10,000,000 Great West Life,
5.770% due 01/04/1996+ A1+ P1 9,995,192
10,000,000 International Lease,
5.700% due 01/12/1996+ A1 P1 9,982,583
5,000,000 Interstate Power Company,
5.750% due 01/30/1996+ A1 P1 4,976,840
10,000,000 Matterhorn Funding,
5.750% due 01/12/1996+ A1+ P1 9,982,430
10,000,000 Merrill Lynch & Company, Inc.,
5.740% due 01/19/1996+ A1+ P1 9,971,300
12,000,000 Metropolitan Life,
5.740% due 01/26/1996+ A1+ P1 11,952,167
10,000,000 Nestles Capital Corporation,
5.750% due 01/12/1996+ A1+ P1 9,982,431
10,000,000 PHH Corporation, Inc.,
5.770% due 01/05/1996+ A1 P1 9,993,589
10,000,000 Receivables Capital Corporation,
5.780% due 01/26/1996+ A1 P1 9,959,861
10,000,000 Sanwa Business Credit Corporation,
5.850% due 03/01/1996+ A1 P1 9,902,500
10,000,000 Strategic Asset Funding Corporation,
6.000% due 01/22/1996+ A1+ P1 9,965,000
10,000,000 Toyota Motor Credit Corporation,
5.730% due 01/17/1996+ A1+ P1 9,974,533
------------
<S> <C>
TOTAL COMMERCIAL PAPER -- DISCOUNT
(Cost $192,847,394) 192,847,394
------------
<CAPTION>
REPURCHASE AGREEMENT -- 9.7% (Cost $27,715,000)
<S> <C> <C>
27,715,000 Agreement with Morgan (J.P.) & Company, 5.600%
dated 12/29/1995 to be repurchased at
$27,732,245 on 01/02/1996, collateralized by
$20,560,000 U.S. Treasury Notes, 8.875% due
02/15/2019 (value $28,270,000) 27,715,000
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $285,628,877*) 99.9% 285,628,877
OTHER ASSETS AND LIABILITIES (Net) 0.1 205,174
----- ------------
NET ASSETS 100.0% $285,834,051
===== ============
<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.
See Notes to Financial Statements.
</TABLE>
The Munder Tax-Free Money Market Fund
Portfolio of Investments, December 31, 1995 (Unaudited)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating
Principal -------------------
Amount S&P Moody's Value
- -----------------------------------------------------------------------------------------------------
MUNICIPAL BONDS AND NOTES -- 85.9%
Alaska -- 1.3%
<S> <C> <C> <C> <C>
$3,000,000 Anchorage, Alaska, Tax Anticipation Notes, GO,
4.250% due 12/13/1996 Sp1+ MIG1 $3,021,988
------------
<CAPTION>
Arizona -- 4.8%
<S> <C> <C> <C> <C>
3,400,000 Apache County, Arizona, Industrial Development
Authority, Industrial Development Revenue,
(Tucson Electric - 83C), (Bankers Trust (NY),
LOC),
5.100% due 12/15/2018+ AA- A1 3,400,000
Pima County, Arizona, Industrial Development
Authority Revenue:
1,000,000 (Brush Wellman Inc. Project),
(National City Bank, LOC),
5.300% due 09/01/2009+ NR NR 1,000,000
3,000,000 (Tucson Electric Project), Series A,
(Bank of America, LOC),
4.850% due 07/01/2022 AA- Aa3 3,000,000
4,000,000 Pinal County, Arizona, Industrial Development
Authority, Pollution Control Revenue, (Magma
Copper Company Project), (Banque Nationale de
Paris, LOC),
5.000% due 12/01/2011+ AA- Aa1 4,000,000
------------
11,400,000
------------
<CAPTION>
California -- 7.0%
<S> <C> <C> <C> <C>
3,000,000 California State, Revenue Anticipation Warrants,
Series C,
5.750% due 04/25/1996 Sp1 NR 3,009,950
3,000,000 California State School Cash Reserve Pool, Series
A, (Industrial Bank of Japan, LOC),
4.750% due 07/03/1996 Sp1+ MIG1 3,014,528
4,000,000 Los Angeles County, California,
4.500% due 07/01/1996 Sp1+ MIG1 4,015,324
3,000,000 Los Angeles County, California, School District,
Tax and Revenue Anticipation Notes, GO,
4.500% due 07/03/1996 Sp1+ MIG1 3,011,632
3,600,000 Upland California, Multi-family Housing Authority
Revenue, (Upland Village Green Project), (Bank
of Tokyo, LA, LOC),
5.250% due 09/01/2010+ NR Aa3 3,600,000
------------
16,651,434
------------
<CAPTION>
Colorado -- 1.3%
<S> <C> <C> <C> <C>
1,540,000 Cherry Creek, Colorado, Metropolitan District
Number One, GO, (Dresdner Bank, A.G., NY, LOC),
4.950% due 06/01/2006+ A-1+ NR 1,540,000
680,000 Clear Creek County, Colorado, Revenue Bond,
(National Westminster),
5.150% due 06/01/1998+ A-1+ NR 680,000
985,000 Englewood, Colorado, Industrial Development
Revenue, (Swedish Mob I Ltd. Project),
(Mitsubishi Ltd., LOC),
5.350% due 12/01/2010+ AA- NR 985,000
------------
3,205,000
------------
<CAPTION>
District of Columbia -- 3.7%
<S> <C> <C> <C> <C>
District Of Columbia, Revenue, Aces, (Georgetown
University):
1,000,000 Series D, (SBPA-Sanwa Bank exp. 12/06/1996),
5.650% due 04/01/2017+ A-1+ A1 1,000,000
7,800,000 Series E,
5.650% due 04/01/2018+ A+ A1 7,800,000
------------
8,800,000
------------
<CAPTION>
Florida -- 5.9%
<S> <C> <C> <C> <C>
1,000,000 Boca Raton, Florida, Industrial Development
Authority, Revenue Bonds, (Parking Garage
Project), (Bankers Trust, LOC),
5.375% due 12/01/2014+ NR NR 1,000,000
5,100,000 Dade County, Florida, Housing Finance Authority,
Multi- family Mortgage Revenue, (Miller Lake
Apartments), Series L, (John Hancock Mutual Life
Insured),
5.400% due 02/01/2005+ AA+ NR 5,100,000
1,300,000 Florida Housing Finance Agency, Multi-family
Housing Revenue, Revenue Bonds, (Hampton Lakes),
(CG Life, Inc., LOC),
5.200% due 07/01/2008+ AA NR 1,300,000
6,500,000 University of North Florida, Foundation, Inc.,
Capital Improvement Revenue, Series 1994, (First
Union National Bank of North Carolina, LOC),
5.000% due 11/01/2024+ NR Aa3 6,500,000
------------
13,900,000
------------
<CAPTION>
Georgia -- 3.3%
<S> <C> <C> <C> <C>
900,000 Dekalb County, Georgia, Industrial Development
Authority, Obligation Revenue, (Dart Container
Corporation Project), (National Westminster
Bank, LOC),
4.050% due 08/01/2011++ NR NR 900,000
7,000,000 Georgia Municipal Association Pool Board,
Certificates of Participation, (MBIA Insured),
(Credit Suisse, LOC),
4.950% due 12/15/2020+ AAA Aaa 7,000,000
------------
7,900,000
------------
<CAPTION>
Illinois -- 8.1%
<S> <C> <C> <C> <C>
3,570,000 Chicago, Illinois, GO, (Sanwa Bank, Ltd., LOC),
5.450% due 01/01/2010+ A- Aa3 3,570,000
1,000,000 East Peoria, Illinois, Multi-family Housing
Revenue, (Radnor/East Peoria Project),
(Bank of Nova Scotia, LOC),
5.250% due 06/01/2008+ NR Aa2 1,000,000
Illinois State Development Finance Authority,
Industrial Development Authority Revenue:
3,000,000 (Catholic Charities Housing),
(National Westminster Bank, LOC),
5.200% due 01/01/2028+ NR Aa2 3,000,000
4,000,000 (Lake Forest Academy Project), (Northern Trust,
LOC),
5.200% due 12/01/2024+ AA- NR 4,000,000
1,400,000 (Marriott Corporation, Arlington),
(National Westminster Bank, LOC),
5.150% due 11/01/2014+ Aa2 NR 1,400,000
2,600,000 (Marriott Corporation, Oakbrook Terrace),
(National Westminster Bank, LOC),
5.150% due 12/01/2014+ Aa2 NR 2,600,000
1,000,000 (Saint Ignatius College), (Northern Trust, LOC),
5.200% due 06/01/2024+ AA- NR 1,000,000
2,600,000 Lisle, Illinois, Multi-family Housing Revenue,
(Ashley of Lisle Project), (ABN-Amro, LOC),
5.050% due 12/15/2025+ AAA- NR 2,600,000
------------
19,170,000
------------
<CAPTION>
Iowa -- 3.5%
<S> <C> <C> <C> <C>
2,000,000 Cedar Rapids, Iowa, Pollution Control Revenue,
Refunding Bonds, (Iowa Electric Light & Power
Company), (Barclays Bank, LOC),
5.100% due 11/01/2003+ NR NR 2,000,000
1,000,000 Chariton, Iowa, Industrial Development Authority
Revenue, (Hy-Vee Food Stores), (RaboBank,
Netherlands, LOC),
3.800% due 11/01/2004++ AAA NR 1,000,000
5,300,000 Chillicothe, Iowa, Pollution Control Revenue,
(Iowa Electric and Power Company), (Barclays
Bank, LOC),
5.100% due 11/01/2010+ NR NR 5,300,000
------------
8,300,000
------------
<CAPTION>
Maryland -- 1.8%
<S> <C> <C> <C> <C>
3,700,000 Baltimore County, Maryland, Revenue Bonds,
(Sheppard & Enoch Pratt Hospital), (Societe
Generale, LOC),
5.000% due 07/01/2022+ NR Aa2 3,700,000
500,000 Maryland State Health & Higher Education
Facilities Authority, (Loyola College Issue),
(Sanwa Bank, LOC),
4.250% due 10/01/2010++ A-1+ Aa3 500,000
------------
4,200,000
------------
<CAPTION>
Michigan -- 2.5%
<S> <C> <C> <C> <C>
3,500,000 Michigan Public Power Agency Revenue,
Pre-refunded, (Belle River Project),
7.000% due 01/01/1996 AAA NR 3,535,000
1,200,000 Michigan State Strategic Fund Limited, Obligation
Revenue, (Community Care Properties Project),
(National Bank of Detroit, LOC),
5.000% due 09/01/2007+ NR NR 1,200,000
1,075,000 Southfield, Michigan, Public Schools, GO,
5.000% due 05/01/1996 AA Aa 1,077,576
------------
5,812,576
------------
<CAPTION>
Minnesota -- 1.3%
<S> <C> <C> <C> <C>
3,000,000 Minneapolis, Minnesota, GO, (Arena Acquisition
Project), (SBPA -- Bayerische Vereinsbank exp.
03/23/2000),
5.200% due 10/01/2024+ AAA Aaa 3,000,000
------------
<CAPTION>
Mississippi -- 2.5%
<S> <C> <C> <C> <C>
6,000,000 Lawrence County, Mississippi, Pollution Control
Revenue, (Georgia Pacific Corporation Project),
(Bank of Tokyo, NY, LOC),
4.975% due 12/01/2000 NR Aa3 6,000,000
------------
<CAPTION>
Missouri -- 0.8%
<S> <C> <C> <C> <C>
2,000,000 Columbia, Missouri, Special Obligation Reserve,
Series A, (Toronto Dominion Bank, LOC),
5.150% due 06/01/2008+ NR Aa2 2,000,000
------------
<CAPTION>
Nebraska -- 3.0%
<S> <C> <C> <C> <C>
<CAPTION>
<S> <C> <C> <C>
2,000,000 Hamilton County, Nebraska, Industrial Development
Authority Revenue, (The Iams Company Project),
(NationsBank, LOC),
5.350% due 07/01/2005+ NR NR 2,000,000
5,000,000 Nebraska Educational Facilities Authority Revenue,
Educational Equipment & Improvement, (FGIC
Insured), (SBPA- Mitsubishi Bank of New York
exp. 04/15/1998),
5.300% due 12/01/2000+ AAA Aaa 5,000,000
------------
7,000,000
------------
<CAPTION>
Nevada -- 2.2%
<S> <C> <C> <C> <C>
5,150,000 Clark County, Nevada, Airport Improvement Revenue,
Sub Lien, Series A-1, (Toronto Dominion Bank,
LOC),
4.150% due 07/01/2025 A-1+ VMIG1 5,150,000
------------
<CAPTION>
New Jersey -- 1.9%
<S> <C> <C> <C> <C>
Middlesex County, New Jersey, Utilities Authority,
Custody Receipt, Sewer Revenue, (MBIA Insured),
(Bankers Trust, LOC):
1,440,000 Series BT-96,
3.000% due 08/15/2003+ AAA Aaa 1,440,000
1,420,000 Series BT-98,
3.000% due 08/15/2004+ AAA Aaa 1,420,000
1,575,000 Series BT-99,
3.000% due 02/15/2005+ AAA Aaa 1,575,000
------------
4,435,000
------------
<CAPTION>
New York -- 1.1%
<S> <C> <C> <C> <C>
2,500,000 Nassau County, New York, Bond Anticipation Notes,
Series E, GO,
4.250% due 03/15/1996 Sp1 MIG1 2,502,521
------------
<CAPTION>
Ohio -- 1.0%
<S> <C> <C> <C> <C>
2,415,000 Cuyahoga County, Ohio, Industrial Development
Revenue Refunding, (Curtiss Wright Project),
(National City Bank, LOC),
5.300% due 12/01/2008+ NR NR 2,415,000
------------
<CAPTION>
Pennsylvania -- 1.3%
<S> <C> <C> <C> <C>
3,000,000 Montgomery County, Pennsylvania, TEC,
(Deutsche Bank, LOC),
3.700% due 01/09/1996 A-1+ P1 3,000,000
------------
<CAPTION>
South Carolina -- 2.2%
<S> <C> <C> <C> <C>
5,045,000 Piedmont, South Carolina, Municipal Power Agency,
Electric Refunding, Pre-refunded,
7.875% due 01/01/1996 AAA Aaa 5,120,675
------------
<CAPTION>
South Dakota -- 0.5%
<S> <C> <C> <C> <C>
1,300,000 Lawrence County, South Dakota, Pollution Control
Revenue, (Homestake Mining),
(Bank of Nova Scotia, LOC),
5.200% due 04/01/2003+ AA- Aa3 1,300,000
------------
<CAPTION>
Tennessee -- 9.4%
<S> <C> <C> <C> <C>
6,700,000 Chattanooga, Tennessee, Industrial Development
Authority Revenue, (Market Street Ltd. Project),
(ABN-Amro, LOC),
5.300% due 12/15/2012+ AAA NR 6,700,000
3,000,000 Clarkville, Tennessee, Public Building Authority,
(NationsBank, TN, LOC),
5.300% due 06/01/2024+ A+ NR 3,000,000
1,900,000 Greenville, Tennessee, Health & Elderly Facilities
Board Revenue, (Laughlin Memorial Hospital Inc.
Project), (NationsBank, LOC),
5.300% due 10/01/2014+ NR NR 1,900,000
3,000,000 Memphis, Tennessee, Water Revenue, Pre-refunded,
7.875% due 01/01/1996 AAA NR 3,075,000
1,500,000 Metropolitan Government Nashville and Davidson
County, Health and Education Facilities Board,
(Richland Place, Inc.), (Societe Generale, LOC),
5.100% due 05/01/2023+ NR Aa1 1,500,000
Metropolitan Government Nashville and Davidson
County, Tennessee, Industrial Development Board
Revenue:
2,000,000 Multi-family Housing, (Arbor Crest Apartments),
Series B, (NationsBank of GA, LOC),
5.300% due 12/01/2007+ NR Aa3 2,000,000
2,100,000 (West Meade Place Project),
(NationsBank of Georgia, LOC),
5.300% due 12/01/2015+ A+ NR 2,100,000
2,000,000 Tennessee State, School Board Authority, Higher
Education, Bond Anticipation Notes, Series C,
(SBPA-Swiss Bank, N.Y. exp. 02/23/1996),
3.850% due 03/01/1998 Sp1+ MIG1 2,000,000
------------
22,275,000
------------
<CAPTION>
Texas -- 9.5%
<S> <C> <C> <C> <C>
4,000,000 Bexar County, Texas, Health Facilities, (RaboBank,
Netherlands, LOC),
5.000% due 07/01/2011+ AAA NR 4,000,000
2,100,000 Houston, Texas, Certificates of Obligation, GO,
Series B,
6.000% due 03/01/1996 AA- Aa 2,106,331
1,905,000 Lower Colorado River Authority Revenue, Priority
Refunding, Pre-refunded,
9.000% due 01/01/1996 AAA Aaa 1,943,100
3,000,000 Lower Neches Valley Authority, Texas, (Neches
River Treatment Project), (Mobil Oil
Corporation),
5.000% due 02/01/2004+ A-1+ NR 3,000,000
McAllen, Texas, Health Facilities:
5,275,000 (Charter Palms Hospital Inc.),
(Mitsubishi Bank Ltd., LOC),
5.500% due 03/01/2007+ NR Aa3 5,275,000
1,100,000 (McAllen Association No. 1),
(Westpac Banking Corporation, LOC),
5.050% due 12/01/2024+ NR NR 1,100,000
5,000,000 Texas State, Tax and Revenue Anticipation Notes,
Series A,
4.750% due 08/30/1996 Sp1+ MIG1 5,029,922
------------
22,454,353
------------
<CAPTION>
Utah -- 2.0%
<S> <C> <C> <C> <C>
2,000,000 Intermountain Power Agency, Utah Power Supply
Revenue, Pre-refunded, Series F,
7.200% due 07/01/1996 AA Aaa 2,072,110
2,700,000 Salt Lake City, Utah, Industrial Development
Revenue, (Leeds and Northup Company),
(Wachovia Bank, Atlanta, GA, LOC),
4.950% due 04/01/2008+ NR NR 2,700,000
------------
4,772,110
------------
<CAPTION>
Virginia -- 0.7%
<S> <C> <C> <C> <C>
800,000 Montgomery County, Virginia, Industrial
Development Authority Revenue, (Lowes Investment
Corporation Project), (Wachovia Bank, LOC),
4.000% due 12/01/2005++ NR NR 800,000
900,000 Tazwell County, Virginia, Industrial Development
Authority Revenue, (Lowes Investment Corporation
Project), (Wachovia Bank, LOC),
4.000% due 09/01/2005++ NR NR 900,000
------------
1,700,000
------------
<CAPTION>
Washington -- 2.0%
<S> <C> <C> <C> <C>
1,800,000 Port of Seattle, Washington, GO, (Wachovia Bank,
LOC),
5.000% due 01/01/2005+ AA Aa1 1,800,000
2,900,000 Washington State, Public Power Supply Systems,
(Nuclear Project No. 1), Series 1A-1, (Bank of
America, LOC),
4.950% due 07/01/2017+ A+ Aa3 2,900,000
------------
4,700,000
------------
<CAPTION>
Wisconsin -- 1.3%
<S> <C> <C> <C> <C>
2,200,000 Prairie, Wisconsin, Industrial Development
Authority Revenue, (Milwaukee Valve Company
Project), Series A, (National Bank of Detroit,
LOC),
5.000% due 11/01/2001+ NR NR 2,200,000
800,000 Wisconsin State Health Facilities Authority
Revenue, (Hope Sisters Obligation), Series G,
(Morgan Guaranty Trust, LOC),
5.000% due 12/01/2001+ AAA Aaa 800,000
------------
3,000,000
------------
<S> <C>
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $203,185,657) 203,185,657
------------
<CAPTION>
COMMERCIAL PAPER -- 14.1%
<S> <C> <C> <C> <C>
1,200,000 Burke County, Georgia, (Credit Suisse, LOC),
3.650% due 02/01/1996 A-1+ P1 1,200,000
Burlington, Kansas:
4,500,000 (Toronto Dominion Bank, LOC),
3.700% due 02/06/1996 A-1+ NR 4,500,000
2,900,000 (Deutsche Bank, LOC),
3.800% due 02/07/1996 A-1+ P1 2,900,000
4,300,000 Delta Township, Michigan, Schottenstein Economic
Development Corporation,
(Union Bank of Switzerland, LOC),
3.450% due 01/09/1996 NR P1 4,300,000
5,000,000 Michigan Strategic Fund,
(Dow Chemical Obligation, LOC)
3.750% due 01/17/1996 NR NR 5,000,000
3,000,000 Palm Beach County, Florida, (Credit Suisse, LOC),
3.800% due 01/18/1996 A-1+ VMIG1 3,000,000
10,050,000 West Baton Rouge, Louisiana, (Dow Chemical, LOC),
3.450% due 01/24/1996 NR P1 10,050,000
2,500,000 West Orange Hospital, (RoboBank, LOC),
3.700% due 01/23/1996 NR VMIG1 2,500,000
------------
<S> <C>
TOTAL COMMERCIAL PAPER (Cost $33,450,000) 33,450,000
------------
<CAPTION>
Shares
- ------
SHORT-TERM INVESTMENT -- 1.7% (Cost $3,971,772)
<S> <C> <C>
3,971,772 Navigator Tax-Free Money Market Fund 3,971,772
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $240,607,429*) 101.7% 240,607,429
OTHER ASSETS AND LIABILITIES (Net) (1.7) (4,035,313)
----- ------------
NET ASSETS 100.0% $236,572,116
===== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Variable rate weekly demand notes are payable upon not more than seven
calendar days' notice. The interest rate shown reflects the rate currently
in effect.
++ Variable rate monthly demand notes are payable upon not more than thirty
calendar days' notice. The interest rate shown reflects the rate currently
in effect.
+++ "Put" bonds and notes have demand features which mature within one year.
The interest rate shown reflects the rate currently in effect.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
AMT -- Alternative Minimum Tax
CGIC -- Capital Guaranty Insurance Corporation
FGIC -- Federal Guaranty Insurance Corporation
GO -- General Obligation Bonds
LOC -- Instruments supported by bank letter of credit
MBIA -- Municipal Bond Investors Asssurance
SBPA -- Stand By Purchase Agreement
See Notes to Financial Statements.
</TABLE>
The Munder U.S. Treasury Money Market Fund
Portfolio of Investments, December 31, 1995 (Unaudited)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Principal
Amount Value
- --------------------------------------------------------------------
U.S. TREASURY BILLS -- 57.3%
<S> <C> <C>
$25,000,000 5.390% 01/11/1996+ $ 24,963,819
40,000,000 5.540% 02/01/1996+ 39,816,066
20,000,000 5.690% 02/15/1996+ 19,863,375
10,000,000 5.460% 03/07/1996+ 9,902,886
25,000,000 5.480% 03/07/1996+ 24,757,214
5,000,000 5.040% 04/04/1996+ 4,936,028
25,000,000 5.510% 04/25/1996+ 24,577,934
15,000,000 5.400% 06/06/1996+ 14,660,815
------------
<S> <C>
TOTAL U.S. TREASURY BILLS (Cost $163,478,137) 163,478,137
------------
<CAPTION>
REPURCHASE AGREEMENTS -- 43.2%
<S> <C> <C>
14,000,000 Agreement with CS First Boston Corporation,
5.750% dated 12/29/1995 to be repurchased
at $14,008,944 on 01/02/1996,
collateralized by $13,970,000 U.S. Treasury
Bonds, 5.750% due 10/31/2000 (value
$14,292,289) 14,000,000
-----------
14,000,000 Agreement with Dean Witter Reynolds Inc.,
5.700% dated 12/29/1995 to be repurchased
at $14,008,867 on 01/02/1996,
collateralized by $10,050,000 U.S. Treasury
Notes, 5.875% due 05/31/1996 (value
$10,125,049) and $4,050,000 U.S. Treasury
Notes, 5.125% due 12/31/1998 (value
$4,134,812) 14,000,000
-----------
14,000,000 Agreement with Goldman Sachs & Company,
5.670% dated 12/29/1995 to be repurchased
at $14,008,820 on 01/02/1996,
collateralized by $10,455,000 U.S. Treasury
Bonds, 8.750% due 08/15/2020 (value
$14,292,241) 14,000,000
-----------
11,430,000 Agreement with Merrill Lynch & Company, Inc.,
5.500% dated 12/29/1995 to be repurchased
at $11,436,985 on 01/02/1996,
collateralized by $11,475,000 U.S. Treasury
Notes, 5.625% due 10/31/1997 (value
$11,660,306) 11,430,000
-----------
70,000,000 Agreement with Sanwa BGK Securities Company,
L.P., 5.850% dated 12/29/1995 to be
repurchased at $70,045,500 on 01/02/1996,
collateralized by $69,567,000 U.S. Treasury
Bonds, 6.125% due 05/15/1998 (value
$71,473,403) 70,000,000
-----------
<S> <C>
TOTAL REPURCHASE AGREEMENTS (Cost $123,430,000) 123,430,000
-----------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $286,908,137*) 100.5% 286,908,137
OTHER ASSETS AND LIABILITIES (Net) (0.5) (1,331,583)
----- ------------
NET ASSETS 100.0% $285,576,554
===== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
See Notes to Financial Statements.
</TABLE>
The Munder Cash Investment Fund
Portfolio of Investments, December 31, 1995 (Unaudited)
- ------------------------------------------------------------------------------
<TABLE>
<CAPTION>
Rating
Principal -------------------
Amount S&P Moody's Value
- -----------------------------------------------------------------------------------------------------
U.S. GOVERNMENT AGENCY OBLIGATIONS -- 3.7%
<S> <C> <C> <C> <C>
Federal Home Loan Bank:
$20,000,000 4.925% due 05/07/1996++ NR NR $ 20,000,000
20,000,000 5.155% due 02/04/1997++ NR NR 20,000,000
------------
<S> <C>
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(Cost $40,000,000) 40,000,000
------------
<CAPTION>
CERTIFICATES OF DEPOSIT -- 7.8%
<S> <C> <C> <C> <C>
Canadian Imperial Bank of Commerce, NY:
20,000,000 5.800% due 01/16/1996 A1+/AA- P1/Aa3 20,000,000
25,000,000 5.950% due 10/23/1996 A1+/AA- P1/Aa3 25,000,000
20,000,000 Mitsubushi Bank of New York,
6.230% due 01/25/1996 A1/A+ P1/Aa3 20,000,000
20,000,000 Societe Generale,
5.800% due 01/03/1996 A1+/AA- P1/Aa2 20,000,000
------------
<S> <C>
TOTAL CERTIFICATES OF DEPOSIT
(Cost $85,000,000) 85,000,000
------------
<CAPTION>
COMMERCIAL PAPER -- 73.4%
<S> <C> <C> <C> <C>
Akzo Nobel, N.V.:
20,000,000 5.660% due 02/13/1996+ A1/NR P1/NR 19,864,789
20,000,000 5.600% due 03/15/1996+ A1/NR P1/NR 19,769,778
20,000,000 American Home Products Corporation,
5.660% due 02/13/1996+, +++ A2/NR P1/A2 19,864,789
Ameritech Corporation:
25,000,000 5.640% due 02/16/1996+ A1+/AA+ P1/NR 24,819,834
15,000,000 5.590% due 02/23/1996+ A1+/AA+ P1/NR 14,876,554
35,000,000 Apreco, Inc.,
5.740% due 01/22/1996+ A1/NR P1/NR 34,882,808
22,000,000 AVCO Financial Services Inc.,
5.680% due 02/13/1996+ A1/A P1/A2 21,850,742
35,000,000 Bankers Trust Company,
5.770% due 01/16/1996+ A1/A+ P1/A1 34,915,854
45,000,000 Eiger Capital Corporation,
5.790% due 01/29/1996+ A1+/NR P1/NR 44,797,350
34,300,000 Ford Motor Credit Company,
5.650% due 02/05/1996+ A1/A+ P1/A1 34,111,588
General Motors Acceptance Corporation:
30,000,000 6.050% due 01/02/1996+, +++ A2/A- P1/A3 29,994,958
20,000,000 5.630% due 03/15/1996+, +++ A2/A- P1/A3 19,768,545
Golden Managers Acceptance Corporation:
20,000,000 5.770% due 01/24/1996+, +++ A-1+/NR NR 19,926,272
30,000,000 5.680% due 01/31/1996+, +++ A-1+/NR NR 29,858,000
50,000,000 Hanson Finance Plc,
5.660% due 02/22/1996+ A1/NR P1/NR 49,591,222
50,000,000 National Rural Utilities Cooperative Finance
Corporation,
5.640% due 02/27/1996+ A1+/AA P1/Aa3 49,553,500
30,000,000 New Center Asset Trust,
6.000% due 01/02/1996+ A1+1/NR P1/NR 29,995,000
50,000,000 Philip Morris Companies, Inc.,
5.900% due 01/02/1996+ A1/A P1/A2 49,991,806
28,000,000 Receivables Capital Corporation,
5.600% due 02/12/1996+ A1/NR P1/NR 27,817,067
50,000,000 Sanwa Business Credit Co.,
5.880% due 02/15/1996+ A2/A- P1/Aa3 49,632,500
25,000,000 Sony Corporation,
5.740% due 01/25/1996+ A1/A P1/Aa3 24,904,333
35,000,000 Stellar Capital Corporation,
5.900% due 01/25/1996+ A1/NR P1/NR 34,862,333
25,000,000 Swedish Export Credit Corporation,
5.680% due 01/17/1996+ A1+/AA+ P1/Aa3 24,936,889
30,000,000 Toronto Dominion Bank,
5.350% due 06/04/1996+ A1+/AA P1/Aa2 29,308,958
25,000,000 Toshiba America, Inc.,
5.600% due 03/08/1996+ A1/NR P1/A1 24,739,445
30,000,000 USL Capital Corporation,
5.730% due 01/09/1996+ A1/A+ P1/A1 29,961,800
------------
<S> <C>
TOTAL COMMERCIAL PAPER (Cost $794,596,714) 794,596,714
------------
<CAPTION>
REPURCHASE AGREEMENTS -- 15.4%
<S> <C> <C>
50,000,000 Agreement with CS First Boston Corporation, 5.750% dated 12/29/1995 to be
repurchased at $50,031,944 on 01/02/1996, collateralized by $49,900,000
U.S. Treasury Notes, 5.750% due 10/31/2000
(value $51,051,196) 50,000,000
50,000,000 Agreement with Dean Witter Reynolds Inc., 5.700% dated 12/29/1995 to be
repurchased at $50,031,667 on 01/02/1996, collateralized by $49,505,000
U.S. Treasury Notes, 6.125% due 07/31/1996
(value $51,012,178) 50,000,000
17,065,000 Agreement with Merrill Lynch & Company, Inc., 5.500% dated 12/29/1995 to
be repurchased at $17,075,429 on 01/02/1996, collateralized by
$17,130,000 U.S. Treasury Notes, 5.625% due 10/31/1997
(value $17,406,627) 17,065,000
50,000,000 Agreement with Sanwa BGK Securities Company L.P., 5.850% dated 12/29/1995
to be repurchased at $50,032,500 on 01/02/1996, collateralized by
$30,000,000 U.S. Treasury Bonds, 11.250% due 02/15/2015 (value
$49,106,658) and $1,990,000 U.S. Treasury Bill due 12/12/1996 (value
$1,895,855) 50,000,000
--------------
<S> <C>
TOTAL REPURCHASE AGREEMENTS (Cost $167,065,000) 167,065,000
--------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $1,086,661,714*) 100.3% 1,086,661,714
OTHER ASSETS AND LIABILITIES (Net) (0.3) (3,441,172)
----- --------------
NET ASSETS 100.0% $1,083,220,542
===== ==============
<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.
+++ American Home Products Corporation, rated D-1+ by Duff and Phelps, Golden
Manager Acceptance Corporation, rated D-1+ by Duff and Phelps, and General
Motors Acceptance Corporation, rated F1 by Fitch, are defined as being
"Eligible Securities" under Rule 2a-7.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Assets and Liabilities, Period Ended December 31, 1995
(Unaudited)
- ------------------------------------------------------------------------------
EQUITY FUNDS
------------------------------------------------------------
Munder Munder Munder Munder Small
Multi-Season Real Estate Accelerating Company
Growth Equity Growth Growth
Fund Investment Fund Fund Fund
------------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities ............................... $292,608,566 $ 18,526,550 $228,292,844 $151,581,911
Repurchase Agreements .................... 61,000 575,000 -- --
Total Investments ............................ 292,669,566 19,101,550 228,292,844 151,581,911
------------ ------------ ------------ ------------
Cash ......................................... 662 784 -- --
Interest receivable .......................... 28 268 83,830 32,248
Dividends receivable ......................... 345,799 159,213 229,105 26,527
Receivable for investment securities sold .... -- -- 17,015,261 3,616,595
Receivable for Fund shares sold .............. 1,701,876 6,277 1,122,926 775,973
Receivable from investment advisor ........... -- 31,274 -- --
Receivable from administrator ................ -- -- -- --
Variation margin ............................. -- -- -- --
Unamortized organization costs ............... 138,104 55,518 2,188 733
Prepaid expenses ............................. 98,205 23,776 -- --
------------ ------------ ------------ ------------
Total Assets ......................... 294,954,240 19,378,660 246,746,154 156,033,987
------------ ------------ ------------ ------------
LIABILITIES:
Payable for Fund shares redeemed ............. 278,992 26,536 67,280 139,866
Payable for investment securities purchased .. -- -- 3,433,424 377,983
Investment advisory fee payable .............. 187,992 11,860 165,472 97,020
Administration fee payable ................... 28,582 1,827 25,158 14,751
Shareholder servicing fees payable ........... 25,144 -- 18,149 15,381
Distribution fees payable .................... 56,455 1,407 1,240 806
Transfer agent fee payable ................... 6,447 428 9,362 3,479
Custodian fees payable ....................... 3,411 861 5,077 2,063
Legal and audit fees payable ................. 12,515 2,270 15,365 5,713
Due to custodian ............................. -- -- 1,896,034 98,312
Accrued Trustees'/Directors' fees and expenses 1,781 114 1,568 919
Accrued expenses and other payables .......... 16,244 4,281 30,986 13,605
------------ ------------ ------------ ------------
Total Liabilities .................... 617,563 49,584 5,669,115 769,898
------------ ------------ ------------ ------------
NET ASSETS ................................... $294,336,677 $ 19,329,076 $241,077,039 $155,264,089
============ ============ ============ ============
Investments at cost .......................... $232,477,819 $ 17,828,443 $194,183,813 $113,611,270
============ ============ ============ ============
<FN>
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Assets and Liabilities, Period Ended December 31, 1995
(Unaudited)
(Continued)
- ------------------------------------------------------------------------------
EQUITY FUNDS
--------------------------------------------------------------------------------
Munder Munder Munder
Mid-Cap International Munder Growth & Munder Munder
Growth Equity Index 500 Income Value Balanced
Fund Fund Fund Fund Fund Fund
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities .......................... $18,926,713 $172,155,256 $143,581,302 $171,677,715 $26,747,300 $46,728,263
Repurchase Agreements ............... 80,000 2,822,081 9,107,866 6,821,027 1,793,000 6,538,057
----------- ----------- ----------- ----------- ---------- ----------
Total Investments ....................... 19,006,713 174,977,337 152,689,168 178,498,742 28,540,300 53,266,320
Cash .................................... 377 -- -- -- 1,123 45
Interest receivable ..................... 37 19,123 43,686 220,144 841 247,440
Dividends receivable .................... 5,047 356,676 273,953 396,818 19,399 33,394
Receivable for investment securities sold 46,250 99,297 -- -- 1,257,623 171,822
Receivable for Fund shares sold ......... -- 465,870 1,299,114 389,077 -- 161
Receivable from investment advisor ...... 14,000 -- -- -- 14,000 --
Receivable from administrator ........... -- -- 71,897 -- -- --
Variation margin ........................ -- -- 12,075 -- -- --
Unamortized organization costs .......... 51,935 587 1,162 5,772 51,013 8,676
Prepaid expenses ........................ -- 5,522 30,877 -- -- 2,702
----------- ----------- ----------- ----------- ---------- ----------
Total Assets ................... 19,124,359 175,924,412 154,421,932 179,510,553 29,884,299 53,730,560
----------- ----------- ----------- ----------- ---------- ----------
LIABILITIES:
Payable for Fund shares redeemed ........ 13 13,299 394,679 93,776 -- 503,762
Payable for investment
securities purchased .................. 66,600 1,030,040 219,138 -- 291,789 137,109
Investment advisory fee payable ......... 11,696 108,744 8,970 112,805 18,532 29,173
Administration fee payable .............. 1,802 16,533 14,612 17,151 2,856 5,118
Shareholder servicing fees payable ...... 35 19,137 1,046 34,433 29 215
Distribution fees payable ............... 16 751 1,040 328 74 126
Transfer agent fee payable .............. 367 2,439 3,013 5,541 600 798
Custodian fees payable .................. 898 19,246 2,246 2,957 825 1,032
Legal and audit fees payable ............ 2,226 5,823 5,366 9,581 2,371 2,428
Due to custodian ........................ -- 27,143 4,760 7,751 -- --
Accrued Trustees'/Directors'
fees and expenses ..................... 112 1,030 911 1,069 178 319
Accrued expenses and other payables ..... 3,414 3,931 6,912 35,394 5,001 1,306
----------- ----------- ----------- ----------- ---------- ----------
Total Liabilities ............... 87,179 1,248,116 662,693 320,786 322,255 681,386
----------- ----------- ----------- ----------- ---------- ----------
NET ASSETS .............................. $19,037,180 $174,676,296 $153,759,239 $179,189,767 $29,562,044 $53,049,174
=========== ============ ============ ============ =========== ===========
Investments at cost ..................... $18,714,359 $142,009,514 $117,331,378 $147,818,497 $27,043,959 $47,015,495
=========== ============ ============ ============ =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Assets and Liabilities, Period Ended December 31, 1995
(Unaudited)
(Continued)
- ------------------------------------------------------------------------------
INCOME FUNDS
---------------------------------------------------------------------------------
Munder Munder U.S. Munder Munder Munder
Munder Intermediate Government Michigan Tax-Free Tax-Free
Bond Bond Income Triple Tax-Free Bond Intermediate
Fund Fund Fund Bond Fund Fund Bond Fund
---------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities .................... $186,584,687 $490,652,226 $163,219,082 $26,635,767 $212,836,343 $344,643,136
Repurchase Agreements ......... -- -- -- -- -- --
------------ ------------ ------------ ----------- ------------ ------------
Total Investments ................. 186,584,687 490,652,226 163,219,082 26,635,767 212,836,343 344,643,136
Cash .............................. -- -- -- 231 -- 1,916
Interest receivable ............... 2,337,958 8,998,079 2,715,526 296,247 3,910,154 6,257,983
Dividends receivable .............. 20,331 43,355 18,793 3,695 3,203 7,818
Receivable for investment
securities sold ................. -- -- 1,257 -- 2,245,933 1,414,207
Receivable for Fund shares sold ... 389,418 568,238 512,303 -- 415,689 34,717
Unamortized organization costs .... 461 -- 8,143 14,383 19,107 --
Prepaid expenses .................. -- -- -- 1,295 -- --
------------ ------------ ------------ ----------- ------------ ------------
Total Assets .............. 189,332,855 500,261,898 166,475,104 26,951,618 219,430,429 352,359,777
------------ ------------ ------------ ----------- ------------ ------------
LIABILITIES:
Payable for Fund shares redeemed .. 38,006 356,776 215,715 2,761 36,811 92,500
Payable for investment securities
purchased ....................... -- -- -- -- -- --
Investment advisory fee payable ... 79,548 210,306 72,342 -- 92,291 149,085
Administration fee payable ........ 18,141 47,961 16,498 2,743 21,047 34,000
Shareholder servicing fees payable 7,541 71,481 33,757 5,823 45,703 71,311
Distribution fees payable ......... 197 1,237 820 317 122 1,003
Transfer agent fee payable ........ 4,398 14,956 5,213 612 9,194 14,089
Custodian fees payable ............ 3,062 7,209 2,463 328 4,110 5,403
Legal and audit fees payable ...... 9,120 28,413 10,563 2,519 16,631 22,998
Dividends payable ................. -- -- -- -- -- --
Due to custodian .................. 620,894 36,333 296,743 -- 1,957,340 1,961,648
Accrued Trustees'/Directors' fees
and expenses .................... 1,131 2,989 1,028 171 1,312 2,119
Accrued expenses and other payables 19,898 49,731 24,005 1,719 36,665 49,761
------------ ------------ ------------ ----------- ------------ ------------
Total Liabilities ......... 801,936 827,392 679,147 16,993 2,221,226 2,403,917
------------ ------------ ------------ ----------- ------------ ------------
NET ASSETS ........................ $188,530,919 $499,434,506 $165,795,957 $26,934,625 $217,209,203 $349,955,860
============ ============ ============ =========== ============ ============
Investments at cost ............... $179,695,019 $486,413,727 $155,678,182 $25,701,564 $197,620,816 $330,286,499
============ ============ ============ =========== ============ ============
<FN>
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Assets and Liabilities, Period Ended December 31, 1995
(Unaudited)
(Continued)
- ------------------------------------------------------------------------------
MONEY MARKET FUNDS
--------------------------------------------------------
Munder Munder Munder Munder
Money Tax-Free U.S. Treasury Cash
Market Money Market Money Market Investment
Fund Fund Fund Fund
--------------------------------------------------------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities .................... $257,913,877 $240,607,429 $163,478,137 $ 919,596,714
Repurchase Agreements ......... 27,715,000 -- 123,430,000 167,065,000
------------ ------------ ------------ --------------
Total Investments ................. 285,628,877 240,607,429 286,908,137 1,086,661,714
Cash .............................. 676 -- 2,201 --
Interest receivable ............... 398,714 1,922,782 59,337 1,607,633
Dividends receivable .............. -- 12,529 -- --
Receivable for investment
securities sold ................. -- -- -- --
Receivable for Fund shares sold ... -- -- -- 299,083
Unamortized organization costs .... 96,000 -- -- --
Prepaid expenses .................. 75,131 -- -- 101,907
------------ ------------ ------------ --------------
Total Assets .............. 286,199,398 242,542,740 286,969,675 1,088,670,337
------------ ------------ ------------ --------------
LIABILITIES:
Payable for Fund shares redeemed .. -- -- -- --
Payable for investment securities
purchased ....................... -- 5,000,000 -- --
Investment advisory fee payable ... 95,020 68,716 85,067 317,222
Administration fee payable ........ 27,087 22,387 22,387 103,349
Shareholder servicing fees payable -- 26,209 9,873 85,054
Distribution fees payable ......... 140 1,740 320 14,730
Transfer agent fee payable ........ 9,790 6,065 6,871 22,145
Custodian fees payable ............ 3,260 3,514 5,918 12,632
Legal and audit fees payable ...... 11,112 13,200 15,642 40,987
Dividends payable ................. 204,814 665,133 1,217,724 4,718,140
Due to custodian .................. -- 126,598 -- 81,785
Accrued Trustees'/Directors' fees
and expenses .................... 1,688 1,395 1,727 6,440
Accrued expenses and other payables 12,436 35,667 27,592 47,311
------------ ------------ ------------ --------------
Total Liabilities ......... 365,347 5,970,624 1,393,121 5,449,795
------------ ------------ ------------ --------------
NET ASSETS ........................ $285,834,051 $236,572,116 $285,576,554 $1,083,220,542
============ ============ ============ ==============
Investments at cost ............... $285,628,877 $240,607,429 $286,908,137 $1,086,661,714
============ ============ ============ ==============
<FN>
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Assets and Liabilities, Period Ended December 31, 1995
(Unaudited)
(Continued)
- ------------------------------------------------------------------------------
EQUITY FUNDS
--------------------------------------------------------------------
Munder Munder Munder Munder Small
Multi-Season Real Estate Accelerating Company
Growth Equity Growth Growth
Fund Investment Fund Fund Fund
--------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSETS consist of:
Undistributed net investment income/(accumulated net
investment loss) ................................. $ 38,134 $ 22,823 $ (354,593) $ (388,956)
Accumulated net realized gain/(loss) on investments
sold, forward foreign exchange contracts, futures
contracts and currency transactions .............. 2,888,321 (83,745) 16,269,098 3,914,742
Net unrealized appreciation of investments, forward
foreign exchange contracts, futures contracts,
foreign currency and net other assets ............ 60,191,747 1,273,107 34,109,031 37,970,641
Par value .......................................... 22,184 1,793 18,181 9,257
Paid-in capital in excess of par value ............. 231,196,291 18,115,098 191,035,322 113,758,405
------------ ------------- ------------- -------------
$294,336,677 $ 19,329,076 $ 241,077,039 $ 155,264,089
============ ============= ============= =============
NET ASSETS:
Class A Shares ..................................... $ 10,519,770 $ 214,961 $ 5,203,045 $ 3,744,887
============ ============= ============= =============
Class B Shares ..................................... $ 60,121,513 $ 1,643,838 $ 170,927 $ 96,490
============ ============= ============= =============
Class C Shares ..................................... $ 4,144,274 -- $ 19,179 $ 15,757
============ ============= ============= =============
Class K Shares ..................................... $116,695,707 -- $ 77,407,298 $ 73,377,379
============ ============= ============= =============
Class Y Shares ..................................... $102,855,413 $ 17,470,277 $ 158,276,590 $ 78,029,576
============ ============= ============= =============
SHARES OUTSTANDING:
Class A Shares ..................................... 791,995 19,948 393,923 223,855
============ ============= ============= =============
Class B Shares ..................................... 4,599,225 152,492 13,113 5,840
============ ============= ============= =============
Class C Shares ..................................... 316,706 -- 1,457 945
============ ============= ============= =============
Class K Shares ..................................... 8,786,579 -- 5,859,952 4,386,267
============ ============= ============= =============
Class Y Shares ..................................... 7,689,587 1,620,821 11,912,916 4,640,460
============ ============= ============= =============
CLASS A SHARES:
Net asset value and redemption price per share ..... $ 13.28 $ 10.78 $ 13.21 $ 16.73
============ ============= ============= =============
Maximum sales charge ............................... 5.50% 5.50% 5.50% 5.50%
Maximum offering price per share ................... $ 14.05 $ 11.41 $ 13.98 $ 17.70
============ ============= ============= =============
CLASS B SHARES:
Net asset value and offering price per share* ...... $ 13.07 $ 10.78 $ 13.03 $ 16.52
============ ============= ============= =============
CLASS C SHARES:
Net asset value and offering price per share* ...... $ 13.09 N/A $ 13.16 $ 16.67
============ ============= ============= =============
CLASS K SHARES:
Net asset value, offering price and redemption price
per share ........................................ $ 13.28 N/A $ 13.21 $ 16.73
============ ============= ============= =============
CLASS Y SHARES:
Net asset value, offering price and redemption price
per share ........................................ $ 13.38 $ 10.78 $ 13.29 $ 16.82
============ ============= ============= =============
<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>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Assets and Liabilities, Period Ended December 31, 1995
(Unaudited)
(Continued)
- ------------------------------------------------------------------------------
EQUITY FUNDS
------------------------------------------------
Munder Munder
Mid-Cap International Munder
Growth Equity Index 500
Fund Fund Fund
------------------------------------------------
<S> <C> <C> <C>
NET ASSETS consist of:
Undistributed net investment income/(accumulated net
investment loss) ................................. $ 469 $ 477,908 $ 115,024
Accumulated net realized gain/(loss) on investments
sold, forward foreign exchange contracts, futures
contracts and currency transactions .............. 429,904 (485,851) 910,034
Net unrealized appreciation of investments, forward
foreign exchange contracts, futures contracts,
foreign currency and net other assets ............ 292,354 32,969,787 35,283,685
Par value .......................................... 1,770 12,225 10,325
Paid-in capital in excess of par value ............. 18,312,683 141,702,227 117,440,171
------------ ------------- ------------
$ 19,037,180 174,676,296 $153,759,239
============ ============= ============
NET ASSETS:
Class A Shares ..................................... $ 34,656 $ 1,782,530 $ 3,974,481
============ ============= ============
Class B Shares ..................................... $ -- $ 366,344 $ 2,610,081
============ ============= ============
Class C Shares ..................................... $ 15,385 $ 255,573 --
============ ============= ============
Class K Shares ..................................... $ 168,491 $ 92,863,101 $ 5,252,221
============ ============= ============
Class Y Shares ..................................... $ 18,818,648 $ 79,408,748 $141,922,456
============ ============= ============
SHARES OUTSTANDING:
Class A Shares ..................................... 3,223 124,857 267,116
============ ============= ============
Class B Shares ..................................... -- 25,873 175,308
============ ============= ============
Class C Shares ..................................... 1,432 17,914 --
============ ============= ============
Class K Shares ..................................... 15,674 6,508,178 352,915
============ ============= ============
Class Y Shares ..................................... 1,749,844 5,548,228 9,529,845
============ ============= ============
CLASS A SHARES:
Net asset value and redemption price per share ..... $ 10.75 $ 14.28 $ 14.88
============ ============= ============
Maximum sales charge ............................... 5.50% 5.50% 2.50%
Maximum offering price per share ................... $ 11.38 $ 15.11 $ 15.26
============ ============= ============
CLASS B SHARES:
Net asset value and offering price per share* ...... N/A $ 14.16 $ 14.89
============ ============= ============
CLASS C SHARES:
Net asset value and offering price per share* ...... $ 10.74 $ 14.27 N/A
============ ============= ============
CLASS K SHARES:
Net asset value, offering price and redemption price
per share ........................................ $ 10.75 $ 14.27 $ 14.88
============ ============= ============
CLASS Y SHARES:
Net asset value, offering price and redemption price
per share ........................................ $ 10.75 $ 14.31 $ 14.89
============ ============= ============
<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>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Assets and Liabilities, Period Ended December 31, 1995
(Unaudited)
(Continued)
- ------------------------------------------------------------------------------
EQUITY FUNDS
--------------------------------------------
Munder
Growth & Munder Munder
Income Value Balanced
Fund Fund Fund
--------------------------------------------
<S> <C> <C> <C>
NET ASSETS consist of:
Undistributed net investment income/(accumulated net
investment loss) ................................. $ 95,261 $ 21,799 $ 40,685
Accumulated net realized gain/(loss) on investments
sold, forward foreign exchange contracts, futures
contracts and currency transactions .............. 1,651,567 95,826 449,045
Net unrealized appreciation of investments, forward
foreign exchange contracts, futures contracts,
foreign currency and net other assets ............ 30,680,245 1,496,341 6,250,825
Par value .......................................... 14,191 2,759 4,572
Paid-in capital in excess of par value ............. 146,748,503 27,945,319 46,304,047
------------ ----------- -----------
$179,189,767 $29,562,044 $53,049,174
============ =========== ===========
NET ASSETS:
Class A Shares ..................................... $ 888,093 $ 194,662 $ 321,275
============ =========== ===========
Class B Shares ..................................... 171,859 $ 60,594 $ 52,631
============ =========== ===========
Class C Shares ..................................... 10,290 -- --
============ =========== ===========
Class K Shares ..................................... $164,742,909 $ 82,000 $ 1,053,312
============ =========== ===========
Class Y Shares ..................................... $ 13,376,616 $29,224,788 $51,621,956
============ =========== ===========
SHARES OUTSTANDING:
Class A Shares ..................................... 70,365 18,175 27,694
============ =========== ===========
Class B Shares ..................................... 13,640 5,659 4,543
============ =========== ===========
Class C Shares ..................................... 816 -- --
============ =========== ===========
Class K Shares ..................................... 13,046,566 7,655 90,642
============ =========== ===========
Class Y Shares ..................................... 1,059,248 2,727,252 4,448,627
============ =========== ===========
CLASS A SHARES:
Net asset value and redemption price per share ..... $ 12.62 $ 10.71 $ 11.60
============ =========== ===========
Maximum sales charge ............................... 5.50% 5.50% 5.50
Maximum offering price per share ................... $ 13.35 $ 11.33 $ 12.28
============ =========== ===========
CLASS B SHARES:
Net asset value and offering price per share* ...... $ 12.60 $ 10.71 $ 11.59
============ =========== ===========
CLASS C SHARES:
Net asset value and offering price per share* ...... $ 12.61 N/A N/A
============ =========== ===========
CLASS K SHARES:
Net asset value, offering price and redemption price
per share ........................................ $ 12.63 $ 10.71 $ 11.62
============ =========== ===========
CLASS Y SHARES:
Net asset value, offering price and redemption price
per share ........................................ $ 12.63 $ 10.72 $ 11.60
============ =========== ===========
<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>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Assets and Liabilities, Period Ended December 31, 1995
(Unaudited)
(Continued)
- ------------------------------------------------------------------------------
INCOME FUNDS
-----------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Munder Intermediate U.S. Michigan Tax-Free Tax-Free
Bond Bond Government Triple Tax-Free Bond Intermediate
Fund Fund Income Fund Bond Fund Fund Bond Fund
-----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
NET ASSETS consist of:
Undistributed net investment income/
(distributions in excess of
net investment income ............ $ 312,905 $ (13,825) $ 196,868 $ 1,920 $ 17,112 $ (356)
Accumulated net realized gain/(loss)
on investments sold .............. (7,113,384) (9,772,478) 15,847 (128,472) 1,103,814 (565,886)
Net unrealized appreciation
of investments ................... 6,889,668 4,238,499 7,540,900 934,203 15,215,527 14,356,637
Par value .......................... 18,836 51,665 15,837 2,757 20,149 33,129
Paid-in capital in
excess of par value .............. 188,422,894 504,930,645 158,026,505 26,124,217 200,852,601 336,132,336
------------- ------------- ------------ ------------- ------------ -------------
$ 188,530,919 $ 499,434,506 $165,795,957 $ 26,934,625 $217,209,203 $ 349,955,860
============= ============= ============ ============= ============ =============
NET ASSETS:
Class A Shares ..................... $ 927,006 $ 5,873,502 $ 1,714,790 $ 467,906 $ 964,512 $ 4,407,640
============= ============= ============ ============= ============ =============
Class B Shares ..................... $ -- $ 9,192 $ 798,430 $ 263,606 $ 80,302 $ 176,174
============= ============= ============ ============= ============ =============
Class K Shares ..................... $ 35,546,454 $ 340,179,540 $157,972,431 $ 26,030,035 $214,459,169 $ 334,153,491
============= ============= ============ ============= ============ =============
Class Y Shares ..................... $ 152,057,459 $ 153,372,272 $ 5,310,306 $ 173,078 $ 1,705,220 $ 11,218,555
============= ============= ============ ============= ============ =============
SHARES OUTSTANDING:
Class A Shares ..................... 92,615 607,397 163,912 47,892 89,598 417,307
============= ============= ============ ============= ============ =============
Class B Shares ..................... -- 951 76,277 26,975 7,454 16,672
============= ============= ============ ============= ============ =============
Class K Shares ..................... 3,551,599 35,189,108 15,089,746 2,664,786 19,893,648 31,633,238
============= ============= ============ ============= ============ =============
Class Y Shares ..................... 15,191,456 15,867,386 507,303 17,703 158,320 1,061,697
============= ============= ============ ============= ============ =============
CLASS A SHARES:
Net asset value and
redemption price per share ....... $ 10.01 $ 9.67 $ 10.46 $ 9.77 $ 10.76 $ 10.56
============= ============= ============ ============= ============ =============
Maximum sales charge ............... 4.00% 4.00% 4.00% 4.00% 4.00% 4.00%
Maximum offering price per share ... $ 10.43 $ 10.07 $ 10.90 $ 10.18 $ 11.21 $ 11.00
============= ============= ============ ============= ============ =============
CLASS B SHARES:
Net asset value and
offering price per share* ........ N/A $ 9.67 $ 10.47 $ 9.77 $ 10.77 $ 10.57
============= ============= ============ ============= ============ =============
CLASS K SHARES:
Net asset value, offering
price and redemption
price per share .................. $ 10.01 $ 9.67 $ 10.47 $ 9.77 $ 10.78 $ 10.56
============= ============= ============ ============= ============ =============
CLASS Y SHARES:
Net asset value, offering
price and redemption
price per share .................. $ 10.01 $ 9.67 $ 10.47 $ 9.78 $ 10.77 $ 10.57
============= ============= ============ ============= ============ =============
<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>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Assets and Liabilities, Period Ended December 31, 1995
(Unaudited)
(Continued)
- ------------------------------------------------------------------------------
MONEY MARKET FUNDS
------------------------------------------------------------------------
Munder Munder Munder Munder
Money Tax-Free U.S. Treasury Cash
Market Money Market Money Market Investment
Fund Fund Fund Fund
------------------------------------------------------------------------
<S> <C> <C> <C> <C>
NET ASSETS consist of:
Undistributed net investment income/
(distributions in excess of
net investment income ............ $ -- $ -- $ -- $ --
Accumulated net realized gain/(loss)
on investments sold .............. 312 (157,195) 13,076 (7,101)
Net unrealized appreciation
of investments ................... -- -- -- --
Par value .......................... 285,834 236,686 285,563 1,083,226
Paid-in capital in
excess of par value .............. 285,547,905 236,492,625 285,277,915 1,082,144,417
------------ ------------- -------------- ---------------
$285,834,051 $ 236,572,116 $ 285,576,554 $ 1,083,220,542
============ ============= ============== ===============
NET ASSETS:
Class A Shares ..................... $ 25,272 $ 8,153,949 $ 1,627,345 $ 68,637,925
============ ============= ============== ===============
Class B Shares ..................... $ 158,118 $ -- $ -- $ --
============ ============= ============== ===============
Class K Shares ..................... $ -- $ 207,438,253 $ 71,525,206 $ 653,713,148
============ ============= ============== ===============
Class Y Shares ..................... $285,650,661 $ 20,979,914 $ 212,424,003 $ 360,869,469
============ ============= ============== ===============
SHARES OUTSTANDING:
Class A Shares ..................... 25,272 8,157,874 1,627,270 68,638,260
============ ============= ============== ===============
Class B Shares ..................... 158,118 -- -- --
============ ============= ============== ===============
Class K Shares ..................... -- 207,538,089 71,521,931 653,716,337
============ ============= ============== ===============
Class Y Shares ..................... 285,650,349 20,990,011 212,414,277 360,871,230
============ ============= ============== ===============
CLASS A SHARES:
Net asset value and
redemption price per share ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============= ============== ===============
Maximum sales charge ............... -- -- -- --
Maximum offering price per share ... $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============= ============== ===============
CLASS B SHARES:
Net asset value and
offering price per share* ........ $ 1.00 N/A N/A N/A
============ ============= ============== ===============
CLASS K SHARES:
Net asset value, offering
price and redemption
price per share .................. N/A $ 1.00 $ 1.00 $ 1.00
============ ============= ============== ===============
CLASS Y SHARES:
Net asset value, offering
price and redemption
price per share .................. $ 1.00 $ 1.00 $ 1.00 $ 1.00
============ ============= ============== ===============
<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>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Operations, Period Ended December 31, 1995 (Unaudited)
- ------------------------------------------------------------------------------
EQUITY FUNDS
---------------------------------------------------------------
Munder Munder Munder Munder Small
Multi-Season Real Estate Accelerating Company
Growth Equity Investment Growth Growth
Fund Fund Fund Fund
---------------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest ........................................... $ 632,872 $ 39,322 $ 415,899 $ 254,707
Dividends (Net of foreign withholding taxes of
$81,582 and $1,918 for the Munder International
Equity Fund and the Munder Index 500 Fund,
respectively) .................................... 1,876,287 404,432 689,557 166,956
------------ ----------- ------------ ------------
Total investment income .................... 2,509,159 443,754 1,105,456 421,663
------------ ----------- ------------ ------------
EXPENSES:
Distribution and shareholder servicing fees:
Class A Shares ................................... 12,597 280 6,465 4,157
Class B Shares ................................... 289,144 7,736 535 265
Class C Shares ................................... 18,332 -- 49 39
Shareholder servicing fees:
Class K Shares ................................... 140,076 -- 113,213 84,555
Investment advisory fee ............................ 1,396,263 51,436 1,282,303 682,744
Administration fee ................................. 159,492 7,936 162,334 85,749
Transfer agent fee ................................. 38,945 2,722 38,683 21,130
Custodian fees ..................................... 7,819 -- 20,234 10,563
Legal and audit fees ............................... 24,295 -- 18,401 8,244
Trustees'/Directors' fees and expenses ............. 4,316 136 4,365 2,317
Amortization of organization costs ................. 29,595 7,500 1,184 402
Registration and filing fees ....................... 45,125 10,205 -- --
Other .............................................. 42,814 4,206 28,849 29,995
------------ ----------- ------------ ------------
Total Expenses ............................. 2,208,813 92,157 1,676,615 930,160
Fees waived and/or expenses reimbursed by investment
advisor .......................................... (349,066) (15,000) (216,566) (119,541)
------------ ----------- ------------ ------------
Net Expenses ............................... 1,859,747 77,157 1,460,049 810,619
------------ ----------- ------------ ------------
NET INVESTMENT INCOME/(LOSS) ....................... 649,412 366,597 (354,593) (388,956)
------------ ----------- ------------ ------------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS:
Net realized gain/(loss) from:
Security transactions .......................... 12,182,324 (72,268) 39,318,236 13,228,474
Forward foreign exchange contracts ............. -- -- -- --
Futures contracts .............................. -- -- -- --
Foreign currency transactions .................. -- -- -- --
Net change in unrealized
appreciation/(depreciation) of:
Securities ..................................... 23,590,032 1,111,872 (23,306,031) 11,245,548
Forward foreign exchange contracts ............. -- -- -- --
Futures contracts .............................. -- -- -- --
Foreign currency and net other assets .......... -- -- -- --
------------ ----------- ------------ ------------
Net realized and unrealized gain on investments .. 35,772,356 1,039,604 16,012,205 24,474,022
------------ ----------- ------------ ------------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 36,421,768 $ 1,406,201 $ 15,657,612 $ 24,085,066
============ =========== ============ ============
<FN>
- ----------------
(a) The Munder Mid-Cap Growth Fund and the Munder Value Fund commenced
operations on August 14, 1995 and August 18, 1995, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Operations, Period Ended December 31, 1995 (Unaudited)
(Continued)
- ------------------------------------------------------------------------------
EQUITY FUNDS
------------------------------------------------------------------------------
Munder Munder Munder
Mid-Cap International Munder Growth & Munder Munder
Growth Equity Index 500 Income Value Balanced
Fund(a) Fund Fund Fund Fund(a) Fund
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest ........................................... $ 38,425 $ 158,084 $ 264,115 $ 783,824 $ 42,167 $ 741,106
Dividends (Net of foreign withholding taxes of
$81,582 and $1,918 for the Munder International
Equity Fund and the Munder Index 500 Fund,
respectively) .................................... 14,739 1,256,222 1,684,550 2,518,720 126,691 164,966
--------- ------------ ------------ ------------ ----------- -----------
Total investment income .................... 53,164 1,414,306 1,948,665 3,302,544 168,858 906,072
--------- ------------ ------------ ------------ ----------- -----------
EXPENSES:
Distribution and shareholder servicing fees:
Class A Shares ................................... 1 1,928 927 537 89 380
Class B Shares ................................... -- 791 1,105 534 134 208
Class C Shares ................................... 17 321 -- 8 -- --
Shareholder servicing fees:
Class K Shares ................................... 59 104,198 4,585 183,643 17 905
Investment advisory fee ............................ 40,924 726,850 140,781 715,689 69,717 225,763
Administration fee ................................. 6,312 91,444 80,405 90,471 10,753 29,500
Transfer agent fee ................................. 1,295 16,205 8,036 22,297 2,281 8,541
Custodian fees ..................................... 4,510 60,755 10,687 11,472 4,492 6,288
Legal and audit fees ............................... 2,226 4,367 5,934 9,794 2,371 2,772
Trustees'/Directors' fees and expenses ............. 187 2,504 2,234 2,503 339 811
Amortization of organization costs ................. 4,721 314 639 912 4,638 1,733
Registration and filing fees ....................... 2,358 -- 6,038 9,676 3,558 2,225
Other .............................................. 4,085 4,174 13,063 28,953 5,516 8,026
--------- ------------ ------------ ------------ ----------- -----------
Total Expenses ............................. 66,695 1,013,851 274,434 1,076,489 103,905 287,152
Fees waived and/or expenses reimbursed by investment
advisor .......................................... (14,000) (126,452) (91,508) (121,646) (14,000) (57,904)
--------- ------------ ------------ ------------ ----------- -----------
Net Expenses ............................... 52,695 887,399 182,926 954,843 89,905 229,248
--------- ------------ ------------ ------------ ----------- -----------
NET INVESTMENT INCOME/(LOSS) ....................... 469 526,907 1,765,739 2,347,701 78,953 676,824)
--------- ------------ ------------ ------------ ----------- -----------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON
INVESTMENTS:
Net realized gain/(loss) from:
Security transactions .......................... 429,904 2,208,694 3,510,051 2,245,520 95,826 2,459,468
Forward foreign exchange contracts ............. -- (113,373) -- -- -- --
Futures contracts .............................. -- -- 1,926,705 -- -- --
Foreign currency transactions .................. -- (25,092) -- -- -- --
Net change in unrealized
appreciation/(depreciation) of:
Securities ..................................... 292,354 8,506,594 11,819,666 19,047,198 1,496,341 1,294,740
Forward foreign exchange contracts ............. -- 2,487 -- -- -- --
Futures contracts .............................. -- -- (166,705) -- -- --
Foreign currency and net other assets .......... -- 34,426 -- -- -- --
--------- ------------ ------------ ------------ ----------- -----------
Net realized and unrealized gain on investments .. 722,258 10,613,736 17,089,717 21,292,718 1,592,167 3,754,208
--------- ------------ ------------ ------------ ----------- -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 722,727 $ 11,140,643 $ 18,855,456 $ 23,640,419 $ 1,671,120 $ 4,431,032
========= ============ ============ ============ =========== ===========
<FN>
- ----------------
(a) The Munder Mid-Cap Growth Fund and the Munder Value Fund commenced
operations on August 14, 1995 and August 18, 1995, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Operations, Period Ended December 31, 1995 (Unaudited)
(Continued)
- ------------------------------------------------------------------------------
INCOME FUNDS
--------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Munder Intermediate U.S. Michigan Tax-Free Tax-Free
Bond Bond Government Triple Tax-Free Bond Intermediate
Fund Fund Fund Bond Fund Fund Bond Fund
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest ................................ $ 6,588,629 $ 17,073,030 $ 6,825,319 $ 756,398 $ 6,000,507 $ 8,567,480
Dividends ............................... 141,214 511,300 189,871 11,553 22,979 43,199
------------ ------------ ----------- ----------- ------------ ------------
Total investment income ......... 6,729,843 17,584,330 7,015,190 767,951 6,023,486 8,610,679
------------ ------------ ----------- ----------- ------------ ------------
EXPENSES:
Distribution and shareholder
servicing fees:
Class A Shares ...................... 1,152 6,813 314 543 114 5,201
Class B Shares ...................... -- 44 957 1,293 64 115
Shareholder servicing fees:
Class K Shares ........................ 45,569 404,752 205,523 33,722 278,462 423,747
Investment advisory fee ................. 610,940 1,579,751 583,467 91,207 737,632 1,161,307
Administration fee ...................... 106,626 276,272 101,400 15,959 128,231 202,491
Transfer agent fee ...................... 23,999 64,931 23,850 3,879 37,381 53,374
Custodian fees .......................... 12,699 32,688 12,245 1,683 14,998 22,281
Legal and audit fees .................... 6,035 30,869 11,600 2,688 17,571 28,871
Trustees'/Directors' fees and expenses .. 2,904 7,571 2,736 432 3,469 5,488
Amortization of organization costs ...... 1,424 -- 1,164 2,298 2,716 --
Registration and filing fees ............ 6,343 6,124 19,610 1,006 6,684 7,287
Other ................................... 28,313 62,306 33,613 7,126 65,214 74,866
------------ ------------ ----------- ----------- ------------ ------------
Total Expenses .................. 846,004 2,472,121 996,479 161,836 1,292,536 1,985,028
Fees waived and/or expenses reimbursed
by investment advisor ................. (144,241) (370,471) (139,659) (91,207) (176,384) (275,000)
------------ ------------ ----------- ----------- ------------ ------------
Net Expenses .................... 701,763 2,101,650 856,820 70,629 1,116,152 1,710,028
------------ ------------ ----------- ----------- ------------ ------------
NET INVESTMENT INCOME ................... 6,028,080 15,482,680 6,158,370 697,322 4,907,334 6,900,651
------------ ------------ ----------- ----------- ------------ ------------
NET REALIZED AND UNREALIZED GAIN/(LOSS)
ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ................. 3,685,996 5,512,251 2,248,008 172,915 2,614,877 740,039
Net change in unrealized appreciation of:
Securities .......................... 1,931,022 2,665,594 1,437,958 1,042,233 7,635,132 5,962,032
------------ ------------ ----------- ----------- ------------ ------------
Net realized and unrealized gain/(loss)
on investments ........................ 5,617,018 8,177,845 3,685,966 1,215,148 10,250,009 6,702,071
------------ ------------ ----------- ----------- ------------ ------------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ............. $ 11,645,098 $ 23,660,525 $ 9,844,336 $ 1,912,470 $ 15,157,343 $ 13,602,722
============ ============ =========== =========== ============ ============
<FN>
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Operations, Period Ended December 31, 1995 (Unaudited)
(Continued)
- ------------------------------------------------------------------------------
MONEY MARKET FUNDS
---------------------------------------------------------
Munder Munder Munder Munder
Money Tax-Free U.S. Treasury Cash
Market Money Market Money Market Investment
Fund Fund Fund Fund
---------------------------------------------------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest ................................ $8,329,005 $ 4,453,212 $ 8,465,629 $30,426,500
Dividends ............................... -- 105,745 -- --
---------- ----------- ----------- -----------
Total investment income ......... 8,329,005 4,558,957 8,465,629 30,426,500
---------- ----------- ----------- -----------
EXPENSES:
Distribution and shareholder
servicing fees:
Class A Shares ...................... 40 9,658 1,548 76,341
Class B Shares ...................... 1,297 -- -- --
Shareholder servicing fees:
Class K Shares ........................ -- 157,808 53,721 472,685
Investment advisory fee ................. 565,054 450,884 570,648 1,892,507
Administration fee ...................... 161,366 134,734 165,001 591,131
Transfer agent fee ...................... 23,191 30,420 38,059 67,697
Custodian fees .......................... 9,593 16,509 27,722 44,164
Legal and audit fees .................... 36,762 14,415 17,449 38,590
Trustees'/Directors' fees and expenses .. 4,076 3,598 4,712 16,034
Amortization of organization costs ...... 18,000 -- -- --
Registration and filing fees ............ 19,330 -- 4,027 --
Other ................................... 21,078 30,477 37,972 62,342
---------- ----------- ----------- -----------
Total Expenses .................. 859,787 848,503 920,859 3,261,491
Fees waived and/or expenses reimbursed
by investment advisor ................. -- (38,079) (48,774) (81,284
---------- ----------- ----------- -----------
Net Expenses .................... 859,787 810,424 872,085 3,180,207
---------- ----------- ----------- -----------
NET INVESTMENT INCOME ................... 7,469,218 3,748,533 7,593,544 27,246,293
---------- ----------- ----------- -----------
NET REALIZED AND UNREALIZED GAIN/(LOSS)
ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ................. 312 1,716 (417) --
Net change in unrealized appreciation of:
Securities .......................... -- -- -- --
---------- ----------- ----------- -----------
Net realized and unrealized gain/(loss)
on investments ........................ 312 1,716 (417) --
---------- ----------- ----------- -----------
NET INCREASE IN NET ASSETS
RESULTING FROM OPERATIONS ............. $7,469,530 $ 3,750,249 $ 7,593,127 $27,246,293
========== =========== =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31, 1995
(Unaudited)
- ------------------------------------------------------------------------------
EQUITY FUNDS
-----------------------------------------------------------------
Munder Munder Munder Munder Small
Multi-Season Real Estate Accelerating Company
Growth Equity Investment Growth Growth
Fund Fund Fund Fund
-----------------------------------------------------------------
<S> <C> <C> <C> <C>
Net investment income/(loss) ......................... $ 649,412 $ 366,597 $ (354,593) $ (388,956)
Net realized gain/(loss) on investments sold, forward
foreign exchange contracts, futures contracts and
foreign currency transactions during the period .... 12,182,324 (72,268) 39,318,236 13,228,474
Net change in unrealized appreciation/ (depreciation)
of investments, forward foreign exchange contracts,
futures contracts, foreign currency and net other
assets during the period ........................... 23,590,032 1,111,872 (23,306,031) 11,245,548
------------- ------------ ------------- -------------
Net increase in net assets resulting from operations . 36,421,768 1,406,201 15,657,612 24,085,066
Distributions to shareholders from net investment
income:
Class A Shares ................................... (22,013) (5,380) -- --
Class B Shares ................................... -- (31,130) -- --
Class C Shares ................................... -- -- -- --
Class K Shares ................................... (253,027) -- -- --
Class Y Shares ................................... (336,238) (331,347) -- --
Distributions to shareholders from net realized gains:
Class A Shares ................................... (309,579) -- (796,263) (259,477)
Class B Shares ................................... (1,793,378) -- (23,756) (6,481)
Class C Shares ................................... (122,961) -- (2,880) (1,089)
Class K Shares ................................... (3,521,296) -- (13,343,959) (5,357,828)
Class Y Shares ................................... (3,008,122) -- (25,626,027) (5,515,603)
Net increase/(decrease) in net assets from Fund
share transactions:
Class A Shares ................................... 115,174 (23,764) 1,077,244 605,312
Class B Shares ................................... 204,201 43,053 126,086 47,846
Class C Shares ................................... 591,647 -- 23,064 16,078
Class K Shares ................................... 1,074,160 -- 562,312 16,386,675
Class Y Shares ................................... 5,960,440 11,563,432 (20,730,323) (9,697,983)
------------- ------------ ------------- -------------
Net increase/(decrease) in net assets ................ 35,000,776 12,621,065 (43,076,890) 20,302,516
NET ASSETS:
Beginning of period .................................. 259,335,901 6,708,011 284,153,929 134,961,573
------------- ------------ ------------- -------------
End of period ........................................ $ 294,336,677 $ 19,329,076 $ 241,077,039 $ 155,264,089
============= ============ ============= =============
Undistributed net investment income/ (accumulated net
investment loss) ................................... $ 38,134 $ 22,823 $ (354,593) $ (388,956)
============= ============ ============= =============
<FN>
- ----------------
(a) The Munder Mid-Cap Growth Fund and the Munder Value Fund commenced
operations on August 14, 1995 and August 18, 1995, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31, 1995
(Unaudited)
(Continued)
- ----------------------------------------------------------------------------
EQUITY FUNDS
---------------------------------------------
Munder Munder
Mid-Cap International Munder
Growth Equity Index 500
Fund(a) Fund Fund
---------------------------------------------
<S> <C> <C> <C>
Net investment income/(loss) ......................... $ 469 $ 526,907 $ 1,765,739
Net realized gain/(loss) on investments sold, forward
foreign exchange contracts, futures contracts and
foreign currency transactions during the period .... 429,904 2,070,229 5,436,756
Net change in unrealized appreciation/ (depreciation)
of investments, forward foreign exchange contracts,
futures contracts, foreign currency and net other
assets during the period ........................... 292,354 8,543,507 11,652,961
----------- ------------- ------------
Net increase in net assets resulting from operations . 722,727 11,140,643 18,855,456
Distributions to shareholders from net investment
income:
Class A Shares ................................... -- (14,197) (27,228
Class B Shares ................................... -- (2,604) (12,702
Class C Shares ................................... -- (1,373) --
Class K Shares ................................... -- (756,166) (47,214
Class Y Shares ................................... -- (693,758) (1,640,273
Distributions to shareholders from net realized gains:
Class A Shares ................................... -- -- (188,002
Class B Shares ................................... -- -- (113,627
Class C Shares ................................... -- -- --
Class K Shares ................................... -- -- (245,657
Class Y Shares ................................... -- -- (6,596,397
Net increase/(decrease) in net assets from Fund
share transactions:
Class A Shares ................................... 34,002 280,484 3,347,091
Class B Shares ................................... -- 237,003 2,673,507
Class C Shares ................................... 14,988 253,711 --
Class K Shares ................................... 163,142 14,796,278 2,273,835
Class Y Shares ................................... 18,102,321 (260,099) 7,116,781
----------- ------------- ------------
Net increase/(decrease) in net assets ................ 19,037,180 24,979,922 25,395,570
NET ASSETS:
Beginning of period .................................. -- 149,696,374 128,363,669
----------- ------------- ------------
End of period ........................................ $19,037,180 $ 174,676,296 $153,759,239
=========== ============= ============
Undistributed net investment income/ (accumulated net
investment loss) ................................... $ 469 $ 477,908 $ 115,024
=========== ============= ============
<FN>
- ----------------
(a) The Munder Mid-Cap Growth Fund and the Munder Value Fund commenced
operations on August 14, 1995 and August 18, 1995, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31, 1995
(Unaudited)
(Continued)
- ----------------------------------------------------------------------------
EQUITY FUNDS
-----------------------------------------------
Munder
Growth & Munder Munder
Income Value Balanced
Fund Fund(a) Fund
-----------------------------------------------
<S> <C> <C> <C>
Net investment income/(loss) ......................... $ 2,347,701 $ 78,953 $ 676,824
Net realized gain/(loss) on investments sold, forward
foreign exchange contracts, futures contracts and
foreign currency transactions during the period .... 2,245,520 95,826 2,459,468
Net change in unrealized appreciation/ (depreciation)
of investments, forward foreign exchange contracts,
futures contracts, foreign currency and net other
assets during the period ........................... 19,047,198 1,496,341 1,294,740
------------- ------------ ------------
Net increase in net assets resulting from operations . 23,640,419 1,671,120 4,431,032
Distributions to shareholders from net investment
income:
Class A Shares ................................... (7,908) (293) (3,309
Class B Shares ................................... (1,545) -- (376
Class C Shares ................................... (66) -- --
Class K Shares ................................... (2,141,201) (142) (9,446
Class Y Shares ................................... (169,278) (56,719) (623,008
Distributions to shareholders from net realized gains:
Class A Shares ................................... (6,398) -- --
Class B Shares ................................... (1,242) -- --
Class C Shares ................................... (73) -- --
Class K Shares ................................... (1,184,869) -- --
Class Y Shares ................................... (95,719) -- --
Net increase/(decrease) in net assets from Fund
share transactions:
Class A Shares ................................... 602,729 190,978 (15,523)
Class B Shares ................................... 101,192 58,783 35,026
Class C Shares ................................... 10,297 -- --
Class K Shares ................................... 13,664,618 82,886 840,066
Class Y Shares ................................... 4,053,135 27,615,431 (946,649)
------------- ------------ ------------
Net increase/(decrease) in net assets ................ 38,464,091 29,562,044 3,707,813
NET ASSETS:
Beginning of period .................................. 140,725,676 -- 49,341,361
------------- ------------ ------------
End of period ........................................ $ 179,189,767 $ 29,562,044 $ 53,049,174
============= ============ ============
Undistributed net investment income/ (accumulated net
investment loss) ................................... $ 95,261 $ 21,799 $ 40,685
============= ============ ============
<FN>
- ----------------
(a) The Munder Mid-Cap Growth Fund and the Munder Value Fund commenced
operations on August 14, 1995 and August 18, 1995, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31, 1995
(Unaudited)
(Continued)
- ----------------------------------------------------------------------------
INCOME FUNDS
---------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Munder Intermediate U.S. Michigan Tax-Free Tax-Free
Bond Bond Government Triple Tax-Free Bond Intermediate
Fund Fund Income Fund Bond Fund Fund Bond Fund
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net investment income ............... $ 6,028,080 $ 15,482,680 $ 6,158,370 $ 697,322 $ 4,907,334 $ 6,900,651
Net realized gain/(loss) on
investments sold during the period 3,685,996 5,512,251 2,248,008 172,915 2,614,877 740,039
Net change in unrealized
appreciation of investments
during the period ................. 1,931,022 2,665,594 1,437,958 1,042,233 7,635,132 5,962,032
------------- ------------- ------------- ------------ ------------- -------------
Net increase in net assets
resulting from operations ......... 11,645,098 23,660,525 9,844,336 1,912,470 15,157,343 13,602,722
Distributions to shareholders from
net investment income:
Class A Shares .................. (27,193) (172,594) (9,412) (10,873) (2,027) (80,086)
Class B Shares .................. -- (248) (8,152) (5,515) (287) (490)
Class K Shares .................. (1,074,299) (10,341,827) (5,539,219) (672,406) (4,849,760) (6,586,214)
Class Y Shares .................. (4,613,683) (5,083,354) (424,088) (6,683) (38,148) (234,217)
Distributions to shareholders from
net realized gains:
Class A Shares .................. -- -- (5,751) -- (197) --
Class B Shares .................. -- -- (5,859) -- (50) --
Class K Shares .................. -- -- (1,176,687) -- (135,713) --
Class Y Shares .................. -- -- (39,436) -- (1,077) --
Net increase/(decrease) in net assets
from Fund share transactions:
Class A Shares .................. (21,408) 314,266 1,617,029 30,763 958,927 191,049
Class B Shares .................. -- 447 796,679 (1,624) 78,794 176,557
Class K Shares .................. (2,290,994) 34,051,664 (19,082,953) (692,224) (27,629,576) (5,324,886)
Class Y Shares .................. 536,026 (6,552,182) (7,804,328) (610,377) 131,318 (93,511)
------------- ------------- ------------- ------------ ------------- -------------
Net increase/(decrease) in net assets 4,153,547 35,876,697 (21,837,841) (56,469) (16,330,453) 1,650,924
NET ASSETS:
Beginning of period ................. 184,377,372 463,557,809 187,633,798 26,991,094 233,539,656 348,304,936
------------- ------------- ------------- ------------ ------------- -------------
End of period ....................... $ 188,530,919 $ 499,434,506 $ 165,795,957 $ 26,934,625 $ 217,209,203 $ 349,955,860
============= ============= ============= ============ ============= =============
Undistributed net investment
income/(distributions in
excess of net investment income) .. $ 312,905 $ (13,825) $ 196,868 $ 1,920 $ 17,112 $ (356)
============= ============= ============= ============ ============= =============
<FN>
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31, 1995
(Unaudited)
(Continued)
- ----------------------------------------------------------------------------
MONEY MARKET FUNDS
---------------------------------------------------------------------
Munder Munder Munder Munder
Money Tax-Free U.S. Treasury Cash
Market Money Market Money Market Investment
Fund Fund Fund Fund
---------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net investment income ............... $ 7,469,218 $ 3,748,533 $ 7,593,544 $ 27,246,293
Net realized gain/(loss) on
investments sold during the period 312 1,716 (417) --
Net change in unrealized
appreciation of investments
during the period ................. -- -- -- --
------------- ------------- ------------- ---------------
Net increase in net assets
resulting from operations ......... 7,469,530 3,750,249 7,593,127 27,246,293
Distributions to shareholders from
net investment income:
Class A Shares .................. (691) (118,419) (30,197) (1,561,870)
Class B Shares .................. (5,429) -- -- --
Class K Shares .................. -- (3,317,324) (1,782,501) (16,433,149)
Class Y Shares .................. (7,463,098) (312,790) (5,780,846) (9,251,274)
Distributions to shareholders from
net realized gains:
Class A Shares .................. -- -- -- --
Class B Shares .................. -- -- -- --
Class K Shares .................. -- -- -- --
Class Y Shares .................. -- -- -- --
Net increase/(decrease) in net assets
from Fund share transactions:
Class A Shares .................. 25,272 (376,775) 510,357 16,108,460
Class B Shares .................. (213,088) -- -- --
Class K Shares .................. -- 11,708,868 (2,684,373) 95,085,490
Class Y Shares .................. 22,136,881 (2,451,532) (18,630,853) 20,475,806
------------- ------------- ------------- ---------------
Net increase/(decrease) in net assets 21,949,377 8,882,277 (20,805,286) 131,669,756
NET ASSETS:
Beginning of period ................. 263,884,674 227,689,839 306,381,840 951,550,786
------------- ------------- ------------- ---------------
End of period ....................... $ 285,834,051 $ 236,572,116 $ 285,576,554 $ 1,083,220,542
============= ============= ============= ===============
Undistributed net investment
income/(distributions in
excess of net investment income) .. $ -- $ -- $ -- $ --
============= ============= ============= ===============
<FN>
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes in Net Assets, Period Ended June 30, 1995
- ----------------------------------------------------------------------------
EQUITY FUNDS
------------------------------------------------------------------
Munder Munder Munder Munder Small
Multi-Season Real Estate Accelerating Company
Growth Equity Investment Growth Growth
Fund(a) Fund(b) Fund(c) Fund(c)
------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net investment income/(loss) ........................ $ (84,135) $ 141,270 $ (34,051) $ (110,736)
Net realized gain/(loss) on investments sold, forward
foreign exchange contracts, futures contracts and
foreign currency transactions during the period ... (142,640) (11,477) 8,980,945 6,136,355
Net change in unrealized appreciation of investments,
forward foreign exchange contracts, futures
contracts, foreign currency and net other assets
during the period ................................. 34,935,080 161,235 31,560,432 6,177,950
------------- ----------- ------------- -------------
Net increase in net assets resulting from operations 34,708,305 291,028 40,507,326 12,203,569
Distributions to shareholders from net investment
income:
Class A Shares .................................. -- (5,335) -- --
Class B Shares .................................. -- (30,454) -- --
Class K Shares .................................. -- -- -- --
Class Y Shares .................................. -- (93,307) -- --
Net increase/(decrease) in net assets from Fund
share transactions:
Class A Shares .................................. 5,294,396 215,530 (97,484) (85,906)
Class B Shares .................................. 605,096 1,458,073 18,669 3,146
Class C Shares .................................. 773,065 -- -- --
Class K Shares .................................. 90,386,520 -- 2,376,801 2,390,046
Class Y Shares .................................. 72,874,799 4,872,476 (11,818,141) 427,637
------------- ----------- ------------- -------------
Net increase in net assets .......................... 204,642,181 6,708,011 30,987,171 14,938,492
NET ASSETS:
Beginning of period ................................. 54,693,720 -- 253,166,758 120,023,081
------------- ----------- ------------- -------------
End of period ....................................... $ 259,335,901 $ 6,708,011 $ 284,153,929 $ 134,961,573
============= =========== ============= =============
Undistributed net investment income ................. $ -- $ 24,083 $ -- $ --
============= =========== ============= =============
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
December 31. The numbers reflected are for the period January 1, 1995
through June 30, 1995.
(b) The Munder Real Estate Equity Investment Fund commenced operations on
September 30, 1994. The numbers reflected are for the period September 30,
1994 through June 30, 1995.
(c) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February. The numbers reflected are for the period March
1, 1995 through June 30, 1995.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes in Net Assets, Period Ended June 30, 1995
(Continued)
- ----------------------------------------------------------------------------
EQUITY FUNDS
------------------------------------------------------------------
Munder Munder
International Munder Growth & Munder
Equity Index 500 Income Balanced
Fund(c) Fund(c) Fund(c) Fund(c)
------------------------------------------------------------------
<S> <C> <C> <C> <C>
Net investment income/(loss) ........................ $ 1,285,461 $ 1,025,573 $ 1,408,388 $ 437,941
Net realized gain/(loss) on investments sold, forward
foreign exchange contracts, futures contracts and
foreign currency transactions during the period ... (237,117) 2,636,677 558,118 267,096
Net change in unrealized appreciation of investments,
forward foreign exchange contracts, futures
contracts, foreign currency and net other assets
during the period ................................. 11,455,027 10,068,492 8,421,016 3,609,224
------------- ------------- ------------- ------------
Net increase in net assets resulting from operations
Distributions to shareholders from net investment ... 12,503,371 13,730,742 10,387,522 4,314,261
income:
Class A Shares .................................. -- (5,950) (2,841) (3,328)
Class B Shares .................................. -- -- (697) (117)
Class K Shares .................................. -- (25,905) (1,982,742) (2,141)
Class Y Shares .................................. -- (1,343,181) (105,869) (582,444)
Net increase/(decrease) in net assets from Fund
share transactions:
Class A Shares .................................. (46,157) 199,510 88,384 4,049
Class B Shares .................................. -- -- 1,724 (5,363)
Class C Shares .................................. -- -- -- --
Class K Shares .................................. 4,140,722 788,070 19,077,725 4,825
Class Y Shares .................................. 219,666 12,820,929 3,312,130 (454,310)
Net increase in net assets .......................... 16,817,602 26,164,215 30,775,336 3,275,432
------------- ------------- ------------- ------------
NET ASSETS:
Beginning of period ................................. 132,878,772 102,199,454 109,950,340 46,065,929
------------- ------------- ------------- ------------
End of period ....................................... $ 149,696,374 $ 128,363,669 $ 140,725,676 $ 49,341,361
============= ============= ============= ============
Undistributed net investment income ................. $ 1,419,099 $ 76,702 $ 67,558 $ --
============= ============= ============= ============
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
December 31. The numbers reflected are for the period January 1, 1995
through June 30, 1995.
(b) The Munder Real Estate Equity Investment Fund commenced operations on
September 30, 1994. The numbers reflected are for the period September 30,
1994 through June 30, 1995.
(c) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February. The numbers reflected are for the period March
1, 1995 through June 30, 1995.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes in Net Assets, Period Ended June 30, 1995
(Continued)
- ----------------------------------------------------------------------------
INCOME FUNDS
--------------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Munder Intermediate U.S. Michigan Tax-Free Tax-Free
Bond Bond Government Triple Tax-Free Bond Intermediate
Fund(a) Fund(a) Income Fund(a) Bond Fund(a) Fund(a) Bond Fund(a)
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net investment income .......... $ 4,007,298 $ 11,058,642 $ 4,252,073 $ 478,180 $ 3,596,185 $ 4,784,230
Net realized gain/(loss) on
investments sold, forward
foreign exchange contracts,
futures contracts and
foreign currency transactions
during the period ............ 1,295,728 (8,141,056) 1,108,567 (100,634) 1,096,254 543,723
Net change in unrealized
appreciation of investments,
forward foreign exchange
contracts, futures contracts,
foreign currency and net
other assets during the period 5,772,373 19,804,999 6,345,711 426,387 2,721,271 6,290,499
------------- ------------- ------------- ------------ ------------- -------------
Net increase in net assets
resulting from operations .... 11,075,399 22,722,585 11,706,351 803,933 7,413,710 11,618,452
Distributions to shareholders
from net investment income:
Class A Shares ............. (19,124) (129,702) (1,818) (7,476) -- (57,809)
Class B Shares ............. -- (167) -- (3,793) (17) --
Class K Shares ............. (737,356) (6,935,728) (3,899,463) (454,340) (3,571,652) (4,568,748)
Class Y Shares ............. (3,134,793) (3,891,527) (290,592) (12,496) (22,655) (157,673)
Net increase/(decrease) in
net assets from Fund share
transactions:
Class A Shares ............. 3,293 (143,405) 24,917 (31,708) -- (498,287)
Class B Shares ............. -- 1,168 -- 24,342 1,267 --
Class K Shares ............. 1,477,254 7,644,390 2,370,907 (2,493,854) (23,397,880) (19,130,557)
Class Y Shares ............. (713,223) (8,867,667) 708,827 160,020 527,883 180,852
------------- ------------- ------------- ------------ ------------- -------------
Net increase/(decrease)
in net assets ................ 7,951,450 10,399,947 10,619,129 (2,015,372) (19,049,344) (12,613,770)
NET ASSETS:
Beginning of period ............ 176,425,922 453,157,862 177,014,669 29,006,466 252,589,000 360,918,706
------------- ------------- ------------- ------------ ------------- -------------
End of period .................. $ 184,377,372 $ 463,557,809 $ 187,633,798 $ 26,991,094 $ 233,539,656 $ 348,304,936
============= ============= ============= ============ ============= =============
Undistributed net
investment income ............ $ -- $ 101,518 $ 19,369 $ 75 $ -- $ --
============= ============= ============= ============ ============= =============
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February. The numbers reflected are for the period March
1, 1995 through June 30, 1995.
(b) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
December 31. The numbers reflected are for the period January 1, 1995
through June 30, 1995.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes in Net Assets, Period Ended June 30, 1995
(Continued)
- ----------------------------------------------------------------------------
MONEY MARKET FUNDS
----------------------------------------------------------------
Munder Munder Munder U.S. Munder
Money Tax-Free Treasury Cash
Market Money Market Money Market Investment
Fund(b) Fund(a) Fund(a) Fund(a)
----------------------------------------------------------------
<S> <C> <C> <C> <C>
Net investment income .......... $ 7,015,357 $ 2,632,455 $ 5,693,731 $ 18,097,451
Net realized gain/(loss) on
investments sold, forward
foreign exchange contracts,
futures contracts and
foreign currency transactions
during the period ............ -- (12,291) 1,488 --
Net change in unrealized
appreciation of investments,
forward foreign exchange
contracts, futures contracts,
foreign currency and net
other assets during the period -- -- -- --
------------- ------------- ------------- -------------
Net increase in net assets
resulting from operations .... 7,015,357 2,620,164 5,695,219 18,097,451
Distributions to shareholders
from net investment income:
Class A Shares ............. -- (73,750) (19,214) (837,952)
Class B Shares ............. (10,532) -- -- --
Class K Shares ............. -- (2,233,629) (1,567,631) (10,750,617)
Class Y Shares ............. (7,004,825) (325,076) (4,106,886) (6,508,882)
Net increase/(decrease) in
net assets from Fund share
transactions:
Class A Shares ............. -- 3,993,482 (2,698,263) 12,290,224
Class B Shares ............. (129,712) -- -- --
Class K Shares ............. -- (184,281) (987,830) (584,316)
Class Y Shares ............. 117,828,527 (7,456,669) (9,535,503) 15,600,325
Net increase/(decrease)
in net assets ................ 117,698,815 (3,659,759) (13,220,108) 27,306,233
------------- ------------- ------------- -------------
NET ASSETS:
Beginning of period ............ 146,185,859 231,349,598 319,601,948 924,244,553
------------- ------------- ------------- -------------
End of period .................. $ 263,884,674 $ 227,689,839 $ 306,381,840 $ 951,550,786
============= ============= ============= =============
Undistributed net
investment income ............ $ -- $ -- $ -- $ --
============= ============= ============= =============
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February. The numbers reflected are for the period March
1, 1995 through June 30, 1995.
(b) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
December 31. The numbers reflected are for the period January 1, 1995
through June 30, 1995.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes- Capital Stock Activity, Period Ended December 31, 1995
(Unaudited)
- -----------------------------------------------------------------------------
EQUITY FUNDS
----------------------------------------------------------------
Munder Munder Munder
Multi-Season Real Estate Accelerating Munder Small
Growth Equity Investment Growth Company
Fund Fund Fund(a) Growth Fund(a)
----------------------------------------------------------------
<S> <C> <C> <C> <C>
Amount
Class A Shares:
Sold .............................. $ 942,270 $ 48,481 $ 666,058 $ 413,620
Issued as reinvestment of dividends 226,733 1,780 677,255 218,328
Redeemed .......................... (1,053,829) (74,025) (266,069) (26,636)
------------ ------------ ------------ ------------
Net increase/(decrease) ........... $ 115,174 $ (23,764) $ 1,077,244 $ 605,312
============ ============ ============ ============
Class B Shares:
Sold .............................. $ 3,665,626 $ 126,701 $ 117,342 $ 43,389
Issued as reinvestment of dividends 622,660 826 14,881 4,457
Redeemed .......................... (4,084,085) (84,474) (6,137) --
------------ ------------ ------------ ------------
Net increase ...................... $ 204,201 $ 43,053 $ 126,086 $ 47,846
============ ============ ============ ============
Class C Shares:
Sold .............................. $ 727,223 -- $ 27,386 $ 16,078
Issued as reinvestment of dividends 1,100 -- 74 --
Redeemed .......................... (136,676) -- (4,396) --
------------ ------------ ------------ ------------
Net increase ...................... $ 591,647 -- $ 23,064 $ 16,078
============ ============ ============ ============
Class K Shares:
Sold .............................. $ 13,551,051 -- $ 14,774,173 $ 20,540,714
Issued as reinvestment of dividends 47,129 -- 3,882 292
Redeemed .......................... (12,524,020) -- (14,215,743) (4,154,331)
------------ ------------ ------------ ------------
Net increase ...................... $ 1,074,160 -- $ 562,312 $ 16,386,675
============ ============ ============ ============
Class Y Shares:
Sold .............................. $ 19,436,872 $ 11,583,880 $ 21,586,492 $ 11,222,382
Issued as reinvestment of dividends 259,064 19,586 382,085 104,346
Redeemed .......................... (13,735,496) (40,034) (42,698,900) (21,024,711)
------------ ------------ ------------ ------------
Net increase/(decrease) ........... $ 5,960,440 $ 11,563,432 $(20,730,323) $ (9,697,983)
============ ============ ============ ============
<FN>
- ----------------
(a) The Munder Accelerating Growth Fund and the Munder Small Company Growth
Fund Class C Shares commenced operations on September 26, 1995.
(b) The Munder Mid-Cap Growth Fund Class A Shares, Class C Shares, Class K
Shares and Class Y Shares commenced operations on December 22, 1995,
November 9, 1995, October 2, 1995 and August 14, 1995, respectively.
(c) The Munder International Equity Fund Class C Shares commenced operations
on September 29, 1995.
(d) The Munder Growth & Income Fund Class C Shares commenced operations on
December 5, 1995.
(e) The Munder Value Fund Class A Shares, Class B Shares, Class K Shares and
Class Y Shares commenced operations on September 14, 1995, September 19,
1995, November 30, 1995 and August 18, 1995, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes- Capital Stock Activity, Period Ended December 31, 1995
(Unaudited)
(Continued)
- -----------------------------------------------------------------------------
EQUITY FUNDS
---------------------------------------------------------------------------------------
Munder Munder Munder
Mid-Cap International Munder Growth & Munder Munder
Growth Equity Index 500 Income Value Balanced
Fund(b) Fund(c) Fund Fund(d) Fund(e) Fund
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold .............................. $ 34,002 $ 426,589 $ 3,434,453 $ 679,842 $ 190,978 $ 33,257
Issued as reinvestment of dividends -- 10,130 43,560 1,243 -- 3,180
Redeemed .......................... -- (156,235) (130,922) (78,356) -- (51,960)
------------ ------------ ------------ ------------ ------------ ------------
Net increase/(decrease) ........... $ 34,002 $ 280,484 $ 3,347,091 $ 602,729 $ 190,978 $ (15,523)
============ ============ ============ ============ ============ ============
Class B Shares:
Sold .............................. -- $ 234,426 $ 2,560,425 $ 107,994 $ 63,390 $ 63,230
Issued as reinvestment of dividends -- 2,604 126,168 409 -- 129
Redeemed .......................... -- (27) (13,086) (7,211) (4,607) (28,333)
------------ ------------ ------------ ------------ ------------ ------------
Net increase ...................... -- $ 237,003 $ 2,673,507 $ 101,192 $ 58,783 $ 35,026
============ ============ ============ ============ ============ ============
Class C Shares:
Sold .............................. $ 15,209 $ 253,711 -- $ 10,297 -- --
Issued as reinvestment of dividends -- -- -- -- -- --
Redeemed .......................... (221) -- -- -- -- --
------------ ------------ ------------ ------------ ------------ ------------
Net increase ...................... $ 14,988 $ 253,711 -- $ 10,297 -- --
============ ============ ============ ============ ============ ============
Class K Shares:
Sold .............................. $ 171,718 $ 19,232,750 $ 2,988,270 $ 25,871,297 $ 84,243 $ 841,582
Issued as reinvestment of dividends -- 532 2,020 847 5 --
Redeemed .......................... (8,576) (4,437,004) (716,455) (12,207,526) (1,362) (1,516)
------------ ------------ ------------ ------------ ------------ ------------
Net increase ...................... $ 163,142 $ 14,796,278 $ 2,273,835 $ 13,664,618 $ 82,886 $ 840,066
============ ============ ============ ============ ============ ============
Class Y Shares:
Sold .............................. $ 18,112,517 $ 12,216,699 $ 25,825,159 $ 6,036,042 $ 27,686,747 $ 10,610,791
Issued as reinvestment of dividends -- 44,383 123,788 4 2,996 --
Redeemed .......................... (10,196) (12,521,181) (18,832,166) (1,982,911) (74,312) (11,557,440)
------------ ------------ ------------ ------------ ------------ ------------
Net increase/(decrease) ........... $ 18,102,321 $ (260,099) $ 7,116,781 $ 4,053,135 $ 27,615,431 $ (946,649)
============ ============ ============ ============ ============ ============
<FN>
- ----------------
(a) The Munder Accelerating Growth Fund and the Munder Small Company Growth
Fund Class C Shares commenced operations on September 26, 1995.
(b) The Munder Mid-Cap Growth Fund Class A Shares, Class C Shares, Class K
Shares and Class Y Shares commenced operations on December 22, 1995,
November 9, 1995, October 2, 1995 and August 14, 1995, respectively.
(c) The Munder International Equity Fund Class C Shares commenced operations
on September 29, 1995.
(d) The Munder Growth & Income Fund Class C Shares commenced operations on
December 5, 1995.
(e) The Munder Value Fund Class A Shares, Class B Shares, Class K Shares and
Class Y Shares commenced operations on September 14, 1995, September 19,
1995, November 30, 1995 and August 18, 1995, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes- Capital Stock Activity, Period Ended December 31, 1995
(Unaudited)
(Continued)
- -----------------------------------------------------------------------------
EQUITY FUNDS
---------------------------------------------------------------
Munder Munder Munder
Multi-Season Real Estate Accelerating Munder Small
Growth Equity Investment Growth Company
Fund Fund Fund(a) Growth Fund(a)
---------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares
Class A Shares:
Sold .............................. 73,521 4,766 41,978 24,278
Issued as reinvestment of dividends 17,190 171 51,659 13,200
Redeemed .......................... (81,667) (7,146) (16,975) (1,532)
---------- --------- ---------- ----------
Net increase/(decrease) ........... 9,044 (2,209) 76,662 35,946
========== ========= ========== ==========
Class B Shares:
Sold .............................. 288,191 12,371 7,845 2,525
Issued as reinvestment of dividends 47,970 80 1,152 273
Redeemed .......................... (322,289) (8,264) (475) --
---------- --------- ---------- ----------
Net increase ...................... 13,872 4,187 8,522 2,798
========== ========= ========== ==========
Class C Shares:
Sold .............................. 57,183 -- 1,731 945
Issued as reinvestment of dividends 85 -- 6 --
Redeemed .......................... (10,865) -- (280) --
---------- --------- ---------- ----------
Net increase ...................... 46,403 -- 1,457 945
========== ========= ========== ==========
Class K Shares:
Sold .............................. 1,054,852 -- 965,350 1,223,001
Issued as reinvestment of dividends 3,576 -- 296 18
Redeemed .......................... (990,435) -- (888,398) (245,548)
---------- --------- ---------- ----------
Net increase ...................... 67,993 -- 77,248 977,471
========== ========= ========== ==========
Class Y Shares:
Sold .............................. 1,512,582 1,128,129 1,507,001 663,580
Issued as reinvestment of dividends 19,508 1,900 28,990 6,278
Redeemed .......................... (1,082,817) (3,781) (2,644,127) (1,245,479)
---------- --------- ---------- ----------
Net increase/(decrease) ........... 449,273 1,126,248 (1,108,136) (575,621)
========== ========= ========== ==========
<FN>
- ----------------
(a) The Munder Accelerating Growth Fund and the Munder Small Company Growth
Fund Class C Shares commenced operations on September 26, 1995.
(b) The Munder Mid-Cap Growth Fund Class A Shares, Class C Shares, Class K
Shares and Class Y Shares commenced operations on December 22, 1995,
November 9, 1995, October 2, 1995 and August 14, 1995, respectively.
(c) The Munder International Equity Fund Class C Shares commenced operations on
September 29, 1995.
(d) The Munder Growth & Income Fund Class C Shares commenced operations on
December 5, 1995.
(e) The Munder Value Fund Class A Shares, Class B Shares, Class K Shares and
Class Y Shares commenced operations on September 14, 1995, September 19,
1995, November 30, 1995 and August 18, 1995, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes- Capital Stock Activity, Period Ended December 31, 1995
(Unaudited)
(Continued)
- -----------------------------------------------------------------------------
EQUITY FUNDS
-------------------------------------------------------------------------------
Munder Munder Munder
Mid-Cap International Munder Growth & Munder Munder
Growth Equity Index 500 Income Value Balanced
Fund(b) Fund(c) Fund Fund(d) Fund(e) Fund
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold .............................. 3,223 30,284 223,434 57,491 18,175 2,899
Issued as reinvestment of dividends -- 709 2,936 106 -- 279
Redeemed .......................... -- (10,410) (8,793) (7,564) -- (4,665)
--------- --------- ---------- ---------- --------- ----------
Net increase/(decrease) ........... 3,223 20,583 217,577 50,033 18,175 (1,487)
========= ========= ========== ========== ========= ==========
Class B Shares:
Sold .............................. -- 16,762 167,669 9,133 6,104 5,615
Issued as reinvestment of dividends -- 184 8,491 35 0 11
Redeemed .......................... -- (689) (852) (615) (445) (2,478)
--------- --------- ---------- ---------- --------- ----------
Net increase ...................... -- 16,257 175,308 8,553 5,659 3,148
========= ========= ========== ========== ========= ==========
Class C Shares:
Sold .............................. 1,453 17,914 -- 814 -- --
Issued as reinvestment of dividends -- -- -- -- -- --
Redeemed .......................... (21) -- -- -- -- --
--------- --------- ---------- ---------- --------- ----------
Net increase ...................... 1,432 17,914 -- 814 -- --
========= ========= ========== ========== ========= ==========
Class K Shares:
Sold .............................. 16,501 1,373,164 199,048 2,201,996 7,786 75,217
Issued as reinvestment of dividends -- 37 136 73 -- --
Redeemed .......................... (827) (319,206) (47,538) (1,054,994) (131) (135)
--------- --------- ---------- ---------- --------- ----------
Net increase ...................... 15,674 1,053,995 151,646 1,147,075 7,655 75,082
========= ========= ========== ========== ========= ==========
Class Y Shares:
Sold .............................. 1,750,806 868,762 1,754,644 514,910 2,733,841 934,825
Issued as reinvestment of dividends -- 3,097 8,336 -- 279 --
Redeemed .......................... (962) (901,030) (1,277,507) (161,066) (6,868) (1,023,254)
--------- --------- ---------- ---------- --------- ----------
Net increase/(decrease) ........... 1,749,844 (29,171) 485,473 353,844 2,727,252 (88,429)
========= ========= ========== ========== ========= ==========
<FN>
- ----------------
(a) The Munder Accelerating Growth Fund and the Munder Small Company Growth
Fund Class C Shares commenced operations on September 26, 1995.
(b) The Munder Mid-Cap Growth Fund Class A Shares, Class C Shares, Class K
Shares and Class Y Shares commenced operations on December 22, 1995,
November 9, 1995, October 2, 1995 and August 14, 1995, respectively.
(c) The Munder International Equity Fund Class C Shares commenced operations on
September 29, 1995.
(d) The Munder Growth & Income Fund Class C Shares commenced operations on
December 5, 1995.
(e) The Munder Value Fund Class A Shares, Class B Shares, Class K Shares and
Class Y Shares commenced operations on September 14, 1995, September 19,
1995, November 30, 1995 and August 18, 1995, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes- Capital Stock Activity, Period Ended December 31, 1995
(Unaudited)
(Continued)
- -----------------------------------------------------------------------------
INCOME FUNDS
---------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Munder Intermediate U.S. Michigan Tax-Free Tax-Free
Bond Bond Government Triple Tax-Free Bond Intermediate
Fund Fund Fund(a) Bond Fund Fund Bond Fund(b)
---------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold .............................. $ 25,058 $ 1,064,677 $ 1,649,658 $ 36,850 $ 959,175 $ 605,889
Issued as reinvestment of dividends 20,321 126,036 11,771 6,269 652 33,851
Redeemed .......................... (66,787) (876,447) (44,400) (12,356) (900) (448,691)
----------- ------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ........... $ (21,408) $ 314,266 $ 1,617,029 $ 30,763 $ 958,927 $ 191,049
=========== ============ ============ =========== ============ ============
Class B Shares:
Sold .............................. -- $ 200 $ 805,250 -- $ 78,888 $ 176,066
Issued as reinvestment of dividends -- 247 -- 3,844 322 491
Redeemed .......................... -- -- (8,571) (5,468) (416) --
----------- ------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ........... -- $ 447 $ 796,679 $ (1,624) $ 78,794 $ 176,557
=========== ============ ============ =========== ============ ============
Class K Shares:
Sold .............................. $ 3,717,112 $ 53,760,444 $ 9,040,549 $ 3,946,581 $ 2,706,239 $ 21,514,481
Issued as reinvestment of dividends 2,578 32,130 4,186 850 913 11,078
Redeemed .......................... (6,010,684) (19,740,910) (28,127,688) (4,639,655) (30,336,728) (26,850,445)
----------- ------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ........... $(2,290,994) $ 34,051,664 $(19,082,953) $ (692,224) $(27,629,576) $ (5,324,886)
=========== ============ ============ =========== ============ ============
Class Y Shares:
Sold .............................. $ 8,138,765 $ 18,358,308 $ 1,698,493 $ 12,000 $ 154,432 $ 880,415
Issued as reinvestment of dividends 26 6,046 403 -- 7 --
Redeemed .......................... (7,602,765) (24,916,536) (9,503,224) (622,377) (23,121) (973,926)
----------- ------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ........... $ 536,026 $ (6,552,182) $ (7,804,328) $ (610,377) $ 131,318 $ (93,511)
=========== ============ ============ =========== ============ ============
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold .............................. 2,548 110,866 157,660 3,833 89,622 57,465
Issued as reinvestment of dividends 2,082 13,244 1,062 659 61 3,231
Redeemed .......................... (6,814) (91,528) (4,234) (1,299) (85) (42,626)
----------- ------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ........... (2,184) 32,582 154,488 3,193 89,598 18,070
=========== ============ ============ =========== ============ ============
Class B Shares:
Sold .............................. -- 20 77,106 -- 7,323 16,626
Issued as reinvestment of dividends -- 27 -- 406 30 46
Redeemed .......................... -- -- (829) (574) (39) --
----------- ------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ........... -- 47 76,277 (168) 7,314 16,672
=========== ============ ============ =========== ============ ============
Class K Shares:
Sold .............................. 381,353 5,657,034 872,895 412,913 258,166 2,057,683
Issued as reinvestment of dividends 266 3,380 404 88 86 1,058
Redeemed .......................... (617,429) (2,069,932) (2,739,892) (484,708) (2,902,674) (2,558,586)
----------- ------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ........... (235,810) 3,590,482 (1,866,593) (71,707) (2,644,422) (499,845)
=========== ============ ============ =========== ============ ============
Class Y Shares:
Sold .............................. 834,030 1,927,410 165,053 1,247 14,939 84,217
Issued as reinvestment of dividends 3 631 35 -- 1 --
Redeemed .......................... (777,318) (2,618,104) (906,387) (66,086) (2,249) (93,098)
----------- ------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ........... 56,715 (690,063) (741,299) (64,839) 12,691 (8,881)
=========== ============ ============ =========== ============ ============
<FN>
- ----------------
(a) The Munder U.S. Government Income Fund Class B Shares commenced operations
on September 6, 1995.
(b) The Munder Tax-Free Intermediate Bond Fund Class B Shares commenced
operations on December 7, 1995.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes- Capital Stock Activity, Period Ended December 31, 1995
(Unaudited)
(Continued)
- -----------------------------------------------------------------------------
Since the Funds have sold and redeemed shares only at a constant net asset
value of $1.00 per share, the number of shares represented by such sales and
redemptions is the same as the amounts shown below for such transactions.
MONEY MARKET FUNDS
------------------------------------------------------------------
Munder Munder Munder Munder
Money Tax-Free U.S. Treasury Cash
Market Money Market Money Market Investment
Fund Fund Fund Fund
------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A Shares:
Sold .............................. $ 38,808 $ 9,194,145 $ 1,893,629 $ 41,709,103
Issued as reinvestment of dividends 550 119,461 28,389 1,060,467
Redeemed .......................... (14,086) (9,690,381) (1,411,661) (26,661,110)
------------- ------------ ------------- -------------
Net increase/(decrease) ........... $ 25,272 $ (376,775) $ 510,357 $ 16,108,460
============= ============ ============= =============
Class B Shares:
Sold .............................. $ 9,101
Issued as reinvestment of dividends 4,419
Redeemed .......................... (226,608)
-------------
Net decrease ...................... $ (213,088)
=============
Class K Shares:
Sold .............................. -- $ 93,415,882 $ 133,359,004 $ 294,099,222
Issued as reinvestment of dividends -- 4,191 -- 5,068
Redeemed .......................... -- (81,711,205) (136,043,377) (199,018,800)
------------- ------------ ------------- -------------
Net increase/(decrease) ........... -- $ 11,708,868 $ (2,684,373) $ 95,085,490
============= ============ ============= =============
Class Y Shares:
Sold .............................. $ 370,957,630 $ 60,295,722 $ 203,774,922 $ 465,263,350
Issued as reinvestment of dividends 6,062,347 479 -- --
Redeemed .......................... (354,883,096) (62,747,733) (222,405,775) (444,787,544)
------------- ------------ ------------- -------------
Net increase/(decrease) ........... $ 22,136,881 $ (2,451,532) $ (18,630,853) $ 20,475,806
============= ============ ============= =============
<FN>
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes- Capital Stock Activity, Period Ended June 30, 1995
- -----------------------------------------------------------------------------
EQUITY FUNDS
---------------------------------------------------------------
Munder Munder Munder Munder
Multi-Season Real Estate Accelerating Small
Growth Equity Investment Growth Company
Fund(a) Fund(b) Fund(c) Growth Fund(c)
---------------------------------------------------------------
<S> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ....................................... $ 174,538 $ 231,110 $ 322,199 $ 238,391
Issued in exchange for Class A Shares of the
Ambassador Established Company Growth Fund 5,241,876 -- -- --
Issued as reinvestment of dividends ........ -- 992 -- --
Redeemed ................................... (122,018) (16,572) (419,683) (324,297)
------------ ----------- ------------ -----------
Net increase/(decrease) .................... $ 5,294,396 $ 215,530 $ (97,484) $ (85,906)
============ =========== ============ ===========
Class B Shares:
Sold ....................................... $ 3,139,567 $ 1,473,104 $ 24,565 $ 3,146
Issued in exchange for Class B Shares of the
Ambassador Established Company Growth Fund 2,857 -- -- --
Issued as reinvestment of dividends ........ -- 47 -- --
Redeemed ................................... (2,537,328) (15,078) (5,896) --
------------ ----------- ------------ -----------
Net increase/(decrease) .................... $ 605,096 $ 1,458,073 $ 18,669 $ 3,146
============ =========== ============ ===========
Class C Shares:
Sold ....................................... $ 935,720 -- -- --
Redeemed ................................... (162,655) -- -- --
------------ ----------- ------------ -----------
Net increase ............................... $ 773,065 -- -- --
============ =========== ============ ===========
Class K Shares:
Sold ....................................... $ 289,202 -- $ 8,175,196 $ 5,349,625
Issued in exchange for Class K Shares of the
Ambassador Established Company Growth Fund 90,661,677 -- -- --
Issued as reinvestment of dividends ........ -- -- -- --
Redeemed ................................... (564,359) -- (5,798,395) (2,959,579)
------------ ----------- ------------ -----------
Net increase ............................... $ 90,386,520 -- $ 2,376,801 $ 2,390,046
============ =========== ============ ===========
Class Y Shares:
Sold ....................................... $ 7,442,051 $ 5,102,014 $ 6,798,811 $ 5,278,725
Issued in exchange for Class Y Shares of the
Ambassador Established Company Growth Fund 65,546,518 -- -- --
Issued as reinvestment of dividends ........ -- 72,297 -- --
Redeemed ................................... (113,770) (301,835) (18,616,952) (4,851,088)
------------ ----------- ------------ -----------
Net increase/(decrease) .................... $ 72,874,799 $ 4,872,476 $(11,818,141) $ 427,637
============ =========== ============ ===========
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
December 31. The numbers reflected are for the period January 1, 1995
through June 30, 1995.
(b) The Munder Real Estate Equity Investment Fund Class A Shares commenced
operations on September 30, 1994, Class B Shares and Class Y Shares
commenced operations on October 3, 1994. The numbers reflected are for the
period September 30, 1994 through June 30, 1995.
(c) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February. The numbers reflected are for the period March
1, 1995 through June 30, 1995.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes- Capital Stock Activity, Period Ended June 30, 1995
(Continued)
- -----------------------------------------------------------------------------
EQUITY FUNDS
-------------------------------------------------------------
Munder Munder
International Munder Growth & Munder
Equity Index 500 Income Balanced
Fund(c) Fund(c) Fund(c) Fund(c)
-------------------------------------------------------------
<S> <C> <C> <C> <C>
Amount
Class A Shares:
Sold ....................................... $ 944,277 $ 232,500 $ 99,487 $ 721
Issued in exchange for Class A Shares of the
Ambassador Established Company Growth Fund -- -- -- --
Issued as reinvestment of dividends ........ -- 5,044 2,041 3,328
Redeemed ................................... (990,434) (38,034) (13,144) --
----------- ------------ ------------ -----------
Net increase/(decrease) .................... $ (46,157) $ 199,510 $ 88,384 $ 4,049
=========== ============ ============ ===========
Class B Shares:
Sold ....................................... -- $ 1,067 $ 51
Issued in exchange for Class B Shares of the
Ambassador Established Company Growth Fund -- -- --
Issued as reinvestment of dividends ........ -- 697 117
Redeemed ................................... -- (40) (5,531)
----------- ------------ ------------ -----------
Net increase/(decrease) .................... -- $ 1,724 $ (5,363)
=========== ============ ============ ===========
Class C Shares:
Sold ....................................... -- -- -- --
Redeemed ................................... -- -- --
----------- ------------ ------------ -----------
Net increase ............................... -- -- -- --
=========== ============ ============ ===========
Class K Shares:
Sold ....................................... $ 8,778,076 $ 1,048,675 $ 26,450,656 $ 119,097
Issued in exchange for Class K Shares of the
Ambassador Established Company Growth Fund -- -- -- --
Issued as reinvestment of dividends ........ -- 313 583 --
Redeemed ................................... (4,637,354) (260,918) (7,373,514) (114,272)
----------- ------------ ------------ -----------
Net increase ............................... $ 4,140,722 $ 788,070 $ 19,077,725 $ 4,825
=========== ============ ============ ===========
Class Y Shares:
Sold ....................................... $ 5,263,118 $ 18,311,877 $ 3,502,815 $ 4,199,200
Issued in exchange for Class Y Shares of the
Ambassador Established Company Growth Fund -- -- -- --
Issued as reinvestment of dividends ........ -- -- 239 --
Redeemed ................................... (5,043,452) (5,490,948) (190,924) (4,653,510)
----------- ------------ ------------ -----------
Net increase/(decrease) .................... $ 219,666 $ 12,820,929 $ 3,312,130 $ (454,310)
=========== ============ ============ ===========
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
December 31. The numbers reflected are for the period January 1, 1995
through June 30, 1995.
(b) The Munder Real Estate Equity Investment Fund Class A Shares commenced
operations on September 30, 1994, Class B Shares and Class Y Shares
commenced operations on October 3, 1994. The numbers reflected are for the
period September 30, 1994 through June 30, 1995.
(c) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February. The numbers reflected are for the period March
1, 1995 through June 30, 1995.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes- Capital Stock Activity, Period Ended June 30, 1995
(Continued)
- -----------------------------------------------------------------------------
EQUITY FUNDS
--------------------------------------------------------------
Munder Munder Munder Munder Small
Multi-Season Real Estate Accelerating Company
Growth Equity Investment Growth Growth
Fund(a) Fund(b) Fund(c) Fund(c)
--------------------------------------------------------------
<S> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ....................................... 15,723 23,716 24,097 16,578
Issued in exchange for Class A Shares of the
Ambassador Established Company Growth Fund 505,470 -- -- --
Issued as reinvestment of dividends ........ -- 101 -- --
Redeemed ................................... (10,844) (1,660) (31,770) (22,796)
--------- ------- ---------- --------
Net increase/(decrease) .................... 510,349 22,157 (7,673) (6,218)
========= ======= ========== ========
Class B Shares:
Sold ....................................... 283,022 149,848 1,948 219
Issued in exchange for Class B Shares of the
Ambassador Established Company Growth Fund 279 -- -- --
Issued as reinvestment of dividends ........ -- 4 -- --
Redeemed ................................... (229,470) (1,547) (424) --
--------- ------- ---------- --------
Net increase/(decrease) .................... 53,831 148,305 1,524 219
========= ======= ========== ========
Class C Shares:
Sold ....................................... 83,482 -- -- --
Redeemed ................................... (14,582) -- -- --
--------- ------- ---------- --------
Net increase ............................... 68,900 -- -- --
========= ======= ========== ========
Class K Shares:
Sold ....................................... 24,113 -- 606,274 370,497
Issued in exchange for Class K Shares of the
Ambassador Established Company Growth Fund 8,741,545 -- -- --
Issued as reinvestment of dividends ........ -- -- -- --
Redeemed ................................... (47,072) -- (430,651) (206,664)
--------- ------- ---------- --------
Net increase ............................... 8,718,586 -- 175,623 163,833
========= ======= ========== ========
Class Y Shares:
Sold ....................................... 661,582 518,313 505,496 367,654
Issued in exchange for Class Y Shares of the
Ambassador Established Company Growth Fund 6,277,426 -- -- --
Issued as reinvestment of dividends ........ -- 7,381 -- --
Redeemed ................................... (9,752) (31,121) (1,386,062) (335,369)
--------- ------- ---------- --------
Net increase/(decrease) .................... 6,929,256 494,573 (880,566) 32,285
========= ======= ========== ========
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
December 31. The numbers reflected are for the period January 1, 1995
through June 30, 1995.
(b) The Munder Real Estate Equity Investment Fund Class A Shares commenced
operations on September 30, 1994, Class B Shares and Class Y Shares
commenced operations on October 3, 1994. The numbers reflected are for the
period September 30, 1994 through June 30, 1995.
(c) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February. The numbers reflected are for the period March
1, 1995 through June 30, 1995.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes- Capital Stock Activity, Period Ended June 30, 1995
(Continued)
- -----------------------------------------------------------------------------
EQUITY FUNDS
---------------------------------------------------------
Munder Munder
International Munder Growth & Munder
Equity Index 500 Income Balanced
Fund(c) Fund(c) Fund(c) Fund(c)
---------------------------------------------------------
<S> <C> <C> <C> <C>
Shares
Class A Shares:
Sold ....................................... 70,273 17,477 9,038 72
Issued in exchange for Class A Shares of the
Ambassador Established Company Growth Fund -- -- -- --
Issued as reinvestment of dividends ........ -- 378 188 318
Redeemed ................................... (74,957) (2,944) (1,201) --
-------- --------- --------- --------
Net increase/(decrease) .................... (4,684) 14,911 8,025 390
======== ========= ========= ========
Class B Shares:
Sold ....................................... -- 98 5
Issued in exchange for Class B Shares of the
Ambassador Established Company Growth Fund -- -- --
Issued as reinvestment of dividends ........ -- 65 11
Redeemed ................................... -- (4) (527)
-------- --------- --------
Net increase/(decrease) .................... -- 159 (511)
======== ========= ========
Class C Shares:
Sold ....................................... -- -- -- --
Redeemed ................................... -- -- -- --
-------- --------- --------- --------
Net increase ............................... -- -- -- --
======== ========= ========= ========
Class K Shares:
Sold ....................................... 675,824 80,319 2,445,865 11,640
Issued in exchange for Class K Shares of the
Ambassador Established Company Growth Fund -- -- -- --
Issued as reinvestment of dividends ........ -- 24 53 --
Redeemed ................................... (364,356) (19,954) (677,967) (11,213)
-------- --------- --------- --------
Net increase ............................... 311,468 60,389 1,767,951 427
======== ========= ========= ========
Class Y Shares:
Sold ....................................... 406,314 1,402,047 325,691 407,465
Issued in exchange for Class Y Shares of the
Ambassador Established Company Growth Fund -- -- -- --
Issued as reinvestment of dividends ........ -- -- 22 --
Redeemed ................................... (378,584) (420,879) (17,489) (452,677)
-------- --------- --------- --------
Net increase/(decrease) .................... 27,730 981,168 308,224 (45,212)
======== ========= ========= ========
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
December 31. The numbers reflected are for the period January 1, 1995
through June 30, 1995.
(b) The Munder Real Estate Equity Investment Fund Class A Shares commenced
operations on September 30, 1994, Class B Shares and Class Y Shares
commenced operations on October 3, 1994. The numbers reflected are for the
period September 30, 1994 through June 30, 1995.
(c) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February. The numbers reflected are for the period March
1, 1995 through June 30, 1995.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes- Capital Stock Activity, Period Ended June 30, 1995
(Continued)
- ----------------------------------------------------------------------------
INCOME FUNDS
-------------------------------------------------------------------------------------
Munder Munder Munder Munder Munder
Munder Intermediate U.S. Michigan Tax-Free Tax-Free
Bond Bond Government Triple Tax-Free Bond Intermediate
Fund(a) Fund(a) Fund(a) Bond Fund(a) Fund(a) Bond Fund(a)
-------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Amount
Class A Shares:
Sold .............................. $ 66,927 $ 212,043 $ 28,853 $ 22,492 -- $ 69,840
Issued as reinvestment of dividends 14,539 94,067 890 5,285 -- 23,620
Redeemed .......................... (78,173) (449,515) (4,826) (59,485) -- (591,747)
----------- ------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ........... $ 3,293 $ (143,405) $ 24,917 $ (31,708) -- $ (498,287)
=========== ============ ============ =========== ============ ============
Class B Shares:
Sold .............................. -- $ 1,000 -- $ 31,400 $ 1,250 --
Issued as reinvestment of dividends -- 168 -- 2,494 17 --
Redeemed .......................... -- -- -- (9,552) -- --
----------- ------------ ------------ ----------- ------------ ------------
Net increase ...................... -- $ 1,168 -- $ 24,342 $ 1,267 --
=========== ============ ============ =========== ============ ============
Class K Shares:
Sold .............................. $ 4,321,463 $ 20,052,551 $ 12,175,220 $ 1,820,443 $ 2,667,265 $ 10,801,619
Issued as reinvestment of dividends 221 21,277 497 415 -- 5,306
Redeemed .......................... (2,844,430) (12,429,438) (9,804,810) (4,314,712) (26,065,145) (29,937,482)
----------- ------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ........... $ 1,477,254 $ 7,644,390 $ 2,370,907 $(2,493,854) $(23,397,880) $(19,130,557)
=========== ============ ============ =========== ============ ============
Class Y Shares:
Sold .............................. $ 4,719,545 $ 9,193,739 $ 1,254,725 $ 160,020 $ 527,883 $ 682,547
Issued as reinvestment of dividends -- 385 -- -- -- --
Redeemed .......................... (5,432,768) (18,061,791) (545,898) -- -- (501,695)
----------- ------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ........... $ (713,223) $ (8,867,667) $ 708,827 $ 160,020 $ 527,883 $ 180,852
=========== ============ ============ =========== ============ ============
<CAPTION>
- --------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Shares
Class A Shares:
Sold .............................. 7,113 22,605 2,810 2,407 -- 6,868
Issued as reinvestment of dividends 1,527 10,002 87 563 -- 2,290
Redeemed .......................... (8,301) (47,792) (479) (6,324) -- (57,508)
----------- ------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ........... 339 (15,185) 2,418 (3,354) -- (48,350)
=========== ============ ============ =========== ============ ============
Classs B Shares:
Sold .............................. -- 106 -- 3,363 122 --
Issued as reinvestment of dividends -- 18 -- 265 2 --
Redeemed .......................... -- -- -- (1,022) -- --
----------- ------------ ------------ ----------- ------------ ------------
Net increase ...................... -- 124 -- 2,606 124 --
=========== ============ ============ =========== ============ ============
Class K Shares:
Sold .............................. 454,374 2,131,065 1,210,971 194,512 257,289
1,046,056
Issued as reinvestment of dividends 23 2,263 48 45 -- 515
Redeemed .......................... (300,279) (1,322,365) (974,103) (460,021) (2,528,706) (2,904,811)
----------- ------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ........... 154,118 810,963 236,916 (265,464) (2,271,417) (1,858,240)
=========== ============ ============ =========== ============ ============
Class Y Shares:
Sold .............................. 492,884 978,133 124,881 17,132 51,572 66,366
Issued as reinvestment of dividends -- 41 -- -- -- --
Redeemed .......................... (570,595) (1,913,769) (54,410) -- -- (48,658)
----------- ------------ ------------ ----------- ------------ ------------
Net increase/(decrease) ........... (77,711) (935,595) 70,471 17,132 51,572 17,708
=========== ============ ============ =========== ============ ============
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February. The numbers reflected are for the period March
1, 1995 through June 30, 1995.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Funds
Statements of Changes- Capital Stock Activity, Period Ended June 30, 1995
(Continued)
- -----------------------------------------------------------------------------
Since the Funds have sold and redeemed shares only at a constant net asset
value of $1.00 per share, the number of shares represented by such sales and
redemptions is the same as the amounts shown below for such transactions.
MONEY MARKET FUNDS
------------------------------------------------------------------
Munder Munder Munder Munder
Money Tax-Free U.S. Treasury Cash
Market Money Market Money Market Investment
Fund(a) Fund(b) Fund(b) Fund(b)
------------------------------------------------------------------
<S> <C> <C> <C> <C>
Class A Shares:
Sold .............................. -- $ 7,358,485 $ 1,064,319 $ 24,582,234
Issued as reinvestment of dividends -- 83,167 25,271 1,002,956
Redeemed .......................... -- (3,448,170) (3,787,853) (13,294,966)
------------- ------------ ------------- -------------
Net increase/(decrease) ........... -- $ 3,993,482 $ (2,698,263) $ 12,290,224
============= ============ ============= =============
Class B Shares:
Sold .............................. $ 51,883
Issued as reinvestment of dividends 9,923
Redeemed .......................... (191,518)
-------------
Net decrease ...................... $ (129,712)
=============
Class K Shares:
Sold .............................. -- $ 71,190,077 $ 168,414,859 $ 169,318,928
Issued as reinvestment of dividends -- 3,689 -- 4,461
Redeemed .......................... -- (71,378,047) (169,402,689) (169,907,705)
------------- ------------ ------------- -------------
Net decrease ...................... -- $ (184,281) $ (987,830) $ (584,316)
============= ============ ============= =============
Class Y Shares:
Sold .............................. $ 301,836,119 $ 59,682,179 $ 191,562,384 $ 230,744,590
Issued as reinvestment of dividends 6,757,610 -- -- --
Redeemed .......................... (190,765,202) (67,138,848) (201,097,887) (215,144,265)
------------- ------------ ------------- -------------
Net increase/(decrease) ........... $ 117,828,527 $ (7,456,669) $ (9,535,503) $ 15,600,325
============= ============ ============= =============
<FN>
- ----------------
(a) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
December 31. The numbers reflected are for the period January 1, 1995
through June 30, 1995.
(b) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February. The numbers reflected are for the period March
1, 1995 through June 30, 1995.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Multi-Season Growth Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
A Shares
---------------------------------------------------------------
Period
Ended Period Year Period
12/31/95 Ended Ended Ended
(Unaudited) 6/30/95(a,f) 12/31/94 12/31/93(e)
---------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 12.02 $ 10.38 $ 10.68 $ 10.16
---------- --------- --------- ---------
Income from investment operations:
Net investment income/(loss) ....................... 0.04 0.01 0.01 (0.01)
Net realized and unrealized gain/(loss) on
investments ...................................... 1.65 1.63 (0.27) 0.53
---------- --------- --------- ---------
Total from investment operations ................... 1.69 1.64 (0.26) 0.52
---------- --------- --------- ---------
Less distributions:
Dividends from net investment income ............... (0.03) -- -- --
Distributions from net realized gains .............. (0.40) -- (0.04) --
---------- --------- --------- ---------
Total distributions ................................ (0.43) -- (0.04) --
---------- --------- --------- ---------
Net asset value, end of period ..................... $ 13.28 $ 12.02 $ 10.38 $ 10.68
========== ========= ========= =========
Total return(c) .................................... 14.08% 15.80% (2.45)% 5.12%
========== ========= ========= =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 10,520 $ 9,409 $ 2,829 $ 2,104
Ratio of operating expenses to average net assets .. 1.25%(d) 1.65%(d) 1.75% 1.75%(d)
Ratio of net investment income/(loss) to average net
assets ........................................... 0.54%(d) 0.28%(d) 0.04% (0.18)%(d)
Portfolio turnover rate ............................ 34% 27% 48% 238%
Ratio of operating expenses to average net assets
without waivers .................................. 1.50%(d) 1.97%(d) 3.05% 3.32%(d)
Net investment income/(loss) per share without
waivers(g) ....................................... $ 0.02 $ (0.00)(b) $ (0.32) $ (0.10)
<FN>
- ----------------
(a) Fiscal year changed to June 30. Prior to this, the fiscal year end was
December 31.
(b) Amount represents less than $0.01 per share.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(e) 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.
(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) Amounts for periods prior to June 30, 1995 are unaudited.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Multi-Season Growth Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
- -----------------------------------------------------------------------------
B Shares
---------------------------------------------------------------
Period
Ended Period Year Period
12/31/95 Ended Ended Ended
(Unaudited) 6/30/95(a,f) 12/31/94 12/31/93(e)
---------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 11.85 $ 10.27 $ 10.65 $ 10.00
Income from investment operations:
Net investment income/(loss) ....................... (0.01) (0.03) (0.07) (0.04)
Net realized and unrealized gain/(loss) on
investments ...................................... 1.63 1.61 (0.27) 0.69
------- ------- ------- -------
Total from investment operations ................... 1.62 1.58 (0.34) 0.65
------- ------- ------- -------
Less distributions:
Dividends from net investment income ............... -- -- -- --
Distributions from net realized gains .............. (0.40) (0.04) (0.04) --
------- ------- ------- -------
Total distributions ................................ (0.40) -- (0.04) --
------- ------- ------- -------
Net asset value, end of period ..................... $ 13.07 $ 11.85 $ 10.27 $ 10.65
======= ======= ======= =======
Total return(c) .................................... 13.70% 15.38% (3.21)% 6.50%
======= ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $60,122 $54,349 $46,549 $46,860
Ratio of operating expenses to average net assets .. 2.00%(d) 2.40%(d) 2.50% 2.50%(d)
Ratio of net investment income/(loss) to average net
assets ........................................... (0.21)%(d) (0.47)%(d) (0.71)% (0.69)%(d)
Portfolio turnover rate ............................ 34% 27% 48% 238%
Ratio of operating expenses to average net assets
without waivers .................................. 2.25%(d) 2.72%(d) 2.89% 2.94%(d)
Net investment income/(loss) per share without
waivers(g) ....................................... $ (0.02) $ (0.05) $ (0.11) $ (0.07)
<FN>
- ----------------
(a) Fiscal year changed to June 30. Prior to this, the fiscal year end was
December 31.
(b) Amount represents less than $0.01 per share.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(e) 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.
(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) Amounts for periods prior to June 30, 1995 are unaudited.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Multi-Season Growth Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
- -----------------------------------------------------------------------------
C Shares
--------------------------------------------------------------
Period
Ended Period Year Period
12/31/95 Ended Ended Ended
(Unaudited) 6/30/95(a,f) 12/31/94 12/31/93(e)
--------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 11.86 $ 10.28 $10.66 $10.19
Income from investment operations:
Net investment income/(loss) ....................... (0.01) (0.02) (0.07) (0.01)
Net realized and unrealized gain/(loss) on
investments ...................................... 1.64 1.60 (0.27) 0.48
-------- ------- ------ ------
Total from investment operations ................... 1.63 1.58 (0.34) 0.47
-------- ------- ------ ------
Less distributions:
Dividends from net investment income ............... -- -- -- --
Distributions from net realized gains .............. (0.40) -- (0.04) --
-------- ------- ------ ------
Total distributions ................................ (0.40) -- (0.04) --
-------- ------- ------ ------
Net asset value, end of period ..................... $ 13.09 $ 11.86 $10.28 $10.66
======== ======= ====== ======
Total return(c) .................................... 13.78% 15.37% (3.21)% 4.61%
======== ======= ====== ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 4,144 $ 3,207 $2,071 $ 249
Ratio of operating expenses to average net assets .. 2.00%(d) 2.40%(d) 2.50% 2.50%(d)
Ratio of net investment income/(loss) to average net
assets ........................................... (0.21)%(d) (0.47)%(d) (0.65)% (0.99)%(d)
Portfolio turnover rate ............................ 34% 27% 48% 238%
Ratio of operating expenses to average net assets
without waivers .................................. 2.25%(d) 2.72%(d) 4.57% 15.47%(d)
Net investment income/(loss) per share without
waivers(g) ....................................... $ (0.02) $ (0.04) $(0.29) $(0.14)
<FN>
- ----------------
(a) Fiscal year changed to June 30. Prior to this, the fiscal year end was
December 31.
(b) Amount represents less than $0.01 per share.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(e) 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.
(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) Amounts for periods prior to June 30, 1995 are unaudited.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Multi-Season Growth Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
- -----------------------------------------------------------------------------
Y Shares
--------------------------------------------------------------
Period
Ended Period Year Period
12/31/95 Ended Ended Ended
(Unaudited) 6/30/95(a,f) 12/31/94 12/31/93(e)
--------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 12.10 $ 10.43 $10.70 $10.20
Income from investment operations:
Net investment income/(loss) ....................... 0.05 0.00(b) 0.04 0.00(b)
Net realized and unrealized gain/(loss) on
investments ...................................... 1.67 1.67 (0.27) 0.50
-------- -------- ------ ------
Total from investment operations ................... 1.72 1.67 (0.23) 0.50
-------- -------- ------ ------
Less distributions:
Dividends from net investment income ............... (0.04) -- -- --
Distributions from net realized gains .............. (0.40) -- (0.04) --
-------- -------- ------ ------
Total distributions ................................ (0.44) -- (0.04) --
-------- -------- ------ ------
Net asset value, end of period ..................... $ 13.38 $ 12.10 $10.43 $10.70
======== ======== ====== ======
Total return(c) .................................... 14.29% 16.01% (2.17)% 4.90%
======== ======== ====== ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $102,855 $ 87,604 $3,244 $2,322
Ratio of operating expenses to average net assets .. 1.00%(d) 1.40%(d) 1.50% 1.50%(d)
Ratio of net investment income/(loss) to average net
assets ........................................... 0.79%(d) 0.53%(d) 0.29% 0.08%(d)
Portfolio turnover rate ............................ 34% 27% 48% 238%
Ratio of operating expenses to average net assets
without waivers .................................. 1.25%(d) 1.72%(d) 2.53% 2.70%(d)
Net investment income/(loss) per share without
waivers(g) ....................................... $ 0.03 $ 0.00(b) $(0.10) $ 0.00(b)
<FN>
- ----------------
(a) Fiscal year changed to June 30. Prior to this, the fiscal year end was
December 31.
(b) Amount represents less than $0.01 per share.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(e) 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.
(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) Amounts for periods prior to June 30, 1995 are unaudited.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Real Estate Equity Investment Fund
Financial Highlights, For a Share Outstanding Throughout Each Period (a)
- -----------------------------------------------------------------------------
A Shares B Shares Y Shares
-------------------------- -------------------------------- ----------------------------
Period Period Period
Ended Period Ended Period Ended Period
12/31/95 Ended 12/31/95 Ended 12/31/95 Ended
(Unaudited) 6/30/95(b,e) (Unaudited) 6/30/95(b,e) (Unaudited) 6/30/95(b,e)
-------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period .......... $ 10.09 $ 10.00 $ 10.09 $ 10.00 $ 10.09 $ 10.00
---------- ---------- ---------- ---------- ------------- ------------
Income from investment
operations:
Net investment income .......... 0.29 0.36 0.24 0.30 0.24 0.37
Net realized and unrealized
gain on investments .......... 0.65 0.07 0.66 0.07 0.71 0.08
---------- ---------- ---------- ---------- ------------- ------------
Total from investment operations 0.94 0.43 0.90 0.37 0.95 0.45
---------- ---------- ---------- ---------- ------------- ------------
Less distributions:
Dividends from net
investment income ............ (0.25) (0.34) (0.21) (0.28) (0.26) (0.36)
---------- ---------- ---------- ---------- ------------- ------------
Total distributions ............ (0.25) (0.34) (0.21) (0.28) (0.26) (0.36)
---------- ---------- ---------- ---------- ------------- ------------
Net asset value, end of period . $ 10.78 $ 10.09 $ 10.78 $ 10.09 $ 10.78 $ 10.09
========== ========== ========== ========== ============= ============
Total return(c) ................ 9.40% 4.45% 8.99% 3.87% 9.54% 4.64%
========== ========== ========== ========== ============= ============
Ratios to average net
assets/supplemental data:
Net assets, end of
period (in 000's) ............ $ 215 $ 223 $ 1,644 $ 1,496 $ 17,470 $ 4,989
Ratio of operating expenses
to average net assets ........ 1.24%(d) 1.50%(d) 1.99%(d) 2.25%(d) 0.99%(d) 1.25%(d)
Ratio of net investment
income to average net assets . 5.46%(d) 5.03%(d) 4.71%(d) 4.28%(d) 5.71%(d) 5.28%(d)
Portfolio turnover rate ........ 6% 3% 6% 3% 6% 3%
Ratio of operating expenses
to average net assets
without waivers .............. 1.46%(d) 7.23%(d) 2.21%(d) 7.98%(d) 1.21%(d) 6.98%(d)
Net investment income/(loss)
per share without waivers .... $ 0.28 $ (0.05) $ 0.23 $ (0.10) $ 0.23 $ (0.03)
<FN>
- ----------------
(a) The Fund is authorized to issue Class C Shares. As of December 31, 1995,
the Fund had not commenced selling Class C Shares.
(b) The Munder Real Estate Equity Investment Fund Class A Shares, Class B
Shares and Class Y Shares commenced operations on September 30, 1994,
October 3, 1994 and October 3, 1994, respectively.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(e) On February 1, 1995, Munder Capital Management replaced Munder Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Accelerating Growth Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
A Shares
-------------------------------------------------------------------------
Period
Ended Period Year Year Period
12/31/95 Ended Ended Ended Ended
(Unaudited) 6/30/95(a) 2/28/95(e) 2/28/94 2/28/93(f)
-------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 14.82 $ 12.73 $ 13.98 $ 12.08 $ 11.74
------------ -------- ---------- ---------- --------
Income from investment operations:
Net investment income/(loss) ....................... (0.02) (0.01) (0.03) (0.00)(b) 0.01
Net realized and unrealized gain/(loss) on
investments ...................................... 0.74 2.10 (0.88) 2.17 0.62
------------ -------- ---------- ---------- --------
Total from investment operations ................... 0.72 2.09 (0.91) 2.17 0.63
------------ -------- ---------- ---------- --------
Less distributions:
Dividends from net investment income ............... -- -- -- (0.02) (0.01)
Distributions from net realized gains .............. (2.33) -- (0.34) (0.25) (0.28)
------------ -------- ---------- ---------- --------
Total distributions ................................ (2.33) -- (0.34) (0.27) (0.29)
------------ -------- ---------- ---------- --------
Net asset value, end of period ..................... $ 13.21 $ 14.82 $ 12.73 $ 13.98 $ 12.08
============ ======== ========== ========== ========
Total return(c) .................................... 4.95% 16.42% (6.45)% 18.00% 5.43%
============ ======== ========== ========== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 5,203 $ 4,701 $ 4,138 $ 5,152 $ 349
Ratio of operating expenses to average net assets .. 1.19%(d) 1.20%(d) 1.18% 1.03% 0.96%(d)
Ratio of net investment income/(loss) to average net
assets ........................................... (0.41)%(d) (0.21)%(d) (0.25)% (0.02)% 0.18%(d)
Portfolio turnover rate ............................ 72% 31% 90% 34% 56%
Ratio of operating expenses to average net assets
without waivers .................................. 1.34%(d) 1.44%(d) 1.41% 1.28% 1.21%(d)
Net investment income/(loss) per share without
waivers .......................................... $ (0.03) $ (0.02) $ (0.07) $ 0.00(b) $ 0.00(b)
<FN>
- ----------------
(a) Fiscal year changed to June 30. Prior to this, the fiscal year end was the
last day of February.
(b) Amount represents less than $0.01 per share.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(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) The Munder Accelerating Growth Fund Class A Shares, Class B Shares, Class
C Shares and Class Y Shares commenced operations on November 23, 1992,
April 25, 1994, September 26, 1995 and December 1, 1991, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Accelerating Growth Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
- -----------------------------------------------------------------------------
B Shares C Shares
----------------------------------------------- --------------
Period Period
Ended Period Period Ended
12/31/95 Ended Ended 12/31/95
(Unaudited) 6/30/95(a) 2/28/95(e,f) (Unaudited)(f)
---------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 14.70 $ 12.66 $ 12.88 $ 16.30
---------- --------- --------- ---------
Income from investment operations:
Net investment income/(loss) ....................... 0.00(b) (0.02) (0.07) (0.04)
Net realized and unrealized gain/(loss) on
investments ...................................... 0.66 2.06 0.19 (0.77)
---------- --------- --------- ---------
Total from investment operations ................... 0.66 2.04 0.12 (0.81)
---------- --------- --------- ---------
Less distributions:
Dividends from net investment income ............... -- -- -- --
Distributions from net realized gains .............. (2.33) -- (0.34) (2.33)
---------- --------- --------- ---------
Total distributions ................................ (2.33) -- (0.34) (2.33)
---------- --------- --------- ---------
Net asset value, end of period ..................... $ 13.03 $ 14.70 $ 12.66 $ 13.16
========== ========= ========= =========
Total return(c) .................................... 4.60% 16.11% 0.99% (4.89)%
========== ========= ========= =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 171 $ 67 $ 39 $ 19
Ratio of operating expenses to average net assets .. 1.94%(d) 1.95%(d) 1.88%(d) 1.94%(d)
Ratio of net investment income/(loss) to average net
assets ........................................... (1.16)%(d) (0.96)%(d) (0.95)%(d) (1.16)%(d)
Portfolio turnover rate ............................ 72% 31% 90% 72%
Ratio of operating expenses to average net assets
without waivers .................................. 2.09%(d) 2.19%(d) 2.11%(d) 2.09%(d)
Net investment income/(loss) per share without
waivers .......................................... $ 0.00(b) $ (0.02) $ (0.08) $ (0.04)
<FN>
- ----------------
(a) Fiscal year changed to June 30. Prior to this, the fiscal year end was the
last day of February.
(b) Amount represents less than $0.01 per share.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(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) The Munder Accelerating Growth Fund Class A Shares, Class B Shares, Class
C Shares and Class Y Shares commenced operations on November 23, 1992,
April 25, 1994, September 26, 1995 and December 1, 1991, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Accelerating Growth Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
- -----------------------------------------------------------------------------
Y Shares
---------------------------------------------------------------------------
Period
Ended Period Year Year Year Period
12/31/95 Ended Ended Ended Ended Ended
(Unaudited) 6/30/95(a) 2/28/95(e) 2/28/94 2/28/93 2/29/92(f)
---------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 14.88 $ 12.77 $ 13.99 $ 12.08 $ 11.10 $ 10.00
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income/(loss) ....................... (0.01) 0.00(b) 0.00(b) 0.02 0.06 0.03
Net realized and unrealized gain/(loss) on .........
investments ...................................... 0.75 2.11 (0.88) 2.16 1.26 1.08
-------- -------- -------- -------- -------- --------
Total from investment operations ................... 0.74 2.11 (0.88) 2.18 1.32 1.11
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income ............... -- -- -- (0.02) (0.06) (0.01)
Distributions from net realized gains .............. (2.33) -- (0.34) (0.25) (0.28) --
-------- -------- -------- -------- -------- --------
Total distributions ................................ (2.33) -- (0.34) (0.27) (0.34) (0.01)
-------- -------- -------- -------- -------- --------
Net asset value, end of period ..................... $ 13.29 $ 14.88 $ 12.77 $ 13.99 $ 12.08 $ 11.10
======== ======== ======== ======== ======== ========
Total return(c) .................................... 5.07% 16.52% (6.22)% 18.08% 12.07% 11.13%
======== ======== ======== ======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $158,277 $193,701 $177,584 $240,680 $172,217 $151,336
Ratio of operating expenses to average net assets .. 0.94%(d) 0.95%(d) 0.93% 0.95% 0.96% 0.20%(d)
Ratio of net investment income/(loss) to average net
assets ........................................... (0.16)%(d) 0.04%(d) 0.00%(b) 0.13% 0.40% 1.28%(d)
Portfolio turnover rate ............................ 72% 31% 90% 34% 56% 73%
Ratio of operating expenses to average net assets
without waivers .................................. 1.09%(d) 1.19%(d) 1.16% 1.20% 1.21% 1.20%(d)
Net investment income/(loss) per share without
waivers .......................................... $ (0.02) $ (0.01) $ (0.04) $ (0.02) $ 0.02 $ 0.01
<FN>
- ----------------
(a) Fiscal year changed to June 30. Prior to this, the fiscal year end was the
last day of February.
(b) Amount represents less than $0.01 per share.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(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) The Munder Accelerating Growth Fund Class A Shares, Class B Shares, Class
C Shares and Class Y Shares commenced operations on November 23, 1992,
April 25, 1994, September 26, 1995 and December 1, 1991, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Small Company Growth Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
A Shares
-------------------------------------------------------------------
Period
Ended Period Year Year Period
12/31/95 Ended Ended Ended Ended
(Unaudited) 6/30/95(a) 2/28/95(d) 2/28/94 2/28/93(e)
-------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 15.28 $ 13.89 $ 14.37 $ 12.72 $ 12.32
--------- --------- --------- --------- ---------
Income from investment operations:
Net investment income/(loss) ....................... (0.04) (0.02) (0.07) (0.05) (0.01)
Net realized and unrealized gain/(loss) on
investments ...................................... 2.73 1.41 (0.39) 1.97 0.41
--------- --------- --------- --------- ---------
Total from investment operations ................... 2.69 1.39 (0.46) 1.92 0.40
--------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment income ............... -- -- -- -- --
Distributions from net realized gains .............. (1.24) -- (0.02) (0.27) --
--------- --------- --------- --------- ---------
Total distributions ................................ (1.24) -- (0.02) (0.27) --
--------- --------- --------- --------- ---------
Net asset value, end of period ..................... $ 16.73 $ 15.28 $ 13.89 $ 14.37 $ 12.72
========= ========= ========= ========= =========
Total return(b) .................................... 17.68% 10.01% (3.21)% 15.11% 3.25%
========= ========= ========= ========= =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 3,745 $ 2,871 $ 2,697 $ 3,269 $ 742
Ratio of operating expenses to average net assets .. 1.21%(c) 1.21%(c) 1.23% 1.01% 0.96%(c)
Ratio of net investment income/(loss) to average net
assets ........................................... (0.65%)(c) (0.41)%(c) (0.40)% (0.36)% (0.29)%(c)
Portfolio turnover rate ............................ 51% 39% 45% 47% 46%
Ratio of operating expenses to average net assets
without waivers .................................. 1.37%(c) 1.46%(c) 1.48% 1.26% 1.21%(c)
Net investment income/(loss) per share without
waivers .......................................... $ (0.05) $ (0.03) $ (0.11) $ (0.08) $ (0.02)
<FN>
- ----------------
(a) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(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) 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.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Small Company Growth Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
- -----------------------------------------------------------------------------
B Shares C Shares
------------------------------------------------ -----------
Period Period
Ended Period Period Ended
12/31/95 Ended Ended 12/31/95(e)
(Unaudited) 6/30/95(a) 2/28/95(d,e) (Unaudited)
--------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 15.15 $ 13.81 $ 13.54 $ 17.05
--------- --------- --------- ---------
Income from investment operations:
Net investment income/(loss) ....................... (0.03) (0.05) (0.05) (0.06)
Net realized and unrealized gain/(loss) on
investments ...................................... 2.64 1.39 0.34 0.92
--------- --------- --------- ---------
Total from investment operations ................... 2.61 1.34 0.29 0.86
--------- --------- --------- ---------
Less distributions:
Dividends from net investment income ............... -- -- -- --
Distributions from net realized gains .............. (1.24) -- (0.02) (1.24)
--------- --------- --------- ---------
Total distributions ................................ (1.24) -- (0.02) (1.24)
--------- --------- --------- ---------
Net asset value, end of period ..................... $ 16.52 $ 15.15 $ 13.81 $ 16.67
========= ========= ========= =========
Total return(b) .................................... 17.30% 9.70% 2.13% 5.11%
========= ========= ========= =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 96 $ 46 $ 39 $ 16
Ratio of operating expenses to average net assets .. 1.96%(c) 1.96%(c) 1.85%(c) 1.96%(c)
Ratio of net investment income/(loss) to average net
assets ........................................... (1.40)%(c) (1.16)%(c) (1.02)%(c) (1.40)%(c)
Portfolio turnover rate ............................ 51% 39% 45% 51%
Ratio of operating expenses to average net assets
without waivers .................................. 2.12%(c) 2.21%(c) 2.10%(c) 2.12%(c)
Net investment income/(loss) per share without
waivers .......................................... $ (0.04) $ (0.06) $ (0.06) $ (0.06)
<FN>
- ----------------
(a) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(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) 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.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Small Company Growth Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
- -----------------------------------------------------------------------------
Y Shares
-------------------------------------------------------------------------------
Period
Ended Period Year Year Year Period
12/31/95 Ended Ended Ended Ended Ended
(Unaudited) 6/30/95(a) 2/28/95(d) 2/28/94 2/28/93 2/29/92(e)
-------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period ..... $ 15.33 $ 13.93 $ 14.38 $ 12.72 $ 11.49 $ 10.00
---------- --------- --------- -------- -------- --------
Income from investment operations:
Net investment income/(loss) ............. (0.03) (0.01) (0.02) (0.04) 0.04 0.03
Net realized and unrealized gain/(loss) on
investments ............................ 2.76 1.41 (0.41) 1.97 1.23 1.47
---------- --------- --------- -------- -------- --------
Total from investment operations ......... 2.73 1.40 (0.43) 1.93 1.27 1.50
---------- --------- --------- -------- -------- --------
Less distributions:
Dividends from net investment income ..... -- -- -- -- (0.04) (0.01)
Distributions from net realized gains .... (1.24) -- (0.02) (0.27) -- --
---------- --------- --------- -------- -------- --------
Total distributions ...................... (1.24) -- (0.02) (0.27) (0.04) (0.01)
---------- --------- --------- -------- -------- --------
Net asset value, end of period ........... $ 16.82 $ 15.33 $ 13.93 $ 14.38 $ 12.72 $ 11.49
========== ========= ========= ======== ======== ========
Total return(b) .......................... 17.89% 10.05% (3.00) 15.19% 11.13% 15.01%
========== ========= ========= ======== ======== ========
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) ..... $ 78,030 $ 79,968 $ 72,207 $ 64,466 $ 48,569 $ 36,386
Ratio of operating expenses to average
net assets ............................. 0.96%(c) 0.96%(c) 0.98% 0.95% 0.96% 0.22%(c)
Ratio of net investment income/(loss)
to average net assets .................. (0.40)%(c) (0.16)%(c) (0.15) (0.28) 0.10% 1.16%(c)
Portfolio turnover rate .................. 51% 39% 45% 47% 46% 43%
Ratio of operating expenses to average
net assets without waivers ............. 1.12%(c) 1.21%(c) 1.23% 1.20% 1.16% 0.97%(c)
Net investment income/(loss) per share
without waivers ........................ $ (0.04) $ (0.02) $ (0.04) $ (0.08) $ (0.08) $ 0.01
<FN>
- ----------------
(a) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(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) 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.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Mid-Cap Growth Fund
Financial Highlights, For a Share Outstanding Throughout Each Period (a)
- -----------------------------------------------------------------------------
A Shares C Shares Y Shares
-------- -------- --------
Period Period Period
Ended Ended Ended
12/31/95(b) 12/31/95(b) 12/31/95(b)
(Unaudited) (Unaudited) (Unaudited)
-------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period ............... $ 10.55 $ 10.40 $ 10.00
-------- -------- --------
Income from investment operations:
Net investment income/(loss) ....................... 0.00(c) (0.01) 0.00(c)
Net realized and unrealized gain on investments .... 0.20 0.35 0.75
-------- -------- --------
Total from investment operations ................... 0.20 0.34 0.75
-------- -------- --------
Less distributions:
Dividends from net investment income ............... -- -- --
-------- -------- --------
Total distributions ................................ -- -- --
-------- -------- --------
Net asset value, end of period ..................... $ 10.75 $ 10.74 $ 10.75
======== ======== ========
Total return(d) .................................... 1.90% 3.27% 7.50%
======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 35 $ 15 $ 18,819
Ratio of operating expenses to average net assets .. 1.19%(e) 1.94%(e) 0.94%(e)
Ratio of net investment income/(loss) to average net
assets ........................................... (0.26)%(e) (1.01)%(e) 0.01%(e)
Portfolio turnover rate ............................ 86% 86% 86%
Ratio of operating expenses to average net assets
without waivers .................................. 1.44%(e) 2.19%(e) 1.19%(e)
Net investment income/(loss) per share without
waivers .......................................... $ 0.00(c) $ (0.01) $ (0.01)
<FN>
- ----------------
(a) The Fund is authorized to issue Class B Shares. As of December 31, 1995,
the Fund had not commenced selling Class B Shares.
(b) The Munder Mid-Cap Growth Fund Class A Shares, Class C Shares and Class Y
Shares commenced operations on December 22, 1995, November 9, 1995 and
August 14, 1995, respectively.
(c) Amount represents less than $0.01 per share.
(d) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(e) Annualized.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder International Equity Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
A Shares
------------------------------------------------------------------------
Period
Ended Period Year Year Period
12/31/95(a) Ended Ended Ended Ended
(Unaudited) 6/30/95(d) 2/28/95(a,e) 2/28/94 2/28/93(f)
------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 13.42 $ 12.29 $ 13.68 $ 10.64 $ 10.60
--------- --------- --------- -------- --------
Income from investment operations:
Net investment income/(loss) ....................... 0.04 0.12 0.17 0.19 0.01
Net realized and unrealized gain/(loss) on
investments ...................................... 0.94 1.01 (1.48) 2.85 0.16
--------- --------- --------- -------- --------
Total from investment operations ................... 0.98 1.13 (1.31) 3.04 0.17
--------- --------- --------- -------- --------
Less distributions:
Dividends from net investment income ............... (0.12) -- (0.02) -- (0.11)
Distributions from net realized gains .............. -- -- -- -- (0.02)
Distributions from capital ......................... -- -- (0.06) -- --
--------- --------- --------- -------- --------
Total distributions ................................ (0.12) -- (0.08) -- (0.13)
--------- --------- --------- -------- --------
Net asset value, end of period ..................... $ 14.28 $ 13.42 $ 12.29 $ 13.68 $ 10.64
========= ========= ========= ======== ========
Total return(b) .................................... 7.28% 9.28% (9.67)% 28.57% 1.60%
========= ========= ========= ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 1,783 $ 1,400 $ 1,339 $ 1,450 $ 42
Ratio of operating expenses to average net assets .. 1.22%(c) 1.21%(c) 1.18% 1.13% 1.03%(c)
Ratio of net investment income to average net assets 0.54%(c) 2.57%(c) 1.31% 0.80% 0.42%(c)
Portfolio turnover rate ............................ 27% 14% 20% 15% 1%
Ratio of operating expenses to average net assets
without waivers .................................. 1.38%(c) 1.46%(c) 1.43% 1.38% 1.28%(c)
Net investment income per share without waivers .... $ 0.03 $ 0.11 $ 0.14 $ 0.13 $ 0.01
<FN>
- ----------------
(a) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
(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 was 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) 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.
(g) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder International Equity Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
- -----------------------------------------------------------------------------
B Shares C Shares
--------------------------------------------- ------------
Period Period
Ended Period Period Ended
12/31/95(a) Ended Ended 12/31/95(a,f)
(Unaudited) 6/30/95(d) 2/28/95(a,e,f) (Unaudited)
----------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 13.35 $ 12.26 $ 13.45 $ 14.13
------- ------- ------- -------
Income from investment operations:
Net investment income/(loss) ....................... (0.01) 0.08 0.08 (0.01)
Net realized and unrealized gain/(loss) on
investments ...................................... 0.93 1.01 (1.21) 0.25
------- ------- ------- -------
Total from investment operations ................... 0.92 1.09 (1.13) 0.24
------- ------- ------- -------
Less distributions:
Dividends from net investment income ............... (0.11) -- 0.00(g) (0.10)
Distributions from net realized gains .............. -- -- -- --
Distributions from capital ......................... -- -- (0.06) --
------- ------- ------- -------
Total distributions ................................ (0.11) -- (0.06) (0.10)
------- ------- ------- -------
Net asset value, end of period ..................... $ 14.16 $ 13.35 $ 12.26 $ 14.27
======= ======= ======= =======
Total return(b) .................................... 6.87% 8.89% (8.38)% 1.71%
======= ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 366 $ 128 $ 118 $ 256
Ratio of operating expenses to average net assets .. 1.97%(c) 1.96%(c) 1.88%(c) 1.97%
Ratio of net investment income to average net assets (0.21)%(c) 1.82%(c) 0.61%(c) (0.21)
Portfolio turnover rate ............................ 27% 14% 20% 27%
Ratio of operating expenses to average net assets
without waivers .................................. 2.13%(c) 2.21%(c) 2.13%(c) 2.13%
Net investment income per share without waivers .... $ (0.02) $ 0.07 $ 0.05 $ (0.01)
<FN>
- ----------------
(a) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
(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 was 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) 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.
(g) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder International Equity Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
- -----------------------------------------------------------------------------
Y Shares
------------------------------------------------------------------------------
Period
Ended Period Year Year Year Period
12/31/95(a) Ended Ended Ended Ended Ended
(Unaudited) 6/30/95(d) 2/28/95 (a,e) 2/28/94 2/28/93 2/29/92(f)
------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 13.45 $ 12.30 $ 13.68 $ 10.64 $ 10.76 $ 10.00
---------- ---------- ---------- ---------- ---------- ----------
Income from investment operations:
Net investment income/(loss) ........ 0.06 0.12 0.20 0.19 0.11 0.11
Net realized and unrealized
gain/(loss) on investments ........ 0.93 1.03 (1.47) 2.85 (0.10) 0.67
---------- ---------- ---------- ---------- ---------- ----------
Total from investment operations .... 0.99 1.15 (1.27) 3.04 0.01 0.78
---------- ---------- ---------- ---------- ---------- ----------
Less distributions:
Dividends from net investment income (0.13) -- (0.05) -- (0.11) (0.02)
Distributions from net realized gains -- -- -- -- (0.02) --
Distributions from capital .......... -- -- (0.06) -- -- --
---------- ---------- ---------- ---------- ---------- ----------
Total distributions ................. (0.13) -- (0.11) -- (0.13) (0.02)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value, end of period ...... $ 14.31 $ 13.45 $ 12.30 $ 13.68 $ 10.64 $ 10.76
========== ========== ========== ========== ========== ==========
Total return(b) ..................... 7.33% 9.35% (9.33)% 28.57% 0.09% 7.76%
========== ========== ========== ========== ========== ==========
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) $ 79,409 $ 75,000 $ 68,263 $ 68,954 $ 42,740 $ 33,357
Ratio of operating expenses
to average net assets ............. 0.97%(c) 0.96%(c) 0.93% 1.03% 1.02% 0.25%(c)
Ratio of net investment income
to average net assets ............. 0.79%(c) 2.82%(c) 1.56% 1.65% 1.25% 4.16%(c)
Portfolio turnover rate ............. 27% 14% 20% 15% 1% 0%
Ratio of operating expenses to
average net assets without waivers 1.13%(c) 1.21%(c) 1.18% 1.28% 1.34% 1.33%(c)
Net investment income per share
without waivers ................... $ 0.04 $ 0.11 $ 0.17 $ 0.16 $ 0.08 $ 0.08
<FN>
- ----------------
(a) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
(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 was 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) 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.
(g) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Index 500 Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
A Shares B Shares
--------------------------------------------------------------- ---------
Period Period
Ended Period Year Year Period Ended
2/31/95(a) Ended Ended Ended Ended 12/31/95(a,f)
(Unaudited) 6/30/95(d) 2/28/95 (a,e) 2/28/94 2/28/93(f) (Unaudited)
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period .......... $ 13.80 $ 12.39 $ 12.06 $ 11.47 $ 11.61 $ 14.76
--------- --------- --------- --------- --------- ---------
Income from investment operations:
Net investment income ......................... 0.15 0.09 0.29 0.30 0.06 0.04
Net realized and unrealized
gain on investments ......................... 1.82 1.46 0.50 0.59 0.20 0.89
--------- --------- --------- --------- --------- ---------
Total from investment operations .............. 1.97 1.55 0.79 0.89 0.26 0.93
--------- --------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment income .......... (0.17) (0.14) (0.29) (0.30) (0.07) (0.08)
Distributions from net realized gains ......... (0.72) -- (0.17) -- (0.33) (0.72)
--------- --------- --------- --------- --------- ---------
Total distributions ........................... (0.89) (0.14) (0.46) (0.30) (0.40) (0.80)
--------- --------- --------- --------- --------- ---------
Net asset value, end of period ................ $ 14.88 $ 13.80 $ 12.39 $ 12.06 $ 11.47 $ 14.89
========= ========= ========= ========= ========= =========
Total return(b) ............................... 14.34% 12.58% 6.81% 7.89% 2.34% 6.34%
========= ========= ========= ========= ========= =========
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) .......... $ 3,974 $ 684 $ 429 $ 489 $ 67 $ 2,610
Ratio of operating expenses to
average net assets .......................... 0.40%(c) 0.50%(c) 0.50% 0.31% 0.25%(c) 0.70%(c)
Ratio of net investment income to
average net assets .......................... 2.36%(c) 2.41%(c) 2.49% 2.51% 2.54%(c) 2.06%(c)
Portfolio turnover rate ....................... 8% 6% 7% 1% 22% 8%
Ratio of operating expenses to average
net assets without waivers .................. 0.53%(c) 0.63%(c) 0.64% 0.48% 0.38%(c) 0.83%(c)
Net investment income per share without waivers $ 0.15 $ 0.09 $ 0.28 $ 0.28 $ 0.06 $ 0.03
<FN>
- ----------------
(a) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
(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 was 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) The Munder Index 500 Fund Class A Shares, Class B Shares and Class Y
Shares commenced operations on December 9, 1992, October 31, 1995 and
December 1, 1991, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Index 500 Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
- -----------------------------------------------------------------------------
Y Shares
------------------------------------------------------------------------------------------
Period
Ended Period Year Year Year Period
12/31/95(a) Ended Ended Ended Ended Ended
(Unaudited) 6/30/95(d) 2/28/95(a,e) 2/28/94 2/28/93 2/29/92(f)
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning
of period .................. $ 13.81 $ 12.40 $ 12.07 $ 11.47 $ 11.02 $ 10.00
----------- ----------- ----------- ----------- ----------- -----------
Income from investment
operations:
Net investment income ........ 0.19 0.11 0.32 0.31 0.31 0.07
Net realized and unrealized
gain on investments ........ 1.79 1.46 0.50 0.59 0.78 0.97
----------- ----------- ----------- ----------- ----------- -----------
Total from investment
operations ................. 1.98 1.57 0.82 0.90 1.09 1.04
----------- ----------- ----------- ----------- ----------- -----------
Less distributions:
Dividends from net
investment income .......... (0.18) (0.16) (0.32) (0.30) (0.31) (0.02)
Distributions from
net realized gains ......... (0.72) -- (0.17) -- (0.33) --
----------- ----------- ----------- ----------- ----------- -----------
Total distributions .......... (0.90) (0.16) (0.49) (0.30) (0.64) (0.02)
----------- ----------- ----------- ----------- ----------- -----------
Net asset value, end of period $ 14.89 $ 13.81 $ 12.40 $ 12.07 $ 11.47 $ 11.02
=========== =========== =========== =========== =========== ===========
Total return(b) .............. 14.39% 12.69% 7.06% 7.97% 10.25% 10.44%
=========== =========== =========== =========== =========== ===========
Ratios to average net assets/
supplemental data:
Net assets, end of period
(in 000's) ................. $ 141,922 $ 124,902 $ 100,024 $ 85,269 $ 58,164 $ 59,019
Ratio of operating expenses
to average net assets ..... 0.25%(c) 0.25%(c) 0.25% 0.25% 0.25% 0.13%(c)
Ratio of net investment
income to average
net assets ................ 2.51%(c) 2.66%(c) 2.74% 2.61% 2.73% 2.59%(c)
Portfolio turnover rate ...... 8% 6% 7% 1% 22% 0%
Ratio of operating expenses
to average net assets
without waivers ............ 0.38%(c) 0.38%(c) 0.39% 0.42% 0.47% 1.21%(c)
Net investment income
per share without waivers .. $ 0.18 $ 0.11 $ 0.31 $ 0.29 $ 0.29 $ 0.04
<FN>
- ----------------
(a) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
(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 was 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) The Munder Index 500 Fund Class A Shares, Class B Shares and Class Y
Shares commenced operations on December 9, 1992, October 31, 1995 and
December 1, 1991, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Growth & Income Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
A Shares
-------------------------------------------
Period
Ended Period Period
12/31/95 Ended Ended
(Unaudited) 6/30/95(a) 2/28/95 (d,e)
-------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period ............... $ 11.14 $ 10.42 $ 10.10
------- ------- -------
Income from investment operations:
Net investment income .............................. 0.16 0.10 0.23
Net realized and unrealized gain on investments .... 1.58 0.80 0.24
------- ------- -------
Total from investment operations ................... 1.74 0.90 0.47
------- ------- -------
Less distributions:
Dividends from net investment income ............... (0.17) (0.18) (0.15)
Distributions from net realized gains .............. (0.09) -- (0.00)(f)
------- ------- -------
Total distributions ................................ (0.26) (0.18) (0.15)
------- ------- -------
Net asset value, end of period ..................... $ 12.62 $ 11.14 $ 10.42
======= ======= =======
Total return(b) .................................... 15.74% 8.69% 4.79%
======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 888 $ 226 $ 128
Ratio of operating expenses to average net assets .. 1.22%(c) 1.09%(c) 0.53%(c)
Ratio of net investment income to average net assets 2.94%(c) 3.33%(c) 4.72%(c)
Portfolio turnover rate ............................ 16% 13% 12%
Ratio of operating expenses to average net assets
without waivers .................................. 1.37%(c) 1.51%(c) 1.53%(c)
Net investment income per share without waivers .... $ 0.15 $ 0.09 $ 0.18
<FN>
- ----------------
(a) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) 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.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Growth & Income Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
- -----------------------------------------------------------------------------
B Shares C Shares
----------------------------------------- -----------
Period Period
Ended Period Period Ended
12/31/95 Ended Ended 12/31/95(d)
(Unaudited) 6/30/95(a) 2/28/95(d,e) (Unaudited)
------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 11.13 $ 10.41 $ 10.10 $ 12.60
------- ------- ------- -------
Income from investment operations:
Net investment income .............................. 0.10 0.09 0.19 0.02
Net realized and unrealized gain on investments .... 1.60 0.77 0.25 0.16
------- ------- ------- -------
Total from investment operations ................... 1.70 0.86 0.44 0.18
------- ------- ------- -------
Less distributions:
Dividends from net investment income ............... (0.14) (0.14) (0.13) (0.08)
Distributions from net realized gains .............. (0.09) -- (0.00)(f) (0.09)
------- ------- ------- -------
Total distributions ................................ (0.23) (0.14) (0.13) (0.17)
------- ------- ------- -------
Net asset value, end of period ..................... $ 12.60 $ 11.13 $ 10.41 $ 12.61
======= ======= ======= =======
Total return(b) .................................... 15.35% 8.30% 4.47% 1.48%
======= ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 172 $ 57 $ 51 $ 10
Ratio of operating expenses to average net assets .. 1.97%(c) 1.84%(c) 1.27%(c) 1.97%(c)
Ratio of net investment income to average net assets 2.19%(c) 2.58%(c) 3.96%(c) 2.19%(c)
Portfolio turnover rate ............................ 16% 13% 12% 16%
Ratio of operating expenses to average net assets
without waivers .................................. 2.12%(c) 2.26%(c) 2.27%(c) 2.12%(c)
Net investment income per share without waivers .... $ 0.10 $ 0.08 $ 0.14 $ 0.02
<FN>
- ----------------
(a) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) 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.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Growth & Income Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
- -----------------------------------------------------------------------------
Y Shares
------------------------------------------------
Period
Ended Period Period
12/31/95 Ended Ended
(Unaudited) 6/30/95(a) 2/28/95 (d,e)
------------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period ............... $ 11.14 $ 10.43 $ 10.00
---------- ---------- ----------
Income from investment operations:
Net investment income .............................. 0.19 0.11 0.25
Net realized and unrealized gain on investments .... 1.58 0.79 0.34
---------- ---------- ----------
Total from investment operations ................... 1.77 0.90 0.59
---------- ---------- ----------
Less distributions:
Dividends from net investment income ............... (0.19) (0.19) (0.16)
Distributions from net realized gains .............. (0.09) -- (0.00)(f)
---------- ---------- ----------
Total distributions ................................ (0.28) (0.19) (0.16)
---------- ---------- ----------
Net asset value, end of period ..................... $ 12.63 $ 11.14 $ 10.43
========== ========== ==========
Total return(b) .................................... 15.95% 8.69% 6.02%
========== ========== ==========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 13,377 $ 7,860 $ 4,142
Ratio of operating expenses to average net assets .. 0.97%(c) 0.84%(c) 0.28%(c)
Ratio of net investment income to average net assets 3.19%(c) 3.58%(c) 4.97%(c)
Portfolio turnover rate ............................ 16% 13% 12%
Ratio of operating expenses to average net assets
without waivers .................................. 1.12%(c) 1.26%(c) 1.28%(c)
Net investment income per share without waivers .... $ 0.18 $ 0.09 $ 0.20
<FN>
- ----------------
(a) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) 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.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Value Fund
Financial Highlights, For a Share Outstanding Throughout Each Period (a)
- -----------------------------------------------------------------------------
A Shares B Shares Y Shares
-------------- ------------- -----------
Period Period Period
Ended Ended Ended
12/31/95(b) 12/31/95(b) 12/31/95(b)
(Unaudited) (Unaudited) (Unaudited)
------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period ............... $ 10.38 $ 10.41 $ 10.00
---------- ---------- ----------
Income from investment operations:
Net investment income .............................. 0.01 0.00(e) 0.03
Net realized and unrealized gain on investments .... 0.34 0.30 0.71
---------- ---------- ----------
Total from investment operations ................... 0.35 0.30 0.74
---------- ---------- ----------
Less distributions:
Dividends from net investment income ............... (0.02) -- (0.02)
---------- ---------- ----------
Total distributions ................................ (0.02) -- (0.02)
---------- ---------- ----------
Net asset value, end of period ..................... $ 10.71 $ 10.71 $ 10.72
========== ========== ==========
Total return(c) .................................... 3.33% 2.88% 7.41%
========== ========== ==========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 195 $ 61 $ 29,225
Ratio of operating expenses to average net assets .. 1.20%(d) 1.95%(d) 0.95%(d)
Ratio of net investment income/(loss) to average net
assets ........................................... 0.59%(d) (0.16)%(d) 0.84%(d)
Portfolio turnover rate ............................ 97% 97% 97%
Ratio of operating expenses to average net assets
without waivers .................................. 1.35%(d) 2.10%(d) 1.10%(d)
Net investment income/(loss) per share without
waivers .......................................... $ 0.01 $ (0.01) $ 0.02
<FN>
- ----------------
(a) The Fund is authorized to issue Class C Shares. As of December 31, 1995,
the Fund had not commenced selling Class C Shares.
(b) The Munder Value Fund Class A Shares, Class B Shares and Class Y Shares
commenced operations on September 14, 1995, September 19, 1995 and August
18, 1995, respectively.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(e) Amount represents leass than $0.01 per share.
<FN>
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Balanced Fund
Financial Highlights, For a Share Outstanding Throughout Each Period (a)
- -----------------------------------------------------------------------------
A Shares
-----------------------------------------------------
Period
Ended Period Year Period
12/31/95 Ended Ended Ended
(Unaudited) 6/30/95(b) 2/28/95(e) 2/28/94(f)
-----------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 10.77 $ 9.95 $ 10.35 $ 9.86
------- ------- ------- -------
Income from investment operations:
Net investment income .............................. 0.14 0.09 0.19 0.14
Net realized and unrealized gain/(loss) on
investments ...................................... 0.81 0.85 (0.41) 0.47
------- ------- ------- -------
Total from investment operations ................... 0.95 0.94 (0.22) 0.61
------- ------- ------- -------
Less distributions:
Dividends from net investment income ............... (0.12) (0.12) (0.18) (0.12)
------- ------- ------- -------
Total distributions ................................ (0.12) (0.12) (0.18) (0.12)
------- ------- ------- -------
Net asset value, end of period ..................... $ 11.60 $ 10.77 $ 9.95 $ 10.35
======= ======= ======= =======
Total return(c) .................................... 8.89% 9.44% (2.07)% 6.20%
======= ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 321 $ 314 $ 286 $ 321
Ratio of operating expenses to average net assets .. 1.13%(d) 1.16%(d) 1.22% 1.02%(d)
Ratio of net investment income to average net assets 2.37%(d) 2.51%(d) 1.89% 1.67%(d)
Portfolio turnover rate ............................ 129% 52% 116% 50%
Ratio of operating expenses to average net assets
without waivers .................................. 1.35%(d) 1.51%(d) 1.57% 1.27%(d)
Net investment income per share without waivers .... $ 0.12 $ 0.07 $ 0.16 $ 0.12
<FN>
- ----------------
(a) The Fund is authorized to issue Class C Shares. As of December 31, 1995,
the Fund had not commenced selling Class C Shares.
(b) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(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) The Munder Balanced Fund Class A Shares, Class B Shares and Class Y Shares
commenced operations on April 30, 1993, June 21, 1994 and April 13, 1993,
respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Balanced Fund
Financial Highlights, For a Share Outstanding Throughout Each Period (a)
(Continued)
- -----------------------------------------------------------------------------
B Shares
------------------------------------------
Period
Ended Period Period
12/31/95 Ended Ended
(Unaudited) 6/30/95(b) 2/28/95(e)
------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period ............... $ 10.76 $ 9.93 $ 9.56
------- ------- -------
Income from investment operations:
Net investment income .............................. 0.10 0.06 0.07
Net realized and unrealized gain/(loss) on
investments ...................................... 0.82 0.84 0.37
------- ------- -------
Total from investment operations ................... 0.92 0.90 0.44
------- ------- -------
Less distributions:
Dividends from net investment income ............... (0.09) (0.07) (0.07)
------- ------- -------
Total distributions ................................ (0.09) (0.07) (0.07)
------- ------- -------
Net asset value, end of period ..................... $ 11.59 $ 10.76 $ 9.93
======= ======= =======
Total return(c) .................................... 8.58% 9.11% 4.65%
======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 53 $ 15 $ 19
Ratio of operating expenses to average net assets .. 1.88%(d) 1.91%(d) 1.85%(d)
Ratio of net investment income to average net assets 1.62%(d) 1.76%(d) 1.26%(d)
Portfolio turnover rate ............................ 129% 52% 116%
Ratio of operating expenses to average net assets
without waivers .................................. 2.10%(d) 2.26%(d) 2.20%(d)
Net investment income per share without waivers .... $ 0.08 $ 0.05 $ 0.05
<FN>
- ----------------
(a) The Fund is authorized to issue Class C Shares. As of December 31, 1995,
the Fund had not commenced selling Class C Shares.
(b) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(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) The Munder Balanced Fund Class A Shares, Class B Shares and Class Y Shares
commenced operations on April 30, 1993, June 21, 1994 and April 13, 1993,
respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Balanced Fund
Financial Highlights, For a Share Outstanding Throughout Each Period (a)
(Continued)
- -----------------------------------------------------------------------------
Y Shares
-----------------------------------------------------------------
Period
Ended Period Year Period
12/31/95 Ended Ended Ended
(Unaudited) 6/30/95(b) 2/28/95(e) 2/28/94(f)
-----------------------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 10.77 $ 9.95 $ 10.36 $ 10.00
---------- ---------- ---------- ----------
Income from investment operations:
Net investment income .............................. 0.15 0.10 0.21 0.16
Net realized and unrealized gain/(loss) on
investments ...................................... 0.82 0.85 (0.42) 0.32
---------- ---------- ---------- ----------
Total from investment operations ................... 0.97 0.95 (0.21) 0.48
---------- ---------- ---------- ----------
Less distributions:
Dividends from net investment income ............... (0.14) (0.13) (0.20) (0.12)
---------- ---------- ---------- ----------
Total distributions ................................ (0.14) (0.13) (0.20) (0.12)
---------- ---------- ---------- ----------
Net asset value, end of period ..................... $ 11.60 $ 10.77 $ 9.95 $ 10.36
========== ========== ========== ==========
Total return(c) .................................... 9.02% 9.57% (1.91)% 4.81%
========== ========== ========== ==========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 51,622 $ 48,844 $ 45,610 $ 43,997
Ratio of operating expenses to average net assets .. 0.88%(d) 0.91%(d) 0.97% 0.95%(d)
Ratio of net investment income to average net assets 2.62%(d) 2.76%(d) 2.14% 1.78%(d)
Portfolio turnover rate ............................ 129% 52% 116% 50%
Ratio of operating expenses to average net assets
without waivers .................................. 1.10%(d) 1.26%(d) 1.32% 1.20%(d)
Net investment income per share without waivers .... $ 0.14 $ 0.08 $ 0.18 $ 0.14
<FN>
- ----------------
(a) The Fund is authorized to issue Class C Shares. As of December 31, 1995,
the Fund had not commenced selling Class C Shares.
(b) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(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) The Munder Balanced Fund Class A Shares, Class B Shares and Class Y Shares
commenced operations on April 30, 1993, June 21, 1994 and April 13, 1993,
respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period (a)
- -----------------------------------------------------------------------------
A Shares
--------------------------------------------------------------------------
Period
Ended Period Year Year Period
12/31/95 Ended Ended Ended Ended
(Unaudited) 6/30/95(b) 2/28/95(e,f) 2/28/94 2/28/93(g)
--------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 9.70 $ 9.31 $ 9.91 $ 9.92 $ 9.61
--------- --------- --------- --------- ---------
Income from investment operations:
Net investment income .............................. 0.31 0.21 0.61 0.58 0.11
Net realized and unrealized gain/(loss) on
investments ...................................... 0.29 0.38 (0.63) (0.03) 0.38
--------- --------- --------- --------- ---------
Total from investment operations ................... 0.60 0.59 (0.02) 0.55 0.49
--------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment income ............... (0.29) (0.20) (0.58) (0.56) (0.09)
Distributions from net realized gains .............. -- -- -- -- (0.09)
--------- --------- --------- --------- ---------
Total distributions ................................ (0.29) (0.20) (0.58) (0.56) (0.18)
--------- --------- --------- --------- ---------
Net asset value, end of period ..................... $ 10.01 $ 9.70 $ 9.31 $ 9.91 $ 9.92
========= ========= ========= ========= =========
Total return(c) .................................... 6.32% 6.39% 0.45% 5.61% 5.19%
========= ========= ========= ========= =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 927 $ 919 $ 880 $ 1,318 $ 116
Ratio of operating expenses to average net assets .. 0.95%(d) 0.95%(d) 0.92% 0.87% 0.76%(d)
Ratio of net investment income to average net assets 6.24%(d) 6.47%(d) 6.57% 5.76% 5.05%(d)
Portfolio turnover rate ............................ 282% 99% 165% 128% 77%
Ratio of operating expenses to average net assets
without waivers .................................. 1.10%(d) 1.19%(d) 1.16% 1.01% 0.90%(d)
Net investment income per share without waivers .... $ 0.30 $ 0.20 $ 0.59 $ 0.57 $ 0.10
<FN>
- ----------------
(a) The Fund is authorized to issue Class B Shares and Class C Shares. As of
December 31, 1995 the Fund had not commenced selling Class B Shares and
Class C Shares.
(b) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(e) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed income method did not accord with the results
of operations.
(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) The Munder Bond Fund Class A Shares and Class Y Shares commenced
operations on December 9, 1992 and December 1, 1991, respectively.
<FN>
See Notes to Financial Statements
</TABLE>
<TABLE>
<CAPTION>
The Munder Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period (a)
(Continued)
- -----------------------------------------------------------------------------
Y Shares
--------------------------------------------------------------------------------------------
Period
Ended Period Year Year Year Period
12/31/95 Ended Ended Ended Ended Ended
(Unaudited) 6/30/95(b) 2/28/95(e,f) 2/28/94 2/28/93 2/29/92(g)
--------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period ......... $ 9.70 $ 9.31 $ 9.91 $ 9.92 $ 10.13 $ 10.00
----------- ----------- ----------- ----------- ----------- -----------
Income from investment
operations:
Net investment income ......... 0.32 0.21 0.64 0.58 0.77 0.20
Net realized and unrealized
gain/(loss) on investments .. 0.29 0.39 (0.64) (0.03) (0.12) 0.07
----------- ----------- ----------- ----------- ----------- -----------
Total from investment
operations .................. 0.61 0.60 0.00 0.55 0.65 0.27
----------- ----------- ----------- ----------- ----------- -----------
Less distributions:
Dividends from net
investment income ........... (0.30) (0.21) (0.60) (0.56) (0.77) (0.14)
Distributions from net
realized gains .............. -- -- -- -- (0.09) --
----------- ----------- ----------- ----------- ----------- -----------
Total distributions ........... (0.30) (0.21) (0.60) (0.56) (0.86) (0.14)
----------- ----------- ----------- ----------- ----------- -----------
Net asset value, end of period $ 10.01 $ 9.70 $ 9.31 $ 9.91 $ 9.92 $ 10.13
=========== =========== =========== =========== =========== ===========
Total return(c) ............... 6.45% 6.48% 0.70% 5.63% 6.75% 2.70%
=========== =========== =========== =========== =========== ===========
Ratios to average net
assets/supplemental data:
Net assets, end of period
(in 000's) .................. $ 152,057 $ 146,741 $ 141,704 $ 147,770 $ 154,078 $ 145,120
Ratio of operating expenses
to average net assets ....... 0.70%(d) 0.70%(d) 0.67% 0.80% 0.76% 0.19%(d)
Ratio of net investment
income to average net assets 6.49%(d) 6.72%(d) 6.82% 5.70% 7.50% 8.32%(d)
Portfolio turnover rate ....... 282% 99% 165% 128% 77% 34%
Ratio of operating expenses to
average net assets
without waivers ............. 0.85%(d) 0.94%(d) 0.91% 0.94% 0.94% 0.93%(d)
Net investment income per share
without waivers ............. $ 0.31 $ 0.21 $ 0.61 $ 0.57 $ 0.75 $ 0.18
<FN>
- ----------------
(a) The Fund is authorized to issue Class B Shares and Class C Shares. As of
December 31, 1995 the Fund had not commenced selling Class B Shares and
Class C Shares.
(b) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(e) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed income method did not accord with the results
of operations.
(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) The Munder Bond Fund Class A Shares and Class Y Shares commenced
operations on December 9, 1992 and December 1, 1991, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Intermediate Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period (a)
- -----------------------------------------------------------------------------
A Shares
---------------------------------------------------------------------
Period
Ended Period Year Year Period
12/31/95 Ended Ended Ended Ended
(Unaudited) 6/30/95(b) 2/28/95(e) 2/28/94 2/28/93(f)
---------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 9.52 $ 9.27 $ 9.91 $ 10.47 $ 10.26
--------- --------- --------- --------- ---------
Income from investment operations:
Net investment income ............... 0.30 0.22 0.59 0.59 0.17
Net realized and unrealized
gain/(loss) on investments ........ 0.15 0.25 (0.61) (0.20) 0.25
--------- --------- --------- --------- ---------
Total from investment operations .... 0.45 0.47 (0.02) 0.39 0.42
--------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment income (0.30) (0.22) (0.61) (0.58) (0.12)
Distributions from net realized gains -- -- (0.01) (0.37) (0.09)
--------- --------- --------- --------- ---------
Total distributions ................. (0.30) (0.22) (0.62) (0.95) (0.21)
--------- --------- --------- --------- ---------
Net asset value, end of period ...... $ 9.67 $ 9.52 $ 9.27 $ 9.91 $ 10.47
========= ========= ========= ========= =========
Total return(c) ..................... 4.87% 5.15% 0.54% 3.77% 4.15%
========= ========= ========= ========= =========
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) $ 5,874 $ 5,470 $ 5,472 $ 6,401 $ 542
Ratio of operating expenses to
average net assets ................ 0.95%(d) 0.95%(d) 0.93% 0.86% 0.78%(d)
Ratio of net investment income
to average net assets ............. 6.30%(d) 7.12%(d) 6.71% 5.75% 5.52%(d)
Portfolio turnover rate ............. 257% 84% 80% 155% 104%
Ratio of operating expenses to
average net assets
without waivers ................... 1.10%(d) 1.19%(d) 1.18% 1.00% 0.92%(d)
Net investment income per
share without waivers ............. $ 0.30 $ 0.22 $ 0.57 $ 0.58 $ 0.16
<FN>
- ----------------
(a) The Fund is authorized to issue Class C Shares. As of December 31, 1995,
the Fund had not commenced selling Class C Shares.
(b) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of the last day of February.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(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) The Munder Intermediate Bond Fund Class A Shares, Class B Shares and Class
Y Shares commenced operations on November 24, 1992, October 25, 1994 and
December 1, 1991, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Intermediate Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period (a)
(Continued)
- -----------------------------------------------------------------------------
B Shares
-------------------------------------------
Period
Ended Period Period
12/31/95 Ended Ended
(Unaudited) 6/30/95(b) 2/28/95(e,f)
-------------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period ............... $ 9.51 $ 9.27 $ 9.22
------- ------- -------
Income from investment operations:
Net investment income .............................. 0.27 0.20 0.19
Net realized and unrealized gain/(loss) on
investments ...................................... 0.16 0.24 0.11
------- ------- -------
Total from investment operations ................... 0.43 0.44 0.30
------- ------- -------
Less distributions:
Dividends from net investment income ............... (0.27) (0.20) (0.24)
Distributions from net realized gains .............. -- -- (0.01)
------- ------- -------
Total distributions ................................ (0.27) (0.20) (0.25)
------- ------- -------
Net asset value, end of period ..................... $ 9.67 $ 9.51 $ 9.27
======= ======= =======
Total return(c) .................................... 4.58% 4.78% 3.33%
======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 9 $ 9 $ 7
Ratio of operating expenses to average net assets .. 1.70%(d) 1.70%(d) 1.67%(d)
Ratio of net investment income to average net assets 5.55%(d) 6.37%(d) 5.97%(d)
Portfolio turnover rate ............................ 257% 84% 80%
Ratio of operating expenses to average net assets
without waivers .................................. 1.85%(d) 1.94%(d) 1.92%(d)
Net investment income per share without waivers .... $ 0.26 $ 0.19 $ 0.18
<FN>
- ----------------
(a) The Fund is authorized to issue Class C Shares. As of December 31, 1995,
the Fund had not commenced selling Class C Shares.
(b) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of the last day of February.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(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) The Munder Intermediate Bond Fund Class A Shares, Class B Shares and Class
Y Shares commenced operations on November 24, 1992, October 25, 1994 and
December 1, 1991, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Intermediate Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period (a)
(Continued)
- -----------------------------------------------------------------------------
Y Shares
---------------------------------------------------------------------------------------------
Period
Ended Period Year Year Year Period
12/31/95 Ended Ended Ended Ended Ended
(Unaudited) 6/30/95(b) 2/28/95(e) 2/28/94 2/28/93 2/29/92(f)
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period ......... $ 9.51 $ 9.27 $ 9.91 $ 10.47 $ 10.07 $ 10.00
----------- ----------- ----------- ----------- ----------- -----------
Income from investment
operations:
Net investment income ......... 0.32 0.23 0.60 0.59 0.54 0.15
Net realized and unrealized
gain/(loss) on investments .. 0.16 0.24 (0.59) (0.20) 0.49 0.02
----------- ----------- ----------- ----------- ----------- -----------
Total from investment
operations .................. 0.48 0.47 0.01 0.39 1.03 0.17
----------- ----------- ----------- ----------- ----------- -----------
Less distributions:
Dividends from net
investment income ........... (0.32) (0.23) (0.64) (0.58) (0.54) (0.10)
Distributions from net
realized gains .............. -- -- (0.01) (0.37) (0.09) --
----------- ----------- ----------- ----------- ----------- -----------
Total distributions ........... (0.32) (0.23) (0.65) (0.95) (0.63) (0.10)
----------- ----------- ----------- ----------- ----------- -----------
Net asset value,
end of period ............... $ 9.67 $ 9.51 $ 9.27 $ 9.91 $ 10.47 $ 10.07
=========== =========== =========== =========== =========== ===========
Total return(c) ............... 5.11% 5.12% 0.78% 3.79% 10.56% 1.72%
=========== =========== =========== =========== =========== ===========
Ratios to average net
assets/supplemental data:
Net assets, end of
period (in 000's) ........... $ 153,372 $ 157,484 $ 162,185 $ 162,738 $ 152,470 $ 114,014
Ratio of operating expenses
to average net assets ....... 0.70%(d) 0.70%(d) 0.68% 0.80% 0.77% 0.19%(d)
Ratio of net investment income
to average net assets ....... 6.55%(d) 7.37%(d) 6.96% 5.63% 5.53% 6.17%(d)
Portfolio turnover rate ....... 257% 84% 80% 155% 104% 23%
Ratio of operating expenses
to average net assets
without waivers ............. 0.85%(d) 0.94%(d) 0.93% 0.94% 0.95% 0.93%(d)
Net investment income per share
without waivers ............. $ 0.31 $ 0.23 $ 0.58 $ 0.58 $ 0.52 $ 0.13
<FN>
- ----------------
(a) The Fund is authorized to issue Class C Shares. As of December 31, 1995,
the Fund had not commenced selling Class C Shares.
(b) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of the last day of February.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(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) The Munder Intermediate Bond Fund Class A Shares, Class B Shares and Class
Y Shares commenced operations on November 24, 1992, October 25, 1994 and
December 1, 1991, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder U.S. Government Income Fund
Financial Highlights, For a Share Outstanding Throughout Each Period (a)
- -----------------------------------------------------------------------------
A Shares B Shares Y Shares
---------------------------------------- ------------ ------------------------------------------
Period Period Period
Ended Period Period Ended Ended Year Period
12/31/95 Ended Ended 12/31/95(e) 12/31/95 Ended Ended
(Unaudited) 6/30/95(b) 2/28/95(e,f) (Unaudited) (Unaudited) 6/30/95(b) 2/28/95(e,f)
--------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning
of period ............... $ 10.30 $ 9.88 $ 10.03 $ 10.31 $ 10.30 $ 9.89 $ 10.00
---------- ---------- ---------- ---------- --------- ---------- --------
Income from
investment
operations:
Net investment income ..... 0.39 0.24 0.42 0.19 0.38 0.24 0.44
Net realized
and unrealized
gain/(loss) on
investments ............. 0.21 0.41 (0.10) 0.26 0.24 0.41 (0.07)
---------- ---------- ---------- ---------- --------- ---------- --------
Total from investment
operations .............. 0.60 0.65 0.32 0.45 0.62 0.65 0.37
---------- ---------- ---------- ---------- --------- ---------- --------
Less distributions:
Dividends from
net investment
income .................. (0.36) (0.23) (0.47) (0.21) (0.37) (0.24) (0.48)
Distributions from
net realized gains ...... (0.08) -- -- (0.08) (0.08) -- --
---------- ---------- ---------- ---------- --------- ---------- --------
Total distributions ....... (0.44) (0.23) (0.47) (0.29) (0.45) (0.24) (0.48)
========== ========== ========== ========== ========= ========== ========
Net asset value,
end of period ........... $ 10.46 $ 10.30 $ 9.88 $ 10.47 10.47 $ 10.30 $ 9.89
========== ========== ========== ========== ========= ========== ========
Total return(c) ........... 5.89% 6.66% 3.30% 4.44% 6.11% 6.64% 3.85%
========== ========== ========== ========== ========= ========== ========
Ratios to average net
assets/supplemental data:
Net assets, end of
period (in 000's) ....... $ 1,715 $ 97 $ 69 $ 798 $ 5,310 $ 12,862 $ 11,647
Ratio of operating
expenses to average
net assets .............. 0.98%(d) 0.97%(d 0.95%(d) 1.73% 0.73%(d) 0.72%(d) 0.70%(d)
Ratio of net investment
income to average
net assets .............. 6.90%(d) 6.96%(d 7.02%(d) 6.15% 7.15%(d) 7.21%(d) 7.27%(d)
Portfolio turnover rate ... 60% 42% 143% 60% 60% 42% 143%
Ratio of operating expenses
to average net
assets without waivers .. 1.14%(d) 1.21%(d 1.19%(d) 1.89% 0.89%(d) 0.96%(d) 0.94%(d)
Net investment income per
share without waivers ... $ 0.38 $ 0.23 $ 0.41 $ 0.18 $ 0.37 $ 0.24 $ 0.43
<FN>
- ----------------
(a) The Fund is authorized to issue Class C Shares. As of December 31, 1995
the Fund had not commenced selling Class C Shares.
(b) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(e) The Munder U.S. Government Income Fund Class A Shares, Class B Shares and
Class Y Shares commenced operations on July 28, 1994, September 6, 1995
and July 5, 1994, respectively.
(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>
<TABLE>
<CAPTION>
The Munder Michigan Triple Tax-Free Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period (a)
- -----------------------------------------------------------------------------
A Shares
-------------------------------------------------
Period
Ended Period Year Period
12/31/95 Ended Ended Ended
(Unaudited) 6/30/95(b,e) 2/28/95(e,f) 2/28/94(g)
-------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 9.34 $ 9.24 $ 9.73 $ 9.93
------- ------- ------- -------
Income from investment operations:
Net investment income .............................. 0.24 0.16 0.44 0.01
Net realized and unrealized gain/(loss) on
investments ...................................... 0.43 0.10 (0.50) (0.21)
------- ------- ------- -------
Total from investment operations ................... 0.67 0.26 (0.06) (0.20)
------- ------- ------- -------
Less distributions:
Dividends from net investment income ............... (0.24) (0.16) (0.43) --
------- ------- ------- -------
Total distributions ................................ (0.24) (0.16) (0.43) --
------- ------- ------- -------
Net asset value, end of period ..................... $ 9.77 $ 9.34 $ 9.24 $ 9.73
======= ======= ======= =======
Total return(c) .................................... 7.28% 2.84% (0.16)% (2.01)%
======= ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 468 $ 417 $ 444 $ 43
Ratio of operating expenses to average net assets .. 0.50%(d) 0.52%(d) 0.56% 0.46%(d)
Ratio of net investment income to average net assets 4.98%(d) 5.06%(d) 4.81% 3.76%(d)
Portfolio turnover rate ............................ 18% 8% 53% 0%
Ratio of operating expenses to average net assets
without waivers .................................. 1.15%(d) 1.26%(d) 1.30% 1.20%(d)
Net investment income per share without waivers .... $ 0.21 $ 0.14 $ 0.37 $ 0.01
<FN>
- ----------------
(a) The Fund is authorized to issue Class C Shares. As of December 31, 1995
the Fund had not commenced selling Class C Shares.
(b) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day in February.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(e) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
(f) 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) The Munder Michigan Triple Tax-Free Bond Fund Class A Shares, Class B
Shares and Class Y Shares commenced operations on February 15, 1994, July
5, 1994 and January 3, 1994, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Michigan Triple Tax-Free Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period (a)
(Continued)
- -----------------------------------------------------------------------------
B Shares
-----------------------------------------
Period
Ended Period Period
12/31/95 Ended Ended
(Unaudited) 6/30/95(b,e) 2/28/95(e,f,g)
-----------------------------------------
<S> <C> <C> <C>
Net asset value, beginning of period ............... $ 9.34 $ 9.24 $ 9.17
------- ------- -------
Income from investment operations:
Net investment income .............................. 0.20 0.14 0.24
Net realized and unrealized gain/(loss) on
investments ...................................... 0.43 0.10 0.10
------- ------- -------
Total from investment operations ................... 0.63 0.24 0.34
------- ------- -------
Less distributions:
Dividends from net investment income ............... (0.20) (0.14) (0.27)
------- ------- -------
Total distributions ................................ (0.20) (0.14) (0.27)
------- ------- -------
Net asset value, end of period ..................... $ 9.77 $ 9.34 $ 9.24
======= ======= =======
Total return(c) .................................... 6.88% 2.58% 3.81%
======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 264 $ 254 $ 227
Ratio of operating expenses to average net assets .. 1.25%(d) 1.27%(d) 1.29%(d)
Ratio of net investment income to average net assets 4.23%(d) 4.31%(d) 4.08%(d)
Portfolio turnover rate ............................ 18% 8% 53%
Ratio of operating expenses to average net assets
without waivers .................................. 1.90%(d) 2.01%(d) 2.03%(d)
Net investment income per share without waivers .... $ 0.17 $ 0.12 $ 0.20
<FN>
- ----------------
(a) The Fund is authorized to issue Class C Shares. As of December 31, 1995
the Fund had not commenced selling Class C Shares.
(b) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day in February.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(e) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
(f) 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) The Munder Michigan Triple Tax-Free Bond Fund Class A Shares, Class B
Shares and Class Y Shares commenced operations on February 15, 1994, July
5, 1994 and January 3, 1994, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Michigan Triple Tax-Free Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period (a)
(Continued)
- -----------------------------------------------------------------------------
Y Shares
---------------------------------------------------
Period
Ended Period Year Period
12/31/95 Ended Ended Ended
(Unaudited) 6/30/95(b,e) 2/28/95(e,f) 2/28/94(g)
---------------------------------------------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 9.34 $ 9.24 $ 9.73 $ 10.00
--------- --------- --------- ---------
Income from investment operations:
Net investment income .............................. 0.26 0.17 0.50 0.05
Net realized and unrealized gain/(loss) on
investments ...................................... 0.43 0.10 (0.54) (0.30)
--------- --------- --------- ---------
Total from investment operations ................... 0.69 0.27 (0.04) (0.25)
--------- --------- --------- ---------
Less distributions:
Dividends from net investment income ............... (0.25) (0.17) (0.45) (0.02)
--------- --------- --------- ---------
Total distributions ................................ (0.25) (0.17) (0.45) (0.02)
--------- --------- --------- ---------
Net asset value, end of period ..................... $ 9.78 $ 9.34 $ 9.24 $ 9.73
========= ========= ========= =========
Total return(c) .................................... 7.52% 2.92% 0.10% (2.47)%
========= ========= ========= =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 173 $ 771 $ 604 $ 2,252
Ratio of operating expenses to average net assets .. 0.25%(d) 0.27%(d) 0.31% 0.21%(d)
Ratio of net investment income to average net assets 5.23%(d) 5.31%(d) 5.06% 3.67%(d)
Portfolio turnover rate ............................ 18% 8% 53% 0%
Ratio of operating expenses to average net assets
without waivers .................................. 0.90%(d) 1.01%(d) 1.05% 0.95%(d)
Net investment income per share without waivers .... $ 0.24 $ 0.12 $ 0.42 $ 0.04
<FN>
- ----------------
(a) The Fund is authorized to issue Class C Shares. As of December 31, 1995
the Fund had not commenced selling Class C Shares.
(b) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day in February.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(e) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
(f) 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) The Munder Michigan Triple Tax-Free Bond Fund Class A Shares, Class B
Shares and Class Y Shares commenced operations on February 15, 1994, July
5, 1994 and January 3, 1994, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Tax-Free Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period (a)
- -----------------------------------------------------------------------------
A Shares B Shares Y Shares
------------ ------------------------------------ ----------------------------------------
Period Period Period
Ended Ended Period Period Ended Period Period
12/31/95(b) 12/31/95 Ended Ended 12/31/95 Ended Ended
(Unaudited) (Unaudited) 6/30/95(e,f) 2/28/95(b,g) (Unaudited) 6/30/95(e,f) 2/28/95(b,g)
---------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period ...... $ 10.49 $ 10.29 $ 10.14 $ 9.72 $ 10.29 $ 10.13 $ 10.06
--------- --------- --------- --------- --------- --------- ---------
Income from investment
operations:
Net investment income ...... 0.12 0.21 0.13 0.10 0.24 0.16 0.30
Net realized and
unrealized gain
on investments ........... 0.28 0.48 0.15 0.42 0.49 0.16 0.10
--------- --------- --------- --------- --------- --------- ---------
Total from
investment operations .... 0.40 0.69 0.28 0.52 0.73 0.32 0.40
--------- --------- --------- --------- --------- --------- ---------
Less distributions:
Dividends from
net investment income .... (0.12) (0.20) (0.13) (0.10) (0.24) (0.16) (0.33)
Distributions from
net realized gains ....... (0.01) (0.01) -- -- (0.01) -- --
--------- --------- --------- --------- --------- --------- ---------
Total distributions ........ (0.13) (0.21) (0.13) (0.10) (0.25) (0.16) (0.33)
--------- --------- --------- --------- --------- --------- ---------
Net asset value,
end of period ............ $ 10.76 $ 10.77 $ 10.29 $ 10.14 $ 10.77 $ 10.29 $ 10.13
========= ========= ========= ========= ========= ========= =========
Total return(c) ............ 3.76% 6.70% 2.80% 5.39% 7.20% 3.17% 4.08%
========= ========= ========= ========= ========= ========= =========
Ratios to average net
assets/supplemental data:
Net assets,
end of period (in 000's) . $ 965 $ 80 $ 1 $ 0 (h) $ 1,705 $ 1,498 $ 953
Ratio of operating
expenses to
average net assets ....... 0.99%(d) 1.74%(d) 1.77%(d) 1.67%(d) 0.74%(d) 0.77%(d) 0.68%(d)
Ratio of net investment
income to
average net assets ....... 4.36%(d) 3.61%(d) 3.63%(d) 3.95%(d) 4.61%(d) 4.63%(d) 4.94%(d)
Portfolio turnover rate .... 15% 15% 12% 50% 15% 12% 50%
Ratio of operating
expenses to average
net assets without waivers 1.15%(d) 1.90%(d) 2.01%(d) 1.91%(d) 0.90%(d) 1.01%(d) 0.92%(d)
Net investment income
per share without waivers $ 0.11 $ 0.20 $ 0.10 $ 0.09 $ 0.24 $ 0.15 $ 0.29
<FN>
- ----------------
(a) The Fund is authorized to issue Class C Shares. As of December 31, 1995,
the Fund had not commenced selling Class C Shares.
(b) The Munder Tax-Free Bond Fund Class A Shares, Class B Shares and Class Y
Shares commenced operations on October 9, 1995, December 6, 1994 and July
21, 1994, respectively.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(e) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(f) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
(g) 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.
(h) Total net assets for Class B Shares were $164 at February 28, 1995.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Tax-Free Intermediate Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period (a)
- -----------------------------------------------------------------------------
A Shares
--------------------------------------------------------------------
Period
Ended Period Year Year Period
12/31/95 Ended Ended Ended Ended
(Unaudited) 6/30/95(b) 2/28/95(e) 2/28/94 2/28/93(f)
--------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 10.36 $ 10.17 $ 10.44 $ 10.69 $ 10.39
--------- --------- --------- --------- ---------
Income from investment operations:
Net investment income .............................. 0.21 0.14 0.40 0.42 0.09
Net realized and unrealized gain/(loss) on
investments ...................................... 0.19 0.19 (0.23) (0.14) 0.31
--------- --------- --------- --------- ---------
Total from investment operations ................... 0.40 0.33 0.17 0.28 0.40
--------- --------- --------- --------- ---------
Less distributions:
Dividends from net investment income ............... (0.20) (0.14) (0.42) (0.42) (0.08)
Distributions from net realized gains .............. -- -- (0.02) (0.11) (0.02)
--------- --------- --------- --------- ---------
Total distributions ................................ (0.20) (0.14) (0.44) (0.53) (0.10)
--------- --------- --------- --------- ---------
Net asset value, end of period ..................... $ 10.56 $ 10.36 $ 10.17 $ 10.44 $ 10.69
========= ========= ========= ========= =========
Total return(c) .................................... 3.94% 3.25% 2.05% 2.62% 3.90%
========= ========= ========= ========= =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 4,408 $ 4,138 $ 4,551 $ 6,011 $ 1,262
Ratio of operating expenses to average net assets .. 0.97%(d) 0.98%(d) 0.95% 0.86% 0.79%(d)
Ratio of net investment income to average net assets 3.87%(d) 4.02%(d) 4.19% 3.88% 4.09%(d)
Portfolio turnover rate ............................ 7% 5% 52% 38% 57%
Ratio of operating expenses to average net assets
without waivers .................................. 1.13%(d) 1.22%(d) 1.19% 1.00% 0.93%(d)
Net investment income per share without waivers .... $ 0.20 $ 0.13 $ 0.38 $ 0.40 $ 0.08
<FN>
- ----------------
(a) The Fund is authorized to issue Class C Shares. As of December 31, 1995,
the Fund had not commenced selling Class C Shares.
(b) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(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) The Munder Tax-Free Intermediate Bond Fund Class A Shares, Class B Shares
and Class Y Shares commenced operations on November 30, 1992, December 7,
1995 and December 17, 1992, respectively.
<FN>
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Tax-Free Intermediate Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period (a)
(Continued)
- -----------------------------------------------------------------------------
B Shares Y Shares
------------- ---------------------------------------------------------------------------
Period Period
Ended Ended Period Year Year Period
12/31/95(f) 12/31/95 Ended Ended Ended Ended
(Unaudited) (Unaudited) 6/30/95(b) 2/28/95(e) 2/28/94 2/28/93(f)
------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period ........ $ 10.59 $ 10.37 $ 10.17 $ 10.44 $ 10.69 $ 10.40
---------- ---------- ---------- ---------- ---------- ----------
Income from investment
operations:
Net investment income ........ 0.02 0.22 0.15 0.42 0.42 0.07
Net realized and unrealized
gain/(loss) on
investments ................ (0.01) 0.20 0.20 (0.23) (0.14) 0.31
---------- ---------- ---------- ---------- ---------- ----------
Total from investment
operations ................. 0.01 0.42 0.35 0.19 0.28 0.38
---------- ---------- ---------- ---------- ---------- ----------
Less distributions:
Dividends from net
investment income .......... (0.03) (0.22) (0.15) (0.44) (0.42) (0.07)
Distributions from net
realized gains ............. -- -- -- (0.02) (0.11) (0.02)
---------- ---------- ---------- ---------- ---------- ----------
Total distributions .......... (0.03) (0.22) (0.15) (0.46) (0.53) (0.09)
---------- ---------- ---------- ---------- ---------- ----------
Net asset value,
end of period .............. $ 10.57 $ 10.57 $ 10.37 $ 10.17 $ 10.44 $ 10.69
========== ========== ========== ========== ========== ==========
Total return(c) .............. 0.09% 4.07% 3.43% 2.34% 2.64% 3.68%
========== ========== ========== ========== ========== ==========
Ratios to average net
assets/supplemental data:
Net assets, end of
period (in 000's) .......... $ 176 $ 11,219 $ 11,100 $ 10,709 $ 3,074 $ 489
Ratio of operating expenses
to average net assets ...... 1.72%(d) 0.72%(d) 0.73%(d) 0.70% 0.80% 0.79%(d)
Ratio of net investment income
to average net assets ...... 3.12%(d) 4.12%(d) 4.27%(d) 4.44% 3.99% 4.08%(d)
Portfolio turnover rate ...... 7% 7% 5% 52% 38% 57%
Ratio of operating expenses to
average net assets
without waivers ............ 1.88%(d) 0.88%(d) 0.97%(d) 0.94% 0.94% 0.93%(d)
Net investment income per
share without waivers ...... $ 0.02 $ 0.21 $ 0.14 $ 0.39 $ 0.41 $ 0.07
<FN>
- ----------------
(a) The Fund is authorized to issue Class C Shares. As of December 31, 1995,
the Fund had not commenced selling Class C Shares.
(b) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(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) The Munder Tax-Free Intermediate Bond Fund Class A Shares, Class B Shares
and Class Y Shares commenced operations on November 30, 1992, December 7,
1995 and December 17, 1992, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Money Market Fund
Financial Highlights, For a Share Outstanding Throughout Each Period (a)
- -----------------------------------------------------------------------------
A Shares B Shares Y Shares
----------- ------------------------------------------------------ --------------------------------------
Period Period Period
Ended Ended Period Period Ended Period Year Period
12/31/95(b) 12/31/95 Ended Ended 12/31/95 Ended Ended Ended
(Unaudited) (Unaudited) 6/30/95 (e,f) 12/31/94 (b) (Unaudited) 6/30/95 (e,f) 12/31/94 12/31/93 (b)
----------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of
period ........... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
------- ------- ------- ------- ------- ------- ------- -------
Income from
investment
operations:
Net investment
income ........... 0.025 0.022 0.020 0.030 0.027 0.024 0.040 0.010
------- ------- ------- ------- ------- ------- ------- -------
Total from
investment
operations ....... 0.025 0.022 0.020 0.030 0.027 0.024 0.040 0.010
------- ------- ------- ------- ------- ------- ------- -------
Less
distributions:
Dividends from
net investment
income ........... (0.025) (0.022) (0.020) (0.030) (0.027) (0.024) (0.040) (0.010)
------- ------- ------- ------- ------- ------- ------- -------
Total
distributions .... (0.025) (0.022) (0.020) (0.030) (0.027) (0.024) (0.040) (0.010)
------- ------- ------- ------- ------- ------- ------- -------
Net asset value,
end of period .... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======= ======= ======= ======= ======= ======= ======= =======
Total return(c) ... 2.49% 2.17% 1.99% 2.97% 2.69% 2.44% 3.88% 0.96%
======= ======= ======= ======= ======= ======= ======= =======
Ratios to average
net assets/
supplemental
data:
Net assets,
end of period
(in 000's) ....... $ 25 $ 158 $ 371 $ 501 $285,650 $263,513 $145,685 $90,086
Ratio of
operating
expenses to
average net
assets ........... 0.86%(d) 1.61%(d) 1.60%(d) 1.60%(d) 0.61%(d) 0.60%(d) 0.60% 0.60%(d)
Ratio of net
investment
income to
average net
assets ........... 5.02%(d) 4.27%(d) 4.46%(d) 3.36%(d) 5.27%(d) 5.46%(d) 3.81% 2.57%(d)
Ratio of
operating
expenses to
average net
assets
without waivers .. 0.86%(d) 1.61%(d) 1.66%(d) 3.34%(d) 0.61%(d) 0.66%(d) 0.74% 0.73%(d)
Net investment
income
per share
without
waivers(g) ....... $ 0.025 $ 0.022 $ 0.020 $ 0.030 $ 0.027 $ 0.024 $ 0.040 $ 0.010
<FN>
- ----------------
(a) The Fund is authorized to issue Class C Shares. As of December 31, 1995,
the Fund had not begun selling Class C Shares.
(b) The Munder Money Market Class A Shares, Class B Shares and Class Y Shares
commenced operations on July 3, 1995, February 16, 1994 and August 18,
1993, respectively.
(c) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(d) Annualized.
(e) Fiscal year changed to June 30. Prior to this, the fiscal year end was
December 31.
(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) Amounts for periods prior to June 30, 1995 are unaudited.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Tax-Free Money Market Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
A Shares
----------------------------------------------------------------------------
Period
Ended Period Year Year Period
12/31/95 Ended Ended Ended Ended
(Unaudited) 6/30/95(a) 2/28/95(d) 2/28/94 2/28/93(e)
----------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- ----------
Income from investment operations:
Net investment income .............. 0.015 0.011 0.023 0.020 0.006
---------- ---------- ---------- ---------- ----------
Total from investment operations ... 0.015 0.011 0.023 0.020 0.006
---------- ---------- ---------- ---------- ----------
Less distributions:
Dividends from net investment income (0.015) (0.011) (0.023) (0.020) (0.006)
---------- ---------- ---------- ---------- ----------
Total distributions ................ (0.015) (0.011) (0.023) (0.020) (0.006)
---------- ---------- ---------- ---------- ----------
Net asset value, end of period ..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ==========
Total return(b) .................... 1.51% 1.09% 2.33% 1.99% 0.60%
========== ========== ========== ========== ==========
Ratios to average net
assets/supplemental data:
Net assets, end of period
(in 000's) ....................... $ 8,154 $ 8,530 $ 4,539 $ 4,525 $ 761
Ratio of operating expenses
to average net assets ............ 0.79%(c) 0.79%(c) 0.80% 0.58% 0.52%(c)
Ratio of net investment income
to average net assets ............ 3.06%(c) 3.26%(c) 2.29% 1.95% 2.06%(c)
Ratio of operating expenses to
average net assets
without waivers .................. 0.83%(c) 0.84%(c) 0.85% 0.63% 0.57%(c)
Net investment income per share
without waivers .................. $ 0.015 $ 0.011 $ 0.023 $ 0.019 $ 0.005
<FN>
- ----------------
(a) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) The Munder Tax-Free Money Market Fund Class A Shares and Class Y Shares
commenced operations on November 29, 1992 and March 14, 1990,
respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Tax-Free Money Market Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
- -----------------------------------------------------------------------------
Y Shares
----------------------------------------------------------------------------------------
Period
Ended Period Year Year Year Year Period
12/31/95 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/95(a) 2/28/95(d) 2/28/94 2/28/93 2/29/92 2/29/91(e)
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value,
beginning of period . $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- -------- --------
Income from investment
operations:
Net investment income . 0.017 0.012 0.026 0.020 0.025 0.039 0.051
-------- -------- -------- -------- -------- -------- --------
Total from investment
operations .......... 0.017 0.012 0.026 0.020 0.025 0.039 0.051
-------- -------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net
investment income ... (0.017) (0.012) (0.026) (0.020) (0.025) (0.039) (0.051)
-------- -------- -------- -------- -------- -------- --------
Total distributions ... (0.017) (0.012) (0.026) (0.020) (0.025) (0.039) (0.051)
-------- -------- -------- -------- -------- -------- --------
Net asset value,
end of period ....... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ======== ========
Total return(b) ....... 1.65% 1.19% 2.59% 2.02% 2.50% 3.99% 5.28%
======== ======== ======== ======== ======== ======== ========
Ratios to average net
assets/supplemental
data:
Net assets, end of
period (in 000's) ... $ 20,980 $ 23,430 $ 30,884 $ 53,798 $ 94,749 $102,453 $ 94,546
Ratio of operating
expenses to average
net assets .......... 0.54%(c) 0.54%(c) 0.55% 0.54% 0.50% 0.44% 0.45%(c)
Ratio of net investment
income to average net
assets .............. 3.31%(c) 3.51%(c) 2.54% 2.00% 2.45% 3.89% 5.30%(c)
Ratio of operating
expenses to average
net assets without
waivers ............. 0.58%(c) 0.59%(c) 0.60% 0.59% 0.58% 0.62% 0.66%(c)
Net investment income
per share without
waivers ............. $ 0.016 $ 0.012 $ 0.025 $ 0.020 $ 0.024 $ 0.037 $ 0.050
<FN>
- ----------------
(a) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) The Munder Tax-Free Money Market Fund Class A Shares and Class Y Shares
commenced operations on November 29, 1992 and March 14, 1990,
respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder U.S. Treasury Money Market Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
A Shares
----------------------------------------------------------------------
Period
Ended Period Year Year Period
12/31/95 Ended Ended Ended Ended
(Unaudited) 6/30/95(a) 2/28/95(d) 2/28/94 2/28/93(e)
----------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- ---------- ---------- ---------- ----------
Income from investment operations:
Net investment income .............................. 0.025 0.017 0.037 0.025 0.007
---------- ---------- ---------- ---------- ----------
Total from investment operations ................... 0.025 0.017 0.037 0.025 0.007
---------- ---------- ---------- ---------- ----------
Less distributions:
Dividends from net investment income ............... (0.025) (0.017) (0.037) (0.025) (0.007)
---------- ---------- ---------- ---------- ----------
Total distributions ................................ (0.025) (0.017) (0.037) (0.025) (0.007)
---------- ---------- ---------- ---------- ----------
Net asset value, end of period ..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ========== ========== ========== ==========
Total return(b) .................................... 2.49% 1.72% 3.72% 2.57% 0.74%
========== ========== ========== ========== ==========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 1,627 $ 1,117 $ 3,815 $ 725 $ 43
Ratio of operating expenses to average net assets .. 0.80%(c) 0.80%(c) 0.80% 0.61% 0.53%(c)
Ratio of net investment income to average net assets 4.87%(c) 5.13%(c) 3.63% 2.53% 2.61%(c)
Ratio of operating expenses to average net assets
without waivers .................................. 0.83%(c) 0.85%(c) 0.85% 0.66% 0.58%(c)
Net investment income per share without waivers .... $ 0.025 $ 0.017 $ 0.036 $ 0.025 $ 0.003
<FN>
- ----------------
(a) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) The Munder U.S. Treasury Money Market Fund Class A Shares and Class Y
Shares commenced operations on November 24, 1992 and March 14, 1990,
respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder U.S. Treasury Money Market Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
- -----------------------------------------------------------------------------
Y Shares
--------------------------------------------------------------------------------------
Period
Ended Period Year Year Year Year Period
12/31/95 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/95(a) 2/28/95(d) 2/28/94 2/28/93 2/29/92 2/29/91(e)
--------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period .. $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income ................. 0.026 0.018 0.039 0.026 0.030 0.050 0.068
-------- -------- -------- -------- -------- -------- --------
Total from investment operations ...... 0.026 0.018 0.039 0.026 0.030 0.050 0.068
-------- -------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income .. (0.026) (0.018) (0.039) (0.026) (0.030) (0.050) (0.068)
-------- -------- -------- -------- -------- -------- --------
Total distributions ................... (0.026) (0.018) (0.039) (0.026) (0.030) (0.050) (0.068)
-------- -------- -------- -------- -------- -------- --------
Net asset value, end of period ........ $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ======== ========
Total return(b) ....................... 2.61% 1.80% 4.01% 2.59% 3.05% 5.08% 6.97%
======== ======== ======== ======== ======== ======== ========
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) .. $212,424 $231,055 $240,590 $245,800 $102,429 $ 83,619 $ 88,498
Ratio of operating expenses to
average net assets .................. 0.55%(c) 0.55%(c) 0.55% 0.53% 0.51% 0.44% 0.45%(c)
Ratio of net investment income to
average net assets .................. 5.12%(c) 5.38%(c) 3.88% 2.56% 2.98% 4.95% 6.94%(c)
Ratio of operating expenses to
average net assets without waivers .. 0.58%(c) 0.60%(c) 0.60% 0.58% 0.60% 0.63% 0.66%(c)
Net investment income per share
without waivers ..................... $ 0.026 $ 0.018 $ 0.038 $ 0.025 $ 0.029 $ 0.048 $ 0.066
<FN>
- ----------------
(a) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) The Munder U.S. Treasury Money Market Fund Class A Shares and Class Y
Shares commenced operations on November 24, 1992 and March 14, 1990,
respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Cash Investment Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
- -----------------------------------------------------------------------------
A Shares
--------------------------------------------------------------
Period
Ended Period Year Year Period
12/31/95 Ended Ended Ended Ended
(Unaudited) 6/30/95(a) 2/28/95(d) 2/28/94 2/28/93(e)
--------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- --------
Income from investment operations:
Net investment income .............................. 0.026 0.018 0.039 0.026 0.007
-------- -------- -------- -------- --------
Total from investment operations ................... 0.026 0.018 0.039 0.026 0.007
-------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income ............... (0.026) (0.018) (0.039) (0.026) (0.007)
-------- -------- -------- -------- --------
Total distributions ................................ (0.026) (0.018) (0.039) (0.026) (0.007)
-------- -------- -------- -------- --------
Net asset value, end of period ..................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ========
Total return(b) .................................... 2.62% 1.78% 3.97% 2.68% 0.69%
======== ======== ======== ======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ............... $ 68,638 $ 52,530 $ 40,239 $ 32,913 $ 2,296
Ratio of operating expenses to average net assets .. 0.76%(c) 0.77%(c) 0.80% 0.59% 0.53%(c)
Ratio of net investment income to average net assets 5.14%(c) 5.39%(c) 4.02% 2.68% 2.79%(c)
Ratio of operating expenses to average net assets
without waivers .................................. 0.78%(c) 0.79%(c) 0.83% 0.64% 0.58%(c)
Net investment income per share without waivers .... $ 0.026 $ 0.018 $ 0.039 $ 0.026 $ 0.007
<FN>
- ----------------
(a) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) The Munder Cash Investment Fund Class A Shares and Class Y Shares
commenced operations on December 1, 1992 and March 14, 1990, respectively.
See Notes to Financial Statements.
</TABLE>
<TABLE>
<CAPTION>
The Munder Cash Investment Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
- -----------------------------------------------------------------------------
Y Shares
----------------------------------------------------------------------------------------
Period
Ended Period Year Year Year Year Period
12/31/95 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/95(a) 2/28/95(d) 2/28/94 2/28/93 2/29/92 2/29/91(e)
----------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income .............. 0.027 0.019 0.042 0.027 0.031 0.052 0.073
-------- -------- -------- -------- -------- -------- --------
Total from investment operations ... 0.027 0.019 0.042 0.027 0.031 0.052 0.073
-------- -------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment income (0.027) (0.019) (0.042) (0.027) (0.031) (0.052) (0.073)
-------- -------- -------- -------- -------- -------- --------
Total distributions ................ (0.027) (0.019) (0.042) (0.027) (0.031) (0.052) (0.073)
-------- -------- -------- -------- -------- -------- --------
Net asset value, end of period ..... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ======== ========
Total return(b) .................... 2.74% 1.87% 4.23% 2.70% 3.17% 5.30% 7.56%
======== ======== ======== ======== ======== ======== ========
Ratios to average net
assets/supplemental data:
Net assets, end of period (in 000's) $360,869 $340,394 $324,793 $282,363 $320,296 $317,943 $317,545
Ratio of operating expenses to
average net assets ............... 0.51%(c) 0.52%(c) 0.55% 0.53% 0.48% 0.44% 0.45%(c)
Ratio of net investment income to
average net assets ............... 5.39%(c) 5.64%(c) 4.27% 2.66% 3.12% 5.12% 7.43%(c)
Ratio of operating expenses to
average net assets without waivers 0.53%(c) 0.54%(c) 0.58% 0.58% 0.59% 0.63% 0.65%(c)
Net investment income per share
without waivers .................. $ 0.027 $ 0.019 $ 0.041 $ 0.026 $ 0.030 $ 0.050 $ 0.071
<FN>
- ----------------
(a) Fiscal year end was changed to June 30. Prior to this, the fiscal year end
was the last day of February.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(e) The Munder Cash Investment Fund Class A Shares and Class Y Shares
commenced operations on December 1, 1992 and March 14, 1990, respectively.
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Notes To Financial Statements, December 31, 1995 (Unaudited)
- ------------------------------------------------------------------------------
1. Organization and Significant Accounting Policies
The Munder Funds, Inc. ("MFI") is registered under the Investment
Company Act of 1940, as amended, (the "1940 Act"), as an open-end investment
company, which was organized as a Maryland corporation on November 18, 1992.
The Munder Funds Trust ("MFT") is registered under the 1940 Act, as an
open-end investment company, which was organized as a Massachusetts business
trust on August 30, 1989. MFI and MFT consist of 20 portfolios (each a "Fund"
collectively, the "Munder Funds"), as follows:
MFI:
Equity Funds
Munder Multi-Season Growth Fund
Munder Real Estate Equity Investment Fund
Munder Mid-Cap Growth Fund
Munder Value Fund
Money Market Fund
Munder Money Market Fund
MFT:
Equity Funds
Munder Accelerating Growth Fund
Munder Small Company Growth Fund
Munder International Equity Fund
Munder Index 500 Fund
Munder Growth & Income Fund
Munder Balanced Fund
Income Funds
Munder Bond Fund
Munder Intermediate Bond Fund
Munder U.S. Government Income Fund
Munder Michigan Triple Tax-Free Bond Fund
Munder Tax-Free Bond Fund
Munder Tax-Free Intermediate Bond Fund
Money Market Funds
Munder Tax-Free Money Market Fund
Munder U.S. Treasury Money Market Fund
Munder Cash Investment Fund
The Equity Funds (with the exception of the Munder Index 500 Fund) and
the Income Funds offer five classes of shares -- Class A, Class B, Class C,
Class K and Class Y Shares. The Munder Index 500 Fund offers four classes of
shares -- Class A, Class B, Class K and Class Y Shares. The Money Market Funds
of MFT offer three classes of shares -- Class A, Class K and Class Y Shares.
The Munder Money Market Fund offers four classes of shares -- Class A, Class
B, Class C and Class Y Shares. The Financial Highlights of Class K Shares are
presented in a separate semi-annual report. Each Fund is classified as a
diversified management investment company under the 1940 Act, other than the
Munder Tax-Free Intermediate Bond Fund and the Munder Michigan Triple Tax-Free
Bond Fund which are classified as non-diversified due to their intention to
invest their assets, when possible, in municipal obligations issued by the
State of Michigan and its political subdivisions.
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts and disclosures in the financial
statements. Actual results could differ from those estimates. The following is
a summary of significant accounting policies followed by the Funds in the
preparation of their financial statements:
Security Valuation: With respect to the Equity and Income Funds,
securities (including financial futures) traded on a recognized stock exchange
or on the NASDAQ National Market System 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. Securities for which
there were no transactions are valued at the average of the current bid and
asked prices. Securities traded only on over-the-counter markets are valued on
the basis of closing over-the-counter bid prices. Restricted securities,
securities for which market quotations are not readily available, and other
assets are valued at fair value by the advisor, under the supervision of the
Boards of Trustees and Directors. Portfolio securities primarily traded on the
London Stock Exchange are generally valued at the mid-price between the
current bid and asked prices. Portfolio securities that are primarily traded
on foreign securities exchanges, other than the London Stock Exchange, are
generally valued at the preceding closing values of such securities on their
respective exchanges, except when an occurrence subsequent to the time a value
was so established is likely to have changed such value. In such an event, the
fair value of those securities will be determined through the consideration of
other factors by or under the direction of the Boards of Trustees and
Directors. Debt securities with remaining maturities of 60 days or less at the
time of purchase are valued on an amortized cost basis, which approximates
current market value. Debt securities in the Money Market Funds are also
valued on an amortized cost basis, which approximates current market value.
Under this method, securities are valued initially at cost when purchased (or
on the 61st day before maturity). Thereafter, a constant proportionate
amortization of any discount or premium is recorded until maturity of the
security. Regular review and monitoring of the valuation of securities held by
the Money Market Funds is performed pursuant to procedures established by the
Boards of Trustees and Directors. Each Money Market Fund seeks to maintain a
net asset value per share of $1.00.
Forward Foreign Currency Contracts: Each Equity Fund may engage in
forward foreign currency contracts in an effort to reduce the level of
volatility caused by changes in foreign currency exchange rates. The Funds may
use forward foreign currency contracts to facilitate transactions in foreign
securities and to manage a Fund's currency exposure. Forward foreign currency
contracts are valued at the exchange rate and are marked-to-market daily. The
change in market value is recorded by the Fund as an unrealized gain or loss.
When the contract is closed, the Fund records a realized gain or loss equal to
the difference between the value of the contract at the time it was opened and
the value at the time it was closed.
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 are maintained in United States (U.S.) dollars. Foreign
currencies, investments and other assets and liabilities are translated into
U.S. dollars at the exchange rates prevailing at the end of the period.
Purchases and sales of investment securities and items of income and expense
are translated on the respective dates of such transactions. Unrealized gains
and losses, not relating to securities, which result from changes in foreign
currency exchange rates have been included in the unrealized appreciation/
(depreciation) of foreign currency and net other assets. Net realized foreign
currency gains and losses resulting from changes in exchange rates include
foreign currency gains and losses between trade date and settlement date on
investment security transactions, foreign currency transactions and the
difference between the amounts of interest and dividends recorded on the books
of the Fund and the amounts actually received. The portion of foreign currency
gains and losses related to fluctuation in exchange rates between the initial
purchase trade date and subsequent sale trade date is included in realized
gains and losses on investment securities sold.
Futures Contracts: The Munder Index 500 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, the 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) is shown in the financial statements.
There are several risks in connection with the use of futures contracts
as a hedging device. The change in value of futures contracts primarily
corresponds with the value of their underlying instruments, which may not
correlate with the change in value of the hedged investments. In addition,
there is the risk that the Fund may not be able to enter into a closing
transaction because of an illiquid secondary market.
Repurchase Agreements: Each Fund may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the Fund
takes possession of an underlying debt obligation subject to an obligation of
the seller to repurchase, and the Fund to resell, the obligation at an
agreed-upon price and time, thereby determining the yield during the Fund's
holding period. This arrangement results in a fixed rate of return that is not
subject to market fluctuations during the Fund's holding period. The value of
the collateral is at least equal, at all times, to the total amount of the
repurchase obligations, including interest. In the event of counterparty
default, the Fund has the right to use the collateral to satisfy the terms of
the repurchase agreement. However, there could be potential loss to the Fund
in the event the Fund is delayed or prevented from exercising its right to
dispose of the collateral securities, including the risk of a possible decline
in the value of the collateral securities during the period while the Fund
seeks to assert its rights. The Munder Fund's investment advisor, acting under
the supervision of the Boards of Trustees and Directors, reviews the value of
the collateral and the creditworthiness of those banks and dealers with which
a Fund enters into repurchase agreements to evaluate potential risks.
Security Transactions and Investment Income: Security transactions are
recorded on the trade date. The cost of investments sold is determined by use
of the specific identification method for both financial reporting and income
tax purposes. Interest income is recorded on the accrual basis. Dividends are
recorded on the ex-dividend date, except that certain dividends from foreign
securities are recorded as soon as the Fund is informed of the ex-dividend
date. General expenses of the 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 quarterly by the Equity Funds
(excluding the Munder Multi-Season Growth Fund, Munder Mid-Cap Growth Fund,
Munder International Equity Fund and the Munder Value Fund for which dividends
are declared and paid at least annually and the Munder Real Estate Equity
Investment Fund for which dividends are declared and paid monthly); declared
and paid monthly by the Income Funds; and declared daily and paid monthly by
the Money Market Funds. Each Fund's net realized capital gains (including net
short-term capital gains), if any, are declared and distributed at least
annually. Distributions to shareholders are recorded on the ex-dividend date.
Income dividends and capital gain distributions are determined in
accordance with income tax regulations which may differ from generally
accepted accounting principles. These differences are primarily due to
differing treatments of income and gains on various investment securities held
by a Fund, timing differences and differing characterization of distributions
made by a Fund as a whole.
As determined at June 30, 1995, permanent differences resulting from
different book and tax accounting for organizational costs, net operating
losses, different book and tax accounting for currency gains and losses and
market discount of certain debt instruments were reclassified to paid-in
capital at year end. These reclassifications had no effect on net investment
income, net assets or net asset value per share.
Federal Income Taxes: Each Fund intends to continue to qualify as a
regulated investment company by complying with the requirements of the
Internal Revenue Code of 1986, as amended, applicable to regulated investment
companies and to distribute substantially all of its earnings to its
shareholders. Therefore, no Federal income or excise tax provision is
required.
2. Investment Advisor, Administrator, Custodian, Transfer Agent and Other
Related Party Transactions
Munder Capital Management (the "Advisor"), an independent investment
management firm, serves as each Fund's advisor. For its advisory services, the
Advisor is entitled to receive from each Fund a fee, computed daily and
payable monthly, based on the average daily net assets of the respective Fund,
at the following annual rates:
<TABLE>
<CAPTION>
Fees on Assets
Fees on Assets Between Fees on Assets
up to $250 and Exceeding
$250 Million $500 million $500 Million
-------------- ---------------- --------------
<S> <C> <C> <C>
Munder Index 500 Fund..... 0.20% 0.12% 0.07%
</TABLE>
<TABLE>
<CAPTION>
Fees on Assets Fees on Assets
up to Exceeding
$500 Million $500 Million
------------ --------------
<S> <C> <C>
Munder Multi-Season Growth Fund.... 1.00% 0.75%
</TABLE>
<TABLE>
<CAPTION>
Fees on Average
Daily Net Assets
----------------
<S> <C>
The Income Funds .................................... 0.50%
Munder Accelerating Growth Fund, Munder Small Company
Growth Fund, Munder International Equity Fund and
Munder Growth & Income Fund ....................... 0.75%
Munder Real Estate Equity Investment Fund, Munder
Mid-Cap Growth Fund and Munder Value Fund ......... 0.74%
Munder Balanced Fund ................................ 0.65%
The Money Market Funds (excluding Munder Money Market
Fund) ............................................. 0.35%
Munder Money Market Fund ............................ 0.40%
</TABLE>
Prior to October 28, 1995, the Advisor was entitled to receive
investment advisory fees at the following annual rates: 0.74% of the first
$500 million of average daily net assets and 0.50% of daily net assets in
excess of $500 million for the Income Funds; 1.00% of average daily net assets
up to $250 million, 0.85% of average daily net assets between $250 million and
$500 million, and 0.75% of average daily net assets exceeding $500 million for
the Accelerating Growth, Small Company Growth, International Equity, Growth &
Income Fund and Balanced Fund; and 0.40% of average daily net assets up to
$500 million and 0.35% of average daily net assets exceeding $500 million for
the Tax-Free Money Market, U.S. Treasury Money Market and Cash Investment
Funds.
The Advisor voluntarily waived all or a portion of its advisory fees,
payable by each Fund, for the period ended December 31, 1995, as reflected in
the Statement of Operations. For the period ended December 31, 1995, the
Advisor reimbursed expenses of $15,000, $14,000 and $14,000 to the Munder Real
Estate Equity Investment Fund, the Munder Mid-Cap Growth Fund and the Munder
Value Fund.
First Data Investor Services Group, Inc. ("First Data"), formerly The
Shareholder Services Group, Inc., (the "Administrator"), serves as the Munder
Funds administrator and assists in all aspects of their administration and
operations. First Data also serves as the Munder Fund's transfer agent and
dividend disbursing agent ("Transfer Agent").
As compensation for its services, the Administrator is entitled to
receive a fee, based on the aggregate average daily net assets of the Funds
computed daily and payable monthly, at an annual rate of 0.12% of the first
$2.8 billion of net assets, plus 0.105% of the next $2.2 billion of net
assets, plus 0.10% of all net assets in excess of $5 billion. As compensation
for its services, the Transfer Agent is entitled to receive a fee, based on
the aggregate average daily net assets of the Funds computed daily and payable
monthly, at an annual rate of 0.02% of the first $2.8 billion of net assets,
plus 0.015% of the next $2.2 billion of net assets, plus 0.01% of net assets
in excess of $5 billion. The Transfer Agent and Administrator are also
entitled to reimbursement for out-of-pocket expenses. The Administrator has
entered into a Sub-Administration Agreement with Funds Distributor, Inc.
("FDI" or the "Distributor") under which FDI provides certain administrative
services with respect to the Funds. The Administrator pays FDI a fee for these
services out of its own resources at no additional cost to the Funds.
Comerica Bank ("Comerica") provides custodial services to the Funds. As
compensation for its services, Comerica is entitled to receive fees, based on
the aggregate average daily net assets of the Funds computed daily and payable
monthly at an annual rate of 0.03% of the first $100 million of average daily
net assets, plus 0.02% of the next $500 million of net assets, plus 0.01% of
net assets in excess of $600 million. Comerica also receives certain
transaction based fees. Comerica earned $331,402 for its services to the Funds
for the period ended December 31, 1995. Boston Safe Deposit and Trust Company
("Boston Safe") serves as the custodian of foreign securities for the Munder
Multi-Season Growth Fund, the Munder Accelerating Growth Fund, the Munder
Small Company Growth Fund, the Munder Mid-Cap Growth Fund, the Munder
International Equity Fund, the Munder Value Fund, the Munder Bond Fund and the
Munder Intermediate Bond Fund.
The Munder Funds pay each Trustee or Director $14,000 per year,
consisting of a $2,500 quarterly retainer for services in such capacity plus
$1,000 for each meeting attended per year, plus out-of-pocket expenses
incurred as a Board member. The Trustees or Directors are also reimbursed for
any expenses incurred by them in connection with their duties as Trustees or
Directors. No officer, director or employee of the Advisor, Comerica, Boston
Safe, FDI or First Data currently receives any compensation from The Munder
Funds.
3. Shareholder Distribution and Service Plans
FDI serves as the distributor of the Munder Funds shares. For the period
ended December 31, 1995, the Distributor received $75,314, representing
commissions (sales charges) on sales of Class A Shares of the Funds. For the
period ended December 31, 1995, the Distributor received $47,815 in contingent
deferred sales charges from Class B and Class C Shares of the Funds.
The Munder Funds have adopted Shareholder Servicing Plans and
Distribution and Service Plans (collectively, the "Plans") pursuant to Rule
12b-1, adopted by the Securities and Exchange Commission under the 1940 Act,
with respect to the Class A, Class B and Class C Shares. Under the Plans, the
Distributor uses the service fees primarily to pay ongoing trail commissions
to securities dealers and other financial institutions and organizations
(collectively, the "Service Organizations") who provide shareholder services
for the Funds. The Plans also permit payments to be made by the Funds to the
Distributor for expenditures incurred by the Distributor in connection with
the distribution of Fund shares to investors and provision of certain
shareholder services (which include but are not limited to the payment of
compensation, including compensation to Service Organizations to obtain
various distribution related services for the Funds). The Munder Funds have
also adopted Shareholder Servicing Plans (the "Class K Plans") for the Class K
Shares of the Funds. Under the Class K Plans, the Munder Funds are permitted
to enter into agreements with institutions that provide shareholder services
to their customers. For the period ended December 31, 1995, the contractual
rates, as a percentage of average daily net assets, under the Shareholder
Servicing and Distribution and Servicing Plans are as follows:
<TABLE>
<CAPTION>
Class A Shares Class B Shares Class C Shares Class K Shares
12b-1 Fees 12b-1 Fees 12b-1 Fees Service Fees
-------------- -------------- -------------- --------------
<S> <C> <C> <C> <C>
The Equity Funds (excluding the Munder Index 500
Fund) ........................................ 0.25% 1.00% 1.00% 0.25%
Munder Index 500 Fund .......................... 0.10% 0.45% N/A 0.25%
The Income Funds ............................... 0.25% 1.00% 1.00% 0.25%
The Money Market Funds:
Munder Money Market Fund ....................... 0.25% 1.00% 1.00% N/A
Munder Tax-Free Money Market Fund .............. 0.25% N/A N/A 0.15%
Munder U.S. Treasury Money Market Fund ......... 0.25% N/A N/A 0.15%
</TABLE>
<TABLE>
<CAPTION>
Class A Shares Class K Shares
Service Fees Service Fees
-------------- --------------
<S> <C> <C>
Munder Cash Investment Fund.... 0.25% 0.15%
</TABLE>
4. Securities Transactions
For the period ended December 31, 1995, 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 Multi-Season Growth Fund ......... $109,758,974 $ 88,347,709
Munder Real Estate Equity Investment Fund 12,634,528 735,134
Munder Accelerating Growth Fund ......... 191,955,843 251,857,596
Munder Small Company Growth Fund ........ 75,065,012 72,326,137
Munder Mid-Cap Growth Fund .............. 27,694,168 9,489,713
Munder International Equity Fund ........ 66,532,995 39,331,213
Munder Index 500 Fund ................... 24,706,012 10,277,872
Munder Growth & Income Fund ............. 48,632,976 22,413,140
Munder Value Fund ....................... 45,082,600 19,927,467
Munder Balanced Fund .................... 44,466,596 44,407,876
Munder Bond Fund ........................ 327,473,517 307,654,132
Munder Intermediate Bond Fund ........... 477,564,164 655,493,513
Munder U.S. Government Income Fund ...... 11,195,443 15,736,478
Munder Michigan Triple Tax-Free Bond Fund 4,727,601 5,983,223
Munder Tax-Free Bond Fund ............... 32,531,356 61,252,442
Munder Tax-Free Intermediate Bond Fund .. 25,728,203 28,530,822
</TABLE>
For the period ended December 31, 1995, purchases and sales of U.S.
Government securities, excluding short-term investments were as follows:
<TABLE>
<CAPTION>
Cost of Purchases Proceeds from Sales
----------------- -------------------
<S> <C> <C>
Munder Balanced Fund ............. $ 15,665,328 $ 17,289,080
Munder Bond Fund ................. 181,949,665 195,053,918
Munder Intermediate Bond Fund .... 704,418,903 502,680,062
Munder U.S. Government Income Fund 88,915,530 96,870,056
</TABLE>
At December 31, 1995, 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 Multi-Season Growth Fund ......... $62,493,147 $2,301,400
Munder Real Estate Equity Investment Fund 1,310,755 37,648
Munder Accelerating Growth Fund ......... 39,128,766 5,019,735
Munder Small Company Growth Fund ........ 41,559,401 3,588,760
Munder Mid-Cap Growth Fund .............. 1,486,667 1,194,313
Munder International Equity Fund ........ 33,606,852 639,029
Munder Index 500 Fund ................... 36,945,903 1,588,113
Munder Growth & Income Fund ............. 31,593,765 913,520
Munder Value Fund ....................... 2,109,836 613,495
Munder Balanced Fund .................... 6,593,893 343,068
Munder Bond Fund ........................ 7,247,775 358,107
Munder Intermediate Bond Fund ........... 6,014,962 1,776,463
Munder U.S. Government Income Fund ...... 7,929,958 389,058
Munder Michigan Triple Tax-Free Bond Fund 989,911 55,708
Munder Tax-Free Bond Fund ............... 15,285,111 69,584
Munder Tax-Free Intermediate Bond Fund .. 14,424,217 67,580
</TABLE>
5. Concentration of Credit
The Munder Tax-Free Intermediate Bond Fund and Munder Michigan Triple
Tax-Free Bond Fund primarily invest in debt obligations issued by the State of
Michigan and local governments in the State of Michigan, its political
subdivisions, agencies and public authorities to obtain funds for various
public purposes. The two Funds are more susceptible to factors adversely
affecting issuers of Michigan municipal securities than is a municipal bond
fund that is not concentrated in these issuers to the same extent. Economic
changes affecting the state and certain of its public 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 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.
6. Foreign Securities
The Munder International Equity Fund invests primarily in foreign
securities. Investing in securities of foreign companies and foreign
governments involves special risks and considerations not typically associated
with investing in U.S. companies and the 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.
7. Organizational Costs
Expenses incurred in connection with the organization of the Funds,
including the fees and expenses of registering and qualifying its shares for
distribution under Federal securities regulations, are being amortized on a
straight-line basis over a period of 5 years from commencement of operations.
8. Capital Loss Carryforwards
As determined at June 30, 1995, the following Funds had available for
Federal income tax purposes, unused capital losses as follows:
<TABLE>
<CAPTION>
Fund Amount Expiration
---- ------ ----------
<S> <C> <C>
Munder Multi-Season Growth Fund ......... $ 2,588,502 2003
Munder International Equity Fund ........ 406,805 2002
2,149,275 2003
Munder Balanced Fund .................... 172,583 2002
1,783,000 2003
Munder Bond Fund ........................ 470,092 2002
10,329,288 2003
Munder Intermediate Bond Fund ........... 15,284,729 2003
Munder U.S. Government Income Fund ...... 946,213 2003
Munder Michigan Triple Tax-Free Bond Fund 301,387 2003
Munder Tax-Free Bond Fund ............... 559,311 2003
Munder Tax-Free Intermediate Bond Fund .. 1,305,925 2003
Munder Tax-Free Money Market Fund ....... 14,500 1999
20,091 2000
57,257 2001
39,684 2002
27,379 2003
Munder Cash Investment Fund ............. 556 1996
4,895 2000
1,650 2001
</TABLE>
9. Reorganization
On June 23, 1995, the Munder Multi-Season Growth Fund (Acquiring Fund)
acquired the assets and certain liabilities of the Ambassador Established
Company Growth Fund (Acquired Fund), in exchange for shares of the Acquiring
Fund, pursuant to a plan of tax-free reorganization approved by the Acquired
Fund's shareholders on June 21, 1995. Total shares issued by the Acquiring
Fund, the value of the shares issued by the Acquiring Fund, the total net
assets of the Acquired Fund and the Acquiring Fund and the unrealized
appreciation included in the Acquired Fund's total net assets on the acquiring
date were as follows:
<TABLE>
<CAPTION>
Shares Value of Total Net Total Net Acquired
Issued by Shares Issued Assets of Assets of Fund
Acquiring by Acquiring Acquired Acquiring Unrealized
Acquiring Fund Acquired Fund Fund Fund Fund* Fund Appreciation
- ------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C>
Munder Multi-Season Ambassador Established
Growth Fund....... Company Growth Fund 15,524,720 $189,282,737 $189,260,209 $71,358,360 $27,807,281
<FN>
- ----------------
* The value of the net assets of the Acquiring Fund immediately after the
acquisition was $260,618,569.
[ INSIDE BACK COVER ]
The Munder Funds
BOARDS OF DIRECTORS AND TRUSTEES
Charles W. Elliott, Chairman
John Rakolta, Jr., Vice Chairman
Thomas B. Bender
David J. Brophy
Joseph E. Champagne
Thomas D. Eckert
Jack L. Otto
Arthur DeRoy Rodecker
OFFICERS
Lee Munder, President
Leonard J. Barr II, Vice President
Elyse G. Essick, Vice President
Terry H. Gardner, Vice President, CFO and Treasurer
Ann F. Putallaz, Vice President
James C. Robinson, Vice President
Gerald L. Seizert, Vice President
Paul D. Tobias, Vice President
Richard H. Rose, Assistant Treasurer
Patricia L. Bickimer, Secretary
Lisa Anne Rosen, Assistant Secretary
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
ADMINISTRATOR AND TRANSFER AGENT
First Data Investor Services Group, Inc.
53 State Street
Boston, MA 02109
DISTRIBUTOR
Funds Distributor, Inc.
53 State Street, 10th floor
Boston, MA 02109
CUSTODIAN
Comerica Bank
411 West Lafayette
Detroit, MI 48226
LEGAL COUNSEL
Dechert Price & Rhoads
1500 K Street, N.W. 500
Washington, D.C. 20005
INDEPENDENT AUDITORS
Ernst & Young
200 Clarendon Street
Boston, MA 02116
</TABLE>
