(OUTSIDE FRONT COVER)
CLASS A, B, C & Y SHARES
Semi-Annual
Report
[LOGO]
Investments December 31, 1996
for all seasons
THE MUNDER INCOME &
MONEY MARKET FUNDS
(INSIDE FRONT COVER)
"This has been
a very gratifying
period . . .
performance has
consistently improved
while we have
maintained a focus
on limiting risk."
The Munder Funds
Letter to shareholders
DEAR FELLOW SHAREHOLDERS:
This has been a very gratifying period for The Munder Funds. Since
assuming responsibility for additional funds as part of our 1995 partnership
with Comerica, Inc., performance has consistently improved while we have
maintained a focus on limiting risk. For the six months ended December 31,
1996, 13 of our actively managed funds (Class Y shares) placed above median
compared to their peer group. I hope that as a shareholder of these funds,
you are as pleased as we are with this performance. My associates and I thank
you for your continued confidence and support and we will continue to work
diligently to improve the performance of all the funds.
First and foremost we remain committed to offering shareholders a
host of funds which invest within well defined investment disciplines. I
commit to you that we will adhere to each fund's stated parameters and
investment style. Our newest initiatives have been developed for us to keep
you apprised of your portfolio. First is our work with the Internet and our
Web site http://www.munder.com. We broke new ground in the industry this year
when we began posting our mutual fund trades on our Web site. This enables
you to frequently see how your portfolio is changing. Additional internet
initiatives also include a new fund which invests solely in companies
designed to benefit from the Internet. Early in 1997, we will begin testing a
new system to allow shareholders to access their accounts via the Internet
and purchase additional shares and obtain account information. As your
privacy of this privileged information is of the utmost importance to us, we
are proceeding prudently with our service providers to ensure the security of
all account information related to our shareholders.
We have also added several new funds to fill particular niches in
your portfolio. Specifically, the Small-Cap Value and Micro-Cap Equity funds
were opened in late December. Three new funds that are managed by our
overseas affiliate, Framlington, opened in early January. The three new
international funds are the Munder Framlington Healthcare Fund, Munder
Framlington International Growth Fund and Munder Framlington Emerging Markets
Fund. We are especially proud of our relationship with Framlington, and look
forward to being able to offer you their nearly 30 years of expert investment
experience within the Munder Family of Funds.
I look forward to sharing additional progress and successes with you
throughout the coming year. As always, please feel free to call your
financial advisor if you have any questions, or call us at The Munder Funds
at 1.800.4MUNDER.
/s/ Lee Munder
- --------------
Lee Munder President
Table of Contents
-----------------
FIXED INCOME FUNDS OVERVIEW
iii Munder Bond Fund
iii Munder Intermediate Bond Fund
iii Munder International Bond Fund
iv Munder U.S. Government Income Fund
iv Munder Michigan Triple Tax-Free Bond Fund
v Munder Tax-Free Bond Fund
v Munder Tax-Free Intermediate Bond Fund
PORTFOLIO OF INVESTMENTS-
Income Funds:
1 Munder Bond Fund
4 Munder Intermediate Bond Fund
7 Munder International Bond Fund
10 Munder U.S. Government Income Fund
13 Munder Michigan Triple Tax-Free Bond Fund
17 Munder Tax-Free Bond Fund
23 Munder Tax-Free Intermediate Bond Fund
Money Market Funds:
30 Munder Cash Investment Fund
33 Munder Money Market Fund
35 Munder Tax-Free Money Market Fund
44 Munder U.S. Treasury Money Market Fund
46 Financial Statements
78 Financial Highlights
106 Notes to Financial Statements
---------
Mutual fund shares are not deposits or obligations of, or guaranteed or
endorsed by any bank and are not federally insured by the Federal Deposit
Insurance Corporation, the Federal Reserve Board, or any other agency. All
mutual fund shares involve certain risks, including possible loss of
principal.
i
Management's Discussion of Funds Performance
--------------------------------------------
The Investment Environment
During the past year, volatility in economic data and therefore
expectations about the economy translated into significant fluctuations in
stock and bond prices. Early in the year, stronger than expected employment
reports led to fears that the economy was beginning to grow rapidly enough to
trigger pressures on labor costs and inflation. Employment reports released
on the first Friday of every month became one of the most scrutinized pieces
of economic data. Interest rates rose along with fears that rapid growth
would lead to inflation. Investors came to anticipate significant tightening
by the Federal Reserve Board. Bonds performed poorly while aggressive growth
stocks did well.
In the second half of the year, fears of rapid economic growth and
inflation gave way to concerns that the economy might be slowing more than
anticipated. Interest rates fell. Investors turned from aggressive growth
stocks to more defensive holdings. These tended to be the stocks of larger
companies, particularly those that have shown the ability to maintain strong
and consistent earnings increases in an environment of slow economic growth.
The year ended with no signs of either an economic boom or bust. The
National Purchasing Managers' Index, a widely followed measure of industrial
activity, rose to 54.0 in December, with no indicators that pointed to either
runaway growth or recession.
Currently, there are no excesses or imbalances in the economy that signal
an end to the expansion. While growth in personal income and high levels of
consumer confidence would appear to create the conditions for a consumer-led
spending boom, these positive factors are offset by high levels of consumer
debt. The net result is likely to be a continuation of the moderate growth
and low inflation scenario that prevailed in 1996. However, the volatility in
both data and expectations that characterized 1996 will doubtless continue
into 1997. In fact, the safest prediction would appear to be that volatility
will not only continue but increase as we move through 1997.
Fixed Income Funds Overview
Overall during the last half of the year ended December 31, 1996 interest
rates fell and bond prices rose in response to economic data that pointed to
slow growth and low inflation. This rally in the bond market, which began in
late summer, was not powerful enough to fully offset the interest rate
increases which had taken place earlier in the year. As a result, the best
performing fixed income securities for 1996 as a whole were those with
short-term maturities of one year or less. Returns for longer-term securities,
such as the 30 year Treasury bond, were negative, with the fall in prices
more than offsetting the coupon income. For the year, the total return of the
Lehman Government/Corporate Bond Index was 2.9% and the return for the
Lehman Intermediate Government/Corporate Bond Index was 4.05%. For the period
from July 1 through December 31, 1996, the comparable performance figures
were 4.88% and 4.27% respectively.
Mortgage-related securities underperformed in the fourth quarter, as
interest rates fell and investors began to fear faster pre-payments of
principal. For the first time in five years, however, mortgage-related
securities provided the best annual return (absolute and risk-adjusted) of
all high grade sectors. Corporate bonds outperformed Treasuries for both
the fourth quarter and the year as a whole.
ii
The Munder Funds' performance data included in this piece are based on the
returns of the Y class of shares. Comparable returns for the Funds' other
classes of shares can be found in the table of Financial Highlights.
[Please Note: In the following commentary, the performance of the Munder Bond
Funds is compared to both Lipper median returns and Lehman Indexes. Unlike
mutual funds, the Lehman Indexes do not represent actual funds and therefore
have no expenses netted against their returns. The returns for Munder Funds
are calculated after the deduction of all expenses]
MUNDER BOND FUND
Fund Manager: James C. Robinson and Greg A. Prost, CFA
The Fund earned a return of 4.64% for the six-month period ended
December 31, 1996, relative to the 4.81% return for the Lehman
Government/Corporate Index and a 4.89% average return for the Lipper universe
of corporate debt A rated funds. The Fund has earned above-average returns
for the one-year time period ended December 31,1996.
During the fourth quarter of 1996, the Fund was overweighted in
mortgage-backed securities and underweighted in corporate bonds. This
hindered performance slightly, given the rally in the bond market through
much of the fourth quarter
MUNDER INTERMEDIATE BOND FUND
Fund Manager: Anne K. Kennedy
The Fund generated a return of 3.94% for the six-month period ended
December 31, 1996, relative to the 3.81% return for the Lehman Intermediate
Government/Corporate Bond Index and a 3.95% average return for the Lipper
universe of short intermediate investment grade debt funds.
The Fund's duration (sensitivity to changes in interest rates) is set
equal to that of the Lehman Intermediate Government/Corporate Bond Index.
This Index, and therefore the Fund, tend to have a longer duration (greater
price sensitivity to changes in interest rates) than the Lipper universe.
This boosted the Fund's performance relative to the Lipper universe, given
the decline in interest rates and corresponding increase in bond prices
during the fourth quarter.
MUNDER INTERNATIONAL BOND FUND
Fund Managers: Sharon F. Fayolle and Gregory A. Prost, CFA
The Fund earned a return of -0.55% for December relative to the -0.70%
return for the Salomon Brothers Non-U.S.$ World Government Bond Index and the
- -0.12% average return for the Lipper universe of international income funds.
For the inception date (October 2, 1996) to December 31, 1996 time period, the
Fund was up 2.43%. The Fund's performance relative to the Salomon Index was
aided by an overweighting in the United Kingdom ("U.K.") and an
underweighting in Japan. The U.K. is the only country in the Index that is
currently experiencing any real economic improvement. The result has been the
attraction of foreign capital to the U.K. and the appreciation of the British
pound.
Japan's economy, in contrast, has continued its sluggishness despite
extremely low interest rates. In an attempt to aid the economy, the Japanese
government has also allowed the yen to depreciate against the dollar to
increase the attractiveness of Japanese exports. The low level of Japanese
interest rates has put further pressure on the yen by forcing Japanese
institutions to look outside Japan for investment opportunities.
iii
Although the Fund had strong performance relative to the Salomon Index,
its performance did not fare as well against its Lipper universe. Many funds
in the Lipper universe invest in lower quality securities in emerging
markets. These securities, which had strong performance during the quarter,
are not held in the Fund.
The Munder International Bond Fund is among a relatively small group of
foreign bond funds that invest primarily in high quality, non-U.S. securities
on an unhedged basis. Many foreign bond funds hold emerging market bonds,
hedge most of their investments into U.S. dollars or have a significant
percentage of assets invested in U.S. securities. Our view is that a primary
reason for investing in an international bond fund is to provide
diversification. Therefore, the Fund avoids U.S. securities and does not
hedge against currency exposure. Hedging currency exposure reduces
diversification by increasing the correlation of returns to the U.S. market.
In addition, our analysis of historical data shows that, in the past, hedging
has not increased returns over the long-term.
MUNDER U.S. GOVERNMENT INCOME FUND
Fund Manager: Peter G. Root
The Fund generated a return of 4.63% for the six-month period ended
December 31, 1996, relative to the 4.45% return for the Lehman Government
Index and the 4.45% average return for the Lipper universe of general U.S.
government debt funds. The Fund has also earned above-average returns for the
one, two, five and ten-year time periods ended December 31, 1996.
The Fund continued to benefit from its holdings of government-related
securities that are higher yielding than Treasuries. These include bonds
which are issued by U.S. government agencies and which have been strong
performers throughout much of the year.
MUNDER MICHIGAN TRIPLE TAX-FREE BOND FUND
Fund Manager: Talmadge D. Gunn
The Fund generated a return of 5.25% for the six-month period ended
December 31, 1996, compared to the 4.76% average return for the Lipper
universe of Michigan municipal debt funds. The Fund has also earned
above-average returns for the one and two-year time periods ended December 31,
1996.
Municipal yields declined by approximately 20 basis points (0.20
percentage point) across the entire maturity spectrum during the fourth
quarter. Many managers of Michigan bond funds were sellers of longer-term
securities, weakening the prices of Michigan securities with longer
maturities. Therefore, the Fund's underweighting in bonds with maturities
of 20 years or more was a key factor in the relative outperformance of the
Fund.
iv
MUNDER TAX-FREE BOND FUND
Fund Manager: Talmadge D. Gunn
The Fund earned a return of 4. 15% for the six-month period ended
December 31, 1996, relative to the 4.73% average return for the Lipper
universe of general municipal debt funds. The Fund has also earned an
above-average return for the three-year time period ended December 31, 1996.
During the quarter, yields declined by approximately 20 basis points for
securities of all maturities. Securities with maturities of approximately 15
years were the best-performers for both the quarter and for the year ended
December 31, 1996. The Fund's lack of securities in this maturity range
therefore held back performance for the quarter. The high quality of the
Fund's holdings also dampened returns for the quarter.
MUNDER TAX-FREE INTERMEDIATE BOND FUND
Fund Manager: Talmadge D. Gunn
The Fund earned a return of 3.29% for the six-month period ended
December 31, 1996, relative to the 3.92% average return for the Lipper
universe of intermediate municipal debt funds.
Although yields declined across the entire spectrum of maturities, bonds
with intermediate maturities were outstanding performers for both the quarter
and for the year. Retail buying, coupled with demand from insurance
companies, provided solid performance for this sector of the tax-exempt bond
market. The Fund underperformed during the quarter due to its holdings
of higher coupon, high quality bonds. These characteristics gave the Fund a
defensive structure which tends to underperform in periods of market rallies,
as seen in the fourth quarter.
v
Munder Bond Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- ---------- ----------
ASSET BACKED SECURITIES -- 5.9%
<S> <C> <C>
$ 2,500,000 Banc One Credit Card Master Trust,
Series 1994-C, Series A,
7.800% due 11/15/1998 $2,574,751
Merrill Lynch Mortgage
Investors, Inc., Class A:
610,116 Series 87-C,
10.100% due 12/15/2007 636,424
198,365 Series 89-B,
10.800% due 04/15/2009 205,965
3,100,000 Standard Credit Card Master Trust,
Class A, Series 1994-2,
7.250% due 04/07/2008 3,182,892
2,300,000 Union Acceptance Corporation, Class
A3, Series 1996-C,
6.630% due 10/08/2003+ 2,309,223
-----------
<S> <C>
TOTAL ASSET BACKED SECURITIES (Cost $8,893,915) 8,909,255
-----------
<CAPTION>
COLLATERALIZED MORTGAGE OBLIGATIONS (CMO) -- 3.0%
<S> <C> <C>
2,649,895 CMO Trust, Class F, Series 60,
9.000% due 08/01/2016 2,707,615
1,925,000 Federal Home Mortgage Corporation,
Series 1702-A, Class PD,
6.500% due 04/15/2022 1,887,458
-----------
<S> <C>
TOTAL COLLATERALIZED
MORTGAGE OBLIGATIONS (CMO)
(Cost $4,669,950) 4,595,073
-----------
<CAPTION>
CORPORATE BONDS AND NOTES -- 28.6%
Finance -- 8.9%
<S> <C> <C>
4,000,000 AT&T Capital Corporation, MTN,
6.490% due 05/17/1999 4,000,000
2,500,000 Ford Motor Credit Corporation,
8.375% due 01/15/2000 2,628,125
3,000,000 Liberty Mutual Capital Corporation,
MTN,
8.100% due 01/14/2005 3,168,750
2,400,000 SmithKline Beecham Capital
Corporation,
6.750% due 09/05/2000 2,439,600
1,300,000 Travelers Capital Corporation, 7.750%
due 12/01/2036 1,261,000
-----------
13,497,475
-----------
<CAPTION>
Finance -- Foreign -- 5.5%
<S> <C> <C>
2,300,000 Abbey National Treasury, 6.625% due
05/23/2001 2,310,557
KFW International Finance Inc.:
2,000,000 8.850% due 06/15/1999 2,122,500
3,800,000 7.200% due 03/15/2014 3,866,500
-----------
8,299,557
-----------
<CAPTION>
Government Agency -- 1.8%
<S> <C> <C>
2,800,000 Tennessee Valley Authority, 6.375% due
06/15/2005 2,747,500
-----------
<CAPTION>
Government -- Foreign -- 1.9%
<S> <C> <C>
3,000,000 Telestra Corporation, Ltd., 6.500% due
11/28/2005 2,932,500
-----------
<CAPTION>
Industrial -- 4.5%
<S> <C> <C>
3,000,000 Archer Daniels,
8.125% due 06/01/2012 3,277,500
680,000 Columbia/HCA Healthcare Corporation,
8.700% due 02/10/2010 769,250
2,850,000 Toyota Motor Corporation, 5.625% due
03/17/1998 2,845,440
-----------
6,892,190
-----------
<CAPTION>
Industrial -- Foreign -- 1.4%
<S> <C> <C>
1,900,000 International
Telecommunications Satellite,
8.375% due 10/14/2004 2,088,290
-----------
<CAPTION>
Supranational -- 2.6%
<S> <C> <C>
3,950,000 African Development Bank, Notes,
6.750% due 07/30/1999 3,989,500
-----------
<CAPTION>
Transportation -- 0.7%
<S> <C> <C>
1,000,000 Consolidated Rail Corporation, MTN,
7.000% due 07/01/1999 1,016,250
-----------
<CAPTION>
Utility -- Electric -- 1.3%
<S> <C> <C>
2,000,000 National Rural Utilities,
7.300% due 09/15/2006 2,050,000
-----------
<S> <C>
TOTAL CORPORATE BONDS AND
NOTES
(Cost $43,310,147) 43,513,262
-----------
<CAPTION>
U.S. GOVERNMENT AGENCY
OBLIGATIONS --16.4%
Federal Home Mortgage Corporation
(FHLMC) -- 2.1%
FHLMC:
<S> <C> <C>
2,258,614 Gold, Pool #E62394,
7.500% due 09/01/2010 2,291,788
883,067 Pool 200021,
10.500% due 11/01/2000 931,911
-----------
3,223,699
-----------
<CAPTION>
Federal National Mortgage Association
(FNMA) -- 8.1%
FNMA:
<S> <C> <C>
4,482,031 Pool #100081,
11.500% due 08/01/2016 5,067,496
2,172,198 Pool #250345,
7.000% due 09/01/2025 2,124,681
4,521,122 Pool #303105,
11.000% due 11/01/2020 5,052,353
-----------
12,244,530
-----------
<CAPTION>
Government National Mortgage
Association (GNMA) -- 6.2%
GNMA:
<S> <C> <C>
4,828,003 Pool #366732,
6.500% due 03/15/2024 4,603,199
4,341,702 Pool #780096,
11.000% due 04/15/2021 4,857,279
-----------
9,460,478
-----------
<S> <C>
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $24,884,265) 24,928,707
-----------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 40.4%
U.S. Treasury Bonds -- 17.1%
<S> <C> <C>
21,850,000 8.000% due 11/15/2021 25,074,182
900,000 6.750% due 08/15/2026 907,425
-----------
25,981,607
-----------
<CAPTION>
U.S. Treasury Notes -- 21.9%
<S> <C> <C>
15,000,000 7.875% due 01/15/1998 15,332,248
3,500,000 7.750% due 11/30/1999 3,656,345
5,000,000 7.500% due 11/15/2001 5,263,800
3,015,000 7.875% due 11/15/2004 3,290,179
5,800,000 6.500% due 10/15/2006 5,829,000
-----------
33,371,572
-----------
<CAPTION>
U.S. Treasury Strip -- 1.4%
<S> <C> <C>
5,150,000 Zero Coupon due 11/15/2014 2,188,904
-----------
<S> <C>
TOTAL U.S. TREASURY
OBLIGATIONS
(Cost $62,083,793) 61,542,083
-----------
<CAPTION>
Shares Value
- ------ -----
SHORT-TERM INVESTMENTS -- 0.1%
(Cost $124,642)
<S> <C> <C>
124,642 Dreyfus Cash Management Plus Fund 124,642
-----------
<CAPTION>
Principal
Amount
-----------
REPURCHASE AGREEMENT -- 3.9%
(Cost $5,887,000)
<S> <C> <C>
5,887,000 Agreement with Morgan (J.P.) &
Company, 5.750% dated
12/31/1996 to be repurchased
at $5,888,881 on 01/02/1997,
collateralized by $5,041,000
U.S. Treasury Notes, 8.125%
due 08/15/2021
(value $6,162,097) 5,887,000
----------
<CAPTION>
Value
-----
<S> <C> <C>
TOTAL INVESTMENTS 149,500,022
(Cost $149,853,712*) 98.3%
OTHER ASSETS AND 2,652,061
LIABILITIES (Net) 1.7
---------- --------------
NET ASSETS 100.0% $ 152,152,083
========== ==============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Floating rate note. The interest rate shown reflects the rate currently in
effect.
ABBREVIATION:
MTN -- Medium Term Note
See Notes to Financial Statements.
</TABLE>
Munder Intermediate Bond Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- ---------- ----------
ASSET BACKED SECURITIES -- 9.4%
<S> <C> <C>
$ 5,000,000 Dayton Hudson Credit Card Master
Trust,
Series 1995-1A,
6.100% due 02/25/2002 $ 5,000,522
10,000,000 Discover Card Trust,
Series 1991-DA,
8.000% due 10/16/2000 10,276,135
10,000,000 First Deposit Master Trust, Series
1993-2A,
5.750% due 06/15/2001 9,957,399
10,000,000 Sears Credit Company, Master Trust,
Series 1995-4A,
6.250% due 01/15/2003++ 10,024,562
11,320,000 Standard Credit Card and Trust, Series
1990-6A, 9.375% due 07/10/1997 11,529,914
-----------
<S> <C>
TOTAL ASSET BACKED SECURITES
(Cost $47,063,556) 46,788,532
-----------
<CAPTION>
CORPORATE BONDS AND NOTES -- 30.4%
Banking and Financial Services -- 22.2%
<S> <C> <C>
10,000,000 American Express Bank, Ltd.,
5.788% due 02/10/2004+ 9,875,000
5,000,000 Associates Corporation of North
America,
6.000% due 03/15/2000 4,937,500
11,500,000 AT&T Capital Corporation, MTN,
6.180% due 12/03/1999 11,399,375
5,057,000 BankAmerica Corporation, MTN,
5.550% due 08/15/2003+ 5,056,898
10,000,000 Chrysler Financial Corporation, MTN,
6.190% due 01/04/2000 9,900,000
10,000,000 CIT Group Holdings, MTN 5.875% due
12/09/1999 9,875,000
5,000,000 Discover Credit Card Corporation, MTN,
9.000% due 04/01/1998 5,175,000
10,000,000 First Data Corporation, MTN,
6.820% due 09/18/2001 10,075,000
Ford Motor Credit Corporation:
9,425,000 7.250% due 05/15/1999 9,613,500
2,260,000 6.500% due 02/15/2006 2,175,250
6,500,000 General Motors Acceptance Corporation,
7.000% due 03/01/2000 6,581,250
2,750,000 International Lease Finance
Corporation,
5.500% due 01/15/1999 2,712,188
6,420,000 Liberty Mutual Capital Corporation,
MTN,
8.100% due 01/14/2005 6,781,125
5,000,000 NationsBank Corporation, MTN,
5.700% due 02/09/2001 4,831,250
3,000,000 Travelers Capital Corporation,
7.750% due 12/01/2036 2,910,000
4,000,000 U.S. Leasing International, MTN,
9.880% due 03/06/2001 4,460,000
3,500,000 U.S. West Financial Services, Inc.,
Note,
8.375% due 10/18/1999 3,661,875
-----------
110,020,211
-----------
<CAPTION>
Government Agency -- 2.0%
<S> <C> <C>
10,000,000 Tennessee Valley Authority,
6.375% due 06/15/2005 9,812,500
-----------
<CAPTION>
Industrial -- 5.7%
<S> <C> <C>
8,125,000 Archer Daniels,
8.125% due 06/01/2012 8,876,563
13,500,000 Browning-Ferris,
7.875% due 03/15/2005 14,276,250
5,000,000 WMX Technologies Inc.,
7.100% due 08/01/2026 5,150,000
-----------
28,302,813
-----------
<CAPTION>
Utility -- Electric -- 0.5%
<S> <C> <C>
2,000,000 National Rural Utilities Cooperative,
MTN, 9.640% due 05/19/1997 2,025,000
-----------
<S> <C>
TOTAL CORPORATE BONDS AND NOTES
(Cost $150,578,370) 150,160,524
-----------
<CAPTION>
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 11.5%
Federal Home Loan Mortgage
Corporation (FHLMC) -- 5.9%
FHLMC:
<S> <C> <C>
6,461,547 Pool #A00813,
9.000% due 10/01/2020 6,825,010
2,143,070 Pool #E61740,
9.000% due 04/01/2010 2,242,856
15,397,138 Pool #E63967, Gold,
6.500% due 02/01/2011 15,122,877
5,202,060 REMIC, #G50249,
8.500% due 03/01/2000 5,312,604
-----------
29,503,347
-----------
<CAPTION>
Federal National Mortgage Association (FNMA) --
4.8%
FNMA:
<S> <C> <C>
10,555,900 Pool #303108,
6.500% due 09/01/2024 10,070,989
14,742,487 Pool #303922,
6.000% due 05/01/2016 13,876,364
-----------
23,947,353
-----------
<CAPTION>
Small Business Association
(SBA) -- 0.8%
<S> <C> <C>
4,122,174 SBA, Pool #502796,
6.250% due 11/25/2019++ 4,184,006
-----------
<S> <C>
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $57,259,799) 57,634,706
-----------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 45.7%
U.S. Treasury Bond -- 0.8%
<S> <C>
3,800,000 6.750% due 08/15/2026 3,831,350
-----------
<CAPTION>
U.S. Treasury Notes -- 44.9%
<S> <C> <C>
20,400,000 6.000% due 05/31/1998 20,464,260
46,000,000 8.250% due 07/15/1998 47,631,620
25,000,000 6.875% due 07/31/1999 25,507,998
23,000,000 6.125% due 07/31/2000 23,002,070
39,000,000 5.625% due 02/28/2001 38,216,876
6,000,000 6.625% due 07/31/2001 6,093,780
45,400,000 6.250% due 02/15/2003 45,367,766
16,900,000 5.875% due 02/15/2004 16,452,655
-----------
222,737,025
-----------
<S> <C>
TOTAL U.S. TREASURY
OBLIGATIONS
(Cost $226,302,321) 226,568,375
-----------
<CAPTION>
Shares
----------
SHORT-TERM INVESTMENTS -- 0.0% #
<S> <C> <C>
129,339 Dreyfus Cash Management Plus Fund 129,339
2,719 Federated Prime Obligations Fund 2,719
-----------
<S> <C>
TOTAL SHORT-TERM INVESTMENTS
(Cost $132,058) 132,058
-----------
<CAPTION>
Principal Value
Amount -----
- ------
REPURCHASE AGREEMENT -- 1.6%
(Cost $8,118,000)
<S> <C> <C>
8,118,000 Agreement with Morgan (J.P.) &
Company, 5.750% dated
12/31/1996 to be repurchased
at $8,120,593 on 01/02/1997,
collateralized by $7,078,000
U.S. Treasury Notes, 8.125%
due 05/15/2021 (value
$8,354,743) 8,118,000
-----------
<CAPTION>
Value
-----
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $489,454,104*) 98.6% 489,402,195
OTHER ASSETS AND
LIABILITIES (Net) 1.4 6,760,103
---------- -------------
NET ASSETS 100.0% $ 496,162,298
========== =============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Floating rate note. The interest rate shown reflects the rate currently in
effect.
++ Variable rate security. The interest rate shown reflects the rate currently
in effect.
# Amount represents less than 0.1% of net assets.
ABBREVIATION:
MTN -- Medium Term Note
See Notes to Financial Statements.
</TABLE>
Munder International Bond Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- ---------- ----------
FOREIGN BONDS AND NOTES -- 88.0%
Australia -- 1.2%
Government -- 1.2%
<S> <C> <C> <C>
AUD 500,000 Queensland Treasury Corporation,
Government Bond, Series 5,
6.500% due 06/14/2005 $ 370,971
--------------
<CAPTION>
Belguim -- 3.5%
Government -- 3.5%
<S> <C> <C> <C>
BEL 28,000,000 Kingdom of Belgium, Series 10,
8.750% due 06/25/2002 1,041,633
--------------
<CAPTION>
Canada -- 8.5%
Government -- 8.5%
Government of Canada:
<S> <C> <C> <C>
CAD 850,000 Series A60,
6.500% due 09/01/1998 644,319
2,000,000 6.500% due 06/01/2004 1,489,541
500,000 8.000% due 06/01/2023 406,155
--------------
2,540,015
--------------
<CAPTION>
Denmark -- 2.2%
Government -- 2.2%
<S> <C> <C> <C>
DKK 3,500,000 Kingdom of Denmark,
8.000% due 05/15/2003 658,736
--------------
<CAPTION>
Finland -- 0.9%
Government -- 0.9%
<S> <C> <C> <C>
FIM 1,000,000 Republic of Finland,
9.500% due 03/15/2004 263,717
--------------
<CAPTION>
France -- 2.8%
Government -- 2.8%
<S> <C> <C> <C>
FRF 3,600,000 Government of France,
8.500% due 12/26/2012 845,586
--------------
<CAPTION>
Germany -- 20.1%
Finance -- 3.8%
<S> <C> <C> <C>
DEM 1,700,000 Suedwest LB Capital Markets,
5.000% due 02/08/1999 1,133,665
<CAPTION>
Government -- 12.2%
<S> <C> <C>
2,500,000 Federal Republic of Germany, Series 95,
6.500% due 10/14/2005 1,703,545
2,600,000 German Unity Fund,
8.000% due 01/21/2002 1,923,579
<CAPTION>
Supranational -- 4.1%
<S> <C> <C> <C>
DEM 1,750,000 International Bank of Reconstruction
& Development,
7.250% due 10/13/1999 1,231,602
--------------
5,992,391
--------------
<CAPTION>
Italy -- 8.8%
Government -- 8.8%
Government of Italy:
<S> <C> <C> <C>
ITL 1,800,000,000 10.000% due 08/01/2003 1,356,230
1,700,000,000 9.500% due 01/01/2005 1,259,591
--------------
2,615,821
--------------
<CAPTION>
Japan -- 17.9%
Finance -- 1.6%
<S> <C> <C> <C>
JPY 50,000,000 Development Bank of Japan,
5.000% due 10/01/1999 478,424
<CAPTION>
Government -- 16.3%
Government of Japan, 10-Year Issue:
<S> <C> <C>
225,000,000 Series 142,
6.700% due 09/20/2001 2,380,947
250,000,000 Series 161,
4.700% due 09/22/2003 2,482,946
--------------
5,342,317
--------------
<CAPTION>
Netherlands -- 4.3%
Government -- 4.3%
<S> <C> <C> <C>
NLG 1,900,000 Government of Netherlands, Series 2,
8.250% due 06/15/2002 1,272,679
--------------
<CAPTION>
Spain -- 3.4%
Government -- 3.4%
<S> <C> <C> <C>
ESP 110,000,000 Government of Spain,
10.500% due 10/30/2003 1,030,056
--------------
<CAPTION>
Sweden -- 2.4%
Government -- 2.4%
<S> <C> <C> <C>
SEK 5,000,000 Government of Sweden, Series 1038,
6.500% due 10/25/2006 722,158
--------------
<CAPTION>
United Kingdom -- 12.0%
Finance -- 4.4%
<S> <C> <C> <C>
GBP 750,000 General Electric Capital Corporation,
7.500% due 12/01/1998 1,293,310
<CAPTION>
GBP Government -- 3.1%
<S> <C> <C>
525,000 United Kingdom Treasury,
8.000% due 06/07/2021 936,991
<CAPTION>
Supranational -- 4.5%
<S> <C> <C>
750,000 European Investment Bank,
8.500% due 11/06/2001 1,342,171
--------------
3,572,472
--------------
<S> <C>
TOTAL FOREIGN BONDS AND NOTES
(Cost $26,003,534) 26,268,552
--------------
<CAPTION>
GOVERNMENT AGENCY OBLIGATIONS -- 6.1%
<S> <C> <C> <C>
JPY 130,000,000 Federal National Mortgage Association,
Global Bond,
2.000% due 12/20/1999 1,150,963
DEM 1,000,000 Tennessee Valley Authority, Global Bond,
6.375% due 09/18/2006 665,237
--------------
<S> <C>
TOTAL GOVERNMENT AGENCY OBLIGATIONS
(Cost $1,841,996) 1,816,200
--------------
<CAPTION>
REPURCHASE AGREEMENT -- 3.8%
(Cost $1,122,000)
<S> <C> <C> <C>
U.S. $1,122,000 Agreement with Morgan (J.P.) & Company,
5.750% dated 12/31/1996 to be repurchased
at $1,122,358 on 01/02/1997,
collateralized by $979,000 U.S.
Treasury Bond, 8.125% due 05/15/2020
(value $1,155,594) 1,122,000
--------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $28,967,530*) 97.9% 29,206,752
OTHER ASSETS AND LIABILITIES (Net) 2.1 628,077
----- --------------
NET ASSETS 100.0% $ 29,834,829
===== ==============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
AUD -- Australian Dollar
BEL -- Belgian Francs
CAD -- Canadian Dollar
German Deutsche
DEM -- Mark
DKK -- Danish Krone
ESP -- Spanish Peseta
FIM -- Finnish Markka
FRF -- French Franc
Great British
GBP -- Pound
ITL -- Italian Lira
JPY -- Japanese Yen
Netherlands
NLG -- Guilder
SEK -- Swedish Krona
See Notes to Financial Statements.
</TABLE>
Munder U.S. Government Income Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- ---------- ----------
COLLATERALIZED MORTGAGE
OBLIGATIONS (CMO) -- 3.0%
(Cost $6,975,178)
<S> <C> <C>
$ 7,000,000 CMO, Residential Funding Mortgage,
Section 1,
Class A3, Series 1996-S17,
7.250% due 07/25/2011 $ 7,119,323
------------
<CAPTION>
CORPORATE BONDS AND NOTES -- 3.7%
Finance -- 0.0% #
<S> <C> <C>
30,329 Bank America National Trust,
9.000% due 03/01/2008 30,668
-----------
<CAPTION>
Industrial -- 3.7%
<S> <C> <C>
9,100,000 Raytheon Corporation,
6.500% due 07/15/2005 8,872,500
-----------
<S> <C>
TOTAL CORPORATE BONDS AND
NOTES
(Cost $8,855,920) 8,903,168
-----------
<CAPTION>
PROMISSORY NOTE -- 3.3%
(Cost $7,963,901)
<S> <C> <C>
8,000,000 OPIC African Growth Fund,
6.525% due 05/15/2001 8,004,000
-----------
<CAPTION>
U.S. GOVERNMENT AGENCY
OBLIGATIONS -- 73.3%
Federal Home Loan Mortgage
Corporation (FHLMC) -- 17.1%
FHLMC:
<S> <C> <C>
3,903,299 Gold, Pool #A01048,
8.500% due 02/01/2020 4,044,793
2,600,000 Series 16, Class PM,
6.500% due 04/25/2021 2,916,773
5,000,000 Series 43, Class D,
10.000% due 06/15/2020 5,510,707
2,037,098 Series 168, Class E,
8.000% due 12/15/2020 2,061,887
2,600,000 Series 1669, Class G,
6.500% due 02/15/2023 2,549,590
6,560,000 Series 1702-A, Class PD,
6.500% due 04/15/2022 6,432,064
2,600,000 Series 1722, Class PJ,
6.500% due 07/15/2023 2,504,747
2,000,000 Series 1848, Class PE,
7.000% due 09/15/2025 1,964,293
8,943,000 Series 1865, Class PD,
7.000% due 12/15/2025 8,887,531
4,156,000 Series 1866, Class E,
7.000% due 01/15/2026 4,130,246
-----------
41,002,631
-----------
<CAPTION>
Federal Housing Authority/Veterans
Administration (FHA/VA) -- 2.4%
<S> <C> <C>
994,352 FHA, Azalea Garden,
Series 051-11086,
8.375% due 08/30/2030 1,017,532
5,157,763 FHA/VA, Pool #355533, 6.750% due
11/15/2028 4,928,887
-----------
5,946,419
-----------
<CAPTION>
Federal National Mortgage Association
(FNMA) -- 39.1%
FNMA:
<S> <C> <C>
5,685,460 Pool #030302,
7.000% due 10/25/2025 5,561,090
215,771 Pool #040305,
11.500% due 02/01/2014 243,956
85,103 Pool #058255,
11.500% due 11/01/2010 96,219
102,193 Pool #081585,
11.500% due 07/01/2012 115,542
2,740,531 Pool #100081,
11.500% due 08/20/2016 3,098,513
356,733 Pool #210448,
11.500% due 11/01/2015 403,331
4,276,979 Pool #250323,
7.000% due 06/01/2002 4,293,018
3,028,360 Pool #303105,
11.000% due 11/01/2020 3,384,192
3,432,505 Pool #303645,
11.000% due 09/01/2019 3,835,824
836,566 Pool #336457,
10.500% due 11/01/2020 924,405
7,000,000 Series 1988-17, Class C,
10.000% due 06/25/2018 7,565,814
3,536,206 Series 1989-98, Class D,
9.200% due 04/25/2019 3,643,255
5,000,000 Series 1990-117, Class E,
8.950% due 10/25/2020 5,261,817
8,852,496 Series 1990-120, Class G,
9.000% due 11/25/2019 9,109,066
7,338,722 Series 1991-98, Class H,
8.750% due 08/25/2021 7,625,654
5,000,000 Series 1993-138, Class L,
7.000% due 08/25/2023 4,809,642
7,500,000 Series 1993-144, Class C,
7.000% due 07/25/2019 7,457,702
2,500,000 Series 1994-17, Class G,
6.250% due 09/25/2007 2,472,446
1,360,000 Series 1994-60, Class PJ,
7.000% due 04/25/2024 1,307,348
7,634,900 Series 1996-28, Class PJ,
6.500% due 12/25/2024 7,320,844
5,700,000 Series 1996-36, Class PH,
7.000% due 01/25/2026 5,653,572
10,000,000 Series 1996-55, Class PK,
7.000% due 11/25/2026 9,655,000
-----------
93,838,250
-----------
<CAPTION>
Government National Mortgage Association
(GNMA) -- 11.4%
GNMA:
<S> <C> <C>
4,207,620 Pool #780096,
11.000% due 04/15/2021 4,707,275
3,108,743 Pool #780103,
11.000% due 02/15/2025 3,477,905
5,200,000 Series 1996-9, Class PD,
7.000% due 01/20/2025 5,132,343
4,361,000 Series 1996-9, Class PE,
7.000% due 10/20/2025 4,329,762
10,100,000 Series 1996-11, Class PD,
7.000% due 06/20/2025 9,933,147
-----------
27,580,432
-----------
<CAPTION>
Small Business Administration (SBA) -- 3.3%
<S> <C> <C>
8,000,000 SBA, Pool # 503548,
5.875% due 11/25/2021 8,000,000
-----------
<S> <C>
TOTAL U.S. GOVERNMENT AGENCY
OBLIGATIONS
(Cost $176,307,916) 176,367,732
-----------
<CAPTION>
U.S. TREASURY OBLIGATIONS -- 13.7%
U.S. Treasury Bonds -- 5.8%
<S> <C> <C>
4,315,000 7.875% due 11/15/2004 4,708,830
2,000,000 8.750% due 11/15/2008 2,248,160
4,000,000 8.125% due 08/15/2019 4,625,120
2,000,000 8.000% due 11/15/2021 2,295,120
-----------
13,877,230
-----------
<CAPTION>
U.S. Treasury Note -- 7.9%
<S> <C> <C>
2,000,000 9.125% due 05/15/1999 2,137,240
16,000,000 7.500% due 11/15/2001 16,844,160
-----------
18,981,400
-----------
<S> <C>
TOTAL U.S. TREASURY
OBLIGATIONS
(Cost $32,714,133) 32,858,630
-----------
<CAPTION>
Shares
- ----------
SHORT-TERM INVESTMENTS -- 0.4%
<S> <C> <C>
760,810 Dreyfus Cash Management Plus Fund 760,810
81,434 Federated Prime Obligations Fund 81,434
-----------
<S> <C>
TOTAL SHORT-TERM INVESTMENTS
(Cost $842,244) 842,244
-----------
<CAPTION>
Principal
Amount Value
- ------ -----
REPURCHASE AGREEMENT -- 1.8%
(Cost $4,277,000)
<S> <C> <C>
4,277,000 Agreement with Morgan (J.P.) & Company,
5.750% dated 12/31/1996 to be
repurchased at $4,278,366 on
01/02/1997, collateralized by
$3,540,000 U.S. Treasury Bonds,
8.500% due 05/15/2020
(value $4,401,498) 4,277,000
------------
<S> <C> <C>
TOTAL INVESTMENTS
(Cost $237,936,292*) 99.2% 238,372,097
OTHER ASSETS AND
LIABILITIES (Net) 0.8 1,871,813
----- ------------
NET ASSETS 100.0% $240,243,910
===== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
# Amount represents less than 0.1% of net assets.
See Notes to Financial Statements.
</TABLE>
Munder Michigan Triple Tax-Free Bond Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
Rating
Principal ------------------
Amount S&P Moody's Value
- ---------- ------- -------- ----------
MUNICIPAL BONDS AND NOTES -- 92.9%
Michigan -- 92.9%
<S> <C> <C> <C> <C>
$ 840,000 Birmingham Public Schools, Michigan, School
Building, GO, (MBIA Insured),
5.000% due 05/01/2014 AAA Aaa $ 785,400
1,000,000 Caledonia Community Schools, Michigan, GO,
(AMBAC Insured),
5.500% due 05/01/2022 AAA Aaa 982,500
1,000,000 Clarkston, Michigan, Community School, GO,
(FGIC Insured, Q-SBLF),
6.250% due 05/01/2005 AAA Aaa 1,102,500
600,000 Clintondale Community Schools, Michigan, GO,
5.250% due 05/01/2015 AA Aa 577,500
1,055,000 De Witt, Michigan, Public Schools, GO,
(AMBAC Insured, Q-SBLF),
5.500% due 05/01/2011 AAA Aaa 1,057,637
700,000 Dearborn School District, Michigan, GO,
(MBIA Insured),
5.000% due 05/01/2014 AAA Aaa 658,000
1,000,000 Dexter Community Schools, Michigan, GO,
5.700% due 05/01/2014 AA Aa 1,008,750
1,000,000 Ferris State University, Michigan, Revenue
Refunding, (MBIA Insured),
5.250% due 10/01/2015 AAA Aaa 968,750
1,000,000 Grand Ledge, Michigan, Public Schools
District, GO, Pre-refunded, (MBIA Insured,
Q-SBLF),
6.600% due 05/01/2004 AAA Aaa 1,131,250
750,000 Grand Rapids, Michigan, Building Authority,
Refunding and Improvement Revenue,
5.500% due 04/01/2013 A+ A1 737,813
1,000,000 Hastings, Michigan, School District, GO,
(FGIC Insured, Q-SBLF),
5.625% due 05/01/2018 AAA Aaa 992,500
950,000 Hudsonville Public Schools, Michigan, Series
B, GO, (FGIC Insured),
6.000% due 05/01/2014 AAA Aaa 991,563
1,000,000 Kalamazoo, Michigan, City School District,
GO, (FGIC Insured),
5.700% due 05/01/2016 AAA Aaa 1,015,000
500,000 Kenowa Hills, Michigan, Public Schools, GO,
(MBIA Insured),
5.625% due 05/01/2010 AAA Aaa 512,500
500,000 Lansing Board of Water & Light, (Water Supply
& Electric Utility Systems Revenue),
Series A,
6.200% due 07/01/2004 AA Aa 546,875
890,000 Lansing Sewer Disposal Systems Revenue,
(FGIC Insured),
5.700% due 05/01/2009 AAA Aaa 904,462
1,000,000 Lincoln Consolidated School District,
Michigan, GO, (FGIC Insured, Q-SBLF),
5.800% due 05/01/2014 AAA Aaa 1,010,000
700,000 Livonia Public School District, Michigan, GO,
(FGIC Insured),
5.125% due 05/01/2022 AAA Aaa 651,875
1,000,000 Michigan Higher Education, Student Loan
Authority, (AMBAC Insured), Series XII-M,
4.900% due 03/01/2002 AAA N/R 1,002,500
1,000,000 Michigan Municipal Bond Authority Revenue,
State Revolving Fund,
6.500% due 10/01/2011 AA Aa 1,122,500
600,000 Michigan Public Power Agency Revenue,
(Belle River Project), Series A,
5.250% due 01/01/2018 AA- A1 565,500
1,000,000 Michigan State Comprehensive Transportation
Revenue, Series A, (MBIA Insured),
5.250% due 08/01/2012 AAA Aaa 981,250
1,000,000 Michigan State Hospital Financing Authority
Revenue, (Henry Ford Continuing Care),
6.750% due 07/01/2011 AA Aa 1,067,500
1,000,000 Michigan State Housing Development Authority,
Series A, 6.450% due 12/01/2014 AA+ NR 1,033,750
1,000,000 Michigan State Trunk Line Highway Revenue,
Series A, (FGIC Insured),
5.500% due 11/01/2016 AAA Aaa 985,000
1,000,000 Northview, Michigan, Public School District,
GO, (MBIA Insured, Q-SBLF),
5.800% due 05/01/2021 AAA Aaa 1,013,750
650,000 Novi, Michigan, Community School District,
GO, (FGIC Insured, Q-SBLF),
5.300% due 05/01/2014 AAA Aaa 624,812
500,000 Oakland Community College, Michigan,
Refunding and Improvement, GO, (MBIA
Insured),
5.250% due 05/01/2018 AAA Aaa 475,625
1,000,000 Plymouth-Canton, Michigan, Community School
District, GO, Series A,
6.625% due 05/01/2016 AA Aa 1,058,750
1,000,000 Redford, Michigan, Unified School District,
GO, (FGIC Insured, Q-SBLF),
5.750% due 05/01/2011 AAA Aaa 1,026,250
500,000 Rochester Community School District,
Michigan, GO, Pre-refunded, (Q-SBLF),
6.500% due 05/01/2002 AA NR 544,375
600,000 Royal Oak, Michigan, Hospital Finance
Authority, Hospital Revenue, (William
Beaumont Hospital), Series G,
5.500% due 11/15/2013 AA Aa 595,500
1,000,000 Saint Johns, Michigan, Public Schools
District, GO, (FGIC Insured, Q-SBLF),
5.625% due 05/01/2020 AAA Aaa 993,750
1,000,000 South Redford, Michigan, School District, GO,
(FGIC Insured, Q-SBLF),
5.350% due 05/01/2010 AAA Aaa 996,250
600,000 University of Michigan, Hospital Revenue,
Series A, 5.500% due 12/01/2021 AA Aa 577,500
1,000,000 Waterford Township School District, Michigan,
GO, (FGIC Insured),
6.250% due 06/01/2010 AAA Aaa 1,061,250
1,000,000 West Bloomfield School District, Michigan,
GO, (MBIA Insured),
5.125% due 05/01/2014 AAA Aaa 950,000
500,000 Willow Run, Michigan, Community Schools, GO,
(AMBAC Insured, Q-SBLF),
5.000% due 05/01/2016 AAA Aaa 466,250
1,000,000 Ypsilanti, Michigan, School District, GO,
(FGIC Insured, Q-SBLF),
5.750% due 05/01/2020 AAA Aaa 1,002,500
-----------
<S> <C>
TOTAL MUNICIPAL BONDS AND NOTES (Cost $33,280,787) 33,779,437
-----------
<CAPTION>
Shares Value
- ------ -----
SHORT-TERM INVESTMENTS -- 5.9%
<S> <C> <C>
1,703,273 Dreyfus Tax-Exempt Cash Management Fund 1,703,273
459,514 Navigator Tax-Free Money Market Fund 459,514
------------
<S> <C>
TOTAL SHORT-TERM INVESTMENTS (Cost $2,162,787) 2,162,787
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $35,443,574*) 98.8% 35,942,224
OTHER ASSETS AND LIABILITIES (Net) 1.2 452,675
----- ------------
NET ASSETS 100.0% $ 36,394,899
===== ============
<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>
Munder Tax-Free Bond Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
Rating
Principal ------------------
Amount S&P Moody's Value
- ---------- ------- -------- ----------
MUNICIPAL BONDS AND NOTES -- 98.2%
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 $ 2,257,500
1,600,000 Phoenix, Arizona Water Systems Revenue, ETM,
8.000% due 06/01/2003 AAA Aaa 1,894,000
-----------
4,151,500
-----------
<CAPTION>
California -- 2.0%
<S> <C> <C> <C> <C>
2,905,000 Perris, California Community Facilities
Revenue, ETM,
8.750% due 10/01/2021 NR Aaa 4,045,213
-----------
<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 2,230,000
-----------
<CAPTION>
Florida -- 23.0%
Florida State, Board of Education:
<S> <C> <C> <C> <C>
2,000,000 Administrative Capital Revenue,
8.400% due 06/01/2007 AA Aa 2,515,000
6,210,000 Capital Outlay, Refunding, Public
Education,
GO, Series A,
5.500% due 06/01/2019 AA Aa 6,147,900
2,500,000 Florida State Turnpike Authority Revenue,
Department of
Transportation, Series A, (FGIC Insured),
5.500% due 07/01/2012 AAA Aaa 2,503,125
Gainesville, Florida, Utility Systems
Revenue:
2,465,000 ETM,
8.125% due 10/01/2014 AAA Aaa 3,075,088
3,000,000 Series A,
6.500% due 10/01/2012 AA Aa 3,371,250
3,000,000 Hillsborough County, Florida, School District
Revenue, (MBIA Insured),
7.000% due 08/15/2005 AAA Aaa 3,438,750
5,000,000 Orlando, Florida, Utilities Commission, Water
and Electric Revenue Refunding, Series D,
6.750% due 10/01/2017 AA- Aa 5,831,250
1,375,000 Orlando & Orange Counties, Florida,
Expressway Authority Revenue, ETM, (FGIC
Insured),
6.750% due 07/01/2019 AAA Aaa 1,502,187
4,135,000 Palm Beach County, Florida, GO,
6.750% due 07/01/2011 AA Aa 4,688,056
Port Everglades, Florida, Port Authority
Revenue, ETM:
4,460,000 7.500% due 11/01/2006 AAA Aaa 5,023,075
7,600,000 7.125% due 11/01/2016 AAA Aaa 8,920,500
-----------
47,016,181
-----------
<CAPTION>
Georgia -- 10.6%
Georgia State, GO:
<S> <C> <C> <C> <C>
4,500,000 7.400% due 08/01/2007 AA+ Aaa 5,428,125
2,000,000 Series B,
6.250% due 03/01/2011 AA+ Aaa 2,210,000
2,450,000 Series C,
7.500% due 04/01/2001 AA+ Aaa 2,750,125
5,130,000 Georgia State, Municipal Electric Power
Authority Revenue,
6.500% due 01/01/2012 A A 5,662,238
5,100,000 Metro Atlanta Rapid Transit Authority,
Series K,
6.250% due 07/01/2018 AA- A1 5,565,375
-----------
21,615,863
-----------
<CAPTION>
Hawaii -- 1.2%
<S> <C> <C> <C> <C>
2,000,000 Honolulu, Hawaii, GO,
7.350% due 07/01/2008 AA Aa 2,417,500
-----------
<CAPTION>
Illinois -- 4.3%
<S> <C> <C> <C> <C>
1,000,000 Addison, Illinois, Single-family Mortgage
Revenue, ETM,
7.500% due 04/01/2011 AAA NR 1,160,000
2,200,000 Chicago, Illinois, Public Building Commission
Revenue, ETM,
7.700% due 01/01/2006 AAA A1 2,616,240
4,500,000 Illinois State, Sales Tax Revenue, Series P,
6.500% due 06/15/2022 AAA A1 5,023,125
-----------
8,799,365
-----------
<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 2,290,400
-----------
<CAPTION>
Maryland -- 2.5%
<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 5,025,000
-----------
<CAPTION>
Michigan -- 20.2%
<S> <C> <C> <C> <C>
2,040,000 Avondale, Michigan, School District Revenue,
8.250% due 05/01/2002 AA Aa 2,386,800
2,600,000 Clarkston, Michigan, Community Schools
District, GO,
(FGIC Insured, Q-SBLF),
5.550% due 05/01/2010 AAA Aaa 2,642,250
1,840,000 Grand Rapids, Michigan, Community College,
GO, (MBIA Insured),
5.900% due 05/01/2019 AAA Aaa 1,879,100
1,000,000 Grand Rapids, Michigan, Water Supply Revenue,
Pre-refunded, (FGIC Insured),
7.000% due 01/01/2000 AAA Aaa 1,092,500
1,000,000 Lake Orion, Michigan, Community School
District, Refunding, GO,
(AMBAC Insured, Q-SBLF),
5.800% due 05/01/2015 AAA Aaa 1,020,000
4,980,000 Michigan Municipal Bond Authority Revenue,
(Pooled Project), Series B,
5.625% due 10/01/2019 AA Aa 4,936,425
5,800,000 Michigan State, Building Authority Revenue,
Series I,
6.500% due 10/01/2004 AA- A1 6,445,250
7,000,000 Michigan State, Environmental Protection
Program, GO,
6.250% due 11/01/2012 AA Aa 7,700,000
Michigan State, Hospital Financing Authority
Revenue:
2,250,000 (Henry Ford Health System), (AMBAC
Insured),
6.000% due 09/01/2011 AAA Aaa 2,399,062
3,000,000 McLaren Obligated Group, Pre-refunded,
7.500% due 09/15/2001 NR Aaa 3,431,250
5,840,000 Michigan State, Trunk Line, Series A,
(FGIC Insured),
5.625% due 11/01/2020 AAA Aaa 5,803,500
1,515,000 Saline, Michigan, Area Schools District, GO,
(FGIC Insured Q-SBLF),
5.350% due 05/01/2010 AAA Aaa 1,513,106
-----------
41,249,243
-----------
<CAPTION>
New Mexico -- 3.4%
<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 1,093,750
4,455,000 Farmington, New Mexico, Power Authority
Revenue, Pre-refunded,
9.875% due 07/01/2005 AAA Aaa 5,824,913
-----------
6,918,663
-----------
<CAPTION>
Ohio -- 1.6%
<S> <C> <C> <C> <C>
2,000,000 Ohio State, GO,
6.650% due 09/01/2009 AA Aa 2,277,500
1,000,000 Ohio State Higher Education, Facilities
Community Revenue, (Denison University
Project),
5.150% due 11/01/2008 AA A1 990,000
-----------
3,267,500
-----------
<CAPTION>
Oklahoma -- 0.6%
<S> <C> <C> <C> <C>
1,000,000 Blackwell, Oklahoma, Hospital and Trust
Authority, First Mortgage Revenue,
(Blackwell Regional Hospital), ETM,
8.350% due 05/01/2009 AAA NR 1,237,500
-----------
<CAPTION>
South Carolina -- 7.2%
<S> <C> <C> <C> <C>
2,215,000 South Carolina, State Highway, Series B,
5.650% due 07/01/2021 AAA Aaa 2,226,075
5,000,000 South Carolina, State Public Service
Authority Revenue,
Series B, Pre-refunded,
7.100% due 07/01/2001 AAA Aaa 5,612,500
6,900,000 South Carolina, State Public Service
Authority Revenue, Series A, (MBIA
Insured),
5.750% due 01/01/2022 AAA Aaa 6,951,750
-----------
14,790,325
-----------
<CAPTION>
Tennessee -- 4.5%
Shelby County, Tennessee:
<S> <C> <C> <C> <C>
6,100,000 Refunding, Series A, GO,
5.500% due 04/01/2009 AA+ Aa 6,229,625
2,800,000 Series A, GO,
5.850% due 06/01/2017 AA+ Aa 2,849,000
-----------
9,078,625
-----------
<CAPTION>
Texas -- 6.3%
<S> <C> <C> <C> <C>
2,000,000 Harris County, Texas,
5.875% due 10/01/2006 AA Aa 2,132,500
4,000,000 Houston, Texas, Airport Systems Revenue, ETM,
9.500% due 07/01/2010 AAA Aaa 5,305,000
2,495,000 Plano, Texas, Independent School District,
GO, (PSFG),
8.500% due 02/15/2004 AAA Aaa 3,053,256
2,000,000 Spring, Texas, Independent School District
Authority,
GO, (PSFG),
6.875% due 08/15/2009 AAA Aaa 2,282,500
-----------
12,773,256
-----------
<CAPTION>
Virginia -- 2.0%
<S> <C> <C> <C> <C>
2,000,000 Richmond, Virginia, Public Improvement,
Series A, GO,
5.500% due 01/15/2016 AA A1 1,990,000
2,115,000 Virginia College Building Authority,
Educational Facilities Revenue, (21st
Century College Project),
5.250% due 08/01/2016 AA Aa 2,035,688
-----------
4,025,688
-----------
<CAPTION>
Washington -- 1.2%
<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 2,391,262
-----------
<CAPTION>
Wisconsin -- 3.4%
<S> <C> <C> <C> <C>
6,145,000 Wisconsin State, GO, Series B,
7.000% due 05/01/2004 AA Aa 7,005,300
-----------
<S> <C>
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $190,652,940) 200,328,384
-----------
<CAPTION>
Shares Value
- ------ -----
SHORT-TERM INVESTMENTS -- 0.2%
<S> <C> <C>
171,534 Dreyfus Tax-Exempt Cash Management Fund 171,534
280,698 Navigator Tax-Free Money Market Fund 280,698
------------
<S> <C> <C>
TOTAL SHORT-TERM INVESTMENTS 452,232
------------
(Cost $452,232)
TOTAL INVESTMENTS (Cost $191,105,172*) 98.4% 200,780,616
OTHER ASSETS AND LIABILITIES (Net) 1.6 3,284,867
----- ------------
NET ASSETS 100.0% $204,065,483
===== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
ABBREVIATIONS:
AMBAC -- American Municipal Bond Assurance Corporation
ETM -- Escrowed to Maturity
FGIC -- Federal Guaranty Insurance Corporation
GO -- General Obligation Bonds
MBIA -- Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
Q-SBLF -- Qualified School Bond Loan Fund
See Notes to Financial Statements.
</TABLE>
Munder Tax-Free Intermediate Bond Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
Rating
Principal ------------------
Amount S&P Moody's Value
- ---------- ------- -------- ----------
MUNICIPAL BONDS AND NOTES -- 98.3%
Alabama -- 2.1%
<S> <C> <C> <C> <C>
$6,265,000 Alabama State Public School and College
Authority Revenue, Series A,
5.750% due 08/01/2003 AA- Aa $ 6,648,731
------------
<CAPTION>
Arizona -- 3.9%
<S> <C> <C> <C> <C>
5,525,000 Arizona State Transportation Board, Highway
Revenue, Series A,
6.000% due 07/01/2000 AA Aa 5,815,063
Phoenix, Arizona, Civic Improvement
Corporation, Wastewater System Revenue,
Pre-refunded:
4,000,000 6.000% due 07/01/2003 AAA NR 4,370,000
2,000,000 6.125% due 07/01/2003 AAA NR 2,200,000
------------
12,385,063
------------
<CAPTION>
California -- 4.7%
<S> <C> <C> <C> <C>
6,100,000 Los Angeles County, California, Metropolitan
Transportation Authority,
Sales Tax Revenue, Series B, (AMBAC
Insured),
8.000% due 07/01/2003 AAA Aaa 7,243,750
6,070,000 Sacramento County, California, Sanitation
District Financing Authority Revenue,
9.000% due 12/01/2002 AA Aa 7,458,513
------------
14,702,263
------------
<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 3,300,000
------------
<CAPTION>
Florida -- 7.4%
<S> <C> <C> <C> <C>
3,900,000 Dade County, Florida, Aviation Revenue,
Series X,
5.300% due 10/01/2002 A Aa 4,041,375
6,500,000 Florida State, Board of Education, Capital
Outlay, Series D,
6.000% due 06/01/2005 AA Aa 7,036,250
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 5,481,250
Jacksonville, Florida, Electric Authority
Revenue (Continued):
3,100,000 St. John's River Power Park System, Series
10,
6.500% due 10/01/2003 AA Aa1 3,425,500
3,000,000 Orlando, Florida, Utilities Commission, Water
and Electric Revenue,
Series A, Pre-refunded,
6.500% due 10/01/2001 AA- Aaa 3,307,500
------------
23,291,875
------------
<CAPTION>
Georgia -- 1.1%
<S> <C> <C> <C> <C>
3,000,000 Georgia State, GO, Series D,
7.400% due 08/01/1999 AA+ Aaa 3,243,750
------------
<CAPTION>
Hawaii -- 3.5%
<S> <C> <C> <C> <C>
Hawaii State, GO:
3,000,000 Series BS, Pre-refunded,
7.125% due 09/01/2000 AA Aaa 3,315,000
3,000,000 Series BZ,
6.250% due 10/01/2002 AA Aa 3,236,250
3,650,000 Honolulu, Hawaii, City and County, GO,
Series A, ETM,
10.000% due 08/01/2000 AA Aaa 4,325,250
------------
10,876,500
------------
<CAPTION>
Illinois -- 2.9%
<S> <C> <C> <C> <C>
3,500,000 Chicago, Illinois, Metropolitan Water
District,
Capital Improvement,
6.700% due 01/01/2003 AA Aa 3,863,125
5,000,000 Metropolitan Pier & Exposition Authority,
Illinios Dedicated State Tax Revenue,
(McCormick Plan Exposition), (AMBAC
Insured),
5.750% due 06/15/2002 AAA Aaa 5,187,500
------------
9,050,625
------------
<CAPTION>
Maryland -- 5.4%
<S> <C> <C> <C> <C>
Montgomery County, Maryland, Consolidated
Public Improvement, GO:
4,000,000 Series A,
5.200% due 10/01/2001 AAA Aaa 4,140,000
3,750,000 Series B,
6.875% due 10/01/2000 AAA Aaa 4,082,812
5,000,000 Prince George's County, Maryland,
Consolidated Public Improvement, GO, (MBIA
Insured),
6.250% due 01/01/2005 AAA Aaa 5,493,750
3,030,000 Washington County, Maryland, Suburban
Sanitation District, General Construction,
GO, Series 1,
6.900% due 06/01/2000 AAA Aaa 3,329,212
------------
17,045,774
------------
<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 5,693,750
Massachusetts Water Resource Authority
Revenue,
Series A, Pre-refunded:
3,675,000 7.500% due 04/01/2000 AAA Aaa 4,088,438
6,000,000 6.750% due 07/15/2002 AAA Aaa 6,735,000
------------
16,517,188
------------
<CAPTION>
Michigan -- 29.8%
<S> <C> <C> <C> <C>
2,500,000 Caledonia, Michigan, Community Schools,
(AMBAC Insured), Pre-refunded,
6.700% due 05/01/2002 AAA Aaa 2,790,625
9,200,000 Chippewa Valley, Michigan, Schools, GO,
(FGIC Insured, Q-SBLF), Pre-refunded,
6.375% due 05/01/2001 AAA Aaa 10,005,000
Gaylord, Michigan, Community Schools, GO:
1,075,000 7.000% due 05/01/2001 AA Aa 1,179,813
2,350,000 Pre-refunded,
6.600% due 05/01/2002 AA Aa 2,605,562
2,400,000 Grand Rapids, Michigan, Public Schools, GO,
8.000% due 05/01/1999 AA- Aa 2,598,000
2,325,000 Kentwood, Michigan, Public School District,
GO, Pre-refunded,
7.150% due 05/01/1999 A+ NR 2,516,812
2,000,000 Livonia, Michigan, Public Schools, (FGIC
Insured),
Series II, Pre-refunded,
6.300% due 05/01/2002 AAA Aaa 2,195,000
Michigan State Building Authority Revenue,
Series I:
5,000,000 6.500% due 10/01/2004 AA- A1 5,556,250
(AMBAC Insured):
5,000,000 6.250% due 10/01/2003 AAA Aaa 5,450,000
5,600,000 6.000% due 10/01/2006 AAA Aaa 6,034,000
Michigan State Comprehensive Transportation
Revenue,
3,000,000 Series 1988-I, Pre-refunded,
7.625% due 09/01/1998 AA- NR 3,232,500
Michigan State Hospital Finance Authority
Revenue, Pre-refunded:
1,000,000 McLaren Obligated Group, Series A,
7.500% due 09/15/2001 NR Aaa 1,143,750
2,900,000 Oakwood Hospital Obligated Group, (FGIC
Insured),
7.000% due 07/01/2000 AAA Aaa 3,200,875
Michigan State Trunk Line Highway Revenue:
Series A:
3,160,000 5.625% due 10/01/2003 AA- A1 3,310,100
7,000,000 Pre-refunded,
7.000% due 08/15/1999 AAA NR 7,612,500
2,300,000 Series B,
5.400% due 11/15/2001 AA- A1 2,380,500
1,000,000 Okemos, Michigan, Public School District, GO,
Series I,
6.400% due 05/01/2001 AA Aa 1,078,750
6,875,000 Plymouth-Canton, Michigan, Community School
District,
Series B, (Q-SBLF), GO, Pre-refunded,
6.800% due 05/01/2001 AA Aa 7,545,312
Rochester Community School District,
Michigan, GO:
3,350,000 6.000% due 05/01/2002 AA Aa 3,563,563
2,000,000 Pre-refunded,
6.500% due 05/01/2002 AA NR 2,177,500
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 5,387,500
1,250,000 Troy, Michigan, City School District, GO,
7.000% due 05/01/2001 AA Aa 1,375,000
3,000,000 University of Michigan, Hospital Revenue,
Series A,
7.500% due 12/01/2001 AA Aa 3,371,250
6,750,000 Western Michigan University Revenue,
Series A,
(AMBAC Insured), Pre-refunded,
6.500% due 07/15/2001 AAA Aaa 7,425,000
------------
93,735,162
------------
<CAPTION>
Minnesota -- 1.2%
<S> <C> <C> <C> <C>
3,500,000 Minnesota State, GO, Pre-refunded,
6.250% due 08/01/2002 AAA Aaa 3,788,750
------------
<CAPTION>
Nevada -- 0.5%
<S> <C> <C> <C> <C>
1,465,000 Clark County, Nevada School District,
Building and Renovation, Series B, (FGIC
Insured),
5.500% due 06/15/2002 AAA Aaa 1,523,600
------------
<CAPTION>
New York -- 1.8%
<S> <C> <C> <C> <C>
5,000,000 New York State, Local Assistance Corporation,
Series A, Pre-refunded,
7.250% due 04/01/2001 AAA Aaa 5,618,750
------------
<CAPTION>
Pennsylvania -- 1.7%
<S> <C> <C> <C> <C>
5,000,000 Pennsylvania State, GO, Series 3,
6.000% due 11/15/2003 AA- A1 5,400,000
------------
<CAPTION>
Rhode Island -- 1.8%
<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 5,763,000
------------
<CAPTION>
South Carolina -- 7.4%
<S> <C> <C> <C> <C>
4,500,000 South Carolina Capital Improvement, Series A,
6.200% due 02/01/2000 AAA Aaa 4,764,375
South Carolina State Public Service Authority
Revenue, Pre-refunded:
Santee Cooper, Series D, (AMBAC Insured):
2,615,000 6.625% due 07/01/2002 AAA Aaa 2,915,725
2,440,000 6.500% due 07/01/2002 AAA Aaa 2,705,350
4,500,000 Series B,
6.500% due 07/01/2001 AAA Aaa 4,944,375
7,000,000 York County, South Carolina, Public
Facilities Corporation, COP, Pre-refunded,
7.500% due 06/01/2001 NR Aaa 7,962,500
------------
23,292,325
------------
<CAPTION>
Texas -- 8.5%
<S> <C> <C> <C> <C>
1,750,000 Dallas County, Texas, GO,
5.500% due 08/15/2002 AAA Aaa 1,841,875
2,100,000 Dallas, Texas, GO, ETM,
7.000% due 05/01/2004 AAA Aaa 2,407,125
3,070,000 Dallas, Texas, Waterworks and Sewer Authority
Revenue,
7.750% due 04/01/2003 AA Aa 3,572,712
4,085,000 Harris County, Texas, Toll Road, Series A,
(AMBAC Insured), Pre-refunded,
6.500% due 08/15/2002 AAA Aaa 4,529,244
2,175,000 Plano, Texas, Independent School District,
GO, (PSFG),
8.500% due 02/15/2003 AAA Aaa 2,615,438
3,500,000 Tarrant County, Texas, Water Control Revenue,
Pre-refunded,
6.000% due 03/01/2001 AA Aaa 3,696,875
3,000,000 Texas National Research Laboratory
Commission, Lease Revenue, (Superconducting
Super Collider Project), Pre-refunded,
6.550% due 12/01/2001 AAA Aaa 3,315,000
4,500,000 Texas State, GO, Series A, ETM,
6.100% due 08/01/2001 AAA Aaa 4,798,125
------------
26,776,394
------------
<CAPTION>
Virginia -- 5.0%
<S> <C> <C> <C> <C>
3,200,000 Chesapeake, Virginia, Public Improvement
Revenue,
7.000% due 05/01/2004 AA Aa 3,648,000
1,600,000 Chesapeake, Virginia, Water & Sewer Revenue,
7.000% due 12/01/2005 AA Aa 1,858,000
4,870,000 Hampton, Virginia, Public Improvement
Revenue, Series C,
6.000% due 08/01/2003 AA- Aa 5,259,600
2,500,000 Roanoke, Virginia, Industrial Development
Authority, Hospital Revenue,
Carilion Health Systems, Pre-refunded,
7.500% due 07/01/2000 A+ Aaa 2,793,750
2,190,000 Virginia State, Transportation Board Contract
Revenue, Series B, (U.S. Route 58
Corridor),
5.200% due 05/15/2002 AA Aa 2,263,913
------------
15,823,263
------------
<CAPTION>
Wisconsin -- 3.3%
<S> <C> <C> <C> <C>
4,000,000 Wisconsin State, GO, Series C, Pre-refunded,
6.250% due 05/01/2003 AA Aaa 4,335,000
5,775,000 Wisconsin State Transportation,
Series B, Pre-refunded,
5.750% due 07/01/2002 AAA NR 6,092,625
------------
10,427,625
------------
<S> <C>
TOTAL MUNICIPAL BONDS AND NOTES
(Cost $300,569,293) 309,210,638
------------
<CAPTION>
Shares
- ----------
SHORT-TERM INVESTMENT -- 0.1% (Cost $240,156)
<S> <C> <C>
240,156 Navigator Tax-Free Money Market Fund 240,156
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $300,809,449*) 98.4% 309,450,794
OTHER ASSETS AND LIABILITIES (Net) 1.6 5,000,833
------ ------------
NET ASSETS 100.0% $314,451,627
====== ============
<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
MBIA -- Municipal Bond Investors Assurance
PSFG -- Permanent School Fund Guaranteed
Q-SBLF -- Qualified School Board Loan Fund
See Notes to Financial Statements.
</TABLE>
Munder Cash Investment Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
Rating
Principal ------------------
Amount S&P Moody's Value
- ---------- ------- -------- ----------
CERTIFICATES OF DEPOSIT -- 20.2%
<S> <C> <C> <C> <C>
$25,000,000 Bank Tokyo Mitsubishi,
5.460% due 02/28/1997 A1/A+ P1/Aa2 $ 25,000,000
45,000,000 Bayerische Vereinsbank,
5.380% due 01/21/1997 A1+/NR P1/Aa1 45,000,000
25,000,000 Caisse National de Credit Agricole,
5.750% due 12/03/1997 A1+/AA P1/Aa1 25,000,000
40,000,000 Canadian Imperial Bank of Commerce, NY,
5.410% due 01/13/1997 A1+/AA- P1/Aa3 40,000,000
25,000,000 Sanwa Bank,
5.510% due 03/10/1997 A1/A P1/Aa3 25,000,000
30,000,000 Societe Generale,
5.500% due 01/10/1997 A1+/AA- P1/Aa2 30,000,000
15,000,000 Union Bank Corporation,
5.560% due 02/18/1997 A1/A P1/A1 15,000,000
------------
<S> <C>
TOTAL CERTIFICATES OF DEPOSIT
(Cost $205,000,000) 205,000,000
------------
<CAPTION>
COMMERCIAL PAPER -- 55.4%
<S> <C> <C> <C> <C>
21,000,000 Ameritech Corporation,
5.410% due 01/28/1997+ A1+/AA+ P1/Aa2 20,914,793
15,000,000 B.A.T. Capital Corporation,
5.400% due 01/15/1997+ A1/A+ P1/A2 14,968,500
20,000,000 Caterpillar Inc.,
5.600% due 01/09/1997+ A1/A P1/A2 19,975,111
40,000,000 Corporate Asset Fund,
5.300% due 01/30/1997+ A1+/AAA P1/NR 39,829,222
25,000,000 First Chicago Corporation,
5.340% due 01/30/1997+ A1/NR P1/NR 24,892,458
General Motors Acceptance Corporation:
25,000,000 5.570% due 02/04/1997+, +++ A2/A- P1/A3 24,868,486
20,000,000 5.620% due 03/17/1997+, +++ A2/A- P1/A3 19,765,833
45,000,000 Golden Managers Acceptance Corporation,
5.450% due 01/22/1997+, +++ A1+/NR NR/NR 44,856,937
Gotham Funding Corporation:
25,000,000 5.400% due 01/27/1997+ A1/NR P1/NR 24,913,750
20,000,000 5.370% due 05/19/1997+ A1/NR P1/NR 19,588,300
40,000,000 National Rural Utilities Cooperative
Finance Corporation,
5.310% due 01/13/1997+ A1+/AA P1/Aa3 39,929,200
50,000,000 New Center Asset Trust,
7.000% due 01/02/1997+ A1+/NR P1/NR 49,990,278
40,000,000 PHH Corporation,
5.370% due 01/21/1997+ A1/A+ P1/A2 39,880,667
30,000,000 Philip Morris Companies, Inc.,
6.300% due 01/02/1997+ A1/A P1/A2 29,994,750
Sanwa Business Credit Company:
25,000,000 5.370% due 01/09/1997+, +++ A2/A- P1/Aa3 24,970,167
20,000,000 5.380% due 01/27/1997+, +++ A2/A- P1/Aa3 19,922,289
Swedish Export Credit Company:
25,000,000 5.310% due 01/06/1997+ A1+/AA+ P1/Aa3 24,981,563
20,000,000 5.320% due 02/18/1997+ A1+/AA+ P1/Aa3 19,858,133
15,000,000 Strategic Asset Funding Corporation,
5.700% due 01/31/1997+ A1/NR P1/NR 14,928,750
45,000,000 TransAmerica Financial Corporation,
5.420% due 01/03/1997+ A1/A P1/A2 44,986,450
-------------
<S> <C>
TOTAL COMMERCIAL PAPER
(Cost $564,015,637) 564,015,637
-------------
<CAPTION>
U.S. GOVERNMENT AGENCY OBLIGATION -- 2.0%
(Cost $20,000,000)
<S> <C> <C>
20,000,000 Federal Home Loan Bank,
4.905% due 02/04/1997++ 20,000,000
------------
<CAPTION>
REPURCHASE AGREEMENTS -- 22.7%
<S> <C> <C>
50,000,000 Agreement with Lehman Brothers Holdings Inc., 6.250%
dated 12/31/1996 to be repurchased at $50,017,361
on 01/02/1997, collateralized by $244,310,000 U.S.
Treasury Notes, 8.500%-8.750% due 02/15/2020
through 05/15/2020 (value $51,000,574) 50,000,000
31,325,000 Agreement with Merrill Lynch & Company, Inc., 6.000%
dated 12/31/1996 to be repurchased at $31,335,442
on 01/02/1997, collateralized by $30,580,000 U.S.
Treasury Notes, 6.875% due 08/31/1999 (value $31,917,875) 31,325,000
50,000,000 Agreement with Morgan (J.P.) & Company, 5.750%
dated 12/31/1996 to be repurchased at $50,015,972
on 01/02/1997, collateralized by $43,590,000 U.S.
Treasury Bonds, 8.125% due 05/15/2021 (value $51,000,300) 50,000,000
50,000,000 Agreement with Sanwa BGK Securities Company L.P., 6.700%
dated 12/31/1996 to be repurchased at $50,018,611 on
01/02/1997, collateralized by $50,258,000 U.S.
Treasury Notes, 6.500% due 04/30/1997 (value $51,000,813) 50,000,000
50,000,000 Agreement with State Street Bank and Trust Company, 5.750%
dated 12/31/1996 to be repurchased at $50,015,972 on
01/02/1997, collateralized by $49,880,000 U.S.
Treasury Notes, 6.000% due 08/31/1997 (value $51,002,300) 50,000,000
------------
<S> <C>
TOTAL REPURCHASE AGREEMENTS
(Cost $231,325,000) 231,325,000
------------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $1,020,340,637*) 100.3% 1,020,340,637
OTHER ASSETS AND LIABILITIES (Net) (0.3) (3,220,938)
----- --------------
NET ASSETS 100.0% $1,017,119,699
===== ==============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
++ Variable rate security. The interest rate shown reflects the rate currently
in effect.
+++ Golden Manager Acceptance Corporation, rated D-1+ by Duff and Phelps,
General Motors Acceptance Corporation, rated F1 by Fitch, and Sanwa
Business Credit, rated D-1 by Duff and Phelps are defined as being
"Eligible Securities" under Rule 2a-7 under the Investment Company Act of
1940, as amended.
See Notes to Financial Statements.
</TABLE>
Munder Money Market Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
Rating
Principal -------------------
Amount S&P Moody's Value
- ---------- ------ -------- ----------
CERTIFICATES OF DEPOSIT -- 21.8%
<S> <C> <C> <C> <C>
$5,000,000 Bank Tokyo Mitsubishi,
5.600% due 01/03/1997 A1/A+ P1/Aa2 $ 5,000,000
5,000,000 Bayerische Vereinsbank,
5.380% due 01/21/1997 A1+/NR P1/Aa1 5,000,000
5,000,000 Canadian Imperial Bank,
5.410% due 01/13/1997 A1+/AA- P1/Aa3 5,000,000
5,000,000 Societe Generale,
5.500% due 01/10/1997 A1+/AA- P1/Aa2 5,000,000
-----------
<S> <C>
TOTAL CERTIFICATES OF DEPOSIT
(Cost $20,000,000) 20,000,000
-----------
<CAPTION>
COMMERCIAL PAPER -- DISCOUNT -- 70.6%
<S> <C> <C> <C> <C>
5,000,000 B.A.T. Capital Corporation,
5.400% due 01/15/1997+ A1/A+ P1/A2 4,989,500
5,000,000 Eiger Capital Corporation,
5.420% due 01/14/1997+ A1+/NR P1/NR 4,990,214
5,000,000 First Chicago Corporation,
5.570% due 01/02/1997+ A1/NR P1/NR 4,999,227
5,000,000 Gannett Company Inc.,
5.350% due 01/08/1997+ A1/A+ P1/A2 4,994,799
5,000,000 Golden Managers Acceptance Corporation,
5.450% due 01/22/1997+,+++ A1/NR NR/NR 4,984,104
5,000,000 Nestle Capital Corporation,
5.530% due 03/27/1997+ A1+/NR P1/NR 4,934,715
5,000,000 Lucent Technologies,
5.350% due 01/16/1997+ A1/A P1/A2 4,988,854
5,000,000 PHH Corporation,
5.370% due 01/21/1997+ A1/A+ P1/A2 4,985,083
5,000,000 Sanwa Business Credit Corporation,
5.380% due 01/13/1997+,+++ A2/A- P1/Aa3 4,991,033
5,000,000 Sony Capital Corporation,
5.340% due 01/24/1999+ A1/A P1/Aa3 4,982,942
5,000,000 Strategic Asset Funding Corporation,
5.500% due 01/31/1997+ A1/NR P1/NR 4,977,084
5,000,000 Toshiba America Inc.,
5.350% due 04/18/1997+ A1/NR P1/A1 4,920,493
5,000,000 Transamerica Finance Corporation,
5.380% due 01/09/1997+ A1/A P1/A2 4,994,022
-----------
<S> <C>
TOTAL COMMERCIAL PAPER -- DISCOUNT
(Cost $64,732,070) 64,732,070
-----------
<CAPTION>
CORPORATE NOTE -- 4.4%
(Cost $4,021,000)
Finance -- 4.4%
<S> <C> <C>
4,021,000 Capital One Funding Corporation,
5.840% due 07/01/2014++ 4,021,000
-----------
<CAPTION>
REPURCHASE AGREEMENT -- 3.1% (Cost $2,877,000)
<S> <C> <C>
2,877,000 Agreement with Morgan (J.P.) & Company, 5.750%
dated 12/31/1996 to be repurchased at $2,877,919 on
01/02/1997,
collateralized by $2,323,000 U.S. Treasury Bonds, 8.750%
due 08/15/2020 (value $2,935,691) 2,877,000
-----------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $91,630,070*) 99.9% 91,630,070
OTHER ASSETS AND LIABILITIES (Net) 0.1 53,116
----- -------------
NET ASSETS 100.0% $ 91,683,186
===== =============
<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.
+++ Sanwa Business Credit Corporation and Golden Managers Acceptance
Corporation, rated D-1 by Duff and Phelps, are defined as being "Eligible
Securities" under Rule 2a-7 under the Investment Company Act of 1940, as
amended.
See Notes to Financial Statements.
</TABLE>
Munder Tax-Free Money Market Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
Rating
Principal -------------------
Amount S&P Moody's Value
- ---------- ------ -------- ----------
MUNICIPAL BONDS AND NOTES -- 80.8%
Arizona -- 5.9%
<S> <C> <C> <C> <C>
$ 3,400,000 Apache County, Arizona, Industrial
Development Authority, Industrial
Development Revenue,
(Tucson Electric -- 83C),
(Bankers Trust Corporation, NY, LOC),
4.100% due 12/15/2018+ AA- A1 $ 3,400,000
Pima County, Arizona, Industrial Development
Authority Revenue:
3,000,000 (Barclays Bank, LOC),
4.200% due 03/15/2018+ AA Aa2 3,000,000
1,000,000 (Brush Wellman Inc. Project),
(National City Bank, LOC),
4.300% due 09/01/2009+ NR NR 1,000,000
3,000,000 (Tucson Electric Project), Series A,
(Bank of America, LOC),
4.100% due 07/01/2022+ AA- Aa3 3,000,000
4,000,000 Pinal County, Arizona, Industrial Development
Authority,
Pollution Control Revenue, (Magma Copper
Company Project), (Banque Nationale de
Paris, LOC),
4.150% due 12/01/2011+ AA- Aa1 4,000,000
-----------
14,400,000
-----------
<CAPTION>
Arkansas -- 2.5%
<S> <C> <C> <C> <C>
6,000,000 Little Rock, Arkansas, Health Facilities
Board, Hospital Revenue, (Southwest
Hospital), (FGIC Insured),
(SBPA -- Bank of Nova Scotia),
4.050% due 10/01/2018+ AAA Aaa 6,000,000
-----------
<CAPTION>
California -- 6.8%
<S> <C> <C> <C> <C>
8,000,000 California State School Cash Reserve Pool,
Series A,
(Industrial Bank of Japan, LOC),
4.750% due 07/02/1997 Sp1+ MIG1 8,034,535
5,000,000 Los Angeles County, California, GO, Tax and
Revenue Anticipation Notes, (Credit Suisse,
NY, LOC; Morgan Guaranty Trust Company, NY,
LOC),
4.500% due 06/30/1997 Sp1+ MIG1 5,017,084
3,500,000 Upland California, Multi-family Housing
Authority Revenue, (Upland Village Green
Project),
(Bank of Tokyo, LA, LOC),
3.050% due 09/01/2010+ NR Aa3 3,500,000
-----------
16,551,619
-----------
<CAPTION>
Colorado -- 1.1%
<S> <C> <C> <C> <C>
1,440,000 Cherry Creek, Colorado, Metropolitan District
Number One, GO, (Dresdner Bank, A.G., NY,
LOC),
4.200% due 06/01/2006+ A-1+ NR 1,440,000
335,000 Clear Creek County, Colorado, Revenue Bond,
(National Westminster Bank, LOC),
4.050% due 06/01/1998+ A-1+ NR 335,000
935,000 Englewood, Colorado, Industrial Development
Revenue,
(Swedish Mob I Ltd. Project), (Mitsubishi
Ltd., LOC),
4.150% due 12/01/2010+ AA- NR 935,000
-----------
2,710,000
-----------
<CAPTION>
District of Columbia -- 3.6%
<S> <C> <C> <C> <C>
District Of Columbia, Revenue, Aces,
(Georgetown University),
(SBPA -- Sanwa Bank):
1,000,000 Series D,
4.100% due 04/01/2017+ A-1+ A1 1,000,000
7,800,000 Series E,
4.100% due 04/01/2018+ A+ A1 7,800,000
-----------
8,800,000
-----------
<CAPTION>
Florida -- 5.6%
<S> <C> <C> <C> <C>
1,000,000 Boca Raton, Florida, Industrial Development
Authority,
Revenue Bonds, (Parking Garage Project),
(Bankers Trust Corporation, NY, LOC),
4.375% 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),
4.350% due 02/01/2005+ AA+ NR 5,100,000
1,300,000 Florida Housing Finance Agency, Multi-family
Housing Revenue Bonds, (Hampton Lakes),
(CG Life, Inc., LOC),
4.150% due 07/01/2008+ AA NR 1,300,000
6,400,000 University of North Florida, Foundation,
Inc., Capital Improvement Revenue, Series
1994, (First Union National Bank of North
Carolina, LOC),
4.050% due 11/01/2024+ NR Aa3 6,400,000
-----------
13,800,000
-----------
<CAPTION>
Georgia -- 5.4%
<S> <C> <C> <C> <C>
900,000 Dekalb County, Georgia, Industrial
Development Authority, Obligation Revenue,
(Dart Container Corporation Project),
(National Westminster Bank, LOC),
3.900% due 08/01/2011+ NR NR 900,000
2,800,000 Dekalb County, Georgia, Private Hospital,
Hospital Authority, Revenue Anticipation
Certificates,
(Egleston Childrens Health), Series A,
(Suntrust Bank, Atlanta, GA, LOC),
4.050 due 12/01/2017+ AA- Aa3 2,800,000
6,995,000 Georgia Municipal Association Pool Board,
Certificates of Participation, (MBIA
Insured), (Credit Suisse, LOC),
4.000% due 12/15/2020+ AAA Aaa 6,995,000
2,400,000 Glynn-Brunswick, Georgia, Memorial Hospital
Authority, Revenue Anticipation
Certificates, (Southeast Georgia Project),
(MBIA Insured),
(Suntrust Bank, Atlanta, GA, LOC),
3.650% due 08/01/2016+ AAA Aaa 2,400,000
-----------
13,095,000
-----------
<CAPTION>
Illinois -- 4.6%
<S> <C> <C> <C> <C>
2,000,000 Chicago, Illinois, GO, (MBIA Insured),
8.000% due 01/01/1997 AAA Aaa 2,040,000
955,000 East Peoria, Illinois, Multi-family Housing
Revenue, (Radnor/East Peoria Project),
(Bank of Nova Scotia, LOC),
4.250% due 06/01/2008+ NR Aa2 955,000
Illinois State Development Finance Authority,
Industrial Development Authority Revenue:
3,000,000 (Catholic Charities Housing),
(National Westminster Bank, LOC),
4.200% due 01/01/2028+ NR Aa2 3,000,000
4,000,000 (Lake Forest Academy Project), (Northern
Trust Company, LOC),
4.200% due 12/01/2024+ AA- NR 4,000,000
1,200,000 (Saint Ignatius College),
(Northern Trust Company, LOC),
4.200% due 06/01/2024+ AA- NR 1,200,000
-----------
11,195,000
-----------
<CAPTION>
Indiana -- 6.3%
<S> <C> <C> <C> <C>
5,000,000 Indiana State Bond Bank, Advanced Funding
Notes,
4.250% due 01/09/1997 Sp1+ MIG1 5,000,652
5,300,000 Indiana State Development Finance Authority
Revenue, (Educational Facility -- Indiana
Historical Society), (NBD Bank, Detroit,
LOC),
4.200% due 08/01/2031+ AA- NR 5,300,000
5,000,000 Indianapolis, Indiana, Local Public
Improvement Board, Series A,
4.250% due 01/09/1997 Sp1+ NR 5,000,470
-----------
15,301,122
-----------
<CAPTION>
Iowa -- 3.0%
<S> <C> <C> <C> <C>
2,000,000 Cedar Rapids, Iowa, Pollution Control
Revenue, Refunding Bonds, (Iowa Electric
Light & Power Company), (Barclays Bank,
LOC),
4.250% due 11/01/2003+ NR NR 2,000,000
5,300,000 Chillicothe, Iowa, Pollution Control Revenue,
(Iowa Electric and Power Company),
(Barclays Bank, LOC),
4.250% due 11/01/2010+ NR NR 5,300,000
-----------
7,300,000
-----------
<CAPTION>
Maryland -- 2.8%
<S> <C> <C> <C> <C>
3,400,000 Baltimore County, Maryland, Revenue Bonds,
(Sheppard & Enoch Pratt Hospital),
(Societe Generale, LOC),
4.150% due 07/01/2022+ NR Aa2 3,400,000
Maryland State Health & Higher Education,
Facilities Authority Revenue:
400,000 (Loyola College Issue), (Sanwa Bank, LOC),
3.950% due 10/01/2010+ A-1+ Aa3 400,000
3,000,000 (Helix Health Hospital), Issue-A,
(NationsBank, LOC),
4.300% due 07/01/2026+ A+ NR 3,000,000
-----------
6,800,000
-----------
<CAPTION>
Michigan -- 2.4%
<S> <C> <C> <C> <C>
4,500,000 Grand Rapids, Michigan, Water Supply, (MBIA
Insured), Pre-refunded,
7.875% due 01/01/1998 AAA Aaa 4,773,561
1,100,000 Michigan State Strategic Fund Limited,
Obligation Revenue, (Community Care
Properties Project), (National Bank of
Detroit, LOC),
4.250% due 09/01/2007+ NR NR 1,100,000
-----------
5,873,561
-----------
<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),
4.125% 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),
4.100% due 06/01/2008+ NR Aa2 2,000,000
-----------
<CAPTION>
Nebraska -- 2.9%
<S> <C> <C> <C> <C>
2,000,000 Hamilton County, Nebraska, Industrial
Development Authority Revenue,
(The Iams Company Project), (NationsBank,
LOC),
4.350% 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),
4.150% due 12/01/2000+ AAA Aaa 5,000,000
-----------
7,000,000
-----------
<CAPTION>
Nevada -- 2.8%
<S> <C> <C> <C> <C>
6,962,000 Clark County, Nevada, Airport Improvement
Revenue, Series A-1, (MBIA Insured), (SBPA
-- National Westminster Bank, exp
02/19/1999),
4.000% due 07/01/2012+ AAA Aaa 6,962,000
-----------
<CAPTION>
North Carolina -- 0.8%
<S> <C> <C> <C> <C>
2,000,000 Charlotte, North Carolina, Airport Revenue,
Series A, (MBIA Insured), (SBPA --
Commerzbank Aktiengeselexp, exp
02/04/1997),
4.000% due 07/01/2016+ AAA Aaa 2,000,000
-----------
<CAPTION>
Ohio -- 1.8%
<S> <C> <C> <C> <C>
2,355,000 Cuyahoga County, Ohio, Industrial Development
Revenue Refunding, (Curtiss Wright
Project),
(National City Bank, LOC),
4.300% due 12/01/2008+ NR NR 2,355,000
2,000,000 Summit County, Ohio, Bond Anticipation Notes,
GO, Series C,
4.375% due 11/20/1997 NR MIG1 2,012,370
-----------
4,367,370
-----------
<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),
4.650% due 04/01/2003+ AA- Aa3 1,300,000
-----------
<CAPTION>
Tennessee -- 7.3%
<S> <C> <C> <C> <C>
6,700,000 Chattanooga, Tennessee, Industrial
Development Authority Revenue, (Market
Street Ltd. Project), (ABN-Amro, LOC),
4.300% due 12/15/2012+ AAA NR 6,700,000
2,700,000 Clarkville, Tennessee, Public Building
Authority, (NationsBank, TN, LOC),
4.300% due 06/01/2024+ A+ NR 2,700,000
1,885,000 Greenville, Tennessee, Health & Educational
Facilities Board Revenue, (Laughlin
Memorial Hospital Inc. Project),
(NationsBank, LOC),
4.300% due 10/01/2014+ NR NR 1,885,000
1,000,000 Hamilton County, Tennessee, Industrial
Development Revenue Board, (Tennessee
Aquarium -- Imax),
(Bank of NY, LOC),
4.300% due 03/01/2015+ A+ Aa3 1,000,000
Metropolitan Government Nashville and
Davidson County, Tennessee, Health and
Education Facilities Board:
1,400,000 (Richland Place, Inc.), (Societe Generale,
LOC),
4.150% due 05/01/2023+ NR Aa1 1,400,000
2,100,000 (West Mead Place Project), (NationsBank,
GA, LOC)
4.300% due 10/01/2015+ A+ NR 2,100,000
2,000,000 Metropolitan Government Nashville and
Davidson County, Tennessee,
Industrial Development Board Revenue,
Multi-family Housing, (Arbor Crest
Apartments), Series B, (NationsBank, GA,
LOC),
4.150% due 12/01/2007+ NR Aa3 2,000,000
-----------
17,785,000
-----------
<CAPTION>
Texas -- 7.1%
<S> <C> <C> <C> <C>
8,700,000 Bexar County, Texas, Health Facilities,
(RaboBank, Netherlands, LOC),
4.000% due 07/01/2011+ AAA NR 8,700,000
3,000,000 Lower Neches Valley Authority, Texas,
(Neches River Treatment Project),
(Mobil Oil Corporation),
4.150% due 02/01/2004+ A-1+ NR 3,000,000
McAllen, Texas, Health Facilities:
5,075,000 (Charter Palms Hospital Inc.),
(Mitsubishi Bank Ltd., LOC),
3.150% due 03/01/2007+ NR Aa3 5,075,000
600,000 (McAllen Association No. 1), (Westpac
Banking Corporation, LOC),
4.000% due 12/01/2024+ NR NR 600,000
-----------
17,375,000
-----------
<CAPTION>
Utah -- 1.1%
<S> <C> <C> <C> <C>
2,700,000 Salt Lake City, Utah, Industrial Development
Revenue,
(Leeds and Northup Company),
(Wachovia Bank, Atlanta, GA, LOC),
4.300% due 04/01/2008+ NR NR 2,700,000
-----------
<CAPTION>
Virginia -- 0.3%
<S> <C> <C> <C> <C>
800,000 Tazwell County, Virginia, Industrial
Development Authority Revenue, (Lowes
Investment Corporation Project), (Wachovia
Bank, LOC),
3.650% due 09/01/2005+ NR NR 800,000
-----------
<CAPTION>
Washington -- 1.8%
<S> <C> <C> <C> <C>
1,700,000 Port of Seattle, Washington, GO, (Wachovia
Bank, LOC),
4.150% due 01/01/2005+ AA Aa1 1,700,000
<S> <C> <C> <C> <C>
2,800,000 Washington State, Public Power Supply
Systems, (Nuclear Project No. 1), Series
1A-1, (Bank of America, LOC),
4.100% due 07/01/2017+ A+ Aa3 2,800,000
-----------
4,500,000
-----------
<CAPTION>
Wisconsin -- 1.1%
<S> <C> <C> <C> <C>
2,200,000 Prairie, Wisconsin, Industrial Development
Authority Revenue, (Milwaukee Valve Company
Project), Series A, (National Bank of
Detroit, LOC),
4.400% due 11/01/2001+ NR NR 2,200,000
600,000 Wisconsin State Health Facilities Authority
Revenue, (Hope Sisters Obligation), Series
G, (Morgan Guaranty Trust Company, LOC),
4.150% due 12/01/2001+ AAA Aaa 600,000
-----------
2,800,000
<S> <C>
-----------
TOTAL MUNICIPAL BONDS AND NOTES (Cost $197,415,672) 197,415,672
-----------
<CAPTION>
COMMERCIAL PAPER -- 13.3%
<S> <C> <C> <C> <C>
3,500,000 Burke County, GA, (Credit Suisse, LOC)
3.500% due 01/23/1997 A-1+ P1 3,500,000
1,900,000 Burlington, Kansas, (Deutsche Bank, LOC),
3.500% due 01/23/1997 A-1+ NR 1,900,000
2,500,000 Harris County, Texas Health Facilities
Hospital Authority,
(Societe Generale, LOC),
3.650% due 01/14/1997 A-1+ VMIG1 2,500,000
Lincoln County, Wyoming,
(Union Bank of Switzerland, LOC):
4,500,000 3.450% due 01/07/1997 A-1+ VMIG1 4,500,000
3,500,000 3.450% due 01/22/1997 A-1+ VMIG1 3,500,000
4,100,000 Louisiana State, (Credit Local de France,
LOC),
3.400% due 02/06/1997 A-1+ VMIG1 4,100,000
5,000,000 San Antonio, Texas, (Morgan Guaranty Trust
Company, Union Bank of Switzerland,
& Toronto Dominion, LOC),
3.500% due 01/22/1997 A-1+ P1 5,000,000
5,000,000 West Baton Rouge, Louisiana, (Dow Chemical,
LOC),
3.600% due 01/09/1997 A-1+ P1 5,000,000
2,500,000 West Orange Hospital, (RoboBank, LOC),
3.500% due 02/06/1997 NR VMIG1 2,500,000
-----------
<S> <C>
TOTAL COMMERCIAL PAPER (Cost $32,500,000) 32,500,000
-----------
<CAPTION>
Shares Value
- ---------- -----
SHORT-TERM INVESTMENT - 4.9% (Cost $11,968,376)
<S> <C> <C>
11,968,376 Dreyfus Tax-Exempt Cash Management Fund 11,968,376
-----------
<S> <C> <C>
TOTAL INVESTMENTS (Cost $241,884,048*) 99.0% 241,884,048
OTHER ASSETS AND LIABILITIES (Net) 1.0 2,429,267
---- -----------
NET ASSETS 100.0% $244,313,315
===== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Variable rate weekly demand notes are payable upon not more than seven
calendar days' notice. The interest rate shown reflects the rate currently
in effect.
ABBREVIATIONS:
FGIC -- Federal Guaranty Insurance Corporation
GO -- General Obligation Bonds
LOC -- Instruments supported by bank letter of credit
MBIA -- Municipal Bond Investors Assurance
SBPA -- Stand By Purchase Agreement
See Notes to Financial Statements.
</TABLE>
Munder U.S. T Treasury Money Market Fund
Portfolio of Investments, December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
Principal
Amount Value
- ---------- ----------
U.S. TREASURY OBLIGATIONS -- 50.1%
U.S. Treasury Bills -- 26.5%
<S> <C> <C>
$ 10,000,000 5.490 % due 01/23/1997+ $ 9,967,733
30,000,000 5.310 % due 01/30/1997+ 29,878,626
10,000,000 5.470 % due 03/13/1997+ 9,896,360
35,000,000 5.270 % due 05/01/1997+ 34,409,083
-----------
84,151,802
-----------
<CAPTION>
U.S. Treasury Notes -- 23.6%
<S> <C> <C>
25,000,000 6.625 % due 03/31/1997 25,061,202
25,000,000 6.125 % due 05/31/1997 25,066,998
25,000,000 5.375 % due 11/30/1997 24,964,072
-----------
75,092,272
-----------
<S> <C>
TOTAL U.S. TREASURY OBLIGATIONS (Cost $159,244,074) 159,244,074
-----------
<CAPTION>
REPURCHASE AGREEMENTS -- 50.1%
<S> <C> <C>
15,000,000 Agreement with CS First Boston Corporation, 5.750%
dated 12/31/1996 to be repurchased at $15,004,792 on 01/02/1997,
collateralized by $15,114,000 U.S. Treasury Notes, 6.125% due
05/15/1998
(value $15,302,472) 15,000,000
15,000,000 Agreement with Goldman Sachs & Company, 6.450%
dated 12/31/1996 to be repurchased at $15,005,375 on 01/02/1997,
collateralized by $11,700,000 U.S. Treasury Bonds, 10.375% due
11/15/2012
(value $15,303,600) 15,000,000
75,000,000 Agreement with Lehman Brothers Inc., 6.250%
dated 12/31/1996 to be repurchased at $75,026,042 on 01/02/1997,
collateralized by $369,230,000 U.S. Treasury Strip Principal,
8.750% due 05/15/2020 (value $76,500,761) 75,000,000
9,480,000 Agreement with Merrill Lynch & Company, Inc., 6.000%
dated 12/31/1996 to be repurchased at $9,483,160 on 01/02/1997,
collateralized by $9,255,000 U.S. Treasury Notes, 6.875% due
08/31/1999
(value $9,671,475) 9,480,000
15,000,000 Agreement with Morgan (J.P.) & Company, 5.750%
dated 12/31/1996 to be repurchased at $15,004,792 on 01/02/1997,
collateralized by $12,414,000 U.S. Treasury Bonds, 8.500% due
02/15/2020
(value $15,300,255) 15,000,000
15,000,000 Agreement with Sanwa BGK Securities Company, L.P., 6.700%
dated 12/31/1996 to be repurchased at $15,005,583 on 01/02/1997,
collateralized by $14,755,000 U.S. Treasury Notes, 6.500% due
08/31/2001
(value $15,300,787) 15,000,000
15,000,000 Agreement with State Street Bank & Trust Company, 5.750%
dated 12/31/1996 to be repurchased at $15,004,792 on 01/02/1997,
collateralized by $14,965,000 U.S. Treasury Notes, 6.000% due
08/31/1997
(value $15,301,713) 15,000,000
-----------
<S> <C> <C>
TOTAL REPURCHASE AGREEMENTS (Cost $159,480,000) 159,480,000
-----------
TOTAL INVESTMENTS (Cost $318,724,074*) 100.2% 318,724,074
OTHER ASSETS AND LIABILITIES (Net) (0.2) (735,442)
----- -----------
NET ASSETS 100.0% $317,988,632
===== ============
<FN>
- ----------------
* Aggregate cost for Federal tax purposes.
+ Rate represents annualized yield at date of purchase.
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Assets and Liabilities, Period Ended December 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------
Munder Munder
Munder Intermediate International
Bond Bond Bond
Fund Fund Fund
------------- ------------- -------------
<S> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities ............................. $143,613,022 $ 481,284,195 $28,084,752
Repurchase Agreements .................. 5,887,000 8,118,000 1,122,000
------------ ------------- -----------
Total Investments .......................... 149,500,022 489,402,195 29,206,752
Cash ....................................... -- -- 974
Interest receivable ........................ 2,202,264 9,076,895 613,355
Dividends receivable ....................... 545 1,499 --
Receivable for investment securities sold .. 121,518 -- --
Receivable for Fund shares sold ............ 1,593,958 415,062 --
Unamortized organization cost .............. -- -- --
Prepaid expenses ........................... 17,523 16,278 45,792
------------ ------------- ------------
Total Assets ......................... 153,435,830 498,911,929 29,866,873
------------ ------------- ------------
LIABILITIES:
Payable for Fund shares redeemed ........... 1,105,088 2,126,851 --
Investment advisory fee payable ............ 127,947 421,053 23,535
Administration fee payable ................. 14,673 48,249 2,756
Shareholder servicing fees payable ......... 7,971 71,564 --
Distribution fees payable .................. 787 1,330 2
Transfer agent fee payable ................. 5,806 19,608 818
Custodian fees payable ..................... 5,208 15,735 1,161
Legal and audit fees payable ............... 7,988 27,029 2,191
Due to custodian ........................... -- -- --
Accrued Trustees'/Directors' fees and
expenses ................................. 566 1,860 106
Accrued expenses and other payables ........ 7,713 16,352 1,475
------------ ------------- -----------
Total Liabilities .................... 1,283,747 2,749,631 32,044
------------ ------------- -----------
NET ASSETS ................................. $152,152,083 $ 496,162,298 $29,834,829
============ ============= ===========
Investments, at cost ....................... $149,853,712 $ 489,454,104 $28,967,530
============ ============= ===========
----------------------------------------------------------------
Munder
Munder U.S. Michigan Munder Munder
Government Triple Tax-Free Tax-Free
Income Tax-Free Bond Intermediate
Fund Bond Fund Fund Bond Fund
- -------------- ------------ ------------- ---------------
<C> <C> <C> <C>
$234,095,097 $ 35,942,224 $ 200,780,616 $ 309,450,794
4,277,000 -- -- --
- ------------ ------------ ------------- -------------
238,372,097 35,942,224 200,780,616 309,450,794
95,424 -- -- --
2,005,297 380,735 3,611,377 5,579,214
3,828 8,088 2,469 6,652
-- -- -- --
221,728 109,604 107,301 200,516
5,818 9,786 13,675 --
23,530 -- 15,702 17,885
- ------------ ------------ ------------- -------------
240,727,722 36,450,437 204,531,140 315,255,061
- ------------ ------------ ------------- -------------
146,719 -- 149,025 302,290
201,328 29,786 173,100 265,948
23,177 3,489 19,797 30,482
40,138 7,423 42,879 64,944
1,390 378 377 1,269
8,998 1,330 7,860 12,303
7,717 1,118 6,134 9,342
12,385 3,044 10,823 17,025
-- -- -- 63,160
894 135 763 1,175
41,066 8,835 54,899 35,496
- ------------ ------------ ------------- -------------
483,812 55,538 465,657 803,434
- ------------ ------------ ------------- -------------
$240,243,910 $ 36,394,899 $ 204,065,483 $ 314,451,627
============ ============ ============= =============
$237,936,292 $ 35,443,574 $ 191,105,172 $ 300,809,449
============ ============ ============= =============
<FN>
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Assets and Liabilities, Period Ended December 31, 1996
(Unaudited)
(Continued)
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
-------------------------------------------------------------
Munder Munder Munder Munder
Cash Money Tax-Free U.S. Treasury
Investment Market Money Market Money Market
Fund Fund Fund Fund
-------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
ASSETS:
Investments, at value
See accompanying schedules:
Securities ............................. $ 789,015,637 $ 88,753,070 $241,884,048 $159,244,074
Repurchase Agreements .................. 231,325,000 2,877,000 -- 159,480,000
-------------- ------------ ------------ ------------
Total Investments .......................... 1,020,340,637 91,630,070 241,884,048 318,724,074
Cash ....................................... 40,385 23 1,368,872 98,358
Interest receivable ........................ 1,544,191 173,372 1,877,192 703,178
Dividends receivable ....................... -- -- 22,319 --
Unamortized organization costs ............. -- 60,000 -- --
Prepaid expenses ........................... 11,205 15,500 15,302 15,977
-------------- ------------ ------------ ------------
Total Assets ....................... 1,021,936,418 91,878,965 245,167,733 319,541,587
-------------- ------------ ------------ ------------
LIABILITIES:
Investment advisory fee payable ............ 579,697 84,847 141,915 183,275
Administration fee payable ................. 97,494 10,476 23,777 30,092
Shareholder servicing fees payable ......... 76,067 -- 27,002 5,167
Distribution fees payable .................. 19,261 659 1,134 492
Transfer agent fee payable ................. 57,931 5,687 9,604 12,064
Custodian fees payable ..................... 31,449 6,539 7,576 12,083
Legal and audit fees payable ............... 73,743 7,047 13,364 16,848
Dividends payable .......................... 3,754,441 64,962 607,046 1,269,998
Accrued Trustees'/Directors' fees and
expenses ................................. 3,759 404 917 1,160
Accrued expenses and other payables ........ 122,877 15,158 22,083 21,776
-------------- ------------- ------------ ------------
Total Liabilities .................. 4,816,719 195,779 854,418 1,552,955
-------------- ------------- ------------ ------------
NET ASSETS ................................. $1,017,119,699 $ 91,683,186 $244,313,315 $317,988,632
============== ============= ============ ============
Investments, at cost ....................... $1,020,340,637 $ 91,630,070 $241,884,048 $318,724,074
============== ============= ============ ============
<FN>
See Notes to Financial Statements.
</TABLE>
[This Page Intentionally Left Blank]
The Munder Funds
Statements of Assets and Liabilities, Period Ended December 31, 1996
(Unaudited)
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------
Munder Munder
Munder Intermediate International
Bond Bond Bond
Fund Fund Fund
------------- ------------- -------------
<S> <C> <C> <C>
NET ASSETS consist of:
Undistributed net investment
income/(distributions in excess of net
investment income) ......................................... $ 267,284 $ ( 16,736) $ 31,879
Accumulated net realized gain/(loss) on investments sold ..... (5,281,459) (22,611,233) 140,040
Net unrealized appreciation/(depreciation) of investments .... (353,690) (51,909) 234,131
Par value .................................................... 15,757 52,917 29,354
Paid-in capital in excess of par value ....................... 157,504,191 518,789,259 29,399,425
------------- ------------- ------------
$ 152,152,083 $ 496,162,298 $ 29,834,829
============= ============= ============
NET ASSETS:
Class A Shares ............................................... $ 956,250 $ 5,461,174 $ 14,531
============= ============= ============
Class B Shares ............................................... $ 609,552 $ 244,631 --
============= ============= ============
Class C Shares ............................................... $ 53,902 $ 68,514 --
============= ============= ============
Class K Shares ............................................... $ 37,716,257 $ 334,315,068 --
============= ============= ============
Class Y Shares ............................................... $ 112,816,122 $ 156,072,911 $ 29,820,298
============= ============= ============
SHARES OUTSTANDING:
Class A Shares ............................................... 99,025 582,340 1,430
============= ============= ============
Class B Shares ............................................... 63,136 26,109 --
============= ============= ============
Class C Shares ............................................... 5,585 7,297 --
============= ============= ============
Class K Shares ............................................... 3,906,003 35,658,185 --
============= ============= ============
Class Y Shares ............................................... 11,683,634 16,643,232 2,934,068
============= ============= ============
CLASS A SHARES:
Net asset value and redemption price per share ............... $ 9.66 $ 9.38 $ 10.16
============= ============= ============
Maximum sales charge ......................................... 4.00% 4.00% 4.00%
Maximum offering price per share ............................. $ 10.06 $ 9.77 $ 10.58
============= ============= ============
CLASS B SHARES:
Net asset value and offering price per share* ................ $ 9.65 $ 9.37 N/A
============= ============= ==========
CLASS C SHARES:
Net asset value and offering price per share* ................ $ 9.65 $ 9.39 N/A
============= ============= ==========
CLASS K SHARES:
Net asset value, offering price and redemption price per share $ 9.66 $ 9.38 N/A
============= ============= ==========
CLASS Y SHARES:
Net asset value, offering price and redemption price per share $ 9.66 $ 9.38 $ 10.16
============= ============= =============
<FN>
* Redemption price per share is equal to Net Asset Value less any applicable
contingent deferred sales charge ("CDSC").
- ----------------------------------------------------------------
Munder
Munder U.S. Michigan Munder Munder
Government Triple Tax-Free Tax-Free
Income Tax-Free Bond Intermediate
Fund Bond Fund Fund Bond Fund
- -------------- ------------ -------------- ---------------
<C> <C> <C> <C>
$ 491,553 $ 631 $ 13,079 $ 122
102,462 (31,666) 68,590 360,602
435,805 498,650 9,675,444 8,641,345
23,758 3,793 19,523 30,157
239,190,332 35,923,491 194,288,847 305,419,401
- ------------ ----------- ------------- ------------
$240,243,910 $36,394,899 $ 204,065,483 $314,451,627
============ =========== ============= ============
$ 427,970 $ 471,525 $ 2,385,853 $ 6,961,398
============ =========== ============= ============
$ 1,809,632 $ 276,899 $ 58,766 $ 170,522
============ =========== ============= ============
$ 9,909 $ 89,157 -- --
============ =========== ============= ============
$188,496,641 $35,060,943 $ 199,510,837 $301,997,866
============ =========== ============= ============
$ 49,499,758 $ 496,375 $ 2,110,027 $ 5,321,841
============ =========== ============= ============
42,331 49,131 228,534 667,601
============ =========== ============= ============
179,029 28,846 5,628 16,366
============ =========== ============= ============
980 9,299 -- --
============ =========== ============= ============
18,639,596 3,654,137 19,086,678 28,962,978
============ =========== ============= ============
4,896,075 51,705 202,017 510,267
============ =========== ============= ============
$ 10.11 $ 9.60 $ 10.44 $ 10.43
============ =========== ============= ============
4.00% 4.00% 4.00% 4.00%
$ 10.53 $ 10.00 $ 10.88 $ 10.86
============ =========== ============= ============
$ 10.11 $ 9.60 $ 10.44 $ 10.42
============ =========== ============= ============
$ 10.11 $ 9.59 N/A N/A
============ =========== ============= ============
$ 10.11 $ 9.59 $ 10.45 $ 10.43
============ =========== ============= ============
$ 10.11 $ 9.60 $ 10.44 $ 10.43
============ =========== ============= ============
<FN>
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Assets and Liabilities, Period Ended December 31, 1996
(Unaudited)
(Continued)
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
-------------------------------------------------------------
Munder Munder Munder Munder
Cash Money Tax-Free U.S. Treasury
Investment Market Money Market Money Market
Fund Fund Fund Fund
-------------- -------------- ------------ -------------
<S> <C> <C> <C> <C>
NET ASSETS consist of:
Undistributed net investment income ........ $ -- $ -- $ -- $ --
Accumulated net realized gain/(loss) on
investments sold ......................... (5,211) 300 (145,479) 35,896
Par value .................................. 1,017,124 91,683 244,415 317,953
Paid-in capital in excess of par value ..... 1,016,107,786 91,591,203 244,214,379 317,634,783
-------------- ------------ ------------- -------------
$1,017,119,699 $ 91,683,186 $244,313,315 $317,988,632
============== ============= ============ =============
NET ASSETS:
Class A Shares ............................. $ 87,446,643 $ 16,291 $ 5,184,395 $ 2,301,079
============== ============= ============ =============
Class B Shares ............................. -- $ 71,132 -- --
============== ============= ============ =============
Class C Shares ............................. -- $ 151,795 -- --
============== ============ ============= =============
Class K Shares ............................. $ 600,324,331 -- $207,934,454 $ 37,811,049
============= ============= ============= =============
Class Y Shares ............................. $ 329,348,725 $ 91,443,968 $ 31,194,466 $277,876,504
============== ============= ============= =============
SHARES OUTSTANDING:
Class A Shares ............................. 87,446,983 16,291 5,186,563 2,300,819
============== ============= ============= =============
Class B Shares ............................. -- 71,131 -- --
============== ============= ============= =============
Class C Shares ............................. -- 151,795 -- --
============== ============= ============= =============
Class K Shares ............................. 600,326,663 -- 208,021,387 37,806,781
============== ============= ============= =============
Class Y Shares ............................. 329,350,004 91,443,669 31,207,507 277,845,136
============== ============= ============= =============
CLASS A SHARES:
Net asset value, offering price and
redemption price per share ............... $ 1.00 $ 1.00 $ 1.00 $ 1.00
============== ============= ============= =============
CLASS B SHARES:
Net asset value, offering price and
redemption price per share ............... N/A $ 1.00 N/A N/A
============== ============= ============= =============
CLASS C SHARES:
Net asset value, offering price and
redemption price per share ............... N/A $ 1.00 N/A N/A
============== ============= ============= =============
CLASS K SHARES:
Net asset value, offering price and
redemption price per share ............... $ 1.00 N/A $ 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>
See Notes to Financial Statements.
</TABLE>
[This Page Intentionally Left Blank]
The Munder Funds
Statements of Operations, Period Ended December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------
Munder Munder
Munder Intermediate International
Bond Bond Bond
Fund Fund Fund(a)
------------- ------------- -------------
<S> <C> <C> <C>
INVESTMENT INCOME:
Interest (Net of foreign withholding taxes of $6,444 for
the Munder International Bond Fund) ..................... $ 5,439,636 $ 18,070,477 $ 327,368
Dividends ................................................. 55,384 90,411 --
------------- ------------- ----------
Total investment income ........................... 5,495,020 18,160,888 327,368
------------- ------------- ----------
EXPENSES:
Distribution and shareholder servicing fees:
Class A Shares .......................................... 1,104 6,354 6
Class B Shares .......................................... 3,009 939 --
Class C Shares .......................................... 370 698 --
Shareholder servicing fees:
Class K Shares .......................................... 45,122 443,576 --
Investment advisory fee ................................... 378,154 1,333,211 34,212
Administration fee ........................................ 85,797 302,510 7,753
Transfer agent fee ........................................ 16,150 57,603 1,208
Custodian fees ............................................ 10,003 32,323 1,161
Trustees'/Directors' fees and expenses .................... 1,500 5,291 253
Amortization of organization costs ........................ -- -- --
Registration and filing fees .............................. 43,999 60,181 9,148
Other ..................................................... 1,012 21,971 4,408
------------- ------------- ----------
Total Expenses .................................... 586,220 2,264,657 58,149
Fees waived by investment advisor ......................... -- -- --
------------- ------------- ----------
Net Expenses ...................................... 586,220 2,264,657 58,149
------------- ------------- ----------
NET INVESTMENT INCOME ..................................... 4,908,800 15,896,231 269,219
------------- ------------- ----------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ................................... (127,852) (1,819,324) 159,993
Forward foreign exchange contracts ...................... -- -- (119,346)
Foreign currency transactions ........................... -- -- 99,393
Net change in unrealized appreciation/(depreciation) of:
Securities .............................................. 1,975,774 5,745,880 239,222
Foreign currency and net other assets ................... -- -- (5,091)
------------- ------------- ----------
Net realized and unrealized gain on investments ........... 1,847,922 3,926,556 374,171
------------- ------------- ----------
NET INCREASE IN NET ASSETS RESULTING FROM
OPERATIONS .............................................. $ 6,756,722 $ 19,822,787 $ 643,390
============= ============= ==========
<FN>
(a) The Munder International Bond Fund commenced operations on October 2,
1996.
- ----------------------------------------------------------------
Munder
Munder U.S. Michigan Munder Munder
Government Triple Tax-Free Tax-Free
Income Tax-Free Bond Intermediate
Fund Bond Fund Fund Bond Fund
- ----------- ------------------------------------------------
<C> <C> <C> <C>
$ 8,409,166 $ 878,058 $5,430,740 $ 8,031,616
129,311 26,938 71,045 22,835
- ----------- ---------- ---------- -----------
8,538,477 904,996 5,501,785 8,054,451
- ----------- ---------- ---------- -----------
467 624 1,735 6,378
4,145 1,349 120 680
44 128 -- 9
221,157 40,304 251,769 401,568
566,056 83,462 511,617 830,545
128,421 18,936 116,077 188,450
24,057 3,572 21,819 35,726
14,006 2,080 11,857 18,956
2,261 336 2,023 3,280
1,163 2,298 2,716 --
57,340 8,165 44,879 47,576
9,468 9,859 7,975 4,959
- ----------- ---------- ---------- -----------
1,028,585 171,113 972,587 1,538,127
-- (51,815) -- --
- ----------- ---------- ---------- -----------
1,028,585 119,298 972,587 1,538,127
- ----------- ---------- ---------- -----------
7,509,892 785,698 4,529,198 6,516,324
- ----------- ---------- ---------- -----------
943,652 18,179 274,396 431,881
-- -- -- --
-- -- -- --
1,546,995 832,775 3,345,821 3,229,952
-- -- -- --
- ----------- ---------- ---------- -----------
2,490,647 850,954 3,620,217 3,661,833
- ----------- ---------- ---------- -----------
$10,000,539 $1,636,652 $8,149,415 $10,178,157
=========== ========== ========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Operations, Period Ended December 31, 1996 (Unaudited)
(Continued)
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
-------------------------------------------------------------
Munder Munder Munder Munder
Cash Money Tax-Free U.S. Treasury
Investment Market Money Market Money Market
Fund Fund Fund Fund
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
INVESTMENT INCOME:
Interest .................................................. $ 26,879,470 $ 4,866,564 $ 4,145,506 $ 8,745,805
Dividends ................................................. -- -- 145,614 --
------------- ------------ ------------ -----------
Total investment income ........................... 26,879,470 4,866,564 4,291,120 8,745,805
------------- ------------ ------------ -----------
EXPENSES:
Distribution and shareholder servicing fees :
Class A Shares .......................................... 104,896 41 10,479 2,806
Class B Shares .......................................... -- 567 -- --
Class C Shares .......................................... -- 1,558 -- --
Shareholder servicing fees:
Class K Shares .......................................... 428,035 -- 155,568 32,105
Investment advisory fee ................................... 1,722,539 356,483 432,599 577,630
Administration fee ........................................ 558,319 101,126 140,218 187,231
Transfer agent fee ........................................ 135,274 23,555 26,712 35,627
Custodian fees ............................................ 65,002 14,795 15,329 23,601
Trustees'/Directors' fees and expenses .................... 9,797 1,682 2,485 3,235
Amortization of organization costs ........................ -- 18,000 -- --
Registration and filing fees .............................. 51,401 12,424 22,162 29,476
Other ..................................................... 205,167 41,413 15,454 34,244
------------- ------------ ------------ -----------
Total Expenses .................................... 3,280,430 571,644 821,006 925,955
------------- ------------ ------------ -----------
NET INVESTMENT INCOME ..................................... 23,599,040 4,294,920 3,470,114 7,819,850
------------- ------------ ------------ -----------
NET REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:
Net realized gain/(loss) from:
Security transactions ................................... -- (13) 27,659 13,991
------------- ------------ ------------ -----------
Net realized and unrealized gain/(loss) on investments .... -- (13) 27,659 13,991
------------- ------------ ------------ -----------
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS ...... $ 23,599,040 $ 4,294,907 $ 3,497,773 $ 7,833,841
============= ============ ============ ===========
<FN>
See Notes to Financial Statements.
</TABLE>
[This Page Intentionally Left Blank]
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31, 1996 (Unaudited)
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------
Munder Munder
Munder Intermediate International
Bond Bond Bond
Fund Fund Fund(a)
------------- ------------- -------------
<S> <C> <C> <C>
Net investment income ..................................... $ 4,908,800 $ 15,896,231 $ 269,219
Net realized gain/(loss) on investments sold during the
period .................................................. (127,852) (1,819,324) 140,040
Net change in unrealized appreciation of investments during
the period .............................................. 1,975,774 5,745,880 234,131
------------ ------------- ------------
Net increase in net assets resulting from operations ...... 6,756,722 19,822,787 643,390
Dividends to shareholders from net investment income:
Class A Shares .......................................... (28,001) (148,841) (111)
Class B Shares .......................................... (16,840) (4,429) --
Class C Shares .......................................... (2,023) (1,417) --
Class K Shares .......................................... (1,099,982) (10,462,493) --
Class Y Shares .......................................... (3,581,938) (5,318,055) (237,229)
Distributions to shareholders from net realized gains:
Class A Shares .......................................... -- -- --
Class B Shares .......................................... -- -- --
Class C Shares .......................................... -- -- --
Class K Shares .......................................... -- -- --
Class Y Shares .......................................... -- -- --
Net increase/(decrease) in net assets from Fund
share transactions:
Class A Shares .......................................... 50,522 70,518 14,441
Class B Shares .......................................... 306,559 140,636 --
Class C Shares .......................................... 1,493 5,541 --
Class K Shares .......................................... 5,011,850 (38,738,269) --
Class Y Shares .......................................... (1,717,979) (28,144,047) 29,414,338
------------ ------------- ------------
Net increase/(decrease) in net assets ..................... 5,680,383 (62,778,069) 29,834,829
NET ASSETS:
Beginning of period ....................................... 146,471,700 558,940,367 --
------------ ------------- ------------
End of period ............................................. $152,152,083 $ 496,162,298 $ 29,834,829
============ ============= ============
Undistributed net investment income/(distributions
in excess of net investment income)....................... $ 267,284 $ (16,736) $ 31,879
============ ============= ============
<FN>
(a) The Munder International Bond Fund commenced operations on October 2, 1996.
- ----------------------------------------------------------------
Munder
Munder U.S. Michigan Munder Munder
Government Triple Tax-Free Tax-Free
Income Tax-Free Bond Intermediate
Fund Bond Fund Fund Bond Fund
- ------------- ----------- ------------- ------------------
<C> <C> <C> <C>
$ 7,509,892 $ 785,698 $ 4,529,198 $ 6,516,324
943,652 18,179 274,396 431,881
1,546,995 832,775 3,345,821 3,229,952
- ------------ ----------- ------------- -------------
10,000,539 1,636,652 8,149,415 10,178,157
(12,011) (11,532) (30,950) (100,412)
(30,159) (5,304) (628) (2,578)
(224) (607) -- --
(5,430,446) (758,568) (4,466,593) (6,306,538)
(1,545,499) (9,349) (48,889) (113,668)
(190) (54) (11,640) (13,709)
(803) (32) (361) (447)
(4) (10) -- --
(83,557) (4,034) (1,496,506) (798,558)
(22,021) (55) (15,776) (14,053)
164,831 12,075 1,232,032 1,912,474
1,311,988 18,928 53,854 119,821
9,707 89,021 -- --
27,281,086 4,768,627 821,316 (34,514,864)
2,201,385 282,029 160,036 (7,569)
- ------------ ----------- ------------- -------------
33,844,622 6,017,787 4,345,310 (29,661,944)
206,399,288 30,377,112 199,720,173 344,113,571
- ------------ ----------- ------------- -------------
$240,243,910 $36,394,899 $ 204,065,483 $ 314,451,627
============ =========== ============= =============
$ 491,553 $ 631 $ 13,079 $ 122
============ =========== ============= =============
<FN>
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes in Net Assets, Period Ended December 31, 1996 (Unaudited)
(Continued)
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
-------------------------------------------------------------
Munder Munder Munder Munder
Cash Money Tax-Free U.S. Treasury
Investment Market Money Market Money Market
Fund Fund Fund Fund
-------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Net investment income ...................... $ 23,599,040 $ 4,294,920 $ 3,470,114 $ 7,819,850
Net realized gain/(loss) on investments sold
during the period ........................ -- (13) 27,659 13,991
-------------- ------------- ------------- -------------
Net increase in net assets resulting from
operations ............................... 23,599,040 4,294,907 3,497,773 7,833,841
Dividends to shareholders from net
investment income:
Class A Shares ............................. (1,944,091) (657) (112,115) (50,697)
Class B Shares ............................. -- (1,937) -- --
Class C Shares ............................. -- (3,041) -- --
Class K Shares ............................. (13,529,527) -- (2,895,748) (984,083)
Class Y Shares ............................. (8,125,422) (4,289,285) (462,251) (6,785,070)
Net increase/(decrease) in net assets from
Fund share transactions:
Class A Shares ............................. (29,175,438) (6,731) (5,401,458) 681,072
Class B Shares ............................. -- (53,236) -- --
Class C Shares ............................. -- 151,795 -- --
Class K Shares ............................. 52,801,000 -- 15,321,111 (24,322,983)
Class Y Shares ............................. 11,523,299 (131,952,171) 5,598,977 (32,009,620)
-------------- -------------- ------------- -------------
Net increase/(decrease) in net assets ...... 35,148,861 (131,860,356) 15,546,289 (55,637,540)
NET ASSETS:
Beginning of period ........................ 981,970,838 223,543,542 228,767,026 373,626,172
-------------- -------------- ------------- -------------
End of period .............................. $1,017,119,699 $ 91,683,186 $ 244,313,315 $ 317,988,632
============== ============= ============= =============
<FN>
See Notes to Financial Statements.
</TABLE>
[This Page Intentionally Left Blank]
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1996
<TABLE>
<CAPTION>
INCOME FUNDS
-----------------------------
Munder
Munder Intermediate
Bond Bond
Fund Fund
------------- -------------
<S> <C> <C>
Net investment income ........................................ $ 10,822,078 $ 31,808,695
Net realized gain/(loss) on investments sold during the year . 5,089,499 (5,532,526)
Net change in unrealized appreciation/(depreciation) of
investments during the year ................................ (7,288,110) (7,370,694)
------------- -------------
Net increase in net assets resulting from operations ......... 8,623,467 18,905,475
Dividends to shareholders from net investment income:
Class A Shares ............................................. (55,109) (333,474)
Class B Shares ............................................. (4,655) (1,689)
Class C Shares ............................................. (696) (697)
Class K Shares ............................................. (2,050,434) (20,905,073)
Class Y Shares ............................................. (8,067,642) (10,621,666)
Distributions to shareholders from net realized gains:
Class A Shares ............................................. -- --
Class B Shares ............................................. -- --
Class C Shares ............................................. -- --
Class K Shares ............................................. -- --
Class Y Shares ............................................. -- --
Net increase/(decrease) in net assets from Fund share transactions:
Class A Shares ............................................. (4,363) 13,571
Class B Shares ............................................. 298,564 96,014
Class C Shares ............................................. 51,999 52,083
Class K Shares ............................................. (3,960,599) 78,332,591
Class Y Shares ............................................. (32,736,204) 29,845,423
------------- -------------
Net increase/(decrease) in net assets ........................ (37,905,672) 95,382,558
NET ASSETS:
Beginning of year ............................................ 184,377,372 463,557,809
------------- -------------
End of year .................................................. $ 146,471,700 $ 558,940,367
============= =============
Undistributed net investment income .......................... $ 87,268 $ 22,268
============= =============
- ----------------------------------------------------------------
Munder
Munder U.S. Michigan Munder Munder
Government Triple Tax-Free Tax-Free
Income Tax-Free Bond Intermediate
Fund Bond Fund Fund Bond Fund
- ------------- ------------- ------------- --------------
<C> <C> <C> <C>
$ 13,263,557 $ 1,403,364 $ 9,524,201 $ 13,779,814
908,562 255,727 2,840,275 2,061,413
(7,214,132) (226,095) (1,250,772) (2,983,212)
------------ ------------ ------------- -------------
6,957,987 1,432,996 11,113,704 12,858,015
(30,082) (22,125) (21,596) (173,307)
(30,286) (10,899) (827) (1,236)
-- -- -- --
(10,651,494) (1,358,233) (9,420,177) (13,226,909)
(1,983,906) (11,889) (69,317) (371,368)
(5,751) -- (197) --
(5,860) -- (50) --
-- -- -- --
(1,176,686) -- (135,713) --
(39,436) -- (1,077) --
197,767 29,546 1,168,560 903,172
538,045 (3,044) 3,052 48,503
-- -- -- --
(10,495,058) 3,900,063 (36,863,317) 1,629,331
35,490,250 (570,397) 407,472 (5,857,566)
------------ ------------ ------------- -------------
18,765,490 3,386,018 (33,819,483) (4,191,365)
187,633,798 26,991,094 233,539,656 348,304,936
------------ ------------ ------------- -------------
$206,399,288 $ 30,377,112 $ 199,720,173 $ 344,113,571
============ ============ ============= =============
-- $ 293 $ 30,941 $ 6,994
============ ============ ============= =============
<FN>
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes in Net Assets, Year Ended June 30, 1996
(Continued)
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
-------------------------------------------------------------
Munder Munder Munder Munder
Cash Money Tax-Free U.S. Treasury
Investment Market Money Market Money Market
Fund Fund Fund Fund
------------ ------------- ------------- -------------
<S> <C> <C> <C> <C>
Net investment income ...................... $ 52,211,411 $ 13,048,862 $ 7,523,896 $ 16,173,434
Net realized gain/(loss) on investments sold
during the year .......................... 1,334 313 (14,227) 8,412
------------ ------------ ------------ ------------
Net increase in net assets resulting from
operations ............................... 52,212,745 13,049,175 7,509,669 16,181,846
Dividends to shareholders from net
investment income:
Class A Shares ........................... (3,466,266) (1,400) (259,717) (76,366)
Class B Shares ........................... -- (8,089) -- --
Class C Shares ........................... -- -- -- --
Class K Shares ........................... (31,064,112) -- (6,237,517) (3,424,423)
Class Y Shares ........................... (17,681,033) (13,039,373) (1,026,662) (12,672,645)
Net increase/(decrease) in net assets
from Fund share transactions:
Class A Shares ........................... 64,092,621 23,022 2,053,372 502,834
Class B Shares ........................... -- (246,839) -- --
Class C Shares ........................... -- -- -- --
Class K Shares ........................... (11,105,184) -- (3,128,945) (12,076,540)
Class Y Shares ........................... (22,568,719) (40,117,628) 2,166,987 78,809,626
------------ ------------ ------------ ------------
Net increase/(decrease) in net assets ...... 30,420,052 (40,341,132) 1,077,187 67,244,332
NET ASSETS:
Beginning of year .......................... 951,550,786 263,884,674 227,689,839 306,381,840
------------ ------------ ------------ ------------
End of year ................................ $981,970,838 $223,543,542 $228,767,026 $373,626,172
============ ============ ============ ============
<FN>
See Notes to Financial Statements.
</TABLE>
[This Page Intentionally Left Blank]
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1996
(Unaudited)
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------
Munder Munder
Munder Intermediate International
Bond Bond Bond
Fund Fund Fund(a)
------------- ------------- -------------
<S> <C> <C> <C>
Amount
Class A Shares:
Sold ....................................... $ 571,962 $ 1,287,449 $ 14,329
Issued as reinvestment of dividends ........ 17,125 115,644 112
Redeemed ................................... (538,565) (1,332,575) --
------------ ------------ -----------
Net increase ............................... $ 50,522 $ 70,518 $ 14,441
============ ============ ===========
Class B Shares:
Sold ....................................... $ 367,819 $ 141,154 --
Issued as reinvestment of dividends ........ 4,907 1,856 --
Redeemed ................................... (66,167) (2,374) --
------------ ------------ -----------
Net increase ............................... $ 306,559 $ 140,636 --
============ ============ ===========
Class C Shares:
Sold ....................................... $ 44,332 $ 1,366,981 --
Issued as reinvestment of dividends ........ 437 498 --
Redeemed ................................... (43,276) (1,361,938) --
------------ ------------ -----------
Net increase ............................... $ 1,493 $ 5,541 --
============ ============ ===========
Class K Shares:
Sold ....................................... $ 8,720,753 $ 20,535,875 --
Issued as reinvestment of dividends ........ -- 20,739 --
Redeemed ................................... (3,708,903) (59,294,883) --
------------ ------------ -----------
Net increase/(decrease) .................... $ 5,011,850 $(38,738,269) --
============ ============ ===========
Class Y Shares:
Sold ....................................... $ 9,011,551 $ 13,035,535 $29,436,263
Issued as reinvestment of dividends ........ 13,777 15,643 5,749
Redeemed ................................... (10,743,307) (41,195,225) (27,674)
------------ ------------ -----------
Net increase/(decrease) .................... $ (1,717,979) $(28,144,047) $29,414,338
============ ============ ===========
<FN>
(a) The Munder International Bond Fund Class A Shares and Class Y Shares
commenced operations on October 17, 1996 and October 2, 1996,
respectively.
(b) The Munder U.S. Government Income Fund Class C Shares commenced
operations on August 12, 1996.
(c) The Munder Michigan Triple Tax-Free Bond Fund Class C Shares commenced
operations on October 4, 1996.
- -------------------------------------------------------------
Munder
Munder U.S. Michigan Munder Munder
Government Triple Tax-Free Tax-Free
Income Tax-Free Bond Intermediate
Fund(b) Bond Fund(c) Fund Bond Fund
- -------------- ------------ -------------- -------------
<C> <C> <C> <C>
$ 478,002 $ 147,055 $ 1,376,202 $ 2,987,915
6,193 7,008 14,671 54,891
(319,364) (141,988) (158,841) (1,130,332)
------------ ----------- ------------ ------------
$ 164,831 $ 12,075 $ 1,232,032 $ 1,912,474
============ =========== ============ ============
$ 1,442,638 $ 15,452 $ 53,570 $ 119,476
7,163 3,476 294 345
(137,813) -- (10) --
------------ ----------- ------------ ------------
$ 1,311,988 $ 18,928 $ 53,854 $ 119,821
============ =========== ============ ============
$ 16,543 $ 89,041 -- --
20 -- -- --
(6,856) (20) -- --
------------ ----------- ------------ ------------
$ 9,707 $ 89,021 -- --
============ =========== ============ ============
$ 40,123,750 $ 7,097,313 $ 17,734,963 $ 10,217,055
1,930 301 976 5,591
(12,844,594) (2,328,987) (16,914,623) (44,737,510)
------------ ----------- ------------ ------------
$ 27,281,086 $ 4,768,627 $ 821,316 $(34,514,864)
============ =========== ============ ============
$ 2,679,761 $ 279,767 $ 316,255 $ 301,896
5,599 2,262 359 224
(483,975) -- (156,578) (309,689)
------------ ----------- ------------ ------------
$ 2,201,385 $ 282,029 $ 160,036 $ (7,569)
============ =========== ============ ============
<FN>
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1996
(Unaudited)
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
---------------------------------------------
Munder Munder
Munder Intermediate International
Bond Bond Bond
Fund Fund Fund(a)
------------- ------------- -------------
<S> <C> <C> <C>
Shares
Class A Shares:
Sold ....................................... 59,055 137,439 1,419
Issued as reinvestment of dividends ........ 1,785 12,423 11
Redeemed ................................... (55,745) (142,875) --
----------- ---------- ----------
Net increase ............................... 5,095 6,987 1,430
=========== ========== ==========
Class B Shares:
Sold ....................................... 38,577 15,056 --
Issued as reinvestment of dividends ........ 507 266 --
Redeemed ................................... (6,832) (268) --
----------- ---------- ----------
Net increase ............................... 32,252 15,054 --
=========== ========== ==========
Class C Shares:
Sold ....................................... 4,663 146,587 --
Issued as reinvestment of dividends ........ 45 76 --
Redeemed ................................... (4,503) (144,907) --
----------- ---------- ----------
Net increase ............................... 205 1,756 --
=========== ========== ==========
Class K Shares:
Sold ....................................... 912,055 2,196,299 --
Issued as reinvestment of dividends ........ -- 2,218 --
Redeemed ................................... (385,957) (6,348,382) --
----------- ---------- ----------
Net increase/(decrease) .................... 526,098 (4,149,865) --
=========== ========== ==========
Class Y Shares:
Sold ....................................... 939,544 1,390,824 2,936,217
Issued as reinvestment of dividends ........ 1,431 1,671 569
Redeemed ................................... (1,117,160) (4,406,198) (2,718)
----------- ---------- ----------
Net increase/(decrease) .................... (176,185) (3,013,703) 2,934,068
=========== ========== ==========
<FN>
(a) The Munder International Bond Fund Class A Shares and Class Y Shares
commenced operations on October 17, 1996 and October 2, 1996,
respectively.
(b) The Munder U.S. Government Income Fund Class C Shares commenced
operations on August 12, 1996.
(c) The Munder Michigan Triple Tax-Free Bond Fund Class C Shares commenced
operations on October 4, 1996.
- -------------------------------------------------------------
Munder
Munder U.S. Michigan Munder Munder
Government Triple Tax-Free Tax-Free
Income Tax-Free Bond Intermediate
Fund(b) Bond Fund(c) Fund Bond Fund
- ---------- ------------ ------------ --------------
<C> <C> <C> <C>
47,766 15,463 131,901 286,130
613 738 1,409 5,271
(31,948) (14,824) (15,190) (108,483)
- ---------- ---------- ----------- -----------
16,431 1,377 118,120 182,918
========== ========== =========== ===========
142,348 1,657 5,121 11,506
701 368 27 33
(13,886) -- (1) --
- ---------- ---------- ----------- -----------
129,163 2,025 5,147 11,539
========== ========== =========== ===========
1,645 9,301 -- --
2 -- -- --
(667) (2) -- --
- ---------- ---------- ----------- -----------
980 9,299 -- --
========== ========== =========== ===========
3,994,483 744,422 1,696,382 981,263
191 32 94 537
(1,274,582) (244,868) (1,616,420) (4,296,656)
- ---------- ---------- ----------- -----------
2,720,092 499,586 80,056 (3,314,856)
========== ========== =========== ===========
265,211 29,677 30,355 29,027
551 237 35 21
(48,030) -- (14,989) (29,740)
- ---------- ---------- ----------- -----------
217,732 29,914 15,401 (692)
========== ========== =========== ===========
<FN>
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Period Ended December 31, 1996
(Unaudited)
(Continued)
Since the Funds have sold, issued as reinvestment of dividends and redeemed
shares only at a constant net asset value of $1.00 per share, the number of
shares represented by such sales, reinvestments and redemptions is the same
as the amounts shown below for such transactions.
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
-------------------------------------------------------------
Munder Munder Munder Munder
Cash Money Tax-Free U.S. Treasury
Investment Market Money Market Money Market
Fund Fund(a) Fund Fund
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Class A Shares:
Sold ....................................... $ 99,764,940 $ 67,212 $ 4,056,105 $ 3,914,408
Issued as reinvestment of dividends ........ 1,934,157 596 111,128 50,698
Redeemed ................................... (130,874,535) (74,539) (9,568,691) (3,284,034)
-------------- ------------- ------------- -------------
Net increase/(decrease) .................... $ (29,175,438) $ (6,731) $ (5,401,458) $ 681,072
============== ============= ============= =============
Class B Shares:
Sold ....................................... $ 643,980
Issued as reinvestment of dividends ........ 1,448
Redeemed ................................... (698,664)
-------------
Net decrease ............................... $ (53,236)
=============
Class C Shares:
Sold ....................................... $ 9,330,621
Issued as reinvestment of dividends ........ 2,960
Redeemed ................................... (9,181,786)
-------------
Net increase ............................... $ 151,795
=============
Class K Shares:
Sold ....................................... $ 412,375,184 $ 118,372,358 $ 44,163,651
Issued as reinvestment of dividends ........ 54,499 3,816 --
Redeemed ................................... (359,628,683) (103,055,063) (68,486,634)
-------------- ------------- -------------
Net increase/(decrease) .................... $ 52,801,000 $ 15,321,111 $ (24,322,983)
============== ============= =============
Class Y Shares:
Sold ....................................... $ 245,318,966 $ 139,109,577 $ 88,529,095 $ 297,136,274
Issued as reinvestment of dividends ........ 1,399 4,245,980 1,150 4
Redeemed ................................... (233,797,066) (275,307,728) (82,931,268) (329,145,898)
-------------- ------------- ------------- -------------
Net increase/(decrease) .................... $ 11,523,299 $(131,952,171) $ 5,598,977 $ (32,009,620)
============== ============= ============= =============
<FN>
(a) The Munder Money Market Fund Class C Shares commenced operations on October
17, 1996.
See Notes to Financial Statements.
</TABLE>
[This Page Intentionally Left Blank]
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1996
<TABLE>
<CAPTION>
INCOME FUNDS
-----------------------------
Munder
Munder Intermediate
Bond Bond
Fund(a) Fund(b)
------------- -------------
<S> <C> <C>
Amount
Class A Shares:
Sold ....................................... $ 167,845 $ 2,014,281
Issued as reinvestment of dividends ........ 35,561 242,083
Redeemed ................................... (207,769) (2,242,793)
------------ -------------
Net increase/(decrease) .................... $ (4,363) $ 13,571
============ =============
Class B Shares:
Sold ....................................... $ 354,641 $ 96,213
Issued as reinvestment of dividends ........ 298 1,622
Redeemed ................................... (56,375) (1,821)
------------ ------------
Net increase/(decrease) .................... $ 298,564 $ 96,014
============ ============
Class C Shares:
Sold ....................................... $ 52,020 $ 52,083
Issued as reinvestment of dividends ........ -- --
Redeemed ................................... (21) --
------------ ------------
Net increase ............................... $ 51,999 $ 52,083
============ ============
Class K Shares:
Sold ....................................... $ 7,620,896 $124,069,515
Issued as reinvestment of dividends ........ 2,631 54,365
Redeemed ................................... (11,584,126) (45,791,289)
------------ ------------
Net increase/(decrease) .................... $ (3,960,599) $ 78,332,591
============ ============
Class Y Shares:
Sold ....................................... $ 17,350,760 $ 74,492,394
Issued as reinvestment of dividends ........ 8,531 18,596
Redeemed ................................... (50,095,495) (44,665,567)
------------ ------------
Net increase/(decrease) .................... $(32,736,204) $ 29,845,423
============ ============
<FN>
(a) The Munder Bond Fund Class B Shares and Class C Shares commenced
operations on March 13, 1996 and March 25, 1996, respectively.
(b) The Munder Intermediate Bond Fund Class C Shares commenced operations on
April 19, 1996.
(c) The Munder U.S. Government Income Fund Class B Shares commenced
operations on September 6, 1995.
(d) The Munder Tax-Free Intermediate Bond Fund Class B Shares commenced
operations on May 16, 1996.
- --------------------------------------------------------------
Munder
Munder U.S. Michigan Munder Munder
Government Triple Tax-Free Tax-Free
Income Tax-Free Bond Intermediate
Fund(c) Bond Fund Fund Bond Fund(d)
- ------------- ------------- ------------- --------------
<C> <C> <C> <C>
$ 1,478,021 $ 41,017 $ 2,179,685 $ 2,549,824
13,144 13,168 11,915 73,671
(1,293,398) (24,639) (1,023,040) (1,720,323)
------------ ----------- ------------ ------------
$ 197,767 $ 29,546 $ 1,168,560 $ 903,172
============ =========== ============ ============
$ 980,455 $ 148 $ 26,539 $ 49,579
-- 7,346 43 --
(442,410) (10,538) (23,530) (1,076)
------------ ----------- ------------ ------------
$ 538,045 $ (3,044) $ 3,052 $ 48,503
============ =========== ============ ============
-- -- -- --
-- -- -- --
-- -- -- --
------------ ----------- ------------ ------------
-- -- -- --
============ =========== ============ ============
$ 30,943,020 $12,005,861 $ 13,383,991 $ 58,335,796
7,512 1,703 913 17,860
(41,445,590) (8,107,501) (50,248,221) (56,724,325)
------------ ----------- ------------ ------------
$(10,495,058) $ 3,900,063 $(36,863,317) $ 1,629,331
============ =========== ============ ============
$ 45,269,185 $ 52,000 $ 1,047,240 $ 2,675,213
2,116 -- 43 --
(9,781,051) (622,397) (639,811) (8,532,779)
------------ ----------- ------------ ------------
$ 35,490,250 $ (570,397) $ 407,472 $ (5,857,566)
============ =========== ============ ============
<FN>
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1996
(Continued)
<TABLE>
<CAPTION>
INCOME FUNDS
-----------------------------
Munder
Munder Intermediate
Bond Bond
Fund(a) Fund(b)
------------ -------------
<S> <C> <C>
Shares:
Class A Shares:
Sold ....................................... 16,880 210,690
Issued as reinvestment of dividends ........ 3,664 25,566
Redeemed ................................... (21,413) (235,718)
---------- ----------
Net increase/(decrease) .................... (869) 538
========== ==========
Class B Shares:
Sold ....................................... 36,695 10,176
Issued as reinvestment of dividends ........ 31 175
Redeemed ................................... (5,842) (200)
---------- ----------
Net increase/(decrease) .................... 30,884 10,151
========== ==========
Class C Shares:
Sold ....................................... 5,381 5,541
Issued as reinvestment of dividends ........ -- --
Redeemed ................................... (1) --
---------- ----------
Net increase ............................... 5,380 5,541
========== ==========
Class K Shares:
Sold ....................................... 785,021 13,040,844
Issued as reinvestment of dividends ........ 271 5,738
Redeemed ................................... (1,192,796) (4,837,158)
---------- ----------
Net increase/(decrease) .................... (407,504) 8,209,424
========== ==========
Class Y Shares:
Sold ....................................... 1,786,823 7,804,479
Issued as reinvestment of dividends ........ 886 1,962
Redeemed ................................... (5,062,631) (4,706,955)
---------- ----------
Net increase/(decrease) .................... (3,274,922) 3,099,486
========== ==========
<FN>
(a) The Munder Bond Fund Class B Shares and Class C Shares commenced
operations on March 13, 1996 and March 25, 1996, respectively.
(b) The Munder Intermediate Bond Fund Class C Shares commenced operations on
April 19, 1996.
(c) The Munder U.S. Government Income Fund Class B Shares commenced
operations on September 6, 1995.
(d) The Munder Tax-Free Intermediate Bond Fund Class B Shares commenced
operations on May 16, 1996.
- ------------------------------------------------------------
Munder
Munder U.S. Michigan Munder Munder
Government Triple Tax-Free Tax-Free
Income Tax-Free Bond Intermediate
Fund(c) Bond Fund Fund Bond Fund(d)
- ----------- ---------- ------------ ------------
<C> <C> <C> <C>
142,134 4,272 207,059 242,570
1,281 1,387 1,149 7,059
(126,939) (2,604) (97,794) (164,183)
- ---------- ---------- ----------- ----------
16,476 3,055 110,414 85,446
========== ========== =========== ==========
94,331 16 2,558 4,928
-- 776 3 --
(44,465) (1,114) (2,220) (101)
- ---------- ---------- ----------- ----------
49,866 (322) 341 4,827
========== ========== =========== ==========
-- -- -- --
-- -- -- --
-- -- -- --
- ---------- ---------- ----------- ----------
-- -- -- --
========== ========== =========== ==========
3,017,230 1,272,778 1,268,126 5,561,532
733 178 86 1,708
(4,054,798) (854,898) (4,799,660) (5,418,489)
- ---------- ---------- ----------- ----------
(1,036,835) 418,058 (3,531,448) 144,751
========== ========== =========== ==========
4,363,599 5,335 100,881 256,963
206 -- 7 --
(934,064) (66,086) (59,901) (816,582)
- ---------- ---------- ----------- ----------
3,429,741 (60,751) 40,987 (559,619)
========== ========== =========== ==========
<FN>
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Statements of Changes - Capital Stock Activity, Year Ended June 30, 1996
(Continued)
Since the Funds have sold, issued as reinvestment of dividends and
redeemed shares only at a constant net asset value of $1.00 per share, the
number of shares represented by such sales, reinvestments and redemptions is
the same as the amounts shown below for such transactions.
<TABLE>
<CAPTION>
MONEY MARKET FUNDS
-------------------------------------------------------------
Munder Munder Munder Munder
Cash Money Tax-Free U.S. Treasury
Investment Market Money Market Money Market
Fund Fund Fund Fund
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Class A Shares:
Sold ....................................... $ 177,850,670 $ 188,589 $ 19,124,206 $ 3,933,444
Issued as reinvestment of dividends ........ 3,466,426 1,387 259,761 80,190
Redeemed ................................... (117,224,475) (166,954) (17,330,595) (3,510,800)
-------------- ------------- ------------- -------------
Net increase ............................... $ 64,092,621 $ 23,022 $ 2,053,372 $ 502,834
============== ============= ============= =============
Class B Shares:
Sold ....................................... $ 60,309
Issued as reinvestment of dividends ........ 7,066
Redeemed ................................... (314,214)
-------------
Net decrease ............................... $ (246,839)
=============
Class K Shares:
Sold ....................................... $ 600,348,964 $ 211,116,349 $ 322,484,040
Issued as reinvestment of dividends ........ 40,539 7,943 46
Redeemed ................................... (611,494,687) (214,253,237) (334,560,626)
-------------- ------------- -------------
Net decrease ............................... $ (11,105,184) $ (3,128,945) $ (12,076,540)
============== ============= =============
Class Y Shares:
Sold ....................................... $ 725,228,754 $ 694,479,788 $ 167,259,652 $ 560,496,273
Issued as reinvestment of dividends ........ -- 12,905,901 1,408 --
Redeemed ................................... (747,797,473) (747,503,317) (165,094,073) (481,686,647)
-------------- ------------- ------------- -------------
Net increase/(decrease) .................... $ (22,568,719) $ (40,117,628) $ 2,166,987 $ 78,809,626
============== ============= ============= =============
<FN>
See Notes to Financial Statements.
</TABLE>
[This Page Intentionally Left Blank}
Munder Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
-----------------------------
Six Months
Ended Year
12/31/96 Ended
(Unaudited) 6/30/96
------------- -------------
<S> <C> <C>
Net asset value, beginning of period ......................... $ 9.53 $ 9.70
-------- --------
Income from investment operations:
Net investment income ........................................ 0.30 0.61
Net realized and unrealized gain/(loss) on investments ....... 0.12 (0.20)
-------- --------
Total from investment operations ............................. 0.42 0.41
-------- --------
Less distributions:
Dividends from net investment income ......................... (0.29) (0.58)
Distributions from net realized gains ........................ -- --
-------- --------
Total distributions .......................................... (0.29) (0.58)
-------- --------
Net asset value, end of period ............................... $ 9.66 $ 9.53
======== ========
Total return (b) ............................................. 4.51% 4.24%
======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ......................... $ 956 $ 895
Ratio of operating expenses to average net assets ............ 0.96%(c) 0.95%
Ratio of net investment income to average net assets ......... 6.31%(c) 6.26%
Portfolio turnover rate ...................................... 123% 507%
Ratio of operating expenses to average net assets without
waivers .................................................... 0.96%(c) 1.04%
Net investment income per share without waivers .............. $ 0.30 $ 0.61
<FN>
(a) The Munder Bond Fund Class A Shares commenced operations on December 9,
1992.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) 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.
A Shares
- ----------------------------------------------------------------
Period Year Year Period
Ended Ended Ended Ended
6/30/95(d) 2/28/95(e,f) 2/28/94 2/28/93(a)
- ------------- ------------ ---------- --------------
<C> <C> <C> <C>
$ 9.31 $ 9.91 $ 9.92 $ 9.61
------ ------- ------- --------
0.21 0.61 0.58 0.11
0.38 (0.63) (0.03) 0.38
------ ------- ------- -------
0.59 (0.02) 0.55 0.49
------ ------- ------- -------
(0.20) (0.58) (0.56) (0.09)
-- -- -- (0.09)
------ ------- ------- -------
(0.20) (0.58) (0.56) (0.18)
------ ------- ------- -------
$ 9.70 $ 9.31 $ 9.91 $ 9.92
====== ======= ======= =======
6.39% 0.45% 5.61% 5.19%
====== ======= ======= =======
$ 919 $ 880 $1,318 $ 116
0.95%(c) 0.92% 0.87% 0.76%(c)
6.47%(c) 6.57% 5.76% 5.05%(c)
99% 165% 128% 77%
1.19%(c) 1.16% 1.01% 0.90%(c)
$ 0.20 $ 0.59 $ 0.57 $ 0.10
<FN>
See Notes to Financial Statements.
</TABLE>
Munder Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
<TABLE>
<CAPTION>
B Shares C Shares
---------------------------- -----------------------------
Six Months Six Months
Ended Period Ended Period
12/31/96 Ended 12/31/96 Ended
(Unaudited) 6/30/96(a) (Unaudited) 6/30/96(a)
----------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ........... $ 9.53 $ 9.68 $ 9.52 $ 9.74
-------- ------- ------- -------
Income from investment operations:
Net investment income .......................... 0.27 0.16 0.27 0.16
Net realized and unrealized gain/(loss) on
investments .................................. 0.11 (0.14) 0.12 (0.21)
-------- ------- ------- -------
Total from investment operations ............... 0.38 0.02 0.39 (0.05)
-------- ------- ------- ------
Less distributions:
Dividends from net investment income ........... (0.26) (0.17) (0.26) (0.17)
Distributions from net realized gains .......... -- -- -- --
-------- ------- ------- -------
Total distributions ............................ (0.26) (0.17) (0.26) (0.17)
-------- ------- ------- ------
Net asset value, end of period ................. $ 9.65 $ 9.53 $ 9.65 $ 9.52
======== ======= ======= =======
Total return (b) ............................... 4.04% 0.22% 4.15% (0.49)%
======== ======= ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ........... $ 610 $ 294 $ 54 $ 51
Ratio of operating expenses to average net
assets ....................................... 1.71%(c) 1.70%(c) 1.71%(c) 1.70%(c)
Ratio of net investment income to average net
assets ....................................... 5.56%(c) 5.51%(c) 5.56%(c) 5.51%(c)
Portfolio turnover rate ........................ 123% 507% 123% 507%
Ratio of operating expenses to average net
assets without waivers ....................... 1.71%(c) 1.79%(c) 1.71%(c) 1.79%(c)
Net investment income per share without waivers $ 0.27 $ 0.16 $ 0.27 $ 0.16
<FN>
(a) The Munder Bond Fund Class B Shares, Class C Shares and Class Y Shares
commenced operations on March 13, 1996, March 25, 1996 and December 1,
1991, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) 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.
Y Shares
---------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Period Year Year Year Period
12/31/96 Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/96 6/30/95(d) 2/28/95(e,f) 2/28/94 2/28/93 2/29/92(a)
- ---------------- ------------- -------------- -------------- -------------- ------------- -------------
<C> <C> <C> <C> <C> <C> <C>
$ 9.53 $ 9.70 $ 9.31 $ 9.91 $ 9.92 $ 10.13 $ 10.00
-------- -------- -------- -------- -------- --------- ---------
0.32 0.64 0.21 0.64 0.58 0.77 0.20
0.12 (0.21) 0.39 (0.64) (0.03) (0.12) 0.07
-------- -------- -------- -------- -------- --------- ---------
0.44 0.43 0.60 0.00 0.55 0.65 0.27
-------- -------- -------- -------- -------- --------- ---------
(0.31) (0.60) (0.21) (0.60) (0.56) (0.77) (0.14)
-- -- -- -- -- (0.09) --
-------- -------- -------- -------- -------- ---------- ---------
(0.31) (0.60) (0.21) (0.60) (0.56) (0.86) (0.14)
-------- -------- -------- -------- -------- ---------- ---------
$ 9.66 $ 9.53 $ 9.70 $ 9.31 $ 9.91 $ 9.92 $ 10.13
======== ======== ======== ======== ======== ========== =========
4.64% 4.50% 6.48% 0.70% 5.63% 6.75% 2.70%
======== ======== ======== ======== ======== ========== =========
$112,816 $113,020 $146,741 $141,704 $147,770 $ 154,078 $ 145,120
0.71%(c) 0.70% 0.70%(c) 0.67% 0.80% 0.76% 0.19%(c)
6.56%(c) 6.51% 6.72%(c) 6.82% 5.70% 7.50% 8.32%(c)
123% 507% 99% 165% 128% 77% 34%
0.71%(c) 0.79% 0.94%(c) 0.91% 0.94% 0.94% 0.93%(c)
$ 0.32 $ 0.64 $ 0.21 $ 0.61 $ 0.57 $ 0.75 $ 0.18
<FN>
See Notes to Financial Statements.
</TABLE>
Munder Intermediate Bond Fund
For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
-----------------------------
Six Months
Ended Year
12/31/96(f) Ended
(Unaudited) 6/30/96
------------- -------------
<S> <C> <C>
Net asset value, beginning of period ......................... $ 9.31 $ 9.52
-------- --------
Income from investment operations:
Net investment income ........................................ 0.28 0.58
Net realized and unrealized gain/(loss) on investments ....... 0.07 (0.21)
-------- --------
Total from investment operations ............................. 0.35 0.37
-------- --------
Less distributions:
Dividends from net investment income ......................... (0.28) (0.58)
Distributions from net realized gains ........................ -- --
-------- --------
Total distributions .......................................... (0.28) (0.58)
-------- --------
Net asset value, end of period ............................... $ 9.38 $ 9.31
======== ========
Total return (b) ............................................. 3.81% 3.92%
======== ========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ......................... $ 5,461 $ 5,356
Ratio of operating expenses to average net assets ............ 0.93%(c) 0.94%
Ratio of net investment income to average net assets ......... 5.88%(c) 6.08%
Portfolio turnover rate ...................................... 182% 494%
Ratio of operating expenses to average net assets without
waivers .................................................... 0.93%(c) 1.02%
Net investment income per share without waivers .............. $ 0.28 $ 0.57
<FN>
(a) The Munder Intermediate Bond Fund Class A Shares commenced operations on
November 24, 1992.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
A Shares
- ------------------------------------------------------------
Period Year Year Period
Ended Ended Ended Ended
6/30/95(d) 2/28/95(e) 2/28/94 2/28/93(a)
- ---------- ------------ --------- ------------
<C> <C> <C> <C>
$ 9.27 $ 9.91 $ 10.47 $10.26
- ------ ------- ------- ------
0.22 0.59 0.59 0.17
0.25 (0.61) (0.20) 0.25
- ------ ------- ------- ------
0.47 (0.02) 0.39 0.42
- ------ ------- ------- ------
(0.22) (0.61) (0.58) (0.12)
-- (0.01) (0.37) (0.09)
- ------ ------- ------- ------
(0.22) (0.62) (0.95) (0.21)
- ------ ------- ------- ------
$ 9.52 $ 9.27 $ 9.91 $10.47
====== ======= ======= ======
5.15% 0.54% 3.77% 4.15%
====== ======= ======= ======
$5,470 $ 5,472 $ 6,401 $ 542
0.95%(c) 0.93% 0.86% 0.78%(c)
7.12%(c) 6.71% 5.75% 5.52%(c)
84% 80% 155% 104%
1.19%(c) 1.18% 1.00% 0.92%(c)
$ 0.22 $ 0.57 $ 0.58 $ 0.16
<FN>
See Notes to Financial Statements.
</TABLE>
Munder Intermediate Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
<TABLE>
<CAPTION>
B Shares
-------------------------------------------------------------
Six Months
Ended Year Period Period
12/31/96(f) Ended Ended Ended
(Unaudited) 6/30/96 6/30/95(d) 2/28/95(a,e)
------------- ------------- ------------- ------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period ................ $ 9.30 $ 9.51 $ 9.27 $ 9.22
------ ------ ------ ------
Income from investment operations:
Net investment income ............................... 0.24 0.49 0.20 0.19
Net realized and unrealized gain/(loss) on
investments ....................................... 0.08 (0.19) 0.24 0.11
------ ------ ------ ------
Total from investment operations .................... 0.32 0.30 0.44 0.30
------ ------ ------ ------
Less distributions:
Dividends from net investment income ................ (0.25) (0.51) (0.20) (0.24)
Distributions from net realized gains ............... -- -- -- (0.01)
------ ------ ------ ------
Total distributions ................................. (0.25) (0.51) (0.20) (0.25)
------ ------ ------ ------
Net asset value, end of period ...................... $ 9.37 $ 9.30 $ 9.51 $ 9.27
====== ====== ====== ======
Total return (b) .................................... 3.45% 3.22% 4.78% 3.33%
====== ====== ====== ======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ................ $ 245 $ 103 $ 9 $ 7
Ratio of operating expenses to average net assets ... 1.68%(c) 1.69% 1.70%(c) 1.67%(c)
Ratio of net investment income to average net assets 5.13%(c) 5.33% 6.37%(c) 5.97%(c)
Portfolio turnover rate ............................. 182% 494% 84% 80%
Ratio of operating expenses to average net assets
without waivers ................................... 1.68%(c) 1.77% 1.94%(c) 1.92%(c)
Net investment income per share without waivers ..... $ 0.24 $ 0.48 $ 0.19 $ 0.18
<FN>
(a) The Munder Intermediate Bond Fund Class B Shares, Class C Shares and
Class Y Shares commenced operations on October 25, 1994, April 19, 1996
and December 1, 1991, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
C Shares Y Shares
-------------------------- -------------------------------------------------------------------------------------
Six Months Six Months
Ended Period Ended Year Period Year Year Year Period
12/31/96(f) Ended 12/31/96(f) Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/96(a) (Unaudited) 6/30/96 6/30/95(d) 2/28/95(e) 2/28/94 2/28/93 2/29/92(a)
----------- ---------- ------------ -------- ---------- ---------- --------- ---------- -----------
<C> <C> <C> <C> <C> <C> <C> <C> <C>
$ 9.31 $ 9.40 $ 9.31 $ 9.51 $ 9.27 $ 9.91 $ 10.47 $ 10.07 $ 10.00
------- ------- --------- -------- --------- --------- --------- -------- --------
0.19 0.10 0.29 0.60 0.23 0.60 0.59 0.54 0.15
0.13 (0.06) 0.07 (0.20) 0.24 (0.59) (0.20) 0.49 0.02
------- ------- --------- -------- --------- --------- --------- -------- --------
0.32 0.04 0.36 0.40 0.47 0.01 0.39 1.03 0.17
------- ------- --------- -------- --------- --------- --------- -------- --------
(0.24) (0.13) (0.29) (0.60) (0.23) (0.64) (0.58) (0.54) (0.10)
-- -- -- -- -- (0.01) (0.37) (0.09) --
------- ------- --------- -------- --------- --------- --------- -------- --------
(0.24) (0.13) (0.29) (0.60) (0.23) (0.65) (0.95) (0.63) (0.10)
------- ------- --------- -------- --------- --------- --------- -------- --------
$ 9.39 $ 9.31 $ 9.38 $ 9.31 $ 9.51 $ 9.27 $ 9.91 $ 10.47 $ 10.07
======= ======= ========= ======== ========= ========= ========= ========= ========
3.52% 0.39% 3.94% 4.29% 5.12% 0.78% 3.79% 10.56% 1.72%
======= ======= ========= ======== ========= ========= ========= ========= ========
$ 69 $ 52 $ 156,073 $182,937 $ 157,484 $162,185 $ 162,738 $152,470 $114,014
1.68%(c) 1.69%(c) 0.68%(c) 0.69% 0.70%(c) 0.68% 0.80% 0.77% 0.19%(c)
5.13%(c) 5.33%(c) 6.13%(c) 6.33% 7.37%(c) 6.96% 5.63% 5.53% 6.17%(c)
182% 494% 182% 494% 84% 80% 155% 104% 23%
1.68%(c) 1.77%(c) 0.68%(c) 0.77% 0.94%(c) 0.93% 0.94% 0.95% 0.93%(c)
$ 0.19 $ 0.09 $ 0.29 $ 0.59 $ 0.23 $ 0.58 $ 0.58 $ 0.52 $ 0.13
<FN>
See Notes to Financial Statements.
</TABLE>
Munder International Bond Fund
Financial Highlights, For a Share Outstanding Throughout The Period(e)
<TABLE>
<CAPTION>
A Shares Y Shares
------------- --------------
Period Period
Ended Ended
12/31/96(a,d) 12/31/96 (a,d)
(Unaudited) (Unaudited)
------------- ---------------
<S> <C> <C>
Net asset value, beginning of period ......................... $ 9.98 $ 10.00
------ ---------
Income from investment operations:
Net investment income ........................................ 0.08 0.10
Net realized and unrealized gain on investments .............. 0.18 0.14
------ ---------
Total from investment operations ............................. 0.26 0.24
------ ---------
Less distributions:
Dividends from net investment income ......................... (0.08) (0.08)
------ ---------
Total distributions .......................................... (0.08) (0.08)
------ ---------
Net asset value, end of period ............................... $10.16 $ 10.16
====== =========
Total return (b) ............................................. 2.59% 2.43%
====== =========
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ......................... $ 15 $29,820
Ratio of operating expenses to average net assets ............ 1.10%(c) 0.85%(c)
Ratio of net investment income to average net assets ......... 3.68%(c) 3.93%(c)
Portfolio turnover rate ...................................... 31% 31%
Ratio of operating expenses to average net assets without
waivers .................................................... 1.10%(c) 0.85%(c)
Net investment income per share without waivers .............. $ 0.08 $ 0.10
<FN>
(a) The Munder International Bond Fund Class A Shares and Class Y Shares
commenced operations on October 17, 1996 and October 2, 1996,
respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
(e) The Fund is authorized to issue Class B Shares and Class C Shares. As of
December 31, 1996, the Fund had not commenced selling Class B Shares and
Class C Shares.
See Notes to Financial Statements.
</TABLE>
[This Page Intentionally Left Blank]
Munder U.S. Government Income Fund
For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
-------------------------------------------------------------
Six Months
Ended Year Period Period
12/31/96 Ended Ended Ended
(Unaudited) 6/30/96(f) 6/30/95(d) 2/28/95(a,e)
------------- ------------- ------------- -------------
<S> <C> <C> <C> <C>
Net asset value, beginning of period .................. $ 9.98 $10.30 $ 9.88 $ 10.03
------- ------ ------- -------
Income from investment operations:
Net investment income ................................. 0.33 0.71 0.24 0.42
Net realized and unrealized gain/(loss) on investments 0.11 (0.27) 0.41 (0.10)
------- ------ ------- -------
Total from investment operations ...................... 0.44 0.44 0.65 0.32
------- ------ ------- -------
Less distributions:
Dividends from net investment income .................. (0.31) (0.68) (0.23) (0.47)
Distributions from net realized gains ................. (0.00)(g) (0.08) -- --
------- ------ ------- -------
Total distributions ................................... (0.31) (0.76) (0.23) (0.47)
------- ------ ------- -------
Net asset value, end of period ........................ $ 10.11 $ 9.98 $ 10.30 $ 9.88
======= ====== ======= =======
Total return (b) ...................................... 4.51% 4.34% 6.66% 3.30%
======= ====== ======= =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) .................. $ 428 $ 259 $ 97 $ 69
Ratio of operating expenses to average net assets ..... 0.96%(c) 0.97% 0.97%(c) 0.95%(c)
Ratio of net investment income to average net assets .. 6.58%(c) 6.92% 6.96%(c) 7.02%(c)
Portfolio turnover rate ............................... 71% 133% 42% 143%
Ratio of operating expenses to average net assets
without waivers ..................................... 0.96%(c) 1.04% 1.21%(c) 1.19%(c)
Net investment income per share without waivers ....... $ 0.33 $ 0.70 $ 0.23 $ 0.41
<FN>
(a) The Munder U.S. Government Income Fund Class A Shares, Class B Shares,
Class C Shares and Class Y Shares commenced operations on July 28, 1994,
September 6, 1995, August 12, 1996 and July 5, 1994, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
(f) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
(g) Amount represents less than $0.01 per share.
B Shares C Shares Y Shares
---------------------------- ----------- -------------------------------------------------------------
Six Months Period Six Months
Ended Period Ended Ended Year Period Period
12/31/96 Ended 12/31/96(a) 12/31/96 Ended Ended Ended
(Unaudited) 6/30/96(a,f) (Unaudited) (Unaudited) 6/30/96(f) 6/30/95(d) 2/28/95(a,e)
----------- ----------- ----------- ------------ ---------- ----------- ------------
<C> <C> <C> <C> <C> <C> <C>
$ 9.98 $ 10.31 $ 10.11 $ 9.98 $ 10.30 $ 9.89 $ 10.00
------- ------- ------- ------- ------- ------- -------
0.27 0.49 0.26 0.35 0.74 0.24 0.44
0.14 (0.24) (0.03) 0.10 (0.27) 0.41 (0.07)
------- ------- ------- ------- ------- ------- -------
0.41 0.25 0.23 0.45 0.47 0.65 0.37
------- ------- ------- ------- ------- ------- -------
(0.28) (0.50) (0.23) (0.32) (0.71) (0.24) (0.48)
(0.00)(g) (0.08) (0.00)(g) (0.00)(g) (0.08) -- --
------- ------- ------- ------- ------- ------- -------
(0.28) (0.58) (0.23) (0.32) (0.79) (0.24) (0.48)
------- ------- ------- ------- ------- ------- -------
$ 10.11 $ 9.98 $ 10.11 $ 10.11 $ 9.98 $ 10.30 $ 9.89
======= ======= ======= ======= ======= ======== =======
4.18% 2.42% 2.33% 4.63% 4.58% 6.64% 3.85%
======= ======= ======= ======= ======= ======== =======
$ 1,810 $ 498 $ 10 $49,500 $46,695 $12,862 $11,647
1.71%(c) 1.72%(c) 1.71%(c) 0.71%(c) 0.72% 0.72%(c) 0.70%(c)
5.83%(c) 6.17%(c) 5.83%(c) 6.83%(c) 7.17% 7.21%(c) 7.27%(c)
71% 133% 71% 71% 133% 42% 143%
1.71%(c) 1.79%(c) 1.71%(c) 0.71%(c) 0.79% 0.96%(c) 0.94%(c)
$ 0.27 $ 0.48 $ 0.26 $ 0.35 $ 0.73 $ 0.24 $ 0.43
<FN>
See Notes to Financial Statements.
</TABLE>
Munder Michigan Triple Tax-Free Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
------------------------------------------------------------------------------
Six Months
Ended Year Period Year Period
12/31/96(e) Ended Ended Ended Ended
(Unaudited) 6/30/96(e) 6/30/95(d,e) 2/28/95(e,f) 2/28/94(a)
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ....... $ 9.35 $ 9.34 $ 9.24 $ 9.73 $ 9.93
------- ------- ------- ------- -------
Income from investment operations:
Net investment income ...................... 0.23 0.48 0.16 0.44 0.01
Net realized and unrealized gain/(loss) on
investments .............................. 0.24 0.01 0.10 (0.50) (0.21)
------- ------- ------- ------- -------
Total from investment operations ........... 0.47 0.49 0.26 (0.06) (0.20)
------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income ....... (0.22) (0.48) (0.16) (0.43) --
Distributions from net realized gains ...... (0.00)(g) -- -- -- --
------- ------- ------- ------- -------
Total distributions ........................ (0.22) (0.48) (0.16) (0.43) --
------- ------- ------- ------- -------
Net asset value, end of period ............. $ 9.60 $ 9.35 $ 9.34 $ 9.24 $ 9.73
======= ======= ======= ======= =======
Total return (b) ........................... 5.12% 5.25% 2.84% (0.16)% (2.01)%
======= ======= ======= ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) ....... $ 472 $ 446 $ 417 $ 444 $ 43
Ratio of operating expenses to average net
assets ................................... 0.71%(c) 0.51% 0.52%(c) 0.56% 0.46%(c)
Ratio of net investment income to average
net assets ............................... 4.71%(c) 5.01% 5.06%(c) 4.81% 3.76%(c)
Portfolio turnover rate .................... 11% 31% 8% 53% 0%
Ratio of operating expenses to average net
assets without waivers ................... 1.02%(c) 1.09% 1.26%(c) 1.30% 1.20%(c)
Net investment income per share without
waivers .................................. $ 0.22 $ 0.42 $ 0.14 $ 0.37 $ 0.01
<FN>
(a) The Munder Michigan Triple Tax-Free Bond Fund Class A Shares, Class B
Shares and Class C Shares commenced operations on February 15, 1994, July
5, 1994 and October 4, 1996, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) 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) Amount represents less than $0.01 per share.
B Shares C Shares
- ------------------------------------------------------------- -------------
Six Months Period
Ended Year Period Period Ended
12/31/96(e) Ended Ended Ended 12/31/96(a,e)
(Unaudited) 6/30/96(e) 6/30/95(d,e) 2/28/95(a,e,f) (Unaudited)
- ------------ ----------- ------------- -------------- -------------
<C> <C> <C> <C> <C>
$ 9.35 $ 9.34 $ 9.24 $ 9.17 $ 9.56
------- -------- ------- ------- -------
0.19 0.41 0.14 0.24 0.10
0.25 0.00(g) 0.10 0.10 0.02
------- -------- ------- ------- -------
0.44 0.41 0.24 0.34 0.12
------- -------- ------- ------- -------
(0.19) (0.40) (0.14) (0.27) (0.09)
(0.00)(g) -- -- -- (0.00)(g)
------- -------- ------- ------- -------
(0.19) (0.40) (0.14) (0.27) (0.09)
------- -------- ------- ------- -------
$ 9.60 $ 9.35 $ 9.34 $ 9.24 $ 9.59
======= ======== ======= ======= =======
4.73% 4.46% 2.58% 3.81% 1.29%
======= ======== ======= ======= =======
$ 277 $ 251 $ 254 $ 227 $ 89
1.46%(c) 1.26% 1.27%(c) 1.29%(c) 1.46%(c)
3.96%(c) 4.26% 4.31%(c) 4.08%(c) 3.96%(c)
11% 31% 8% 53% 11%
1.77%(c) 1.84% 2.01%(c) 2.03%(c) 1.77%(c)
$ 0.18 $ 0.35 $ 0.12 $ 0.20 $ 0.09
<FN>
See Notes to Financial Statements.
</TABLE>
Munder Michigan Triple Tax-Free Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
(Continued)
<TABLE>
<CAPTION>
Y Shares
-----------------------------------------------------------------------------
Six Months
Ended Year Period Year Period
12/31/96(e) Ended Ended Ended Ended
(Unaudited) 6/30/96(e) 6/30/95(d,e) 2/28/95(e,f) 2/28/94(a)
------------- ------------- ------------- ------------- -------------
<S> <C> <C> <C> <C> <C>
Net asset value, beginning of period ....... $ 9.35 $ 9.34 $ 9.24 $ 9.73 $ 10.00
------- ------- ------- ------- -------
Income from investment operations:
Net investment income ...................... 0.24 0.44 0.17 0.50 0.05
Net realized and unrealized gain/(loss) on
investments .............................. 0.25 0.07 0.10 (0.54) (0.30)
------- ------- ------- ------- -------
Total from investment operations ........... 0.49 0.51 0.27 (0.04) (0.25)
------- ------- ------- ------- -------
Less distributions:
Dividends from net investment income ....... (0.24) (0.50) (0.17) (0.45) (0.02)
Distributions from net realized gains ...... (0.00)(g) -- -- -- --
------- ------- ------- ------- -------
Total distributions ........................ (0.24) (0.50) (0.17) (0.45) (0.02)
------- ------- ------- ------- -------
Net asset value, end of period ............. $ 9.60 $ 9.35 $ 9.34 $ 9.24 $ 9.73
======= ======= ======= ======= =======
Total return (b) ........................... 5.25% 5.51% 2.92% 0.10% (2.47)%
======= ======= ======= ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) ....... $ 496 $ 204 $ 771 $ 604 $ 2,252
Ratio of operating expenses to average net
assets ................................... 0.46%(c) 0.26% 0.27%(c) 0.31% 0.21%(c)
Ratio of net investment income to average
net assets ............................... 4.96%(c) 5.26% 5.31%(c) 5.06% 3.67%(c)
Portfolio turnover rate .................... 11% 31% 8% 53% 0%
Ratio of operating expenses to average net
assets without waivers ................... 0.77%(c) 0.84% 1.01%(c) 1.05% 0.95%(c)
Net investment income per share without
waivers .................................. $ 0.23 $ 0.38 $ 0.12 $ 0.42 $ 0.04
<FN>
(a) The Munder Michigan Triple Tax-Free Bond Fund Class Y Shares commenced
operations on January 3, 1994.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) 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) Amount represents less than $0.01 per share.
See Notes to Financial Statements.
</TABLE>
[This Page Intentionally Left Blank]
Munder Tax-Free Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period(d)
<TABLE>
<CAPTION>
A Shares
------------------------------
Six Months
Ended Period
12/31/96 Ended
(Unaudited) 6/30/96 (a,f)
------------- -------------
<S> <C> <C>
Net asset value, beginning of period ......................... $ 10.33 $ 10.49
------- -------
Income from investment operations:
Net investment income ........................................ 0.23 0.34
Net realized and unrealized gain on investments .............. 0.19 (0.14)
------- -------
Total from investment operations ............................. 0.42 0.20
------- -------
Less distributions:
Dividends from net investment income ......................... (0.23) (0.35)
Distributions from net realized gains ........................ (0.08) (0.01)
------ -------
Total distributions .......................................... (0.31) (0.36)
------ -------
Net asset value, end of period ............................... $10.44 $ 10.33
====== =======
Total return (b) ............................................. 4.12% 1.87%
====== =======
Ratios to average net assets/supplemental data:
Net assets, end of period (in 000's) ......................... $2,386 $ 1,141
Ratio of operating expenses to average net assets ............ 0.95%(c) 0.98%(c)
Ratio of net investment income to average net assets ......... 4.42%(c) 4.42%(c)
Portfolio turnover rate ...................................... 16% 15%
Ratio of operating expenses to average net assets without
waivers .................................................... 0.95%(c) 1.06%(c)
Net investment income per share without waivers .............. $ 0.23 $ 0.33
<FN>
(a) 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.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) The Fund is authorized to issue Class C Shares. As of December 31, 1996,
the Fund had not commenced selling Class C Shares.
(e) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(f) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
(g) 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.
B Shares Y Shares
- ------------------------------------------------------ -------------------------------------------------------
Six Months Six Months
Ended Year Period Period Ended Year Period Period
12/31/96 Ended Ended Ended 12/31/96 Ended Ended Ended
(Unaudited) 6/30/96(f) 6/30/95(e,f) 2/28/95(a,g) (Unaudited) 6/30/96(f) 6/30/95(e,f) 2/28/95(a,g)
- ----------- ----------- ------------ ------------ ----------- --------- ------------ ------------
<C> <C> <C> <C> <C> <C> <C> <C>
$ 10.34 $ 10.29 $ 10.14 $ 9.72 $ 10.34 $ 10.29 $ 10.13 $ 10.06
- ---------- -------- ------- ------- ------- ------- ------- -------
0.19 0.40 0.13 0.10 0.25 0.49 0.16 0.30
0.19 0.05 0.15 0.42 0.18 0.06 0.16 0.10
- ---------- -------- ------- ------- ------- ------- ------- -------
0.38 0.45 0.28 0.52 0.43 0.55 0.32 0.40
- ---------- -------- ------- ------- ------- ------- ------- -------
(0.20) (0.39) (0.13) (0.10) (0.25) (0.49) (0.16) (0.33)
(0.08) (0.01) -- -- (0.08) (0.01) -- --
- ---------- -------- ------- ------- ------- ------- ------- -------
(0.28) (0.40) (0.13) (0.10) (0.33) (0.50) (0.16) (0.33)
- ---------- -------- ------- ------- ------- ------- ------- -------
$ 10.44 $ 10.34 $ 10.29 $ 10.14 $ 10.44 $ 10.34 $ 10.29 $ 10.13
========== ======== ======= ======= ======= ======= ======= =======
3.66% 4.36% 2.80% 5.39% 4.15% 5.38% 3.17% 4.08%
========== ======== ======= ======= ======= ======= ======= =======
$ 59 $ 5 $ 1 $ 0(h) $ 2,110 $ 1,929 $ 1,498 $ 953
1.70%(c) 1.73% 1.77%(c) 1.67%(c) 0.70%(c) 0.73% 0.77%(c) 0.68%(c)
3.67%(c) 3.67% 3.63%(c) 3.95%(c) 4.67%(c) 4.67% 4.63%(c) 4.94%(c)
16% 15% 12% 50% 16% 15% 12% 50%
1.70%(c) 1.81% 2.01%(c) 1.91%(c) 0.70%(c) 0.81% 1.01%(c) 0.92%(c)
$ 0.19 $ 0.39 $ 0.10 $ 0.09 $ 0.25 $ 0.48 $ 0.15 $ 0.29
<FN>
See Notes to Financial Statements.
</TABLE>
Munder Tax-Free Intermediate Bond Fund
Financial Highlights, For a Share Outstanding Throughout Each Period(f)
<TABLE>
<CAPTION>
A Shares
---------------------------------------------------------------------------------
Six Months
Ended Year Period Year Year Period
12/31/96(g) Ended Ended Ended Ended Ended
(Unaudited) 6/30/96(g) 6/30/95(d) 2/28/95(e) 2/28/94 2/28/93(a)
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period .......................... $ 10.34 $ 10.36 $ 10.17 $ 10.44 $ 10.69 $ 10.39
------- ------- ------- ------- ------- -------
Income from investment operations:
Net investment income ............. 0.20 0.41 0.14 0.40 0.42 0.09
Net realized and unrealized
gain/(loss) on investments ...... 0.13 (0.02) 0.19 (0.23) (0.14) 0.31
------- ------- ------- ------- ------- -------
Total from investment operations .. 0.33 0.39 0.33 0.17 0.28 0.40
------- ------- ------- ------- ------- -------
Less distributions:
Dividends from net investment
income .......................... (0.21) (0.41) (0.14) (0.42) (0.42) (0.08)
Distributions from net realized
gains ........................... (0.03) -- -- (0.02) (0.11) (0.02)
------- ------- ------- ------- ------- -------
Total distributions ............... (0.24) (0.41) (0.14) (0.44) (0.53) (0.10)
------- ------- ------- ------- ------- -------
Net asset value, end of period .... $ 10.43 $ 10.34 $ 10.36 $ 10.17 $ 10.44 $ 10.69
======= ======= ======= ======= ======= =======
Total return (b) .................. 3.17% 3.79% 3.25% 2.05% 2.62% 3.90%
======= ======= ======= ======= ======= =======
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) .......................... $6,961 $ 5,012 $ 4,138 $ 4,551 $ 6,011 $1,262
Ratio of operating expenses to
average net assets .............. 0.93%(c) 0.96% 0.98%(c) 0.95% 0.86% 0.79%(c)
Ratio of net investment income to
average net assets .............. 3.92%(c) 3.91% 4.02%(c) 4.19% 3.88% 4.09%(c)
Portfolio turnover rate ........... 7% 20% 5% 52% 38% 57%
Ratio of operating expenses to
average net assets without
waivers ......................... 0.93%(c) 1.04% 1.22%(c) 1.19% 1.00% 0.93%(c)
Net investment income per share
without waivers ................. $ 0.20 $ 0.40 $ 0.13 $ 0.38 $ 0.40 $ 0.08
<FN>
(a) The Munder Tax-Free Intermediate Bond Fund Class A Shares, Class B Shares
and Class Y Shares commenced operations on November 30, 1992, May 16,
1996 and December 17, 1992, respectively.
(b) Total return represents aggregate total return for the period indicated
and does not reflect any applicable sales charges.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management, Inc. 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 Fund is authorized to issue Class C Shares. As of December 31, 1996,
the Fund had not commenced selling Class C Shares.
(g) Per share numbers have been calculated using the average shares method,
which more appropriately presents the per share data for the period since
the use of the undistributed net investment income method did not accord
with the results of operations.
B Shares Y Shares
-------------------------- ----------------------------------------------------------------------------------
Six Months Six Months
Ended Period Ended Year Period Year Year Period
12/31/96(g) Ended 12/31/96(g) Ended Ended Ended Ended Ended
(Unaudited) 6/30/96(a,g) (Unaudited) 6/30/96(g) 6/30/95(d) 2/28/95(e) 2/28/94 2/28/93(a)
----------- ------------ ----------- ----------- ----------- ----------- ----------- -----------
<C> <C> <C> <C> <C> <C> <C> <C>
$ 10.34 $ 10.36 $ 10.34 $ 10.37 $ 10.17 $ 10.44 $ 10.69 $ 10.40
------- ------- ------- ------- ------- -------- ------- -------
0.17 0.04 0.22 0.45 0.15 0.42 0.42 0.07
0.11 0.00 0.12 (0.04) 0.20 (0.23) (0.14) 0.31
------- ------- ------- ------- ------- -------- ------- -------
0.28 0.04 0.34 0.41 0.35 0.19 0.28 0.38
------- ------- ------- ------- ------- -------- ------- -------
(0.17) (0.06) (0.22) (0.44) (0.15) (0.44) (0.42) (0.07)
(0.03) -- (0.03) -- -- (0.02) (0.11) (0.02)
------- ------- ------- ------- ------- -------- ------- -------
(0.20) (0.06) (0.25) (0.44) (0.15) (0.46) (0.53) (0.09)
------- ------- ------- ------- ------- -------- ------- -------
$ 10.42 $ 10.34 $ 10.43 $ 10.34 $ 10.37 $ 10.17 $ 10.44 $ 10.69
======= ======= ======= ======= ======= ======== ======= =======
2.73% 0.39% 3.29% 3.95% 3.43% 2.34% 2.64% 3.68%
======= ======= ======= ======= ======= ======== ======= =======
$ 171 $ 50 $ 5,322 $ 5,285 $11,100 $ 10,709 $ 3,074 $ 489
1.68%(c) 1.71%(c) 0.68%(c) 0.71% 0.73%(c) 0.70% 0.80% 0.79%(c)
3.17%(c) 3.16%(c) 4.17%(c) 4.16% 4.27%(c) 4.44% 3.99% 4.08%(c)
7% 20% 7% 20% 5% 52% 38% 57%
1.68%(c) 1.79%(c) 0.68%(c) 0.79% 0.97%(c) 0.94% 0.94% 0.93%(c)
$ 0.17 $ 0.03 $ 0.22 $ 0.44 $ 0.14 $ 0.39 $ 0.41 $ 0.07
<FN>
See Notes to Financial Statements.
</TABLE>
Munder Cash Investment Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
---------------------------------------------------------------------------------
Six Months
Ended Year Period Year Year Period
12/31/96 Ended Ended Ended Ended Ended
(Unaudited) 6/30/96 6/30/95(d) 2/28/95(e) 2/28/94 2/28/93(a)
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period .......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income ............. 0.023 0.049 0.018 0.039 0.026 0.007
-------- -------- -------- -------- -------- --------
Total from investment operations .. 0.023 0.049 0.018 0.039 0.026 0.007
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment
income .......................... (0.023) (0.049) (0.018) (0.039) (0.026) (0.007)
-------- -------- -------- -------- -------- --------
Total distributions ............... (0.023) (0.049) (0.018) (0.039) (0.026) (0.007)
-------- -------- -------- -------- -------- --------
Net asset value, end of period .... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total return (b) .................. 2.36% 5.02% 1.78% 3.97% 2.68% 0.69%
======== ======== ======== ======== ======== ========
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) .......................... $ 87,447 $116,622 $ 52,530 $ 40,239 $ 32,913 $ 2,296
Ratio of operating expenses to
average net assets .............. 0.81%(c) 0.78% 0.77%(c) 0.80% 0.59% 0.53%(c)
Ratio of net investment income to
average net assets .............. 4.65%(c) 4.88% 5.39%(c) 4.02% 2.68% 2.79%(c)
Ratio of operating expenses to
average net assets without
waivers ......................... 0.81%(c) 0.78% 0.79%(c) 0.83% 0.64% 0.58%(c)
Net investment income per share
without waivers ................. $ 0.023 $ 0.049 $ 0.018 $ 0.039 $ 0.026 $ 0.007
<FN>
(a) The Munder Cash Investment Fund Class A Shares and Class Y Shares
commenced operations on December 1, 1992 and March 14, 1990,
respectively.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
Y Shares
-------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Period Year Year Year Year Period
12/31/96 Ended Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/96 6/30/95(d) 2/28/95(e) 2/28/94 2/28/93 2/29/92 2/28/91(a)
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<C> <C> <C> <C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- -------- --------- -------- --------- -------- -------- ---------
0.025 0.051 0.019 0.042 0.027 0.031 0.052 0.073
--------- -------- --------- -------- --------- -------- -------- ---------
0.025 0.051 0.019 0.042 0.027 0.031 0.052 0.073
--------- -------- --------- -------- --------- -------- -------- ---------
(0.025) (0.051) (0.019) (0.042) (0.027) (0.031) (0.052) (0.073)
--------- -------- --------- -------- --------- -------- -------- ---------
(0.025) (0.051) (0.019) (0.042) (0.027) (0.031) (0.052) (0.073)
--------- -------- --------- -------- --------- -------- -------- ---------
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ======== ========= ======== ========= ======== ======== =========
2.50% 5.27% 1.87% 4.23% 2.70% 3.17% 5.30% 7.56%
========= ======== ========= ======== ========= ======== ======== =========
$ 329,349 $317,825 $ 340,394 $324,793 $ 282,363 $320,296 $317,943 $ 317,545
0.56%(c) 0.53% 0.52%(c) 0.55% 0.53% 0.48% 0.44% 0.45%(c)
4.90%(c) 5.13% 5.64%(c) 4.27% 2.66% 3.12% 5.12% 7.43%(c)
0.56%(c) 0.53% 0.54%(c) 0.58% 0.58% 0.59% 0.63% 0.65%(c)
$ 0.025 $ 0.051 $ 0.019 $ 0.041 $ 0.026 $ 0.030 $ 0.050 $ 0.071
<FN>
See Notes to Financial Statements.
</TABLE>
Munder Money Market Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares B Shares
------------------------- -----------------------------------------------------
Six Months Six Months
Ended Period Ended Year Period Period
12/31/96 Ended 12/31/96 Ended Ended Ended
(Unaudited) 6/30/96(a) (Unaudited) 6/30/96 6/30/95(e,f) 12/31/94(a)
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period .......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income ............. 0.023 0.048 0.019 0.041 0.020 0.030
-------- -------- -------- -------- -------- --------
Total from investment operations .. 0.023 0.048 0.019 0.041 0.020 0.030
-------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment
income .......................... (0.023) (0.048) (0.019) (0.041) (0.020) (0.030)
-------- -------- -------- -------- -------- --------
Total distributions ............... (0.023) (0.048) (0.019) (0.041) (0.020) (0.030)
-------- -------- -------- -------- -------- --------
Net asset value, end of period .... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ======== ======== ======== ========
Total return (b) .................. 2.34% 4.83% 1.94% 4.13% 1.99% 2.97%
======== ======== ======== ======== ======== ========
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) .......................... $ 16 $ 23 $ 71 $ 124 $ 371 $ 501
Ratio of operating expenses to
average net
assets .......................... 0.89%(c) 0.87%(c) 1.64%(c) 1.62% 1.60%(c) 1.60%(c)
Ratio of net investment income to
average net assets .............. 4.58%(c) 4.84%(c) 3.83%(c) 4.09% 4.46%(c) 3.36%(c)
Ratio of operating expenses to
average net assets without
waivers ......................... 0.89%(c) 0.87%(c) 1.64%(c) 1.62% 1.66%(c) 3.34%(c)
Net investment income per share
without waivers (d) ............. $ 0.023 $ 0.048 $ 0.019 $ 0.041 $ 0.020 $ 0.030
<FN>
(a) The Munder Money Market Class A Shares, Class B Shares, Class C Shares
and Class Y Shares commenced operations on July 3, 1995, February 16,
1994, October 17, 1996 and August 18, 1993, respectively.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Amounts for periods prior to June 30, 1995 are unaudited.
(e) Fiscal year end 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.
C Shares Y Shares
------------ -----------------------------------------------------------------------------
Period Six Months
Ended Ended Year Period Year Period
12/31/96(a) 12/31/96 Ended Ended Ended Ended
(Unaudited) (Unaudited) 6/30/96 6/30/95(e,f) 12/31/94 12/31/93(a)
------------ ------------ ------------ ------------ ----------- -------------
<C> <C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
-------- -------- --------- --------- --------- ---------
0.008 0.024 0.051 0.024 0.040 0.010
-------- -------- --------- --------- --------- ---------
0.008 0.024 0.051 0.024 0.040 0.010
-------- -------- --------- --------- --------- ---------
(0.008) (0.024) (0.051) (0.024) (0.040) (0.010)
-------- -------- --------- --------- --------- ---------
(0.008) (0.024) (0.051) (0.024) (0.040) (0.010)
-------- -------- --------- --------- --------- ---------
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
======== ======== ========= ========= ========= =========
0.79% 2.46% 5.17% 2.44% 3.88% 0.96%
======== ======== ========= ========= ========= =========
$ 152 $ 91,444 $ 223,396 $ 263,513 $ 145,685 $ 90,086
1.64%(c) 0.64%(c) 0.62% 0.60%(c) 0.60% 0.60%(c)
3.83%(c) 4.83%(c) 5.09% 5.46%(c) 3.81% 2.57%(c)
1.64%(c) 0.64%(c) 0.62% 0.66%(c) 0.74% 0.73%(c)
$ 0.008 $ 0.024 $ 0.051 $ 0.024 $ 0.040 $ 0.010
<FN>
See Notes to Financial Statements.
</TABLE>
Munder Tax-Free Money Market Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
---------------------------------------------------------------------------------
Six Months
Ended Year Period Year Year Period
12/31/96 Ended Ended Ended Ended Ended
(Unaudited) 6/30/96 6/30/95(d) 2/28/95(e) 2/28/94 2/28/93(a)
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of period $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- --------- ---------- -------- -------- --------
Income from investment operations:
Net investment income ............... 0.014 0.029 0.011 0.023 0.020 0.006
--------- --------- ---------- -------- -------- --------
Total from investment operations .... 0.014 0.029 0.011 0.023 0.020 0.006
--------- --------- ---------- -------- -------- --------
Less distributions:
Dividends from net investment income (0.014) (0.029) (0.011) (0.023) (0.020) (0.006)
--------- --------- ---------- -------- -------- --------
Total distributions ................. (0.014) (0.029) (0.011) (0.023) (0.020) (0.006)
--------- --------- ---------- -------- -------- --------
Net asset value, end of period ...... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ========= ========== ======== ======== ========
Total return (b) .................... 1.36% 2.89% 1.09% 2.33% 1.99% 0.60%
========= ========= ========== ======== ======== ========
Ratios to average net assets/
supplemental data:
Net assets, end of period (in 000's) $ 5,184 $ 10,582 $ 8,530 $ 4,539 $ 4,525 $ 761
Ratio of operating expenses to
average net assets ................ 0.78%(c) 0.78% 0.79%(c) 0.80% 0.58% 0.52%(c)
Ratio of net investment income to
average net assets ................ 2.69%(c) 2.89% 3.26%(c) 2.29% 1.95% 2.06%(c)
Ratio of operating expenses to
average net assets without waivers 0.78%(c) 0.80% 0.84%(c) 0.85% 0.63% 0.57%(c)
Net investment income per share
without waivers ................... $ 0.014 $ 0.029 $ 0.011 $ 0.023 $ 0.019 $ 0.005
<FN>
(a) 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.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
Y Shares
--------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Period Year Year Year Year Period
12/31/96 Ended Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/96 6/30/95(d) 2/28/95(e) 2/28/94 2/28/93 2/29/92 2/28/91(a)
----------- ----------- ----------- ----------- ----------- ----------- ----------- -----------
<C> <C> <C> <C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- -------- -------- -------- -------- ------- ---------- ---------
0.015 0.031 0.012 0.026 0.020 0.025 0.039 0.051
---------- -------- -------- -------- -------- ------- ---------- ---------
0.015 0.031 0.012 0.026 0.020 0.025 0.039 0.051
---------- -------- -------- -------- -------- ------- ---------- ---------
(0.015) (0.031) (0.012) (0.026) (0.020) (0.025) (0.039) (0.051)
---------- -------- -------- -------- -------- ------- ---------- ---------
(0.015) (0.031) (0.012) (0.026) (0.020) (0.025) (0.039) (0.051)
---------- -------- -------- -------- -------- ------- ---------- ---------
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ======== ======== ======== ======== ======= ========= ==========
1.48% 3.16% 1.19% 2.59% 2.02% 2.50% 3.99% 5.28%
========== ======== ======== ======== ======== ======= ========= ==========
$ 31,194 $ 25,594 $ 23,430 $ 30,884 $ 53,798 $94,749 $ 102,453 $ 94,546
0.53%(c) 0.53% 0.54%(c) 0.55% 0.54% 0.50% 0.44% 0.45%(c)
2.94%(c) 3.14% 3.51%(c) 2.54% 2.00% 2.45% 3.89% 5.30%(c)
0.53%(c) 0.55% 0.59%(c) 0.60% 0.59% 0.58% 0.62% 0.66%(c)
$ 0.015 $ 0.031 $ 0.012 $ 0.025 $ 0.020 $ 0.024 $ 0.037 $ 0.050
<FN>
See Notes to Financial Statements.
</TABLE>
Munder U.S. Treasury Money Market Fund
Financial Highlights, For a Share Outstanding Throughout Each Period
<TABLE>
<CAPTION>
A Shares
---------------------------------------------------------------------------------
Six Months
Ended Year Period Year Year Period
12/31/96 Ended Ended Ended Ended Ended
(Unaudited) 6/30/96 6/30/95(d) 2/28/95(e) 2/28/94 2/28/93(a)
----------- ----------- ----------- ----------- ----------- -----------
<S> <C> <C> <C> <C> <C> <C>
Net asset value, beginning of
period .......................... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
--------- -------- -------- -------- -------- --------
Income from investment operations:
Net investment income ............. 0.023 0.047 0.017 0.037 0.025 0.007
--------- -------- -------- -------- -------- --------
Total from investment operations .. 0.023 0.047 0.017 0.037 0.025 0.007
--------- -------- -------- -------- -------- --------
Less distributions:
Dividends from net investment
income .......................... (0.023) (0.047) (0.017) (0.037) (0.025) (0.007)
--------- -------- -------- -------- -------- --------
Total distributions ............... (0.023) (0.047) (0.017) (0.037) (0.025) (0.007)
--------- -------- -------- -------- -------- --------
Net asset value, end of period .... $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========= ======== ======== ======== ======== ========
Total return (b) .................. 2.30% 4.77% 1.72% 3.72% 2.57% 0.74%
========= ======== ======== ======== ======== ========
Ratios to average net assets/
supplemental data:
Net assets, end of period (in
000's) .......................... $ 2,301 $ 1,620 $ 1,117 $ 3,815 $ 725 $ 43
Ratio of operating expenses to
average net assets .............. 0.79%(c) 0.79% 0.80%(c) 0.80% 0.61% 0.53%(c)
Ratio of net investment income to
average net assets .............. 4.51%(c) 4.64% 5.13%(c) 3.63% 2.53% 2.61%(c)
Ratio of operating expenses to
average net assets without
waivers ......................... 0.79%(c) 0.81% 0.85%(c) 0.85% 0.66% 0.58%(c)
Net investment income per share
without waivers ................. $ 0.023 $ 0.047 $ 0.017 $ 0.036 $ 0.025 $ 0.003
<FN>
(a) 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.
(b) Total return represents aggregate total return for the period indicated.
(c) Annualized.
(d) Fiscal year end changed to June 30. Prior to this, the fiscal year end was
the last day of February.
(e) On February 1, 1995, Munder Capital Management replaced Woodbridge Capital
Management, Inc. as investment advisor for the Fund as a result of the
consolidation of the investment advisory businesses of Woodbridge Capital
Management, Inc. and Munder Capital Management, Inc.
Y Shares
---------------------------------------------------------------------------------------------------------------
Six Months
Ended Year Period Year Year Year Year Period
12/31/96 Ended Ended Ended Ended Ended Ended Ended
(Unaudited) 6/30/96 6/30/95(d) 2/28/95(e) 2/28/94 2/28/93 2/29/92 2/28/91(a)
----------- ------------ ----------- ----------- ----------- ----------- ----------- -----------
<C> <C> <C> <C> <C> <C> <C> <C>
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
---------- -------- -------- -------- --------- -------- --------- --------
0.024 0.049 0.018 0.039 0.026 0.030 0.050 0.068
---------- -------- -------- -------- --------- -------- --------- --------
0.024 0.049 0.018 0.039 0.026 0.030 0.050 0.068
---------- -------- -------- -------- --------- -------- --------- --------
(0.024) (0.049) (0.018) (0.039) (0.026) (0.030) (0.050) (0.068)
---------- -------- -------- -------- --------- -------- --------- --------
(0.024) (0.049) (0.018) (0.039) (0.026) (0.030) (0.050) (0.068)
---------- -------- -------- -------- --------- -------- --------- --------
$ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00 $ 1.00
========== ======== ======== ======== ========= ======== ======== ========
2.42% 5.02% 1.80% 4.01% 2.59% 3.05% 5.08% 6.97%
========== ======== ======== ======== ========= ======== ======== ========
$ 277,877 $309,873 $231,055 $240,590 $ 245,800 $102,429 $ 83,619 $ 88,498
0.54%(c) 0.54% 0.55%(c) 0.55% 0.53% 0.51% 0.44% 0.45%(c)
4.76%(c) 4.89% 5.38%(c) 3.88% 2.56% 2.98% 4.95% 6.94%(c)
0.54%(c) 0.56% 0.60%(c) 0.60% 0.58% 0.60% 0.63% 0.66%(c)
$ 0.024 $ 0.049 $ 0.018 $ 0.038 $ 0.025 $ 0.029 $ 0.048 $ 0.066
<FN>
See Notes to Financial Statements.
</TABLE>
The Munder Funds
Notes To Financial Statements, December 31, 1996 (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 24 portfolios currently in
operation. Information presented in these financial statements pertains only
to the Income and the Money Market Funds set forth below (each a "Fund", and
collectively, the "Munder Funds"). The financial statements for the remaining
funds of MFI and MFT are presented under separate covers.
MFI:
Income Fund
Munder International Bond Fund
Money Market Fund
Munder Money Market Fund
MFT:
Income Funds
Munder Bond Fund
Munder Intermediate Bond Fund
Munder U.S. Government Income Fund
Munder Michigan Triple Tax-Free Bond Fund
Munder Tax-Free Bond Fund
Munder Tax-Free Intermediate Bond Fund
Money Market Funds
Munder Cash Investment Fund
Munder Tax-Free Money Market Fund
Munder U.S. Treasury Money Market Fund
The Income Funds offer five classes of shares -- Class A, Class B,
Class C, 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 of the Munder
Funds 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, Munder Michigan Triple Tax-Free
Bond Fund and Munder International Bond Fund which are classified as
non-diversified.
The preparation of financial statements in accordance with generally
accepted accounting principles requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities at the
date of the financial statements and the reported amounts of increases and
decreases in net assets from operations during the reporting period. Actual
results could differ from those estimates. The following is a summary of
significant accounting policies followed by the Funds in the preparation of
their financial statements:
Security Valuation: With respect to the Income Funds, securities
(including financial futures, if any) traded on a recognized stock exchange
or on the NASDAQ National Market System ("NASDAQ") are valued at the last
sale price on the securities exchange on which such securities are primarily
traded or at the last sale price on the national securities market as of the
close of business on the date of the valuation. Securities traded on a
national securities exchange or on NASDAQ for which there were no sales on
the date of valuation and securities traded on
over-the-counter markets, including listed securities for which the primary
market is believed to be over-the-counter, are valued at the mean between the
most recently quoted bid and asked prices. Restricted securities and
securities and assets for which market quotations are not readily available,
are valued at fair value by the advisor, under the supervision of the Boards
of Trustees and Directors. Portfolio securities primarily traded on the
London Stock Exchange are generally valued at the mid-price between the
current bid and asked prices. Portfolio securities that are primarily traded
on foreign securities exchanges, other than the London Stock Exchange, are
generally valued at the preceding closing values of such securities on their
respective exchanges, except when an occurrence subsequent to the time a
value was so established is likely to have changed such value. In such an
event, the fair value of those securities will be determined through the
consideration of other factors by or under the direction of the Boards of
Trustees and Directors. Debt securities with remaining maturities of 60 days
or less at the time of purchase are valued on an amortized cost basis, unless
the Boards of Directors and Trustees determines that such valuation does not
constitute fair value at that time. Under this method, such securities are
valued initially at cost on the date of purchase (or on the 61st day before
maturity). 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. 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: The Munder International Bond Fund
may engage in forward foreign currency contracts in an effort to reduce the
level of volatility caused by changes in foreign currency exchange rates. The
Fund may use forward foreign currency contracts to facilitate transactions in
foreign securities and to manage the Funds 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
Bond 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.
Repurchase Agreements: Each Fund may engage in repurchase agreement
transactions. Under the terms of a typical repurchase agreement, the Fund
takes possession of an underlying debt obligation subject to an obligation of
the seller to repurchase, and the Fund to resell, the obligation at an
agreed-upon price and time, thereby determining
the yield during the Fund's holding period. This arrangement results in a
fixed rate of return that is not subject to market fluctuations during the
Fund's holding period. The value of the collateral is at least equal, at all
times, to the total amount of the repurchase obligations, including interest.
In the event of counterparty default, the Fund has the right to use the
collateral to satisfy the terms of the repurchase agreement. However, there
could be potential loss to the Fund in the event the Fund is delayed or
prevented from exercising its right to dispose of the collateral securities,
including the risk of a possible decline in the value of the collateral
securities during the period while the Fund seeks to assert its rights. The
Munder Funds' investment advisor, acting under the supervision of the Boards
of Trustees and Directors, reviews the value of the collateral and the
creditworthiness of those banks and dealers with which a Fund enters into
repurchase agreements to evaluate potential risks.
Security Transactions and Investment Income: Security transactions are
recorded on the trade date. The cost of investments sold is determined by use
of the specific identification method for both financial reporting and income
tax purposes. Interest income is recorded on the accrual basis. Dividends are
recorded on the ex-dividend date, except that certain dividends from foreign
securities are recorded as soon as the Fund is informed of the ex-dividend
date. 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 monthly by the Income Funds
(excluding the Munder International Bond Fund for which dividends are
declared and paid quarterly); 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, 1996, 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
Average
Daily Net
Assets
--------------
<S> <C>
The Income Funds .................................... 0.50%
The Money Market Funds (excluding Munder Money Market
Fund) ............................................. 0.35%
Munder Money Market Fund ............................ 0.40%
</TABLE>
The Advisor voluntarily waived a portion of its advisory fees for the
Munder Michigan Triple Tax-Free Bond Fund, payable by the Fund, for the
period ended December 31, 1996, as reflected in the Statement of Operations.
First Data Investor Services Group, Inc. ("First Data") (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 Funds' transfer agent and dividend disbursing agent ("Transfer
Agent").
As compensation for its services, the Administrator and Transfer Agent
are entitled to receive a fee, based on the aggregate average daily net
assets of the Funds and certain other investment portfolios that are advised
by the Advisor and for which First Data provides services, computed daily and
payable monthly, at an annual rate of 0.12% of the first $2.8 billion of net
assets, plus 0.105% of the next $2.2 billion of net assets, plus 0.10% of all
net assets in excess of $5 billion with respect to the Administrator; and
0.02% of the first $2.8 billion of net assets, plus 0.015% of the next $2.2
billion of net assets, plus 0.01% of net assets in excess of $5 billion with
respect to the Transfer Agent. Administration fees payable by the Funds and
certain other investment portfolios advised by the Advisor are subject to a
minimum annual fee of $1.2 million to be allocated among each series and
class thereof. 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 and certain other
investment portfolios advised by the Advisor for which Comerica provides
services, computed daily and payable monthly at an annual rate of 0.03% of
the first $100 million of average daily net assets, 0.02% of the next $500
million of net assets, and 0.01% of net assets in excess of $600 million.
Comerica also receives certain transaction based fees. Comerica earned
$209,113 for its services to the Income and Money Market Funds for the period
ended December 31, 1996. Prior to the end of the fourth quarter of 1996,
Boston Safe Deposit and Trust Company served as the custodian of foreign
securities. Morgan Stanley Trust Company ("Morgan Stanley") currently serves
as the custodian of foreign securities for the Munder Funds.
From MFI and MFT and other investment companies that are advised by the
Advisor of which they are a director or trustee, each Trustee of MFT and each
Director of MFI is paid an aggregate fee of $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, Morgan Stanley, FDI
or First Data currently receives any compensation from MFI or MFT.
3. Shareholder Distribution and Service Plans
FDI serves as the distributor of the Munder Funds' shares. For the
period ended December 31, 1996, the Distributor received $5,716, representing
commissions (sales charges) on sales of Class A Shares of the Income Funds.
For the period ended December 31, 1996, the Distributor received $447 in
contingent deferred sales charges from Class B and Class C Shares of the
Income 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 Class B and Class C Plans also permit payments to be made
by the Funds to the Distributor for expenditures incurred by the Distributor
in connection with the distribution of Fund shares to investors and provision
of certain shareholder services (which include but are not limited to the
payment of compensation, including compensation to Service Organizations to
obtain various distribution related services for the Funds). The Munder Funds
have also adopted Shareholder Servicing Plans (the "Class K Plans") for the
Class K Shares of the Funds. Under the Class K Plans, the Munder Funds are
permitted to enter into agreements with institutions that provide shareholder
services to their customers. For the period ended December 31, 1996, the
effective 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 Class B Class C Class K
Shares Shares Shares Shares
12b-1 Fees 12b-1 Fees 12b-1 Fees Service Fees
------------ ------------ ------------ ------------
<S> <C> <C> <C> <C>
The Income Funds .................................... 0.25% 1.00% 1.00% 0.25%
The Money Market Funds:
Munder Cash Investment Fund ......................... 0.25% N/A N/A 0.15%
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>
4. Securities Transactions
For the period ended December 31, 1996, purchases and sales of securities
other than short-term investments and U.S. Government securities were as
follows:
<TABLE>
<CAPTION>
Cost of Proceeds
Purchases from Sales
----------- ------------
<S> <C> <C>
Munder Bond Fund .................................... $100,935,350 $ 97,608,908
Munder Intermediate Bond Fund ....................... 378,144,592 454,924,410
Munder International Bond Fund ...................... 34,148,774 6,372,747
Munder U.S. Government Income Fund .................. 13,205,168 20,816,069
Munder Michigan Triple Tax-Free Bond Fund ........... 7,109,267 3,543,181
Munder Tax-Free Bond Fund ........................... 33,910,090 31,324,738
Munder Tax-Free Intermediate Bond Fund .............. 20,984,088 51,264,521
</TABLE>
For the period ended December 31, 1996, purchases and sales of U.S.
Government securities, excluding short-term investments were as follows:
<TABLE>
<CAPTION>
Cost of Proceeds
Purchases from Sales
----------- ------------
<S> <C> <C>
Munder Bond Fund .................................... $ 74,219,552 $ 76,182,248
Munder Intermediate Bond Fund ....................... 564,481,101 556,888,757
Munder U.S. Government Income Fund .................. 173,981,588 130,795,177
</TABLE>
At December 31, 1996, 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 Bond Fund .................................... $ 975,684 $1,329,374
Munder Intermediate Bond Fund ....................... 1,983,361 2,035,270
Munder International Bond Fund ...................... 557,840 318,618
Munder U.S. Government Income Fund .................. 2,425,252 1,989,447
Munder Michigan Triple Tax-Free Bond Fund ........... 724,679 226,029
Munder Tax-Free Bond Fund ........................... 9,766,300 90,856
Munder Tax-Free Intermediate Bond Fund .............. 9,096,003 454,658
</TABLE>
5. Geographic Concentration
The Munder Tax-Free Intermediate Bond Fund and Munder Michigan Triple
Tax-Free Bond Fund primarily invest in debt obligations issued by the State
of Michigan and local governments in the State of Michigan, its political
subdivisions, agencies and public authorities to obtain funds for various
public purposes. The two Funds are more susceptible to factors adversely
affecting issuers of Michigan municipal securities than is a municipal bond
fund that is not concentrated in these issuers to the same extent. Economic
changes affecting the state and certain of its public bodies and
municipalities may affect the ability of issuers within the state to pay
interest on or repay principal of municipal obligations held by these Funds.
The Munder International Bond Fund primarily invests 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.
6. Organizational Costs
Expenses incurred in connection with the organization of the Funds,
including the fees and expenses of registering and qualifying their shares
for distribution under Federal securities regulations, are being amortized on
a straight-line basis over a period of 5 years from commencement of
operations.
7. Capital Loss Carryforwards
As determined at June 30, 1996, the following Funds had available for
Federal income tax purposes, unused capital losses as follows:
<TABLE>
<CAPTION>
Fund Amount Expiration
----- ------- ----------
<S> <C> <C>
Munder Bond Fund .................................... $ 857,708 2002
3,450,654 2003
Munder Intermediate Bond Fund ....................... 1,509,730 2002
10,362,763 2003
Munder Michigan Triple Tax-Free Bond Fund ........... 45,660 2003
Munder Cash Investment Fund ......................... 3,561 1999
1,650 2000
Munder Tax-Free Money Market Fund ................... 14,500 1998
20,091 1999
57,257 2000
39,684 2001
15,088 2002
12,291 2003
</TABLE>
(INSIDE BACK COVER)
BOARD OF DIRECTORS
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
Lisa Anne Rosen, Secretary and Assistant Treasurer
Teresa M.R. Hamlin, Assistant Secretary
INVESTMENT ADVISOR
Munder Capital Management
Munder Capital Center
480 Pierce Street
Birmingham, MI 48009
ADMINISTRATOR AND TRANSFER AGENT
First Data Investor Services Group, Inc.
53 State Street
Boston, MA 02109
DISTRIBUTOR
Funds Distributor, Inc.
60 State Street
Boston, MA 02109
CUSTODIAN
Comerica Bank
411 West Lafayette
Detroit, MI 48226
LEGAL COUNSEL
Dechert Price & Rhoads
1500 K Street, N.W. Suite 500
Washington, D.C. 20005
INDEPENDENT AUDITORS
Ernst & Young
200 Clarendon Street
Boston, MA 02116
(OUTSIDE BACK COVER)
SAABCYE11296/F001/01/97
